UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2022

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, par value $0.001 per share	ARCC	NASDAQ Global Select Market

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

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

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

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

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

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

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

Class	Outstanding at April 26, 2022
Common stock, $0.001 par value	492,782,291

1

ARES CAPITAL CORPORATION

INDEX

Part I.	Part I. Financial Information
Item 1.	Financial Statements
	Consolidated Balance Sheet as of March 31, 2022 (unaudited) and December 31, 2021	3
	Consolidated Statement of Operations for the three months ended March 31, 2022 and 2021 (unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2022 (unaudited) and December 31, 2021	5
	Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2022 (unaudited) and the year ended December 31, 2021	98
	Consolidated Statement of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)	99
	Notes to Consolidated Financial Statements (unaudited)	100
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	134
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	156
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	158
Item 3.	Defaults Upon Senior Securities	158
Item 4.	Mine Safety Disclosures	159
Item 5.	Other Information	159
Item 6.	Exhibits	160
	Signatures	161

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions, except per share data)

	As of
	March 31, 2022		December 31, 2021
	(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments	$	16,269	$	17,056
Non-controlled affiliate company investments	376		373
Controlled affiliate company investments	2,841		2,580
Total investments at fair value (amortized cost of $19,308 and $19,810, respectively)	19,486		20,009
Cash and cash equivalents	695		372
Restricted cash	19		114
Interest receivable	128		142
Receivable for open trades	5		80
Other assets	106		99
Operating lease right-of-use asset	24		27
Total assets	$	20,463	$	20,843
LIABILITIES
Debt	$	10,528	$	11,020
Base management fees payable	73		69
Income based fees payable	51		67
Capital gains incentive fees payable	138		161
Interest and facility fees payable	68		100
Payable to participants	19		114
Payable for open trades	31		216
Accounts payable and other liabilities	63		111
Secured borrowings	74		74
Operating lease liabilities	39		43
Total liabilities	11,084		11,975
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 600 common shares authorized; 493 and 468 common shares issued and outstanding, respectively	—		—
Capital in excess of par value	9,071		8,553
Accumulated undistributed earnings	308		315
Total stockholders’ equity	9,379		8,868
Total liabilities and stockholders’ equity	$	20,463	$	20,843
NET ASSETS PER SHARE	$	19.03	$	18.96

See accompanying notes to consolidated financial statements.

3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)

	For the Three Months Ended March 31,
	2022		2021
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income)	$	242	$	206
PIK interest income	27		26
Capital structuring service fees	26		38
Dividend income	41		24
Other income	10		9
Total investment income from non-controlled/non-affiliate company investments	346		303
From non-controlled affiliate company investments:
Interest income (excluding PIK interest income)	1		2
PIK interest income	1		1
Other income	—		1
Total investment income from non-controlled affiliate company investments	2		4
From controlled affiliate company investments:
Interest income (excluding PIK interest income)	37		45
PIK interest income	2		9
Capital structuring service fees	4		—
Dividend income	47		28
Other income	2		1
Total investment income from controlled affiliate company investments	92		83
Total investment income	440		390
EXPENSES:
Interest and credit facility fees	93		86
Base management fees	73		58
Income based fees	51		46
Capital gains incentive fees	2		42
Administrative fees	4		4
Other general and administrative	6		5
Total expenses	229		241
NET INVESTMENT INCOME BEFORE INCOME TAXES	211		149
Income tax expense, including excise tax	13		5
NET INVESTMENT INCOME	198		144
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments	50		35
Non-controlled affiliate company investments	—		11
Controlled affiliate company investments	19		21
Foreign currency and other transactions	(11)		(8)
Net realized gains	58		59
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments	(7)		164
Non-controlled affiliate company investments	(1)		8
Controlled affiliate company investments	(2)		33
Foreign currency and other transactions	13		8
Net unrealized gains	3		213
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions	61		272
REALIZED LOSS ON EXTINGUISHMENT OF DEBT	(48)		(43)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	211	$	373
NET INCOME PER COMMON SHARE (see Note 10)
Basic	$	0.44	$	0.87
Diluted	$	0.43	$	0.87
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)
Basic	479		429
Diluted	500		429

See accompanying notes to consolidated financial statements.

4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(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 ($54.9 par due 12/2024)	6.50% (LIBOR + 5.75%/Q)	6/28/2021	$	54.1	$	54.9	(2)(6)(12)
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (16)	Payment processing solution provider	First lien senior secured loan ($63.8 par due 03/2026)	6.25% (LIBOR + 5.00%/Q)	2/28/2020	63.8		63.8		(12)
		Senior subordinated loan ($28.4 par due 02/2028)	12.75% PIK	2/28/2020	28.4		28.4		(2)
					92.2		92.2
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (16)	Provider of intellectual property management lifecycle software	First lien senior secured loan ($4.5 par due 04/2026)	5.50% (Euribor + 5.50%/S)	4/10/2019	4.6		4.5
		First lien senior secured loan ($11.2 par due 04/2026)	6.25% (LIBOR + 5.25%/S)	6/24/2021	11.2		11.2		(2)(12)
		Limited partnership units (4,400,000 units)		6/13/2019	4.2		8.6		(2)(6)
					20.0		24.3
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(16)	Aircraft performance software provider	First lien senior secured loan ($13.4 par due 01/2025)	6.75% (LIBOR + 5.25%/Q)	1/3/2020	13.4		13.4		(2)(12)
		Class A membership Units (9,750,000 units)		1/3/2020	9.8		11.1		(2)
					23.2		24.5
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (16)	Software platform for identification, prevention and management of substance use disorder	First lien senior secured loan ($5.7 par due 05/2027)	8.25% (LIBOR + 7.25%/Q)	5/6/2021	5.7		5.7		(2)(12)
		Series A preferred shares (32,236 shares)	11.00% PIK	5/6/2021	35.6		35.6		(2)
					41.3		41.3
Apptio, Inc. (16)	Provider of cloud-based technology business management solutions	First lien senior secured revolving loan ($63.9 par due 01/2025)	8.25% (LIBOR + 7.25%/Q)	1/10/2019	63.9		63.9		(2)(12)
Avetta, LLC (16)	Supply chain risk management SaaS platform for global enterprise clients	First lien senior secured loan ($0.2 par due 04/2024)	7.25% (LIBOR + 6.25%/Q)	7/15/2021	0.2		0.2		(2)(12)
AxiomSL Group, Inc. and Calypso Group, Inc. (16)	Provider of risk data management and regulatory reporting software	First lien senior secured loan ($21.3 par due 12/2027)	7.01% (LIBOR + 6.00%/Q)	7/21/2021	21.0		21.1		(2)(12)
Banyan Software Holdings, LLC and Banyan Software, LP (16)	Vertical software businesses holding company	First lien senior secured revolving loan ($0.2 par due 10/2025)	7.75% (LIBOR + 6.75%/Q)	10/30/2020	0.2		0.2		(2)(12)
		First lien senior secured loan ($6.7 par due 10/2026)	7.75% (LIBOR + 6.75%/Q)	12/16/2021	6.7		6.7		(2)(12)
		First lien senior secured loan ($11.2 par due 10/2026)	7.76% (LIBOR + 6.75%/Q)	10/30/2020	11.2		11.2		(2)(12)
		Preferred units (120,999 units)		1/7/2022	4.1		4.1		(2)
					22.2		22.2
Borrower R365 Holdings LLC (16)	Provider of restaurant enterprise resource planning systems	First lien senior secured loan ($15.6 par due 06/2027)	7.51% (LIBOR + 3.50% Cash, 3.00% PIK/Q)	6/10/2021	15.4		15.6		(2)(12)
		First lien senior secured loan ($1.4 par due 06/2027)	4.51% (LIBOR + 3.50%/Q)	1/13/2022	1.3		1.4		(2)(12)
					16.7		17.0
Businessolver.com, Inc. (16)	Provider of SaaS-based benefits solutions for employers and employees	First lien senior secured loan ($14.4 par due 12/2027)	6.50% (LIBOR + 5.75%/M)	12/1/2021	14.4		14.3		(2)(12)
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	—		—
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (16)	Provider of software and technology-enabled content and analytical solutions to insurance brokers	First lien senior secured revolving loan ($1.3 par due 11/2025)	7.00% (Base Rate + 3.50%/Q)	11/12/2020	1.3		1.3		(2)(12)

