UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____        

Commission File No. 814-00663

ARES CAPITAL CORPORATION

(Exact name of Registrant as specified in its charter) 

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

245 Park Avenue, 44th Floor, New York, NY 10167

(Address of principal executive office)   (Zip Code)

(212) 750-7300

(Registrant’s telephone number, including area code)

____________________________________________________________________

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:   Yes ýNo  o

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

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

Large accelerated filer x	Accelerated filer o
Non-accelerated filer o	Smaller reporting company o
	Emerging growth company o

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

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

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

Class	Outstanding at April 28, 2021
Common stock, $0.001 par value	437,358,519

ARES CAPITAL CORPORATION

INDEX

Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Balance Sheet as of March 31, 2021 (unaudited) and December 31, 2020	3
	Consolidated Statement of Operations for the three months ended March 31, 2021 and 2020 (unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2021 (unaudited) and December 31, 2020	5
	Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2021 (unaudited) and the year ended December 31, 2020	86
	Consolidated Statement of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)	87
	Notes to Consolidated Financial Statements (unaudited)	88
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	125
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	152
Item 4.	Controls and Procedures	153
Part II.	Other Information
Item 1.	Legal Proceedings	154
Item 1A.	Risk Factors	154
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	156
Item 3.	Defaults Upon Senior Securities	156
Item 4.	Mine Safety Disclosures	156
Item 5.	Other Information	156
Item 6.	Exhibits	157

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions, except per share data)

	As of
	March 31, 2021		December 31, 2020
	(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments	$	12,772	$	12,780
Non-controlled affiliate company investments	265		296
Controlled affiliate company investments	2,392		2,439
Total investments at fair value (amortized cost of $15,628 and $15,914, respectively)	15,429		15,515
Cash and cash equivalents	337		254
Restricted cash	19		72
Interest receivable	98		112
Other assets	100		94
Operating lease right-of-use asset	36		38
Receivable from participants	—		38
Receivable for open trades	2		73
Total assets	$	16,021	$	16,196
LIABILITIES
Debt	$	8,005	$	8,491
Payable to participants	19		72
Base management fees payable	58		56
Income based fees payable	46		140
Capital gains incentive fees payable	42		—
Interest and facility fees payable	47		83
Accounts payable and other liabilities	97		113
Payable for open trades	19		6
Operating lease liabilities	56		59
Total liabilities	8,389		9,020
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 600 common shares authorized; 437 and 423 common shares issued and outstanding, respectively	—		—
Capital in excess of par value	7,914		7,656
Accumulated overdistributed earnings	(282)		(480)
Total stockholders’ equity	7,632		7,176
Total liabilities and stockholders’ equity	$	16,021	$	16,196
NET ASSETS PER SHARE	$	17.45	$	16.97

See accompanying notes to consolidated financial statements.

3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)

	For the Three Months Ended March 31,
	2021		2020
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income from investments (excluding payment-in-kind (“PIK”) interest income)	$	206	$	235
PIK interest income from investments	26		19
Capital structuring service fees	38		27
Dividend income	24		18
Other income	9		6
Total investment income from non-controlled/non-affiliate company investments	303		305
From non-controlled affiliate company investments:
Interest income from investments (excluding PIK interest income)	2		3
PIK interest income from investments	1		1
Capital structuring service fees	—		1
Dividend income	—		—
Other income	1		—
Total investment income from non-controlled affiliate company investments	4		5
From controlled affiliate company investments:
Interest income from investments (excluding PIK interest income)	45		37
PIK interest income from investments	9		3
Capital structuring service fees	—		—
Dividend income	28		18
Other income	1		1
Total investment income from controlled affiliate company investments	83		59
Total investment income	390		369
EXPENSES:
Interest and credit facility fees	86		82
Base management fees	58		55
Income based fees	46		44
Capital gains incentive fees	42		(58)
Administrative fees	4		4
Other general and administrative	5		5
Total expenses	241		132
NET INVESTMENT INCOME BEFORE INCOME TAXES	149		237
Income tax expense, including excise tax	5		3
NET INVESTMENT INCOME	144		234
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments	35		46
Non-controlled affiliate company investments	11		(7)
Controlled affiliate company investments	21		(4)
Foreign currency and other transactions	(8)		(1)
Net realized gains	59		34
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments	164		(740)
Non-controlled affiliate company investments	8		(18)
Controlled affiliate company investments	33		(131)
Foreign currency and other transactions	8		9
Net unrealized gains (losses)	213		(880)
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions	272		(846)
REALIZED LOSS ON EXTINGUISHMENT OF DEBT	(43)		—
NET INCREASE (DECREASE) IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	373	$	(612)
BASIC AND DILUTED NET INCOME PER COMMON SHARE (see Note 10)	$	0.87	$	(1.42)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)	429		430

See accompanying notes to consolidated financial statements.

