10-Q – 2026-04-28 – arcc-20260331.htm

(in millions)
Company Purchases (cost) Redemptions (cost) Sales (cost) Interest income Capital
structuring service fees Dividend income Other income Net realized gains (losses) Net 
unrealized gains (losses) Fair Value
Align Precision Group, LLC and Align Precision Topco, L.P. $ 0.5   $ —   $ —   $ 0.4   $ —   $ —   $ —   $ —   $ —   $ 15.5  
Apex Clean Energy TopCo, LLC —   —   —   —   —   —   —   —   0.2   245.2  
APG Intermediate Holdings Corporation and APG Holdings, LLC —   —   —   —   —   —   —   —   ( 1.3 ) 6.3  
Bragg Live Food Products, LLC and SPC Investment Co., L.P. —   —   —   —   —   —   —   —   ( 4.5 ) 17.0  
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. —   —   —   2.0   —   —   —   —   1.9   87.6  
Daylight Beta Parent LLC and CFCo, LLC —   —   —   —   —   —   —   —   0.4   1.2  
ESCP PPG Holdings, LLC —   —   —   —   —   —   —   —   ( 0.8 ) 0.1  
European Capital UK SME Debt LP —   —   —   —   —   —   —   —   —   0.2  
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 0.2   0.4   —   0.3   —   —   —   —   1.9   27.1  
Midco Holding, LLC and Nivel Topco, LLC —   —   —   0.5   —   —   0.1   —   ( 0.8 ) 13.1  
OPH NEP Investment, LLC —   —   —   1.0   —   —   —   —   ( 0.1 ) 39.3  
Partnership Capital Growth Investors III, L.P. —   —   —   —   —   0.3   —   —   ( 0.3 ) 2.3  
PCG-Ares Sidecar Investment, L.P. —   —   —   —   —   —   —   —   —   0.5  

Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC —   —   —   0.4   —   —   —   —   ( 17.0 ) 23.1  
Production Resource Group, L.L.C. and PRG III, LLC 2.7   —   —   2.0   0.1   —   —   —   ( 6.9 ) 78.5  
Shoes For Crews Global, LLC and Shoes for Crews Holdings, LLC —   —   —   0.3   —   —   —   —   1.5   24.4  
$ 3.4   $ 0.4   $ —   $ 6.9   $ 0.1   $ 0.3   $ 0.1   $ —   $ ( 25.8 ) $ 581.4  

See accompanying notes to consolidated financial statements.
72

(5) As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2026 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

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

(in millions)
Company Purchases (cost) Redemptions (cost) Sales (cost) Interest income Capital
structuring service fees Dividend income Other income Net realized gains (losses) Net 
unrealized gains (losses) Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC $ 2.9   $ 3.4   $ —   $ —   $ —   $ —   $ —   $ —   $ ( 8.5 ) $ 43.5  
ACAS Equity Holdings Corporation —   —   —   —   —   —   —   —   —   0.4  
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. —   —   —   —   —   —   —   —   —   —  
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 2.0   0.1   —   0.3   —   —   —   —   ( 15.5 ) 45.0  
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC 1.3   —   —   0.4   —   —   —   —   ( 1.1 ) 25.1  
Halex Holdings, Inc. —   —   —   —   —   —   —   —   —   —  
HCI Equity, LLC —   —   —   —   —   —   —   —   —   —  
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation —   —   —   0.7   —   1.9   0.2   —   0.7   100.4  
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC —   —   —   1.1   —   —   —   —   ( 5.6 ) 77.4  
Ivy Hill Asset Management, L.P. 378.0   146.3   —   16.7   —   78.0   —   —   ( 4.4 ) 2,661.2  
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC —   —   —   —   —   —   —   —   —   —  
PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.) —   —   —   —   —   —   —   —   —   6.8  
Potomac Intermediate Holdings II LLC —   —   —   —   —   —   —   12.5   —   —  
PS Operating Company LLC and PS Op Holdings LLC 0.4   —   —   —   —   —   —   —   ( 3.9 ) 4.4  
RD Holdco Inc. —   —   —   —   —   —   —   —   ( 0.3 ) 23.8  
S Toys Holdings LLC (fka The Step2 Company, LLC) —   —   —   —   —   —   —   —   —   —  
Senior Direct Lending Program, LLC 47.4   5.1   —   36.4   0.8   —   0.9   —   —   1,159.3  
Startec Equity, LLC —   —   —   —   —   —   —   —   —   —  
Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC 68.4   1.7   —   0.6   0.8   —   —   —   —   66.7  
Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC 0.8   0.3   —   2.1   —   —   0.1   —   ( 3.0 ) 70.5  
VPROP Operating, LLC and V SandCo, LLC —   —   —   0.7   —   —   —   —   ( 8.5 ) 26.6  
$ 501.2   $ 156.9   $ —   $ 59.0   $ 1.6   $ 79.9   $ 1.2   $ 12.5   $ ( 50.1 ) $ 4,311.1  

______________________________________________________________________

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

See accompanying notes to consolidated financial statements.
73

(6) This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. Pursuant to Section 55(a) of the Investment Company Act, 24 % of the Company's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of March 31, 2026.

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

(8) Loan was on non-accrual status as of March 31, 2026.

(9) Loan includes interest rate floor feature.

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

(11) As of March 31, 2026, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(12) As of March 31, 2026, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(13) As of March 31, 2026, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

See accompanying notes to consolidated financial statements.
74

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
15484880 Canada Inc. and 15484910 Canada Inc. $ 11.1   $ —   $ 11.1   $ —   $ —   $ 11.1  
3 Step Sports LLC 10.2   ( 0.6 ) 9.6   —   —   9.6  
Absolute Dental Group LLC and Absolute Dental Equity, LLC 25.7   ( 23.7 ) 2.0   —   ( 1.9 ) 0.1  
Accommodations Plus Technologies LLC 15.6   —   15.6   —   —   15.6  
ACP Avenu Midco LLC 15.2   —   15.2   —   —   15.2  
Actfy Buyer, Inc. 10.4   —   10.4   —   —   10.4  
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP 3.6   —   3.6   —   —   3.6  
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 6.2   —   6.2   —   ( 6.2 ) —  
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC 1.7   —   1.7   —   —   1.7  
Adonis Bidco Inc. 84.6   —   84.6   —   —   84.6  
Aduro Advisors, LLC 5.3   —   5.3   —   —   5.3  
Advarra Holdings, Inc. 0.4   —   0.4   —   —   0.4  
Aerin Medical Inc. 4.4   —   4.4   —   —   4.4  
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. 3.8   ( 0.7 ) 3.1   —   —   3.1  
AI Titan Parent, Inc. 15.7   —   15.7   —   —   15.7  
Airx Climate Solutions, Inc. 7.0   ( 0.3 ) 6.7   —   —   6.7  
Alcami Corporation and ACM Note Holdings, LLC 1.9   ( 0.6 ) 1.3   —   —   1.3  
Alcresta Therapeutics, Inc. 16.3   ( 0.4 ) 15.9   —   —   15.9  
Aldinger Company Inc 12.4   ( 0.6 ) 11.8   —   —   11.8  
Aledade, Inc. 56.8   ( 19.9 ) 36.9   —   —   36.9  
Align Precision Group, LLC and Align Precision Topco, L.P. 0.2   —   0.2   —   —   0.2  
Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC 0.9   —   0.9   —   —   0.9  
Anaplan, Inc. 1.4   —   1.4   —   —   1.4  
AP Adhesives Holdings, LLC 16.4   —   16.4   —   —   16.4  
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC 8.6   ( 4.3 ) 4.3   —   —   4.3  
Apple Bidco Holdings, Inc. 23.2   ( 1.2 ) 22.0   —   —   22.0  
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. 0.1   —   0.1   —   —   0.1  
Aptean, Inc. and Aptean Acquiror Inc. 4.5   ( 0.1 ) 4.4   —   —   4.4  
AQ Sunshine, Inc. 10.2   ( 1.9 ) 8.3   —   —   8.3  
Archduke Buyer, Inc. 4.8   —   4.8   —   —   4.8  
Arrow Borrower 2025, Inc. 5.5   —   5.5   —   —   5.5  
Artemis BidCo 2 LLC 10.6   —   10.6   —   —   10.6  
Artifact Bidco, Inc. 6.9   —   6.9   —   —   6.9  
Artivion, Inc. 19.2   ( 0.9 ) 18.3   —   —   18.3  
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP 6.2   ( 5.8 ) 0.4   —   —   0.4  
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 8.9   —   8.9   —   —   8.9  
ATI Restoration, LLC 17.1   ( 16.2 ) 0.9   —   —   0.9  
Avalign Holdings, Inc. and Avalign Technologies, Inc. 5.3   ( 3.6 ) 1.7   —   ( 1.7 ) —  
Badia Spices, LLC 6.7   —   6.7   —   —   6.7  
Bamboo Purchaser, Inc. 0.3   —   0.3   —   —   0.3  
Bamboo US BidCo LLC 10.1   ( 0.6 ) 9.5   —   —   9.5  
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. 16.5   ( 1.1 ) 15.4   —   —   15.4  
Bayou Intermediate II, LLC 7.2   ( 1.7 ) 5.5   —   —   5.5  
BCPE Pequod Buyer, Inc. 8.6   —   8.6   —   —   8.6  
Beacon Pointe Harmony, LLC 12.4   —   12.4   —   —   12.4  
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. 0.3   —   0.3   —   —   0.3  
Belfor Holdings, Inc. 58.5   ( 6.2 ) 52.3   —   —   52.3  
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. 10.9   ( 0.9 ) 10.0   —   —   10.0  
Benecon Midco II LLC and Benecon Holdings, LLC 8.7   —   8.7   —   —   8.7  
Berner Food & Beverage, LLC 1.7   ( 1.1 ) 0.6   —   —   0.6  
BGI Purchaser, Inc. 35.3   ( 10.5 ) 24.8   —   —   24.8  
BGIF IV Fearless Utility Services, Inc. 5.0   ( 0.4 ) 4.6   —   —   4.6  
Birdie Bidco, Inc. 20.6   —   20.6   —   —   20.6  

See accompanying notes to consolidated financial statements.
75

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
Blue Raven Solutions, LLC, Triman Industries, Inc., and Crestwood Technology Group, LLC 4.7   ( 2.4 ) 2.3   —   —   2.3  
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC 12.0   ( 0.7 ) 11.3   —   —   11.3  
BNZ TopCo B.V. 22.2   —   22.2   —   —   22.2  
Bobcat Purchaser, LLC and Bobcat Topco, L.P. 2.5   —   2.5   —   —   2.5  
Bobtail AcquisitionCo, LLC 21.8   ( 1.0 ) 20.8   —   —   20.8  
Borrower R365 Holdings LLC 1.5   —   1.5   —   —   1.5  
Bottomline Technologies, Inc. 2.6   —   2.6   —   —   2.6  
BrightStar Group Holdings, Inc. 4.0   ( 4.0 ) —   —   —   —  
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP 17.5   ( 0.1 ) 17.4   —   —   17.4  
Burgess Point Purchaser Corporation 31.5   —   31.5   —   —   31.5  
Businessolver.com, Inc. 7.6   —   7.6   —   —   7.6  
BVI Medical, Inc. and BVI Group Limited 12.6   —   12.6   —   —   12.6  
C Block Development LLC 37.0   —   37.0   —   —   37.0  
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP 21.4   ( 16.2 ) 5.2   —   —   5.2  
Captive Resources Midco, LLC 1.6   —   1.6   —   —   1.6  
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. 5.0   —   5.0   —   —   5.0  
Cards-Live Oak Holdings, Inc. 20.5   ( 2.6 ) 17.9   —   —   17.9  
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. 2.8   —   2.8   —   —   2.8  
Centralsquare Technologies, LLC and Supermoose Newco, Inc. 15.8   ( 0.4 ) 15.4   —   —   15.4  
Chariot Buyer LLC 12.3   —   12.3   —   —   12.3  
Churchill OpCo Holdings LLC and Victory Topco, LP 37.2   —   37.2   —   —   37.2  
City Line Distributors LLC and City Line Investments LLC 2.7   —   2.7   —   —   2.7  
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC 1.4   ( 1.1 ) 0.3   —   —   0.3  
Clearstead Advisors, LLC 3.0   ( 0.5 ) 2.5   —   —   2.5  
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. 19.0   —   19.0   —   —   19.0  
ClubCorp Holdings, Inc. 7.3   —   7.3   —   —   7.3  
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. 50.2   ( 4.3 ) 45.9   —   —   45.9  
CMI Parent, Inc. 11.0   —   11.0   —   —   11.0  
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. 7.1   ( 5.4 ) 1.7   —   —   1.7  
Collision SP Subco, LLC 6.0   ( 0.2 ) 5.8   —   —   5.8  
Computer Services, Inc. 16.6   —   16.6   —   —   16.6  

Convera International Holdings Limited and Convera International Financial S.A R.L. 5.5   —   5.5   —   —   5.5  
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 38.9   ( 6.4 ) 32.5   —   —   32.5  

Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. 8.2   —   8.2   —   —   8.2  
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. 38.7   ( 8.9 ) 29.8   —   —   29.8  
Coupa Holdings, LLC and Coupa Software Incorporated 0.9   —   0.9   —   —   0.9  

Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. 4.0   —   4.0   —   —   4.0  
Create Music Holdings, LLC 17.4   —   17.4   —   —   17.4  
Creek Parent, Inc. and Creek Feeder, L.P. 30.1   ( 0.1 ) 30.0   —   —   30.0  
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC 0.1   —   0.1   —   —   0.1  
CST Holding Company 1.9   ( 0.6 ) 1.3   —   —   1.3  
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 42.3   —   42.3   —   —   42.3  
Databricks, Inc. 38.6   —   38.6   —   —   38.6  
Datix Bidco Limited and RL Datix Holdings (USA), Inc. 47.1   —   47.1   —   —   47.1  
Davidson Hotel Company LLC 3.9   —   3.9   —   —   3.9  
DecoPac, Inc. and KCAKE Holdings Inc. 24.7   ( 5.6 ) 19.1   —   —   19.1  
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. 36.2   ( 1.0 ) 35.2   —   —   35.2  
Diamond Mezzanine 24 LLC 1.0   ( 1.0 ) —   —   —   —  
Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. 4.8   —   4.8   —   —   4.8  
Diligent Corporation and Diligent Preferred Issuer, Inc. 5.4   ( 0.5 ) 4.9   —   —   4.9  
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. 8.2   —   8.2   —   —   8.2  

See accompanying notes to consolidated financial statements.
76

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC 9.6   —   9.6   —   —   9.6  
Dorado Bidco, Inc. 7.4   —   7.4   —   —   7.4  
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 7.1   ( 0.5 ) 6.6   —   —   6.6  
Doxim Inc. 2.7   ( 0.3 ) 2.4   —   —   2.4  
DP Flores Holdings, LLC 11.4   —   11.4   —   —   11.4  
DriveCentric Holdings, LLC 13.3   —   13.3   —   —   13.3  
Drogon Bidco Inc. & Drogon Aggregator LP 10.6   —   10.6   —   —   10.6  
DRS Holdings III, Inc. and DRS Holdings I, Inc. 10.9   —   10.9   —   —   10.9  
Duraserv LLC 13.2   ( 0.5 ) 12.7   —   —   12.7  
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited 2.5   —   2.5   —   —   2.5  
Echo Purchaser, Inc. 2.0   —   2.0   —   —   2.0  
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. 50.4   —   50.4   —   —   50.4  
Edition Holdings, Inc. and Enverus, Inc. 22.3   —   22.3   —   —   22.3  
Edmunds Govtech, Inc. 3.3   ( 1.7 ) 1.6   —   —   1.6  
Einstein Parent, Inc. 4.8   —   4.8   —   —   4.8  
EIS Legacy Holdco, LLC 22.3   —   22.3   —   —   22.3  
Elemica, Inc. and EZ Elemica Holdings, Inc. 15.3   —   15.3   —   —   15.3  
Elevation Services Parent Holdings, LLC 3.5   ( 3.3 ) 0.2   —   —   0.2  
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC 8.9   ( 1.7 ) 7.2   —   —   7.2  
ELM DebtCo, LLC 2.5   —   2.5   —   —   2.5  
EMB Purchaser, Inc. 42.7   ( 0.8 ) 41.9   —   —   41.9  
Empower Payments Investor, LLC 2.4   —   2.4   —   —   2.4  
Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC 5.1   ( 2.0 ) 3.1   —   —   3.1  
ESHA Intermediate, LLC 8.2   —   8.2   —   —   8.2  
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC 49.3   ( 12.7 ) 36.6   —   —   36.6  
Eternal Aus Bidco Pty Ltd 0.6   —   0.6   —   —   0.6  

Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. 5.5   ( 0.9 ) 4.6   —   —   4.6  
Excelitas Technologies Corp. 27.1   —   27.1   —   —   27.1  
Expereo USA, Inc. and Ristretto Bidco B.V. 16.6   —   16.6   —   —   16.6  
Extrahop Networks, Inc. 4.3   ( 3.4 ) 0.9   —   —   0.9  
Fever Labs, Inc. 38.8   ( 13.4 ) 25.4   —   ( 12.1 ) 13.3  
Firebird Acquisition Corp, Inc. 6.6   ( 0.2 ) 6.4   —   —   6.4  
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 2.5   ( 2.3 ) 0.2   —   —   0.2  
FL Hawk Intermediate Holdings, Inc. 2.1   —   2.1   —   —   2.1  
Flexera Software LLC 1.5   —   1.5   —   —   1.5  
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. 17.5   ( 10.0 ) 7.5   —   —   7.5  
Flint OpCo, LLC 7.6   —   7.6   —   —   7.6  
FlyWheel Acquireco, Inc. 8.2   —   8.2   —   —   8.2  
Forescout Technologies, Inc. 6.6   —   6.6   —   —   6.6  
Forward Keystone Holdings, LP 7.2   —   7.2   —   —   7.2  
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. 20.8   ( 3.6 ) 17.2   —   —   17.2  
Foundation Consumer Brands, LLC 2.4   —   2.4   —   —   2.4  
Foundation Risk Partners, Corp. 27.8   ( 5.2 ) 22.6   —   —   22.6  
Frontline Road Safety Operations, LLC 5.5   ( 0.1 ) 5.4   —   —   5.4  
FS Squared Holding Corp. and FS Squared, LLC 23.6   ( 0.5 ) 23.1   —   —   23.1  
G702 Buyer, Inc. 1.9   —   1.9   —   —   1.9  
Galaxy Buyer, Inc. and Galaxy Topco I, L.P. 9.1   —   9.1   —   —   9.1  
Galway Borrower LLC 33.4   ( 6.1 ) 27.3   —   —   27.3  

Generator US Buyer, Inc. and Total Power Limited 4.0   —   4.0   —   —   4.0  
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. 5.5   —   5.5   —   —   5.5  
GHP-VGS Purchaser LLC 8.7   —   8.7   —   —   8.7  
GHX Ultimate Parent Corporation and Nexus TopCo LP 43.9   —   43.9   —   —   43.9  
GI Ranger Intermediate LLC 3.6   ( 1.4 ) 2.2   —   —   2.2  

