UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2026

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, a 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 July 23, 2026
Common stock, $0.001 par value	718,022,845

ARES CAPITAL CORPORATION

INDEX

Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited)	4
	Consolidated Schedules of Investments as of June 30, 2026 (unaudited) and December 31, 2025	5
	Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2026 (unaudited) and the year ended December 31, 2025	164
	Consolidated Statements of Cash Flows for the three and six months ended June 30, 2026 and 2025 (unaudited)	165
	Notes to Consolidated Financial Statements (unaudited)	166
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	211
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	245
Item 4.	Controls and Procedures	247
Part II.	Other Information
Item 1.	Legal Proceedings	248
Item 1A.	Risk Factors	248
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	248
Item 3.	Defaults Upon Senior Securities	249
Item 4.	Mine Safety Disclosures	249
Item 5.	Other Information	249
Item 6.	Exhibits	250
	Signatures	252

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

	As of
	June 30, 2026		December 31, 2025
	(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments	$	24,282	$	24,872
Non-controlled affiliate company investments	572		600
Controlled affiliate company investments	4,495		4,013
Total investments at fair value (amortized cost of $29,675 and $29,250, respectively)	29,349		29,485
Cash and cash equivalents	383		638
Restricted cash	241		286
Interest receivable	299		288
Receivable for open trades	50		317
Other assets	176		221
Total assets	$	30,498	$	31,235
LIABILITIES
Debt	$	15,773	$	15,991
Base management fee payable	110		111
Income based fee payable	84		89
Capital gains incentive fee payable	—		82
Interest and facility fees payable	199		193
Payable to participants	104		131
Interest rate swap collateral payable	97		155
Payable for open trades	2		5
Accounts payable and other liabilities	167		132
Deferred tax liabilities	71		28
Total liabilities	16,607		16,917
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 1,000 common shares authorized; 718 common shares issued and outstanding	1		1
Capital in excess of par value	13,359		13,359
Accumulated undistributed earnings	531		958
Total stockholders’ equity	13,891		14,318
Total liabilities and stockholders’ equity	$	30,498	$	31,235
NET ASSET VALUE PER SHARE	$	19.35	$	19.94

See accompanying notes to consolidated financial statements.

3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income)	$	437	$	433	$	876	$	864
PIK interest income	51		47		96		87
Capital structuring service fees	39		33		76		76
Dividend income (excluding PIK dividend income)	13		8		25		11
PIK dividend income	63		75		127		141
Other income	17		18		34		34
Total investment income from non-controlled/non-affiliate company investments	620		614		1,234		1,213
From non-controlled affiliate company investments:
Interest income (excluding PIK interest income)	3		4		6		9
PIK interest income	4		4		8		9
Total investment income from non-controlled affiliate company investments	7		8		14		18
From controlled affiliate company investments:
Interest income (excluding PIK interest income)	59		40		115		80
PIK interest income	3		5		6		10
Capital structuring service fees	1		1		3		4
Dividend income (excluding PIK dividend income)	76		74		156		147
PIK dividend income	—		1		—		2
Other income	2		2		3		3
Total investment income from controlled affiliate company investments	141		123		283		246
Total investment income	768		745		1,531		1,477
EXPENSES:
Interest and credit facility fees	214		188		427		374
Base management fee	110		104		221		206
Income based fee	84		86		168		171
Capital gains incentive fee	(21)		4		(82)		(21)
Administrative and other fees	4		4		8		8
Other general and administrative	10		9		18		17
Total expenses	401		395		760		755
NET INVESTMENT INCOME BEFORE INCOME TAXES	367		350		771		722
Income tax expense, including excise taxes	8		8		14		15
NET INVESTMENT INCOME	359		342		757		707
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments	(7)		228		94		128
Non-controlled affiliate company investments	—		—		—		8
Controlled affiliate company investments	—		(111)		13		(111)
Foreign currency and other transactions	2		(39)		(6)		(8)
Net income tax expense on net realized gains	—		(44)		—		(44)
Net realized gains (losses)	(5)		34		101		(27)
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments	(145)		(114)		(485)		(81)
Non-controlled affiliate company investments	(20)		(22)		(46)		(50)
Controlled affiliate company investments	(15)		96		(65)		94
Foreign currency and other transactions	8		(10)		38		(54)
Net change in deferred tax liabilities	(11)		35		(37)		13
Net unrealized losses	(183)		(15)		(595)		(78)
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions	(188)		19		(494)		(105)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	171	$	361	$	263	$	602
Basic and diluted net income per common share (see Note 10)	$	0.24	$	0.52	$	0.36	$	0.88
Basic and diluted weighted average shares of common stock outstanding (see Note 10)	718		695		718		686

See accompanying notes to consolidated financial statements.

4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal		Amortized Cost		Fair Value			% of Net Assets
Software and Services
ACP Avenu Midco LLC (13)	Provider of technology solutions and hardware to U.S. state and local governments and motor vehicle agencies	First lien senior secured revolving loan	8.65%	SOFR (Q)	5.00%	04/2025	10/2029		$	0.9	$	0.9	$	0.9	(2)(9)
		First lien senior secured loan	8.69%	SOFR (Q)	5.00%	08/2025	10/2029		3.6		3.5		3.6		(2)(9)
		First lien senior secured loan	8.69%	SOFR (Q)	5.00%	04/2025	10/2029		13.1		13.0		13.1		(2)(9)
											17.4		17.6
Actfy Buyer, Inc. (13)	Software provider of end to end fraud management workflow solutions	First lien senior secured loan	8.39%	SOFR (M)	4.75%	05/2024	05/2031		2.1		2.1		2.1		(2)(9)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (13)	Provider of software services that support the management and security of computing devices, applications, data, and networks	First lien senior secured loan	8.98%	SOFR (Q)	5.25%	09/2024	07/2030		6.8		6.8		6.8		(2)(6)(9)
		First lien senior secured loan	8.98%	SOFR (Q)	5.25%	07/2023	07/2030		41.9		41.9		41.9		(2)(6)(9)
		Limited partnership interest				10/2023		9,249,000			10.3		13.2		(2)(6)
											59.0		61.9
Adonis Bidco Inc. (13)	Provider of intellectual property management lifecycle software	First lien senior secured loan	9.23%	SOFR (Q)	5.50%	02/2025	02/2032		30.0		30.0		28.5		(2)(9)
		First lien senior secured loan	9.48% (2.88% PIK)	SOFR (Q)	5.75%	02/2025	02/2032		238.6		238.6		226.7		(2)(9)
											268.6		255.2
AI Titan Parent, Inc. (13)	Provider of plant maintenance / scheduling software	First lien senior secured loan	8.13%	SOFR (M)	4.50%	08/2024	08/2031		7.3		7.3		7.2		(2)(9)
Anaplan, Inc. (13)	Provider of cloud-based connected planning platforms for business analytics	First lien senior secured loan	8.17%	SOFR (Q)	4.50%	06/2022	06/2029		5.8		5.8		5.7		(2)(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		3.6		(2)
Apple Bidco Holdings, Inc. (13)	Provider of SaaS-based safety and security software to the K-12 school market	First lien senior secured revolving loan	8.23%	SOFR (Q)	4.50%	01/2026	01/2033		2.7		2.7		2.6		(2)(9)
		First lien senior secured loan	8.23%	SOFR (Q)	4.50%	01/2026	01/2033		53.2		53.2		51.6		(2)(9)
											55.9		54.2
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (13)	Software platform for identification, prevention and management of substance use disorder	First lien senior secured loan	8.49%	SOFR (M)	4.75%	05/2021	05/2028		2.8		2.8		2.8		(2)(9)
Aptean, Inc. and Aptean Acquiror Inc. (13)	Provider of CRM, ERP and supply chain software application	First lien senior secured revolving loan	8.42%	SOFR (Q)	4.75%	01/2024	01/2031		0.1		0.1		0.1		(2)(9)
		First lien senior secured loan	8.42%	SOFR (Q)	4.75%	01/2024	01/2031		19.9		19.8		19.7		(2)(9)
											19.9		19.8

See accompanying notes to consolidated financial statements.

