Company Quick10K Filing
Ares Capital
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-12
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-07-15 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-06-22
8-K 2020-06-11
8-K 2020-05-05
8-K 2020-03-31
8-K 2020-03-23
8-K 2020-02-12
8-K 2020-01-31
8-K 2020-01-24
8-K 2020-01-15
8-K 2019-12-31
8-K 2019-11-21
8-K 2019-11-19
8-K 2019-11-08
8-K 2019-10-30
8-K 2019-09-17
8-K 2019-09-10
8-K 2019-07-30
8-K 2019-07-08
8-K 2019-06-18
8-K 2019-06-10
8-K 2019-06-10
8-K 2019-06-06
8-K 2019-04-30
8-K 2019-04-01
8-K 2019-03-20
8-K 2019-03-08
8-K 2019-02-12
8-K 2018-12-14
8-K 2018-10-31
8-K 2018-10-02
8-K 2018-09-12
8-K 2018-08-01
8-K 2018-06-25
8-K 2018-05-14
8-K 2018-05-02
8-K 2018-04-02
8-K 2018-03-30
8-K 2018-02-13
8-K 2018-01-11

ARCC 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 arccq1-2020exhibit311.htm
EX-31.2 arccq1-2020exhibit312.htm
EX-32.1 arccq1-2020exhibit321.htm

Ares Capital Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 arccq1-202010q.htm 10-Q Document



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, 2020

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, $0.001 par value
ARCC
NASDAQ Global Select Market
6.875% Senior Notes due 2047
AFC
The New York Stock Exchange

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 o No o

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
Outstanding at April 29, 2020
Common stock, $0.001 par value
 
422,622,119





ARES CAPITAL CORPORATION
 
INDEX
 
Part I.
Financial Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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, 2020

December 31, 2019

(unaudited)

 
ASSETS
 

 
Investments at fair value
 


 

Non-controlled/non-affiliate company investments
$
12,275


$
12,198

Non-controlled affiliate company investments
305


296

Controlled affiliate company investments
1,790


1,932

Total investments at fair value (amortized cost of $15,491 and $14,696, respectively)
14,370


14,426

Cash and cash equivalents
460


167

Restricted cash
655

 
9

Interest receivable
111


117

Other assets
93

 
78

Operating lease right-of-use asset
94

 
94

Receivable for open trades
23


14

Total assets
$
15,806


$
14,905

LIABILITIES
 



Debt
$
8,179


$
6,971

Payable to participants
655

 
9

Base management fees payable
55

 
54

Income based fees payable
44

 
48

Capital gains incentive fees payable

 
58

Interest and facility fees payable
38

 
54

Accounts payable and other liabilities
122

 
90

Payable for open trades
11

 
33

Operating lease liabilities
119

 
121

Total liabilities
9,223


7,438

Commitments and contingencies (Note 7)





STOCKHOLDERS’ EQUITY





Common stock, par value $0.001 per share, 600 common shares authorized; 423 and 431 common shares issued and outstanding, respectively



Capital in excess of par value
7,660


7,760

Accumulated overdistributed earnings
(1,077
)

(293
)
Total stockholders’ equity
6,583


7,467

Total liabilities and stockholders’ equity
$
15,806


$
14,905

NET ASSETS PER SHARE
$
15.58


$
17.32


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,
 
2020
 
2019
INVESTMENT INCOME:
 
 
 
From non-controlled/non-affiliate company investments:
 
 
 
Interest income from investments (excluding payment-in-kind (“PIK”) interest income)
$
235

 
$
233

PIK interest income from investments
19

 
12

Capital structuring service fees
27

 
39

Dividend income
18

 
15

Other income
6

 
8

Total investment income from non-controlled/non-affiliate company investments
305

 
307

From non-controlled affiliate company investments:
 
 
 
Interest income from investments (excluding PIK interest income)
3

 
5

PIK interest income from investments
1

 
1

Capital structuring service fees
1

 
2

Dividend income

 
1

Total investment income from non-controlled affiliate company investments
5

 
9

From controlled affiliate company investments:
 
 
 
Interest income from investments (excluding PIK interest income)
37

 
33

PIK interest income from investments
3

 
5

Capital structuring service fees

 
4

Dividend income
18

 
15

Other income
1

 

