10-Q – 2026-04-28 – arcc-20260331.htm

6,666.0   6,409.4   45.57 %
Financial Services
Aduro Advisors, LLC (13) Provider of fund administration services First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 07/2024 07/2030 8.2   8.2   8.2   (2)(9)
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC Provider of comprehensive suite of investment management and wealth planning solutions First lien senior secured loan 10.45 % SOFR (Q) 6.75 % 09/2021 09/2027 0.2   0.2   0.2   (2)(9)
Senior subordinated loan 10.45 % SOFR (Q) 6.75 % 12/2025 12/2031 16.0   16.0   16.0   (2)(9)
Senior subordinated loan 9.30 % PIK
09/2021 09/2026 6.8   6.8   6.8   (2)
Common units 09/2021 6,833,284 6.8   14.1   (2)
29.8   37.1  
Beacon Pointe Harmony, LLC (13) Provider of comprehensive wealth management services First lien senior secured loan 8.17 % SOFR (M) 4.50 % 12/2021 12/2028 9.4   9.4   9.4   (2)(6)(9)
First lien senior secured loan 8.17 % SOFR (M) 4.50 % 07/2023 12/2028 3.8   3.8   3.8   (2)(6)(9)
First lien senior secured loan 8.18 % SOFR (M) 4.50 % 10/2025 12/2028 0.5   0.5   0.5   (2)(6)(9)
13.7   13.7  
Clearstead Advisors, LLC (13) A leading wealth management firm focused on serving institutional and high net-worth private clients First lien senior secured revolving loan 8.17 % SOFR (M) 4.50 % 05/2025 02/2029 0.5   0.5   0.5   (2)(6)(9)
First lien senior secured loan 8.23 % SOFR (Q) 4.50 % 05/2025 02/2028 8.4   8.4   8.4   (2)(6)(9)
First lien senior secured loan 8.12 % SOFR (S) 4.50 % 02/2026 02/2029 1.6   1.6   1.6   (2)(6)(9)
10.5   10.5  

See accompanying notes to consolidated financial statements.
17

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Convera International Holdings Limited and Convera International Financial S.A R.L. (13) Provider of B2B international payment and FX risk management solutions First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 03/2022 03/2030 43.9   43.9   43.9   (2)(6)(9)
First lien senior secured loan 8.60 % SOFR (Q) 4.75 % 06/2023 03/2030 4.7   4.7   4.7   (2)(6)(9)
First lien senior secured loan 8.48 % SOFR (Q) 4.75 % 11/2024 03/2030 9.9   9.9   9.9   (2)(6)(9)
58.5   58.5  
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   35.2  
Series B-3 units 08/2025 11,069 3.1   4.3  
28.0   39.5  
eCapital Finance Corp. Consolidator of commercial finance businesses Senior subordinated loan 11.02 % SOFR (M) 7.25 % 01/2020 09/2029 56.0   55.4   55.4   (2)(9)
Senior subordinated loan 11.02 % SOFR (M) 7.25 % 11/2020 09/2029 5.4   5.3   5.3   (2)(9)
Senior subordinated loan 11.02 % SOFR (M) 7.25 % 01/2022 09/2029 24.3   24.1   24.1   (2)(9)
Senior subordinated loan 11.02 % SOFR (M) 7.25 % 04/2022 09/2029 55.8   55.2   55.2   (2)(9)
Senior subordinated loan 11.02 % SOFR (M) 7.25 % 10/2023 09/2029 12.3   12.2   12.2   (2)(9)
Senior subordinated loan 11.02 % SOFR (M) 7.25 % 10/2024 09/2029 42.1   41.9   41.7   (2)(9)
Senior subordinated loan 11.02 % SOFR (M) 7.25 % 12/2024 09/2029 21.9   21.7   21.7   (2)(9)
Senior subordinated loan 11.02 % SOFR (M) 7.25 % 09/2025 09/2029 5.8   5.8   5.7   (2)(9)
221.6   221.3  
Endeavor Bidco LLC and Endeavor TopCo, Inc. Global securities finance trading platform First lien senior secured loan 7.92 % SOFR (Q) 4.25 % 08/2024 08/2029 6.1   6.1   6.1   (2)(9)
Class A common units 08/2024 1,859 1.9   3.0  
8.0   9.1  
GAPCO AIV Interholdco (CP), L.P. Wealth management and financial planning firm Senior subordinated loan 10.45 % PIK
SOFR (Q) 6.75 % 03/2025 03/2033 50.8   50.8   50.8   (2)(6)(9)
Senior subordinated loan 10.45 % PIK
SOFR (Q) 6.75 % 12/2025 03/2033 12.5   12.5   12.5   (2)(6)(9)
63.3   63.3  
Grit Buyer, Inc. and Integrum Grit Co-Invest LP (13)(14) Specialized finance and accounting advisory firm First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 07/2025 07/2032 62.8   62.8   62.8   (2)(9)
Limited partnership interests 07/2025 4,420,500 3.6   4.1   (2)(6)
66.4   66.9  
GTCR F Buyer Corp. and GTCR (D) Investors LP (13)(14) Provider of end-to-end tech-enabled administrative services to private foundations First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 09/2023 09/2030 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 11/2024 09/2030 0.6   0.6   0.6   (2)(9)
Limited partnership interests 09/2023 4,873,286 4.9   11.2   (2)
11.0   17.3  
HighTower Holding, LLC Provider of investment, financial and retirement planning services Senior subordinated loan 6.75 % 06/2022 04/2029 8.1   7.3   7.9   (2)(6)(16)

See accompanying notes to consolidated financial statements.
18

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Ivy Hill Asset Management, L.P. (5) Asset management services Subordinated revolving loan 10.31 % SOFR (Q) 6.50 % 02/2018 01/2030 762.2   762.2   762.2   (6)(9)
Member interest 06/2009 100.00 % 1,700.5   1,899.0   (6)
2,462.7   2,661.2  
Lido Advisors, LLC and LAL Group Holdings, LLC (13) Wealth management and financial planning firm First lien senior secured revolving loan 8.43 % SOFR (M) 4.75 % 06/2021 05/2032 1.8   1.8   1.8   (2)(9)(12)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 06/2021 05/2032 4.7   4.7   4.7   (2)(9)
First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 06/2023 05/2032 5.9   5.9   5.9   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2025 05/2032 4.3   4.3   4.3   (2)(9)
Class Z preferred units 7.00 % PIK
08/2025 9,671,180 10.5   10.0  
Class A-0 common units 08/2025 4,835,590 5.0   5.0  
32.2   31.7  
Mai Capital Management Intermediate LLC (13) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured revolving loan 8.45 % SOFR (Q) 4.75 % 08/2024 08/2031 0.8   0.8   0.8   (2)(6)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 08/2024 08/2031 8.2   8.2   8.2   (2)(6)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 06/2025 08/2031 2.6   2.6   2.6   (2)(6)(9)
11.6   11.6  
MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. Global wealth management firm Z1 preferred shares 12.00 % PIK
08/2025 08/2031 12,901 13.8   13.9   (2)(6)
Z2 preferred shares 12.00 % ( 6.00 % PIK)
08/2025 08/2031 12,901 13.3   13.4   (2)(6)
Membership interest 08/2025 1,000 —   —   (2)(6)
27.1   27.3  
Medlar Bidco Limited (13) Provider of fund and corporate services to alternative assets industry First lien senior secured loan 8.73 % SONIA (Q) 5.00 % 12/2024 05/2032 26.8   26.9   26.8   (2)(6)
First lien senior secured loan 6.52 % Euribor (Q) 4.50 % 12/2024 05/2032 33.3   32.7   33.3   (2)(6)
59.6   60.1  
Merit Financial Group, LLC and CWC Fund I (MFA) LP (13) Registered investment adviser platform First lien senior secured revolving loan 8.42 % SOFR (Q) 4.75 % 08/2025 08/2032 0.8   0.8   0.8   (2)(6)(9)
First lien senior secured revolving loan 10.50 % Base Rate (Q) 3.75 % 08/2025 08/2032 0.5   0.5   0.5   (2)(6)(9)
First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 08/2025 08/2032 15.2   15.2   15.2   (2)(6)(9)
Limited partnership interests 08/2025 5,086,230 5.1   5.1   (6)
21.6   21.6  
Monica Holdco (US), Inc. (13) Investment technology and advisory firm First lien senior secured loan 9.10 % SOFR (Q) 5.25 % 01/2021 07/2030 2.5   2.5   2.5   (2)(6)(9)
First lien senior secured loan 8.95 % SOFR (Q) 5.25 % 08/2024 07/2030 2.7   2.7   2.7   (2)(6)(9)
First lien senior secured loan 9.10 % SOFR (Q) 5.25 % 07/2025 07/2030 4.2   4.2   4.2   (2)(6)(9)
9.4   9.4  
Nexus Buyer LLC Provider of FDIC-insured deposit placement services Second lien senior secured loan 9.42 % SOFR (M) 5.75 % 08/2025 02/2032 124.9   123.8   120.5   (2)(16)

See accompanying notes to consolidated financial statements.
19

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Oak Funding LLC (13) Provider of wealth management services First lien senior secured loan 8.17 % SOFR (M) 4.50 % 12/2025 12/2032 85.4   85.4   84.5   (2)(6)(9)
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (13)(14) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured revolving loan 8.27 % SOFR (M) 4.50 % 05/2023 05/2028 0.4   0.4   0.4   (2)(6)(9)
First lien senior secured loan 8.27 % SOFR (M) 4.50 % 05/2023 05/2029 4.8   4.8   4.8   (2)(6)(9)
First lien senior secured loan 8.27 % SOFR (M) 4.50 % 09/2023 05/2029 7.9   7.9   7.9   (2)(6)(9)
First lien senior secured loan 8.27 % SOFR (M) 4.50 % 06/2024 05/2029 0.9   0.9   0.9   (2)(6)(9)
First lien senior secured loan 8.27 % SOFR (M) 4.50 % 12/2024 05/2029 4.0   4.0   4.0   (2)(6)(9)
Limited partnership interests 09/2023 1,965,100 2.0   3.5   (6)
20.0   21.5  
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (13) Provider of comprehensive wealth management services First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 08/2023 08/2029 0.4   0.4   0.4   (2)(6)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 08/2023 08/2029 8.8   8.8   8.8   (2)(6)(9)
First lien senior secured loan 8.41 % SOFR (Q) 4.75 % 01/2026 08/2029 0.9   0.9   0.9   (2)(6)(9)
Preferred units 07/2023 6,431,667 6.5   8.6   (6)
16.6   18.7  
PCS MidCo, Inc. and PCS Parent, L.P. (13) Provider of 401K recordkeeping software solutions First lien senior secured loan 9.45 % SOFR (Q) 5.75 % 03/2024 03/2030 7.9   7.9   7.9   (2)(9)
Class A units 03/2024 785,000 0.8   0.8   (2)
8.7   8.7  
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP (13) Wealth management and financial planning firm First lien senior secured loan 8.17 % SOFR (M) 4.50 % 03/2024 03/2031 2.0   2.0   2.0   (2)(6)(9)
First lien senior secured loan 8.17 % SOFR (M) 4.50 % 08/2025 03/2031 0.3   0.3   0.3   (2)(6)(9)
Limited partnership interest 03/2024 2,374,000 2.4   2.8   (6)
4.7   5.1  
Petrus Buyer, Inc. (13) Provider of REIT research data and analytics First lien senior secured revolving loan 8.40 % SOFR (Q) 4.75 % 11/2022 10/2029 0.3   0.3   0.3   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 11/2022 10/2029 6.5   6.5   6.5   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 02/2025 10/2029 1.2   1.2   1.2   (2)(9)
8.0   8.0  
Rialto Management Group, LLC (13) Investment and asset management platform focused on real estate First lien senior secured revolving loan 12/2024 12/2030 —   —   —   (2)(6)(11)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 12/2024 12/2030 22.9   22.8   22.9   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 12/2025 12/2030 5.9   5.9   5.9   (2)(6)(9)
28.7   28.8  
RWA Wealth Partners, LLC (13) Provider of comprehensive wealth management services First lien senior secured revolving loan 8.45 % SOFR (Q) 4.75 % 11/2024 11/2030 0.1   0.1   0.1   (2)(6)(9)(12)
First lien senior secured loan 8.40 % SOFR (Q) 4.75 % 11/2024 11/2030 9.1   9.1   9.1   (2)(6)(9)

See accompanying notes to consolidated financial statements.
20

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
9.2   9.2  
Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC (13) Wealth management platform First lien senior secured loan 8.42 % SOFR (M) 4.75 % 12/2023 10/2028 4.8   4.8   4.8   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 06/2025 10/2028 5.4   5.4   5.4   (2)(6)(9)
Senior subordinated loan 11.00 % PIK
12/2025 12/2032 24.3   21.7   21.9   (2)(6)
Warrant to purchase shares of common stock 12/2025 12/2032 129,164 2.5   2.5   (6)
34.4   34.6  
The Edelman Financial Center, LLC Provider of investment, financial and retirement planning services Second lien senior secured loan 8.92 % SOFR (M) 5.25 % 05/2024 10/2028 0.1   0.1   0.1   (2)(6)(16)
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (13) Provider of comprehensive wealth management services First lien senior secured loan 9.10 % SOFR (Q) 5.25 % 03/2022 03/2028 3.8   3.8   3.8   (2)(6)(9)
First lien senior secured loan 9.35 % SOFR (Q) 5.50 % 05/2025 03/2028 0.5   0.5   0.5   (2)(6)(9)
First lien senior secured loan 9.05 % SOFR (Q) 5.25 % 11/2025 03/2028 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 9.24 % SOFR (S) 5.50 % 11/2025 03/2028 0.1   0.1   0.1   (2)(6)(9)
Senior subordinated loan 12.00 % PIK
03/2022 03/2029 4.4   4.4   4.4   (2)(6)
Series A preferred units 03/2022 7,199 7.2   7.2   (2)(6)
Common units 03/2022 7,199 —   2.4   (2)(6)
16.1   18.5  
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (13) Provider of asset-servicing capabilities for fund managers First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 07/2025 07/2032 22.1   22.1   22.1   (2)(9)
TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P. Provider of comprehensive wealth management services First lien senior secured loan 10.15 % PIK
SOFR (Q) 6.50 % 01/2025 01/2033 11.4   11.4   11.4   (2)(6)(9)
Limited partnership interests 11/2024 5,719,511 5.8   7.2   (2)(6)
Limited partnership interests 12/2025 636,275 0.6   0.8   (2)(6)
17.8   19.4  
Waverly Advisors, LLC and WAAM Topco, LLC (13) Wealth management and financial planning firm First lien senior secured revolving loan 9.60 % SOFR (Q) 5.75 % 03/2022 03/2028 0.8   0.8   0.8   (2)(6)(9)
First lien senior secured loan 9.60 % SOFR (Q) 5.75 % 03/2022 03/2028 0.7   0.7   0.7   (2)(6)(9)
First lien senior secured loan 9.35 % SOFR (Q) 5.50 % 03/2024 03/2028 4.9   4.9   4.9   (2)(6)(9)
First lien senior secured loan 8.85 % SOFR (Q) 5.00 % 01/2025 03/2028 38.6   38.6   38.6   (2)(6)(9)
Class A units 06/2023 1,584,539 2.3   5.9   (6)
47.3   50.9  
Wealth Enhancement Group, LLC (13) Wealth management and financial planning firm First lien senior secured loan 7.91 % SOFR (Q) 4.25 % 10/2019 10/2028 0.5   0.5   0.5   (2)(9)

See accompanying notes to consolidated financial statements.
21

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 7.91 % SOFR (Q) 4.25 % 11/2020 10/2028 1.9   1.9   1.9   (2)(9)
First lien senior secured loan 7.91 % SOFR (Q) 4.25 % 06/2021 10/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 7.91 % SOFR (Q) 4.25 % 08/2021 10/2028 0.9   0.9   0.9   (2)(9)
First lien senior secured loan 7.90 % SOFR (Q) 4.25 % 12/2024 10/2028 22.1   22.1   21.9   (2)(9)
25.5   25.3  
Wellington-Altus Financial Inc. (13)(14) Wealth management and advisory firm First lien senior secured revolving loan 08/2024 08/2030 —   —   —   (2)(6)(11)
First lien senior secured loan 7.60 % CORRA (Q) 5.00 % 08/2024 08/2030 0.8   0.8   0.8   (2)(6)(9)
Common stock 08/2024 74,001 2.6   4.3   (2)(6)
3.4   5.1  
Wharf Street Ratings Acquisition LLC (13) Global credit rating agency First lien senior secured loan 8.42 % SOFR (M) 4.75 % 09/2025 09/2032 37.1   37.0   37.1   (2)(9)

3,659.3   3,894.3   27.69 %
Health Care Equipment and Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(13) Dental services provider First lien senior secured revolving loan 06/2021 06/2026 23.7   22.6   14.7   (2)(8)
First lien senior secured loan 09/2024 06/2026 46.5   44.4   28.8   (2)(8)
Class A preferred units 09/2024 20,000,000 16.2   —   (2)
Class A common units 06/2021 6,553,553 4.7   —   (2)
87.9   43.5  
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5) Dental services provider First lien senior secured loan 10.85 % ( 3.00 % PIK)
SOFR (Q) 7.00 % 09/2016 09/2026 15.8   15.8   15.8   (2)(9)
Second lien senior secured loan 06/2023 03/2027 54.2   51.7   29.2   (2)(8)
Class A common units 06/2023 7,604,889 29.4   —   (2)
96.9   45.0  
Advarra Holdings, Inc. (13) Provider of central institutional review boards over clinical trials First lien senior secured loan 8.17 % SOFR (M) 4.50 % 08/2022 09/2031 3.9   3.9   3.9   (2)(9)
First lien senior secured loan 8.17 % SOFR (M) 4.50 % 10/2025 09/2031 1.6   1.6   1.6   (2)(9)
5.5   5.5  
Aerin Medical Inc. (13) Developer and manufacturer of non-invasive nasal treatment solutions First lien senior secured loan 10.95 % ( 3.88 % PIK)
SOFR (Q) 7.25 % 12/2024 12/2030 16.0   15.7   15.8   (2)(9)
Series G preferred shares 12/2024 877,379 1.0   0.8   (2)
16.7   16.6  
AHR Funding Holdings, Inc. and AHR Parent Holdings, LP Provider of revenue cycle management solutions to hospitals Series A preferred shares 12.75 % PIK
07/2022 07/2028 35,000 55.9   55.3   (2)
Preferred units 8.00 % PIK
07/2022 9,900 13.2   9.5   (2)
Class B common units 07/2022 100,000 0.1   —   (2)
69.2   64.8  

See accompanying notes to consolidated financial statements.
22

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Alcresta Therapeutics, Inc. (13) A commercial-stage medical device company First lien senior secured revolving loan 9.17 % SOFR (Q) 5.50 % 12/2025 03/2031 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 12/2025 03/2031 13.2   13.2   13.1   (2)(9)
13.6   13.5  
Aledade, Inc. (13) Network of independent primary care groups to serve patients through value-based care First lien senior secured revolving loan 9.42 % SOFR (M) 5.75 % 11/2025 11/2028 19.9   19.9   19.7   (2)(9)
Amerivet Partners Management, Inc. and AVE Holdings LP Veterinary practice management platform Subordinated loan 8.25 % PIK
11/2023 12/2030 81.2   77.0   65.8   (2)
Class A units 03/2024 2,922 2.9   —   (2)
Class C units 11/2023 7,144 1.4   —   (2)
81.3   65.8  
Artivion, Inc. (13) Manufacturer, processor and distributor of medical devices and implantable human tissues First lien senior secured revolving loan 7.16 % SOFR (Q) 3.50 % 01/2024 01/2031 0.9   0.9   0.9   (2)(6)(9)
First lien senior secured loan 8.41 % SOFR (Q) 4.75 % 01/2024 01/2031 11.5   11.5   11.5   (2)(6)(9)
12.4   12.4  
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (13)(14) Revenue cycle management provider to the physician practices and acute care hospitals First lien senior secured loan 6.42 % SOFR (M) 2.75 % 07/2023 02/2029 0.1   0.1   0.1   (2)(9)(16)
Series A preferred stock 10.75 % PIK
02/2022 198,505 309.3   306.3   (2)
Class A units 02/2022 10,487,951 10.5   13.7   (2)
319.9   320.1  
Avalign Holdings, Inc. and Avalign Technologies, Inc. Full-service contract manufacturer of medical device components for the orthopedic OEM industry First lien senior secured revolving loan 03/2024 12/2028 3.6   3.6   2.6   (2)(8)
First lien senior secured loan 03/2024 12/2028 40.3   39.3   28.9   (2)(8)
42.9   31.5  
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP Opiod treatment provider First lien senior secured loan 05/2022 06/2027 5.9   5.9   4.9   (2)(8)
Bambino Group Holdings, LLC Dental services provider Class A preferred units 12/2016 1,000,000 1.0   0.6   (2)
Bayou Intermediate II, LLC (13) Developer and manufacturer of vascular medical devices First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 09/2025 09/2032 1.7   1.7   1.7   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 09/2025 09/2032 29.5   29.5   29.2   (2)(9)
31.2   30.9  
BrightStar Group Holdings, Inc. Provider of private-pay home care services for patients First lien senior secured revolving loan 10.50 % Base Rate (Q) 3.75 % 02/2025 03/2032 4.0   4.0   4.0   (9)
First lien senior secured loan 8.38 % SOFR (S) 4.75 % 02/2025 03/2032 26.8   26.8   26.8   (2)(9)
30.8   30.8  
BVI Medical, Inc. and BVI Group Limited (13) Developer, manufacturer, and distributor of diverse ophthalmic surgical products First lien senior secured loan 9.66 % SOFR (Q) 6.00 % 03/2025 03/2032 4.5   4.5   4.2   (2)(6)(9)