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Archduke Buyer, Inc. (13)	Developer and operator of Java runtime solutions for enterprises applications	First lien senior secured loan	9.16%	SOFR (Q)	5.50%	12/2025	12/2032		61.0	61.0	60.4	(2)(9)
Arrow Borrower 2025, Inc. (13)	Provider of accounts payable automation software and payment solutions	First lien senior secured loan	7.98%	SOFR (Q)	4.25%	10/2025	10/2032		28.3	28.3	28.0	(2)(9)
Artifact Bidco, Inc. (13)	Supply chain risk management SaaS platform for global enterprise clients	First lien senior secured loan	7.88%	SOFR (Q)	4.15%	05/2024	07/2031		6.8	6.8	6.8	(2)(9)
Aston Bidco (Holding) Limited	Provider of enterprise software solutions	First lien senior secured loan	9.87%	SONIA (Q)	6.00%	07/2025	07/2032		108.5	108.2	108.5	(2)(6)(9)
Auctane, Inc.	Provider of mailing and shipping solutions	First lien senior secured loan	9.52%	SOFR (Q)	5.75%	05/2026	06/2033		245.3	245.3	241.6	(2)(9)
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. (13)(14)	Vertical software businesses holding company	First lien senior secured revolving loan	9.15%	SOFR (M)	5.50%	01/2025	01/2031		1.5	1.5	1.5	(2)(9)
		First lien senior secured loan	9.14%	SOFR (M)	5.50%	01/2025	01/2031		140.5	140.5	140.5	(2)(9)
		First lien senior secured loan	9.14%	SOFR (M)	5.50%	04/2025	01/2031		21.3	21.3	21.3	(2)(9)
		First lien senior secured loan	8.89%	SOFR (M)	5.25%	10/2025	01/2031		3.5	3.5	3.5	(2)
		Series A preferred shares	14.00% PIK			01/2025		90,019		105.9	105.9	(2)
										272.7	272.7
BCTO Ignition Purchaser, Inc.	Enterprise software provider	Senior subordinated loan	11.17% PIK	SOFR (Q)	7.50%	04/2023	10/2030		4.7	4.7	4.7	(2)(9)
		Senior subordinated loan	11.17% PIK	SOFR (Q)	7.50%	03/2025	10/2030		2.7	2.7	2.7	(2)(9)
										7.4	7.4
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (13)	Healthcare software provider	First lien senior secured loan	8.48%	SOFR (Q)	4.75%	06/2023	06/2030		15.4	15.4	15.4	(2)(9)
		Class A-1 units				06/2023		1,729,228		1.7	1.3
										17.1	16.7
Borrower R365 Holdings LLC (13)	Provider of restaurant enterprise resource planning systems	First lien senior secured loan	9.88%	SOFR (Q)	6.00%	01/2022	06/2027		1.9	1.9	1.9	(2)(9)
		First lien senior secured loan	9.88%	SOFR (Q)	6.00%	06/2021	06/2027		15.9	15.9	15.9	(2)(9)
										17.8	17.8
Bottomline Technologies, Inc. (13)	Provider of payment automation solutions	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	04/2025	05/2029		16.5	16.5	16.5	(2)(9)
Businessolver.com, Inc. (13)	Provider of SaaS-based benefits solutions for employers and employees	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	12/2021	12/2032		28.0	28.0	27.7	(2)(9)
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (13)	Provider of software and technology-enabled content and analytical solutions to insurance brokers	First lien senior secured loan	8.38%	SOFR (Q)	4.50%	04/2024	11/2027		16.5	16.2	14.5	(2)(9)(16)
		Second lien senior secured loan	11.63%	SOFR (Q)	7.75%	11/2020	11/2028		71.6	71.3	63.8	(2)(9)
		Series A preferred shares	11.00% PIK			11/2020		24,898		45.9	39.0	(2)
		Series A-2 preferred shares	11.00% PIK			12/2020		8,963		16.3	13.9	(2)
		Series A-3 preferred shares	11.00% PIK			11/2021		11,952		19.7	16.7	(2)
										169.4	147.9

See accompanying notes to consolidated financial statements.

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. (13)	Provider of database management services	First lien senior secured revolving loan				09/2025	09/2030		—	—	—	(2)(11)
		First lien senior secured loan	9.39%	SOFR (M)	5.75%	09/2025	09/2031		29.8	29.8	29.5	(2)(9)
		Senior subordinated loan	13.00% PIK			09/2025	09/2033		26.1	26.1	25.7	(2)
		Limited partnership interests				09/2025		5,324,000		5.3	5.8	(2)
										61.2	61.0
Centralsquare Technologies, LLC and Supermoose Newco, Inc. (13)	Provider of mission-critical software solutions for the public sector	First lien senior secured revolving loan				04/2024	04/2030		—	—	—	(2)(11)
		First lien senior secured loan	9.39%	SOFR (M)	5.75%	04/2024	04/2030		144.0	144.0	144.0	(2)(9)
		Series A preferred stock	15.00% PIK			04/2024		83,332		115.3	115.5	(2)
										259.3	259.5
Clearwater Analytics, LLC and Clearwater Analytics Holdings, Inc. (13)	Provider of integrated cloud-based investment portfolio management, accounting, reporting and analytics software	First lien senior secured loan	8.23%	SOFR (M)	4.50%	06/2026	06/2033		130.7	130.7	130.0	(2)(9)
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (13)	Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies	Limited partnership interests				09/2022		12,250,000		12.3	30.5	(2)
Community Brands ParentCo, LLC	Software and payment services provider to non-profit institutions	Class A units				12/2016		500,000		5.0	1.1	(2)
Computer Services, Inc. (13)	Infrastructure software provider to community banks	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	02/2024	11/2031		50.2	50.2	49.2	(2)(9)
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P.	Provider of sales software for the interior design industry	Common units				05/2021		483,584		4.8	9.4	(2)(6)
		Series A common units				09/2022		23,340		0.2	0.5	(2)(6)
										5.0	9.9
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (13)	Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors	First lien senior secured revolving loan	7.01%	SOFR (M)	3.25%	06/2021	03/2028		12.6	12.6	12.5	(2)
		Second lien senior secured loan	10.26%	SOFR (M)	6.50%	06/2021	06/2029		155.7	155.7	152.9	(2)(9)(16)
		Limited partnership units				04/2021		59,665,989		59.7	53.0	(2)
										228.0	218.4
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (13)	Provider of environmental, health and safety software to track compliance data	First lien senior secured loan	8.16%	SOFR (Q)	4.50%	10/2025	11/2032		61.7	61.7	59.8	(2)(6)(9)
		Preferred equity	9.00% PIK			07/2019		198		0.4	0.7	(2)(6)
		Common equity				07/2019		190,143		—	—	(2)(6)

See accompanying notes to consolidated financial statements.

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
										62.1	60.5
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (13)	Provider of a cloud-based, SaaS platform for talent management	First lien senior secured revolving loan	6.76%	SOFR (M)	3.00%	10/2021	10/2026		9.8	9.8	6.2	(2)(12)
		First lien senior secured loan	7.51%	SOFR (M)	3.75%	06/2024	10/2028		16.4	15.2	10.3	(2)(9)(16)
		Second lien senior secured loan	10.26%	SOFR (M)	6.50%	10/2021	10/2029		137.5	137.5	88.0	(2)(9)
		Series A preferred shares	10.50% PIK			10/2021		116,413		188.5	113.1	(2)
		Class A-1 common stock				10/2021		1,360,100		13.6	14.7	(2)
										364.6	232.3
Coupa Holdings, LLC and Coupa Software Incorporated	Provider of Business Spend Management software	First lien senior secured loan	8.91%	SOFR (Q)	5.25%	03/2023	02/2030		9.7	9.7	9.2	(2)(9)
Databricks, Inc. (13)	Cloud-based data and AI platform that helps companies scale and manage data	First lien senior secured loan	8.11%	SOFR (M)	4.50%	12/2024	01/2032		0.1	0.1	0.1	(2)(16)
Datix Bidco Limited and RL Datix Holdings (USA), Inc. (13)	Global healthcare software company that provides software solutions for patient safety and risk management	First lien senior secured loan	8.73%	SOFR (S)	5.00%	04/2024	04/2031		104.6	104.6	103.5	(2)(6)(9)
		First lien senior secured loan	8.74%	SONIA (S)	5.00%	04/2024	04/2031		56.2	53.1	55.7	(2)(6)(9)
										157.7	159.2
Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. (13)	Provider of internet security tools and solutions	First lien senior secured loan	9.39%	SOFR (M)	5.75%	07/2025	07/2030		124.1	123.0	121.6	(2)(9)
		Second lien senior secured loan	10.64%	SOFR (M)	7.00%	05/2022	02/2029		22.8	20.5	19.1	(2)
		Series A preferred shares	10.50% PIK			05/2021		129,822		218.8	175.0	(2)
		Series A units				05/2021		817,194		13.3	12.2	(2)
										375.6	327.9
Diligent Corporation and Diligent Preferred Issuer, Inc. (13)	Provider of secure SaaS solutions for board and leadership team documents	First lien senior secured revolving loan	8.65%	SOFR (Q)	5.00%	04/2024	08/2030		0.9	0.9	0.9	(2)(9)(12)
		First lien senior secured loan	12.09% PIK	SOFR (Q)	8.42%	04/2024	08/2030		3.4	3.4	3.3	(2)(9)
		First lien senior secured loan	8.67%	SOFR (Q)	5.00%	04/2024	08/2030		20.1	20.0	19.4	(2)(9)
		Preferred stock	10.50% PIK			04/2021		13,140		21.6	20.8	(2)
										45.9	44.4
Doxim Inc. (13)	Enterprise content management provider	First lien senior secured revolving loan				09/2025	11/2027		—	—	—	(2)(6)(11)
		First lien senior secured loan	10.14%	SOFR (M)	6.50%	09/2025	11/2027		84.3	84.3	84.3	(2)(6)(9)
										84.3	84.3
DriveCentric Holdings, LLC (13)	Provider of CRM software to the automotive dealership industry	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	07/2025	08/2031		11.6	11.6	11.6	(2)(9)
		First lien senior secured loan	8.20%	SOFR (Q)	4.50%	08/2024	08/2031		12.1	12.1	12.1	(2)(9)
										23.7	23.7

See accompanying notes to consolidated financial statements.

