FULLTEXT DEL 5 AV 8
10-Q – 2025-10-28 – arcc-20250930.htm
JSG II, Inc. and Checkers USA, Inc. 23.0 ( 0.5 ) 22.5 — — 22.5 Kairos Bidco Limited 3.0 ( 0.3 ) 2.7 — — 2.7 KBHS Acquisition, LLC (d/b/a Alita Care, LLC) 5.0 ( 4.2 ) 0.8 — ( 0.8 ) — Kene Acquisition, Inc. and Kene Holdings, L.P. 1.0 — 1.0 — — 1.0 King Risk Partners, LLC 8.7 — 8.7 — — 8.7 Kings Buyer, LLC 5.0 ( 1.5 ) 3.5 — — 3.5 Koala Investment Holdings, Inc. 6.9 — 6.9 — — 6.9 KPS Global LLC and Cool Group LLC 3.4 — 3.4 — — 3.4 Laboratories Bidco LLC and Laboratories Topco LLC 25.4 ( 19.4 ) 6.0 — — 6.0 LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP 9.7 — 9.7 — — 9.7 LeanTaaS Holdings, Inc. 10.0 — 10.0 — — 10.0 Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. 12.3 ( 2.8 ) 9.5 — — 9.5 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. 1.5 — 1.5 — — 1.5 Lew's Intermediate Holdings, LLC 2.3 ( 1.7 ) 0.6 — — 0.6 LHS Borrower, LLC 10.5 — 10.5 — — 10.5 Lido Advisors, LLC 6.9 ( 2.1 ) 4.8 — — 4.8 Lightbeam Bidco, Inc. 0.6 ( 0.2 ) 0.4 — — 0.4 LivTech Purchaser, Inc. 2.5 — 2.5 — — 2.5 LJP Purchaser, Inc. and LJP Topco, LP 2.4 — 2.4 — — 2.4 LOBOS PARENT, INC. 9.0 — 9.0 — — 9.0 See accompanying notes to consolidated financial statements. 76 (in millions) Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments Mai Capital Management Intermediate LLC 8.4 ( 0.4 ) 8.0 — — 8.0 Majesco and Magic Topco, L.P. 2.0 — 2.0 — — 2.0 Manna Pro Products, LLC 7.0 — 7.0 — ( 7.0 ) — Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP 32.9 ( 4.9 ) 28.0 — — 28.0 Medlar Bidco Limited 8.7 — 8.7 — — 8.7 Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP 8.0 — 8.0 — — 8.0 Metatiedot Bidco OY and Metatiedot US, LLC 4.2 — 4.2 — — 4.2 Meyer Laboratory, LLC and Meyer Parent, LLC 6.8 ( 1.8 ) 5.0 — — 5.0 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. 8.0 — 8.0 — — 8.0 Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. 9.1 — 9.1 — — 9.1 Modigent, LLC and OMERS PMC Investment Holdings LLC 6.5 ( 2.2 ) 4.3 — — 4.3 Monica Holdco (US), Inc. 6.8 — 6.8 — — 6.8 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 1.2 ( 0.1 ) 1.1 — — 1.1 Motor Vehicle Software Corporation 7.0 — 7.0 — — 7.0 Mountaineer Merger Corporation 13.4 ( 5.3 ) 8.1 — — 8.1 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC 7.7 ( 2.0 ) 5.7 — — 5.7 MRI Software LLC 3.8 ( 0.4 ) 3.4 — — 3.4 MSIS Holdings, Inc. and MS Precision Parent, LP 13.2 ( 0.2 ) 13.0 — — 13.0 Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. 2.8 ( 0.2 ) 2.6 — — 2.6 NAS, LLC and Nationwide Marketing Group, LLC 3.0 ( 1.9 ) 1.1 — — 1.1 NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP 18.3 ( 4.1 ) 14.2 — — 14.2 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. 25.1 ( 1.8 ) 23.3 — — 23.3 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. 12.6 ( 0.3 ) 12.3 — — 12.3 Netsmart, Inc. and Netsmart Technologies, Inc. 33.8 — 33.8 — — 33.8 New ChurcHill HoldCo LLC and Victory Topco, LP 4.5 — 4.5 — — 4.5 Next Holdco, LLC 2.4 — 2.4 — — 2.4 NMC Skincare Intermediate Holdings II, LLC 9.3 ( 2.1 ) 7.2 — — 7.2 NMN Holdings III Corp. and NMN Holdings LP 65.2 ( 2.7 ) 62.5 — — 62.5 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. 2.5 ( 2.5 ) — — — — North Haven Fairway Buyer, LLC and Fairway Lawns, LLC 7.9 ( 4.3 ) 3.6 — — 3.6 North Haven Stack Buyer, LLC 6.6 ( 2.9 ) 3.7 — — 3.7 North Star Acquisitionco, LLC and Toucan Bidco Limited 3.3 — 3.3 — — 3.3 Northwinds Holding, Inc. and Northwinds Services Group LLC 19.1 — 19.1 — — 19.1 OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP 3.9 — 3.9 — — 3.9 Odevo AB 20.0 — 20.0 — — 20.0 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 0.9 — 0.9 — — 0.9 OneDigital Borrower LLC 16.4 ( 0.7 ) 15.7 — — 15.7 Optimizely North America Inc. and Optimizely Sweden Holdings AB 0.8 — 0.8 — — 0.8 Paris US Holdco, Inc. & 1001028292 Ontario Inc. 24.0 ( 0.2 ) 23.8 — — 23.8 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 4.2 — 4.2 — — 4.2 Pathway Vet Alliance LLC and Jedi Group Holdings LLC 1.8 — 1.8 — — 1.8 Patriot Growth Insurance Services, LLC 2.2 — 2.2 — — 2.2 Pave America Holding, LLC 14.6 ( 3.3 ) 11.3 — — 11.3 PCIA SPV-3, LLC and ASE Royal Aggregator, LLC 0.9 — 0.9 — — 0.9 PCMI Parent, LLC and PCMI Ultimate Holdings, LP 4.2 — 4.2 — — 4.2 PCS MidCo, Inc. and PCS Parent, L.P. 5.7 — 5.7 — — 5.7 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 2.5 ( 1.0 ) 1.5 — — 1.5 Pelican Products, Inc. 2.3 ( 2.2 ) 0.1 — — 0.1 People Corporation 26.9 ( 4.5 ) 22.4 — — 22.4 Perforce Software, Inc. 7.5 — 7.5 — — 7.5 See accompanying notes to consolidated financial statements. 77 (in millions) Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP 3.4 — 3.4 — — 3.4 PestCo Holdings, LLC and PestCo, LLC 5.6 — 5.6 — — 5.6 Petrus Buyer, Inc. 1.1 ( 0.2 ) 0.9 — — 0.9 PetVet Care Centers, LLC 49.4 — 49.4 — — 49.4 Petvisor Holdings, LLC 20.4 — 20.4 — — 20.4 Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. 4.7 — 4.7 — — 4.7 Ping Identity Holding Corp. 0.2 — 0.2 — — 0.2 Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. 6.0 ( 1.3 ) 4.7 — — 4.7 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC 18.8 ( 2.3 ) 16.5 — — 16.5 Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 15.2 — 15.2 — — 15.2 Poseidon IntermediateCo, Inc. 9.5 — 9.5 — — 9.5 PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC 1.0 ( 0.5 ) 0.5 — — 0.5 Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation 9.7 — 9.7 — — 9.7 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. 3.5 ( 2.5 ) 1.0 — — 1.0 Premiere Buyer, LLC 6.4 — 6.4 — — 6.4 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 5.0 ( 0.1 ) 4.9 — — 4.9 Project Alliance Buyer, LLC 2.2 — 2.2 — — 2.2 Project Potter Buyer, LLC and Project Potter Parent, L.P. 13.6 ( 0.1 ) 13.5 — — 13.5 Proofpoint, Inc. 3.1 — 3.1 — — 3.1 PS Operating Company LLC and PS Op Holdings LLC 7.1 ( 4.9 ) 2.2 — ( 2.2 ) — PSC Parent, Inc. 10.1 ( 2.0 ) 8.1 — — 8.1 PumpTech, LLC and Impel CV-B, LP 10.2 ( 0.7 ) 9.5 — — 9.5 PYE-Barker Fire & Safety, LLC 11.6 ( 0.5 ) 11.1 — — 11.1 Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC 1.6 — 1.6 — — 1.6 QBS Parent, Inc. 1.6 — 1.6 — — 1.6 QF Holdings, Inc. 1.1 — 1.1 — — 1.1 Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. 13.3 — 13.3 — — 13.3 Radius Aerospace, Inc. and Radius Aerospace Europe Limited 5.8 ( 2.8 ) 3.0 — — 3.0 Radwell Parent, LLC 6.0 ( 1.2 ) 4.8 — — 4.8 RailPros Parent, LLC 5.3 — 5.3 — — 5.3 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC 8.9 — 8.9 — — 8.9 Raven Acquisition Holdings, LLC 5.3 — 5.3 — — 5.3 Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 11.8 ( 1.1 ) 10.7 — — 10.7 RB Holdings InterCo, LLC 2.1 ( 0.6 ) 1.5 — — 1.5 Reagent Chemical & Research, LLC 2.7 ( 0.1 ) 2.6 — — 2.6 Reddy Ice LLC 237.7 ( 8.5 ) 229.2 — — 229.2 Redwood Services LP 12.0 ( 0.2 ) 11.8 — — 11.8 Reef Lifestyle, LLC 34.0 ( 32.0 ) 2.0 — — 2.0 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. 9.6 ( 4.6 ) 5.0 — — 5.0 Relativity ODA LLC 8.8 — 8.8 — — 8.8 Repairify, Inc. and Repairify Holdings, LLC 7.3 ( 5.1 ) 2.2 — — 2.2 Revalize, Inc. 0.9 ( 0.6 ) 0.3 — — 0.3 Revival Animal Health, LLC 3.3 ( 1.1 ) 2.2 — — 2.2 RFS Opco LLC 8.4 — 8.4 — — 8.4 Rialto Management Group, LLC 0.9 ( 0.1 ) 0.8 — — 0.8 RMS HoldCo II, LLC & RMS Group Holdings, Inc. 2.9 — 2.9 — — 2.9 Rodeo AcquisitionCo LLC 2.5 ( 2.1 ) 0.4 — — 0.4 Royal Borrower, LLC and Royal Parent, LP 14.3 ( 0.2 ) 14.1 — — 14.1 Runway Bidco, LLC 15.6 — 15.6 — — 15.6 RWA Wealth Partners, LLC 7.3 ( 0.1 ) 7.2 — — 7.2 SageSure Holdings, LLC and SageSure LLC 19.2 — 19.2 — — 19.2 See accompanying notes to consolidated financial statements. 78 (in millions) Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments Sapphire Software Buyer, Inc. 5.9 — 5.9 — — 5.9 Saturn Purchaser Corp. 0.5 — 0.5 — — 0.5 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. 13.7 — 13.7 — — 13.7 SCIH Salt Holdings Inc. 22.5 — 22.5 — — 22.5 SCM Insurance Services Inc. 3.9 — 3.9 — — 3.9 Severin Acquisition, LLC 65.8 — 65.8 — — 65.8 SG Acquisition, Inc. 2.0 — 2.0 — — 2.0 Shermco Intermediate Holdings, Inc. 8.6 ( 1.3 ) 7.3 — — 7.3 Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC 0.6 — 0.6 — — 0.6 Shout! Factory, LLC 2.3 ( 0.4 ) 1.9 — — 1.9 SIG Parent Holdings, LLC 32.1 — 32.1 — — 32.1 Silk Holdings III Corp. and Silk Holdings I Corp. 0.1 ( 0.1 ) — — — — Slaine Holdings LLC 23.2 — 23.2 — — 23.2 Smarsh Inc. and Skywalker TopCo, LLC 4.7 ( 0.6 ) 4.1 — — 4.1 Spaceship Purchaser, Inc. 12.5 ( 0.1 ) 12.4 — — 12.4 Spark Purchaser, Inc. 2.3 — 2.3 — — 2.3 Spindrift Beverage Co., Inc. and SBC Aggregator LP 3.8 — 3.8 — — 3.8 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp 1.7 ( 0.1 ) 1.6 — — 1.6 Sport Maska Inc. 12.8 ( 10.0 ) 2.8 — — 2.8 Spruce Bidco II Inc. 50.7 — 50.7 — — 50.7 St Athena Global LLC and St Athena Global Holdings Limited 4.0 ( 0.7 ) 3.3 — — 3.3 Sterilex LLC 1.3 — 1.3 — — 1.3 Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC 10.5 ( 0.1 ) 10.4 — — 10.4 Sugar PPC Buyer LLC 2.7 — 2.7 — — 2.7 Sun Acquirer Corp. and Sun TopCo, LP 65.2 ( 0.8 ) 64.4 — — 64.4 Sundance Group Holdings, Inc. 4.4 ( 1.0 ) 3.4 — — 3.4 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation 8.1 ( 6.3 ) 1.8 — — 1.8 Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. 34.8 — 34.8 — — 34.8 Superman Holdings, LLC 9.3 — 9.3 — — 9.3 Supplying Demand, Inc. 0.1 — 0.1 — — 0.1 Surescripts, LLC 22.9 — 22.9 — — 22.9 SV Newco 2, Inc. and Site 2020 Incorporated 10.9 — 10.9 — — 10.9 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. 10.0 ( 3.9 ) 6.1 — — 6.1 Systems Planning and Analysis, Inc. 4.0 ( 0.4 ) 3.6 — — 3.6 Talon Buyer Inc. and Talon Holdings SCSP 17.0 — 17.0 — — 17.0 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. 25.8 — 25.8 — — 25.8 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. 2.2 ( 0.3 ) 1.9 — — 1.9 TCI Buyer LLC and TCI Holdings, LP 25.8 — 25.8 — — 25.8 TCP Hawker Intermediate LLC 16.6 ( 3.4 ) 13.2 — — 13.2 Team Acquisition Corporation 6.1 ( 0.7 ) 5.4 — — 5.4 Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP 6.3 ( 0.3 ) 6.0 — — 6.0 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP 13.8 ( 12.1 ) 1.7 — — 1.7 The Hiller Companies, LLC 8.6 ( 0.1 ) 8.5 — — 8.5 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC 1.0 ( 0.3 ) 0.7 — — 0.7 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP 10.2 — 10.2 — — 10.2 Thermostat Purchaser III, Inc. 7.7 ( 0.6 ) 7.1 — — 7.1 THG Acquisition, LLC 48.2 ( 1.6 ) 46.6 — — 46.6 Tiger Holdco LLC 10.6 — 10.6 — — 10.6 Titan BW Borrower L.P. 13.6 — 13.6 — — 13.6 Transit Technologies LLC 6.8 — 6.8 — — 6.8 Triwizard Holdings, Inc. and Triwizard Parent, LP 21.0 ( 6.0 ) 15.0 — — 15.0 Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP 74.9 ( 0.2 ) 74.7 — — 74.7 See accompanying notes to consolidated financial statements. 79 (in millions) Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC 5.4 — 5.4 — — 5.4 TSS Buyer, LLC 0.3 — 0.3 — — 0.3 Two Six Labs, LLC 36.5 ( 4.9 ) 31.6 — — 31.6 U.S. Urology Partners, LLC and General Atlantic (USU) Blocker Collection Holdco, L.P. 3.9 — 3.9 — — 3.9 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP 8.2 — 8.2 — — 8.2 Unity Purchaser, LLC and Unity Ultimate Holdings, LP 10.9 — 10.9 — — 10.9 UP Intermediate II LLC and UPBW Blocker LLC 5.9 ( 0.2 ) 5.7 — — 5.7 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. 9.9 — 9.9 — — 9.9 Valcourt Holdings II, LLC and Jobs Holdings, Inc. 3.5 — 3.5 — — 3.5 Vamos Bidco, Inc. 9.9 ( 0.8 ) 9.1 — — 9.1 Verista, Inc. 8.0 — 8.0 — — 8.0 Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC 13.6 ( 1.6 ) 12.0 — — 12.0 Victors Purchaser, LLC and WP Victors Co-Investment, L.P. 7.4 — 7.4 — — 7.4 Viper Bidco, Inc. 11.9 — 11.9 — — 11.9 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. 13.7 — 13.7 — — 13.7 VPROP Operating, LLC and V SandCo, LLC 2.2 — 2.2 — — 2.2 VRC Companies, LLC 5.4 — 5.4 — — 5.4 VRS Buyer, Inc. 37.5 — 37.5 — — 37.5 W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC 6.5 — 6.5 — — 6.5 Watermill Express, LLC and Watermill Express Holdings, LLC 3.9 ( 0.4 ) 3.5 — — 3.5 Waverly Advisors, LLC and WAAM Topco, LLC 24.1 ( 0.8 ) 23.3 — — 23.3 WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. 0.7 — 0.7 — — 0.7 Wealth Enhancement Group, LLC 43.2 — 43.2 — — 43.2 WebPT, Inc. and WPT Intermediate Holdco, Inc. 0.9 ( 0.7 ) 0.2 — — 0.2 Wellington Bidco Inc. and Wellington TopCo LP 16.6 ( 0.6 ) 16.0 — — 16.0 Wellington-Altus Financial Inc. 1.2 ( 0.2 ) 1.0 — — 1.0 Wellness AcquisitionCo, Inc. 4.2 ( 0.1 ) 4.1 — — 4.1 Wharf Street Ratings Acquisition LLC 4.3 — 4.3 — — 4.3 WorkWave Intermediate II, LLC 10.7 ( 0.3 ) 10.4 — — 10.4 World Insurance Associates, LLC and World Associates Holdings, LLC 3.5 — 3.5 — — 3.5 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 1.8 ( 0.4 ) 1.4 — — 1.4 WRE Sports Investments LLC 5.5 — 5.5 — ( 5.5 ) — WSHP FC Acquisition LLC and WSHP FC Holdings LLC 16.3 ( 1.0 ) 15.3 — — 15.3 WU Holdco, Inc. 8.6 — 8.6 — — 8.6 YE Brands Holdings, LLC 3.0 ( 0.6 ) 2.4 — — 2.4 ZB Holdco LLC and ZB TopCo LLC 23.8 ( 7.7 ) 16.1 — — 16.1 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP 9.5 — 9.5 — — 9.5 Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. 5.1 ( 0.6 ) 4.5 — — 4.5 Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. 6.2 ( 0.1 ) 6.1 — — 6.1 ZocDoc, Inc. 12.3 — 12.3 — — 12.3 $ 5,081.9 $ ( 440.9 ) $ 4,641.0 $ — $ ( 25.5 ) $ 4,615.5 See accompanying notes to consolidated financial statements. 80 (14) As of September 30, 2025, the Company was party to agreements to fund equity investments as follows: (in millions) Company Total equity commitments Less: funded equity commitments Total unfunded equity commitments Less: equity commitments substantially at the discretion of the Company Total net unfunded equity commitments AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP $ 1.2 $ — $ 1.2 $ — $ 1.2 Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. 19.8 — 19.8 — 19.8 Constellation Wealth Capital Fund, L.P. 6.0 ( 4.5 ) 1.5 — 1.5 DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 0.1 — 0.1 — 0.1 European Capital UK SME Debt LP 5.7 — 5.7 ( 5.7 ) — Grit Buyer, Inc. and Integrum Grit Co-Invest LP 2.3 — 2.3 — 2.3 GSM Rights Fund II LP 10.1 — 10.1 — 10.1 GTCR F Buyer Corp. and GTCR (D) Investors LP 1.3 — 1.3 — 1.3 HFCP XI (Parallel - A), L.P. 7.5 — 7.5 — 7.5 High Street Buyer, Inc. and High Street Holdco LLC 38.6 — 38.6 — 38.6 Linden Structured Capital Fund II-A LP 2.3 ( 1.2 ) 1.1 — 1.1 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 11.6 ( 9.7 ) 1.9 — 1.9 NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP 1.3 ( 0.9 ) 0.4 — 0.4 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 0.1 — 0.1 — 0.1 PCG-Ares Sidecar Investment, L.P. 50.0 ( 12.4 ) 37.6 ( 37.6 ) — PumpTech, LLC and Impel CV-B, LP 0.3 — 0.3 — 0.3 Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 12.2 ( 11.1 ) 1.1 — 1.1 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. 2.5 — 2.5 — 2.5 Spindrift Beverage Co., Inc. and SBC Aggregator LP 1.2 — 1.2 — 1.2 Wellington-Altus Financial Inc. 0.9 — 0.9 — 0.9 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 0.2 — 0.2 — 0.2 Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. 0.3 — 0.3 — 0.3 $ 175.5 $ ( 39.8 ) $ 135.7 $ ( 43.3 ) $ 92.4 (15) As of September 30, 2025, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $ 61 . See Note 4 for more information on the SDLP. (16) Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 for more information regarding the fair value of the Company’s investments. (17) As of September 30, 2025, the estimated net unrealized gain for federal tax purposes was approximately $ 0.3 billion based on a tax cost basis of $ 28.4 billion. As of September 30, 2025, the estimated aggregate gross unrealized gain for federal income tax purposes was approximately $ 1.3 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was approximately $ 1.0 billion. See accompanying notes to consolidated financial statements. 81 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Software and Services Actfy Buyer, Inc. (15) Software provider of end to end fraud management workflow solutions First lien senior secured loan 9.36 % SOFR (M) 5.00 % 05/2024 05/2031 $ 57.0 $ 57.0 $ 57.0 (2)(11) Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (15) Provider of software services that support the management and security of computing devices, applications, data, and networks First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 07/2023 07/2030 42.5 42.5 42.5 (2)(6)(11) First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 09/2024 07/2030 6.9 6.9 6.9 (2)(6)(11) Limited partnership interest 10/2023 9,249,000 10.2 13.3 (2)(6) 59.6 62.7 AI Titan Parent, Inc. (15) Provider of plant maintenance / scheduling software First lien senior secured loan 9.11 % SOFR (M) 4.75 % 08/2024 08/2031 61.5 61.5 60.9 (2)(11) Anaplan, Inc. (15) Provider of cloud-based connected planning platforms for business analytics First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 06/2022 06/2029 1.8 1.8 1.8 (2)(11) First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 05/2024 06/2029 4.1 4.1 4.1 (2)(11) 5.9 5.9 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (15) Provider of intellectual property management lifecycle software First lien senior secured loan 7.43 % Euribor (S) 4.75 % 04/2019 08/2031 7.5 8.2 7.5 (2) First lien senior secured loan 9.27 % SOFR (S) 4.75 % 06/2021 08/2031 3.7 3.7 3.7 (2)(11) First lien senior secured loan 9.41 % SOFR (Q) 4.75 % 01/2024 08/2031 5.4 5.4 5.4 (2)(11) Limited partnership units 06/2019 4,400,000 4.2 12.9 (2)(6) 21.5 29.5 APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15) Aircraft performance software provider First lien senior secured loan 9.75 % SOFR (M) 5.25 % 01/2020 01/2025 13.1 13.1 13.1 (2)(11) Class A membership units 01/2020 9,750,000 9.8 5.6 (2) 22.9 18.7 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (15) Software platform for identification, prevention and management of substance use disorder First lien senior secured loan 12.08 % SOFR (S) 7.00 % 05/2021 05/2027 5.5 5.5 5.5 (2)(11) Series A preferred shares 11.00 % PIK 05/2021 32,236 48.2 48.2 (2) 53.7 53.7 Aptean, Inc. and Aptean Acquiror Inc. (15) Provider of CRM, ERP and supply chain software applications First lien senior secured loan 9.58 % SOFR (Q) 5.00 % 01/2024 01/2031 18.4 18.2 18.4 (2)(11) Artifact Bidco, Inc. (15) Supply chain risk management SaaS platform for global enterprise clients First lien senior secured loan 8.83 % SOFR (Q) 4.50 % 05/2024 07/2031 18.9 18.9 18.9 (2)(11) Auctane, Inc. Provider of mailing and shipping solutions First lien senior secured loan 10.94 % SOFR (S) 5.75 % 10/2021 10/2028 143.8 143.8 136.6 (2)(11) Avalara, Inc. (15) Provider of cloud-based solutions for transaction tax compliance worldwide First lien senior secured loan 10.58 % SOFR (Q) 6.25 % 10/2022 10/2028 72.2 72.2 72.2 (2)(11) See accompanying notes to consolidated financial statements. 