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 September 30, 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 October 26, 2021
Common stock, $0.001 par value	460,753,939

ARES CAPITAL CORPORATION

INDEX

Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Balance Sheet as of September 30, 2021 (unaudited) and December 31, 2020	3
	Consolidated Statement of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)	4
	Consolidated Schedule of Investments as of September 30, 2021 (unaudited) and December 31, 2020	5
	Consolidated Statement of Stockholders’ Equity for the three and nine months ended September 30, 2021 (unaudited) and the year ended December 31, 2020	86
	Consolidated Statement of Cash Flows for the nine months ended September 30 , 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	126
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	155
Item 4.	Controls and Procedures	157
Part II.	Other Information
Item 1.	Legal Proceedings	158
Item 1A.	Risk Factors	158
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	159
Item 3.	Defaults Upon Senior Securities	160
Item 4.	Mine Safety Disclosures	160
Item 5.	Other Information	160
Item 6.	Exhibits	161

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions, except per share data)

	As of
	September 30, 2021		December 31, 2020
	(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments	$	15,345	$	12,780
Non-controlled affiliate company investments	333		296
Controlled affiliate company investments	1,999		2,439
Total investments at fair value (amortized cost of $17,627 and $15,914, respectively)	17,677		15,515
Cash and cash equivalents	1,193		254
Restricted cash	20		72
Interest receivable	111		112
Receivable from participants	—		38
Receivable for open trades	24		73
Other assets	98		94
Operating lease right-of-use asset	31		38
Total assets	$	19,154	$	16,196
LIABILITIES
Debt	$	9,895	$	8,491
Base management fees payable	65		56
Income based fees payable	53		140
Capital gains incentive fees payable	133		—
Interest and facility fees payable	66		83
Payable to participants	20		72
Payable for open trades	153		6
Accounts payable and other liabilities	87		90
Secured borrowings	97		23
Operating lease liabilities	48		59
Total liabilities	10,617		9,020
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 600 common shares authorized; 461 and 423 common shares issued and outstanding, respectively	—		—
Capital in excess of par value	8,373		7,656
Accumulated undistributed (overdistributed) earnings	164		(480)
Total stockholders’ equity	8,537		7,176
Total liabilities and stockholders’ equity	$	19,154	$	16,196
NET ASSETS PER SHARE	$	18.52	$	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 September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income from investments (excluding payment-in-kind (“PIK”) interest income)	$	230	$	194	$	656	$	639
PIK interest income from investments	42		33		95		85
Capital structuring service fees	53		12		179		55
Dividend income	31		18		86		54
Other income	11		22		28		38
Total investment income from non-controlled/non-affiliate company investments	367		279		1,044		871
From non-controlled affiliate company investments:
Interest income from investments (excluding PIK interest income)	2		2		5		7
PIK interest income from investments	1		—		3		2
Capital structuring service fees	—		—		—		1
Other income	—		—		1		—
Total investment income from non-controlled affiliate company investments	3		2		9		10
From controlled affiliate company investments:
Interest income from investments (excluding PIK interest income)	39		38		129		110
PIK interest income from investments	3		13		23		22
Capital structuring service fees	6		—		11		—
Dividend income	23		19		72		55
Other income	1		1		3		3
Total investment income from controlled affiliate company investments	72		71		238		190
Total investment income	442		352		1,291		1,071
EXPENSES:
Interest and credit facility fees	94		77		267		235
Base management fees	65		53		184		161
Income based fees	53		42		158		127
Capital gains incentive fees	30		—		133		(58)
Administrative fees	4		3		11		10
Other general and administrative	7		7		18		19
Total expenses	253		182		771		494
NET INVESTMENT INCOME BEFORE INCOME TAXES	189		170		520		577
Income tax expense, including excise tax	5		4		21		12
NET INVESTMENT INCOME	184		166		499		565
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments	82		(19)		139		15
Non-controlled affiliate company investments	1		—		58		13
Controlled affiliate company investments	40		(4)		61		(6)
Foreign currency and other transactions	26		(2)		9		(5)
Net realized gains (losses)	149		(25)		267		17
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments	35		160		388		(571)
Non-controlled affiliate company investments	6		4		13		(31)
Controlled affiliate company investments	(29)		142		56		126
Foreign currency and other transactions	(11)		(6)		5		—
Net unrealized gains (losses)	1		300		462		(476)
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions	150		275		729		(459)
REALIZED LOSS ON EXTINGUISHMENT OF DEBT	—		—		(43)		—
NET INCREASE IN STOCKHOLDERS' EQUITY RESULTING FROM OPERATIONS	$	334	$	441	$	1,185	$	106
BASIC AND DILUTED NET INCOME PER COMMON SHARE (see Note 10)	$	0.73	$	1.04	$	2.68	$	0.25
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)	453		423		441		425

See accompanying notes to consolidated financial statements.

