Company Quick10K Filing
Quick10K
Ares Capital
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-09-17 Off-BS Arrangement, Exhibits
8-K 2019-09-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-30 Earnings, Regulation FD, Exhibits
8-K 2019-07-08 Shareholder Vote
8-K 2019-06-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-06-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-06-10 Shareholder Vote
8-K 2019-06-06 Enter Agreement, Exhibits
8-K 2019-04-30 Earnings, Regulation FD, Exhibits
8-K 2019-04-01 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-03-20 Other Events, Exhibits
8-K 2019-03-08 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-12 Earnings, Regulation FD, Exhibits
8-K 2018-12-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-10-31 Earnings, Regulation FD, Exhibits
8-K 2018-10-02 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-09-12 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-01 Earnings, Regulation FD, Exhibits
8-K 2018-06-25 Regulation FD, Exhibits
8-K 2018-05-14 Shareholder Vote
8-K 2018-04-02 Regulation FD, Exhibits
8-K 2018-03-30 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-01-11 Enter Agreement, Off-BS Arrangement, Exhibits
HRI Herc Holdings 1,167
MITT AG Mortgage Investment Trust 504
CMFN CM Finance 0
BKCC Blackrock Capital Investment 0
GAIN Gladstone Investment Corporation 0
FCAL First California Financial Group 0
CBH Commerce Bancorp 0
STK Storage Technology 0
MCC Medley Capital 0
TPVG Triplepoint Venture Growth Bdc 0
ARCC 2019-06-30
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 arccq2-19exhibit311.htm
EX-31.2 arccq2-19exhibit312.htm
EX-32.1 arccq2-19exhibit321.htm

Ares Capital Earnings 2019-06-30

ARCC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 arccq2-1910q.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 June 30, 2019

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)
____________________________________________________________________

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

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

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 24, 2019
Common stock, $0.001 par value
 
426,720,939





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
 
June 30, 2019

December 31, 2018

(unaudited)

 

ASSETS
 

 
Investments at fair value
 


 

Non-controlled/non-affiliate company investments
$
10,695


$
10,478

Non-controlled affiliate company investments
301


292

Controlled affiliate company investments
1,996


1,647

Total investments at fair value (amortized cost of $13,391 and $12,754, respectively)
12,992


12,417

Cash and cash equivalents
572


296

Interest receivable
105


91

Operating lease right-of-use asset
101

 

Other assets
76

 
79

Receivable for open trades


12

Total assets
$
13,846


$
12,895

LIABILITIES
 



Debt
$
6,024


$
5,214

Base management fees payable
50


45

Income based fees payable
39


36

Capital gains incentive fees payable
63


112

Interest and facility fees payable
62

 
64

Payable for open trades
2

 
25

Operating lease liabilities
131

 

Accounts payable and other liabilities
107


99

Total liabilities
6,478


5,595

Commitments and contingencies (Note 7)





STOCKHOLDERS’ EQUITY





Common stock, par value $0.001 per share, 600 common shares authorized; 427 and 426 common shares issued and outstanding, respectively



Capital in excess of par value
7,185


7,173

Accumulated undistributed earnings
183


127

Total stockholders’ equity
7,368


7,300

Total liabilities and stockholders’ equity
$
13,846


$
12,895

NET ASSETS PER SHARE
$
17.27


$
17.12


See accompanying notes to consolidated financial statements.


3

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)
(unaudited)



 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
INVESTMENT INCOME:
 
 
 
 
 
 
 
From non-controlled/non-affiliate company investments:
 
 
 
 
 
 
 
Interest income from investments (excluding payment-in-kind (“PIK”) interest income)
$
228

 
$
199

 
$
461

 
$
396

PIK interest income from investments
16

 
18

 
28

 
35

Capital structuring service fees
28

 
20

 
67

 
46

Dividend income
20

 
8

 
35

 
17

Other income
8

 
20

 
16

 
26

Total investment income from non-controlled/non-affiliate company investments
300

 
265

 
607

 
520

From non-controlled affiliate company investments:
 
 
 
 
 
 
 

Interest income from investments (excluding PIK interest income)
4

 
4

 
9


8

PIK interest income from investments
1

 
1

 
2

 
2

Capital structuring service fees

 

 
2

 

Dividend income

 

 
1

 

Total investment income from non-controlled affiliate company investments
5

 
5

 
14

 
10

From controlled affiliate company investments:
 
 
 
 
 
 
 

Interest income from investments (excluding PIK interest income)
41

 
34

 
74

 
63

PIK interest income from investments
6

 
6

 
11

 
12

Capital structuring service fees
10

 
5

 
14

 
8

Dividend income
18

 
16

 
33

 
29

Other income
2

 
2

 
2

 
8

Total investment income from controlled affiliate company investments
77

 
63

 
134

 
120

Total investment income
382

 
333

 
755

 
650

EXPENSES:
 
 
 
 
 
 
 

Interest and credit facility fees
69

 
61

 
136

 
121

Base management fees
50

 
45

 
99

 
91

Income based fees
49

 
40

 
97

 
78

Capital gains incentive fees
(1
)
 