82 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Banyan Software Holdings, LLC and Banyan Software, LP (15) Vertical software businesses holding company First lien senior secured revolving loan 9.86 % SOFR (M) 5.50 % 01/2023 10/2026 1.0 1.0 1.0 (2)(6)(11) First lien senior secured loan 11.46 % SOFR (M) 7.00 % 10/2020 10/2026 1.0 1.0 1.0 (2)(6)(11) First lien senior secured loan 11.46 % SOFR (M) 7.00 % 12/2021 10/2026 0.2 0.2 0.2 (2)(6)(11) First lien senior secured loan 11.71 % SOFR (M) 7.25 % 01/2023 10/2026 10.4 10.4 10.4 (2)(6)(11) First lien senior secured loan 10.61 % SOFR (M) 6.25 % 01/2024 10/2026 43.0 43.0 43.0 (2)(6)(11) Preferred units 01/2022 120,999 4.1 12.1 (2)(6) 59.7 67.7 BCPE Pequod Buyer, Inc. (15) Provider of wealth management technology solutions to financial institutions First lien senior secured loan 7.81 % SOFR (Q) 3.50 % 09/2024 11/2031 1.0 1.0 1.0 (2)(18) BCTO Ignition Purchaser, Inc. Enterprise software provider First lien senior secured loan 13.63 % PIK SOFR (Q) 9.00 % 04/2023 10/2030 4.0 4.0 4.0 (2)(6)(11) Bobcat Purchaser, LLC and Bobcat Topco, L.P. (15) Healthcare software provider First lien senior secured loan 9.07 % SOFR (Q) 4.75 % 06/2023 06/2030 15.7 15.7 15.7 (2)(11) Class A-1 units 06/2023 1,729,228 1.7 1.8 17.4 17.5 Borrower R365 Holdings LLC (15) Provider of restaurant enterprise resource planning systems First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 06/2021 06/2027 15.9 15.8 15.9 (2)(11) First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 01/2022 06/2027 1.9 1.9 1.9 (2)(11) 17.7 17.8 Bottomline Technologies, Inc. and Legal Spend Holdings, LLC (15) Provider of payment automation solutions First lien senior secured loan 9.61 % SOFR (M) 5.25 % 05/2022 05/2029 8.0 8.0 8.0 (2)(11) First lien senior secured loan 10.11 % SOFR (M) 5.75 % 10/2023 05/2029 4.2 4.2 4.2 (2)(11) 12.2 12.2 Businessolver.com, Inc. (15) Provider of SaaS-based benefits solutions for employers and employees First lien senior secured loan 9.93 % SOFR (Q) 5.50 % 12/2021 12/2027 0.6 0.6 0.6 (2)(11) Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (15) Provider of software and technology-enabled content and analytical solutions to insurance brokers First lien senior secured loan 8.98 % SOFR (Q) 4.50 % 04/2024 11/2027 11.0 10.6 10.5 (2)(11)(18) Second lien senior secured loan 12.24 % SOFR (Q) 7.75 % 11/2020 11/2028 64.3 64.3 61.7 (2)(11) Series A-2 preferred shares 11.00 % PIK 12/2020 8,963 14.0 12.3 (2) Series A-3 preferred shares 11.00 % PIK 11/2021 11,952 16.8 14.8 (2) Series A preferred shares 11.00 % PIK 11/2020 24,898 39.3 34.5 (2) 145.0 133.8 Centralsquare Technologies, LLC and Supermoose Newco, Inc. (15) Provider of mission-critical software solutions for the public sector First lien senior secured revolving loan 04/2024 04/2030 — — — (2)(11)(13) First lien senior secured loan 10.63 % ( 3.50 % PIK) SOFR (M) 6.25 % 04/2024 04/2030 141.9 141.9 141.9 (2)(11) Series A preferred stock 15.00 % PIK 04/2024 83,332 92.6 92.6 (2) 234.5 234.5 See accompanying notes to consolidated financial statements. 83 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (15) Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies First lien senior secured notes 6.50 % 09/2022 03/2029 86.5 84.8 84.9 (2)(18) First lien senior secured loan 8.08 % SOFR (M) 3.75 % 10/2024 03/2031 3.5 3.5 3.5 (2)(11)(18) Second lien senior secured notes 9.00 % 04/2023 09/2029 121.0 113.5 122.8 (2)(18) Limited partnership interests 09/2022 12,250,000 12.3 35.3 (2) 214.1 246.5 Community Brands ParentCo, LLC Software and payment services provider to non-profit institutions Class A units 12/2016 500,000 5.0 3.0 (2) Computer Services, Inc. (15) Infrastructure software provider to community banks First lien senior secured loan 9.75 % SOFR (Q) 5.25 % 11/2022 11/2029 33.5 33.5 33.5 (2)(11) First lien senior secured loan 9.75 % SOFR (Q) 5.25 % 02/2024 11/2029 5.4 5.4 5.4 (2)(11) First lien senior secured loan 9.25 % SOFR (Q) 4.75 % 09/2024 11/2029 0.1 0.1 0.1 (2)(11) 39.0 39.0 Conservice Midco, LLC Provider of outsourced utility management software and billing solutions Second lien senior secured loan 9.61 % SOFR (M) 5.25 % 05/2022 05/2028 15.5 15.5 15.5 (2) Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. (15) Provider of sales software for the interior design industry First lien senior secured revolving loan 10.23 % SOFR (Q) 5.75 % 05/2021 05/2028 5.9 5.9 5.9 (2)(6)(11) First lien senior secured revolving loan 8.97 % Euribor (Q) 6.25 % 11/2021 05/2028 1.2 1.2 1.2 (2)(6)(11) First lien senior secured revolving loan 9.83 % SOFR (Q) 5.50 % 04/2024 05/2028 2.4 2.4 2.4 (2)(6)(11) First lien senior secured loan 10.23 % SOFR (Q) 5.75 % 05/2021 05/2028 73.3 73.3 73.3 (2)(6)(11) First lien senior secured loan 8.97 % Euribor (Q) 6.25 % 11/2021 05/2028 0.4 0.4 0.4 (2)(6)(11) First lien senior secured loan 8.97 % Euribor (Q) 6.25 % 11/2021 05/2028 28.0 30.1 28.0 (2)(6) First lien senior secured loan 10.23 % SOFR (Q) 5.75 % 06/2022 05/2028 11.5 11.5 11.5 (2)(6)(11) First lien senior secured loan 9.83 % SOFR (Q) 5.50 % 04/2024 05/2028 3.8 3.8 3.8 (2)(6)(11) Common units 05/2021 483,584 4.8 9.3 (2)(6) Series A common units 09/2022 23,340 0.2 0.4 (2)(6) 133.6 136.2 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (15) Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors Second lien senior secured loan 10.97 % SOFR (M) 6.50 % 06/2021 06/2029 155.7 155.7 151.0 (2)(11) Limited partnership units 04/2021 59,665,989 59.7 39.5 (2) 215.4 190.5 See accompanying notes to consolidated financial statements. 84 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (15) Provider of environmental, health and safety software to track compliance data First lien senior secured loan 9.59 % SOFR (Q) 5.00 % 07/2019 07/2026 6.2 6.1 6.1 (2)(6)(11) First lien senior secured loan 9.59 % SOFR (Q) 5.00 % 10/2019 07/2026 4.3 4.3 4.3 (2)(6)(11) First lien senior secured loan 11.59 % SOFR (Q) 7.00 % 09/2020 07/2026 0.1 0.1 0.1 (2)(6)(11) First lien senior secured loan 10.09 % SOFR (Q) 5.50 % 09/2022 07/2026 0.2 0.2 0.2 (2)(6)(11) First lien senior secured loan 10.34 % SOFR (Q) 5.75 % 04/2023 07/2026 7.6 7.6 7.6 (2)(6)(11) First lien senior secured loan 9.27 % SOFR (Q) 4.75 % 11/2024 07/2026 10.1 10.1 10.1 (2)(6)(11) Preferred equity 9.00 % PIK 07/2019 198 0.3 1.1 (2)(6) Common equity 07/2019 190,143 — — (2)(6) 28.7 29.5 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (15) Provider of a cloud-based, SaaS platform for talent management First lien senior secured revolving loan 7.77 % SOFR (M) 3.25 % 10/2021 10/2026 9.7 9.7 8.5 (2)(14) First lien senior secured loan 8.22 % SOFR (M) 3.75 % 06/2024 10/2028 1.4 1.3 1.2 (2)(11)(18) Second lien senior secured loan 10.97 % SOFR (M) 6.50 % 10/2021 10/2029 137.5 137.5 121.0 (2)(11) Series A preferred shares 10.50 % PIK 10/2021 116,413 161.8 132.6 (2) Class A-1 common stock 10/2021 1,360,100 13.6 16.2 (2) 323.9 279.5 Coupa Holdings, LLC and Coupa Software Incorporated (15) Provider of Business Spend Management software First lien senior secured loan 10.09 % SOFR (Q) 5.50 % 03/2023 02/2030 9.0 9.0 9.0 (2)(11) Databricks, Inc. Cloud-based data and AI platform that helps companies scale and manage data First lien senior secured loan 8.81 % SOFR (S) 4.50 % 12/2024 12/2030 0.1 0.1 0.1 (2) Datix Bidco Limited and RL Datix Holdings (USA), Inc. (15) Global healthcare software company that provides software solutions for patient safety and risk management First lien senior secured revolving loan 10.20 % SONIA (M) 5.50 % 04/2024 10/2030 1.3 1.3 1.2 (2)(6)(11) First lien senior secured revolving loan 9.86 % SOFR (M) 5.50 % 04/2024 10/2030 1.1 1.1 1.1 (2)(6)(11) First lien senior secured loan 9.93 % SOFR (S) 5.50 % 04/2024 04/2031 104.6 104.6 104.6 (2)(6)(11) First lien senior secured loan 10.20 % SONIA (S) 5.50 % 04/2024 04/2031 53.1 53.1 53.1 (2)(6)(11) 160.1 160.0 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. Provider of internet security tools and solutions Second lien senior secured loan 11.36 % SOFR (M) 7.00 % 05/2022 02/2029 11.0 10.5 9.5 (2) Series A preferred shares 10.50 % PIK 05/2021 129,822 187.7 152.1 (2) Series A units 05/2021 817,194 13.3 12.6 (2) 211.5 174.2 Denali Holdco LLC and Denali Apexco LP (15) Provider of cybersecurity audit and assessment services First lien senior secured loan 9.63 % SOFR (M) 5.25 % 07/2024 09/2028 33.3 33.3 33.3 (2)(11) Class A units 02/2022 2,549,000 2.5 3.6 (2) 35.8 36.9 See accompanying notes to consolidated financial statements. 85 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Diligent Corporation and Diligent Preferred Issuer, Inc. (15) Provider of secure SaaS solutions for board and leadership team documents First lien senior secured loan 10.09 % SOFR (S) 5.00 % 04/2024 08/2030 23.5 23.4 23.5 (2)(11) Preferred stock 10.50 % PIK 04/2021 13,140 18.5 18.5 (2) 41.9 42.0 DriveCentric Holdings, LLC (15) Provider of CRM software to the automotive dealership industry First lien senior secured loan 9.27 % SOFR (Q) 4.75 % 08/2024 08/2031 12.1 12.1 12.0 (2)(11) Echo Purchaser, Inc. (15) Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets First lien senior secured revolving loan 12.00 % Base Rate (Q) 4.50 % 11/2023 11/2029 1.4 1.4 1.4 (2)(11) First lien senior secured loan 9.86 % SOFR (M) 5.50 % 11/2023 11/2029 10.5 10.5 10.5 (2)(11) 11.9 11.9 Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (15) Payment processing solution provider First lien senior secured loan 9.26 % SOFR (M) 4.75 % 09/2024 09/2031 196.1 196.1 194.1 (2)(11) Preferred units 12.50 % PIK 09/2024 656 6.8 6.7 (2) Class A common units 09/2024 563 0.6 0.6 (2) 203.5 201.4 Edmunds Govtech, Inc. (15) Provider of ERP software solutions for local governments First lien senior secured revolving loan 8.33 % SOFR (Q) 4.00 % 02/2024 02/2030 1.7 1.7 1.7 (2)(11) First lien senior secured loan 9.33 % SOFR (Q) 5.00 % 02/2024 02/2031 18.5 18.5 18.5 (2)(11) 20.2 20.2 Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (15) SaaS based supply chain management software provider focused on chemical markets First lien senior secured revolving loan 10.12 % SOFR (Q) 5.50 % 05/2024 09/2026 7.3 7.3 7.2 (2)(11) First lien senior secured loan 10.29 % SOFR (Q) 5.50 % 09/2019 09/2026 59.9 59.9 59.3 (2)(11) First lien senior secured loan 10.30 % SOFR (Q) 5.50 % 12/2020 09/2026 5.6 5.6 5.6 (2)(11) First lien senior secured loan 10.14 % SOFR (Q) 5.50 % 05/2024 09/2026 4.9 4.9 4.9 (2)(11) Preferred equity 09/2019 4,599 4.6 5.7 (2) 82.3 82.7 Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. (15) SaaS based business analytics company focused on oil and gas industry First lien senior secured revolving loan 9.86 % SOFR (M) 5.50 % 12/2023 12/2029 0.2 0.2 0.2 (2)(11) First lien senior secured revolving loan 9.86 % SOFR (M) 5.50 % 06/2024 12/2029 0.1 0.1 0.1 (2)(11) First lien senior secured loan 9.86 % SOFR (M) 5.50 % 12/2023 12/2029 133.9 133.9 133.9 (2)(11) Preferred stock 13.50 % PIK 02/2020 30 55.6 56.5 (2) 189.8 190.7 EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. Provider of entertainment workforce and production management solutions First lien senior secured loan 9.09 % SOFR (Q) 4.50 % 06/2023 11/2028 58.3 58.0 57.7 (2)(11) Second lien senior secured loan 11.09 % SOFR (Q) 6.50 % 11/2021 11/2029 88.9 88.9 88.0 (2)(11) Partnership units 05/2019 5,034,483 3.1 11.1 (2)(6) See accompanying notes to consolidated financial statements. 86 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets 150.0 156.8 eResearch Technology, Inc. and Astorg VII Co-Invest ERT (15) Provider of mission-critical, software-enabled clinical research solutions First lien senior secured loan 8.36 % SOFR (M) 4.00 % 11/2023 02/2027 1.0 1.0 1.0 (2)(11)(18) Second lien senior secured loan 12.46 % SOFR (M) 8.00 % 02/2020 02/2028 27.2 26.6 27.2 (2) Second lien senior secured loan 12.46 % SOFR (M) 8.00 % 04/2021 02/2028 30.6 30.1 30.6 (2) Limited partnership interest 01/2020 3,988,000 4.5 6.9 (2)(6) 62.2 65.7 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (15) Provider of nutritional information and software as a services (SaaS) compliance solutions First lien senior secured revolving loan 10.01 % SOFR (Q) 5.50 % 06/2022 06/2028 0.9 0.9 0.9 (2)(11) First lien senior secured loan 10.05 % SOFR (Q) 5.50 % 06/2022 06/2028 6.7 6.7 6.7 (2)(11) Limited partner interests 06/2022 6,246,801 6.2 8.3 13.8 15.9 Extrahop Networks, Inc. (15) Provider of real-time wire data analytics solutions for application and infrastructure monitoring First lien senior secured loan 11.96 % SOFR (M) 7.50 % 07/2021 07/2027 26.0 26.0 26.0 (2)(11) First lien senior secured loan 11.96 % SOFR (M) 7.50 % 03/2023 07/2027 3.9 3.9 3.9 (2)(11) 29.9 29.9 Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (15) Provider of back-office software services for the banking sector First lien senior secured loan 11.65 % SOFR (Q) 7.25 % 09/2023 09/2029 189.0 186.1 189.0 (2)(6)(11) Forescout Technologies, Inc. (15) Network access control solutions provider First lien senior secured loan 9.52 % SOFR (Q) 5.00 % 05/2024 05/2031 13.6 13.6 13.4 (2)(11) GI Ranger Intermediate LLC (15) Provider of payment processing services and software to healthcare providers First lien senior secured revolving loan 10.47 % SOFR (Q) 6.00 % 10/2021 10/2027 0.4 0.4 0.4 (2)(11) First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 10/2021 10/2028 10.0 10.0 9.8 (2)(11) First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 03/2022 10/2028 3.1 3.1 3.0 (2)(11) 13.5 13.2 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (15) Provider of data analysis, statistics, and visualization software solutions for scientific research applications First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 06/2024 06/2031 71.5 71.5 71.5 (2)(11) Senior subordinated loan 10.50 % PIK 04/2021 04/2032 53.6 53.6 52.5 (2) Preferred units 14.00 % PIK 04/2021 1,828,645 74.8 74.8 199.9 198.8 Guidepoint Security Holdings, LLC (15) Cybersecurity solutions provider First lien senior secured loan 10.36 % SOFR (M) 6.00 % 10/2023 10/2029 6.7 6.7 6.7 (2)(11) First lien senior secured loan 10.36 % SOFR (M) 6.00 % 12/2024 10/2029 2.4 2.4 2.4 (2)(11) 9.1 9.1 Heavy Construction Systems Specialists, LLC (15) Provider of construction software First lien senior secured loan 9.83 % SOFR (Q) 5.50 % 11/2021 11/2028 0.1 0.1 0.1 (2)(11) First lien senior secured loan 9.58 % SOFR (M) 5.25 % 03/2024 11/2028 13.9 13.9 13.9 (2)(11) See accompanying notes to consolidated financial statements. 87 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets 14.0 14.0 Help/Systems Holdings, Inc. (15) Provider of IT operations management and cybersecurity software First lien senior secured revolving loan 8.62 % SOFR (Q) 4.00 % 11/2019 08/2026 1.7 1.7 1.5 (2) Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (15) Insurance software provider First lien senior secured revolving loan 9.96 % SOFR (M) 5.50 % 11/2021 11/2027 8.6 8.6 8.4 (2)(11) First lien senior secured loan 9.96 % SOFR (M) 5.50 % 11/2021 11/2028 59.1 59.1 58.0 (2)(11) Senior subordinated loan 10.00 % PIK 11/2021 11/2031 121.3 121.3 110.4 (2) Company units 11/2021 4,246,457 8.8 4.6 (2) 197.8 181.4 Hyland Software, Inc. (15) Enterprise content management software provider First lien senior secured revolving loan 09/2023 09/2029 — — — (2)(13) First lien senior secured loan 10.36 % SOFR (M) 6.00 % 09/2023 09/2030 96.6 95.4 96.6 (2)(11) 95.4 96.6 Icefall Parent, Inc. (15) Provider of customer engagement software and integrated payments solutions First lien senior secured loan 10.86 % SOFR (M) 6.50 % 01/2024 01/2030 16.7 16.7 16.7 (2)(11) Internet Truckstop Group LLC (15) Provider of freight-moving lifecycle software First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 06/2024 04/2027 39.5 39.1 39.1 (2)(11) IQN Holding Corp. (15) Provider of extended workforce management software First lien senior secured revolving loan 9.77 % SOFR (Q) 5.25 % 05/2022 05/2028 0.9 0.9 0.9 (2)(11) First lien senior secured loan 9.76 % SOFR (Q) 5.25 % 05/2022 05/2029 1.4 1.4 1.4 (2)(11) 2.3 2.3 IV Rollover Holdings, LLC Provider of cloud based IT solutions, infrastructure and services Class B units 05/2017 170,490 — — (2) Class X units 05/2017 5,000,000 1.9 2.1 (2) 1.9 2.1 Kaseya Inc. and Knockout Intermediate Holdings I Inc. (15) Provider of cloud-based software and technology solutions for small and medium sized businesses First lien senior secured revolving loan 9.83 % SOFR (Q) 5.50 % 06/2022 06/2029 4.9 4.9 4.9 (2)(11)(14) First lien senior secured loan 10.09 % SOFR (Q) 5.50 % 06/2022 06/2029 172.8 172.6 172.8 (2)(11) Preferred stock 15.03 % PIK SOFR (S) 10.75 % 06/2022 38,798 53.9 53.9 (2)(11) 231.4 231.6 LeanTaaS Holdings, Inc. (15) Provider of SaaS tools to optimize healthcare asset utilization First lien senior secured loan 11.83 % SOFR (Q) 7.50 % 07/2022 07/2028 34.7 34.7 34.7 (2)(11) First lien senior secured loan 13.58 % SOFR (Q) 9.25 % 07/2022 07/2028 29.6 29.6 29.6 (2)(11) 64.3 64.3 Majesco and Magic Topco, L.P. (15) Insurance software provider First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 09/2020 09/2028 18.0 18.0 18.0 (2)(11) Class A units 9.00 % PIK 09/2020 2,539 3.7 6.5 (2) Class B units 09/2020 570,625 — — (2) 21.7 24.5 Metatiedot Bidco OY and Metatiedot US, LLC (15) Enterprise content management platform First lien senior secured revolving loan 8.49 % Euribor (S) 5.50 % 11/2024 11/2030 0.2 0.2 0.2 (2)(6)(11) First lien senior secured loan 8.49 % Euribor (S) 5.50 % 11/2024 11/2031 7.2 7.4 7.1 (2)(6)(11) See accompanying notes to consolidated financial statements. 