10-Q 1 arccq1-202210q.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, 2022

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 classTrading symbolName of each exchange on which registered
Common stock, par value $0.001 per shareARCCNASDAQ 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 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 26, 2022
Common stock, $0.001 par value 492,782,291
1


ARES CAPITAL CORPORATION
 
INDEX
 
Part I. 
Item 1. 
 
 
 
 
Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2022 (unaudited) and the year ended December 31, 2021
 
 
Item 2.
Item 3.
Item 4.
   
Part II. 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions, except per share data)

 As of
 March 31, 2022December 31, 2021
(unaudited)
ASSETS
Investments at fair value  
Non-controlled/non-affiliate company investments$16,269 $17,056 
Non-controlled affiliate company investments376 373 
Controlled affiliate company investments2,841 2,580 
Total investments at fair value (amortized cost of $19,308 and $19,810, respectively)19,486 20,009 
Cash and cash equivalents695 372 
Restricted cash19 114 
Interest receivable128 142 
Receivable for open trades80 
Other assets106 99 
Operating lease right-of-use asset24 27 
Total assets$20,463 $20,843 
LIABILITIES 
Debt$10,528 $11,020 
Base management fees payable73 69 
Income based fees payable51 67 
Capital gains incentive fees payable138 161 
Interest and facility fees payable68 100 
Payable to participants19 114 
Payable for open trades31 216 
Accounts payable and other liabilities63 111 
Secured borrowings74 74 
Operating lease liabilities39 43 
Total liabilities11,084 11,975 
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY 
Common stock, par value $0.001 per share, 600 common shares authorized; 493 and 468 common shares issued and outstanding, respectively
— — 
Capital in excess of par value9,071 8,553 
Accumulated undistributed earnings308 315 
Total stockholders’ equity9,379 8,868 
Total liabilities and stockholders’ equity$20,463 $20,843 
NET ASSETS PER SHARE$19.03 $18.96 

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,
 20222021
INVESTMENT INCOME:  
From non-controlled/non-affiliate company investments:  
Interest income (excluding payment-in-kind (“PIK”) interest income)$242 $206 
PIK interest income27 26 
Capital structuring service fees26 38 
Dividend income41 24 
Other income10 
Total investment income from non-controlled/non-affiliate company investments346 303 
From non-controlled affiliate company investments:  
Interest income (excluding PIK interest income)
PIK interest income
Other income— 
Total investment income from non-controlled affiliate company investments
From controlled affiliate company investments:  
Interest income (excluding PIK interest income)37 45 
PIK interest income
Capital structuring service fees— 
Dividend income47 28 
Other income
Total investment income from controlled affiliate company investments92 83 
Total investment income440 390 
EXPENSES:  
Interest and credit facility fees93 86 
Base management fees73 58 
Income based fees51 46 
Capital gains incentive fees 42 
Administrative fees
Other general and administrative
Total expenses229 241 
NET INVESTMENT INCOME BEFORE INCOME TAXES211 149 
Income tax expense, including excise tax13 
NET INVESTMENT INCOME198 144 
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:  
Net realized gains (losses):  
Non-controlled/non-affiliate company investments50 35 
Non-controlled affiliate company investments— 11 
Controlled affiliate company investments19 21 
Foreign currency and other transactions(11)(8)
Net realized gains58 59 
Net unrealized gains (losses):  
Non-controlled/non-affiliate company investments(7)164 
Non-controlled affiliate company investments(1)
Controlled affiliate company investments(2)33 
Foreign currency and other transactions13 
Net unrealized gains213 
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions61 272 
REALIZED LOSS ON EXTINGUISHMENT OF DEBT(48)(43)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS$211 $373 
NET INCOME PER COMMON SHARE (see Note 10)
Basic$0.44 $0.87 
Diluted$0.43 $0.87 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)
Basic479 429 
Diluted500 429 
See accompanying notes to consolidated financial statements.
4