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Echo Purchaser, Inc. (13)	Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets	First lien senior secured loan	9.17%	SOFR (Q)	5.50%	11/2023	11/2029		11.3	11.3	11.3	(2)(9)
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (13)	Payment processing solution provider	First lien senior secured loan	8.15%	SOFR (Q)	4.50%	09/2024	09/2031		35.2	35.2	34.9	(2)(9)
		Preferred units	12.50% PIK			09/2024		656		8.2	8.2	(2)
		Class A common units				09/2024		563		0.6	0.5	(2)
										44.0	43.6
Edition Holdings, Inc. and Enverus, Inc. (13)	SaaS based business analytics company focused on oil and gas industry	First lien senior secured revolving loan	8.15%	SOFR (M)	4.50%	12/2025	12/2032		0.2	0.2	0.2	(2)(9)(12)
		First lien senior secured loan	8.14%	SOFR (M)	4.50%	12/2025	12/2032		80.9	80.9	79.2	(2)(9)
										81.1	79.4
Edmunds Govtech, Inc. (13)	Provider of ERP software solutions for local governments	First lien senior secured revolving loan	7.48%	SOFR (Q)	3.75%	02/2024	02/2030		1.7	1.7	1.7	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	02/2024	02/2031		5.2	5.2	5.2	(2)(9)
										6.9	6.9
Einstein Parent, Inc. (13)	Provider of SaaS based collaborative work management software	First lien senior secured loan	8.91%	SOFR (Q)	5.25%	01/2025	01/2031		45.9	45.9	45.9	(2)(9)
Elemica, Inc. and EZ Elemica Holdings, Inc. (13)	SaaS based supply chain management software provider focused on chemical markets	First lien senior secured revolving loan	8.40%	SOFR (M)	4.75%	02/2026	02/2032		0.9	0.9	0.8	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	02/2026	02/2032		113.0	113.0	110.8	(2)(9)
		Preferred equity				09/2019		4,599		3.7	5.1	(2)
										117.6	116.7
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	8.28%	SOFR (Q)	4.50%	06/2023	11/2028		49.7	49.5	32.8	(2)(9)
		Partnership units				05/2019		5,034,483		3.0	1.6	(2)(6)
										52.5	34.4
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT	Provider of mission-critical, software-enabled clinical research solutions	Limited partnership interest				01/2020		3,988,000		—	0.5	(2)(6)
ESHA Intermediate, LLC (13)	Provider of nutritional information and software as a services (SaaS) compliance solutions	First lien senior secured loan	8.18%	SOFR (S)	4.50%	12/2025	12/2032		22.2	22.2	21.8	(2)(9)
Extrahop Networks, Inc.	Provider of real-time wire data analytics solutions for application and infrastructure monitoring	First lien senior secured revolving loan	10.34%	SOFR (Q)	6.50%	03/2024	07/2027		4.3	4.3	4.3	(2)(9)
		First lien senior secured loan	10.32%	SOFR (Q)	6.50%	03/2023	07/2027		3.8	3.8	3.8	(2)(9)
		First lien senior secured loan	10.32%	SOFR (Q)	6.50%	07/2021	07/2027		35.0	35.0	34.6	(2)(9)
										43.1	42.7

See accompanying notes to consolidated financial statements.

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Flexera Software LLC (13)	Provider of IT asset management, SaaS management and cloud optimization software products to enterprises	First lien senior secured loan	8.40%	SOFR (Q)	4.75%	08/2025	08/2032		18.6	18.6	18.2	(2)(9)
		First lien senior secured loan	6.96%	Euribor (M)	4.75%	08/2025	08/2032		6.6	6.8	6.5	(2)(9)
		First lien senior secured loan	8.40%	SOFR (Q)	4.75%	12/2025	08/2032		120.4	120.4	118.0	(2)(9)
										145.8	142.7
Forescout Technologies, Inc. (13)	Network access control solutions provider	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	05/2024	05/2032		5.1	5.1	5.1	(2)(9)
GHP-VGS Purchaser LLC (13)	Provider of assessment software and third party appraisal services	First lien senior secured revolving loan	8.23%	SOFR (Q)	4.50%	04/2025	04/2032		0.3	0.3	0.3	(2)(9)
		First lien senior secured loan	8.16%	SOFR (Q)	4.50%	04/2025	04/2032		10.6	10.6	10.6	(2)(9)
										10.9	10.9
GI Ranger Intermediate LLC (13)	Provider of payment processing services and software to healthcare providers	First lien senior secured revolving loan	9.89%	SOFR (Q)	6.00%	10/2021	10/2027		2.1	2.1	1.9	(2)(9)
		First lien senior secured loan	9.88%	SOFR (Q)	6.00%	10/2021	10/2028		9.8	9.8	8.6	(2)(9)
		First lien senior secured loan	9.88%	SOFR (Q)	6.00%	03/2022	10/2028		3.0	3.0	2.7	(2)(9)
										14.9	13.2
Goose Borrower, L.P. (13)	Energy equipment manufacturing and services company	First lien senior secured loan	8.48%	SOFR (Q)	4.75%	03/2026	03/2033		83.9	83.9	83.1	(2)(9)
Guidepoint Security Holdings, LLC (13)	Cybersecurity solutions provider	First lien senior secured revolving loan	8.65%	SOFR (M)	5.00%	10/2023	10/2029		0.8	0.8	0.8	(2)(9)
		First lien senior secured loan	8.64%	SOFR (M)	5.00%	10/2025	10/2029		7.9	7.9	7.9	(2)(9)
		First lien senior secured loan	8.62%	SOFR (M)	5.00%	10/2023	10/2029		7.0	7.0	7.0	(2)(9)
		First lien senior secured loan	8.64%	SOFR (M)	5.00%	12/2024	10/2029		2.4	2.4	2.4	(2)(9)
										18.1	18.1
Heavy Construction Systems Specialists, LLC (13)	Provider of construction software	First lien senior secured loan	10.50%	Base Rate (Q)	3.75%	03/2024	11/2028		13.7	13.7	13.7	(2)(9)
		First lien senior secured loan	10.50%	Base Rate (Q)	3.75%	11/2021	11/2028		0.1	0.1	0.1	(2)(9)
										13.8	13.8
HS Purchaser, LLC, and Help/Systems Holdings, Inc. (13)	Provider of IT operations management and cybersecurity software	First lien senior secured loan	10.14% (3.25% PIK)	SOFR (Q)	6.50%	11/2025	05/2029		63.6	63.6	56.0	(2)(9)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (13)	Insurance software provider	First lien senior secured revolving loan	9.25%	SOFR (M)	5.50%	11/2021	11/2029		1.6	1.6	1.5	(2)(9)
		First lien senior secured loan	9.74% (0.50% PIK)	SOFR (M)	6.00%	11/2021	11/2029		58.4	58.4	54.3	(2)(9)
		First lien senior secured loan	9.74%	SOFR (M)	6.00%	10/2025	11/2029		5.3	5.3	5.0	(2)(9)
		Senior subordinated loan	10.00% PIK			11/2021	11/2031		140.6	140.6	120.9	(2)
		Company units				11/2021		4,246,457		8.8	1.5	(2)
										214.7	183.2
Hyland Software, Inc. (13)	Enterprise content management software provider	First lien senior secured loan	8.39%	SOFR (M)	4.75%	09/2023	09/2030		108.6	107.7	108.6	(2)(9)

See accompanying notes to consolidated financial statements.

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Hyphen Solutions, LLC (13)	Provider of residential construction supply chain management software	First lien senior secured loan	8.14%	SOFR (M)	4.50%	08/2025	08/2032		11.9	11.9	11.8	(2)(9)
iCapital, Inc.	Provider of platform solutions that increase access to alternative investments for institutional investors and wealth managers	Common stock				04/2025		71,430		1.0	1.1	(2)
Icefall Parent, Inc. (13)	Provider of customer engagement software and integrated payments solutions	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	01/2024	01/2030		1.6	1.6	1.6	(2)(9)
ID.me, LLC and ID.me, Inc. (13)	Provider of remote digital identity verification solutions	First lien senior secured loan	10.25% (5.25% PIK)			01/2025	01/2031		132.1	124.8	126.4	(2)
		Series E preferred units				08/2025		10,827,926		16.0	17.5	(2)
		Warrant to purchase common stock				01/2025	01/2035	6,924,708		9.6	11.2	(2)
										150.4	155.1
Internet Truckstop Group LLC (13)	Provider of freight-moving lifecycle software	First lien senior secured loan	9.13%	SOFR (Q)	5.25%	06/2024	04/2027		39.5	39.4	39.5	(2)(9)
IQN Holding Corp. (13)	Provider of extended workforce management software	First lien senior secured revolving loan	8.99%	SOFR (Q)	5.25%	05/2022	05/2028		1.4	1.4	1.4	(2)(9)
		First lien senior secured loan	8.98%	SOFR (Q)	5.25%	05/2022	05/2029		1.4	1.4	1.4	(2)(9)
										2.8	2.8
JAMS Holdings LP and Jams Buyer LLC (13)	Provider of IT operations management and cybersecurity software	First lien senior secured loan	8.73%	SOFR (Q)	5.00%	06/2025	06/2032		13.9	13.9	13.9	(2)(9)
		Preferred units	8.00% PIK			06/2025		1,001,000		1.1	1.1	(2)
										15.0	15.0
Jeppesen Holdings, LLC (13)	Provider of aviation software solutions	First lien senior secured loan	8.41%	SOFR (Q)	4.75%	10/2025	11/2032		14.0	14.0	13.9	(2)(9)
Kairos Bidco Limited (13)	Provider of financial data analytics software	First lien senior secured revolving loan	8.48%	SOFR (Q)	4.75%	07/2025	07/2032		0.3	0.3	0.3	(2)(6)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	07/2025	07/2032		24.8	24.8	24.8	(2)(6)(9)
										25.1	25.1
Kaseya Inc. and Knockout Intermediate Holdings I Inc.	Provider of cloud-based software and technology solutions for small and medium sized businesses	Preferred stock	14.59% PIK	SOFR (S)	10.75%	06/2022		21,289		36.6	25.2	(2)(9)
LeanTaaS Holdings, Inc. (13)	Provider of SaaS tools to optimize healthcare asset utilization	First lien senior secured loan	11.48%	SOFR (Q)	7.75%	07/2022	07/2028		73.2	73.2	71.8	(2)(9)
		First lien senior secured loan	11.48%	SOFR (Q)	7.75%	10/2025	07/2028		5.2	5.2	5.1	(2)(9)
										78.4	76.9
Lobos Parent, Inc. (13)	Provider of cloud-based human capital and compliance management SaaS platform focused on public sector agencies	First lien senior secured revolving loan	7.99%	SOFR (Q)	4.25%	09/2025	09/2031		0.9	0.9	0.9	(2)(9)
Majesco and Magic Topco, L.P.	Insurance software provider	Class A units	9.00% PIK			09/2020		1,624		1.7	4.3	(2)

See accompanying notes to consolidated financial statements.

