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 June 30, 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 July 26, 2022
Common stock, $0.001 par value	496,238,392

1

ARES CAPITAL CORPORATION

INDEX

Part I.	Part I. Financial Information
Item 1.	Financial Statements
	Consolidated Balance Sheet as of June 30, 2022 (unaudited) and December 31, 2021	3
	Consolidated Statement of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited)	4
	Consolidated Schedule of Investments as of June 30, 2022 (unaudited) and December 31, 2021	5
	Consolidated Statement of Stockholders’ Equity for the three and six months ended June 30, 2022 (unaudited) and the year ended December 31, 2021	110
	Consolidated Statement of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)	111
	Notes to Consolidated Financial Statements (unaudited)	112
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	148
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	171
Item 4.	Controls and Procedures	173
Part II.	Other Information
Item 1.	Legal Proceedings	174
Item 1A.	Risk Factors	174
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	174
Item 3.	Defaults Upon Senior Securities	175
Item 4.	Mine Safety Disclosures	175
Item 5.	Other Information	175
Item 6.	Exhibits	175
	Signatures	176

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
	June 30, 2022		December 31, 2021
	(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments	$	17,323	$	17,056
Non-controlled affiliate company investments	347		373
Controlled affiliate company investments	3,500		2,580
Total investments at fair value (amortized cost of $21,112 and $19,810, respectively)	21,170		20,009
Cash and cash equivalents	204		372
Restricted cash	57		114
Interest receivable	134		142
Receivable for open trades	101		80
Other assets	108		99
Operating lease right-of-use asset	23		27
Total assets	$	21,797	$	20,843
LIABILITIES
Debt	$	11,728	$	11,020
Base management fees payable	75		69
Income based fees payable	57		67
Capital gains incentive fees payable	108		161
Interest and facility fees payable	89		100
Payable to participants	57		114
Payable for open trades	131		216
Accounts payable and other liabilities	102		111
Secured borrowings	78		74
Operating lease liabilities	37		43
Total liabilities	12,462		11,975
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 700 and 600 common shares authorized, respectively; 496 and 468 common shares issued and outstanding, respectively	—		—
Capital in excess of par value	9,139		8,553
Accumulated undistributed earnings	196		315
Total stockholders’ equity	9,335		8,868
Total liabilities and stockholders’ equity	$	21,797	$	20,843
NET ASSETS PER SHARE	$	18.81	$	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 June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income)	$	244	$	220	$	486	$	426
PIK interest income	29		27		56		53
Capital structuring service fees	29		88		55		126
Dividend income	47		31		88		55
Other income	8		8		18		17
Total investment income from non-controlled/non-affiliate company investments	357		374		703		677
From non-controlled affiliate company investments:
Interest income (excluding PIK interest income)	2		1		3		3
PIK interest income	1		1		2		2
Dividend income	1		—		1		—
Other income	—		—		—		1
Total investment income from non-controlled affiliate company investments	4		2		6		6
From controlled affiliate company investments:
Interest income (excluding PIK interest income)	40		45		77		90
PIK interest income	3		11		5		20
Capital structuring service fees	3		5		7		5
Dividend income	71		21		118		49
Other income	1		1		3		2
Total investment income from controlled affiliate company investments	118		83		210		166
Total investment income	479		459		919		849
EXPENSES:
Interest and credit facility fees	101		87		194		173
Base management fees	75		61		148		119
Income based fees	57		59		108		105
Capital gains incentive fees	(29)		61		(27)		103
Administrative fees	2		3		6		7
Other general and administrative	6		6		12		11
Total expenses	212		277		441		518
NET INVESTMENT INCOME BEFORE INCOME TAXES	267		182		478		331
Income tax expense, including excise tax	10		11		23		16
NET INVESTMENT INCOME	257		171		455		315
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments	(1)		22		49		57
Non-controlled affiliate company investments	(23)		46		(23)		57
Controlled affiliate company investments	—		—		19		21
Foreign currency and other transactions	21		(9)		10		(17)
Net realized gains (losses)	(3)		59		55		118
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments	(194)		189		(201)		353
Non-controlled affiliate company investments	33		(1)		32		7
Controlled affiliate company investments	10		52		8		85
Foreign currency and other transactions	8		8		21		16
Net unrealized gains (losses)	(143)		248		(140)		461
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions	(146)		307		(85)		579
REALIZED LOSS ON EXTINGUISHMENT OF DEBT	—		—		(48)		(43)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	111	$	478	$	322	$	851
NET INCOME PER COMMON SHARE (see Note 10)
Basic	$	0.22	$	1.09	$	0.66	$	1.96
Diluted	$	0.22	$	1.09	$	0.65	$	1.96
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)
Basic	494		440		487		435
Diluted	514		440		507		435

See accompanying notes to consolidated financial statements.