18

 
1

 
38

Administrative fees
3

 
4

 
7

 
7

Other general and administrative
10

 
7

 
18

 
18

Total expenses
180

 
175

 
358

 
353

Waiver of income based fees
(10
)
 
(10
)
 
(20
)

(20
)
Total expenses, net of waiver of income based fees
170

 
165

 
338

 
333

NET INVESTMENT INCOME BEFORE INCOME TAXES
212

 
168

 
417

 
317

Income tax expense, including excise tax
4

 
6

 
8

 
11

NET INVESTMENT INCOME
208

 
162

 
409

 
306

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
 
 
 
 
 
 
 

Net realized gains (losses):
 
 
 
 
 
 
 
Non-controlled/non-affiliate company investments
18

 
24

 
25

 
24

Controlled affiliate company investments

 
(2
)
 

 
(2
)
Foreign currency and other transactions
3

 
5

 
52

 
(7
)
Net realized gains
21

 
27

 
77

 
15

Net unrealized gains (losses):
 
 
 
 
 
 
 

Non-controlled/non-affiliate company investments
(34
)
 
(6
)
 
(67
)
 
10

Non-controlled affiliate company investments
16

 
(4
)
 
9

 
(2
)
Controlled affiliate company investments
(6
)
 
70

 
(5
)
 
148

Foreign currency and other transactions
(5
)
 
5

 
(9
)
 
19

Net unrealized gains (losses)
(29
)
 
65

 
(72
)
 
175

Net realized and unrealized gains (losses) on investments, foreign currency and other transactions
(8
)
 
92

 
5

 
190

NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS
$
200

 
$
254

 
$
414

 
$
496

BASIC AND DILUTED EARNINGS PER COMMON SHARE (see Note 10)
$
0.47

 
$
0.60

 
$
0.97

 
$
1.16

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)
426

 
426

 
426

 
426


See accompanying notes to consolidated financial statements.


4

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2019
(dollar amounts in millions)
(unaudited)


Company(1)
 
Business Description
 
Investment
 
Interest(5)(9)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
Healthcare Services
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Absolute Dental Management LLC and ADM Equity, LLC
 
Dental services provider
 
First lien senior secured loan ($0.8 par due 1/2022)
 
9.91% (Libor + 7.50%/Q)
 
1/15/2019
 
$
0.8

 
$
0.8

(2)(15)
 
 
 
 
 
First lien senior secured loan ($24.4 par due 1/2022)
 
 
 
1/5/2016
 
24.2

 
6.3

(2)(14)
 
 
 
 
 
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

 
7.1

 
 
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 (19)
 
Dermatology practice
 
First lien senior secured revolving loan ($0.6 par due 5/2022)
 
8.21% (Libor + 5.75%/B)
 
5/18/2016
 
0.6

 
0.6

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($1.3 par due 5/2022)
 
8.08% (Libor + 5.75%/Q)
 
5/18/2016
 
1.3

 
1.2

(2)(15)
 
 
 
 
 
 
 
 
 
 
 
1.9

 
1.8

 
 
ADG, LLC and RC IV GEDC Investor LLC (19)
 
Dental services provider
 
First lien senior secured revolving loan ($2.7 par due 9/2022)
 
7.15% (Libor + 4.75%/M)
 
9/28/2016
 
2.7

 
2.6

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($2.4 par due 9/2022)
 
9.25% (Base Rate + 3.75%/Q)
 
9/28/2016
 
2.4

 
2.3

(2)(15)
 
 
 
 
 
Second lien senior secured loan ($89.0 par due 3/2024)
 
12.20% (Libor + 10.00%/S)
 
9/28/2016
 
89.0

 
74.8

(2)(15)
 
 
 
 
 
Membership units (3,000,000 units)
 
 
 
9/28/2016
 
3.0

 
0.2

(2)
 
 
 
 
 
 
 
 
 
 
 
97.1

 
79.9

 
 
Air Medical Group Holdings, Inc. and Air Medical Buyer Corp.
 
Emergency air medical services provider
 
Senior subordinated loan ($182.7 par due 3/2026)
 
10.287% (Libor + 7.88%/M)
 
3/14/2018
 
182.7

 
182.7

(2)(15)
 
 
 
 
 
Warrant to purchase up to 115,733 units of common stock (expires 3/2028)
 
 
 
3/14/2018
 
0.9

 
1.5

(2)
 
 
 
 
 
 
 
 
 
 
 
183.6

 
184.2

 
 
Alcami Corporation and ACM Holdings I, LLC (19)
 
Outsourced drug development services provider
 
First lien senior secured loan ($30.0 par due 7/2025)
 
6.65% (Libor + 4.25%/M)
 
7/12/2018
 
29.8

 
28.8

(3)
 
 
 
 
 
Second lien senior secured loan ($77.5 par due 7/2026)
 
10.40% (Libor + 8.00%/M)
 
7/12/2018
 
76.8

 
70.5

(2)
 
 
 
 
 
Common units (3,269,900 units)
 
 
 
7/12/2018
 
32.7

 
18.6

(2)
 
 
 
 
 
 
 
 
 
 
 
139.3

 
117.9

 
 