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(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 ($59.9 par due 11/2028)	8.50% (LIBOR + 7.75%/Q)	11/12/2020	59.9	59.9	(2)(12)
		Series A-2 preferred shares (8,963 shares)	11.25% PIK (LIBOR + 11.00%/Q)	12/23/2020	10.3	10.4	(2)
		Series A-3 preferred shares (11,952 shares)	11.00% PIK	11/24/2021	12.4	13.8	(2)
		Series A preferred shares (24,898 shares)	11.21% PIK (LIBOR + 11.00%/Q)	11/12/2020	29.1	28.8	(2)
					113.0	114.2
Community Brands ParentCo, LLC (16)	Software and payment services provider to non-profit institutions	First lien senior secured loan ($10.7 par due 02/2028)	6.50% (SOFR + 5.75%/Q)	2/24/2022	10.7	10.6	(2)(12)
		Class A units (500,000 units)		12/2/2016	5.0	7.0	(2)
					15.7	17.6
Consilio Midco Limited and Consilio Investment Holdings, L.P. (16)	Provider of sales software for the interior design industry	First lien senior secured loan ($75.4 par due 05/2028)	6.75% (LIBOR + 5.75%/Q)	5/28/2021	75.4	75.4	(2)(6)(12)
		First lien senior secured loan ($27.0 par due 05/2028)	6.25% (Euribor + 6.25%/Q)	11/30/2021	27.7	27.0	(2)(6)
		Common units (4,799,000 units)		5/28/2021	4.8	6.1	(2)(6)
					107.9	108.5
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (16)	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 06/2029)	7.00% (LIBOR + 6.50%/M)	6/3/2021	155.7	154.1	(2)(12)
		Limited partnership units (59,665,989 units)		4/29/2021	59.7	82.5	(2)
					215.4	236.6
Cority Software Inc., IQS, Inc. and Cority Parent, Inc. (16)	Provider of environmental, health and safety software to track compliance data	First lien senior secured loan ($6.3 par due 07/2026)	6.00% (LIBOR + 5.00%/Q)	7/2/2019	6.3	6.3	(6)(12)
		First lien senior secured loan ($4.4 par due 07/2026)	6.00% (LIBOR + 5.00%/Q)	10/15/2019	4.4	4.4	(6)(12)
		First lien senior secured loan ($1.1 par due 07/2026)	8.00% (LIBOR + 7.00%/Q)	9/3/2020	1.1	1.1	(2)(6)(12)
		Preferred equity (198 shares)	9.00% PIK	7/2/2019	0.3	0.6	(2)(6)
		Common equity (190,143 shares)		7/2/2019	—	—	(2)(6)
					12.1	12.4
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (16)	Provider of a cloud-based, SaaS platform for talent management	First lien senior secured revolving loan		10/15/2021	—	—	(14)
		Second lien senior secured loan ($137.5 par due 10/2029)	7.00% (LIBOR + 6.50%/M)	10/15/2021	137.5	135.4	(2)(12)
		Series A preferred shares (116,413 shares)	10.50% PIK	10/15/2021	119.0	119.0	(2)
		Class A-1 common stock (1,360,100 shares)		10/15/2021	13.6	12.8	(2)
					270.1	267.2
Datix Bidco Limited (16)	Global healthcare software company that provides software solutions for patient safety and risk management	First lien senior secured loan ($0.1 par due 04/2025)	4.68% (LIBOR + 4.50%/S)	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	138.1	138.1	(2)
		Series A units (817,194 units)		5/27/2021	13.3	13.2	(2)
					151.4	151.3
Denali Holdco LLC and Denali Apexco LP (16)	Provider of cybersecurity audit and assessment services	First lien senior secured loan ($37.2 par due 09/2027)	7.13% (LIBOR + 6.00%/Q)	9/15/2021	37.2	37.2	(2)(12)
		Class A units (2,549,000 units)		2/22/2022	2.5	2.5	(2)

