UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2025

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 April 25, 2025
Common stock, $0.001 par value	689,632,273

ARES CAPITAL CORPORATION

INDEX

Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Balance Sheet as of March 31, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statement of Operations for the three months ended March 31, 2025 and 2024 (unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2025 (unaudited) and December 31, 2024	80
	Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2025 (unaudited) and the year ended December 31, 2024	152
	Consolidated Statement of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)	153
	Notes to Consolidated Financial Statements (unaudited)	154
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	194
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	225
Item 4.	Controls and Procedures	226
Part II.	Other Information
Item 1.	Legal Proceedings	227
Item 1A.	Risk Factors	227
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	227
Item 3.	Defaults Upon Senior Securities	228
Item 4.	Mine Safety Disclosures	228
Item 5.	Other Information	228
Item 6.	Exhibits	229
	Signatures	230

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions, except per share data)

	As of
	March 31, 2025		December 31, 2024
	(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments	$	22,590	$	22,145
Non-controlled affiliate company investments	668		707
Controlled affiliate company investments	3,872		3,868
Total investments at fair value (amortized cost of $26,778 and $26,374, respectively)	27,130		26,720
Cash and cash equivalents	647		635
Restricted cash	95		225
Interest receivable	239		292
Receivable for open trades	33		224
Other assets	173		158
Total assets	$	28,317	$	28,254
LIABILITIES
Debt	$	13,922	$	13,727
Base management fee payable	102		100
Income based fee payable	85		91
Capital gains incentive fee payable	80		105
Interest and facility fees payable	130		170
Payable to participants	27		163
Payable for open trades	10		236
Accounts payable and other liabilities	289		275
Secured borrowings	—		32
Total liabilities	14,645		14,899
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 1,000 common shares authorized; 690 and 672 common shares issued and outstanding, respectively	1		1
Capital in excess of par value	12,906		12,502
Accumulated undistributed earnings	765		852
Total stockholders’ equity	13,672		13,355
Total liabilities and stockholders’ equity	$	28,317	$	28,254
NET ASSETS PER SHARE	$	19.82	$	19.89

See accompanying notes to consolidated financial statements.

3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)

	For the Three Months Ended March 31,
	2025		2024
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income)	$	431	$	413
PIK interest income	40		42
Capital structuring service fees	43		26
Dividend income (excluding PIK dividend income)	3		24
PIK dividend income	66		55
Other income	16		12
Total investment income from non-controlled/non-affiliate company investments	599		572
From non-controlled affiliate company investments:
Interest income (excluding PIK interest income)	5		4
PIK interest income	5		1
Dividend income (excluding PIK dividend income)	—		1
Total investment income from non-controlled affiliate company investments	10		6
From controlled affiliate company investments:
Interest income (excluding PIK interest income)	40		48
PIK interest income	5		5
Capital structuring service fees	3		2
Dividend income (excluding PIK dividend income)	73		66
PIK dividend income	1		1
Other income	1		1
Total investment income from controlled affiliate company investments	123		123
Total investment income	732		701
EXPENSES:
Interest and credit facility fees	186		159
Base management fee	102		87
Income based fee	85		88
Capital gains incentive fee	(25)		25
Administrative and other fees	4		3
Other general and administrative	8		7
Total expenses	360		369
NET INVESTMENT INCOME BEFORE INCOME TAXES	372		332
Income tax expense, including excise tax	7		7
NET INVESTMENT INCOME	365		325
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments	(100)		(5)
Non-controlled affiliate company investments	8		—
Controlled affiliate company investments	—		1
Foreign currency and other transactions	31		(14)
Net realized losses	(61)		(18)
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments	22		97
Non-controlled affiliate company investments	(27)		(3)
Controlled affiliate company investments	(14)		32
Foreign currency and other transactions	(44)		30
Net unrealized (losses) gains	(63)		156
Net realized and unrealized (losses) gains on investments, foreign currency and other transactions	(124)		138
REALIZED LOSS ON EXTINGUISHMENT OF DEBT	—		(14)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	241	$	449
BASIC AND DILUTED NET INCOME PER COMMON SHARE (see Note 10)	$	0.36	$	0.76
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)	676		591

See accompanying notes to consolidated financial statements.

4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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. (14)	Software provider of end to end fraud management workflow solutions	First lien senior secured loan	9.32%	SOFR (M)	5.00%	05/2024	05/2031		$	56.9	$	56.9	$	56.9	(2)(10)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (14)	Provider of software services that support the management and security of computing devices, applications, data, and networks	First lien senior secured loan	9.80%	SOFR (Q)	5.50%	07/2023	07/2030		42.4		42.4		42.4		(2)(6)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	09/2024	07/2030		6.9		6.9		6.9		(2)(6)(10)
		Limited partnership interest				10/2023		9,249,000			10.2		12.5		(2)(6)
											59.5		61.8
Adonis Bidco Inc. (14)	Provider of intellectual property management lifecycle software	First lien senior secured loan	10.05% (3.00% PIK)	SOFR (Q)	5.75%	02/2025	02/2032		230.3		230.3		227.9		(2)(10)
AI Titan Parent, Inc. (14)	Provider of plant maintenance / scheduling software	First lien senior secured loan	9.07%	SOFR (M)	4.75%	08/2024	08/2031		61.6		61.6		60.9		(2)(10)
Anaplan, Inc. (14)	Provider of cloud-based connected planning platforms for business analytics	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	06/2022	06/2029		1.8		1.8		1.8		(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	05/2024	06/2029		4.1		4.1		4.1		(2)(10)
											5.9		5.9
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)	Aircraft performance software provider	Class A membership units				01/2020		9,750,000			9.8		6.3		(2)
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (14)	Software platform for identification, prevention and management of substance use disorder	First lien senior secured loan	11.48%	SOFR (Q)	7.00%	05/2021	05/2027		5.5		5.5		5.5		(2)(10)
Aptean, Inc. and Aptean Acquiror Inc. (14)	Provider of CRM, ERP and supply chain software application	First lien senior secured loan	9.56%	SOFR (Q)	5.25%	01/2024	01/2031		18.7		18.6		18.7		(2)(10)
Artifact Bidco, Inc. (14)	Supply chain risk management SaaS platform for global enterprise clients	First lien senior secured loan	8.80%	SOFR (Q)	4.50%	05/2024	07/2031		18.9		18.9		18.9		(2)(10)
Auctane, Inc.	Provider of mailing and shipping solutions	First lien senior secured loan	10.14%	SOFR (Q)	5.75%	10/2021	10/2028		143.4		143.4		139.1		(2)(10)
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. (14)(15)	Vertical software businesses holding company	First lien senior secured loan	9.57%	SOFR (M)	5.25%	01/2025	01/2031		111.9		111.9		110.8		(2)(6)(10)
		Series A Preferred Shares	14.00% PIK			01/2025		30,000			31.0		30.3		(2)(6)
											142.9		141.1
BCPE Pequod Buyer, Inc. (14)	Provider of wealth management technology solutions to financial institutions	First lien senior secured loan	7.79%	SOFR (Q)	3.50%	09/2024	11/2031		1.0		1.0		1.0		(2)(17)
BCTO Ignition Purchaser, Inc.	Enterprise software provider	Senior subordinated loan	12.79% PIK	SOFR (Q)	8.50%	04/2023	10/2030		4.1		4.1		4.1		(2)(10)
		Senior subordinated loan	11.79%	SOFR (Q)	7.50%	03/2025	10/2030		2.3		2.3		2.3		(2)(10)
											6.4		6.4
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (14)	Healthcare software provider	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	06/2023	06/2030		15.6		15.6		15.6		(2)(10)

See accompanying notes to consolidated financial statements.

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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-1 units				06/2023		1,729,228		1.7	1.5
										17.3	17.1
Borrower R365 Holdings LLC (14)	Provider of restaurant enterprise resource planning systems	First lien senior secured loan	10.45%	SOFR (Q)	6.00%	06/2021	06/2027		15.9	15.8	15.9	(2)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	01/2022	06/2027		1.9	1.9	1.9	(2)(10)
										17.7	17.8
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC (14)	Provider of payment automation solutions	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	05/2022	05/2029		8.0	8.0	8.0	(2)(10)
		First lien senior secured loan	10.05%	SOFR (Q)	5.75%	10/2023	05/2029		4.2	4.2	4.2	(2)(10)
										12.2	12.2
Businessolver.com, Inc. (14)	Provider of SaaS-based benefits solutions for employers and employees	First lien senior secured loan	9.90%	SOFR (Q)	5.50%	12/2021	12/2027		0.6	0.6	0.6	(2)(10)
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (14)	Provider of software and technology-enabled content and analytical solutions to insurance brokers	First lien senior secured loan	8.95%	SOFR (Q)	4.50%	04/2024	11/2027		15.1	14.6	14.7	(2)(10)(17)
		Second lien senior secured loan	12.19%	SOFR (Q)	7.75%	11/2020	11/2028		64.3	64.3	62.3	(2)(10)
		Series A preferred shares	11.00% PIK			11/2020		24,898		40.3	36.3	(2)
		Series A-2 preferred shares	11.00% PIK			12/2020		8,963		14.4	12.9	(2)
		Series A-3 preferred shares	11.00% PIK			11/2021		11,952		17.3	15.5	(2)
										150.9	141.7
Centralsquare Technologies, LLC and Supermoose Newco, Inc. (14)	Provider of mission-critical software solutions for the public sector	First lien senior secured revolving loan				04/2024	04/2030		—	—	—	(2)(10)(12)
		First lien senior secured loan	10.57% (3.38% PIK)	SOFR (M)	6.25%	04/2024	04/2030		142.8	142.8	142.8	(2)(10)
		Series A preferred stock	15.00% PIK			04/2024		83,332		96.0	96.0	(2)
										238.8	238.8
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (14)	Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies	Second lien senior secured notes	9.00%			04/2023	09/2029		121.0	113.8	120.5	(2)(17)
		Limited partnership interests				09/2022		12,250,000		12.3	35.3	(2)
										126.1	155.8
Community Brands ParentCo, LLC	Software and payment services provider to non-profit institutions	Class A units				12/2016		500,000		5.0	1.7	(2)
Computer Services, Inc. (14)	Infrastructure software provider to community banks	First lien senior secured loan	9.57%	SOFR (Q)	5.25%	11/2022	11/2029		33.4	33.4	33.4	(2)(10)
		First lien senior secured loan	9.57%	SOFR (Q)	5.25%	02/2024	11/2029		5.3	5.3	5.3	(2)(10)
		First lien senior secured loan	9.07%	SOFR (Q)	4.75%	09/2024	11/2029		0.1	0.1	0.1	(2)(10)
										38.8	38.8

See accompanying notes to consolidated financial statements.