88 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets First lien senior secured loan 10.02 % SOFR (Q) 5.50 % 11/2024 11/2031 5.2 5.2 5.1 (2)(6)(11) 12.8 12.4 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp Cybersecurity solutions provider First lien senior secured loan 9.36 % SOFR (M) 5.00 % 05/2022 05/2029 68.5 68.5 68.5 (2)(6)(11) First lien senior secured loan 9.70 % SONIA (Q) 5.00 % 05/2022 05/2029 35.3 34.9 35.3 (2)(6)(11) First lien senior secured loan 9.36 % SOFR (M) 5.00 % 03/2024 05/2029 5.2 5.2 5.2 (2)(6)(11) Limited partnership interest 05/2022 3,975 39.8 44.0 (2)(6) 148.4 153.0 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (15) Software and payment services provider to faith-based institutions First lien senior secured loan 9.96 % SOFR (M) 5.50 % 12/2021 12/2028 39.0 39.0 38.2 (2)(11) Limited partner interests 12/2021 9,574,000 9.6 6.3 (2) 48.6 44.5 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (15) Leading technology solution provider for casing and auditioning to the entertainment industry First lien senior secured revolving loan 10.20 % SOFR (Q) 5.75 % 08/2022 08/2028 0.4 0.4 0.4 (2)(11) First lien senior secured loan 10.20 % SOFR (Q) 5.75 % 08/2022 08/2028 24.6 24.6 24.6 (2)(11) Class A units 8.00 % PIK 08/2022 45,320 5.3 3.8 30.3 28.8 MRI Software LLC (15) Provider of real estate and investment management software First lien senior secured revolving loan 9.08 % SOFR (Q) 4.75 % 02/2020 02/2027 0.2 0.2 0.2 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 02/2020 02/2027 14.4 14.4 14.4 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 08/2020 02/2027 23.9 23.9 23.9 (2)(11) 38.5 38.5 Netsmart, Inc. and Netsmart Technologies, Inc. (15) Developer and operator of health care software and technology solutions First lien senior secured loan 9.56 % ( 2.70 % PIK) SOFR (M) 5.20 % 08/2024 08/2031 141.0 141.0 139.6 (2)(11) North Star Acquisitionco, LLC and Toucan Bidco Limited (15) Literacy solution software provider for grades k-12 First lien senior secured loan 9.45 % NIBOR (Q) 4.75 % 04/2024 05/2029 5.5 5.8 5.5 (2)(6) First lien senior secured loan 9.45 % SONIA (Q) 4.75 % 04/2024 05/2029 3.6 3.6 3.6 (2)(6) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 04/2024 05/2029 29.5 29.5 29.5 (2)(6)(11) First lien senior secured loan 9.70 % SONIA (Q) 5.00 % 04/2024 05/2029 1.7 1.7 1.6 (2)(6) 40.6 40.2 OpenMarket Inc. Provider of cloud-based mobile engagement platform First lien senior secured loan 10.84 % SOFR (Q) 6.25 % 09/2021 09/2026 16.1 16.0 16.1 (2)(6)(11) Optimizely North America Inc. and Optimizely Sweden Holdings AB (15) Provider of web content management and digital commerce solutions First lien senior secured loan 9.36 % SOFR (M) 5.00 % 10/2024 10/2031 5.7 5.6 5.6 (2)(6)(11) First lien senior secured loan 8.11 % Euribor (M) 5.25 % 10/2024 10/2031 2.0 2.1 2.0 (2)(6)(11) First lien senior secured loan 10.20 % SONIA (M) 5.50 % 10/2024 10/2031 0.9 0.9 0.9 (2)(6)(11) 8.6 8.5 See accompanying notes to consolidated financial statements. 89 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets PDDS HoldCo, Inc. (15) Provider of cloud-based dental practice management software First lien senior secured revolving loan 11.98 % SOFR (Q) 7.50 % 07/2022 07/2028 0.2 0.2 0.2 (2)(11) First lien senior secured loan 11.98 % SOFR (Q) 7.50 % 07/2022 07/2028 12.5 12.5 12.5 (2)(11) 12.7 12.7 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (15) Provider of enterprise management software for the convenience retail and petroleum wholesale market First lien senior secured loan 10.09 % SOFR (Q) 5.50 % 01/2024 02/2031 6.6 6.6 6.6 (2)(11) First lien senior secured loan 10.00 % SOFR (M) 5.50 % 02/2024 02/2031 0.1 0.1 0.1 (2)(11) Series A preferred stock 13.25 % PIK 03/2019 13,656 29.1 29.4 (2) Class A units 03/2019 2,062,493 2.1 4.6 (2) 37.9 40.7 Perforce Software, Inc. (15) Developer of software used for application development First lien senior secured revolving loan 10.75 % Base Rate (Q) 3.25 % 07/2019 07/2026 1.0 1.0 1.0 (2) Petvisor Holdings, LLC (15) Provider of veterinarian-focused SaaS solutions First lien senior secured revolving loan 12.00 % Base Rate (Q) 4.50 % 06/2022 11/2029 1.7 1.7 1.7 (2)(11) First lien senior secured loan 9.83 % SOFR (S) 5.50 % 06/2022 11/2029 5.9 5.9 5.9 (2)(11) First lien senior secured loan 10.78 % ( 4.88 % PIK) SOFR (S) 6.50 % 06/2022 11/2029 0.1 0.1 0.1 (2)(11) First lien senior secured loan 10.78 % ( 4.88 % PIK) SOFR (S) 6.50 % 11/2023 11/2029 3.7 3.7 3.7 (2)(11) 11.4 11.4 Ping Identity Holding Corp. (15) Provider of identity and access management solutions First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 10/2022 10/2029 11.2 11.2 11.2 (2)(11) Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)(15) Online education learning platform First lien senior secured loan 9.01 % ( 1.50 % PIK) SOFR (Q) 4.50 % 08/2024 08/2029 21.5 21.5 21.5 (2)(11) First lien senior secured loan 12.01 % PIK SOFR (Q) 7.50 % 08/2024 08/2029 19.7 19.7 19.7 (2)(11) Common units 08/2024 6,356,812 14.3 13.7 (2) 55.5 54.9 Poplicus Incorporated Business intelligence and market analytics platform for companies that sell to the public sector Warrant to purchase shares of Series C preferred stock 06/2015 06/2025 2,402,991 0.1 — PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (15) Software provider for medical practitioners First lien senior secured revolving loan 8.86 % SOFR (M) 4.50 % 08/2023 08/2029 0.5 0.5 0.5 (2)(11) First lien senior secured loan 10.11 % SOFR (M) 5.75 % 08/2023 08/2029 36.6 36.6 36.6 (2)(11) Senior subordinated loan 14.00 % PIK 08/2023 08/2030 46.7 46.7 46.7 (2) Class A units 8.00 % PIK 03/2021 33,220,282 25.4 38.2 (2) 109.2 122.0 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (15) Provider of practice management software to law firms First lien senior secured revolving loan 9.86 % SOFR (M) 5.50 % 03/2021 03/2027 0.7 0.7 0.7 (2)(11) First lien senior secured loan 9.86 % SOFR (M) 5.50 % 03/2021 03/2027 5.4 5.4 5.4 (2)(11) See accompanying notes to consolidated financial statements. 90 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets First lien senior secured loan 9.86 % SOFR (M) 5.50 % 06/2024 03/2027 6.8 6.8 6.8 (2)(11) Limited partnership units 03/2021 1,624,000 0.7 2.7 (2) 13.6 15.6 Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc. Provider of data visualization software for data analytics Class A common stock 08/2016 7,445 7.4 19.1 (2) Class B common stock 08/2016 1,841,609 0.1 0.2 (2) 7.5 19.3 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (15) Saas provider of automated crew callout and scheduling software for the utility industry First lien senior secured loan 10.91 % ( 3.25 % PIK) SOFR (Q) 6.25 % 04/2021 04/2028 37.8 37.8 35.5 (2)(11) Preferred shares 13.98 % PIK SOFR (Q) 9.50 % 04/2021 26,436 42.8 40.3 (2)(11) 80.6 75.8 Project Potter Buyer, LLC and Project Potter Parent, L.P. (15) Software solutions provider to the ready-mix concrete industry First lien senior secured loan 10.33 % SOFR (Q) 6.00 % 04/2020 04/2027 42.8 42.8 42.8 (2)(11) First lien senior secured loan 10.33 % SOFR (Q) 6.00 % 10/2020 04/2027 0.1 0.1 0.1 (2)(11) First lien senior secured loan 10.33 % SOFR (Q) 6.00 % 11/2020 04/2027 11.7 11.7 11.7 (2)(11) First lien senior secured loan 10.33 % SOFR (Q) 6.00 % 07/2024 04/2027 17.9 17.9 17.9 (2)(11) Class B units 04/2020 588,636 — 3.3 (2) 72.5 75.8 Proofpoint, Inc. (15) Cybersecurity solutions provider First lien senior secured loan 7.36 % SOFR (M) 3.00 % 06/2021 08/2028 1.0 0.9 1.0 (2)(11)(18) QBS Parent, Inc. (15) Provider of vertical software solutions and related implementation, migration, and integration services First lien senior secured loan 9.27 % SOFR (Q) 4.75 % 11/2024 11/2031 14.1 14.1 14.0 (2)(11) QF Holdings, Inc. (15) SaaS based electronic health record software provider First lien senior secured revolving loan 9.43 % SOFR (Q) 5.00 % 09/2019 12/2027 0.5 0.5 0.5 (2)(11) First lien senior secured loan 9.69 % SOFR (Q) 5.00 % 09/2019 12/2027 4.9 4.9 4.9 (2)(11) First lien senior secured loan 9.59 % SOFR (Q) 5.00 % 09/2019 12/2027 1.9 1.9 1.9 (2)(11) First lien senior secured loan 9.54 % SOFR (Q) 5.00 % 08/2020 12/2027 4.9 4.9 4.9 (2)(11) First lien senior secured loan 9.59 % SOFR (Q) 5.00 % 12/2021 12/2027 8.1 8.1 8.1 (2)(11) First lien senior secured loan 9.51 % SOFR (Q) 5.00 % 12/2023 12/2027 5.1 5.1 5.1 (2)(11) 25.4 25.4 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (15) Provider of SaaS-based safety and security software to the K-12 school market First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 10/2021 10/2028 8.4 8.4 8.4 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 04/2023 10/2028 0.1 0.1 0.1 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 05/2024 10/2028 8.1 8.1 8.1 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 12/2024 10/2028 25.0 25.0 25.0 (2)(11) Class A common units 12/2018 2,880,582 3.5 8.9 45.1 50.5 See accompanying notes to consolidated financial statements. 91 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Regent Education, Inc. Provider of software solutions designed to optimize the financial aid and enrollment processes Warrant to purchase shares of common stock 12/2016 12/2026 5,394,181 — — Relativity ODA LLC (15) Electronic discovery document review software platform for use in litigations and investigations First lien senior secured loan 8.86 % SOFR (M) 4.50 % 07/2024 05/2029 6.6 6.6 6.6 (2)(11) Revalize, Inc. (15) Developer and operator of software providing configuration, price and quote capabilities First lien senior secured revolving loan 10.43 % SOFR (Q) 5.75 % 05/2022 04/2027 0.7 0.6 0.6 (2)(11) First lien senior secured loan 10.49 % SOFR (Q) 5.75 % 05/2022 04/2027 0.7 0.7 0.6 (2)(11) 1.3 1.2 RMS HoldCo II, LLC & RMS Group Holdings, Inc. (15) Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry First lien senior secured loan 9.36 % SOFR (M) 5.00 % 12/2021 12/2028 0.1 0.1 0.1 (2)(11) First lien senior secured loan 9.25 % SOFR (S) 5.00 % 08/2022 12/2028 0.2 0.2 0.2 (2)(11) Class A common stock 12/2021 566 5.5 4.5 (2) 5.8 4.8 Runway Bidco, LLC (15) Provider of workload automation software First lien senior secured loan 9.33 % SOFR (S) 5.00 % 12/2024 12/2031 42.8 42.4 42.4 (2)(11) Sapphire Software Buyer, Inc. (15) Provider of application security testing solutions First lien senior secured loan 9.75 % ( 3.00 % PIK) SOFR (S) 5.50 % 09/2024 09/2031 71.6 71.6 70.8 (2)(11) Severin Acquisition, LLC (15) Provider of student information system software solutions to the K-12 education market in North America First lien senior secured loan 9.57 % ( 2.25 % PIK) SOFR (M) 5.00 % 09/2024 10/2031 221.2 221.1 218.9 (2)(11) Smarsh Inc. and Skywalker TopCo, LLC (15) SaaS based communication archival service provider First lien senior secured revolving loan 10.11 % SOFR (M) 5.75 % 02/2022 02/2029 0.3 0.3 0.3 (2)(11) First lien senior secured loan 10.08 % SOFR (Q) 5.75 % 02/2022 02/2029 1.4 1.4 1.4 (2)(11) Common units 11/2020 1,742,623 6.3 10.6 (2) 8.0 12.3 SocialFlow, Inc. Social media optimization platform provider Warrant to purchase shares of Series C preferred stock 01/2016 01/2026 215,331 — — SoundCloud Limited Platform for receiving, sending, and distributing music Common stock 08/2017 73,422 0.4 0.7 (2)(6) Spaceship Purchaser, Inc. (15) SaaS based website builder and hosting platform First lien senior secured loan 9.33 % SOFR (Q) 5.00 % 10/2024 10/2031 100.7 100.7 99.7 (2)(11) Spark Purchaser, Inc. (15) Software platform for Medicare application process First lien senior secured loan 9.83 % SOFR (Q) 5.50 % 04/2024 04/2031 30.8 30.8 30.8 (2)(11) Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (15) Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space First lien senior secured loan 9.18 % SOFR (Q) 4.75 % 09/2022 09/2028 2.5 2.5 2.5 (2)(11) First lien senior secured loan 9.43 % SOFR (Q) 4.75 % 12/2023 09/2028 0.8 0.8 0.8 (2)(11) Limited partner interests 09/2022 1,010 10.2 15.3 (2) See accompanying notes to consolidated financial statements. 92 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets 13.5 18.6 Storable, Inc. and EQT IX Co-Investment (E) SCSP Payment management system solutions and web services for the self-storage industry Second lien senior secured loan 11.11 % SOFR (M) 6.75 % 04/2021 04/2029 42.8 42.8 42.8 (2)(11) Second lien senior secured loan 11.11 % SOFR (M) 6.75 % 03/2022 04/2029 10.3 10.3 10.3 (2)(11) Limited partnership interests 04/2021 614,950 6.6 12.1 (2)(6) 59.7 65.2 Sundance Group Holdings, Inc. (15) Provider of cloud-based document management and collaboration solutions First lien senior secured revolving loan 9.08 % SOFR (Q) 4.75 % 09/2024 07/2029 1.8 1.8 1.8 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 09/2024 07/2029 26.4 26.2 26.4 (2)(11) 28.0 28.2 Superman Holdings, LLC (15) Provider of ERP software for the construction industry First lien senior secured loan 8.86 % SOFR (M) 4.50 % 08/2024 08/2031 35.5 35.5 35.4 (2)(11) Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (15) Provider of environment, health, safety, and sustainability software First lien senior secured loan 10.30 % SOFR (Q) 5.75 % 03/2022 03/2028 34.4 34.4 34.4 (2)(11) First lien senior secured loan 10.39 % SOFR (Q) 5.75 % 10/2023 03/2028 10.8 10.8 10.8 (2)(11) First lien senior secured loan 10.33 % SOFR (Q) 5.75 % 06/2024 03/2028 5.8 5.8 5.8 (2)(11) Class A-2 units 03/2022 5,057 5.1 6.2 56.1 57.2 TCP Hawker Intermediate LLC (15) Workforce management solutions provider First lien senior secured revolving loan 8.08 % SOFR (Q) 3.75 % 11/2024 08/2029 3.4 3.4 3.4 (2)(11) First lien senior secured loan 9.33 % SOFR (M) 5.00 % 08/2019 08/2029 50.7 49.6 50.7 (2)(11) First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 10/2023 08/2029 1.8 1.2 1.8 (2)(11) First lien senior secured loan 9.33 % SOFR (Q) 5.00 % 11/2024 08/2029 2.0 2.0 2.0 (2)(11) 56.2 57.9 Transit Technologies LLC (15) Provider of transportation management software and specialty telematics solutions First lien senior secured loan 9.17 % SOFR (S) 4.75 % 08/2024 08/2031 10.8 10.8 10.7 (2)(11) UKG Inc. and H&F Unite Partners, L.P. Provider of cloud based HCM solutions for businesses Limited partnership interests 05/2019 12,583,556 12.6 26.5 (2)(6) UserZoom Technologies, Inc. User experience research automation software First lien senior secured loan 12.75 % SOFR (S) 7.50 % 02/2023 04/2029 5.8 5.7 5.8 (2)(11) Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (15) Third-party maintenance provider for hardware and data center infrastructure First lien senior secured revolving loan 8.26 % CORRA (Q) 4.75 % 08/2024 08/2031 1.1 1.1 1.1 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 08/2024 08/2031 70.1 70.1 69.4 (2)(11) Partnership units 08/2024 2,482,000 2.5 2.6 (2) 73.7 73.1 Viper Bidco, Inc. (15) Provider of SaaS based supply chain risk management solutions First lien senior secured loan 9.52 % SOFR (S) 5.00 % 11/2024 11/2031 17.8 17.8 17.6 (2)(11) First lien senior secured loan 9.70 % SONIA (M) 5.00 % 11/2024 11/2031 10.3 10.4 10.2 (2)(11) See accompanying notes to consolidated financial statements. 93 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets 28.2 27.8 WebPT, Inc. and WPT Intermediate Holdco, Inc. (15) Electronic medical record software provider First lien senior secured revolving loan 10.87 % SOFR (Q) 6.25 % 08/2019 01/2028 0.4 0.4 0.4 (2)(11) First lien senior secured revolving loan 12.75 % Base Rate (Q) 5.25 % 08/2019 01/2028 0.1 0.1 0.1 (2)(11) First lien senior secured loan 10.86 % SOFR (Q) 6.25 % 08/2019 01/2028 0.1 0.1 0.1 (2)(11) Senior subordinated loan 13.25 % PIK 05/2024 05/2029 65.3 65.3 65.3 (2) 65.9 65.9 Wellington Bidco Inc. and Wellington TopCo LP (15) Provider of ERP and payments software for local governments First lien senior secured revolving loan 9.33 % SOFR (Q) 5.00 % 06/2024 06/2030 0.6 0.6 0.6 (2)(11) First lien senior secured loan 9.33 % SOFR (Q) 5.00 % 06/2024 06/2030 60.9 60.9 60.9 (2)(11) Class A-2 preferred units 8.00 % PIK 06/2024 2,323,000 2.4 2.4 (2) 63.9 63.9 Wellness AcquisitionCo, Inc. (15) Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry First lien senior secured loan 9.96 % SOFR (M) 5.50 % 01/2021 01/2027 0.1 0.1 0.1 (2)(11) First lien senior secured loan 9.96 % SOFR (M) 5.50 % 02/2022 01/2027 1.7 1.7 1.7 (2)(11) 1.8 1.8 WorkWave Intermediate II, LLC (15) Provider of cloud-based field services and fleet management solutions First lien senior secured revolving loan 11.43 % SOFR (Q) 7.00 % 06/2021 06/2027 1.1 1.1 1.1 (2)(11) First lien senior secured loan 11.36 % ( 3.50 % PIK) SOFR (Q) 7.00 % 06/2021 06/2027 53.0 53.0 53.0 (2)(11) First lien senior secured loan 11.43 % ( 3.50 % PIK) SOFR (Q) 7.00 % 02/2022 06/2027 19.3 19.3 19.3 (2)(11) First lien senior secured loan 11.43 % ( 3.50 % PIK) SOFR (Q) 7.00 % 03/2024 06/2027 6.4 6.4 6.4 (2)(11) 79.8 79.8 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (15) Provider of cloud-based customer support solutions First lien senior secured loan 9.33 % SOFR (S) 5.00 % 12/2022 11/2028 43.4 43.4 43.4 (2)(11) Series A preferred stock 13.83 % PIK SOFR (Q) 9.50 % 11/2022 27,226 35.3 35.3 (2) Class A common units 11/2022 269,100 2.7 2.6 (2) 81.4 81.3 ZocDoc, Inc. Healthcare marketplace connecting patients and providers First lien senior secured loan 11.02 % SOFR (Q) 6.50 % 05/2024 05/2029 74.1 71.8 74.1 (2)(11) 6,561.9 6,544.6 49.01 % Health Care Equipment and Services Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15) Dental services provider First lien senior secured revolving loan 9.59 % PIK SOFR (Q) 5.00 % 06/2021 06/2026 14.5 14.5 14.5 (2)(11) First lien senior secured loan 9.59 % PIK SOFR (Q) 5.00 % 09/2024 06/2026 41.3 41.3 41.3 (2)(11) Class A preferred units 09/2024 20,000,000 16.2 11.5 (2) See accompanying notes to consolidated financial statements. 