10-Q 1 arccq3-2110q.htm 10-Q Document


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 classTrading symbolName of each exchange on which registered
Common stock, $0.001 par valueARCCNASDAQ 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  ý  No  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
 
 
   
 
   
 
   
 
   
 
   
 
   
Item 2.
   
Item 3.
   
Item 4.
   
Part II.
 
   
Item 1.
   
Item 1A.
   
Item 2.
   
Item 3.
Item 4.
   
Item 5.
   
Item 6.


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, 2021December 31, 2020
(unaudited) 
ASSETS
Investments at fair value  
Non-controlled/non-affiliate company investments$15,345 $12,780 
Non-controlled affiliate company investments333 296 
Controlled affiliate company investments1,999 2,439 
Total investments at fair value (amortized cost of $17,627 and $15,914, respectively)
17,677 15,515 
Cash and cash equivalents1,193 254 
Restricted cash20 72 
Interest receivable111 112 
Receivable from participants— 38 
Receivable for open trades24 73 
Other assets98 94 
Operating lease right-of-use asset31 38 
Total assets$19,154 $16,196 
LIABILITIES
Debt$9,895 $8,491 
Base management fees payable65 56 
Income based fees payable53 140 
Capital gains incentive fees payable133 — 
Interest and facility fees payable66 83 
Payable to participants20 72 
Payable for open trades153 
Accounts payable and other liabilities87 90 
Secured borrowings97 23 
Operating lease liabilities48 59 
Total liabilities10,617 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 value8,373 7,656 
Accumulated undistributed (overdistributed) earnings164 (480)
Total stockholders’ equity8,537 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,
 2021202020212020
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 investments42 33 95 85 
Capital structuring service fees53 12 179 55 
Dividend income31 18 86 54 
Other income11 22 28 38 
Total investment income from non-controlled/non-affiliate company investments367 279 1,044 871 
From non-controlled affiliate company investments: 
Interest income from investments (excluding PIK interest income)
PIK interest income from investments— 
Capital structuring service fees— — — 
Other income— — — 
Total investment income from non-controlled affiliate company investments10 
From controlled affiliate company investments: 
Interest income from investments (excluding PIK interest income)39 38 129 110 
PIK interest income from investments13 23 22 
Capital structuring service fees— 11 — 
Dividend income23 19 72 55 
Other income
Total investment income from controlled affiliate company investments72 71 238 190 
Total investment income442 352 1,291 1,071 
EXPENSES: 
Interest and credit facility fees94 77 267 235 
Base management fees65 53 184 161 
Income based fees53 42 158 127 
Capital gains incentive fees 30 — 133 (58)
Administrative fees11 10 
Other general and administrative18 19 
Total expenses253 182 771 494 
NET INVESTMENT INCOME BEFORE INCOME TAXES189 170 520 577 
Income tax expense, including excise tax21 12 
NET INVESTMENT INCOME184 166 499 565 
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS: 
Net realized gains (losses):
Non-controlled/non-affiliate company investments82 (19)139 15 
Non-controlled affiliate company investments— 58 13 
Controlled affiliate company investments40 (4)61 (6)
Foreign currency and other transactions26 (2)(5)
Net realized gains (losses)149 (25)267 17 
Net unrealized gains (losses): 
Non-controlled/non-affiliate company investments35 160 388 (571)
Non-controlled affiliate company investments13 (31)
Controlled affiliate company investments(29)142 56 126 
Foreign currency and other transactions(11)(6)— 
Net unrealized gains (losses)300 462 (476)
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions150 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 DescriptionInvestmentInterest(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 institutionsFirst 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 providerFirst lien senior secured loan ($64.2 par due 3/2026)6.25% (Libor + 5.00%/Q)2/28/202064.2 64.2 (13)
First lien senior secured loan ($0.7 par due 3/2026)6.25% (Libor + 5.00%/Q)6/7/20210.7 0.7 (2)(13)
Senior subordinated loan ($26.6 par due 2/2028)12.75% PIK2/28/202026.6 26.6 (2)
91.5 91.5 
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (17)Provider of intellectual property management lifecycle softwareFirst lien senior secured loan ($4.8 par due 4/2026)6.25% (Euribor + 6.25%/Q)4/10/20194.6 4.8 