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. (14)	Provider of sales software for the interior design industry	First lien senior secured revolving loan	10.20%	SOFR (Q)	5.75%	05/2021	05/2028		7.0	7.0	7.0	(2)(6)(10)
		First lien senior secured revolving loan	9.80%	SOFR (Q)	5.50%	04/2024	05/2028		2.6	2.6	2.6	(2)(6)(10)
		First lien senior secured revolving loan	8.62%	Euribor (Q)	6.25%	11/2021	05/2028		1.1	1.1	1.1	(2)(6)(10)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	05/2021	05/2028		73.1	73.1	73.1	(2)(6)(10)
		First lien senior secured loan	8.62%	Euribor (Q)	6.25%	11/2021	05/2028		0.4	0.4	0.4	(2)(6)(10)
		First lien senior secured loan	8.62%	Euribor (Q)	6.25%	11/2021	05/2028		29.1	30.1	29.1	(2)(6)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	06/2022	05/2028		11.4	11.4	11.4	(2)(6)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	04/2024	05/2028		4.1	4.1	4.1	(2)(6)(10)
		Common units				05/2021		483,584		4.8	9.3	(2)(6)
		Series A common units				09/2022		23,340		0.2	0.4	(2)(6)
										134.8	138.5
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (14)	Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors	Second lien senior secured loan	10.94%	SOFR (M)	6.50%	06/2021	06/2029		155.7	155.7	150.0	(2)(10)(17)
		Limited partnership units				04/2021		59,665,989		59.7	42.4	(2)
										215.4	192.4
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (14)	Provider of environmental, health and safety software to track compliance data	First lien senior secured loan	9.06%	SOFR (Q)	4.75%	09/2022	07/2026		0.2	0.2	0.2	(2)(6)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	10/2019	07/2026		4.3	4.3	4.3	(2)(6)(10)
		First lien senior secured loan	9.04%	SOFR (Q)	4.75%	01/2025	07/2026		21.5	21.5	21.5	(2)(6)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	07/2019	07/2026		6.1	6.1	6.1	(2)(6)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	04/2023	07/2026		7.6	7.6	7.6	(2)(6)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	09/2020	07/2026		0.1	0.1	0.1	(2)(6)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	11/2024	07/2026		4.0	4.0	4.0	(2)(6)(10)
		Preferred equity	9.00% PIK			07/2019		198		0.3	1.1	(2)(6)
		Common equity				07/2019		190,143		—	—	(2)(6)
										44.1	44.9
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (14)	Provider of a cloud-based, SaaS platform for talent management	First lien senior secured revolving loan	7.69%	SOFR (M)	3.25%	10/2021	10/2026		8.4	8.4	7.3	(2)(13)
		First lien senior secured loan	8.19%	SOFR (M)	3.75%	06/2024	10/2028		13.2	11.9	11.4	(2)(10)(17)
		Second lien senior secured loan	10.94%	SOFR (M)	6.50%	10/2021	10/2029		137.5	137.5	121.0	(2)(10)
		Series A preferred shares	10.50% PIK			10/2021		116,413		161.8	131.0	(2)
		Class A-1 common stock				10/2021		1,360,100		13.6	16.2	(2)
										333.2	286.9

See accompanying notes to consolidated financial statements.

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
Coupa Holdings, LLC and Coupa Software Incorporated (14)	Provider of Business Spend Management software	First lien senior secured loan	9.54%	SOFR (Q)	5.25%	03/2023	02/2030		9.0	9.0	9.0	(2)(10)
Databricks, Inc.	Cloud-based data and AI platform that helps companies scale and manage data	First lien senior secured loan	8.82%	SOFR (M)	4.50%	12/2024	01/2031		0.1	0.1	0.1	(2)
Datix Bidco Limited and RL Datix Holdings (USA), Inc. (14)	Global healthcare software company that provides software solutions for patient safety and risk management	First lien senior secured loan	9.68%	SOFR (S)	5.25%	04/2024	04/2031		104.6	104.6	104.6	(2)(6)(10)
		First lien senior secured loan	9.78%	SONIA (S)	5.25%	04/2024	04/2031		54.8	53.1	54.8	(2)(6)(10)
										157.7	159.4
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	11.32%	SOFR (M)	7.00%	05/2022	02/2029		20.3	18.2	16.3	(2)(17)
		Series A preferred shares	10.50% PIK			05/2021		129,822		187.8	142.7	(2)
		Series A units				05/2021		817,194		13.3	13.5	(2)
										219.3	172.5
Denali Holdco LLC and Denali Apexco LP (14)	Provider of cybersecurity audit and assessment services	First lien senior secured loan	9.57%	SOFR (M)	5.25%	07/2024	09/2028		33.2	33.2	33.2	(2)(10)
		Class A units				02/2022		2,549,000		2.5	4.5	(2)
										35.7	37.7
Diligent Corporation and Diligent Preferred Issuer, Inc. (14)	Provider of secure SaaS solutions for board and leadership team documents	First lien senior secured loan	9.31%	SOFR (Q)	5.00%	04/2024	08/2030		23.5	23.4	23.5	(2)(10)
		Preferred stock	10.50% PIK			04/2021		13,140		19.5	19.5	(2)
										42.9	43.0
DriveCentric Holdings, LLC (14)	Provider of CRM software to the automotive dealership industry	First lien senior secured loan	9.07%	SOFR (Q)	4.75%	08/2024	08/2031		12.1	12.1	12.0	(2)(10)
Echo Purchaser, Inc. (14)	Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets	First lien senior secured loan	9.82%	SOFR (M)	5.50%	11/2023	11/2029		11.4	11.4	11.4	(2)(10)
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (14)	Payment processing solution provider	First lien senior secured loan	9.06%	SOFR (M)	4.75%	09/2024	09/2031		196.1	196.1	196.1	(2)(10)
		Preferred units	12.50% PIK			09/2024		656		6.8	6.8	(2)
		Class A common units				09/2024		563		0.6	0.6	(2)
										203.5	203.5
Edmunds Govtech, Inc. (14)	Provider of ERP software solutions for local governments	First lien senior secured revolving loan	8.30%	SOFR (Q)	4.00%	02/2024	02/2030		1.7	1.7	1.7	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	02/2024	02/2031		21.7	21.7	21.7	(2)(10)
										23.4	23.4
Einstein Parent, Inc. (14)	Provider of SaaS based collaborative work management software	First lien senior secured loan	10.79%	SOFR (Q)	6.50%	01/2025	01/2031		45.9	45.9	45.0	(2)(10)

See accompanying notes to consolidated financial statements.

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (14)	SaaS based supply chain management software provider focused on chemical markets	First lien senior secured revolving loan	9.96%	SOFR (Q)	5.50%	05/2024	09/2026		6.8	6.8	6.8	(2)(10)
		First lien senior secured loan	9.97%	SOFR (Q)	5.50%	05/2024	09/2026		4.9	4.9	4.9	(2)(10)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	12/2020	09/2026		5.6	5.6	5.6	(2)(10)
		First lien senior secured loan	9.94%	SOFR (Q)	5.50%	09/2019	09/2026		59.7	59.7	59.7	(2)(10)
		Preferred equity				09/2019		4,599		4.6	6.4	(2)
										81.6	83.4
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. (14)	SaaS based business analytics company focused on oil and gas industry	First lien senior secured loan	9.82%	SOFR (M)	5.50%	12/2023	12/2029		137.8	137.8	137.8	(2)(10)
		Preferred stock	13.50% PIK			02/2020		30		57.5	58.4	(2)
										195.3	196.2
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	9.06%	SOFR (Q)	4.50%	06/2023	11/2028		58.1	57.8	58.1	(2)(10)
		Second lien senior secured loan	11.06%	SOFR (Q)	6.50%	11/2021	11/2029		88.9	88.9	88.9	(2)(10)
		Partnership units				05/2019		5,034,483		3.1	11.1	(2)(6)
										149.8	158.1
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT (14)	Provider of mission-critical, software-enabled clinical research solutions	First lien senior secured loan	9.07%	SOFR (M)	4.75%	01/2025	01/2032		154.0	154.0	152.5	(2)(10)
		Limited partnership interest				01/2020		3,988,000		4.5	7.8	(2)(6)
										158.5	160.3
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (14)	Provider of nutritional information and software as a services (SaaS) compliance solutions	First lien senior secured revolving loan	10.01%	SOFR (S)	5.50%	06/2022	06/2028		0.9	0.9	0.9	(2)(10)
		First lien senior secured loan	10.05%	SOFR (S)	5.50%	06/2022	06/2028		6.7	6.7	6.7	(2)(10)
		Limited partner interests				06/2022		6,246,801		6.2	9.4
										13.8	17.0
Extrahop Networks, Inc. (14)	Provider of real-time wire data analytics solutions for application and infrastructure monitoring	First lien senior secured loan	10.92%	SOFR (M)	6.50%	03/2023	07/2027		3.9	3.9	3.9	(2)(10)
		First lien senior secured loan	10.92%	SOFR (M)	6.50%	07/2021	07/2027		35.4	35.4	35.4	(2)(10)
										39.3	39.3
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (14)	Provider of back-office software services for the banking sector	First lien senior secured loan	11.43%	SOFR (S)	7.25%	09/2023	09/2029		188.6	185.8	188.6	(2)(6)(10)
Forescout Technologies, Inc. (14)	Network access control solutions provider	First lien senior secured loan	9.32%	SOFR (Q)	5.00%	05/2024	05/2031		13.5	13.5	13.5	(2)(10)
GI Ranger Intermediate LLC (14)	Provider of payment processing services and software to healthcare providers	First lien senior secured loan	10.17%	SOFR (M)	5.75%	10/2021	10/2028		9.9	9.9	9.7	(2)(10)
		First lien senior secured loan	10.17%	SOFR (M)	5.75%	03/2022	10/2028		3.1	3.1	3.0	(2)(10)
										13.0	12.7

See accompanying notes to consolidated financial statements.