See accompanying notes to consolidated financial statements.
77

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
Global Music Rights, LLC 15.0   —   15.0   —   —   15.0  
GMF Parent, Inc. and GMF Group Holdings, LP 30.1   ( 0.3 ) 29.8   —   —   29.8  
GNZ Energy Bidco Limited and Galileo Co-investment Trust I 2.8   —   2.8   —   —   2.8  
Goldeneye Parent, LLC 2.6   —   2.6   —   —   2.6  
Goose Borrower, L.P. 19.2   —   19.2   —   —   19.2  
Grit Buyer, Inc. and Integrum Grit Co-Invest LP 22.0   —   22.0   —   —   22.0  
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC 9.4   ( 0.5 ) 8.9   —   —   8.9  
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC 4.3   ( 1.4 ) 2.9   —   —   2.9  
GSV Purchaser, Inc. 4.0   —   4.0   —   —   4.0  
GTCR Everest Borrower, LLC 1.2   —   1.2   —   —   1.2  
GTCR F Buyer Corp. and GTCR (D) Investors LP 0.9   —   0.9   —   —   0.9  
Guidepoint Security Holdings, LLC 5.1   —   5.1   —   —   5.1  
Harvey Tool Company, LLC 66.7   —   66.7   —   —   66.7  
HBH Buyer, LLC 2.5   —   2.5   —   —   2.5  
Heavy Construction Systems Specialists, LLC 4.0   —   4.0   —   —   4.0  
Helios Service Partners, LLC and Astra Service Partners, LLC 11.5   —   11.5   —   —   11.5  
HH-Stella, Inc. and Bedrock Parent Holdings, LP 17.3   ( 1.0 ) 16.3   —   —   16.3  
Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. 31.1   —   31.1   —   —   31.1  
High Street Buyer, Inc. and High Street Holdco LLC 6.1   —   6.1   —   —   6.1  
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC 17.5   —   17.5   —   —   17.5  
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP 15.1   ( 4.3 ) 10.8   —   —   10.8  
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP 130.0   ( 5.9 ) 124.1   —   —   124.1  
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC 34.7   ( 4.5 ) 30.2   —   —   30.2  
HP RSS Buyer, Inc. 27.1   —   27.1   —   —   27.1  
HS Purchaser, LLC, and Help/Systems Holdings, Inc. 15.0   —   15.0   —   —   15.0  
HuFriedy Group Acquisition LLC 24.9   ( 0.3 ) 24.6   —   —   24.6  
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 13.3   —   13.3   —   —   13.3  
Hyland Software, Inc. 2.7   —   2.7   —   —   2.7  
Hyphen Solutions, LLC 9.6   —   9.6   —   —   9.6  
Icefall Parent, Inc. 1.1   —   1.1   —   —   1.1  
ID.me, LLC and ID.me, Inc. 22.2   —   22.2   —   —   22.2  
IFH Franchisee Holdings, LLC 18.9   ( 4.3 ) 14.6   —   —   14.6  
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC 1.5   —   1.5   —   —   1.5  
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. 20.9   ( 1.9 ) 19.0   —   —   19.0  
Innovative Systems L.L.C. 3.1   —   3.1   —   —   3.1  
Inszone Mid, LLC and INSZ Holdings, LLC 82.8   —   82.8   —   —   82.8  
Internet Truckstop Group LLC 1.2   —   1.2   —   —   1.2  
IQN Holding Corp. 2.3   ( 1.3 ) 1.0   —   —   1.0  
IRI Group Holdings, Inc. and Circana, LLC 23.7   ( 0.1 ) 23.6   —   —   23.6  
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. 54.7   ( 7.1 ) 47.6   —   —   47.6  
JAMS Holdings LP and Jams Buyer LLC 7.0   —   7.0   —   —   7.0  
Jeppesen Holdings, LLC 0.7   —   0.7   —   —   0.7  

Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC 19.6   —   19.6   —   —   19.6  
JSG II, Inc. and Checkers USA, Inc. 23.0   —   23.0   —   ( 0.1 ) 22.9  
Kairos Bidco Limited 3.0   ( 0.3 ) 2.7   —   —   2.7  
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) 5.0   ( 4.4 ) 0.6   —   ( 0.6 ) —  
King Risk Partners, LLC 14.0   —   14.0   —   —   14.0  
Kings Buyer, LLC 5.0   ( 3.6 ) 1.4   —   —   1.4  
Knight AcquireCo, LLC and Knight Holdings, LP 20.9   —   20.9   —   —   20.9  
Koala Investment Holdings, Inc. 6.9   —   6.9   —   —   6.9  
KPS Global LLC and Cool Group LLC 3.4   —   3.4   —   —   3.4  
Laboratories Bidco LLC and Laboratories Topco LLC 20.5   ( 20.2 ) 0.3   —   ( 0.3 ) —  
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP 9.7   ( 0.2 ) 9.5   —   —   9.5  

See accompanying notes to consolidated financial statements.
78

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
LeanTaaS Holdings, Inc. 11.4   —   11.4   —   —   11.4  
LEG Purchaser Inc. 2.8   —   2.8   —   —   2.8  
Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. 11.0   ( 7.5 ) 3.5   —   —   3.5  
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. 1.5   —   1.5   —   —   1.5  
LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC 10.5   ( 2.7 ) 7.8   —   —   7.8  
Lido Advisors, LLC and LAL Group Holdings, LLC 5.0   ( 1.8 ) 3.2   —   —   3.2  

Lightbeam Bidco, Inc. 1.9   ( 0.2 ) 1.7   —   —   1.7  
LiveBarn Inc., LiveBarn US, LLC, LiveBarn Canada I, ULC, and Royal Topco Holdings, LLC 11.9   —   11.9   —   —   11.9  
Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP 57.5   ( 10.8 ) 46.7   —   —   46.7  
LivTech Purchaser, Inc. 2.5   —   2.5   —   —   2.5  
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 10.9   —   10.9   —   —   10.9  
LJP Purchaser, Inc. and LJP Topco, LP 5.7   —   5.7   —   —   5.7  
Lobos Parent, Inc. 9.0   —   9.0   —   —   9.0  
Mai Capital Management Intermediate LLC 3.5   ( 0.8 ) 2.7   —   —   2.7  
Manna Pro Products, LLC and MP Blocker A LLC 7.0   —   7.0   —   ( 7.0 ) —  
Mari Events Midco LLC and AE EventsCo Holdings LLC 0.8   —   0.8   —   —   0.8  
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP 32.9   ( 20.3 ) 12.6   —   —   12.6  
Medlar Bidco Limited 8.6   —   8.6   —   —   8.6  
Merit Financial Group, LLC and CWC Fund I (MFA) LP 5.2   ( 1.3 ) 3.9   —   —   3.9  
Merit Software Finance Holdings, LLC 20.4   —   20.4   —   —   20.4  
Metatiedot Bidco OY and Metatiedot US, LLC 1.6   ( 0.4 ) 1.2   —   —   1.2  
Meyer Laboratory, LLC and Meyer Parent, LLC 2.5   ( 0.6 ) 1.9   —   —   1.9  

Midco Holding, LLC and Nivel Topco, LLC 0.7   —   0.7   —   —   0.7  
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. 8.0   ( 0.7 ) 7.3   —   —   7.3  
ML Holdco, Inc. 23.3   —   23.3   —   —   23.3  
Moderna, Inc. 173.4   —   173.4   —   —   173.4  
Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. 9.1   —   9.1   —   —   9.1  
Modigent, LLC and OMERS PMC Investment Holdings LLC 6.5   ( 2.2 ) 4.3   —   —   4.3  
Monica Holdco (US), Inc. 6.8   —   6.8   —   —   6.8  
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 1.2   —   1.2   —   —   1.2  
Motor Vehicle Software Corporation 7.0   —   7.0   —   —   7.0  
Mountaineer Merger Corporation 13.4   ( 7.2 ) 6.2   —   —   6.2  
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC 7.2   ( 2.3 ) 4.9   —   —   4.9  
MRI Software LLC 7.3   ( 1.1 ) 6.2   —   —   6.2  
MSIS Holdings, Inc. and MS Precision Parent, LP 13.2   ( 0.2 ) 13.0   —   —   13.0  
Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC 5.9   ( 0.2 ) 5.7   —   —   5.7  
NAMSA Holdco, LLC 12.7   —   12.7   —   —   12.7  
NAS, LLC and Nationwide Marketing Group, LLC 3.0   ( 1.9 ) 1.1   —   —   1.1  
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP 12.6   ( 4.9 ) 7.7   —   —   7.7  
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. 20.9   ( 0.7 ) 20.2   —   —   20.2  
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. 12.6   ( 0.3 ) 12.3   —   —   12.3  
Netsmart, Inc. and Netsmart Technologies, Inc. 33.8   —   33.8   —   —   33.8  
Next Holdco, LLC 0.7   —   0.7   —   —   0.7  
NMC Skincare Intermediate Holdings II, LLC 9.3   ( 4.9 ) 4.4   —   —   4.4  
NMN Holdings III Corp. and NMN Holdings LP 65.2   ( 2.7 ) 62.5   —   —   62.5  
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC 17.4   ( 4.0 ) 13.4   —   —   13.4  
North Star Acquisitionco, LLC and Toucan Bidco Limited 3.0   —   3.0   —   —   3.0  
Northwinds Holding, Inc. and Northwinds Services Group LLC 17.8   —   17.8   —   —   17.8  
Oak Funding LLC 8.3   —   8.3   —   —   8.3  
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP 5.5   ( 0.3 ) 5.2   —   —   5.2  
Odevo AB 17.3   —   17.3   —   —   17.3  
Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. 2.2   —   2.2   —   —   2.2  

See accompanying notes to consolidated financial statements.
79

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
Optimizely North America Inc. and Optimizely Sweden Holdings AB 0.8   —   0.8   —   —   0.8  
Paris US Holdco, Inc. & 1001028292 Ontario Inc. 24.0   ( 0.3 ) 23.7   —   —   23.7  
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 3.6   ( 0.4 ) 3.2   —   —   3.2  
Pathway Vet Alliance LLC and Jedi Group Holdings LLC 1.8   ( 0.8 ) 1.0   —   —   1.0  
Patriot Growth Insurance Services, LLC 2.2   —   2.2   —   —   2.2  
Pave America Holding, LLC 12.3   ( 2.8 ) 9.5   —   —   9.5  
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC 4.9   —   4.9   —   —   4.9  
PCMI Parent, LLC and PCMI Ultimate Holdings, LP 6.3   —   6.3   —   —   6.3  
PCS MidCo, Inc. and PCS Parent, L.P. 8.9   —   8.9   —   —   8.9  
PDDS HoldCo, Inc. 2.1   —   2.1   —   —   2.1  
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 2.5   ( 2.3 ) 0.2   —   —   0.2  
Pelican Products, Inc. 2.3   ( 2.3 ) —   —   —   —  
People Corporation 31.9   ( 5.1 ) 26.8   —   —   26.8  
Perforce Software, Inc. 7.5   —   7.5   —   —   7.5  
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP 3.2   —   3.2   —   —   3.2  
PestCo Holdings, LLC and PestCo, LLC 3.6   —   3.6   —   —   3.6  
Petrus Buyer, Inc. 1.1   ( 0.3 ) 0.8   —   —   0.8  
PetVet Care Centers, LLC 26.9   ( 5.4 ) 21.5   —   —   21.5  
Petvisor Holdings, LLC 7.9   ( 3.3 ) 4.6   —   —   4.6  
pH Beauty Holdings III, Inc. 1.6   —   1.6   —   —   1.6  
Pike Corporation 86.7   —   86.7   —   —   86.7  
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. 6.0   ( 0.7 ) 5.3   —   —   5.3  
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC 18.8   ( 4.8 ) 14.0   —   —   14.0  
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 15.2   —   15.2   —   0.1   15.3  
Poseidon IntermediateCo, Inc. 9.5   —   9.5   —   —   9.5  
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC 1.0   ( 0.5 ) 0.5   —   —   0.5  
Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation 5.6   ( 1.2 ) 4.4   —   —   4.4  
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. 3.5   ( 3.5 ) —   —   —   —  
Premiere Buyer, LLC 6.4   —   6.4   —   —   6.4  
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 11.5   ( 0.1 ) 11.4   —   —   11.4  

Project Alliance Buyer, LLC 2.2   —   2.2   —   —   2.2  
Project Cardinal Acquisition, LLC 8.3   —   8.3   —   —   8.3  
Project Potter Buyer, LLC and Project Potter Parent, L.P. 13.6   ( 0.1 ) 13.5   —   —   13.5  
Proofpoint, Inc. 3.2   —   3.2   —   —   3.2  
PS Operating Company LLC and PS Op Holdings LLC 7.4   ( 6.0 ) 1.4   —   ( 1.4 ) —  
PSC Parent, Inc. 4.7   ( 3.2 ) 1.5   —   —   1.5  
PumpTech, LLC and Impel CV-B, LP 4.9   ( 0.5 ) 4.4   —   —   4.4  
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC 1.6   —   1.6   —   —   1.6  
QBS Parent, Inc. 1.6   —   1.6   —   —   1.6  
QF Holdings, Inc. 15.7   —   15.7   —   —   15.7  
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. 7.2   —   7.2   —   —   7.2  
Quirch Foods Holdings, LLC 13.3   —   13.3   —   —   13.3  
Radius Aerospace, Inc. and Radius Aerospace Europe Limited 5.7   ( 3.2 ) 2.5   —   —   2.5  
Radwell Parent, LLC 4.8   ( 1.1 ) 3.7   —   —   3.7  
RailPros Parent, LLC 5.3   —   5.3   —   —   5.3  
Raven Acquisition Holdings, LLC 5.3   —   5.3   —   —   5.3  
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 11.8   ( 8.3 ) 3.5   —   —   3.5  
RB Holdings InterCo, LLC 2.1   ( 0.8 ) 1.3   —   —   1.3  
Reagent Chemical & Research, LLC 2.7   ( 0.1 ) 2.6   —   —   2.6  
Reddy Ice LLC 53.6   ( 24.1 ) 29.5   —   —   29.5  
Redwood Services LP 9.2   ( 0.2 ) 9.0   —   —   9.0  
Reef Lifestyle, LLC 49.1   ( 47.6 ) 1.5   —   —   1.5  

See accompanying notes to consolidated financial statements.
80

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. 7.4   ( 4.6 ) 2.8   —   —   2.8  
Repairify, Inc. and Repairify Holdings, LLC 7.3   ( 5.1 ) 2.2   —   —   2.2  
Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP 128.2   —   128.2   —   —   128.2  
Revalize, Inc. 0.9   ( 0.3 ) 0.6   —   —   0.6  
Revival Animal Health, LLC 3.3   ( 1.8 ) 1.5   —   —   1.5  
Rialto Management Group, LLC 1.5   ( 0.1 ) 1.4   —   —   1.4  
RMS HoldCo II, LLC & RMS Group Holdings, Inc. 2.9   —   2.9   —   —   2.9  
Rocket Buyer, LLC 17.2   ( 1.1 ) 16.1   —   —   16.1  
Rodeo AcquisitionCo LLC 3.9   ( 0.1 ) 3.8   —   —   3.8  
Royal Borrower, LLC and Royal Parent, LP 9.6   ( 0.2 ) 9.4   —   —   9.4  
Runway Bidco, LLC 15.6   —   15.6   —   —   15.6  
RWA Wealth Partners, LLC 6.5   ( 0.1 ) 6.4   —   —   6.4  
Saber Parent Holdings Corp. and MSHC, Inc. 10.1   ( 1.1 ) 9.0   —   —   9.0  
SageSure Holdings, LLC and SageSure LLC 9.7   —   9.7   —   —   9.7  
Sapphire Software Buyer, Inc. 5.9   —   5.9   —   —   5.9  
Saturn Purchaser Corp. 0.5   —   0.5   —   —   0.5  
SCIH Salt Holdings Inc. 22.5   —   22.5   —   —   22.5  
Severin Acquisition, LLC 62.6   ( 7.3 ) 55.3   —   —   55.3  
SG Acquisition, Inc. 2.0   —   2.0   —   —   2.0  
SGM Acquisition Sub, LLC and Schill Holdings, LP 24.6   ( 1.0 ) 23.6   —   —   23.6  
SGP Shaka HoldCo, LLC and SGP Shaka JV, LLC 4.1   —   4.1   —   —   4.1  
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC 0.6   —   0.6   —   —   0.6  
Shout! Factory, LLC 2.3   ( 0.9 ) 1.4   —   —   1.4  
SIG Parent Holdings, LLC 33.9   —   33.9   —   —   33.9  
Signant Finance One Limited and Bracket Intermediate Holding Corp. 18.7   —   18.7   —   —   18.7  
Silk Holdings III LLC and Silk Holdings I Corp. 10.0   —   10.0   —   —   10.0  
Slaine Holdings LLC 23.2   —   23.2   —   —   23.2  
Smarsh Inc. and Skywalker TopCo, LLC 4.4   ( 0.4 ) 4.0   —   —   4.0  
Spaceship Purchaser, Inc. 6.5   ( 0.1 ) 6.4   —   —   6.4  
Spark Purchaser, Inc. 2.3   —   2.3   —   —   2.3  
Spindrift Beverage Co., Inc. and SBC Aggregator LP 3.8   ( 0.4 ) 3.4   —   —   3.4  
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp 1.7   ( 0.1 ) 1.6   —   —   1.6  
Sport Maska Inc. 12.7   ( 2.7 ) 10.0   —   —   10.0  
Spruce Bidco II Inc. 50.7   ( 11.3 ) 39.4   —   —   39.4  
St Athena Global LLC and St Athena Global Holdings Limited 4.0   ( 0.3 ) 3.7   —   —   3.7  
Sterilex LLC 1.3   —   1.3   —   —   1.3  
Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC 5.7   —   5.7   —   —   5.7  
Sugar PPC Buyer LLC 2.7   —   2.7   —   —   2.7  
Sun Acquirer Corp. and Sun TopCo, LP 32.7   ( 1.1 ) 31.6   —   —   31.6  
Sundance Group Holdings, Inc. 6.5   —   6.5   —   —   6.5  
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation 9.8   ( 7.2 ) 2.6   —   —   2.6  
Sunrun Luna Holdco 2021, LLC 90.0   ( 75.3 ) 14.7   —   —   14.7  
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. 23.8   ( 0.5 ) 23.3   —   —   23.3  
Superman Holdings, LLC 5.1   —   5.1   —   —   5.1  
Supplying Demand, Inc. 0.1   —   0.1   —   —   0.1  
Surescripts, LLC 26.9   —   26.9   —   —   26.9  
SV Newco 2, Inc. and Site 2020 Incorporated 9.4   ( 0.9 ) 8.5   —   —   8.5  
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. 10.0   ( 7.0 ) 3.0   —   —   3.0  
Systems Planning and Analysis, Inc. 4.0   ( 0.2 ) 3.8   —   —   3.8  
Talon Buyer Inc. and Talon Holdings SCSP 14.7   —   14.7   —   —   14.7  
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. 25.8   —   25.8   —   —   25.8  
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. 17.0   —   17.0   —   —   17.0  
TCI Buyer LLC and TCI Holdings, LP 24.2   —   24.2   —   —   24.2  

See accompanying notes to consolidated financial statements.
81

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
TCP Hawker Intermediate LLC 16.6   ( 3.4 ) 13.2   —   —   13.2  
Team Acquisition Corporation 6.1   ( 5.7 ) 0.4   —   ( 0.4 ) —  
Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP 12.0   ( 0.3 ) 11.7   —   —   11.7  