First lien senior secured loan ($16.0 par due 4/2026)7.00% (Libor + 6.00%/Q)6/24/202116.0 16.0 (2)(13)
Limited partnership units (4,400,000 units)6/13/20194.2 7.5 (2)(6)
24.8 28.3 
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(17)Aircraft performance software providerFirst lien senior secured loan ($13.5 par due 1/2025)6.75% (Libor + 5.25%/Q)1/3/202013.5 13.5 (2)(13)
Class A membership units (9,750,000 units)1/3/20209.8 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 disorderFirst lien senior secured loan ($25.7 par due 5/2027)8.25% (Libor + 7.25%/Q)5/6/202125.7 25.4 (2)(13)
Series A preferred shares (32,236 shares)11.00% PIK5/6/202133.7 33.7 (2)
59.4 59.1 
Apptio, Inc. (17)Provider of cloud-based technology business management solutionsFirst lien senior secured revolving loan ($1.7 par due 1/2025)8.25% (Libor + 7.25%/Q)1/10/20191.7 1.7 (2)(13)
First lien senior secured loan ($62.2 par due 1/2025)8.25% (Libor + 7.25%/Q)1/10/201962.2 62.2 (13)
63.9 63.9 
Avetta, LLC (17)Supply chain risk management SaaS platform for global enterprise clientsFirst lien senior secured loan ($21.1 par due 4/2024)6.25% (Libor + 5.25%/Q)7/15/202121.1 21.1 (2)(13)
AxiomSL Group, Inc. and Calypso Group, Inc. (17)Provider of real-time wire data analytics solutions for application and infrastructure monitoringFirst lien senior secured loan ($21.4 par due 12/2027)7.00% (Libor + 6.00%/Q)7/21/202121.0 21.2 (2)(13)
Banyan Software Holdings, LLC (17)Vertical software businesses holding companyFirst lien senior secured loan ($20.3 par due 10/2026)8.50% (Libor + 7.50%/Q)10/30/202020.3 20.3 (2)(13)
Borrower R365 Holdings LLC (17)Provider of restaurant ERP systemsFirst lien senior secured revolving loan ($0.7 par due 6/2027)7.50% (Libor + 6.50%/Q)6/10/20210.7 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)6/10/202115.1 15.2 (2)(13)
15.8 15.9 
CallMiner, Inc. Provider of cloud-based conversational analytics solutionsWarrant 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 brokersFirst lien senior secured revolving loan ($1.1 par due 11/2025)6.75% (Base Rate + 3.50%/Q)11/12/20201.1 1.1 (2)(13)
Second lien senior secured loan ($48.1 par due 11/2028)8.50% (Libor + 7.75%/Q)11/12/202048.1 48.1 (2)(13)
Series A-2 preferred shares (8,963 shares)11.25% PIK (Libor + 11.00%/Q)12/23/20209.8 9.9 (2)
Series A preferred shares (24,898 shares)11.21% PIK (Libor + 11.00%/Q)11/12/202027.5 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 DescriptionInvestmentInterest(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 industryFirst lien senior secured loan ($60.8 par due 5/2028)6.75% (Libor + 5.75%/Q)5/28/202160.8 60.1 (2)(6)(13)
Common units (4,799,000 units)5/28/20214.8 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 sectorsSecond lien senior secured loan ($155.7 par due 6/2029)7.00% (Libor + 6.50%/M)6/3/2021155.7 154.1 (2)(13)
Limited partnership units (59,665,989 units)4/29/202159.7 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 dataFirst lien senior secured loan ($6.4 par due 7/2026)6.00% (Libor + 5.00%/Q)7/2/20196.4 6.4 (6)(13)
First lien senior secured loan ($4.4 par due 7/2026)6.00% (Libor + 5.00%/Q)10/15/20194.4 4.4 (6)(13)
First lien senior secured loan ($1.1 par due 7/2026)8.00% (Libor + 7.00%/Q)9/3/20201.1 1.1 (2)(6)(13)
Preferred equity (198 shares)9.00% PIK7/2/20190.2 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 managementFirst 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 solutionsSeries A preferred shares (129,822 shares)10.50% PIK5/25/2021131.2 129.8 (2)
Series A units (817,194 units)5/27/202113.3 12.2 (2)
144.5 142.0 
Denali Holdco LLC and Denali Topco LLC (17)Provider of cybersecurity audit and assessment servicesFirst lien senior secured loan ($37.3 par due 9/2027)7.00% (Libor + 6.00%/Q)9/15/202137.3 36.9 (2)(13)
Class A units (2,549,000)9/15/20212.5 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 documentsFirst lien senior secured revolving loan8/4/2020— — (15)
First lien senior secured loan ($33.1 par due 8/2025)7.25% (Libor + 6.25%/Q)8/4/202032.5 33.1 (13)
First lien senior secured loan ($9.0 par due 8/2025)6.75% (Libor + 5.75%/Q)3/4/20218.9 9.0 (2)(13)
First lien senior secured loan ($11.5 par due 8/2025)6.75% (Libor + 5.75%/Q)4/6/202111.4 11.5 (2)(13)
First lien senior secured loan ($2.0 par due 8/2025)7.25% (Libor + 6.25%/Q)7/30/20212.0 2.0 (2)(13)