4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 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
2U, Inc.	Provider of course design and learning management system to educational institutions	First lien senior secured loan ($45.6 par due 12/2024)	6.50% (Libor + 5.75%/Q)	6/28/2021	$	44.9	$	45.2	(2)(6)(13)
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (17)	Payment processing solution provider	First lien senior secured loan ($64.2 par due 3/2026)	6.25% (Libor + 5.00%/Q)	2/28/2020	64.2		64.2		(13)
		First lien senior secured loan ($0.7 par due 3/2026)	6.25% (Libor + 5.00%/Q)	6/7/2021	0.7		0.7		(2)(13)
		Senior subordinated loan ($26.6 par due 2/2028)	12.75% PIK	2/28/2020	26.6		26.6		(2)
					91.5		91.5
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (17)	Provider of intellectual property management lifecycle software	First lien senior secured loan ($4.8 par due 4/2026)	6.25% (Euribor + 6.25%/Q)	4/10/2019	4.6		4.8
		First lien senior secured loan ($16.0 par due 4/2026)	7.00% (Libor + 6.00%/Q)	6/24/2021	16.0		16.0		(2)(13)
		Limited partnership units (4,400,000 units)		6/13/2019	4.2		7.5		(2)(6)
					24.8		28.3
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(17)	Aircraft performance software provider	First lien senior secured loan ($13.5 par due 1/2025)	6.75% (Libor + 5.25%/Q)	1/3/2020	13.5		13.5		(2)(13)
		Class A membership units (9,750,000 units)		1/3/2020	9.8		12.0		(2)
					23.3		25.5
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (17)	Software platform for identification, prevention and management of substance use disorder	First lien senior secured loan ($25.7 par due 5/2027)	8.25% (Libor + 7.25%/Q)	5/6/2021	25.7		25.4		(2)(13)
		Series A preferred shares (32,236 shares)	11.00% PIK	5/6/2021	33.7		33.7		(2)
					59.4		59.1
Apptio, Inc. (17)	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)(13)
		First lien senior secured loan ($62.2 par due 1/2025)	8.25% (Libor + 7.25%/Q)	1/10/2019	62.2		62.2		(13)
					63.9		63.9
Avetta, LLC (17)	Supply chain risk management SaaS platform for global enterprise clients	First lien senior secured loan ($21.1 par due 4/2024)	6.25% (Libor + 5.25%/Q)	7/15/2021	21.1		21.1		(2)(13)
AxiomSL Group, Inc. and Calypso Group, Inc. (17)	Provider of real-time wire data analytics solutions for application and infrastructure monitoring	First lien senior secured loan ($21.4 par due 12/2027)	7.00% (Libor + 6.00%/Q)	7/21/2021	21.0		21.2		(2)(13)
Banyan Software Holdings, LLC (17)	Vertical software businesses holding company	First lien senior secured loan ($20.3 par due 10/2026)	8.50% (Libor + 7.50%/Q)	10/30/2020	20.3		20.3		(2)(13)
Borrower R365 Holdings LLC (17)	Provider of restaurant ERP systems	First lien senior secured revolving loan ($0.7 par due 6/2027)	7.50% (Libor + 6.50%/Q)	6/10/2021	0.7		0.7		(2)(13)
		First lien senior secured loan ($15.4 par due 6/2027)	7.50% (Libor + 3.50% Cash, 3.00% PIK/S)	6/10/2021	15.1		15.2		(2)(13)
					15.8		15.9
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. (17)	Provider of software and technology-enabled content and analytical solutions to insurance brokers	First lien senior secured revolving loan ($1.1 par due 11/2025)	6.75% (Base Rate + 3.50%/Q)	11/12/2020	1.1		1.1		(2)(13)
		Second lien senior secured loan ($48.1 par due 11/2028)	8.50% (Libor + 7.75%/Q)	11/12/2020	48.1		48.1		(2)(13)
		Series A-2 preferred shares (8,963 shares)	11.25% PIK (Libor + 11.00%/Q)	12/23/2020	9.8		9.9		(2)
		Series A preferred shares (24,898 shares)	11.21% PIK (Libor + 11.00%/Q)	11/12/2020	27.5		27.4		(2)

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					86.5	86.5
Consilio Midco Limited and Consilio Investment Holdings, L.P. (17)	Provider of sales software for the interior design industry	First lien senior secured loan ($60.8 par due 5/2028)	6.75% (Libor + 5.75%/Q)	5/28/2021	60.8	60.1	(2)(6)(13)
		Common units (4,799,000 units)		5/28/2021	4.8	6.0	(2)(6)
					65.6	66.1
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (17)	Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors	Second lien senior secured loan ($155.7 par due 6/2029)	7.00% (Libor + 6.50%/M)	6/3/2021	155.7	154.1	(2)(13)
		Limited partnership units (59,665,989 units)		4/29/2021	59.7	75.0	(2)
					215.4	229.1
Cority Software Inc., IQS, Inc. and Cority Parent, Inc. (17)	Provider of environmental, health and safety software to track compliance data	First lien senior secured loan ($6.4 par due 7/2026)	6.00% (Libor + 5.00%/Q)	7/2/2019	6.4	6.4	(6)(13)
		First lien senior secured loan ($4.4 par due 7/2026)	6.00% (Libor + 5.00%/Q)	10/15/2019	4.4	4.4	(6)(13)
		First lien senior secured loan ($1.1 par due 7/2026)	8.00% (Libor + 7.00%/Q)	9/3/2020	1.1	1.1	(2)(6)(13)
		Preferred equity (198 shares)	9.00% PIK	7/2/2019	0.2	0.2	(2)(6)
		Common equity (190,143 shares)		7/2/2019	—	0.3	(2)(6)
					12.1	12.4
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)	4.21% (Libor + 4.00%/Q)	10/7/2019	—	0.1	(2)(6)
DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.	Provider of internet security tools and solutions	Series A preferred shares (129,822 shares)	10.50% PIK	5/25/2021	131.2	129.8	(2)
		Series A units (817,194 units)		5/27/2021	13.3	12.2	(2)
					144.5	142.0
Denali Holdco LLC and Denali Topco LLC (17)	Provider of cybersecurity audit and assessment services	First lien senior secured loan ($37.3 par due 9/2027)	7.00% (Libor + 6.00%/Q)	9/15/2021	37.3	36.9	(2)(13)
		Class A units (2,549,000)		9/15/2021	2.5	2.5	(2)
					39.8	39.4
Diligent Corporation and Diligent Preferred Issuer, Inc. (17)	Provider of secure SaaS solutions for board and leadership team documents	First lien senior secured revolving loan		8/4/2020	—	—	(15)
		First lien senior secured loan ($33.1 par due 8/2025)	7.25% (Libor + 6.25%/Q)	8/4/2020	32.5	33.1	(13)
		First lien senior secured loan ($9.0 par due 8/2025)	6.75% (Libor + 5.75%/Q)	3/4/2021	8.9	9.0	(2)(13)
		First lien senior secured loan ($11.5 par due 8/2025)	6.75% (Libor + 5.75%/Q)	4/6/2021	11.4	11.5	(2)(13)
		First lien senior secured loan ($2.0 par due 8/2025)	7.25% (Libor + 6.25%/Q)	7/30/2021	2.0	2.0	(2)(13)
		Preferred stock (13,140 shares)	10.50% PIK	4/6/2021	13.5	13.8	(2)
					68.3	69.4
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)	8.33% (Libor + 8.25%/M)	2/11/2020	25.0	25.0
		Preferred stock (29.53 shares)	13.50% PIK	2/11/2020	35.8	36.7	(2)
					60.8	61.7
DS Admiral Bidco, LLC (17)	Tax return software provider for government institutions	First lien senior secured loan ($25.8 par due 3/2028)	6.75% (Libor + 5.75%/Q)	3/16/2021	25.1	25.5	(2)(13)
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (17)	SaaS based supply chain management software provider focused on chemical markets	First lien senior secured revolving loan ($2.3 par due 9/2025)	7.00% (Libor + 6.00%/M)	9/18/2019	2.3	2.3	(2)(13)
		First lien senior secured loan ($50.7 par due 9/2025)	7.00% (Libor + 6.00%/Q)	9/18/2019	50.7	50.7	(13)
		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)(13)
		First lien senior secured loan ($20.5 par due 9/2025)	7.00% (Libor + 6.00%/Q)	12/15/2020	20.5	20.5	(2)(13)