Alteon Health, LLC
 
Provider of physician management services
 
First lien senior secured loan ($3.0 par due 9/2022)
 
8.90% (Libor + 6.50%/M)
 
5/15/2017
 
3.0

 
2.7

(2)(15)
 
athenahealth, Inc., VVC Holding Corp., Virence Intermediate Holding Corp., and Virence Holdings LLC (19)
 
Revenue cycle management provider to the physician practices and acute care hospitals
 
First lien senior secured loan ($16.1 par due 2/2026)
 
7.05% (Libor + 4.50%/Q)
 
2/11/2019
 
15.8

 
16.1

(2)
 
 
 
 
 
Second lien senior secured loan ($210.3 par due 2/2027)
 
11.04% (Libor + 8.50%/Q)
 
2/11/2019
 
210.3

 
206.1

(2)
 
 
 
 
 
Senior preferred stock (121,810 shares)
 
13.54% PIK (Libor + 11.13%/Q)
 
2/11/2019
 
124.1

 
124.1

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

 
9.0

(2)
 
 
 
 
 
 
 
 
 
 
 
359.2

 
355.3

 
 
Bambino CI Inc. (19)
 
Manufacturer and provider of single-use obstetrics products
 
First lien senior secured revolving loan ($0.1 par due 10/2022)
 
7.89% (Libor + 5.50%/M)
 
10/17/2017
 
0.1

 
0.1

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($0.8 par due 10/2022)
 
7.91% (Libor + 5.50%/M)
 
10/17/2017
 
0.8

 
0.8

(2)(15)
 

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2019
(dollar amounts in millions)
(unaudited)

Company(1)
 
Business Description
 
Investment
 
Interest(5)(9)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
 
 
 
 
First lien senior secured revolving loan ($1.1 par due 10/2022)
 
7.97% (Libor + 5.50%/M)
 
10/17/2017
 
1.1

 
1.1

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($1.1 par due 10/2022)
 
10.00% (Base Rate + 4.50%/M)
 
10/17/2017
 
1.1

 
1.1

(2)(15)
 
 
 
 
 
First lien senior secured loan ($30.7 par due 10/2023)
 
7.90% (Libor + 5.50%/M)
 
10/17/2017
 
30.7

 
30.7

(3)(15)
 
 
 
 
 
 
 
 
 
 
 
33.8

 
33.8

 
 
Care Hospice, Inc (19)
 
Provider of hospice services
 
First lien senior secured revolving loan
 
 
2/8/2018
 

 

(2)(17)
 
CCS-CMGC Holdings, Inc. (19)
 
Correctional facility healthcare operator
 
First lien senior secured revolving loan
 
 
10/1/2018
 

 

(2)(17)
 
 
 
 
 
First lien senior secured loan ($34.8 par due 10/2025)
 
7.90% (Libor + 5.50%/M)
 
9/25/2018
 
34.5

 
34.5

(3)
 
 
 
 
 
 
 
 
 
 
 
34.5

 
34.5

 
 
Center for Autism and Related Disorders, LLC (19)
 
Autism treatment and services provider specializing in applied behavior analysis therapy
 
First lien senior secured revolving loan
 
 
11/21/2018
 

 

(2)(17)
 
Comprehensive EyeCare Partners, LLC (19)
 
Vision care practice management company
 
First lien senior secured revolving loan ($0.1 par due 2/2024)
 
7.10% (Libor + 4.50%/Q)
 
2/14/2018
 
0.1

 
0.1

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($0.2 par due 2/2024)
 
6.83% (Libor + 4.50%/Q)
 
2/14/2018
 
0.2

 
0.2

(2)(15)
 
 
 
 
 
First lien senior secured loan ($2.4 par due 2/2024)
 
7.12% (Libor + 4.50%/Q)
 
2/14/2018
 
2.4

 
2.4

(2)(15)
 
 
 
 
 
First lien senior secured loan ($5.4 par due 2/2024)
 
7.12% (Libor + 4.50%/Q)
 
2/14/2018
 
5.4

 
5.3

(2)(15)
 
 
 
 
 
 
 
 
 
 
 
8.1

 
8.0

 
 
D4C Dental Brands HoldCo, Inc. and Bambino Group Holdings, LLC (19)
 
Dental services provider
 
First lien senior secured revolving loan ($2.0 par due 12/2022)
 
10.75% (Base Rate + 5.25%/Q)
 
12/21/2016
 
2.0

 
2.0

(2)(15)
 
 
 
 
 
Class A preferred units (1,000,000 units)
 
8.00% PIK
 
12/21/2016
 
1.0

 
1.2

(2)
 
 
 
 
 
 
 
 
 
 
 
3.0

 
3.2

 
 
Datix Bidco Limited (8)
 
Global healthcare software company that provides software solutions for patient safety and risk management
 
First lien senior secured loan ($2.9 par due 4/2025)
 
7.12% (Libor + 4.50%/S)
 
4/27/2018
 
2.9

 
2.9

(2)
 
 
 
 
 
First lien senior secured loan ($2.9 par due 4/2025)
 
7.12% (Libor + 4.50%/S)
 
4/27/2018
 
2.9

 
2.9

(2)
 