See accompanying notes to consolidated financial statements.
23

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.92 % ( 5.00 % PIK)
SOFR (M) 6.25 % 03/2025 03/2032 143.5   143.5   132.0   (2)(6)(9)
Ordinary shares 03/2025 3,742 5.0   2.4   (2)(6)
153.0   138.6  
CMI Parent, Inc. (13) Developer and manufacturer of regenerative medical devices and implants First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 01/2026 01/2033 23.6   23.6   23.3   (2)(9)
Color Intermediate, LLC Provider of pre-payment integrity software solution First lien senior secured loan 8.55 % SOFR (Q) 4.75 % 10/2022 10/2029 19.7   19.7   19.7   (2)(9)
Convey Health Solutions, Inc. Healthcare workforce management software provider First lien senior secured loan 09/2019 07/2029 1.9   1.9   1.3   (2)(6)(8)
First lien senior secured loan 02/2022 07/2029 0.1   0.1   —   (2)(6)(8)
First lien senior secured loan 10/2022 07/2029 0.1   0.1   —   (2)(6)(8)
2.1   1.3  
Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. (13) Provider of consumables and equipment for ART and IVF procedures First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 11/2024 11/2031 2.9   2.9   2.9   (2)(6)(9)
First lien senior secured loan 7.26 % Euribor (Q) 5.25 % 11/2024 11/2031 12.2   11.4   12.2   (2)(6)(9)
14.3   15.1  
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (13) Provider of medical devices and services for the treatment of positional plagiocephaly First lien senior secured loan 9.35 % SOFR (Q) 5.50 % 03/2022 03/2029 23.7   23.7   23.7   (2)(9)
Class A shares 03/2022 192 1.9   2.4   (2)
Common units 03/2022 31 0.3   0.4   (2)
25.9   26.5  
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (13) Veterinary hospital operator First lien senior secured loan 8.42 % SOFR (M) 4.75 % 06/2024 06/2031 31.9   31.9   31.9   (2)(9)
Class A preferred units 08/2023 3,678 2.6   1.9   (2)
Common stock 10/2019 41,443 14.5   21.9   (2)
49.0   55.7  
Empower Payments Investor, LLC (13) Financial communication and payment solutions provider First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 03/2024 03/2031 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 06/2025 03/2031 4.1   4.0   4.1   (2)(9)
First lien senior secured loan 8.15 % SOFR (Q) 4.50 % 10/2025 03/2031 2.0   2.0   2.0   (2)(9)
First lien senior secured loan 8.40 % SOFR (Q) 4.75 % 02/2026 03/2031 5.1   5.1   5.1   (2)(9)
11.2   11.3  
Evolent Health LLC and Evolent Health, Inc. Medical technology company focused on value based care services and payment solutions First lien senior secured loan 9.32 % SOFR (Q) 5.50 % 12/2024 12/2029 18.3   18.3   18.3   (2)(6)(9)
Second lien senior secured loan 9.81 % SOFR (Q) 6.00 % 08/2025 12/2029 3.8   3.7   3.8   (2)(6)(9)
22.0   22.1  
Galaxy Buyer, Inc. and Galaxy Topco I, L.P. (13) Provider of laboratory information management systems and informatics solutions First lien senior secured loan 8.40 % SOFR (Q) 4.75 % 01/2026 01/2033 9.9   9.9   9.8   (2)(9)
Class A-1 units 01/2026 1,090,000 1.1   1.1   (2)

See accompanying notes to consolidated financial statements.
24

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
11.0   10.9  
GHX Ultimate Parent Corporation and Nexus TopCo LP (13) On-demand supply chain automation solutions provider to the healthcare industry First lien senior secured loan 8.70 % ( 2.50 % PIK)
SOFR (Q) 5.00 % 12/2024 02/2033 92.0   92.0   90.2   (2)(9)
First lien senior secured loan 8.70 % ( 2.50 % PIK)
SOFR (Q) 5.00 % 02/2026 02/2033 16.8   16.8   16.4   (2)(9)
Class C units 02/2026 3,208 —   —   (2)
108.8   106.6  
Global Medical Response, Inc. and GMR Buyer Corp. Emergency air medical services provider Series B preferred shares 15.00 % PIK
05/2024 34,282 44.0   45.1   (2)
Warrant to purchase units of common stock 03/2018 03/2028 115,733 0.9   3.2   (2)
Warrant to purchase units of common stock 12/2021 12/2031 1,927 0.1   0.1   (2)
Warrants to purchase shares of common stock 05/2024 05/2031 626,446 —   17.6   (2)
Warrants to purchase shares of common stock 05/2024 05/2031 2,490,196 —   69.9   (2)
45.0   135.9  
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP (13) Provider of software solutions to healthcare payors First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 06/2025 06/2032 5.8   5.8   5.8   (2)(9)(12)
First lien senior secured loan 8.70 % ( 2.25 % PIK)
SOFR (Q) 5.00 % 06/2025 06/2032 233.9   233.8   233.9   (2)(9)
First lien senior secured loan 8.70 % ( 2.25 % PIK)
SOFR (Q) 5.00 % 09/2025 06/2032 20.8   20.8   20.8   (2)(9)
Class A units 09/2025 253,551 2.5   3.0   (2)
262.9   263.5  
Honor Technology, Inc. Nursing and home care provider Warrant to purchase shares of Series D-2 preferred stock 08/2021 08/2031 133,333 0.1   —   (2)
HuFriedy Group Acquisition LLC (13) Manufacturer of surgical dental equipment and sterile instruments First lien senior secured revolving loan 05/2024 05/2030 —   —   —   (2)(11)
First lien senior secured loan 9.18 % SOFR (Q) 5.50 % 05/2024 05/2031 75.9   75.9   75.9   (2)(9)
First lien senior secured loan 9.18 % SOFR (Q) 5.50 % 10/2025 06/2031 7.6   7.6   7.6   (2)(9)
83.5   83.5  
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) Provider of behavioral health services First lien senior secured revolving loan 03/2017 03/2027 4.4   4.4   2.3   (2)(8)
LivTech Purchaser, Inc. (13) Provider of senior care end-to-end software, payments and RCM platform First lien senior secured loan 8.68 % SOFR (Q) 5.00 % 11/2024 11/2031 9.3   9.3   9.2   (2)(9)
Napa Management Services Corporation and ASP NAPA Holdings, LLC Anesthesia management services provider Preferred units 15.00 % PIK
06/2020 1,842 0.3   0.3   (2)
Senior preferred units 8.00 % PIK
06/2020 5,320 0.4   0.4   (2)
Class A units 04/2016 25,277 2.5   3.9   (2)
3.2   4.6  
Next Holdco, LLC (13) Provider of electronic medical record and practice management software First lien senior secured loan 8.89 % SOFR (Q) 5.25 % 11/2023 11/2030 6.4   6.4   6.4   (2)(9)

See accompanying notes to consolidated financial statements.
25

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
NMN Holdings III Corp. and NMN Holdings LP (13) Provider of complex rehabilitation technology solutions for patients with mobility loss First lien senior secured revolving loan 07/2024 07/2031 —   —   —   (2)(11)
First lien senior secured loan 8.17 % SOFR (M) 4.50 % 07/2024 07/2031 70.1   70.1   70.1   (2)(9)
First lien senior secured loan 7.28 % CORRA (M) 5.00 % 09/2025 07/2031 13.2   13.3   13.2   (2)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 09/2025 07/2031 7.1   7.1   7.1   (2)(9)
Partnership units 11/2018 30,000 3.0   8.8   (2)
93.5   99.2  
Nomi Health, Inc. Provider of software payment services for healthcare industry Warrant to purchase shares of Series B preferred stock 07/2023 07/2033 9,941 —   —   (2)
Warrant to purchase units of Class A common stock 06/2024 06/2034 22,211 —   —   (2)
—   —  
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5) Behavioral health and special education platform provider Preferred units 07/2021 417,189 —   —   (2)
Preferred stock 02/2022 7,983 —   —   (2)
Class A common units 09/2019 9,549,000 —   —   (2)
Common units 02/2022 7,584 —   —   (2)
—   —  
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (13) Veterinary hospital operator First lien senior secured revolving loan 03/2025 06/2028 —   —   —   (2)(11)
Second lien senior secured loan 03/2020 06/2028 85.9   75.5   55.9   (2)(8)
Class R common units 03/2020 6,004,768 6.0   —   (2)
81.5   55.9  
PetVet Care Centers, LLC (13) Veterinary hospital operator First lien senior secured revolving loan 9.67 % SOFR (M) 6.00 % 11/2023 11/2029 5.4   5.4   4.6   (2)(9)
First lien senior secured loan 9.67 % SOFR (M) 6.00 % 11/2023 11/2030 129.8   129.8   111.6   (2)(9)
135.2   116.2  
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (13) Provider of employer-sponsored onsite health and wellness clinics and pharmacies First lien senior secured revolving loan 02/2024 11/2031 —   —   —   (2)(11)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 02/2024 11/2032 33.6   33.6   33.6   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 11/2025 11/2032 10.6   10.6   10.6   (2)(9)
First lien senior secured loan 8.40 % SOFR (Q) 4.75 % 03/2026 11/2032 18.7   18.7   18.7   (2)(9)
Class A units 07/2018 9,775 5.4   19.5   (2)
68.3   82.4  
Project Alliance Buyer, LLC (13) Provider of technology solutions for specialty medication management First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 08/2025 08/2031 10.8   10.8   10.8   (2)(9)
Revival Animal Health, LLC (13) B2B distributor of animal health products First lien senior secured revolving loan 9.70 % SOFR (Q) 6.00 % 01/2025 01/2028 1.8   1.8   1.7   (2)(9)
First lien senior secured loan 9.69 % SOFR (Q) 6.00 % 01/2025 01/2028 26.7   26.7   25.1   (2)(9)

See accompanying notes to consolidated financial statements.
26

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.70 % SOFR (Q) 6.00 % 04/2025 01/2028 2.0   2.0   1.9   (2)(9)
30.5   28.7  
Signant Finance One Limited and Bracket Intermediate Holding Corp. (13) Provider of eClinical software solutions for clinical trial management First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 10/2025 10/2031 63.5   62.9   62.9   (2)(6)(9)
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC Outsourced anesthesia provider Common units 03/2018 684,854 4.8   1.9   (2)
SOC Telemed, Inc. and PSC Spark Holdings, LP Provider of acute care telemedicine First lien senior secured loan 11.19 % ( 2.00 % PIK)
SOFR (Q) 7.50 % 08/2022 08/2027 110.0   108.7   106.7   (2)(9)
Class A-2 units 08/2022 4,812 4.9   1.5   (2)
Warrant to purchase units of common stock 08/2022 08/2029 6,118 4.7   0.2   (2)
118.3   108.4  
Spruce Bidco II Inc. (13) Provider of medical devices relating to dialysis treatments and services for kidney disease First lien senior secured revolving loan 8.37 % SOFR (S) 4.75 % 01/2025 01/2032 11.3   11.3   11.3   (2)(9)
First lien senior secured loan 7.00 % CORRA (Q) 4.75 % 01/2025 01/2032 7.6   7.3   7.6   (2)(9)
First lien senior secured loan 5.75 % TONA (Q) 5.00 % 01/2025 01/2032 25.4   26.0   25.4   (2)(9)
First lien senior secured loan 8.45 % SOFR (S) 4.75 % 01/2025 01/2032 65.5   65.5   65.5   (2)(9)
110.1   109.8  
Surescripts, LLC (13) Healthcare network for e-prescription routing, patient eligibility checks, and secure exchange of medical records First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 11/2024 11/2031 5.0   5.0   5.0   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 11/2025 11/2031 78.2   78.2   78.2   (2)(9)
83.2   83.2  
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (13) SaaS based healthcare compliance platform provider First lien senior secured revolving loan 7.42 % SOFR (Q) 3.75 % 12/2020 12/2027 0.8   0.8   0.6   (2)
First lien senior secured revolving loan 9.50 % Base Rate (Q) 2.75 % 12/2020 12/2027 6.2   6.2   4.4   (2)
First lien senior secured loan 8.27 % SOFR (Q) 4.50 % 02/2022 12/2027 28.4   27.9   19.9   (2)(9)(16)
First lien senior secured loan 9.02 % SOFR (Q) 5.25 % 04/2024 12/2027 17.1   17.1   12.3   (2)(9)
Second lien senior secured loan 11.64 % SOFR (Q) 7.88 % 12/2020 12/2028 76.2   76.2   54.9   (2)(9)
Second lien senior secured loan 13.77 % ( 4.00 % PIK)
SOFR (Q) 10.00 % 04/2024 12/2028 55.7   55.7   41.8   (2)(9)
Series C-1 preferred shares 11.00 % PIK
06/2021 75,939 134.6   92.9   (2)
Series C-2 preferred shares 11.00 % PIK
06/2021 40,115 67.4   46.5   (2)
Series C-3 preferred shares 11.00 % PIK
10/2021 16,201 26.3   18.2   (2)
412.2   291.5  
Tempus AI, Inc. Provider of technology enabled precision medicine solutions First lien senior secured loan 11.95 % ( 3.25 % PIK)
SOFR (Q) 8.25 % 02/2025 02/2030 32.1   32.1   32.1   (2)(6)(9)
Common units 10/2023 60,821 1.9   2.8   (2)(6)(16)
34.0   34.9  

See accompanying notes to consolidated financial statements.
27

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Therapy Brands Holdings LLC Provider of software solutions for the mental and behavioral health market segments Second lien senior secured loan 10.68 % SOFR (Q) 6.75 % 06/2021 05/2029 29.1   29.0   22.7   (2)(9)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. Anesthesiology service provider Second lien senior secured loan 11.28 % SOFR (M) 7.50 % 10/2021 10/2029 147.8   147.8   147.8   (2)(9)
Common stock 12/2021 3,671,429 12.9   11.7   (2)
160.7   159.5  
U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. (13) Integrated urologic care platform First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 04/2025 04/2032 13.4   13.4   13.4   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 10/2025 04/2032 3.9   3.9   3.9   (2)(9)
Limited partnership interest 04/2025 2,190,000 2.2   3.8   (2)
Common units 10/2025 442,686 0.5   0.5   (2)
20.0   21.6  
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (13) Gastroenterology physician group First lien senior secured loan 9.44 % SOFR (Q) 5.75 % 03/2023 03/2029 12.8   12.8   12.8   (2)(9)
First lien senior secured loan 9.40 % SOFR (Q) 5.75 % 10/2024 03/2029 1.9   1.9   1.9   (2)(9)
Class A interests 03/2023 4,623 4.6   8.3  
19.3   23.0  
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (13) Veterinary hospital operator First lien senior secured loan 9.52 % SOFR (M) 5.75 % 12/2021 12/2027 6.0   6.0   6.0   (2)(9)
First lien senior secured loan 9.52 % SOFR (M) 5.75 % 08/2022 12/2027 9.0   9.0   9.0   (2)(9)
First lien senior secured loan 9.42 % SOFR (M) 5.75 % 08/2023 12/2027 12.2   12.2   12.2   (2)(9)
First lien senior secured loan 9.42 % SOFR (M) 5.75 % 03/2024 12/2027 2.6   2.6   2.6   (2)(9)
First lien senior secured loan 8.92 % SOFR (M) 5.25 % 01/2025 12/2027 7.0   7.0   7.0   (2)(9)
Class A-2 units 12/2021 7,524 7.5   9.4   (2)
Class A-2 units 03/2023 45 0.1   0.1   (2)
44.4   46.3  
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (13) Provider of biospecimen products for pharma research First lien senior secured revolving loan 03/2018 03/2028 —   —   —   (2)(11)
First lien senior secured loan 11.70 % ( 5.00 % PIK)
SOFR (Q) 8.00 % 08/2025 04/2030 76.7   76.7   76.7   (2)(9)
First lien senior secured loan 12.00 % PIK
08/2025 03/2030 24.2   21.2   20.3   (2)
Class A preferred units 11/2024 455 0.3   —  
Common units 07/2022 35,299 5.0   0.6  
103.2   97.6  
ZocDoc, Inc. (13) Healthcare marketplace connecting patients and providers First lien senior secured loan 8.91 % SOFR (Q) 5.25 % 05/2024 07/2030 64.9   64.9   64.9   (2)(9)
First lien senior secured loan 8.91 % SOFR (Q) 5.25 % 07/2025 07/2030 1.6   1.6   1.6   (2)(9)
66.5   66.5  

3,378.9   3,165.1   22.50 %

See accompanying notes to consolidated financial statements.
28

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Commercial and Professional Services
Accommodations Plus Technologies LLC (13) Provider of outsourced crew accommodations and logistics management solutions to the airline industry First lien senior secured loan 8.94 % SOFR (Q) 5.25 % 05/2025 05/2032 87.3   87.3   87.3   (2)(9)
First lien senior secured loan 8.94 % SOFR (Q) 5.25 % 12/2025 05/2032 29.9   29.9   29.9   (2)(9)
117.2   117.2  
Aldinger Company Inc (13) Provider of outsourced calibration and repair services First lien senior secured revolving loan 8.45 % SOFR (Q) 4.75 % 07/2024 10/2030 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 8.43 % SOFR (Q) 4.75 % 07/2024 10/2030 24.0   24.0   24.0   (2)(9)
First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 08/2025 10/2030 4.1   4.1   4.1   (2)(9)
28.7   28.7  
AMCP Clean Acquisition Company, LLC Provider of commercial laundry services First lien senior secured loan 7.95 % SOFR (Q) 4.25 % 12/2025 06/2030 14.9   14.9   14.9   (2)(9)
ATI Restoration, LLC (13) Provider of disaster recovery services First lien senior secured revolving loan 9.32 % SOFR (Q) 5.50 % 07/2020 07/2026 12.2   12.2   10.6   (2)(9)(12)
First lien senior secured loan 9.29 % SOFR (Q) 5.50 % 07/2020 07/2026 31.9   31.9   27.7   (2)(9)
First lien senior secured loan 9.29 % SOFR (M) 5.50 % 05/2022 07/2026 47.3   47.3   41.1   (2)(9)
First lien senior secured loan 9.30 % SOFR (Q) 5.50 % 09/2023 07/2026 11.8   11.8   10.2   (2)(9)
103.2   89.6  
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC (13) Provider of fire and life safety services including inspection and repair First lien senior secured revolving loan 8.43 % SOFR (M) 4.75 % 01/2025 01/2031 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 8.43 % SOFR (M) 4.75 % 01/2025 01/2031 6.9   6.9   6.9   (2)(9)
Class A-1 units 01/2025 1,368 1.4   1.3   (2)
9.0   8.9  
Bobtail AcquisitionCo, LLC (13) Provider of non-hazardous liquid waste collection, transportation, processing, recycling, reclamation, and disposal services First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 09/2025 09/2031 0.9   0.9   0.9   (2)(12)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 09/2025 09/2031 33.4   33.4   33.4   (2)
34.3   34.3  
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP (13) Outsourced supply chain solutions provider to operators of distribution centers First lien senior secured revolving loan 08/2024 05/2029 —   —   —   (2)(11)
First lien senior secured loan 8.27 % SOFR (M) 4.50 % 08/2024 11/2029 8.1   8.1   8.1   (2)(9)
Second lien senior secured loan 12.27 % SOFR (M) 8.50 % 08/2024 11/2030 92.7   92.7   92.7   (2)(9)
Class A units 11/2020 10,581 7.3   19.1   (2)
108.1   119.9  
Cards-Live Oak Holdings, Inc. (13) Provider of solid waste collection services for residential, commercial, and industrial customers First lien senior secured revolving loan 10.50 % Base Rate (Q) 3.75 % 10/2025 10/2032 0.9   0.9   0.9   (2)(9)

See accompanying notes to consolidated financial statements.
29

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured revolving loan 8.45 % SOFR (Q) 4.75 % 10/2025 10/2032 1.7   1.7   1.7   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 10/2025 10/2032 61.4   61.4   60.8   (2)(9)
64.0   63.4  
Covert HoldCo, LP Environmentally sustainable waste-management provider Senior subordinated loan 9.42 % SOFR (Q) 5.75 % 03/2026 03/2031 163.7   163.7   160.4   (2)(9)
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. (13) Provider of business decisioning data and analytics First lien senior secured revolving loan 08/2025 08/2032 —   —   —   (2)(11)
First lien senior secured loan 9.18 % SOFR (M) 5.50 % 08/2025 08/2032 378.5   378.5   378.5   (2)(9)
Series A units 8.00 % PIK
08/2025 540,800 5.7   6.3   (2)
384.2   384.8  
Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC (13) Technology based aggregator for facility maintenance services First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 04/2025 04/2032 0.1   0.1   0.1   (2)(9)
Common member units 08/2020 9,624,000 7.7   18.0   (2)
7.8   18.1  
Dorado Bidco, Inc. (13) Provider of consumer and market insights for the food and beverage industry First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 09/2024 09/2031 7.7   7.7   7.7   (2)(9)
DP Flores Holdings, LLC (13) Benefits administrator of tax-advantaged reimbursement plans First lien senior secured loan 10.17 % ( 3.25 % PIK)
SOFR (M) 6.50 % 09/2024 09/2030 28.0   28.0   27.7   (2)(9)
Drogon Bidco Inc. & Drogon Aggregator LP (13) Provider of fire safety and life safety services First lien senior secured loan 8.42 % SOFR (M) 4.75 % 08/2024 08/2031 14.9   14.9   14.9   (2)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 12/2025 08/2031 0.7   0.7   0.7   (2)(9)
Class A-2 common units 08/2024 1,850,000 1.9   2.6   (2)
17.5   18.2  
DTI Holdco, Inc. and OPE DTI Holdings, Inc. Provider of legal process outsourcing and managed services Class A common stock 08/2014 7,500 7.5   10.1   (2)
Class B common stock 08/2014 7,500 —   —   (2)
7.5   10.1  
Duraserv LLC (13) Provider of commercial loading dock maintenance and remodeling services First lien senior secured revolving loan 8.42 % SOFR (M) 4.75 % 06/2024 06/2030 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 06/2024 06/2031 10.2   10.2   10.1   (2)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 03/2025 06/2031 4.8   4.8   4.8   (2)(9)
15.5   15.4  
Elevation Services Parent Holdings, LLC (13) Elevator service platform First lien senior secured revolving loan 10.32 % SOFR (Q) 6.50 % 12/2020 12/2028 2.5   2.5   2.5   (2)(9)(12)
First lien senior secured loan 10.31 % SOFR (Q) 6.50 % 12/2020 12/2028 9.9   9.9   9.9   (2)(9)
First lien senior secured loan 10.31 % SOFR (Q) 6.50 % 05/2022 12/2028 13.8   13.8   13.8   (2)(9)
26.2   26.2  