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
Goldeneye Parent, LLC (14)	Provider of clinical trial financial solutions	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	03/2025	03/2032		17.4	17.4	17.3	(2)(10)
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (14)	Provider of data analysis, statistics, and visualization software solutions for scientific research applications	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	06/2024	06/2031		9.0	9.0	9.0	(2)(10)
		Senior subordinated loan	10.50% PIK			04/2021	04/2032		56.4	56.4	56.4	(2)
		Preferred units	14.00% PIK			04/2021		1,828,645		74.8	74.8
										140.2	140.2
Guidepoint Security Holdings, LLC (14)	Cybersecurity solutions provider	First lien senior secured loan	10.32%	SOFR (M)	6.00%	10/2023	10/2029		6.7	6.7	6.7	(2)(10)
		First lien senior secured loan	10.32%	SOFR (M)	6.00%	12/2024	10/2029		2.4	2.4	2.4	(2)(10)
										9.1	9.1
Heavy Construction Systems Specialists, LLC (14)	Provider of construction software	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	03/2024	11/2028		13.9	13.9	13.9	(2)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	11/2021	11/2028		0.1	0.1	0.1	(2)(10)
										14.0	14.0
Help/Systems Holdings, Inc. (14)	Provider of IT operations management and cybersecurity software	First lien senior secured revolving loan	8.40%	SOFR (Q)	4.00%	11/2019	08/2026		2.1	2.1	1.9	(2)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (14)	Insurance software provider	First lien senior secured revolving loan	9.67%	SOFR (M)	5.25%	11/2021	11/2027		2.3	2.3	2.3	(2)(10)
		First lien senior secured loan	9.67%	SOFR (M)	5.25%	11/2021	11/2028		59.0	59.0	57.8	(2)(10)
		Senior subordinated loan	10.00% PIK			11/2021	11/2031		124.3	124.3	113.1	(2)
		Company units				11/2021		4,246,457		8.8	4.9	(2)
										194.4	178.1
Hyland Software, Inc. (14)	Enterprise content management software provider	First lien senior secured revolving loan				09/2023	09/2029		—	—	—	(2)(12)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	09/2023	09/2030		96.3	95.2	96.3	(2)(10)
										95.2	96.3
Icefall Parent, Inc. (14)	Provider of customer engagement software and integrated payments solutions	First lien senior secured loan	10.79%	SOFR (Q)	6.50%	01/2024	01/2030		16.7	16.7	16.7	(2)(10)
ID.me, Inc. (14)	Provider of remote digital identity verification solutions	First lien senior secured loan	10.25%			01/2025	01/2031		106.8	97.5	95.1	(2)
		Warrant to purchase shares of common stock				01/2025	01/2035	6,924,708		9.6	9.6	(2)
										107.1	104.7
Internet Truckstop Group LLC (14)	Provider of freight-moving lifecycle software	First lien senior secured loan	9.95%	SOFR (Q)	5.50%	06/2024	04/2027		39.5	39.2	39.5	(2)(10)
IQN Holding Corp. (14)	Provider of extended workforce management software	First lien senior secured revolving loan	9.56%	SOFR (Q)	5.25%	05/2022	05/2028		1.3	1.3	1.3	(2)(10)
		First lien senior secured loan	9.56%	SOFR (Q)	5.25%	05/2022	05/2029		1.4	1.4	1.4	(2)(10)
										2.7	2.7

See accompanying notes to consolidated financial statements.

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
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		1.8	2.1	(2)
										1.8	2.1
Kaseya Inc. and Knockout Intermediate Holdings I Inc.	Provider of cloud-based software and technology solutions for small and medium sized businesses	Preferred stock	15.03% PIK	SOFR (S)	10.75%	06/2022		24,442		33.9	33.9	(2)(10)
LeanTaaS Holdings, Inc. (14)	Provider of SaaS tools to optimize healthcare asset utilization	First lien senior secured loan	11.80%	SOFR (Q)	7.50%	07/2022	07/2028		66.6	66.6	66.6	(2)(10)
Majesco and Magic Topco, L.P. (14)	Insurance software provider	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	09/2020	09/2028		18.0	18.0	18.0	(2)(10)
		Class A units	9.00% PIK			09/2020		2,539		3.8	6.9	(2)
		Class B units				09/2020		570,625		—	—	(2)
										21.8	24.9
Metatiedot Bidco OY and Metatiedot US, LLC (14)	Enterprise content management platform	First lien senior secured loan	8.00%	Euribor (Q)	5.50%	11/2024	11/2031		7.6	7.4	7.5	(2)(6)(10)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	11/2024	11/2031		5.2	5.2	5.1	(2)(6)(10)
										12.6	12.6
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp	Cybersecurity solutions provider	First lien senior secured loan	9.57%	SOFR (M)	5.25%	05/2022	05/2029		58.3	58.3	58.3	(2)(6)(10)
		First lien senior secured loan	9.57%	SOFR (M)	5.25%	03/2024	05/2029		5.2	5.2	5.2	(2)(6)(10)
		First lien senior secured loan	9.71%	SONIA (Q)	5.25%	05/2022	05/2029		36.3	34.8	36.3	(2)(6)(10)
		Limited partnership interest				05/2022		3,975		39.8	43.4	(2)(6)
										138.1	143.2
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (14)	Software and payment services provider to faith-based institutions	First lien senior secured loan	9.92%	SOFR (M)	5.50%	12/2021	12/2028		38.9	38.9	38.1	(2)(10)
		Limited partner interests				12/2021		9,574,000		9.6	6.1	(2)
										48.5	44.2
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (14)	Leading technology solution provider for casing and auditioning to the entertainment industry	First lien senior secured revolving loan	10.20%	SOFR (S)	5.75%	08/2022	08/2028		0.4	0.4	0.4	(2)(10)
		First lien senior secured loan	10.20%	SOFR (S)	5.75%	08/2022	08/2028		24.5	24.5	24.5	(2)(10)
		Class A units	8.00% PIK			08/2022		45,320		5.3	3.7
										30.2	28.6
MRI Software LLC (14)	Provider of real estate and investment management software	First lien senior secured revolving loan	9.05%	SOFR (Q)	4.75%	02/2020	02/2027		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	08/2020	02/2027		23.9	23.9	23.9	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	02/2020	02/2027		13.4	13.4	13.4	(2)(10)
										37.5	37.5
Netsmart, Inc. and Netsmart Technologies, Inc. (14)	Developer and operator of health care software and technology solutions	First lien senior secured loan	9.27% (2.70% PIK)	SOFR (M)	4.95%	08/2024	08/2031		32.5	32.5	32.5	(2)(10)

See accompanying notes to consolidated financial statements.

11

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
North Star Acquisitionco, LLC and Toucan Bidco Limited (14)	Literacy solution software provider for grades k-12	First lien senior secured loan	9.31%	NIBOR (Q)	4.75%	04/2024	05/2029		6.0	5.7	6.0	(2)(6)
		First lien senior secured loan	9.21%	SONIA (Q)	4.75%	04/2024	05/2029		5.4	5.3	5.4	(2)(6)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	04/2024	05/2029		29.5	29.5	29.5	(2)(6)(10)
										40.5	40.9
OpenMarket Inc.	Provider of cloud-based mobile engagement platform	First lien senior secured loan	10.81%	SOFR (Q)	6.25%	09/2021	09/2026		16.0	16.0	16.0	(2)(6)(10)
Optimizely North America Inc. and Optimizely Sweden Holdings AB (14)	Provider of web content management and digital commerce solutions	First lien senior secured loan	9.32%	SOFR (M)	5.00%	10/2024	10/2031		5.7	5.6	5.6	(2)(6)(10)
		First lien senior secured loan	7.61%	Euribor (M)	5.25%	10/2024	10/2031		2.1	2.1	2.0	(2)(6)(10)
		First lien senior secured loan	9.96%	SONIA (M)	5.50%	10/2024	10/2031		0.9	0.9	0.9	(2)(6)(10)
										8.6	8.5
PCMI Parent, LLC and PCMI Ultimate Holdings, LP (14)	Developer and provider of administration software for managing service contracts and extended warranty products	First lien senior secured loan	9.79%	SOFR (Q)	5.50%	03/2025	03/2032		21.2	21.2	21.1	(2)(10)
		Class A units	9.00% PIK			03/2025		1,014		1.0	1.0	(2)
		Class B units				03/2025		241,447		—	—	(2)
										22.2	22.1
PDDS HoldCo, Inc. (14)	Provider of cloud-based dental practice management software	First lien senior secured revolving loan	11.95%	SOFR (Q)	7.50%	07/2022	07/2028		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	11.95%	SOFR (Q)	7.50%	07/2022	07/2028		12.9	12.9	12.9	(2)(10)
										13.1	13.1
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (14)	Provider of enterprise management software for the convenience retail and petroleum wholesale market	First lien senior secured revolving loan	9.79%	SOFR (Q)	5.50%	02/2024	02/2031		0.3	0.3	0.3	(2)(10)
		First lien senior secured loan	9.79%	SOFR (S)	5.50%	01/2024	02/2031		8.8	8.8	8.8	(2)(10)
		Series A preferred stock	13.25% PIK			03/2019		13,656		30.1	30.3	(2)
		Class A units				03/2019		2,062,493		2.1	4.9	(2)
										41.3	44.3
Petvisor Holdings, LLC (14)	Provider of veterinarian-focused SaaS solutions	First lien senior secured revolving loan	12.00%	Base rate (Q)	4.50%	06/2022	11/2029		3.2	3.2	3.2	(2)(10)
		First lien senior secured loan	9.83%	SOFR (S)	5.50%	06/2022	11/2029		5.9	5.9	5.9	(2)(10)
		First lien senior secured loan	10.80% (4.88% PIK)	SOFR (Q)	6.50%	11/2023	11/2029		3.8	3.8	3.8	(2)(10)
		First lien senior secured loan	10.80% (4.88% PIK)	SOFR (Q)	6.50%	06/2022	11/2029		0.1	0.1	0.1	(2)(10)
										13.0	13.0
Ping Identity Holding Corp. (14)	Provider of identity and access management solutions	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	10/2022	10/2029		11.2	11.2	11.2	(2)(10)

See accompanying notes to consolidated financial statements.