94 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Class A common units 06/2021 6,553,553 4.7 — (2) 76.7 67.3 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(15) Dental services provider First lien senior secured loan 11.58 % ( 3.00 % PIK) SOFR (Q) 7.00 % 09/2016 09/2026 15.5 15.5 15.5 (2)(11) Second lien senior secured loan 10.00 % PIK 06/2023 03/2027 43.4 43.4 43.4 (2) Membership units 09/2016 3,000,000 — — (2) Class A common units 06/2023 7,776,181 29.4 0.5 (2) 88.3 59.4 Advarra Holdings, Inc. (15) Provider of central institutional review boards over clinical trials First lien senior secured loan 8.86 % SOFR (M) 4.50 % 08/2022 09/2031 4.0 4.0 4.0 (2)(11) Aerin Medical Inc. (15) Developer and manufacturer of non-invasive nasal treatment solutions First lien senior secured loan 11.06 % SOFR (S) 6.75 % 12/2024 12/2030 13.1 12.8 12.9 (2)(11) Series G preferred shares 12/2024 877,379 1.0 1.0 (2) 13.8 13.9 AHR Funding Holdings, Inc. and AHR Parent Holdings, LP Provider of revenue cycle management solutions to hospitals Series A preferred shares 12.75 % PIK 07/2022 07/2028 35,000 47.7 47.7 (2) Preferred units 8.00 % PIK 07/2022 9,900 12.0 13.0 (2) Class B common units 07/2022 100,000 0.1 0.1 (2) 59.8 60.8 Amerivet Partners Management, Inc. and AVE Holdings LP (15) Veterinary practice management platform Subordinated loan 16.50 % PIK 11/2023 12/2030 66.2 65.0 63.5 (2) Class A units 03/2024 2,922 2.9 0.4 (2) Class C units 11/2023 7,144 1.4 — (2) 69.3 63.9 Artivion, Inc. (15) Manufacturer, processor and distributor of medical devices and implantable human tissues First lien senior secured revolving loan 8.59 % SOFR (Q) 4.00 % 01/2024 01/2030 0.9 0.9 0.9 (2)(6)(11) First lien senior secured loan 11.09 % SOFR (Q) 6.50 % 01/2024 01/2030 11.5 11.5 11.5 (2)(6)(11) 12.4 12.4 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (15)(16) Revenue cycle management provider to the physician practices and acute care hospitals First lien senior secured loan 7.61 % SOFR (M) 3.25 % 07/2023 02/2029 0.1 0.1 0.1 (2)(11)(18) Series A preferred stock 10.75 % PIK 02/2022 198,505 270.5 270.5 (2) Class A units 02/2022 10,487,951 10.5 12.8 (2) 281.1 283.4 Avalign Holdings, Inc. and Avalign Technologies, Inc. (15) Full-service contract manufacturer of medical device components for the orthopedic OEM industry First lien senior secured revolving loan 10.85 % SOFR (M) 6.50 % 03/2024 12/2028 1.6 1.6 1.5 (2)(11) First lien senior secured loan 11.76 % ( 3.63 % PIK) SOFR (Q) 7.25 % 03/2024 12/2028 38.9 38.9 36.1 (2)(11) 40.5 37.6 See accompanying notes to consolidated financial statements. 95 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP Opioid treatment provider First lien senior secured loan 9.59 % SOFR (Q) 5.00 % 05/2022 06/2027 5.9 5.9 5.6 (2)(11) Bambino Group Holdings, LLC Dental services provider Class A preferred units 12/2016 1,000,000 1.0 0.8 (2) Center for Autism and Related Disorders, LLC (15) Autism treatment and services provider specializing in applied behavior analysis therapy First lien senior secured revolving loan 11/2018 11/2023 6.8 — — (2)(10)(14) First lien senior secured revolving loan 01/2022 11/2023 1.0 — — (2)(10)(14) First lien senior secured loan 06/2023 08/2023 1.5 — — (2)(10) — — Color Intermediate, LLC Provider of pre-payment integrity software solution First lien senior secured loan 9.18 % SOFR (Q) 4.75 % 10/2022 10/2029 20.0 20.0 20.0 (2)(11) Comprehensive EyeCare Partners, LLC (15) Vision care practice management company First lien senior secured revolving loan 11.09 % ( 2.50 % PIK) SOFR (M) 6.50 % 02/2018 02/2025 2.0 2.0 1.9 (2)(11) First lien senior secured loan 11.09 % ( 2.50 % PIK) SOFR (M) 6.50 % 02/2018 02/2025 0.3 0.3 0.3 (2)(11) 2.3 2.2 Convey Health Solutions, Inc. Healthcare workforce management software provider First lien senior secured loan 9.68 % ( 4.25 % PIK) SOFR (Q) 5.25 % 09/2019 07/2029 1.9 1.9 1.6 (2)(6)(11) First lien senior secured loan 9.68 % ( 4.25 % PIK) SOFR (Q) 5.25 % 02/2022 07/2029 0.1 0.1 0.1 (2)(6)(11) First lien senior secured loan 9.68 % ( 4.25 % PIK) SOFR (Q) 5.25 % 10/2022 07/2029 0.1 0.1 0.1 (2)(6)(11) 2.1 1.8 Cradle Lux Bidco S.A.R.L. (15) Provider of consumables and equipment for ART and IVF procedures First lien senior secured loan 10.09 % SOFR (S) 5.50 % 11/2024 11/2031 2.9 2.9 2.9 (2)(6)(11) First lien senior secured loan 8.28 % Euribor (S) 5.50 % 11/2024 11/2031 8.3 8.4 8.1 (2)(6)(11) 11.3 11.0 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (15) Provider of medical devices and services for the treatment of positional plagiocephaly First lien senior secured revolving loan 9.98 % SOFR (Q) 5.50 % 03/2022 03/2028 0.1 0.1 0.1 (2)(11)(14) First lien senior secured loan 9.98 % SOFR (Q) 5.50 % 03/2022 03/2029 24.0 24.0 24.0 (2)(11) Class A shares 03/2022 192 1.9 2.4 (2) Common units 03/2022 31 0.3 0.4 (2) 26.3 26.9 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15) Veterinary hospital operator First lien senior secured loan 9.11 % SOFR (M) 4.75 % 06/2024 06/2031 159.2 159.2 159.2 (2)(11) Class A preferred units 15.00 % PIK 08/2023 3,678 2.7 1.9 (2) Common stock 10/2019 41,443 14.5 21.8 (2) 176.4 182.9 Empower Payments Investor, LLC (15) Financial communication and payment solutions provider First lien senior secured loan 8.86 % SOFR (M) 4.50 % 03/2024 03/2031 32.8 32.2 32.8 (2)(11) See accompanying notes to consolidated financial statements. 96 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Evolent Health LLC and Evolent Health, Inc. (15) Medical technology company focused on value based care services and payment solutions Series A preferred shares 10.48 % SOFR (Q) 6.00 % 01/2023 01/2029 3,834 3.8 4.0 (2)(6)(11) GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (15) On-demand supply chain automation solutions provider to the healthcare industry First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 12/2024 12/2031 243.5 243.5 241.1 (2)(11) Class A units 06/2017 15,706,534 12.9 43.3 (2) 256.4 284.4 Global Medical Response, Inc. and GMR Buyer Corp. Emergency air medical services provider First lien senior secured loan 9.86 % ( 1.25 % PIK) SOFR (M) 5.50 % 06/2022 10/2028 41.3 39.3 41.3 (2)(11)(18) Series B preferred shares 15.00 % PIK 05/2024 126,377 138.6 138.6 (2) Warrant to purchase units of common stock 03/2018 03/2028 115,733 0.9 0.4 (2) Warrant to purchase units of common stock 12/2021 12/2031 1,927 0.1 — (2) Warrants to purchase shares of common stock 05/2024 05/2031 3,116,642 — 10.2 (2) 178.9 190.5 HealthEdge Software, Inc. (15) Provider of financial, administrative and clinical software platforms to the healthcare industry First lien senior secured loan 9.13 % SOFR (M) 4.75 % 07/2024 07/2031 26.5 26.5 26.5 (2)(11) Honor Technology, Inc. Nursing and home care provider Warrant to purchase shares of Series D-2 preferred stock 08/2021 08/2031 133,333 0.1 — (2) HuFriedy Group Acquisition LLC (15) Manufacturer of surgical dental equipment and sterile instruments First lien senior secured revolving loan 05/2024 05/2030 — — — (2)(11)(13) First lien senior secured loan 9.99 % SOFR (Q) 5.50 % 05/2024 05/2031 73.4 73.4 73.4 (2)(11) 73.4 73.4 KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (15) Provider of behavioral health services First lien senior secured revolving loan 11.95 % SOFR (A) 6.50 % 03/2017 03/2027 2.0 2.0 1.6 (2)(11) First lien senior secured revolving loan 13.00 % Base Rate (Q) 5.50 % 03/2017 03/2027 0.4 0.4 0.3 (2)(11) First lien senior secured revolving loan 9.45 % SOFR (Q) 5.00 % 03/2017 03/2027 1.1 1.1 1.0 (2)(11) 3.5 2.9 Lifescan Global Corporation Provider of blood glucose monitoring systems for home and hospital use First lien senior secured loan 05/2022 12/2026 11.4 9.5 3.9 (2)(10)(18) Second lien senior secured loan 05/2022 03/2027 0.2 0.2 — (2)(10) 9.7 3.9 LivTech Purchaser, Inc. (15) Provider of senior care end-to-end software, payments and RCM platform First lien senior secured loan 9.01 % SOFR (S) 4.50 % 11/2024 11/2031 4.9 4.9 4.8 (2)(11) Napa Management Services Corporation and ASP NAPA Holdings, LLC Anesthesia management services provider Preferred units 15.00 % PIK 06/2020 1,842 0.2 0.2 (2) Senior preferred units 8.00 % PIK 06/2020 5,320 0.4 0.4 (2) Class A units 04/2016 25,277 2.5 3.2 (2) 3.1 3.8 See accompanying notes to consolidated financial statements. 97 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Next Holdco, LLC (15) Provider of electronic medical record and practice management software First lien senior secured loan 10.27 % SOFR (Q) 5.75 % 11/2023 11/2030 6.5 6.5 6.5 (2)(11) NMN Holdings III Corp. and NMN Holdings LP (15) Provider of complex rehabilitation technology solutions for patients with mobility loss First lien senior secured revolving loan 8.88 % SOFR (M) 4.50 % 07/2024 07/2031 3.6 3.6 3.6 (2)(11)(14) First lien senior secured loan 8.86 % SOFR (M) 4.50 % 07/2024 07/2031 247.0 247.0 244.5 (2)(11) Partnership units 11/2018 30,000 3.0 8.8 (2) 253.6 256.9 Nomi Health, Inc. Provider of software payment services for healthcare industry First lien senior secured loan 12.84 % SOFR (Q) 8.25 % 07/2023 07/2028 11.4 11.4 11.3 (2)(11) First lien senior secured loan 12.84 % SOFR (Q) 8.25 % 06/2024 07/2028 6.8 6.8 6.8 (2)(11) Warrant to purchase shares of Series B preferred stock 07/2023 07/2033 9,941 — — (2) Warrant to purchase units of Class A common stock 06/2024 06/2034 22,211 — 0.1 (2) 18.2 18.2 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(15) Behavioral health and special education platform provider First lien senior secured loan 14.00 % PIK SOFR (Q) 9.50 % 01/2023 02/2027 3.7 3.7 3.7 (2)(11) First lien senior secured loan 09/2019 02/2027 64.8 49.3 28.5 (2)(10) First lien senior secured loan 02/2022 02/2027 13.2 10.2 5.8 (2)(10) Preferred units 07/2021 04/2024 417,189 — — (2) Preferred stock 02/2022 7,983 3.1 — (2) Class A common units 09/2019 9,549,000 9.5 — (2) Common units 02/2022 7,584 — — (2) 75.8 38.0 OMH-HealthEdge Holdings, LLC (15) Revenue cycle management provider to the healthcare industry First lien senior secured loan 10.25 % SOFR (Q) 6.00 % 10/2023 10/2029 96.9 96.9 96.9 (2)(11) Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (15) Medical device company First lien senior secured revolving loan 8.59 % SOFR (Q) 4.00 % 11/2023 11/2028 0.1 0.1 0.1 (2)(6)(11) First lien senior secured loan 11.34 % SOFR (Q) 6.75 % 11/2023 11/2028 24.0 24.0 24.0 (2)(6)(11) 24.1 24.1 Pathway Vet Alliance LLC and Jedi Group Holdings LLC (15) Veterinary hospital operator First lien senior secured revolving loan 03/2020 03/2025 — — — (2)(13) Second lien senior secured loan 12.22 % SOFR (M) 7.75 % 03/2020 03/2028 76.3 76.3 58.8 (2)(11) Class R common units 03/2020 6,004,768 6.0 — (2) 82.3 58.8 PetVet Care Centers, LLC (15) Veterinary hospital operator First lien senior secured loan 10.36 % SOFR (M) 6.00 % 11/2023 11/2030 131.4 131.4 122.2 (2)(11) Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (15) Provider of employer-sponsored onsite health and wellness clinics and pharmacies First lien senior secured revolving loan 02/2024 03/2030 — — — (2)(11)(13) See accompanying notes to consolidated financial statements. 98 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets First lien senior secured loan 9.82 % SOFR (Q) 5.50 % 02/2024 03/2031 54.2 54.2 54.2 (2)(11) Class A units 07/2018 9,775 9.8 18.3 (2) 64.0 72.5 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (15) Manufacturer of biologic, metal and synthetic implants/devices First lien senior secured revolving loan 11.21 % SOFR (M) 6.75 % 07/2020 07/2026 11.6 11.6 11.6 (2)(11) First lien senior secured loan 12.09 % SOFR (S) 6.75 % 07/2020 07/2026 22.0 22.0 22.0 (2)(11) 33.6 33.6 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC Outsourced anesthesia provider Common units 03/2018 684,854 4.8 1.7 (2) SM Wellness Holdings, Inc. and SM Holdco, LLC (15) Breast cancer screening provider Series D units 8.00 % PIK 03/2023 1,127 1.3 1.4 (2) Series A units 08/2018 8,041 8.0 8.8 (2) Series B units 08/2018 916,795 — — (2) 9.3 10.2 SOC Telemed, Inc. and PSC Spark Holdings, LP Provider of acute care telemedicine First lien senior secured loan 11.86 % ( 2.00 % PIK) SOFR (Q) 7.50 % 08/2022 08/2027 107.3 104.8 99.8 (2)(11) Class A-2 units 08/2022 4,812 4.9 1.9 (2) Warrant to purchase units of common stock 08/2022 08/2029 6,118 4.7 3.4 (2) 114.4 105.1 Surescripts, LLC (15) Healthcare network for e-prescription routing, patient eligibility checks, and secure exchange of medical records First lien senior secured loan 8.33 % SOFR (Q) 4.00 % 11/2024 11/2031 58.0 58.0 57.5 (2)(11) Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15) SaaS based healthcare compliance platform provider First lien senior secured revolving loan 8.34 % SOFR (Q) 3.75 % 12/2020 12/2027 3.7 3.7 3.4 (2) First lien senior secured loan 9.19 % SOFR (Q) 4.50 % 02/2022 12/2027 28.8 27.9 26.3 (2)(11)(18) First lien senior secured loan 9.94 % SOFR (Q) 5.25 % 04/2024 12/2027 17.3 17.3 16.1 (2)(11) Second lien senior secured loan 12.56 % SOFR (Q) 7.88 % 12/2020 12/2028 76.2 76.2 70.9 (2)(11) Second lien senior secured loan 14.69 % ( 4.00 % PIK) SOFR (Q) 10.00 % 04/2024 12/2028 52.9 52.9 51.9 (2)(11) Series C-1 preferred shares 11.00 % PIK 06/2021 75,939 118.3 100.5 (2) Series C-2 preferred shares 11.00 % PIK 06/2021 40,115 59.3 50.3 (2) Series C-3 preferred shares 11.00 % PIK 10/2021 16,201 23.1 19.6 (2) 378.7 339.0 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15) Franchisor of private-pay home care for the elderly First lien senior secured loan 10.23 % SOFR (Q) 5.75 % 04/2018 04/2026 10.9 10.9 10.9 (2)(11) Common units 04/2018 550 0.5 1.9 11.4 12.8 Tempus AI, Inc. Provider of technology enabled precision medicine solutions First lien senior secured loan 12.86 % ( 3.25 % PIK) SOFR (Q) 8.25 % 09/2022 09/2027 75.0 75.0 75.0 (2)(6)(11) First lien senior secured loan 12.86 % ( 3.25 % PIK) SOFR (Q) 8.25 % 04/2023 09/2027 21.8 21.8 21.8 (2)(6)(11) See accompanying notes to consolidated financial statements. 99 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets First lien senior secured loan 12.86 % ( 3.25 % PIK) SOFR (Q) 8.25 % 10/2023 09/2027 9.3 9.3 9.3 (2)(6)(11) Common units 10/2023 60,821 1.9 2.1 (2)(6)(18) 108.0 108.2 Therapy Brands Holdings LLC Provider of software solutions for the mental and behavioral health market segments Second lien senior secured loan 11.22 % SOFR (M) 6.75 % 06/2021 05/2029 29.1 29.0 26.2 (2)(11) U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. Anesthesiology service provider Second lien senior secured loan 12.17 % SOFR (M) 7.50 % 10/2021 10/2029 147.8 147.8 147.8 (2)(11) Common stock 12/2021 3,671,429 12.9 8.9 (2) 160.7 156.7 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (15) Gastroenterology physician group First lien senior secured revolving loan 10.14 % SOFR (Q) 5.75 % 03/2023 03/2029 0.5 0.5 0.5 (2)(11) First lien senior secured loan 10.08 % SOFR (Q) 5.75 % 03/2023 03/2029 10.2 10.2 10.2 (2)(11) Class A interests 03/2023 4,623 4.6 5.9 15.3 16.6 Viant Medical Holdings, Inc. Manufacturer of plastic and rubber components for health care equipment First lien senior secured loan 8.60 % SOFR (Q) 4.00 % 10/2024 10/2031 27.6 27.5 27.9 (2)(18) VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (15) Veterinary hospital operator First lien senior secured loan 10.21 % SOFR (M) 5.75 % 12/2021 12/2027 6.1 6.1 6.1 (2)(11) First lien senior secured loan 10.21 % SOFR (M) 5.75 % 08/2022 12/2027 9.1 9.1 9.1 (2)(11) First lien senior secured loan 10.16 % SOFR (M) 5.75 % 08/2023 12/2027 12.4 12.4 12.4 (2)(11) First lien senior secured loan 10.27 % SOFR (M) 5.75 % 03/2024 12/2027 2.0 2.0 2.0 (2)(11) Class A-2 units 12/2021 7,524 7.5 11.9 (2) Class A-2 units 03/2023 45 0.1 0.1 (2) 37.2 41.6 WSHP FC Acquisition LLC and WSHP FC Holdings LLC (15) Provider of biospecimen products for pharma research First lien senior secured revolving loan 11.98 % ( 4.00 % PIK) SOFR (Q) 7.50 % 03/2018 03/2028 10.2 10.2 9.5 (2)(11)(14) First lien senior secured loan 11.98 % ( 4.00 % PIK) SOFR (Q) 7.50 % 03/2018 03/2028 33.2 33.2 30.9 (2)(11) First lien senior secured loan 11.98 % ( 4.00 % PIK) SOFR (Q) 7.50 % 02/2019 03/2028 4.5 4.5 4.2 (2)(11) First lien senior secured loan 11.98 % ( 4.00 % PIK) SOFR (Q) 7.50 % 08/2019 03/2028 13.9 13.9 12.9 (2)(11) First lien senior secured loan 11.98 % ( 4.00 % PIK) SOFR (Q) 7.50 % 10/2019 03/2028 10.8 10.7 10.0 (2)(11) First lien senior secured loan 11.98 % ( 4.00 % PIK) SOFR (Q) 7.50 % 10/2021 03/2028 0.1 0.1 0.1 (2)(11) First lien senior secured loan 11.98 % ( 4.00 % PIK) SOFR (Q) 7.50 % 11/2021 03/2028 0.1 0.1 0.1 (2)(11) First lien senior secured loan 11.98 % ( 4.00 % PIK) SOFR (Q) 7.50 % 07/2022 03/2028 31.2 31.2 29.0 (2)(11) Class A preferred units 11/2024 455 0.3 — Common units 07/2022 35,299 5.0 3.1 109.2 99.8 See accompanying notes to consolidated financial statements. 100 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets 3,333.6 3,211.9 24.05 % Financial Services Aduro Advisors, LLC (15) Provider of fund administration services First lien senior secured loan 9.36 % SOFR (M) 5.00 % 07/2024 07/2030 8.3 8.3 8.2 (2)(11) AQ Sage Buyer, LLC (15) Provider of actuarial consulting and comprehensive wealth management services First lien senior secured revolving loan 10.48 % SOFR (Q) 6.00 % 05/2022 01/2026 0.4 0.4 0.4 (2)(6)(11) First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 05/2022 01/2027 3.6 3.6 3.4 (2)(6)(11) 4.0 3.8 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 11.25 % SOFR (Q) 6.75 % 09/2021 09/2027 0.2 0.2 0.2 (2)(11) Senior subordinated loan 9.30 % PIK 09/2021 09/2026 6.0 6.0 6.0 (2) Common units 09/2021 6,291,539 6.3 6.5 (2) 12.5 12.7 Beacon Pointe Harmony, LLC (15) Provider of comprehensive wealth management services First lien senior secured loan 9.49 % SOFR (Q) 4.75 % 12/2021 12/2028 5.5 5.5 5.5 (2)(6)(11) First lien senior secured loan 9.21 % SOFR (M) 4.75 % 12/2021 12/2028 14.1 14.1 14.1 (2)(6)(11) First lien senior secured loan 9.49 % SOFR (Q) 4.75 % 07/2023 12/2028 3.8 3.8 3.8 (2)(6)(11) First lien senior secured loan 9.18 % SOFR (Q) 4.75 % 06/2024 12/2028 2.2 2.2 2.2 (2)(6)(11) 25.6 25.6 Cliffwater LLC (15) Provider of alternative investment advisory services First lien senior secured loan 8.86 % SOFR (M) 4.50 % 10/2023 10/2030 4.0 4.0 4.0 (2)(6)(11) Convera International Holdings Limited and Convera International Financial S.A R.L. (15) Provider of B2B international payment and FX risk management solutions First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 03/2022 03/2028 0.1 0.1 0.1 (2)(6)(11) First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 06/2023 03/2028 0.1 0.1 0.1 (2)(6)(11) First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 11/2024 03/2028 8.8 8.8 8.8 (2)(6)(11) 9.0 9.0 Corient Holdings, Inc. Global wealth management firm Series A preferred stock 05/2023 41,427 41.4 63.1 (2) 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 28.5 DFC Global Facility Borrower III LLC (15) Non-bank provider of alternative financial services First lien senior secured revolving loan 12.15 % SOFR (M) 7.50 % 04/2023 04/2028 91.3 98.3 91.4 (2)(6)(9)(11) eCapital Finance Corp. Consolidator of commercial finance businesses Senior subordinated loan 12.25 % SOFR (M) 7.75 % 10/2024 12/2025 42.1 41.5 42.1 (2)(6)(11) Senior subordinated loan 12.40 % SOFR (M) 7.75 % 01/2020 12/2025 56.0 54.9 56.0 (2)(6)(11) Senior subordinated loan 12.40 % SOFR (M) 7.75 % 11/2020 12/2025 5.4 5.3 5.4 (2)(6)(11) Senior subordinated loan 12.19 % SOFR (M) 7.75 % 01/2022 12/2025 24.3 23.8 24.3 (2)(6)(11) Senior subordinated loan 12.40 % SOFR (M) 7.75 % 04/2022 12/2025 55.8 54.7 55.8 (2)(6)(11) Senior subordinated loan 12.40 % SOFR (M) 7.75 % 10/2023 12/2025 12.3 12.0 12.3 (2)(6)(11) See accompanying notes to consolidated financial statements. 