The Arcticom Group, LLC and AMCP Mechanical Holdings, LP 14.1   ( 12.8 ) 1.3   —   —   1.3  
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC 1.4   —   1.4   —   —   1.4  
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP 10.2   —   10.2   —   —   10.2  
Thermostat Purchaser III, Inc. 7.7   ( 1.1 ) 6.6   —   —   6.6  
THG Acquisition, LLC 38.1   ( 5.3 ) 32.8   —   —   32.8  
Three Rivers Buyer, Inc. 1.9   —   1.9   —   —   1.9  
Tiger Holdco LLC 10.6   —   10.6   —   —   10.6  
Titan BW Borrower L.P. 10.4   —   10.4   —   —   10.4  
TopGolf International, LLC and TopGolf Topco, LLC 19.8   —   19.8   —   —   19.8  
Trading Technologies International, Inc. 2.3   —   2.3   —   —   2.3  
Transit Technologies LLC 6.7   —   6.7   —   —   6.7  
Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC 6.4   ( 0.3 ) 6.1   —   —   6.1  
Triwizard Holdings, Inc. and Triwizard Parent, LP 21.0   ( 7.1 ) 13.9   —   —   13.9  
Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP 70.4   ( 0.2 ) 70.2   —   —   70.2  
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC 5.4   ( 2.6 ) 2.8   —   —   2.8  
TSS Buyer, LLC 1.4   —   1.4   —   —   1.4  
TSWT Acquisition, Inc. and TSWT Holdings, LLC 7.6   ( 0.7 ) 6.9   —   —   6.9  
Two Six Labs, LLC 10.2   —   10.2   —   —   10.2  
U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. 1.3   —   1.3   —   —   1.3  
UFS, LLC and BV-UFS Aggregator, LLC 2.7   ( 0.7 ) 2.0   —   —   2.0  
Unicorn Holdco Intermediate II LLC 1.9   —   1.9   —   —   1.9  
Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. 7.0   —   7.0   —   —   7.0  
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP 3.8   —   3.8   —   —   3.8  
Unity Purchaser, LLC and Unity Ultimate Holdings, LP 8.8   —   8.8   —   —   8.8  
UP Intermediate II LLC and UPBW Blocker LLC 5.9   ( 0.2 ) 5.7   —   —   5.7  
Vamos Bidco, Inc. 9.9   —   9.9   —   —   9.9  
Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC 2.6   ( 1.5 ) 1.1   —   —   1.1  
Verista, Inc. 4.0   ( 1.1 ) 2.9   —   —   2.9  
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC 13.6   ( 1.2 ) 12.4   —   ( 12.0 ) 0.4  
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. 20.0   —   20.0   —   —   20.0  
Viper Bidco, Inc. 10.3   —   10.3   —   —   10.3  

VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. 9.4   —   9.4   —   —   9.4  
VRC Companies, LLC 5.4   —   5.4   —   —   5.4  
VRS Buyer, Inc. 5.2   —   5.2   —   —   5.2  
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC 2.1   —   2.1   —   —   2.1  
Watermill Express, LLC and Watermill Express Holdings, LLC 3.9   ( 0.1 ) 3.8   —   —   3.8  
Waverly Advisors, LLC and WAAM Topco, LLC 3.8   ( 0.8 ) 3.0   —   —   3.0  
Wealth Enhancement Group, LLC 26.4   —   26.4   —   —   26.4  
WebPT, Inc. and WPT Intermediate Holdco, Inc. 0.9   —   0.9   —   —   0.9  
Wellington Bidco Inc. and Wellington TopCo LP 16.4   ( 0.6 ) 15.8   —   —   15.8  
Wellington-Altus Financial Inc. 1.2   ( 0.2 ) 1.0   —   —   1.0  
Wellness AcquisitionCo, Inc. 4.2   ( 0.1 ) 4.1   —   —   4.1  
Wharf Street Ratings Acquisition LLC 9.2   —   9.2   —   —   9.2  
WorkWave Intermediate II, LLC 10.7   ( 1.3 ) 9.4   —   —   9.4  
World Insurance Associates, LLC and World Associates Holdings, LLC 1.7   —   1.7   —   —   1.7  
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 1.8   ( 0.4 ) 1.4   —   —   1.4  
WRE Sports Investments LLC 4.8   —   4.8   —   ( 4.8 ) —  
WSHP FC Acquisition LLC and WSHP FC Holdings LLC 16.3   ( 1.0 ) 15.3   —   —   15.3  
WU Holdco, Inc. 8.7   ( 1.3 ) 7.4   —   —   7.4  
YE Brands Holdings, LLC 2.3   —   2.3   —   —   2.3  

See accompanying notes to consolidated financial statements.
82

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP 2.2   —   2.2   —   —   2.2  
Zenith AcquisitionCo, LLC 38.6   —   38.6   —   —   38.6  
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. 5.1   —   5.1   —   —   5.1  
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. 5.3   ( 0.1 ) 5.2   —   —   5.2  
ZocDoc, Inc. 12.3   —   12.3   —   —   12.3  
$ 5,731.9   $ ( 688.8 ) $ 5,043.1   $ —   $ ( 48.4 ) $ 4,994.7  

(14) As of March 31, 2026, the Company was party to agreements to fund equity investment commitments as follows:

(in millions)
Company Total equity commitments Less: funded equity commitments Total unfunded equity commitments Less: equity commitments substantially at the discretion of the Company Total net unfunded equity commitments
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP $ 1.2   $ —   $ 1.2   $ —   $ 1.2  
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. 12.3   —   12.3   —   12.3  
Calera XXVIII, LLC 1.0   —   1.0   —   1.0  
Constellation Wealth Capital Fund, L.P. 6.1   ( 4.7 ) 1.4   —   1.4  
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 0.1   —   0.1   —   0.1  
European Capital UK SME Debt LP 5.6   —   5.6   ( 5.6 ) —  
Grit Buyer, Inc. and Integrum Grit Co-Invest LP 2.3   —   2.3   —   2.3  
GSM Rights Fund II LP 7.3   —   7.3   —   7.3  
GTCR F Buyer Corp. and GTCR (D) Investors LP 1.3   —   1.3   —   1.3  
HFCP XI (Parallel - A), L.P. 7.5   —   7.5   —   7.5  
High Street Buyer, Inc. and High Street Holdco LLC 38.6   —   38.6   —   38.6  
Linden Structured Capital Fund II-A LP 2.5   ( 1.8 ) 0.7   —   0.7  
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 11.6   ( 9.7 ) 1.9   —   1.9  
Marco Polo Fund SCSp-RAIF 27.2   ( 7.7 ) 19.5   —   19.5  
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP 1.3   ( 0.9 ) 0.4   —   0.4  
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 0.1   —   0.1   —   0.1  
PCG-Ares Sidecar Investment, L.P. 50.0   ( 12.4 ) 37.6   ( 37.6 ) —  
Propagate Content LLC 8.1   —   8.1   —   8.1  
PumpTech, LLC and Impel CV-B, LP 0.3   —   0.3   —   0.3  
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 12.2   ( 11.1 ) 1.1   —   1.1  

Spindrift Beverage Co., Inc. and SBC Aggregator LP 1.2   —   1.2   —   1.2  
Wellington-Altus Financial Inc. 0.9   —   0.9   —   0.9  
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 0.2   —   0.2   —   0.2  
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. 0.3   —   0.3   —   0.3  
$ 199.2   $ ( 48.3 ) $ 150.9   $ ( 43.2 ) $ 107.7  

(15) As of March 31, 2026, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $ 55 . See Note 4 for more information on the SDLP.

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

(17) As of March 31, 2026, the estimated net unrealized loss for federal tax purposes was approximately $ 52  million based on a tax cost basis of approximately $ 29.6  billion. As of March 31, 2026, the estimated aggregate gross unrealized loss for federal income tax purposes was approximately $ 1.3  billion and the estimated aggregate gross unrealized gain for federal income tax purposes was approximately $ 1.3  billion.     

See accompanying notes to consolidated financial statements.
83

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Software and Services
ACP Avenu Midco LLC (13) Provider of technology solutions and hardware to U.S. state and local governments and motor vehicle agencies First lien senior secured loan 8.74 % SOFR (Q) 4.75 % 04/2025 10/2029 $ 13.2   $ 13.0   $ 13.2   (2)(9)
First lien senior secured loan 8.74 % SOFR (Q) 4.75 % 08/2025 10/2029 18.9   18.6   18.9   (2)(9)
31.6   32.1  
Actfy Buyer, Inc. (13) Software provider of end to end fraud management workflow solutions First lien senior secured loan 8.47 % SOFR (M) 4.75 % 05/2024 05/2031 20.9   20.9   20.9   (2)(9)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (13) Provider of software services that support the management and security of computing devices, applications, data, and networks First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 07/2023 07/2030 42.1   42.1   42.1   (2)(6)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 09/2024 07/2030 6.8   6.8   6.8   (2)(6)(9)
Limited partnership interest 10/2023 9,249,000 10.2   12.6   (2)(6)
59.1   61.5  
Adonis Bidco Inc. (13) Provider of intellectual property management lifecycle software First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 02/2025 02/2032 11.0   11.0   11.0   (2)(9)
First lien senior secured loan 9.42 % ( 3.00 % PIK)
SOFR (Q) 5.75 % 02/2025 02/2032 235.5   235.5   235.5   (2)(9)
246.5   246.5  
AI Titan Parent, Inc. (13) Provider of plant maintenance / scheduling software First lien senior secured loan 8.25 % SOFR (M) 4.50 % 08/2024 08/2031 7.3   7.3   7.3   (2)(9)
Anaplan, Inc. (13) Provider of cloud-based connected planning platforms for business analytics First lien senior secured loan 8.32 % SOFR (Q) 4.50 % 06/2022 06/2029 5.8   5.8   5.8   (2)(9)
APG Intermediate Holdings Corporation and APG Holdings, LLC (4) Aircraft performance software provider Class A membership units 01/2020 9,750,000 9.8   7.6   (2)
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (13) Software platform for identification, prevention and management of substance use disorder First lien senior secured loan 8.57 % SOFR (M) 4.75 % 05/2021 05/2027 2.8   2.8   2.8   (2)(9)
Aptean, Inc. and Aptean Acquiror Inc. (13) Provider of CRM, ERP and supply chain software application First lien senior secured revolving loan 8.49 % SOFR (M) 4.75 % 01/2024 01/2031 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.57 % SOFR (Q) 4.75 % 01/2024 01/2031 19.5   19.5   19.5   (2)(9)
19.7   19.7  
Archduke Buyer, Inc. (13) Developer and operator of Java runtime solutions for enterprises applications First lien senior secured loan 9.27 % SOFR (Q) 5.50 % 12/2025 12/2032 61.0   61.0   60.4   (2)(9)
Arrow Borrower 2025, Inc. (13) Provider of accounts payable automation software and payment solutions First lien senior secured loan 8.15 % SOFR (Q) 4.25 % 10/2025 10/2032 28.3   28.3   28.1   (2)(9)
Artifact Bidco, Inc. (13) Supply chain risk management SaaS platform for global enterprise clients First lien senior secured loan 7.82 % SOFR (Q) 4.15 % 05/2024 07/2031 7.4   7.4   7.4   (2)(9)

See accompanying notes to consolidated financial statements.
84

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Aston Bidco (Holding) Limited Provider of enterprise software solutions First lien senior secured loan 9.97 % SONIA (Q) 6.00 % 07/2025 07/2032 110.2   108.2   110.2   (2)(6)(9)
Auctane, Inc. Provider of mailing and shipping solutions First lien senior secured loan 9.58 % SOFR (S) 5.75 % 10/2021 10/2028 143.4   143.4   143.4   (2)(9)
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. (13)(14) Vertical software businesses holding company First lien senior secured loan 9.22 % SOFR (M) 5.50 % 01/2025 01/2031 141.2   141.2   141.2   (2)(9)
First lien senior secured loan 9.22 % SOFR (M) 5.50 % 04/2025 01/2031 21.4   21.4   21.4   (2)(9)
First lien senior secured loan 8.98 % SOFR (M) 5.25 % 10/2025 01/2031 1.2   1.2   1.2   (2)
Series A preferred shares 14.00 % PIK
01/2025 80,007 89.2   88.2   (2)
253.0   252.0  
BCTO Ignition Purchaser, Inc. Enterprise software provider Senior subordinated loan 11.37 % PIK
SOFR (Q) 7.50 % 04/2023 10/2030 4.5   4.5   4.5   (2)(9)
Senior subordinated loan 11.37 % PIK
SOFR (Q) 7.50 % 03/2025 10/2030 2.5   2.5   2.5   (2)(9)
7.0   7.0  
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (13) Healthcare software provider First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 06/2023 06/2030 15.5   15.5   15.5   (2)(9)
Class A-1 units 06/2023 1,729,228 1.7   1.8  
17.2   17.3  
Borrower R365 Holdings LLC (13) Provider of restaurant enterprise resource planning systems First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 06/2021 06/2027 15.9   15.9   15.9   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 01/2022 06/2027 1.9   1.9   1.9   (2)(9)
17.8   17.8  
Bottomline Technologies, Inc. (13) Provider of payment automation solutions First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 04/2025 05/2029 16.5   16.5   16.5   (2)(9)
Businessolver.com, Inc. (13) Provider of SaaS-based benefits solutions for employers and employees First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 12/2021 12/2032 28.0   28.0   27.9   (2)(9)
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (13) Provider of software and technology-enabled content and analytical solutions to insurance brokers First lien senior secured loan 8.32 % SOFR (Q) 4.50 % 04/2024 11/2027 16.6   16.2   16.2   (2)(9)(16)
Second lien senior secured loan 11.58 % SOFR (Q) 7.75 % 11/2020 11/2028 71.6   71.2   70.9   (2)(9)
Series A preferred shares 11.00 % PIK
11/2020 24,898 43.5   41.3   (2)
Series A-2 preferred shares 11.00 % PIK
12/2020 8,963 15.5   14.7   (2)
Series A-3 preferred shares 11.00 % PIK
11/2021 11,952 18.7   17.7   (2)
165.1   160.8  
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. (13) Provider of database management services First lien senior secured loan 9.47 % SOFR (M) 5.75 % 09/2025 09/2031 29.8   29.8   29.4   (2)(9)
Senior subordinated loan 13.00 % PIK
09/2025 09/2033 24.5   24.5   24.0   (2)
Limited partnership interests 09/2025 5,324,000 5.3   5.3   (2)
59.6   58.7  
Centralsquare Technologies, LLC and Supermoose Newco, Inc. (13) Provider of mission-critical software solutions for the public sector First lien senior secured revolving loan 04/2024 04/2030 —   —   —   (2)(11)

See accompanying notes to consolidated financial statements.
85

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.47 % SOFR (M) 5.75 % 04/2024 04/2030 144.7   144.7   144.7   (2)(9)
Series A preferred stock 15.00 % PIK
04/2024 83,332 107.2   107.2   (2)
251.9   251.9  
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (13) Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies Second lien senior secured notes 9.00 % 04/2023 09/2029 121.0   114.8   125.9   (2)(16)
Limited partnership interests 09/2022 12,250,000 12.3   35.2   (2)
127.1   161.1  
Community Brands ParentCo, LLC Software and payment services provider to non-profit institutions Class A units 12/2016 500,000 5.0   1.5   (2)
Computer Services, Inc. (13) Infrastructure software provider to community banks First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 02/2024 11/2031 160.4   160.4   160.4   (2)(9)
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. Provider of sales software for the interior design industry Common units 05/2021 483,584 4.8   10.5   (2)(6)
Series A common units 09/2022 23,340 0.2   0.5   (2)(6)
5.0   11.0  
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (13) Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors First lien senior secured revolving loan 7.08 % SOFR (M) 3.25 % 06/2021 03/2028 6.4   6.4   6.4   (2)
Second lien senior secured loan 10.33 % SOFR (M) 6.50 % 06/2021 06/2029 155.7   155.7   156.6   (2)(9)(16)
Limited partnership units 04/2021 59,665,989 59.7   53.9   (2)
221.8   216.9  
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (13) Provider of environmental, health and safety software to track compliance data First lien senior secured loan 8.34 % SOFR (Q) 4.50 % 10/2025 11/2032 61.7   61.7   61.4   (2)(6)(9)
Preferred equity 9.00 % PIK
07/2019 198 0.4   0.9   (2)(6)
Common equity 07/2019 190,143 —   —   (2)(6)
62.1   62.3  
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (13) Provider of a cloud-based, SaaS platform for talent management First lien senior secured revolving loan 6.84 % SOFR (M) 3.00 % 10/2021 10/2026 8.4   8.4   7.6   (2)(12)
First lien senior secured loan 7.58 % SOFR (M) 3.75 % 06/2024 10/2028 16.4   15.0   15.0   (2)(9)(16)
Second lien senior secured loan 10.33 % SOFR (M) 6.50 % 10/2021 10/2029 137.5   137.5   125.1   (2)(9)
Series A preferred shares 10.50 % PIK
10/2021 116,413 179.2   152.3   (2)
Class A-1 common stock 10/2021 1,360,100 13.6   19.9   (2)
353.7   319.9  
Coupa Holdings, LLC and Coupa Software Incorporated (13) Provider of Business Spend Management software First lien senior secured loan 9.09 % SOFR (Q) 5.25 % 03/2023 02/2030 8.9   8.9   8.9   (2)(9)

See accompanying notes to consolidated financial statements.
86

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Databricks, Inc. (13) Cloud-based data and AI platform that helps companies scale and manage data First lien senior secured loan 8.27 % SOFR (M) 4.50 % 12/2024 01/2031 0.1   0.1   0.1   (2)
Datix Bidco Limited and RL Datix Holdings (USA), Inc. (13) Global healthcare software company that provides software solutions for patient safety and risk management First lien senior secured loan 8.73 % SOFR (S) 5.00 % 04/2024 04/2031 104.6   104.6   104.6   (2)(6)(9)
First lien senior secured loan 8.97 % SONIA (S) 5.25 % 04/2024 04/2031 57.1   53.1   57.1   (2)(6)(9)
157.7   161.7  
Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. (13) Provider of internet security tools and solutions First lien senior secured loan 9.47 % SOFR (M) 5.75 % 07/2025 07/2030 124.7   123.0   122.9   (2)(9)
Second lien senior secured loan 10.72 % SOFR (M) 7.00 % 05/2022 02/2029 20.3   18.1   18.1   (2)(16)
Series A preferred shares 10.50 % PIK
05/2021 129,822 208.0   178.9   (2)
Series A units 05/2021 817,194 13.3   15.1   (2)
362.4   335.0  
Diligent Corporation and Diligent Preferred Issuer, Inc. (13) Provider of secure SaaS solutions for board and leadership team documents First lien senior secured revolving loan 8.75 % SOFR (Q) 5.00 % 04/2024 08/2030 0.5   0.5   0.5   (2)(9)(12)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 04/2024 08/2030 23.5   23.4   23.3   (2)(9)
Preferred stock 10.50 % PIK
04/2021 13,140 20.6   20.3   (2)
44.5   44.1  
Doxim Inc. (13) Enterprise content management provider First lien senior secured revolving loan 09/2025 11/2027 —   —   —   (2)(6)(11)
First lien senior secured loan 10.22 % SOFR (M) 6.50 % 09/2025 11/2027 84.7   84.7   83.9   (2)(6)(9)
84.7   83.9  
DriveCentric Holdings, LLC (13) Provider of CRM software to the automotive dealership industry First lien senior secured loan 8.19 % SOFR (Q) 4.50 % 08/2024 08/2031 12.1   12.1   12.1   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 07/2025 08/2031 11.6   11.6   11.6   (2)(9)
23.7   23.7  
Echo Purchaser, Inc. (13) Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets First lien senior secured loan 9.22 % SOFR (M) 5.50 % 11/2023 11/2029 11.3   11.3   11.3   (2)(9)
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (13) Payment processing solution provider First lien senior secured loan 8.25 % SOFR (M) 4.50 % 09/2024 09/2031 96.1   96.1   96.1   (2)(9)
Preferred units 12.50 % PIK
09/2024 656 7.7   7.7   (2)
Class A common units 09/2024 563 0.6   0.6   (2)
104.4   104.4  
Edition Holdings, Inc. and Enverus, Inc. (13) SaaS based business analytics company focused on oil and gas industry First lien senior secured loan 8.20 % SOFR (M) 4.50 % 12/2025 12/2032 63.1   63.1   62.9   (2)(9)