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
Software & Services
2U, Inc.Provider of course design and learning management system to educational institutionsFirst lien senior secured loan ($54.9 par due 12/2024)6.50% (LIBOR + 5.75%/Q)6/28/2021$54.1 $54.9 (2)(6)(12)
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (16)Payment processing solution providerFirst lien senior secured loan ($63.8 par due 03/2026)6.25% (LIBOR + 5.00%/Q)2/28/202063.8 63.8 (12)
Senior subordinated loan ($28.4 par due 02/2028)12.75% PIK2/28/202028.4 28.4 (2)
92.2 92.2 
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (16)Provider of intellectual property management lifecycle softwareFirst lien senior secured loan ($4.5 par due 04/2026)5.50% (Euribor + 5.50%/S)4/10/20194.6 4.5 
First lien senior secured loan ($11.2 par due 04/2026)6.25% (LIBOR + 5.25%/S)6/24/202111.2 11.2 (2)(12)
Limited partnership units (4,400,000 units)6/13/20194.2 8.6 (2)(6)
20.0 24.3 
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(16)Aircraft performance software providerFirst lien senior secured loan ($13.4 par due 01/2025)6.75% (LIBOR + 5.25%/Q)1/3/202013.4 13.4 (2)(12)
Class A membership Units (9,750,000 units)1/3/20209.8 11.1 (2)
23.2 24.5 
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (16)Software platform for identification, prevention and management of substance use disorderFirst lien senior secured loan ($5.7 par due 05/2027)8.25% (LIBOR + 7.25%/Q)5/6/20215.7 5.7 (2)(12)
Series A preferred shares (32,236 shares)11.00% PIK5/6/202135.6 35.6 (2)
41.3 41.3 
Apptio, Inc. (16)Provider of cloud-based technology business management solutionsFirst lien senior secured revolving loan ($63.9 par due 01/2025)8.25% (LIBOR + 7.25%/Q)1/10/201963.9 63.9 (2)(12)
Avetta, LLC (16)Supply chain risk management SaaS platform for global enterprise clientsFirst lien senior secured loan ($0.2 par due 04/2024)7.25% (LIBOR + 6.25%/Q)7/15/20210.2 0.2 (2)(12)
AxiomSL Group, Inc. and Calypso Group, Inc. (16)Provider of risk data management and regulatory reporting softwareFirst lien senior secured loan ($21.3 par due 12/2027)7.01% (LIBOR + 6.00%/Q)7/21/202121.0 21.1 (2)(12)
Banyan Software Holdings, LLC and Banyan Software, LP (16)Vertical software businesses holding companyFirst lien senior secured revolving loan ($0.2 par due 10/2025)7.75% (LIBOR + 6.75%/Q)10/30/20200.2 0.2 (2)(12)
First lien senior secured loan ($6.7 par due 10/2026)7.75% (LIBOR + 6.75%/Q)12/16/20216.7 6.7 (2)(12)
First lien senior secured loan ($11.2 par due 10/2026)7.76% (LIBOR + 6.75%/Q)10/30/202011.2 11.2 (2)(12)
Preferred units (120,999 units)1/7/20224.1 4.1 (2)
22.2 22.2 
Borrower R365 Holdings LLC (16)Provider of restaurant enterprise resource planning systemsFirst lien senior secured loan ($15.6 par due 06/2027)7.51% (LIBOR + 3.50% Cash, 3.00% PIK/Q)6/10/202115.4 15.6 (2)(12)
First lien senior secured loan ($1.4 par due 06/2027)4.51% (LIBOR + 3.50%/Q)1/13/20221.3 1.4 (2)(12)
16.7 17.0 
Businessolver.com, Inc. (16)Provider of SaaS-based benefits solutions for employers and employeesFirst lien senior secured loan ($14.4 par due 12/2027)6.50% (LIBOR + 5.75%/M)12/1/202114.4 14.3 (2)(12)
CallMiner, Inc.Provider of cloud-based conversational analytics solutionsWarrant to purchase up to 2,350,636 shares of Series 1 preferred stock (expires 7/2024)7/23/2014— — 
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (16)Provider of software and technology-enabled content and analytical solutions to insurance brokersFirst lien senior secured revolving loan ($1.3 par due 11/2025)7.00% (Base Rate + 3.50%/Q)11/12/20201.3 1.3 (2)(12)
5

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
Second lien senior secured loan ($59.9 par due 11/2028)8.50% (LIBOR + 7.75%/Q)11/12/202059.9 59.9 (2)(12)
Series A-2 preferred shares (8,963 shares)11.25% PIK (LIBOR + 11.00%/Q)12/23/202010.3 10.4 (2)
Series A-3 preferred shares (11,952 shares)11.00% PIK11/24/202112.4 13.8 (2)
Series A preferred shares (24,898 shares)11.21% PIK (LIBOR + 11.00%/Q)11/12/202029.1 28.8 (2)
113.0 114.2 
Community Brands ParentCo, LLC (16)Software and payment services provider to non-profit institutionsFirst lien senior secured loan ($10.7 par due 02/2028)6.50% (SOFR + 5.75%/Q)2/24/202210.7 10.6 (2)(12)
Class A units (500,000 units)12/2/20165.0 7.0 (2)
15.7 17.6 
Consilio Midco Limited and Consilio Investment Holdings, L.P. (16)Provider of sales software for the interior design industryFirst lien senior secured loan ($75.4 par due 05/2028)6.75% (LIBOR + 5.75%/Q)5/28/202175.4 75.4 (2)(6)(12)
First lien senior secured loan ($27.0 par due 05/2028)6.25% (Euribor + 6.25%/Q)11/30/202127.7 27.0 (2)(6)
Common units (4,799,000 units)5/28/20214.8 6.1 (2)(6)
107.9 108.5 
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (16)Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectorsSecond lien senior secured loan ($155.7 par due 06/2029)7.00% (LIBOR + 6.50%/M)6/3/2021155.7 154.1 (2)(12)
Limited partnership units (59,665,989 units)4/29/202159.7 82.5 (2)
215.4 236.6 
Cority Software Inc., IQS, Inc. and Cority Parent, Inc. (16)Provider of environmental, health and safety software to track compliance dataFirst lien senior secured loan ($6.3 par due 07/2026)6.00% (LIBOR + 5.00%/Q)7/2/20196.3 6.3 (6)(12)
First lien senior secured loan ($4.4 par due 07/2026)6.00% (LIBOR + 5.00%/Q)10/15/20194.4 4.4 (6)(12)
First lien senior secured loan ($1.1 par due 07/2026)8.00% (LIBOR + 7.00%/Q)9/3/20201.1 1.1 (2)(6)(12)
Preferred equity (198 shares)9.00% PIK7/2/20190.3 0.6 (2)(6)
Common equity (190,143 shares)7/2/2019— — (2)(6)
12.1 12.4 
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (16)Provider of a cloud-based, SaaS platform for talent managementFirst lien senior secured revolving loan10/15/2021— — (14)
Second lien senior secured loan ($137.5 par due 10/2029)7.00% (LIBOR + 6.50%/M)10/15/2021137.5 135.4 (2)(12)
Series A preferred shares (116,413 shares)10.50% PIK10/15/2021119.0 119.0 (2)
Class A-1 common stock (1,360,100 shares)10/15/202113.6 12.8 (2)
270.1 267.2 
Datix Bidco Limited (16)Global healthcare software company that provides software solutions for patient safety and risk managementFirst lien senior secured loan ($0.1 par due 04/2025)4.68% (LIBOR + 4.50%/S)10/7/2019— 0.1 (2)(6)
DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.Provider of internet security tools and solutionsSeries A preferred shares (129,822 shares)10.50% PIK5/25/2021138.1 138.1 (2)
Series A units (817,194 units)5/27/202113.3 13.2 (2)
151.4 151.3 
Denali Holdco LLC and Denali Apexco LP (16)Provider of cybersecurity audit and assessment servicesFirst lien senior secured loan ($37.2 par due 09/2027)7.13% (LIBOR + 6.00%/Q)9/15/202137.2 37.2 (2)(12)
Class A units (2,549,000 units)2/22/20222.5 2.5 (2)
6