 
 
 
 
First lien senior secured loan ($10.0 par due 4/2025)
 
7.04% (Libor + 4.50%/S)
 
5/28/2019
 
9.9

 
10.0

(2)
 
 
 
 
 
 
 
 
 
 
 
15.7

 
15.8

 
 
DCA Investment Holding, LLC (19)
 
Multi-branded dental practice management
 
First lien senior secured revolving loan ($0.9 par due 7/2021)
 
9.75% (Base Rate + 4.25%/Q)
 
7/2/2015
 
0.9

 
0.9

(2)(15)(18)
 
 
 
 
 
First lien senior secured loan ($18.4 par due 7/2021)
 
7.58% (Libor + 5.25%/Q)
 
7/2/2015
 
18.4

 
18.4

(4)(15)
 
 
 
 
 
 
 
 
 
 
 
19.3

 
19.3

 
 
Emerus Holdings, Inc. (18)
 
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)
 
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)
 
10.33% (Libor + 8.00%/Q)
 
6/30/2017
 
34.2

 
34.5

(2)(15)
 
 
 
 
 
Series A preferred stock (110,425 shares)
 
13.34% PIK (Libor + 10.75%/Q)
 
6/30/2017
 
142.7

 
142.7

(2)(15)
 
 
 
 
 
Class A units (14,013,303 units)
 
 
 
6/30/2017
 
14.0

 
15.0

(2)
 
 
 
 
 
 
 
 
 
 
 
190.9

 
192.2

 
 
Greenphire, Inc. and RMCF III CIV XXIX, L.P
 
Software provider for clinical trial management
 
Limited partnership interest (99.90% interest)
 
 
 
12/19/2014
 
1.0

 
3.7

(2)
 

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2019
(dollar amounts in millions)
(unaudited)

Company(1)
 
Business Description
 
Investment
 
Interest(5)(9)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
Hygiena Borrower LLC (19)
 
Adenosine triphosphate testing technology provider
 
Second lien senior secured loan ($11.1 par due 8/2023)
 
10.08% (Libor + 7.75%/Q)
 
6/29/2018
 
11.1

 
11.1

(2)(15)
 
 
 
 
 
Second lien senior secured loan ($0.6 par due 8/2023)
 
10.08% (Libor + 7.75%/Q)
 
6/29/2018
 
0.6

 
0.6

(2)(15)
 
 
 
 
 
Second lien senior secured loan ($2.5 par due 8/2023)
 
10.08% (Libor + 7.75%/Q)
 
8/26/2016
 
2.5

 
2.5

(2)(15)
 
 
 
 
 
Second lien senior secured loan ($10.7 par due 8/2023)
 
10.08% (Libor + 7.75%/Q)
 
2/27/2017
 
10.7

 
10.7

(2)(15)
 
 
 
 
 
 
 
 
 
 
 
24.9

 
24.9

 
 
JDC Healthcare Management, LLC (19)
 
Dental services provider
 
First lien senior secured revolving loan ($1.2 par due 4/2022)
 
10.15% (Libor + 7.75%/M)
 
4/10/2017
 
1.2

 
1.1

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($1.2 par due 4/2022)
 
10.16% (Libor + 7.75%/M)
 
4/10/2017
 
1.2

 
1.1

(2)(15)
 
 
 
 
 
First lien senior secured loan ($4.2 par due 4/2023)
 
10.15% (Libor + 6.75% Cash, 1.00% PIK/M)
 
4/10/2017
 
4.2

 
3.8

(2)(15)
 
 
 
 
 
First lien senior secured loan ($9.9 par due 4/2023)
 
10.15% (Libor + 6.75% Cash, 1.00% PIK/M)
 
4/10/2017
 
9.9

 
9.0

(2)(15)
 
 
 
 
 
First lien senior secured loan ($19.7 par due 4/2023)
 
10.15% (Libor + 6.75% Cash, 1.00% PIK/M)
 
4/10/2017
 
19.7

 
17.9

(4)(15)
 
 
 
 
 
 
 
 
 
 
 
36.2

 
32.9

 
 
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (19)
 
Provider of behavioral health services
 
First lien senior secured revolving loan ($0.2 par due 3/2022)
 
7.41% (Libor + 5.00%/M)
 
3/17/2017
 
0.2

 
0.2

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($0.6 par due 3/2022)
 
7.39% (Libor + 5.00%/M)
 
3/17/2017
 
0.6

 
0.5

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($1.0 par due 3/2022)
 
7.38% (Libor + 5.00%/M)
 
3/17/2017
 
1.0

 
0.9

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($0.9 par due 3/2022)
 
7.40% (Libor + 5.00%/M)
 
3/17/2017
 
0.9

 
0.9

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($2.1 par due 3/2022)
 
7.40% (Libor + 5.00%/M)
 
3/17/2017
 
2.1

 
2.0

(2)(15)
 
 
 
 
 
First lien senior secured revolving loan ($0.2 par due 3/2022)
 
7.44% (Libor + 5.00%/M)
 
3/17/2017
 
0.2

 
0.2

(2)(15)
 
 
 
 
 
 
 