4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 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 ($54.7 par due 12/2024)	8.00% (LIBOR + 5.75%/Q)	6/28/2021	$	54.0	$	54.7	(2)(6)(12)
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (16)	Payment processing solution provider	First lien senior secured loan ($287.1 par due 06/2028)	7.40% (SOFR + 5.75%/Q)	6/9/2022	281.4		281.4		(2)(12)
		First lien senior secured loan ($63.7 par due 06/2028)	7.28% (SOFR + 5.75%/M)	2/28/2020	63.7		62.4		(2)(12)
		Senior subordinated loan ($29.2 par due 06/2030)	12.75% PIK	2/28/2020	29.2		29.2		(2)
		Senior subordinated loan ($25.0 par due 06/2030)	11.50% PIK (LIBOR + 10.00%/Q)	2/28/2020	25.0		25.0		(2)(12)
					399.3		398.0
Anaplan, Inc. (16)	Provider of cloud-based connected planning platforms for business analytics	First lien senior secured loan ($21.8 par due 06/2029)	7.25% (SOFR + 6.50%/Q)	6/21/2022	21.8		21.4		(2)(12)
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (16)	Provider of intellectual property management lifecycle software	First lien senior secured loan ($9.6 par due 04/2026)	7.01% (LIBOR + 5.50%/S)	6/24/2021	9.6		9.6		(2)(12)
		First lien senior secured loan ($4.3 par due 04/2026)	5.75% (Euribor + 5.75%/S)	4/10/2019	4.6		4.3		(2)
		Limited partnership units (4,400,000 units)		6/13/2019	4.2		8.1		(2)(6)
					18.4		22.0
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)	8.05% (LIBOR + 5.25%/S)	1/3/2020	13.4		13.4		(2)(12)
		Class A membership units (9,750,000 units)		1/3/2020	9.8		9.9		(2)
					23.2		23.3
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	36.6		36.6		(2)
					42.3		42.3
Apptio, Inc. (16)	Provider of cloud-based technology business management solutions	First lien senior secured revolving loan ($1.7 par due 01/2025)	7.25% (LIBOR + 6.00%/M)	1/10/2019	1.7		1.7		(2)(12)
		First lien senior secured loan ($62.2 par due 01/2025)	7.25% (LIBOR + 6.00%/M)	1/10/2019	62.2		62.2		(2)(12)
					63.9		63.9
Avetta, LLC (16)	Supply chain risk management SaaS platform for global enterprise clients	First lien senior secured loan ($0.2 par due 04/2024)	6.99% (LIBOR + 5.75%/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)	7.67% (LIBOR + 6.00%/M)	7/21/2021	20.9		21.3		(2)(12)
Banyan Software Holdings, LLC and Banyan Software, LP (16)	Vertical software businesses holding company	First lien senior secured revolving loan ($0.9 par due 10/2025)	9.00% (LIBOR + 6.75%/Q)	10/30/2020	0.9		0.9		(2)(12)
		First lien senior secured loan ($11.5 par due 10/2026)	9.00% (LIBOR + 6.75%/Q)	10/30/2020	11.5		11.5		(2)(12)
		First lien senior secured loan ($12.6 par due 10/2026)	9.00% (LIBOR + 6.75%/Q)	12/16/2021	12.6		12.6		(2)(12)
		Preferred units (120,999 units)		1/7/2022	4.1		4.8		(2)
					29.1		29.8

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Borrower R365 Holdings LLC (16)	Provider of restaurant enterprise resource planning systems	First lien senior secured loan ($15.7 par due 06/2027)	8.76% (LIBOR + 3.50% Cash + 3.00% PIK/Q)	6/10/2021	15.5	15.7	(2)(12)
		First lien senior secured loan ($1.4 par due 06/2027)	8.76% (LIBOR + 3.50% Cash + 3.00% PIK/Q)	1/13/2022	1.4	1.4	(2)(12)
					16.9	17.1
Bottomline Technologies, Inc. (16)	Provider of payment automation solutions	First lien senior secured loan ($53.0 par due 05/2029)	6.74% (SOFR + 5.50%/M)	5/13/2022	53.0	52.0	(2)(12)
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)	8.00% (LIBOR + 5.75%/Q)	12/1/2021	14.4	14.4	(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	Second lien senior secured loan ($64.3 par due 11/2028)	9.37% (LIBOR + 7.75%/Q)	11/12/2020	64.3	61.7	(2)(12)
		Series A preferred shares (24,898 shares)	12.79% PIK (LIBOR + 10.50%/Q)	11/12/2020	29.9	29.9	(2)
		Series A-2 preferred shares (8,963 shares)	12.79% PIK (LIBOR + 10.50%/Q)	12/23/2020	10.6	10.6	(2)
		Series A-3 preferred shares (11,952 shares)	11.00% PIK	11/24/2021	12.8	12.8	(2)
					117.6	115.0
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)	7.38% (SOFR + 5.75%/M)	2/24/2022	10.7	10.6	(2)(12)
		Class A units (500,000 units)		12/2/2016	5.0	6.9	(2)
					15.7	17.5
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. (16)	Provider of sales software for the interior design industry	First lien senior secured loan ($75.2 par due 05/2028)	8.01% (SOFR + 5.75%/Q)	5/28/2021	75.2	74.5	(2)(6)(12)
		First lien senior secured loan ($25.5 par due 05/2028)	6.00% (Euribor + 6.00%/Q)	11/30/2021	27.5	25.2	(2)(6)
		First lien senior secured loan ($11.8 par due 05/2028)	7.80% (SOFR + 5.75%/Q)	6/30/2022	11.8	11.7	(2)(6)(12)
		Common units (4,799,000 units)		5/28/2021	4.8	6.5	(2)(6)
					119.3	117.9
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)	8.19% (LIBOR + 6.50%/M)	6/3/2021	155.7	133.9	(2)(12)
		Limited partnership units (59,665,989 units)		4/29/2021	59.7	74.9	(2)
					215.4	208.8
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	(2)(6)(12)