101 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Senior subordinated loan 12.97 % SOFR (M) 8.50 % 12/2024 12/2025 21.9 21.5 21.9 (2)(6)(11) 213.7 217.8 Endeavor Bidco LLC and Endeavor TopCo, Inc. Global securities finance trading platform First lien senior secured loan 8.58 % SOFR (Q) 4.25 % 08/2024 08/2029 6.1 6.1 6.0 (2)(11) Class A common units 08/2024 1,859 1.9 1.9 8.0 7.9 EP Wealth Advisors, LLC Wealth management and financial planning firm First lien senior secured loan 8.83 % SOFR (Q) 4.50 % 09/2020 09/2029 0.6 0.6 0.6 (2)(11) First lien senior secured loan 8.83 % SOFR (Q) 4.50 % 11/2022 09/2029 0.2 0.2 0.2 (2)(11) 0.8 0.8 GTCR F Buyer Corp. and GTCR (D) Investors LP (15)(16) Provider of end-to-end tech-enabled administrative services to private foundations First lien senior secured loan 9.33 % SOFR (Q) 5.00 % 09/2023 09/2030 5.2 5.2 5.2 (2)(11) Limited partnership interests 09/2023 4,764,743 4.8 6.5 (2) 10.0 11.7 HighTower Holding, LLC Provider of investment, financial and retirement planning services Senior subordinated loan 6.75 % 06/2022 04/2029 8.1 7.1 8.0 (2)(6)(18) Ivy Hill Asset Management, L.P. (5) Asset management services Member interest 06/2009 100.00 % 1,700.5 1,915.3 (6) Lido Advisors, LLC (15) Wealth management and financial planning firm First lien senior secured revolving loan 9.34 % SOFR (M) 5.00 % 06/2021 06/2029 0.8 0.8 0.8 (2)(11)(14) First lien senior secured loan 9.59 % SOFR (Q) 5.00 % 06/2021 06/2029 5.1 5.1 5.1 (2)(11) First lien senior secured loan 9.47 % SOFR (Q) 5.00 % 06/2023 06/2029 6.0 6.0 6.0 (2)(11) First lien senior secured loan 9.49 % SOFR (Q) 5.00 % 11/2024 06/2029 2.7 2.7 2.7 (2)(11) 14.6 14.6 Mai Capital Management Intermediate LLC (15) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured revolving loan 9.08 % SOFR (Q) 4.75 % 08/2024 08/2031 0.3 0.3 0.2 (2)(6)(11) First lien senior secured loan 9.08 % SOFR (M) 4.75 % 08/2024 08/2031 9.8 9.8 9.7 (2)(6)(11) 10.1 9.9 Monica Holdco (US) Inc. (15) Investment technology and advisory firm First lien senior secured loan 10.23 % SOFR (Q) 5.75 % 01/2021 01/2028 2.5 2.5 2.5 (2)(6)(11) First lien senior secured loan 10.08 % SOFR (Q) 5.75 % 08/2024 01/2028 2.7 2.7 2.7 (2)(6)(11) 5.2 5.2 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (15)(16) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured loan 9.46 % SOFR (M) 5.00 % 05/2023 05/2029 4.9 4.9 4.9 (2)(6)(11) First lien senior secured loan 9.46 % SOFR (M) 5.00 % 09/2023 05/2029 8.0 8.0 8.0 (2)(6)(11) First lien senior secured loan 9.46 % SOFR (M) 5.00 % 06/2024 05/2029 0.3 0.3 0.3 (2)(6)(11) First lien senior secured loan 9.46 % SOFR (M) 4.75 % 12/2024 05/2029 15.0 15.0 15.0 (2)(6)(11) Limited partnership interests 09/2023 1,973,099 2.0 2.5 (6) 30.2 30.7 See accompanying notes to consolidated financial statements. 102 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (15) Provider of comprehensive wealth management services First lien senior secured loan 9.64 % SOFR (Q) 5.25 % 08/2023 08/2029 6.9 6.9 6.9 (2)(6)(11) Preferred units 07/2023 6,431,667 6.5 7.5 (6) 13.4 14.4 PCS MidCo, Inc. and PCS Parent, L.P. (15) Provider of 401K recordkeeping software solutions First lien senior secured revolving loan 10.08 % SOFR (Q) 5.75 % 03/2024 03/2030 0.8 0.8 0.8 (2)(11) First lien senior secured loan 10.12 % SOFR (Q) 5.75 % 03/2024 03/2030 8.5 8.5 8.5 (2)(11) Class A units 03/2024 785,000 0.8 0.8 (2) 10.1 10.1 Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP (15) Wealth management and financial planning firm First lien senior secured loan 9.61 % SOFR (M) 5.25 % 03/2024 03/2031 2.3 2.3 2.3 (2)(6)(11) Limited partnership interest 03/2024 2,374,000 2.4 2.5 (6) 4.7 4.8 Petrus Buyer, Inc. (15) Provider of REIT research data and analytics First lien senior secured loan 9.87 % SOFR (Q) 5.25 % 11/2022 10/2029 5.9 5.9 5.9 (2)(11) Priority Technology Holdings, Inc. Provider of merchant acquiring and payment processing solutions Warrant to purchase shares of common stock 04/2021 04/2031 527,226 4.0 6.2 (2)(6)(18) RFS Opco LLC (15) Provider of wealth management services First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 04/2024 04/2031 29.5 29.5 29.5 (2)(6)(11) Rialto Management Group, LLC (15) Investment and asset management platform focused on real estate First lien senior secured revolving loan 11/2018 12/2025 — — — (2)(6)(11)(13) First lien senior secured loan 9.53 % SOFR (S) 5.00 % 12/2024 12/2030 24.8 24.8 24.5 (2)(6)(11) 24.8 24.5 RWA Wealth Partners, LLC (15) Provider of comprehensive wealth management services First lien senior secured loan 9.27 % SOFR (Q) 4.75 % 11/2024 11/2030 8.1 8.1 8.1 (2)(6)(11) Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (15) Wealth management platform First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 12/2023 10/2028 2.7 2.6 2.7 (2)(6)(11) First lien senior secured loan 9.80 % SOFR (Q) 5.25 % 12/2023 10/2028 0.2 0.2 0.2 (2)(6)(11) 2.8 2.9 The Edelman Financial Center, LLC Provider of investment, financial and retirement planning services Second lien senior secured loan 9.61 % SOFR (M) 5.25 % 05/2024 10/2028 0.1 0.1 0.1 (2)(6)(18) The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (15) Provider of comprehensive wealth management services First lien senior secured revolving loan 12.50 % Base Rate (Q) 5.00 % 03/2022 03/2028 0.2 0.2 0.2 (2)(6)(11) First lien senior secured loan 10.53 % SOFR (Q) 6.00 % 03/2022 03/2028 3.9 3.9 3.9 (2)(6)(11) Senior subordinated loan 12.00 % PIK 03/2022 03/2029 3.8 3.8 3.7 (2)(6) Series A preferred units 03/2022 7,199 7.2 4.0 (2)(6) Common units 03/2022 7,199 — — (2)(6) 15.1 11.8 See accompanying notes to consolidated financial statements. 103 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (15) Provider of asset-servicing capabilities for fund managers First lien senior secured loan 9.68 % SOFR (Q) 5.25 % 03/2024 03/2031 20.7 20.7 20.7 (2)(11) Class A preferred units 8.00 % PIK 09/2019 1,443 2.3 2.3 Class A common units 02/2019 245 0.2 3.8 Class B common units 02/2019 2,167,424 — — Class B common units 02/2019 245,194 — — 23.2 26.8 TPG IX Cardiff CI II, L.P. Provider of comprehensive wealth management services Limited partnership interest 11/2024 5,719,511 5.8 5.7 (2)(6) Waverly Advisors, LLC and WAAM Topco, LLC (15) Wealth management and financial planning firm First lien senior secured loan 9.98 % SOFR (Q) 5.50 % 03/2022 03/2028 0.7 0.7 0.7 (2)(6)(11) First lien senior secured loan 9.73 % SOFR (Q) 5.25 % 03/2024 03/2028 4.3 4.3 4.3 (2)(6)(11) Class A units 06/2023 1,432,867 1.7 3.0 (6) 6.7 8.0 Wealth Enhancement Group, LLC (15) Wealth management and financial planning firm First lien senior secured loan 9.57 % SOFR (Q) 5.00 % 10/2019 10/2028 0.5 0.5 0.5 (2)(11) First lien senior secured loan 9.50 % SOFR (Q) 5.00 % 11/2020 10/2028 1.9 1.9 1.9 (2)(11) First lien senior secured loan 9.56 % SOFR (Q) 5.00 % 06/2021 10/2028 0.1 0.1 0.1 (2)(11) First lien senior secured loan 9.55 % SOFR (Q) 5.00 % 08/2021 10/2028 0.9 0.9 0.9 (2)(11) First lien senior secured loan 9.44 % SOFR (Q) 5.00 % 02/2024 10/2028 12.0 12.0 12.0 (2)(11) 15.4 15.4 Wellington-Altus Financial Inc. (15)(16) Wealth management and advisory firm First lien senior secured loan 9.11 % CORRA (Q) 5.00 % 08/2024 08/2030 0.8 0.8 0.8 (2)(6)(11) Common stock 08/2024 46,562 1.6 1.6 (2)(6) 2.4 2.4 2,400.2 2,644.8 19.81 % Commercial and Professional Services Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (15) Provider of outsourced crew accommodations and logistics management solutions to the airline industry Class A common units 05/2018 236,358 4.3 44.3 Aero Operating LLC Provider of snow removal and melting service for airports and marine terminals First lien senior secured loan 13.74 % SOFR (Q) 9.00 % 02/2020 02/2026 36.2 36.2 30.8 (2)(11) First lien senior secured loan 13.59 % SOFR (Q) 9.00 % 12/2021 02/2026 1.1 1.1 1.0 (2)(11) 37.3 31.8 AI Fire Buyer, Inc. and AI Fire Parent LLC (15) Provider of fire safety and life safety services First lien senior secured revolving loan 12.00 % Base Rate (Q) 4.50 % 03/2021 03/2027 1.1 1.1 1.1 (2)(11)(14) First lien senior secured loan 10.46 % SOFR (Q) 5.50 % 03/2021 03/2027 3.9 3.9 3.9 (2)(11) First lien senior secured loan 10.17 % SOFR (Q) 5.50 % 06/2022 03/2027 0.1 0.1 0.1 (2)(11) First lien senior secured loan 10.66 % SOFR (S) 5.75 % 11/2023 03/2027 6.2 6.2 6.2 (2)(11) See accompanying notes to consolidated financial statements. 104 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Second lien senior secured loan 14.97 % PIK SOFR (Q) 10.75 % 03/2021 09/2027 62.8 62.8 62.8 (2)(11) Second lien senior secured loan 15.25 % PIK SOFR (Q) 10.75 % 05/2022 09/2027 14.2 14.2 14.2 (2)(11) Second lien senior secured loan 15.24 % PIK SOFR (S) 10.75 % 06/2022 09/2027 13.7 13.7 13.7 (2)(11) Common units 03/2021 46,990 4.7 17.9 (2) 106.7 119.9 Aldinger Company Inc (15) Provider of outsourced calibration and repair services First lien senior secured loan 9.61 % SOFR (M) 5.25 % 07/2024 07/2027 32.0 32.0 31.7 (2)(11) AMCP Clean Acquisition Company, LLC (15) Provider of commercial laundry services First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 02/2024 06/2028 10.3 10.2 10.3 (2)(11) First lien senior secured loan 9.08 % SOFR (M) 4.75 % 11/2024 06/2028 0.4 0.3 0.3 (2)(11) 10.5 10.6 Applied Technical Services, LLC (15) Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers First lien senior secured revolving loan 12.25 % Base Rate (Q) 4.75 % 05/2022 12/2026 6.6 6.5 6.5 (2)(11) First lien senior secured loan 10.23 % SOFR (Q) 5.75 % 05/2022 12/2026 1.0 1.0 1.0 (2)(11) First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 09/2023 12/2026 2.8 2.7 2.7 (2)(11) First lien senior secured loan 10.23 % SOFR (Q) 5.75 % 01/2024 12/2026 2.6 2.5 2.5 (2)(11) 12.7 12.7 Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. (15) Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services First lien senior secured loan 10.06 % SOFR (Q) 5.25 % 04/2024 09/2028 53.2 53.2 53.2 (2)(6)(11) Senior subordinated loan 13.99 % ( 7.00 % PIK) SOFR (Q) 9.25 % 11/2021 11/2028 0.7 0.7 0.7 (2)(6)(11) Senior subordinated loan 12.75 % SOFR (Q) 8.25 % 11/2021 11/2028 1.4 1.4 1.4 (2)(6)(11) Senior subordinated loan 13.96 % ( 7.00 % PIK) SOFR (Q) 9.25 % 08/2022 11/2028 6.8 6.7 6.8 (2)(6)(11) 62.0 62.1 ATI Restoration, LLC (15) Provider of disaster recovery services First lien senior secured revolving loan 10.22 % SOFR (Q) 5.50 % 07/2020 07/2026 8.7 8.7 8.5 (2)(11)(14) First lien senior secured loan 10.17 % SOFR (Q) 5.50 % 07/2020 07/2026 32.3 32.3 31.7 (2)(11) First lien senior secured loan 10.09 % SOFR (M) 5.50 % 05/2022 07/2026 47.9 47.9 46.9 (2)(11) First lien senior secured loan 10.14 % SOFR (Q) 5.50 % 09/2023 07/2026 10.4 10.4 10.2 (2)(11) 99.3 97.3 Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP (15) Outsourced supply chain solutions provider to operators of distribution centers First lien senior secured revolving loan 08/2024 05/2029 — — — (2)(11)(13) First lien senior secured loan 8.96 % SOFR (M) 4.50 % 08/2024 11/2029 6.6 6.6 6.6 (2)(11) Second lien senior secured loan 12.96 % SOFR (M) 8.50 % 08/2024 11/2030 87.5 87.5 87.5 (2)(11) Class A units 11/2020 10,581 7.3 16.0 (2) See accompanying notes to consolidated financial statements. 105 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets 101.4 110.1 Compex Legal Services, Inc. (15) Provider of outsourced litigated and non-litigated medical records retrieval services First lien senior secured revolving loan 10.11 % SOFR (Q) 5.45 % 05/2022 02/2025 1.8 1.8 1.8 (2)(11) First lien senior secured loan 10.73 % SOFR (Q) 6.00 % 07/2023 02/2026 1.9 1.9 1.9 (2)(11) 3.7 3.7 Dorado Bidco, Inc. (15) Provider of consumer and market insights for the food and beverage industry First lien senior secured loan 9.08 % SOFR (S) 4.50 % 09/2024 09/2031 6.8 6.8 6.7 (2)(11) DP Flores Holdings, LLC (15) Benefits administrator of tax-advantaged reimbursement plans First lien senior secured loan 10.83 % ( 3.00 % PIK) SOFR (Q) 6.50 % 09/2024 09/2030 27.3 27.3 26.7 (2)(11) Drogon Bidco Inc. & Drogon Aggregator LP (15) Provider of fire safety and life safety services First lien senior secured loan 9.36 % SOFR (M) 5.00 % 08/2024 08/2031 19.8 19.8 19.7 (2)(11) Class A-2 common units 08/2024 1,850,000 1.9 2.8 (2) 21.7 22.5 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 16.1 (2) Class B common stock 08/2014 7,500 — — (2) 7.5 16.1 Duraserv LLC (15) Provider of commercial loading dock maintenance and remodeling services First lien senior secured loan 8.90 % SOFR (M) 4.50 % 06/2024 06/2031 25.3 25.3 25.3 (2)(11) Elevation Services Parent Holdings, LLC (15) Elevator service platform First lien senior secured revolving loan 10.68 % SOFR (Q) 6.00 % 12/2020 12/2026 2.2 2.2 2.1 (2)(11)(14) First lien senior secured loan 10.74 % SOFR (Q) 6.00 % 12/2020 12/2026 10.0 10.0 9.6 (2)(11) First lien senior secured loan 10.68 % SOFR (Q) 6.00 % 05/2022 12/2026 14.0 14.0 13.4 (2)(11) 26.2 25.1 FlyWheel Acquireco, Inc. (15) Professional employer organization offering human resources, compliance and risk management services First lien senior secured revolving loan 10.86 % SOFR (M) 6.50 % 05/2023 05/2028 5.5 5.5 5.5 (2)(11) First lien senior secured loan 10.86 % SOFR (M) 6.50 % 05/2023 05/2030 52.0 52.0 52.0 (2)(11) 57.5 57.5 HH-Stella, Inc. and Bedrock Parent Holdings, LP (15) Provider of municipal solid waste transfer management services First lien senior secured revolving loan 9.98 % SOFR (Q) 5.50 % 04/2021 04/2027 1.3 1.3 1.3 (2)(11)(14) First lien senior secured loan 9.98 % SOFR (Q) 5.50 % 04/2021 04/2028 8.8 8.8 8.8 (2)(11) First lien senior secured loan 9.99 % SOFR (Q) 5.50 % 09/2023 04/2028 21.8 21.8 21.8 (2)(11) First lien senior secured loan 9.98 % SOFR (Q) 5.50 % 04/2024 04/2028 4.4 4.4 4.4 (2)(11) Class A units 04/2021 32,982 3.3 3.3 (2) 39.6 39.6 HP RSS Buyer, Inc. (15) Provider of road striping, and road safety related services First lien senior secured loan 9.33 % SOFR (Q) 5.00 % 12/2023 12/2029 17.0 17.0 17.0 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 03/2024 12/2029 1.8 1.8 1.8 (2)(11) See accompanying notes to consolidated financial statements. 106 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets 18.8 18.8 IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P. (15) Market research company focused on the consumer packaged goods industry First lien senior secured revolving loan 9.36 % SOFR (M) 5.00 % 08/2022 12/2027 2.9 2.9 2.9 (2)(11)(14) First lien senior secured loan 9.69 % SOFR (Q) 5.00 % 08/2022 12/2028 150.7 150.7 150.7 (2)(11) 153.6 153.6 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (15) Provider of commercial and industrial waste processing and disposal services First lien senior secured revolving loan 11.25 % Base Rate (Q) 3.75 % 08/2022 08/2030 0.7 0.7 0.7 (2)(11)(14) First lien senior secured loan 9.13 % SOFR (M) 4.75 % 08/2022 08/2031 4.9 4.9 4.9 (2)(11) First lien senior secured loan 9.25 % SOFR (M) 4.75 % 08/2024 08/2031 3.9 3.9 3.9 (2)(11) Class A units 09/2022 12,501 12.5 19.8 (2) 22.0 29.3 Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC (15) Provider of janitorial and facilities management services First lien senior secured loan 9.99 % ( 3.50 % PIK) SOFR (Q) 5.25 % 11/2019 11/2028 41.9 41.9 41.9 (2)(11) First lien senior secured loan 12.74 % ( 7.00 % PIK) SOFR (Q) 8.00 % 12/2023 11/2028 13.8 13.0 13.8 (2)(11) Preferred units 03/2024 4,042,767 7.7 1.4 (2) Class A common units 03/2024 4,042,767 — — (2) 62.6 57.1 Kings Buyer, LLC (15) Provider of comprehensive outsourced waste management consolidation services First lien senior secured revolving loan 11.50 % Base Rate (Q) 4.00 % 09/2023 10/2027 0.4 0.4 0.4 (2)(11) First lien senior secured loan 9.68 % SOFR (Q) 5.25 % 09/2023 10/2027 16.3 16.3 16.3 (2)(11) 16.7 16.7 KPS Global LLC and Cool Group LLC (15) Manufacturer of walk-in cooler and freezer systems First lien senior secured loan 9.11 % SOFR (M) 4.75 % 09/2024 09/2030 5.2 5.2 5.1 (2)(11) Laboratories Bidco LLC and Laboratories Topco LLC (15) Lab testing services for nicotine containing products First lien senior secured revolving loan 10.23 % ( 4.00 % PIK) SOFR (Q) 5.75 % 07/2021 07/2029 0.6 0.6 0.5 (2)(11) First lien senior secured revolving loan 12.25 % ( 4.00 % PIK) Base Rate (Q) 4.75 % 07/2021 07/2029 9.5 9.5 7.6 (2)(11) First lien senior secured loan 9.07 % ( 4.00 % PIK) CORRA (Q) 6.50 % 10/2019 07/2029 22.6 24.5 18.1 (2)(11) First lien senior secured loan 10.23 % ( 4.00 % PIK) SOFR (Q) 5.75 % 10/2019 07/2029 17.0 17.0 13.6 (2)(11) First lien senior secured loan 10.23 % ( 4.00 % PIK) SOFR (Q) 5.75 % 10/2020 07/2029 0.1 0.1 0.1 (2)(11) First lien senior secured loan 10.23 % ( 4.00 % PIK) SOFR (Q) 5.75 % 07/2021 07/2029 4.5 4.5 3.6 (2)(11) Class A units 07/2021 3,099,335 4.6 — (2) 60.8 43.5 LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (15) Provider of human resources and workforce management solutions First lien senior secured loan 10.09 % SOFR (S) 5.00 % 07/2024 07/2031 19.1 19.1 18.8 (2)(11) Class A common units 07/2024 1,205,000 1.2 1.1 (2) 20.3 19.9 See accompanying notes to consolidated financial statements. 