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					39.7	39.7
Diligent Corporation and Diligent Preferred Issuer, Inc. (16)	Provider of secure SaaS solutions for board and leadership team documents	First lien senior secured revolving loan		8/4/2020	—	—	(14)
		First lien senior secured loan ($32.9 par due 08/2025)	7.26% (LIBOR + 6.25%/Q)	8/4/2020	32.4	32.9	(12)
		First lien senior secured loan ($2.0 par due 08/2025)	7.26% (LIBOR + 6.25%/Q)	7/30/2021	2.0	2.0	(2)(12)
		First lien senior secured loan ($3.2 par due 08/2025)	7.26% (LIBOR + 6.25%/Q)	8/4/2020	3.2	3.2	(2)(12)
		First lien senior secured loan ($0.1 par due 08/2025)	6.76% (LIBOR + 5.75%/Q)	3/4/2021	0.1	0.1	(2)(12)
		First lien senior secured loan ($0.1 par due 08/2025)	6.76% (LIBOR + 5.75%/Q)	4/6/2021	0.1	0.1	(2)(12)
		Preferred stock (13,140 shares)	10.50% PIK	4/6/2021	14.2	14.6	(2)
					52.0	52.9
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 07/2026)	8.71% (LIBOR + 8.25%/M)	2/11/2020	25.0	24.8
		Preferred stock (29.53 shares)	13.50% PIK	2/11/2020	38.3	39.2	(2)
					63.3	64.0
DS Admiral Bidco, LLC (16)	Tax return software provider for government institutions	First lien senior secured loan ($0.1 par due 03/2028)	6.75% (LIBOR + 5.75%/Q)	3/16/2021	0.1	0.1	(2)(12)
Dye & Durham Corporation (16)	Provider of cloud-based software and technology solutions for the legal industry	First lien senior secured loan ($43.4 par due 12/2027)	6.50% (CDOR + 5.75%/Q)	12/3/2021	42.2	43.4	(2)(6)(12)
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (16)	SaaS based supply chain management software provider focused on chemical markets	First lien senior secured revolving loan ($1.7 par due 09/2025)	6.50% (LIBOR + 5.50%/M)	9/18/2019	1.7	1.7	(2)(12)
		First lien senior secured loan ($50.4 par due 09/2025)	6.50% (LIBOR + 5.50%/Q)	9/18/2019	50.4	50.4	(12)
		First lien senior secured loan ($11.4 par due 09/2025)	6.50% (LIBOR + 5.50%/Q)	9/18/2019	11.4	11.4	(2)(12)
		First lien senior secured loan ($20.4 par due 09/2025)	6.50% (LIBOR + 5.50%/Q)	12/15/2020	20.4	20.4	(2)(12)
		Preferred equity (4,599 shares)		9/18/2019	4.6	7.0
					88.5	90.9
EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P.	Provider of entertainment workforce and production management solutions	Second lien senior secured loan ($177.9 par due 11/2029)	7.51% (LIBOR + 6.50%/Q)	11/4/2021	177.9	176.1	(2)(12)
		Partnership units (5,034,483 units)		5/10/2019	3.2	9.8	(2)(6)
					181.1	185.9
EpiServer Inc. and Episerver Sweden Holdings AB (16)	Provider of web content management and digital commerce solutions	First lien senior secured loan ($5.9 par due 04/2026)	5.75 % (Euribor + 5.75%/Q)	3/22/2019	5.9	5.9	(2)
		First lien senior secured loan ($0.1 par due 04/2026)	6.51% (LIBOR + 5.50%/Q)	10/9/2018	0.1	0.1	(2)(12)
		First lien senior secured loan ($0.1 par due 04/2026)	6.51% (LIBOR + 5.50%/Q)	12/21/2021	0.1	0.1	(2)(12)
					6.1	6.1
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (16)	Provider of mission-critical, software-enabled clinical research solutions	Second lien senior secured loan ($2.5 par due 02/2028)	8.50% (LIBOR + 8.00%/M)	2/4/2020	2.5	2.5	(2)(12)
		Second lien senior secured loan ($14.6 par due 02/2028)	8.50% (LIBOR + 8.00%/M)	2/4/2020	14.3	14.6	(12)
		Second lien senior secured loan ($30.6 par due 02/2028)	8.50% (LIBOR + 8.00%/M)	4/27/2021	29.6	30.6	(2)(12)

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Limited partnership interest (3,988,000 shares)		1/31/2020	4.5	4.4	(2)(6)
					50.9	52.1
Extrahop Networks, Inc. (16)	Provider of real-time wire data analytics solutions for application and infrastructure monitoring	First lien senior secured loan ($16.6 par due 07/2027)	8.51% (LIBOR + 7.50%/Q)	7/22/2021	16.6	16.6	(2)(12)
		First lien senior secured loan ($1.7 par due 07/2027)	8.50% (LIBOR + 7.50%/Q)	7/20/2021	1.7	1.7	(2)(12)
					18.3	18.3
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	—	—
FM:Systems Group, LLC (16)	Provider of facilities and space management software solutions	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)(12)
		First lien senior secured loan ($3.2 par due 12/2024)	7.50% (LIBOR + 6.50%/Q)	12/2/2019	3.2	3.2	(2)(12)
					4.6	4.6
Forescout Technologies, Inc. (16)	Network access control solutions provider	First lien senior secured loan ($22.1 par due 08/2026)	10.50% PIK (LIBOR + 9.50%/Q)	8/17/2020	21.8	22.1	(2)(12)
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 ($14.9 par due 09/2023)	6.25% (LIBOR + 5.25%/Q)	12/30/2020	14.9	14.9	(12)
		First lien senior secured loan ($0.1 par due 09/2023)	6.25% (LIBOR + 5.25%/Q)	6/15/2021	0.1	0.1	(2)(12)
		Class A preferred units (4,574 units)	9.00% PIK	9/18/2017	6.3	6.9
		Class B common units (499,050 units)		9/18/2017	—	6.9
					21.3	28.8
Genesis Acquisition Co. and Genesis Ultimate Holding Co. (16)	Child care management software and services provider	First lien senior secured revolving loan ($1.5 par due 07/2024)	5.01% (LIBOR + 4.00%/Q)	7/31/2018	1.5	1.5	(2)
		First lien senior secured loan ($0.2 par due 07/2024)	5.01% (LIBOR + 4.00%/Q)	7/31/2018	0.2	0.2	(2)
		First lien senior secured loan ($9.1 par due 07/2024)	5.51% (LIBOR + 4.50%/Q)	11/16/2021	9.1	9.1	(2)(12)
		Second lien senior secured loan ($7.5 par due 07/2025)	7.81% (LIBOR + 7.50%/Q)	6/9/2021	7.5	7.5	(2)
		Second lien senior secured loan ($32.4 par due 07/2025)	7.71% (LIBOR + 7.50%/Q)	7/31/2018	32.4	32.4	(2)
		Second lien senior secured loan ($21.1 par due 07/2025)	8.25% (LIBOR + 7.50%/Q)	11/16/2021	21.1	21.1	(2)(12)
		Class A common stock (8.39 shares)		7/31/2018	0.8	1.0	(2)
					72.6	72.8
GI Ranger Intermediate LLC (16)	Provider of payment processing services and software to healthcare providers	First lien senior secured revolving loan ($0.4 par due 10/2027)	6.75% (SOFR + 6.00%/Q)	10/29/2021	0.4	0.4	(2)(12)
		First lien senior secured loan ($35.0 par due 10/2028)	6.75% (SOFR + 6.00%/Q)	10/29/2021	35.0	34.7	(2)(12)
		First lien senior secured loan ($5.4 par due 10/2028)	6.75% (SOFR + 6.00%/Q)	10/29/2021	5.4	5.3	(2)(12)
					40.8	40.4
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (16)	Provider of data analysis, statistics, and visualization software solutions for scientific research applications	First lien senior secured loan ($7.9 par due 04/2027)	6.50% (LIBOR + 5.50%/Q)	10/14/2021	7.9	7.9	(2)(12)

