UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2024

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  ý  No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ý 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.

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 Exchange Act. o

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

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

Class	Outstanding at October 25, 2024
Common stock, $0.001 par value	646,076,139

ARES CAPITAL CORPORATION

INDEX

Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Balance Sheet as of September 30, 2024 (unaudited) and December 31, 2023	3
	Consolidated Statement of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited)	4
	Consolidated Schedule of Investments as of September 30, 2024 (unaudited) and December 31, 2023	5
	Consolidated Statement of Stockholders’ Equity for the three and nine months ended September 30, 2024 (unaudited) and the year ended December 31, 2023	141
	Consolidated Statement of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited)	142
	Notes to Consolidated Financial Statements (unaudited)	143
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	187
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	223
Item 4.	Controls and Procedures	224
Part II.	Other Information
Item 1.	Legal Proceedings	224
Item 1A.	Risk Factors	225
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	225
Item 3.	Defaults Upon Senior Securities	225
Item 4.	Mine Safety Disclosures	225
Item 5.	Other Information	225
Item 6.	Exhibits	226
	Signatures	227

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
	September 30, 2024		December 31, 2023
	(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments	$	21,458	$	18,283
Non-controlled affiliate company investments	717		424
Controlled affiliate company investments	3,743		4,167
Total investments at fair value (amortized cost of $25,573 and $22,668, respectively)	25,918		22,874
Cash and cash equivalents	486		535
Restricted cash	138		29
Interest receivable	269		245
Receivable for open trades	113		16
Other assets	169		91
Operating lease right-of-use asset	7		10
Total assets	$	27,100	$	23,800
LIABILITIES
Debt	$	13,500	$	11,884
Base management fee payable	96		84
Income based fee payable	92		90
Capital gains incentive fee payable	106		88
Interest and facility fees payable	119		132
Payable to participants	38		29
Payable for open trades	45		7
Accounts payable and other liabilities	284		234
Secured borrowings	34		34
Operating lease liabilities	13		17
Total liabilities	14,327		12,599
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 1,000 common shares authorized; 646 and 582 common shares issued and outstanding, respectively	1		1
Capital in excess of par value	12,044		10,738
Accumulated undistributed earnings	728		462
Total stockholders’ equity	12,773		11,201
Total liabilities and stockholders’ equity	$	27,100	$	23,800
NET ASSETS PER SHARE	$	19.77	$	19.24

See accompanying notes to consolidated financial statements.

3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income)	$	465	$	401	$	1,312	$	1,144
PIK interest income	43		32		128		104
Capital structuring service fees	33		20		115		46
Dividend income	80		64		232		178
Other income	16		11		40		40
Total investment income from non-controlled/non-affiliate company investments	637		528		1,827		1,512
From non-controlled affiliate company investments:
Interest income (excluding PIK interest income)	6		3		14		9
PIK interest income	3		1		9		3
Capital structuring service fees	1		—		3		—
Dividend income	—		1		1		7
Other income	1		—		2		—
Total investment income from non-controlled affiliate company investments	11		5		29		19
From controlled affiliate company investments:
Interest income (excluding PIK interest income)	46		53		144		169
PIK interest income	5		5		13		12
Capital structuring service fees	4		—		6		5
Dividend income	71		63		208		187
Other income	1		1		4		3
Total investment income from controlled affiliate company investments	127		122		375		376
Total investment income	775		655		2,231		1,907
EXPENSES:
Interest and credit facility fees	195		145		528		425
Base management fee	96		81		274		239
Income based fee	92		83		273		238
Capital gains incentive fee	7		42		19		40
Administrative and other fees	3		4		9		10
Other general and administrative	9		8		24		23
Total expenses	402		363		1,127		975
NET INVESTMENT INCOME BEFORE INCOME TAXES	373		292		1,104		932
Income tax expense, including excise tax	12		3		60		11
NET INVESTMENT INCOME	361		289		1,044		921
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments	(15)		(72)		(43)		(160)
Non-controlled affiliate company investments	—		—		(6)		—
Controlled affiliate company investments	(4)		—		24		—
Foreign currency and other transactions	(5)		(4)		(5)		(47)
Net realized losses	(24)		(76)		(30)		(207)
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments	65		255		150		324
Non-controlled affiliate company investments	21		5		34		19
Controlled affiliate company investments	(12)		—		(22)		(1)
Foreign currency and other transactions	(17)		27		3		53
Net unrealized gains	57		287		165		395
Net realized and unrealized gains on investments, foreign currency and other transactions	33		211		135		188
REALIZED LOSS ON EXTINGUISHMENT OF DEBT	—		—		(14)		—
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	394	$	500	$	1,165	$	1,109
NET INCOME PER COMMON SHARE (see Note 10)
Basic	$	0.62	$	0.89	$	1.90	$	2.03
Diluted	$	0.62	$	0.87	$	1.90	$	1.98
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)
Basic	635		562		614		548
Diluted	635		582		614		568

See accompanying notes to consolidated financial statements.

4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal		Amortized Cost		Fair Value			% of Net Assets
Software and Services
Actfy Buyer, Inc. (15)	Software provider of end to end fraud management workflow solutions	First lien senior secured loan	9.85%	SOFR (M)	5.00%	05/2024	05/2031		$	57.2	$	57.2	$	56.0	(2)(11)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (15)	Provider of software services that support the management and security of computing devices, applications, data, and networks	First lien senior secured loan	9.85%	SOFR (Q)	5.25%	07/2023	07/2030		42.6		42.6		42.6		(2)(6)(11)
		First lien senior secured loan	9.85%	SOFR (Q)	5.25%	09/2024	07/2030		6.9		6.9		6.9		(2)(6)(11)
		Limited partnership interest	8.00% PIK			10/2023		9,249,000			9.5		13.9		(2)(6)
											59.0		63.4
AI Titan Parent, Inc. (15)	Provider of plant maintenance / scheduling software	First lien senior secured loan	9.81%	SOFR (Q)	4.75%	08/2024	08/2031		61.5		61.5		60.9		(2)(11)
Anaplan, Inc. (15)	Provider of cloud-based connected planning platforms for business analytics	First lien senior secured loan	9.85%	SOFR (Q)	5.25%	06/2022	06/2029		1.8		1.8		1.8		(2)(11)
		First lien senior secured loan	9.85%	SOFR (Q)	5.25%	05/2024	06/2029		4.1		4.1		4.1		(2)(11)
											5.9		5.9
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (15)	Provider of intellectual property management lifecycle software	First lien senior secured loan	8.10%	Euribor (Q)	4.75%	04/2019	08/2031		8.1		8.2		8.1		(2)
		First lien senior secured loan	9.45%	SOFR (S)	4.75%	06/2021	04/2026		3.7		3.7		3.7		(2)(11)
		First lien senior secured loan	10.06%	SOFR (Q)	4.75%	01/2024	04/2026		5.4		5.4		5.4		(2)(11)
		Limited partnership units				06/2019		4,898,740			4.2		12.0		(2)(6)
											21.5		29.2
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15)	Aircraft performance software provider	First lien senior secured loan	9.80%	SOFR (S)	5.25%	01/2020	01/2025		13.1		13.1		13.1		(2)(11)
		Class A membership units				01/2020		9,750,000			9.8		5.5		(2)
											22.9		18.6
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (15)	Software platform for identification, prevention and management of substance use disorder	First lien senior secured loan	12.08%	SOFR (Q)	7.00%	05/2021	05/2027		5.6		5.6		5.6		(2)(11)
		Series A preferred shares	11.00% PIK			05/2021		32,236			46.9		45.0		(2)
											52.5		50.6
Aptean, Inc. and Aptean Acquiror Inc. (15)	Provider of CRM, ERP and supply chain software application	First lien senior secured loan	9.85%	SOFR (M)	5.00%	01/2024	01/2031		17.1		17.0		17.1		(2)(11)
Artifact Bidco, Inc. (15)	Supply chain risk management SaaS platform for global enterprise clients	First lien senior secured loan	9.10%	SOFR (Q)	4.50%	05/2024	07/2031		18.9		18.9		18.7		(2)(11)
Auctane, Inc.	Provider of mailing and shipping solutions	First lien senior secured loan	10.94%	SOFR (S)	5.75%	10/2021	10/2028		144.2		144.2		137.0		(2)(11)
Avalara, Inc. (15)	Provider of cloud-based solutions for transaction tax compliance worldwide	First lien senior secured loan	10.85%	SOFR (Q)	6.25%	10/2022	10/2028		72.2		72.2		72.2		(2)(11)

See accompanying notes to consolidated financial statements

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Banyan Software Holdings, LLC and Banyan Software, LP (15)	Vertical software businesses holding company	First lien senior secured revolving loan	10.35%	SOFR (M)	5.50%	01/2023	10/2026		1.0	1.0	1.0	(2)(6)(11)
		First lien senior secured loan	11.95%	SOFR (M)	7.00%	10/2020	10/2026		1.0	1.0	1.0	(2)(6)(11)
		First lien senior secured loan	11.95%	SOFR (M)	7.00%	12/2021	10/2026		0.2	0.2	0.2	(2)(6)(11)
		First lien senior secured loan	12.20%	SOFR (M)	7.25%	01/2023	10/2026		10.5	10.5	10.5	(2)(6)(11)
		First lien senior secured loan	11.12%	SOFR (M)	6.25%	01/2024	10/2026		17.4	17.4	17.4	(2)(6)(11)
		Preferred units				01/2022		120,999		4.1	11.5	(2)(6)
										34.2	41.6
BCTO Ignition Purchaser, Inc.	Enterprise software provider	First lien senior secured loan	14.28% PIK	SOFR (Q)	9.00%	04/2023	10/2030		3.9	3.9	3.9	(2)(6)(11)
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (15)	Healthcare software provider	First lien senior secured loan	9.39%	SOFR (Q)	4.75%	06/2023	06/2030		15.7	15.7	15.7	(2)(11)
		Class A-1 units				06/2023		1,729,228		1.7	1.9
										17.4	17.6
Borrower R365 Holdings LLC (15)	Provider of restaurant enterprise resource planning systems	First lien senior secured loan	10.75%	SOFR (Q)	6.00%	06/2021	06/2027		15.9	15.8	15.9	(2)(11)
		First lien senior secured loan	10.75%	SOFR (Q)	6.00%	01/2022	06/2027		1.9	1.9	1.9	(2)(11)
										17.7	17.8
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC (15)	Provider of payment automation solutions	First lien senior secured loan	10.10%	SOFR (M)	5.25%	05/2022	05/2029		8.0	8.0	8.0	(2)(11)
		First lien senior secured loan	10.60%	SOFR (M)	5.75%	10/2023	05/2029		4.2	4.2	4.2	(2)(11)
										12.2	12.2
Businessolver.com, Inc. (15)	Provider of SaaS-based benefits solutions for employers and employees	First lien senior secured loan	10.20%	SOFR (Q)	5.50%	12/2021	12/2027		0.6	0.6	0.6	(2)(11)
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (15)	Provider of software and technology-enabled content and analytical solutions to insurance brokers	First lien senior secured loan	9.25%	SOFR (Q)	4.50%	04/2024	11/2027		11.1	10.6	10.3	(2)(11)(18)
		Second lien senior secured loan	12.52%	SOFR (Q)	7.75%	11/2020	11/2028		64.3	64.3	61.0	(2)(11)
		Series A preferred shares	11.00% PIK			11/2020		24,898		38.2	32.8	(2)
		Series A-2 preferred shares	11.00% PIK			12/2020		8,963		13.6	11.7	(2)
		Series A-3 preferred shares	11.00% PIK			11/2021		11,952		16.4	13.7	(2)
										143.1	129.5
Centralsquare Technologies, LLC and Supermoose Newco, Inc. (15)	Provider of mission-critical software solutions for the public sector	First lien senior secured revolving loan				04/2024	04/2030		—	—	—	(2)(13)
		First lien senior secured loan	11.60% (3.50% PIK)	SOFR (M)	6.50%	04/2024	04/2030		141.0	141.0	137.5	(2)(11)
		Series A preferred stock	15.00% PIK			04/2024		83,332		89.3	89.3	(2)
										230.3	226.8