12

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)(14)	Online education learning platform	First lien senior secured loan	8.83% (1.50% PIK)	SOFR (Q)	4.50%	08/2024	08/2029		21.6	21.6	21.6	(2)(10)
		First lien senior secured loan	11.83% PIK	SOFR (Q)	7.50%	08/2024	08/2029		20.3	20.3	20.3	(2)(10)
		Common units				08/2024		6,356,812		14.3	12.8	(2)
										56.2	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	0.1
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (14)	Software provider for medical practitioners	First lien senior secured revolving loan	8.79%	SOFR (Q)	4.50%	08/2023	08/2029		0.5	0.5	0.5	(2)(10)
		First lien senior secured loan	10.04%	SOFR (Q)	5.75%	08/2023	08/2029		36.5	36.5	36.5	(2)(10)
		Senior subordinated loan	14.00% PIK			08/2023	08/2030		48.3	48.3	48.3	(2)
		Class A units	8.00% PIK			03/2021		33,220,282		25.4	38.2	(2)
										110.7	123.5
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (14)	Provider of practice management software to law firms	First lien senior secured revolving loan	9.82%	SOFR (M)	5.50%	03/2021	03/2027		0.7	0.7	0.7	(2)(10)
		First lien senior secured loan	9.82%	SOFR (M)	5.50%	06/2024	03/2027		6.8	6.8	6.8	(2)(10)
		First lien senior secured loan	9.82%	SOFR (M)	5.50%	03/2021	03/2027		5.3	5.3	5.3	(2)(10)
		Limited partnership units				03/2021		1,624,000		0.7	3.5	(2)
										13.5	16.3
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	19.1	(2)
		Class B common stock				08/2016		1,841,609		0.1	0.2	(2)
										7.5	19.3
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (14)	Saas provider of automated crew callout and scheduling software for the utility industry	First lien senior secured loan	10.71% (3.25% PIK)	SOFR (Q)	6.25%	04/2021	04/2028		38.1	38.1	35.8	(2)(10)
		Preferred shares	13.95% PIK	SOFR (Q)	9.50%	04/2021		26,436		44.3	42.5	(2)(10)
										82.4	78.3
Project Potter Buyer, LLC and Project Potter Parent, L.P. (14)	Software solutions provider to the ready-mix concrete industry	First lien senior secured revolving loan				04/2020	04/2026		—	—	—	(2)(12)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	11/2020	04/2027		11.7	11.7	11.7	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	04/2020	04/2027		42.7	42.7	42.7	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	07/2024	04/2027		17.8	17.8	17.8	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	10/2020	04/2027		0.1	0.1	0.1	(2)(10)
		Class B units				04/2020		588,636		—	2.9	(2)
										72.3	75.2
Proofpoint, Inc. (14)	Cybersecurity solutions provider	First lien senior secured loan	7.32%	SOFR (M)	3.00%	06/2021	08/2028		1.0	0.9	1.0	(2)(10)(17)

See accompanying notes to consolidated financial statements.

13

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
QBS Parent, Inc. (14)	Provider of vertical software solutions and related implementation, migration, and integration services	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	02/2025	11/2031		1.3	1.3	1.3	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	11/2024	11/2031		14.1	14.1	14.0	(2)(10)
										15.4	15.3
QF Holdings, Inc. (14)	SaaS based electronic health record software provider	First lien senior secured revolving loan	9.41%	SOFR (S)	5.00%	09/2019	12/2027		0.3	0.3	0.3	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	12/2021	12/2027		8.1	8.1	8.1	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	09/2019	12/2027		6.8	6.8	6.8	(2)(10)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	12/2023	12/2027		5.1	5.1	5.1	(2)(10)
		First lien senior secured loan	9.39%	SOFR (S)	5.00%	03/2025	12/2027		5.5	5.5	5.5	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	08/2020	12/2027		3.7	3.7	3.7	(2)(10)
		First lien senior secured loan	9.41%	SOFR (S)	4.75%	08/2020	12/2027		1.2	1.2	1.2	(2)(10)
										30.7	30.7
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (14)	Provider of SaaS-based safety and security software to the K-12 school market	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	10/2021	10/2028		8.4	8.4	8.4	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	05/2024	10/2028		8.0	8.0	8.0	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	04/2023	10/2028		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	12/2024	10/2028		24.9	24.9	24.9	(2)(10)
		Class A common units				12/2018		2,880,582		3.5	9.3
										44.9	50.7
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	5,393,194		—	—
		Warrant to purchase shares of common stock				12/2016	12/2026	987		—	—
										—	—
Relativity ODA LLC (14)	Electronic discovery document review software platform for use in litigations and investigations	First lien senior secured loan	8.82%	SOFR (M)	4.50%	07/2024	05/2029		6.6	6.6	6.6	(2)(10)
Revalize, Inc. (14)	Developer and operator of software providing configuration, price and quote capabilities	First lien senior secured revolving loan	10.19%	SOFR (Q)	5.75%	05/2022	04/2027		0.5	0.5	0.5	(2)(10)
		First lien senior secured loan	10.19%	SOFR (Q)	5.75%	05/2022	04/2027		0.7	0.7	0.6	(2)(10)
										1.2	1.1
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (14)	Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	08/2022	12/2028		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	12/2021	12/2028		0.1	0.1	0.1	(2)(10)
		Class A common stock				12/2021		566		5.5	3.2	(2)

See accompanying notes to consolidated financial statements.

14

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
										5.8	3.5
Runway Bidco, LLC (14)	Provider of workload automation software	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	12/2024	12/2031		42.8	42.4	42.4	(2)(10)
Sapphire Software Buyer, Inc. (14)	Provider of application security testing solutions	First lien senior secured loan	9.72% (3.00% PIK)	SOFR (S)	5.50%	09/2024	09/2031		31.7	31.7	31.4	(2)(10)
Severin Acquisition, LLC (14)	Provider of student information system software solutions to the K-12 education market in North America	First lien senior secured revolving loan	9.07%	SOFR (M)	4.75%	09/2024	10/2031		4.1	4.1	4.1	(2)(10)
		First lien senior secured loan	9.32% (2.25% PIK)	SOFR (M)	5.00%	09/2024	10/2031		134.9	134.8	134.9	(2)(10)
										138.9	139.0
Smarsh Inc. and Skywalker TopCo, LLC (14)	SaaS based communication archival service provider	First lien senior secured revolving loan	9.08%	SOFR (M)	4.75%	02/2022	02/2029		0.3	0.3	0.3	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	02/2022	02/2029		3.4	3.4	3.4	(2)(10)
		Common units				11/2020		1,742,623		6.3	10.7	(2)
										10.0	14.4
SocialFlow, Inc.	Social media optimization platform provider	Warrant to purchase shares of Series C preferred stock				01/2016	01/2026	215,331		—	—
SoundCloud Limited	Platform for receiving, sending, and distributing music	Common stock				08/2017		73,422		0.4	0.7	(2)(6)
Spaceship Purchaser, Inc. (14)	SaaS based website builder and hosting platform	First lien senior secured revolving loan				10/2024	10/2031		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	10/2024	10/2031		100.7	100.7	99.7	(2)(10)
										100.7	99.7
Spark Purchaser, Inc. (14)	Software platform for Medicare application process	First lien senior secured loan	9.80%	SOFR (Q)	5.50%	04/2024	04/2031		30.7	30.7	30.7	(2)(10)
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (14)	Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space	First lien senior secured loan	9.14%	SOFR (Q)	4.75%	12/2023	09/2028		0.8	0.8	0.8	(2)(10)
		First lien senior secured loan	9.15%	SOFR (Q)	4.75%	09/2022	09/2028		2.5	2.5	2.5	(2)(10)
		Limited partner interests				09/2022		1,010		10.2	17.1	(2)
										13.5	20.4
Storable, Inc. and EQT IX Co-Investment (E) SCSP	Payment management system solutions and web services for the self-storage industry	Limited partnership interests				04/2021		614,950		6.6	11.8	(2)(6)
Sundance Group Holdings, Inc. (14)	Provider of cloud-based document management and collaboration solutions	First lien senior secured revolving loan	9.05%	SOFR (Q)	4.75%	09/2024	07/2029		1.7	1.6	1.7	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	09/2024	07/2029		4.0	4.0	4.0	(2)(10)
										5.6	5.7
Superman Holdings, LLC (14)	Provider of ERP software for the construction industry	First lien senior secured loan	8.80%	SOFR (Q)	4.50%	08/2024	08/2031		42.8	42.8	42.8	(2)(10)
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (14)	Provider of environment, health, safety, and sustainability software	First lien senior secured loan	10.19%	SOFR (Q)	5.75%	10/2023	03/2028		10.8	10.8	10.8	(2)(10)

See accompanying notes to consolidated financial statements.