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Preferred equity (4,599 shares)		9/18/2019	4.6	5.0
					89.6	90.0
EP Purchaser, LLC., Entertainment Partners Canada ULC and TPG VIII EP Co-Invest II, L.P. (17)	Provider of entertainment workforce and production management solutions	First lien senior secured loan ($29.0 par due 5/2026)	5.38% (Libor + 5.25%/Q)	5/10/2019	29.0	29.0	(6)
		First lien senior secured loan ($24.4 par due 5/2026)	5.38% (Libor + 5.25%/Q)	5/10/2019	24.4	24.4	(2)(6)(9)
		First lien senior secured loan ($10.6 par due 5/2026)	5.38% (Libor + 5.25%/Q)	5/10/2019	10.6	10.6	(2)(6)
		Partnership units (5,034,483 units)		5/10/2019	4.7	8.6	(2)(6)
					68.7	72.6
Episerver Inc. and Goldcup 17308 AB (17)	Provider of web content management and digital commerce solutions	First lien senior secured loan ($6.2 par due 4/2026)	5.75% (Euribor + 5.75%/Q)	3/22/2019	6.0	6.2	(2)(6)
		First lien senior secured loan ($27.0 par due 4/2026)	6.50% (Libor + 5.50%/Q)	10/9/2018	27.0	27.0	(2)(6)(13)
					33.0	33.2
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (17)	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	(13)
		Second lien senior secured loan ($2.5 par due 2/2028)	8.50% (Libor + 8.00%/M)	2/4/2020	2.5	2.5	(2)(13)
		Second lien senior secured loan ($30.6 par due 2/2028)	8.50% (Libor + 8.00%/M)	4/27/2021	29.5	30.6	(2)(13)
		Limited partnership interest (3,988,000 shares)		1/31/2020	4.5	5.8	(2)(6)
					56.0	58.8
ExtraHop Networks, Inc. (17)	Provider of real-time wire data analytics solutions for application and infrastructure monitoring	First lien senior secured loan ($0.4 par due 7/2027)	8.50% (Libor + 7.50%/Q)	7/20/2021	0.4	0.4	(2)(13)
		First lien senior secured loan ($16.6 par due 7/2027)	8.50% (Libor + 7.50%/Q)	7/22/2021	16.6	16.4	(2)(13)
					17.0	16.8
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 (17)	Provider of facilities and space management software solutions	First lien senior secured revolving loan ($1.5 par due 12/2024)	7.50% (Libor + 6.50%/Q)	2/8/2018	1.5	1.5	(2)(13)
		First lien senior secured loan ($3.2 par due 12/2024)	7.50% (Libor + 6.50%/M)	12/2/2019	3.2	3.2	(2)(13)
		First lien senior secured loan ($1.4 par due 12/2024)	7.50% (Libor + 6.50%/Q)	6/15/2021	1.4	1.4	(2)(13)
					6.1	6.1
Forescout Technologies, Inc. (17)	Network access control solutions provider	First lien senior secured loan ($18.3 par due 8/2026)	10.50% PIK (Libor + 9.50%/Q)	8/17/2020	17.9	17.9	(2)(13)
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	(13)
		First lien senior secured loan ($3.1 par due 9/2023)	6.75% (Libor + 5.75%/Q)	6/15/2021	3.1	3.1	(2)(13)
		Class A preferred units (4,574 units)	9.00% PIK	9/18/2017	6.0	6.6
		Class B common units (499,050 units)		9/18/2017	—	4.3
					26.4	31.3
Genesis Acquisition Co. and Genesis Holding Co. (17)	Child care management software and services provider	First lien senior secured revolving loan ($1.5 par due 7/2024)	4.13% (Libor + 4.00%/Q)	7/31/2018	1.5	1.5	(2)
		First lien senior secured loan ($0.2 par due 7/2024)	4.13% (Libor + 4.00%/Q)	7/31/2018	0.2	0.2	(2)
		Second lien senior secured loan ($32.4 par due 7/2025)	7.65% (Libor + 7.50%/Q)	7/31/2018	32.4	31.1	(2)