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 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 ($4.4 par due 07/2026)	6.00% (LIBOR + 5.00%/Q)	10/15/2019	4.4	4.4	(2)(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	0.7	(2)(6)
		Common equity (190,143 shares)		7/2/2019	—	—	(2)(6)
					12.1	12.5
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (16)	Provider of a cloud-based, SaaS platform for talent management	Second lien senior secured loan ($137.5 par due 10/2029)	8.17% (LIBOR + 6.50%/M)	10/15/2021	137.5	125.1	(2)(12)
		Series A preferred shares (116,413 shares)	10.50% PIK	10/15/2021	125.2	117.6	(2)
		Class A-1 common stock (1,360,100 shares)		10/15/2021	13.6	15.3	(2)
					276.3	258.0
Datix Bidco Limited	Global healthcare software company that provides software solutions for patient safety and risk management	First lien senior secured loan ($0.1 par due 04/2025)	6.01% (SOFR + 4.50%/S)	10/7/2019	—	0.1	(2)(6)
Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.	Provider of internet security tools and solutions	Second lien senior secured loan ($1.3 par due 02/2029)	8.67% (LIBOR + 7.00%/M)	5/26/2022	1.3	1.3	(2)
		Series A preferred shares (129,822 shares)	10.50% PIK	5/25/2021	145.3	138.0	(2)
		Series A units (817,194 units)		5/27/2021	13.3	13.0	(2)
					159.9	152.3
Denali Holdco LLC and Denali Apexco LP (16)	Provider of cybersecurity audit and assessment services	First lien senior secured loan ($37.1 par due 09/2027)	6.63% (LIBOR + 5.50%/S)	9/15/2021	37.1	37.1	(2)(12)
		Class A units (2,549,000 units)		2/22/2022	2.5	2.7	(2)
					39.6	39.8
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 ($1.1 par due 08/2025)	8.49% (LIBOR + 6.25%/Q)	8/4/2020	1.1	1.1	(2)(12)(15)
		First lien senior secured loan ($32.9 par due 08/2025)	9.13% (LIBOR + 6.25%/Q)	8/4/2020	32.3	32.9	(2)(12)
		First lien senior secured loan ($3.2 par due 08/2025)	9.13% (LIBOR + 6.25%/Q)	8/4/2020	3.2	3.2	(2)(12)
		First lien senior secured loan ($2.0 par due 08/2025)	9.13% (LIBOR + 6.25%/Q)	7/30/2021	2.0	2.0	(2)(12)
		First lien senior secured loan ($0.1 par due 08/2025)	8.63% (LIBOR + 5.75%/Q)	3/4/2021	0.1	0.1	(2)(12)
		First lien senior secured loan ($0.1 par due 08/2025)	8.63% (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)
					53.0	54.0
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)	9.92% (LIBOR + 8.25%/M)	2/11/2020	25.0	24.8	(2)
		Preferred stock (29.53 shares)	13.50% PIK	2/11/2020	39.6	40.5	(2)
					64.6	65.3

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
DS Admiral Bidco, LLC (16)	Tax return software provider for government institutions	First lien senior secured loan ($0.1 par due 03/2028)	6.99% (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 ($42.1 par due 12/2027)	7.06% (CDOR + 5.75%/Q)	12/3/2021	42.2	42.1	(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 ($2.0 par due 09/2025)	7.04% (LIBOR + 5.50%/M)	9/18/2019	2.0	2.0	(2)(12)
		First lien senior secured revolving loan ($1.2 par due 09/2025)	10.25% (Base Rate + 5.50%/Q)	9/18/2019	1.2	1.2	(12)
		First lien senior secured loan ($50.3 par due 09/2025)	7.56% (LIBOR + 5.50%/Q)	9/18/2019	50.3	50.3	(2)(12)
		First lien senior secured loan ($20.4 par due 09/2025)	7.17% (LIBOR + 5.50%/Q)	12/15/2020	20.4	20.4	(2)(12)
		First lien senior secured loan ($11.4 par due 09/2025)	7.33% (LIBOR + 5.50%/Q)	9/18/2019	11.4	11.4	(2)(12)
		Preferred equity (4,599 shares)		9/18/2019	4.6	6.5	(2)
					89.9	91.8
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)	8.75% (LIBOR + 6.50%/Q)	11/4/2021	177.9	176.1	(2)(12)
		Partnership units (5,034,483 units)		5/10/2019	3.2	11.8	(2)(6)
					181.1	187.9
EpiServer Inc. and Episerver Sweden Holdings AB (16)	Provider of web content management and digital commerce solutions	First lien senior secured loan ($5.5 par due 04/2026)	5.50% (Euribor + 5.50%/M)	3/22/2019	5.9	5.5	(2)
		First lien senior secured loan ($0.1 par due 04/2026)	7.50% (LIBOR + 5.25%/Q)	12/21/2021	0.1	0.1	(2)(12)
		First lien senior secured loan ($0.1 par due 04/2026)	7.50% (LIBOR + 5.25%/Q)	10/9/2018	0.1	0.1	(2)(12)
					6.1	5.7
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (16)	Provider of mission-critical, software-enabled clinical research solutions	Second lien senior secured loan ($30.6 par due 02/2028)	9.67% (LIBOR + 8.00%/M)	4/27/2021	29.7	29.1	(2)(12)
		Second lien senior secured loan ($14.6 par due 02/2028)	9.67% (LIBOR + 8.00%/M)	2/4/2020	14.4	13.9	(2)(12)
		Second lien senior secured loan ($2.5 par due 02/2028)	9.67% (LIBOR + 8.00%/M)	2/4/2020	2.5	2.4	(2)(12)
		Limited partnership interest (3,988,000 shares)		1/31/2020	4.5	3.7	(2)(6)
					51.1	49.1
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (16)	Provider of nutritional information and software as a services (SaaS) compliance solutions	First lien senior secured loan ($6.8 par due 06/2028)	7.26% (SOFR + 6.00%/M)	6/8/2022	6.8	6.7	(2)(12)
		Limited partner interests (4,818,000 interests)		6/8/2022	4.8	4.8
					11.6	11.5
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)	9.75% (LIBOR + 7.50%/Q)	7/22/2021	16.6	16.6	(2)(12)