4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost		Fair Value			Percentage of Net Assets
Software & Services
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (16)	Payment processing solution provider	First lien senior secured loan ($64.5 par due 3/2026)	6.25% (Libor + 5.00%/Q)	2/28/2020	$	64.5	$	64.5	(2)(12)
		First lien senior secured loan ($6.5 par due 3/2026)	6.25% (Libor + 5.00%/Q)	1/29/2021	6.5		6.5		(2)(12)
		Senior subordinated loan ($24.9 par due 2/2028)	12.75% PIK	2/28/2020	24.9		24.9		(2)
					95.9		95.9
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (16)	Provider of intellectual property management lifecycle software	First lien senior secured loan ($4.9 par due 4/2026)	5.50% (Euribor + 5.50%/Q)	4/10/2019	4.7		4.9
		Limited partnership units (4,400,000 units)		6/13/2019	5.0		8.7		(2)(6)
					9.7		13.6
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(16)	Aircraft performance software provider	First lien senior secured loan ($12.8 par due 1/2025)	6.75% (Libor + 5.25%/Q)	1/3/2020	12.8		12.8		(2)(12)
		First lien senior secured loan ($0.8 par due 1/2025)	6.75% (Libor + 5.25%/Q)	1/3/2020	0.8		0.8		(2)(12)
		Class A membership units (9,750,000 units)		1/3/2020	9.8		13.5		(2)
					23.4		27.1
Apptio, Inc. (16)	Provider of cloud-based technology business management solutions	First lien senior secured revolving loan ($1.7 par due 1/2025)	8.25% (Libor + 7.25%/Q)	1/10/2019	1.7		1.7		(2)(12)
		First lien senior secured loan ($62.2 par due 1/2025)	8.25% (Libor + 7.25%/Q)	1/10/2019	62.2		62.2		(12)
					63.9		63.9
Banyan Software Holdings, LLC (16)	Vertical software businesses holding company	First lien senior secured loan ($18.5 par due 10/2026)	8.50% (Libor + 7.50%/Q)	10/30/2020	18.5		18.3		(2)(12)
Blue Campaigns Intermediate Holding Corp. and Elevate Parent, Inc. (dba EveryAction) (16)	Provider of fundraising and organizing efforts and digital services to non-profits and political campaigns	First lien senior secured revolving loan		8/20/2018	—		—		(14)
		First lien senior secured loan ($46.9 par due 8/2023)	8.50% (Libor + 6.75%/Q)	8/20/2018	46.9		46.9		(12)
		Series A preferred stock (150,000 shares)		9/26/2018	1.5		2.4		(2)
					48.4		49.3
CallMiner, Inc.	Provider of cloud-based conversational analytics solutions	Warrant to purchase up to 2,350,636 shares of Series 1 preferred stock (expires 7/2024)		7/23/2014	—		—		(2)
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (16)	Provider of software and technology-enabled content and analytical solutions to insurance brokers	Second lien senior secured loan ($48.1 par due 11/2028)	8.50% (Libor + 7.75%/Q)	11/12/2020	48.1		47.2		(2)(12)
		Series A-2 preferred shares (8,963 shares)	11.25% PIK (Libor + 11.00%/Q)	12/23/2020	9.2		9.3		(2)
		Series A preferred shares (24,898 shares)	11.21% PIK (Libor + 11.00%/Q)	11/12/2020	26.0		25.8		(2)
					83.3		82.3
Clearwater Analytics, LLC (16)	Provider of integrated cloud-based investment portfolio management, accounting, reporting and analytics software	First lien senior secured loan ($45.8 par due 10/2025)	7.25% (Libor + 6.25%/Q)	10/19/2020	45.8		45.8		(2)(12)
Cority Software Inc., IQS, Inc. and Project Falcon Parent, Inc. (16)	Provider of environmental, health and safety software to track compliance data	First lien senior secured loan ($6.4 par due 7/2026)	6.25% (Libor + 5.25%/Q)	7/2/2019	6.4		6.4		(2)(6)(12)
		First lien senior secured loan ($4.4 par due 7/2026)	6.25% (Libor + 5.25%/Q)	10/15/2019	4.4		4.4		(2)(6)(12)
		First lien senior secured loan ($1.1 par due 7/2026)	8.25% (Libor + 7.25%/Q)	9/3/2020	1.1		1.1		(2)(6)(12)
		Preferred equity (198 shares)	9.00% PIK	7/2/2019	0.2		0.2		(2)(6)
		Common equity (190,143 shares)		7/2/2019	—		0.2		(2)(6)
					12.1		12.3

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Datix Bidco Limited	Global healthcare software company that provides software solutions for patient safety and risk management	First lien senior secured loan ($0.1 par due 4/2025)	4.74% (Libor + 4.50%/Q)	10/7/2019	0.1	0.1	(2)(6)
Diligent Corporation and Diligent Preferred Issuer, Inc. (16)	Provider of secure SaaS solutions for board and leadership team documents	First lien senior secured revolving loan		8/4/2020	—	—	(14)
		First lien senior secured loan ($33.3 par due 8/2025)	7.25% (Libor + 6.25%/Q)	8/4/2020	32.6	33.3	(12)
		First lien senior secured loan ($9.0 par due 8/2025)	6.75% (Libor + 5.75%/Q)	3/4/2021	9.0	9.0	(2)(12)
					41.6	42.3
Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc.	SaaS based business analytics company focused on oil and gas industry	Second lien senior secured loan ($25.0 par due 7/2026)	8.36% (Libor + 8.25%/Q)	2/11/2020	25.0	25.0	(2)
		Preferred stock (29.53 shares)	13.50% PIK	2/11/2020	33.4	34.4	(2)
					58.4	59.4
DS Admiral Bidco, LLC (16)	Tax return software provider for government institutions	First lien senior secured revolving loan ($0.8 par due 3/2026)	6.75% (Libor + 5.75%/Q)	3/16/2021	0.7	0.7	(2)(12)
		First lien senior secured loan ($25.8 par due 3/2028)	6.75% (Libor + 5.75%/Q)	3/16/2021	25.0	25.6	(2)(12)
					25.7	26.3
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (16)	SaaS based supply chain management software provider focused on chemical markets	First lien senior secured revolving loan ($3.0 par due 9/2025)	7.00% (Libor + 6.00%/Q)	9/18/2019	3.0	3.0	(2)(12)
		First lien senior secured loan ($14.9 par due 9/2025)	7.00% (Libor + 6.00%/Q)	12/15/2020	14.9	14.9	(2)(12)
		First lien senior secured loan ($50.9 par due 9/2025)	7.00% (Libor + 6.00%/Q)	9/18/2019	50.9	50.9	(2)(12)
		First lien senior secured loan ($11.5 par due 9/2025)	7.00% (Libor + 6.00%/Q)	9/18/2019	11.5	11.5	(2)(12)
		First lien senior secured loan ($5.7 par due 9/2025)	7.00% (Libor + 6.00%/Q)	12/15/2020	5.7	5.7	(2)(12)
		Preferred equity (4,599 shares)		9/18/2019	4.6	5.9
					90.6	91.9
EP Purchaser, LLC., Entertainment Partners Canada ULC and TPG VIII EP Co-Invest II, L.P. (16)	Provider of entertainment workforce and production management solutions	First lien senior secured loan ($29.1 par due 5/2026)	6.45% (Libor + 6.25%/Q)	5/10/2019	29.1	27.4
		First lien senior secured loan ($20.5 par due 5/2026)	6.50% (Libor + 6.25%/Q)	5/10/2019	20.5	19.3	(2)(9)
		First lien senior secured loan ($10.7 par due 5/2026)	6.45% (Libor + 6.25%/Q)	5/10/2019	10.7	10.0	(2)(6)
		First lien senior secured loan ($4.1 par due 5/2026)	6.45% (Libor + 6.25%/Q)	5/10/2019	4.1	3.8	(2)(6)(9)
		Partnership units (5,034,483 units)		5/10/2019	5.0	5.8	(2)
					69.4	66.3
Episerver Inc. and Goldcup 17308 AB (16)	Provider of web content management and digital commerce solutions	First lien senior secured loan ($6.3 par due 10/2024)	6.00% (Euribor + 6.00%/Q)	3/22/2019	6.0	6.3	(2)(6)
		First lien senior secured loan ($27.1 par due 10/2024)	6.75% (Libor + 5.75%/Q)	10/9/2018	27.1	27.1	(2)(6)(12)
					33.1	33.4
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (16)	Provider of mission-critical, software-enabled clinical research solutions	Second lien senior secured loan ($19.9 par due 2/2028)	8.50% (Libor + 8.00%/M)	2/4/2020	19.5	19.9	(2)(12)
		Limited partnership interest (3,300,000 shares)		1/31/2020	3.7	3.9	(2)(6)
					23.2	23.8
First Insight, Inc.	Software company providing merchandising and pricing solutions to companies worldwide	Warrant to purchase up to 122,827 units of Series C preferred stock (expires 3/2024)		3/20/2014	—	—	(2)
FM: Systems Group LLC (16)	Provider of facilities and space management software solutions	First lien senior secured loan ($3.2 par due 12/2024)	7.50% (Libor + 6.50%/Q)	12/2/2019	3.2	3.2	(2)(12)
Forescout Technologies, Inc. (16)	Network access control solutions provider	First lien senior secured loan ($17.4 par due 8/2026)	10.50% PIK (Libor + 9.50%/Q)	8/17/2020	17.1	17.4	(2)(12)