See accompanying notes to consolidated financial statements.
30

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC (13) Provider of tax, comprehensive assurance and consulting services First lien senior secured revolving loan 8.35 % SOFR (S) 4.75 % 07/2025 07/2031 1.7   1.7   1.7   (2)(9)
First lien senior secured loan 8.33 % SOFR (S) 4.75 % 07/2025 07/2031 25.5   25.5   25.5   (2)(9)
Common stock 07/2025 4,273,000 4.3   4.2  
31.5   31.4  
EMB Purchaser, Inc. (13) Provider of fire and life safety solutions First lien senior secured revolving loan 8.17 % SOFR (Q) 4.50 % 03/2025 03/2032 0.8   0.8   0.7   (2)(9)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 03/2025 03/2032 10.5   10.5   10.4   (2)(9)
11.3   11.1  
Firebird Acquisition Corp, Inc. (13) Provider of fire safety and life safety services First lien senior secured revolving loan 01/2025 02/2032 —   —   —   (2)(11)
First lien senior secured loan 8.67 % ( 2.75 % PIK)
SOFR (Q) 5.00 % 01/2025 02/2032 4.2   4.2   4.2   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 01/2025 02/2032 4.9   4.9   4.9   (2)(9)
9.1   9.1  
FlyWheel Acquireco, Inc. (13) Professional employer organization offering human resources, compliance and risk management services First lien senior secured loan 10.17 % SOFR (M) 6.50 % 05/2023 05/2030 51.3   51.3   51.3   (2)(9)
Frontline Road Safety Operations, LLC (13) Provider of pavement marking services to roadways First lien senior secured revolving loan 03/2025 03/2032 —   —   —   (2)(11)
First lien senior secured loan 8.67 % ( 2.00 % PIK)
SOFR (M) 5.00 % 03/2025 03/2032 2.6   2.6   2.6   (2)
First lien senior secured loan 8.67 % ( 2.00 % PIK)
SOFR (M) 5.00 % 10/2025 03/2032 4.0   4.0   4.0   (2)
6.6   6.6  
G702 Buyer, Inc. (13) Provider of standardized contracts and forms platform for the architecture, engineering, and construction industry First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 07/2025 07/2031 10.5   10.5   10.5   (2)(9)
HH-Stella, Inc. and Bedrock Parent Holdings, LP (13) Provider of municipal solid waste transfer management services First lien senior secured revolving loan 04/2021 04/2027 —   —   —   (2)(11)
First lien senior secured loan 9.85 % SOFR (Q) 6.00 % 04/2021 04/2028 8.7   8.7   8.7   (2)(9)
First lien senior secured loan 9.85 % SOFR (Q) 6.00 % 09/2023 04/2028 21.5   21.5   21.5   (2)(9)
First lien senior secured loan 9.85 % SOFR (Q) 6.00 % 04/2024 04/2028 18.6   18.6   18.6   (2)(9)
First lien senior secured loan 9.85 % SOFR (Q) 6.00 % 10/2025 04/2028 15.2   15.2   15.2   (2)(9)
Class A units 04/2021 32,982 3.3   2.8   (2)
67.3   66.8  
HP RSS Buyer, Inc. (13) Provider of road striping, and road safety related services First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 12/2023 12/2029 16.7   16.7   16.7   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 12/2029 13.8   13.8   13.8   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 12/2025 12/2029 1.6   1.6   1.6   (2)(9)
32.1   32.1  

See accompanying notes to consolidated financial statements.
31

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
IRI Group Holdings, Inc. and Circana, LLC (13) Market research company focused on the consumer packaged goods industry First lien senior secured revolving loan 08/2022 12/2028 —   —   —   (2)(11)
First lien senior secured loan 7.95 % SOFR (Q) 4.25 % 08/2022 12/2029 139.9   139.8   139.9   (2)(9)
139.8   139.9  
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (13) Provider of commercial and industrial waste processing and disposal services First lien senior secured revolving loan 7.69 % SOFR (M) 4.00 % 01/2026 08/2030 7.1   7.1   7.1   (2)(9)
First lien senior secured loan 7.69 % SOFR (M) 4.00 % 01/2026 08/2031 110.1   110.1   110.1   (2)(9)
Class A units 09/2022 13,575 14.5   26.1   (2)
131.7   143.3  
Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC (13) Provider of lake and pond management services First lien senior secured loan 7.90 % SOFR (Q) 4.25 % 11/2025 11/2032 15.8   15.8   15.7   (2)(9)
Class A units 11/2025 26,260 2.6   2.6  
18.4   18.3  
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC Provider of janitorial and facilities management services First lien senior secured loan 9.07 % PIK
SOFR (Q) 5.25 % 11/2019 11/2028 46.8   46.8   46.8   (2)(9)
First lien senior secured loan 12/2023 11/2028 16.2   13.9   0.8   (2)(8)
Preferred units 03/2024 4,042,767 7.7   —   (2)
Class A common units 03/2024 4,042,767 —   —   (2)
68.4   47.6  
Kings Buyer, LLC (13) Provider of comprehensive outsourced waste management consolidation services First lien senior secured revolving loan 11.00 % Base Rate (Q) 4.25 % 09/2023 10/2027 3.6   3.6   3.3   (2)(9)
First lien senior secured loan 9.05 % SOFR (Q) 5.25 % 09/2023 10/2027 16.1   16.1   15.0   (2)(9)
19.7   18.3  
KPS Global LLC and Cool Group LLC (13) Manufacturer of walk-in cooler and freezer systems First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 09/2024 09/2030 5.2   5.2   5.2   (2)(9)
Laboratories Bidco LLC and Laboratories Topco LLC Lab testing services for nicotine containing products First lien senior secured revolving loan 7.50 % Base Rate (Q) 0.75 % 07/2021 07/2029 4.6   4.5   3.6   (2)(9)
First lien senior secured revolving loan 5.60 % SOFR (Q) 1.75 % 07/2021 07/2029 15.6   15.0   12.0   (2)(9)
First lien senior secured loan 4.08 % CORRA (Q) 1.75 % 10/2019 07/2029 24.2   24.0   18.7   (2)(9)
First lien senior secured loan 5.60 % SOFR (Q) 1.75 % 10/2019 07/2029 17.6   16.8   13.6   (2)(9)
First lien senior secured loan 5.60 % SOFR (Q) 1.75 % 10/2020 07/2029 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 5.60 % SOFR (Q) 1.75 % 07/2021 07/2029 4.7   4.4   3.6   (2)(9)
Class A units 07/2021 3,099,335 4.6   —   (2)
69.4   51.6  
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (13) Provider of human resources and workforce management solutions First lien senior secured revolving loan 8.67 % SOFR (Q) 5.00 % 07/2024 07/2030 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 07/2024 07/2031 18.9   18.9   18.4   (2)(9)
Class A common units 07/2024 1,205,000 1.2   0.8   (2)

See accompanying notes to consolidated financial statements.
32

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
20.3   19.4  
Lightbeam Bidco, Inc. (13) Provider of yard management services First lien senior secured revolving loan 05/2023 05/2029 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2023 05/2030 5.2   5.2   5.2   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 11/2023 05/2030 2.2   2.2   2.2   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 11/2023 05/2030 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 12/2025 05/2030 3.3   3.3   3.3   (2)(9)
11.8   11.8  
LJP Purchaser, Inc. and LJP Topco, LP (13) Provider of non-hazardous solid waste and recycling services First lien senior secured loan 9.97 % SOFR (Q) 6.25 % 09/2022 09/2028 11.6   11.6   11.5   (2)(9)
First lien senior secured loan 10.04 % SOFR (Q) 6.25 % 03/2026 09/2030 17.5   17.5   17.3   (2)(9)
Class A units 8.00 % PIK
09/2022 5,884,191 7.9   8.2   (2)
37.0   37.0  
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. Keg management solutions provider First lien senior secured loan 11.20 % SOFR (Q) 7.50 % 12/2024 12/2030 134.4   134.4   134.4   (2)(9)
MSIS Holdings, Inc. and MS Precision Parent, LP (13) Provider of heavy industrial machinery maintenance and repair services First lien senior secured revolving loan 03/2025 03/2031 —   —   —   (2)(11)
First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 03/2025 03/2031 23.4   23.4   23.4   (2)(9)
Class A-1 units 03/2025 1,184,000 1.2   1.3   (2)
24.6   24.7  
NAS, LLC and Nationwide Marketing Group, LLC (13) Buying and marketing services organization for appliance, furniture and consumer electronics dealers First lien senior secured revolving loan 10.31 % SOFR (Q) 6.50 % 11/2020 05/2026 1.9   1.9   1.9   (2)(9)
First lien senior secured loan 10.32 % SOFR (Q) 6.50 % 11/2020 05/2026 6.0   6.0   5.9   (2)(9)
First lien senior secured loan 10.32 % SOFR (Q) 6.50 % 12/2021 05/2026 2.2   2.2   2.2   (2)(9)
First lien senior secured loan 10.32 % SOFR (Q) 6.50 % 05/2022 05/2026 1.3   1.3   1.3   (2)(9)
11.4   11.3  
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (13) Provider of audience insights, data and analytics to entertainment industry First lien senior secured revolving loan 10/2022 10/2027 —   —   —   (2)(11)
First lien senior secured notes 9.29 % 11/2022 04/2029 52.8   52.0   52.9   (2)(16)
First lien senior secured loan 8.76 % SOFR (Q) 5.00 % 01/2026 02/2033 50.0   50.0   47.6   (2)(16)
Limited partnership interests 10/2022 4,040,000 4.1   7.4   (2)
106.1   107.9  
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 Operator of multiple franchise concepts primarily related to home maintenance or repairs Limited partner interest 09/2021 9,725,000 9.7   13.0   (2)
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC Solid waste services provider First lien senior secured loan 11.66 % SOFR (Q) 8.00 % 08/2023 08/2029 35.0   34.7   32.2   (2)(9)

See accompanying notes to consolidated financial statements.
33

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 11.66 % SOFR (Q) 8.00 % 06/2024 08/2029 11.2   10.6   10.3   (2)(9)
First lien senior secured loan 14.66 % PIK
SOFR (M) 11.00 % 12/2025 08/2029 2.8   2.8   2.5   (2)(9)
Warrant to purchase units of Class A common units 08/2023 08/2036 38,235 0.6   —   (2)
Warrant to purchase units of Class A common units 06/2024 06/2036 6,400 0.9   —   (2)
49.6   45.0  
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC Provider of janitorial and facilities management services First lien senior secured loan 9.60 % SOFR (Q) 5.75 % 10/2021 10/2027 66.1   66.1   60.8   (2)(9)
First lien senior secured loan 9.85 % SOFR (Q) 6.00 % 11/2023 10/2027 18.8   18.8   17.5   (2)(9)
Class A units 10/2021 8,749,201 9.0   5.3   (2)
93.9   83.6  
PS Operating Company LLC and PS Op Holdings LLC (5) Specialty distributor and solutions provider to the swine and poultry markets First lien senior secured revolving loan 12/2021 12/2026 6.0   4.6   1.1   (2)(8)
First lien senior secured loan 12/2021 12/2026 19.6   15.5   3.3   (2)(8)
Common units 12/2021 279,200 7.4   —   (2)
27.5   4.4  
PSC Parent, Inc. (13) Provider of operational services for US petrochemical and refining companies First lien senior secured revolving loan 8.92 % SOFR (Q) 5.25 % 04/2024 04/2030 2.7   2.7   2.7   (2)(9)(12)
First lien senior secured loan 8.91 % SOFR (Q) 5.25 % 04/2024 04/2031 58.8   58.8   58.8   (2)(9)
61.5   61.5  
R2 Acquisition Corp. Marketing services Common stock 05/2007 250,000 0.2   0.4   (2)
RE Community Holdings GP, LLC and RE Community Holdings, LP Operator of municipal recycling facilities Limited partnership interest 03/2011 2.49 % —   —   (2)
Limited partnership interest 03/2011 2.86 % —   —   (2)
—   —  
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (13) Provider of FDA registration and consulting services First lien senior secured revolving loan 8.68 % SOFR (Q) 5.00 % 08/2021 08/2029 4.6   4.6   4.5   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 08/2021 08/2029 3.5   3.5   3.5   (2)(9)
First lien senior secured loan 8.68 % SOFR (Q) 5.00 % 03/2025 08/2029 7.6   7.6   7.5   (2)(9)
Limited partner interests 08/2021 1.08 % 2.7   2.4   (2)
18.4   17.9  
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)
—   —  
Rocket Buyer, LLC (13) Provider of security systems to enterprises First lien senior secured revolving loan 8.16 % SOFR (Q) 4.50 % 02/2026 02/2033 1.1   1.1   1.1   (2)(9)

See accompanying notes to consolidated financial statements.
34

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 8.15 % SOFR (Q) 4.50 % 02/2026 02/2033 15.3   15.3   15.1   (2)(9)
16.4   16.2  
Rodeo AcquisitionCo LLC (13) Provider of food inspection and recovery services First lien senior secured revolving loan 8.45 % SOFR (Q) 4.75 % 07/2021 07/2029 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 07/2021 07/2029 26.5   26.5   26.5   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 07/2029 3.8   3.8   3.8   (2)(9)
30.4   30.4  
Saturn Purchaser Corp. (13) Private aviation management company First lien senior secured loan 8.52 % SOFR (Q) 4.75 % 07/2023 07/2030 1.7   1.7   1.7   (2)(9)
SGM Acquisition Sub, LLC and Schill Holdings, LP (13) Provider of landscape design and planning, and snow removal services First lien senior secured revolving loan 8.42 % SOFR (M) 4.75 % 12/2025 12/2031 1.0   1.0   1.0   (2)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 12/2025 12/2031 26.1   26.1   25.9   (2)(9)
Common units 12/2025 1,492,000 1.5   1.5  
28.6   28.4  
Startec Equity, LLC (5) Communication services Member interest 04/2010 190,581 —   —  
SV Newco 2, Inc. and Site 2020 Incorporated (13) Provider of outsourced traffic control safety services First lien senior secured revolving loan 11.50 % Base Rate (Q) 4.75 % 05/2024 06/2031 0.4   0.4   0.4   (2)(6)(9)(12)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 05/2024 06/2031 14.5   14.5   14.5   (2)(6)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 09/2025 06/2031 1.5   1.5   1.5   (2)(6)(9)
16.4   16.4  
Systems Planning and Analysis, Inc. (13) Provider of systems engineering and technical assistance to the US DoD First lien senior secured revolving loan 05/2022 08/2027 —   —   —   (2)(11)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 05/2022 08/2027 1.0   1.0   1.0   (2)(9)
1.0   1.0  
Talon Buyer Inc. and Talon Holdings SCSP (13) Provider of fire safety and life safety services First lien senior secured loan 7.92 % SOFR (Q) 4.25 % 07/2025 07/2032 18.4   18.4   18.2   (2)(9)
Class A units 07/2025 6,445,000 6.4   7.5   (2)(6)
24.8   25.7  
Thermostat Purchaser III, Inc. (13) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 08/2021 08/2028 —   —   —   (2)(11)
Second lien senior secured loan 11.07 % SOFR (Q) 7.25 % 08/2021 08/2029 23.0   23.0   22.5   (2)(9)
23.0   22.5  
TSS Buyer, LLC (13) Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets First lien senior secured loan 8.69 % SOFR (Q) 5.00 % 07/2023 06/2029 2.5   2.5   2.6   (2)(9)
First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 03/2026 06/2029 0.1   0.1   0.1   (2)(9)
2.6   2.7  
TVG-MGT Upper Intermediate Holdings, LLC Management consulting firm servicing education, technology and public sectors Senior subordinated loan 14.00 % PIK
08/2025 08/2031 27.0   27.0   26.1   (2)
Class A common units 08/2025 2,712 4.1   3.6   (2)

See accompanying notes to consolidated financial statements.
35

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
31.1   29.7  
Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. (13) Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 04/2024 09/2028 38.3   38.3   38.3   (2)(6)(9)
First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 04/2024 09/2028 10.3   10.3   10.3   (2)(6)(9)
First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 01/2026 09/2028 5.3   5.3   5.3   (2)(6)(9)
53.9   53.9  
Unity Purchaser, LLC and Unity Ultimate Holdings, LP (13) Provider of specialty mechanical services for critical HVAC, plumbing, and related systems First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 01/2025 01/2031 12.6   12.6   12.6   (2)(9)
Class A-1 units 01/2025 2,068,000 2.1   2.1   (2)
14.7   14.7  
UP Intermediate II LLC and UPBW Blocker LLC (13) Provider of essential mechanical, electrical and plumbing services to commercial customers First lien senior secured revolving loan 03/2024 03/2031 —   —   —   (2)(11)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 03/2024 03/2032 4.7   4.7   4.7   (2)(9)
Senior preferred units 15.00 % PIK
07/2025 10,340 1.1   1.1   (2)
Common units 03/2024 60,470 6.0   7.4   (2)
Common units 09/2024 3,918 0.3   0.5   (2)
12.1   13.7  
Valcourt Holdings II, LLC and Jobs Holdings, Inc. Provider of window cleaning and building facade maintenance and restoration services First lien senior secured loan 8.81 % SOFR (Q) 5.00 % 11/2023 11/2029 58.6   58.6   58.6   (2)(9)
Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC (5)(13) Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies First lien senior secured revolving loan 8.82 % SOFR (Q) 5.00 % 12/2025 01/2029 1.5   1.5   1.5   (2)(9)
First lien senior secured loan 15.85 % PIK
SOFR (Q) 12.00 % 07/2023 01/2029 7.8   7.7   7.8   (2)(9)
First lien senior secured loan 10.85 % ( 3.50 % PIK)
SOFR (Q) 7.00 % 07/2023 01/2029 34.4   33.9   34.4   (2)(9)
First lien senior secured loan 8.85 % SOFR (Q) 5.00 % 12/2025 01/2029 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 15.85 % PIK
SOFR (Q) 12.00 % 12/2025 01/2029 9.9   9.9   9.9   (2)(9)
Common units 12/2025 947,000 17.5   14.4   (2)
73.0   70.5  
VRC Companies, LLC (13) Provider of records and information management services Senior subordinated loan 12.00 % ( 2.00 % PIK)
05/2022 06/2028 5.3   5.4   5.3   (2)
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (13) Provider of agronomics products for landscapers, contractors and golf course end users First lien senior secured revolving loan 7.70 % SOFR (Q) 4.00 % 05/2024 05/2030 —   —   —   (2)(9)(12)
First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 05/2024 05/2030 17.1   17.1   17.1   (2)(9)
First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 04/2025 05/2030 6.4   6.4   6.4   (2)(9)
Class A preferred units 10.00 % PIK
05/2024 9,260 1.1   1.1  

See accompanying notes to consolidated financial statements.
36

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Class A common units 05/2024 862 —   0.4  
24.6   25.0  
XIFIN, Inc. and ACP Charger Co-Invest LLC Revenue cycle management provider to labs Class A units 02/2020 180,000 1.8   4.5   (2)
Class B units 12/2021 46,363 0.9   2.2   (2)
2.7   6.7  
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (13) Provider of recurring fire protection services First lien senior secured revolving loan 07/2024 07/2031 —   —   —   (2)(11)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 07/2024 07/2031 13.4   13.4   13.4   (2)(9)
13.4   13.4  

2,850.6   2,797.4   19.89 %
Consumer Services
Aimbridge Topco, LLC Hotel operator Common units 03/2025 56,310 3.3   3.0   (2)
American Residential Services L.L.C. and Aragorn Parent Holdings LP Heating, ventilation and air conditioning services provider Series A preferred units 10.00 % PIK
10/2020 2,531,500 3.7   7.1   (2)
AP Rainbow Co-Invest L.P. Operator of fitness centers Common units 03/2026 7,321,000 7.4   7.3   (2)(6)
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (13) Provider of residential HVAC, plumbing, and electrical maintenance and repair services First lien senior secured revolving loan 8.69 % SOFR (Q) 5.00 % 10/2023 10/2029 4.0   4.0   4.0   (2)(9)(12)
First lien senior secured loan 8.68 % SOFR (Q) 5.00 % 09/2024 10/2030 199.4   199.2   199.4   (2)(9)
Series B common units 10/2023 262,165 7.2   12.0  
210.4   215.4  
Belfor Holdings, Inc. (13) Disaster recovery services provider First lien senior secured revolving loan 04/2019 11/2028 —   —   —   (2)(11)
First lien senior secured revolving loan 11/2023 11/2028 —   —   —   (2)(11)
—   —  
Birdie Bidco, Inc. (13) Golf club owner and operator First lien senior secured loan 10.40 % ( 2.25 % PIK)
SOFR (Q) 4.75 % 11/2025 11/2032 1.4   1.4   1.4   (2)(9)
First lien senior secured loan 8.45 % ( 2.25 % PIK)
SOFR (Q) 4.75 % 11/2025 11/2032 19.9   19.9   19.7   (2)(9)
21.3   21.1  
Calera XXVIII, LLC (14) Platform of residential floor coating and vinyl fence installers Common units 12/2025 5,420,161 5.4   5.7   (2)(6)
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC (13) Provider of HVAC and plumbing services to residential and commercial customers First lien senior secured revolving loan 9.78 % SOFR (Q) 6.00 % 12/2021 12/2027 1.0   1.0   0.8   (2)(9)
First lien senior secured revolving loan 11.75 % Base Rate (Q) 5.00 % 12/2021 12/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 11.76 % ( 6.00 % PIK)
SOFR (Q) 8.00 % 12/2021 12/2027 3.5   3.5   3.0   (2)(9)
First lien senior secured loan 12.04 % ( 6.25 % PIK)
SOFR (Q) 8.25 % 03/2023 12/2027 6.9   6.9   5.8   (2)(9)
Class A units 12/2021 4,296 4.3   —  
15.8   9.7  