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Second lien senior secured loan ($7.5 par due 7/2025)	7.62% (Libor + 7.50%/Q)	6/9/2021	7.5	7.2	(2)
		Class A common stock (8 shares)		7/31/2018	0.8	0.8	(2)
					42.4	40.8
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)
Inmar, Inc.	Technology-driven solutions provider for retailers, wholesalers and manufacturers	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)(13)
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC	Provider of data analysis, statistics, and visualization software solutions for scientific research applications	First lien senior secured revolving loan ($0.3 par due 4/2027)	7.00% (Libor + 6.00%/Q)	12/21/2017	0.3	0.3	(2)(13)
		First lien senior secured loan ($0.5 par due 4/2027)	7.00% (Libor + 6.00%/Q)	12/21/2017	0.5	0.5	(2)(13)
		First lien senior secured loan ($16.2 par due 4/2027)	6.50% (Libor + 5.50%/Q)	4/28/2021	16.2	16.0	(2)(13)
		Senior subordinated loan ($37.5 par due 4/2032)	10.50%	4/28/2021	37.5	37.2	(2)
		Preferred units (1,828,645 units)	14.00% PIK	4/28/2021	50.5	50.5
					105.0	104.5
Huskies Parent, Inc. (17)	Insurance software provider	First lien senior secured loan ($0.5 par due 7/2026)	4.08% (Libor + 4.00%/M)	7/18/2019	0.5	0.5	(2)(20)
IV Rollover Holdings, LLC	Solar power generation facility developer and operator	Class B units (170,490 units)		5/31/2017	—	—	(2)
		Class X units (5,000,000 units)		5/31/2017	2.2	2.2	(2)
					2.2	2.2
Majesco and Magic Topco, L.P. (17)	Insurance software provider	First lien senior secured loan ($60.7 par due 9/2027)	8.25% (Libor + 7.25%/Q)	9/21/2020	60.7	60.7	(2)(13)
		Class A units (2,539 units)	9.00% PIK	9/21/2020	2.8	2.8	(2)
		Class B units (570,625 units)		9/21/2020	—	0.9	(2)
					63.5	64.4
Ministry Brands, LLC and MB Parent HoldCo, L.P. (dba Community Brands) (17)	Software and payment services provider to faith-based institutions	First lien senior secured loan ($9.2 par due 12/2022)	5.00% (Libor + 4.00%/M)	4/6/2017	9.2	9.2	(13)
		First lien senior secured loan ($4.8 par due 12/2022)	5.00% (Libor + 4.00%/M)	8/22/2017	4.8	4.8	(13)
		Second lien senior secured loan ($90.0 par due 6/2023)	10.25% (Libor + 9.25%/M)	12/2/2016	89.8	90.0	(13)
		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)(13)
		Second lien senior secured loan ($13.9 par due 6/2023)	10.25% (Libor + 9.25%/M)	4/6/2017	13.9	13.9	(2)(13)
		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)(13)
		Second lien senior secured loan ($48.9 par due 6/2023)	9.00% (Libor + 8.00%/M)	4/18/2018	48.9	48.9	(2)(13)
		Class A units (500,000 units)		12/2/2016	5.0	8.3	(2)
					206.1	209.6
MMIT Holdings, LLC (17)	Provider of market intelligence and analysis for the pharmaceutical industry	First lien senior secured loan ($42.9 par due 9/2027)	7.25% (Libor + 6.25%/Q)	9/15/2021	42.9	42.5	(2)(13)
MRI Software LLC (17)	Provider of real estate and investment management software	First lien senior secured loan ($50.6 par due 2/2026)	6.50% (Libor + 5.50%/Q)	2/10/2020	50.6	50.6	(13)
		First lien senior secured loan ($3.9 par due 2/2026)	6.50% (Libor + 5.50%/Q)	8/28/2020	3.9	3.9	(2)(13)
					54.5	54.5
OpenMarket Inc.	Provider of cloud-based mobile engagement platform	First lien senior secured loan ($50.8 par due 9/2026)	7.00% (Libor + 6.25%/Q)	9/17/2021	50.8	50.3	(6)(13)
Paya, Inc and GTCR-Ultra Holdings LLC (17)	Provider of payment processing and merchant acquiring solutions	Class B units (2,878,372 units)		8/1/2017	—	3.6	(2)