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 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 ($2.3 par due 07/2027)	9.75% (LIBOR + 7.50%/Q)	7/20/2021	2.3	2.3	(2)(12)
					18.9	18.9
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 ($3.2 par due 12/2024)	8.17% (LIBOR + 6.50%/M)	12/2/2019	3.2	3.2	(2)(12)
		First lien senior secured loan ($1.4 par due 12/2024)	7.83% (LIBOR + 6.50%/M)	6/15/2021	1.4	1.4	(2)(12)
					4.6	4.6
Forescout Technologies, Inc. (16)	Network access control solutions provider	First lien senior secured loan ($22.7 par due 08/2026)	11.75% PIK (LIBOR + 9.50%/M)	8/17/2020	22.4	22.7	(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 ($14.7 par due 09/2023)	6.49% (LIBOR + 5.25%/Q)	12/30/2020	14.7	14.7	(2)(12)
		First lien senior secured loan ($0.1 par due 09/2023)	6.49% (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	6.5	7.0
		Class B common units (499,050 units)		9/18/2017	—	6.4
					21.3	28.2
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)	6.25% (LIBOR + 4.00%/Q)	7/31/2018	1.5	1.5	(2)
		First lien senior secured loan ($9.0 par due 07/2024)	6.75% (LIBOR + 4.50%/Q)	11/16/2021	9.0	8.9	(2)(12)
		First lien senior secured loan ($0.2 par due 07/2024)	6.25% (LIBOR + 4.00%/Q)	7/31/2018	0.2	0.2	(2)
		Second lien senior secured loan ($32.4 par due 07/2025)	8.46% (LIBOR + 7.50%/Q)	7/31/2018	32.4	31.7	(2)
		Second lien senior secured loan ($21.1 par due 07/2025)	8.46% (LIBOR + 7.50%/Q)	11/16/2021	21.1	20.7	(2)(12)
		Second lien senior secured loan ($7.5 par due 07/2025)	8.46% (LIBOR + 7.50%/Q)	6/9/2021	7.5	7.4	(2)
		Class A common stock (8.39 shares)		7/31/2018	0.8	1.2	(2)
					72.5	71.6
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)	7.55% (SOFR + 6.00%/Q)	10/29/2021	0.4	0.4	(2)(12)
		First lien senior secured loan ($40.3 par due 10/2028)	7.62% (SOFR + 6.00%/Q)	10/29/2021	40.3	40.3	(2)(12)
					40.7	40.7
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 ($16.1 par due 04/2027)	7.17% (LIBOR + 5.50%/M)	4/28/2021	16.1	16.1	(2)(12)

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 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 ($7.9 par due 04/2027)	6.50% (LIBOR + 5.50%/A)	10/14/2021	7.9	7.9	(2)(12)
		First lien senior secured loan ($7.6 par due 04/2027)	6.50% (LIBOR + 5.50%/A)	11/29/2021	7.6	7.6	(2)(12)
		First lien senior secured loan ($0.5 par due 04/2027)	7.00% (LIBOR + 6.00%/A)	12/21/2017	0.5	0.5	(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	57.6	57.6
					131.0	131.0
Heavy Construction Systems Specialists, LLC (16)	Provider of construction software	First lien senior secured loan ($15.9 par due 11/2028)	7.42% (LIBOR + 5.75%/M)	11/16/2021	15.9	15.9	(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)	6.58% (LIBOR + 5.50%/Q)	11/3/2021	5.5	5.1	(2)(12)
		First lien senior secured revolving loan ($1.6 par due 11/2027)	9.25% (Base Rate + 4.50%/M)	11/3/2021	1.6	1.5	(2)(12)
		First lien senior secured loan ($60.7 par due 11/2028)	7.11% (LIBOR + 5.50%/Q)	11/3/2021	60.7	57.0	(2)(12)
		Senior subordinated loan ($94.7 par due 11/2031)	10.00% PIK	11/3/2021	94.7	91.9	(2)
		Common units (4,243,657 units)		11/3/2021	8.8	6.6	(2)
					171.3	162.1
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	—
Imprivata, Inc.	Provider of identity and access management solutions to the healthcare industry	Second lien senior secured loan ($16.1 par due 12/2028)	7.78% (SOFR + 6.25%/M)	4/8/2022	15.9	15.9	(2)(12)
Inmar, Inc.	Technology-driven solutions provider for retailers, wholesalers and manufacturers	Second lien senior secured loan ($28.3 par due 05/2025)	9.67% (LIBOR + 8.00%/M)	4/25/2017	28.2	27.4	(2)(12)
IQN Holding Corp. (16)	Provider of extended workforce management software	First lien senior secured loan ($23.6 par due 05/2029)	6.90% (SOFR + 5.50%/Q)	5/2/2022	23.6	23.3	(2)(12)
IV Rollover Holdings, LLC	Provider of cloud based IT solutions, infrastructure and services	Class B units (170,490 units)		5/31/2017	—	—
		Class X units (5,000,000 units)		5/31/2017	2.1	2.1	(2)
					2.1	2.1
Kaseya Inc. and Knockout Intermediate Holdings I Inc. (16)	Provider of cloud-based software and technology solutions for small and medium sized businesses	First lien senior secured loan ($244.2 par due 06/2029)	8.29% (SOFR + 5.75%/S)	6/22/2022	244.2	239.3	(2)(12)
		Preferred stock (47,132 shares)	11.75% PIK	6/22/2022	47.1	47.1	(2)
					291.3	286.4
Magnesium BorrowerCo, Inc. and Magnesium Co-Invest SCSp (16)	Cybersecurity solutions provider	First lien senior secured loan ($152.4 par due 05/2029)	7.36% (SOFR + 5.75%/M)	5/19/2022	152.4	149.3	(2)(6)(12)
		First lien senior secured loan ($35.2 par due 05/2029)	6.94% (SONIA + 5.75%/Q)	5/19/2022	35.7	34.5	(2)(6)(12)
		Limited partnership interests (3,974 interests)		5/6/2022	38.8	38.8	(2)(6)