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($0.5 par due 04/2027)	7.00% (LIBOR + 6.00%/Q)	12/21/2017	0.5	0.5	(2)(12)
		First lien senior secured loan ($7.6 par due 04/2027)	6.50% (LIBOR + 5.50%/Q)	11/29/2021	7.6	7.6	(2)(12)
		First lien senior secured loan ($16.1 par due 04/2027)	6.50% (LIBOR + 5.50%/Q)	4/28/2021	16.1	16.1	(2)(12)
		Senior subordinated loan ($41.3 par due 04/2032)	10.50% PIK	4/28/2021	41.3	41.3	(2)
		Preferred units (1,828,644 units)	14.00% PIK	4/28/2021	50.5	50.5
					123.9	123.9
Heavy Construction Systems Specialists, LLC (16)	Provider of construction software	First lien senior secured loan ($15.9 par due 11/2028)	6.50% (LIBOR + 5.75%/M)	11/16/2021	15.9	15.7	(2)(12)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (16)	Insurance software provider	First lien senior secured revolving loan ($5.5 par due 11/2027)	6.25% (LIBOR + 5.50%/Q)	11/3/2021	5.5	5.4	(2)(12)
		First lien senior secured loan ($60.8 par due 11/2028)	6.25% (LIBOR + 5.50%/Q)	11/3/2021	60.8	59.6	(12)
		Senior subordinated loan ($92.4 par due 11/2031)	10.00% PIK	11/3/2021	92.4	89.6	(2)
		Company units (4,243,657 units)		11/3/2021	8.8	7.4	(2)
					167.5	162.0
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	—
Inmar, Inc.	Technology-driven solutions provider for retailers, wholesalers and manufacturers	Second lien senior secured loan ($28.3 par due 05/2025)	9.01% (LIBOR + 8.00%/Q)	4/25/2017	28.1	28.3	(2)(12)
IV Rollover Holdings, LLC	Provider of cloud based IT solutions, infrastructure and services	Class B units (170,490 units)		5/31/2017	—	0.1	(2)
		Class X units (5,000,000 units)		5/31/2017	2.1	2.2	(2)
					2.1	2.3
Majesco and Magic Topco, L.P. (16)	Insurance software provider	First lien senior secured loan ($30.6 par due 09/2027)	8.26% (LIBOR + 7.25%/Q)	9/21/2020	30.6	30.6	(2)(12)
		Class A units (2,539 units)	9.00% PIK	9/21/2020	2.9	3.7	(2)
		Class B units (570,625 units)		9/21/2020	—	—
					33.5	34.3
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (16)	Software and payment services provider to faith-based institutions	First lien senior secured loan ($32.7 par due 12/2028)	6.51% (LIBOR + 5.50%/Q)	12/30/2021	32.7	32.4	(2)(12)
		Limited partner interests (9,574,000 interests)		12/30/2021	9.6	9.3	(2)
					42.3	41.7
Mitchell International, Inc.	Provider of technology, connectivity, and information solutions to the property and casualty insurance industry	Second lien senior secured loan ($91.2 par due 10/2029)	7.00% (LIBOR + 6.50%/Q)	10/1/2021	90.4	90.1	(2)(12)(19)
MMIT Holdings, LLC (16)	Provider of market intelligence and analysis for the pharmaceutical industry	First lien senior secured loan ($2.8 par due 09/2027)	7.25% (LIBOR + 6.25%/Q)	9/15/2021	2.8	2.8	(2)(12)
		First lien senior secured loan ($13.7 par due 09/2027)	7.25% (LIBOR + 6.25%/Q)	10/21/2021	13.7	13.7	(2)(12)
					16.5	16.5
MRI Software LLC (16)	Provider of real estate and investment management software	First lien senior secured loan ($51.4 par due 02/2026)	6.51% (LIBOR + 5.50%/Q)	2/10/2020	51.4	51.4	(12)
		First lien senior secured loan ($9.8 par due 02/2026)	6.51 % (LIBOR + 5.50%/Q)	8/28/2020	9.8	9.8	(2)(12)
					61.2	61.2