Total investment income from controlled affiliate company investments
59

 
57

Total investment income
369

 
373

EXPENSES:
 
 
 
Interest and credit facility fees
82

 
67

Base management fees
55

 
49

Income based fees
44

 
48

Capital gains incentive fees
(58
)
 
2

Administrative fees
4

 
4

Other general and administrative
5

 
8

Total expenses
132

 
178

Waiver of income based fees

 
(10
)
Total expenses, net of waiver of income based fees
132

 
168

NET INVESTMENT INCOME BEFORE INCOME TAXES
237

 
205

Income tax expense, including excise tax
3

 
4

NET INVESTMENT INCOME
234

 
201

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
 
 
 
Net realized gains (losses):
 
 
 
Non-controlled/non-affiliate company investments
46

 
7

Non-controlled affiliate company investments
(7
)
 

Controlled affiliate company investments
(4
)
 

Foreign currency and other transactions
(1
)
 
49

Net realized gains
34

 
56

Net unrealized gains (losses):
 
 
 
Non-controlled/non-affiliate company investments
(740
)
 
(33
)
Non-controlled affiliate company investments
(18
)
 
(7
)
Controlled affiliate company investments
(131
)
 
1

Foreign currency and other transactions
9

 
(4
)
Net unrealized losses
(880
)
 
(43
)
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions
(846
)
 
13

NET INCREASE (DECREASE) IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS
$
(612
)
 
$
214

BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE (see Note 10)
$
(1.42
)
 
$
0.50

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)
430

 
426


See accompanying notes to consolidated financial statements.


4

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2020
(dollar amounts in millions)
(unaudited)


Company(1)
 
Business Description
 
Investment
 
Interest(3)(7)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
Health Care Services
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
42 North Dental, LLC (fka Gentle Communications, LLC) (16)
 
Dental services provider
 
First lien senior secured revolving loan ($1.5 par due 5/2022)
 
8.50% (Base Rate + 5.25%/Q)
 
5/26/2017
 
$
1.5

 
$
1.4

(2)(12)
 
 
Absolute Dental Management LLC and ADM Equity, LLC
 
Dental services provider
 
First lien senior secured loan ($0.8 par due 1/2022)
 
8.50% (Libor + 7.50%/Q)
 
1/15/2019
 
0.8

 
0.8

(2)(11)
 
 
 
 
 
 
First lien senior secured loan ($24.6 par due 1/2022)
 
 
 
1/5/2016
 
24.2

 
11.5

(2)(12)
 
 
 
 
 
 
Class A preferred units (4,000,000 units)
 
 
 
1/5/2016
 
4.0

 

(2)
 
 
 
 
 
 
Class A common units (4,000,000 units)
 
 
 
1/5/2016
 

 

(2)
 
 
 
 
 
 
 
 
 
 
 
 
29.0

 
12.3

 
 
 
Acessa Health Inc. (fka HALT Medical, Inc.)
 
Medical supply provider
 
Common stock (569,823 shares)
 
 
 
6/22/2017
 
0.1

 

 
 
 
ADCS Billings Intermediate Holdings, LLC (16)
 
Dermatology practice
 
First lien senior secured revolving loan ($5.0 par due 5/2022)
 
6.79% (Libor + 5.75%/Q)
 
5/18/2016
 
5.0

 
4.8

(2)(12)
 
 
ADG, LLC and RC IV GEDC Investor LLC (16)
 
Dental services provider
 
First lien senior secured revolving loan ($13.7 par due 9/2022)
 
6.82% (Libor + 3.00% Cash, 2.75% PIK/Q)
 
9/28/2016
 
13.7

 
11.8

(2)(12)
 
 
 
 
 
 
Second lien senior secured loan ($94.9 par due 3/2024)
 
 
 
9/28/2016
 
89.0

 
66.4

(2)(11)
 
 
 
 
 
 
Membership units (3,000,000 units)
 
 
 
9/28/2016
 
3.0

 

(2)
 
 
 
 
 
 
 
 
 
 
 
 
105.7

 
78.2

 
 
 
Air Medical Group Holdings, Inc. and Air Medical Buyer Corp.
 