15

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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	10.20%	SOFR (Q)	5.75%	03/2022	03/2028		34.3	34.3	34.3	(2)(10)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	06/2024	03/2028		5.8	5.8	5.8	(2)(10)
		Class A-2 units				03/2022		5,057		5.1	6.5
										56.0	57.4
TCP Hawker Intermediate LLC (14)	Workforce management solutions provider	First lien senior secured revolving loan	8.05%	SOFR (Q)	3.75%	11/2024	08/2029		3.4	3.4	3.4	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	11/2024	08/2029		2.0	2.0	2.0	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	08/2019	08/2029		50.6	50.6	50.6	(2)(10)
										56.0	56.0
Transit Technologies LLC (14)	Provider of transportation management software and specialty telematics solutions	First lien senior secured loan	9.15%	SOFR (S)	4.75%	08/2024	08/2031		12.0	12.0	12.0	(2)(10)
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	29.0	(2)(6)
UserZoom Technologies, Inc.	User experience research automation software	First lien senior secured loan	11.80%	SOFR (Q)	7.50%	02/2023	04/2029		5.8	5.7	5.8	(2)(10)
Vamos Bidco, Inc. (14)	Provider of software and data services to the alcoholic beverage industry	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	01/2025	01/2032		18.2	18.2	18.0	(2)(10)
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (14)	Third-party maintenance provider for hardware and data center infrastructure	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	08/2024	08/2031		73.5	73.5	73.5	(2)(10)
		Partnership units				08/2024		2,482,000		2.5	2.7	(2)
										76.0	76.2
Viper Bidco, Inc. (14)	Provider of SaaS based supply chain risk management solutions	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	11/2024	11/2031		17.8	17.8	17.6	(2)(10)
		First lien senior secured loan	9.46%	SONIA (Q)	5.00%	11/2024	11/2031		10.6	10.4	10.5	(2)(10)
										28.2	28.1
WebPT, Inc. and WPT Intermediate Holdco, Inc. (14)	Electronic medical record software provider	First lien senior secured revolving loan	10.67%	SOFR (Q)	6.25%	08/2019	01/2028		0.6	0.6	0.6	(2)(10)
		First lien senior secured loan	10.66%	SOFR (Q)	6.25%	08/2019	01/2028		0.1	0.1	0.1	(2)(10)
		Senior subordinated loan	13.25% PIK			05/2024	05/2029		67.4	67.4	67.4	(2)
										68.1	68.1
Wellington Bidco Inc. and Wellington TopCo LP (14)	Provider of ERP and payments software for local governments	First lien senior secured revolving loan	9.05%	SOFR (Q)	4.75%	06/2024	06/2030		0.6	0.6	0.6	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	06/2024	06/2030		60.8	60.8	60.8	(2)(10)
		Class A-2 preferred units				06/2024		2,323,000		2.4	2.9	(2)
										63.8	64.3
Wellness AcquisitionCo, Inc. (14)	Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	01/2021	01/2029		11.5	11.5	11.5	(2)(10)

See accompanying notes to consolidated financial statements.

16

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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 (14)	Provider of cloud-based field services and fleet management solutions	First lien senior secured revolving loan	11.30%	SOFR (Q)	7.00%	06/2021	06/2027		1.1	1.1	1.1	(2)(10)
		First lien senior secured loan	11.40% (3.50% PIK)	SOFR (Q)	7.00%	02/2022	06/2027		19.4	19.4	19.4	(2)(10)
		First lien senior secured loan	11.40% (3.50% PIK)	SOFR (Q)	7.00%	06/2021	06/2027		53.5	53.5	53.5	(2)(10)
		First lien senior secured loan	11.40% (3.50% PIK)	SOFR (Q)	7.00%	03/2024	06/2027		6.5	6.5	6.5	(2)(10)
										80.5	80.5
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (14)	Provider of cloud-based customer support solutions	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	12/2022	11/2028		29.5	29.5	29.5	(2)(10)
		Series A preferred stock	13.83% PIK	SOFR (Q)	9.50%	11/2022		27,226		36.6	36.6	(2)(10)
		Class A common units				11/2022		269,100		2.7	2.7	(2)
										68.8	68.8
ZocDoc, Inc.	Healthcare marketplace connecting patients and providers	First lien senior secured loan	10.83%	SOFR (Q)	6.50%	05/2024	05/2029		74.1	71.9	74.1	(2)(10)
										6,435.5	6,404.5		46.84%
Health Care Equipment and Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(14)	Dental services provider	First lien senior secured revolving loan	12.50% PIK	Base rate (Q)	5.00%	06/2021	06/2026		3.0	3.0	3.0	(2)(10)
		First lien senior secured revolving loan	9.56% PIK	SOFR (Q)	5.00%	06/2021	06/2026		15.3	15.3	15.3	(2)(10)
		First lien senior secured loan	9.56% PIK	SOFR (Q)	5.00%	09/2024	06/2026		42.3	42.3	42.3	(2)(10)
		Class A preferred units				09/2024		20,000,000		16.2	2.2	(2)
		Class A common units				06/2021		6,553,553		4.7	—	(2)
										81.5	62.8
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(14)	Dental services provider	First lien senior secured loan	11.45% (3.00% PIK)	SOFR (Q)	7.00%	09/2016	09/2026		15.6	15.6	15.6	(2)(10)
		Second lien senior secured loan	10.00% PIK			06/2023	03/2027		44.5	44.5	44.5	(2)
		Class A common units				06/2023		7,776,181		29.4	0.1	(2)
		Membership units				09/2016		3,000,000		—	—	(2)
										89.5	60.2
Advarra Holdings, Inc. (14)	Provider of central institutional review boards over clinical trials	First lien senior secured loan	8.82%	SOFR (M)	4.50%	08/2022	09/2031		4.0	4.0	4.0	(2)(10)
Aerin Medical Inc. (14)	Developer and manufacturer of non-invasive nasal treatment solutions	First lien senior secured loan	11.55% (3.88% PIK)	SOFR (Q)	7.25%	12/2024	12/2030		13.2	12.9	13.1	(2)(10)
		Series G preferred shares				12/2024		877,379		1.0	1.0	(2)
										13.9	14.1
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		49.2	49.2	(2)

See accompanying notes to consolidated financial statements.

17

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
		Preferred units	8.00% PIK			07/2022		9,900		12.3	12.6	(2)
		Class B common units				07/2022		100,000		0.1	0.1	(2)
										61.6	61.9
Amerivet Partners Management, Inc. and AVE Holdings LP (14)	Veterinary practice management platform	Subordinated loan	16.50% PIK			11/2023	12/2030		68.9	67.8	62.0	(2)
		Class A units				03/2024		2,922		2.9	—	(2)
		Class C units				11/2023		7,144		1.4	—	(2)
										72.1	62.0
Artivion, Inc. (14)	Manufacturer, processor and distributor of medical devices and implantable human tissues	First lien senior secured revolving loan	8.31%	SOFR (Q)	4.00%	01/2024	01/2030		0.9	0.9	0.9	(2)(6)(10)
		First lien senior secured loan	10.81%	SOFR (Q)	6.50%	01/2024	01/2030		11.5	11.5	11.5	(2)(6)(10)
										12.4	12.4
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (14)(15)	Revenue cycle management provider to the physician practices and acute care hospitals	First lien senior secured loan	7.32%	SOFR (M)	3.00%	07/2023	02/2029		0.1	0.1	0.1	(2)(10)(17)
		Series A preferred stock	10.75% PIK			02/2022		198,505		277.8	277.8	(2)
		Class A units				02/2022		10,487,951		10.5	13.5	(2)
										288.4	291.4
Avalign Holdings, Inc. and Avalign Technologies, Inc. (14)	Full-service contract manufacturer of medical device components for the orthopedic OEM industry	First lien senior secured revolving loan	10.82%	SOFR (M)	6.50%	03/2024	12/2028		1.6	1.6	1.4	(2)(10)
		First lien senior secured loan	11.56% (3.63% PIK)	SOFR (Q)	7.25%	03/2024	12/2028		39.1	39.1	35.2	(2)(10)
										40.7	36.6
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP	Opioid treatment provider	First lien senior secured loan	9.56%	SOFR (Q)	5.00%	05/2022	06/2027		5.9	5.9	5.2	(2)(10)
Bambino Group Holdings, LLC	Dental services provider	Class A preferred units				12/2016		1,000,000		1.0	0.7	(2)
BrightStar Group Holdings, Inc. (14)	Provider of private-pay home care services for patients	First lien senior secured loan	9.25%	SOFR (S)	5.00%	02/2025	03/2032		30.4	30.4	30.3	(2)(10)
BVI Medical, Inc. and BVI Group Limited (14)	Developer, manufacturer, and distributor of diverse ophthalmic surgical products	First lien senior secured loan	10.57% (5.00% PIK)	SOFR (M)	6.25%	03/2025	03/2032		136.4	136.4	135.4	(2)(6)(10)
		Ordinary shares				03/2025		3,742		5.0	5.0	(2)(6)
										141.4	140.4
Color Intermediate, LLC	Provider of pre-payment integrity software solution	First lien senior secured loan	9.15%	SOFR (Q)	4.75%	10/2022	10/2029		19.9	19.9	19.9	(2)(10)
Comprehensive EyeCare Partners, LLC (14)	Vision care practice management company	First lien senior secured revolving loan	11.06% (2.50% PIK)	SOFR (Q)	6.50%	02/2018	06/2025		2.0	2.0	1.9	(2)(10)
		First lien senior secured loan	11.06% (2.50% PIK)	SOFR (M)	6.50%	02/2018	06/2025		0.3	0.3	0.3	(2)(10)
										2.3	2.2
Convey Health Solutions, Inc.	Healthcare workforce management software provider	First lien senior secured loan	9.57% (4.25% PIK)	SOFR (S)	5.25%	02/2022	07/2029		0.1	0.1	0.1	(2)(6)(10)

See accompanying notes to consolidated financial statements.