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Frontline Technologies Group Holding LLC, Frontline Technologies Blocker Buyer, Inc., Frontline Technologies Holdings, LLC and Frontline Technologies Parent, LLC	Provider of human capital management and SaaS-based software solutions to employees and administrators of K-12 school organizations	First lien senior secured loan ($17.3 par due 9/2023)	6.75% (Libor + 5.75%/Q)	12/30/2020	17.3	17.3	(2)(12)
		Class A preferred units (4,574 units)	9.00% PIK	9/18/2017	5.7	6.3
		Class B common units (499,050 units)		9/18/2017	—	4.0
					23.0	27.6
Genesis Acquisition Co. and Genesis Holding Co. (16)	Child care management software and services provider	First lien senior secured revolving loan ($1.5 par due 7/2024)	4.20% (Libor + 4.00%/Q)	7/31/2018	1.5	1.4	(2)
		First lien senior secured loan ($0.2 par due 7/2024)	4.20% (Libor + 4.00%/Q)	7/31/2018	0.2	0.2	(2)
		Second lien senior secured loan ($25.8 par due 7/2025)	7.74% (Libor + 7.50%/Q)	7/31/2018	25.8	24.0	(2)
		Second lien senior secured loan ($6.6 par due 7/2025)	7.74% (Libor + 7.50%/Q)	7/31/2018	6.6	6.1	(2)
		Class A common stock (8 shares)		7/31/2018	0.8	0.6	(2)
					34.9	32.3
GraphPAD Software, LLC (16)	Provider of data analysis, statistics, and visualization software solutions for scientific research applications	First lien senior secured loan ($0.5 par due 12/2023)	7.00% (Libor + 6.00%/Q)	12/21/2017	0.5	0.5	(2)(12)
GTCR-Ultra Holdings III, LLC and GTCR-Ultra Holdings LLC (16)	Provider of payment processing and merchant acquiring solutions	Class B units (2,878,372 units)		8/1/2017	—	—	(2)
Help/Systems Holdings, Inc. (16)	Provider of IT operations management and cybersecurity software	First lien senior secured loan ($25.9 par due 11/2026)	5.75% (Libor + 4.75%/Q)	11/22/2019	25.9	25.9	(2)(12)
IfByPhone Inc.	Voice-based marketing automation software provider	Warrant to purchase up to 124,300 shares of Series C preferred stock (expires 10/2022)		10/15/2012	0.1	—	(2)
Infogix, Inc. and Infogix Parent Corporation (16)	Enterprise data analytics and integrity software solutions provider	First lien senior secured revolving loan ($5.3 par due 4/2024)	7.00% (Libor + 6.00%/Q)	4/18/2018	5.3	5.3	(2)(12)
		Series A preferred stock (2,475 shares)		1/3/2017	2.6	3.8
		Common stock (1,297,768 shares)		1/3/2017	—	—
					7.9	9.1
Inmar, Inc.	Technology-driven solutions provider for retailers, wholesalers and manufacturers	First lien senior secured loan ($15.5 par due 5/2024)	5.00% (Libor + 4.00%/Q)	1/31/2019	15.0	15.3	(2)(12)
		Second lien senior secured loan ($28.3 par due 5/2025)	9.00% (Libor + 8.00%/Q)	4/25/2017	28.1	28.3	(2)(12)
					43.1	43.6
Huskies Parent, Inc. (16)	Insurance software provider	First lien senior secured revolving loan ($0.6 par due 7/2024)	4.11% (Libor + 4.00%/M)	7/18/2019	0.6	0.6	(2)
Invoice Cloud, Inc. (16)	Provider of electronic payment processing solutions	First lien senior secured revolving loan		2/11/2019	—	—	(14)
		First lien senior secured loan ($34.6 par due 2/2024)	7.50% (Libor + 3.25% Cash, 3.25% PIK/Q)	2/11/2019	34.6	34.6	(2)(12)
		First lien senior secured loan ($14.0 par due 2/2024)	7.50% (Libor + 3.25% Cash, 3.25% PIK/Q)	2/11/2019	14.0	14.0	(2)(12)
					48.6	48.6
IV Rollover Holdings, LLC	Solar power generation facility developer and operator	Class X units (5,000,000 units)		5/31/2017	2.3	2.2	(2)
		Class B units (170,490 units)		5/31/2017	—	—	(2)
					2.3	2.2
Majesco and Magic Topco, L.P. (16)	Insurance software provider	First lien senior secured loan ($43.9 par due 9/2027)	8.75% (Libor + 7.75%/Q)	9/21/2020	43.9	43.9	(2)(12)
		Class A units (2,199 units)	9.00% PIK	9/21/2020	2.3	2.3	(2)
		Class B units (494,157 units)		9/21/2020	—	0.4	(2)