107 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Lightbeam Bidco, Inc. (15) Provider of yard management services First lien senior secured revolving loan 05/2023 05/2029 — — — (2)(11)(13) First lien senior secured loan 9.33 % SOFR (Q) 5.00 % 05/2023 05/2030 5.2 5.2 5.2 (2)(11) First lien senior secured loan 9.37 % SOFR (Q) 5.00 % 11/2023 05/2030 3.4 3.4 3.4 (2)(11) 8.6 8.6 LJP Purchaser, Inc. and LJP Topco, LP (15) Provider of non-hazardous solid waste and recycling services First lien senior secured loan 10.68 % SOFR (M) 6.25 % 09/2022 09/2028 9.6 9.6 9.6 (2)(11) Class A units 8.00 % PIK 09/2022 5,098,000 6.2 6.8 (2) 15.8 16.4 Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. Keg management solutions provider First lien senior secured loan 11.83 % SOFR (Q) 7.50 % 12/2024 12/2029 68.1 68.1 67.4 (2)(11) First lien senior secured loan 11.83 % SOFR (Q) 7.50 % 12/2024 12/2029 68.1 68.1 67.4 (2)(11) Series A preferred stock 20.00 % PIK 08/2020 1,507 2.1 3.5 (2) Series B preferred stock 19.00 % PIK 09/2023 12,000 15.2 16.8 (2) Common stock 12/2012 54,710 4.9 10.3 (2) 158.4 165.4 NAS, LLC and Nationwide Marketing Group, LLC (15) Buying and marketing services organization for appliance, furniture and consumer electronics dealers First lien senior secured revolving loan 11.21 % SOFR (Q) 6.50 % 11/2020 06/2025 1.5 1.5 1.5 (2)(11) First lien senior secured loan 11.24 % SOFR (Q) 6.50 % 11/2020 06/2025 6.1 6.1 6.0 (2)(11) First lien senior secured loan 11.24 % SOFR (Q) 6.50 % 12/2021 06/2025 2.3 2.3 2.2 (2)(11) First lien senior secured loan 11.24 % SOFR (Q) 6.50 % 05/2022 06/2025 1.3 1.3 1.3 (2)(11) 11.2 11.0 NBLY 2021-1 and KKR Nest Co-Invest L.P. Operator of multiple franchise concepts primarily related to home maintenance or repairs Limited partner interest 09/2021 9,725,000 9.7 12.1 (2) Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (15) Provider of audience insights, data and analytics to entertainment industry First lien senior secured revolving loan 10/2022 10/2027 — — — (2)(13) First lien senior secured loan 9.51 % SOFR (Q) 4.75 % 10/2022 10/2028 80.7 76.2 72.1 (2)(11)(18) First lien senior secured loan 9.76 % SOFR (Q) 5.00 % 10/2022 04/2029 97.8 91.8 87.5 (2)(11)(18) First lien senior secured notes 9.29 % 11/2022 04/2029 52.8 51.8 49.1 (2)(18) Second lien senior secured loan 14.51 % SOFR (Q) 9.75 % 10/2022 10/2029 227.5 227.4 216.2 (2)(11) Limited partnership interests 10/2022 4,040,000 4.1 6.1 (2) 451.3 431.0 North Haven Stack Buyer, LLC (15) Provider of environmental testing services First lien senior secured revolving loan 9.71 % SOFR (Q) 5.25 % 07/2021 07/2027 1.3 1.3 1.3 (2)(11) First lien senior secured loan 9.78 % SOFR (Q) 5.25 % 07/2021 07/2027 9.7 9.7 9.7 (2)(11) First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 08/2023 07/2027 4.0 4.0 4.0 (2)(11) See accompanying notes to consolidated financial statements. 108 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets First lien senior secured loan 9.74 % SOFR (Q) 5.25 % 06/2024 07/2027 2.2 2.2 2.2 (2)(11) First lien senior secured loan 9.36 % SOFR (Q) 5.00 % 06/2024 07/2027 3.9 3.8 3.9 (2)(11) 21.0 21.1 Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC Solid waste services provider First lien senior secured loan 12.59 % ( 2.00 % PIK) SOFR (Q) 8.00 % 08/2023 08/2029 34.5 34.1 32.8 (2)(11) First lien senior secured loan 12.59 % ( 2.00 % PIK) SOFR (Q) 8.00 % 06/2024 08/2029 11.0 10.2 10.4 (2)(11) Warrant to purchase units of Class A common units 08/2023 08/2036 38,235 0.6 6.0 (2) Warrant to purchase units of Class A common units 06/2024 06/2036 6,400 0.9 1.0 (2) 45.8 50.2 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (15) Provider of janitorial and facilities management services First lien senior secured loan 10.28 % SOFR (Q) 5.75 % 10/2021 10/2027 67.0 67.0 65.9 (2)(11) First lien senior secured loan 10.53 % SOFR (S) 6.00 % 11/2023 10/2027 12.2 12.2 12.2 (2)(11) Class A units 10/2021 8,749,201 9.0 7.7 (2) 88.2 85.8 PS Operating Company LLC and PS Op Holdings LLC (5)(15) Specialty distributor and solutions provider to the swine and poultry markets First lien senior secured revolving loan 12/2021 12/2026 6.8 6.4 2.6 (2)(10) First lien senior secured loan 12/2021 12/2026 17.2 15.5 6.5 (2)(10) Common unit 12/2021 279,200 7.4 — (2) 29.3 9.1 PSC Parent, Inc. (15) Provider of operational services for US petrochemical and refining companies First lien senior secured revolving loan 9.64 % SOFR (M) 5.25 % 04/2024 04/2030 3.4 3.4 3.4 (2)(11)(14) First lien senior secured loan 9.71 % SOFR (M) 5.25 % 04/2024 04/2031 49.4 49.4 49.4 (2)(11) 52.8 52.8 PYE-Barker Fire & Safety, LLC (15) Provider of fire protection services and products First lien senior secured revolving loan 8.83 % SOFR (Q) 4.50 % 05/2024 05/2030 0.5 0.5 0.5 (2)(11) First lien senior secured loan 8.83 % SOFR (Q) 4.50 % 05/2024 05/2031 12.7 12.7 12.7 (2)(11) 13.2 13.2 R2 Acquisition Corp. Marketing services Common stock 05/2007 250,000 0.2 0.3 (2) RC V Tecmo Investor LLC Technology based aggregator for facility maintenance services Common member units 08/2020 9,624,000 8.3 16.0 (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. (15) Provider of FDA registration and consulting services First lien senior secured revolving loan 9.55 % SOFR (M) 5.00 % 08/2021 08/2027 5.4 5.4 5.4 (2)(11) See accompanying notes to consolidated financial statements. 109 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets First lien senior secured loan 9.66 % SOFR (Q) 5.00 % 08/2021 08/2027 2.7 2.7 2.7 (2)(11) Limited partner interests 08/2021 1.13 % 2.7 2.7 (2) 10.8 10.8 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 (15) Provider of food inspection and recovery services First lien senior secured revolving loan 10.17 % SOFR (Q) 5.50 % 07/2021 07/2027 1.0 1.0 1.0 (2)(11) First lien senior secured loan 10.16 % SOFR (Q) 5.50 % 07/2021 07/2027 16.6 16.6 16.6 (2)(11) 17.6 17.6 Saturn Purchaser Corp. Private aviation management company First lien senior secured loan 9.81 % SOFR (Q) 5.25 % 07/2023 07/2029 1.7 1.7 1.7 (2)(11) Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (15)(16) Provider of landscape design and planning, and snow removal services First lien senior secured revolving loan 10.21 % SOFR (M) 5.75 % 12/2021 12/2027 0.6 0.6 0.6 (2)(11) First lien senior secured loan 10.21 % SOFR (M) 5.75 % 12/2021 12/2027 3.4 3.4 3.4 (2)(11) Class A units 12/2021 8,464 21.5 31.4 (2) 25.5 35.4 Shermco Intermediate Holdings, Inc. (15) Provider of electrician services First lien senior secured revolving loan 9.90 % SOFR (Q) 5.00 % 05/2022 12/2026 2.3 2.2 2.3 (2) First lien senior secured loan 10.09 % SOFR (S) 5.00 % 05/2022 12/2026 5.1 5.1 5.1 (2)(11) First lien senior secured loan 9.60 % SOFR (S) 5.00 % 09/2023 12/2026 1.3 1.3 1.3 (2)(11) 8.6 8.7 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 (15) Provider of outsourced traffic control safety services First lien senior secured loan 9.26 % SOFR (Q) 4.75 % 05/2024 06/2031 22.5 22.5 22.5 (2)(6)(11) Systems Planning and Analysis, Inc. (15) Provider of systems engineering and technical assistance First lien senior secured loan 9.28 % SOFR (S) 5.00 % 05/2022 08/2027 1.0 1.0 1.0 (2)(11) The Hiller Companies, LLC (15) Provider of fire protection and life safety products First lien senior secured loan 9.36 % SOFR (M) 5.00 % 06/2024 06/2030 41.5 41.5 41.5 (2)(11) Thermostat Purchaser III, Inc. (15) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 8.11 % SOFR (Q) 3.50 % 08/2021 08/2028 2.4 2.4 2.4 (2)(14) First lien senior secured revolving loan 10.00 % Base Rate (Q) 2.50 % 08/2021 08/2028 1.2 1.2 1.2 (2)(14) See accompanying notes to consolidated financial statements. 110 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Second lien senior secured loan 11.91 % SOFR (Q) 7.25 % 08/2021 08/2029 23.0 23.0 23.0 (2)(11) 26.6 26.6 TSS Buyer, LLC (15) Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets First lien senior secured loan 10.23 % SOFR (M) 5.50 % 07/2023 06/2029 2.1 2.1 2.1 (2)(11) UP Intermediate II LLC and UPBW Blocker LLC (15) Provider of essential mechanical, electrical and plumbing services to commercial customers First lien senior secured revolving loan 03/2024 03/2030 — — — (2)(11)(13) First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 03/2024 03/2031 4.8 4.8 4.8 (2)(11) Common units 03/2024 60,470 6.0 5.5 (2) Common units 09/2024 3,918 0.3 0.4 (2) 11.1 10.7 Valcourt Holdings II, LLC and Jobs Holdings, Inc. (15) Provider of window cleaning and building facade maintenance and restoration services First lien senior secured loan 10.43 % SOFR (Q) 5.75 % 11/2023 11/2029 55.9 55.9 55.9 (2)(11) Visual Edge Technology, Inc. (5)(15) Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies First lien senior secured loan 11.66 % ( 1.25 % PIK) SOFR (Q) 7.00 % 07/2023 12/2025 33.6 33.3 33.6 (2)(11) Senior preferred stock 10.00 % PIK 07/2023 4,737 47.2 45.1 (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) 84.4 78.7 VRC Companies, LLC (15) Provider of records and information management services Senior subordinated loan 12.00 % ( 2.00 % PIK) 05/2022 06/2028 5.2 5.3 5.2 (2) W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (15) Provider of agronomics products for landscapers, contractors and golf course end users First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 05/2024 05/2030 17.3 17.3 17.1 (2)(11) Class A preferred units 10.00 % PIK 05/2024 9,260 1.0 0.9 Class A common units 05/2024 862 — — 18.3 18.0 Wash Encore Holdings, LLC Provider of outsourced healthcare linen management solutions First lien senior secured loan 10.96 % SOFR (M) 6.50 % 07/2021 07/2027 96.5 96.5 96.5 (2)(11) First lien senior secured loan 10.96 % SOFR (M) 6.50 % 07/2024 07/2027 16.6 16.4 16.6 (2)(11) 112.9 113.1 XIFIN, Inc. and ACP Charger Co-Invest LLC (15) Revenue cycle management provider to labs First lien senior secured revolving loan 11.23 % SOFR (Q) 6.75 % 02/2020 02/2026 5.7 5.7 5.3 (2)(11) First lien senior secured loan 11.23 % SOFR (Q) 6.75 % 07/2021 02/2026 0.1 0.1 0.1 (2)(11) First lien senior secured loan 11.23 % SOFR (Q) 6.75 % 12/2021 02/2026 37.0 36.8 34.4 (2)(11) Class A units 02/2020 180,000 1.8 1.7 (2) Class B units 12/2021 46,363 0.9 0.8 (2) See accompanying notes to consolidated financial statements. 111 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Class C units 06/2024 238 0.2 0.2 (2) 45.5 42.5 Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (15) Provider of recurring fire protection services First lien senior secured revolving loan 07/2024 07/2031 — — — (2)(11)(13) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 07/2024 07/2031 37.7 37.7 37.3 (2)(11) 37.7 37.3 2,486.8 2,510.0 18.80 % Insurance Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (15) Insurance broker First lien senior secured loan 9.32 % SOFR (Q) 4.75 % 11/2019 11/2029 37.6 37.5 37.6 (2)(11) First lien senior secured loan 9.26 % SOFR (Q) 4.75 % 08/2023 11/2029 10.2 10.3 10.2 (2)(11) First lien senior secured loan 9.15 % SOFR (Q) 4.75 % 11/2023 11/2029 0.3 0.3 0.3 (2)(11) First lien senior secured loan 9.33 % SOFR (Q) 4.75 % 08/2024 11/2029 2.2 2.2 2.2 (2)(11) 50.3 50.3 Acrisure, LLC Independent property and casualty insurance brokerage First lien senior secured loan 7.36 % SOFR (M) 3.00 % 10/2023 11/2030 0.2 0.2 0.2 (2)(18) Alera Group, Inc. (15) Insurance service provider First lien senior secured loan 9.61 % SOFR (M) 5.25 % 09/2021 10/2028 46.0 46.0 46.0 (2)(11) First lien senior secured loan 10.09 % SOFR (M) 5.75 % 11/2023 10/2028 11.3 11.3 11.3 (2)(11) 57.3 57.3 AQ Sunshine, Inc. (15) Specialized insurance broker First lien senior secured revolving loan 9.58 % SOFR (Q) 5.25 % 07/2024 07/2030 1.1 1.1 1.0 (2)(11)(14) First lien senior secured loan 10.33 % SOFR (Q) 5.25 % 07/2024 07/2031 102.7 102.7 101.7 (2)(11) 103.8 102.7 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc Insurance broker and underwriting servicer First lien senior secured loan 8.39 % Euribor (S) 4.75 % 02/2024 02/2031 25.2 26.3 25.2 (2)(6) First lien senior secured loan 9.90 % SOFR (S) 4.75 % 02/2024 02/2031 76.6 76.6 76.6 (2)(6)(11) 102.9 101.8 Benecon Midco II LLC and Benecon Holdings, LLC (15) Employee benefits provider for small and mid-size employers First lien senior secured loan 9.82 % SOFR (Q) 5.50 % 01/2024 01/2031 83.1 83.1 83.1 (2)(11) Class A units 01/2024 7,796,550 27.1 28.9 110.2 112.0 Captive Resources Midco, LLC (15) Provider of independent consulting services to member-owned group captives First lien senior secured loan 9.11 % SOFR (M) 4.75 % 07/2022 07/2029 6.0 6.0 6.0 (2)(11) Daylight Beta Parent LLC and CFCo, LLC (4) Health insurance sales platform provider First lien senior secured loan 09/2023 09/2033 13.2 12.0 2.5 (2)(10) 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 2.5 Diamond Mezzanine 24 LLC (15) Property and casualty insurance underwriting and distribution platform First lien senior secured revolving loan 11.50 % Base Rate (Q) 4.00 % 10/2024 10/2030 1.0 1.0 1.0 (2)(11) First lien senior secured loan 9.59 % SOFR (Q) 5.00 % 10/2024 10/2030 14.0 14.0 13.8 (2)(11) 15.0 14.8 See accompanying notes to consolidated financial statements. 112 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (15)(16) Managing general agent insurance distribution platform First lien senior secured loan 9.67 % SOFR (Q) 5.25 % 12/2023 12/2030 17.1 17.1 17.1 (2)(6)(11) Limited partnership interest 03/2024 1,348,309 1.3 1.8 (2)(6) 18.4 18.9 Foundation Risk Partners, Corp. (15) Full service independent insurance agency First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 10/2021 10/2030 78.6 78.6 78.6 (2)(11) First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 04/2022 10/2030 9.3 9.3 9.3 (2)(11) First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 11/2023 10/2030 17.4 17.4 17.4 (2)(11) First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 05/2024 10/2030 8.4 8.4 8.4 (2)(11) 113.7 113.7 Galway Borrower LLC (15) Insurance service provider First lien senior secured revolving loan 8.82 % SOFR (Q) 4.50 % 09/2021 09/2028 0.9 0.9 0.9 (2)(11)(14) First lien senior secured loan 8.83 % SOFR (S) 4.50 % 09/2021 09/2028 31.3 31.3 31.3 (2)(11) 32.2 32.2 Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (15) Insurance broker First lien senior secured loan 8.54 % CORRA (Q) 5.25 % 03/2024 03/2031 9.3 9.8 9.3 (2)(6)(11) Higginbotham Insurance Agency, Inc. (15) Independent retail insurance broker First lien senior secured loan 8.86 % SOFR (M) 4.50 % 08/2023 11/2028 5.3 5.3 5.3 (2)(11) First lien senior secured loan 9.11 % SOFR (M) 4.75 % 03/2024 11/2028 1.5 1.5 1.5 (2)(11) Series A preferred shares 11.00 % PIK 12/2024 1,000 1.0 1.0 (2) 7.8 7.8 High Street Buyer, Inc. and High Street Holdco LLC (15)(16) Insurance brokerage platform First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 04/2021 04/2028 22.3 22.3 22.3 (2)(11) First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 08/2021 04/2028 0.1 0.1 0.1 (2)(11) First lien senior secured loan 9.67 % SOFR (Q) 5.25 % 02/2022 04/2028 28.8 28.8 28.8 (2)(11) Series A preferred units 10.00 % PIK 04/2021 172,211,694 224.7 222.5 (2) Series A preferred units 10.00 % PIK 12/2023 20,106,667 22.4 22.2 (2) Series A preferred units 10.00 % PIK 04/2024 1,386,667 1.5 1.5 (2) Series A preferred units 10.00 % PIK 07/2024 4,506,667 4.7 4.7 (2) Series A common units 10.00 % PIK 04/2021 5,562,381 9.1 15.2 (2) Series C common units 10.00 % PIK 04/2021 10,043,368 2.7 27.4 (2) 316.3 344.7 Inszone Mid, LLC and INSZ Holdings, LLC (15) Insurance brokerage firm First lien senior secured loan 10.06 % SOFR (Q) 5.75 % 12/2023 11/2029 24.7 24.7 24.7 (2)(11) First lien senior secured loan 12.25 % Base Rate (Q) 4.75 % 12/2023 11/2029 0.1 0.1 0.1 (2)(11) Limited partnership interests 11/2022 2,146,088 1.7 2.7 Common units 11/2023 8,473,000 8.5 10.7 35.0 38.2 Keystone Agency Partners LLC (15) Insurance brokerage platform First lien senior secured revolving loan 9.33 % SOFR (Q) 5.00 % 12/2023 05/2027 0.1 0.1 0.1 (2)(11) First lien senior secured loan 9.33 % SOFR (Q) 5.00 % 12/2023 05/2027 12.0 11.9 12.0 (2)(11) See accompanying notes to consolidated financial statements. 113 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets First lien senior secured loan 9.33 % SOFR (Q) 5.00 % 08/2024 05/2027 6.5 6.4 6.5 (2)(11) 18.4 18.6 OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (15) Insurance brokerage platform First lien senior secured revolving loan 10.09 % SOFR (M) 5.75 % 11/2023 11/2029 0.2 0.2 0.2 (2)(11) First lien senior secured loan 10.23 % SOFR (M) 5.75 % 11/2023 11/2029 8.8 8.8 8.8 (2)(11) Class A-2 units 11/2023 115,928 2.3 2.1 (2) 11.3 11.1 OneDigital Borrower LLC (15) Benefits broker and outsourced workflow automation platform provider for brokers First lien senior secured revolving loan 11/2020 05/2027 — — — (2)(13) Patriot Growth Insurance Services, LLC (15) National retail insurance agency First lien senior secured revolving loan 9.46 % SOFR (M) 5.00 % 10/2021 10/2028 1.1 1.1 1.1 (2)(11) First lien senior secured loan 9.48 % SOFR (Q) 5.00 % 10/2021 10/2028 15.7 15.5 15.7 (2)(11) 16.6 16.8 People Corporation (15) Provider of group benefits, group retirement and human resources services First lien senior secured revolving loan 9.25 % CORRA (Q) 5.25 % 02/2021 02/2027 3.5 3.7 3.5 (2)(6)(11) First lien senior secured loan 9.06 % CORRA (Q) 5.25 % 02/2021 02/2028 40.4 45.7 40.4 (2)(6)(11) First lien senior secured loan 9.06 % CORRA (Q) 5.25 % 09/2021 02/2028 23.6 25.4 23.6 (2)(6)(11) First lien senior secured loan 9.05 % CORRA (Q) 5.25 % 09/2023 02/2028 11.5 12.1 11.5 (2)(6)(11) 86.9 79.0 Riser Topco II, LLC (15) Insurance program administrator First lien senior secured loan 10.70 % SONIA (Q) 6.00 % 10/2023 10/2029 1.1 1.0 1.1 (2)(11) First lien senior secured loan 10.33 % SOFR (Q) 6.00 % 10/2023 10/2029 7.5 7.5 7.5 (2)(11) First lien senior secured loan 9.46 % SOFR (S) 5.00 % 05/2024 10/2029 9.0 9.0 9.0 (2)(11) First lien senior secured loan 9.70 % SONIA (Q) 5.00 % 05/2024 10/2029 3.0 3.0 2.9 (2)(11) 20.5 20.5 SageSure Holdings, LLC and SageSure LLC (15) Insurance service provider First lien senior secured loan 9.59 % SOFR (Q) 5.00 % 08/2024 01/2030 26.0 26.0 26.0 (2)(11) Series A units 02/2022 886 19.6 74.5 45.6 100.5 SCM Insurance Services Inc. (15) Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry First lien senior secured loan 9.57 % CORRA (Q) 6.25 % 06/2022 08/2026 19.2 20.4 19.2 (2)(6)(11) SelectQuote, Inc. and SQ ABS Issuer, LLC Direct to consumer insurance distribution platform First lien senior secured notes 9.65 % 10/2024 10/2039 1.8 1.8 1.8 (2) First lien senior secured notes 7.80 % 10/2024 10/2039 2.7 2.7 2.7 (2) First lien senior secured loan 13.96 % ( 3.00 % PIK) SOFR (M) 9.50 % 10/2024 09/2027 16.9 15.5 15.4 (2)(11) Warrant to purchase shares of common stock 10/2024 10/2028 179,068 — — (2) 20.0 19.9 SG Acquisition, Inc. (15) Provider of insurance solutions for car sales First lien senior secured loan 9.36 % SOFR (Q) 4.75 % 04/2024 04/2030 47.0 47.0 47.0 (2)(11) See accompanying notes to consolidated financial statements. 