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
39.7 39.7 
Diligent Corporation and Diligent Preferred Issuer, Inc. (16)Provider of secure SaaS solutions for board and leadership team documentsFirst lien senior secured revolving loan8/4/2020— — (14)
First lien senior secured loan ($32.9 par due 08/2025)7.26% (LIBOR + 6.25%/Q)8/4/202032.4 32.9 (12)
First lien senior secured loan ($2.0 par due 08/2025)7.26% (LIBOR + 6.25%/Q)7/30/20212.0 2.0 (2)(12)
First lien senior secured loan ($3.2 par due 08/2025)7.26% (LIBOR + 6.25%/Q)8/4/20203.2 3.2 (2)(12)
First lien senior secured loan ($0.1 par due 08/2025)6.76% (LIBOR + 5.75%/Q)3/4/20210.1 0.1 (2)(12)
First lien senior secured loan ($0.1 par due 08/2025)6.76% (LIBOR + 5.75%/Q)4/6/20210.1 0.1 (2)(12)
Preferred stock (13,140 shares)10.50% PIK4/6/202114.2 14.6 (2)
52.0 52.9 
Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc.SaaS based business analytics company focused on oil and gas industrySecond lien senior secured loan ($25.0 par due 07/2026)8.71% (LIBOR + 8.25%/M)2/11/202025.0 24.8 
Preferred stock (29.53 shares)13.50% PIK2/11/202038.3 39.2 (2)
63.3 64.0 
DS Admiral Bidco, LLC (16)Tax return software provider for government institutionsFirst lien senior secured loan ($0.1 par due 03/2028)6.75% (LIBOR + 5.75%/Q)3/16/20210.1 0.1 (2)(12)
Dye & Durham Corporation (16)Provider of cloud-based software and technology solutions for the legal industryFirst lien senior secured loan ($43.4 par due 12/2027)6.50% (CDOR + 5.75%/Q)12/3/202142.2 43.4 (2)(6)(12)
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (16)SaaS based supply chain management software provider focused on chemical marketsFirst lien senior secured revolving loan ($1.7 par due 09/2025)6.50% (LIBOR + 5.50%/M)9/18/20191.7 1.7 (2)(12)
First lien senior secured loan ($50.4 par due 09/2025)6.50% (LIBOR + 5.50%/Q)9/18/201950.4 50.4 (12)
First lien senior secured loan ($11.4 par due 09/2025)6.50% (LIBOR + 5.50%/Q)9/18/201911.4 11.4 (2)(12)
First lien senior secured loan ($20.4 par due 09/2025)6.50% (LIBOR + 5.50%/Q)12/15/202020.4 20.4 (2)(12)
Preferred equity (4,599 shares)9/18/20194.6 7.0 
88.5 90.9 
EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P.Provider of entertainment workforce and production management solutionsSecond lien senior secured loan ($177.9 par due 11/2029)7.51% (LIBOR + 6.50%/Q)11/4/2021177.9 176.1 (2)(12)
Partnership units (5,034,483 units)5/10/20193.2 9.8 (2)(6)
181.1 185.9 
EpiServer Inc. and Episerver Sweden Holdings AB (16)Provider of web content management and digital commerce solutionsFirst lien senior secured loan ($5.9 par due 04/2026)5.75 % (Euribor + 5.75%/Q)3/22/20195.9 5.9 (2)
First lien senior secured loan ($0.1 par due 04/2026)6.51% (LIBOR + 5.50%/Q)10/9/20180.1 0.1 (2)(12)
First lien senior secured loan ($0.1 par due 04/2026)6.51% (LIBOR + 5.50%/Q)12/21/20210.1 0.1 (2)(12)
6.1 6.1 
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (16)Provider of mission-critical, software-enabled clinical research solutionsSecond lien senior secured loan ($2.5 par due 02/2028)8.50% (LIBOR + 8.00%/M)2/4/20202.5 2.5 (2)(12)
Second lien senior secured loan ($14.6 par due 02/2028)8.50% (LIBOR + 8.00%/M)2/4/202014.3 14.6 (12)
Second lien senior secured loan ($30.6 par due 02/2028)8.50% (LIBOR + 8.00%/M)4/27/202129.6 30.6 (2)(12)
7