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					46.2	46.6
Ministry Brands, LLC and MB Parent HoldCo, L.P. (dba Community Brands) (16)	Software and payment services provider to faith-based institutions	First lien senior secured loan ($9.3 par due 12/2022)	5.00% (Libor + 4.00%/M)	4/6/2017	9.3	9.3	(2)(12)
		First lien senior secured loan ($4.8 par due 12/2022)	5.00% (Libor + 4.00%/M)	8/22/2017	4.8	4.8	(2)(12)
		Second lien senior secured loan ($90.0 par due 6/2023)	10.25% (Libor + 9.25%/M)	12/2/2016	89.7	90.0	(2)(12)
		Second lien senior secured loan ($16.6 par due 6/2023)	10.25% (Libor + 9.25%/M)	12/2/2016	16.6	16.6	(2)(12)
		Second lien senior secured loan ($9.2 par due 6/2023)	10.25% (Libor + 9.25%/M)	4/6/2017	9.2	9.2	(2)(12)
		Second lien senior secured loan ($4.7 par due 6/2023)	10.25% (Libor + 9.25%/M)	4/6/2017	4.7	4.7	(2)(12)
		Second lien senior secured loan ($17.9 par due 6/2023)	10.25% (Libor + 9.25%/M)	8/22/2017	17.9	17.9	(2)(12)
		Second lien senior secured loan ($10.3 par due 6/2023)	9.00% (Libor + 8.00%/M)	4/18/2018	10.3	10.3	(2)(12)
		Second lien senior secured loan ($38.6 par due 6/2023)	9.00% (Libor + 8.00%/M)	4/18/2018	38.6	38.6	(2)(12)
		Class A units (500,000 units)		12/2/2016	5.0	5.8	(2)
					206.1	207.2
MRI Software LLC (16)	Provider of real estate and investment management software	First lien senior secured revolving loan ($0.2 par due 2/2026)	6.50% (Libor + 5.50%/Q)	2/10/2020	0.2	0.2	(2)(12)
		First lien senior secured loan ($50.2 par due 2/2026)	6.50% (Libor + 5.50%/Q)	2/10/2020	50.2	50.2	(2)(12)
		First lien senior secured loan ($1.9 par due 2/2026)	6.50% PIK (Libor + 5.50%/Q)	8/28/2020	1.9	1.9	(2)(12)
					52.3	52.3
n2y Holding, LLC (16)	Developer of cloud-based special education platform	First lien senior secured revolving loan ($0.0 par due 11/2025)	7.00% (Libor + 6.00%/Q)	11/15/2019	—	—	(2)(12)
Novetta Solutions, LLC	Provider of advanced analytics solutions for the government, defense and commercial industries	First lien senior secured loan ($8.4 par due 10/2022)	6.00% (Libor + 5.00%/Q)	1/3/2017	8.3	8.4	(2)(12)
		Second lien senior secured loan ($31.0 par due 10/2023)	9.50% (Libor + 8.50%/Q)	1/3/2017	30.0	31.0	(2)(12)
					38.3	39.4
PayNearMe, Inc.	Electronic cash payment system provider	Warrant to purchase up to 195,726 shares of Series E preferred stock (expires 3/2023)		3/11/2016	0.2	—	(2)
PaySimple, Inc. (16)	Provider of business management solutions	First lien senior secured loan ($49.7 par due 8/2025)	5.61% (Libor + 5.50%/M)	9/23/2020	49.7	49.2	(2)
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (16)	Provider of enterprise management software for the convenience retail and petroleum wholesale market	First lien senior secured loan ($53.9 par due 10/2024)	5.50% (Libor + 4.50%/Q)	3/19/2019	53.9	53.9	(2)(12)
		Second lien senior secured loan ($70.1 par due 10/2025)	9.50% (Libor + 8.50%/Q)	3/19/2019	70.1	70.1	(2)(12)
		Second lien senior secured loan ($8.3 par due 10/2025)	9.50% (Libor + 8.50%/Q)	12/17/2020	8.3	8.3	(2)(12)
		Series A preferred stock (13,656 shares)	13.25% PIK	3/19/2019	17.6	17.9	(2)
		Class A units (2,062,493 units)		3/19/2019	2.1	2.6	(2)
					152.0	152.8
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (16)	Provider of plant maintenance and scheduling software	First lien senior secured loan ($19.9 par due 5/2025)	6.75% (Libor + 5.75%/Q)	5/29/2019	19.9	19.9	(2)(12)
		First lien senior secured loan ($5.8 par due 5/2025)	6.75% (Libor + 5.75%/Q)	5/29/2019	5.8	5.8	(2)(12)

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($5.8 par due 5/2025)	7.25% (Libor + 6.25%/Q)	6/24/2020	5.8	5.8	(2)(12)
		First lien senior secured loan ($48.5 par due 5/2025)	7.25% (Libor + 6.25%/Q)	10/16/2020	48.5	48.5	(2)(12)
		First lien senior secured loan ($1.8 par due 5/2025)	7.25% (Libor + 6.25%/Q)	10/16/2020	1.8	1.8	(2)(12)
		Class A units (5,000 units)		5/29/2019	5.0	9.4
					86.8	91.2
Perforce Software, Inc. (16)	Developer of software used for application development	First lien senior secured revolving loan ($0.1 par due 7/2024)	4.61% (Libor + 4.50%/M)	7/1/2019	0.1	0.1	(2)
Poplicus Incorporated	Business intelligence and market analytics platform for companies that sell to the public sector	Warrant to purchase up to 2,402,991 shares of Series C preferred stock (expires 6/2025)		6/25/2015	0.1	—	(2)
PracticeTek Purchaser, LLC and GSV PracticeTek Holdings, LLC (16)	Software provider for medical practitioners	First lien senior secured loan ($2.1 par due 3/2027)	7.00% (Libor + 6.00%/Q)	3/31/2021	2.1	2.1	(2)(12)
		First lien senior secured loan ($4.7 par due 3/2027)	7.00% (Libor + 6.00%/Q)	3/31/2021	4.7	4.7	(2)(12)
		Class A units (2,724,000 units)	8.00% PIK	3/31/2021	2.7	2.7	(2)
					9.5	9.5
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (16)	Provider of practice management software to law firms	First lien senior secured loan ($28.3 par due 3/2027)	6.25% (Libor + 5.25%/Q)	3/5/2021	28.3	28.0	(2)(12)
		Limited partnership units (1,624,000 units)		3/5/2021	1.6	1.6	(2)
					29.9	29.6
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc.	Provider of data visualization software for data analytics	Class A common stock (7,445 shares)		8/22/2016	7.4	10.8	(2)
		Class B common stock (1,841,609 shares)		8/22/2016	0.1	0.1	(2)
					7.5	10.9
Project Potter Buyer, LLC and Project Potter Parent, L.P. (16)	Software solutions provider to the ready-mix concrete industry	First lien senior secured revolving loan		4/23/2020	—	—	(14)
		First lien senior secured loan ($44.4 par due 4/2027)	9.25% (Libor + 8.25%/M)	4/23/2020	44.4	44.4	(2)(12)
		First lien senior secured loan ($13.0 par due 4/2027)	9.25% (Libor + 8.25%/M)	10/30/2020	13.0	13.0	(2)(12)
		First lien senior secured loan ($14.6 par due 4/2027)	9.25% (Libor + 8.25%/M)	11/18/2020	14.6	14.6	(2)(12)
		First lien senior secured loan ($4.9 par due 4/2027)	9.25% (Libor + 8.25%/M)	11/18/2020	4.9	4.9	(2)(12)
		Class A units (1,599 units)	9.00% PIK	4/23/2020	1.7	1.6	(2)
		Class B units (588,636 units)		4/23/2020	—	—	(2)
					78.6	78.5
QF Holdings, Inc. (16)	SaaS based electronic health record software provider	First lien senior secured loan ($24.4 par due 9/2024)	7.50% (Libor + 6.50%/Q)	9/19/2019	24.4	24.4	(2)(12)
		First lien senior secured loan ($4.9 par due 9/2024)	7.50% (Libor + 6.50%/Q)	9/19/2019	4.9	4.9	(2)(12)
					29.3	29.3
Raptor Technologies, LLC and Rocket Parent, LLC (16)	Provider of SaaS-based safety and security software to the K-12 school market	First lien senior secured revolving loan ($0.8 par due 12/2023)	7.00% (Libor + 6.00%/M)	12/17/2018	0.8	0.8	(2)(12)
		First lien senior secured loan ($15.6 par due 12/2024)	7.00% (Libor + 6.00%/Q)	12/17/2018	15.6	15.2	(2)(12)
		First lien senior secured loan ($5.3 par due 12/2024)	7.00% (Libor + 6.00%/Q)	12/17/2018	5.3	5.2	(2)(12)
		Class A common units (2,294,000 units)		12/17/2018	2.3	1.8
					24.0	23.0
Regent Education, Inc.	Provider of software solutions designed to optimize the financial aid and enrollment processes	Warrant to purchase up to 5,393,194 shares of common stock (expires 12/2026)		12/23/2016	—	—	(2)