See accompanying notes to consolidated financial statements.
87

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Edmunds Govtech, Inc. (13) Provider of ERP software solutions for local governments First lien senior secured revolving loan 7.42 % SOFR (Q) 3.75 % 02/2024 02/2030 1.7   1.7   1.7   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 02/2024 02/2031 8.5   8.5   8.5   (2)(9)
10.2   10.2  
Einstein Parent, Inc. (13) Provider of SaaS based collaborative work management software First lien senior secured loan 10.36 % SOFR (Q) 6.50 % 01/2025 01/2031 45.9   45.9   45.9   (2)(9)
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (13) SaaS based supply chain management software provider focused on chemical markets First lien senior secured revolving loan 9.50 % SOFR (Q) 5.50 % 05/2024 09/2026 6.8   6.8   6.8   (2)(9)
First lien senior secured loan 9.53 % SOFR (Q) 5.50 % 09/2019 09/2026 59.3   59.3   59.3   (2)(9)
First lien senior secured loan 9.56 % SOFR (Q) 5.50 % 12/2020 09/2026 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 9.53 % SOFR (Q) 5.50 % 05/2024 09/2026 4.9   4.9   4.9   (2)(9)
Preferred equity 09/2019 4,599 4.6   7.1   (2)
81.2   83.7  
EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. Provider of entertainment workforce and production management solutions First lien senior secured loan 8.44 % SOFR (Q) 4.50 % 06/2023 11/2028 50.0   49.8   36.5   (2)(9)
Partnership units 05/2019 5,034,483 3.0   4.9   (2)(6)
52.8   41.4  
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT (13) Provider of mission-critical, software-enabled clinical research solutions First lien senior secured loan 8.47 % SOFR (M) 4.75 % 01/2025 01/2032 181.9   181.9   181.9   (2)(9)
Limited partnership interest 01/2020 3,988,000 4.5   10.1   (2)(6)
186.4   192.0  
ESHA Intermediate, LLC (13) Provider of nutritional information and software as a services (SaaS) compliance solutions First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 12/2025 12/2032 22.3   22.3   22.2   (2)(9)
Extrahop Networks, Inc. (13) Provider of real-time wire data analytics solutions for application and infrastructure monitoring First lien senior secured revolving loan 10.33 % SOFR (M) 6.50 % 03/2024 07/2027 2.6   2.6   2.6   (2)(9)
First lien senior secured loan 10.32 % SOFR (M) 6.50 % 07/2021 07/2027 35.1   35.1   35.1   (2)(9)
First lien senior secured loan 10.32 % SOFR (M) 6.50 % 03/2023 07/2027 3.9   3.9   3.9   (2)(9)
41.6   41.6  
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. Provider of back-office software services for the banking sector First lien senior secured loan 10.97 % SOFR (Q) 7.25 % 09/2023 09/2029 52.1   51.4   52.6   (2)(6)(9)
Flexera Software LLC (13) Provider of IT asset management, SaaS management and cloud optimization software products to enterprises First lien senior secured loan 8.60 % SOFR (Q) 4.75 % 08/2025 08/2032 18.6   18.6   18.5   (2)(9)
First lien senior secured loan 6.43 % Euribor (M) 4.50 % 08/2025 08/2032 6.8   6.8   6.8   (2)(9)
First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 12/2025 08/2032 120.4   120.4   120.1   (2)(9)
145.8   145.4  

See accompanying notes to consolidated financial statements.
88

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Forescout Technologies, Inc. (13) Network access control solutions provider First lien senior secured loan 8.24 % SOFR (A) 4.50 % 12/2025 05/2032 37.1   37.1   37.1   (2)(9)
GHP-VGS Purchaser LLC (13) Provider of assessment software and third party appraisal services First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 04/2025 04/2032 14.3   14.3   14.3   (2)(9)
GI Ranger Intermediate LLC (13) Provider of payment processing services and software to healthcare providers First lien senior secured revolving loan 9.82 % SOFR (Q) 6.00 % 10/2021 10/2027 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 10/2021 10/2028 9.9   9.9   9.4   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 03/2022 10/2028 3.1   3.1   2.9   (2)(9)
13.5   12.8  
Goldeneye Parent, LLC (13) Provider of clinical trial financial solutions First lien senior secured loan 8.47 % SOFR (M) 4.75 % 03/2025 03/2032 17.3   17.3   17.3   (2)(9)
Guidepoint Security Holdings, LLC (13) Cybersecurity solutions provider First lien senior secured loan 8.97 % SOFR (M) 5.25 % 10/2023 10/2029 6.6   6.6   6.6   (2)(9)
First lien senior secured loan 8.97 % SOFR (M) 5.25 % 12/2024 10/2029 2.4   2.4   2.4   (2)(9)
First lien senior secured loan 8.97 % SOFR (M) 5.25 % 10/2025 10/2029 7.9   7.9   7.9   (2)(9)
16.9   16.9  
Heavy Construction Systems Specialists, LLC (13) Provider of construction software First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 11/2021 11/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 03/2024 11/2028 13.8   13.8   13.8   (2)(9)
13.9   13.9  
HS Purchaser, LLC, and Help/Systems Holdings, Inc. (13) Provider of IT operations management and cybersecurity software First lien senior secured loan 10.37 % SOFR (Q) 6.50 % 11/2025 05/2029 62.5   62.5   59.1   (2)(9)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (13) Insurance software provider First lien senior secured revolving loan 9.32 % SOFR (M) 5.50 % 11/2021 11/2029 3.7   3.7   3.7   (2)(9)
First lien senior secured loan 9.82 % ( 0.50 % PIK)
SOFR (M) 6.00 % 11/2021 11/2029 58.6   58.6   58.0   (2)(9)
First lien senior secured loan 9.82 % SOFR (M) 6.00 % 10/2025 11/2029 5.4   5.4   5.3   (2)(9)
Senior subordinated loan 10.00 % PIK
11/2021 11/2031 133.9   133.9   121.8   (2)
Company units 11/2021 4,246,457 8.8   3.7   (2)
210.4   192.5  
Hyland Software, Inc. (13) Enterprise content management software provider First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 09/2023 09/2030 95.6   94.6   95.6   (2)(9)
Hyphen Solutions, LLC (13) Provider of residential construction supply chain management software First lien senior secured loan 8.22 % SOFR (M) 4.50 % 08/2025 08/2032 12.0   11.9   11.9   (2)(9)
iCapital, Inc. Provider of platform solutions that increase access to alternative investments for institutional investors and wealth managers Common stock 04/2025 71,430 1.0   1.1   (2)
Icefall Parent, Inc. (13) Provider of customer engagement software and integrated payments solutions First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 01/2024 01/2030 4.0   4.0   4.0   (2)(9)
ID.me, LLC and ID.me, Inc. (13) Provider of remote digital identity verification solutions First lien senior secured loan 10.25 % ( 5.25 % PIK)
01/2025 01/2031 126.4   118.3   119.7   (2)

See accompanying notes to consolidated financial statements.
89

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Series E preferred units 08/2025 10,827,926 16.0   16.6   (2)
Warrant to purchase shares of common stock 01/2025 01/2035 6,924,708 9.6   10.6   (2)
143.9   146.9  
Internet Truckstop Group LLC (13) Provider of freight-moving lifecycle software First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 06/2024 04/2027 39.5   39.3   39.5   (2)(9)
IQN Holding Corp. (13) Provider of extended workforce management software First lien senior secured revolving loan 8.93 % SOFR (Q) 5.25 % 05/2022 05/2028 1.5   1.5   1.5   (2)(9)
First lien senior secured loan 9.42 % ( 3.13 % PIK)
SOFR (Q) 5.75 % 05/2022 05/2029 1.4   1.4   1.4   (2)(9)
2.9   2.9  
JAMS Holdings LP and Jams Buyer LLC (13) Provider of IT operations management and cybersecurity software First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 06/2025 06/2032 14.4   14.4   14.4   (2)(9)
Preferred units 8.00 % PIK
06/2025 1,001,000 1.0   1.4   (2)
15.4   15.8  
Jeppesen Holdings, LLC (13) Provider of aviation software solutions First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 10/2025 11/2032 14.0   14.0   13.9   (2)(9)
Kairos Bidco Limited (13) Provider of financial data analytics software First lien senior secured revolving loan 8.42 % SOFR (Q) 4.75 % 07/2025 07/2032 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 07/2032 24.8   24.8   24.6   (2)(6)(9)
25.1   24.9  
Kaseya Inc. and Knockout Intermediate Holdings I Inc. Provider of cloud-based software and technology solutions for small and medium sized businesses Preferred stock 14.35 % PIK
SOFR (S) 10.75 % 06/2022 21,289 34.1   34.1   (2)(9)
LeanTaaS Holdings, Inc. (13) Provider of SaaS tools to optimize healthcare asset utilization First lien senior secured loan 11.42 % SOFR (Q) 7.75 % 07/2022 07/2028 72.1   72.1   72.1   (2)(9)
First lien senior secured loan 11.17 % SOFR (Q) 7.50 % 10/2025 07/2028 1.7   1.7   1.7   (2)(9)
73.8   73.8  
Majesco and Magic Topco, L.P. (13) Insurance software provider First lien senior secured loan 8.47 % SOFR (W) 4.75 % 09/2020 09/2028 17.9   17.9   17.9   (2)(9)
Class A units 9.00 % PIK
09/2020 2,539 4.0   6.8   (2)
Class B units 09/2020 570,625 —   —   (2)
21.9   24.7  
Merit Software Finance Holdings, LLC (13) Vertical software businesses holding company First lien senior secured loan 8.94 % SOFR (Q) 5.25 % 12/2025 12/2032 24.5   24.5   24.3   (2)(9)
Metatiedot Bidco OY and Metatiedot US, LLC (13) Enterprise content management platform First lien senior secured revolving loan 7.06 % Euribor (Q) 5.00 % 11/2024 11/2030 1.7   1.7   1.7   (2)(6)(9)
First lien senior secured loan 7.07 % Euribor (Q) 5.00 % 11/2024 11/2031 8.9   8.1   8.9   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 11/2024 11/2031 5.2   5.2   5.2   (2)(6)(9)
15.0   15.8  
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp Cybersecurity solutions provider First lien senior secured loan 8.22 % SOFR (M) 4.50 % 05/2022 05/2029 14.2   14.2   14.2   (2)(6)(9)
First lien senior secured loan 8.22 % SONIA (Q) 4.50 % 05/2022 05/2029 37.6   34.5   37.6   (2)(6)(9)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 03/2024 05/2029 5.1   5.1   5.1   (2)(6)(9)

See accompanying notes to consolidated financial statements.
90

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Limited partnership interest 05/2022 3,975 39.8   48.6   (2)(6)
93.6   105.5  
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (13) Software and payment services provider to faith-based institutions First lien senior secured revolving loan 11.25 % Base Rate (Q) 4.50 % 12/2021 12/2027 0.7   0.7   0.7   (2)(9)(12)
First lien senior secured loan 9.32 % SOFR (M) 5.50 % 12/2021 12/2028 38.6   38.6   37.8   (2)(9)
Limited partner interests 12/2021 9,574,000 9.6   5.8   (2)
48.9   44.3  
ML Holdco, Inc. (13) Cloud-based, SaaS lending solutions provider to financial institutions First lien senior secured loan 8.37 % SOFR (Q) 4.50 % 10/2025 10/2032 89.6   89.6   89.1   (2)(9)
Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. (13) Provider of practice management, EHR, and RCM software to medical specialists First lien senior secured loan 8.42 % ( 2.25 % PIK)
SOFR (Q) 4.75 % 04/2025 04/2032 70.5   70.5   70.5   (2)(9)
Series A preferred stock 13.00 % PIK
04/2025 24,499 26.7   26.7   (2)
97.2   97.2  
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (13) Leading technology solution provider for casing and auditioning to the entertainment industry First lien senior secured loan 9.45 % SOFR (S) 5.75 % 08/2022 08/2028 23.9   23.9   23.9   (2)(9)
Class A units 8.00 % PIK
08/2022 45,320 5.9   4.1  
29.8   28.0  
Motor Vehicle Software Corporation (13) Provider of electronic registration and titling software to auto dealers First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 01/2025 01/2032 10.3   10.3   10.3   (2)(9)
MRI Software LLC (13) Provider of real estate and investment management software First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 02/2020 02/2028 0.9   0.9   0.9   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 02/2020 02/2028 4.0   4.0   4.0   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 08/2020 02/2028 4.7   4.7   4.7   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 02/2028 0.6   0.6   0.6   (2)(9)
10.2   10.2  
Netsmart, Inc. and Netsmart Technologies, Inc. (13) Developer and operator of health care software and technology solutions First lien senior secured loan 8.92 % ( 2.70 % PIK)
SOFR (M) 5.20 % 08/2024 08/2031 33.1   33.1   33.1   (2)(9)
First lien senior secured loan 8.92 % ( 2.70 % PIK)
SOFR (M) 5.20 % 11/2025 08/2031 27.8   27.8   27.8   (2)(9)
60.9   60.9  
North Star Acquisitionco, LLC and Toucan Bidco Limited (13) Literacy solution software provider for grades k-12 First lien senior secured loan 8.64 % NIBOR (M) 4.50 % 04/2024 05/2029 6.2   5.7   6.2   (2)(6)
First lien senior secured loan 8.27 % SONIA (M) 4.50 % 04/2024 05/2029 5.5   5.3   5.6   (2)(6)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 04/2024 05/2029 11.9   11.9   11.9   (2)(6)(9)
22.9   23.7  

See accompanying notes to consolidated financial statements.
91

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. (13) Provider of public safety, incident reporting, and security management solutions for enterprises First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 12/2025 12/2030 13.7   13.7   13.7   (2)(9)
Optimizely North America Inc. and Optimizely Sweden Holdings AB (13) Provider of web content management and digital commerce solutions First lien senior secured loan 8.72 % SOFR (M) 5.00 % 10/2024 10/2031 5.6   5.6   5.6   (2)(6)(9)
First lien senior secured loan 7.15 % Euribor (M) 5.25 % 10/2024 10/2031 2.2   2.0   2.2   (2)(6)(9)
First lien senior secured loan 9.22 % SONIA (M) 5.50 % 10/2024 10/2031 1.0   0.9   0.9   (2)(6)(9)
8.5   8.7  
PCMI Parent, LLC and PCMI Ultimate Holdings, LP (13) Developer and provider of administration software for managing service contracts and extended warranty products First lien senior secured loan 9.21 % SOFR (Q) 5.50 % 03/2025 03/2032 21.1   21.1   21.1   (2)(9)
First lien senior secured loan 9.21 % SOFR (Q) 5.50 % 11/2025 03/2032 15.1   15.1   15.1   (2)(9)
Class A units 9.00 % PIK
03/2025 1,014 1.1   1.3   (2)
Class B units 03/2025 241,447 —   —   (2)
37.3   37.5  
PDDS HoldCo, Inc. (13) Provider of cloud-based dental practice management software First lien senior secured loan 9.72 % SOFR (M) 6.00 % 10/2025 09/2031 13.8   13.6   13.6   (2)(9)
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (13) Provider of enterprise management software for the convenience retail and petroleum wholesale market First lien senior secured revolving loan 9.34 % SOFR (Q) 5.50 % 02/2024 02/2031 1.8   1.8   1.8   (2)(9)
First lien senior secured loan 9.34 % SOFR (Q) 5.50 % 01/2024 02/2031 8.8   8.8   8.8   (2)(9)
Series A preferred stock 13.25 % PIK
03/2019 13,656 33.2   33.5   (2)
Class A units 03/2019 2,062,493 2.1   4.7   (2)
45.9   48.8  
Petvisor Holdings, LLC (13) Provider of veterinarian-focused SaaS solutions First lien senior secured revolving loan 11.25 % Base rate (Q) 4.50 % 06/2022 11/2029 1.3   1.3   1.3   (2)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 06/2022 11/2029 6.0   6.0   6.0   (2)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 11/2023 11/2029 13.6   13.6   13.6   (2)(9)
20.9   20.9  
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)(13) Online education learning platform First lien senior secured loan 8.32 % ( 1.50 % PIK)
SOFR (Q) 4.50 % 08/2024 08/2029 21.7   21.7   21.7   (2)(9)
First lien senior secured loan 08/2024 08/2029 22.2   21.9   18.4   (2)(8)
Common units 08/2024 6,356,812 14.3   —   (2)
57.9   40.1  
Poseidon IntermediateCo, Inc. (13) Provider of practice management software to law firms First lien senior secured loan 8.23 % SOFR (M) 4.50 % 06/2025 06/2032 28.1   28.1   28.1   (2)(9)

See accompanying notes to consolidated financial statements.
92

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (13) Software provider for medical practitioners First lien senior secured revolving loan 8.22 % SOFR (M) 4.50 % 08/2023 08/2029 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 9.47 % SOFR (M) 5.75 % 08/2023 08/2029 36.2   36.2   36.2   (2)(9)
Senior subordinated loan 14.00 % PIK
08/2023 08/2030 53.7   53.7   53.7   (2)
Class A units 8.00 % PIK
03/2021 33,220,282 28.1   32.4   (2)
118.5   122.8  
Project Potter Buyer, LLC and Project Potter Parent, L.P. (13) Software solutions provider to the ready-mix concrete industry First lien senior secured revolving loan 06/2025 04/2027 —   —   —   (2)(11)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 04/2020 04/2027 42.3   42.3   42.3   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 10/2020 04/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 11/2020 04/2027 11.6   11.6   11.6   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 07/2024 04/2027 17.7   17.7   17.7   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 06/2025 04/2027 25.6   25.6   25.6   (2)(9)
Class B units 04/2020 588,636 —   3.3   (2)
97.3   100.6  
Proofpoint, Inc. (13) Cybersecurity solutions provider First lien senior secured loan 6.92 % SOFR (M) 3.00 % 06/2021 08/2028 1.0   0.9   1.0   (2)(9)(16)
Second lien senior secured loan 7.66 % Euribor (M) 5.75 % 12/2025 12/2033 53.5   52.5   53.0   (2)
Second lien senior secured loan 9.53 % SOFR (M) 5.75 % 12/2025 12/2033 52.1   51.6   51.6   (2)
105.0   105.6  
QBS Parent, Inc. (13) Provider of vertical software solutions and related implementation, migration, and integration services First lien senior secured revolving loan 8.22 % SOFR (M) 4.50 % 11/2024 06/2032 0.1   0.1   0.1   (2)(9)(12)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 11/2024 06/2032 15.3   15.3   15.3   (2)(9)
15.4   15.4  
QF Holdings, Inc. (13) SaaS based electronic health record software provider First lien senior secured loan 8.19 % SOFR (A) 4.50 % 12/2025 12/2032 46.9   46.9   46.7   (2)(9)
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (13) Provider of SaaS-based safety and security software to the K-12 school market First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 10/2021 10/2027 3.8   3.8   3.8   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2021 10/2028 8.3   8.3   8.3   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 04/2023 10/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2024 10/2028 8.0   8.0   8.0   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 12/2024 10/2028 24.8   24.8   24.8   (2)(9)
Class A common units 12/2018 2,880,582 3.5   19.5  
48.5   64.5  
Regent Education, Inc. Provider of software solutions designed to optimize the financial aid and enrollment processes Warrant to purchase shares of common stock 12/2016 12/2026 5,394,181 —   —  