 
 
 
 
5.0

 
4.7

 
 
Key Surgical LLC (19)
 
Provider of sterile processing, operating room and instrument care supplies for hospitals
 
First lien senior secured revolving loan ($0.1 par due 6/2022)
 
9.25% (Base Rate + 3.75%/B)
 
6/1/2017
 
0.1

 
0.1

(2)(15)
 
 
 
 
 
First lien senior secured loan ($16.8 par due 6/2023)
 
5.75% (EURIBOR + 4.75%/Q)
 
6/1/2017
 
16.6

 
16.8

(2)(15)
 
 
 
 
 
 
 
 
 
 
 
16.7

 
16.9

 
 
MB2 Dental Solutions, LLC (19)
 
Dental services provider
 
First lien senior secured revolving loan ($1.6 par due 9/2023)
 
9.25% (Base Rate + 3.75%/Q)
 
9/29/2017
 
1.6

 
1.6

(2)(15)
 
 
 
 
 
First lien senior secured loan ($1.7 par due 9/2023)
 
7.16% (Libor + 4.75%/M)
 
9/29/2017
 
1.7

 
1.7

(2)(15)
 
 
 
 
 
 
 
 
 
 
 
3.3

 
3.3

 
 
MCH Holdings, Inc. and MC Acquisition Holdings I, LLC
 
Healthcare professional provider
 
First lien senior secured loan ($14.5 par due 1/2020)
 
7.90% (Libor + 5.50%/M)
 
7/26/2017
 
14.5

 
14.5

(2)(15)
 
 
 
 
 
First lien senior secured loan ($13.4 par due 1/2020)
 
7.90% (Libor + 5.50%/M)
 
7/26/2017
 
13.4

 
13.4

(2)(15)
 

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2019
(dollar amounts in millions)
(unaudited)

Company(1)
 
Business Description
 
Investment
 
Interest(5)(9)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
 
 
 
 
First lien senior secured loan ($39.6 par due 1/2020)
 
7.90% (Libor + 5.50%/M)
 
7/26/2017
 
39.6

 
39.6

(3)(15)
 
 
 
 
 
First lien senior secured loan ($36.8 par due 1/2020)
 
7.90% (Libor + 5.50%/M)
 
7/26/2017
 
36.8

 
36.8

(3)(15)
 
 
 
 
 
First lien senior secured loan ($15.2 par due 1/2020)
 
7.90% (Libor + 5.50%/M)
 
7/26/2017
 
15.2

 
15.2

(2)(15)
 
 
 
 
 
First lien senior secured loan ($14.1 par due 1/2020)
 
7.90% (Libor + 5.50%/M)
 
7/26/2017
 
14.1

 
14.1

(4)(15)
 
 
 
 
 
Class A units (1,438,643 shares)
 
 
 
1/17/2014
 
1.5

 
1.2

(2)
 
 
 
 
 
 
 
 
 
 
 
135.1

 
134.8

 
 
MW Dental Holding Corp. (19)
 
Dental services provider
 
First lien senior secured revolving loan ($7.5 par due 4/2021)
 
9.08% (Libor + 6.75%/Q)
 
4/12/2011
 
7.5

 
7.5

(2)(15)
 
 
 
 
 
First lien senior secured loan ($0.4 par due 4/2021)
 
9.15% (Libor + 6.75%/Q)
 
3/19/2018
 
0.4

 
0.4

(2)(15)
 
 
 
 
 
First lien senior secured loan ($20.7 par due 4/2021)
 
9.08% (Libor + 6.75%/Q)
 
3/19/2018
 
20.7

 
20.7

(2)(15)
 
 
 
 
 
First lien senior secured loan ($104.0 par due 4/2021)
 
9.08% (Libor + 6.75%/Q)
 
4/12/2011
 
104.0

 
104.0

(2)(15)
 
 
 
 
 
First lien senior secured loan ($19.0 par due 4/2021)
 
9.08% (Libor + 6.75%/Q)
 
4/12/2011
 
19.0

 
19.0

(4)(15)
 
 
 
 
 
 
 
 
 
 
 
151.6

 
151.6

 
 
My Health Direct, Inc.
 
Healthcare scheduling exchange software solution provider
 
Warrant to purchase up to 4,548 shares of Series D preferred stock (expires 9/2024)
 
 
 
9/18/2014
 

 

(2)
 
New Trident Holdcorp, Inc. and Trident Holding Company, LLC
 
Outsourced mobile diagnostic healthcare service provider
 
Second lien senior secured loan ($78.4 par due 7/2020)
 
 
 
8/1/2013
 
67.8

 

(2)(14)
 
 
 
 
 
Second lien senior secured loan ($25.2 par due 7/2022)
 
 
 
8/1/2013
 
19.4

 

(2)(14)
 
 
 
 
 
Senior subordinated loan ($9.1 par due 7/2020)
 
 
 
11/29/2017
 
8.8

 

(2)(14)
 
 
 
 
 
 
 
 
 
 
 
96.0

 

 
 
NMC Skincare Intermediate Holdings II, LLC (19)
 
Developer, manufacturer and marketer of skincare products
 
First lien senior secured revolving loan ($1.6 par due 10/2024)
 