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Warrant to purchase up to 987 shares of common stock (expires 12/2026)		12/23/2016	—	—	(2)
					—	—
Retriever Medical/Dental Payments LLC, FSDC Holdings, LLC, Rectangle Ware-Ever Pay LLC and Retriever Enterprises, LLC (16)	Provider of payment processing services and software to healthcare providers	First lien senior secured loan ($26.5 par due 2/2023)	6.25% (Libor + 5.25%/Q)	3/14/2019	26.5	26.5	(2)(12)
RMCF III CIV XXIX, L.P	Software provider for clinical trial management	Limited partnership interest (99.90% interest)		12/19/2014	1.0	21.4	(2)
Severin Acquisition, LLC, PeopleAdmin, Inc., Promachos Holding, Inc. and Performance Matters LLC (16)	Provider of student information system software solutions to the K-12 education market	First lien senior secured revolving loan ($4.3 par due 8/2023)	3.38% (Libor + 3.25%/M)	8/1/2018	4.3	4.2	(2)
		First lien senior secured loan ($4.0 par due 8/2025)	5.50% (Libor + 4.50%/M)	11/22/2019	4.0	4.0	(12)
		Second lien senior secured loan ($80.0 par due 8/2026)	6.86% (Libor + 6.75%/M)	6/12/2018	79.5	80.0	(2)
					87.8	88.2
Smarsh Inc., MobileGuard, LLC, Actiance, Inc. and Skywalker TopCo, LLC	SaaS based communication archival service provider	First lien senior secured loan ($13.3 par due 11/2025)	9.25% (Libor + 8.25%/Q)	11/20/2020	13.3	13.2	(2)(12)
		Common units (1,432,835 units)		11/20/2020	4.8	5.0	(2)
					18.1	18.2
SocialFlow, Inc.	Social media optimization platform provider	Warrant to purchase up to 215,331 shares of Series C preferred stock (expires 1/2026)		1/13/2016	—	—	(2)
Sophia, L.P.	Provider of ERP software and services for higher education institutions	Second lien senior secured loan ($105.9 par due 10/2028)	9.00% (Libor + 8.00%/Q)	10/7/2020	105.9	104.9	(2)(12)
SoundCloud Limited	Platform for receiving, sending, and distributing music	Common stock (73,422 shares)		8/15/2017	0.4	0.7	(2)(6)
SpareFoot, LLC (16)	PMS solutions and web services for the self-storage industry	First lien senior secured revolving loan ($1.2 par due 4/2023)	6.75% (Base Rate + 3.50%/Q)	4/13/2018	1.2	1.2	(2)(12)(15)
		First lien senior secured loan ($1.2 par due 4/2024)	6.75% (Base Rate + 3.50%/Q)	5/6/2020	1.2	1.2	(2)(12)
		Second lien senior secured loan ($6.1 par due 4/2025)	9.75% (Libor + 8.75%/M)	4/13/2018	6.0	6.1	(2)(12)
		Second lien senior secured loan ($4.2 par due 4/2025)	9.75% (Libor + 8.75%/M)	8/31/2018	4.1	4.2	(2)(12)
		Second lien senior secured loan ($2.5 par due 4/2025)	9.75% (Libor + 8.75%/M)	7/1/2019	2.5	2.5	(2)(12)
		Second lien senior secured loan ($1.3 par due 4/2025)	9.75% (Libor + 8.75%/M)	7/1/2019	1.3	1.3	(2)(12)
		Second lien senior secured loan ($1.1 par due 4/2025)	9.75% (Libor + 8.75%/Q)	5/6/2020	1.1	1.1	(2)(12)
					17.4	17.6
TCP Hawker Intermediate LLC (16)	Workforce management solutions provider	First lien senior secured loan ($6.6 par due 8/2026)	6.50% (Libor + 5.50%/Q)	12/1/2020	6.6	6.6	(2)(12)
		First lien senior secured loan ($35.1 par due 8/2026)	6.50% (Libor + 5.50%/Q)	8/30/2019	35.1	35.1	(2)(12)
		First lien senior secured loan ($7.4 par due 8/2026)	6.50% (Libor + 5.50%/Q)	8/30/2019	7.4	7.4	(2)(12)
					49.1	49.1
The Ultimate Software Group, Inc. and H&F Unite Partners, L.P. (16)	Provider of cloud based HCM solutions for businesses	First lien senior secured revolving loan		5/3/2019	—	—	(6)(14)
		Second lien senior secured loan ($136.9 par due 5/2027)	8.11% (Libor + 8.00%/M)	5/3/2019	136.9	136.9	(2)(6)
		Limited partnership interests (12,583,556 interests)		5/3/2019	12.6	14.1	(2)(6)
					149.5	151.0
Vela Trading Technologies, LLC (16)	Provider of market data software and content to global financial services clients	First lien senior secured revolving loan ($3.5 par due 6/2022)	9.00% (Libor + 7.75% Cash, 0.25% PIK/Q)	2/8/2018	3.5	3.5	(2)(12)