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
Limited partnership interest (3,988,000 shares)1/31/20204.5 4.4 (2)(6)
50.9 52.1 
Extrahop Networks, Inc. (16)Provider of real-time wire data analytics solutions for application and infrastructure monitoringFirst lien senior secured loan ($16.6 par due 07/2027)8.51% (LIBOR + 7.50%/Q)7/22/202116.6 16.6 (2)(12)
First lien senior secured loan ($1.7 par due 07/2027)8.50% (LIBOR + 7.50%/Q)7/20/20211.7 1.7 (2)(12)
18.3 18.3 
First Insight, Inc.Software company providing merchandising and pricing solutions to companies worldwideWarrant to purchase up to 122,827 units of Series C preferred stock (expires 3/2024)3/20/2014— — 
FM:Systems Group, LLC (16)Provider of facilities and space management software solutionsFirst lien senior secured loan ($1.4 par due 12/2024)7.50% (LIBOR + 6.50%/Q)6/15/20211.4 1.4 (2)(12)
First lien senior secured loan ($3.2 par due 12/2024)7.50% (LIBOR + 6.50%/Q)12/2/20193.2 3.2 (2)(12)
4.6 4.6 
Forescout Technologies, Inc. (16)Network access control solutions providerFirst lien senior secured loan ($22.1 par due 08/2026)10.50% PIK (LIBOR + 9.50%/Q)8/17/202021.8 22.1 (2)(12)
Frontline Technologies Group Holding LLC, Frontline Technologies Blocker Buyer, Inc., Frontline Technologies Holdings, LLC and Frontline Technologies Parent, LLCProvider of human capital management and SaaS-based software solutions to employees and administrators of K-12 school organizationsFirst lien senior secured loan ($14.9 par due 09/2023)6.25% (LIBOR + 5.25%/Q)12/30/202014.9 14.9 (12)
First lien senior secured loan ($0.1 par due 09/2023)6.25% (LIBOR + 5.25%/Q)6/15/20210.1 0.1 (2)(12)
Class A preferred units (4,574 units)9.00% PIK9/18/20176.3 6.9 
Class B common units (499,050 units)9/18/2017— 6.9 
21.3 28.8 
Genesis Acquisition Co. and Genesis Ultimate Holding Co. (16)Child care management software and services providerFirst lien senior secured revolving loan ($1.5 par due 07/2024)5.01% (LIBOR + 4.00%/Q)7/31/20181.5 1.5 (2)
First lien senior secured loan ($0.2 par due 07/2024)5.01% (LIBOR + 4.00%/Q)7/31/20180.2 0.2 (2)
First lien senior secured loan ($9.1 par due 07/2024)5.51% (LIBOR + 4.50%/Q)11/16/20219.1 9.1 (2)(12)
Second lien senior secured loan ($7.5 par due 07/2025)7.81% (LIBOR + 7.50%/Q)6/9/20217.5 7.5 (2)
Second lien senior secured loan ($32.4 par due 07/2025)7.71% (LIBOR + 7.50%/Q)7/31/201832.4 32.4 (2)
Second lien senior secured loan ($21.1 par due 07/2025)8.25% (LIBOR + 7.50%/Q)11/16/202121.1 21.1 (2)(12)
Class A common stock (8.39 shares)7/31/20180.8 1.0 (2)
72.6 72.8 
GI Ranger Intermediate LLC (16)Provider of payment processing services and software to healthcare providersFirst lien senior secured revolving loan ($0.4 par due 10/2027)6.75% (SOFR + 6.00%/Q)10/29/20210.4 0.4 (2)(12)
First lien senior secured loan ($35.0 par due 10/2028)6.75% (SOFR + 6.00%/Q)10/29/202135.0 34.7 (2)(12)
First lien senior secured loan ($5.4 par due 10/2028)6.75% (SOFR + 6.00%/Q)10/29/20215.4 5.3 (2)(12)
40.8 40.4 
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (16)Provider of data analysis, statistics, and visualization software solutions for scientific research applicationsFirst lien senior secured loan ($7.9 par due 04/2027)6.50% (LIBOR + 5.50%/Q)10/14/20217.9 7.9 (2)(12)
8

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
First lien senior secured loan ($0.5 par due 04/2027)7.00% (LIBOR + 6.00%/Q)12/21/20170.5 0.5 (2)(12)
First lien senior secured loan ($7.6 par due 04/2027)6.50% (LIBOR + 5.50%/Q)11/29/20217.6 7.6 (2)(12)
First lien senior secured loan ($16.1 par due 04/2027)6.50% (LIBOR + 5.50%/Q)4/28/202116.1 16.1 (2)(12)
Senior subordinated loan ($41.3 par due 04/2032)10.50% PIK4/28/202141.3 41.3 (2)
Preferred units (1,828,644 units)14.00% PIK4/28/202150.5 50.5 
123.9 123.9 
Heavy Construction Systems Specialists, LLC (16)Provider of construction softwareFirst lien senior secured loan ($15.9 par due 11/2028)6.50% (LIBOR + 5.75%/M)11/16/202115.9 15.7 (2)(12)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (16)Insurance software providerFirst lien senior secured revolving loan ($5.5 par due 11/2027)6.25% (LIBOR + 5.50%/Q)11/3/20215.5 5.4 (2)(12)
First lien senior secured loan ($60.8 par due 11/2028)6.25% (LIBOR + 5.50%/Q)11/3/202160.8 59.6 (12)
Senior subordinated loan ($92.4 par due 11/2031)10.00% PIK11/3/202192.4 89.6 (2)
Company units (4,243,657 units)11/3/20218.8 7.4 (2)
167.5 162.0 
IfByPhone Inc.Voice-based marketing automation software providerWarrant to purchase up to 124,300 shares of Series C preferred stock (expires 10/2022)10/15/20120.1 — 
Inmar, Inc.Technology-driven solutions provider for retailers, wholesalers and manufacturersSecond lien senior secured loan ($28.3 par due 05/2025)9.01% (LIBOR + 8.00%/Q)4/25/201728.1 28.3 (2)(12)
IV Rollover Holdings, LLCProvider of cloud based IT solutions, infrastructure and servicesClass B units (170,490 units)5/31/2017— 0.1 (2)
Class X units (5,000,000 units)5/31/20172.1 2.2 (2)
2.1 2.3 
Majesco and Magic Topco, L.P. (16)Insurance software providerFirst lien senior secured loan ($30.6 par due 09/2027)8.26% (LIBOR + 7.25%/Q)9/21/202030.6 30.6 (2)(12)
Class A units (2,539 units)9.00% PIK9/21/20202.9 3.7 (2)
Class B units (570,625 units)9/21/2020— — 
33.5 34.3 
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (16)Software and payment services provider to faith-based institutionsFirst lien senior secured loan ($32.7 par due 12/2028)6.51% (LIBOR + 5.50%/Q)12/30/202132.7 32.4 (2)(12)
Limited partner interests (9,574,000 interests)12/30/20219.6 9.3 (2)
42.3 41.7 
Mitchell International, Inc.Provider of technology, connectivity, and information solutions to the property and casualty insurance industrySecond lien senior secured loan ($91.2 par due 10/2029)7.00% (LIBOR + 6.50%/Q)10/1/202190.4 90.1 (2)(12)(19)
MMIT Holdings, LLC (16)Provider of market intelligence and analysis for the pharmaceutical industryFirst lien senior secured loan ($2.8 par due 09/2027)7.25% (LIBOR + 6.25%/Q)9/15/20212.8 2.8 (2)(12)
First lien senior secured loan ($13.7 par due 09/2027)7.25% (LIBOR + 6.25%/Q)10/21/202113.7 13.7 (2)(12)
16.5 16.5 
MRI Software LLC (16)Provider of real estate and investment management softwareFirst lien senior secured loan ($51.4 par due 02/2026)6.51% (LIBOR + 5.50%/Q)2/10/202051.4 51.4 (12)
First lien senior secured loan ($9.8 par due 02/2026)6.51 % (LIBOR + 5.50%/Q)8/28/20209.8 9.8 (2)(12)
61.2 61.2 
9