Emergency air medical services provider
 
Senior subordinated loan ($182.7 par due 3/2026)
 
9.49% (Libor + 7.88%/Q)
 
3/14/2018
 
182.7

 
177.2

(2)(12)
 
 
 
 
 
 
Warrant to purchase up to 115,733 units of common stock (expires 3/2028)
 
 
 
3/14/2018
 
0.9

 
1.2

(2)
 
 
 
 
 
 
 
 
 
 
 
 
183.6

 
178.4

 
 
 
Alteon Health, LLC
 
Provider of physician management services
 
First lien senior secured loan ($3.0 par due 9/2022)
 
7.95% (Libor + 6.50%/Q)
 
5/15/2017
 
3.0

 
2.6

(2)(12)
 
 
Athenahealth, Inc., VVC Holding Corp., Virence Intermediate Holding Corp., and Virence Holdings LLC (16)
 
Revenue cycle management provider to the physician practices and acute care hospitals
 
First lien senior secured loan ($7.0 par due 2/2026)
 
5.28% (Libor + 4.50%/Q)
 
2/11/2019
 
6.8

 
6.6

(2)
 
 
 
 
 
 
Second lien senior secured loan ($210.3 par due 2/2027)
 
9.50% (Libor + 8.50%/Q)
 
2/11/2019
 
210.3

 
204.0

(2)
 
 
 
 
 
 
Senior preferred stock (121,810 shares)
 
12.05% PIK (Libor + 11.13%/M)
 
2/11/2019
 
136.9

 
136.9

(2)
 
 
 
 
 
 
Class A interests (0.39% interest)
 
 
 
2/11/2019
 
9.0

 
14.2

(2)
 
 
 
 
 
 
 
 
 
 
 
 
363.0

 
361.7

 
 
 
Bearcat Buyer, Inc. and Bearcat Parent, Inc. (16)
 
Provider of central institutional review boards over clinical trials
 
First lien senior secured revolving loan ($0.4 par due 7/2024)
 
5.25% (Libor + 4.25%/M)
 
7/9/2019
 
0.4

 
0.4

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($30.8 par due 7/2026)
 
5.70% (Libor + 4.25%/Q)
 
7/9/2019
 
30.8

 
29.9

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($2.0 par due 7/2026)
 
5.70% (Libor + 4.25%/Q)
 
7/9/2019
 
2.0

 
2.0

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($17.1 par due 7/2026)
 
5.70% (Libor + 4.25%/Q)
 
9/10/2019
 
17.1

 
16.6

(2)(12)
 
 
 
 
 
 
Second lien senior secured loan ($64.2 par due 7/2027)
 
9.70% (Libor + 8.25%/Q)
 
7/9/2019
 
64.2

 
62.9

(2)(12)
 
 
 
 
 
 
Second lien senior secured loan ($5.3 par due 7/2027)
 
9.70% (Libor + 8.25%/Q)
 
7/9/2019
 
5.3

 
5.2

(2)(12)
 
 
 
 
 
 
Second lien senior secured loan ($12.7 par due 7/2027)
 
9.70% (Libor + 8.25%/Q)
 
9/10/2019
 
12.7

 
12.4

(2)(12)
 
 
 
 
 
 
Class B common units (4,211 units)
 
 
 
7/9/2019
 
4.2

 
5.3

(2)
 
 
 
 
 
 
 
 
 
 
 
 
136.7

 
134.7

 
 
 

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2020
(dollar amounts in millions)
(unaudited)

Company(1)
 
Business Description
 
Investment
 
Interest(3)(7)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
CCS-CMGC Holdings, Inc. (16)
 
Correctional facility healthcare operator
 
First lien senior secured revolving loan ($7.5 par due 10/2023)
 
7.50% (Base Rate + 4.25%/M)
 
10/1/2018
 
7.5

 
7.0

(2)(15)
 
 
 
 
 
 
First lien senior secured revolving loan ($0.9 par due 10/2023)
 
6.24% (Libor + 5.25%/M)
 
10/1/2018
 
0.9

 
0.9

(2)(15)
 
 
 
 
 
 
First lien senior secured loan ($34.6 par due 10/2025)
 
6.84% (Libor + 5.50%/Q)
 
9/25/2018
 
34.3

 
32.1

(2)
 
 
 
 
 
 
 
 
 
 
 
 
42.7

 
40.0

 
 