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
n2y Holding, LLC (16)	Developer of cloud-based special education platform	First lien senior secured revolving loan ($0.1 par due 11/2025)	6.75% (LIBOR + 5.75%/Q)	11/15/2019	0.1	0.1	(2)(12)
OpenMarket Inc.	Provider of cloud-based mobile engagement platform	First lien senior secured loan ($52.0 par due 09/2026)	7.26% (LIBOR + 6.25%/Q)	9/17/2021	51.9	50.9	(6)(12)
Paya, Inc and GTCR-Ultra Holdings LLC (16)	Provider of payment processing and merchant acquiring solutions	Class B units (2,878,372 units)		8/1/2017	—	1.9	(2)
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	—
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (16)	Provider of enterprise management software for the convenience retail and petroleum wholesale market	First lien senior secured loan ($53.3 par due 10/2024)	5.50% (LIBOR + 4.50%/Q)	3/19/2019	53.3	53.3	(12)
		Second lien senior secured loan ($7.2 par due 10/2025)	9.50% (LIBOR + 8.50%/Q)	12/7/2021	7.2	7.2	(2)(12)
		Second lien senior secured loan ($70.1 par due 10/2025)	9.50% (LIBOR + 8.50%/Q)	3/19/2019	70.1	70.1	(2)(12)
		Second lien senior secured loan ($8.3 par due 10/2025)	9.50% (LIBOR + 8.50%/Q)	12/17/2020	8.3	8.3	(2)(12)
		Second lien senior secured loan ($8.7 par due 10/2025)	9.50% (LIBOR + 8.50%/Q)	4/27/2021	8.7	8.7	(2)(12)
		Series A preferred stock (13,656 shares)	13.25% PIK	3/19/2019	20.1	20.4	(2)
		Class A units (2,062,493 units)		3/19/2019	2.1	3.4	(2)
					169.8	171.4
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (16)	Provider of plant maintenance and scheduling software	First lien senior secured loan ($0.2 par due 05/2025)	6.26% (LIBOR + 5.25%/Q)	5/29/2019	0.2	0.2	(2)(12)
		First lien senior secured loan ($0.1 par due 05/2025)	6.76% (LIBOR + 5.75%/Q)	6/24/2020	0.1	0.1	(2)(12)
		First lien senior secured loan ($31.8 par due 05/2025)	6.75% (LIBOR + 5.75%/Q)	10/16/2020	31.8	31.8	(2)(12)
		Class A units (5,000 units)		5/29/2019	5.0	15.0
					37.1	47.1
Pluralsight, Inc. (16)	Online education learning platform	First lien senior secured loan ($106.2 par due 04/2027)	9.00% (LIBOR + 8.00%/Q)	4/6/2021	106.2	106.2	(2)(12)
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	—
PracticeTek Purchaser, LLC and GSV PracticeTek Holdings, LLC	Software provider for medical practitioners	Class A units (11,804,000 units)	8.00% PIK	3/31/2021	—	8.2	(2)
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (16)	Provider of practice management software to law firms	First lien senior secured loan ($3.9 par due 03/2027)	6.25% (LIBOR + 5.25%/M)	3/5/2021	3.9	3.9	(2)(12)
		Limited partnership units (1,624,000 units)		3/5/2021	1.6	1.6	(2)
					5.5	5.5
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	16.6	(2)
		Class B common stock (1,841,609 shares)		8/22/2016	0.1	0.2	(2)
					7.5	16.8
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (16)	Saas provider of automated crew callout and scheduling software for the utility industry	First lien senior secured loan ($36.5 par due 04/2028)	6.75% (LIBOR + 5.75%/Q)	4/20/2021	36.5	35.7	(2)(12)
		Preferred shares (26,436 shares)	10.50% PIK (LIBOR + 9.50%/Q)	4/20/2021	29.2	29.2	(2)(12)
					65.7	64.9

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Project Potter Buyer, LLC and Project Potter Parent, L.P. (16)	Software solutions provider to the ready-mix concrete industry	First lien senior secured revolving loan ($0.8 par due 04/2026)	9.50% (Base Rate + 6.00%/Q)	4/23/2020	0.7	0.8	(2)(12)(15)
		First lien senior secured loan ($44.0 par due 04/2027)	8.00% (LIBOR + 7.00%/M)	4/23/2020	44.0	44.0	(12)
		First lien senior secured loan ($12.9 par due 04/2027)	8.00% (LIBOR + 7.00%/M)	10/30/2020	12.9	12.9	(2)(12)
		First lien senior secured loan ($14.4 par due 04/2027)	8.00% (LIBOR + 7.00%/M)	11/18/2020	14.4	14.4	(12)
		First lien senior secured loan ($4.9 par due 04/2027)	8.00% (LIBOR + 7.00%/M)	11/18/2020	4.9	4.9	(2)(12)
		Class A units (1,599 units)	9.00% PIK	4/23/2020	1.9	1.9	(2)
		Class B units (588,636 units)		4/23/2020	—	0.5	(2)
					78.8	79.4
Proofpoint, Inc. (16)	Cybersecurity solutions provider	First lien senior secured loan ($1.0 par due 08/2028)	3.76% (LIBOR + 3.25%/Q)	6/9/2021	0.9	1.0	(2)(12)(19)
		Second lien senior secured loan ($34.6 par due 08/2029)	6.76% (LIBOR + 6.25%/Q)	6/9/2021	34.4	34.6	(2)(12)
					35.3	35.6
QF Holdings, Inc. (16)	SaaS based electronic health record software provider	First lien senior secured loan ($8.1 par due 12/2027)	7.25% (LIBOR + 6.25%/Q)	12/15/2021	8.1	8.1	(2)(12)
		First lien senior secured loan ($6.8 par due 12/2027)	7.54% (LIBOR + 6.25%/S)	9/19/2019	6.8	6.8	(2)(12)
					14.9	14.9
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (16)	Provider of SaaS-based safety and security software to the K-12 school market	First lien senior secured loan ($8.5 par due 10/2028)	7.01% (LIBOR + 6.00%/Q)	10/5/2021	8.5	8.4	(2)(6)(12)
		Class A common units (2,880,582 units)		12/17/2018	3.5	5.4
					12.0	13.8
RealPage, Inc.	Provider of enterprise software solutions to the residential real estate industry	Second lien senior secured loan ($84.1 par due 04/2029)	7.25% (LIBOR + 6.50%/M)	4/22/2021	82.9	84.1	(2)(12)
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	—	—
		Warrant to purchase up to 987 shares of common stock (expires 12/2026)		12/23/2016	—	—
					—	—
Relativity ODA LLC (16)	Electronic discovery document review software platform for use in litigations and investigations	First lien senior secured loan ($60.7 par due 05/2027)	7.50% PIK (LIBOR + 6.50%/M)	5/12/2021	60.0	60.7	(2)(12)
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (16)	Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry	First lien senior secured loan ($23.4 par due 12/2027)	6.76% (LIBOR + 5.75%/Q)	12/16/2021	23.4	23.2	(2)(12)
		Class A common stock (464.9 shares)		12/16/2021	4.6	4.6	(2)
					28.0	27.8
Smarsh Inc. and Skywalker TopCo, LLC (16)	SaaS based communication archival service provider	First lien senior secured loan ($10.6 par due 02/2029)	7.25% (SOFR + 6.50%/Q)	2/18/2022	10.6	10.5	(2)(12)
		Common units (1,742,623 units)		11/20/2020	6.3	8.8	(2)
					16.9	19.3
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	—	—
Sophia, L.P.	Provider of ERP software and services for higher education institutions	Second lien senior secured loan ($105.9 par due 10/2028)	9.01% (LIBOR + 8.00%/Q)	10/7/2020	105.9	105.9	(2)(12)
SoundCloud Limited	Platform for receiving, sending, and distributing music	Common stock (73,422 shares)		8/15/2017	0.4	0.7	(2)(6)