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
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)
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (17)	Provider of enterprise management software for the convenience retail and petroleum wholesale market	First lien senior secured loan ($53.6 par due 10/2024)	5.50% (Libor + 4.50%/Q)	3/19/2019	53.6	53.6	(13)
		Second lien senior secured loan ($4.8 par due 10/2025)	9.50% (Libor + 8.50%/Q)	4/27/2021	4.8	4.8	(2)(13)
		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)(13)
		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)(13)
		Series A preferred stock (13,656 shares)	13.25% PIK	3/19/2019	18.8	19.1	(2)
		Class A units (2,062,493 units)		3/19/2019	2.1	2.8	(2)
					157.7	158.7
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (17)	Provider of plant maintenance and scheduling software	First lien senior secured loan ($25.6 par due 5/2025)	6.75% (Libor + 5.75%/Q)	5/29/2019	25.6	25.6	(2)(13)
		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)(13)
		First lien senior secured loan ($50.1 par due 5/2025)	7.25% (Libor + 6.25%/Q)	10/16/2020	50.1	50.1	(2)(13)
		Class A units (5,000 units)		5/29/2019	5.0	12.0
					86.5	93.5
Pluralsight, Inc. (17)	Online education learning platform	First lien senior secured loan ($136.2 par due 4/2027)	9.00% (Libor + 8.00%/Q)	4/6/2021	136.2	134.8	(2)(13)
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 (17)	Software provider for medical practitioners	First lien senior secured loan ($11.5 par due 3/2027)	7.00% (Libor + 6.00%/M)	3/31/2021	11.5	11.5	(2)(13)
		Class A units (11,804,000 units)	8.00% PIK	3/31/2021	11.8	11.8	(2)
					23.3	23.3
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (17)	Provider of practice management software to law firms	First lien senior secured loan ($1.4 par due 3/2027)	6.25% (Libor + 5.25%/Q)	3/5/2021	1.4	1.4	(2)(13)
		Limited partnership units (1,624,000 units)		3/5/2021	1.6	1.6	(2)
					3.0	3.0
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	17.5	(2)
		Class B common stock (1,841,609 shares)		8/22/2016	0.1	0.2	(2)
					7.5	17.7
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (17)	Saas provider of automated crew callout and scheduling software for the utility industry	First lien senior secured loan ($36.6 par due 4/2028)	6.75% (Libor + 5.75%/Q)	4/20/2021	36.6	36.3	(2)(13)
		PIK preferred shares (26,436 shares)	10.50% PIK (Libor + 9.50%/Q)	4/20/2021	27.7	27.7	(2)(13)
					64.3	64.0
Project Potter Buyer, LLC and Project Potter Parent, L.P. (17)	Software solutions provider to the ready-mix concrete industry	First lien senior secured revolving loan		4/23/2020	—	—	(15)
		First lien senior secured loan ($44.2 par due 4/2027)	9.25% (Libor + 8.25%/M)	4/23/2020	44.2	44.2	(13)
		First lien senior secured loan ($12.9 par due 4/2027)	9.25% (Libor + 8.25%/M)	10/30/2020	12.9	12.9	(2)(13)
		First lien senior secured loan ($19.4 par due 4/2027)	9.25% (Libor + 8.25%/M)	11/18/2020	19.4	19.4	(2)(13)
		Class A units (1,599 units)	9.00% PIK	4/23/2020	1.8	1.7	(2)

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 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 B units (588,636 units)		4/23/2020	—	—	(2)
					78.3	78.2
Proofpoint, Inc. (17)	Cybersecurity solutions provider	First lien senior secured loan ($1.0 par due 8/2028)	3.75% (Libor + 3.25%/Q)	6/9/2021	1.0	1.0	(13)(20)
		Second lien senior secured loan ($34.6 par due 8/2029)	6.75% (Libor + 6.25%/Q)	6/9/2021	34.4	34.9	(2)(13)
					35.4	35.9
QF Holdings, Inc. (17)	SaaS based electronic health record software provider	First lien senior secured loan ($29.3 par due 9/2024)	7.50% (Libor + 6.50%/Q)	9/19/2019	29.3	29.3	(2)(13)
Raptor Technologies, LLC and Rocket Parent, LLC (17)	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)(13)
		First lien senior secured loan ($20.8 par due 12/2024)	7.00% (Libor + 6.00%/Q)	12/17/2018	20.8	20.8	(2)(13)
		Class A common units (2,294,000 units)		12/17/2018	2.3	2.4
					23.9	24.0
RealPage, Inc.	Provider of enterprise software solutions to the residential real estate industry	Second lien senior secured loan ($84.1 par due 4/2029)	7.25% (Libor + 6.50%/M)	4/22/2021	82.9	83.2	(2)(13)
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)
Relativity ODA LLC (17)	Electronic discovery document review software platform for use in litigations and investigations	First lien senior secured loan ($58.5 par due 5/2027)	8.50% PIK (Libor + 7.50%/M)	5/12/2021	58.5	57.9	(2)(13)
Retriever Medical/Dental Payments LLC, FSDC Holdings, LLC, Rectangle Ware-Ever Pay LLC and Retriever Enterprises, LLC (17)	Provider of payment processing services and software to healthcare providers	First lien senior secured loan ($26.0 par due 2/2023)	6.00% (Libor + 5.00%/Q)	3/14/2019	26.0	26.0	(13)
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	13.3	(2)(13)
		Common units (1,432,835 units)		11/20/2020	4.8	5.2	(2)
					18.1	18.5
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	105.9	(2)(13)
SoundCloud Limited	Platform for receiving, sending, and distributing music	Common stock (73,422 shares)		8/15/2017	0.4	0.7	(2)(6)
Storable, Inc. and EQT IX Co-Investment (E) SCSP	PMS solutions and web services for the self-storage industry	Second lien senior secured loan ($42.8 par due 4/2029)	7.50% (Libor + 6.75%/Q)	4/16/2021	42.8	42.8	(2)(13)
		Limited partnership interests (614,950 interests)		4/16/2021	6.2	6.9	(2)(6)
					49.0	49.7
Sundance Group Holdings, Inc. (17)	Provider of cloud-based document management and collaboration solutions	First lien senior secured loan ($15.4 par due 7/2027)	7.75% (Libor + 6.75%/Q)	7/2/2021	15.1	15.3	(2)(13)
TCP Hawker Intermediate LLC (17)	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	(13)
		First lien senior secured loan ($34.9 par due 8/2026)	6.50% (Libor + 5.50%/Q)	8/30/2019	34.9	34.9	(13)
					41.5	41.5
The Ultimate Software Group, Inc. and H&F Unite Partners, L.P. (17)	Provider of cloud based HCM solutions for businesses	First lien senior secured revolving loan		5/3/2019	—	—	(6)(15)
		Second lien senior secured loan ($136.9 par due 5/2027)	8.08% (Libor + 8.00%/M)	5/3/2019	136.9	136.9	(6)
		Limited partnership interests (12,583,556 interests)		5/3/2019	12.6	15.6	(2)(6)
					149.5	152.5