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($4.5 par due 6/2022)	11.00% (Libor + 7.50% Cash, 2.50% PIK/Q)	4/17/2018	4.5	4.5	(2)(12)
					8.0	8.0
Verscend Holding Corp. (16)	Healthcare analytics solutions provider	First lien senior secured revolving loan		8/27/2018	—	—	(14)
WebPT, Inc. (16)	Electronic medical record software provider	First lien senior secured loan ($48.1 par due 8/2024)	7.75% (Libor + 6.75%/Q)	8/28/2019	48.1	48.1	(2)(12)
Wellness AcquisitionCo, Inc. (16)	Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry	First lien senior secured loan ($18.9 par due 1/2027)	6.75% (Libor + 5.75%/Q)	1/20/2021	18.9	18.7	(2)(12)
Zemax Software Holdings, LLC (16)	Provider of optical illumination design software to design engineers	First lien senior secured revolving loan ($2.0 par due 6/2024)	8.00% (Base Rate + 4.75%/Q)	6/25/2018	2.0	2.0	(2)(12)
		First lien senior secured loan ($16.6 par due 6/2024)	6.75% (Libor + 5.75%/Q)	6/25/2018	16.6	16.6	(2)(12)
					18.6	18.6
					2,310.2	2,353.6		30.83	%
Health Care Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(16)	Dental services provider	First lien senior secured loan ($9.5 par due 9/2022)	11.00% PIK (Libor + 10.00%/Q)	1/5/2016	9.5	9.5	(2)(12)
		First lien senior secured loan ($16.9 par due 9/2022)	11.00% PIK (Libor + 10.00%/Q)	1/5/2016	16.9	16.9	(2)(12)
		Class A preferred units (14,750,000 units)		1/5/2016	4.7	6.7	(2)
		Common units (7,200,000 units)		1/5/2016	—	—	(2)
					31.1	33.1
ADCS Billings Intermediate Holdings, LLC (16)	Dermatology practice	First lien senior secured revolving loan ($4.8 par due 5/2022)	6.75% (Libor + 5.75%/Q)	5/18/2016	4.8	4.8	(2)(12)
ADG, LLC and RC IV GEDC Investor LLC (16)	Dental services provider	First lien senior secured revolving loan ($6.8 par due 9/2022)	7.50% (Base Rate + 1.50% Cash, 2.75% PIK/M)	9/28/2016	6.8	6.2	(2)(12)
		Second lien senior secured loan ($106.2 par due 3/2024)		9/28/2016	89.0	86.0	(2)(11)
		Membership units (3,000,000 units)		9/28/2016	3.0	—	(2)
					98.8	92.2
Alteon Health, LLC	Provider of physician management services	First lien senior secured loan ($2.8 par due 9/2023)	7.50% (Libor + 6.50%/Q)	5/15/2017	2.8	2.4	(2)(12)
Athenahealth, Inc., VVC Holding Corp., Virence Intermediate Holding Corp., and Virence Holdings LLC (16)	Revenue cycle management provider to the physician practices and acute care hospitals	Class A interests (0.39% interest)		2/11/2019	9.0	17.0	(2)
Bearcat Buyer, Inc. and Bearcat Parent, Inc. (16)	Provider of central institutional review boards over clinical trials	Second lien senior secured loan ($64.2 par due 7/2027)	9.25% (Libor + 8.25%/Q)	7/9/2019	64.2	64.2	(2)(12)
		Second lien senior secured loan ($5.3 par due 7/2027)	9.25% (Libor + 8.25%/Q)	7/9/2019	5.3	5.3	(2)(12)
		Second lien senior secured loan ($12.7 par due 7/2027)	9.25% (Libor + 8.25%/Q)	9/10/2019	12.7	12.7	(2)(12)
		Class B common units (4,211 units)		7/9/2019	4.2	9.2	(2)
					86.4	91.4
CCS-CMGC Holdings, Inc. (16)	Correctional facility healthcare operator	First lien senior secured revolving loan		10/1/2018	—	—	(14)
		First lien senior secured loan ($34.2 par due 10/2025)	5.61% (Libor + 5.50%/M)	9/25/2018	34.0	33.5	(2)
					34.0	33.5
Center for Autism and Related Disorders, LLC (16)	Autism treatment and services provider specializing in applied behavior analysis therapy	First lien senior secured revolving loan ($7.5 par due 11/2023)	4.68% (Libor + 4.50%/Q)	11/21/2018	7.5	7.1	(2)(15)

11

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Comprehensive EyeCare Partners, LLC (16)	Vision care practice management company	First lien senior secured revolving loan ($1.3 par due 2/2024)	7.00% (Libor + 5.75%/Q)	2/14/2018	1.3	1.3	(2)(12)
		First lien senior secured loan ($5.3 par due 2/2024)	7.00% (Libor + 5.75%/Q)	2/14/2018	5.3	5.3	(2)(12)
		First lien senior secured loan ($1.0 par due 2/2024)	8.00% (Base Rate + 4.75%/Q)	2/14/2018	1.0	1.0	(2)(12)
		First lien senior secured loan ($2.7 par due 2/2024)	7.00% (Libor + 5.75%/Q)	2/14/2018	2.7	2.7	(2)(12)
					10.3	10.3
Convey Health Solutions, Inc.	Healthcare workforce management software provider	First lien senior secured loan ($3.1 par due 9/2026)	7.00% (Libor + 6.00%/Q)	9/4/2019	3.1	3.1	(2)(12)
		First lien senior secured loan ($2.3 par due 9/2026)	10.00% (Libor + 9.00%/B)	4/8/2020	2.3	2.3	(2)(12)
		First lien senior secured loan ($11.8 par due 9/2026)	7.00% (Libor + 6.00%/Q)	2/12/2021	11.8	11.8	(2)(12)
					17.2	17.2
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (16)	Veterinary hospital operator	First lien senior secured revolving loan		10/31/2019	—	—	(14)
		First lien senior secured loan ($53.1 par due 10/2025)	6.75% (Libor + 5.75%/Q)	10/31/2019	53.1	53.1	(2)(12)
		First lien senior secured loan ($31.3 par due 10/2025)	6.75% (Libor + 5.75%/Q)	10/31/2019	31.3	31.3	(2)(12)
		Common stock (32,429 shares)		10/31/2019	10.0	13.1	(2)
					94.4	97.5
D4C Dental Brands HoldCo, Inc. and Bambino Group Holdings, LLC	Dental services provider	Class A preferred units (1,000,000 units)		12/21/2016	1.0	0.4	(2)
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC	On-demand supply chain automation solutions provider to the healthcare industry	Second lien senior secured loan ($34.5 par due 6/2025)	9.00% (Libor + 8.00%/M)	6/30/2017	34.3	34.8	(2)(12)
		Second lien senior secured loan ($55.0 par due 6/2025)	9.00% (Libor + 8.00%/M)	1/13/2020	55.0	55.3	(2)(12)
		Series A preferred stock (110,425 shares)	11.75% PIK (Libor + 10.75%/Q)	6/30/2017	171.8	171.8	(2)(12)
		Class A units (14,013,303 units)		6/30/2017	14.0	16.9	(2)
					275.1	278.8
Global Medical Response, Inc.	Emergency air medical services provider	Senior subordinated loan ($145.1 par due 3/2026)	8.88% (Libor + 7.88%/Q)	3/14/2018	145.1	145.1	(2)(12)
		Warrant to purchase up to 115,733 units of common stock (expires 3/2028)		3/14/2018	0.9	2.1	(2)
					146.0	147.2
HealthEdge Software, Inc. (16)	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured revolving loan ($1.3 par due 4/2026)	7.25% (Libor + 6.25%/Q)	4/9/2020	1.2	1.3	(2)(12)
		First lien senior secured loan ($3.7 par due 4/2026)	7.25% (Libor + 6.25%/Q)	4/9/2020	3.7	3.7	(2)(12)
		First lien senior secured loan ($10.7 par due 4/2026)	7.25% (Libor + 6.25%/Q)	4/9/2020	10.7	10.7	(2)(12)
		First lien senior secured loan ($47.5 par due 4/2026)	7.25% (Libor + 6.25%/Q)	12/16/2020	47.5	47.5	(2)(12)
					63.1	63.2
JDC Healthcare Management, LLC (16)	Dental services provider	First lien senior secured revolving loan ($3.3 par due 4/2022)		4/10/2017	3.0	2.5	(2)(11)
		First lien senior secured loan ($30.6 par due 4/2023)		4/10/2017	27.9	23.5	(2)(11)
		First lien senior secured loan ($4.3 par due 4/2023)		4/10/2017	3.9	3.3	(2)(11)
					34.8	29.3
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (16)	Provider of behavioral health services	First lien senior secured revolving loan ($0.2 par due 3/2022)	6.00% (Libor + 4.00% Cash, 1.00% PIK/Q)	3/17/2017	0.2	0.2	(2)(12)