See accompanying notes to consolidated financial statements.
37

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
ClubCorp Holdings, Inc. (13) A manager of golf & country clubs throughout the United States First lien senior secured loan 8.42 % SOFR (M) 4.75 % 07/2025 07/2032 40.5   40.5   40.5   (2)(9)
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (13) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 8.10 % SOFR (Q) 4.50 % 05/2022 11/2030 4.3   4.3   4.3   (2)(9)
First lien senior secured loan 8.45 % SOFR (S) 4.75 % 05/2022 11/2030 21.0   21.0   20.8   (2)(9)
First lien senior secured loan 8.44 % SOFR (S) 4.75 % 11/2023 11/2030 2.8   2.8   2.8   (2)(9)
Common stock 05/2022 302 3.1   5.1   (2)
31.2   33.0  
CST Holding Company (13) Provider of ignition interlock devices First lien senior secured revolving loan 8.86 % SOFR (Q) 5.00 % 11/2022 11/2028 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 8.77 % SOFR (M) 5.00 % 11/2022 11/2028 11.4   11.4   11.4   (2)(9)
First lien senior secured loan 8.77 % SOFR (M) 5.00 % 07/2024 11/2028 0.1   0.1   0.1   (2)(9)
12.1   12.1  
Davidson Hotel Company LLC (13) Provider of hotel operations solutions and advisory services First lien senior secured loan 8.67 % SOFR (M) 5.00 % 10/2024 10/2031 8.5   8.5   8.5   (2)(9)
Equinox Holdings, Inc. Operator of luxury, full-service health fitness clubs First lien senior secured loan 10.95 % SOFR (Q) 7.25 % 03/2024 03/2029 46.5   45.9   46.5   (2)(9)
Second lien senior secured loan 16.00 % PIK
03/2024 06/2027 4.8   4.7   4.8   (2)
50.6   51.3  
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (13) Provider of plumbing and HVAC services First lien senior secured revolving loan 8.66 % SOFR (Q) 5.00 % 06/2024 06/2030 7.8   7.8   7.5   (2)(9)(12)
First lien senior secured loan 9.17 % ( 2.75 % PIK)
SOFR (Q) 5.50 % 06/2024 06/2031 151.5   151.5   145.4   (2)(9)
Preferred units 15.00 % PIK
07/2023 685 9.6   9.6   (2)
Class A units 11/2020 6,447 22.9   25.9   (2)
191.8   188.4  
Eternal Aus Bidco Pty Ltd (13) Operator of cemetery, crematoria and funeral services First lien senior secured loan 9.04 % BBSY (Q) 5.00 % 11/2023 10/2029 3.9   3.7   3.9   (2)(6)(9)
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (13) Fitness facility operator First lien senior secured revolving loan 8.42 % SOFR (M) 4.75 % 11/2025 04/2030 0.9   0.9   0.9   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 05/2024 04/2030 5.4   5.3   5.4   (2)(9)
6.2   6.3  
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)(13) Crunch Fitness franchisee First lien senior secured revolving loan 7.68 % SOFR (M) 4.00 % 08/2024 08/2030 2.3   2.3   2.3   (2)(9)(12)
First lien senior secured loan 8.68 % SOFR (M) 5.00 % 08/2024 08/2031 10.5   10.5   10.5   (2)(9)
Common units 07/2024 11,957,000 12.0   14.3   (2)
24.8   27.1  
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (13) Distributor of instructional products, services and resources First lien senior secured revolving loan 9.28 % SOFR (M) 5.50 % 08/2018 04/2027 9.9   9.9   9.8   (2)(9)(12)

See accompanying notes to consolidated financial statements.
38

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 07/2017 04/2027 28.6   28.6   28.4   (2)(9)
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 08/2018 04/2027 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 06/2024 04/2027 7.4   7.4   7.3   (2)(9)
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 05/2025 04/2027 5.0   5.0   4.9   (2)(9)
Series A preferred stock 10/2014 1,272 0.7   0.7   (2)
52.7   52.2  
Flint OpCo, LLC (13) Provider of residential HVAC and plumbing services First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 08/2023 08/2030 6.9   6.9   6.9   (2)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 05/2024 08/2030 4.0   4.0   4.0   (2)(9)
10.9   10.9  
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (13) Provider of commercial and residential HVAC, electrical, and plumbing services First lien senior secured revolving loan 10.42 % SOFR (M) 6.75 % 04/2023 04/2029 1.3   1.3   1.2   (2)(9)(12)
First lien senior secured loan 10.45 % SOFR (Q) 6.75 % 04/2023 04/2030 24.2   24.2   22.5   (2)(9)
Class A common units 04/2023 4,424 4.4   1.4   (2)
29.9   25.1  
Helios Service Partners, LLC and Astra Service Partners, LLC (13) Critical HVAC, refrigeration, and plumbing services for commercial businesses First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 11/2025 11/2032 46.3   46.3   45.9   (2)(9)
IFH Franchisee Holdings, LLC (13) Operator of fitness centers First lien senior secured revolving loan 7.66 % SOFR (Q) 4.00 % 12/2024 12/2029 4.3   4.3   4.3   (2)(9)
First lien senior secured loan 9.16 % SOFR (Q) 5.50 % 12/2024 12/2029 54.6   54.6   54.6   (2)(9)
58.9   58.9  
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. (13) Provider of residential roofing and exterior repair and replacement services First lien senior secured revolving loan 11.75 % Base Rate (Q) 5.00 % 12/2022 12/2028 1.3   1.3   1.3   (2)(6)(9)(12)
First lien senior secured revolving loan 7.33 % CORRA (Q) 5.00 % 11/2023 12/2028 0.4   0.4   0.4   (2)(6)(9)(12)
First lien senior secured loan 9.70 % SOFR (Q) 6.00 % 12/2022 12/2028 14.5   14.5   14.5   (2)(6)(9)
First lien senior secured loan 9.70 % SOFR (Q) 6.00 % 11/2023 12/2028 6.3   6.3   6.3   (2)(6)(9)
First lien senior secured loan 8.33 % CORRA (Q) 6.00 % 11/2023 12/2028 0.9   0.9   1.3   (2)(6)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.50 % 10/2024 12/2028 5.5   5.5   5.5   (2)(6)(9)
Class A units 12/2022 9,524,000 9.5   10.3   (2)(6)
38.4   39.6  
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (13) Franchising platform offering adolescent development programs First lien senior secured loan 9.70 % SOFR (Q) 6.00 % 12/2022 12/2027 29.9   29.9   29.9   (2)(9)
First lien senior secured loan 9.70 % SOFR (Q) 6.00 % 01/2025 12/2027 1.4   1.4   1.4   (2)(9)
Limited partnership interests 12/2022 2,149,690 2.1   2.9  
33.4   34.2  

See accompanying notes to consolidated financial statements.
39

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC (13) A direct-to-consumer home solutions and residential improvements platform First lien senior secured revolving loan 8.92 % SOFR (M) 5.25 % 09/2025 09/2031 2.7   2.7   2.7   (2)(9)
First lien senior secured loan 8.92 % SOFR (M) 5.25 % 09/2025 09/2031 172.0   172.0   168.6   (2)(9)
Limited partnership units 09/2025 64,787 67.3   71.5   (2)
242.0   242.8  
ME Equity LLC Franchisor in the massage industry Common stock 09/2012 3,000,000 3.0   5.2   (2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (13) Provider of commercial HVAC services First lien senior secured revolving loan 8.68 % SOFR (M) 5.00 % 08/2022 08/2027 2.2   2.2   2.2   (2)(9)
First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 08/2022 08/2028 12.2   12.2   12.2   (2)(9)
First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 09/2023 08/2028 6.2   6.2   6.2   (2)(9)
Preferred units 14.00 % PIK
05/2025 82 1.0   1.0   (2)
Class A units 08/2022 1,001 9.7   11.2   (2)
31.3   32.8  
Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC (13) Provider of lawn care, tree care and pest control services First lien senior secured revolving loan 06/2024 06/2031 —   —   —   (2)(11)
First lien senior secured loan 8.94 % SOFR (Q) 5.25 % 06/2024 06/2031 23.4   23.4   23.4   (2)(9)
First lien senior secured loan 8.67 % SOFR (M) 5.00 % 06/2024 06/2031 4.5   4.5   4.5   (2)(9)
First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 08/2025 06/2031 2.0   2.0   2.0   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 5.25 % 03/2026 06/2031 0.9   0.9   0.9   (2)(9)
Class A preferred units 09/2024 678 0.7   0.7  
Class B common units 09/2024 677,504 0.3   0.3  
31.8   31.8  
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (13) Provider of lawncare services First lien senior secured revolving loan 8.68 % SOFR (Q) 5.00 % 12/2022 05/2028 4.0   4.0   4.0   (2)(9)
First lien senior secured loan 8.69 % SOFR (Q) 5.00 % 12/2022 05/2028 17.5   17.4   17.5   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 06/2024 05/2028 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 8.66 % SOFR (Q) 5.00 % 02/2025 05/2028 10.0   10.0   10.0   (2)(9)
37.5   37.6  
Northwinds Holding, Inc. and Northwinds Services Group LLC (13) Provider of HVAC and plumbing services First lien senior secured loan 9.06 % SOFR (Q) 5.25 % 05/2023 05/2029 26.7   26.7   26.7   (2)(9)
First lien senior secured loan 9.08 % SOFR (Q) 5.25 % 08/2024 05/2029 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 9.08 % SOFR (Q) 5.25 % 06/2025 05/2029 2.1   2.1   2.1   (2)(9)
Common units 05/2023 2,911,607 4.0   4.2   (2)
38.9   39.1  
OTG Concessions Management, LLC and Octa Parent Holdings, LLC Airport restaurant operator Second lien notes 10.00 % PIK
02/2024 02/2031 9.7   9.7   8.7   (2)
Participation rights 02/2024 02/2054 1 —   —   (2)
9.7   8.7  

See accompanying notes to consolidated financial statements.
40

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
PestCo Holdings, LLC and PestCo, LLC (13) Provider of pest control services to the residential and commercial markets First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 08/2025 08/2030 20.0   19.9   20.0   (2)(9)
Class A units 01/2023 139 1.9   3.2  
21.8   23.2  
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (13) Provider of commercial and residential HVAC, electrical & plumbing services First lien senior secured revolving loan 10.44 % ( 1.50 % PIK)
SOFR (Q) 6.75 % 10/2024 10/2030 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 10.45 % ( 1.50 % PIK)
SOFR (Q) 6.75 % 10/2024 10/2030 6.6   6.6   6.1   (2)(9)
Preferred units 01/2026 01/2028 84 0.1   0.1   (2)
Common stock 10/2024 667 0.7   —   (2)
8.1   6.9  
Premiere Buyer, LLC (13) Third-party residential property manager for multi-family residential properties in the United States First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 05/2024 05/2031 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 04/2025 05/2031 1.0   1.0   1.0   (2)(9)
6.5   6.5  
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (13) Hotel operator First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 01/2023 01/2028 7.3   7.3   7.3   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 10/2024 01/2028 2.6   2.6   2.6   (2)(9)
Preferred membership units 8.00 % PIK
07/2016 996,833 1.3   3.3  
11.2   13.2  
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (13) Car wash operator First lien senior secured loan 8.67 % SOFR (M) 5.00 % 05/2024 06/2031 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.67 % SOFR (M) 5.00 % 06/2025 06/2031 8.5   8.5   8.5   (2)(9)
Limited partnership interest 06/2024 11,184,000 11.2   13.4   (2)
25.3   27.5  
Radiant Intermediate Holding, LLC Provider of HVAC, plumbing and electrical services First lien senior secured loan 9.52 % SOFR (Q) 5.75 % 04/2023 11/2026 2.1   2.1   2.0   (2)(9)
Redwood Services LP (13) Provider of residential HVAC and plumbing services First lien senior secured revolving loan 06/2025 06/2032 —   —   —   (2)(11)
First lien senior secured loan 7.95 % SOFR (Q) 4.25 % 06/2025 06/2032 29.5   29.5   29.5   (2)(9)
29.5   29.5  
Saber Parent Holdings Corp. and MSHC, Inc. (13) Provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipments First lien senior secured revolving loan 10.25 % Base Rate (Q) 3.50 % 12/2025 12/2032 1.1   1.1   1.1   (2)
First lien senior secured loan 8.42 % ( 2.25 % PIK)
SOFR (Q) 4.75 % 12/2025 12/2032 22.9   22.9   22.7   (2)
24.0   23.8  

See accompanying notes to consolidated financial statements.
41

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
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 9.78 % ( 1.00 % PIK)
SOFR (Q) 6.00 % 08/2020 12/2026 25.0   25.0   24.5   (2)(9)
SGP Shaka HoldCo, LLC and SGP Shaka JV, LLC (13) Surf park operator First lien senior secured loan 9.92 % SOFR (Q) 6.25 % 01/2026 01/2031 5.9   5.9   5.7   (2)(9)
Series A preferred units 13.25 % PIK
01/2026 7,308 7.5   7.3  
Warrant to purchase common units 01/2026 01/2036 913,500 —   —  
13.4   13.0  
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (13) Planet Fitness franchisee First lien senior secured loan 8.85 % SOFR (M) 5.08 % 03/2020 08/2027 1.3   1.3   1.3   (2)(9)
First lien senior secured loan 9.27 % SOFR (M) 5.50 % 01/2024 08/2027 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 8.52 % SOFR (M) 4.75 % 11/2025 07/2027 4.1   4.1   4.1   (2)(9)
Class A units 07/2018 37,020 3.8   9.8  
9.6   15.6  
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (13) Refrigeration, heating, ventilation and air conditioning services provider First lien senior secured revolving loan 11.67 % ( 4.50 % PIK)
SOFR (M) 8.00 % 12/2021 12/2027 12.8   12.8   12.6   (2)(9)
First lien senior secured loan 11.67 % ( 4.50 % PIK)
SOFR (M) 8.00 % 12/2021 12/2027 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 11.67 % ( 4.50 % PIK)
SOFR (M) 8.00 % 08/2022 12/2027 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 11.67 % ( 4.50 % PIK)
SOFR (M) 8.00 % 04/2023 12/2027 1.7   1.7   1.7   (2)(9)
First lien senior secured loan 11.67 % ( 4.50 % PIK)
SOFR (M) 8.00 % 10/2023 12/2027 5.6   5.6   5.5   (2)(9)
First lien senior secured loan 11.67 % ( 4.50 % PIK)
SOFR (M) 8.00 % 08/2024 12/2027 11.2   11.2   11.0   (2)(9)
Preferred units 01/2026 544,260 0.5   0.6  
Class A units 12/2021 8,493,698 8.5   6.6  
Class C units 03/2023 333,510 —   —  
40.7   38.4  
TopGolf International, LLC and TopGolf Topco, LLC (13) Golf focused entertainment complex First lien senior secured loan 8.16 % SOFR (Q) 4.50 % 01/2026 01/2033 57.7   57.7   57.1   (2)(9)
Common units 01/2026 184,355 18.4   17.1  
76.1   74.2  
Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC (5)(13) Automotive repair services retailer First lien senior secured revolving loan 9.67 % SOFR (Q) 6.00 % 01/2026 01/2032 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 01/2026 01/2032 34.4   34.4   34.4   (2)(9)
Class A convertible preferred units 01/2026 32,086 32.1   32.1   (2)
66.7   66.7  
Triwizard Holdings, Inc. and Triwizard Parent, LP (13) Parking management and hospitality services provider First lien senior secured revolving loan 8.66 % SOFR (Q) 5.00 % 06/2023 06/2029 4.0   4.0   4.0   (2)(9)(12)

See accompanying notes to consolidated financial statements.
42

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Class A-2 common units 06/2023 30,000 3.0   5.4   (2)
7.0   9.4  
TSWT Acquisition, Inc. and TSWT Holdings, LLC (13) Provider of residential home services specializing in HVAC, electrical and plumbing services First lien senior secured revolving loan 8.68 % SOFR (M) 5.00 % 11/2025 11/2031 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 8.67 % SOFR (M) 5.00 % 11/2025 11/2031 16.2   16.2   16.1   (2)(9)
Class A units 11/2025 42 0.9   1.0   (2)
17.8   17.8  
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (13) Provider of residential roofing repair & replacement First lien senior secured revolving loan 9.70 % SOFR (Q) 6.00 % 11/2023 11/2030 1.2   1.2   1.1   (2)(9)
First lien senior secured loan 9.70 % ( 5.50 % PIK)
SOFR (Q) 6.00 % 11/2023 11/2030 15.4   15.4   14.0   (2)(9)
First lien senior secured loan 9.70 % ( 4.14 % PIK)
SOFR (Q) 6.00 % 10/2024 11/2030 3.0   3.0   2.7   (2)(9)
Class B common units 11/2023 212 0.2   0.2  
19.8   18.0  
Vista Higher Learning, LLC Developer of print and digital language learning solutions for K–12 and higher education institutions First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 09/2025 09/2031 32.9   32.9   32.2   (2)(9)
YE Brands Holdings, LLC (13) Sports camp operator First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 10/2021 10/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 06/2022 10/2027 7.9   7.9   7.9   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 09/2023 10/2027 3.6   3.6   3.6   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 01/2024 10/2027 2.8   2.8   2.8   (2)(9)
14.4   14.4  
ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC Provider of residential HVAC and plumbing services Membership interest 10/2021 2,771,000 1.4   7.6  
Membership interest 02/2025 264,161 0.3   1.5  
1.7   9.1  

1,755.0   1,771.1   12.59 %
Insurance
15484880 Canada Inc. and 15484910 Canada Inc. (13) Independent insurance broker First lien senior secured loan 7.83 % CORRA (Q) 5.25 % 04/2025 04/2031 33.5   32.9   33.5   (2)(6)(9)
First lien senior secured loan 7.44 % Euribor (M) 5.25 % 03/2026 04/2031 7.7   7.8   7.7   (2)(6)(9)
Senior subordinated loan 14.00 % PIK
04/2025 04/2035 15.0   14.7   15.0   (2)(6)
Class A2 shares 04/2025 19,825,189 13.8   13.8   (2)(6)
69.2   70.0  
AQ Sunshine, Inc. (13) Specialized insurance broker First lien senior secured revolving loan 8.70 % SOFR (Q) 5.00 % 07/2024 07/2030 1.9   1.9   1.9   (2)(9)(12)
First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 07/2024 07/2031 128.7   128.7   128.7   (2)(9)
130.6   130.6  

See accompanying notes to consolidated financial statements.
43

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Ardonagh Midco 3 Limited, Ardonagh Group Finco Pty Limited, Ardonagh Finco LLC, Ardonagh Finco B.V., and MDCP Co-Investors (Jade I), L.P. Insurance broker and underwriting servicer Limited partnership interest 06/2025 17,510,000 24.1   24.3   (2)(6)
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. (13) Insurance program administrator First lien senior secured revolving loan 8.18 % SOFR (M) 4.50 % 04/2025 04/2032 0.8   0.8   0.8   (2)(9)(12)
Benecon Midco II LLC and Benecon Holdings, LLC (13) Employee benefits provider for small and mid-size employers First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 01/2024 01/2031 20.9   20.9   20.9   (2)(9)
Class A units 01/2024 7,796,550 27.1   36.1  
48.0   57.0  
Daylight Beta Parent LLC and CFCo, LLC (4) Health insurance sales platform provider First lien senior secured loan 09/2023 09/2033 15.0   11.6   1.2   (2)(8)
First lien senior secured loan 09/2023 09/2038 20.8   0.5   —   (2)
Class B units 09/2023 32,391,330 —   —   (2)
12.1   1.2  
Diamond Mezzanine 24 LLC Property and casualty insurance underwriting and distribution platform First lien senior secured revolving loan 8.17 % SOFR (M) 4.50 % 10/2024 10/2030 1.0   1.0   1.0   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 10/2024 10/2030 20.3   20.3   20.3   (2)(9)
21.3   21.3  
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (13)(14) Managing general agent insurance distribution platform First lien senior secured revolving loan 8.20 % SOFR (Q) 4.50 % 12/2023 12/2029 0.5   0.5   0.5   (2)(9)(12)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 12/2023 12/2030 9.4   9.4   9.4   (2)(9)
First lien senior secured loan 8.19 % SOFR (Q) 4.50 % 05/2024 12/2030 8.6   8.6   8.6   (2)(9)
Limited partnership interest 03/2024 1,348,309 1.3   1.8   (2)(6)
19.8   20.3  
Forza Insurance Holdings, LLC Operator of insurance brands and platforms First lien senior secured loan 9.45 % SOFR (Q) 5.75 % 02/2025 02/2030 38.6   38.6   38.6   (2)(9)
Foundation Risk Partners, Corp. (13) Full service independent insurance agency First lien senior secured revolving loan 8.45 % SOFR (Q) 4.75 % 10/2021 10/2029 5.2   5.2   5.2   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 10/2021 10/2030 66.5   66.5   66.5   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 04/2022 10/2030 9.2   9.2   9.2   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 05/2024 10/2030 16.2   16.2   16.2   (2)(9)
97.1   97.1  
Galway Borrower LLC (13) Insurance service provider First lien senior secured revolving loan 8.20 % SOFR (Q) 4.50 % 09/2021 09/2028 5.6   5.6   5.5   (2)(9)(12)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 09/2021 09/2028 45.5   45.5   45.0   (2)(9)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 01/2026 09/2028 1.3   1.3   1.2   (2)(9)
52.4   51.7  
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (13) Insurance broker First lien senior secured loan 7.31 % CORRA (Q) 5.00 % 03/2024 03/2031 9.8   10.1   9.8   (2)(6)(9)
First lien senior secured loan 7.30 % CDOR (Q) 5.00 % 03/2024 03/2031 0.5   0.5   0.5   (2)(6)(9)
10.6   10.3  