See accompanying notes to consolidated financial statements

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (15)	Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies	First lien senior secured notes	6.50%			09/2022	03/2029		88.9	87.1	88.3	(2)(18)
		First lien senior secured loan	9.10%	SOFR (Q)	4.50%	03/2024	03/2031		8.6	8.5	8.6	(2)(11)(18)
		First lien senior secured loan	8.60%	SOFR (M)	4.00%	05/2024	03/2029		15.6	15.1	15.5	(2)(11)(18)
		Second lien senior secured notes	9.00%			04/2023	09/2029		121.0	113.3	123.0	(2)(18)
		Limited partnership interests				09/2022		12,250,000		12.3	32.3	(2)
										236.3	267.7
Community Brands ParentCo, LLC	Software and payment services provider to non-profit institutions	Class A units				12/2016		500,000		5.0	3.0	(2)
Computer Services, Inc. (15)	Infrastructure software provider to community banks	First lien senior secured loan	10.27%	SOFR (Q)	5.25%	11/2022	11/2029		33.6	33.6	33.6	(2)(11)
		First lien senior secured loan	10.27%	SOFR (Q)	5.25%	02/2024	11/2029		5.4	5.4	5.4	(2)(11)
		First lien senior secured loan	9.69%	SOFR (Q)	4.75%	09/2024	11/2029		19.0	19.0	19.0	(2)(11)
										58.0	58.0
Conservice Midco, LLC	Provider of outsourced utility management software and billing solutions	Second lien senior secured loan	10.10%	SOFR (M)	5.25%	05/2022	05/2028		15.5	15.5	15.5	(2)
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. (15)	Provider of sales software for the interior design industry	First lien senior secured revolving loan	10.50%	SOFR (Q)	5.75%	05/2021	05/2028		7.3	7.3	7.3	(2)(6)(11)
		First lien senior secured revolving loan	9.61%	Euribor (S)	6.25%	11/2021	05/2028		1.3	1.3	1.3	(2)(6)(11)
		First lien senior secured revolving loan	10.10%	SOFR (Q)	5.50%	04/2024	05/2028		1.8	1.8	1.8	(2)(6)(11)
		First lien senior secured loan	10.50%	SOFR (Q)	5.75%	05/2021	05/2028		73.5	73.5	73.5	(2)(6)(11)
		First lien senior secured loan	9.61%	Euribor (Q)	6.25%	11/2021	05/2028		0.5	0.4	0.5	(2)(6)(11)
		First lien senior secured loan	9.61%	Euribor (Q)	6.25%	11/2021	05/2028		30.2	30.2	30.2	(2)(6)
		First lien senior secured loan	10.50%	SOFR (Q)	5.75%	06/2022	05/2028		11.5	11.5	11.5	(2)(6)(11)
		First lien senior secured loan	10.10%	SOFR (Q)	5.50%	04/2024	05/2028		0.3	0.3	0.3	(2)(6)(11)
		Common units				05/2021		483,584		4.8	8.0	(2)(6)
		Series A common units				09/2022		23,340		0.2	0.4	(2)(6)
										131.3	134.8
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (15)	Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors	Second lien senior secured loan	11.46%	SOFR (M)	6.50%	06/2021	06/2029		155.7	155.7	151.0	(2)(11)
		Limited partnership units				04/2021		59,665,989		59.7	38.1	(2)
										215.4	189.1

See accompanying notes to consolidated financial statements

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (15)	Provider of environmental, health and safety software to track compliance data	First lien senior secured loan	10.33%	SOFR (Q)	5.00%	07/2019	07/2026		6.2	6.2	6.2	(2)(6)(11)
		First lien senior secured loan	10.33%	SOFR (Q)	5.00%	10/2019	07/2026		4.3	4.3	4.3	(2)(6)(11)
		First lien senior secured loan	12.33%	SOFR (Q)	7.00%	09/2020	07/2026		0.1	0.1	0.1	(2)(6)(11)
		First lien senior secured loan	10.83%	SOFR (Q)	5.50%	09/2022	07/2026		0.2	0.2	0.2	(2)(6)(11)
		First lien senior secured loan	11.08%	SOFR (Q)	5.75%	04/2023	07/2026		7.6	7.6	7.6	(2)(6)(11)
		Preferred equity	9.00% PIK			07/2019		198		0.3	1.0	(2)(6)
		Common equity				07/2019		190,143		—	—	(2)(6)
										18.7	19.4
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (15)	Provider of a cloud-based, SaaS platform for talent management	First lien senior secured revolving loan	8.41%	SOFR (M)	3.25%	10/2021	10/2026		7.1	7.1	6.6	(2)(14)
		First lien senior secured loan	8.71%	SOFR (M)	3.75%	06/2024	10/2028		1.4	1.3	1.3	(2)(11)(18)
		Second lien senior secured loan	11.46%	SOFR (M)	6.50%	10/2021	10/2029		137.5	137.5	129.2	(2)(11)
		Series A preferred shares	10.50% PIK			10/2021		116,413		153.6	130.6	(2)
		Class A-1 common stock				10/2021		1,360,100		13.6	15.8	(2)
										313.1	283.5
Coupa Holdings, LLC and Coupa Software Incorporated (15)	Provider of Business Spend Management software	First lien senior secured loan	10.75%	SOFR (Q)	5.50%	03/2023	02/2030		9.0	9.0	9.0	(2)(11)
Datix Bidco Limited and RL Datix Holdings (USA), Inc. (15)	Global healthcare software company that provides software solutions for patient safety and risk management	First lien senior secured loan	10.81%	SOFR (S)	5.50%	04/2024	04/2031		104.6	104.6	102.5	(2)(6)(11)
		First lien senior secured loan	10.56%	SONIA (S)	5.50%	04/2024	04/2031		56.7	53.1	55.6	(2)(6)(11)
										157.7	158.1
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	11.85%	SOFR (M)	7.00%	05/2022	02/2029		11.0	10.5	10.7	(2)
		Series A preferred shares	10.50% PIK			05/2021		129,822		178.3	155.1	(2)
		Series A units				05/2021		817,194		13.3	9.9	(2)
										202.1	175.7
Denali Holdco LLC and Denali Apexco LP (15)	Provider of cybersecurity audit and assessment services	First lien senior secured loan	9.85%	SOFR (M)	4.75%	07/2024	09/2028		33.3	33.3	33.2	(2)(11)
		Class A units				02/2022		2,549,000		2.5	3.3	(2)
										35.8	36.5
Diligent Corporation and Diligent Preferred Issuer, Inc. (15)	Provider of secure SaaS solutions for board and leadership team documents	First lien senior secured loan	10.09%	SOFR (Q)	5.00%	04/2024	08/2030		23.5	23.3	23.5	(2)(11)
		Preferred stock	10.50% PIK			04/2021		13,140		18.5	17.6	(2)
										41.8	41.1
DriveCentric Holdings, LLC (15)	Provider of CRM software to the automotive dealership industry	First lien senior secured loan	9.87%	SOFR (Q)	4.75%	08/2024	08/2031		12.1	12.1	12.0	(2)(11)

See accompanying notes to consolidated financial statements

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Echo Purchaser, Inc. (15)	Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets	First lien senior secured revolving loan	12.50%	Base Rate (Q)	4.50%	11/2023	11/2029		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	10.35%	SOFR (M)	5.50%	11/2023	11/2029		10.6	10.6	10.6	(2)(11)
										10.7	10.7
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (15)	Payment processing solution provider	First lien senior secured loan	9.74%	SOFR (S)	4.75%	09/2024	09/2031		196.1	196.1	194.1	(2)(11)
		Preferred units	12.50% PIK			09/2024		656		6.6	6.4	(2)
		Class A common units				09/2024		563		0.6	0.6	(2)
										203.3	201.1
Edmunds Govtech, Inc. (15)	Provider of ERP software solutions for local governments	First lien senior secured revolving loan	8.60%	SOFR (Q)	4.00%	02/2024	02/2030		1.7	1.7	1.7	(2)(11)
		First lien senior secured loan	9.60%	SOFR (Q)	5.00%	02/2024	02/2031		18.5	18.5	18.5	(2)(11)
										20.2	20.2
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (15)	SaaS based supply chain management software provider focused on chemical markets	First lien senior secured revolving loan	10.67%	SOFR (Q)	5.50%	05/2024	09/2026		6.6	6.6	6.5	(2)(11)
		First lien senior secured loan	10.94%	SOFR (Q)	5.50%	09/2019	09/2026		60.1	60.1	59.5	(2)(11)
		First lien senior secured loan	10.95%	SOFR (Q)	5.50%	12/2020	09/2026		5.6	5.6	5.6	(2)(11)
		First lien senior secured loan	10.75%	SOFR (Q)	5.50%	05/2024	09/2026		4.9	4.9	4.9	(2)(11)
		Preferred equity				09/2019		4,599		4.6	5.9	(2)
										81.8	82.4
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. (15)	SaaS based business analytics company focused on oil and gas industry	First lien senior secured revolving loan	10.35%	SOFR (M)	5.50%	12/2023	12/2029		0.6	0.5	0.6	(2)(11)
		First lien senior secured loan	10.35%	SOFR (M)	5.50%	12/2023	12/2029		134.2	134.2	134.2	(2)(11)
		Preferred stock	13.50% PIK			02/2020		30		53.7	54.5	(2)
										188.4	189.3
EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P.	Provider of entertainment workforce and production management solutions	First lien senior secured loan	9.37%	SOFR (Q)	4.50%	06/2023	11/2028		8.4	8.1	8.4	(2)(11)
		Second lien senior secured loan	11.37%	SOFR (Q)	6.50%	11/2021	11/2029		177.9	177.9	177.9	(2)(11)
		Partnership units				05/2019		5,034,483		3.1	12.2	(2)(6)
										189.1	198.5
EpiServer Inc. and Episerver Sweden Holdings AB (15)	Provider of web content management and digital commerce solutions	First lien senior secured loan	10.00%	SOFR (Q)	5.25%	10/2018	04/2026		0.1	0.1	0.1	(2)(6)(11)
		First lien senior secured loan	8.85%	Euribor (Q)	5.50%	03/2019	04/2026		5.7	5.8	5.7	(2)(6)
		First lien senior secured loan	10.00%	SOFR (Q)	5.25%	12/2021	04/2026		0.1	0.1	0.1	(2)(6)(11)
										6.0	5.9