See accompanying notes to consolidated financial statements.
93

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Relativity ODA LLC (13) Electronic discovery document review software platform for use in litigations and investigations First lien senior secured loan 8.22 % SOFR (M) 4.50 % 07/2024 05/2029 6.6   6.6   6.6   (2)(9)
Revalize, Inc. (13) Developer and operator of software providing configuration, price and quote capabilities First lien senior secured revolving loan 10.07 % ( 1.75 % PIK)
SOFR (Q) 6.25 % 05/2022 04/2029 0.6   0.6   0.5   (2)(9)
First lien senior secured loan 10.32 % ( 1.75 % PIK)
SOFR (Q) 6.50 % 05/2022 04/2029 0.7   0.7   0.6   (2)(9)
1.3   1.1  
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (13) Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry First lien senior secured loan 9.34 % SOFR (Q) 5.50 % 12/2021 12/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.34 % SOFR (Q) 5.50 % 08/2022 12/2028 0.2   0.2   0.2   (2)(9)
Class A common stock 12/2021 566 5.5   2.2   (2)
5.8   2.5  
Runway Bidco, LLC (13) Provider of workload automation software First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 12/2024 12/2031 42.5   42.1   42.1   (2)(9)
Sapphire Software Buyer, Inc. (13) Provider of application security testing solutions First lien senior secured loan 8.87 % SOFR (S) 5.00 % 09/2024 09/2031 31.5   31.5   31.5   (2)(9)
Severin Acquisition, LLC (13) Provider of student information system software solutions to the K-12 education market in North America First lien senior secured loan 8.47 % ( 2.25 % PIK)
SOFR (M) 4.75 % 09/2024 10/2031 142.8   142.8   141.4   (2)(9)
Smarsh Inc. and Skywalker TopCo, LLC (13) SaaS based communication archival service provider First lien senior secured revolving loan 8.43 % SOFR (Q) 4.75 % 02/2022 02/2029 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 02/2022 02/2029 3.4   3.4   3.4   (2)(9)
Common units 11/2020 1,742,623 6.3   8.6   (2)
10.5   12.8  
SocialFlow, Inc. Social media optimization platform provider Warrant to purchase shares of Series C preferred stock 01/2016 01/2026 215,331 —   —  
SoundCloud Limited Platform for receiving, sending, and distributing music Common stock 08/2017 73,422 0.4   0.7   (2)(6)
Spaceship Purchaser, Inc. (13) SaaS based website builder and hosting platform First lien senior secured revolving loan 10/2025 10/2031 —   —   —   (2)(11)
First lien senior secured loan 7.92 % SOFR (Q) 4.25 % 10/2025 10/2031 74.8   74.8   74.8   (2)(9)
74.8   74.8  
Spark Purchaser, Inc. (13) Software platform for Medicare application process First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 04/2024 04/2031 30.4   30.4   30.4   (2)(9)
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (13) Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space First lien senior secured revolving loan 09/2022 09/2028 —   —   —   (2)(11)
First lien senior secured loan 8.27 % SOFR (Q) 4.50 % 09/2022 09/2028 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 8.27 % SOFR (Q) 4.50 % 12/2023 09/2028 1.6   1.6   1.6   (2)(9)

See accompanying notes to consolidated financial statements.
94

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 8.27 % SOFR (Q) 4.50 % 05/2025 09/2028 0.8   0.8   0.8   (2)(9)
Limited partner interests 09/2022 1,010 10.2   21.5   (2)
15.1   26.4  
Storable, Inc. and EQT IX Co-Investment (E) SCSP Payment management system solutions and web services for the self-storage industry Limited partnership interests 04/2021 614,950 5.7   12.0   (2)(6)
Sundance Group Holdings, Inc. (13) Provider of cloud-based document management and collaboration solutions First lien senior secured revolving loan 8.17 % SOFR (Q) 4.50 % 09/2024 07/2029 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 09/2024 07/2029 4.0   4.0   4.0   (2)(9)
4.8   4.8  
Superman Holdings, LLC (13) Provider of ERP software for the construction industry First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 08/2024 08/2031 22.2   22.2   22.2   (2)(9)
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (13) Provider of environment, health, safety, and sustainability software First lien senior secured loan 8.90 % SOFR (Q) 5.00 % 03/2022 03/2029 34.1   34.1   34.1   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.00 % 10/2023 03/2029 10.7   10.7   10.7   (2)(9)
First lien senior secured loan 8.90 % SOFR (Q) 5.00 % 06/2024 03/2029 5.7   5.7   5.7   (2)(9)
First lien senior secured loan 8.90 % SOFR (Q) 5.00 % 07/2025 03/2029 7.6   7.6   7.6   (2)(9)
Class A-2 units 03/2022 5,057 5.1   7.7  
63.2   65.8  
TCP Hawker Intermediate LLC (13) Workforce management solutions provider First lien senior secured revolving loan 7.42 % SOFR (Q) 3.75 % 11/2024 08/2029 3.4   3.4   3.4   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 08/2019 08/2029 50.2   50.2   50.2   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 11/2024 08/2029 2.0   2.0   2.0   (2)(9)
55.6   55.6  
Three Rivers Buyer, Inc. (13) Developer of cloud-based software for government entities First lien senior secured loan 8.60 % SOFR (Q) 4.75 % 11/2025 11/2031 5.7   5.7   5.7   (2)(9)
Trading Technologies International, Inc. (13) Order and execution management software provider First lien senior secured loan 8.09 % SOFR (Q) 4.25 % 11/2025 11/2032 13.8   13.8   13.8   (2)(9)
First lien senior secured loan 7.95 % SOFR (Q) 4.25 % 12/2025 11/2032 7.4   7.4   7.4   (2)(9)
21.2   21.2  
Transit Technologies LLC (13) Provider of transportation management software and
specialty telematics solutions First lien senior secured loan 8.72 % SOFR (S) 5.00 % 08/2024 08/2031 12.2   12.2   12.2   (2)(9)
First lien senior secured loan 8.23 % SOFR (S) 4.50 % 09/2025 08/2031 8.0   8.0   7.9   (2)(9)
20.2   20.1  
UFS, LLC and BV-UFS Aggregator, LLC (13) Managed IT services and banking solutions provider to community banks First lien senior secured revolving loan 8.50 % SOFR (M) 4.75 % 10/2025 10/2031 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 8.50 % SOFR (M) 4.75 % 10/2025 10/2031 36.3   36.3   35.9   (2)(9)
Limited partner interests 12/2025 506,537 0.5   0.5  
37.5   37.1  

See accompanying notes to consolidated financial statements.
95

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
UKG Inc. and H&F Unite Partners, L.P. Provider of cloud based HCM solutions for businesses Limited partnership interests 05/2019 12,583,556 12.6   31.9   (2)(6)
UserZoom Technologies, Inc. User experience research automation software First lien senior secured loan 11.63 % SOFR (Q) 7.50 % 02/2023 04/2029 5.8   5.8   5.7   (2)(9)
Vamos Bidco, Inc. (13) Provider of software and data services to the alcoholic beverage industry First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 01/2025 01/2032 18.1   18.1   17.9   (2)(9)
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (13) Third-party maintenance provider for hardware and data center infrastructure First lien senior secured revolving loan 8.23 % SOFR (Q) 4.50 % 08/2024 12/2032 1.4   1.4   1.4   (2)(9)
First lien senior secured loan 8.19 % SOFR (Q) 4.50 % 08/2024 12/2032 6.6   6.6   6.6   (2)(9)
First lien senior secured loan 8.19 % SOFR (Q) 4.50 % 12/2025 12/2032 39.1   39.1   39.0   (2)(9)
Partnership units 08/2024 4,867,968 4.9   11.3   (2)
52.0   58.3  
Viper Bidco, Inc. (13) Provider of SaaS based supply chain risk management solutions First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 11/2024 11/2031 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 8.47 % SONIA (Q) 4.75 % 11/2024 11/2031 11.0   10.3   11.0   (2)(9)
15.8   16.5  
WebPT, Inc. and WPT Intermediate Holdco, Inc. (13) Electronic medical record software provider First lien senior secured revolving loan 10.20 % SOFR (Q) 6.25 % 08/2019 01/2028 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 10.17 % SOFR (Q) 6.25 % 08/2019 01/2028 0.1   0.1   0.1   (2)(9)
Senior subordinated loan 13.25 % PIK
05/2024 05/2029 74.4   74.4   66.2   (2)
75.2   67.0  
Wellington Bidco Inc. and Wellington TopCo LP (13) Provider of ERP and payments software for local governments First lien senior secured revolving loan 8.42 % SOFR (Q) 4.75 % 06/2024 06/2030 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 06/2024 06/2030 6.1   6.1   6.1   (2)(9)
Class A-2 preferred units 06/2024 2,323,000 2.4   2.8   (2)
9.1   9.5  
Wellness AcquisitionCo, Inc. (13) Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry First lien senior secured revolving loan 02/2025 01/2029 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 02/2025 01/2029 18.3   18.3   18.3   (2)(9)
18.3   18.3  
WorkWave Intermediate II, LLC (13) Provider of cloud-based field services and fleet management solutions First lien senior secured revolving loan 9.44 % SOFR (Q) 5.75 % 09/2025 09/2032 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 9.94 % ( 3.13 % PIK)
SOFR (Q) 6.25 % 09/2025 09/2032 144.0   144.0   142.5   (2)(9)
144.7   143.2  
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (13) Provider of cloud-based customer support solutions First lien senior secured loan 8.69 % SOFR (Q) 5.00 % 12/2022 11/2028 36.2   36.2   36.2   (2)(9)
Series A preferred stock 13.50 % PIK
SOFR (Q) 9.50 % 11/2022 8,997 13.4   13.4   (2)(9)
Class A common units 11/2022 269,100 2.7   2.6   (2)
52.3   52.2  

See accompanying notes to consolidated financial statements.
96

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

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

7,030.9   7,032.3   49.12 %
Financial Services
Aduro Advisors, LLC (13) Provider of fund administration services First lien senior secured loan 8.42 % 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 10.60 % SOFR (Q) 6.75 % 09/2021 09/2027 0.2   0.2   0.2   (2)(9)
Senior subordinated loan 10.44 % 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 6.6   6.6   6.6   (2)
Common units 09/2021 6,833,284 6.8   8.2   (2)
29.6   31.0  
Beacon Pointe Harmony, LLC (13) Provider of comprehensive wealth management services First lien senior secured loan 8.22 % SOFR (M) 4.50 % 12/2021 12/2028 9.5   9.5   9.5   (2)(6)(9)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 07/2023 12/2028 3.8   3.8   3.8   (2)(6)(9)
First lien senior secured loan 8.24 % SOFR (Q) 4.50 % 06/2024 12/2028 10.0   10.0   10.0   (2)(6)(9)
23.3   23.3  
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 8.22 % SOFR (M) 4.50 % 05/2025 02/2028 0.3   0.3   0.3   (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)
8.7   8.7  
Convera International Holdings Limited and Convera International Financial S.A R.L. (13) Provider of B2B international payment and FX risk management solutions First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 03/2022 03/2030 44.0   44.0   44.0   (2)(6)(9)
First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 06/2023 03/2030 4.7   4.7   4.7   (2)(6)(9)
First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 11/2024 03/2030 10.0   10.0   10.0   (2)(6)(9)
58.7   58.7  
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   31.9  
Series B-3 units 08/2025 11,069 3.1   3.9  
28.0   35.8  
eCapital Finance Corp. Consolidator of commercial finance businesses Senior subordinated loan 11.22 % SOFR (M) 7.25 % 01/2020 09/2029 56.0   55.4   56.0   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 11/2020 09/2029 5.4   5.3   5.4   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 01/2022 09/2029 24.3   24.1   24.3   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 04/2022 09/2029 55.8   55.2   55.8   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 10/2023 09/2029 12.3   12.2   12.3   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 10/2024 09/2029 42.1   41.8   42.1   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 12/2024 09/2029 21.9   21.7   21.9   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 09/2025 09/2029 5.8   5.8   5.8   (2)(9)
221.5   223.6  

See accompanying notes to consolidated financial statements.
97

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
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)
First lien senior secured loan 7.92 % SOFR (Q) 4.25 % 07/2025 08/2029 5.9   5.9   5.9   (2)(9)
Class A common units 08/2024 1,859 1.9   2.9  
13.9   14.9  
GAPCO AIV Interholdco (CP), L.P. (13) Wealth management and financial planning firm Senior subordinated loan 10.42 % PIK
SOFR (Q) 6.75 % 03/2025 03/2033 49.5   49.5   49.5   (2)(6)(9)
Grit Buyer, Inc. and Integrum Grit Co-Invest LP (13)(14) Specialized finance and accounting advisory firm First lien senior secured loan 8.37 % SOFR (Q) 4.50 % 07/2025 07/2032 63.0   63.0   62.1   (2)(9)
Limited partnership interests 07/2025 4,420,500 3.6   3.8   (2)(6)
66.6   65.9  
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 8.67 % SOFR (Q) 5.00 % 09/2023 09/2030 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.67 % 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   10.3   (2)
11.1   16.5  
HighTower Holding, LLC Provider of investment, financial and retirement planning services Senior subordinated loan 6.75 % 06/2022 04/2029 8.1   7.3   8.0   (2)(6)(16)
Ivy Hill Asset Management, L.P. (5) Asset management services Subordinated revolving loan 10.32 % SOFR (Q) 6.50 % 02/2018 01/2030 530.5   530.5   530.5   (6)(9)
Member interest 06/2009 100.00 % 1,700.5   1,903.4   (6)
2,231.0   2,433.9  
Lido Advisors, LLC and LAL Group Holdings, LLC (13) Wealth management and financial planning firm First lien senior secured revolving loan 8.51 % SOFR (M) 4.75 % 06/2021 05/2032 1.8   1.8   1.8   (2)(9)(12)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 06/2021 05/2032 4.7   4.7   4.7   (2)(9)
First lien senior secured loan 8.50 % SOFR (Q) 4.75 % 06/2023 05/2032 5.9   5.9   5.9   (2)(9)
First lien senior secured loan 8.61 % SOFR (Q) 4.75 % 11/2024 05/2032 7.5   7.5   7.5   (2)(9)
First lien senior secured loan 8.54 % SOFR (Q) 4.75 % 05/2025 05/2032 3.7   3.7   3.7   (2)(9)
Class Z preferred units 7.00 % PIK
08/2025 9,671,180 10.3   10.0  
Class A-0 common units 08/2025 4,835,590 5.0   5.0  
38.9   38.6  
Mai Capital Management Intermediate LLC (13) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured revolving loan 8.43 % SOFR (Q) 4.75 % 08/2024 08/2031 0.4   0.4   0.4   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 08/2024 08/2031 13.1   13.1   13.1   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 06/2025 08/2031 2.1   2.1   2.1   (2)(6)(9)
15.6   15.6  
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 13.4   13.4   (2)(6)
Z2 preferred shares 12.00 % ( 6.00 % PIK)
08/2025 08/2031 12,901 13.1   13.1   (2)(6)

See accompanying notes to consolidated financial statements.
98

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Membership interest 08/2025 1,000 —   —   (2)(6)
26.5   26.5  
Medlar Bidco Limited (13) Provider of fund and corporate services to alternative assets industry First lien senior secured loan 8.74 % SONIA (Q) 5.00 % 12/2024 05/2032 27.2   26.9   26.8   (2)(6)
First lien senior secured loan 6.99 % Euribor (Q) 5.00 % 12/2024 05/2032 33.8   32.7   33.3   (2)(6)
59.6   60.1  
Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP (13) Registered investment adviser platform First lien senior secured revolving loan 10.75 % Base Rate (Q) 4.00 % 08/2025 08/2032 0.5   0.5   0.5   (2)(6)(9)
First lien senior secured revolving loan 8.67 % SOFR (Q) 5.00 % 08/2025 08/2032 1.3   1.3   1.2   (2)(6)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 08/2025 08/2032 12.5   12.5   12.3   (2)(6)(9)
Limited partnership interests 08/2025 4,655,000 4.7   4.7   (6)
19.0   18.7  
Monica Holdco (US), Inc. (13) Investment technology and advisory firm First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 01/2021 07/2030 2.5   2.5   2.5   (2)(6)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 08/2024 07/2030 2.7   2.7   2.7   (2)(6)(9)
First lien senior secured loan 9.07 % 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 9.47 % SOFR (M) 5.75 % 08/2025 02/2032 124.9   123.8   123.4   (2)(16)
Oak Funding LLC (13) Provider of wealth management services First lien senior secured loan 8.29 % SOFR (Q) 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 8.82 % SOFR (M) 5.00 % 05/2023 05/2028 0.4   0.4   0.4   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (M) 5.00 % 05/2023 05/2029 4.8   4.8   4.8   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (M) 5.00 % 09/2023 05/2029 7.9   7.9   7.9   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (M) 5.00 % 06/2024 05/2029 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (M) 5.00 % 12/2024 05/2029 4.0   4.0   4.0   (2)(6)(9)
Limited partnership interests 09/2023 1,965,100 2.0   2.8   (6)
19.4   20.2  
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 8.8   8.8   8.8   (2)(6)(9)
Preferred units 07/2023 6,431,667 6.5   8.4   (6)
15.3   17.2  
PCS MidCo, Inc. and PCS Parent, L.P. (13) Provider of 401K recordkeeping software solutions First lien senior secured loan 9.42 % SOFR (Q) 5.75 % 03/2024 03/2030 8.5   8.5   8.5   (2)(9)
Class A units 03/2024 785,000 0.8   0.9   (2)
9.3   9.4  

See accompanying notes to consolidated financial statements.
99

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
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 8.47 % SOFR (M) 4.75 % 03/2024 03/2031 3.7   3.7   3.7   (2)(6)(9)
Limited partnership interest 03/2024 2,374,000 2.4   2.8   (6)
6.1   6.5  
Petrus Buyer, Inc. (13) Provider of REIT research data and analytics First lien senior secured loan 8.39 % SOFR (Q) 4.50 % 11/2022 10/2029 6.5   6.5   6.5   (2)(9)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 02/2025 10/2029 1.2   1.2   1.2   (2)(9)
7.7   7.7  
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 8.72 % SOFR (M) 5.00 % 12/2024 12/2030 22.9   22.8   22.9   (2)(6)(9)
First lien senior secured loan 8.72 % SOFR (M) 5.00 % 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 loan 8.61 % SOFR (Q) 4.75 % 11/2024 11/2030 9.2   9.2   9.2   (2)(6)(9)
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 8.47 % SOFR (M) 4.75 % 12/2023 10/2028 4.9   4.8   4.9   (2)(6)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 06/2025 10/2028 1.2   1.2   1.2   (2)(6)(9)
Senior subordinated loan 11.00 % PIK
12/2025 12/2032 23.7   21.3   20.8   (2)(6)
Warrant to purchase shares of common stock 12/2025 03/2026 129,164 2.5   2.5   (6)
29.8   29.4  
The Edelman Financial Center, LLC Provider of investment, financial and retirement planning services Second lien senior secured loan 8.97 % SOFR (M) 5.25 % 05/2024 10/2028 0.1   0.1   0.1   (2)(6)(16)
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (13) Provider of comprehensive wealth management services First lien senior secured revolving loan 11.00 % Base rate (Q) 4.25 % 03/2022 03/2028 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 03/2022 03/2028 3.8   3.8   3.8   (2)(6)(9)
First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 05/2025 03/2028 0.5   0.5   0.5   (2)(6)(9)
First lien senior secured loan 9.49 % SOFR (Q) 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 4.3   4.3   4.3   (2)(6)
Series A preferred units 03/2022 7,199 7.2   7.2   (2)(6)
Common units 03/2022 7,199 —   1.1   (2)(6)
16.0   17.1  
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 8.42 % SOFR (Q) 4.75 % 07/2025 07/2032 22.1   22.1   22.0   (2)(9)