12

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
LivaNova USA Inc.	Medical device company focused on treating cardiovascular and neurological diseases	First lien senior secured loan ($42.5 par due 6/2025)	7.50% (Libor + 6.50%/Q)	6/10/2020	42.5	42.5	(12)
MCH Holdings, Inc. and MC Acquisition Holdings I, LLC	Healthcare professional provider	First lien senior secured loan ($112.7 par due 7/2021)	8.50% (Libor + 7.00%/M)	7/26/2017	112.7	112.7	(2)(12)
		Class A units (1,438,643 shares)		1/17/2014	1.5	1.2	(2)
					114.2	113.9
Minerva Surgical, Inc. (16)	Medical device company focused on women's health	First lien senior secured loan ($32.0 par due 12/2022)	11.50% (Libor + 3.50% Cash, 6.00% PIK/Q)	12/30/2019	31.3	32.0	(2)(12)
Napa Management Services Corporation and ASP NAPA Holdings, LLC	Anesthesia management services provider	Second lien senior secured loan ($72.8 par due 10/2023)	12.00% PIK (Libor + 11.00%/Q)	4/19/2016	72.8	67.0	(2)(12)
		Senior preferred units (5,320 units)	8.00% PIK	6/29/2020	0.3	0.3	(2)
		Preferred units (1,842 units)	15.00% PIK	6/29/2020	0.1	0.1	(2)
		Class A units (25,277 units)		4/19/2016	2.5	0.8	(2)
					75.7	68.2
NMN Holdings III Corp. and NMN Holdings LP (16)	Provider of complex rehabilitation technology solutions for patients with mobility loss	Partnership units (30,000 units)		11/13/2018	3.0	4.7	(2)
NueHealth Performance, LLC (16)	Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centers	First lien senior secured loan ($11.0 par due 9/2023)	8.25% (Libor + 7.25%/M)	9/27/2018	11.0	11.0	(2)(12)
		First lien senior secured loan ($1.5 par due 9/2023)	8.25% (Libor + 7.25%/M)	9/27/2018	1.5	1.5	(2)(12)
					12.5	12.5
Olympia Acquisition, Inc. and Olympia TopCo, L.P. (16)	Behavioral health and special education platform provider	First lien senior secured revolving loan ($10.1 par due 9/2024)	8.50% (Libor + 5.50% Cash, 2.00% PIK/Q)	9/24/2019	10.1	9.3	(2)(12)
		First lien senior secured revolving loan ($0.1 par due 9/2024)	8.50% (Libor + 5.50% Cash, 2.00% PIK/Q)	12/17/2020	0.1	0.1	(2)(12)
		First lien senior secured loan ($42.4 par due 9/2026)	8.50% (Libor + 5.50% Cash, 2.00% PIK/M)	9/24/2019	42.4	39.0	(2)(12)
		First lien senior secured loan ($0.3 par due 9/2026)	8.50% (Libor + 5.50% Cash, 2.00% PIK/M)	12/31/2020	0.3	0.2	(2)(12)
		Class A common units (9,549,000 units)		9/24/2019	9.5	3.0	(2)
					62.4	51.6
OMH-HealthEdge Holdings, LLC	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured loan ($26.3 par due 10/2025)	6.25% (Libor + 5.25%/Q)	10/24/2019	26.3	26.3	(2)(12)
		First lien senior secured loan ($15.5 par due 10/2025)	6.25% (Libor + 5.25%/Q)	3/10/2021	15.5	15.5	(2)(12)
					41.8	41.8
OneSmile Intermediate, LLC	Dental services provider	Senior subordinated loan ($8.5 par due 10/2026)	8.00% PIK	12/1/2020	8.5	7.2	(2)
OSYS Holdings, LLC	Provider of technology-enabled solutions to pharmacies	Limited liability company membership interest (1.57%)		11/21/2013	1.0	0.8	(2)
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (16)	Veterinary hospital operator	Second lien senior secured loan ($76.3 par due 3/2028)	8.75% (Libor + 7.75%/M)	3/31/2020	76.3	76.3	(2)(12)
		Class R common units (6,004,768 units)		3/31/2020	6.0	9.0	(2)
					82.3	85.3
Performance Health Supply, Inc.	Distributor of rehabilitation supplies and equipment	Second lien senior secured loan ($87.7 par due 8/2023)	11.50% PIK (Libor + 10.50%/Q)	9/2/2015	87.1	87.7	(2)(12)
PhyMED Management LLC	Provider of anesthesia services	Second lien senior secured loan ($51.2 par due 9/2022)	13.00% (Libor + 2.50% Cash, 9.50% PIK/Q)	12/18/2015	51.1	51.2	(2)(12)