7.15% (Libor + 4.75%/M)
 
10/31/2018
 
1.6

 
1.6

(2)
 
 
 
 
 
First lien senior secured loan ($1.7 par due 10/2024)
 
7.15% (Libor + 4.75%/M)
 
10/31/2018
 
1.7

 
1.7

(2)
 
 
 
 
 
First lien senior secured loan ($24.8 par due 10/2024)
 
7.15% (Libor + 4.75%/M)
 
10/31/2018
 
24.8

 
24.8

(3)
 
 
 
 
 
 
 
 
 
 
 
28.1

 
28.1

 
 
NMN Holdings III Corp. and NMN Holdings LP (19)
 
Provider of complex rehab technology solutions for patients with mobility loss
 
Partnership units (30,000 units)
 
 
 
11/13/2018
 
3.0

 
3.0

(2)
 
NMSC Holdings, Inc. and ASP NAPA Holdings, LLC
 
Anesthesia management services provider
 
Second lien senior secured loan ($72.8 par due 10/2023)
 
12.58% (Libor + 10.00%/Q)
 
4/19/2016
 
72.8

 
72.8

(2)(15)
 
 
 
 
 
Class A units (25,790 units)
 
 
 
4/19/2016
 
2.6

 
1.3

(2)
 
 
 
 
 
 
 
 
 
 
 
75.4

 
74.1

 
 
Nodality, Inc.
 
Biotechnology company
 
First lien senior secured loan ($2.3 par due 8/2016)
 
 
 
11/12/2015
 
1.5

 

(2)(14)
 
 
 
 
 
First lien senior secured loan ($0.8 par due 8/2016)
 
 
 
11/12/2015
 
0.6

 

(2)(14)
 
 
 
 
 
First lien senior secured loan ($3.9 par due 8/2016)
 
 
 
4/25/2014
 
2.6

 

(2)(14)
 
 
 
 
 
First lien senior secured loan ($11.0 par due 8/2016)
 
 
 
4/25/2014
 
7.1

 

(2)(14)
 
 
 
 
 
Warrant to purchase up to 3,736,255 shares of common stock (expires 3/2026)
 
 
 
5/1/2016
 

 

(2)
 
 
 
 
 
 
 
 
 
 
 
11.8

 

 
 

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2019
(dollar amounts in millions)
(unaudited)

Company(1)
 
Business Description
 
Investment
 
Interest(5)(9)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
NSM Sub Holdings Corp. (19)
 
Provider of customized mobility, rehab and adaptive seating systems
 
First lien senior secured revolving loan ($0.5 par due 10/2022)
 
10.25% (Base Rate + 4.75%/Q)
 
9/28/2017
 
0.5

 
0.5

(2)(15)
 
 
 
 
 
First lien senior secured loan ($10.1 par due 10/2022)
 
8.08% (Libor + 5.75%/Q)
 
5/3/2019
 
10.1

 
10.0

(2)(15)
 
 
 
 
 
 
 
 
 
 
 
10.6

 
10.5

 
 
nThrive, Inc. (fka Precyse Acquisition Corp.)
 
Provider of healthcare information management technology and services
 
Second lien senior secured loan ($10.0 par due 4/2023)
 
12.15% (Libor + 9.75%/M)
 
4/20/2016
 
9.8

 
9.8

(2)(15)
 
NueHealth Performance, LLC (19)
 
Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centers
 
First lien senior secured loan ($1.5 par due 9/2023)
 
8.90% (Libor + 6.50%/M)
 
9/27/2018
 
1.5

 
1.5

(2)(15)
 
 
 
 
 
First lien senior secured loan ($10.0 par due 9/2023)
 
8.90% (Libor + 6.50%/M)
 
9/27/2018
 
10.0

 
10.0

(2)(15)
 
 
 
 
 
 
 
 
 
 
 
11.5

 
11.5

 
 
OmniSYS Acquisition Corporation, OmniSYS, LLC, and OSYS Holdings, LLC
 
Provider of technology-enabled solutions to pharmacies
 
Limited liability company membership interest (1.57%)
 
 
 
11/21/2013
 
1.0

 
0.7

(2)
 
Pathway Vet Alliance LLC and Pathway Vet Alliance Holding LLC (19)
 
Operator of freestanding veterinary hospitals
 
First lien senior secured revolving loan
 
 
12/21/2018
 

 

(2)(17)
 
 
 
 
 
First lien senior secured loan ($10.8 par due 12/2024)
 
6.90% (Libor + 4.50%/M)
 
12/21/2018
 
10.8

 
10.7

(2)(15)
 
 
 
 
 
First lien senior secured loan ($57.4 par due 12/2024)
 
6.90% (Libor + 4.50%/M)
 
12/21/2018
 
56.8

 
56.8

(2)(15)
 
 
 
 
 
Second lien senior secured loan ($27.4 par due 12/2025)
 
10.90% (Libor + 8.50%/M)
 
 
 
27.4

 
27.2

(2)(15)
 
 
 
 
 
Second lien senior secured loan ($163.9 par due 12/2025)
 
10.90% (Libor + 8.50%/M)
 
12/21/2018
 
163.9

 
163.1

(2)(15)
 
 
 
 
 
Preferred units (1,507,384 units)
 
 
 
12/21/2018
 
4.9

 
5.9

 
 
 
 
 
 
 
 
 
 
 
 
263.8

 
263.7

 
 
Patterson Medical Supply, Inc.
 