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Verscend Holding Corp. (17)	Healthcare analytics solutions provider	First lien senior secured revolving loan		8/27/2018	—	—	(15)
WebPT, Inc. (17)	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)(13)
Wellness AcquisitionCo, Inc. (17)	Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry	First lien senior secured loan ($18.8 par due 1/2027)	6.50% (Libor + 5.50%/Q)	1/20/2021	18.8	18.8	(2)(13)
WorkWave Intermediate II, LLC (17)	Provider of cloud-based field services and fleet management solutions	First lien senior secured loan ($14.8 par due 6/2027)	8.00% (Libor + 7.25%/Q)	6/29/2021	14.8	14.7	(2)(13)
		First lien senior secured loan ($45.5 par due 6/2027)	8.00% PIK (Libor + 7.25.% PIK/Q)	6/29/2021	45.5	45.0	(2)(13)
					60.3	59.7
Zemax Software Holdings, LLC (17)	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)(13)
		First lien senior secured loan ($16.5 par due 6/2024)	6.75% (Libor + 5.75%/Q)	6/25/2018	16.5	16.5	(13)
					18.5	18.5
					3,353.2	3,410.8		39.96	%
Healthcare Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(17)	Dental services provider	First lien senior secured revolving loan ($1.0 par due 6/2024)	11.25% (Base rate + 3.00% Cash, 5.00% PIK/Q)	6/1/2021	1.0	1.0	(2)(13)
		First lien senior secured loan ($48.9 par due 6/2024)	10.00% (Libor + 4.00% Cash, 5.00% PIK/Q)	6/1/2021	48.9	48.9	(2)(13)
		Class A preferred units (14,750,000 units)		1/5/2016	4.7	8.6	(2)
		Common units (7,200,000 units)		1/5/2016	—	—	(2)
					54.6	58.5
ADG, LLC and RC IV GEDC Investor LLC (17)	Dental services provider	First lien senior secured revolving loan ($6.9 par due 9/2022)	7.50% (Base rate + 3.75% Cash, .50% PIK/Q)	9/28/2016	6.9	6.9	(2)(13)
		Second lien senior secured loan ($112.2 par due 3/2024)	11.00% PIK (Libor + 10.00% PIK/Q)	9/28/2016	92.1	101.0	(2)(13)
		Membership units (3,000,000 units)		9/28/2016	3.0	—	(2)
					102.0	107.9
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	2.8	(2)(13)
Athenahealth, Inc., VVC Holding Corp., Virence Intermediate Holding Corp., and Virence Holdings LLC (17)	Revenue cycle management provider to the physician practices and acute care hospitals	Class A interests (0.39% interest)		2/11/2019	9.0	25.5	(2)
Bambino Group Holdings, LLC	Dental services provider	Class A preferred units (1,000,000 units)		12/21/2016	1.0	1.3	(2)
Bearcat Buyer, Inc. and Bearcat Parent, Inc. (17)	Provider of central institutional review boards over clinical trials	Second lien senior secured loan ($69.5 par due 7/2027)	9.25% (Libor + 8.25%/Q)	7/9/2019	69.5	69.5	(2)(13)
		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)(13)
		Class B common units (4,211 units)		7/9/2019	4.2	11.3	(2)
					86.4	93.5
CCS-CMGC Holdings, Inc. (17)	Correctional facility healthcare operator	First lien senior secured revolving loan		10/1/2018	—	—	(15)
		First lien senior secured loan ($34.0 par due 10/2025)	5.58% (Libor + 5.50%/M)	9/25/2018	33.8	33.4
					33.8	33.4
Center for Autism and Related Disorders, LLC (17)	Autism treatment and services provider specializing in applied behavior analysis therapy	First lien senior secured revolving loan ($2.2 par due 11/2023)	5.62% (Libor + 5.50%/Q)	11/21/2018	2.2	2.1	(2)(16)