11

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Stamps.com Inc.	Provider of mailing and shipping solutions	First lien senior secured loan ($147.9 par due 10/2028)	6.50% (LIBOR + 5.75%/M)	10/5/2021	147.9	144.9	(2)(12)
Storable, Inc. and EQT IX Co-Investment (E) SCSP	PMS solutions and web services for the self-storage industry	Second lien senior secured loan ($10.3 par due 04/2029)	7.50% (SOFR + 6.75%/M)	3/2/2022	10.3	10.3	(2)(12)
		Second lien senior secured loan ($42.8 par due 04/2029)	7.66% (LIBOR + 6.75%/Q)	4/16/2021	42.8	42.8	(2)(12)
		Limited partnership interests (614,950 interests)		4/16/2021	6.2	7.5	(2)(6)
					59.3	60.6
Sundance Group Holdings, Inc. (16)	Provider of cloud-based document management and collaboration solutions	First lien senior secured revolving loan ($0.7 par due 07/2027)	7.50% (LIBOR + 6.50%/Q)	7/2/2021	0.6	0.7	(2)(12)
		First lien senior secured loan ($15.4 par due 07/2027)	7.50% (LIBOR + 6.50%/Q)	7/2/2021	15.2	15.4	(2)(12)
					15.8	16.1
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (16)	Provider of environment, health, safety, and sustainability software	First lien senior secured loan ($55.3 par due 03/2028)	6.50% (SOFR + 5.75%/Q)	3/11/2022	55.3	54.8	(2)(12)
		Class A-2 units (4,849 units)		3/11/2022	4.8	4.8
					60.1	59.6
TCP Hawker Intermediate LLC (16)	Workforce management solutions provider	First lien senior secured revolving loan ($0.1 par due 08/2025)	6.50% (LIBOR + 5.50%/Q)	8/30/2019	0.1	0.1	(2)(12)
		First lien senior secured loan ($34.7 par due 08/2026)	7.00% (LIBOR + 6.00%/Q)	8/30/2019	34.7	34.7	(12)
		First lien senior secured loan ($6.6 par due 08/2026)	6.50% (LIBOR + 5.50%/Q)	12/1/2020	6.6	6.6	(12)
					41.4	41.4
The Ultimate Software Group, Inc. and H&F Unite Partners, L.P. (16)	Provider of cloud based HCM solutions for businesses	First lien senior secured revolving loan ($0.7 par due 05/2024)	4.21% (LIBOR + 3.75%/M)	5/3/2019	0.7	0.7	(2)(6)(15)
		Limited partnership interests (12,583,556 interests)		5/3/2019	12.6	14.4	(2)(6)
					13.3	15.1
Verscend Holding Corp. (16)	Healthcare analytics solutions provider	First lien senior secured revolving loan		8/27/2018	—	—	(14)
WebPT, Inc. (16)	Electronic medical record software provider	First lien senior secured loan ($48.1 par due 01/2028)	7.75% (LIBOR + 6.75%/Q)	8/28/2019	48.1	48.1	(2)(12)
Wellness AcquisitionCo, Inc. (16)	Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry	First lien senior secured loan ($2.0 par due 01/2027)	6.50% (LIBOR + 5.50%/Q)	1/20/2021	2.0	2.0	(2)(12)
WorkWave Intermediate II, LLC (16)	Provider of cloud-based field services and fleet management solutions	First lien senior secured loan ($62.8 par due 06/2027)	8.00% PIK (SOFR + 7.25%/Q)	6/29/2021	62.8	62.8	(2)(12)
					3,869.5	3,947.7		42.09%
Health Care Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(16)	Dental services provider	First lien senior secured revolving loan ($4.1 par due 06/2024)	11.50% (Base Rate + 3.00% Cash, 5.00% PIK/Q)	6/1/2021	4.1	4.1	(2)(12)
		First lien senior secured loan ($50.2 par due 06/2024)	10.00% (LIBOR + 4.00% Cash, 5.00% PIK/Q)	6/1/2021	50.2	50.2	(2)(12)
		Class A common units (7,617,280 units)		6/1/2021	4.7	13.7	(2)
					59.0	68.0
ADG, LLC and RC IV GEDC Investor LLC (16)	Dental services provider	First lien senior secured revolving loan ($8.9 par due 09/2022)	7.50% (Base Rate + 3.50% Cash, 0.50% PIK/M)	9/28/2016	8.9	8.8	(2)(12)

12

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured revolving loan ($2.3 par due 09/2022)	5.75% (LIBOR + 4.25% Cash, 0.50% PIK/M)	9/28/2016	2.3	2.3	(2)(12)
		Second lien senior secured loan ($118.5 par due 03/2024)	11.00% (LIBOR + 10.00%/Q)	9/28/2016	98.4	106.7	(2)(12)
		Membership units (3,000,000 units)		9/28/2016	3.0	—
					112.6	117.8
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (16)	Revenue cycle management provider to the physician practices and acute care hospitals	Series A preferred stock (198,504 shares)	10.75% PIK	2/15/2022	201.1	201.1	(2)
		Class A units (10,487,950 units)		2/15/2022	10.5	10.5	(2)
					211.6	211.6
Bambino Group Holdings, LLC	Dental services provider	Class A preferred units (1,000,000 units)		12/21/2016	1.0	1.1	(2)
Bearcat Buyer, Inc. and Bearcat Parent, Inc. (16)	Provider of central institutional review boards over clinical trials	Second lien senior secured loan ($69.4 par due 07/2027)	9.25% (LIBOR + 8.25%/Q)	7/9/2019	69.4	69.4	(2)(12)
		Second lien senior secured loan ($12.7 par due 07/2027)	9.26% (LIBOR + 8.25%/Q)	9/10/2019	12.7	12.7	(2)(12)
		Class B common units (4,211 units)		7/9/2019	4.2	11.3	(2)
					86.3	93.4
CCS-CMGC Holdings, Inc. (16)	Correctional facility healthcare operator	First lien senior secured revolving loan		10/1/2018	—	—	(14)
		First lien senior secured loan ($33.9 par due 10/2025)	5.96% (LIBOR + 5.50%/M)	9/25/2018	33.7	33.2
					33.7	33.2
Center for Autism and Related Disorders, LLC (16)	Autism treatment and services provider specializing in applied behavior analysis therapy	First lien senior secured revolving loan ($6.8 par due 11/2023)	7.26% (LIBOR + 6.25%/Q)	11/21/2018	6.8	6.0	(2)(15)
Comprehensive EyeCare Partners, LLC (16)	Vision care practice management company	First lien senior secured revolving loan ($0.3 par due 02/2024)	7.00% (LIBOR + 5.75%/Q)	2/14/2018	0.3	0.3	(2)(12)
		First lien senior secured loan ($0.3 par due 02/2024)	7.00% (LIBOR + 5.75%/Q)	2/14/2018	0.3	0.3	(2)(12)
					0.6	0.6
Convey Health Solutions, Inc.	Healthcare workforce management software provider	First lien senior secured loan ($2.7 par due 09/2026)	5.50% (LIBOR + 4.75%/Q)	9/4/2019	2.7	2.7	(6)(12)
		First lien senior secured loan ($35.1 par due 09/2026)	5.50% (LIBOR + 4.75%/M)	2/1/2022	35.1	35.1	(2)(6)(12)
					37.8	37.8
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (16)	Provider of medical devices and services for the treatment of positional plagiocephaly	First lien senior secured loan ($24.7 par due 03/2029)	6.11% (LIBOR + 5.50%/Q)	3/8/2022	24.7	24.5	(2)(12)
		Class A shares (176 shares)		3/8/2022	1.8	1.8	(2)
		Common units (28.46 units)		3/8/2022	0.3	0.3	(2)
					26.8	26.6
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (16)	Veterinary hospital operator	First lien senior secured revolving loan		10/31/2019	—	—	(14)
		First lien senior secured loan ($39.2 par due 10/2025)	7.25% (LIBOR + 6.25%/Q)	10/31/2019	39.2	39.2	(12)
		First lien senior secured loan ($54.6 par due 10/2025)	7.25% (LIBOR + 6.25%/Q)	4/26/2021	54.6	54.6	(2)(12)
		Common stock (32,429 shares)		10/31/2019	10.0	16.6	(2)
					103.8	110.4
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (16)	On-demand supply chain automation solutions provider to the healthcare industry	Second lien senior secured loan ($114 par due 05/2029)	7.76% (LIBOR + 6.75%/Q)	5/26/2021	114.0	114.0	(2)(12)