 
Center for Autism and Related Disorders, LLC (16)
 
Autism treatment and services provider specializing in applied behavior analysis therapy
 
First lien senior secured revolving loan ($7.8 par due 11/2023)
 
5.40% (Libor + 4.00%/Q)
 
11/21/2018
 
7.8

 
7.0

(2)(15)
 
 
Comprehensive EyeCare Partners, LLC (16)
 
Vision care practice management company
 
First lien senior secured revolving loan ($1.8 par due 2/2024)
 
5.75% (Libor + 4.50%/Q)
 
2/14/2018
 
1.8

 
1.6

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($5.3 par due 2/2024)
 
5.95% (Libor + 4.50%/Q)
 
2/14/2018
 
5.3

 
5.0

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($1.0 par due 2/2024)
 
6.75% (Base Rate + 3.50%/Q)
 
2/14/2018
 
1.0

 
1.0

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($2.4 par due 2/2024)
 
5.95% (Libor + 4.50%/Q)
 
2/14/2018
 
2.4

 
2.2

(2)(12)
 
 
 
 
 
 
 
 
 
 
 
 
10.5

 
9.8

 
 
 
Convey Health Solutions, Inc.
 
Workforce management solutions provider
 
First lien senior secured loan ($20.1 par due 9/2026)
 
7.01% (Libor + 5.25%/Q)
 
9/4/2019
 
20.1

 
19.5

(2)(12)
 
 
CVP Holdco, Inc. and OMERS Wildcats Holdings Inc. (16)
 
Veterinary hospital operator
 
First lien senior secured revolving loan ($0.7 par due 10/2024)
 
6.87% (Libor + 5.75%/M)
 
10/31/2019
 
0.7

 
0.7

(2)(12)(15)
 
 
 
 
 
 
First lien senior secured loan ($66.1 par due 10/2025)
 
7.34% (Libor + 5.75%/Q)
 
10/31/2019
 
66.1

 
62.1

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($14.1 par due 10/2025)
 
7.34% (Libor + 5.75%/Q)
 
10/31/2019
 
14.1

 
13.3

(2)(12)
 
 
 
 
 
 
Common stock (31,005 shares)
 
 
 
10/31/2019
 
9.6

 
9.7

(2)
 
 
 
 
 
 
 
 
 
 
 
 
90.5

 
85.8

 
 
 
D4C Dental Brands HoldCo, Inc. and Bambino Group Holdings, LLC (16)
 
Dental services provider
 
First lien senior secured revolving loan ($4.8 par due 12/2022)
 
9.50% (Base Rate + 6.25%/Q)
 
12/21/2016
 
4.8

 
4.6

(2)(12)(15)
 
 
 
 
 
 
Class A preferred units (1,000,000 units)
 
 
 
12/21/2016
 
1.0

 
1.0

(2)
 
 
 
 
 
 
 
 
 
 
 
 
5.8

 
5.6

 
 
 
DCA Investment Holding, LLC (16)
 
Multi-branded dental practice management
 
First lien senior secured revolving loan ($5.7 par due 7/2021)
 
6.25% (Libor + 5.25%/M)
 
7/2/2015
 
5.7

 
5.4

(2)(12)(15)
 
 
 
 
 
 
First lien senior secured loan ($18.3 par due 7/2021)
 
6.32% (Libor + 5.25%/Q)
 
7/2/2015
 
18.2

 
17.5

(2)(12)
 
 
 
 
 
 
 
 
 
 
 
 
23.9

 
22.9

 
 
 
Emerus Holdings, Inc.
 
Freestanding 24-hour emergency care micro-hospitals operator
 
First lien senior secured loan ($16.5 par due 2/2022)
 
14.00%
 
2/21/2019
 
16.5

 
16.5

(2)
 
 
Evolent Health LLC and Evolent Health, Inc. (16)
 
Medical technology company focused on value based care services and payment solutions
 
First lien senior secured loan ($67.1 par due 12/2024)
 
9.45% (Libor + 8.00%/Q)
 
12/30/2019
 
61.2

 
61.1

(2)(6)(12)
 
 
 
 
 
 
Warrant to purchase up to 1,354,968 shares of common stock (expires 1/2025)
 
 
 
12/30/2019
 
5.9

 
5.9

(2)(6)
 