11

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 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 (17)	Vision care practice management company	First lien senior secured revolving loan ($0.5 par due 2/2024)	7.00% (Libor + 5.75%/Q)	2/14/2018	0.5	0.5	(2)(13)
		First lien senior secured loan ($9.4 par due 2/2024)	7.00% (Libor + 5.75%/Q)	2/14/2018	9.4	9.4	(2)(13)
		First lien senior secured loan ($0.3 par due 2/2024)	8.00% (Base Rate + 4.75%/Q)	4/19/2021	0.3	0.3	(2)(13)
		First lien senior secured loan ($1.4 par due 2/2024)	7.00% (Libor + 5.75%/Q)	4/19/2021	1.4	1.4	(2)(13)
					11.6	11.6
Convey Health Solutions, Inc.	Healthcare workforce management software provider	First lien senior secured loan ($2.7 par due 9/2026)	5.50% (Libor + 4.75%/Q)	9/4/2019	2.7	2.7	(13)
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (17)	Veterinary hospital operator	First lien senior secured revolving loan		10/31/2019	—	—	(15)
		First lien senior secured loan ($39.5 par due 10/2025)	6.25% (Libor + 5.25%/Q)	10/31/2019	39.5	39.5	(13)
		First lien senior secured loan ($4.4 par due 10/2025)	6.25% (Libor + 5.25%/Q)	4/26/2021	4.4	4.4	(2)(13)
		Common stock (32,429 shares)		10/31/2019	10.0	14.1	(2)
					53.9	58.0
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (17)	On-demand supply chain automation solutions provider to the healthcare industry	Second lien senior secured loan ($114.0 par due 5/2029)	7.50% (Libor + 6.75%/Q)	5/26/2021	114.0	112.9	(2)(13)
		Class A units (14,013,303 units)		6/30/2017	14.0	29.1	(2)
					128.0	142.0
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)(13)
		Warrant to purchase up to 115,733 units of common stock (expires 3/2028)		3/14/2018	0.9	3.0	(2)
					146.0	148.1
HealthEdge Software, Inc. (17)	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)(13)
		First lien senior secured loan ($14.4 par due 4/2026)	7.25% (Libor + 6.25%/Q)	4/9/2020	14.4	14.4
		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)(13)
					63.1	63.2
Honor Technology, Inc.	Nursing and home care provider	First lien senior secured loan ($2.5 par due 8/2026)	11.00% (Libor + 10.00%/M)	8/6/2021	2.4	2.5	(2)(13)
		Warrant to purchase up to 133,333 shares of series D-2 preferred stock (expires 8/2031)		8/6/2021	0.1	0.1	(2)
					2.5	2.6
JDC Healthcare Management, LLC (17)	Dental services provider	First lien senior secured revolving loan ($4.3 par due 4/2022)		4/10/2017	3.8	3.2	(2)(12)
		First lien senior secured loan ($36.4 par due 4/2023)		4/10/2017	31.7	27.4	(2)(12)
					35.5	30.6
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (17)	Provider of behavioral health services	First lien senior secured revolving loan ($1.3 par due 3/2022)	6.00% (Libor + 4.00% Cash, 1.00% PIK/M)	3/17/2017	1.3	1.3	(2)(13)
MCH Holdings, Inc., MC Acquisition Holdings I, LLC and Privia Health Group, Inc.	Healthcare professional provider	First lien senior secured loan ($111.0 par due 7/2022)	8.50% (Libor + 7.00%/M)	7/26/2017	111.0	111.0	(13)
		Common stock (343,094 shares)		4/30/2021	—	8.0	(2)
		Class A units (1,438,643 shares)		1/17/2014	—	0.6	(2)
					111.0	119.6

12

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Minerva Surgical, Inc.	Medical device company focused on women's health	First lien senior secured loan ($32.4 par due 12/2022)	11.50% (Libor + 3.50% Cash, 6.00% PIK/Q)	12/30/2019	31.9	34.5	(2)(13)
Napa Management Services Corporation and ASP NAPA Holdings, LLC	Anesthesia management services provider	Second lien senior secured loan ($72.8 par due 10/2023)	11.00% (Libor + 10.00%/M)	4/19/2016	72.8	72.8	(2)(13)
		Preferred units (1,842 units)	15.00% PIK	6/29/2020	0.1	0.1	(2)
		Senior preferred units (5,320 units)	8.00% PIK	6/29/2020	0.3	0.3	(2)
		Class A units (25,277 units)		4/19/2016	2.5	4.9	(2)
					75.7	78.1
NMN Holdings III Corp. and NMN Holdings LP (17)	Provider of complex rehabilitation technology solutions for patients with mobility loss	First lien senior secured revolving loan	—%	11/13/2018	—	—	(15)
		Partnership units (30,000 units)		11/13/2018	3.0	2.9	(2)
					3.0	2.9
NueHealth Performance, LLC (17)	Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centers	First lien senior secured revolving loan ($3.3 par due 9/2023)	8.25% (Libor + 7.25%/M)	9/27/2018	3.3	3.3	(2)(13)
		First lien senior secured loan ($12.5 par due 9/2023)	8.25% (Libor + 7.25%/M)	9/27/2018	12.5	12.5	(13)
		First lien senior secured loan ($2.5 par due 9/2023)	8.25% (Libor + 7.25%/M)	2/1/2020	2.5	2.5	(2)(13)
					18.3	18.3
Olympia Acquisition, Inc. and Olympia TopCo, L.P. (17)	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/M)	9/24/2019	10.1	8.9	(2)(13)
		First lien senior secured revolving loan ($0.2 par due 9/2024)	8.50% (Libor + 5.50% Cash, 2.00% PIK/Q)	12/17/2020	0.2	0.1	(2)(13)
		First lien senior secured loan ($42.2 par due 9/2026)	8.50% (Libor + 5.50% Cash, 2.00% PIK/M)	9/24/2019	42.2	37.1	(13)
		First lien senior secured loan ($0.6 par due 9/2026)	8.50% (Libor + 5.50% Cash, 2.00% PIK/M)	12/31/2020	0.6	0.6	(13)
		Preferred units (417,189)	15.00% PIK	7/28/2021	0.3	0.3	(2)
		Class A common units (9,549,000 units)		9/24/2019	9.5	1.4	(2)
					62.9	48.4
OMH-HealthEdge Holdings, LLC	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured loan ($26.2 par due 10/2025)	6.50% (Libor + 5.50%/Q)	10/24/2019	26.2	26.2	(13)
		First lien senior secured loan ($15.4 par due 10/2025)	6.50% (Libor + 5.50%/Q)	3/10/2021	15.4	15.4	(13)
					41.6	41.6
OSYS Holdings, LLC	Provider of technology-enabled solutions to pharmacies	Limited liability company membership interest (1.57%)		11/21/2013	1.0	2.5	(2)
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (17)	Veterinary hospital operator	First lien senior secured revolving loan	—%	3/31/2020	—	—	(15)
		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)(13)
		Class R common units (6,004,768 units)		3/31/2020	6.0	9.6	(2)
					82.3	85.9
PhyMED Management LLC	Provider of anesthesia services	Second lien senior secured loan ($54.1 par due 9/2022)	15.00% (Libor rate + 3.00% cash, 11.00%/Q)	12/18/2015	54.0	50.9	(2)(13)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (17)	Provider of employer-sponsored onsite health and wellness clinics and pharmacies	First lien senior secured revolving loan ($12.0 par due 7/2023)	3.37% (Libor + 3.25%/Q)	7/10/2018	12.0	12.0	(2)(16)
		First lien senior secured loan ($8.7 par due 7/2025)	3.63% (Libor + 3.50%/Q)	7/10/2018	8.7	8.7