Preferred stock (13,140 shares)10.50% PIK4/6/202113.5 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 industrySecond lien senior secured loan ($25.0 par due 7/2026)8.33% (Libor + 8.25%/M)2/11/202025.0 25.0 
Preferred stock (29.53 shares)13.50% PIK2/11/202035.8 36.7 (2)
60.8 61.7 
DS Admiral Bidco, LLC (17)Tax return software provider for government institutionsFirst lien senior secured loan ($25.8 par due 3/2028)6.75% (Libor + 5.75%/Q)3/16/202125.1 25.5 (2)(13)
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (17)SaaS based supply chain management software provider focused on chemical marketsFirst lien senior secured revolving loan ($2.3 par due 9/2025)7.00% (Libor + 6.00%/M)9/18/20192.3 2.3 (2)(13)
First lien senior secured loan ($50.7 par due 9/2025)7.00% (Libor + 6.00%/Q)9/18/201950.7 50.7 (13)
First lien senior secured loan ($11.5 par due 9/2025)7.00% (Libor + 6.00%/Q)9/18/201911.5 11.5 (2)(13)
First lien senior secured loan ($20.5 par due 9/2025)7.00% (Libor + 6.00%/Q)12/15/202020.5 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 DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Preferred equity (4,599 shares)9/18/20194.6 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 solutionsFirst lien senior secured loan ($29.0 par due 5/2026)5.38% (Libor + 5.25%/Q)5/10/201929.0 29.0 (6)
First lien senior secured loan ($24.4 par due 5/2026)5.38% (Libor + 5.25%/Q)5/10/201924.4 24.4 (2)(6)(9)
First lien senior secured loan ($10.6 par due 5/2026)5.38% (Libor + 5.25%/Q)5/10/201910.6 10.6 (2)(6)
Partnership units (5,034,483 units)5/10/20194.7 8.6 (2)(6)
68.7 72.6 
Episerver Inc. and Goldcup 17308 AB (17)Provider of web content management and digital commerce solutionsFirst lien senior secured loan ($6.2 par due 4/2026)5.75% (Euribor + 5.75%/Q)3/22/20196.0 6.2 (2)(6)
First lien senior secured loan ($27.0 par due 4/2026)6.50% (Libor + 5.50%/Q)10/9/201827.0 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 solutionsSecond lien senior secured loan ($19.9 par due 2/2028)8.50% (Libor + 8.00%/M)2/4/202019.5 19.9 (13)
Second lien senior secured loan ($2.5 par due 2/2028)8.50% (Libor + 8.00%/M)2/4/20202.5 2.5 (2)(13)
Second lien senior secured loan ($30.6 par due 2/2028)8.50% (Libor + 8.00%/M)4/27/202129.5 30.6 (2)(13)
Limited partnership interest (3,988,000 shares)1/31/20204.5 5.8 (2)(6)
56.0 58.8 
ExtraHop Networks, Inc. (17)Provider of real-time wire data analytics solutions for application and infrastructure monitoringFirst lien senior secured loan ($0.4 par due 7/2027)8.50% (Libor + 7.50%/Q)7/20/20210.4 0.4 (2)(13)
First lien senior secured loan ($16.6 par due 7/2027)8.50% (Libor + 7.50%/Q)7/22/202116.6 16.4 (2)(13)
17.0 16.8 
First Insight, Inc. Software company providing merchandising and pricing solutions to companies worldwideWarrant 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 solutionsFirst lien senior secured revolving loan ($1.5 par due 12/2024)7.50% (Libor + 6.50%/Q)2/8/20181.5 1.5 (2)(13)
First lien senior secured loan ($3.2 par due 12/2024)7.50% (Libor + 6.50%/M)12/2/20193.2 3.2 (2)(13)
First lien senior secured loan ($1.4 par due 12/2024)7.50% (Libor + 6.50%/Q)6/15/20211.4 1.4 (2)(13)
6.1 6.1 
Forescout Technologies, Inc. (17)Network access control solutions providerFirst lien senior secured loan ($18.3 par due 8/2026)10.50% PIK (Libor + 9.50%/Q)8/17/202017.9 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 organizationsFirst lien senior secured loan ($17.3 par due 9/2023)6.75% (Libor + 5.75%/Q)12/30/202017.3 17.3 (13)
First lien senior secured loan ($3.1 par due 9/2023)6.75% (Libor + 5.75%/Q)6/15/20213.1 3.1 (2)(13)
Class A preferred units (4,574 units)9.00% PIK9/18/20176.0 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 providerFirst lien senior secured revolving loan ($1.5 par due 7/2024)4.13% (Libor + 4.00%/Q)7/31/20181.5 1.5 (2)
First lien senior secured loan ($0.2 par due 7/2024)4.13% (Libor + 4.00%/Q)7/31/20180.2 0.2 (2)
Second lien senior secured loan ($32.4 par due 7/2025)7.65% (Libor + 7.50%/Q)7/31/201832.4 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 DescriptionInvestmentInterest(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)6/9/20217.5 7.2 (2)
Class A common stock (8 shares)7/31/20180.8 0.8 (2)
42.4 40.8 
IfByPhone Inc. Voice-based marketing automation software providerWarrant to purchase up to 124,300 shares of Series C preferred stock (expires 10/2022)10/15/20120.1 — (2)
Inmar, Inc.Technology-driven solutions provider for retailers, wholesalers and manufacturersSecond lien senior secured loan ($28.3 par due 5/2025)9.00% (Libor + 8.00%/Q)4/25/201728.1 28.3 (2)(13)