Distributor of rehabilitation supplies and equipment
 
Second lien senior secured loan ($78.0 par due 8/2023)
 
11.08% (Libor + 8.50%/Q)
 
9/2/2015
 
76.9

 
67.9

(2)(15)
 
Phylogeny, LLC and Conversant Biologics, LLC (fka WSHP FC Acquisition LLC) (19)
 
Provider of biospecimen products for pharma research
 
First lien senior secured revolving loan ($0.8 par due 3/2024)
 
8.83% (Libor + 6.50%/Q)
 
3/30/2018
 
0.8

 
0.8

(2)(15)
 
 
 
 
 
First lien senior secured loan ($6.0 par due 3/2024)
 
8.83% (Libor + 6.50%/Q)
 
3/30/2018
 
6.0

 
6.0

(2)(15)
 
 
 
 
 
First lien senior secured loan ($4.7 par due 3/2024)
 
8.83% (Libor + 6.50%/Q)
 
2/11/2019
 
4.7

 
4.7

(2)(15)
 
 
 
 
 
First lien senior secured loan ($28.3 par due 3/2024)
 
8.83% (Libor + 6.50%/Q)
 
3/30/2018
 
28.3

 
28.3

(3)(15)
 
 
 
 
 
 
 
 
 
 
 
39.8

 
39.8

 
 
PhyMED Management LLC
 
Provider of anesthesia services
 
Second lien senior secured loan ($47.2 par due 5/2021)
 
11.15% (Libor + 8.75%/M)
 
12/18/2015
 
47.0

 
46.8

(2)(15)
 
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (19)
 
Provider of employer-sponsored onsite health and wellness clinics and pharmacies
 
First lien senior secured loan ($10.9 par due 7/2025)
 
5.83% (Libor + 3.50%/Q)
 
7/10/2018
 
10.9

 
10.8

(4)
 
 
 
 
 
Second lien senior secured loan ($67.1 par due 7/2026)
 
9.83% (Libor + 7.50%/Q)
 
7/10/2018
 
66.5

 
66.4

(2)
 
 
 
 
 
Class A units (9,775 units)
 
 
 
7/10/2018
 
9.8

 
11.0

(2)
 
 
 
 
 
 
 
 
 
 
 
87.2

 
88.2

 
 
ProVation Medical, Inc.
 
Provider of documentation and coding software for GI physicians
 
First lien senior secured loan ($13.0 par due 3/2024)
 
9.58% (Libor + 7.00%/Q)
 
3/9/2018
 
12.8

 
13.0

(2)
 
RecoveryDirect Acquisition, L.L.C. (18)
 
Outpatient physical therapy provider
 
First lien senior secured loan ($6.9 par due 1/2024)
 
6.40% (Libor + 4.00%/M)
 
1/3/2018
 
6.9

 
6.9

(2)(15)
 
 
 
 
 
First lien senior secured loan ($30.6 par due 1/2024)
 
6.40% (Libor + 4.00%/M)
 
1/3/2018
 
30.6

 
30.6

(4)(15)
 
 
 
 
 
 
 
 
 
 
 
37.5

 
37.5

 
 

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2019
(dollar amounts in millions)
(unaudited)

Company(1)
 
Business Description
 
Investment
 
Interest(5)(9)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
Respicardia, Inc.
 
Developer of implantable therapies to improve cardiovascular health
 
Warrant to purchase up to 99,094 shares of Series C preferred stock (expires 6/2022)
 
 
 
6/28/2012
 

 

(2)
 
Retriever Medical/Dental Payments LLC (19)
 
Provider of payment processing services and software to healthcare providers
 
First lien senior secured loan ($2.0 par due 2/2023)
 
6.83% (Libor + 4.50%/Q)
 
3/14/2019
 
2.0

 
2.0

(2)(15)
 
RTI Surgical, Inc.
 
Manufacturer of biologic, metal and synthetic implants/devices
 
Second lien senior secured loan ($92.1 par due 12/2023)
 
11.16% (Libor + 8.75%/M)
 
3/8/2019
 
92.1

 
91.2

(2)(15)
 
Salter Labs (8)(19)
 
Developer, manufacturer and supplier of consumable products for medical device customers
 
First lien senior secured revolving loan ($0.6 par due 3/2020)
 
6.58% (Libor + 4.25%/Q)
 
2/8/2018
 
0.6

 
0.6

(2)(15)(18)
 
SCSG EA Acquisition Company, Inc. (19)
 
Provider of outsourced clinical services to hospitals and health systems
 
First lien senior secured revolving loan
 
 
9/1/2017
 

 

(2)(17)
 
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (19)
 
Outsourced anesthesia provider
 
First lien senior secured loan ($17.1 par due 3/2024)
 
7.08% (Libor + 4.75%/Q)
 