See accompanying notes to consolidated financial statements

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (15)	Provider of mission-critical, software-enabled clinical research solutions	First lien senior secured revolving loan	11.25%	Base Rate (Q)	3.25%	01/2024	08/2026		0.7	0.7	0.7	(2)(11)
		First lien senior secured loan	8.85%	SOFR (M)	4.00%	11/2023	02/2027		1.0	1.0	1.0	(2)(11)(18)
		Second lien senior secured loan	12.95%	SOFR (M)	8.00%	02/2020	02/2028		27.2	26.5	27.2	(2)
		Second lien senior secured loan	12.95%	SOFR (M)	8.00%	04/2021	02/2028		30.6	30.0	30.6	(2)
		Limited partnership interest				01/2020		4,440,040		4.5	7.3	(2)(6)
										62.7	66.8
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (15)	Provider of nutritional information and software as a services (SaaS) compliance solutions	First lien senior secured revolving loan	10.90%	SOFR (Q)	5.50%	06/2022	06/2028		0.9	0.9	0.9	(2)(11)
		First lien senior secured loan	10.90%	SOFR (Q)	5.50%	06/2022	06/2028		6.7	6.7	6.7	(2)(11)
		Limited partner interests				06/2022		6,246,801		6.2	8.3
										13.8	15.9
Extrahop Networks, Inc. (15)	Provider of real-time wire data analytics solutions for application and infrastructure monitoring	First lien senior secured loan	12.45%	SOFR (M)	7.50%	07/2021	07/2027		25.1	25.1	25.1	(2)(11)
		First lien senior secured loan	12.45%	SOFR (M)	7.50%	03/2023	07/2027		3.9	3.9	3.9	(2)(11)
										29.0	29.0
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (15)	Provider of back-office software services for the banking sector	First lien senior secured loan	12.18%	SOFR (Q)	7.25%	09/2023	09/2029		189.5	186.5	189.5	(2)(6)(11)
Forescout Technologies, Inc. (15)	Network access control solutions provider	First lien senior secured loan	10.07%	SOFR (Q)	5.00%	05/2024	05/2031		13.6	13.6	13.5	(2)(11)
GI Ranger Intermediate LLC (15)	Provider of payment processing services and software to healthcare providers	First lien senior secured loan	10.75%	SOFR (Q)	6.00%	10/2021	10/2028		10.0	10.0	9.8	(2)(11)
		First lien senior secured loan	10.75%	SOFR (Q)	6.00%	03/2022	10/2028		3.1	3.1	3.0	(2)(11)
										13.1	12.8
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (15)	Provider of data analysis, statistics, and visualization software solutions for scientific research applications	First lien senior secured loan	9.71%	SOFR (Q)	4.75%	06/2024	06/2031		71.7	71.7	71.3	(2)(11)
		Senior subordinated loan	10.50% PIK			04/2021	04/2032		53.6	53.6	52.0	(2)
		Preferred units	14.00% PIK			04/2021		1,828,645		74.8	74.8
										200.1	198.1
Guidepoint Security Holdings, LLC (15)	Cybersecurity solutions provider	First lien senior secured loan	10.85%	SOFR (M)	6.00%	10/2023	10/2029		6.7	6.7	6.7	(2)(11)
Heavy Construction Systems Specialists, LLC (15)	Provider of construction software	First lien senior secured loan	10.10%	SOFR (Q)	5.50%	11/2021	11/2028		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	9.85%	SOFR (Q)	5.25%	03/2024	11/2028		13.9	13.9	13.9	(2)(11)
										14.0	14.0

See accompanying notes to consolidated financial statements

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Help/Systems Holdings, Inc. (15)	Provider of IT operations management and cybersecurity software	First lien senior secured revolving loan	9.27%	SOFR (M)	4.00%	11/2019	08/2026		6.7	6.7	6.3	(2)
		First lien senior secured revolving loan	11.00%	Base Rate (Q)	3.00%	11/2019	08/2026		4.5	4.5	4.3	(2)(11)
										11.2	10.6
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (15)	Insurance software provider	First lien senior secured revolving loan	10.45%	SOFR (M)	5.50%	11/2021	11/2027		6.3	6.3	6.1	(2)(11)
		First lien senior secured loan	10.45%	SOFR (M)	5.50%	11/2021	11/2028		59.3	59.3	58.1	(2)(11)
		Senior subordinated loan	10.00% PIK			11/2021	11/2031		118.3	118.3	105.3	(2)
		Company units				11/2021		4,246,457		8.8	6.7	(2)
										192.7	176.2
Hyland Software, Inc. (15)	Enterprise content management software provider	First lien senior secured revolving loan				09/2023	09/2029		—	—	—	(2)(13)
		First lien senior secured loan	10.85%	SOFR (M)	6.00%	09/2023	09/2030		96.8	95.6	96.8	(2)(11)
										95.6	96.8
Icefall Parent, Inc. (15)	Provider of customer engagement software and integrated payments solutions	First lien senior secured loan	11.35%	SOFR (M)	6.50%	01/2024	01/2030		16.7	16.7	16.7	(2)(11)
Inmar, Inc.	Technology-driven solutions provider for retailers, wholesalers and manufacturers	First lien senior secured loan	10.23%	SOFR (M)	5.50%	06/2023	05/2026		13.3	13.0	13.3	(2)(11)(18)
Internet Truckstop Group LLC (15)	Provider of freight-moving lifecycle software	First lien senior secured loan	10.25%	SOFR (Q)	5.50%	06/2024	04/2027		39.5	39.1	39.1	(2)(11)
IQN Holding Corp. (15)	Provider of extended workforce management software	First lien senior secured revolving loan	10.31%	SOFR (Q)	5.25%	05/2022	05/2028		0.5	0.5	0.5	(2)(11)
		First lien senior secured loan	10.31%	SOFR (Q)	5.25%	05/2022	05/2029		1.4	1.4	1.4	(2)(11)
										1.9	1.9
IV Rollover Holdings, LLC	Provider of cloud based IT solutions, infrastructure and services	Class B units				05/2017		170,490		—	—	(2)
		Class X units				05/2017		5,000,000		1.9	2.1	(2)
										1.9	2.1
Kaseya Inc. and Knockout Intermediate Holdings I Inc. (15)	Provider of cloud-based software and technology solutions for small and medium sized businesses	First lien senior secured revolving loan	10.10%	SOFR (Q)	5.50%	06/2022	06/2029		4.9	4.9	4.9	(2)(11)(14)
		First lien senior secured loan	10.75%	SOFR (Q)	5.50%	06/2022	06/2029		173.2	173.0	173.2	(2)(11)
		Preferred stock	16.01% PIK	SOFR (S)	10.75%	06/2022		38,798		49.8	49.8	(2)(11)
										227.7	227.9
LeanTaaS Holdings, Inc. (15)	Provider of SaaS tools to optimize healthcare asset utilization	First lien senior secured loan	12.10%	SOFR (Q)	7.50%	07/2022	07/2028		32.3	32.3	32.3	(2)(11)
		First lien senior secured loan	13.92%	SOFR (Q)	9.25%	07/2022	07/2028		29.6	29.6	29.6	(2)(11)
										61.9	61.9
Majesco and Magic Topco, L.P. (15)	Insurance software provider	First lien senior secured loan	9.35%	SOFR (Q)	4.75%	09/2020	09/2028		18.1	18.1	18.1	(2)(11)

See accompanying notes to consolidated financial statements

11

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Class A units	9.00% PIK			09/2020		2,539		3.6	6.4	(2)
		Class B units				09/2020		570,625		—	—	(2)
										21.7	24.5
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp	Cybersecurity solutions provider	First lien senior secured loan	9.85%	SOFR (M)	5.00%	05/2022	05/2029		93.7	93.7	93.7	(2)(6)(11)
		First lien senior secured loan	9.95%	SONIA (Q)	5.00%	05/2022	05/2029		37.9	34.9	37.9	(2)(6)(11)
		First lien senior secured loan	9.85%	SOFR (M)	5.00%	03/2024	05/2029		5.2	5.2	5.2	(2)(6)(11)
		Limited partnership interest				05/2022		3,975		39.8	45.2	(2)(6)
										173.6	182.0
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (15)	Software and payment services provider to faith-based institutions	First lien senior secured loan	10.45%	SOFR (M)	5.50%	12/2021	12/2028		39.1	39.1	38.3	(2)(11)
		Limited partner interests				12/2021		9,574,000		9.6	6.8	(2)
										48.7	45.1
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (15)	Leading technology solution provider for casing and auditioning to the entertainment industry	First lien senior secured revolving loan	10.85%	SOFR (M)	6.00%	08/2022	08/2028		0.4	0.4	0.4	(2)(11)
		First lien senior secured loan	10.85%	SOFR (M)	6.00%	08/2022	08/2028		24.7	24.7	24.7	(2)(11)
		Class A units	8.00% PIK			08/2022		45,320		5.3	3.5
										30.4	28.6
MRI Software LLC (15)	Provider of real estate and investment management software	First lien senior secured loan	9.35%	SOFR (Q)	4.75%	02/2020	02/2027		12.1	12.1	12.1	(2)(11)
		First lien senior secured loan	9.35%	SOFR (Q)	4.75%	08/2020	02/2027		24.0	24.0	24.0	(2)(11)
		First lien senior secured loan	9.35%	SOFR (Q)	4.75%	12/2023	02/2027		2.3	2.3	2.3	(2)(11)
										38.4	38.4
Netsmart, Inc. and Netsmart Technologies, Inc. (15)	Developer and operator of health care software and technology solutions	First lien senior secured loan	10.05% (3.00% PIK)	SOFR (M)	5.20%	08/2024	08/2031		140.0	140.0	138.6	(2)(11)
North Star Acquisitionco, LLC and Toucan Bidco Limited (15)	Literacy solution software provider for grades k-12	First lien senior secured revolving loan	9.95%	SONIA (Q)	5.00%	04/2024	05/2029		0.4	0.4	0.4	(2)(6)
		First lien senior secured loan	9.75%	NIBOR (Q)	5.00%	04/2024	05/2029		6.0	5.8	6.0	(2)(6)
		First lien senior secured loan	9.95%	SONIA (Q)	5.00%	04/2024	05/2029		3.9	3.6	3.8	(2)(6)(11)
		First lien senior secured loan	9.60%	SOFR (Q)	5.00%	04/2024	05/2029		25.6	25.6	25.5	(2)(6)(11)
										35.4	35.7
OpenMarket Inc.	Provider of cloud-based mobile engagement platform	First lien senior secured loan	11.12%	SOFR (Q)	6.25%	09/2021	09/2026		16.1	16.1	16.1	(2)(6)(11)
PDDS HoldCo, Inc. (15)	Provider of cloud-based dental practice management software	First lien senior secured revolving loan	12.25%	SOFR (Q)	7.50%	07/2022	07/2028		0.2	0.2	0.2	(2)(11)
		First lien senior secured loan	12.40%	SOFR (Q)	7.50%	07/2022	07/2028		12.1	12.1	12.1	(2)(11)
										12.3	12.3