See accompanying notes to consolidated financial statements.
44

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. (13) Independent retail insurance broker First lien senior secured loan 8.17 % SOFR (M) 4.50 % 08/2023 06/2031 9.1   9.0   9.1   (2)(9)
Series A preferred shares 10.50 % 12/2024 1,000 1.0   1.0   (2)
10.0   10.1  
High Street Buyer, Inc. and High Street Holdco LLC (13)(14) Insurance brokerage platform First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 04/2021 04/2028 22.0   22.0   22.0   (2)(9)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 08/2021 04/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 02/2022 04/2028 19.4   19.4   19.4   (2)(9)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 03/2024 04/2028 4.0   4.0   4.0   (2)(9)
Series A preferred units 10.00 % PIK
04/2021 172,211,694 254.0   254.0   (2)
Series A preferred units 10.00 % PIK
12/2023 20,106,667 25.3   25.3   (2)
Series A preferred units 10.00 % PIK
04/2024 1,386,667 1.7   1.7   (2)
Series A preferred units 10.00 % PIK
07/2024 4,506,667 5.3   5.3   (2)
Series A common units 10.00 % PIK
04/2021 5,562,381 10.1   14.7   (2)
Series C common units 10.00 % PIK
04/2021 10,043,368 4.3   26.5   (2)
346.2   373.0  
Inszone Mid, LLC and INSZ Holdings, LLC (13) Insurance brokerage firm First lien senior secured loan 8.95 % SOFR (Q) 5.25 % 12/2023 11/2029 26.6   26.6   26.6   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 5.25 % 07/2024 11/2029 63.2   63.2   63.2   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 10/2025 11/2029 4.9   4.9   4.8   (2)(9)
Limited partnership interests 11/2022 2,146,088 1.7   4.1  
Common units 11/2023 8,473,000 8.5   16.0  
104.9   114.7  
King Risk Partners, LLC (13) Retail insurance brokerage firm First lien senior secured loan 8.17 % SOFR (M) 4.50 % 04/2025 04/2031 13.8   13.8   13.8   (2)(9)
Knight AcquireCo, LLC and Knight Holdings, LP (13) Insurance agency and regulatory services provider First lien senior secured loan 8.16 % SOFR (Q) 4.50 % 11/2025 11/2032 25.2   25.2   25.0   (2)(9)
Class A-1 common units 11/2025 213,806 2.1   2.1   (2)
27.3   27.1  
Koala Investment Holdings, Inc. (13) Insurance brokerage platform First lien senior secured loan 7.95 % SOFR (Q) 4.25 % 08/2025 08/2032 24.2   24.2   23.8   (2)(9)
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (13) Insurance brokerage platform First lien senior secured revolving loan 8.42 % SOFR (M) 4.75 % 11/2023 11/2029 0.3   0.3   0.3   (2)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 11/2023 11/2029 10.8   10.8   10.8   (2)(9)
First lien senior secured loan 8.67 % SOFR (M) 5.00 % 06/2025 11/2029 2.9   2.9   2.9   (2)(9)
Class A2 units 11/2023 115,928 2.3   2.7   (2)
16.3   16.7  
Patriot Growth Insurance Services, LLC (13) National retail insurance agency First lien senior secured loan 8.85 % SOFR (Q) 5.00 % 10/2021 10/2028 15.5   15.4   15.3   (2)(9)
People Corporation (13) Provider of group benefits, group retirement and human resources services First lien senior secured revolving loan 7.57 % CORRA (Q) 5.00 % 02/2021 02/2031 5.1   5.2   5.1   (2)(6)(9)

See accompanying notes to consolidated financial statements.
45

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 7.57 % CORRA (Q) 5.00 % 02/2021 02/2031 49.7   53.8   49.7   (2)(6)(9)
First lien senior secured loan 7.57 % CORRA (Q) 5.00 % 09/2021 02/2031 39.6   40.9   39.6   (2)(6)(9)
First lien senior secured loan 7.57 % CORRA (Q) 5.00 % 09/2023 02/2031 20.3   20.6   20.3   (2)(6)(9)
First lien senior secured loan 7.58 % CORRA (Q) 5.00 % 12/2024 02/2028 17.7   17.8   17.7   (2)(6)(9)
First lien senior secured loan 7.59 % CORRA (A) 5.00 % 03/2026 02/2031 1.7   1.7   1.7   (2)(6)(9)
140.0   134.1  
SageSure Holdings, LLC and SageSure LLC (13) Insurance service provider First lien senior secured loan 8.53 % SOFR (M) 4.75 % 08/2024 01/2030 51.6   51.6   51.6   (2)(9)
First lien senior secured loan 8.53 % SOFR (M) 4.75 % 01/2025 01/2030 34.4   34.4   34.4   (2)(9)
First lien senior secured loan 8.53 % SOFR (M) 4.75 % 12/2025 01/2030 12.3   12.3   12.3   (2)(9)
Series A units 05/2025 710 70.0   106.2  
168.3   204.5  
SelectQuote, Inc. and SQ ABS Issuer, LLC Direct to consumer insurance distribution platform First lien senior secured notes 9.65 % 10/2024 10/2039 1.3   1.3   1.3   (2)
First lien senior secured notes 7.80 % 10/2024 10/2039 2.0   2.0   2.0   (2)
Warrant to purchase shares of common stock 10/2024 10/2028 179,068 —   —   (2)
3.3   3.3  
SG Acquisition, Inc. (13) Provider of insurance solutions for car sales First lien senior secured loan 8.40 % SOFR (Q) 4.75 % 04/2024 04/2030 13.3   13.3   13.3   (2)(9)
SIG Parent Holdings, LLC (13) Independent insurance brokerage First lien senior secured loan 8.42 % SOFR (M) 4.75 % 08/2024 08/2031 19.0   19.0   19.0   (2)(9)
Slaine Holdings LLC (13) Holding company of insurance service providers Senior subordinated loan 10.17 % SOFR (M) 6.50 % 05/2025 05/2030 49.2   49.2   49.2   (2)(9)
THG Acquisition, LLC (13) Multi-line insurance broker First lien senior secured revolving loan 8.42 % SOFR (M) 4.75 % 10/2024 10/2031 5.3   5.3   5.3   (2)(9)(12)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 10/2024 10/2031 26.1   26.1   26.1   (2)(9)
31.4   31.4  
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (13) Insurance brokerage firm First lien senior secured revolving loan 6.93 % SOFR (Q) 3.25 % 05/2024 05/2029 0.1   0.1   0.1   (2)
First lien senior secured revolving loan 6.67 % SOFR (Q) 3.00 % 05/2024 05/2029 2.5   2.5   2.5   (2)
First lien senior secured loan 6.45 % SOFR (Q) 2.75 % 03/2024 05/2031 0.1   0.1   0.1   (2)(16)
2.7   2.7  
World Insurance Associates, LLC and World Associates Holdings, LLC (13) Insurance service provider First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 10/2023 04/2030 11.5   11.4   11.4   (2)(9)

1,521.3   1,586.6   11.28 %
Capital Goods
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. (13) Manufacturer of commercial refrigeration and foodservice equipment First lien senior secured revolving loan 10.17 % SOFR (Q) 6.50 % 08/2025 08/2030 0.7   0.7   0.7   (2)(6)(9)
First lien senior secured loan 10.17 % SOFR (Q) 6.50 % 08/2025 08/2030 35.0   35.0   35.0   (2)(6)(9)
First lien senior secured loan 10.17 % SOFR (Q) 6.50 % 03/2026 08/2030 5.2   5.2   5.2   (2)(6)(9)

See accompanying notes to consolidated financial statements.
46

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
40.9   40.9  
Airx Climate Solutions, Inc. (13) Provider of commercial HVAC equipment and services First lien senior secured revolving loan 9.41 % SOFR (Q) 5.75 % 11/2023 11/2029 0.3   0.3   0.3   (2)(9)
First lien senior secured loan 9.42 % SOFR (Q) 5.75 % 11/2023 11/2029 9.7   9.7   9.7   (2)(9)
First lien senior secured loan 8.68 % SOFR (Q) 5.00 % 07/2024 11/2029 12.4   12.4   12.3   (2)(9)
22.4   22.3  
Align Precision Group, LLC and Align Precision Topco, L.P. (4)(13) Manufacturer of precision machined components for defense and high-tech industrial platforms First lien senior secured loan 10.43 % PIK
SOFR (Q) 6.75 % 07/2025 07/2030 15.3   15.2   15.3   (2)(9)
Class A-2 units 07/2025 6,310 —   0.2   (2)
15.2   15.5  
Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC (13) Provider of military aircraft aftermarket parts and distribution, repair and logistics services First lien senior secured loan 9.40 % SOFR (Q) 5.50 % 05/2025 05/2030 2.8   2.0   2.8   (2)(9)
First lien senior secured loan 10.32 % ( 2.00 % PIK)
SOFR (S) 6.50 % 05/2025 05/2030 0.5   0.1   0.2   (2)(9)
First lien senior secured loan 10.83 % ( 6.00 % PIK)
SOFR (S) 7.00 % 05/2025 05/2030 1.7   0.6   0.7   (2)(9)
First lien senior secured loan 9.49 % SOFR (S) 5.50 % 06/2025 05/2030 0.6   0.6   0.6   (2)(9)
Membership interest 05/2025 4,015 —   —   (2)
3.3   4.3  
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. Distributor of non-discretionary, mission-critical aftermarket replacement parts First lien senior secured loan 6.35 % SOFR (Q) 2.50 % 08/2021 08/2028 0.1   0.1   0.1   (2)(9)
Common stock 08/2021 5,054 5.1   —   (2)
5.2   0.1  
BGIF IV Fearless Utility Services, Inc. (13) Maintenance and installation service provider for electric transmission and distribution infrastructure First lien senior secured revolving loan 8.68 % SOFR (M) 5.00 % 06/2024 06/2030 0.2   0.2   0.2   (2)(9)(12)
First lien senior secured loan 8.68 % SOFR (M) 5.00 % 06/2024 06/2031 45.0   45.0   45.0   (2)(9)
45.2   45.2  
Blue Raven Solutions, LLC, Triman Industries, Inc., and Crestwood Technology Group, LLC (13) Provider of distribution, supply chain, and repair management services for the military aftermarket First lien senior secured revolving loan 9.66 % SOFR (Q) 6.00 % 01/2026 01/2032 2.4   2.4   2.3   (2)(9)
First lien senior secured loan 9.70 % SOFR (Q) 6.00 % 01/2026 01/2032 29.2   29.2   28.7   (2)(9)
31.6   31.0  
Burgess Point Purchaser Corporation (13) Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts First lien senior secured loan 9.02 % SOFR (Q) 5.25 % 07/2022 07/2029 21.6   20.8   18.7   (2)(9)(16)
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 01/2026 07/2029 31.5   31.5   27.4   (2)(9)
52.3   46.1  
CPIG Holdco Inc. Distributor of engineered fluid power and complex machined solutions First lien senior secured loan 10.76 % SOFR (Q) 7.00 % 04/2023 04/2028 14.4   14.4   14.4   (2)(9)

See accompanying notes to consolidated financial statements.
47

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
DFS Holding Company, Inc. Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry First lien senior secured loan 11.20 % ( 5.00 % PIK)
SOFR (Q) 7.50 % 01/2023 01/2029 2.1   2.1   2.0   (2)(9)
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP Provider of aerospace technology and equipment Common units 12/2020 9,773,000 9.8   17.8  
EIS Legacy Holdco, LLC (13) Distributor of electric applicator components First lien senior secured loan 8.16 % SOFR (Q) 4.50 % 11/2024 11/2031 10.2   10.2   10.2   (2)(9)
ELM DebtCo, LLC (13) Provider of underground utility locating services with a focus on the natural gas & electric end markets First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 11/2025 11/2031 5.2   5.2   5.2   (2)(9)
Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC (13) Manufacturer of industrial chain and complementary power transmission products for industrial applications First lien senior secured revolving loan 10.20 % SOFR (Q) 6.50 % 10/2025 10/2031 2.0   2.0   2.0   (2)(9)
First lien senior secured loan 10.20 % SOFR (Q) 6.50 % 10/2025 10/2031 56.0   55.9   55.7   (2)(9)
Preferred equity 8.00 % PIK
10/2025 8,163 8.3   8.3   (2)
Common units 10/2025 9,070 0.9   1.0   (2)
67.1   67.0  
ESCP PPG Holdings, LLC (4) Distributor of new equipment and aftermarket parts to the heavy-duty truck industry Class A-1 units 08/2022 96,897 2.3   0.1   (2)
Class A-2 units 12/2016 3,500 3.5   0.1   (2)
5.8   0.2  
Generator US Buyer, Inc. and Total Power Limited (13) Provider of generator-based power solutions First lien senior secured loan 6.81 % CORRA (Q) 4.50 % 07/2024 07/2030 0.9   0.9   0.9   (2)(6)(9)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 10/2024 07/2030 1.3   1.3   1.3   (2)(6)(9)
2.2   2.2  
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC (13) Provider of underground utility locating and concrete scanning First lien senior secured revolving loan 8.20 % SOFR (Q) 4.50 % 01/2025 01/2032 0.5   0.5   0.5   (2)(9)
Member units 01/2025 20,000,000 20.0   22.5   (2)
20.5   23.0  
GSV Purchaser, Inc. (13) Provider of maintenance, repair, and sales services for commercial emergency power backup generators First lien senior secured loan 8.15 % SOFR (Q) 4.50 % 08/2024 08/2031 0.1   0.1   0.1   (2)(9)
Harvey Tool Company, LLC (13) Manufacturer of cutting tools used in the metalworking industry First lien senior secured loan 8.17 % SOFR (M) 4.50 % 10/2021 08/2032 52.9   52.9   52.9   (2)(9)
First lien senior secured loan 6.64 % Euribor (M) 4.75 % 08/2025 08/2032 8.2   8.3   8.2   (2)(9)
61.2   61.1  
Helix Acquisition Holdings, Inc. Manufacturer of springs, fasteners and custom components First lien senior secured loan 10.77 % SOFR (M) 7.00 % 03/2023 03/2030 11.9   11.9   11.9   (2)(9)
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC (13) Manufacturer of mission critical, IP-driven avionics products and provider of an integrated suite of pilot training solutions First lien senior secured revolving loan 8.45 % SOFR (Q) 4.75 % 03/2025 03/2032 4.2   4.2   4.2   (2)(9)(12)

See accompanying notes to consolidated financial statements.
48

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 03/2025 03/2032 4.0   4.0   4.0   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 10/2025 03/2032 16.0   16.0   16.0   (2)(9)
24.2   24.2  
HPCC Parent, Inc. and Patriot Container Corp. Manufacturer of waste handling and recycling equipment First lien senior secured loan 13.00 % ( 7.00 % PIK)
09/2024 09/2030 85.8   85.8   85.8   (2)
First lien senior secured loan 11.50 % 03/2026 09/2030 4.0   4.0   4.0   (2)
Common stock 09/2024 513,867 4.9   4.9   (2)
94.7   94.7  
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5) Provider of high-speed intelligent document scanning hardware and software Senior subordinated loan 14.00 % ( 7.00 % PIK)
01/2017 12/2028 20.2   19.9   20.2   (2)
Class A common stock 01/2017 48,544 14.8   80.2  
34.7   100.4  
JSG II, Inc. and Checkers USA, Inc. (13) Manufacturer and supplier of non-PPE safety solutions for compliance-driven end markets First lien senior secured loan 8.17 % SOFR (M) 4.50 % 09/2025 09/2032 57.9   57.6   57.3   (2)(9)
LEG Purchaser Inc. (13) Manufacturer of refuse collection vehicles and related parts First lien senior secured loan 9.15 % SOFR (Q) 5.50 % 01/2026 01/2032 22.1   22.1   21.8   (2)(6)(9)
Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP (13) Provider of construction, industrial, mechanical, electrical and inspection services to commercial clients First lien senior secured revolving loan 7.94 % SOFR (Q) 4.25 % 01/2026 12/2032 10.8   10.8   10.7   (2)(9)
First lien senior secured loan 7.95 % SOFR (Q) 4.25 % 01/2026 12/2032 79.7   79.7   78.9   (2)(9)
Common units 01/2026 842 0.8   0.8   (2)
91.3   90.4  
LTG Acquisition, Inc. Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets Class A membership units 01/2017 5,000 5.1   —  
NCWS Intermediate, Inc. and NCWS Holdings LP Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market Class A-2 common units 12/2020 12,296,000 12.9   6.3   (2)
OPH NEP Investment, LLC (4) Provider of energy services for multi-family property owners, developers, and managers Senior subordinated loan 10.00 % ( 7.00 % PIK)
05/2024 05/2032 33.1   32.0   32.1   (2)
Senior subordinated loan 10.00 % ( 7.00 % PIK)
03/2025 05/2032 4.5   4.1   4.3   (2)
Class B common units 05/2024 8 1.9   2.9  
38.0   39.3  
Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC Provider of structural integrity management services to transmission and distribution infrastructure Second lien senior secured loan 10.53 % SOFR (M) 6.75 % 06/2021 06/2029 55.3   55.3   54.7   (2)(9)

See accompanying notes to consolidated financial statements.
49

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Paris US Holdco, Inc. & 1001028292 Ontario Inc. (13) Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry First lien senior secured revolving loan 8.42 % SOFR (M) 4.75 % 12/2024 12/2031 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 12/2024 12/2031 0.1   0.1   0.1   (2)(6)(9)
0.4   0.4  
Pave America Holding, LLC (13) Provider of high-quality asphalt and concrete services for commercial properties First lien senior secured revolving loan 8.45 % SOFR (M) 4.75 % 08/2025 08/2032 2.8   2.8   2.8   (2)(9)
First lien senior secured loan 8.95 % ( 2.88 % PIK)
SOFR (Q) 5.25 % 08/2025 08/2032 25.0   25.0   25.0   (2)(9)
27.8   27.8  
Pike Corporation (13) Provider of a full suite of outsourced construction, repair and engineering services First lien senior secured loan 8.18 % SOFR (M) 4.50 % 12/2025 12/2032 212.2   212.2   210.1   (2)(9)
PumpTech, LLC and Impel CV-B, LP (13)(14) Provider of flow control equipment and related services including pumping products and process solutions for water, wastewater, and industrial applications First lien senior secured revolving loan 8.42 % SOFR (M) 4.75 % 01/2025 01/2031 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 01/2025 01/2031 14.0   14.0   13.4   (2)(9)
First lien senior secured loan 10.50 % Base Rate (Q) 3.75 % 01/2025 01/2031 3.9   3.9   3.7   (2)(9)
Limited partnership interests 03/2025 752,822 0.8   0.6   (2)
19.2   18.2  
Qnnect, LLC and Connector TopCo, LP Manufacturer of highly engineered hermetic packaging products Limited partnership interests 11/2022 992,500 9.9   22.5   (2)
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (13) Metal fabricator in the aerospace industry First lien senior secured revolving loan 9.82 % ( 0.25 % PIK)
SOFR (S) 6.00 % 03/2019 03/2027 1.1   1.1   1.1   (2)(6)(9)
First lien senior secured revolving loan 9.73 % ( 0.25 % PIK)
SONIA (M) 6.00 % 11/2019 03/2027 2.1   2.0   2.1   (2)(6)(9)
First lien senior secured loan 9.85 % ( 0.25 % PIK)
SOFR (Q) 6.00 % 06/2024 03/2027 9.9   9.9   9.9   (2)(6)(9)
13.0   13.1  
Radwell Parent, LLC (13) Distributor of maintenance, repair, and operations parts First lien senior secured revolving loan 9.20 % SOFR (Q) 5.50 % 12/2022 04/2029 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.50 % 12/2022 04/2029 12.3   12.3   12.3   (2)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.50 % 11/2024 04/2029 2.8   2.8   2.8   (2)(9)
16.2   16.2  
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation (13) Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets First lien senior secured revolving loan 9.52 % SOFR (M) 5.75 % 10/2017 12/2027 6.0   6.0   6.0   (2)(9)(12)
First lien senior secured loan 9.52 % SOFR (M) 5.75 % 04/2024 12/2027 3.7   3.7   3.7   (2)(9)