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					226.9	222.6
Majesco and Magic Topco, L.P. (16)	Insurance software provider	First lien senior secured loan ($30.5 par due 09/2027)	9.51% (LIBOR + 7.25%/Q)	9/21/2020	30.5	30.5	(2)(12)
		Class A units (2,539 units)	9.00% PIK	9/21/2020	3.0	3.5	(2)
		Class B units (570,625 units)		9/21/2020	—	—
					33.5	34.0
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)	7.75% (LIBOR + 5.50%/Q)	12/30/2021	32.7	32.0	(2)(12)
		Limited partner interests (9,574,000 interests)		12/30/2021	9.6	10.0	(2)
					42.3	42.0
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)	8.10% (LIBOR + 6.50%/M)	10/1/2021	90.4	85.5	(2)(12)(19)
MMIT Holdings, LLC (16)	Provider of market intelligence and analysis for the pharmaceutical industry	First lien senior secured loan ($13.6 par due 09/2027)	8.50% (LIBOR + 6.25%/Q)	10/21/2021	13.6	13.7	(2)(12)
		First lien senior secured loan ($2.8 par due 09/2027)	8.50% (LIBOR + 6.25%/Q)	9/15/2021	2.8	2.9	(2)(12)
					16.4	16.6
MRI Software LLC (16)	Provider of real estate and investment management software	First lien senior secured loan ($47.3 par due 02/2026)	7.75% (LIBOR + 5.50%/Q)	2/10/2020	47.3	46.8	(2)(12)
		First lien senior secured loan ($11.1 par due 02/2026)	7.75% (LIBOR + 5.50%/Q)	8/28/2020	11.1	11.0	(2)(12)
					58.4	57.8
n2y Holding, LLC (16)	Developer of cloud-based special education platform	First lien senior secured revolving loan ($0.1 par due 11/2025)	7.34% (LIBOR + 5.75%/M)	11/15/2019	0.1	0.1	(2)(12)
Netsmart, Inc. and Netsmart Technologies, Inc.	Developer and operator of health care software and technology solutions	First lien senior secured loan ($2.0 par due 10/2027)	6.23% (LIBOR + 4.00%/M)	6/28/2022	2.0	1.9	(12)
OpenMarket Inc.	Provider of cloud-based mobile engagement platform	First lien senior secured loan ($51.8 par due 09/2026)	8.50% (LIBOR + 6.25%/Q)	9/17/2021	51.8	51.8	(2)(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	—	2.1	(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 revolving loan ($1.9 par due 10/2024)	5.54% (LIBOR + 4.50%/Q)	3/19/2019	1.9	1.9	(2)(12)
		First lien senior secured loan ($53.2 par due 10/2024)	5.54% (LIBOR + 4.50%/Q)	3/19/2019	53.2	52.7	(2)(12)
		Second lien senior secured loan ($70.1 par due 10/2025)	9.57% (LIBOR + 8.50%/Q)	3/19/2019	70.1	70.1	(2)(12)
		Second lien senior secured loan ($8.7 par due 10/2025)	9.54% (LIBOR + 8.50%/Q)	4/27/2021	8.7	8.7	(2)(12)
		Second lien senior secured loan ($8.3 par due 10/2025)	9.57% (LIBOR + 8.50%/Q)	12/17/2020	8.3	8.3	(2)(12)

11

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 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 ($7.2 par due 10/2025)	9.50% (LIBOR + 8.50%/Q)	12/7/2021	7.2	7.2	(2)(12)
		Series A preferred stock (13,656 shares)	13.25% PIK	3/19/2019	20.8	21.1	(2)
		Class A units (2,062,493 units)		3/19/2019	2.1	3.0	(2)
					172.3	173.0
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 ($22.7 par due 05/2025)	8.00% (LIBOR + 5.75%/Q)	10/16/2020	22.7	22.7	(2)(12)
		First lien senior secured loan ($0.1 par due 05/2025)	8.00% (LIBOR + 5.75%/Q)	6/24/2020	0.1	0.1	(2)(12)
		First lien senior secured loan ($0.2 par due 05/2025)	7.50% (LIBOR + 5.25%/Q)	5/29/2019	0.2	0.2	(2)(12)
		Class A units (5,000 units)		5/29/2019	5.0	14.5
					28.0	37.5
Petvisor Holdings, LLC (16)	Provider of veterinarian-focused SaaS solutions	First lien senior secured loan ($13.9 par due 06/2028)	8.01% (SOFR + 5.50%/S)	6/22/2022	29.0	28.4	(2)(12)
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	—	10.1	(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)	6.92% (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	First lien senior secured loan ($0.2 par due 04/2024)	6.25% (LIBOR + 4.00%/Q)	6/30/2022	0.2	0.2
		Class A common stock (7,445 shares)		8/22/2016	7.4	15.0	(2)
		Class B common stock (1,841,609 shares)		8/22/2016	0.1	0.2	(2)
					7.7	15.4
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 ($36.4 par due 04/2028)	6.75% (LIBOR + 5.75%/Q)	4/20/2021	36.4	35.6	(2)(12)
		Preferred shares (26,436 shares)	11.79% PIK (LIBOR + 9.50%/Q)	4/20/2021	30.0	28.6	(2)(12)
					66.4	64.2
Project Potter Buyer, LLC and Project Potter Parent, L.P. (16)	Software solutions provider to the ready-mix concrete industry	First lien senior secured loan ($43.9 par due 04/2027)	8.67% (LIBOR + 7.00%/M)	4/23/2020	43.9	43.9	(2)(12)
		First lien senior secured loan ($14.4 par due 04/2027)	8.67% (LIBOR + 7.00%/M)	11/18/2020	14.4	14.4	(2)(12)
		First lien senior secured loan ($12.8 par due 04/2027)	8.67% (LIBOR + 7.00%/M)	10/30/2020	12.8	12.8	(2)(12)