13

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Class A units (14,853,569 units)		6/30/2017	15.7	34.8	(2)
					129.7	148.8
Global Medical Response, Inc. and GMR Buyer Corp.	Emergency air medical services provider	Second lien senior secured loan ($95.4 par due 12/2029)	7.50% (LIBOR + 6.75%/M)	12/17/2021	95.4	94.5	(2)(12)
		Warrant to purchase up to 115,733 units of common stock (expires 3/2028)		3/14/2018	0.9	2.9	(2)
		Warrant to purchase up to 1,926.57 units of common stock (expires 12/2031)		12/17/2021	0.1	—	(2)
					96.4	97.4
HealthEdge Software, Inc. (16)	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured revolving loan		12/16/2021	—	—	(14)
		First lien senior secured loan ($80.9 par due 04/2026)	8.00% (LIBOR + 7.00%/Q)	12/16/2021	80.9	80.9	(2)(12)
					80.9	80.9
Honor Technology, Inc.	Nursing and home care provider	First lien senior secured loan ($2.5 par due 08/2026)	11.00% (LIBOR + 10.00%/M)	8/6/2021	2.4	2.5	(2)(12)
		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 (16)	Dental services provider	First lien senior secured revolving loan ($4.4 par due 04/2024)		4/10/2017	3.7	2.9	(2)(11)
		First lien senior secured loan ($37.3 par due 04/2024)		4/10/2017	31.4	25.0	(2)(11)
					35.1	27.9
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (16)	Provider of behavioral health services	First lien senior secured revolving loan ($0.5 par due 03/2024)	6.00% (LIBOR + 4.00% Cash, 1.00% PIK/M)	3/17/2017	0.5	0.5	(2)(12)
Napa Management Services Corporation and ASP NAPA Holdings, LLC	Anesthesia management services provider	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	4.8	(2)
					2.9	5.2
NMN Holdings III Corp. and NMN Holdings LP (16)	Provider of complex rehabilitation technology solutions for patients with mobility loss	First lien senior secured revolving loan		11/13/2018	—	—	(14)
		Partnership units (30,000 units)		11/13/2018	3.0	2.5	(2)
					3.0	2.5
NueHealth Performance, LLC (16)	Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centers	First lien senior secured revolving loan ($3.3 par due 09/2023)	9.00% (LIBOR + 8.00%/M)	9/27/2018	3.3	3.3	(2)(12)
		First lien senior secured loan ($12.4 par due 09/2023)	9.00% (LIBOR + 8.00%/M)	9/27/2018	12.4	12.4	(12)
		First lien senior secured loan ($3.0 par due 09/2023)	9.00% (LIBOR + 8.00%/M)	2/1/2020	3.0	3.0	(2)(12)
					18.7	18.7
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(16)	Behavioral health and special education platform provider	First lien senior secured loan ($2.6 par due 02/2027)	10.00% PIK (SOFR + 9.00%/M)	2/28/2022	2.6	2.6	(2)(12)
		First lien senior secured loan ($46.7 par due 02/2027)	10.00% PIK (SOFR + 9.00%/M)	9/24/2019	46.7	46.7	(12)
		Preferred units (417,189)	15.00% PIK	7/28/2021	0.3	—
		Preferred stock (7,983 shares)		2/28/2022	3.1	3.1