11

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Class B units				09/2020		570,625		—	—	(2)
										1.7	4.3
Merit Software Finance Holdings, LLC (13)	Vertical software businesses holding company	First lien senior secured loan	8.98%	SOFR (Q)	5.25%	12/2025	12/2032		8.5	8.5	8.5	(2)(9)
		First lien senior secured loan	8.98%	SOFR (Q)	5.25%	12/2025	12/2032		24.5	24.5	24.5	(2)(9)
										33.0	33.0
Metatiedot Bidco OY and Metatiedot US, LLC (13)	Enterprise content management platform	First lien senior secured revolving loan	7.21%	Euribor (Q)	5.00%	11/2024	11/2030		0.2	0.2	0.2	(2)(6)(9)
		First lien senior secured loan	7.24%	Euribor (Q)	5.00%	11/2024	11/2031		8.6	8.1	8.6	(2)(6)(9)
		First lien senior secured loan	8.67%	SOFR (Q)	5.00%	11/2024	11/2031		5.2	5.2	5.2	(2)(6)(9)
										13.5	14.0
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp	Cybersecurity solutions provider	First lien senior secured loan	8.14%	SOFR (M)	4.50%	05/2022	05/2029		10.1	10.1	10.1	(2)(6)(9)
		First lien senior secured loan	8.23%	SONIA (Q)	4.50%	05/2022	05/2029		23.6	22.0	23.6	(2)(6)(9)
		Limited partnership interest				05/2022		3,975		39.8	50.2	(2)(6)
										71.9	83.9
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (13)	Software and payment services provider to faith-based institutions	First lien senior secured loan	9.24%	SOFR (M)	5.50%	12/2021	12/2028		31.4	31.4	30.1	(2)(9)
		First lien senior secured loan	9.24%	SOFR (M)	5.50%	12/2021	12/2028		7.0	7.0	6.8	(2)(9)
		Limited partner interests				12/2021		9,574,000		9.6	5.0	(2)
										48.0	41.9
ML Holdco, Inc. (13)	Cloud-based, SaaS lending solutions provider to financial institutions	First lien senior secured loan	7.91%	SOFR (Q)	4.25%	10/2025	10/2032		89.6	89.6	87.8	(2)(9)
Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. (13)	Provider of practice management, EHR, and RCM software to medical specialists	Series A preferred stock	13.00% PIK			04/2025		24,499		28.4	28.4	(2)
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (13)	Leading technology solution provider for casing and auditioning to the entertainment industry	First lien senior secured loan	9.42%	SOFR (Q)	5.75%	08/2022	08/2028		23.4	23.4	23.4	(2)(9)
		Class A units	8.00% PIK			08/2022		45,320		6.1	3.5
										29.5	26.9
Motor Vehicle Software Corporation (13)	Provider of electronic registration and titling software to auto dealers	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	01/2025	01/2032		10.2	10.2	10.2	(2)(9)
MRI Software LLC (13)	Provider of real estate and investment management software	First lien senior secured revolving loan	8.48%	SOFR (Q)	4.75%	02/2020	02/2028		1.1	1.1	1.1	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	08/2020	02/2028		4.7	4.7	4.7	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	10/2025	02/2028		2.6	2.6	2.6	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	02/2020	02/2028		4.0	4.0	3.9	(2)(9)
										12.4	12.3

See accompanying notes to consolidated financial statements.

12

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
MS Buyer, Inc.	Software and payment services provider to non-profit institutions	First lien senior secured loan	8.98%	SOFR (Q)	5.25%	01/2026	07/2031		4.1	4.0	4.0	(2)(9)
Namecheap, Inc. (13)	Domain register and web services provider	First lien senior secured loan	8.39%	SOFR (Q)	4.75%	05/2026	05/2033		13.5	13.5	13.5	(2)(9)
Netsmart, Inc. and Netsmart Technologies, Inc. (13)	Developer and operator of health care software and technology solutions	First lien senior secured loan	8.84% (2.70% PIK)	SOFR (M)	5.20%	08/2024	08/2031		33.5	33.5	32.8	(2)(9)
		First lien senior secured loan	8.84% (2.70% PIK)	SOFR (M)	5.20%	11/2025	08/2031		28.1	28.1	27.6	(2)(9)
										61.6	60.4
North Star Acquisitionco, LLC and Toucan Bidco Limited (13)	Literacy solution software provider for grades k-12	First lien senior secured loan	9.07%	NIBOR (Q)	4.75%	04/2024	05/2029		6.4	5.7	6.3	(2)(6)
		First lien senior secured loan	8.55%	SONIA (Q)	4.75%	04/2024	05/2029		5.5	5.3	5.5	(2)(6)
		First lien senior secured loan	8.45%	SOFR (Q)	4.75%	04/2024	05/2029		4.0	4.0	3.9	(2)(6)(9)
		First lien senior secured loan	8.20%	SOFR (Q)	4.50%	04/2024	05/2029		4.3	4.3	4.3	(2)(6)(9)
										19.3	20.0
Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. (13)	Provider of public safety, incident reporting, and security management solutions for enterprises	First lien senior secured loan	8.64%	SOFR (M)	5.00%	12/2025	12/2030		13.7	13.7	13.5	(2)(9)
Optimizely North America Inc. and Optimizely Sweden Holdings AB (13)	Provider of web content management and digital commerce solutions	First lien senior secured loan	9.14% (2.50% PIK)	SOFR (M)	5.50%	10/2024	10/2031		5.6	5.6	5.3	(2)(6)(9)
		First lien senior secured loan	7.96% (2.50% PIK)	Euribor (M)	5.75%	10/2024	10/2031		2.2	2.0	2.1	(2)(6)(9)
		First lien senior secured loan	9.73% (2.50% PIK)	SONIA (M)	6.00%	10/2024	10/2031		0.9	0.9	0.9	(2)(6)(9)
										8.5	8.3
PCMI Parent, LLC and PCMI Ultimate Holdings, LP (13)	Developer and provider of administration software for managing service contracts and extended warranty products	First lien senior secured loan	8.42%	SOFR (Q)	4.75%	03/2025	03/2032		6.7	6.7	6.7	(2)(9)
		Class A units	9.00% PIK			03/2025		1,014		1.1	1.5	(2)
		Class B units				03/2025		241,447		—	—	(2)
										7.8	8.2
PDDS HoldCo, Inc. (13)	Provider of cloud-based dental practice management software	First lien senior secured revolving loan	9.62%	SOFR (M)	6.00%	10/2025	09/2031		0.2	0.1	0.2	(2)(9)
		First lien senior secured loan	9.63%	SOFR (S)	6.00%	10/2025	09/2031		13.8	13.6	13.8	(2)(9)
										13.7	14.0
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC	Provider of enterprise management software for the convenience retail and petroleum wholesale market	First lien senior secured revolving loan	9.17%	SOFR (Q)	5.50%	02/2024	02/2031		2.5	2.5	2.3	(2)(9)
		First lien senior secured loan	9.66% (3.00% PIK)	SOFR (Q)	6.00%	01/2024	02/2031		8.8	8.8	8.3	(2)(9)

See accompanying notes to consolidated financial statements.

13

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Series A preferred stock	13.25% PIK			03/2019		13,656		35.5	35.1	(2)
		Class A units				03/2019		2,062,493		2.1	1.7	(2)
										48.9	47.4
Petvisor Holdings, LLC (13)	Provider of veterinarian-focused SaaS solutions	First lien senior secured revolving loan	11.25%	Base Rate (Q)	4.50%	06/2022	11/2029		3.5	3.5	3.4	(2)(9)
		First lien senior secured loan	9.23%	SOFR (Q)	5.50%	06/2022	11/2029		6.0	6.0	5.9	(2)(9)
		First lien senior secured loan	9.23%	SOFR (Q)	5.50%	11/2023	11/2029		13.6	13.6	13.4	(2)(9)
										23.1	22.7
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)	Online education learning platform	First lien senior secured loan	6.64%	SOFR (M)	3.00%	08/2024	08/2029		21.8	21.7	21.8	(2)(9)
		First lien senior secured loan				08/2024	08/2029		23.7	21.9	—	(2)(8)
		Common units				08/2024		6,356,812		14.3	—	(2)
										57.9	21.8
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (13)	Software provider for medical practitioners	First lien senior secured revolving loan	8.23%	SOFR (Q)	4.50%	08/2023	08/2029		0.5	0.5	0.5	(2)(9)
		First lien senior secured loan	9.48%	SOFR (Q)	5.75%	08/2023	08/2029		36.0	36.0	36.0	(2)(9)
		Senior subordinated loan	14.00% PIK			08/2023	08/2030		57.5	57.5	57.5	(2)
		Class A units	8.00% PIK			03/2021		33,220,282		29.2	22.8	(2)
										123.2	116.8
Project Potter Buyer, LLC and Project Potter Parent, L.P. (13)	Software solutions provider to the ready-mix concrete industry	First lien senior secured revolving loan				06/2025	04/2027		—	—	—	(2)(11)
		First lien senior secured loan	8.98%	SOFR (Q)	5.25%	06/2025	04/2027		25.4	25.4	25.4	(2)(9)
		First lien senior secured loan	8.98%	SOFR (Q)	5.25%	11/2020	04/2027		11.6	11.6	11.6	(2)(9)
		First lien senior secured loan	8.98%	SOFR (Q)	5.25%	04/2020	04/2027		42.1	42.1	42.1	(2)(9)
		First lien senior secured loan	8.98%	SOFR (Q)	5.25%	07/2024	04/2027		17.6	17.6	17.6	(2)(9)
		First lien senior secured loan	8.98%	SOFR (Q)	5.25%	10/2020	04/2027		0.1	0.1	0.1	(2)(9)
		Class B units				04/2020		588,636		—	2.7	(2)
										96.8	99.5
Proofpoint, Inc. (13)	Cybersecurity solutions provider	First lien senior secured loan	6.73%	SOFR (Q)	3.00%	06/2021	08/2028		1.0	0.9	0.9	(2)(9)(16)
		Second lien senior secured loan	7.88%	Euribor (M)	5.75%	12/2025	12/2033		52.1	52.6	50.5	(2)
		Second lien senior secured loan	9.48%	SOFR (Q)	5.75%	12/2025	12/2033		52.1	51.6	50.5	(2)
										105.1	101.9
QF Holdings, Inc. (13)	SaaS based electronic health record software provider	First lien senior secured revolving loan	8.24%	SOFR (S)	4.50%	12/2025	12/2032		0.4	0.4	0.4	(2)(9)
		First lien senior secured loan	8.23%	SOFR (Q)	4.50%	12/2025	12/2032		46.9	46.9	46.0	(2)(9)
										47.3	46.4
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		—	—