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLCProvider of data analysis, statistics, and visualization software solutions for scientific research applicationsFirst lien senior secured revolving loan ($0.3 par due 4/2027)7.00% (Libor + 6.00%/Q)12/21/20170.3 0.3 (2)(13)
First lien senior secured loan ($0.5 par due 4/2027)7.00% (Libor + 6.00%/Q)12/21/20170.5 0.5 (2)(13)
First lien senior secured loan ($16.2 par due 4/2027)6.50% (Libor + 5.50%/Q)4/28/202116.2 16.0 (2)(13)
Senior subordinated loan ($37.5 par due 4/2032)10.50%4/28/202137.5 37.2 (2)
Preferred units (1,828,645 units)14.00% PIK4/28/202150.5 50.5 
105.0 104.5 
Huskies Parent, Inc. (17)Insurance software providerFirst lien senior secured loan ($0.5 par due 7/2026)4.08% (Libor + 4.00%/M)7/18/20190.5 0.5 (2)(20)
IV Rollover Holdings, LLC Solar power generation facility developer and operatorClass B units (170,490 units)5/31/2017— — (2)
Class X units (5,000,000 units)5/31/20172.2 2.2 (2)
2.2 2.2 
Majesco and Magic Topco, L.P. (17)Insurance software providerFirst lien senior secured loan ($60.7 par due 9/2027)8.25% (Libor + 7.25%/Q)9/21/202060.7 60.7 (2)(13)
Class A units (2,539 units)9.00% PIK9/21/20202.8 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 institutionsFirst lien senior secured loan ($9.2 par due 12/2022)5.00% (Libor + 4.00%/M)4/6/20179.2 9.2 (13)
First lien senior secured loan ($4.8 par due 12/2022)5.00% (Libor + 4.00%/M)8/22/20174.8 4.8 (13)
Second lien senior secured loan ($90.0 par due 6/2023)10.25% (Libor + 9.25%/M)12/2/201689.8 90.0 (13)
Second lien senior secured loan ($16.6 par due 6/2023)10.25% (Libor + 9.25%/M)12/2/201616.6 16.6 (2)(13)
Second lien senior secured loan ($13.9 par due 6/2023)10.25% (Libor + 9.25%/M)4/6/201713.9 13.9 (2)(13)
Second lien senior secured loan ($17.9 par due 6/2023)10.25% (Libor + 9.25%/M)8/22/201717.9 17.9 (2)(13)
Second lien senior secured loan ($48.9 par due 6/2023)9.00% (Libor + 8.00%/M)4/18/201848.9 48.9 (2)(13)
Class A units (500,000 units)12/2/20165.0 8.3 (2)
206.1 209.6 
MMIT Holdings, LLC (17)Provider of market intelligence and analysis for the pharmaceutical industryFirst lien senior secured loan ($42.9 par due 9/2027)7.25% (Libor + 6.25%/Q)9/15/202142.9 42.5 (2)(13)
MRI Software LLC (17)Provider of real estate and investment management softwareFirst lien senior secured loan ($50.6 par due 2/2026)6.50% (Libor + 5.50%/Q)2/10/202050.6 50.6 (13)
First lien senior secured loan ($3.9 par due 2/2026)6.50% (Libor + 5.50%/Q)8/28/20203.9 3.9 (2)(13)
54.5 54.5 
OpenMarket Inc. Provider of cloud-based mobile engagement platformFirst lien senior secured loan ($50.8 par due 9/2026)7.00% (Libor + 6.25%/Q)9/17/202150.8 50.3 (6)(13)
Paya, Inc and GTCR-Ultra Holdings LLC (17)Provider of payment processing and merchant acquiring solutionsClass 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 DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
PayNearMe, Inc. Electronic cash payment system providerWarrant to purchase up to 195,726 shares of Series E preferred stock (expires 3/2023)3/11/20160.2 — (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 marketFirst lien senior secured loan ($53.6 par due 10/2024)5.50% (Libor + 4.50%/Q)3/19/201953.6 53.6 (13)
Second lien senior secured loan ($4.8 par due 10/2025)9.50% (Libor + 8.50%/Q)4/27/20214.8 4.8 (2)(13)
Second lien senior secured loan ($70.1 par due 10/2025)9.50% (Libor + 8.50%/Q)3/19/201970.1 70.1 (2)(13)
Second lien senior secured loan ($8.3 par due 10/2025)9.50% (Libor + 8.50%/Q)12/17/20208.3 8.3 (2)(13)
Series A preferred stock (13,656 shares)13.25% PIK3/19/201918.8 19.1 (2)
Class A units (2,062,493 units)3/19/20192.1 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 softwareFirst lien senior secured loan ($25.6 par due 5/2025)6.75% (Libor + 5.75%/Q)5/29/201925.6 25.6 (2)(13)
First lien senior secured loan ($5.8 par due 5/2025)7.25% (Libor + 6.25%/Q)6/24/20205.8 5.8 (2)(13)
First lien senior secured loan ($50.1 par due 5/2025)7.25% (Libor + 6.25%/Q)10/16/202050.1 50.1 (2)(13)
Class A units (5,000 units)5/29/20195.0 12.0 
86.5 93.5 
Pluralsight, Inc. (17)Online education learning platformFirst lien senior secured loan ($136.2 par due 4/2027)9.00% (Libor + 8.00%/Q)4/6/2021136.2 134.8 (2)(13)
Poplicus Incorporated Business intelligence and market analytics platform for companies that sell to the public sectorWarrant to purchase up to 2,402,991 shares of Series C preferred stock (expires 6/2025)6/25/20150.1 — (2)