14

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Class A common units (9,549,000 units)		9/24/2019	9.5	—
		Common units (7,584 units)		2/28/2022	—	—
					62.2	52.4
OMH-HealthEdge Holdings, LLC	Revenue cycle management provider to the healthcare industry	First lien senior secured loan ($26.1 par due 10/2025)	7.50% (LIBOR + 6.00%/S)	10/24/2019	26.1	26.1	(12)
		First lien senior secured loan ($7.4 par due 10/2025)	7.50% (LIBOR + 6.00%/S)	3/8/2022	7.4	7.4	(2)(12)
		First lien senior secured loan ($15.4 par due 10/2025)	7.50% (LIBOR + 6.00%/S)	3/10/2021	15.4	15.4	(12)
					48.9	48.9
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (16)	Veterinary hospital operator	First lien senior secured revolving loan		3/31/2020	—	—	(14)
		Second lien senior secured loan ($76.3 par due 03/2028)	8.75% (LIBOR + 7.75%/M)	3/31/2020	76.3	76.3	(2)(12)
		Class R common units (6,004,768 units)		3/31/2020	6.0	7.7	(2)
					82.3	84.0
PhyMED Management LLC	Provider of anesthesia services	Second lien senior secured loan ($57.7 par due 09/2022)		12/18/2015	55.8	14.4	(2)(11)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (16)	Provider of employer-sponsored onsite health and wellness clinics and pharmacies	First lien senior secured revolving loan ($12.0 par due 07/2023)	3.74% (LIBOR + 3.25%/Q)	7/10/2018	12.0	12.0	(2)(15)
		First lien senior secured loan ($8.6 par due 07/2025)	4.51% (LIBOR + 3.50%/Q)	7/10/2018	8.6	8.6
		Second lien senior secured loan ($67.1 par due 07/2026)	8.51% (LIBOR + 7.50%/Q)	7/10/2018	66.7	67.1	(2)
		Class A units (9,775 units)		7/10/2018	9.8	17.5	(2)
					97.1	105.2
Project Ruby Ultimate Parent Corp.	Provider of care coordination and transition management software solutions	Second lien senior secured loan ($193.1 par due 03/2029)	7.25% (LIBOR + 6.50%/M)	3/10/2021	193.1	193.1	(2)(12)
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	—	—
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (16)	Manufacturer of biologic, metal and synthetic implants/devices	First lien senior secured revolving loan ($7.7 par due 07/2026)	8.25% (LIBOR + 6.75%/M)	7/20/2020	7.7	7.7	(2)(12)
		First lien senior secured loan ($22.7 par due 07/2026)	8.25% (LIBOR + 6.75%/Q)	7/20/2020	22.7	22.7	(12)
					30.4	30.4
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (16)	Outsourced anesthesia provider	First lien senior secured loan ($11.5 par due 03/2024)	5.76% (LIBOR + 4.75%/Q)	3/26/2018	11.5	10.3	(12)
		Common units (684,854 units)		3/26/2018	4.8	0.7	(2)
					16.3	11.0
SM Wellness Holdings, Inc. and SM Holdco, Inc. (16)	Breast cancer screening provider	Series A units (8,041 units)		8/1/2018	8.0	0.1	(2)
		Series B units (804,142 units)		8/1/2018	—	10.4	(2)
					8.0	10.5
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (16)	SaaS based healthcare compliance platform provider	First lien senior secured revolving loan ($1.4 par due 12/2025)	6.25% (Base Rate + 2.75%/Q)	12/22/2020	1.4	1.4	(2)
		First lien senior secured loan ($12.5 par due 12/2027)	5.25% (SOFR + 4.50%/Q)	2/8/2022	12.5	12.3	(2)(12)
		Second lien senior secured loan ($76.2 par due 12/2028)	8.63% (LIBOR + 7.88%/Q)	12/22/2020	76.2	76.2	(2)(12)
		Series C-1 preferred shares (75,939 shares)	11.00% PIK	6/18/2021	87.3	87.3	(2)

15

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Series C-2 preferred shares (40,114.766 shares)	11.00% PIK	6/18/2021	43.7	43.7	(2)
		Series C-3 preferred shares (16,201.066 shares)	11.00% PIK	10/12/2021	17.1	17.1	(2)
					238.2	238.0
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (16)	Franchisor of private-pay home care for the elderly	First lien senior secured loan ($15.3 par due 04/2024)	6.76% (LIBOR + 5.75%/Q)	4/2/2018	15.3	15.3	(12)
		Common units (550 units)		4/2/2018	0.5	1.0
					15.8	16.3
Teligent, Inc.	Pharmaceutical company that develops, manufactures and markets injectable pharmaceutical products	Second lien senior secured loan ($80.6 par due 12/2022)		12/13/2018	67.5	38.4	(2)(9)(11)
		Second lien senior secured loan ($1.5 par due 12/2022)		1/27/2021	1.3	0.7	(2)(9)(11)
		Series D preferred stock (77,726 shares)		1/27/2021	—	—
		Warrant to purchase up to 490,492 shares of common stock (expires 4/2025)		4/6/2020	—	—
		Warrant to purchase up to 122,548 shares of common stock (expires 7/2025)		7/20/2020	—	—
					68.8	39.1
Therapy Brands Holdings LLC (16)	Provider of software solutions for the mental and behavioral health market segments	Second lien senior secured loan ($20.5 par due 05/2029)	7.54% (LIBOR + 6.75%/Q)	6/2/2021	20.3	20.5	(2)(12)
Touchstone Acquisition, Inc. and Touchstone Holding, L.P.	Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-markets	Class A preferred units (2,149 units)	8.00% PIK	11/15/2018	2.8	2.1	(2)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.	Anesthesiology service provider	Second lien senior secured loan ($147.8 par due 10/2029)	8.00% (LIBOR + 7.50%/M)	10/1/2021	147.8	146.3	(2)(12)
		Common stock (3,671,429 shares)		12/3/2021	12.9	14.1	(2)
					160.7	160.4
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (16)	Veterinary hospital operator	First lien senior secured loan ($2.6 par due 12/2027)	6.76% (LIBOR + 5.75%/Q)	12/1/2021	2.6	2.5	(2)(12)
		Class A-2 units (7,524 units)		12/1/2021	7.5	7.1	(2)
					10.1	9.6
WSHP FC Acquisition LLC (16)	Provider of biospecimen products for pharma research	First lien senior secured revolving loan ($3.6 par due 03/2027)	7.01% (LIBOR + 6.00%/Q)	3/30/2018	3.6	3.6	(2)(12)
		First lien senior secured loan ($4.9 par due 03/2027)	7.01% (LIBOR + 6.00%/Q)	10/14/2021	4.9	4.9	(2)(12)
		First lien senior secured loan ($33.3 par due 03/2027)	7.01% (LIBOR + 6.00%/Q)	3/30/2018	33.3	33.3	(12)
		First lien senior secured loan ($3.0 par due 03/2027)	7.01% (LIBOR + 6.00%/Q)	11/23/2021	3.0	3.0	(2)(12)
		First lien senior secured loan ($4.5 par due 03/2027)	7.01% (LIBOR + 6.00%/Q)	2/11/2019	4.5	4.5	(12)
		First lien senior secured loan ($8.5 par due 03/2027)	7.01% (LIBOR + 6.00%/Q)	8/30/2019	8.5	8.5	(12)
		First lien senior secured loan ($2.8 par due 03/2027)	7.01% (LIBOR + 6.00%/Q)	8/30/2019	2.8	2.8	(2)(12)
		First lien senior secured loan ($10.8 par due 03/2027)	7.01% (LIBOR + 6.00%/Q)	10/31/2019	10.8	10.8	(12)