12

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 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 ($4.9 par due 04/2027)	8.67% (LIBOR + 7.00%/M)	11/18/2020	4.9	4.9	(2)(12)
		Class B units (588,636 units)		4/23/2020	—	1.5	(2)
					76.0	77.5
Proofpoint, Inc. (16)	Cybersecurity solutions provider	First lien senior secured loan ($1.0 par due 08/2028)	4.82% (LIBOR + 3.25%/Q)	6/9/2021	0.9	0.9	(2)(12)(19)
		Second lien senior secured loan ($34.6 par due 08/2029)	7.82% (LIBOR + 6.25%/Q)	6/9/2021	34.4	33.9	(2)(12)
					35.3	34.8
QF Holdings, Inc. (16)	SaaS based electronic health record software provider	First lien senior secured loan ($8.1 par due 12/2027)	8.76% (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)	8.25% (LIBOR + 6.00%/Q)	10/5/2021	8.5	8.5	(2)(6)(12)
		Class A common units (2,880,582 units)		12/17/2018	3.5	5.6
					12.0	14.1
RealPage, Inc.	Provider of enterprise software solutions to the residential real estate industry	Second lien senior secured loan ($84.1 par due 04/2029)	8.17% (LIBOR + 6.50%/M)	4/22/2021	83.0	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 ($21.3 par due 05/2027)	9.15% (LIBOR + 4.00% Cash + 4.00% PIK/M)	5/12/2021	21.3	21.3	(2)(12)
Revalize, Inc. (16)	Develops and operates software providing configuration, price and quote capabilities for sales teams	First lien senior secured revolving loan ($0.6 par due 04/2027)	8.00% (LIBOR + 5.75%/Q)	5/26/2022	0.5	0.6	(2)(12)
		First lien senior secured loan ($0.7 par due 04/2027)	8.00% (LIBOR + 5.75%/Q)	5/26/2022	0.7	0.7	(2)(12)
					1.2	1.3
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)	8.00% (LIBOR + 5.75%/M)	12/16/2021	23.4	23.4	(2)(12)
		Class A common stock (464.9 shares)		12/16/2021	4.6	5.1	(2)
					28.0	28.5
Smarsh Inc. and Skywalker TopCo, LLC (16)	SaaS based communication archival service provider	First lien senior secured loan ($10.6 par due 02/2029)	6.98% (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

13

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
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)	10.25% (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)
Stamps.com Inc.	Provider of mailing and shipping solutions	First lien senior secured loan ($147.5 par due 10/2028)	6.87% (LIBOR + 5.75%/M)	10/5/2021	147.5	143.1	(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 ($42.8 par due 04/2029)	9.33% (SOFR + 6.75%/S)	4/16/2021	42.8	41.9	(2)(12)
		Second lien senior secured loan ($10.3 par due 04/2029)	9.33% (SOFR + 6.75%/S)	3/2/2022	10.3	10.1	(2)(12)
		Limited partnership interests (614,950 interests)		4/16/2021	6.2	7.4	(2)(6)
					59.3	59.4
Sundance Group Holdings, Inc. (16)	Provider of cloud-based document management and collaboration solutions	First lien senior secured revolving loan ($1.6 par due 07/2027)	8.14% (LIBOR + 6.25%/Q)	7/2/2021	1.5	1.6	(2)(12)
		First lien senior secured loan ($15.4 par due 07/2027)	7.25% (LIBOR + 6.25%/Q)	7/2/2021	15.2	15.4	(2)(12)
					16.7	17.0
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 ($35.3 par due 03/2028)	6.50% (SOFR + 5.75%/Q)	3/11/2022	35.3	35.0	(2)(12)
		Class A-2 units (4,849 units)		3/11/2022	4.8	4.8
					40.1	39.8
TCP Hawker Intermediate LLC (16)	Workforce management solutions provider	First lien senior secured revolving loan ($0.1 par due 08/2025)	7.67% (LIBOR + 5.50%/Q)	8/30/2019	0.1	0.1	(2)(12)
		First lien senior secured loan ($34.6 par due 08/2026)	7.00% (LIBOR + 5.50%/Q)	8/30/2019	34.6	34.3	(2)(12)
		First lien senior secured loan ($6.6 par due 08/2026)	6.50% (LIBOR + 5.50%/S)	12/1/2020	6.6	6.5	(2)(12)
					41.3	40.9
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 ($0.9 par due 05/2024)	5.42% (LIBOR + 3.75%/M)	5/3/2019	0.9	0.9	(2)(6)(15)
		Limited partnership interests (12,583,556 interests)		5/3/2019	12.6	14.0	(2)(6)
					13.5	14.9
Verscend Holding Corp. (16)	Healthcare analytics solutions provider	First lien senior secured revolving loan		8/27/2018	—	—	(14)
VS Buyer, LLC (16)	Provider of software-based data protection solutions	First lien senior secured revolving loan		2/19/2020	—	—	(19)
WebPT, Inc. (16)	Electronic medical record software provider	First lien senior secured revolving loan ($0.2 par due 01/2028)	8.07% (LIBOR + 6.75%/M)	8/28/2019	0.2	0.2	(2)(12)
		First lien senior secured loan ($48.1 par due 01/2028)	8.32% (LIBOR + 6.75%/Q)	8/28/2019	48.1	48.1	(2)(12)
					48.3	48.3