13

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Second lien senior secured loan ($67.1 par due 7/2026)	7.63% (Libor + 7.50%/Q)	7/10/2018	66.7	67.1	(2)
		Class A units (9,775 units)		7/10/2018	9.8	18.3	(2)
					97.2	106.1
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. (17)	Manufacturer of biologic, metal and synthetic implants/devices	First lien senior secured revolving loan ($4.0 par due 7/2026)	8.25% (Libor + 6.75%/M)	7/20/2020	4.0	4.0	(2)(13)
		First lien senior secured loan ($37.8 par due 7/2026)	8.25% (Libor + 6.75%/Q)	7/20/2020	37.8	37.8	(13)
					41.8	41.8
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (17)	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	10.6	(13)
		Common units (684,854 units)		3/26/2018	4.8	0.5	(2)
					17.6	11.1
SM Wellness Holdings, Inc. and SM Holdco, Inc. (17)	Breast cancer screening provider	First lien senior secured loan ($3.4 par due 4/2028)	5.50% (Libor + 4.75%/Q)	4/15/2021	3.4	3.4	(2)(13)
		Series A units (8,041 units)		8/1/2018	8.0	0.1	(2)
		Series B units (804,142 units)		8/1/2018	—	8.8	(2)
					11.4	12.3
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (17)	SaaS based healthcare compliance platform provider	Second lien senior secured loan ($69.9 par due 12/2028)	8.63% (Libor + 7.88%/Q)	12/22/2020	69.9	69.9	(2)(13)
		Series C preferred shares (116,054 shares)	11.00% PIK	12/22/2020	124.1	124.1	(2)
					194.0	194.0
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (17)	Franchisor of private-pay home care for the elderly	First lien senior secured loan ($15.3 par due 4/2024)	6.75% (Libor + 5.75%/Q)	4/2/2018	15.3	15.3	(13)
		Common units (550 units)		4/2/2018	0.5	1.0
					15.8	16.3
Teligent, Inc. (17)	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	0.4	(2)(12)
		Second lien senior secured loan ($0.5 par due 12/2022)		1/27/2021	0.5	0.2	(2)(10)(12)
		Second lien senior secured loan ($80.3 par due 12/2022)		12/13/2018	72.4	33.9	(2)(12)
		Series D preferred stock (77,725 shares)		1/27/2021	—	—	(2)
		Warrant to purchase up to 4,904,916 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	34.5
Therapy Brands Holdings LLC (17)	Provider of software solutions for the mental and behavioral health market segments	Second lien senior secured loan ($20.5 par due 5/2029)	7.50% (Libor + 6.75%/Q)	6/2/2021	20.3	20.3	(2)(13)
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 ($36.1 par due 11/2025)	4.83% (Libor + 4.75%/M)	11/15/2018	36.1	36.1
		Class A preferred units (2,149 units)	8.00% PIK	11/15/2018	2.7	2.7	(2)
					38.8	38.8
U.S. Anesthesia Partners, Inc.	Anesthesiology service provider	Second lien senior secured loan ($68.0 par due 6/2025)	8.25% (Libor + 7.25%/Q)	6/16/2017	67.5	68.0	(2)(13)
Urology Management Associates, LLC and JWC/UMA Holdings, L.P.	Urology private practice	First lien senior secured loan ($9.3 par due 8/2024)	5.50% (Libor + 4.50%/M)	8/31/2018	9.2	9.3	(13)
		Limited partnership interests (3.64% interest)		8/31/2018	4.8	5.1	(2)

14

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2021

(dollar amounts in millions)

(unaudited)

Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					14.0	14.4
Veterinary Practice Partners, LLC (17)	Veterinary hospital operator	First lien senior secured revolving loan		1/20/2021	—	—	(15)
		First lien senior secured loan ($23.7 par due 1/2027)	6.50% (Libor + 5.50%/M)	1/20/2021	23.7	23.7	(2)(13)
		First lien senior secured loan ($11.6 par due 1/2027)	6.50% (Libor + 5.50%/M)	1/20/2021	11.6	11.6	(13)
					35.3	35.3
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%/M)	3/10/2021	193.1	193.1	(2)(13)
WSHP FC Acquisition LLC (17)	Provider of biospecimen products for pharma research	First lien senior secured revolving loan ($2.7 par due 3/2024)	7.25% (Libor + 6.25%/Q)	3/30/2018	2.7	2.7	(2)(13)
		First lien senior secured loan ($33.5 par due 3/2024)	7.25% (Libor + 6.25%/Q)	3/30/2018	33.5	33.5	(13)
		First lien senior secured loan ($4.6 par due 3/2024)	7.25% (Libor + 6.25%/Q)	2/11/2019	4.6	4.6	(13)