See accompanying notes to consolidated financial statements.
50

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.52 % SOFR (M) 5.75 % 03/2025 12/2027 14.9   14.9   14.9   (2)(9)
First lien senior secured loan 9.52 % SOFR (M) 5.75 % 11/2025 12/2027 0.6   0.6   0.6   (2)(9)
25.2   25.2  
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (13) Provider of aircraft component maintenance, repair, and overhaul services First lien senior secured revolving loan 8.67 % SOFR (Q) 5.00 % 05/2024 05/2031 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 8.69 % SOFR (Q) 5.00 % 05/2024 05/2031 49.4   49.4   49.4   (2)(9)
Series A common units 05/2024 1,042 1.0   2.0   (2)
50.9   51.9  
Titan BW Borrower L.P. (13) Provider of aftermarket and OEM solutions to the commercial and military aerospace industry First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 07/2032 3.2   3.2   3.1   (2)(9)
First lien senior secured loan 9.04 % ( 2.88 % PIK)
SOFR (Q) 5.38 % 07/2025 07/2032 63.4   63.2   62.8   (2)(9)
66.4   65.9  
Two Six Labs, LLC (13) Provider of information operations, cyber, and data analytics products and services for government and defense contracts First lien senior secured loan 9.70 % SOFR (Q) 6.00 % 10/2023 08/2027 8.4   8.4   8.4   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 5.25 % 04/2024 08/2027 26.1   26.1   26.1   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 5.25 % 10/2025 08/2027 5.2   5.2   5.2   (2)(9)
39.7   39.7  
Werner Finco LP Provider of safety access and secure storage products across access equipment, ladders, and truck & van solutions. First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 06/2025 06/2031 109.5   109.5   109.5   (2)(9)
Zenith AcquisitionCo, LLC (13) Provider of precision aerospace and defense component companies First lien senior secured loan 8.15 % SOFR (Q) 4.50 % 01/2026 01/2033 67.0   67.0   66.3   (2)(9)

1,519.9   1,576.4   11.21 %
Consumer Distribution and Retail
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. Manufacturer and distributor of specialty bakery ingredients First lien senior secured loan 8.28 % SOFR (M) 4.50 % 07/2023 09/2028 17.2   16.9   12.1   (2)(9)(16)
First lien senior secured loan 7.78 % SOFR (M) 4.00 % 03/2026 09/2028 3.7   2.6   2.6   (2)(16)
Second lien senior secured loan 10.78 % SOFR (M) 7.00 % 09/2021 09/2029 29.5   29.5   21.3   (2)(9)
Class A preferred units 8.00 % PIK
09/2021 08/2051 5,484 7.9   7.2   (2)
Series A preferred shares 11.00 % PIK
09/2021 08/2051 21,921 36.3   25.4   (2)
93.2   68.6  
Bamboo Purchaser, Inc. (13) Provider of nursery, garden, and greenhouse products First lien senior secured loan 11/2025 12/2029 21.2   8.2   3.9   (2)(8)

See accompanying notes to consolidated financial statements.
51

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
BGI Purchaser, Inc. (13) Developer and manufacturer of customized natural and clean flavorings for the food & beverage end market First lien senior secured revolving loan 7.42 % SOFR (Q) 3.75 % 05/2024 05/2030 10.5   10.5   10.5   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2024 05/2031 10.5   10.5   10.5   (2)(9)
21.0   21.0  
Blazing Star Parent, LLC Healthcare, pharmacy and retail provider First lien senior secured loan 10.67 % SOFR (Q) 7.00 % 08/2025 08/2030 99.5   99.5   99.5   (2)(9)
BR PJK Produce, LLC Specialty produce distributor First lien senior secured loan 10.06 % SOFR (Q) 6.25 % 12/2023 11/2027 4.0   4.0   4.0   (2)(9)
First lien senior secured loan 10.06 % SOFR (Q) 6.25 % 09/2024 11/2027 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 10.05 % SOFR (Q) 6.25 % 01/2026 12/2027 0.6   0.6   0.6   (2)(9)
5.3   5.3  
Carrera Bidco Limited Fuel and convenience retailer Senior subordinated loan 7.75 % Euribor (S) 5.25 % 11/2025 11/2032 134.7   135.4   132.0   (2)(6)
City Line Distributors LLC and City Line Investments LLC (13) Specialty food distributor First lien senior secured loan 9.93 % SOFR (Q) 6.00 % 08/2023 08/2028 4.3   4.3   4.3   (2)(9)
Class A units 8.00 % PIK
08/2023 4,172,852 5.1   4.1   (2)
9.4   8.4  
DecoPac, Inc. and KCAKE Holdings Inc. (13) Supplier of cake decorating solutions and products to in-store bakeries First lien senior secured revolving loan 8.66 % SOFR (Q) 5.00 % 05/2021 05/2030 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 09/2024 05/2030 169.6   169.6   169.6   (2)(9)
Common stock 05/2021 9,599 7.4   16.6   (2)
182.6   191.8  
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (13) Provider of visual communications solutions First lien senior secured loan 9.02 % SOFR (M) 5.25 % 03/2019 03/2028 15.1   15.1   15.1   (2)(9)
First lien senior secured loan 9.02 % SOFR (M) 5.25 % 08/2019 03/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.02 % SOFR (M) 5.25 % 06/2021 03/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.02 % SOFR (M) 5.25 % 01/2024 03/2028 7.9   7.9   7.9   (2)(9)
First lien senior secured loan 9.02 % SOFR (M) 5.25 % 11/2025 03/2028 15.2   15.2   15.2   (2)(9)
Common units 03/2019 600 0.6   1.2   (2)
39.0   39.6  
FS Squared Holding Corp. and FS Squared, LLC (13) Provider of on-site vending and micro market solutions First lien senior secured revolving loan 12/2024 12/2030 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 12/2024 12/2030 14.1   14.1   14.1   (2)(9)
14.1   14.1  
GMF Parent, Inc. and GMF Group Holdings, LP (13) Distributor of Mediterranean food and beverages First lien senior secured revolving loan 8.19 % SOFR (Q) 4.50 % 12/2025 12/2032 0.3   0.3   0.3   (2)(9)
First lien senior secured loan 8.19 % SOFR (Q) 4.50 % 12/2025 12/2032 40.5   40.5   40.1   (2)(9)
Class A2 units 12/2025 7,003 7.0   7.0   (2)
47.8   47.4  
GPM Investments, LLC and ARKO Corp. Convenience store operator Common stock 12/2020 2,088,478 19.8   11.6   (16)

See accompanying notes to consolidated financial statements.
52

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (13) Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures First lien senior secured revolving loan 7.69 % SOFR (Q) 4.00 % 11/2023 11/2029 4.3   4.3   4.3   (2)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.50 % 11/2023 11/2029 5.2   5.2   5.2   (2)(9)
First lien senior secured loan 9.15 % SOFR (Q) 5.50 % 12/2025 11/2029 3.3   3.3   3.3   (2)(9)
Limited partnership interest 11/2023 5,441,000 5.9   8.2   (2)
18.7   21.0  
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (13)(14) Distributor of specialty foods First lien senior secured loan 10.32 % SOFR (Q) 6.50 % 10/2022 10/2028 39.0   39.0   38.7   (2)(9)
Limited partnership interests 10/2022 9,683,991 9.7   7.3   (2)
48.7   46.0  
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC Distributor of OEM appliance aftermarket parts First lien senior secured loan 7.56 % SOFR (Q) 3.75 % 06/2021 06/2028 0.4   0.4   0.3   (2)(9)
First lien senior secured loan 7.56 % SOFR (Q) 3.75 % 12/2021 06/2028 0.2   0.2   0.2   (2)(9)
Class A common units 06/2021 5,796 6.1   —   (2)
6.7   0.5  
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP (13) Auto parts retailer First lien senior secured revolving loan 7.17 % SOFR (M) 3.50 % 05/2021 05/2028 16.9   16.9   16.9   (2)(12)
Series A preferred stock 7.00 % PIK
05/2021 68,601 96.4   102.5   (2)
Class A-1 units 05/2021 24,586 24.6   53.5   (2)
137.9   172.9  
Midco Holding, LLC and Nivel Topco, LLC (4)(13) Manufacturer of aftermarket golf cart parts and accessories First lien senior secured loan 11.14 % ( 5.00 % PIK)
SOFR (Q) 7.50 % 11/2025 11/2029 10.8   10.8   10.8   (2)(9)
Preferred units 11/2025 6,943,696 2.7   2.3   (2)
Class A units 11/2025 5,341,305 —   —   (2)
13.5   13.1  
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   10.8  
Mountaineer Merger Corporation (13) Discount retailer that specialized in apparel, housewares, accessories, and a selection of other products First lien senior secured revolving loan 8.66 % SOFR (Q) 5.00 % 10/2024 10/2027 7.2   7.1   6.9   (2)

See accompanying notes to consolidated financial statements.
53

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (13) Produce distribution platform First lien senior secured revolving loan 9.52 % SOFR (Q) 5.75 % 05/2023 05/2031 1.6   1.6   1.6   (2)(9)(12)
First lien senior secured loan 9.52 % SOFR (Q) 5.75 % 05/2023 05/2031 10.3   10.3   10.3   (2)(9)
First lien senior secured loan 9.52 % SOFR (Q) 5.75 % 06/2025 05/2031 2.4   2.4   2.4   (2)(9)
Class B limited liability company interest 05/2023 3.64 % 9.6   7.9   (2)
23.9   22.2  
Project Cardinal Acquisition, LLC (13) Provider of outsourced foodservice to K-12 school districts First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 10/2025 10/2032 18.8   18.8   18.6   (2)(9)
Quirch Foods Holdings, LLC (13) Specialty food distributor First lien senior secured loan 10.20 % SOFR (Q) 6.50 % 11/2025 11/2030 114.7   114.7   113.6   (2)(9)
Reddy Ice LLC (13) Packaged ice manufacturer and distributor First lien senior secured revolving loan 11.00 % Base Rate (Q) 4.25 % 04/2024 04/2029 5.8   5.8   5.8   (2)(9)(12)
First lien senior secured revolving loan 8.91 % SOFR (Q) 5.25 % 04/2024 04/2029 9.7   9.7   9.7   (2)(9)(12)
First lien senior secured revolving loan 11.25 % Base Rate (Q) 4.50 % 04/2024 04/2029 2.9   2.9   2.9   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 04/2024 04/2029 125.6   125.6   125.6   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 07/2025 04/2029 183.6   183.6   183.6   (2)(9)
327.6   327.6  
Royal Borrower, LLC and Royal Parent, LP (13) Distributor of fresh produce and dairy products First lien senior secured revolving loan 07/2024 07/2030 —   —   —   (2)(11)
First lien senior secured loan 9.43 % SOFR (M) 5.75 % 07/2024 07/2030 25.2   25.2   25.2   (2)(9)
Class A preferred units 10.00 % PIK
07/2024 2,255,000 2.7   2.3  
27.9   27.5  
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 9.17 % SOFR (M) 5.50 % 06/2021 07/2030 31.0   31.0   31.0   (2)(9)
First lien senior secured loan 9.17 % SOFR (M) 5.50 % 06/2022 07/2030 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 9.17 % SOFR (M) 5.50 % 03/2023 07/2030 6.0   6.0   6.0   (2)(9)
First lien senior secured loan 9.17 % SOFR (M) 5.50 % 05/2024 07/2030 12.6   12.6   12.6   (2)(9)
First lien senior secured loan 9.17 % SOFR (M) 5.50 % 08/2024 07/2030 5.4   5.4   5.4   (2)(9)
Common stock 06/2021 75,990 7.6   17.5   (2)
63.1   73.0  
VRS Buyer, Inc. (13) Provider of on-site mobile and rail re-fueling solutions First lien senior secured loan 7.17 % SOFR (M) 3.50 % 10/2025 10/2032 50.3   50.3   50.3   (2)
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (13)(14) Fresh and specialty food distributor First lien senior secured revolving loan 10.39 % SOFR (Q) 6.75 % 02/2023 01/2029 0.3   0.3   0.2   (2)(9)(12)
First lien senior secured loan 10.42 % SOFR (Q) 6.75 % 02/2023 01/2029 8.5   8.5   7.4   (2)(9)
Common units 01/2023 1,673,000 1.7   —  

See accompanying notes to consolidated financial statements.
54

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
10.5   7.6  

1,581.0   1,554.8   11.05 %
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5) Investment company Common stock 01/2017 589 0.4   0.4   (6)
Constellation Wealth Capital Fund, L.P. (14) Specialist alternative asset management platform Limited partner interests 01/2024 4,665,197 4.3   4.6   (6)(16)
CREST Exeter Street Solar 2004-1 Investment vehicle Preferred shares 01/2017 06/2039 3,500,000 —   —   (6)
CWC Fund I Co-Invest (ALTI) LP Global wealth and alternatives manager Limited partnership interest 03/2024 6,224,000 6.3   7.6   (2)(6)
European Capital UK SME Debt LP (4) Investment partnership Limited partnership interest 01/2017 44.73 % —   0.2   (6)
HCI Equity, LLC (5) Investment company Member interest 04/2010 100.00 % —   —   (6)(16)
Linden Structured Capital Fund II-A LP (14) Investment partnership Limited partnership interest 07/2024 1,828,249 1.3   2.2   (2)(6)(16)
Partnership Capital Growth Investors III, L.P. (4) Investment partnership Limited partnership interest 10/2011 11.50 % 0.7   2.3   (2)(6)(16)
PCG-Ares Sidecar Investment, L.P. (4) Investment partnership Limited partnership interest 05/2014 99.80 % 4.5   0.5   (6)(16)
PCG-TAC-CV, LP (5) Investment partnership Limited partnership interest 01/2025 99.80 % —   6.8   (2)(6)(16)
Piper Jaffray Merchant Banking Fund I, L.P. Investment partnership Limited partnership interest 08/2012 2.02 % 0.1   0.6   (6)(16)
Senior Direct Lending Program, LLC (5)(15) Co-investment vehicle Subordinated certificates 11.68 % SOFR (Q) 8.00 % 07/2016 12/2036 1,159.3   1,145.6   1,159.3   (6)(10)
Membership interest 87.5 % —   —   (6)
1,145.6   1,159.3  

1,163.2   1,184.5   8.42 %
Sports, Media and Entertainment
22 HoldCo Limited Sports and entertainment platform Senior subordinated loan 11.55 % PIK
SONIA (S) 7.50 % 08/2023 08/2033 72.0   69.6   72.0   (2)(6)(9)
3 Step Sports LLC (13) Provider of integrated youth sports solutions First lien senior secured revolving loan 10.17 % SOFR (M) 6.50 % 10/2023 10/2028 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 10.20 % SOFR (Q) 6.50 % 10/2023 10/2029 12.7   12.7   12.7   (2)(9)
First lien senior secured loan 10.19 % SOFR (Q) 6.50 % 12/2025 10/2029 2.9   2.9   2.9   (2)(9)
16.2   16.2  
Aventine Intermediate LLC & Aventine Holdings II LLC Media and production company First lien senior secured loan 9.80 % ( 3.50 % PIK)
SOFR (Q) 6.00 % 12/2021 06/2029 6.2   6.2   5.7   (2)(9)
Second lien senior secured loan 5.13 % PIK
12/2021 12/2030 53.1   53.1   40.9   (2)
59.3   46.6  
Axiomatic, LLC Premiere e-sports and video game investment platform Class A-1 units 05/2022 500,000 4.7   5.9  

See accompanying notes to consolidated financial statements.
55

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC The estate and entity that owns the music copyright of the artist XXXTentacion First lien senior secured loan 9.10 % SOFR (S) 5.50 % 06/2025 06/2032 20.4   20.4   20.4   (2)(9)
CFC Funding LLC SME-related SPV Loan instrument units 9.75 % PIK
07/2023 16,680 21.2   21.2   (6)
CMW Parent LLC (fka Black Arrow, Inc.) Multiplatform media firm Series A units 09/2015 32 —   —  
Create Music Holdings, LLC (13) Music rights management company Second lien senior secured loan 9.67 % SOFR (Q) 6.00 % 02/2026 02/2033 29.0   29.0   28.5   (2)(9)
Class A common stock 02/2026 642,138 7.1   7.1  
36.1   35.6  
Dundee Eros, LP Catalog of premier music intellectual property Limited partnership interest 11/2024 4,803,441 4.8   5.2   (2)
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited (13) Multi-club sports platform Senior subordinated loan 20.00 % PIK
12/2022 12/2028 1.4   1.4   1.4   (2)(6)
Senior subordinated loan 20.00 % PIK
10/2025 12/2026 1.8   1.6   1.5   (2)(6)
Senior subordinated loan 12/2022 12/2028 60.7   58.1   10.2   (2)(6)(8)
Senior subordinated loan 07/2025 01/2027 7.9   6.7   1.3   (2)(6)(8)
Ordinary shares 09/2023 494 4.4   —   (2)(6)
Warrant to purchase shares of ordinary shares 12/2022 11/2028 180 —   —   (2)(6)
Warrant to purchase shares of ordinary shares 12/2022 11/2028 199 —   —   (2)(6)
72.2   14.4  
FEH Group, LLC Professional sports team and entertainment complex Class A common interest 12/2024 26 180.5   266.5  
Class A common interest 12/2024 26 5.3   7.8  
Class A common interest 12/2024 26 1.3   1.9  
187.1   276.2  
Fever Labs, Inc. (13) Technology led marketing and ticketing platform for live events First lien senior secured revolving loan 11.00 % 05/2024 11/2028 1.8   1.8   1.8   (2)
First lien senior secured revolving loan 11.00 % 08/2024 11/2028 11.6   11.6   11.6   (2)
First lien senior secured loan 11.00 % 05/2024 11/2028 16.9   16.2   16.9   (2)
First lien senior secured loan 10.50 % 12/2025 11/2028 1.9   1.9   1.9   (2)
Series B redeemable preferred stock 13.50 % PIK
06/2025 8,824 9.8   9.8   (2)
Series E-5 convertible shares 08/2024 217,907 0.9   1.1   (2)
Warrant to purchase shares of common stock 06/2025 06/2035 177,076 —   —   (2)
42.2   43.1  
Global Music Rights, LLC (13) Music right management company First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 12/2024 12/2031 72.0   72.0   72.0   (2)(9)

See accompanying notes to consolidated financial statements.
56

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
GSM Rights Fund II LP (14) Private investment firm specializing in music rights and IP assets Class B interest 03/2025 03/2031 5,000,758 5.0   5.1   (6)
League One Volleyball Clubs, LLC and League One Volleyball, Inc. Operator of youth volleyball clubs Series B preferred stock 07/2023 194 —   —   (2)
Series C preferred stock 09/2024 67 —   —   (2)
Warrant to purchase shares of common stock 01/2025 01/2030 8 —   —   (2)
—   —  
Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. (13) Hospitality platform provider of premium experiential services First lien senior secured revolving loan 8.67 % SOFR (M) 5.00 % 08/2024 08/2030 5.8   5.8   5.7   (2)(9)(12)
First lien senior secured loan 8.66 % SOFR (Q) 5.00 % 08/2024 08/2031 3.3   3.3   3.3   (2)(9)
First lien senior secured loan 9.17 % ( 2.75 % PIK)
SOFR (M) 5.50 % 08/2024 08/2031 58.4   58.4   57.8   (2)(9)
Limited partnership interest 02/2025 6,555,000 6.7   7.6   (2)
74.2   74.4  
LiveBarn Inc., LiveBarn US, LLC, LiveBarn Canada I, ULC, and Royal Topco Holdings, LLC (13) Provider of Live & On Demand broadcasting of amateur and youth sporting events First lien senior secured loan 8.19 % SOFR (Q) 4.50 % 03/2026 03/2033 9.5   9.5   9.5   (2)(6)(9)
Class A units 8.00 % PIK
03/2026 4,867 4.9   4.9   (2)(6)
Vested Class B units 03/2026 4,867,000 —   —   (2)(6)
14.4   14.4  
Mari Events Midco LLC and AE EventsCo Holdings LLC (13) Sports and entertainment company First lien senior secured loan 7.70 % SOFR (Q) 4.00 % 10/2025 10/2032 5.3   5.3   5.2   (2)(9)
Class A-1 units 10/2025 449 4.5   4.7  
Class A-2 units 10/2025 628 6.3   6.6   (2)
Class A-3 units 10/2025 293 2.9   3.1   (2)
19.0   19.6  
Mari Miami II LLC and South Florida Tennis, LLC Professional sporting event First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 10/2025 10/2032 5.8   5.8   5.8   (2)(9)
Class A common interests 10/2025 26 2.3   7.6  
8.1   13.4  
Miami Beckham United LLC American professional soccer club Class A preferred units 9.50 % PIK
09/2021 85,000 127.9   127.9  
Class B preferred units 9.50 % PIK
06/2023 42,500 55.0   55.0  
182.9   182.9  
Production Resource Group, L.L.C. and PRG III, LLC (4) Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets First lien senior secured loan 11.30 % PIK
SOFR (Q) 7.50 % 07/2020 10/2030 67.0   66.8   67.0   (2)(9)
First lien senior secured loan 11.32 % PIK
SOFR (Q) 7.50 % 10/2025 10/2030 2.7   2.7   2.7   (2)(9)
First lien senior secured loan 11.32 % PIK
SOFR (Q) 7.50 % 01/2026 10/2030 2.6   2.5   2.5   (2)(9)

See accompanying notes to consolidated financial statements.
57

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Membership interest 10/2025 151,988 13.6   6.3   (2)
85.6   78.5  
Professional Fighters League, LLC and PFL MMA, Inc. Mixed martial arts league First lien senior secured loan 14.00 % PIK
01/2021 01/2029 13.3   13.3   13.3   (2)
Senior subordinated loan 8.00 % PIK
11/2022 01/2036 0.3   0.2   0.2   (2)
Warrant to purchase common units 01/2026 01/2036 86 —   —   (2)
13.5   13.5  
Propagate Content LLC (14) Developer, producer and distributor of programming content and artist and talent management company Preferred equity 8.00 % PIK
10/2025 3 3.6   3.6  
Sandlot Action Sports, LLC Youth sports platform Common units 05/2024 3,384 —   —  
Shout! Factory, LLC (13) Multi-platform media company specialized in film and TV distribution, development and production First lien senior secured revolving loan 8.92 % SOFR (Q) 5.25 % 07/2025 06/2031 0.9   0.9   0.8   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 5.25 % 07/2025 06/2031 18.1   18.1   17.7   (2)(9)
19.0   18.5  
South Florida Motorsports, LLC Professional sporting event Class A common interest 12/2024 26 5.5   25.5  
The Teaching Company Holdings, Inc. Education publications provider Preferred stock 09/2006 10,663 1.1   1.2   (2)
Common stock 09/2006 15,393 —   —   (2)
1.1   1.2  
WRE Sports Investments LLC Professional sports club First lien senior secured loan 11.00 % ( 5.50 % PIK)
07/2024 07/2031 29.0   29.0   29.0   (2)