3/26/2018
 
17.1

 
14.9

(3)(15)
 
 
 
 
 
Common units (684,854 units)
 
 
 
3/26/2018
 
4.8

 
0.2

(2)
 
 
 
 
 
 
 
 
 
 
 
21.9

 
15.1

 
 
SM Wellness Holdings, Inc. and SM Holdco, Inc. (19)
 
Breast cancer screening provider
 
First lien senior secured loan ($7.1 par due 8/2024)
 
7.90% (Libor + 5.50%/M)
 
8/1/2018
 
7.1

 
7.1

(2)
 
 
 
 
 
Series A preferred stock (44,975 shares)
 
12.84% PIK (Libor + 10.25%/Q)
 
8/1/2018
 
50.5

 
50.2

(2)
 
 
 
 
 
Series A units (7,475 units)
 
 
 
8/1/2018
 
7.5

 
0.1

(2)
 
 
 
 
 
Series B units (747,500 units)
 
 
 
8/1/2018
 

 
7.7

(2)
 
 
 
 
 
 
 
 
 
 
 
65.1

 
65.1

 
 
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (19)
 
Franchisor of private-pay home care for the elderly
 
First lien senior secured loan ($16.0 par due 4/2024)
 
8.08% (Libor + 5.75%/Q)
 
4/2/2018
 
16.0

 
16.0

(2)(15)
 
 
 
 
 
Common units (550 units)
 
 
 
4/2/2018
 
0.6

 
0.7

 
 
 
 
 
 
 
 
 
 
 
 
16.6

 
16.7

 
 
Teligent, Inc. (19)
 
Pharmaceutical company that develops, manufactures and markets injectable pharmaceutical products
 
Second lien senior secured loan ($19.4 par due 6/2024)
 
11.08% (Libor + 7.75% Cash, 1.00% PIK/Q)
 
12/13/2018
 
19.4

 
19.0

(2)(15)
 
 
 
 
 
Second lien senior secured loan ($48.2 par due 6/2024)
 
11.20% (Libor + 7.75% Cash, 1.00% PIK/Q)
 
12/13/2018
 
48.2

 
47.2

(2)(15)
 
 
 
 
 
 
 
 
 
 
 
67.6

 
66.2

 
 
TerSera Therapeutics LLC
 
Acquirer and developer of specialty therapeutic pharmaceutical products
 
First lien senior secured loan ($2.1 par due 3/2023)
 
7.58% (Libor + 5.25%/Q)
 
9/27/2018
 
2.1

 
2.1

(2)(15)
 
 
 
 
 
First lien senior secured loan ($5.2 par due 3/2023)
 
7.58 % (Libor + 5.25%/Q)
 
5/3/2017
 
5.2

 
5.2

(4)(15)
 
 
 
 
 
First lien senior secured loan ($1.8 par due 3/2023)
 
7.58% (Libor + 5.25%/Q)
 
4/1/2019
 
1.8

 
1.8

(2)(15)
 
 
 
 
 
 
 
 
 
 
 
9.1

 
9.1

 
 
U.S. Acute Care Solutions, LLC (19)
 
Provider of physician management services
 
First lien senior secured revolving loan ($1.1 par due 1/2022)
 
7.40% (Libor + 5.00%/M)
 
2/8/2018
 
1.1

 
1.1

(2)
 
U.S. Anesthesia Partners, Inc.
 
Anesthesiology service provider
 
Second lien senior secured loan ($71.8 par due 6/2025)
 
9.65% (Libor + 7.25%/M)
 
6/16/2017
 
71.0

 
71.8

(2)(15)
 
United Digestive MSO Parent, LLC (18)
 
Gastroenterology physician group
 
First lien senior secured loan ($12.5 par due 12/2024)
 
7.08% (Libor + 4.50%/Q)
 
12/14/2018
 
12.5

 
12.5

(2)(15)
 
Urgent Cares of America Holdings I, LLC and FastMed Holdings I, LLC (19)
 
Operator of urgent care clinics
 
First lien senior secured revolving loan ($10.0 par due 2/2022)
 
10.33% (Libor + 8.00%/Q)
 
8/15/2017
 
10.0

 
10.0

(2)(15)
 
 
 
 
 
Preferred units (7,696,613 units)
 
 
 
6/11/2015
 
7.7

 

 
 
 
 
 
 
Series A common units (2,000,000 units)
 
 
 
6/11/2015
 
2.0

 

 
 
 
 
 
 
Series C common units (5,288,427 units)
 
 
 
6/11/2015
 

 

 
 

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2019
(dollar amounts in millions)
(unaudited)

Company(1)
 
Business Description
 
Investment
 
Interest(5)(9)
 
Acquisition
Date
 
Amortized
Cost
 
Fair
Value
 
Percentage
of Net
Assets
 
 
 
 
 
 
 
 
 
 
19.7

 
10.0

 
 
Urology Management Associates, LLC and JWC/UMA Holdings, L.P.
 
Urology private practice
 
First lien senior secured loan ($9.8 par due 8/2024)
 
7.40% (Libor + 5.00%/M)
 
8/31/2018
 
9.7

 
9.8

(2)(15)