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
n2y Holding, LLC (16)Developer of cloud-based special education platformFirst lien senior secured revolving loan ($0.1 par due 11/2025)6.75% (LIBOR + 5.75%/Q)11/15/20190.1 0.1 (2)(12)
OpenMarket Inc.Provider of cloud-based mobile engagement platformFirst lien senior secured loan ($52.0 par due 09/2026)7.26% (LIBOR + 6.25%/Q)9/17/202151.9 50.9 (6)(12)
Paya, Inc and GTCR-Ultra Holdings LLC (16)Provider of payment processing and merchant acquiring solutionsClass B units (2,878,372 units)8/1/2017— 1.9 (2)
PayNearMe, Inc.Electronic cash payment system providerWarrant to purchase up to 195,726 shares of Series E preferred stock (expires 3/2023)3/11/20160.2 — 
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (16)Provider of enterprise management software for the convenience retail and petroleum wholesale marketFirst lien senior secured loan ($53.3 par due 10/2024)5.50% (LIBOR + 4.50%/Q)3/19/201953.3 53.3 (12)
Second lien senior secured loan ($7.2 par due 10/2025)9.50% (LIBOR + 8.50%/Q)12/7/20217.2 7.2 (2)(12)
Second lien senior secured loan ($70.1 par due 10/2025)9.50% (LIBOR + 8.50%/Q)3/19/201970.1 70.1 (2)(12)
Second lien senior secured loan ($8.3 par due 10/2025)9.50% (LIBOR + 8.50%/Q)12/17/20208.3 8.3 (2)(12)
Second lien senior secured loan ($8.7 par due 10/2025)9.50% (LIBOR + 8.50%/Q)4/27/20218.7 8.7 (2)(12)
Series A preferred stock (13,656 shares)13.25% PIK3/19/201920.1 20.4 (2)
Class A units (2,062,493 units)3/19/20192.1 3.4 (2)
169.8 171.4 
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (16)Provider of plant maintenance and scheduling softwareFirst lien senior secured loan ($0.2 par due 05/2025)6.26% (LIBOR + 5.25%/Q)5/29/20190.2 0.2 (2)(12)
First lien senior secured loan ($0.1 par due 05/2025)6.76% (LIBOR + 5.75%/Q)6/24/20200.1 0.1 (2)(12)
First lien senior secured loan ($31.8 par due 05/2025)6.75% (LIBOR + 5.75%/Q)10/16/202031.8 31.8 (2)(12)
Class A units (5,000 units)5/29/20195.0 15.0 
37.1 47.1 
Pluralsight, Inc. (16)Online education learning platformFirst lien senior secured loan ($106.2 par due 04/2027)9.00% (LIBOR + 8.00%/Q)4/6/2021106.2 106.2 (2)(12)
Poplicus IncorporatedBusiness intelligence and market analytics platform for companies that sell to the public sectorWarrant to purchase up to 2,402,991 shares of Series C preferred stock (expires 6/2025)6/25/20150.1 — 
PracticeTek Purchaser, LLC and GSV PracticeTek Holdings, LLCSoftware provider for medical practitionersClass A units (11,804,000 units)8.00% PIK3/31/2021— 8.2 (2)
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (16)Provider of practice management software to law firmsFirst lien senior secured loan ($3.9 par due 03/2027)6.25% (LIBOR + 5.25%/M)3/5/20213.9 3.9 (2)(12)
Limited partnership units (1,624,000 units)3/5/20211.6 1.6 (2)
5.5 5.5 
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc.Provider of data visualization software for data analyticsClass A common stock (7,445 shares)8/22/20167.4 16.6 (2)
Class B common stock (1,841,609 shares)8/22/20160.1 0.2 (2)
7.5 16.8 
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (16)Saas provider of automated crew callout and scheduling software for the utility industryFirst lien senior secured loan ($36.5 par due 04/2028)6.75% (LIBOR + 5.75%/Q)4/20/202136.5 35.7 (2)(12)
Preferred shares (26,436 shares)10.50% PIK (LIBOR + 9.50%/Q)4/20/202129.2 29.2 (2)(12)
65.7 64.9 
10