See accompanying notes to consolidated financial statements

12

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (15)	Provider of enterprise management software for the convenience retail and petroleum wholesale market	First lien senior secured loan	10.46%	SOFR (Q)	5.25%	01/2024	02/2031		51.3	51.3	51.3	(2)(11)
		Series A preferred stock	13.25% PIK			03/2019		13,656		28.1	28.4	(2)
		Class A units				03/2019		2,062,493		2.1	4.4	(2)
										81.5	84.1
Petvisor Holdings, LLC (15)	Provider of veterinarian-focused SaaS solutions	First lien senior secured loan	10.78%	SOFR (S)	5.50%	06/2022	11/2029		5.9	5.9	5.9	(2)(11)
		First lien senior secured loan	11.53% PIK	SOFR (S)	6.25%	06/2022	11/2029		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	10.78%	SOFR (S)	5.50%	11/2023	11/2029		3.7	3.7	3.7	(2)(11)
										9.7	9.7
Ping Identity Holding Corp. (15)	Provider of identity and access management solutions	First lien senior secured loan	9.35%	SOFR (Q)	4.75%	10/2022	10/2029		11.3	11.3	11.3	(2)(11)
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)(15)	Online education learning platform	First lien senior secured loan	9.62% (1.50% PIK)	SOFR (Q)	4.50%	08/2024	08/2029		21.4	21.4	21.4	(2)(11)
		First lien senior secured loan	12.62% (7.50% PIK)	SOFR (Q)	7.50%	08/2024	08/2029		19.0	19.0	19.0	(2)(11)
		Common units				08/2024		6,356,812		14.3	14.3	(2)
										54.7	54.7
Poplicus Incorporated	Business intelligence and market analytics platform for companies that sell to the public sector	Warrant to purchase shares of Series C preferred stock				06/2015	06/2025	2,402,991		0.1	—
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (15)	Software provider for medical practitioners	First lien senior secured revolving loan	9.35%	SOFR (M)	4.50%	08/2023	08/2029		0.5	0.5	0.5	(2)(11)
		First lien senior secured loan	10.60%	SOFR (M)	5.75%	08/2023	08/2029		36.7	36.7	36.7	(2)(11)
		Senior subordinated loan	14.00% PIK			08/2023	08/2030		45.1	45.1	45.1	(2)
		Class A units	8.00% PIK			03/2021		33,220,282		25.4	37.4	(2)
										107.7	119.7
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (15)	Provider of practice management software to law firms	First lien senior secured revolving loan	10.35%	SOFR (M)	5.50%	03/2021	03/2027		0.7	0.7	0.7	(2)(11)
		First lien senior secured loan	10.35%	SOFR (M)	5.50%	03/2021	03/2027		5.4	5.4	5.4	(2)(11)
		First lien senior secured loan	10.35%	SOFR (M)	5.50%	06/2024	03/2027		0.1	0.1	0.1	(2)(11)
		Limited partnership units				03/2021		1,624,000		0.9	2.6	(2)
										7.1	8.8
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc.	Provider of data visualization software for data analytics	Class A common stock				08/2016		7,445		7.4	19.0	(2)
		Class B common stock				08/2016		1,841,609		0.1	0.2	(2)
										7.5	19.2

See accompanying notes to consolidated financial statements

13

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (15)	Saas provider of automated crew callout and scheduling software for the utility industry	First lien senior secured loan	11.46% (3.25% PIK)	SOFR (Q)	6.25%	04/2021	04/2028		37.5	37.5	34.5	(2)(11)
		Preferred shares	14.24% PIK	SOFR (Q)	9.50%	04/2021		26,436		41.3	38.0	(2)(11)
										78.8	72.5
Project Potter Buyer, LLC and Project Potter Parent, L.P. (15)	Software solutions provider to the ready-mix concrete industry	First lien senior secured loan	10.60%	SOFR (Q)	6.00%	04/2020	04/2027		42.9	42.9	42.9	(2)(11)
		First lien senior secured loan	10.60%	SOFR (Q)	6.00%	10/2020	04/2027		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	10.60%	SOFR (Q)	6.00%	11/2020	04/2027		11.8	11.8	11.8	(2)(11)
		First lien senior secured loan	10.60%	SOFR (Q)	6.00%	07/2024	04/2027		17.9	17.9	17.9	(2)(11)
		Class B units				04/2020		588,636		—	3.1	(2)
										72.7	75.8
Proofpoint, Inc. (15)	Cybersecurity solutions provider	First lien senior secured loan	7.85%	SOFR (M)	3.00%	06/2021	08/2028		1.0	0.9	1.0	(2)(11)(18)
QF Holdings, Inc. (15)	SaaS based electronic health record software provider	First lien senior secured revolving loan	10.22%	SOFR (Q)	5.00%	09/2019	12/2027		0.6	0.6	0.6	(2)(11)
		First lien senior secured loan	10.35%	SOFR (Q)	5.00%	09/2019	12/2027		6.8	6.8	6.8	(2)(11)
		First lien senior secured loan	10.30%	SOFR (Q)	5.00%	08/2020	12/2027		4.9	4.9	4.9	(2)(11)
		First lien senior secured loan	10.35%	SOFR (Q)	5.00%	12/2021	12/2027		8.1	8.1	8.1	(2)(11)
		First lien senior secured loan	10.06%	SOFR (Q)	5.00%	12/2023	12/2027		5.1	5.1	5.1	(2)(11)
										25.5	25.5
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (15)	Provider of SaaS-based safety and security software to the K-12 school market	First lien senior secured loan	9.35%	SOFR (Q)	4.75%	10/2021	10/2028		8.4	8.4	8.4	(2)(11)
		First lien senior secured loan	9.35%	SOFR (Q)	4.75%	04/2023	10/2028		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	9.35%	SOFR (Q)	4.75%	05/2024	10/2028		8.1	8.1	8.1	(2)(11)
		Class A common units				12/2018		2,880,582		3.5	7.0
										20.1	23.6
RealPage, Inc.	Provider of enterprise software solutions to the residential real estate industry	Second lien senior secured loan	11.46%	SOFR (M)	6.50%	04/2021	04/2029		84.1	83.3	80.5	(2)(11)(18)
Regent Education, Inc.	Provider of software solutions designed to optimize the financial aid and enrollment processes	Warrant to purchase shares of common stock				12/2016	12/2026	5,394,181		—	—
Relativity ODA LLC (15)	Electronic discovery document review software platform for use in litigations and investigations	First lien senior secured loan	9.46%	SOFR (M)	4.50%	07/2024	05/2029		41.8	41.7	41.8	(2)(11)
Revalize, Inc. (15)	Developer and operator of software providing configuration, price and quote capabilities	First lien senior secured revolving loan	10.80%	SOFR (Q)	5.75%	05/2022	04/2027		0.5	0.5	0.5	(2)(11)
		First lien senior secured loan	11.15%	SOFR (Q)	5.75%	05/2022	04/2027		0.7	0.7	0.6	(2)(11)
										1.2	1.1

See accompanying notes to consolidated financial statements

14

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (15)	Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry	First lien senior secured loan	9.60%	SOFR (Q)	5.00%	12/2021	12/2028		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	9.25%	SOFR (S)	5.00%	08/2022	12/2028		0.2	0.2	0.2	(2)(11)
		Class A common stock				12/2021		566		5.5	4.6	(2)
										5.8	4.9
Sapphire Software Buyer, Inc. (15)	Provider of application security testing solutions	First lien senior secured loan	9.25%	SOFR (S)	5.00%	09/2024	09/2031		70.9	70.9	70.2	(2)(11)
Severin Acquisition, LLC (15)	Provider of student information system software solutions to the K-12 education market in North America	First lien senior secured loan	9.59%	SOFR (S)	4.75%	09/2024	10/2031		227.4	227.4	225.1	(2)(11)
Smarsh Inc. and Skywalker TopCo, LLC (15)	SaaS based communication archival service provider	First lien senior secured loan	10.35%	SOFR (Q)	5.75%	02/2022	02/2029		1.4	1.4	1.4	(2)(11)
		Common units				11/2020		1,742,623		6.3	11.1	(2)
										7.7	12.5
SocialFlow, Inc.	Social media optimization platform provider	Warrant to purchase shares of Series C preferred stock				01/2016	01/2026	215,331		—	—
Sophia, L.P.	Provider of ERP software and services for higher education institutions	Second lien senior secured loan	12.95%	SOFR (M)	8.00%	10/2020	10/2028		66.1	66.1	66.1	(2)(11)
SoundCloud Limited	Platform for receiving, sending, and distributing music	Common stock				08/2017		73,422		0.4	0.7	(2)(6)
Spark Purchaser, Inc. (15)	Software platform for Medicare application process	First lien senior secured loan	10.10%	SOFR (Q)	5.50%	04/2024	04/2031		30.8	30.8	30.2	(2)(11)
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (15)	Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space	First lien senior secured loan	9.70%	SOFR (Q)	5.00%	09/2022	09/2028		2.5	2.5	2.5	(2)(11)
		First lien senior secured loan	10.41%	SOFR (Q)	5.00%	12/2023	09/2028		0.8	0.8	0.8	(2)(11)
		Limited partner interests				09/2022		1,010		10.2	14.1	(2)
										13.5	17.4
Storable, Inc. and EQT IX Co-Investment (E) SCSP	Payment management system solutions and web services for the self-storage industry	Second lien senior secured loan	11.60%	SOFR (M)	6.75%	04/2021	04/2029		42.8	42.8	42.8	(2)(11)
		Second lien senior secured loan	11.60%	SOFR (M)	6.75%	03/2022	04/2029		10.3	10.3	10.3	(2)(11)
		Limited partnership interests				04/2021		614,950		6.4	10.9	(2)(6)
										59.5	64.0
Sundance Group Holdings, Inc. (15)	Provider of cloud-based document management and collaboration solutions	First lien senior secured revolving loan	9.32%	SOFR (S)	4.75%	09/2024	07/2029		2.0	2.0	2.0	(2)(11)
		First lien senior secured loan	9.32%	SOFR (S)	4.75%	09/2024	07/2029		26.4	26.3	26.4	(2)(11)
										28.3	28.4