See accompanying notes to consolidated financial statements.
100

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
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 9.96 % SOFR (Q) 6.00 % 01/2025 01/2033 11.4   11.4   11.4   (2)(6)(9)
Limited partnership interest 11/2024 5,719,511 5.8   7.3   (2)(6)
Limited partner interests 12/2025 636,664 0.6   0.6   (2)(6)
17.8   19.3  
Waverly Advisors, LLC and WAAM Topco, LLC (13) Wealth management and financial planning firm First lien senior secured revolving loan 9.57 % SOFR (Q) 5.75 % 03/2022 03/2028 0.8   0.8   0.8   (2)(6)(9)
First lien senior secured loan 9.57 % SOFR (Q) 5.75 % 03/2022 03/2028 0.7   0.7   0.7   (2)(6)(9)
First lien senior secured loan 9.32 % SOFR (Q) 5.50 % 03/2024 03/2028 5.0   5.0   5.0   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 01/2025 03/2028 34.6   34.6   34.6   (2)(6)(9)
Class A units 06/2023 1,584,539 2.3   6.0   (6)
43.4   47.1  
Wealth Enhancement Group, LLC (13) Wealth management and financial planning firm First lien senior secured loan 8.49 % SOFR (Q) 4.50 % 10/2019 10/2028 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 8.49 % SOFR (Q) 4.50 % 11/2020 10/2028 1.9   1.9   1.9   (2)(9)
First lien senior secured loan 8.49 % SOFR (Q) 4.50 % 06/2021 10/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.49 % SOFR (Q) 4.50 % 08/2021 10/2028 0.9   0.9   0.9   (2)(9)
First lien senior secured loan 8.49 % SOFR (Q) 4.50 % 02/2024 10/2028 16.6   16.6   16.6   (2)(9)
First lien senior secured loan 8.36 % SOFR (Q) 4.50 % 12/2024 10/2028 13.8   13.8   13.8   (2)(9)
33.8   33.8  
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 7.55 % CORRA (Q) 5.00 % 08/2024 08/2030 0.8   0.8   0.8   (2)(6)(9)
Common stock 08/2024 74,001 2.6   3.9   (2)(6)
3.4   4.7  
Wharf Street Ratings Acquisition LLC (13) Global credit rating agency First lien senior secured loan 8.47 % SOFR (M) 4.75 % 09/2025 09/2032 37.2   37.2   37.0   (2)(9)

3,434.9   3,664.3   25.59 %
Health Care Equipment and Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5) Dental services provider First lien senior secured revolving loan 06/2021 06/2026 23.7   23.1   18.0   (2)(8)
First lien senior secured loan 09/2024 06/2026 45.5   44.4   34.5   (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)
88.4   52.5  
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5) Dental services provider First lien senior secured loan 10.82 % ( 3.00 % PIK)
SOFR (Q) 7.00 % 09/2016 09/2026 15.7   15.7   15.7   (2)(9)
Second lien senior secured loan 06/2023 03/2027 50.9   49.7   42.8   (2)(8)
Membership units 09/2016 3,000,000 —   —   (2)

See accompanying notes to consolidated financial statements.
101

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Class A common units 06/2023 7,604,889 29.4   —   (2)
94.8   58.5  
Advarra Holdings, Inc. (13) Provider of central institutional review boards over clinical trials First lien senior secured loan 8.22 % SOFR (M) 4.50 % 08/2022 09/2031 4.0   4.0   4.0   (2)(9)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 10/2025 09/2031 1.6   1.6   1.6   (2)(9)
5.6   5.6  
Aerin Medical Inc. (13) Developer and manufacturer of non-invasive nasal treatment solutions First lien senior secured loan 10.92 % ( 3.88 % PIK)
SOFR (Q) 7.25 % 12/2024 12/2030 15.8   15.6   15.8   (2)(9)
Series G preferred shares 12/2024 877,379 1.0   1.0   (2)
16.6   16.8  
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 53.8   53.8   (2)
Provider of Revenue Cycle Management solutions to hospitals Preferred units 8.00 % PIK
07/2022 9,900 13.0   12.1   (2)
Class B common units 07/2022 100,000 0.1   —   (2)
66.9   65.9  
Alcresta Therapeutics, Inc. (13) A commercial-stage medical device company First lien senior secured revolving loan 9.24 % SOFR (Q) 5.50 % 12/2025 03/2031 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.27 % SOFR (Q) 5.50 % 12/2025 03/2031 13.2   13.2   13.1   (2)(9)
13.3   13.2  
Aledade, Inc. (13) Network of independent primary care groups to serve patients through value-based care First lien senior secured revolving loan 9.64 % SOFR (A) 5.75 % 11/2025 11/2028 17.6   17.6   17.5   (2)(9)
Amerivet Partners Management, Inc. and AVE Holdings LP Veterinary practice management platform Subordinated loan 8.25 % PIK
11/2023 12/2030 78.0   75.4   64.7   (2)
Class A units 03/2024 2,922 2.9   —   (2)
Class C units 11/2023 7,144 1.4   —   (2)
79.7   64.7  
Artivion, Inc. (13) Manufacturer, processor and distributor of medical devices and implantable human tissues First lien senior secured revolving loan 7.49 % SOFR (Q) 3.50 % 01/2024 01/2031 0.9   0.9   0.9   (2)(6)(9)
First lien senior secured loan 8.74 % 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 6.47 % 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 198,505 301.2   301.2   (2)
Class A units 02/2022 10,487,951 10.5   15.5   (2)
311.8   316.8  
Avalign Holdings, Inc. and Avalign Technologies, Inc. (13) Full-service contract manufacturer of medical device components for the orthopedic OEM industry First lien senior secured revolving loan 10.22 % SOFR (M) 6.50 % 03/2024 12/2028 2.6   2.6   2.2   (2)(9)

See accompanying notes to consolidated financial statements.
102

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 11.07 % ( 3.63 % PIK)
SOFR (Q) 7.25 % 03/2024 12/2028 39.9   39.9   33.1   (2)(9)
42.5   35.3  
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP Opiod treatment provider First lien senior secured loan 05/2022 06/2027 5.8   5.9   4.9   (2)(8)
Bambino Group Holdings, LLC Dental services provider Class A preferred units 12/2016 1,000,000 1.0   0.8   (2)
Bayou Intermediate II, LLC (13) Developer and manufacturer of vascular medical devices First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 09/2025 09/2032 28.4   28.4   28.2   (2)(9)
BrightStar Group Holdings, Inc. (13) Provider of private-pay home care services for patients First lien senior secured revolving loan 10.75 % Base Rate (Q) 4.00 % 02/2025 03/2032 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 8.80 % SOFR (Q) 4.75 % 02/2025 03/2032 26.8   26.8   26.8   (2)(9)
27.3   27.3  
BVI Medical, Inc. and BVI Group Limited (13) Developer, manufacturer, and distributor of diverse ophthalmic surgical products First lien senior secured loan 9.88 % SOFR (Q) 6.00 % 03/2025 03/2032 2.1   2.1   2.0   (2)(6)(9)
First lien senior secured loan 9.97 % ( 5.00 % PIK)
SOFR (M) 6.25 % 03/2025 03/2032 141.7   141.7   136.0   (2)(6)(9)
Ordinary shares 03/2025 3,742 5.0   4.3   (2)(6)
148.8   142.3  
Color Intermediate, LLC Provider of pre-payment integrity software solution First lien senior secured loan 8.52 % SOFR (Q) 4.75 % 10/2022 10/2029 19.8   19.8   19.8   (2)(9)
Convey Health Solutions, Inc. Healthcare workforce management software provider First lien senior secured loan 4.77 % SOFR (Q) 1.00 % 09/2019 07/2029 1.9   1.9   1.5   (2)(6)(9)
First lien senior secured loan 4.77 % SOFR (Q) 1.00 % 02/2022 07/2029 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 4.77 % SOFR (Q) 1.00 % 10/2022 07/2029 0.1   0.1   0.1   (2)(6)(9)
2.1   1.7  
Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. (13) Provider of consumables and equipment for ART and IVF procedures First lien senior secured loan 9.04 % SOFR (Q) 5.25 % 11/2024 11/2031 2.9   2.9   2.9   (2)(6)(9)
First lien senior secured loan 7.32 % Euribor (Q) 5.25 % 11/2024 11/2031 12.3   11.4   12.4   (2)(6)(9)
14.3   15.3  
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 9.32 % SOFR (Q) 5.50 % 03/2022 03/2029 23.8   23.8   23.8   (2)(9)
Class A shares 03/2022 192 1.9   2.5   (2)
Common units 03/2022 31 0.3   0.4   (2)
26.0   26.7  
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (13) Veterinary hospital operator First lien senior secured loan 8.47 % SOFR (M) 4.75 % 06/2024 06/2031 27.7   27.7   27.7   (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)
44.8   51.5  
Empower Payments Investor, LLC (13) Financial communication and payment solutions provider First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 03/2024 03/2031 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 06/2025 03/2031 4.1   4.0   4.1   (2)(9)

See accompanying notes to consolidated financial statements.
103

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 8.62 % SOFR (Q) 4.75 % 06/2025 03/2031 5.0   5.0   5.0   (2)(9)
First lien senior secured loan 8.37 % SOFR (Q) 4.50 % 10/2025 03/2031 6.7   6.6   6.7   (2)(9)
15.7   15.9  
Evolent Health LLC and Evolent Health, Inc. Medical technology company focused on value based care services and payment solutions First lien senior secured loan 9.49 % SOFR (Q) 5.50 % 12/2024 12/2029 18.3   18.3   18.3   (2)(6)(9)
Second lien senior secured loan 10.14 % SOFR (Q) 6.00 % 08/2025 12/2029 3.8   3.7   3.8   (2)(6)(9)
22.0   22.1  
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (13) On-demand supply chain automation solutions provider to the healthcare industry First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 12/2024 12/2031 130.2   130.2   130.2   (2)(9)
Class A units 06/2017 15,706,534 12.9   32.3   (2)
143.1   162.5  
Global Medical Response, Inc. and GMR Buyer Corp. Emergency air medical services provider Series B preferred shares 15.00 % PIK
05/2024 63,277 78.2   80.3   (2)
Warrant to purchase units of common stock 03/2018 03/2028 115,733 0.9   1.6   (2)
Warrant to purchase units of common stock 12/2021 12/2031 1,927 0.1   —   (2)
Warrants to purchase shares of common stock 05/2024 05/2031 3,116,642 —   43.5   (2)
79.2   125.4  
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP (13) Provider of software solutions to healthcare payors First lien senior secured revolving loan 06/2025 06/2032 —   —   —   (2)(11)
First lien senior secured loan 8.72 % ( 2.25 % PIK)
SOFR (M) 5.00 % 06/2025 06/2032 232.6   232.6   230.3   (2)(9)
First lien senior secured loan 8.72 % ( 2.25 % PIK)
SOFR (M) 5.00 % 09/2025 06/2032 20.7   20.7   20.5   (2)(9)
Class A units 09/2025 253,551 2.5   2.5   (2)
255.8   253.3  
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 9.30 % SOFR (Q) 5.50 % 05/2024 05/2031 76.1   76.1   76.1   (2)(9)
First lien senior secured loan 9.26 % SOFR (S) 5.50 % 10/2025 06/2031 7.6   7.6   7.6   (2)(9)
83.7   83.7  
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) Provider of behavioral health services First lien senior secured revolving loan 03/2017 03/2027 4.2   4.4   3.1   (2)(8)
LivTech Purchaser, Inc. (13) Provider of senior care end-to-end software, payments and RCM platform First lien senior secured loan 8.76 % SOFR (Q) 5.00 % 11/2024 11/2031 9.3   9.3   9.3   (2)(9)
Napa Management Services Corporation and ASP NAPA Holdings, LLC Anesthesia management services provider Preferred units 15.00 % PIK
06/2020 1,842 0.3   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  

See accompanying notes to consolidated financial statements.
104

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Next Holdco, LLC (13) Provider of electronic medical record and practice management software First lien senior secured loan 9.09 % SOFR (Q) 5.25 % 11/2023 11/2030 6.4   6.4   6.4   (2)(9)
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 8.22 % SOFR (M) 4.50 % 07/2024 07/2031 95.3   95.3   95.3   (2)(9)
First lien senior secured loan 7.27 % CORRA (M) 5.00 % 09/2025 07/2031 13.4   13.4   13.4   (2)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 09/2025 07/2031 7.2   7.2   7.2   (2)(9)
Partnership units 11/2018 30,000 3.0   8.5   (2)
118.9   124.4  
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 83.5   75.5   54.3   (2)(8)
Class R common units 03/2020 6,004,768 6.0   —   (2)
81.5   54.3  
PetVet Care Centers, LLC (13) Veterinary hospital operator First lien senior secured revolving loan 9.84 % SOFR (M) 6.00 % 11/2023 11/2029 2.7   2.7   2.3   (2)(9)
First lien senior secured loan 9.72 % SOFR (M) 6.00 % 11/2023 11/2030 130.1   130.1   111.9   (2)(9)
132.8   114.2  
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 8.17 % SOFR (Q) 4.50 % 02/2024 11/2032 33.7   33.7   33.7   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 11/2025 11/2032 22.2   22.2   22.2   (2)(9)
Class A units 07/2018 9,775 5.4   17.8   (2)
61.3   73.7  
Project Alliance Buyer, LLC (13) Provider of technology solutions for specialty medication management First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 08/2025 08/2031 10.8   10.8   10.7   (2)(9)
Revival Animal Health, LLC (13) B2B distributor of animal health products First lien senior secured revolving loan 9.73 % SOFR (Q) 6.00 % 01/2025 01/2028 1.8   1.8   1.7   (2)(9)
First lien senior secured loan 9.72 % SOFR (Q) 6.00 % 01/2025 01/2028 26.8   26.7   25.7   (2)(9)

See accompanying notes to consolidated financial statements.
105

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 04/2025 01/2028 2.0   2.0   2.0   (2)(9)
30.5   29.4  
Signant Finance One Limited and Bracket Intermediate Holding Corp. (13) Provider of software solutions for clinical trial management First lien senior secured loan 8.42 % 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   2.3   (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 109.5   107.9   104.0   (2)(9)
Class A-2 units 08/2022 4,812 4.9   1.4   (2)
Warrant to purchase units of common stock 08/2022 08/2029 6,118 4.7   0.3   (2)
117.5   105.7  
Spruce Bidco II Inc. (13) Provider of medical devices relating to dialysis treatments and services for kidney disease First lien senior secured loan 7.25 % CORRA (Q) 5.00 % 01/2025 01/2032 27.6   26.1   27.6   (2)(9)
First lien senior secured loan 6.00 % TONA (Q) 5.25 % 01/2025 01/2032 25.8   26.1   25.8   (2)(9)
First lien senior secured loan 8.45 % SOFR (S) 4.75 % 01/2025 01/2032 145.0   145.0   145.0   (2)(9)
197.2   198.4  
Surescripts, LLC (13) Healthcare network for e-prescription routing, patient eligibility checks, and secure exchange of medical records First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 11/2024 11/2031 5.0   5.0   5.0   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 11/2025 11/2031 78.4   78.4   78.0   (2)(9)
83.4   83.0  
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (13) SaaS based healthcare compliance platform provider First lien senior secured revolving loan 7.59 % SOFR (Q) 3.75 % 12/2020 12/2027 0.8   0.8   0.7   (2)
First lien senior secured revolving loan 9.50 % Base Rate (Q) 2.75 % 12/2020 12/2027 6.5   6.5   5.5   (2)
First lien senior secured loan 8.44 % SOFR (Q) 4.50 % 02/2022 12/2027 28.5   27.9   24.1   (2)(9)(16)
First lien senior secured loan 9.19 % SOFR (Q) 5.25 % 04/2024 12/2027 17.1   17.1   14.7   (2)(9)
Second lien senior secured loan 11.82 % SOFR (Q) 7.88 % 12/2020 12/2028 76.2   76.2   66.3   (2)(9)
Second lien senior secured loan 13.94 % ( 4.00 % PIK)
SOFR (Q) 10.00 % 04/2024 12/2028 55.1   55.1   50.7   (2)(9)
Series C-1 preferred shares 11.00 % PIK
06/2021 75,939 131.0   106.1   (2)
Series C-2 preferred shares 11.00 % PIK
06/2021 40,115 65.6   53.1   (2)
Series C-3 preferred shares 11.00 % PIK
10/2021 16,201 25.6   20.7   (2)
405.8   341.9  
Tempus AI, Inc. Provider of technology enabled precision medicine solutions First lien senior secured loan 11.92 % ( 3.25 % PIK)
SOFR (Q) 8.25 % 02/2025 02/2030 31.8   31.8   31.8   (2)(6)(9)
Common units 10/2023 60,821 1.9   3.6   (2)(6)(16)
33.7   35.4  

See accompanying notes to consolidated financial statements.
106

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Therapy Brands Holdings LLC Provider of software solutions for the mental and behavioral health market segments Second lien senior secured loan 10.58 % SOFR (M) 6.75 % 06/2021 05/2029 29.1   29.0   23.3   (2)(9)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. Anesthesiology service provider Second lien senior secured loan 11.49 % 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   10.8   (2)
160.7   158.6  
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 8.17 % SOFR (Q) 4.50 % 04/2025 04/2032 13.4   13.4   13.4   (2)(9)
First lien senior secured loan 8.42 % 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   3.5   (2)
Common units 10/2025 442,686 0.5   0.4   (2)
20.0   21.2  
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (13) Gastroenterology physician group First lien senior secured loan 9.48 % SOFR (Q) 5.75 % 03/2023 03/2029 12.9   12.9   12.9   (2)(9)
First lien senior secured loan 9.71 % 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   7.8  
19.4   22.6  
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (13) Veterinary hospital operator First lien senior secured loan 9.57 % SOFR (M) 5.75 % 12/2021 12/2027 6.0   6.0   6.0   (2)(9)
First lien senior secured loan 9.57 % SOFR (M) 5.75 % 08/2022 12/2027 9.0   9.0   9.0   (2)(9)
First lien senior secured loan 9.47 % SOFR (M) 5.75 % 08/2023 12/2027 12.2   12.2   12.2   (2)(9)
First lien senior secured loan 9.47 % SOFR (M) 5.75 % 03/2024 12/2027 2.6   2.6   2.6   (2)(9)
First lien senior secured loan 8.97 % SOFR (M) 5.25 % 01/2025 12/2027 5.4   5.4   5.4   (2)(9)
Class A-2 units 12/2021 7,524 7.5   9.9   (2)
Class A-2 units 03/2023 45 0.1   0.1   (2)
42.8   45.2  
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 11.67 % ( 6.00 % PIK)
SOFR (Q) 8.00 % 08/2025 04/2030 75.8   75.8   75.8   (2)(9)
First lien senior secured loan 12.00 % PIK
08/2025 03/2030 23.5   20.5   19.5   (2)
Class A preferred units 11/2024 455 0.3   —  
Common units 07/2022 35,299 5.0   0.5  
101.6   95.8  
ZocDoc, Inc. (13) Healthcare marketplace connecting patients and providers First lien senior secured loan 9.12 % SOFR (Q) 5.25 % 05/2024 07/2030 64.9   64.9   64.9   (2)(9)
First lien senior secured loan 9.12 % SOFR (Q) 5.25 % 07/2025 07/2030 1.6   1.6   1.6   (2)(9)
66.5   66.5  