 
 
 
 
 
 
 
 
 
 
 
67.1

 
67.0

 
 
 
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC
 
On-demand supply chain automation solutions provider to the healthcare industry
 
Second lien senior secured loan ($34.5 par due 6/2025)
 
9.37% (Libor + 8.00%/Q)
 
6/30/2017
 
34.2

 
33.2

(2)(12)
 
 
 
 
 
 
Second lien senior secured loan ($55.0 par due 6/2025)
 
9.37% (Libor + 8.00%/Q)
 
1/13/2020
 
55.0

 
52.8

(2)(12)
 
 
 
 
 
 
Series A preferred stock (110,425 shares)
 
12.20% PIK (Libor + 10.75%/Q)
 
6/30/2017
 
157.2

 
150.9

(2)(12)
 
 

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2020
(dollar amounts in millions)
(unaudited)

Company(1)
 
Business Description
 
Investment
 
Interest(3)(7)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
 
 
 
 
Class A units (14,013,303 units)
 
 
 
6/30/2017
 
14.0

 
16.9

(2)
 
 
 
 
 
 
 
 
 
 
 
 
260.4

 
253.8

 
 
 
Hygiena Borrower LLC (16)
 
Adenosine triphosphate testing technology provider
 
Second lien senior secured loan ($2.5 par due 8/2023)
 
9.20% (Libor + 7.75%/Q)
 
8/26/2016
 
2.5

 
2.4

(2)(12)
 
 
 
 
 
 
Second lien senior secured loan ($10.7 par due 8/2023)
 
9.20% (Libor + 7.75%/Q)
 
2/27/2017
 
10.7

 
10.2

(2)(12)
 
 
 
 
 
 
Second lien senior secured loan ($11.1 par due 8/2023)
 
9.20% (Libor + 7.75%/Q)
 
6/29/2018
 
11.1

 
10.7

(2)(12)
 
 
 
 
 
 
Second lien senior secured loan ($0.6 par due 8/2023)
 
9.20% (Libor + 7.75%/Q)
 
6/29/2018
 
0.6

 
0.6

(2)(12)
 
 
 
 
 
 
 
 
 
 
 
 
24.9

 
23.9

 
 
 
JDC Healthcare Management, LLC (16)
 
Dental services provider
 
First lien senior secured revolving loan ($4.0 par due 4/2022)
 
8.75% (Libor + 7.75%/M)
 
4/10/2017
 
4.0

 
3.2

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($29.6 par due 4/2023)
 
8.75% (Libor + 6.75% Cash, 1.00% PIK/M)
 
4/10/2017
 
29.6

 
23.7

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($4.2 par due 4/2023)
 
8.75% (Libor + 6.75% Cash, 1.00% PIK/M)
 
4/10/2017
 
4.2

 
3.3

(2)(12)
 
 
 
 
 
 
 
 
 
 
 
 
37.8

 
30.2

 
 
 
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (16)
 
Provider of behavioral health services
 
First lien senior secured revolving loan ($4.5 par due 3/2022)
 
6.00% (Libor + 5.00%/M)
 
3/17/2017
 
4.5

 
4.1

(2)(12)
 
 
Key Surgical LLC (16)
 
Provider of sterile processing, operating room and instrument care supplies for hospitals
 
First lien senior secured revolving loan ($1.1 par due 6/2022)
 
5.75% (Libor + 4.75%/Q)
 
6/1/2017
 
1.1

 
1.0

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($16.1 par due 6/2023)
 
6.00% (EURIBOR + 5.00%/Q)
 
6/1/2017
 
16.4

 
15.7

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($5.4 par due 6/2023)
 
6.00% (Libor + 5.00%/M)
 
8/28/2019
 
5.4

 
5.2

(2)(12)
 
 
 
 
 
 
 
 
 
 
 
 
22.9

 
21.9

 
 
 
MB2 Dental Solutions, LLC (16)
 
Dental services provider
 
First lien senior secured revolving loan ($4.6 par due 9/2023)
 
7.25% (Base Rate + 4.00%/Q)
 
9/29/2017
 
4.6

 
4.3

(2)(12)
 
 
MCH Holdings, Inc. and MC Acquisition Holdings I, LLC
 
Healthcare professional provider
 
First lien senior secured loan ($0.8 par due 7/2020)
 