See accompanying notes to consolidated financial statements

15

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Superman Holdings, LLC (15)	Provider of ERP software for the construction industry	First lien senior secured loan	9.56%	SOFR (Q)	4.50%	08/2024	08/2031		35.5	35.5	35.4	(2)(11)
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (15)	Provider of environment, health, safety, and sustainability software	First lien senior secured loan	10.83%	SOFR (Q)	5.75%	03/2022	03/2028		34.5	34.5	34.5	(2)(11)
		First lien senior secured loan	11.00%	SOFR (Q)	5.75%	10/2023	03/2028		10.9	10.9	10.9	(2)(11)
		First lien senior secured loan	10.84%	SOFR (Q)	5.75%	06/2024	03/2028		5.8	5.8	5.8	(2)(11)
		Class A-2 units				03/2022		5,057		5.1	6.2
										56.3	57.4
TCP Hawker Intermediate LLC (15)	Workforce management solutions provider	First lien senior secured loan	10.25%	SOFR (Q)	5.50%	08/2019	08/2026		33.8	33.8	33.8	(2)(11)
		First lien senior secured loan	10.25%	SOFR (Q)	5.50%	12/2020	08/2026		6.4	6.4	6.4	(2)(11)
		First lien senior secured loan	10.25%	SOFR (Q)	5.50%	10/2021	08/2026		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	10.75%	SOFR (Q)	6.00%	10/2023	08/2026		10.4	10.4	10.4	(2)(11)
										50.7	50.7
Transit Technologies LLC (15)	Provider of transportation management software and specialty telematics solutions	First lien senior secured loan	9.71%	SOFR (M)	4.75%	08/2024	08/2031		10.8	10.8	10.7	(2)(11)
UKG Inc. and H&F Unite Partners, L.P.	Provider of cloud based HCM solutions for businesses	Limited partnership interests				05/2019		12,583,556		12.6	27.4	(2)(6)
UserZoom Technologies, Inc.	User experience research automation software	First lien senior secured loan	12.75%	SOFR (S)	7.50%	02/2023	04/2029		5.8	5.7	5.8	(2)(11)
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (15)	Third-party maintenance provider for hardware and data center infrastructure	First lien senior secured loan	9.35%	SOFR (Q)	4.75%	08/2024	08/2031		70.1	70.1	69.4	(2)(11)
		Partnership units				08/2024		2,482,000		2.5	2.5	(2)
										72.6	71.9
WebPT, Inc. and WPT Intermediate Holdco, Inc. (15)	Electronic medical record software provider	First lien senior secured revolving loan	11.92%	SOFR (Q)	6.75%	08/2019	01/2028		0.2	0.2	0.2	(2)(11)
		First lien senior secured loan	11.91%	SOFR (Q)	6.75%	08/2019	01/2028		0.1	0.1	0.1	(2)(11)
		Senior subordinated loan	13.25% PIK			05/2024	05/2029		63.2	63.2	61.6	(2)
										63.5	61.9
Wellington Bidco Inc. and Wellington TopCo LP (15)	Provider of ERP and payments software for local governments	First lien senior secured revolving loan	9.60%	SOFR (Q)	5.00%	06/2024	06/2030		0.6	0.6	0.6	(2)(11)
		First lien senior secured loan	9.60%	SOFR (Q)	5.00%	06/2024	06/2030		61.1	61.1	60.5	(2)(11)
		Class A-2 preferred units	8.00% PIK			06/2024		2,323,000		2.4	2.6	(2)
										64.1	63.7
Wellness AcquisitionCo, Inc. (15)	Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry	First lien senior secured loan	10.66%	SOFR (Q)	5.50%	01/2021	01/2027		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	10.66%	SOFR (Q)	5.50%	02/2022	01/2027		1.7	1.7	1.7	(2)(11)
										1.8	1.8

See accompanying notes to consolidated financial statements

16

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
WorkWave Intermediate II, LLC (15)	Provider of cloud-based field services and fleet management solutions	First lien senior secured loan	11.70% (3.50% PIK)	SOFR (Q)	7.00%	06/2021	06/2027		52.5	52.5	52.5	(2)(11)
		First lien senior secured loan	11.70% (3.50% PIK)	SOFR (Q)	7.00%	02/2022	06/2027		19.1	19.1	19.1	(2)(11)
		First lien senior secured loan	11.70% (3.50% PIK)	SOFR (Q)	7.00%	03/2024	06/2027		6.4	6.4	6.4	(2)(11)
										78.0	78.0
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (15)	Provider of cloud-based customer support solutions	First lien senior secured loan	9.69%	SOFR (S)	5.00%	12/2022	11/2028		43.5	43.5	43.5	(2)(11)
		Series A preferred stock	12.50% PIK			11/2022		27,226		34.2	34.2	(2)
		Class A common units				11/2022		269,100		2.7	2.5	(2)
										80.4	80.2
ZocDoc, Inc.	Healthcare marketplace connecting patients and providers	First lien senior secured loan	11.63%	SOFR (Q)	6.50%	05/2024	05/2029		74.1	71.6	73.1	(2)(11)
										6,579.1	6,572.0		51.46%
Health Care Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15)	Dental services provider	First lien senior secured revolving loan	13.00% PIK	Base Rate (Q)	5.00%	06/2021	06/2026		0.3	0.3	0.3	(2)(11)
		First lien senior secured revolving loan	9.87% PIK	SOFR (Q)	5.00%	06/2021	06/2026		11.1	11.0	11.1	(2)(11)
		First lien senior secured loan	9.87% PIK	SOFR (Q)	5.00%	09/2024	06/2026		40.3	40.3	40.3	(2)(11)
		Class A preferred units				09/2024		20,000,000		16.2	16.2	(2)
		Class A common units				06/2021		6,553,553		4.7	—	(2)
										72.5	67.9
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(15)	Dental services provider	First lien senior secured loan	11.85% (3.00% PIK)	SOFR (Q)	7.00%	09/2016	09/2026		15.4	15.4	15.4	(2)(11)
		Second lien senior secured loan	10.00% PIK			06/2023	03/2027		38.7	38.7	38.7	(2)
		Membership units				09/2016		3,000,000		—	—	(2)
		Class A common units				06/2023		7,703,692		29.4	2.4	(2)
										83.5	56.5
Advarra Holdings, Inc. (15)	Provider of central institutional review boards over clinical trials	First lien senior secured loan	9.35%	SOFR (M)	4.50%	08/2022	09/2031		4.0	4.0	4.0	(2)(11)
AHR Funding Holdings, Inc. and AHR Parent Holdings, LP	Provider of revenue cycle management solutions to hospitals	Series A preferred shares	12.75% PIK			07/2022	07/2028	35,000		46.2	46.2	(2)
		Preferred units	8.00% PIK			07/2022		9,900		11.8	12.0	(2)
		Class B common units				07/2022		100,000		0.1	0.1	(2)
										58.1	58.3
Amerivet Partners Management, Inc. and AVE Holdings LP (15)	Veterinary practice management platform	Subordinated loan	16.50% PIK			11/2023	12/2030		63.5	62.3	63.5	(2)

See accompanying notes to consolidated financial statements

17

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Class A units				03/2024		2,922		2.9	1.1	(2)
		Class C units				11/2023		7,144		1.4	0.6	(2)
										66.6	65.2
Artivion, Inc. (15)	Manufacturer, processor and distributor of medical devices and implantable human tissues	First lien senior secured revolving loan	9.28%	SOFR (Q)	4.00%	01/2024	01/2030		0.9	0.9	0.9	(2)(6)(11)
		First lien senior secured loan	11.78%	SOFR (Q)	6.50%	01/2024	01/2030		11.5	11.5	11.5	(2)(6)(11)
										12.4	12.4
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (15)(16)	Revenue cycle management provider to the physician practices and acute care hospitals	First lien senior secured loan	8.10%	SOFR (M)	3.25%	07/2023	02/2029		0.1	0.1	0.1	(2)(11)(18)
		Series A preferred stock	10.75% PIK			02/2022		198,505		263.3	252.8	(2)
		Class A units				02/2022		10,487,951		10.5	12.5	(2)
										273.9	265.4
Avalign Holdings, Inc. and Avalign Technologies, Inc. (15)	Full-service contract manufacturer of medical device components for the orthopedic OEM industry	First lien senior secured loan	12.31% (3.63% PIK)	SOFR (Q)	7.25%	03/2024	12/2028		38.6	38.6	37.1	(2)(11)
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP	Opioid treatment provider	First lien senior secured loan	9.72%	SOFR (Q)	5.00%	05/2022	06/2027		5.9	5.9	5.6	(2)(11)
Bambino Group Holdings, LLC	Dental services provider	Class A preferred units				12/2016		1,000,000		1.0	0.8	(2)
Center for Autism and Related Disorders, LLC (15)	Autism treatment and services provider specializing in applied behavior analysis therapy	First lien senior secured revolving loan				11/2018	11/2023		6.8	—	—	(2)(10)(14)
		First lien senior secured revolving loan				01/2022	11/2023		1.0	—	—	(2)(10)(14)
		First lien senior secured loan				06/2023	08/2023		1.4	—	—	(2)(10)
										—	—
Color Intermediate, LLC	Provider of pre-payment integrity software solution	First lien senior secured loan	9.45%	SOFR (Q)	4.75%	10/2022	10/2029		20.0	20.0	20.0	(2)(11)
Comprehensive EyeCare Partners, LLC (15)	Vision care practice management company	First lien senior secured revolving loan	11.37% (2.50% PIK)	SOFR (Q)	6.50%	02/2018	02/2025		2.0	2.0	1.9	(2)(11)
		First lien senior secured loan	11.36% (2.50% PIK)	SOFR (Q)	6.50%	02/2018	02/2025		0.3	0.3	0.3	(2)(11)
										2.3	2.2
Convey Health Solutions, Inc.	Healthcare workforce management software provider	First lien senior secured loan	9.95% (1.00% PIK)	SOFR (Q)	5.25%	09/2019	07/2029		1.8	1.8	1.5	(2)(6)(11)
		First lien senior secured loan	9.95% (1.00% PIK)	SOFR (Q)	5.25%	02/2022	07/2029		0.1	0.1	0.1	(2)(6)(11)
		First lien senior secured loan	9.95% (1.00% PIK)	SOFR (Q)	5.25%	10/2022	06/2029		0.1	0.1	0.1	(2)(6)(11)
										2.0	1.7
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (15)	Provider of medical devices and services for the treatment of positional plagiocephaly	First lien senior secured loan	10.25%	SOFR (Q)	5.50%	03/2022	03/2029		24.1	24.1	24.1	(2)(11)
		Class A shares				03/2022		192		1.9	2.2	(2)