18

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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	9.57% (4.25% PIK)	SOFR (S)	5.25%	10/2022	07/2029		0.1	0.1	0.1	(2)(6)(10)
		First lien senior secured loan	9.57% (4.25% PIK)	SOFR (S)	5.25%	09/2019	07/2029		1.9	1.9	1.6	(2)(6)(10)
										2.1	1.8
Cradle Lux Bidco S.A.R.L. (14)	Provider of consumables and equipment for ART and IVF procedures	First lien senior secured loan	10.09%	SOFR (S)	5.50%	11/2024	11/2031		2.9	2.9	2.9	(2)(6)(10)
		First lien senior secured loan	8.28%	Euribor (S)	5.50%	11/2024	11/2031		8.6	8.4	8.4	(2)(6)(10)
										11.3	11.3
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (14)	Provider of medical devices and services for the treatment of positional plagiocephaly	First lien senior secured loan	9.95%	SOFR (Q)	5.50%	03/2022	03/2029		24.0	24.0	24.0	(2)(10)
		Class A shares				03/2022		192		1.9	2.4	(2)
		Common units				03/2022		31		0.3	0.4	(2)
										26.2	26.8
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (14)	Veterinary hospital operator	First lien senior secured loan	9.07%	SOFR (M)	4.75%	06/2024	06/2031		93.8	93.8	93.8	(2)(10)
		Class A preferred units				08/2023		3,678		2.6	2.0	(2)
		Common stock				10/2019		41,443		14.5	22.4	(2)
										110.9	118.2
Empower Payments Investor, LLC (14)	Financial communication and payment solutions provider	First lien senior secured loan	8.82%	SOFR (M)	4.50%	03/2024	03/2031		32.8	32.2	32.8	(2)(10)
Evolent Health LLC and Evolent Health, Inc.	Medical technology company focused on value based care services and payment solutions	First lien senior secured loan	9.44%	SOFR (Q)	5.00%	12/2024	12/2029		31.1	31.1	30.5	(2)(6)(10)
		Series A preferred shares	10.45%	SOFR (Q)	6.00%	01/2023	01/2029	3,834		3.8	3.9	(2)(6)(10)
										34.9	34.4
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (14)	On-demand supply chain automation solutions provider to the healthcare industry	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	12/2024	12/2031		232.1	232.1	229.8	(2)(10)
		Class A units				06/2017		15,706,534		12.9	43.3	(2)
										245.0	273.1
Global Medical Response, Inc. and GMR Buyer Corp.	Emergency air medical services provider	First lien senior secured loan	9.79% (0.75% PIK)	SOFR (Q)	5.50%	06/2022	10/2028		41.2	39.3	41.1	(2)(10)(17)
		Series B preferred shares	15.00% PIK			05/2024		126,377		143.8	143.8	(2)
		Warrant to purchase units of common stock				03/2018	03/2028	115,733		0.9	0.4	(2)
		Warrants to purchase shares of common stock				05/2024	05/2031	3,116,642		—	10.2	(2)
		Warrant to purchase units of common stock				12/2021	12/2031	1,927		0.1	—	(2)
										184.1	195.5
HealthEdge Software, Inc. (14)	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured loan	9.07%	SOFR (Q)	4.75%	07/2024	07/2031		26.4	26.4	26.4	(2)(10)

See accompanying notes to consolidated financial statements.

19

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
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 (14)	Manufacturer of surgical dental equipment and sterile instruments	First lien senior secured revolving loan				05/2024	05/2030		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	05/2024	05/2031		74.3	74.3	74.3	(2)(10)
										74.3	74.3
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (14)	Provider of behavioral health services	First lien senior secured revolving loan	11.45% (6.00% PIK)	SOFR (Q)	7.00%	03/2017	03/2027		4.2	4.2	3.4	(2)(10)
Lifescan Global Corporation	Provider of blood glucose monitoring systems for home and hospital use	First lien senior secured loan				05/2022	12/2026		7.0	5.9	4.4	(2)(9)(17)
		Second lien senior secured loan				05/2022	03/2027		0.2	0.2	—	(2)(9)
										6.1	4.4
LivTech Purchaser, Inc. (14)	Provider of senior care end-to-end software, payments and RCM platform	First lien senior secured loan	8.83%	SOFR (Q)	4.50%	11/2024	11/2031		4.9	4.9	4.8	(2)(10)
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	3.2	(2)
										3.1	3.8
Next Holdco, LLC (14)	Provider of electronic medical record and practice management software	First lien senior secured loan	9.54%	SOFR (Q)	5.25%	11/2023	11/2030		6.5	6.5	6.5	(2)(10)
NMN Holdings III Corp. and NMN Holdings LP (14)	Provider of complex rehabilitation technology solutions for patients with mobility loss	First lien senior secured revolving loan	8.82%	SOFR (M)	4.50%	07/2024	07/2031		6.5	6.5	6.5	(2)(10)(13)
		First lien senior secured loan	8.82%	SOFR (M)	4.50%	07/2024	07/2031		246.3	246.3	246.3	(2)(10)
		Partnership units				11/2018		30,000		3.0	8.9	(2)
										255.8	261.7
Nomi Health, Inc.	Provider of software payment services for healthcare industry	First lien senior secured loan	12.56%	SOFR (Q)	8.25%	07/2023	07/2028		11.4	11.4	10.3	(2)(10)
		First lien senior secured loan	12.56%	SOFR (Q)	8.25%	06/2024	07/2028		6.8	6.8	6.2	(2)(10)
		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		—	—	(2)
										18.2	16.5
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(14)	Behavioral health and special education platform provider	First lien senior secured loan	13.95% PIK	SOFR (Q)	9.50%	01/2023	02/2027		3.8	3.8	3.8	(2)(10)
		First lien senior secured loan				02/2022	02/2027		13.6	10.2	5.0	(2)(9)
		First lien senior secured loan				09/2019	02/2027		66.7	49.3	24.7	(2)(9)
		Preferred units				07/2021	04/2025	417,189		—	—	(2)

See accompanying notes to consolidated financial statements.

20

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
		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)
										75.9	33.5
OMH-HealthEdge Holdings, LLC (14)	Revenue cycle management provider to the healthcare industry	First lien senior secured loan	12.50%	Base rate (Q)	5.00%	10/2023	10/2029		96.6	96.6	96.6	(2)(10)
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (14)	Medical device company	First lien senior secured revolving loan	8.31%	SOFR (Q)	4.00%	11/2023	11/2028		0.1	0.1	0.1	(2)(6)(10)
		First lien senior secured loan	11.06%	SOFR (Q)	6.75%	11/2023	11/2028		24.0	24.0	24.4	(2)(6)(10)
										24.1	24.5
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (14)	Veterinary hospital operator	Second lien senior secured loan				03/2020	03/2028		76.3	75.5	49.6	(2)(9)
		Class R common units				03/2020		6,004,768		6.0	—	(2)
										81.5	49.6
PetVet Care Centers, LLC (14)	Veterinary hospital operator	First lien senior secured loan	10.32%	SOFR (M)	6.00%	11/2023	11/2030		131.1	131.1	121.9	(2)(10)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (14)	Provider of employer-sponsored onsite health and wellness clinics and pharmacies	First lien senior secured loan	9.80%	SOFR (Q)	5.50%	02/2024	03/2031		54.0	54.0	54.0	(2)(10)
		Class A units				07/2018		9,775		9.8	18.3	(2)
										63.8	72.3
Revival Animal Health, LLC (14)	B2B distributor of animal health products	First lien senior secured revolving loan	10.32%	SOFR (Q)	6.00%	01/2025	01/2028		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	01/2025	01/2028		27.0	27.0	26.7	(2)(10)
										27.2	26.9
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (14)	Manufacturer of biologic, metal and synthetic implants/devices	First lien senior secured revolving loan	11.17%	SOFR (M)	6.75%	07/2020	07/2026		12.3	12.3	12.3	(2)(10)
		First lien senior secured loan	11.24%	SOFR (S)	6.75%	07/2020	07/2026		22.0	22.0	22.0	(2)(10)
		First lien senior secured loan	11.20%	SOFR (Q)	6.75%	12/2024	07/2026		5.2	5.2	5.2	(2)(10)
										39.5	39.5
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC	Outsourced anesthesia provider	Common units				03/2018		684,854		4.8	1.7	(2)
SM Wellness Holdings, Inc. and SM Holdco, LLC (14)	Breast cancer screening provider	Series D units	8.00% PIK			03/2023		1,127		1.3	1.8	(2)
		Series A units				08/2018		8,041		8.0	11.9	(2)
		Series B units				08/2018		916,795		—	—	(2)
										9.3	13.7
SOC Telemed, Inc. and PSC Spark Holdings, LP	Provider of acute care telemedicine	First lien senior secured loan	11.80% (2.00% PIK)	SOFR (Q)	7.50%	08/2022	08/2027		107.8	105.6	100.3	(2)(10)
		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	0.6	(2)
										115.2	102.6
Spruce Bidco II Inc. (14)	Provider of medical devices relating to dialysis treatments and services for kidney disease	First lien senior secured loan	7.72%	CDOR (S)	5.00%	01/2025	01/2032		26.4	26.1	25.9	(2)(10)

See accompanying notes to consolidated financial statements.