14

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
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 ($0.1 par due 01/2027)	6.50% (LIBOR + 5.50%/Q)	1/20/2021	0.1	0.1	(2)(12)
WorkWave Intermediate II, LLC (16)	Provider of cloud-based field services and fleet management solutions	First lien senior secured loan ($64.0 par due 06/2027)	9.38% PIK (SOFR + 7.25%/Q)	6/29/2021	64.0	64.0	(2)(12)
					4,835.7	4,825.2		51.70%
Diversified Financials
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC	Provider of comprehensive suite of investment management and wealth planning solutions	First lien senior secured loan ($0.2 par due 09/2027)	8.08% (LIBOR + 6.25%/Q)	9/15/2021	0.2	0.2	(2)(12)
		Senior subordinated loan ($4.7 par due 09/2026)	9.30% PIK	9/15/2021	4.7	4.7	(2)
		Common units (4,397,705 units)		9/15/2021	4.4	4.0	(2)
					9.3	8.9
Beacon Pointe Harmony, LLC (16)	Provider of comprehensive wealth management services	First lien senior secured loan ($14.5 par due 12/2028)	6.70% (LIBOR + 5.25%/Q)	12/29/2021	14.5	14.3	(2)(6)(12)
		First lien senior secured loan ($1.4 par due 12/2028)	7.43% (LIBOR + 5.25%/Q)	12/29/2021	1.4	1.4	(2)(6)(12)
					15.9	15.7
Convera International Holdings Limited and Convera International Financial S.A R.L. (16)	Provider of international payment and FX risk management solutions	First lien senior secured loan ($63.1 par due 03/2028)	7.80% (SOFR + 5.75%/Q)	3/1/2022	63.1	62.5	(2)(12)
CrossCountry Mortgage, LLC (16)	Mortgage company originating loans in the retail and consumer direct channels	First lien senior secured loan ($93.8 par due 11/2027)	8.57% (LIBOR + 7.00%/Q)	11/10/2021	93.8	92.8	(2)(12)
DFC Global Facility Borrower III LLC (16)	Non-bank provider of alternative financial services	First lien senior secured revolving loan ($156.2 par due 06/2026)	8.56% (LIBOR + 7.50%/M)	6/10/2021	162.4	156.2	(2)(6)(10)(12)
eCapital Finance Corp.	Consolidator of commercial finance businesses	Senior subordinated loan ($55.8 par due 12/2025)	8.90% (SOFR + 7.75%/M)	4/28/2022	55.8	55.8	(2)(12)
		Senior subordinated loan ($56.0 par due 12/2025)	8.90% (SOFR + 7.75%/M)	1/31/2020	56.0	56.0	(2)(12)
		Senior subordinated loan ($24.3 par due 12/2025)	8.90% (SOFR + 7.75%/M)	1/13/2022	24.3	24.3	(2)(12)
		Senior subordinated loan ($5.4 par due 12/2025)	8.90% (SOFR + 7.75%/M)	11/24/2020	5.4	5.4	(2)(12)
					141.5	141.5
EP Wealth Advisors, LLC (16)	Wealth management and financial planning firm	First lien senior secured revolving loan ($0.7 par due 09/2026)	6.75% (LIBOR + 4.50%/Q)	9/4/2020	0.7	0.7	(2)(12)
		First lien senior secured loan ($0.7 par due 09/2026)	6.31% (LIBOR + 4.50%/Q)	11/19/2021	0.7	0.7	(2)(12)
		First lien senior secured loan ($0.2 par due 09/2026)	6.75% (LIBOR + 4.50%/Q)	9/4/2020	0.2	0.2	(2)(12)
					1.6	1.6
Green Street Parent, LLC and Green Street Intermediate Holdings, LLC (16)	Provider of REIT research data and analytics	First lien senior secured loan ($0.1 par due 08/2026)	7.32% (LIBOR + 5.75%/Q)	12/14/2021	0.1	0.1	(2)(12)