1,066.7   1,108.4   7.88 %
Pharmaceuticals, Biotechnology and Life Sciences
Abzena Holdings, Inc. and Astro Group Holdings Ltd. Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries A ordinary shares 05/2021 2,476,744 5.7   2.2   (2)(6)
Alcami Corporation and ACM Note Holdings, LLC (13) Outsourced drug development services provider First lien senior secured revolving loan 10.78 % SOFR (M) 7.00 % 12/2022 12/2028 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 10.82 % SOFR (Q) 7.00 % 12/2022 12/2028 9.9   9.9   9.9   (2)(9)
Senior subordinated loan 12.00 % PIK
12/2022 06/2029 26.0   26.0   26.0   (2)
36.5   36.5  
Artemis BidCo 2 LLC (13) Developer and manufacturer of in vitro diagnostic immunoassays First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 10/2025 10/2031 38.1   38.0   37.7   (2)(9)
Bamboo US BidCo LLC (13) Biopharmaceutical company First lien senior secured revolving loan 09/2023 10/2029 —   —   —   (2)(11)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 09/2023 09/2030 34.0   34.0   34.0   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 11/2024 09/2030 7.4   7.4   7.4   (2)(9)

See accompanying notes to consolidated financial statements.
58

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
41.4   41.4  
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (13) Provider of biological products to life science and pharmaceutical companies First lien senior secured revolving loan 9.42 % SOFR (Q) 5.75 % 10/2021 10/2027 5.4   5.4   4.9   (2)(9)
First lien senior secured loan 9.42 % SOFR (Q) 5.75 % 10/2021 10/2028 30.7   30.7   28.0   (2)(9)
First lien senior secured loan 9.42 % SOFR (Q) 5.75 % 06/2023 10/2028 11.3   11.3   10.3   (2)(9)
First lien senior secured loan 9.42 % SOFR (Q) 5.75 % 08/2024 10/2028 6.8   6.8   6.2   (2)(9)
Series A preferred shares 13.75 % PIK
10/2021 60,236 111.6   104.9   (2)
Preferred units 10/2021 10/2051 3,020 4.3   0.2   (2)
Class A common units 10/2021 30,500 —   —   (2)
170.1   154.5  
CoreRx, Inc. Small molecule contract development and manufacturing provider First lien senior secured loan 10.95 % SOFR (Q) 7.25 % 12/2025 12/2030 9.9   9.9   9.7   (2)(9)
Creek Parent, Inc. and Creek Feeder, L.P. (13) Provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products First lien senior secured revolving loan 12/2024 12/2031 —   —   —   (2)(11)
First lien senior secured loan 8.67 % SOFR (M) 5.00 % 12/2024 12/2031 206.6   206.6   206.6   (2)(9)
Limited partnership interest 12/2024 6,891,000 6.9   9.7   (2)
213.5   216.3  
Gula Buyer Inc. and Gula Co-Invest II, L.P. Distributor and manufacturer of veterinarian-grade pet prescription medications and health products First lien senior secured loan 8.18 % SOFR (M) 4.50 % 10/2024 10/2031 33.3   33.3   33.3   (2)(9)
Common units 03/2025 434 0.5   0.6   (2)
33.8   33.9  
Moderna, Inc. (13) Biotechnology company First lien senior secured loan 9.20 % SOFR (Q) 5.50 % 11/2025 11/2030 115.6   115.6   114.5   (2)(6)(9)
NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P. (13) Contract research organization providing research and development and testing of medical devices First lien senior secured loan 8.38 % SOFR (Q) 4.75 % 03/2026 03/2033 91.3   91.0   90.3   (2)(9)
Senior subordinated loan 11.00 % PIK
03/2023 03/2027 1.9   1.9   1.9   (2)
Class A preferred units 8.00 % PIK
09/2020 13,528 20.9   32.4   (2)
113.8   124.6  
NMC Skincare Intermediate Holdings II, LLC (13) Developer, manufacturer and marketer of skincare products First lien senior secured revolving loan 10.31 % SOFR (Q) 6.50 % 10/2018 10/2028 4.7   4.7   4.5   (2)(9)
First lien senior secured revolving loan 10.32 % SOFR (Q) 6.50 % 05/2022 10/2028 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 10.30 % ( 1.50 % PIK)
SOFR (Q) 6.50 % 10/2018 10/2028 28.9   28.9   27.5   (2)(9)
First lien senior secured loan 10.30 % ( 1.50 % PIK)
SOFR (Q) 6.50 % 05/2022 10/2028 4.3   4.3   4.0   (2)(9)
38.1   36.2  

See accompanying notes to consolidated financial statements.
59

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Verista, Inc. (13) Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector First lien senior secured revolving loan 9.79 % SOFR (M) 6.00 % 05/2022 02/2027 1.1   1.0   0.9   (2)(9)
First lien senior secured loan 10.79 % ( 1.00 % PIK)
SOFR (M) 7.00 % 05/2022 02/2027 0.8   0.8   0.6   (2)(9)
1.8   1.5  
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. Manufacturer of monoclonal antibodies Limited partnership interest 11/2023 1,529,000 1.5   1.3   (2)

819.7   810.3   5.76 %
Materials
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC (5)(13) Producer and filler of aluminum beverage cans First lien senior secured loan 9.29 % PIK
SOFR (Q) 5.50 % 02/2025 02/2030 16.3   16.3   16.3   (2)(9)
First lien senior secured loan 9.28 % PIK
SOFR (Q) 5.50 % 11/2025 02/2030 2.3   2.3   2.3   (2)(9)
Common units 02/2025 268,223 17.6   6.5   (2)
36.2   25.1  
AP Adhesives Holdings, LLC (13) Distributor of industrial adhesives and equipment First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 04/2025 04/2032 32.2   32.2   31.8   (2)(9)
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP (13) Manufacturer and supplier of printed packaging and trimmings First lien senior secured revolving loan 9.78 % SOFR (M) 6.00 % 12/2021 12/2027 5.8   5.8   5.7   (2)(9)
First lien senior secured loan 9.93 % SOFR (Q) 6.00 % 12/2021 12/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 10/2024 12/2027 3.3   3.3   3.2   (2)(9)
Class A units 12/2021 201,557 20.2   18.2   (2)
29.4   27.2  
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP (13) A privately held, global specialty chemical company that provides process and water treatment chemistry for various industries First lien senior secured revolving loan 06/2025 07/2032 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 06/2025 07/2032 6.5   6.5   6.5   (2)(9)
Limited partnership interest 06/2025 1,968,000 2.0   2.3   (2)
8.5   8.8  
Halex Holdings, Inc. (5) Manufacturer of flooring installation products Common stock 01/2017 51,853 —   —  
Meyer Laboratory, LLC and Meyer Parent, LLC (13) Provider of industrial and institutional cleaning chemicals and application systems First lien senior secured revolving loan 10.45 % ( 3.75 % PIK)
SOFR (Q) 6.75 % 02/2024 02/2030 0.6   0.6   0.5   (2)(9)
First lien senior secured loan 10.45 % ( 3.75 % PIK)
SOFR (Q) 6.75 % 02/2024 02/2030 32.3   32.3   30.7   (2)(9)
Common units 02/2024 440,000 0.4   0.3  
33.3   31.5  
MP Midco Holdings, LLC and MP Topco Holdings, LLC Food contract manufacturer First lien senior secured loan 10.17 % SOFR (M) 6.50 % 03/2025 03/2030 8.9   8.9   8.9   (2)(9)(16)
Common units 03/2025 639,359 4.8   12.7   (2)(16)

See accompanying notes to consolidated financial statements.
60

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
13.7   21.6  
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP (13)(14) Manufacturing and packaging company for major brands First lien senior secured revolving loan 7.45 % SOFR (Q) 3.75 % 03/2025 03/2031 4.8   4.8   4.8   (2)(9)(12)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 03/2025 03/2031 31.8   31.8   31.8   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 12/2025 03/2031 1.0   1.0   1.0   (2)(9)
Limited partnership interest 03/2025 852,666 0.9   0.8   (2)
38.5   38.4  
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (13) Manufacturer of thermoformed packaging for medical devices First lien senior secured revolving loan 9.18 % SOFR (M) 5.50 % 03/2024 03/2031 0.7   0.7   0.7   (2)(6)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.50 % 03/2024 03/2031 20.3   20.3   20.1   (2)(6)(9)
First lien senior secured loan 7.63 % Euribor (Q) 5.50 % 03/2024 03/2031 35.3   33.1   35.0   (2)(6)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.50 % 11/2025 03/2031 3.3   3.3   3.3   (2)(6)(9)
Class A units 07/2019 6,762,668 6.8   8.4   (2)(6)
64.2   67.5  
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C. Developer and manufacturer of absorbent pads for food products First lien senior secured loan 12.02 % ( 1.00 % PIK)
SOFR (M) 8.25 % 12/2020 12/2026 22.4   22.4   22.4   (2)(9)
First lien senior secured loan 12.02 % ( 1.00 % PIK)
SOFR (M) 8.25 % 12/2022 12/2026 0.3   0.3   0.3   (2)(9)
Class A preferred units 12/2020 4,772 4.6   3.8   (2)
Class C units 12/2020 4,772 —   —   (2)
27.3   26.5  
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC (13) Manufacturer of specialized acrylic and polycarbonate sheets First lien senior secured revolving loan 10.65 % SOFR (Q) 7.00 % 05/2025 02/2030 4.6   4.6   4.3   (2)(9)(12)
First lien senior secured loan 11.64 % ( 4.00 % PIK)
SOFR (Q) 8.00 % 05/2025 05/2030 266.2   266.1   252.8   (2)(9)
Preferred units 10/2023 841 0.1   0.1   (2)
Preferred units 05/2025 26,025 0.4   0.5   (2)
Co-invest units 12/2018 5,969 0.6   —   (2)
271.8   257.7  
PLZ Corp. Manufacturer of specialty aerosol and liquid products Second lien senior secured loan 14.25 % ( 7.25 % PIK)
03/2026 03/2033 75.0   75.0   72.7   (2)
Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation (13) Manufacturer of diversified packaging solutions and plastic injection molded products First lien senior secured revolving loan 8.42 % SOFR (Q) 4.75 % 07/2025 08/2032 1.2   1.2   1.2   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 08/2032 24.8   24.8   24.5   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 08/2032 7.8   7.8   7.7   (2)(6)(9)
33.8   33.4  
Reagent Chemical & Research, LLC (13) Supplier of liquid hydrochloric acid First lien senior secured revolving loan 04/2024 04/2030 —   —   —   (2)(11)
First lien senior secured loan 8.92 % SOFR (M) 5.25 % 04/2024 04/2031 10.8   10.7   10.8   (2)(9)
First lien senior secured loan 8.92 % SOFR (M) 5.25 % 10/2025 04/2031 11.8   11.8   11.8   (2)(9)

See accompanying notes to consolidated financial statements.
61

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
22.5   22.6  
SCI PH Parent, Inc. Industrial container manufacturer, reconditioner and servicer Series B shares 08/2018 11 1.1   1.6   (2)
Sterilex LLC (13) Provider of enhanced sanitation technologies and solutions within the food supply chain First lien senior secured loan 8.94 % SOFR (Q) 5.25 % 09/2025 09/2030 5.3   5.3   5.3   (2)(9)

692.8   671.7   4.78 %
Consumer Durables and Apparel
Bowhunter Holdings, LLC Provider of branded archery and bowhunting accessories Common units 04/2014 421 4.2   —  
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. (4) Designer, marketer and distributor of licensed and owned apparel First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 02/2024 08/2029 28.4   26.6   28.4   (2)(9)
Senior subordinated loan 11.67 % PIK
SOFR (Q) 8.00 % 02/2024 02/2031 31.0   29.5   31.1   (2)(9)
Senior subordinated loan 10.17 % SOFR (Q) 6.50 % 02/2024 02/2031 18.6   17.3   18.6   (2)(9)
Class A limited partnership interests 02/2024 6.27 % 2.9   9.5   (2)
76.3   87.6  
DRS Holdings III, Inc. and DRS Holdings I, Inc. (13) Footwear and orthopedic foot-care brand First lien senior secured loan 8.92 % SOFR (M) 5.25 % 03/2025 11/2028 59.1   59.1   59.1   (2)(9)
Common stock 11/2019 8,549 8.5   9.3   (2)
67.6   68.4  
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. (13) Designer and manufacturer of consumer fashion accessories First lien senior secured revolving loan 8.93 % SOFR (M) 5.00 % 08/2025 08/2030 3.6   3.6   3.6   (2)(6)(9)
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC (5)(13) Provider of footwear and other accessories First lien senior secured loan 9.70 % ( 4.00 % PIK)
SOFR (Q) 6.00 % 06/2025 10/2028 14.3   14.3   14.3   (2)(9)
First lien senior secured loan 9.70 % PIK
SOFR (Q) 6.00 % 07/2025 10/2028 30.0   30.0   30.0   (2)(9)
Common units 07/2025 28,049,368 41.9   33.1   (2)
86.2   77.4  
Johnnie-O Inc. and Johnnie-O Holdings Inc. Apparel retailer First lien senior secured loan 9.31 % SOFR (Q) 5.50 % 03/2022 03/2027 17.5   17.4   17.5   (2)(9)
Series A convertible preferred stock 03/2022 144,210 4.2   6.4   (2)
Warrant to purchase shares of common stock 03/2022 03/2032 93,577 1.5   4.2   (2)
23.1   28.1  
Lew's Intermediate Holdings, LLC Outdoor brand holding company First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 02/2021 02/2028 0.9   0.9   0.9   (2)(9)
Pelican Products, Inc. Flashlights manufacturer First lien senior secured revolving loan 7.85 % SOFR (Q) 4.00 % 12/2021 09/2028 2.3   2.3   2.0   (2)(9)
Second lien senior secured loan 11.71 % SOFR (Q) 7.75 % 12/2021 12/2029 60.0   60.0   54.0   (2)(9)
62.3   56.0  
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. (13)(14) Sports equipment manufacturing company First lien senior secured revolving loan 7.52 % SOFR (M) 3.75 % 11/2024 11/2029 8.3   8.3   8.3   (2)(9)

See accompanying notes to consolidated financial statements.
62

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 8.60 % SOFR (Q) 4.75 % 12/2020 11/2030 32.8   32.8   32.8   (2)(9)
First lien senior secured loan 8.60 % SOFR (Q) 4.75 % 11/2021 11/2030 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.60 % SOFR (Q) 4.75 % 02/2024 11/2030 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.60 % SOFR (Q) 4.75 % 11/2024 11/2030 3.3   3.3   3.3   (2)(9)
Limited partnership interest 06/2024 11,107,539 11.1   19.6   (2)
61.2   69.7  
Reef Lifestyle, LLC (13) Apparel retailer First lien senior secured revolving loan 10.42 % ( 1.00 % PIK)
SOFR (Q) 6.75 % 10/2018 10/2027 41.3   41.3   41.3   (2)(9)(12)
First lien senior secured revolving loan 10.42 % ( 1.00 % PIK)
SOFR (Q) 6.75 % 07/2020 10/2027 4.9   4.9   4.9   (2)(9)(12)
First lien senior secured loan 10.42 % ( 1.00 % PIK)
SOFR (M) 6.75 % 10/2018 10/2027 19.7   19.7   19.7   (2)(9)
First lien senior secured loan 10.42 % ( 1.00 % PIK)
SOFR (Q) 6.75 % 07/2020 10/2027 4.1   4.1   4.1   (2)(9)
70.0   70.0  
S Toys Holdings LLC (fka The Step2 Company, LLC) (5) Toy manufacturer Common units 04/2011 1,116,879 —   —  
Class B common units 10/2014 126,278,000 —   —  
Warrant to purchase units 04/2010 12/2050 3,157,895 —   —  
—   —  
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC (4)(13) Manufacturer and distributor of slip resistant footwear First lien senior secured loan 10.46 % SOFR (Q) 6.50 % 04/2024 07/2029 1.2   1.2   1.2   (2)(9)
First lien senior secured loan 10.46 % SOFR (M) 6.50 % 06/2024 07/2029 6.5   6.5   6.5   (2)(9)
First lien senior secured loan 10.96 % SOFR (Q) 7.00 % 06/2024 07/2029 3.8   3.8   3.8   (2)(9)
Class A common units 06/2024 8,474 10.5   12.9   (2)
22.0   24.4  
Sport Maska Inc. (13) Manufacturer of hockey equipment and related accessories First lien senior secured revolving loan 8.92 % SOFR (M) 5.25 % 12/2024 12/2030 1.7   1.8   1.8   (2)(6)(9)(12)
First lien senior secured revolving loan 7.52 % CORRA (M) 5.25 % 12/2024 12/2030 0.5   0.6   0.5   (2)(6)(9)(12)
First lien senior secured loan 7.78 % CDOR (M) 5.50 % 12/2024 12/2030 36.0   34.9   36.0   (2)(6)(9)
37.3   38.3  
St Athena Global LLC and St Athena Global Holdings Limited (13) Designer and manufacturer of branded premium-quality tableware First lien senior secured revolving loan 8.92 % SOFR (Q) 5.25 % 06/2024 06/2029 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 8.94 % SOFR (Q) 5.25 % 06/2024 06/2030 29.7   29.7   29.1   (2)(6)(9)
First lien senior secured loan 8.98 % SONIA (M) 5.25 % 06/2024 06/2030 17.8   16.9   17.4   (2)(6)(9)
46.9   46.8  
Team Acquisition Corporation Provider of team uniforms and athletic wear First lien senior secured revolving loan 01/2024 11/2028 5.7   5.6   3.5   (2)(8)(12)
First lien senior secured loan 01/2024 11/2029 34.1   33.7   20.8   (2)(8)
39.3   24.3  

600.9   595.5   4.23 %

See accompanying notes to consolidated financial statements.
63

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
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   226.0  
Class B common units 07/2025 113,136 11.3   19.2  
146.0   245.2  
BNZ TopCo B.V. (13) Developer and operator of solar photovoltaic plants Senior subordinated loan 8.88 % Euribor (Q) 6.75 % 10/2024 10/2030 13.1   11.9   12.9   (2)(6)(9)
Sunrun Luna Holdco 2021, LLC (13) Residential solar energy provider Senior subordinated revolving loan 10.42 % SOFR (Q) 6.75 % 02/2026 02/2030 75.3   75.3   71.5   (2)(6)(9)
Senior subordinated loan 10.41 % SOFR (Q) 6.75 % 03/2022 04/2027 144.7   144.7   137.5   (2)(6)(9)
220.0   209.0  
Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC Residential solar energy provider First lien senior secured loan 3.98 % 06/2019 06/2054 0.2   0.2   0.2   (2)(6)
Senior subordinated loan 10.60 % ( 6.60 % PIK)
SOFR (Q) 6.90 % 06/2019 07/2030 88.1   88.1   87.2   (2)(6)(9)
88.3   87.4  

466.2   554.5   3.94 %
Household and Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (13) Provider of personal care appliances First lien senior secured loan 12.77 % ( 1.25 % PIK)
SOFR (M) 9.00 % 12/2021 12/2027 3.4   3.4   3.3   (2)(9)
Common stock 12/2021 6,149 6.1   2.4   (2)
9.5   5.7  
Foundation Consumer Brands, LLC (13) Pharmaceutical holding company of over the counter brands First lien senior secured loan 8.80 % SOFR (Q) 5.00 % 02/2021 02/2029 30.3   30.1   30.3   (2)(9)
First lien senior secured loan 8.80 % SOFR (Q) 5.00 % 06/2023 02/2029 0.2   0.2   0.2   (2)(9)
30.3   30.5  
LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P. Provider of intimate wellness products First lien senior secured loan 9.45 % SOFR (Q) 5.75 % 11/2022 11/2028 18.0   18.0   18.0   (2)(6)(9)
First lien senior secured loan 9.45 % SOFR (Q) 5.75 % 12/2023 11/2028 9.1   8.7   9.1   (2)(6)(9)
Preferred units 8.00 % PIK
11/2022 3,178 4.1   4.1   (2)(6)
Class B common units 11/2022 32,105 —   1.4   (2)(6)
30.8   32.6  
pH Beauty Holdings III, Inc. (13) Beauty and personal care platform First lien senior secured loan 8.65 % SOFR (Q) 5.00 % 02/2025 09/2027 12.2   12.2   12.2   (2)
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. Manufacturer and supplier of natural fragrance materials and cosmeceuticals First lien senior secured revolving loan 10.77 % SOFR (M) 7.00 % 08/2021 08/2027 3.5   3.5   3.1   (2)(9)
First lien senior secured loan 10.77 % SOFR (M) 7.00 % 08/2021 08/2027 28.0   28.0   25.2   (2)(9)
Limited partner interests 08/2021 2.69 % 5.0   0.9   (2)
36.5   29.2  
RD Holdco Inc. (5) Manufacturer and marketer of carpet cleaning machines Common stock 01/2017 458,596 14.0   —  