114 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets SIG Parent Holdings, LLC (15) Independent insurance brokerage First lien senior secured loan 9.36 % SOFR (M) 5.00 % 08/2024 08/2031 56.4 56.4 55.9 (2)(11) Spring Insurance Solutions, LLC Technology-based direct to consumer sales and marketing platform for insurance products First lien senior secured loan 10.98 % SOFR (Q) 6.50 % 11/2020 11/2025 21.8 21.6 20.1 (2)(11) THG Acquisition, LLC (15) Multi-line insurance broker First lien senior secured revolving loan 9.11 % SOFR (M) 4.75 % 10/2024 10/2031 1.6 1.6 1.6 (2)(11)(14) First lien senior secured loan 9.11 % SOFR (M) 4.75 % 10/2024 10/2031 143.4 143.4 141.9 (2)(11) 145.0 143.5 Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (15) Insurance brokerage firm First lien senior secured loan 7.08 % SOFR (Q) 2.75 % 03/2024 05/2031 0.1 0.1 0.1 (2)(18) World Insurance Associates, LLC and World Associates Holdings, LLC (15) Insurance service provider First lien senior secured loan 10.08 % SOFR (Q) 5.75 % 10/2023 04/2028 8.9 8.9 8.9 (2)(11) 1,510.1 1,573.5 11.78 % Consumer Distribution and Retail Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. Manufacturer and distributor of specialty bakery ingredients First lien senior secured loan 9.28 % SOFR (Q) 4.50 % 07/2023 09/2028 16.3 16.3 16.3 (2)(11) Second lien senior secured loan 11.78 % SOFR (Q) 7.00 % 09/2021 09/2029 29.5 29.5 29.5 (2)(11) Class A preferred units 8.00 % PIK 09/2021 08/2051 5,484 7.1 11.4 (2) Series A preferred shares 11.00 % PIK 09/2021 08/2051 21,921 31.6 31.6 (2) 84.5 88.8 Bamboo Purchaser, Inc. Provider of nursery, garden, and greenhouse products First lien senior secured loan 10.98 % SOFR (Q) 6.50 % 11/2021 11/2027 17.6 17.6 15.8 (2)(11) BGI Purchaser, Inc. (15) Developer and manufacturer of customized natural and clean flavorings for the food & beverage end market First lien senior secured revolving loan 8.51 % SOFR (Q) 4.00 % 05/2024 05/2030 10.5 10.5 10.5 (2)(11) First lien senior secured loan 9.51 % SOFR (Q) 5.00 % 05/2024 05/2031 41.2 41.2 41.2 (2)(11) 51.7 51.7 BR PJK Produce, LLC Specialty produce distributor First lien senior secured loan 10.71 % SOFR (Q) 6.25 % 12/2023 11/2027 4.0 4.0 4.0 (2)(11) First lien senior secured loan 10.99 % SOFR (Q) 6.25 % 09/2024 11/2027 0.7 0.7 0.7 (2)(11) 4.7 4.7 BradyPlus Holdings, LLC (15) Distributor of foodservice disposables and janitorial sanitation products First lien senior secured loan 9.52 % SOFR (M) 5.00 % 10/2023 10/2029 127.9 127.9 127.9 (2)(11) First lien senior secured loan 9.40 % SOFR (Q) 5.00 % 10/2023 10/2029 0.8 0.8 0.8 (2)(11) 128.7 128.7 City Line Distributors LLC and City Line Investments LLC (15) Specialty food distributor First lien senior secured loan 10.48 % SOFR (M) 6.00 % 08/2023 08/2028 4.4 4.4 4.4 (2)(11) Class A units 8.00 % PIK 08/2023 4,172,852 4.6 4.5 (2) 9.0 8.9 See accompanying notes to consolidated financial statements. 115 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets DecoPac, Inc. and KCAKE Holdings Inc. (15) Supplier of cake decorating solutions and products to in-store bakeries First lien senior secured revolving loan 9.86 % SOFR (M) 5.50 % 05/2021 05/2030 4.6 4.6 4.6 (2)(11) First lien senior secured loan 9.83 % SOFR (Q) 5.50 % 09/2024 05/2030 171.8 171.8 171.8 (2)(11) Common stock 05/2021 9,599 7.4 12.0 (2) 183.8 188.4 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15) Provider of visual communications solutions First lien senior secured revolving loan 10.46 % SOFR (M) 6.00 % 03/2019 03/2026 0.6 0.6 0.6 (2)(11) First lien senior secured loan 10.46 % SOFR (M) 6.00 % 03/2019 03/2026 15.4 15.4 15.4 (2)(11) First lien senior secured loan 10.46 % SOFR (M) 6.00 % 08/2019 03/2026 0.1 0.1 0.1 (2)(11) First lien senior secured loan 10.46 % SOFR (M) 6.00 % 06/2021 03/2026 0.1 0.1 0.1 (2)(11) First lien senior secured loan 10.46 % SOFR (M) 6.00 % 01/2024 03/2026 8.1 8.1 8.1 (2)(11) Common units 03/2019 600 0.6 1.8 (2) 24.9 26.1 FS Squared Holding Corp. and FS Squared, LLC (15) Provider of on-site vending and micro market solutions First lien senior secured revolving loan 9.11 % SOFR (M) 4.75 % 12/2024 12/2030 5.2 5.2 5.1 (2)(11)(14) First lien senior secured loan 9.11 % SOFR (M) 4.75 % 12/2024 12/2030 52.7 52.7 51.8 (2)(11) Class A units 03/2019 113,219 11.1 39.3 (2) 69.0 96.2 GPM Investments, LLC and ARKO Corp. Convenience store operator Common stock 12/2020 2,088,478 19.8 13.7 (18) Warrant to purchase common stock 12/2020 12/2025 1,088,780 1.6 0.5 (2)(18) 21.4 14.2 Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (15) Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures First lien senior secured revolving loan 8.90 % SOFR (M) 4.50 % 11/2023 11/2029 0.1 0.1 0.1 (2)(11) First lien senior secured loan 10.39 % SOFR (M) 6.00 % 11/2023 11/2029 5.2 5.2 5.2 (2)(11) Limited partnership interest 11/2023 5,441,000 5.9 5.4 (2) 11.2 10.7 JWC/KI Holdings, LLC Foodservice sales and marketing agency Membership units 11/2015 5,000 5.0 13.2 (2) LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (16) Distributor of specialty foods First lien senior secured loan 11.21 % SOFR (Q) 6.50 % 10/2022 10/2028 39.4 39.4 37.9 (2)(11) Limited partnership interests 10/2022 9,683,991 9.7 5.3 (2) 49.1 43.2 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC Distributor of OEM appliance aftermarket parts First lien senior secured loan 11.74 % ( 3.25 % PIK) SOFR (Q) 7.00 % 06/2021 06/2028 0.4 0.4 0.3 (2)(11) First lien senior secured loan 11.74 % ( 3.25 % PIK) SOFR (Q) 7.00 % 12/2021 06/2028 0.2 0.2 0.2 (2)(11) Class A common units 06/2021 5,796 6.1 0.4 (2) 6.7 0.9 See accompanying notes to consolidated financial statements. 116 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP (15) Auto parts retailer First lien senior secured revolving loan 7.60 % SOFR (M) 3.25 % 05/2021 05/2026 18.4 18.4 18.4 (2)(14) Series A preferred stock 7.00 % PIK 05/2021 68,601 88.4 88.4 (2) Class A-1 units 05/2021 24,586 24.6 34.6 (2) 131.4 141.4 McKenzie Creative Brands, LLC (15) Designer, manufacturer and distributor of hunting-related supplies First lien senior secured revolving loan 11.21 % SOFR (M) 6.75 % 09/2014 09/2025 1.4 1.4 1.4 (2)(11) First lien senior secured loan 11.21 % SOFR (M) 6.75 % 09/2014 09/2025 84.5 84.5 84.5 (2)(8)(11) First lien senior secured loan 11.21 % SOFR (M) 6.75 % 09/2014 09/2025 5.5 5.5 5.5 (2)(11) 91.4 91.4 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 28.9 Mountaineer Merger Corporation (15) Discount retailer that specialized in apparel, housewares, accessories, and a selection of other products First lien senior secured revolving loan 9.33 % SOFR (Q) 5.00 % 10/2024 10/2027 9.7 9.5 9.5 (2) Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (15) Produce distribution platform First lien senior secured revolving loan 05/2023 05/2029 — — — (2)(11)(13) First lien senior secured loan 10.75 % SOFR (M) 6.25 % 05/2023 05/2029 9.6 9.6 9.6 (2)(11) Class B limited liability company interest 05/2023 3.64 % 9.6 8.3 (2) 19.2 17.9 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 27.6 27.2 18.0 (2)(10) Class A units 05/2021 50,000 5.0 — 32.2 18.0 Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. (15) Distributor and marketer of personal care products First lien senior secured loan 9.33 % SOFR (M) 5.00 % 05/2024 05/2030 54.9 54.9 54.9 (2)(6)(11) Class B common stock 8.00 % PIK 05/2024 2,215 2.2 3.9 (2)(6) 57.1 58.8 Reddy Ice LLC (15) Packaged ice manufacturer and distributor First lien senior secured revolving loan 04/2024 04/2029 — — — (2)(11)(13) First lien senior secured loan 9.34 % SOFR (S) 4.75 % 04/2024 04/2029 273.5 273.5 273.5 (2)(11) 273.5 273.5 See accompanying notes to consolidated financial statements. 117 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Royal Borrower, LLC and Royal Parent, LP (15) Distributor of fresh produce and dairy products First lien senior secured revolving loan 07/2024 07/2030 — — — (2)(11)(13) First lien senior secured loan 9.77 % SOFR (M) 5.25 % 07/2024 07/2030 20.9 20.9 20.6 (2)(11) Class A preferred units 10.00 % PIK 07/2024 2,255,000 2.4 4.2 23.3 24.8 SCIH Salt Holdings Inc. (15) Salt and packaged ice melt manufacturer and distributor First lien senior secured revolving loan 8.03 % CORRA (S) 3.50 % 03/2020 11/2028 4.1 4.1 4.1 (2)(11) First lien senior secured revolving loan 8.03 % SOFR (Q) 3.50 % 03/2020 11/2028 2.1 2.0 2.1 (2)(11) 6.1 6.2 SFE Intermediate Holdco LLC Provider of outsourced foodservice to K-12 school districts First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 07/2017 07/2026 6.1 6.1 6.1 (2)(11) First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 09/2018 07/2026 9.8 9.8 9.8 (2)(11) First lien senior secured loan 10.48 % SOFR (Q) 6.00 % 03/2022 07/2026 0.4 0.4 0.4 (2)(11) 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 9.86 % SOFR (M) 5.50 % 06/2021 07/2030 31.4 31.4 31.4 (2)(11) First lien senior secured loan 9.86 % SOFR (M) 5.50 % 06/2022 07/2030 0.5 0.5 0.5 (2)(11) First lien senior secured loan 9.86 % SOFR (M) 5.50 % 03/2023 07/2030 6.1 6.1 6.1 (2)(11) First lien senior secured loan 9.86 % SOFR (M) 5.50 % 05/2024 07/2030 12.7 12.7 12.7 (2)(11) First lien senior secured loan 9.95 % SOFR (M) 5.50 % 08/2024 07/2030 5.4 5.4 5.4 (2)(11) Common stock 06/2021 75,990 7.6 16.3 (2) 63.7 72.4 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (15) Producer and packager of compressed, household, and packaged salt First lien senior secured loan 9.73 % SOFR (Q) 5.25 % 07/2021 07/2028 25.3 25.3 25.3 (2)(11) Limited partner interests 07/2021 0.42 % 0.8 1.2 (2) 26.1 26.5 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (15)(16) Fresh and specialty food distributor First lien senior secured revolving loan 02/2023 01/2029 — — — (2)(11)(13) First lien senior secured loan 10.50 % SOFR (Q) 6.25 % 02/2023 01/2029 8.2 8.2 7.9 (2)(11) Common units 01/2023 1,673,000 1.7 0.4 9.9 8.3 ZB Holdco LLC and ZB TopCo LLC (15) Distributor of Mediterranean food and beverages First lien senior secured revolving loan 9.98 % SOFR (Q) 5.50 % 02/2022 02/2028 5.0 5.0 5.0 (2)(11)(14) First lien senior secured loan 9.98 % SOFR (Q) 5.50 % 02/2022 02/2028 0.2 0.2 0.2 (2)(11) First lien senior secured loan 10.00 % SOFR (Q) 5.50 % 08/2023 02/2028 8.6 8.6 8.6 (2)(11) First lien senior secured loan 10.03 % SOFR (Q) 5.50 % 03/2024 02/2028 7.7 7.7 7.7 (2)(11) Series A units 06/2023 4,699 4.0 6.9 (2) 25.5 28.4 See accompanying notes to consolidated financial statements. 118 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets 1,488.8 1,513.8 11.34 % Consumer Services ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (5) Restaurant owner and operator First lien senior secured loan 12/2016 08/2022 12.6 — — (2)(10) Aimbridge Acquisition Co., Inc. Hotel operator Second lien senior secured loan 02/2019 02/2027 22.5 22.1 4.5 (2)(10) American Residential Services L.L.C. and Aragorn Parent Holdings LP (15) Heating, ventilation and air conditioning services provider First lien senior secured revolving loan 7.96 % SOFR (M) 3.50 % 10/2020 07/2027 1.6 1.6 1.6 (2) First lien senior secured revolving loan 10.00 % Base Rate (Q) 2.50 % 10/2020 07/2027 1.1 1.1 1.1 (2) Second lien senior secured loan 12.97 % SOFR (M) 8.50 % 10/2020 10/2028 5.9 5.9 5.9 (2)(11) Series A preferred units 10.00 % PIK 10/2020 2,531,500 3.8 6.2 (2) 12.4 14.8 Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (15) Provider of residential HVAC, plumbing, and electrical maintenance and repair services First lien senior secured revolving loan 9.51 % SOFR (Q) 5.00 % 10/2023 10/2029 5.9 5.9 5.9 (2)(11)(14) First lien senior secured loan 9.52 % SOFR (Q) 5.00 % 09/2024 10/2030 198.3 198.1 198.3 (2)(11) Series B common units 10/2023 262,165 7.2 9.4 211.2 213.6 Belfor Holdings, Inc. (15) Disaster recovery services provider First lien senior secured revolving loan 11/2023 11/2028 — — — (2)(13) Clarion Home Services Group, LLC and LBC Breeze Holdings LLC (15) Provider of HVAC and plumbing services to residential and commercial customers First lien senior secured revolving loan 10.62 % SOFR (Q) 6.00 % 12/2021 12/2027 0.7 0.7 0.6 (2)(11) First lien senior secured loan 12.70 % ( 7.00 % PIK) SOFR (Q) 8.00 % 12/2021 12/2027 3.3 3.3 3.0 (2)(11) First lien senior secured loan 12.68 % ( 7.25 % PIK) SOFR (Q) 8.25 % 03/2023 12/2027 1.6 1.6 1.4 (2)(11) First lien senior secured loan 12.72 % ( 7.25 % PIK) SOFR (Q) 8.25 % 03/2023 12/2027 4.9 4.9 4.5 (2)(11) Class A units 12/2021 4,296 4.3 1.1 14.8 10.6 CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (15) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 9.28 % SOFR (Q) 4.75 % 05/2022 05/2028 3.4 3.4 3.4 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 05/2022 05/2028 30.7 30.7 30.7 (2)(11) First lien senior secured loan 9.16 % SOFR (Q) 4.75 % 11/2023 05/2028 9.6 9.6 9.6 (2)(11) Common stock 05/2022 302 3.1 10.3 (2) 46.8 54.0 Concert Golf Partners Holdco LLC (15) Golf club owner and operator First lien senior secured loan 9.13 % SOFR (M) 4.75 % 04/2024 04/2030 36.9 36.9 36.9 (2)(11) CST Holding Company (15) Provider of ignition interlock devices First lien senior secured loan 9.46 % SOFR (M) 5.00 % 11/2022 11/2028 11.5 11.5 11.5 (2)(11) First lien senior secured loan 9.46 % SOFR (M) 5.00 % 07/2024 11/2028 0.1 0.1 0.1 (2)(11) See accompanying notes to consolidated financial statements. 119 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets 11.6 11.6 Davidson Hotel Company LLC (15) Provider of hotel operations solutions and advisory services First lien senior secured revolving loan 9.36 % SOFR (M) 5.00 % 10/2024 10/2031 0.7 0.7 0.7 (2)(11) First lien senior secured loan 9.36 % SOFR (M) 5.00 % 10/2024 10/2031 8.2 8.2 8.1 (2)(11) 8.9 8.8 Equinox Holdings, Inc. Operator of luxury, full-service health fitness clubs First lien senior secured loan 12.58 % ( 4.13 % PIK) SOFR (Q) 8.25 % 03/2024 03/2029 44.3 43.4 44.3 (2)(11) Second lien senior secured loan 16.00 % PIK 03/2024 06/2027 3.9 3.8 3.9 (2) 47.2 48.2 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (15) Provider of plumbing and HVAC services First lien senior secured revolving loan 06/2024 06/2030 — — — (2)(11)(13) First lien senior secured loan 9.65 % SOFR (Q) 5.00 % 06/2024 06/2031 151.5 151.5 150.0 (2)(11) Preferred units 15.00 % PIK 07/2023 685 8.0 8.0 (2) Class A units 11/2020 6,447 22.9 34.2 (2) 182.4 192.2 Eternal Aus Bidco Pty Ltd (15) Operator of cemetery, crematoria and funeral services First lien senior secured loan 10.72 % BBSY (Q) 6.25 % 11/2023 11/2029 7.0 7.4 7.0 (2)(6)(11) Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (15) Fitness facility operator First lien senior secured loan 9.83 % SOFR (Q) 5.50 % 08/2023 04/2029 5.4 5.4 5.4 (2)(11) First lien senior secured loan 9.83 % SOFR (Q) 5.50 % 05/2024 04/2029 0.9 0.9 0.9 (2)(11) 6.3 6.3 Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)(15) Crunch Fitness franchisee First lien senior secured revolving loan 8.36 % SOFR (M) 4.00 % 08/2024 08/2030 2.5 2.5 2.4 (2)(11) First lien senior secured loan 9.86 % SOFR (M) 5.50 % 08/2024 08/2031 37.2 37.2 36.6 (2)(11) Common units 07/2024 11,957,000 12.0 13.8 (2) 51.7 52.8 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15) Distributor of instructional products, services and resources First lien senior secured revolving loan 9.92 % SOFR (M) 5.50 % 08/2018 04/2026 3.6 3.6 3.6 (2)(11)(14) First lien senior secured loan 10.09 % SOFR (Q) 5.50 % 07/2017 04/2026 29.0 29.0 29.0 (2)(11) First lien senior secured loan 10.09 % SOFR (Q) 5.50 % 08/2018 04/2026 1.1 1.1 1.1 (2)(11) First lien senior secured loan 10.09 % SOFR (Q) 5.50 % 06/2024 04/2026 7.5 7.5 7.5 (2)(11) Series A preferred stock 10/2014 1,272 0.7 1.1 (2) 41.9 42.3 Flint OpCo, LLC (15) Provider of residential HVAC and plumbing services First lien senior secured loan 9.11 % SOFR (Q) 4.75 % 08/2023 08/2030 7.0 7.0 7.0 (2)(11) First lien senior secured loan 9.11 % SOFR (Q) 4.75 % 05/2024 08/2030 1.3 1.3 1.3 (2)(11) 8.3 8.3 GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (15) Provider of commercial and residential HVAC, electrical, and plumbing services First lien senior secured loan 11.08 % SOFR (Q) 6.75 % 04/2023 04/2030 21.9 21.9 21.9 (2)(11) See accompanying notes to consolidated financial statements. 120 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Class A common units 04/2023 4,424 4.4 3.3 (2) 26.3 25.2 Helios Service Partners, LLC and Astra Service Partners, LLC (15) Critical HVAC, refrigeration, and plumbing services for commercial businesses First lien senior secured revolving loan 08/2023 03/2027 — — — (2)(13) First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 08/2023 03/2027 5.9 5.9 5.9 (2)(11) First lien senior secured loan 10.87 % SOFR (Q) 6.00 % 08/2023 03/2027 3.7 3.7 3.7 (2)(11) 9.6 9.6 IFH Franchisee Holdings, LLC (15) Operator of fitness centers First lien senior secured revolving loan 8.37 % SOFR (M) 4.00 % 12/2024 12/2029 4.3 4.3 4.2 (2)(11) First lien senior secured loan 10.12 % SOFR (M) 5.75 % 12/2024 12/2029 55.3 55.3 54.5 (2)(11) 59.6 58.7 Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. (15) Provider of residential roofing and exterior repair and replacement services First lien senior secured revolving loan 12.00 % Base Rate (Q) 4.50 % 12/2022 12/2028 0.7 0.7 0.7 (2)(6)(11) First lien senior secured loan 9.84 % SOFR (M) 5.50 % 12/2022 12/2028 14.7 14.7 14.7 (2)(6)(11) First lien senior secured loan 8.79 % CORRA (Q) 5.50 % 11/2023 12/2028 1.3 1.3 1.3 (2)(6)(11) First lien senior secured loan 9.83 % SOFR (Q) 5.50 % 11/2023 12/2028 6.4 6.4 6.4 (2)(6)(11) First lien senior secured loan 9.61 % SOFR (Q) 5.25 % 10/2024 12/2028 0.5 0.5 0.5 (2)(6)(11) Class A units 12/2022 9,524,000 9.5 14.0 (2)(6) 33.1 37.6 Jenny C Acquisition, Inc. Health club franchisor Senior subordinated loan 8.00 % PIK 04/2019 04/2025 1.8 1.8 1.8 (2) Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (15) Franchising platform offering adolescent development programs First lien senior secured loan 11.98 % SOFR (Q) 7.50 % 12/2022 12/2027 30.3 30.3 30.3 (2)(11) Limited partnership interests 12/2022 2,149,690 2.1 2.7 32.4 33.0 ME Equity LLC Franchisor in the massage industry Common stock 09/2012 3,000,000 3.0 4.2 (2) Modigent, LLC and OMERS PMC Investment Holdings LLC (15) Provider of commercial HVAC services First lien senior secured revolving loan 10.83 % SOFR (Q) 6.50 % 08/2022 08/2027 5.4 5.4 5.4 (2)(11) First lien senior secured loan 10.83 % SOFR (Q) 6.50 % 08/2022 08/2028 3.4 3.4 3.4 (2)(11) First lien senior secured loan 10.83 % SOFR (Q) 6.50 % 09/2023 08/2028 2.8 2.8 2.8 (2)(11) Class A units 08/2022 1,001 9.7 10.7 (2) 21.3 22.3 Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. (15) Provider of lawn care, tree care and pest control services First lien senior secured loan 9.33 % SOFR (Q) 5.00 % 06/2024 06/2031 23.8 23.8 23.8 (2)(11) Class A preferred units 09/2024 591 0.6 0.7 Class B common units 09/2024 590,845 0.2 0.3 24.6 24.8 See accompanying notes to consolidated financial statements. 