13

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (16)	Provider of employer-sponsored onsite health and wellness clinics and pharmacies	First lien senior secured revolving loan ($12.0 par due 7/2023)	3.44% (Libor + 3.25%/Q)	7/10/2018	12.0	12.0	(2)(15)
		First lien senior secured loan ($10.7 par due 7/2025)	3.70% (Libor + 3.50%/Q)	7/10/2018	10.7	10.7	(2)
		Second lien senior secured loan ($67.1 par due 7/2026)	7.70% (Libor + 7.50%/Q)	7/10/2018	66.7	67.1	(2)
		Class A units (9,775 units)		7/10/2018	9.8	16.2	(2)
					99.2	106.0
Respicardia, Inc.	Developer of implantable therapies to improve cardiovascular health	Warrant to purchase up to 99,094 shares of Series C preferred stock (expires 6/2022)		6/28/2012	—	—	(2)
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (16)	Manufacturer of biologic, metal and synthetic implants/devices	First lien senior secured loan ($38.0 par due 7/2026)	8.25% (Libor + 6.75%/Q)	7/20/2020	38.0	38.0	(12)
SCSG EA Acquisition Company, Inc. (16)	Provider of outsourced clinical services to hospitals and health systems	First lien senior secured revolving loan		9/1/2017	—	—	(14)
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (16)	Outsourced anesthesia provider	First lien senior secured loan ($12.8 par due 3/2024)	5.75% (Libor + 4.75%/Q)	3/26/2018	12.8	10.5	(2)(12)
		Common units (684,854 units)		3/26/2018	4.8	—	(2)
					17.6	10.5
SM Wellness Holdings, Inc. and SM Holdco, Inc. (16)	Breast cancer screening provider	First lien senior secured loan ($7.0 par due 8/2024)	7.00% (Libor + 6.25%/M)	8/1/2018	7.0	7.0	(2)(12)
		First lien senior secured loan ($2.0 par due 8/2024)	7.00% (Libor + 6.25%/M)	9/25/2019	2.0	2.0	(2)(12)
		Series A preferred stock (44,975 shares)	10.49% PIK (Libor + 10.25%/Q)	8/1/2018	61.8	61.8	(2)
		Series A units (8,041 units)		8/1/2018	8.0	0.1	(2)
		Series B units (804,142 units)		8/1/2018	—	6.4	(2)
					78.8	77.3
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (16)	SaaS based healthcare compliance platform provider	Second lien senior secured loan ($53.5 par due 12/2028)	8.63% (Libor + 7.88%/Q)	12/22/2020	53.5	52.9	(2)(12)
		Series C preferred shares (75,939 shares)	11.00% PIK	12/22/2020	78.2	78.2	(2)
					131.7	131.1
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (16)	Franchisor of private-pay home care for the elderly	First lien senior secured loan ($15.7 par due 4/2024)	6.75% (Libor + 5.75%/Q)	4/2/2018	15.7	15.7	(2)(12)
		Common units (550 units)		4/2/2018	0.6	0.9
					16.3	16.6
Teligent, Inc. (16)	Pharmaceutical company that develops, manufactures and markets injectable pharmaceutical products	Second lien senior secured loan ($0.9 par due 12/2022)		1/27/2021	0.9	0.5	(2)(11)
		Second lien senior secured loan ($0.5 par due 12/2022)		1/27/2021	0.5	0.3	(2)(10)(11)
		Second lien senior secured loan ($46.7 par due 12/2022)		12/13/2018	45.5	28.0	(2)(11)
		Second lien senior secured loan ($27.9 par due 12/2022)		12/13/2018	26.9	16.8	(2)(11)
		Series D preferred stock (77,725 shares)		1/27/2021	—	—	(2)
		Warrant to purchase up to 490,492 shares of common stock (expires 4/2025)		4/6/2020	—	—	(2)
		Warrant to purchase up to 122,548 shares of common stock (expires 7/2025)		7/20/2020	—	—	(2)
					73.8	45.6
Touchstone Acquisition, Inc. and Touchstone Holding, L.P.	Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-markets	First lien senior secured loan ($25.1 par due 11/2025)	4.86% (Libor + 4.75%/M)	11/15/2018	25.1	25.1	(2)
		First lien senior secured loan ($11.1 par due 11/2025)	4.86% (Libor + 4.75%/M)	11/15/2018	11.1	11.1

14

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Class A preferred units (2,149 units)	8.00% PIK	11/15/2018	2.6	2.6	(2)
					38.8	38.8
U.S. Anesthesia Partners, Inc.	Anesthesiology service provider	Second lien senior secured loan ($71.8 par due 6/2025)	8.25% (Libor + 7.25%/Q)	6/16/2017	71.2	71.8	(2)(12)
Urgent Cares of America Holdings I, LLC and FastMed Holdings I, LLC	Operator of urgent care clinics	Preferred units (7,696,613 units)		6/11/2015	7.7	—
		Series A common units (2,000,000 units)		6/11/2015	2.0	—
		Series C common units (5,288,427 units)		6/11/2015	—	—
					9.7	—
Urology Management Associates, LLC and JWC/UMA Holdings, L.P.	Urology private practice	First lien senior secured loan ($9.6 par due 8/2024)	6.00% (Libor + 5.00%/M)	8/31/2018	9.5	9.6	(12)
		Limited partnership interests (3.64% interest)		8/31/2018	4.8	4.5	(2)
					14.3	14.1
Veterinary Practice Partners, LLC (16)	Veterinary hospital operator	First lien senior secured loan ($0.8 par due 1/2027)	7.00% (Libor + 6.00%/Q)	1/20/2021	0.8	0.8	(2)(12)
		First lien senior secured loan ($23.8 par due 1/2027)	7.00% (Libor + 6.00%/Q)	1/20/2021	23.8	23.6	(2)(12)
					24.6	24.4
Project Ruby Ultimate Parent Corp.	Provider of care coordination and transition management software solutions	Second lien senior secured loan ($193.1 par due 3/2029)	7.25% (Libor + 6.50%/Q)	3/10/2021	193.1	191.1	(2)(12)
WSHP FC Acquisition LLC (16)	Provider of biospecimen products for pharma research	First lien senior secured revolving loan ($3.8 par due 3/2024)	7.25% (Libor + 6.25%/Q)	3/30/2018	3.8	3.8	(2)(12)
		First lien senior secured loan ($27.8 par due 3/2024)	7.25% (Libor + 6.25%/Q)	3/30/2018	27.8	27.8	(2)(12)
		First lien senior secured loan ($5.9 par due 3/2024)	7.25% (Libor + 6.25%/Q)	3/30/2018	5.9	5.9	(2)(12)
		First lien senior secured loan ($4.6 par due 3/2024)	7.25% (Libor + 6.25%/Q)	2/11/2019	4.6	4.6	(2)(12)
		First lien senior secured loan ($8.6 par due 3/2024)	7.25% (Libor + 6.25%/Q)	8/30/2019	8.6	8.6	(2)(12)
		First lien senior secured loan ($10.9 par due 3/2024)	7.25% (Libor + 6.25%/Q)	10/31/2019	10.9	10.9	(2)(12)
					61.6	61.6
					2398.6	2351.9		30.81	%
Commercial & Professional Services
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (16)	Provider of outsourced crew accommodations and logistics management solutions to the airline industry	First lien senior secured revolving loan ($4.1 par due 5/2023)	10.25% (Libor + 9.25%/Q)	5/11/2018	4.1	3.9	(2)(12)
		Class A common units (236,358 units)		5/11/2018	4.3	4.3
					8.4	8.2
Aero Operating LLC	Provider of snow removal and melting service for airports and marine terminals	First lien senior secured loan ($36.8 par due 2/2026)	8.00% (Libor + 6.50%/M)	2/7/2020	36.8	35.7