PracticeTek Purchaser, LLC and GSV PracticeTek Holdings, LLC (17)Software provider for medical practitionersFirst lien senior secured loan ($11.5 par due 3/2027)7.00% (Libor + 6.00%/M)3/31/202111.5 11.5 (2)(13)
Class A units (11,804,000 units)8.00% PIK3/31/202111.8 11.8 (2)
23.3 23.3 
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (17)Provider of practice management software to law firmsFirst lien senior secured loan ($1.4 par due 3/2027)6.25% (Libor + 5.25%/Q)3/5/20211.4 1.4 (2)(13)
Limited partnership units (1,624,000 units)3/5/20211.61.6(2)
3.0 3.0 
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc. Provider of data visualization software for data analyticsClass A common stock (7,445 shares)8/22/20167.4 17.5 (2)
Class B common stock (1,841,609 shares)8/22/20160.1 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 industryFirst lien senior secured loan ($36.6 par due 4/2028)6.75% (Libor + 5.75%/Q)4/20/202136.6 36.3 (2)(13)
PIK preferred shares (26,436 shares)10.50% PIK (Libor + 9.50%/Q)4/20/202127.7 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 industryFirst lien senior secured revolving loan4/23/2020— — (15)
First lien senior secured loan ($44.2 par due 4/2027)9.25% (Libor + 8.25%/M)4/23/202044.2 44.2 (13)
First lien senior secured loan ($12.9 par due 4/2027)9.25% (Libor + 8.25%/M)10/30/202012.9 12.9 (2)(13)
First lien senior secured loan ($19.4 par due 4/2027)9.25% (Libor + 8.25%/M)11/18/202019.4 19.4 (2)(13)
Class A units (1,599 units)9.00% PIK4/23/20201.8 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 DescriptionInvestmentInterest(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 providerFirst lien senior secured loan ($1.0 par due 8/2028)3.75% (Libor + 3.25%/Q)6/9/20211.0 1.0 (13)(20)
Second lien senior secured loan ($34.6 par due 8/2029)6.75% (Libor + 6.25%/Q)6/9/202134.4 34.9 (2)(13)
35.4 35.9 
QF Holdings, Inc. (17)SaaS based electronic health record software providerFirst lien senior secured loan ($29.3 par due 9/2024)7.50% (Libor + 6.50%/Q)9/19/201929.3 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 marketFirst lien senior secured revolving loan ($0.8 par due 12/2023)7.00% (Libor + 6.00%/M)12/17/20180.8 0.8 (2)(13)
First lien senior secured loan ($20.8 par due 12/2024)7.00% (Libor + 6.00%/Q)12/17/201820.8 20.8 (2)(13)
Class A common units (2,294,000 units)12/17/20182.3 2.4 
23.9 24.0 
RealPage, Inc. Provider of enterprise software solutions to the residential real estate industrySecond lien senior secured loan ($84.1 par due 4/2029)7.25% (Libor + 6.50%/M)4/22/202182.9 83.2 (2)(13)
Regent Education, Inc. Provider of software solutions designed to optimize the financial aid and enrollment processesWarrant 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 investigationsFirst lien senior secured loan ($58.5 par due 5/2027)8.50% PIK (Libor + 7.50%/M)5/12/202158.5 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 providersFirst lien senior secured loan ($26.0 par due 2/2023)6.00% (Libor + 5.00%/Q)3/14/201926.0 26.0 (13)
Smarsh Inc., MobileGuard, LLC, Actiance, Inc. and Skywalker TopCo, LLC SaaS based communication archival service providerFirst lien senior secured loan ($13.3 par due 11/2025)9.25% (Libor + 8.25%/Q)11/20/202013.3 13.3 (2)(13)
Common units (1,432,835 units)11/20/20204.8 5.2 (2)
18.1 18.5 
SocialFlow, Inc. Social media optimization platform providerWarrant 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 institutionsSecond lien senior secured loan ($105.9 par due 10/2028)9.00% (Libor + 8.00%/Q)10/7/2020105.9 105.9 (2)(13)
SoundCloud Limited Platform for receiving, sending, and distributing musicCommon stock (73,422 shares)8/15/20170.4 0.7 (2)(6)
Storable, Inc. and EQT IX Co-Investment (E) SCSP PMS solutions and web services for the self-storage industrySecond lien senior secured loan ($42.8 par due 4/2029)7.50% (Libor + 6.75%/Q)4/16/202142.8 42.8 (2)(13)
Limited partnership interests (614,950 interests)4/16/20216.2 6.9 (2)(6)
49.0 49.7 
Sundance Group Holdings, Inc. (17)Provider of cloud-based document management and collaboration solutionsFirst lien senior secured loan ($15.4 par due 7/2027)7.75% (Libor + 6.75%/Q)7/2/202115.1 15.3 (2)(13)
TCP Hawker Intermediate LLC (17)Workforce management solutions providerFirst lien senior secured loan ($6.6 par due 8/2026)6.50% (Libor + 5.50%/Q)12/1/20206.6 6.6 (13)