See accompanying notes to consolidated financial statements.

14

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Revalize, Inc. (13)	Developer and operator of software providing configuration, price and quote capabilities	First lien senior secured revolving loan	10.13%	SOFR (Q)	6.25%	05/2022	04/2029		0.4	0.4	0.3	(2)(9)
		First lien senior secured loan	10.38% (1.75% PIK)	SOFR (Q)	6.50%	05/2022	04/2029		0.7	0.7	0.6	(2)(9)
										1.1	0.9
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (13)	Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry	First lien senior secured loan	8.66%	SOFR (Q)	5.00%	08/2022	06/2029		0.1	0.1	0.1	(2)(9)
		First lien senior secured loan	8.66%	SOFR (Q)	5.00%	12/2021	06/2029		0.1	0.1	0.1	(2)(9)
		Class A common stock				12/2021		566		5.5	1.3	(2)
										5.7	1.5
Runway Bidco, LLC (13)	Provider of workload automation software	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	12/2024	12/2031		42.3	42.0	41.4	(2)(9)
Sapphire Software Buyer, Inc. (13)	Provider of application security testing solutions	First lien senior secured loan	8.73%	SOFR (Q)	5.00%	09/2024	09/2031		31.3	31.3	30.4	(2)(9)
Severin Acquisition, LLC (13)	Provider of student information system software solutions to the K-12 education market in North America	First lien senior secured revolving loan	8.39%	SOFR (M)	4.75%	09/2024	10/2031		13.7	13.7	13.2	(2)(9)
		First lien senior secured loan	8.64% (2.25% PIK)	SOFR (M)	5.00%	09/2024	10/2031		145.9	145.8	141.5	(2)(9)
										159.5	154.7
Smarsh Inc. and Skywalker TopCo, LLC (13)	SaaS based communication archival service provider	First lien senior secured revolving loan	8.39%	SOFR (M)	4.75%	02/2022	02/2029		1.2	1.2	1.1	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	02/2022	02/2029		3.7	3.7	3.7	(2)(9)
		Common units				11/2020		1,742,623		6.3	5.8	(2)
										11.2	10.6
SoundCloud Limited	Platform for receiving, sending, and distributing music	Common stock				08/2017		73,422		0.4	0.7	(2)(6)
Spaceship Purchaser, Inc. (13)	SaaS based website builder and hosting platform	First lien senior secured revolving loan				10/2025	10/2031		—	—	—	(2)(11)
		First lien senior secured loan	7.48%	SOFR (Q)	3.75%	10/2025	10/2031		74.4	74.4	74.4	(2)(9)
										74.4	74.4
Spark Purchaser, Inc. (13)	Software platform for Medicare application process	First lien senior secured loan	8.98%	SOFR (Q)	5.25%	04/2024	04/2031		30.3	30.3	30.3	(2)(9)
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (13)	Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space	First lien senior secured revolving loan				09/2022	09/2028		—	—	—	(2)(11)
		First lien senior secured loan	8.33%	SOFR (Q)	4.50%	09/2022	09/2028		2.5	2.5	2.5	(2)(9)
		Limited partner interests				09/2022		1,010		10.2	19.8	(2)
										12.7	22.3

See accompanying notes to consolidated financial statements.

15

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
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		5.7	9.8	(2)(6)
Sundance Group Holdings, Inc. (13)	Provider of cloud-based document management and collaboration solutions	First lien senior secured revolving loan	8.48%	SOFR (Q)	4.75%	09/2024	07/2029		0.4	0.4	0.4	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	01/2026	07/2029		28.6	28.6	28.3	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	09/2024	07/2029		3.9	3.9	3.9	(2)(9)
										32.9	32.6
Superman Holdings, LLC (13)	Provider of ERP software for the construction industry	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	08/2024	08/2031		10.7	10.7	10.7	(2)(9)
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (13)	Provider of environment, health, safety, and sustainability software	First lien senior secured loan	8.68%	SOFR (Q)	5.00%	10/2023	03/2029		10.7	10.7	10.6	(2)(9)
		First lien senior secured loan	8.67%	SOFR (Q)	5.00%	07/2025	03/2029		7.5	7.5	7.5	(2)(9)
		First lien senior secured loan	8.67%	SOFR (Q)	5.00%	03/2022	03/2029		33.9	33.9	33.6	(2)(9)
		First lien senior secured loan	8.67%	SOFR (Q)	5.00%	06/2024	03/2029		5.7	5.7	5.7	(2)(9)
		Class A-2 units				03/2022		5,057		5.1	7.5
										62.9	64.9
TCP Hawker Intermediate LLC (13)	Workforce management solutions provider	First lien senior secured revolving loan	7.48%	SOFR (Q)	3.75%	11/2024	08/2029		3.6	3.6	3.5	(2)(9)
		First lien senior secured loan	8.73%	SOFR (Q)	5.00%	11/2024	08/2029		2.0	2.0	1.9	(2)(9)
		First lien senior secured loan	8.73%	SOFR (Q)	5.00%	08/2019	08/2029		50.0	50.0	48.4	(2)(9)
										55.6	53.8
Three Rivers Buyer, Inc. (13)	Developer of cloud-based software for government entities	First lien senior secured loan	8.36%	SOFR (M)	4.75%	11/2025	11/2031		5.7	5.7	5.7	(2)(9)
Trading Technologies International, Inc. (13)	Order and execution management software provider	First lien senior secured loan	7.91%	SOFR (Q)	4.25%	11/2025	11/2032		21.2	21.2	20.8	(2)(9)
Transit Technologies LLC (13)	Provider of transportation management software and specialty telematics solutions	First lien senior secured loan	8.68%	SOFR (Q)	5.00%	08/2024	08/2031		12.1	12.1	12.0	(2)(9)
		First lien senior secured loan	8.18%	SOFR (Q)	4.50%	09/2025	08/2031		8.0	8.0	7.8	(2)(9)
										20.1	19.8
UFS, LLC and BV-UFS Aggregator, LLC (13)	Managed IT services and banking solutions provider to community banks	First lien senior secured loan	8.39%	SOFR (M)	4.75%	10/2025	10/2031		36.1	36.1	36.1	(2)(9)
		Membership interests				12/2025		263,506		0.5	0.6
										36.6	36.7
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	22.4	(2)(6)
Unicorn Holdco Intermediate II LLC (13)	Provider of custom software development, IT services, managed services, and criminal justice case-management software solutions	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	03/2026	03/2033		10.4	10.4	10.3	(2)(9)

See accompanying notes to consolidated financial statements.