See accompanying notes to consolidated financial statements

18

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Common units				03/2022		31		0.3	0.4	(2)
										26.3	26.7
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15)	Veterinary hospital operator	First lien senior secured loan	9.85%	SOFR (M)	5.00%	06/2024	06/2031		159.2	159.2	157.6	(2)(11)
		Class A preferred units	15.00% PIK			08/2023		3,678		2.4	1.9	(2)
		Common stock				10/2019		41,443		14.5	21.8	(2)
										176.1	181.3
Empower Payments Investor, LLC (15)	Financial communication and payment solutions provider	First lien senior secured loan	9.60%	SOFR (M)	4.75%	03/2024	03/2031		36.0	35.3	36.0	(2)(11)
Evolent Health LLC and Evolent Health, Inc.	Medical technology company focused on value based care services and payment solutions	Series A preferred shares	10.74%	SOFR (Q)	6.00%	01/2023	01/2029	3,834		3.8	4.4	(2)(6)(11)
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC	On-demand supply chain automation solutions provider to the healthcare industry	Second lien senior secured loan	11.70%	SOFR (M)	6.75%	05/2021	05/2029		114.0	114.0	114.0	(2)(11)
		Class A units				06/2017		15,706,534		17.4	42.8	(2)
										131.4	156.8
Global Medical Response, Inc. and GMR Buyer Corp.	Emergency air medical services provider	First lien senior secured loan	10.46% (1.25% PIK)	SOFR (M)	5.50%	06/2022	10/2028		41.3	39.2	41.0	(2)(11)(18)
		Series B preferred shares	15.00% PIK			05/2024		126,377		133.5	132.1	(2)
		Warrant to purchase units of common stock				03/2018	03/2028	115,733		0.9	2.6	(2)
		Warrant to purchase units of common stock				12/2021	12/2031	1,927		0.1	—	(2)
		Warrants to purchase shares of common stock				05/2024	05/2031	3,116,642		—	—	(2)
										173.7	175.7
Hanger, Inc. (15)	Provider of orthotic and prosthetic equipment and services	First lien senior secured revolving loan	9.17%	SOFR (M)	4.25%	10/2022	10/2027		6.1	6.1	6.1	(2)(11)(14)
		First lien senior secured loan	11.17%	SOFR (M)	6.25%	10/2022	10/2028		53.4	53.4	54.0	(2)(11)
		First lien senior secured loan	11.17%	SOFR (M)	6.25%	07/2023	10/2028		25.3	25.3	25.5	(2)(11)
		Second lien senior secured loan	14.67%	SOFR (M)	9.75%	10/2022	10/2029		110.6	110.6	111.7	(2)(11)
		Second lien senior secured loan	14.67%	SOFR (M)	9.75%	07/2023	10/2029		15.4	15.4	15.6	(2)(11)
										210.8	212.9
HealthEdge Software, Inc. (15)	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured loan	9.85%	SOFR (M)	4.75%	07/2024	07/2031		18.4	18.4	18.3	(2)(11)
Honor Technology, Inc.	Nursing and home care provider	Warrant to purchase shares of Series D-2 preferred stock				08/2021	08/2031	133,333		0.1	—	(2)
HuFriedy Group Acquisition LLC (15)	Manufacturer of surgical dental equipment and sterile instruments	First lien senior secured loan	10.56%	SOFR (Q)	5.50%	05/2024	05/2031		63.2	63.2	62.0	(2)(11)
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (15)	Provider of behavioral health services	First lien senior secured revolving loan	11.09%	SOFR (Q)	6.50%	03/2017	03/2027		2.0	2.0	1.6	(2)(11)

See accompanying notes to consolidated financial statements

19

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured revolving loan	13.50%	Base Rate (Q)	5.50%	03/2017	03/2027		0.4	0.4	0.3	(2)(11)
										2.4	1.9
Lifescan Global Corporation	Provider of blood glucose monitoring systems for home and hospital use	First lien senior secured loan				05/2022	12/2026		11.7	10.1	4.7	(2)(10)(18)
		Second lien senior secured loan				05/2022	03/2027		0.2	0.2	—	(2)(10)
										10.3	4.7
Napa Management Services Corporation and ASP NAPA Holdings, LLC	Anesthesia management services provider	Preferred units	15.00% PIK			06/2020		1,842		0.2	0.2	(2)
		Senior preferred units	8.00% PIK			06/2020		5,320		0.4	0.4	(2)
		Class A units				04/2016		25,277		2.5	3.0	(2)
										3.1	3.6
Next Holdco, LLC (15)	Provider of electronic medical record and practice management software	First lien senior secured loan	11.06%	SOFR (Q)	6.00%	11/2023	11/2030		6.5	6.5	6.5	(2)(11)
NMN Holdings III Corp. and NMN Holdings LP (15)	Provider of complex rehabilitation technology solutions for patients with mobility loss	First lien senior secured loan	9.35%	SOFR (M)	4.50%	07/2024	07/2031		247.6	247.6	245.1	(2)(11)
		Partnership units				11/2018		30,000		3.0	8.4	(2)
										250.6	253.5
Nomi Health, Inc.	Provider of software payment services for healthcare industry	First lien senior secured loan	13.57%	SOFR (Q)	8.25%	07/2023	07/2028		11.4	11.4	11.3	(2)(11)
		First lien senior secured loan	13.58%	SOFR (Q)	8.25%	06/2024	07/2028		6.8	6.8	6.8	(2)(11)
		Warrant to purchase shares of Series B preferred stock				07/2023	07/2033	9,941		—	—	(2)
		Warrant to purchase units of Class A common stock				06/2024	06/2034	22,211		—	0.1	(2)
										18.2	18.2
NSPC Intermediate Corp. and NSPC Holdings, LLC	Acute and chronic pain treatment provider	Common units				02/2023		1,182		—	—	(2)
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(15)	Behavioral health and special education platform provider	First lien senior secured loan				09/2019	02/2027		62.7	49.3	30.7	(2)(10)
		First lien senior secured loan				02/2022	02/2027		12.8	10.2	6.3	(2)(10)
		First lien senior secured loan	14.56% PIK	SOFR (Q)	9.50%	01/2023	02/2027		3.5	3.5	3.5	(2)(11)
		Preferred units				07/2021	04/2024	417,189		—	—	(2)
		Preferred stock				02/2022		7,983		3.1	—	(2)
		Class A common units				09/2019		9,549,000		9.5	—	(2)
		Common units				02/2022		7,584		—	—	(2)
										75.6	40.5
OMH-HealthEdge Holdings, LLC (15)	Revenue cycle management provider to the healthcare industry	First lien senior secured loan	10.25%	SOFR (S)	6.00%	10/2023	10/2029		97.1	97.1	97.1	(2)(11)

See accompanying notes to consolidated financial statements

20

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (15)	Medical device company	First lien senior secured revolving loan	9.30%	SOFR (Q)	4.00%	11/2023	11/2028		0.1	0.1	0.1	(2)(6)(11)
		First lien senior secured loan	12.08%	SOFR (Q)	6.75%	11/2023	11/2028		24.0	24.0	23.5	(2)(6)(11)
										24.1	23.6
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (15)	Veterinary hospital operator	First lien senior secured revolving loan				03/2020	03/2025		—	—	—	(2)(13)
		Second lien senior secured loan	12.71%	SOFR (M)	7.75%	03/2020	03/2028		76.3	76.3	60.3	(2)(11)
		Class R common units				03/2020		6,004,768		6.0	0.5	(2)
										82.3	60.8
PetVet Care Centers, LLC (15)	Veterinary hospital operator	First lien senior secured loan	10.85%	SOFR (M)	6.00%	11/2023	11/2030		131.8	131.8	123.9	(2)(11)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (15)	Provider of employer-sponsored onsite health and wellness clinics and pharmacies	First lien senior secured revolving loan				02/2024	03/2030		—	—	—	(2)(13)
		First lien senior secured loan	10.76%	SOFR (Q)	5.50%	02/2024	03/2031		54.3	54.3	54.3	(2)(11)
		Class A units				07/2018		9,775		9.8	17.6	(2)
										64.1	71.9
Project Ruby Ultimate Parent Corp.	Provider of care coordination and transition management software solutions	Second lien senior secured loan	11.46%	SOFR (M)	6.50%	03/2021	03/2029		193.1	193.1	193.1	(2)(11)
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (15)	Manufacturer of biologic, metal and synthetic implants/devices	First lien senior secured revolving loan	11.70%	SOFR (M)	6.75%	07/2020	07/2026		8.1	8.1	8.1	(2)(11)
		First lien senior secured loan	12.09%	SOFR (S)	6.75%	07/2020	07/2026		22.1	22.1	22.1	(2)(11)
										30.2	30.2
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (15)	Outsourced anesthesia provider	First lien senior secured loan	10.00%	SOFR (Q)	5.25%	03/2018	03/2025		7.0	7.0	7.0	(2)(11)
		Common units				03/2018		684,854		4.8	1.8	(2)
										11.8	8.8
SM Wellness Holdings, Inc. and SM Holdco, LLC (15)	Breast cancer screening provider	Series D units	8.00% PIK			03/2023		1,127		1.2	1.7	(2)
		Series A units				08/2018		8,041		8.0	11.1	(2)
		Series B units				08/2018		916,795		—	—	(2)
										9.2	12.8
SOC Telemed, Inc. and PSC Spark Holdings, LP	Provider of acute care telemedicine	First lien senior secured loan	12.21%	SOFR (Q)	7.50%	08/2022	08/2027		106.5	103.8	99.1	(2)(11)
		Class A-2 units				08/2022		4,812		4.9	1.7	(2)
		Warrant to purchase units of common stock				08/2022	08/2029	6,118		4.7	3.4	(2)
										113.4	104.2
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15)	SaaS based healthcare compliance platform provider	First lien senior secured revolving loan	9.01%	SOFR (M)	3.75%	12/2020	12/2027		0.4	0.4	0.4	(2)
		First lien senior secured loan	9.85%	SOFR (Q)	4.50%	02/2022	12/2027		28.8	27.9	26.3	(2)(11)(18)
		First lien senior secured loan	10.60%	SOFR (Q)	5.25%	04/2024	12/2027		17.4	17.4	16.1	(2)(11)
		Second lien senior secured loan	13.23%	SOFR (Q)	7.88%	12/2020	12/2028		76.2	76.2	70.1	(2)(11)