121 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15) Provider of lawncare services First lien senior secured revolving loan 10.86 % SOFR (Q) 6.50 % 12/2022 05/2028 2.8 2.8 2.8 (2)(11) First lien senior secured loan 10.94 % SOFR (Q) 6.50 % 12/2022 05/2028 17.7 17.6 17.7 (2)(11) First lien senior secured loan 9.66 % SOFR (Q) 5.25 % 06/2024 05/2028 2.4 2.4 2.4 (2)(11) 22.8 22.9 Northwinds Holding, Inc. and Northwinds Services Group LLC (15) Provider of HVAC and plumbing services First lien senior secured revolving loan 9.80 % SOFR (Q) 5.25 % 05/2023 05/2029 0.8 0.8 0.8 (2)(11) First lien senior secured loan 9.96 % SOFR (Q) 5.25 % 05/2023 05/2029 27.1 27.1 27.1 (2)(11) Common units 05/2023 2,911,607 4.0 4.8 (2) 31.9 32.7 OTG Concessions Management, LLC and Octa Parent Holdings, LLC Airport restaurant operator Second lien notes 10.00 % PIK 02/2024 02/2031 8.0 8.0 7.0 (2) Participation rights 02/2024 02/2054 1 — — (2) 8.0 7.0 PestCo Holdings, LLC and PestCo, LLC (15) Provider of pest control services to the residential and commercial markets First lien senior secured loan 10.95 % SOFR (Q) 6.25 % 02/2023 02/2028 2.5 2.5 2.5 (2)(11) First lien senior secured loan 9.50 % SOFR (Q) 5.25 % 10/2024 02/2028 0.8 0.8 0.8 (2)(11) Class A units 01/2023 139 1.9 2.5 5.2 5.8 Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (15) Provider of commercial and residential HVAC, electrical & plumbing services First lien senior secured revolving loan 9.13 % SOFR (M) 4.75 % 10/2024 10/2030 0.4 0.4 0.4 (2)(11) First lien senior secured loan 9.32 % SOFR (Q) 4.75 % 10/2024 10/2030 5.6 5.6 5.5 (2)(11) Common stock 10/2024 667 0.7 0.7 (2) 6.7 6.6 Premiere Buyer, LLC (15) Third-party residential property manager for multi-family residential properties in the United States First lien senior secured loan 9.32 % SOFR (Q) 4.75 % 05/2024 05/2031 38.4 38.4 38.4 (2)(11) Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (15) Hotel operator First lien senior secured loan 9.88 % SOFR (Q) 5.25 % 01/2023 01/2028 7.6 7.6 7.6 (2)(11) First lien senior secured loan 9.87 % SOFR (Q) 5.25 % 10/2024 01/2028 2.6 2.6 2.6 (2)(11) Preferred membership units 8.00 % PIK 07/2016 996,833 1.1 3.3 11.3 13.5 Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (15) Car wash operator First lien senior secured loan 9.11 % SOFR (M) 4.75 % 05/2024 06/2031 52.9 52.9 52.9 (2)(11) Limited partnership interest 06/2024 11,184,000 11.2 11.6 (2) 64.1 64.5 Radiant Intermediate Holding, LLC Provider of HVAC, plumbing and electrical services First lien senior secured loan 10.61 % ( 3.00 % PIK) SOFR (Q) 6.00 % 04/2023 11/2026 2.1 2.0 1.8 (2)(11) See accompanying notes to consolidated financial statements. 122 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Redwood Services, LLC and Redwood Services Holdco, LLC (15) Provider of residential HVAC and plumbing services First lien senior secured revolving loan 10.98 % SOFR (Q) 6.50 % 05/2024 12/2027 0.2 0.2 0.2 (2)(11) First lien senior secured loan 10.98 % SOFR (Q) 6.50 % 12/2020 12/2027 0.2 0.2 0.2 (2)(11) First lien senior secured loan 10.98 % SOFR (Q) 6.50 % 12/2021 12/2027 0.1 0.1 0.1 (2)(11) First lien senior secured loan 10.98 % SOFR (Q) 6.50 % 09/2022 12/2027 5.0 5.0 5.0 (2)(11) First lien senior secured loan 10.98 % SOFR (Q) 6.50 % 05/2023 12/2027 8.6 8.6 8.6 (2)(11) First lien senior secured loan 10.98 % SOFR (Q) 6.50 % 03/2024 12/2027 12.4 12.4 12.4 (2)(11) First lien senior secured loan 10.98 % SOFR (Q) 6.50 % 05/2024 12/2027 2.4 2.4 2.4 (2)(11) Series D units 12/2020 19,592,999 23.9 69.3 52.8 98.2 Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc. Provider of safety systems for business and residential customers First lien senior secured loan 11.70 % SOFR (M) 7.25 % 08/2020 03/2025 46.9 46.9 46.4 (2)(11) Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (15) Planet Fitness franchisee First lien senior secured revolving loan 9.28 % CORRA (M) 5.38 % 07/2018 07/2026 0.6 0.6 0.6 (2)(11) First lien senior secured revolving loan 10.05 % SOFR (M) 5.38 % 07/2018 07/2026 0.2 0.2 0.2 (2)(11) First lien senior secured revolving loan 9.74 % CORRA (M) 5.50 % 01/2024 07/2026 0.4 0.4 0.4 (2)(11) First lien senior secured revolving loan 9.96 % SOFR (M) 5.50 % 01/2024 07/2026 0.1 0.1 0.1 (2)(11) First lien senior secured loan 9.79 % SOFR (M) 5.33 % 03/2020 07/2026 1.4 1.4 1.4 (2)(11) First lien senior secured loan 9.95 % SOFR (M) 5.50 % 01/2024 07/2026 0.4 0.4 0.4 (2)(11) Class A units 07/2018 37,020 3.8 8.4 6.9 11.5 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (15) Refrigeration, heating, ventilation and air conditioning services provider First lien senior secured revolving loan 11.86 % ( 4.00 % PIK) SOFR (M) 7.50 % 12/2021 12/2027 0.8 0.8 0.8 (2)(11) First lien senior secured loan 11.86 % ( 4.00 % PIK) SOFR (M) 7.50 % 12/2021 12/2027 0.2 0.2 0.2 (2)(11) First lien senior secured loan 11.86 % ( 4.00 % PIK) SOFR (M) 7.50 % 08/2022 12/2027 0.2 0.2 0.2 (2)(11) First lien senior secured loan 11.86 % ( 4.00 % PIK) SOFR (M) 7.50 % 04/2023 12/2027 1.6 1.6 1.6 (2)(11) First lien senior secured loan 11.86 % ( 4.00 % PIK) SOFR (M) 7.50 % 10/2023 12/2027 5.3 5.3 5.3 (2)(11) First lien senior secured loan 11.86 % ( 4.00 % PIK) SOFR (M) 7.50 % 08/2024 12/2027 8.6 8.6 8.6 (2)(11) Class A units 12/2021 8,493,698 8.5 9.5 Class C units 03/2023 333,510 — 0.4 25.2 26.6 Triwizard Holdings, Inc. and Triwizard Parent, LP (15) Parking management and hospitality services provider First lien senior secured revolving loan 11.75 % Base Rate (Q) 4.25 % 06/2023 06/2029 3.0 3.0 3.0 (11) See accompanying notes to consolidated financial statements. 123 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Class A-2 common units 06/2023 30,000 3.0 4.5 (2) 6.0 7.5 Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (15) Provider of residential roofing repair & replacement First lien senior secured revolving loan 10.12 % SOFR (Q) 5.75 % 11/2023 11/2030 1.4 1.4 1.4 (2)(11) First lien senior secured loan 10.13 % SOFR (M) 5.75 % 11/2023 11/2030 15.2 15.2 15.2 (2)(11) First lien senior secured loan 9.50 % SOFR (Q) 5.00 % 10/2024 11/2030 0.3 0.3 0.3 (2)(11) Class B common units 11/2023 212 0.2 0.4 17.1 17.3 Wrench Group LLC Provider of essential home services specializing in HVAC, plumbing and electrical services First lien senior secured loan 8.59 % SOFR (Q) 4.00 % 11/2024 10/2028 0.1 0.1 0.1 (2)(18) YE Brands Holdings, LLC (15) Sports camp operator First lien senior secured revolving loan 9.08 % SOFR (Q) 4.75 % 10/2021 10/2027 1.6 1.6 1.6 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 10/2021 10/2027 0.1 0.1 0.1 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 06/2022 10/2027 8.0 8.0 8.0 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 09/2023 10/2027 3.6 3.6 3.6 (2)(11) First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 01/2024 10/2027 2.3 2.3 2.3 (2)(11) 15.6 15.6 ZBS Mechanical Group Co-Invest Fund 2, LLC Provider of residential HVAC and plumbing services Membership interest 10/2021 2,771,000 1.4 12.1 1,284.0 1,357.6 10.17 % 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. (16) Specialist alternative asset management platform Limited partner interests 01/2024 2,901,041 2.6 2.7 (6)(18) 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 6.7 (2)(6) European Capital UK SME Debt LP (4)(16) Investment partnership Limited partnership interest 01/2017 44.73 % 1.0 7.4 (6) HCI Equity, LLC (5) Investment company Member interest 04/2010 100.00 % — — (6)(18) Linden Structured Capital Fund II-A LP (16) Investment partnership Limited partnership interest 07/2024 1,090,121 1.2 1.1 (2)(6)(18) Partnership Capital Growth Investors III, L.P. Investment partnership Limited partnership interest 10/2011 2.50 % 1.8 4.6 (2)(6)(18) PCG-Ares Sidecar Investment II, L.P. (4)(16) Investment partnership Limited partnership interest 10/2014 100.00 % 7.3 22.3 (2)(6) PCG-Ares Sidecar Investment, L.P. (4)(16) Investment partnership Limited partnership interest 05/2014 100.00 % 4.4 0.6 (6) Piper Jaffray Merchant Banking Fund I, L.P. Investment partnership Limited partnership interest 08/2012 2.00 % 0.1 0.5 (6)(18) See accompanying notes to consolidated financial statements. 124 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Senior Direct Lending Program, LLC (5)(17) Co-investment vehicle Subordinated certificates 12.00 % SOFR (Q) 8.00 % 07/2016 12/2036 1,309.9 1,263.2 1,192.0 (6)(12) Membership interest 87.50 % — — (6) 1,263.2 1,192.0 1,288.2 1,238.4 9.27 % Sports, Media and Entertainment 22 HoldCo Limited Sports and entertainment platform Senior subordinated loan 12.73 % PIK SONIA (S) 7.50 % 08/2023 08/2033 56.9 57.9 56.9 (2)(6)(11) 3 Step Sports LLC (15) Provider of integrated youth sports solutions First lien senior secured loan 12.34 % ( 1.50 % PIK) SOFR (Q) 8.00 % 10/2023 10/2029 12.5 12.5 11.7 (2)(11) Aventine Intermediate LLC & Aventine Holdings II LLC Media and production company First lien senior secured loan 10.43 % ( 3.00 % PIK) SOFR (Q) 6.00 % 12/2021 06/2027 10.4 10.4 9.9 (2)(11) Senior subordinated loan 10.25 % PIK 12/2021 12/2030 48.1 48.1 39.0 (2) 58.5 48.9 Axiomatic, LLC Premiere e-sports and video game investment platform Class A-1 units 05/2022 500,000 5.0 5.8 Broadcast Music, Inc. (15) Music rights management company First lien senior secured loan 10.39 % SOFR (Q) 5.75 % 02/2024 02/2030 21.2 21.2 21.2 (2)(11) CFC Funding LLC SME-related SPV Loan instrument units 9.75 % PIK 07/2023 16,680 18.3 18.3 (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 4,234,000 4.2 4.2 (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 0.6 0.6 0.6 (2)(6) Senior subordinated loan 19.00 % PIK 12/2022 12/2028 28.7 28.7 28.7 (2)(6) Senior subordinated loan 12.29 % PIK SOFR (S) 8.00 % 12/2022 12/2028 53.9 53.9 52.3 (2)(6)(11) Ordinary shares 09/2023 494 4.4 1.6 (2)(6) Warrant to purchase shares of ordinary shares 12/2022 11/2028 180 — 2.0 (2)(6) Warrant to purchase shares of ordinary shares 12/2022 11/2028 199 — 0.7 (2)(6) 87.6 85.9 Fever Labs, Inc. (15) Technology led marketing and ticketing platform for live events First lien senior secured revolving loan 11.00 % 08/2024 11/2028 4.1 4.1 4.1 (2) First lien senior secured loan 11.00 % 05/2024 11/2028 14.0 13.2 14.0 (2) Series E-5 Convertible Shares 08/2024 217,907 0.9 1.0 (2) 18.2 19.1 FinEquity Holdings, LLC Professional sports team and entertainment complex Class A common interest 12/2024 26 181.9 181.9 Class A common interest 12/2024 26 5.3 5.3 Class A common interest 12/2024 26 1.3 1.3 188.5 188.5 See accompanying notes to consolidated financial statements. 125 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Global Music Rights, LLC (15) Music right management company First lien senior secured loan 9.10 % SOFR (S) 4.75 % 12/2024 12/2031 220.9 220.9 217.6 (2)(11) 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) — — Legends Hospitality Holding Company, LLC and ASM Buyer, Inc. (15) Hospitality platform provider of premium experiential services First lien senior secured revolving loan 9.41 % SOFR (M) 5.00 % 08/2024 08/2030 1.1 1.1 1.1 (2)(11)(14) First lien senior secured loan 10.02 % ( 2.75 % PIK) SOFR (Q) 5.50 % 08/2024 08/2031 57.2 57.2 56.0 (2)(11) 58.3 57.1 LiveBarn Inc. Provider of Live & On Demand broadcasting of amateur and youth sporting events Middle preferred shares 08/2023 4,902,988 17.3 21.6 (2)(6) Miami Beckham United LLC American professional soccer club Class A preferred units 9.50 % PIK 09/2021 85,000 113.7 113.7 Class B preferred units 9.50 % PIK 06/2023 42,500 48.9 48.9 162.6 162.6 Production Resource Group, L.L.C. and PRG III, LLC (4) Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets First lien senior secured loan 17.29 % ( 9.52 % PIK) SOFR (Q) 8.50 % 08/2018 08/2029 50.2 50.2 50.2 (2)(11) First lien senior secured loan 12.61 % ( 9.25 % PIK) SOFR (Q) 8.13 % 07/2020 08/2029 16.1 16.1 16.1 (2)(11) First lien senior secured loan 12.61 % ( 9.25 % PIK) SOFR (Q) 8.13 % 06/2021 08/2029 0.9 0.9 0.9 (2)(11) First lien senior secured loan 12.61 % ( 9.25 % PIK) SOFR (Q) 8.13 % 08/2021 08/2029 7.8 7.8 7.8 (2)(11) First lien senior secured loan 12.61 % ( 9.25 % PIK) SOFR (Q) 8.13 % 05/2024 08/2029 27.5 27.3 27.5 (2)(11) Class A units 10/2020 113,617 4.9 5.7 (2) 107.2 108.2 Professional Fighters League, LLC and PFL MMA, Inc. Mixed martial arts league First lien senior secured loan 14.00 % PIK 01/2021 01/2026 22.2 21.8 22.2 (2) Second lien senior secured loan 16.00 % PIK 11/2022 01/2026 0.2 0.1 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) 24.5 23.1 Sandlot Action Sports, LLC Youth sports platform Common units 05/2024 3,384 — — South Florida Motorsports, LLC Professional sporting event Class A common interest 12/2024 26 5.4 5.4 Storm Investment S.a.r.l. and Atletico Holdco, S.L. Spanish soccer club First lien senior secured loan 3.75 % 06/2021 06/2029 63.9 73.6 63.9 (2)(6) Senior subordinated loan 10.00 % PIK 07/2024 07/2026 29.1 31.7 29.9 (2)(6) Ordinary shares 06/2021 3,958 — 0.3 (2)(6) See accompanying notes to consolidated financial statements. 126 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets Class A redeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class B redeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class C redeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class D redeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class E redeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class F redeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class G redeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class H redeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) Class I redeemable shares 06/2021 3,297,791 1.6 4.5 (2)(6) 119.7 134.6 The Teaching Company Holdings, Inc. Education publications provider Preferred stock 09/2006 10,663 1.1 2.6 (2) Common stock 09/2006 15,393 — 0.2 (2) 1.1 2.8 WRE Sports Investments LLC (15) Professional sports club First lien senior secured loan 11.00 % ( 5.50 % PIK) 07/2024 07/2031 24.9 24.9 24.4 (2) 11.00 % 07/2024 07/2031 0.4 0.4 0.4 (2) 25.3 24.8 1,214.2 1,218.3 9.12 % 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 1,335,610 134.7 222.3 BNZ TopCo B.V. (15) Developer and operator of solar photovoltaic plants Senior subordinated loan 8.60 % Euribor (Q) 5.75 % 10/2024 10/2030 11.8 11.9 11.5 (2)(6)(11) 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) — — Potomac Intermediate Holdings II LLC (5) Gas turbine power generation facilities operator Series A units 11/2021 251,384,442 210.8 350.6 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 11.49 % ( 8.14 % PIK) SOFR (Q) 6.90 % 11/2019 11/2025 173.2 173.2 169.8 (2)(11) 173.3 169.9 Sunrun Luna Holdco 2021, LLC Residential solar energy provider Senior subordinated loan 11.34 % SOFR (Q) 6.75 % 03/2022 04/2027 150.0 150.0 148.5 (2)(6)(11) See accompanying notes to consolidated financial statements. 127 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions) Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets 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 0.3 (2) Senior subordinated loan 10.00 % ( 6.00 % PIK) SOFR (Q) 6.90 % 06/2019 07/2030 81.2 81.2 78.8 (2)(11) 81.5 79.1 762.2 981.9 7.35 % Capital Goods AI Aqua Merger Sub, Inc. End to end provider of water solutions to a wide range of customer bases First lien senior secured loan 8.05 % SOFR (M) 3.50 % 06/2021 07/2028 1.0 1.0 1.0 (2)(11)(18) Airx Climate Solutions, Inc. (15) Provider of commercial HVAC equipment and services First lien senior secured loan 10.18 % SOFR (Q) 5.75 % 11/2023 11/2029 9.8 9.8 9.8 (2)(11) First lien senior secured loan 9.47 % SOFR (Q) 5.00 % 07/2024 11/2029 9.7 9.7 9.7 (2)(11) 19.5 19.5 API Commercial Inc., API Military Inc., and API Space Intermediate, Inc. Provider of military aircraft aftermarket parts and distribution, repair and logistics services First lien senior secured loan 05/2022 08/2025 6.6 2.3 3.0 (2)(10) Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. Distributor of non-discretionary, mission-critical aftermarket replacement parts First lien senior secured loan 9.91 % ( 2.75 % PIK) SOFR (Q) 5.25 % 08/2021 08/2028 0.1 0.1 0.1 (2)(11) Common stock 08/2021 5,054 5.1 — (2) 5.2 0.1 BGIF IV Fearless Utility Services, Inc. (15) Maintenance and installation service provider for electric transmission and distribution infrastructure First lien senior secured revolving loan 06/2024 06/2030 — — — (2)(11)(13) First lien senior secured loan 9.45 % SOFR (M) 5.00 % 06/2024 06/2031 35.2 35.2 35.2 (2)(11) 35.2 35.2 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC (15) Provides products and services to the Department of Defense and Intelligence Community First lien senior secured revolving loan 10.40 % SOFR (Q) 6.00 % 05/2022 10/2025 2.7 2.6 2.7 (2)(11)(14) First lien senior secured loan 10.41 % SOFR (Q) 6.00 % 05/2022 10/2025 1.8 1.8 1.8 (2)(11) 4.4 4.5 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 9.68 % SOFR (Q) 5.25 % 07/2022 07/2029 21.8 20.7 19.3 (2)(11)(18) CPIG Holdco Inc. Distributor of engineered fluid power and complex machined solutions First lien senior secured loan 11.69 % SOFR (Q) 7.00 % 04/2023 04/2028 14.6 14.6 14.6 (2)(11) DFS Holding Company, Inc. (15) Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry First lien senior secured loan 10.53 % SOFR (Q) 6.25 % 01/2023 01/2029 2.1 2.0 2.1 (2)(11) Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (15) Provider of aerospace technology and equipment First lien senior secured revolving loan 11.21 % SOFR (Q) 6.50 % 12/2020 12/2027 4.4 4.4 4.4 (2)(11) See accompanying notes to consolidated financial statements. 128 ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (dollar amounts in millions)