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
Project Potter Buyer, LLC and Project Potter Parent, L.P. (16)Software solutions provider to the ready-mix concrete industryFirst lien senior secured revolving loan ($0.8 par due 04/2026)9.50% (Base Rate + 6.00%/Q)4/23/20200.7 0.8 (2)(12)(15)
First lien senior secured loan ($44.0 par due 04/2027)8.00% (LIBOR + 7.00%/M)4/23/202044.0 44.0 (12)
First lien senior secured loan ($12.9 par due 04/2027)8.00% (LIBOR + 7.00%/M)10/30/202012.9 12.9 (2)(12)
First lien senior secured loan ($14.4 par due 04/2027)8.00% (LIBOR + 7.00%/M)11/18/202014.4 14.4 (12)
First lien senior secured loan ($4.9 par due 04/2027)8.00% (LIBOR + 7.00%/M)11/18/20204.9 4.9 (2)(12)
Class A units (1,599 units)9.00% PIK4/23/20201.9 1.9 (2)
Class B units (588,636 units)4/23/2020— 0.5 (2)
78.8 79.4 
Proofpoint, Inc. (16)Cybersecurity solutions providerFirst lien senior secured loan ($1.0 par due 08/2028)3.76% (LIBOR + 3.25%/Q)6/9/20210.9 1.0 (2)(12)(19)
Second lien senior secured loan ($34.6 par due 08/2029)6.76% (LIBOR + 6.25%/Q)6/9/202134.4 34.6 (2)(12)
35.3 35.6 
QF Holdings, Inc. (16)SaaS based electronic health record software providerFirst lien senior secured loan ($8.1 par due 12/2027)7.25% (LIBOR + 6.25%/Q)12/15/20218.1 8.1 (2)(12)
First lien senior secured loan ($6.8 par due 12/2027)7.54% (LIBOR + 6.25%/S)9/19/20196.8 6.8 (2)(12)
14.9 14.9 
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (16)Provider of SaaS-based safety and security software to the K-12 school marketFirst lien senior secured loan ($8.5 par due 10/2028)7.01% (LIBOR + 6.00%/Q)10/5/20218.5 8.4 (2)(6)(12)
Class A common units (2,880,582 units)12/17/20183.5 5.4 
12.0 13.8 
RealPage, Inc.Provider of enterprise software solutions to the residential real estate industrySecond lien senior secured loan ($84.1 par due 04/2029)7.25% (LIBOR + 6.50%/M)4/22/202182.9 84.1 (2)(12)
Regent Education, Inc.Provider of software solutions designed to optimize the financial aid and enrollment processesWarrant to purchase up to 5,393,194 shares of common stock (expires 12/2026)12/23/2016— — 
Warrant to purchase up to 987 shares of common stock (expires 12/2026)12/23/2016— — 
— — 
Relativity ODA LLC (16)Electronic discovery document review software platform for use in litigations and investigationsFirst lien senior secured loan ($60.7 par due 05/2027)7.50% PIK (LIBOR + 6.50%/M)5/12/202160.0 60.7 (2)(12)
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (16)Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industryFirst lien senior secured loan ($23.4 par due 12/2027)6.76% (LIBOR + 5.75%/Q)12/16/202123.4 23.2 (2)(12)
Class A common stock (464.9 shares)12/16/20214.6 4.6 (2)
28.0 27.8 
Smarsh Inc. and Skywalker TopCo, LLC (16)SaaS based communication archival service providerFirst lien senior secured loan ($10.6 par due 02/2029)7.25% (SOFR + 6.50%/Q)2/18/202210.6 10.5 (2)(12)
Common units (1,742,623 units)11/20/20206.3 8.8 (2)
16.9 19.3 
SocialFlow, Inc.Social media optimization platform providerWarrant to purchase up to 215,331 shares of Series C preferred stock (expires 1/2026)1/13/2016— — 
Sophia, L.P.Provider of ERP software and services for higher education institutionsSecond lien senior secured loan ($105.9 par due 10/2028)9.01% (LIBOR + 8.00%/Q)10/7/2020105.9 105.9 (2)(12)
SoundCloud LimitedPlatform for receiving, sending, and distributing musicCommon stock (73,422 shares)8/15/20170.4 0.7 (2)(6)
11