See accompanying notes to consolidated financial statements

21

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Second lien senior secured loan	15.35% (4.00% PIK)	SOFR (Q)	10.00%	04/2024	12/2028		52.4	52.4	50.8	(2)(11)
		Series C-1 preferred shares	11.00% PIK			06/2021		75,939		115.0	96.6	(2)
		Series C-2 preferred shares	11.00% PIK			06/2021		40,115		57.6	48.4	(2)
		Series C-3 preferred shares	11.00% PIK			10/2021		16,201		22.5	18.9	(2)
										369.4	327.6
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15)	Franchisor of private-pay home care for the elderly	First lien senior secured loan	10.50%	SOFR (Q)	5.75%	04/2018	04/2026		10.9	10.9	10.9	(2)(11)
		Common units				04/2018		550		0.5	1.4
										11.4	12.3
Tempus AI, Inc.	Provider of technology enabled precision medicine solutions	First lien senior secured loan	13.57% (3.25% PIK)	SOFR (Q)	8.25%	09/2022	09/2027		74.4	74.4	74.4	(2)(6)(11)
		First lien senior secured loan	13.57% (3.25% PIK)	SOFR (Q)	8.25%	04/2023	09/2027		21.6	21.6	21.6	(2)(6)(11)
		First lien senior secured loan	13.57% (3.25% PIK)	SOFR (Q)	8.25%	10/2023	09/2027		9.2	9.2	9.2	(2)(6)(11)
		Common units				10/2023		60,821		1.9	3.4	(2)(6)(18)
										107.1	108.6
Therapy Brands Holdings LLC	Provider of software solutions for the mental and behavioral health market segments	Second lien senior secured loan	11.71%	SOFR (M)	6.75%	06/2021	05/2029		29.1	29.0	27.3	(2)(11)
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	8.00% PIK			11/2018		2,149		3.4	4.2	(2)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.	Anesthesiology service provider	Second lien senior secured loan	12.82%	SOFR (M)	7.50%	10/2021	10/2029		147.8	147.8	144.8	(2)(11)
		Common stock				12/2021		3,671,429		12.9	8.6	(2)
										160.7	153.4
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (15)	Gastroenterology physician group	First lien senior secured revolving loan	11.45%	SOFR (Q)	6.50%	03/2023	03/2029		0.4	0.4	0.4	(2)(11)
		First lien senior secured loan	11.25%	SOFR (Q)	6.50%	03/2023	03/2029		10.3	10.3	10.3	(2)(11)
		Class A interests				03/2023		4,623		4.6	5.4
										15.3	16.1
Viant Medical Holdings, Inc.	Manufacturer of plastic and rubber components for health care equipment	First lien senior secured loan	8.71%	SOFR (M)	3.75%	05/2022	07/2025		0.4	0.4	0.4	(2)(18)
		Second lien senior secured loan	12.71%	SOFR (M)	7.75%	05/2022	07/2026		0.2	0.2	0.2	(2)(18)
										0.6	0.6
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (15)	Veterinary hospital operator	First lien senior secured loan	10.45%	SOFR (M)	5.50%	12/2021	12/2027		6.1	6.1	6.1	(2)(11)
		First lien senior secured loan	10.49%	SOFR (M)	5.50%	08/2022	12/2027		9.1	9.1	9.1	(2)(11)
		First lien senior secured loan	10.48%	SOFR (M)	5.50%	08/2023	12/2027		8.2	8.2	8.2	(2)(11)
		Class A-2 units				12/2021		7,524		7.5	10.3	(2)
		Class A-2 units				03/2023		45		0.1	0.1	(2)

See accompanying notes to consolidated financial statements

22

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
										31.0	33.8
Wellpath Holdings, Inc. (15)	Correctional facility healthcare operator	First lien senior secured revolving loan				10/2018	10/2024		11.4	11.4	7.1	(2)(10)(14)
		First lien senior secured loan				09/2018	10/2025		12.2	12.1	7.5	(2)(10)(18)
										23.5	14.6
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (15)	Provider of biospecimen products for pharma research	First lien senior secured revolving loan	12.25% (4.00% PIK)	SOFR (Q)	7.50%	03/2018	03/2028		15.3	15.3	14.2	(2)(11)(14)
		First lien senior secured loan	12.25% (4.00% PIK)	SOFR (Q)	7.50%	03/2018	03/2028		32.9	32.9	30.6	(2)(11)
		First lien senior secured loan	12.25% (4.00% PIK)	SOFR (Q)	7.50%	02/2019	03/2028		4.5	4.5	4.2	(2)(11)
		First lien senior secured loan	12.25% (4.00% PIK)	SOFR (Q)	7.50%	08/2019	03/2028		13.8	13.8	12.8	(2)(11)
		First lien senior secured loan	12.25% (4.00% PIK)	SOFR (Q)	7.50%	10/2019	03/2028		10.7	10.7	9.9	(2)(11)
		First lien senior secured loan	12.25% (4.00% PIK)	SOFR (Q)	7.50%	10/2021	03/2028		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	12.25% (4.00% PIK)	SOFR (Q)	7.50%	11/2021	03/2028		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	12.25% (4.00% PIK)	SOFR (Q)	7.50%	07/2022	03/2028		30.9	30.9	28.8	(2)(11)
		Common units				07/2022		35,299		5.0	3.6
										113.3	104.3
										3,468.4	3,329.3		26.07%
Commercial and Professional Services
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (15)	Provider of outsourced crew accommodations and logistics management solutions to the airline industry	Class A common units				05/2018		236,358		4.3	38.7
Aero Operating LLC	Provider of snow removal and melting service for airports and marine terminals	First lien senior secured loan	14.48% (2.25% PIK)	SOFR (Q)	9.00%	02/2020	02/2026		36.3	36.3	30.9	(2)(11)
		First lien senior secured loan	13.74% (2.25% PIK)	SOFR (Q)	9.00%	12/2021	02/2026		1.2	1.2	1.0	(2)(11)
										37.5	31.9
AI Fire Buyer, Inc. and AI Fire Parent LLC (15)	Provider of fire safety and life safety services	First lien senior secured revolving loan	12.50%	Base Rate (Q)	4.50%	03/2021	03/2027		1.1	1.1	1.1	(2)(11)(14)
		First lien senior secured loan	10.46%	SOFR (S)	5.50%	03/2021	03/2027		3.9	3.9	3.9	(2)(11)
		First lien senior secured loan	10.39%	SOFR (S)	5.50%	06/2022	03/2027		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	10.83%	SOFR (S)	5.75%	11/2023	03/2027		5.9	5.9	5.9	(2)(11)
		Second lien senior secured loan	15.25% PIK	SOFR (Q)	10.75%	03/2021	09/2027		60.4	60.4	60.4	(2)(11)
		Second lien senior secured loan	15.25% PIK	SOFR (Q)	10.75%	05/2022	09/2027		13.6	13.6	13.6	(2)(11)
		Second lien senior secured loan	15.25% PIK	SOFR (S)	10.75%	06/2022	09/2027		13.2	13.2	13.2	(2)(11)
		Common units				03/2021		46,990		4.7	14.6	(2)

See accompanying notes to consolidated financial statements

23

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
										102.9	112.8
Aldinger Company Inc (15)	Provider of outsourced calibration and repair services	First lien senior secured loan	10.10%	SOFR (M)	5.25%	07/2024	07/2027		31.2	31.2	30.9	(2)(11)
AMCP Clean Acquisition Company, LLC	Provider of commercial laundry services	First lien senior secured loan	10.06%	SOFR (Q)	5.00%	02/2024	06/2028		10.4	10.2	10.4	(2)(11)
Applied Technical Services, LLC (15)	Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers	First lien senior secured revolving loan	12.75%	Base Rate (Q)	4.75%	05/2022	12/2026		4.7	4.6	4.6	(2)(11)
		First lien senior secured loan	10.50%	SOFR (Q)	5.75%	05/2022	12/2026		1.0	1.0	1.0	(2)(11)
		First lien senior secured loan	10.75%	SOFR (Q)	6.00%	09/2023	12/2026		2.8	2.7	2.7	(2)(11)
		First lien senior secured loan	10.50%	SOFR (Q)	5.75%	01/2024	12/2026		2.6	2.5	2.5	(2)(11)
										10.8	10.8
Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. (15)	Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services	First lien senior secured loan	10.70%	SOFR (Q)	5.25%	04/2024	09/2028		53.5	53.5	52.6	(2)(6)(11)
		Senior subordinated loan	14.65% (7.00% PIK)	SOFR (Q)	9.25%	11/2021	11/2028		0.7	0.7	0.7	(2)(6)(11)
		Senior subordinated loan	14.62% (7.00% PIK)	SOFR (Q)	9.25%	08/2022	11/2028		6.7	6.2	6.7	(2)(6)(11)
										60.4	60.0
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP (15)	Outsourced supply chain solutions provider to operators of distribution centers	First lien senior secured revolving loan				08/2024	05/2029		—	—	—	(2)(13)
		First lien senior secured loan	9.45%	SOFR (M)	4.50%	08/2024	11/2029		21.2	21.2	21.2	(2)(11)
		Second lien senior secured loan	13.45%	SOFR (M)	8.50%	08/2024	11/2030		87.5	87.5	87.5	(2)(11)
		Class A units				11/2020		10,581		7.3	17.3	(2)
										116.0	126.0
Compex Legal Services, Inc. (15)	Provider of outsourced litigated and non-litigated medical records retrieval services	First lien senior secured revolving loan	10.64%	SOFR (Q)	5.45%	05/2022	02/2025		1.8	1.8	1.8	(2)(11)
		First lien senior secured loan	11.38%	SOFR (Q)	6.00%	07/2023	02/2026		1.9	1.9	1.9	(2)(11)
										3.7	3.7
Dorado Bidco, Inc. (15)	Provider of consumer and market insights for the food and beverage industry	First lien senior secured loan	9.08%	SOFR (S)	4.50%	09/2024	09/2031		6.8	6.8	6.7	(2)(11)
DP Flores Holdings, LLC (15)	Benefits administrator of tax-advantaged reimbursement plans	First lien senior secured loan	11.36%	SOFR (S)	6.50%	09/2024	09/2030		27.1	27.1	26.5	(2)(11)
Drogon Bidco Inc. & Drogon Aggregator LP (15)	Provider of fire safety and life safety services	First lien senior secured loan	9.85%	SOFR (M)	5.00%	08/2024	08/2031		15.1	15.1	14.9	(2)(11)
		Class A-2 common units				08/2024		1,850,000		1.9	1.9	(2)
										17.0	16.8