First lien senior secured loan ($34.9 par due 8/2026)6.50% (Libor + 5.50%/Q)8/30/201934.9 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 businessesFirst lien senior secured revolving loan5/3/2019— — (6)(15)
Second lien senior secured loan ($136.9 par due 5/2027)8.08% (Libor + 8.00%/M)5/3/2019136.9 136.9 (6)
Limited partnership interests (12,583,556 interests)5/3/201912.6 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 DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Verscend Holding Corp. (17)Healthcare analytics solutions providerFirst lien senior secured revolving loan8/27/2018— — (15)
WebPT, Inc. (17)Electronic medical record software providerFirst lien senior secured loan ($48.1 par due 8/2024)7.75% (Libor + 6.75%/Q)8/28/201948.1 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 industryFirst lien senior secured loan ($18.8 par due 1/2027)6.50% (Libor + 5.50%/Q)1/20/202118.8 18.8 (2)(13)
WorkWave Intermediate II, LLC (17)Provider of cloud-based field services and fleet management solutionsFirst lien senior secured loan ($14.8 par due 6/2027)8.00% (Libor + 7.25%/Q)6/29/202114.8 14.7 (2)(13)
First lien senior secured loan ($45.5 par due 6/2027)8.00% PIK (Libor + 7.25.% PIK/Q)6/29/202145.5 45.0 (2)(13)
60.3 59.7 
Zemax Software Holdings, LLC (17)Provider of optical illumination design software to design engineersFirst lien senior secured revolving loan ($2.0 par due 6/2024)8.00% (Base Rate + 4.75%/Q)6/25/20182.0 2.0 (2)(13)
First lien senior secured loan ($16.5 par due 6/2024)6.75% (Libor + 5.75%/Q)6/25/201816.5 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 providerFirst lien senior secured revolving loan ($1.0 par due 6/2024)11.25% (Base rate + 3.00% Cash, 5.00% PIK/Q)6/1/20211.0 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)6/1/202148.9 48.9 (2)(13)
Class A preferred units (14,750,000 units)1/5/20164.7 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 providerFirst lien senior secured revolving loan ($6.9 par due 9/2022)7.50% (Base rate + 3.75% Cash, .50% PIK/Q)9/28/20166.9 6.9 (2)(13)
Second lien senior secured loan ($112.2 par due 3/2024)11.00% PIK (Libor + 10.00% PIK/Q)9/28/201692.1 101.0 (2)(13)
Membership units (3,000,000 units)9/28/20163.0 — (2)
102.0 107.9 
Alteon Health, LLC Provider of physician management servicesFirst lien senior secured loan ($2.8 par due 9/2023)7.50% (Libor + 6.50%/Q)5/15/20172.8 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 hospitalsClass A interests (0.39% interest)2/11/20199.0 25.5 (2)
Bambino Group Holdings, LLC Dental services providerClass A preferred units (1,000,000 units)12/21/20161.0 1.3 (2)
Bearcat Buyer, Inc. and Bearcat Parent, Inc. (17)Provider of central institutional review boards over clinical trialsSecond lien senior secured loan ($69.5 par due 7/2027)9.25% (Libor + 8.25%/Q)7/9/201969.5 69.5 (2)(13)
Second lien senior secured loan ($12.7 par due 7/2027)9.25% (Libor + 8.25%/Q)9/10/201912.7 12.7 (2)(13)
Class B common units (4,211 units)7/9/20194.2 11.3 (2)
86.4 93.5 
CCS-CMGC Holdings, Inc. (17)Correctional facility healthcare operatorFirst lien senior secured revolving loan10/1/2018— — (15)
First lien senior secured loan ($34.0 par due 10/2025)5.58% (Libor + 5.50%/M)9/25/201833.8 33.4 
33.8 33.4 
Center for Autism and Related Disorders, LLC (17)Autism treatment and services provider specializing in applied behavior analysis therapyFirst lien senior secured revolving loan ($2.2 par due 11/2023)5.62% (Libor + 5.50%/Q)11/21/20182.2 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 DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Comprehensive EyeCare Partners, LLC (17)Vision care practice management companyFirst lien senior secured revolving loan ($0.5 par due 2/2024)7.00% (Libor + 5.75%/Q)2/14/20180.5 0.5 (2)(13)
First lien senior secured loan ($9.4 par due 2/2024)7.00% (Libor + 5.75%/Q)2/14/20189.4 9.4 (2)(13)
First lien senior secured loan ($0.3 par due 2/2024)8.00% (Base Rate + 4.75%/Q)4/19/20210.3 0.3 (2)(13)
First lien senior secured loan ($1.4 par due 2/2024)7.00% (Libor + 5.75%/Q)4/19/20211.4 1.4 (2)(13)
11.6 11.6 
Convey Health Solutions, Inc. Healthcare workforce management software providerFirst lien senior secured loan ($2.7 par due 9/2026)5.50% (Libor + 4.75%/Q)9/4/20192.7 2.7 (13)
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (17)Veterinary hospital operatorFirst lien senior secured revolving loan10/31/2019— — (15)
First lien senior secured loan ($39.5 par due 10/2025)6.25% (Libor + 5.25%/Q)10/31/201939.5 39.5 (13)