See accompanying notes to consolidated financial statements.
64

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Common units 12/2025 206,254 —   —  
Common units 12/2025 350 —   —  
Common units 12/2025 649,880 17.5   23.8  
31.5   23.8  
Silk Holdings III LLC and Silk Holdings I Corp. (13) Producer of personal care products First lien senior secured loan 8.17 % SOFR (M) 4.50 % 05/2023 12/2032 64.1   64.1   63.5   (2)(9)
First lien senior secured loan 8.17 % SOFR (M) 4.50 % 12/2025 12/2032 132.9   132.9   131.6   (2)(9)
Common stock 05/2023 15,786 18.1   41.8   (2)
215.1   236.9  
TCI Buyer LLC and TCI Holdings, LP (13) Contract formulator and manufacturer of beauty and personal care products First lien senior secured loan 8.42 % SOFR (M) 4.75 % 11/2024 11/2030 14.8   14.8   14.8   (2)(9)
Common stock 11/2024 24,010 2.4   2.5   (2)
17.2   17.3  
Walnut Parent, Inc. Manufacturer of natural solution pest and animal control products First lien senior secured loan 10.10 % ( 3.38 % PIK)
SOFR (Q) 6.25 % 11/2020 11/2029 14.4   14.4   13.4   (2)(9)
First lien senior secured loan 9.57 % SOFR (Q) 5.75 % 04/2022 11/2029 0.1   0.1   0.1   (2)(9)
14.5   13.5  
WU Holdco, Inc. (13) Manufacturer and distributor of household cleaning products with focus on specialized surfaces First lien senior secured revolving loan 8.45 % SOFR (Q) 4.75 % 04/2025 04/2032 1.3   1.3   1.3   (2)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 04/2025 04/2032 10.5   10.5   10.5   (2)(9)
11.8   11.8  

409.4   413.5   2.94 %
Automobiles and Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC Provider of replacement wireless keys for automotive market First lien senior secured loan 10.35 % SOFR (Q) 6.50 % 12/2021 08/2026 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 10.35 % SOFR (Q) 6.50 % 12/2022 08/2026 4.2   4.2   3.7   (2)(9)
Preferred units 11/2020 4,113,113 5.1   0.4   (2)
Preferred units 11/2020 1,095,046 1.1   0.1   (2)
Class A common units 11/2020 5,208,159 —   —   (2)
10.5   4.3  
Churchill OpCo Holdings LLC and Victory Topco, LP (13) Operator of collision repair centers First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 11/2023 11/2029 21.8   21.8   21.8   (2)(9)
First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 12/2025 11/2029 2.9   2.9   2.9   (2)(9)
Class A-2 common units 11/2023 20,170 2.0   5.6   (2)
26.7   30.3  
Collision SP Subco, LLC (13) Provider of auto body collision repair services First lien senior secured revolving loan 8.42 % SOFR (Q) 4.75 % 01/2024 01/2030 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.43 % SOFR (Q) 4.75 % 01/2024 01/2030 10.1   10.1   10.1   (2)(9)
First lien senior secured loan 8.46 % SOFR (S) 4.75 % 04/2025 01/2030 0.7   0.7   0.7   (2)(9)
11.0   11.0  

See accompanying notes to consolidated financial statements.
65

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets First lien senior secured loan 01/2021 07/2028 43.5   37.0   23.5   (2)(8)
First lien senior secured loan 12/2021 07/2028 6.5   5.5   3.5   (2)(8)
Class A units 07/2025 52,073 —   —   (2)
42.5   27.0  
Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc. Electric vehicle manufacturer Warrant to purchase shares of Class A common stock 08/2021 08/2027 27,824,527 2.3   —   (2)
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (13) Manufacturer and distributor of automotive fluids Co-invest units 11/2020 59,230 5.9   12.8   (2)
Sun Acquirer Corp. and Sun TopCo, LP (13) Automotive parts and repair services retailer First lien senior secured revolving loan 09/2021 09/2027 —   —   —   (2)(11)
First lien senior secured loan 8.17 % SOFR (M) 4.50 % 09/2021 09/2028 21.9   21.9   21.7   (2)(9)
First lien senior secured loan 8.17 % SOFR (M) 4.50 % 11/2021 09/2028 9.1   9.1   9.0   (2)(9)
First lien senior secured loan 8.17 % SOFR (M) 4.50 % 11/2024 09/2028 38.2   38.2   37.8   (2)(9)
Class A units 09/2021 79,688 8.0   11.2   (2)
77.2   79.7  
Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP (13) Provider of automobile parts and auto repair services First lien senior secured revolving loan 8.38 % SOFR (S) 4.75 % 03/2025 03/2031 0.2   0.2   0.2   (2)(9)
First lien senior secured revolving loan 10.50 % Base Rate (Q) 3.75 % 03/2025 03/2031 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.40 % SOFR (Q) 4.75 % 03/2025 03/2031 3.7   3.7   3.7   (2)(9)
First lien senior secured loan 8.44 % SOFR (S) 4.75 % 07/2025 03/2031 6.2   6.2   6.2   (2)(9)
First lien senior secured loan 8.38 % SOFR (S) 4.75 % 01/2026 03/2031 7.9   7.9   7.9   (2)(9)
Limited partnership interests 03/2025 330,000 0.3   0.4  
18.4   18.5  
Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP (13) Provider of global transportation safety and productivity applications First lien senior secured revolving loan 06/2025 02/2031 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (M) 4.75 % 06/2025 02/2032 144.0   144.0   144.0   (2)(9)
Class A units 09/2025 55,220 5.5   5.2   (2)
149.5   149.2  

344.0   332.8   2.37 %
Energy
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (13) Independent fuel provider in New Zealand First lien senior secured loan 8.51 % BKBM (M) 6.00 % 05/2022 07/2027 27.9   30.5   27.9   (2)(6)(9)
Common units 07/2022 17,616,667 5.1   13.8   (2)(6)
35.6   41.7  

See accompanying notes to consolidated financial statements.
66

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
HighPeak Energy, Inc. Oil and gas exploration and production company First lien senior secured loan 11.35 % SOFR (Q) 7.50 % 09/2023 09/2028 156.7   155.6   156.7   (2)(6)(9)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC Exploration and production company Preferred units 06/2022 41,000 —   0.8  
Phoenix Operating LLC Oil and gas investment company First lien senior secured loan 10.80 % SOFR (Q) 7.00 % 08/2025 10/2028 46.0   43.6   44.4   (2)(9)
First lien senior secured loan 10.80 % SOFR (Q) 7.00 % 10/2025 10/2028 28.0   28.0   28.0   (2)(9)
First lien senior secured loan 10.80 % SOFR (Q) 7.00 % 02/2026 10/2028 33.0   33.0   33.0   (2)(9)
104.6   105.4  
VPROP Operating, LLC and V SandCo, LLC (5) Sand-based proppant producer and distributor to the oil and natural gas industry First lien senior secured loan 03/2017 11/2026 33.3   30.3   5.6   (2)(8)
First lien senior secured loan 13.43 % PIK
SOFR (M) 9.50 % 06/2020 11/2026 7.3   7.3   7.3   (2)(9)
First lien senior secured loan 13.43 % PIK
SOFR (M) 9.50 % 11/2020 11/2026 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 13.43 % PIK
SOFR (M) 9.50 % 12/2024 11/2026 7.6   7.6   7.6   (2)(9)
Class A units 11/2020 347,900 32.8   —   (2)
84.1   26.6  

379.9   331.2   2.35 %
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC Harvester and processor of seafood Class A units 08/2015 77,922 0.1   0.1   (2)
Warrant to purchase units of Class A units 08/2015 08/2035 7,422,078 7.4   8.1   (2)
7.5   8.2  
Badia Spices, LLC (13) Spices & seasonings brand First lien senior secured loan 7.92 % SOFR (Q) 4.25 % 11/2024 11/2030 8.6   8.6   8.6   (2)(9)
Berner Food & Beverage, LLC (13) Supplier of dairy-based food and beverage products First lien senior secured revolving loan 9.82 % SOFR (Q) 6.00 % 07/2021 07/2026 0.8   0.8   0.8   (2)(9)
First lien senior secured revolving loan 11.75 % Base Rate (Q) 5.00 % 07/2021 07/2026 0.3   0.3   0.3   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 12/2024 07/2027 1.4   1.4   1.4   (2)(9)
2.5   2.5  
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4) Health food company Common units 03/2019 14,850 8.4   17.0   (2)
CHG PPC Parent LLC & PPC CHG Blocker LLC Diversified food products manufacturer Common units 12/2021 59 3.0   5.0   (2)
Demakes Enterprises, LLC Value-added protein manufacturer First lien senior secured loan 9.70 % SOFR (Q) 6.00 % 12/2023 12/2029 6.1   6.1   6.1   (2)(9)
Florida Food Products, LLC Provider of plant extracts and juices First lien senior secured loan 9.15 % SOFR (Q) 5.50 % 10/2021 10/2030 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.76 % ( 2.00 % PIK)
SOFR (Q) 5.00 % 10/2021 10/2030 0.4   0.4   0.2   (2)(9)
First lien senior secured loan 9.15 % SOFR (Q) 5.50 % 06/2022 10/2030 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.65 % ( 2.00 % PIK)
SOFR (Q) 5.00 % 06/2022 10/2030 0.4   0.4   0.2   (2)(9)
First lien senior secured loan 8.78 % ( 2.00 % PIK)
SOFR (Q) 5.00 % 10/2025 10/2030 12.6   8.2   8.7   (2)(9)

See accompanying notes to consolidated financial statements.
67

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.15 % SOFR (Q) 5.50 % 10/2025 10/2030 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 10/2025 04/2031 60.5   35.7   36.3   (2)(8)
45.0   45.7  
Forward Keystone Holdings, LP (13) Provider of better-for-you breakfast and snacking brand Senior subordinated loan 15.00 % ( 8.00 % PIK)
03/2025 03/2029 27.5   27.5   27.5   (2)
Common units 03/2025 3,852,000 3.9   4.0   (2)
31.4   31.5  
Gotham Greens Holdings, PBC Producer of vegetables and culinary herbs for restaurants and retailers Second lien senior secured loan 15.00 % PIK
11/2025 02/2029 3.3   3.1   3.0  
Series E-1 preferred stock 06/2022 188,605 16.5   —   (2)
Warrant to purchase shares of Series E-1 preferred stock 06/2022 06/2032 78,216 —   —   (2)
19.6   3.0  
HBH Buyer, LLC (13) Food retailer specializing in fully cooked hams and catering services First lien senior secured loan 8.95 % SOFR (Q) 5.25 % 09/2025 09/2031 23.8   23.8   23.8   (2)(9)
KNPC HoldCo, LLC Producer of trail mix and mixed nut snack products First lien senior secured loan 9.27 % SOFR (Q) 5.50 % 04/2022 10/2029 5.4   5.4   5.4   (2)(9)
First lien senior secured loan 10.52 % SOFR (S) 6.75 % 12/2022 10/2029 1.3   1.3   1.3   (2)(9)
First lien senior secured loan 9.77 % SOFR (S) 6.00 % 11/2023 10/2029 2.7   2.7   2.7   (2)(9)
First lien senior secured loan 9.52 % SOFR (S) 5.75 % 12/2024 10/2029 27.4   27.4   27.4   (2)(9)
36.8   36.8  
Manna Pro Products, LLC and MP Blocker A LLC Manufacturer and supplier of specialty nutrition and care products for animals Common units 10/2025 998 —   —   (2)
Max US Bidco Inc. Manufacturer of premium dry dog food First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 10/2023 10/2030 1.0   0.9   0.8   (2)(16)
Primo Water Holdings Inc and Triton Water Holdings Inc Producer and provider of bottled water brands Senior subordinated loan 6.25 % 03/2021 04/2029 0.1   0.1   0.1   (2)(6)(16)
RB Holdings InterCo, LLC (13) Manufacturer of pet food and treats First lien senior secured revolving loan 8.82 % SOFR (Q) 5.00 % 05/2022 05/2028 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 05/2022 05/2028 11.1   11.1   10.7   (2)(9)
11.9   11.5  
Spindrift Beverage Co., Inc. and SBC Aggregator LP (13)(14) Premium flavored sparkling water brand First lien senior secured revolving loan 8.67 % SOFR (Q) 5.00 % 02/2025 02/2032 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 8.65 % SOFR (Q) 5.00 % 02/2025 02/2032 12.2   12.2   12.2   (2)(9)
Limited partnership units 02/2025 8,739 8.7   11.8   (2)
21.3   24.4  
Sugar PPC Buyer LLC (13) Manufacturer and distributor of food products First lien senior secured loan 8.42 % SOFR (S) 4.75 % 10/2023 10/2031 15.5   15.5   15.5   (2)(9)
First lien senior secured loan 8.35 % SOFR (S) 4.75 % 07/2024 10/2031 1.2   1.2   1.2   (2)(9)
16.7   16.7  
Supplying Demand, Inc. (13) Provider of canned beverages First lien senior secured revolving loan 7.67 % SOFR (Q) 4.00 % 11/2024 11/2027 —   —   —   (2)(9)

See accompanying notes to consolidated financial statements.
68

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Teasdale Foods, Inc. and Familia Group Holdings Inc. Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels First lien senior secured loan 12/2020 03/2029 77.4   76.7   59.6   (2)(8)
Warrant to purchase shares of common stock 02/2019 02/2034 57,827 —   —   (2)
76.7   59.6  
Watermill Express, LLC and Watermill Express Holdings, LLC (13) Owner and operator of self-service water and ice stations First lien senior secured revolving loan 04/2021 04/2031 —   —   —   (2)(11)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 04/2021 04/2031 9.4   9.4   9.4   (2)(9)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 01/2024 04/2031 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 08/2024 04/2031 3.9   3.9   3.9   (2)(9)
First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 04/2025 04/2031 3.7   3.7   3.7   (2)(9)
Class E units 07/2025 45,449 —   —  
22.6   22.6  

342.9   323.9   2.30 %
Transportation
FTAI Infrastructure Inc. and FIP RR Holdings LLC Developer and operator of transportation and energy infrastructure businesses First lien senior secured loan 9.75 % 02/2026 02/2028 111.1   111.1   107.8   (2)(6)
Marco Polo Fund SCSp-RAIF (14) Operator of airports in Italy Limited Partnership Interest 02/2026 10,269,171 12.2   11.9   (2)(6)
Nordic Ferry Infrastructure AS Private passenger & freight ferry transportation company Senior subordinated loan 7.01 % Euribor (Q) 5.00 % 11/2024 11/2031 0.1   0.1   0.1   (2)(6)
Senior subordinated loan 9.16 % NIBOR (Q) 5.00 % 11/2024 11/2031 0.1   0.1   0.1   (2)(6)
0.2   0.2  
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. (13)(14) Specialty logistics platform for high-stakes projects in music, sports, production, fine art, and automotive industries First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 07/2025 08/2032 11.0   11.0   11.0   (2)(9)
Limited partnership interest 07/2025 1,418,569 1.4   1.7   (2)
12.4   12.7  

135.9   132.6   0.94 %
Gas Utilities
Ferrellgas, L.P. and Ferrellgas Partners, L.P. Distributor of propane and related accessories Senior preferred units 8.96 % 03/2021 64,155 64.2   73.4  
Class B units 09/2022 95,354 15.4   12.9   (2)
79.6   86.3  
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc. Owner of natural gas facilities First lien senior secured loan 7.20 % SOFR (Q) 3.50 % 09/2023 09/2028 0.1   0.1   0.1   (2)(6)
Class A common stock 07/2022 3,059,533 23.3   7.7   (6)(16)
23.4   7.8  

103.0   94.1   0.67 %

See accompanying notes to consolidated financial statements.
69

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS    
As of March 31, 2026
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Data Centers
Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP (13) Global data center developer and operator Senior subordinated loan 9.50 % 12/2025 12/2031 67.8   67.8   66.6   (2)

67.8   66.6   0.47 %
Telecommunication Services
Expereo USA, Inc. and Ristretto Bidco B.V. (13) Global internet managed service provider First lien senior secured loan 10.17 % ( 3.50 % PIK)
SOFR (Q) 6.50 % 12/2024 12/2030 62.4 62.4   61.1   (2)(6)(9)

62.4   61.1   0.43 %
Technology Hardware and Equipment
Everspin Technologies, Inc. Designer and manufacturer of computer memory solutions Warrant to purchase shares of common stock 10/2016 10/2026 18,461 0.4   —  
Excelitas Technologies Corp. (13) Provider of photonic solutions First lien senior secured loan 8.92 % SOFR (M) 5.25 % 05/2024 08/2029 7.1   7.1   7.1   (2)(9)
FL Hawk Intermediate Holdings, Inc. (13) Provider of variable data labeling for the apparel industry First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 10/2024 02/2030 10.2   10.1   10.2   (2)(9)
PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. Provider of analytical instrumentation and testing equipment and services First lien senior secured loan 8.43 % SOFR (M) 4.75 % 05/2024 03/2029 11.0   11.0   11.0   (2)(9)
Class A-2 units 01/2022 34,832 4.8   5.2  
Limited partnership interests 03/2023 0.55 % 9.9   14.6   (2)
25.7   30.8  
Repairify, Inc. and Repairify Holdings, LLC (13) Provider of automotive diagnostics scans and solutions First lien senior secured revolving loan 9.24 % SOFR (S) 5.25 % 06/2021 06/2027 5.1   5.1   5.1   (2)(9)
First lien senior secured loan 9.12 % SOFR (S) 5.25 % 05/2025 06/2027 5.0   5.0   5.0   (2)(9)
Class A common units 06/2021 163,820 4.9   2.9   (2)
15.0   13.0  

58.3   61.1   0.43 %
Real Estate Management and Development
Odevo AB (13) Technology-enabled provider of residential property management services First lien senior secured loan 8.49 % SONIA (M) 4.75 % 09/2025 12/2030 2.4 2.4   2.4   (2)(6)

2.4   2.4   0.02 %

Total Investments $ 29,647.5   $ 29,499.3   (17) 209.73 %

See accompanying notes to consolidated financial statements.
70

Derivative Instruments

Foreign currency forward contracts

Description Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Unrealized Appreciation / (Depreciation)
Foreign currency forward contract $ 324   € 317   Royal Bank of Canada April 24, 2026 $ 3  
Foreign currency forward contract $ 172    CAD 238   Canadian Imperial Bank of Commerce April 24, 2026 2  
Foreign currency forward contract $ 112   € 96   Canadian Imperial Bank of Commerce April 24, 2026 2  
Foreign currency forward contract $ 88    CAD 101   Royal Bank of Canada April 24, 2026 1  
Foreign currency forward contract $ 83   £ 67   Canadian Imperial Bank of Commerce April 24, 2026 1  
Foreign currency forward contract $ 83   £ 67   Royal Bank of Canada April 24, 2026 1  
Foreign currency forward contract $ 80   £ 72   Canadian Imperial Bank of Commerce June 11, 2027 —  
  Foreign currency forward contract  $ 55   £ 41   Canadian Imperial Bank of Commerce July 28, 2028 1  
Foreign currency forward contract $ 55   £ 41   Royal Bank of Canada July 28, 2028 1  
Foreign currency forward contract $ 54    CAD 58   Royal Bank of Canada January 31, 2028 ( 1 )
Foreign currency forward contract $ 49   ¥ 4,066   Royal Bank of Canada January 31, 2028 2  
Foreign currency forward contract $ 42   £ 34   Royal Bank of Canada August 21, 2026 ( 3 )
Foreign currency forward contract $ 40    NZD 69   Royal Bank of Canada April 24, 2026 1  
Foreign currency forward contract $ 34    CAD 47   Canadian Imperial Bank of Commerce March 31, 2028 —  
Foreign currency forward contract $ 34   € 29   Canadian Imperial Bank of Commerce June 11, 2027 —  
Foreign currency forward contract $ 28    CAD 39   Canadian Imperial Bank of Commerce March 31, 2027 —  
Foreign currency forward contract $ 24   £ 17   Royal Bank of Canada June 27, 2028 1  
Foreign currency forward contract $ 16   € 13   Canadian Imperial Bank of Commerce August 14, 2028 —  
Foreign currency forward contract $ 15   £ 14   Canadian Imperial Bank of Commerce August 21, 2026 ( 1 )
Foreign currency forward contract $ 13    AUD 14   Canadian Imperial Bank of Commerce November 17, 2026 —  
Foreign currency forward contract $ 6    NOK 64   Canadian Imperial Bank of Commerce April 24, 2026 —  
Total $ 11  

Interest rate swaps

Description Hedged Item Company Receives Company Pays Counterparty Maturity Date Notional Amount Fair Value Upfront Payments/Receipts Change in Unrealized Appreciation / (Depreciation)
Interest rate swap January 2027 Notes 7.000   % SOFR + 2.5810 %
Wells Fargo Bank, N.A. 01/15/2027 $ 900   $ 4   $ —   $ ( 4 )
Interest rate swap March 2029 Notes 5.875   % SOFR + 2.0230 %
Wells Fargo Bank, N.A. 03/01/2029 1,000   6   —   ( 7 )
Interest rate swap July 2029 Notes 5.950   % SOFR + 1.6430 %
Wells Fargo Bank, N.A. 07/15/2029 850   17   —   ( 8 )
Interest rate swap September 2030 Notes 5.500   % SOFR + 1.7705 %
Wells Fargo Bank, N.A. 09/01/2030 750   2   —   ( 5 )
Interest rate swap January 2031 Notes 5.100   % SOFR + 1.7270 %
SMBC Capital Markets, Inc. 01/15/2031 650   ( 8 ) —   ( 4 )
Interest rate swap April 2031 Notes 5.250   % SOFR + 1.7217 %
SMBC Capital Markets, Inc. 04/12/2031 750   ( 5 ) —   ( 5 )
Interest rate swap March 2032 Notes 5.800   % SOFR + 1.6995 %
Wells Fargo Bank, N.A. 03/08/2032 1,000   20   —   ( 8 )
Total $ 5,900   $ 36   $ —   $ ( 41 )

______________________________________________

(1) Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of March 31, 2026 represented 210 % of the Company’s net assets or 96 % of the Company’s total assets, are subject to legal restrictions on sales.

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

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

See accompanying notes to consolidated financial statements.
71

(4) As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2026 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:

For the Three Months Ended March 31, 2026 As of March 31, 2026