16

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
UserZoom Technologies, Inc.	User experience research automation software	First lien senior secured loan	11.40% (1.75% PIK)	SOFR (Q)	7.75%	02/2023	04/2029		5.9	5.8	5.0	(2)(9)
		First lien senior secured loan	11.42% (1.75% PIK)	SOFR (Q)	7.75%	01/2026	04/2029		1.7	1.7	1.5	(2)(9)
										7.5	6.5
Vamos Bidco, Inc. (13)	Provider of software and data services to the alcoholic beverage industry	First lien senior secured revolving loan	8.23%	SOFR (Q)	4.50%	01/2025	01/2032		0.4	0.4	0.4	(2)(9)
		First lien senior secured loan	8.23%	SOFR (Q)	4.50%	01/2025	01/2032		18.0	18.0	17.8	(2)(9)
										18.4	18.2
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (13)	Third-party maintenance provider for hardware and data center infrastructure	First lien senior secured revolving loan	8.14%	SOFR (M)	4.50%	08/2024	12/2032		1.6	1.6	1.6	(2)(9)
		First lien senior secured loan	8.23%	SOFR (Q)	4.50%	08/2024	12/2032		6.6	6.6	6.5	(2)(9)
		First lien senior secured loan	8.23%	SOFR (Q)	4.50%	12/2025	12/2032		0.1	0.1	0.1	(2)(9)
		First lien senior secured loan	8.23%	SOFR (Q)	4.50%	12/2025	12/2032		39.0	39.0	38.6	(2)(9)
		Partnership units				08/2024		4,867,968		4.9	6.7	(2)
										52.2	53.5
Viper Bidco, Inc. (13)	Provider of SaaS based supply chain risk management solutions	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	11/2024	11/2031		5.5	5.5	5.5	(2)(9)
WebPT, Inc. and WPT Intermediate Holdco, Inc. (13)	Electronic medical record software provider	First lien senior secured loan	10.20% (3.13% PIK)	SOFR (Q)	6.25%	08/2019	01/2028		0.1	0.1	0.1	(2)(9)
		Senior subordinated loan	13.25% PIK			05/2024	05/2029		79.4	79.4	64.3	(2)
										79.5	64.4
Wellington Bidco Inc. and Wellington TopCo LP (13)	Provider of ERP and payments software for local governments	First lien senior secured revolving loan	8.48%	SOFR (Q)	4.75%	06/2024	06/2030		0.6	0.6	0.6	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	12/2025	06/2030		4.2	4.2	4.1	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	06/2024	06/2030		3.9	3.9	3.9	(2)(9)
		Class A-2 preferred units				06/2024		2,323,000		2.4	2.9	(2)
										11.1	11.5
Wellness AcquisitionCo, Inc. (13)	Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry	First lien senior secured revolving loan				01/2021	01/2029		—	—	—	(2)(11)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	02/2025	01/2029		3.8	3.8	3.8	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	01/2026	01/2029		5.6	5.6	5.6	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	02/2022	01/2029		3.0	3.0	3.0	(2)(9)
										12.4	12.4
WorkWave Intermediate II, LLC (13)	Provider of cloud-based field services and fleet management solutions	First lien senior secured revolving loan	9.49%	SOFR (Q)	5.75%	09/2025	09/2032		1.3	1.3	1.3	(2)(9)
		First lien senior secured loan	9.45%	SOFR (Q)	5.75%	09/2025	09/2032		144.0	144.0	141.1	(2)(9)
										145.3	142.4
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (13)	Provider of cloud-based customer support solutions	First lien senior secured loan	8.71%	SOFR (Q)	5.00%	12/2022	11/2028		29.2	29.2	28.3	(2)(9)

See accompanying notes to consolidated financial statements.

17

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	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	8.71%	SOFR (Q)	5.00%	12/2022	11/2028		10.5	10.5	10.2	(2)(9)
		Series A preferred stock	13.23% PIK	SOFR (Q)	9.50%	11/2022		6,553		10.4	10.4	(2)(9)
		Class A common units				11/2022		269,100		2.7	2.0	(2)
										52.8	50.9
										6,793.0	6,451.2		46.45%
Financial Services
Aduro Advisors, LLC (13)	Provider of fund administration services	First lien senior secured loan	8.48%	SOFR (Q)	4.75%	07/2024	07/2030		8.1	8.1	8.1	(2)(9)
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC	Provider of comprehensive suite of investment management and wealth planning solutions	Senior subordinated loan	10.48%	SOFR (Q)	6.75%	12/2025	12/2031		16.0	16.0	16.0	(2)(9)
		Senior subordinated loan	10.43%	SOFR (Q)	6.75%	09/2021	09/2027		0.2	0.2	0.2	(2)(9)
		Senior subordinated loan	9.30% PIK			09/2021	09/2026		7.0	7.0	7.0	(2)
		Common units				09/2021		7,165,615		7.2	18.2	(2)
										30.4	41.4
Beacon Pointe Harmony, LLC (13)	Provider of comprehensive wealth management services	First lien senior secured loan	8.14%	SOFR (M)	4.50%	10/2025	12/2028		3.7	3.7	3.7	(2)(9)
Clearstead Advisors, LLC (13)	A leading wealth management firm focused on serving institutional and high net-worth private clients	First lien senior secured revolving loan	8.42%	SOFR (M)	4.75%	05/2025	02/2029		0.5	0.5	0.5	(2)(9)
		First lien senior secured loan	8.46%	SOFR (A)	4.75%	06/2026	02/2029		1.2	1.2	1.2	(2)(9)
		First lien senior secured loan	8.60%	SOFR (Q)	4.75%	02/2026	02/2029		2.0	2.0	2.0	(2)(9)
										3.7	3.7
Convera International Holdings Limited and Convera International Financial S.A R.L. (13)	Provider of B2B international payment and FX risk management solutions	First lien senior secured loan	8.63%	SOFR (Q)	4.75%	03/2022	03/2030		23.8	23.8	23.8	(2)(6)(9)
		First lien senior secured loan	8.63%	SOFR (Q)	4.75%	06/2023	03/2030		4.7	4.7	4.7	(2)(6)(9)
										28.5	28.5
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	36.9
		Series B-3 units				08/2025		11,069		3.1	4.5
										28.0	41.4
eCapital Finance Corp.	Consolidator of commercial finance businesses	Senior subordinated loan	10.97%	SOFR (M)	7.25%	11/2020	09/2029		5.4	5.3	5.3	(2)(9)
		Senior subordinated loan	10.97%	SOFR (M)	7.25%	09/2025	09/2029		5.8	5.8	5.7	(2)(9)
		Senior subordinated loan	10.97%	SOFR (M)	7.25%	04/2022	09/2029		55.8	55.2	55.2	(2)(9)
		Senior subordinated loan	10.97%	SOFR (M)	7.25%	10/2023	09/2029		12.3	12.2	12.2	(2)(9)
		Senior subordinated loan	10.97%	SOFR (M)	7.25%	01/2022	09/2029		24.3	24.1	24.1	(2)(9)
		Senior subordinated loan	10.97%	SOFR (M)	7.25%	01/2020	09/2029		56.0	55.4	55.4	(2)(9)
		Senior subordinated loan	10.97%	SOFR (M)	7.25%	10/2024	09/2029		42.1	41.9	41.7	(2)(9)

See accompanying notes to consolidated financial statements.

18

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Senior subordinated loan	10.97%	SOFR (M)	7.25%	12/2024	09/2029		21.9	21.7	21.7	(2)(9)
										221.6	221.3
Endeavor Bidco LLC and Endeavor TopCo, Inc.	Global securities finance trading platform	First lien senior secured loan	7.98%	SOFR (Q)	4.25%	08/2024	08/2029		6.1	6.1	6.1	(2)(9)
		Class A common units				08/2024		1,859		1.9	3.0
										8.0	9.1
GAPCO AIV Interholdco (CP), L.P.	Wealth management and financial planning firm	Senior subordinated loan	10.48% PIK	SOFR (Q)	6.75%	03/2025	03/2033		52.1	52.1	52.1	(2)(9)
		Senior subordinated loan	10.48% PIK	SOFR (Q)	6.75%	12/2025	03/2033		12.8	12.8	12.8	(2)(9)
										64.9	64.9
Grit Buyer, Inc. and Integrum Grit Co-Invest LP (13)(14)	Specialized finance and accounting advisory firm	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	07/2025	07/2032		5.0	5.0	5.0	(2)(9)
		Limited partnership interests				07/2025		4,420,500		3.6	4.5	(2)(6)
										8.6	9.5
GTCR F Buyer Corp. and GTCR (D) Investors LP (13)(14)	Provider of end-to-end tech-enabled administrative services to private foundations	First lien senior secured loan	8.73%	SOFR (Q)	5.00%	09/2023	09/2030		5.5	5.5	5.5	(2)(9)
		First lien senior secured loan	8.73%	SOFR (Q)	5.00%	11/2024	09/2030		0.6	0.6	0.6	(2)(9)
		Limited partnership interests				09/2023		4,873,286		4.9	11.1	(2)
										11.0	17.2
HighTower Holding, LLC	Provider of investment, financial and retirement planning services	Senior subordinated loan	6.75%			06/2022	04/2029		8.1	7.4	8.0	(2)(16)
IH Elevate Buyer, Inc. and Integrum Elevate Co-Invest LP (13)	Provider of investment, financial and retirement planning services	First lien senior secured loan	8.64%	SOFR (M)	5.00%	06/2026	06/2033		34.7	34.7	34.2	(2)(6)(9)
		Limited partnership interests				05/2026		2,598,000		2.6	2.6	(2)(6)
										37.3	36.8
Ivy Hill Asset Management, L.P. (5)	Asset management services	Subordinated revolving loan	10.23%	SOFR (Q)	6.50%	02/2018	01/2030		946.0	946.0	946.0	(6)(9)
		Member interest				06/2009		100.00%		1,700.5	1,896.8	(6)
										2,646.5	2,842.8
Lido Advisors, LLC and LAL Group Holdings, LLC (13)	Wealth management and financial planning firm	First lien senior secured revolving loan	8.43%	SOFR (M)	4.75%	06/2021	05/2032		2.7	2.7	2.7	(2)(9)(12)
		First lien senior secured loan	8.45%	SOFR (Q)	4.75%	06/2023	05/2032		5.9	5.9	5.9	(2)(9)
		First lien senior secured loan	8.42%	SOFR (Q)	4.75%	06/2021	05/2032		4.7	4.7	4.7	(2)(9)
		Class Z preferred units	7.00% PIK			08/2025		9,671,180		10.6	9.8
		Class A-0 common units				08/2025		4,835,590		5.0	4.9
										28.9	28.0
Mai Capital Management Intermediate LLC (13)	Provider of comprehensive wealth management services and registered investment advisor	First lien senior secured loan	8.48%	SOFR (Q)	4.75%	06/2025	08/2031		2.0	2.0	2.0	(2)(9)
		First lien senior secured loan	8.48%	SOFR (Q)	4.75%	08/2024	08/2031		6.0	6.0	6.0	(2)(9)
										8.0	8.0

See accompanying notes to consolidated financial statements.