First lien senior secured loan ($4.4 par due 10/2025)6.25% (Libor + 5.25%/Q)4/26/20214.4 4.4 (2)(13)
Common stock (32,429 shares)10/31/201910.0 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 industrySecond lien senior secured loan ($114.0 par due 5/2029)7.50% (Libor + 6.75%/Q)5/26/2021114.0 112.9 (2)(13)
Class A units (14,013,303 units)6/30/201714.0 29.1 (2)
128.0 142.0 
Global Medical Response, Inc. Emergency air medical services providerSenior subordinated loan ($145.1 par due 3/2026)8.88% (Libor + 7.88%/Q)3/14/2018145.1 145.1 (2)(13)
Warrant to purchase up to 115,733 units of common stock (expires 3/2028)3/14/20180.9 3.0 (2)
146.0 148.1 
HealthEdge Software, Inc. (17)Provider of financial, administrative and clinical software platforms to the healthcare industryFirst lien senior secured revolving loan ($1.3 par due 4/2026)7.25% (Libor + 6.25%/Q)4/9/20201.2 1.3 (2)(13)
First lien senior secured loan ($14.4 par due 4/2026)7.25% (Libor + 6.25%/Q)4/9/202014.4 14.4 
First lien senior secured loan ($47.5 par due 4/2026)7.25% (Libor + 6.25%/Q)12/16/202047.5 47.5 (2)(13)
63.1 63.2 
Honor Technology, Inc. Nursing and home care providerFirst lien senior secured loan ($2.5 par due 8/2026)11.00% (Libor + 10.00%/M)8/6/20212.4 2.5 (2)(13)
Warrant to purchase up to 133,333 shares of series D-2 preferred stock (expires 8/2031)8/6/20210.1 0.1 (2)
2.5 2.6 
JDC Healthcare Management, LLC (17)Dental services providerFirst lien senior secured revolving loan ($4.3 par due 4/2022)4/10/20173.8 3.2 (2)(12)
First lien senior secured loan ($36.4 par due 4/2023)4/10/201731.7 27.4 (2)(12)
35.5 30.6 
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (17)Provider of behavioral health servicesFirst lien senior secured revolving loan ($1.3 par due 3/2022)6.00% (Libor + 4.00% Cash, 1.00% PIK/M)3/17/20171.3 1.3 (2)(13)
MCH Holdings, Inc., MC Acquisition Holdings I, LLC and Privia Health Group, Inc. Healthcare professional providerFirst lien senior secured loan ($111.0 par due 7/2022)8.50% (Libor + 7.00%/M)7/26/2017111.0 111.0 (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 DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Minerva Surgical, Inc. Medical device company focused on women's healthFirst lien senior secured loan ($32.4 par due 12/2022)11.50% (Libor + 3.50% Cash, 6.00% PIK/Q)12/30/201931.9 34.5 (2)(13)
Napa Management Services Corporation and ASP NAPA Holdings, LLC Anesthesia management services providerSecond lien senior secured loan ($72.8 par due 10/2023)11.00% (Libor + 10.00%/M)4/19/201672.8 72.8 (2)(13)
Preferred units (1,842 units)15.00% PIK6/29/20200.1 0.1 (2)
Senior preferred units (5,320 units)8.00% PIK6/29/20200.3 0.3 (2)
Class A units (25,277 units)4/19/20162.5 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 lossFirst lien senior secured revolving loan—%11/13/2018— — (15)
Partnership units (30,000 units)11/13/20183.0 2.9 (2)
3.0 2.9 
NueHealth Performance, LLC (17)Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centersFirst lien senior secured revolving loan ($3.3 par due 9/2023)8.25% (Libor + 7.25%/M)9/27/20183.3 3.3 (2)(13)
First lien senior secured loan ($12.5 par due 9/2023)8.25% (Libor + 7.25%/M)9/27/201812.5 12.5 (13)
First lien senior secured loan ($2.5 par due 9/2023)8.25% (Libor + 7.25%/M)2/1/20202.5 2.5 (2)(13)
18.3 18.3 
Olympia Acquisition, Inc. and Olympia TopCo, L.P. (17)Behavioral health and special education platform providerFirst lien senior secured revolving loan ($10.1 par due 9/2024)8.50% (Libor + 5.50% Cash, 2.00% PIK/M)9/24/201910.1 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)12/17/20200.2 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)9/24/201942.2 37.1 (13)
First lien senior secured loan ($0.6 par due 9/2026)8.50% (Libor + 5.50% Cash, 2.00% PIK/M)12/31/20200.6 0.6 (13)
Preferred units (417,189)15.00% PIK7/28/20210.3 0.3 (2)
Class A common units (9,549,000 units)9/24/20199.5 1.4 (2)
62.9 48.4 
OMH-HealthEdge Holdings, LLC Provider of financial, administrative and clinical software platforms to the healthcare industryFirst lien senior secured loan ($26.2 par due 10/2025)6.50% (Libor + 5.50%/Q)10/24/201926.2 26.2 (13)
First lien senior secured loan ($15.4 par due 10/2025)6.50% (Libor + 5.50%/Q)3/10/202115.4 15.4 (13)
41.6 41.6 
OSYS Holdings, LLC Provider of technology-enabled solutions to pharmaciesLimited liability company membership interest (1.57%)11/21/20131.0 2.5 (2)