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
Stamps.com Inc.Provider of mailing and shipping solutionsFirst lien senior secured loan ($147.9 par due 10/2028)6.50% (LIBOR + 5.75%/M)10/5/2021147.9 144.9 (2)(12)
Storable, Inc. and EQT IX Co-Investment (E) SCSPPMS solutions and web services for the self-storage industrySecond lien senior secured loan ($10.3 par due 04/2029)7.50% (SOFR + 6.75%/M)3/2/202210.3 10.3 (2)(12)
Second lien senior secured loan ($42.8 par due 04/2029)7.66% (LIBOR + 6.75%/Q)4/16/202142.8 42.8 (2)(12)
Limited partnership interests (614,950 interests)4/16/20216.2 7.5 (2)(6)
59.3 60.6 
Sundance Group Holdings, Inc. (16)Provider of cloud-based document management and collaboration solutionsFirst lien senior secured revolving loan ($0.7 par due 07/2027)7.50% (LIBOR + 6.50%/Q)7/2/20210.6 0.7 (2)(12)
First lien senior secured loan ($15.4 par due 07/2027)7.50% (LIBOR + 6.50%/Q)7/2/202115.2 15.4 (2)(12)
15.8 16.1 
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (16)Provider of environment, health, safety, and sustainability softwareFirst lien senior secured loan ($55.3 par due 03/2028)6.50% (SOFR + 5.75%/Q)3/11/202255.3 54.8 (2)(12)
Class A-2 units (4,849 units)3/11/20224.8 4.8 
60.1 59.6 
TCP Hawker Intermediate LLC (16)Workforce management solutions providerFirst lien senior secured revolving loan ($0.1 par due 08/2025)6.50% (LIBOR + 5.50%/Q)8/30/20190.1 0.1 (2)(12)
First lien senior secured loan ($34.7 par due 08/2026)7.00% (LIBOR + 6.00%/Q)8/30/201934.7 34.7 (12)
First lien senior secured loan ($6.6 par due 08/2026)6.50% (LIBOR + 5.50%/Q)12/1/20206.6 6.6 (12)
41.4 41.4 
The Ultimate Software Group, Inc. and H&F Unite Partners, L.P. (16)Provider of cloud based HCM solutions for businessesFirst lien senior secured revolving loan ($0.7 par due 05/2024)4.21% (LIBOR + 3.75%/M)5/3/20190.7 0.7 (2)(6)(15)
Limited partnership interests (12,583,556 interests)5/3/201912.6 14.4 (2)(6)
13.3 15.1 
Verscend Holding Corp. (16)Healthcare analytics solutions providerFirst lien senior secured revolving loan8/27/2018— — (14)
WebPT, Inc. (16)Electronic medical record software providerFirst lien senior secured loan ($48.1 par due 01/2028)7.75% (LIBOR + 6.75%/Q)8/28/201948.1 48.1 (2)(12)
Wellness AcquisitionCo, Inc. (16)Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industryFirst lien senior secured loan ($2.0 par due 01/2027)6.50% (LIBOR + 5.50%/Q)1/20/20212.0 2.0 (2)(12)
WorkWave Intermediate II, LLC (16)Provider of cloud-based field services and fleet management solutionsFirst lien senior secured loan ($62.8 par due 06/2027)8.00% PIK (SOFR + 7.25%/Q)6/29/202162.8 62.8 (2)(12)
3,869.5 3,947.7 42.09%
Health Care Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(16)Dental services providerFirst lien senior secured revolving loan ($4.1 par due 06/2024)11.50% (Base Rate + 3.00% Cash, 5.00% PIK/Q)6/1/20214.1 4.1 (2)(12)
First lien senior secured loan ($50.2 par due 06/2024)10.00% (LIBOR + 4.00% Cash, 5.00% PIK/Q)6/1/202150.2 50.2 (2)(12)
Class A common units (7,617,280 units)6/1/20214.7 13.7 (2)
59.0 68.0 
ADG, LLC and RC IV GEDC Investor LLC (16)Dental services providerFirst lien senior secured revolving loan ($8.9 par due 09/2022)7.50% (Base Rate + 3.50% Cash, 0.50% PIK/M)9/28/20168.9 8.8 (2)(12)
12

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
First lien senior secured revolving loan ($2.3 par due 09/2022)5.75% (LIBOR + 4.25% Cash, 0.50% PIK/M)9/28/20162.3 2.3 (2)(12)
Second lien senior secured loan ($118.5 par due 03/2024)11.00% (LIBOR + 10.00%/Q)9/28/201698.4 106.7 (2)(12)
Membership units (3,000,000 units)9/28/20163.0 — 
112.6 117.8 
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (16)Revenue cycle management provider to the physician practices and acute care hospitalsSeries A preferred stock (198,504 shares)10.75% PIK2/15/2022201.1 201.1 (2)
Class A units (10,487,950 units)2/15/202210.5 10.5 (2)
211.6 211.6 
Bambino Group Holdings, LLCDental services providerClass A preferred units (1,000,000 units)12/21/20161.0 1.1 (2)
Bearcat Buyer, Inc. and Bearcat Parent, Inc. (16)Provider of central institutional review boards over clinical trialsSecond lien senior secured loan ($69.4 par due 07/2027)9.25% (LIBOR + 8.25%/Q)7/9/201969.4 69.4 (2)(12)
Second lien senior secured loan ($12.7 par due 07/2027)9.26% (LIBOR + 8.25%/Q)9/10/201912.7 12.7 (2)(12)
Class B common units (4,211 units)7/9/20194.2 11.3 (2)
86.3 93.4 
CCS-CMGC Holdings, Inc. (16)Correctional facility healthcare operatorFirst lien senior secured revolving loan10/1/2018— — (14)
First lien senior secured loan ($33.9 par due 10/2025)5.96% (LIBOR + 5.50%/M)9/25/201833.7 33.2 
33.7 33.2 
Center for Autism and Related Disorders, LLC (16)Autism treatment and services provider specializing in applied behavior analysis therapyFirst lien senior secured revolving loan ($6.8 par due 11/2023)7.26% (LIBOR + 6.25%/Q)11/21/20186.8 6.0 (2)(15)
Comprehensive EyeCare Partners, LLC (16)Vision care practice management companyFirst lien senior secured revolving loan ($0.3 par due 02/2024)7.00% (LIBOR + 5.75%/Q)2/14/20180.3 0.3 (2)(12)
First lien senior secured loan ($0.3 par due 02/2024)7.00% (LIBOR + 5.75%/Q)2/14/20180.3 0.3 (2)(12)
0.6 0.6 
Convey Health Solutions, Inc.Healthcare workforce management software providerFirst lien senior secured loan ($2.7 par due 09/2026)5.50% (LIBOR + 4.75%/Q)9/4/20192.7 2.7 (6)(12)
First lien senior secured loan ($35.1 par due 09/2026)5.50% (LIBOR + 4.75%/M)2/1/202235.1 35.1 (2)(6)(12)
37.8 37.8 
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (16)Provider of medical devices and services for the treatment of positional plagiocephalyFirst lien senior secured loan ($24.7 par due 03/2029)6.11% (LIBOR + 5.50%/Q)3/8/202224.7 24.5 (2)(12)
Class A shares (176 shares)3/8/20221.8 1.8 (2)
Common units (28.46 units)3/8/20220.3 0.3 (2)
26.8 26.6 
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (16)Veterinary hospital operatorFirst lien senior secured revolving loan10/31/2019— — (14)
First lien senior secured loan ($39.2 par due 10/2025)7.25% (LIBOR + 6.25%/Q)10/31/201939.2 39.2 (12)
First lien senior secured loan ($54.6 par due 10/2025)7.25% (LIBOR + 6.25%/Q)4/26/202154.6 54.6 (2)(12)
Common stock (32,429 shares)10/31/201910.0 16.6 (2)
103.8 110.4 
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (16)On-demand supply chain automation solutions provider to the healthcare industrySecond lien senior secured loan ($114 par due 05/2029)7.76% (LIBOR + 6.75%/Q)5/26/2021114.0 114.0 (2)(12)
13