19

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd.	Global wealth management firm	Z1 preferred shares	12.00% PIK			08/2025	08/2031	12,901		14.2	14.3	(2)(6)
		Z2 preferred shares	12.00% (6.00% PIK)			08/2025	08/2031	12,901		13.5	13.6	(2)(6)
		Z3 preferred shares	12.00% PIK			05/2026		24,572		24.8	24.8	(2)(6)
		Membership interest				08/2025		1,000		—	—	(2)(6)
										52.5	52.7
Medlar Bidco Limited (13)	Provider of fund and corporate services to alternative assets industry	First lien senior secured loan	8.25%	SONIA (Q)	4.50%	12/2024	05/2032		26.8	26.9	26.8	(2)(6)
Merit Financial Group, LLC and CWC Fund I (MFA) LP (13)	Registered investment adviser platform	First lien senior secured loan	8.46%	SOFR (Q)	4.75%	08/2025	08/2032		17.7	17.7	17.7	(2)(9)
		Limited partnership interests				08/2025		5,086,230		5.1	5.7	(6)
										22.8	23.4
Monica Holdco (US), Inc. (13)	Investment technology and advisory firm	First lien senior secured loan	9.13%	SOFR (Q)	5.25%	01/2021	07/2030		2.5	2.5	2.5	(2)(9)
		First lien senior secured loan	8.98%	SOFR (Q)	5.25%	08/2024	07/2030		2.7	2.7	2.7	(2)(9)
		First lien senior secured loan	9.13%	SOFR (Q)	5.25%	07/2025	07/2030		4.2	4.2	4.2	(2)(9)
										9.4	9.4
MWH Intermediate II, LLC (13)	Provider of comprehensive wealth management services	First lien senior secured loan	8.89%	SOFR (A)	5.25%	05/2026	08/2032		7.9	7.9	7.8	(2)(6)(9)
Nexus Buyer LLC	Provider of FDIC-insured deposit placement services	Second lien senior secured loan	9.39%	SOFR (M)	5.75%	08/2025	02/2032		124.9	123.9	121.0	(2)(16)
Oak Funding LLC (13)	Provider of wealth management services	First lien senior secured loan	8.16%	SOFR (Q)	4.50%	12/2025	12/2032		41.9	41.9	41.9	(2)(6)(9)
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (13)(14)	Provider of comprehensive wealth management services and registered investment advisor	First lien senior secured loan	8.24%	SOFR (M)	4.50%	06/2024	05/2029		2.4	2.4	2.4	(2)(9)
		First lien senior secured loan	8.24%	SOFR (M)	4.50%	06/2026	05/2029		8.0	8.0	8.0	(2)(9)
		Limited partnership interests				09/2023		1,965,100		2.0	3.8	(6)
										12.4	14.2
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (13)	Provider of comprehensive wealth management services	First lien senior secured loan	8.39%	SOFR (M)	4.75%	08/2023	08/2029		5.8	5.8	5.8	(2)(9)
		Preferred units				07/2023		6,431,667		6.5	15.2	(6)
										12.3	21.0
PCS MidCo, Inc. and PCS Parent, L.P. (13)	Provider of 401K recordkeeping software solutions	First lien senior secured loan	9.48%	SOFR (Q)	5.75%	03/2024	03/2030		8.1	8.1	8.1	(2)(9)
		Class A units				03/2024		785,000		0.8	0.7	(2)
										8.9	8.8
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP (13)	Wealth management and financial planning firm	First lien senior secured loan	8.14%	SOFR (M)	4.50%	08/2025	03/2031		0.3	0.3	0.3	(2)(9)

See accompanying notes to consolidated financial statements.

20

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Limited partnership interest				03/2024		2,374,000		2.4	2.7	(6)
										2.7	3.0
Petrus Buyer, Inc. (13)	Provider of REIT research data and analytics	First lien senior secured revolving loan	8.42%	SOFR (Q)	4.75%	11/2022	10/2029		0.8	0.8	0.8	(2)(9)
		First lien senior secured loan	8.43%	SOFR (Q)	4.75%	11/2022	10/2029		6.4	6.4	6.4	(2)(9)
		First lien senior secured loan	8.14%	SOFR (Q)	4.50%	02/2025	10/2029		1.2	1.2	1.2	(2)(9)
										8.4	8.4
Rialto Management Group, LLC (13)	Investment and asset management platform focused on real estate	First lien senior secured revolving loan				12/2024	12/2030		—	—	—	(2)(11)
		First lien senior secured loan	8.64%	SOFR (M)	5.00%	12/2024	12/2030		22.9	22.8	22.9	(2)(9)
		First lien senior secured loan	8.64%	SOFR (M)	5.00%	12/2025	12/2030		5.9	5.9	5.9	(2)(9)
										28.7	28.8
RWA Wealth Partners, LLC (13)	Provider of comprehensive wealth management services	First lien senior secured loan	8.39%	SOFR (M)	4.75%	11/2024	11/2030		9.1	9.1	9.1	(2)(9)
Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC (13)	Wealth management platform	First lien senior secured loan	8.64%	SOFR (M)	5.00%	12/2023	10/2028		4.8	4.8	4.8	(2)(9)
		First lien senior secured loan	8.64%	SOFR (M)	5.00%	06/2025	10/2028		9.6	9.6	9.6	(2)(9)
		Senior subordinated loan	11.00% PIK			12/2025	12/2032		25.0	22.5	22.8	(2)(6)
		Warrant to purchase common stock				12/2025	12/2032	129,164		2.4	2.5	(6)
										39.3	39.7
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (13)	Provider of comprehensive wealth management services	First lien senior secured loan	9.13%	SOFR (Q)	5.25%	03/2022	03/2028		3.8	3.8	3.8	(2)(9)
		First lien senior secured loan	9.10%	SOFR (Q)	5.25%	11/2025	03/2028		0.2	0.2	0.2	(2)(9)
		First lien senior secured loan	9.13%	SOFR (Q)	5.25%	05/2025	03/2028		0.4	0.4	0.4	(2)(9)
		Senior subordinated loan	12.00% PIK			03/2022	03/2029		4.6	4.6	4.6	(2)(6)
		Series A preferred units				03/2022		7,199		7.2	7.2	(2)(6)
		Common units				03/2022		7,199		—	4.1	(2)(6)
										16.2	20.3
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (13)	Provider of asset-servicing capabilities for fund managers	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	07/2025	07/2032		12.7	12.7	12.6	(2)(9)
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	Senior subordinated loan	10.18% PIK	SOFR (Q)	6.50%	01/2025	01/2033		11.7	11.7	11.7	(2)(9)
		Limited partnership interest				11/2024		5,719,511		5.8	8.2	(2)(6)

See accompanying notes to consolidated financial statements.

21

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Limited partnership interest				12/2025		636,275		0.6	0.9	(2)(6)
										18.1	20.8
Waverly Advisors, LLC and WAAM Topco, LLC (13)	Wealth management and financial planning firm	First lien senior secured revolving loan	9.63%	SOFR (Q)	5.75%	03/2022	03/2028		0.8	0.8	0.8	(2)(6)(9)
		First lien senior secured loan	9.13%	SOFR (Q)	5.25%	01/2025	03/2028		38.5	38.5	38.5	(2)(6)(9)
		First lien senior secured loan	9.63%	SOFR (Q)	5.75%	03/2022	03/2028		0.7	0.7	0.7	(2)(6)(9)
		First lien senior secured loan	9.38%	SOFR (Q)	5.50%	03/2024	03/2028		4.9	4.9	4.9	(2)(6)(9)
		Class A units				06/2023		1,584,539		2.3	6.2	(6)
										47.2	51.1
Wealth Enhancement Group, LLC (13)	Wealth management and financial planning firm	First lien senior secured loan	7.94%	SOFR (Q)	4.25%	06/2021	10/2028		0.1	0.1	0.1	(2)(9)
		First lien senior secured loan	7.94%	SOFR (Q)	4.25%	11/2020	10/2028		1.9	1.9	1.9	(2)(9)
		First lien senior secured loan	7.94%	SOFR (Q)	4.25%	08/2021	10/2028		0.9	0.9	0.9	(2)(9)
		First lien senior secured loan	7.94%	SOFR (Q)	4.25%	10/2019	10/2028		0.5	0.5	0.5	(2)(9)
		First lien senior secured loan	7.92%	SOFR (M)	4.25%	12/2024	10/2028		29.1	29.1	28.8	(2)(9)
										32.5	32.2
Wellington-Altus Financial Inc. (13)(14)	Wealth management and advisory firm	First lien senior secured revolving loan				08/2024	08/2030		—	—	—	(2)(6)(11)
		First lien senior secured loan	7.61%	CORRA (Q)	5.00%	08/2024	08/2030		0.8	0.8	0.8	(2)(6)(9)
		Common stock				08/2024		76,375		2.7	4.6	(2)(6)
										3.5	5.4
Wharf Street Ratings Acquisition LLC (13)	Global credit rating agency	First lien senior secured loan	8.14%	SOFR (M)	4.50%	09/2025	09/2032		5.0	4.9	5.0	(2)(9)
										3,686.8	3,935.8		28.34%
Health Care Equipment and Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(13)	Dental services provider	First lien senior secured revolving loan				06/2021	06/2028		24.1	23.1	14.5	(2)(8)
		First lien senior secured loan				09/2024	06/2028		47.5	44.4	28.5	(2)(8)
		Class A preferred units				09/2024		20,000,000		16.2	—	(2)
		Class A common units				06/2021		6,553,553		4.7	—	(2)
										88.4	43.0
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)	Dental services provider	First lien senior secured loan	10.88% (3.00% PIK)	SOFR (Q)	7.00%	09/2016	09/2026		15.8	15.8	15.8	(2)(9)
		Second lien senior secured loan				06/2023	03/2027		58.1	54.2	15.7	(2)(8)
		Class A common units				06/2023		7,604,889		29.4	—	(2)
										99.4	31.5
Advarra Holdings, Inc. (13)	Provider of central institutional review boards over clinical trials	First lien senior secured loan	8.14%	SOFR (M)	4.50%	08/2022	09/2031		3.9	3.9	3.9	(2)(9)
		First lien senior secured loan	8.14%	SOFR (M)	4.50%	10/2025	09/2031		1.6	1.6	1.6	(2)(9)
										5.5	5.5

See accompanying notes to consolidated financial statements.