7.75% (Base Rate + 4.50%/M)
 
7/26/2017
 
0.8

 
0.8

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($115.2 par due 7/2020)
 
7.00% (Libor + 5.50%/M)
 
7/26/2017
 
115.2

 
114.0

(2)(12)
 
 
 
 
 
 
Class A units (1,438,643 shares)
 
 
 
1/17/2014
 
1.5

 
1.2

(2)
 
 
 
 
 
 
 
 
 
 
 
 
117.5

 
116.0

 
 
 
Minerva Surgical, Inc. (16)
 
Medical device company focused on women's health
 
First lien senior secured loan ($30.1 par due 12/2022)
 
11.50% (Libor + 9.50%/Q)
 
12/30/2019
 
29.0

 
28.9

(2)(12)
 
 
MW Dental Holding Corp. (16)
 
Dental services provider
 
First lien senior secured revolving loan ($10.2 par due 4/2021)
 
8.25% (Libor + 6.75%/Q)
 
4/12/2011
 
10.2

 
9.9

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($125.4 par due 4/2021)
 
8.25% (Libor + 6.75%/Q)
 
4/12/2011
 
125.4

 
121.6

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($24.4 par due 4/2021)
 
8.25% (Libor + 6.75%/Q)
 
3/19/2018
 
24.4

 
23.6

(2)(12)
 
 
 
 
 
 
 
 
 
 
 
 
160.0

 
155.1

 
 
 
NMN Holdings III Corp. and NMN Holdings LP (16)
 
Provider of complex rehab technology solutions for patients with mobility loss
 
First lien senior secured revolving loan ($8.8 par due 11/2023)
 
4.42% (Libor + 3.50%/M)
 
11/13/2018
 
8.8

 
8.3

(2)(15)
 
 
 
 
 
 
Partnership units (30,000 units)
 
 
 
11/13/2018
 
3.0

 
3.1

(2)
 
 
 
 
 
 
 
 
 
 
 
 
11.8

 
11.4

 
 
 
NMSC Holdings, Inc. and ASP NAPA Holdings, LLC
 
Anesthesia management services provider
 
Second lien senior secured loan ($72.8 par due 10/2023)
 
11.62% (Libor + 10.00%/B)
 
4/19/2016
 
72.8

 
68.4

(2)(12)
 
 

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2020
(dollar amounts in millions)
(unaudited)

Company(1)
 
Business Description
 
Investment
 
Interest(3)(7)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
 
 
 
 
Class A units (25,790 units)
 
 
 
4/19/2016
 
2.6

 
0.7

(2)
 
 
 
 
 
 
 
 
 
 
 
 
75.4

 
69.1

 
 
 
NueHealth Performance, LLC (16)
 
Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centers
 
First lien senior secured loan ($9.9 par due 9/2023)
 
7.50% (Libor + 6.50%/M)
 
9/27/2018
 
9.9

 
9.6

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($1.5 par due 9/2023)
 
8.10% (Libor + 6.50%/M)
 
9/27/2018
 
1.5

 
1.4

(2)(12)
 
 
 
 
 
 
 
 
 
 
 
 
11.4

 
11.0

 
 
 
Olympia Acquisition, Inc. and Olympia TopCo, L.P. (16)
 
Behavioral health and special education platform provider
 
First lien senior secured revolving loan ($10.1 par due 9/2024)
 
6.50% (Libor + 5.50%/Q)
 
9/24/2019
 
10.1

 
9.4

(2)(12)
 
 
 
 
 
 
First lien senior secured loan ($42.9 par due 9/2026)
 
6.50% (Libor + 5.50%/M)
 
9/24/2019
 
42.9

 
39.9

(2)(12)
 
 
 
 
 
 
Class A common units (9,549,000 units)
 
 
 
9/24/2019
 
9.5

 
7.4

(2)
 
 
 
 
 
 
 
 
 
 
 
 
62.5

 
56.7

 
 
 
OMH-HealthEdge Holdings, LLC (16)
 
Revenue cycle management software provider for healthcare companies
 
First lien senior secured loan ($26.6 par due 10/2025)
 
6.50% (Libor + 5.50%/M)
 
10/24/2019
 
26.6