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (17)Veterinary hospital operatorFirst 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)3/31/202076.3 76.3 (2)(13)
Class R common units (6,004,768 units)3/31/20206.0 9.6 (2)
82.3 85.9 
PhyMED Management LLC Provider of anesthesia servicesSecond lien senior secured loan ($54.1 par due 9/2022)15.00% (Libor rate + 3.00% cash, 11.00%/Q)12/18/201554.0 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 pharmaciesFirst lien senior secured revolving loan ($12.0 par due 7/2023)3.37% (Libor + 3.25%/Q)7/10/201812.0 12.0 (2)(16)
First lien senior secured loan ($8.7 par due 7/2025)3.63% (Libor + 3.50%/Q)7/10/20188.7 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 DescriptionInvestmentInterest(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)7/10/201866.7 67.1 (2)
Class A units (9,775 units)7/10/20189.8 18.3 (2)
97.2 106.1 
Respicardia, Inc. Developer of implantable therapies to improve cardiovascular healthWarrant 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/devicesFirst lien senior secured revolving loan ($4.0 par due 7/2026)8.25% (Libor + 6.75%/M)7/20/20204.0 4.0 (2)(13)
First lien senior secured loan ($37.8 par due 7/2026)8.25% (Libor + 6.75%/Q)7/20/202037.8 37.8 (13)
41.8 41.8 
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (17)Outsourced anesthesia providerFirst lien senior secured loan ($12.8 par due 3/2024)5.75% (Libor + 4.75%/Q)3/26/201812.8 10.6 (13)
Common units (684,854 units)3/26/20184.8 0.5 (2)
17.6 11.1 
SM Wellness Holdings, Inc. and SM Holdco, Inc. (17)Breast cancer screening providerFirst lien senior secured loan ($3.4 par due 4/2028)5.50% (Libor + 4.75%/Q)4/15/20213.4 3.4 (2)(13)
Series A units (8,041 units)8/1/20188.0 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 providerSecond lien senior secured loan ($69.9 par due 12/2028)8.63% (Libor + 7.88%/Q)12/22/202069.9 69.9 (2)(13)
Series C preferred shares (116,054 shares)11.00% PIK12/22/2020124.1 124.1 (2)
194.0 194.0 
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (17)Franchisor of private-pay home care for the elderlyFirst lien senior secured loan ($15.3 par due 4/2024)6.75% (Libor + 5.75%/Q)4/2/201815.3 15.3 (13)
Common units (550 units)4/2/20180.5 1.0 
15.8 16.3 
Teligent, Inc. (17)Pharmaceutical company that develops, manufactures and markets injectable pharmaceutical productsSecond lien senior secured loan ($0.9 par due 12/2022)1/27/20210.9 0.4 (2)(12)
Second lien senior secured loan ($0.5 par due 12/2022)1/27/20210.5 0.2 (2)(10)(12)
Second lien senior secured loan ($80.3 par due 12/2022)12/13/201872.4 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 segmentsSecond lien senior secured loan ($20.5 par due 5/2029)7.50% (Libor + 6.75%/Q)6/2/202120.3 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-marketsFirst lien senior secured loan ($36.1 par due 11/2025)4.83% (Libor + 4.75%/M)11/15/201836.1 36.1 
Class A preferred units (2,149 units)8.00% PIK11/15/20182.7 2.7 (2)
38.8 38.8 
U.S. Anesthesia Partners, Inc. Anesthesiology service providerSecond lien senior secured loan ($68.0 par due 6/2025)8.25% (Libor + 7.25%/Q)6/16/201767.5 68.0 (2)(13)
Urology Management Associates, LLC and JWC/UMA Holdings, L.P. Urology private practiceFirst lien senior secured loan ($9.3 par due 8/2024)5.50% (Libor + 4.50%/M)8/31/20189.2 9.3 (13)
Limited partnership interests (3.64% interest)8/31/20184.8 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 DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
14.0 14.4 
Veterinary Practice Partners, LLC (17)Veterinary hospital operatorFirst lien senior secured revolving loan1/20/2021— — (15)
First lien senior secured loan ($23.7 par due 1/2027)6.50% (Libor + 5.50%/M)1/20/202123.7 23.7 (2)(13)
First lien senior secured loan ($11.6 par due 1/2027)6.50% (Libor + 5.50%/M)1/20/202111.6 11.6 (13)
35.3 35.3 
Project Ruby Ultimate Parent Corp.Provider of care coordination and transition management software solutionsSecond lien senior secured loan ($193.1 par due 3/2029)7.25% (Libor + 6.50%/M)3/10/2021193.1 193.1 (2)(13)
WSHP FC Acquisition LLC (17)Provider of biospecimen products for pharma researchFirst lien senior secured revolving loan ($2.7 par due 3/2024)7.25% (Libor + 6.25%/Q)3/30/20182.7 2.7 (2)(13)
First lien senior secured loan ($33.5 par due 3/2024)7.25% (Libor + 6.25%/Q)3/30/201833.5 33.5 (13)
First lien senior secured loan ($4.6 par due 3/2024)7.25% (Libor + 6.25%/Q)2/11/20194.6 4.6 (13)
First lien senior secured loan ($8.6 par due 3/2024)7.25% (Libor + 6.25%/Q)