3,472.0   3,333.5   23.28 %

See accompanying notes to consolidated financial statements.
107

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
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 87.5   87.5   87.5   (2)(9)
First lien senior secured loan 8.94 % SOFR (Q) 5.25 % 12/2025 05/2032 30.0   30.0   30.0   (2)(9)
117.5   117.5  
Aldinger Company Inc (13) Provider of outsourced calibration and repair services First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 07/2024 10/2030 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2024 10/2030 31.3   31.3   31.3   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 03/2025 10/2030 9.4   9.4   9.4   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 08/2025 10/2030 3.3   3.3   3.3   (2)(9)
44.2   44.2  
AMCP Clean Acquisition Company, LLC Provider of commercial laundry services First lien senior secured loan 7.94 % SOFR (Q) 4.25 % 12/2025 06/2030 15.0   15.0   14.9   (2)(9)
Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services First lien senior secured loan 9.02 % SOFR (Q) 5.00 % 04/2024 09/2028 48.7   48.7   48.7   (2)(6)(9)
ATI Restoration, LLC (13) Provider of disaster recovery services First lien senior secured revolving loan 9.48 % SOFR (Q) 5.50 % 07/2020 07/2026 8.7   8.7   8.7   (2)(9)(12)
First lien senior secured loan 9.49 % SOFR (Q) 5.50 % 07/2020 07/2026 32.0   32.0   32.0   (2)(9)
First lien senior secured loan 9.41 % SOFR (Q) 5.50 % 05/2022 07/2026 47.4   47.4   47.4   (2)(9)
First lien senior secured loan 9.45 % SOFR (Q) 5.50 % 09/2023 07/2026 11.8   11.8   11.8   (2)(9)
99.9   99.9  
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 8.50 % SOFR (M) 4.75 % 01/2025 01/2031 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 8.47 % 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)
8.7   8.6  
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 0.7   0.7   0.7   (2)(12)
First lien senior secured loan 8.54 % SOFR (Q) 4.75 % 09/2025 09/2031 31.0   31.0   30.7   (2)
31.7   31.4  
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 8.32 % SOFR (M) 4.50 % 08/2024 11/2029 8.1   8.1   8.1   (2)(9)
Second lien senior secured loan 12.32 % 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)

See accompanying notes to consolidated financial statements.
108

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
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 2.3   2.3   2.3   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 10/2032 53.8   53.8   53.3   (2)(9)
56.1   55.6  
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 9.23 % SOFR (M) 5.50 % 08/2025 08/2032 379.5   379.5   375.7   (2)(9)
Series A units 8.00 % PIK
08/2025 540,800 5.6   5.4   (2)
385.1   381.1  
Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC (13) Technology based aggregator for facility maintenance services First lien senior secured revolving loan 04/2025 04/2032 —   —   —   (2)(11)
First lien senior secured loan 8.17 % 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   17.6   (2)
7.8   17.7  
Dorado Bidco, Inc. (13) Provider of consumer and market insights for the food and beverage industry First lien senior secured loan 8.22 % SOFR (M) 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 10.22 % ( 3.25 % PIK)
SOFR (M) 6.50 % 09/2024 09/2030 27.9   27.8   27.9   (2)(9)
Drogon Bidco Inc. & Drogon Aggregator LP (13) Provider of fire safety and life safety services First lien senior secured loan 8.47 % SOFR (M) 4.75 % 08/2024 08/2031 14.2   14.2   14.2   (2)(9)
Class A-2 common units 08/2024 1,850,000 1.9   2.0   (2)
16.1   16.2  
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   11.1   (2)
Class B common stock 08/2014 7,500 —   —   (2)
7.5   11.1  
Duraserv LLC (13) Provider of commercial loading dock maintenance and remodeling services First lien senior secured revolving loan 8.57 % SOFR (M) 4.75 % 06/2024 06/2030 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.48 % SOFR (M) 4.75 % 06/2024 06/2031 10.3   10.3   10.3   (2)(9)
First lien senior secured loan 8.48 % SOFR (M) 4.75 % 03/2025 06/2031 4.8   4.8   4.8   (2)(9)
15.3   15.3  
Elevation Services Parent Holdings, LLC (13) Elevator service platform First lien senior secured revolving loan 10.49 % SOFR (Q) 6.50 % 12/2020 12/2028 2.5   2.5   2.4   (2)(9)(12)
First lien senior secured loan 10.61 % SOFR (Q) 6.50 % 12/2020 12/2028 9.9   9.9   9.5   (2)(9)
First lien senior secured loan 10.51 % SOFR (Q) 6.50 % 05/2022 12/2028 13.8   13.8   13.2   (2)(9)
26.2   25.1  

See accompanying notes to consolidated financial statements.
109

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC (13) Provider of tax, comprehensive assurance and consulting services First lien senior secured revolving loan 8.73 % SOFR (Q) 4.75 % 07/2025 07/2031 2.0   2.0   2.0   (2)(9)
First lien senior secured loan 8.87 % SOFR (S) 4.75 % 07/2025 07/2031 24.9   24.9   24.6   (2)(9)
Common stock 07/2025 4,273,000 4.3   4.3  
31.2   30.9  
EMB Purchaser, Inc. (13) Provider of fire and life safety solutions First lien senior secured loan 8.30 % SOFR (Q) 4.50 % 03/2025 03/2032 8.5   8.5   8.5   (2)(9)
Firebird Acquisition Corp, Inc. (13) Provider of fire safety and life safety services First lien senior secured revolving loan 01/2025 02/2032 —   —   —   (2)(11)
First lien senior secured loan 8.84 % ( 2.75 % PIK)
SOFR (Q) 5.00 % 01/2025 02/2032 4.2   4.2   4.2   (2)(9)
First lien senior secured loan 8.34 % SOFR (Q) 4.50 % 01/2025 02/2032 3.5   3.5   3.5   (2)(9)
7.7   7.7  
FlyWheel Acquireco, Inc. (13) Professional employer organization offering human resources, compliance and risk management services First lien senior secured revolving loan 10.22 % SOFR (M) 6.50 % 05/2023 05/2028 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 10.22 % SOFR (M) 6.50 % 05/2023 05/2030 51.4   51.4   51.4   (2)(9)
52.2   52.2  
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 8.72 % ( 2.00 % PIK)
SOFR (M) 5.00 % 03/2025 03/2032 2.6   2.6   2.6   (2)
First lien senior secured loan 8.72 % ( 2.00 % PIK)
SOFR (M) 5.00 % 10/2025 03/2032 3.0   3.0   3.0   (2)
First lien senior secured loan 8.72 % ( 2.00 % PIK)
SOFR (M) 5.00 % 12/2025 03/2032 6.9   6.9   6.9   (2)(9)
12.5   12.5  
G702 Buyer, Inc. (13) Provider of standardized contracts and forms platform for the architecture, engineering, and construction industry First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 07/2031 10.5   10.5   10.3   (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 9.82 % SOFR (Q) 6.00 % 04/2021 04/2028 8.7   8.7   8.7   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 09/2023 04/2028 20.5   20.5   20.5   (2)(9)
First lien senior secured loan 9.97 % SOFR (Q) 6.00 % 09/2023 04/2028 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 04/2024 04/2028 18.7   18.7   18.7   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 10/2025 04/2028 10.5   10.5   10.5   (2)(9)
Class A units 04/2021 32,982 3.3   2.8   (2)
62.8   62.3  
HP RSS Buyer, Inc. (13) Provider of road striping, and road safety related services First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 12/2023 12/2029 16.8   16.8   16.8   (2)(9)

See accompanying notes to consolidated financial statements.
110

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 03/2024 12/2029 6.7   6.7   6.7   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 12/2029 12.4   12.4   12.4   (2)(9)
First lien senior secured loan 8.48 % SOFR (M) 4.75 % 12/2025 12/2029 1.6   1.6   1.6   (2)(9)
37.5   37.5  
IRI Group Holdings, Inc. and Circana, LLC (13) Market research company focused on the consumer packaged goods industry First lien senior secured revolving loan 04/2025 12/2028 —   —   —   (2)(11)
First lien senior secured loan 7.97 % SOFR (M) 4.25 % 04/2025 12/2029 159.9   159.8   159.9   (2)(9)
159.8   159.9  
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (13) Provider of commercial and industrial waste processing and disposal services First lien senior secured revolving loan 8.43 % SOFR (M) 4.68 % 08/2022 08/2030 3.4   3.4   3.4   (2)(9)(12)
First lien senior secured loan 8.43 % SOFR (M) 4.68 % 08/2022 08/2031 4.9   4.9   4.9   (2)(9)
First lien senior secured loan 8.43 % SOFR (M) 4.68 % 08/2024 08/2031 3.8   3.8   3.8   (2)(9)
Class A units 09/2022 13,324 14.0   25.1   (2)
26.1   37.2  
Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC (13) Provider of lake and pond management services First lien senior secured loan 8.13 % SOFR (Q) 4.25 % 11/2025 11/2032 15.6   15.6   15.4   (2)(9)
Class A units 11/2025 26,260 2.6   2.6  
18.2   18.0  
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC Provider of janitorial and facilities management services First lien senior secured loan 9.24 % PIK
SOFR (Q) 5.25 % 11/2019 11/2028 45.8   45.8   45.8   (2)(9)
First lien senior secured loan 12/2023 11/2028 15.7   13.9   4.4   (2)(8)
Preferred units 03/2024 4,042,767 7.7   —   (2)
Class A common units 03/2024 4,042,767 —   —   (2)
67.4   50.2  
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 1.8   1.8   1.8   (2)(9)
First lien senior secured loan 9.35 % SOFR (Q) 5.25 % 09/2023 10/2027 16.1   16.1   15.3   (2)(9)
17.9   17.1  
KPS Global LLC and Cool Group LLC (13) Manufacturer of walk-in cooler and freezer systems First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 09/2024 09/2030 5.2   5.2   5.2   (2)(9)
Laboratories Bidco LLC and Laboratories Topco LLC (13) Lab testing services for nicotine containing products First lien senior secured revolving loan 5.57 % SOFR (Q) 1.75 % 07/2021 07/2029 15.4   14.9   11.9   (2)(9)
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 loan 4.16 % CORRA (Q) 1.75 % 10/2019 07/2029 24.4   24.1   18.8   (2)(9)
First lien senior secured loan 5.57 % SOFR (Q) 1.75 % 10/2019 07/2029 17.5   16.8   13.5   (2)(9)
First lien senior secured loan 5.57 % SOFR (Q) 1.75 % 10/2020 07/2029 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 5.57 % SOFR (Q) 1.75 % 07/2021 07/2029 4.6   4.5   3.6   (2)(9)
Class A units 07/2021 3,099,335 4.6   —   (2)
69.5   51.5  

See accompanying notes to consolidated financial statements.
111

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (13) Provider of human resources and workforce management solutions First lien senior secured revolving loan 8.72 % SOFR (M) 5.00 % 07/2024 07/2030 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.84 % SOFR (Q) 5.00 % 07/2024 07/2031 19.0   19.0   18.8   (2)(9)
Class A common units 07/2024 1,205,000 1.2   0.9   (2)
20.4   19.9  
Lightbeam Bidco, Inc. (13) Provider of yard management services First lien senior secured revolving loan 05/2023 05/2029 —   —   —   (2)(11)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 05/2023 05/2030 4.5   4.5   4.5   (2)(9)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 05/2023 05/2030 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 8.84 % SOFR (Q) 5.00 % 11/2023 05/2030 2.2   2.2   2.2   (2)(9)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 11/2023 05/2030 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 8.51 % SOFR (Q) 4.75 % 12/2025 05/2030 1.9   1.9   1.9   (2)(9)
10.4   10.4  
LJP Purchaser, Inc. and LJP Topco, LP (13) Provider of non-hazardous solid waste and recycling services First lien senior secured loan 10.05 % SOFR (Q) 6.25 % 09/2022 09/2028 11.6   11.6   11.6   (2)(9)
Class A units 8.00 % PIK
09/2022 5,098,000 6.6   6.1   (2)
18.2   17.7  
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. Keg management solutions provider First lien senior secured loan 11.17 % SOFR (Q) 7.50 % 12/2024 12/2030 134.8   134.8   134.8   (2)(9)
MSIS Holdings, Inc. and MS Precision Parent, LP (13) Provider of heavy industrial machinery maintenance and repair services First lien senior secured revolving loan 03/2025 03/2031 —   —   —   (2)(11)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 03/2025 03/2031 23.5   23.5   23.5   (2)(9)
Class A-1 units 03/2025 1,184,000 1.2   1.3   (2)
24.7   24.8  
NAS, LLC and Nationwide Marketing Group, LLC (13) Buying and marketing services organization for appliance, furniture and consumer electronics dealers First lien senior secured revolving loan 10.51 % SOFR (Q) 6.50 % 11/2020 04/2026 1.9   1.9   1.9   (2)(9)
First lien senior secured loan 10.49 % SOFR (Q) 6.50 % 11/2020 04/2026 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 10.49 % SOFR (Q) 6.50 % 12/2021 04/2026 2.2   2.2   2.2   (2)(9)
First lien senior secured loan 10.49 % SOFR (Q) 6.50 % 05/2022 04/2026 1.3   1.3   1.3   (2)(9)
11.5   11.5  
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (13) Provider of audience insights, data and analytics to entertainment industry First lien senior secured revolving loan 10/2022 10/2027 —   0.9   —   (2)(11)
First lien senior secured loan 8.76 % SOFR (Q) 4.75 % 10/2022 10/2028 79.9   76.6   78.7   (2)(9)(16)
First lien senior secured loan 9.01 % SOFR (Q) 5.00 % 10/2022 04/2029 96.8   92.3   95.6   (2)(9)(16)
First lien senior secured notes 9.29 % 11/2022 04/2029 52.8   52.0   52.9   (2)(16)
Second lien senior secured loan 13.76 % SOFR (Q) 9.75 % 10/2022 10/2029 65.8   65.8   65.8   (2)(9)

See accompanying notes to consolidated financial statements.
112

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Limited partnership interests 10/2022 4,040,000 4.1   6.9   (2)
291.7   299.9  
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 Operator of multiple franchise concepts primarily related to home maintenance or repairs Limited partner interest 09/2021 9,725,000 9.7   12.4   (2)
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC (13) Solid waste services provider First lien senior secured loan 11.99 % SOFR (Q) 8.00 % 08/2023 08/2029 35.0   34.6   29.4   (2)(9)
First lien senior secured loan 11.99 % SOFR (Q) 8.00 % 06/2024 08/2029 11.1   10.5   9.4   (2)(9)
First lien senior secured loan 14.73 % PIK
SOFR (M) 11.00 % 12/2025 08/2029 2.5   2.5   2.3   (2)(9)
Warrant to purchase units of Class A common units 08/2023 08/2036 38,235 0.6   —   (2)
Warrant to purchase units of Class A common units 06/2024 06/2036 6,400 0.9   —   (2)
49.1   41.1  
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC Provider of janitorial and facilities management services First lien senior secured loan 9.57 % SOFR (Q) 5.75 % 10/2021 10/2027 66.3   66.3   61.7   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 11/2023 10/2027 18.8   18.8   17.7   (2)(9)
Class A units 10/2021 8,749,201 9.0   4.7   (2)
94.1   84.1  
PS Operating Company LLC and PS Op Holdings LLC (5) Specialty distributor and solutions provider to the swine and poultry markets First lien senior secured revolving loan 12/2021 12/2026 5.5   4.3   1.8   (2)(8)
First lien senior secured loan 12/2021 12/2026 19.1   15.5   6.1   (2)(8)
Common unit 12/2021 279,200 7.4   —   (2)
27.2   7.9  
PSC Parent, Inc. (13) Provider of operational services for US petrochemical and refining companies First lien senior secured revolving loan 8.97 % SOFR (M) 5.25 % 04/2024 04/2030 2.0   2.0   2.0   (2)(9)(12)
First lien senior secured loan 8.98 % SOFR (M) 5.25 % 04/2024 04/2031 54.2   54.2   54.2   (2)(9)
56.2   56.2  
R2 Acquisition Corp. Marketing services Common stock 05/2007 250,000 0.2   0.4   (2)
RE Community Holdings GP, LLC and RE Community Holdings, LP Operator of municipal recycling facilities Limited partnership interest 03/2011 2.49 % —   —   (2)
Limited partnership interest 03/2011 2.86 % —   —   (2)
—   —  
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (13) Provider of FDA registration and consulting services First lien senior secured revolving loan 8.78 % SOFR (Q) 5.00 % 08/2021 08/2029 2.7   2.7   2.7   (2)(9)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 08/2021 08/2029 3.5   3.5   3.5   (2)(9)
First lien senior secured loan 8.77 % SOFR (Q) 5.00 % 03/2025 08/2029 6.2   6.2   6.0   (2)(9)
Limited partner interests 08/2021 1.09 % 2.7   1.8   (2)

See accompanying notes to consolidated financial statements.
113

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
15.1   14.0  
Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc. Provider of outsourced data collection to the market research industry Common units 07/2024 49 —   —   (2)
Warrants to purchase shares of common stock 07/2024 07/2028 142 —   —   (2)
—   —  
Rodeo AcquisitionCo LLC (13) Provider of food inspection and recovery services First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2021 07/2029 26.6   26.6   26.6   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 07/2029 3.8   3.8   3.8   (2)(9)
30.4   30.4  
Saturn Purchaser Corp. (13) Private aviation management company First lien senior secured loan 8.71 % SOFR (Q) 4.85 % 07/2023 07/2030 1.7   1.7   1.7   (2)(9)
SGM Acquisition Sub, LLC and Schill Holdings, LP (13) Provider of landscape design and planning, and snow removal services First lien senior secured loan 8.72 % SOFR (Q) 5.00 % 12/2025 12/2031 26.2   26.2   26.1   (2)(9)
Common units 12/2025 1,492,000 1.5   1.5  
27.7   27.6  
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products Limited partnership class A-1 units 06/2020 2,173 1.1   —   (2)
Limited partnership class A-2 units 06/2020 2,173 1.1   —   (2)
2.2   —  
Startec Equity, LLC (5) Communication services Member interest 04/2010 190,581 —   —  
SV Newco 2, Inc. and Site 2020 Incorporated (13) Provider of outsourced traffic control safety services First lien senior secured revolving loan 05/2024 06/2031 —   —   —   (2)(6)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2024 06/2031 14.5   14.5   14.5   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 09/2025 06/2031 4.0   4.0   4.0   (2)(6)(9)
18.5   18.5  
Systems Planning and Analysis, Inc. (13) Provider of systems engineering and technical assistance to the US DoD First lien senior secured revolving loan 8.50 % SOFR (M) 4.75 % 05/2022 08/2027 0.4   0.4   0.4   (2)(9)(12)
First lien senior secured revolving loan 10.50 % Base Rate (Q) 3.75 % 05/2022 08/2027 1.1   1.1   1.1   (2)(9)(12)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2022 08/2027 1.0   1.0   1.0   (2)(9)
2.5   2.5  
Talon Buyer Inc. and Talon Holdings SCSP (13) Provider of fire safety and life safety services First lien senior secured loan 8.39 % SOFR (Q) 4.50 % 07/2025 07/2032 18.4   18.4   18.2   (2)(9)
Class A units 07/2025 6,445,000 6.4   8.0   (2)(6)
24.8   26.2  
The Hiller Companies, LLC (13) Provider of fire protection and life safety products First lien senior secured revolving loan 06/2024 06/2030 —   —   —   (2)(11)
First lien senior secured loan 8.72 % SOFR (M) 5.00 % 06/2024 06/2030 48.5   48.5   48.5   (2)(9)
First lien senior secured loan 8.54 % SOFR (M) 4.75 % 07/2025 06/2030 4.1   4.1   4.1   (2)(9)
52.6   52.6  