See accompanying notes to consolidated financial statements

24

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
DTI Holdco, Inc. and OPE DTI Holdings, Inc.	Provider of legal process outsourcing and managed services	Class A common stock				08/2014		7,500		7.5	16.0	(2)
		Class B common stock				08/2014		7,500		—	—	(2)
										7.5	16.0
Duraserv LLC (15)	Provider of commercial loading dock maintenance and remodeling services	First lien senior secured loan	9.86%	SOFR (M)	4.75%	06/2024	06/2031		22.0	22.0	21.7	(2)(11)
Elevation Services Parent Holdings, LLC (15)	Elevator service platform	First lien senior secured revolving loan	11.27%	SOFR (Q)	6.00%	12/2020	12/2026		1.7	1.7	1.6	(2)(11)(14)
		First lien senior secured loan	11.46%	SOFR (Q)	6.00%	12/2020	12/2026		10.0	10.0	9.8	(2)(11)
		First lien senior secured loan	11.32%	SOFR (Q)	6.00%	05/2022	12/2026		14.0	14.0	13.7	(2)(11)
										25.7	25.1
FlyWheel Acquireco, Inc. (15)	Professional employer organization offering human resources, compliance and risk management services	First lien senior secured revolving loan	11.35%	SOFR (M)	6.50%	05/2023	05/2028		5.5	5.5	5.5	(2)(11)
		First lien senior secured loan	11.35%	SOFR (M)	6.50%	05/2023	05/2030		52.1	52.1	52.1	(2)(11)
										57.6	57.6
HH-Stella, Inc. and Bedrock Parent Holdings, LP (15)	Provider of municipal solid waste transfer management services	First lien senior secured revolving loan	10.25%	SOFR (Q)	5.50%	04/2021	04/2027		1.3	1.3	1.3	(2)(11)(14)
		First lien senior secured loan	10.25%	SOFR (Q)	5.50%	04/2021	04/2028		8.8	8.8	8.8	(2)(11)
		First lien senior secured loan	10.28%	SOFR (Q)	5.50%	09/2023	04/2028		21.8	21.8	21.8	(2)(11)
		First lien senior secured loan	10.29%	SOFR (Q)	5.50%	04/2024	04/2028		0.9	0.9	0.9	(2)(11)
		Class A units				04/2021		32,982		3.3	2.6	(2)
										36.1	35.4
HP RSS Buyer, Inc. (15)	Provider of road striping, and road safety related services	First lien senior secured loan	9.60%	SOFR (Q)	5.00%	12/2023	12/2029		17.0	17.0	17.0	(2)(11)
		First lien senior secured loan	9.35%	SOFR (Q)	4.75%	03/2024	12/2029		0.6	0.6	0.6	(2)(11)
										17.6	17.6
IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P. (15)	Market research company focused on the consumer packaged goods industry	First lien senior secured revolving loan	12.00%	Base Rate (Q)	4.00%	08/2022	12/2027		0.6	0.6	0.6	(2)(11)(14)
		First lien senior secured revolving loan	9.85%	SOFR (M)	5.00%	08/2022	12/2027		7.5	7.5	7.5	(2)(11)(14)
		First lien senior secured loan	9.85%	SOFR (M)	5.00%	08/2022	12/2028		219.3	219.3	219.3	(2)(11)
										227.4	227.4
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (15)	Provider of commercial and industrial waste processing and disposal services	First lien senior secured revolving loan	11.75%	Base Rate (Q)	3.75%	08/2022	08/2030		0.7	0.7	0.7	(2)(11)(14)
		First lien senior secured loan	9.63%	SOFR (M)	4.75%	08/2022	08/2031		5.0	5.0	5.0	(2)(11)
		Class A units				09/2022		12,501		12.5	19.0	(2)
										18.2	24.7

See accompanying notes to consolidated financial statements

25

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC (15)	Provider of janitorial and facilities management services	First lien senior secured loan	10.65% (3.50% PIK)	SOFR (S)	5.25%	11/2019	11/2028		40.9	40.9	40.9	(2)(11)
		First lien senior secured loan	13.40% (7.50% PIK)	SOFR (Q)	8.00%	12/2023	11/2028		13.4	12.5	13.4	(2)(11)
		Preferred units				03/2024		4,042,767		7.7	4.3	(2)
		Class A common units				03/2024		4,042,767		—	—	(2)
										61.1	58.6
Kings Buyer, LLC (15)	Provider of comprehensive outsourced waste management consolidation services	First lien senior secured revolving loan	12.00%	Base Rate (Q)	4.00%	09/2023	10/2027		0.7	0.7	0.7	(2)(11)
		First lien senior secured loan	9.85%	SOFR (Q)	5.25%	09/2023	10/2027		16.3	16.3	16.3	(2)(11)
										17.0	17.0
KPS Global LLC and Cool Group LLC (15)	Manufacturer of walk-in cooler and freezer systems	First lien senior secured loan	9.60%	SOFR (S)	4.75%	09/2024	09/2030		5.3	5.3	5.1	(2)(11)
Laboratories Bidco LLC and Laboratories Topco LLC (15)	Lab testing services for nicotine containing products	First lien senior secured revolving loan	10.50% (4.00% PIK)	SOFR (Q)	5.75%	07/2021	07/2029		0.6	0.6	0.5	(2)(11)
		First lien senior secured revolving loan	12.75% (4.00% PIK)	Base Rate (Q)	4.75%	07/2021	07/2029		7.2	7.2	5.8	(2)(11)
		First lien senior secured loan	10.13% (4.00% PIK)	SOFR (S)	5.75%	10/2019	07/2029		40.7	41.1	33.0	(2)(11)
		First lien senior secured loan	10.50% (4.00% PIK)	SOFR (Q)	5.75%	10/2020	07/2029		0.1	0.1	0.1	(2)(11)
		First lien senior secured loan	10.50% (4.00% PIK)	SOFR (Q)	5.75%	07/2021	07/2029		4.5	4.5	3.6	(2)(11)
		Class A units				07/2021		3,099,335		4.6	—	(2)
										58.1	43.0
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (15)	Provider of human resources and workforce management solutions	First lien senior secured loan	10.14%	SOFR (Q)	5.00%	07/2024	07/2031		17.9	17.9	17.7	(2)(11)
		Class A common units				07/2024		1,205,000		1.2	1.2	(2)
										19.1	18.9
Lightbeam Bidco, Inc. (15)	Provider of yard management services	First lien senior secured revolving loan				05/2023	05/2029		—	—	—	(2)(13)
		First lien senior secured loan	9.60%	SOFR (Q)	5.00%	05/2023	05/2030		5.3	5.3	5.3	(2)(11)
		First lien senior secured loan	9.76%	SOFR (Q)	5.00%	11/2023	05/2030		3.4	3.4	3.4	(2)(11)
										8.7	8.7
LJP Purchaser, Inc. and LJP Topco, LP (15)	Provider of non-hazardous solid waste and recycling services	First lien senior secured loan	11.00%	SOFR (Q)	6.25%	09/2022	09/2028		9.6	9.6	9.6	(2)(11)
		Class A units	8.00% PIK			09/2022		5,098,000		6.0	7.1	(2)
										15.6	16.7
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.	Keg management solutions provider	Second lien senior secured loan	13.60%	SOFR (Q)	9.00%	08/2020	07/2025		168.3	168.3	168.3	(2)(11)
		Second lien senior secured loan	13.60%	SOFR (Q)	9.00%	08/2023	07/2025		20.4	20.4	20.4	(2)(11)

See accompanying notes to consolidated financial statements

26

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Series A preferred stock	20.00% PIK			08/2020		1,507		2.1	3.5	(2)
		Series B preferred stock	19.00% PIK			09/2023		12,000		15.2	16.8	(2)
		Common stock				12/2012		54,710		4.9	8.5	(2)
										210.9	217.5
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. (15)	Provider of lawn care, tree care and pest control services	First lien senior secured loan	9.60%	SOFR (Q)	5.00%	06/2024	06/2031		23.0	23.0	22.8	(2)(11)
		Class A preferred units				09/2024		591		0.6	0.6
		Class B common units				09/2024		590,845		0.2	0.2
										23.8	23.6
NAS, LLC and Nationwide Marketing Group, LLC (15)	Buying and marketing services organization for appliance, furniture and consumer electronics dealers	First lien senior secured revolving loan	11.86%	SOFR (Q)	6.50%	11/2020	06/2025		1.5	1.5	1.5	(2)(11)
		First lien senior secured loan	11.90%	SOFR (Q)	6.50%	11/2020	06/2025		6.1	6.1	6.1	(2)(11)
		First lien senior secured loan	11.90%	SOFR (Q)	6.50%	12/2021	06/2025		2.3	2.3	2.3	(2)(11)
		First lien senior secured loan	11.90%	SOFR (Q)	6.50%	05/2022	06/2025		1.3	1.3	1.3	(2)(11)
										11.2	11.2
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (15)	Provider of audience insights, data and analytics to entertainment industry	First lien senior secured loan	10.15%	SOFR (Q)	4.75%	10/2022	10/2028		80.9	76.1	75.4	(2)(11)(18)
		First lien senior secured loan	10.40%	SOFR (Q)	5.00%	10/2022	04/2029		98.1	91.7	91.9	(2)(11)(18)
		First lien senior secured note	9.29%			11/2022	04/2029		52.8	51.7	51.8	(2)(18)
		Second lien senior secured loan	15.15%	SOFR (Q)	9.75%	10/2022	10/2029		227.5	227.4	225.2	(2)(11)
		Limited partnership interests				10/2022		4,040,000		4.1	5.9	(2)
										451.0	450.2
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1	Operator of multiple franchise concepts primarily related to home maintenance or repairs	Senior subordinated loan	15.50%	Base Rate (Q)	7.50%	09/2021	08/2029		119.1	119.1	119.1	(2)(11)
		Limited partner interest				09/2021		9,725,000		9.7	12.0	(2)
										128.8	131.1
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15)	Provider of lawncare services	First lien senior secured revolving loan	11.27%	SOFR (Q)	6.50%	12/2022	05/2028		3.0	3.0	3.0	(2)(11)
		First lien senior secured loan	11.37%	SOFR (Q)	6.50%	12/2022	05/2028		17.8	17.7	17.8	(2)(11)
		First lien senior secured loan	10.21%	SOFR (Q)	5.25%	06/2024	05/2028		0.8	0.8	0.8	(2)(11)
										21.5	21.6
North Haven Stack Buyer, LLC (15)	Provider of environmental testing services	First lien senior secured revolving loan	10.34%	SOFR (Q)	5.25%	07/2021	07/2027		0.5	0.5	0.5	(2)(11)
		First lien senior secured loan	10.37%	SOFR (Q)	5.25%	07/2021	07/2027		9.7	9.7	9.7	(2)(11)
		First lien senior secured loan	10.14%	SOFR (Q)	5.25%	08/2023	07/2027		4.1	4.0	4.1	(2)(11)
		First lien senior secured loan	10.34%	SOFR (S)	5.25%	06/2024	07/2027		2.2	2.2	2.2	(2)(11)

See accompanying notes to consolidated financial statements

27

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	9.63%	SOFR (Q)	5.00%	06/2024	07/2027		3.0	2.9	3.0	(2)(11)
										19.3	19.5
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC	Solid waste services provider	First lien senior secured loan	13.33% (2.00% PIK)	SOFR (Q)	8.00%	08/2023	08/2029		34.3	33.8	31.5	(2)(11)
		First lien senior secured loan	13.33% (2.00% PIK)	SOFR (S)	8.00%	06/2024	08/2029		10.9	10.1	10.1	(2)(11)
		Warrant to purchase units of Class A common units				08/2023	08/2036	38,235		0.6	6.0	(2)
		Warrant to purchase units of Class A common units				06/2024	06/2036	6,400		0.9	1.0	(2)
										45.4	48.6
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (15)	Provider of janitorial and facilities management services	First lien senior secured loan	10.81%	SOFR (S)	5.75%	10/2021	10/2027		67.2	67.2	65.8	(2)(11)
		First lien senior secured loan	11.51%	SOFR (S)	6.00%	11/2023	10/2027		12.2	12.2	12.1	(2)(11)
		Class A units				10/2021		8,749,201		9.0	5.5	(2)
										88.4	83.4
PS Operating Company LLC and PS Op Holdings LLC (5)(15)	Specialty distributor and solutions provider to the swine and poultry markets	First lien senior secured revolving loan				12/2021	12/2026		5.1	4.7	2.4	(2)(10)
		First lien senior secured loan				12/2021	12/2026		16.7	15.5	7.8	(2)(10)
		Common unit				12/2021