21

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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	6.00%	TONA (Q)	5.25%	01/2025	01/2032		27.1	26.2	26.6	(2)(10)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	01/2025	01/2032		195.8	195.8	192.4	(2)(10)
										248.1	244.9
Surescripts, LLC (14)	Healthcare network for e-prescription routing, patient eligibility checks, and secure exchange of medical records	First lien senior secured loan	8.30%	SOFR (Q)	4.00%	11/2024	11/2031		58.0	58.0	57.5	(2)(10)
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (14)	SaaS based healthcare compliance platform provider	First lien senior secured revolving loan	8.04%	SOFR (Q)	3.75%	12/2020	12/2027		4.2	4.2	3.7	(2)
		First lien senior secured loan	9.64%	SOFR (Q)	5.25%	04/2024	12/2027		17.3	17.3	15.4	(2)(10)
		First lien senior secured loan	8.89%	SOFR (Q)	4.50%	02/2022	12/2027		28.7	27.9	24.9	(2)(10)(17)
		Second lien senior secured loan	12.27%	SOFR (Q)	7.88%	12/2020	12/2028		76.2	76.2	67.9	(2)(10)
		Second lien senior secured loan	14.39% (4.00% PIK)	SOFR (Q)	10.00%	04/2024	12/2028		53.5	53.5	50.3	(2)(10)
		Series C-1 preferred shares	11.00% PIK			06/2021		75,939		121.5	99.6	(2)
		Series C-2 preferred shares	11.00% PIK			06/2021		40,115		60.9	49.9	(2)
		Series C-3 preferred shares	11.00% PIK			10/2021		16,201		23.7	19.5	(2)
										385.2	331.2
Tempus AI, Inc.	Provider of technology enabled precision medicine solutions	First lien senior secured loan	12.55% (3.25% PIK)	SOFR (Q)	8.25%	02/2025	02/2030		31.1	31.1	30.8	(2)(6)(10)
		First lien senior secured loan	12.56% (3.25% PIK)	SOFR (Q)	8.25%	10/2023	09/2027		9.4	9.4	9.3	(2)(6)(10)
		First lien senior secured loan	12.56% (3.25% PIK)	SOFR (Q)	8.25%	09/2022	09/2027		75.6	75.6	75.0	(2)(6)(10)
		First lien senior secured loan	12.56% (3.25% PIK)	SOFR (Q)	8.25%	04/2023	09/2027		22.0	22.0	21.8	(2)(6)(10)
		Common units				10/2023		60,821		1.9	2.9	(2)(6)(17)
										140.0	139.8
Therapy Brands Holdings LLC	Provider of software solutions for the mental and behavioral health market segments	Second lien senior secured loan	11.19%	SOFR (M)	6.75%	06/2021	05/2029		29.1	29.0	26.2	(2)(10)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.	Anesthesiology service provider	Second lien senior secured loan	11.94%	SOFR (M)	7.50%	10/2021	10/2029		147.8	147.8	147.8	(2)(10)
		Common stock				12/2021		3,671,429		12.9	8.9	(2)
										160.7	156.7
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (14)	Gastroenterology physician group	First lien senior secured revolving loan	10.05%	SOFR (Q)	5.75%	03/2023	03/2029		1.1	1.1	1.1	(2)(10)
		First lien senior secured loan	10.05%	SOFR (Q)	5.75%	03/2023	03/2029		10.4	10.4	10.4	(2)(10)
		Class A interests				03/2023		4,623		4.6	5.5
										16.1	17.0
Viant Medical Holdings, Inc.	Manufacturer of plastic and rubber components for health care equipment	First lien senior secured loan	8.32%	SOFR (M)	4.00%	10/2024	10/2031		27.5	27.4	27.5	(2)(17)

See accompanying notes to consolidated financial statements.

22

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (14)	Veterinary hospital operator	First lien senior secured loan	10.17%	SOFR (M)	5.75%	12/2021	12/2027		6.1	6.1	6.1	(2)(10)
		First lien senior secured loan	9.67%	SOFR (M)	5.25%	01/2025	12/2027		1.8	1.8	1.8	(2)(10)
		First lien senior secured loan	10.17%	SOFR (M)	5.75%	03/2024	12/2027		2.7	2.7	2.7	(2)(10)
		First lien senior secured loan	10.07%	SOFR (M)	5.75%	08/2023	12/2027		12.3	12.3	12.3	(2)(10)
		First lien senior secured loan	10.17%	SOFR (M)	5.75%	08/2022	12/2027		9.1	9.1	9.1	(2)(10)
		Class A-2 units				03/2023		45		0.1	0.1	(2)
		Class A-2 units				12/2021		7,524		7.5	12.2	(2)
										39.6	44.3
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (14)	Provider of biospecimen products for pharma research	First lien senior secured revolving loan	11.95%	SOFR (Q)	7.50%	03/2018	03/2028		12.0	12.0	11.2	(2)(10)(13)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	08/2019	03/2028		14.0	14.0	13.1	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	07/2022	03/2028		31.5	31.5	29.3	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	03/2018	03/2028		33.5	33.5	31.1	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	11/2021	03/2028		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	10/2021	03/2028		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	10/2019	03/2028		10.9	10.8	10.1	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	02/2019	03/2028		4.6	4.6	4.2	(2)(10)
		Class A preferred units				11/2024		455		0.3	—
		Common units				07/2022		35,299		5.0	2.8
										111.9	102.0
										3,796.3	3,629.7		26.55%
Financial Services
Aduro Advisors, LLC (14)	Provider of fund administration services	First lien senior secured loan	9.32%	SOFR (M)	5.00%	07/2024	07/2030		8.3	8.3	8.3	(2)(10)
AQ Sage Buyer, LLC (14)	Provider of actuarial consulting and comprehensive wealth management services	First lien senior secured revolving loan	10.42%	SOFR (M)	6.00%	05/2022	01/2027		0.5	0.5	0.5	(2)(6)(10)
		First lien senior secured loan	10.48%	SOFR (Q)	6.00%	05/2022	01/2027		3.5	3.5	3.4	(2)(6)(10)
										4.0	3.9
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	11.20%	SOFR (Q)	6.75%	09/2021	09/2027		0.2	0.2	0.2	(2)(10)
		Senior subordinated loan	9.30% PIK			09/2021	09/2026		6.2	6.2	6.2	(2)
		Common units				09/2021		6,387,141		6.4	6.5	(2)
										12.8	12.9
Beacon Pointe Harmony, LLC (14)	Provider of comprehensive wealth management services	First lien senior secured loan	9.07%	SOFR (M)	4.75%	12/2021	12/2028		19.6	19.6	19.6	(2)(6)(10)

See accompanying notes to consolidated financial statements.

23

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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	9.18%	SOFR (S)	4.75%	06/2024	12/2028		2.2	2.2	2.2	(2)(6)(10)
		First lien senior secured loan	9.07%	SOFR (M)	4.75%	07/2023	12/2028		3.8	3.8	3.8	(2)(6)(10)
										25.6	25.6
Cliffwater LLC (14)	Provider of alternative investment advisory services	First lien senior secured loan	8.82%	SOFR (M)	4.50%	10/2023	10/2030		4.0	4.0	4.0	(2)(6)(10)
Convera International Holdings Limited and Convera International Financial S.A R.L. (14)	Provider of B2B international payment and FX risk management solutions	First lien senior secured loan	10.45%	SOFR (Q)	6.00%	03/2022	03/2028		0.1	0.1	0.1	(2)(6)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	11/2024	03/2028		8.8	8.8	8.8	(2)(6)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	06/2023	03/2028		0.1	0.1	0.1	(2)(6)(10)
										9.0	9.0
Corient Holdings, Inc.	Global wealth management firm	Series A preferred stock				05/2023		41,427		41.4	65.4	(2)
CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC	Mortgage company originating loans in the retail and consumer direct channels	Series D preferred units				11/2023		90,577		24.9	29.3
eCapital Finance Corp.	Consolidator of commercial finance businesses	Senior subordinated loan	12.17%	SOFR (M)	7.75%	11/2020	12/2028		5.4	5.3	5.4	(2)(6)(10)
		Senior subordinated loan	12.17%	SOFR (M)	7.75%	04/2022	12/2025		55.8	54.7	55.8	(2)(6)(10)
		Senior subordinated loan	12.17%	SOFR (M)	7.75%	10/2023	12/2028		12.3	12.0	12.3	(2)(6)(10)
		Senior subordinated loan	12.17%	SOFR (M)	7.75%	01/2022	12/2028		24.3	23.8	24.3	(2)(6)(10)
		Senior subordinated loan	12.17%	SOFR (M)	7.75%	01/2020	12/2028		56.0	54.9	56.0	(2)(6)(10)
		Senior subordinated loan	12.17%	SOFR (M)	7.75%	10/2024	12/2028		42.1	41.4	42.1	(2)(6)(10)
		Senior subordinated loan	12.92%	SOFR (M)	8.50%	12/2024	12/2028		21.9	21.5	21.9	(2)(6)(10)
										213.6	217.8
Endeavor Bidco LLC and Endeavor TopCo, Inc.	Global securities finance trading platform	First lien senior secured loan	8.55%	SOFR (Q)	4.25%	08/2024	08/2029		6.1	6.1	6.1	(2)(10)
		Class A common units				08/2024		1,859		1.9	1.8
										8.0	7.9
EP Wealth Advisors, LLC	Wealth management and financial planning firm	First lien senior secured loan	8.80%	SOFR (Q)	4.50%	11/2022	09/2029		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	8.80%	SOFR (Q)	4.50%	09/2020	09/2029		0.6	0.6	0.6	(2)(10)
										0.8	0.8
GAPCO AIV InterHodlco (CP), L.P. (14)	Wealth management and financial planning firm	Senior subordinated loan	11.05% PIK	SOFR (Q)	6.75%	03/2025	03/2033		17.4	17.4	16.7	(2)(6)(10)
GTCR F Buyer Corp. and GTCR (D) Investors LP (14)(15)	Provider of end-to-end tech-enabled administrative services to private foundations	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	09/2023	09/2030		5.4	5.4	5.4	(2)(10)
		Limited partnership interests				09/2023		4,764,743		4.8	8.1	(2)
										10.2	13.5
HighTower Holding, LLC	Provider of investment, financial and retirement planning services	Senior subordinated loan	6.75%			06/2022	04/2029		8.1	7.1	7.8	(2)(6)(17)

See accompanying notes to consolidated financial statements.