22

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Aerin Medical Inc.	Developer and manufacturer of non-invasive nasal treatment solutions	First lien senior secured loan	11.48% (4.38% PIK)	SOFR (Q)	7.75%	12/2024	12/2030		16.1	15.9	16.0	(2)(9)
		Series G preferred shares				12/2024		877,379		1.0	0.9	(2)
										16.9	16.9
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		57.7	56.5	(2)
		Preferred units	8.00% PIK			07/2022		9,900		13.5	6.3	(2)
		Class B common units				07/2022		100,000		0.1	—	(2)
										71.3	62.8
Alcresta Therapeutics, Inc. (13)	A commercial-stage medical device company	First lien senior secured revolving loan	8.92%	SOFR (Q)	5.25%	12/2025	03/2031		0.4	0.4	0.4	(2)(9)
		First lien senior secured loan	8.92%	SOFR (Q)	5.25%	12/2025	03/2031		13.2	13.2	13.2	(2)(9)
		First lien senior secured loan	8.95%	SOFR (Q)	5.25%	12/2025	03/2031		5.5	5.5	5.5	(2)(9)
										19.1	19.1
Aledade, Inc. (13)	Network of independent primary care groups to serve patients through value-based care	First lien senior secured revolving loan	9.41%	SOFR (M)	5.75%	11/2025	11/2028		26.6	26.6	26.6	(2)(9)
Amerivet Partners Management, Inc. and AVE Holdings LP	Veterinary practice management platform	Subordinated loan				11/2023	12/2030		84.6	77.0	52.4	(2)(8)
		Class A units				03/2024		2,922		2.9	—	(2)
		Class C units				11/2023		7,144		1.4	—	(2)
										81.3	52.4
Artivion, Inc. (13)	Manufacturer, processor and distributor of medical devices and implantable human tissues	First lien senior secured revolving loan	7.19%	SOFR (Q)	3.50%	01/2024	01/2031		0.9	0.9	0.9	(2)(6)(9)
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (13)(14)	Revenue cycle management provider to the physician practices and acute care hospitals	First lien senior secured loan	6.39%	SOFR (M)	2.75%	07/2023	02/2029		0.1	0.1	0.1	(2)(9)(16)
		Series A preferred units	10.75% PIK			02/2022		198,505		317.7	317.8	(2)
		Class A units				02/2022		10,487,951		10.5	14.1	(2)
										328.3	332.0
Avalign Holdings, Inc. and Avalign Technologies, Inc.	Full-service contract manufacturer of medical device components for the orthopedic OEM industry	First lien senior secured revolving loan				03/2024	12/2028		3.6	3.5	2.0	(2)(8)
		First lien senior secured loan				03/2024	12/2028		40.5	40.2	22.7	(2)(8)
										43.7	24.7
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP	Opiod treatment provider	First lien senior secured loan				05/2022	06/2027		5.9	5.9	4.9	(2)(8)
Bambino Group Holdings, LLC	Dental services provider	Class A preferred units				12/2016		1,000,000		1.0	0.7	(2)
Bayou Intermediate II, LLC (13)	Developer and manufacturer of vascular medical devices	First lien senior secured revolving loan	8.45%	SOFR (Q)	4.75%	09/2025	09/2032		2.0	2.0	2.0	(2)(9)

See accompanying notes to consolidated financial statements.

23

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	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	8.48%	SOFR (M)	4.75%	09/2025	09/2032		31.1	31.1	30.8	(2)(9)
										33.1	32.8
Beehive Acquisition Corp (13)	Provider of regulatory-driven testing, inspection, and compliance services for diagnostic imaging equipment across U.S. healthcare facilities	First lien senior secured loan	8.43%	SOFR (Q)	4.75%	06/2026	06/2033		9.6	9.6	9.5	(2)(9)
BrightStar Group Holdings, Inc.	Provider of private-pay home care services for patients	First lien senior secured revolving loan	10.50%	Base Rate (Q)	3.75%	02/2025	03/2032		4.0	4.0	4.0	(2)(9)
		First lien senior secured loan	8.38%	SOFR (S)	4.75%	02/2025	03/2032		7.0	7.0	7.0	(2)(9)
										11.0	11.0
BVI Medical, Inc. and BVI Group Limited (13)	Developer, manufacturer, and distributor of diverse ophthalmic surgical products	First lien senior secured revolving loan	9.61%	SOFR (M)	6.00%	03/2025	03/2032		1.7	1.7	1.4	(2)(6)(9)
		First lien senior secured loan	9.67%	SOFR (Q)	6.00%	03/2025	03/2032		4.5	4.5	3.8	(2)(6)(9)
		First lien senior secured loan	9.91% (5.00% PIK)	SOFR (Q)	6.25%	03/2025	03/2032		144.1	144.1	121.0	(2)(6)(9)
		Ordinary shares				03/2025		3,742		5.0	1.8	(2)(6)
										155.3	128.0
CMI Parent, Inc. (13)	Developer and manufacturer of regenerative medical devices and implants	First lien senior secured loan	8.23%	SOFR (Q)	4.50%	01/2026	01/2033		23.6	23.6	23.4	(2)(9)
Color Intermediate, LLC	Provider of pre-payment integrity software solution	First lien senior secured loan	8.58%	SOFR (Q)	4.75%	10/2022	10/2029		19.7	19.7	19.7	(2)(9)
Convey Health Solutions, Inc.	Healthcare workforce management software provider	First lien senior secured loan				02/2022	07/2029		0.1	0.1	—	(2)(6)(8)
		First lien senior secured loan				10/2022	07/2029		0.1	0.1	—	(2)(6)(8)
		First lien senior secured loan				09/2019	07/2029		1.9	1.9	0.3	(2)(6)(8)
										2.1	0.3
Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. (13)	Provider of consumables and equipment for ART and IVF procedures	First lien senior secured loan	9.17%	SOFR (Q)	5.50%	11/2024	11/2031		2.9	2.9	2.9	(2)(6)(9)
		First lien senior secured loan	7.73%	Euribor (Q)	5.50%	11/2024	11/2031		12.1	11.4	12.1	(2)(6)(9)
										14.3	15.0
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC	Provider of medical devices and services for the treatment of positional plagiocephaly	First lien senior secured revolving loan	9.39%	SOFR (Q)	5.50%	03/2022	03/2028		0.1	0.1	0.1	(2)(9)(12)
		First lien senior secured loan	9.38%	SOFR (Q)	5.50%	03/2022	03/2029		23.7	23.7	23.7	(2)(9)
		Class A shares				03/2022		192		1.9	2.5	(2)
		Common units				03/2022		31		0.3	0.4	(2)
										26.0	26.7
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (13)	Veterinary hospital operator	First lien senior secured loan	8.39%	SOFR (M)	4.75%	06/2024	06/2031		41.8	41.8	41.8	(2)(9)
		Class A preferred units				08/2023		3,678		2.6	2.0	(2)
		Common stock				10/2019		41,443		14.5	22.1	(2)
										58.9	65.9

See accompanying notes to consolidated financial statements.

24

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)	Business Description	Investment (18)	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Empower Payments Investor, LLC (13)	Financial communication and payment solutions provider	First lien senior secured loan	8.14%	SOFR (M)	4.50%	03/2024	03/2031		0.1	0.1	0.1	(2)(9)
		First lien senior secured loan	8.14%	SOFR (M)	4.50%	06/2025	03/2031		4.1	4.0	4.0	(2)(9)
										4.1	4.1
Evolent Health LLC and Evolent Health, Inc.	Medical technology company focused on value based care services and payment solutions	First lien senior secured loan	9.31%	SOFR (Q)	5.50%	12/2024	12/2029		18.3	18.3	18.3	(2)(6)(9)
		Second lien senior secured loan	9.83%	SOFR (Q)	6.00%	08/2025	12/2029		3.8	3.8	3.9	(2)(6)(9)
										22.1	22.2
Galaxy Buyer, Inc. and Galaxy Topco I, L.P. (13)	Provider of Laboratory Information Management Systems (LIMS) and informatics solutions	First lien senior secured loan	8.42%	SOFR (Q)	4.75%	01/2026	01/2033		16.1	16.1	16.0	(2)(9)
		Class A-1 units				01/2026		1,406,458		1.4	1.7	(2)
										17.5	17.7
GHX Ultimate Parent Corporation and Nexus TopCo LP (13)	On-demand supply chain automation solutions provider to the healthcare industry	First lien senior secured loan	8.73% (2.50% PIK)	SOFR (Q)	5.00%	12/2024	02/2033		92.4	92.4	91.4	(2)(9)
		First lien senior secured loan	8.73% (2.50% PIK)	SOFR (Q)	5.00%	02/2026	02/2033		16.8	16.8	16.6	(2)(9)
		Class C units				02/2026		3,208		—	—	(2)
										109.2	108.0
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP (13)	Provider of software solutions to healthcare payors	First lien senior secured revolving loan	8.64%