15

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2022

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Interest (3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
HighTower Holding, LLC	Provider of investment, financial and retirement planning services	Senior subordinated loan ($6.0 par due 04/2029)	6.75%	6/8/2022	4.9	4.5	(2)(6)(19)
Ivy Hill Asset Management, L.P. (5)	Asset management services	Senior subordinated loan ($438.2 par due 1/2030)	8.07% (SOFR + 6.50%/Q)	2/8/2018	438.2	438.2	(6)(12)
		Member interest (100.00% interest)		6/15/2009	1,217.3	1,367.1	(6)
					1,655.5	1,805.3
Javlin Three LLC, Javlin Four LLC, and Javlin Five LLC	Asset-backed financial services company	First lien senior secured loan ($15.5 par due 11/2018)		6/24/2014	12.5	—	(2)(6)(11)
Joyce Lane Capital LLC and Joyce Lane Financing SPV LLC (fka Ciena Capital LLC) (5)(16)	Specialty finance company	Equity interests		11/29/2010	—	—	(6)
Lido Advisors, LLC (16)	Wealth management and financial planning firm	First lien senior secured revolving loan ($0.3 par due 06/2027)	6.02% (LIBOR + 4.50%/M)	6/15/2021	0.3	0.3	(2)(12)
LS DE LLC and LM LSQ Investors LLC	Asset based lender	Senior subordinated loan ($3.0 par due 06/2021)	10.50%	6/15/2017	3.0	3.0	(2)(6)
		Senior subordinated loan ($37.0 par due 03/2024)	10.50%	6/25/2015	37.0	37.0	(2)(6)
		Membership units (3,275,000 units)		6/25/2015	3.3	3.7	(6)
					43.3	43.7
Monica Holdco (US) Inc. (16)	Investment technology and advisory firm	First lien senior secured loan ($2.6 par due 01/2028)	8.50% (LIBOR + 6.25%/Q)	1/8/2021	2.6	2.6	(2)(12)
Priority Holdings, LLC and Priority Technology Holdings, Inc.	Provider of merchant acquiring and payment processing solutions	First lien senior secured loan ($6.7 par due 04/2027)	7.32% (LIBOR + 5.75%/Q)	4/27/2021	6.7	6.5	(2)(6)(12)
		Senior preferred stock (65,761 shares)	13.02% (LIBOR + 5.00% Cash + 7.00% PIK/Q)	4/27/2021	66.7	70.7	(2)(6)(12)
		Warrant to purchase up to 527,226 shares of common stock (expires 4/2031)		4/27/2021	4.0	1.7	(2)(6)
					77.4	78.9
Rialto Management Group, LLC (16)	Investment and asset management platform focused on real estate	First lien senior secured revolving loan		11/30/2018	—	—	(14)
		First lien senior secured loan ($0.1 par due 12/2025)	7.42% (LIBOR + 5.75%/M)	12/22/2021	0.1	0.1	(2)(6)(12)
		First lien senior secured loan ($0.1 par due 12/2025)	7.42% (LIBOR + 5.75%/M)	4/30/2021	0.1	0.1	(2)(6)(12)
		First lien senior secured loan ($0.3 par due 12/2025)	7.42% (LIBOR + 5.75%/M)	11/30/2018	0.3	0.3	(2)(6)(12)
					0.5	0.5
TA/WEG Holdings, LLC (16)	Wealth management and financial planning firm	First lien senior secured revolving loan ($0.7 par due 10/2027)	7.00% (LIBOR + 6.00%/S)	10/2/2019	0.7	0.7	(2)(12)(15)
		First lien senior secured loan ($8.3 par due 10/2027)	7.13% (SOFR + 6.00%/S)	8/13/2021	8.3	8.3	(2)(12)
		First lien senior secured loan ($0.1 par due 10/2027)	7.52% (SOFR + 6.00%/S)	6/3/2021	0.1	0.1	(2)(12)
		First lien senior secured loan ($0.1 par due 10/2027)	7.00% (LIBOR + 6.00%/S)	11/6/2020	0.1	0.1	(2)(12)

16

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 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 ($0.1 par due 10/2027)	7.67% (SOFR + 6.00%/S)	10/2/2019	0.1	0.1	(2)(12)
					9.3	9.3
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (16)	Provider of comprehensive wealth management services	First lien senior secured loan ($2.8 par due 03/2028)	8.33% (SOFR + 5.75%/Q)	3/31/2022	2.8	2.8	(2)(6)(12)
		Senior subordinated loan ($2.8 par due 03/2029)	12.00% PIK	3/31/2022	2.8	2.8	(2)(6)
		Series A preferred units (7,199 units)		3/31/2022	7.2	7.2	(2)(6)
		Common units (7,199 units)		3/31/2022	—	—	(6)
					12.8	12.8
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (16)	Provider of asset-servicing capabilities for fund managers	First lien senior secured loan ($37.6 par due 02/2026)	6.75% (LIBOR + 4.50%/Q)	2/1/2019	37.6	37.6	(2)(12)
		Class A units (1,443 units)		9/16/2019	1.6	2.2
		Class A units (245 units)		2/1/2019	0.2	—
		Class B units (245,194 units)		2/1/2019	—	—
		Class B units (2,167,424 units)		2/1/2019	—	—
					39.4	39.8
WA Asset Management, LLC (16)	Wealth management and financial planning firm	First lien senior secured loan ($4.0 par due 03/2028)	7.64% (SOFR + 5.50%/Q)	3/1/2022	4.0	4.0	(2)(6)(12)
					2,350.2	2,481.0		26.58%
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)	12.75% (Base Rate + 3.00% Cash + 5.00% PIK/Q)	6/1/2021	4.1	4.1	(2)(12)
		First lien senior secured loan ($50.8 par due 06/2024)	11.26% (LIBOR + 4.00% Cash + 5.00% PIK/Q)	6/1/2021	50.8	50.8	(2)(12)
		Class A common units (7,617,280 units)		6/1/2021	4.7	12.1	(2)
					59.6	67.0
ADG, LLC and RC IV GEDC Investor LLC (16)	Dental services provider	First lien senior secured revolving loan ($10.9 par due 09/2023)	6.44% (LIBOR + 4.25% Cash + 0.50% PIK/M)	9/28/2016	10.9	10.8	(2)(12)
		First lien senior secured revolving loan ($1.2 par due 09/2023)	8.50% (Base Rate + 3.25% Cash + 0.50% PIK/Q)	9/28/2016	1.2	1.2	(2)(12)
		Second lien senior secured loan ($121.8 par due 03/2024)	11.69% PIK (LIBOR + 10.00%/M)	9/28/2016	101.7	109.6	(2)(12)
		Membership units (3,000,000 units)		9/28/2016	3.0	—
					116.8	121.6
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	206.6	206.6	(2)

17

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 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 (10,487,950 units)		2/15/2022	10.5	10.5	(2)
					217.1	217.1
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP (16)	Opiod treatment provider	First lien senior secured loan ($5.7 par due 06/2027)	6.35% (LIBOR + 5.00%/M)	5/26/2022	5.8	5.7	(2)(12)
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)	10.50% (LIBOR + 8.25%/Q)	7/9/2019	69.4	69.4	(2)(12)
		Second lien senior secured loan ($12.7 par due 07/2027)	10.50% (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	19.7	(2)
					86.3	101.8
CCS-CMGC Holdings, Inc. (16)	Correctional facility healthcare operator