24

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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
Ivy Hill Asset Management, L.P. (5)	Asset management services	Member interest				06/2009		100.00%		1,700.5	1,919.8	(2)(6)
Lido Advisors, LLC (14)	Wealth management and financial planning firm	First lien senior secured revolving loan	9.32%	SOFR (M)	5.00%	06/2021	06/2029		1.1	1.1	1.1	(2)(10)(13)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	06/2023	06/2029		6.0	6.0	6.0	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	06/2021	06/2029		5.1	5.1	5.1	(2)(10)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	11/2024	06/2029		4.7	4.7	4.7	(2)(10)
										16.9	16.9
Mai Capital Management Intermediate LLC (14)	Provider of comprehensive wealth management services and registered investment advisor	First lien senior secured revolving loan	9.05%	SOFR (Q)	4.75%	08/2024	08/2031		0.5	0.5	0.5	(2)(6)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	08/2024	08/2031		10.2	10.2	10.2	(2)(6)(10)
										10.7	10.7
Monica Holdco (US) Inc. (14)	Investment technology and advisory firm	First lien senior secured loan	10.20%	SOFR (Q)	5.75%	01/2021	01/2028		2.5	2.5	2.5	(2)(6)(10)
		First lien senior secured loan	10.05%	SOFR (Q)	5.75%	08/2024	01/2028		2.7	2.7	2.7	(2)(6)(10)
										5.2	5.2
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (14)(15)	Provider of comprehensive wealth management services and registered investment advisor	First lien senior secured loan	9.42%	SOFR (M)	5.00%	05/2023	05/2029		4.8	4.8	4.8	(2)(6)(10)
		First lien senior secured loan	9.42%	SOFR (M)	5.00%	06/2024	05/2029		0.3	0.3	0.3	(2)(6)(10)
		First lien senior secured loan	9.42%	SOFR (M)	5.00%	12/2024	05/2029		4.0	4.0	4.0	(2)(6)(10)
		First lien senior secured loan	9.42%	SOFR (M)	5.00%	09/2023	05/2029		7.9	7.9	7.9	(2)(6)(10)
		Limited partnership interests				09/2023		1,965,100		2.0	2.6	(6)
										19.0	19.6
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (14)	Provider of comprehensive wealth management services	First lien senior secured loan	9.64%	SOFR (S)	5.25%	08/2023	08/2029		8.4	8.4	8.4	(2)(6)(10)
		Preferred units				07/2023		6,431,667		6.5	7.7	(6)
										14.9	16.1
PCS MidCo, Inc. and PCS Parent, L.P. (14)	Provider of 401K recordkeeping software solutions	First lien senior secured revolving loan	10.05%	SOFR (Q)	5.75%	03/2024	03/2030		0.8	0.8	0.8	(2)(10)
		First lien senior secured loan	10.05%	SOFR (Q)	5.75%	03/2024	03/2030		8.5	8.5	8.5	(2)(10)
		Class A units				03/2024		785,000		0.8	0.8	(2)
										10.1	10.1
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP (14)	Wealth management and financial planning firm	First lien senior secured loan	9.82%	SOFR (M)	5.50%	03/2024	03/2031		2.7	2.7	2.7	(2)(6)(10)
		Limited partnership interest				03/2024		2,374,000		2.4	2.5	(6)
										5.1	5.2
Petrus Buyer, Inc. (14)	Provider of REIT research data and analytics	First lien senior secured loan	9.56%	SOFR (Q)	5.25%	11/2022	10/2029		5.0	5.0	5.0	(2)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	11/2022	10/2029		0.9	0.9	0.9	(2)(10)

See accompanying notes to consolidated financial statements.

25

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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	9.07%	SOFR (Q)	4.75%	02/2025	10/2029		1.2	1.2	1.2	(2)(10)
										7.1	7.1
RFS Opco LLC (14)	Provider of wealth management services	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	12/2024	04/2031		1.2	1.2	1.2	(2)(6)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	04/2024	04/2031		29.5	29.5	29.5	(2)(6)(10)
										30.7	30.7
Rialto Management Group, LLC (14)	Investment and asset management platform focused on real estate	First lien senior secured loan	9.32%	SOFR (M)	5.00%	12/2024	12/2030		24.2	24.1	24.0	(2)(6)(10)
RWA Wealth Partners, LLC (14)	Provider of comprehensive wealth management services	First lien senior secured loan	9.07%	SOFR (Q)	4.75%	11/2024	11/2030		8.1	8.1	8.1	(2)(6)(10)
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (14)	Wealth management platform	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	12/2023	10/2028		3.3	3.3	3.3	(2)(6)(10)
The Edelman Financial Center, LLC	Provider of investment, financial and retirement planning services	Second lien senior secured loan	9.57%	SOFR (M)	5.25%	05/2024	10/2028		0.1	0.1	0.1	(2)(6)(17)
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (14)	Provider of comprehensive wealth management services	First lien senior secured revolving loan	12.25%	Base rate (Q)	4.75%	03/2022	03/2028		0.4	0.4	0.4	(2)(6)(10)
		First lien senior secured loan	10.28%	SOFR (S)	5.75%	03/2022	03/2028		3.9	3.9	3.9	(2)(6)(10)
		Senior subordinated loan	12.00% PIK			03/2022	03/2029		3.9	3.9	3.9	(2)(6)
		Series A preferred units				03/2022		7,199		7.2	4.5	(2)(6)
		Common units				03/2022		7,199		—	—	(2)(6)
										15.4	12.7
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (14)	Provider of asset-servicing capabilities for fund managers	First lien senior secured loan	9.65%	SOFR (Q)	5.25%	03/2024	03/2031		20.6	20.6	20.6	(2)(10)
		Class A preferred units	8.00% PIK			09/2019		1,443		2.3	2.3
		Class A common units				02/2019		245		0.2	4.3
		Class B common units				02/2019		2,167,424		—	—
		Class B common units				02/2019		245,194		—	—
										23.1	27.2
TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P.	Provider of comprehensive wealth management services	First lien senior secured loan	10.81% PIK	SOFR (Q)	6.50%	01/2025	01/2033		11.1	11.1	10.8	(2)(6)(10)
		Limited partnership interest				11/2024		5,719,511		5.8	5.7	(2)(6)
										16.9	16.5
Waverly Advisors, LLC and WAAM Topco, LLC (14)	Wealth management and financial planning firm	First lien senior secured revolving loan	10.20%	SOFR (Q)	5.75%	03/2022	03/2028		0.8	0.8	0.8	(2)(6)(10)
		First lien senior secured loan	9.32%	SOFR (Q)	5.00%	01/2025	03/2028		6.0	6.0	6.0	(2)(6)(10)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	03/2022	03/2028		0.7	0.7	0.7	(2)(6)(10)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	03/2024	03/2028		5.0	5.0	5.0	(2)(6)(10)

See accompanying notes to consolidated financial statements.

26

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(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				06/2023		1,432,867		1.7	3.2	(6)
										14.2	15.7
Wealth Enhancement Group, LLC (14)	Wealth management and financial planning firm	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	06/2021	10/2028		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.32%	SOFR (Q)	5.00%	11/2020	10/2028		1.9	1.9	1.9	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	08/2021	10/2028		0.9	0.9	0.9	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	10/2019	10/2028		0.5	0.5	0.5	(2)(10)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	02/2024	10/2028		15.6	15.6	15.6	(2)(10)
										19.0	19.0
Wellington-Altus Financial Inc. (14)(15)	Wealth management and advisory firm	First lien senior secured revolving loan				08/2024	08/2030		—	—	—	(2)(6)(10)(12)
		First lien senior secured loan	8.17%	CORRA (Q)	5.00%	08/2024	08/2030		0.8	0.8	0.8	(2)(6)(10)
		Common stock				08/2024		49,525		1.7	2.2	(2)(6)
										2.5	3.0
										2,334.0	2,593.9		18.97%
Commercial and Professional Services
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (14)	Provider of outsourced crew accommodations and logistics management solutions to the airline industry	Class A common units				05/2018		236,358		4.3	37.2
Aero Operating LLC	Provider of snow removal and melting service for airports and marine terminals	First lien senior secured loan	13.45% (2.00% PIK)	SOFR (M)	9.00%	12/2021	02/2026		1.1	1.1	1.0	(2)(10)
		First lien senior secured loan	13.46% (2.00% PIK)	SOFR (M)	9.00%	02/2020	02/2026		36.1	36.1	32.9	(2)(10)
										37.2	33.9
Aldinger Company Inc (14)	Provider of outsourced calibration and repair services	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	07/2024	07/2027		35.9	35.9	35.9	(2)(10)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	03/2025	07/2027		1.4	1.4	1.4	(2)(10)
										37.3	37.3
AMCP Clean Acquisition Company, LLC (14)	Provider of commercial laundry services	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	02/2024	06/2028		10.3	10.2	10.3	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	11/2024	06/2028		2.4	2.4	2.4	(2)(10)
										12.6	12.7
Applied Technical Services, LLC (14)	Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers	First lien senior secured revolving loan	12.25%	Base rate (Q)	4.75%	05/2022	12/2026		7.5	7.4	7.5	(2)(10)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	05/2022	12/2026		1.0	1.0	1.0	(2)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	09/2023	12/2026		2.7	2.7	2.7	(2)(10)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	01/2024	12/2026		2.5	2.5	2.5