See accompanying notes to consolidated financial statements.
114

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Thermostat Purchaser III, Inc. (13) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 08/2021 08/2028 —   —   —   (2)(11)
Second lien senior secured loan 11.22 % SOFR (Q) 7.25 % 08/2021 08/2029 23.0   23.0   23.0   (2)(9)
23.0   23.0  
TSS Buyer, LLC Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets First lien senior secured loan 9.34 % SOFR (Q) 5.50 % 07/2023 06/2029 2.6   2.5   2.6   (2)(9)
TVG-MGT Upper Intermediate Holdings, LLC Management consulting firm servicing education, technology and public sectors Senior subordinated loan 14.00 % PIK
08/2025 08/2031 26.1   26.1   25.3   (2)
Class A common units 08/2025 2,712 4.1   4.1   (2)
30.2   29.4  
Unity Purchaser, LLC and Unity Ultimate Holdings, LP (13) Provider of specialty mechanical services for critical HVAC, plumbing, and related systems First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 01/2025 01/2031 12.6   12.6   12.6   (2)(9)
Class A-1 units 01/2025 2,068,000 2.1   2.0   (2)
14.7   14.6  
UP Intermediate II LLC and UPBW Blocker LLC (13) Provider of essential mechanical, electrical and plumbing services to commercial customers First lien senior secured revolving loan 03/2024 03/2031 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 03/2032 15.2   15.2   15.2   (2)(9)
Senior Preferred Units 15.00 % PIK
07/2025 10,340 1.1   1.1   (2)
Common units 03/2024 60,470 6.0   7.2   (2)
Common units 09/2024 3,918 0.3   0.5   (2)
22.6   24.0  
Valcourt Holdings II, LLC and Jobs Holdings, Inc. Provider of window cleaning and building facade maintenance and restoration services First lien senior secured loan 9.01 % SOFR (Q) 5.00 % 11/2023 11/2029 58.8   58.8   58.8   (2)(9)
Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC (5)(13) Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies First lien senior secured revolving loan 8.60 % SOFR (S) 5.00 % 12/2025 01/2029 1.0   1.0   1.0   (2)(9)
First lien senior secured loan 8.60 % SOFR (S) 5.00 % 12/2025 01/2029 2.6   2.6   2.6   (2)(9)
First lien senior secured loan 10.82 % ( 3.50 % PIK)
SOFR (M) 7.00 % 07/2023 01/2029 34.1   33.6   34.1   (2)(9)
First lien senior secured loan 15.67 % PIK
SOFR (Q) 12.00 % 07/2023 01/2029 7.2   7.1   7.2   (2)(9)
First lien senior secured loan 15.84 % PIK
SOFR (Q) 12.00 % 12/2025 01/2029 9.5   9.5   9.5   (2)(9)
Common units 12/2025 947,000 17.5   17.5   (2)
71.3   71.9  
VRC Companies, LLC (13) Provider of records and information management services Senior subordinated loan 12.00 % ( 2.00 % PIK)
05/2022 06/2028 5.3   5.4   5.3   (2)

See accompanying notes to consolidated financial statements.
115

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (13) Provider of agronomics products for landscapers, contractors and golf course end users First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2024 05/2030 23.4   23.4   23.4   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 04/2025 05/2030 4.3   4.3   4.3   (2)(9)
Class A preferred units 10.00 % PIK
05/2024 9,260 1.1   1.1  
Class A common units 05/2024 862 —   0.4  
28.8   29.2  
XIFIN, Inc. and ACP Charger Co-Invest LLC Revenue cycle management provider to labs Class A units 02/2020 180,000 1.8   4.5   (2)
Class B units 12/2021 46,363 0.9   2.2   (2)
2.7   6.7  
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (13) Provider of recurring fire protection services First lien senior secured revolving loan 07/2024 07/2031 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2024 07/2031 12.8   12.8   12.8   (2)(9)
12.8   12.8  

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

See accompanying notes to consolidated financial statements.
116

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 11.98 % ( 6.00 % PIK)
SOFR (Q) 8.00 % 12/2021 12/2027 3.5   3.5   3.1   (2)(9)
First lien senior secured loan 12.05 % ( 6.25 % PIK)
SOFR (Q) 8.25 % 03/2023 12/2027 6.8   6.8   6.2   (2)(9)
Class A units 12/2021 4,296 4.3   1.1  
15.6   11.3  
ClubCorp Holdings, Inc. (13) A manager of golf and country clubs throughout the United States First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 07/2025 07/2032 40.6   40.6   40.6   (2)(9)
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (13) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured loan 8.20 % SOFR (S) 4.50 % 05/2022 11/2030 21.0   21.0   21.0   (2)(9)
First lien senior secured loan 8.28 % SOFR (S) 4.50 % 11/2023 11/2030 2.8   2.8   2.8   (2)(9)
Common stock 05/2022 302 3.1   7.7   (2)
26.9   31.5  
CST Holding Company (13) Provider of ignition interlock devices First lien senior secured loan 8.82 % SOFR (M) 5.00 % 11/2022 11/2028 11.4   11.4   11.4   (2)(9)
First lien senior secured loan 8.82 % SOFR (M) 5.00 % 07/2024 11/2028 0.1   0.1   0.1   (2)(9)
11.5   11.5  
Davidson Hotel Company LLC (13) Provider of hotel operations solutions and advisory services First lien senior secured loan 8.72 % SOFR (M) 5.00 % 10/2024 10/2031 8.3   8.3   8.3   (2)(9)
Equinox Holdings, Inc. Operator of luxury, full-service health fitness clubs First lien senior secured loan 11.92 % ( 4.13 % PIK)
SOFR (Q) 8.25 % 03/2024 03/2029 46.2   45.5   46.2   (2)(9)
Second lien senior secured loan 16.00 % PIK
03/2024 06/2027 4.6   4.5   4.6   (2)
50.0   50.8  
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (13) Provider of plumbing and HVAC services First lien senior secured revolving loan 8.88 % SOFR (Q) 5.00 % 06/2024 06/2030 7.8   7.8   7.6   (2)(9)(12)
First lien senior secured loan 8.88 % SOFR (Q) 5.00 % 06/2024 06/2031 151.5   151.5   147.0   (2)(9)
Preferred units 15.00 % PIK
07/2023 685 9.2   9.2   (2)
Class A units 11/2020 6,447 22.9   25.9   (2)
191.4   189.7  
Eternal Aus Bidco Pty Ltd (13) Operator of cemetery, crematoria and funeral services First lien senior secured loan 8.71 % BBSY (S) 5.00 % 11/2023 10/2029 3.8   3.7   3.8   (2)(6)(9)
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (13) Fitness facility operator First lien senior secured revolving loan 8.48 % SOFR (M) 4.75 % 11/2025 04/2030 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2024 04/2030 12.9   12.8   12.9   (2)(9)
13.5   13.6  
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4) Crunch Fitness franchisee First lien senior secured revolving loan 7.73 % SOFR (M) 4.00 % 08/2024 08/2030 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 8.99 % SOFR (M) 5.25 % 08/2024 08/2031 10.5   10.5   10.5   (2)(9)
Common units 07/2024 11,957,000 12.0   12.3   (2)
25.0   25.3  
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (13) Distributor of instructional products, services and resources First lien senior secured revolving loan 9.22 % SOFR (Q) 5.50 % 08/2018 04/2026 4.0   4.0   4.0   (2)(9)(12)

See accompanying notes to consolidated financial statements.
117

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 07/2017 04/2026 28.7   28.7   28.4   (2)(9)
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 08/2018 04/2026 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 06/2024 04/2026 7.4   7.4   7.3   (2)(9)
First lien senior secured loan 9.60 % SOFR (Q) 5.50 % 05/2025 04/2026 5.0   5.0   4.9   (2)(9)
Series A preferred stock 10/2014 1,272 0.7   0.9   (2)
46.9   46.6  
Flint OpCo, LLC (13) Provider of residential HVAC and plumbing services First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 08/2023 08/2030 6.9   6.9   6.9   (2)(9)
First lien senior secured loan 8.55 % SOFR (Q) 4.75 % 05/2024 08/2030 3.6   3.6   3.6   (2)(9)
10.5   10.5  
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (13) Provider of commercial and residential HVAC, electrical, and plumbing services First lien senior secured revolving loan 10.52 % SOFR (M) 6.75 % 04/2023 04/2029 0.8   0.8   0.8   (2)(9)(12)
First lien senior secured loan 10.42 % SOFR (Q) 6.75 % 04/2023 04/2030 24.3   24.3   23.6   (2)(9)
Class A common units 04/2023 4,424 4.4   2.1   (2)
29.5   26.5  
Helios Service Partners, LLC and Astra Service Partners, LLC (13) Critical HVAC, refrigeration, and plumbing services for commercial businesses First lien senior secured loan 8.34 % SOFR (Q) 4.50 % 11/2025 11/2032 43.5   43.5   43.1   (2)(9)
HGC Holdings, LLC (13) Operator of golf facilities First lien senior secured loan 8.24 % SOFR (M) 4.50 % 06/2025 06/2029 79.6   79.6   79.6   (2)(9)
IFH Franchisee Holdings, LLC (13) Operator of fitness centers First lien senior secured revolving loan 7.87 % SOFR (Q) 4.00 % 12/2024 12/2029 4.3   4.3   4.3   (2)(9)
First lien senior secured loan 9.37 % SOFR (Q) 5.50 % 12/2024 12/2029 54.7   54.7   54.7   (2)(9)
59.0   59.0  
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. (13) Provider of residential roofing and exterior repair and replacement services First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 12/2022 12/2028 14.5   14.5   14.5   (2)(6)(9)
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 11/2023 12/2028 6.3   6.3   6.3   (2)(6)(9)
First lien senior secured loan 8.26 % CORRA (Q) 6.00 % 11/2023 12/2028 1.3   1.3   1.3   (2)(6)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 10/2024 12/2028 5.5   5.5   5.5   (2)(6)(9)
Class A units 12/2022 9,524,000 9.5   11.0   (2)(6)
37.1   38.6  
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (13) Franchising platform offering adolescent development programs First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 12/2022 12/2027 30.0   30.0   30.0   (2)(9)
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 01/2025 12/2027 1.4   1.4   1.4   (2)(9)
Limited partnership interests 12/2022 2,149,690 2.1   2.8  
33.5   34.2  
LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC (13) A direct-to-consumer home solutions and residential improvements platform First lien senior secured revolving loan 11.00 % Base rate (Q) 4.25 % 09/2025 09/2031 1.3   1.3   1.2   (2)(9)
First lien senior secured loan 8.97 % SOFR (M) 5.25 % 09/2025 09/2031 172.7   172.7   171.0   (2)(9)

See accompanying notes to consolidated financial statements.
118

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Limited partnership units 09/2025 64,787 67.3   67.6   (2)
241.3   239.8  
ME Equity LLC Franchisor in the massage industry Common stock 09/2012 3,000,000 3.0   4.9   (2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (13) Provider of commercial HVAC services First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 08/2022 08/2028 12.2   12.2   12.2   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 09/2023 08/2028 6.3   6.3   6.3   (2)(9)
Preferred units 14.00 % PIK
05/2025 82 0.9   0.9   (2)
Class A units 08/2022 1,001 9.7   10.0   (2)
29.1   29.4  
Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC (13) Provider of lawn care, tree care and pest control services First lien senior secured revolving loan 8.72 % SOFR (M) 5.00 % 06/2024 06/2031 0.3   0.3   0.3   (2)(9)(12)
First lien senior secured loan 8.69 % SOFR (Q) 5.00 % 06/2024 06/2031 27.9   27.9   27.9   (2)(9)
First lien senior secured loan 8.72 % SOFR (M) 5.00 % 08/2025 06/2031 1.1   1.1   1.1   (2)(9)
Class A preferred units 09/2024 678 0.7   0.6  
Class B common units 09/2024 677,504 0.3   0.3  
30.3   30.2  
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (13) Provider of lawncare services First lien senior secured revolving loan 8.73 % SOFR (Q) 5.00 % 12/2022 05/2028 3.9   3.9   3.9   (2)(9)
First lien senior secured loan 8.77 % SOFR (Q) 5.00 % 12/2022 05/2028 17.5   17.5   17.5   (2)(9)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 06/2024 05/2028 5.0   5.0   5.0   (2)(9)
First lien senior secured loan 8.90 % SOFR (Q) 5.00 % 02/2025 05/2028 10.1   10.1   10.1   (2)(9)
36.5   36.5  
Northwinds Holding, Inc. and Northwinds Services Group LLC (13) Provider of HVAC and plumbing services First lien senior secured loan 9.30 % SOFR (Q) 5.25 % 05/2023 05/2029 26.7   26.7   26.7   (2)(9)
First lien senior secured loan 9.26 % SOFR (Q) 5.25 % 08/2024 05/2029 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 9.26 % SOFR (Q) 5.25 % 06/2025 05/2029 2.1   2.1   2.1   (2)(9)
Common units 05/2023 2,911,607 4.0   4.8   (2)
38.9   39.7  
OTG Concessions Management, LLC and Octa Parent Holdings, LLC Airport restaurant operator Second lien notes 10.00 % PIK
02/2024 02/2031 8.8   8.8   8.2   (2)
Participation rights 02/2024 02/2054 1 —   —   (2)
8.8   8.2  
PestCo Holdings, LLC and PestCo, LLC (13) Provider of pest control services to the residential and commercial markets First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 08/2025 08/2030 19.0   18.9   18.9   (2)(9)
Class A units 01/2023 139 1.9   2.9  
20.8   21.8  
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (13) Provider of commercial and residential HVAC, electrical & plumbing services First lien senior secured revolving loan 10.50 % ( 1.50 % PIK)
SOFR (Q) 6.75 % 10/2024 10/2030 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 10.68 % ( 1.50 % PIK)
SOFR (Q) 6.75 % 10/2024 10/2030 6.6   6.6   6.1   (2)(9)

See accompanying notes to consolidated financial statements.
119

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Common stock 10/2024 667 0.7   0.1   (2)
8.0   6.9  
Premiere Buyer, LLC (13) Third-party residential property manager for multi-family residential properties in the United States First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 05/2024 05/2031 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 04/2025 05/2031 1.0   1.0   1.0   (2)(9)
6.5   6.5  
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (13) Hotel operator First lien senior secured loan 9.11 % SOFR (Q) 5.25 % 01/2023 01/2028 7.3   7.3   7.3   (2)(9)
First lien senior secured loan 9.11 % SOFR (Q) 5.25 % 10/2024 01/2028 2.6   2.6   2.6   (2)(9)
Preferred membership units 8.00 % PIK
07/2016 996,833 1.3   3.2  
11.2   13.1  
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (13) Car wash operator First lien senior secured loan 8.47 % SOFR (M) 4.75 % 05/2024 06/2031 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 06/2025 06/2031 6.4   6.4   6.4   (2)(9)
Limited partnership interest 06/2024 11,184,000 11.2   13.8   (2)
23.2   25.8  
Radiant Intermediate Holding, LLC Provider of HVAC, plumbing and electrical services First lien senior secured loan 9.92 % SOFR (Q) 6.00 % 04/2023 11/2026 2.1   2.1   1.9   (2)(9)
Redwood Services LP (13) Provider of residential HVAC and plumbing services First lien senior secured revolving loan 06/2025 06/2032 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 06/2025 06/2032 27.2   27.2   27.2   (2)(9)
27.2   27.2  
Saber Parent Holdings Corp. and MSHC, Inc. (13) Provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipments First lien senior secured loan 8.23 % SOFR (Q) 4.50 % 12/2025 12/2032 22.8   22.8   22.7   (2)
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc. Provider of safety systems for business and residential customers First lien senior secured loan 10.43 % ( 1.00 % PIK)
SOFR (M) 6.00 % 08/2020 05/2026 24.0   24.0   23.5   (2)(9)
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (13) Planet Fitness franchisee First lien senior secured revolving loan 8.94 % SOFR (M) 5.13 % 07/2018 08/2027 0.2   0.2   0.2   (2)(9)
First lien senior secured revolving loan 9.32 % SOFR (M) 5.50 % 01/2024 07/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.90 % SOFR (M) 5.08 % 03/2020 08/2027 1.3   1.3   1.3   (2)(9)
First lien senior secured loan 9.32 % SOFR (M) 5.50 % 01/2024 08/2027 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 8.57 % SOFR (M) 4.75 % 11/2025 07/2027 4.1   4.1   4.1   (2)(9)
Class A units 07/2018 37,020 3.8   9.4  
9.9   15.5  

See accompanying notes to consolidated financial statements.
120

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (13) Refrigeration, heating, ventilation and air conditioning services provider First lien senior secured revolving loan 11.72 % ( 4.50 % PIK)
SOFR (M) 8.00 % 12/2021 12/2027 12.6   12.6   12.5   (2)(9)
First lien senior secured loan 11.72 % ( 4.50 % PIK)
SOFR (M) 8.00 % 12/2021 12/2027 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 11.72 % ( 4.50 % PIK)
SOFR (M) 8.00 % 08/2022 12/2027 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 11.72 % ( 4.50 % PIK)
SOFR (M) 8.00 % 04/2023 12/2027 1.7   1.7   1.7   (2)(9)
First lien senior secured loan 11.72 % ( 4.50 % PIK)
SOFR (M) 8.00 % 10/2023 12/2027 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 11.72 % ( 4.50 % PIK)
SOFR (M) 8.00 % 08/2024 12/2027 11.1   11.0   10.9   (2)(9)
Class A units 12/2021 8,493,698 8.5   6.7  
Class C units 03/2023 333,510 —   —  
39.7   37.7  
Triwizard Holdings, Inc. and Triwizard Parent, LP (13) Parking management and hospitality services provider First lien senior secured revolving loan 8.86 % SOFR (Q) 5.00 % 06/2023 06/2029 1.5   1.5   1.5   (2)(9)(12)
Class A-2 common units 06/2023 30,000 3.0   5.3   (2)
4.5   6.8  
TSWT Acquisition, Inc. and TSWT Holdings, LLC (13) Provider of residential home services specializing in HVAC, electrical and plumbing services First lien senior secured revolving loan 8.73 % SOFR (M) 5.00 % 11/2025 11/2031 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.73 % SOFR (M) 5.00 % 11/2025 11/2031 16.3   16.3   16.1   (2)(9)
Class A units 11/2025 42 0.9   0.9   (2)
17.3   17.1  
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (13) Provider of residential roofing repair & replacement First lien senior secured revolving loan 9.67 % SOFR (Q) 6.00 % 11/2023 11/2030 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 9.67 % ( 4.14 % PIK)
SOFR (Q) 6.00 % 11/2023 11/2030 15.2   15.2   14.0   (2)(9)
First lien senior secured loan 9.67 % ( 3.83 % PIK)
SOFR (Q) 6.00 % 10/2024 11/2030 3.0   3.0   2.7   (2)(9)
Class B common units 11/2023 212 0.2   0.1  
18.8   17.2  
Vista Higher Learning, LLC Developer of print and digital language learning solutions for K–12 and higher education institutions First lien senior secured loan 8.46 % SOFR (Q) 4.75 % 09/2025 09/2031 33.0   33.0   32.6   (2)(9)
YE Brands Holdings, LLC (13) Sports camp operator First lien senior secured revolving loan 8.42 % SOFR (Q) 4.75 % 10/2021 10/2027 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2021 10/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 06/2022 10/2027 7.9   7.9   7.9   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 09/2023 10/2027 3.6   3.6   3.6   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 01/2024 10/2027 2.8   2.8   2.8   (2)(9)
15.0   15.0  

See accompanying notes to consolidated financial statements.
121

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC Provider of residential HVAC and plumbing services Membership interest 10/2021 2,771,000 1.4   7.4  
Membership interest 02/2025 264,161 0.3   1.4  
1.7   8.8  

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

See accompanying notes to consolidated financial statements.
122

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)