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
Class A units (14,853,569 units)6/30/201715.7 34.8 (2)
129.7 148.8 
Global Medical Response, Inc. and GMR Buyer Corp.Emergency air medical services providerSecond lien senior secured loan ($95.4 par due 12/2029)7.50% (LIBOR + 6.75%/M)12/17/202195.4 94.5 (2)(12)
Warrant to purchase up to 115,733 units of common stock (expires 3/2028)3/14/20180.9 2.9 (2)
Warrant to purchase up to 1,926.57 units of common stock (expires 12/2031)12/17/20210.1 — (2)
96.4 97.4 
HealthEdge Software, Inc. (16)Provider of financial, administrative and clinical software platforms to the healthcare industryFirst lien senior secured revolving loan12/16/2021— — (14)
First lien senior secured loan ($80.9 par due 04/2026)8.00% (LIBOR + 7.00%/Q)12/16/202180.9 80.9 (2)(12)
80.9 80.9 
Honor Technology, Inc.Nursing and home care providerFirst lien senior secured loan ($2.5 par due 08/2026)11.00% (LIBOR + 10.00%/M)8/6/20212.4 2.5 (2)(12)
Warrant to purchase up to 133,333 shares of series D-2 preferred stock (expires 8/2031)8/6/20210.1 0.1 (2)
2.5 2.6 
JDC Healthcare Management, LLC (16)Dental services providerFirst lien senior secured revolving loan ($4.4 par due 04/2024)4/10/20173.7 2.9 (2)(11)
First lien senior secured loan ($37.3 par due 04/2024)4/10/201731.4 25.0 (2)(11)
35.1 27.9 
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (16)Provider of behavioral health servicesFirst lien senior secured revolving loan ($0.5 par due 03/2024)6.00% (LIBOR + 4.00% Cash, 1.00% PIK/M)3/17/20170.5 0.5 (2)(12)
Napa Management Services Corporation and ASP NAPA Holdings, LLCAnesthesia management services providerPreferred units (1,842 units)15.00% PIK6/29/20200.1 0.1 (2)
Senior preferred units (5,320 units)8.00% PIK6/29/20200.3 0.3 (2)
Class A units (25,277 units)4/19/20162.5 4.8 (2)
2.9 5.2 
NMN Holdings III Corp. and NMN Holdings LP (16)Provider of complex rehabilitation technology solutions for patients with mobility lossFirst lien senior secured revolving loan11/13/2018— — (14)
Partnership units (30,000 units)11/13/20183.0 2.5 (2)
3.0 2.5 
NueHealth Performance, LLC (16)Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centersFirst lien senior secured revolving loan ($3.3 par due 09/2023)9.00% (LIBOR + 8.00%/M)9/27/20183.3 3.3 (2)(12)
First lien senior secured loan ($12.4 par due 09/2023)9.00% (LIBOR + 8.00%/M)9/27/201812.4 12.4 (12)
First lien senior secured loan ($3.0 par due 09/2023)9.00% (LIBOR + 8.00%/M)2/1/20203.0 3.0 (2)(12)
18.7 18.7 
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(16)Behavioral health and special education platform providerFirst lien senior secured loan ($2.6 par due 02/2027)10.00% PIK (SOFR + 9.00%/M)2/28/20222.6 2.6 (2)(12)
First lien senior secured loan ($46.7 par due 02/2027)10.00% PIK (SOFR + 9.00%/M)9/24/201946.7 46.7 (12)
Preferred units (417,189)15.00% PIK7/28/20210.3 — 
Preferred stock (7,983 shares)2/28/20223.1 3.1 
14

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
Class A common units (9,549,000 units)9/24/20199.5 — 
Common units (7,584 units)2/28/2022— — 
62.2 52.4 
OMH-HealthEdge Holdings, LLCRevenue cycle management provider to the healthcare industryFirst lien senior secured loan ($26.1 par due 10/2025)7.50% (LIBOR + 6.00%/S)10/24/201926.1 26.1 (12)
First lien senior secured loan ($7.4 par due 10/2025)7.50% (LIBOR + 6.00%/S)3/8/20227.4 7.4 (2)(12)
First lien senior secured loan ($15.4 par due 10/2025)7.50% (LIBOR + 6.00%/S)3/10/202115.4 15.4 (12)
48.9 48.9 
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (16)Veterinary hospital operatorFirst lien senior secured revolving loan3/31/2020— — (14)
Second lien senior secured loan ($76.3 par due 03/2028)8.75% (LIBOR + 7.75%/M)3/31/202076.3 76.3 (2)(12)
Class R common units (6,004,768 units)3/31/20206.0 7.7 (2)
82.3 84.0 
PhyMED Management LLCProvider of anesthesia servicesSecond lien senior secured loan ($57.7 par due 09/2022)12/18/201555.8 14.4 (2)(11)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (16)Provider of employer-sponsored onsite health and wellness clinics and pharmaciesFirst lien senior secured revolving loan ($12.0 par due 07/2023)3.74% (LIBOR + 3.25%/Q)7/10/201812.0 12.0 (2)(15)
First lien senior secured loan ($8.6 par due 07/2025)4.51% (LIBOR + 3.50%/Q)7/10/20188.6 8.6 
Second lien senior secured loan ($67.1 par due 07/2026)8.51% (LIBOR + 7.50%/Q)7/10/201866.7 67.1 (2)
Class A units (9,775 units)7/10/20189.8 17.5 (2)
97.1 105.2 
Project Ruby Ultimate Parent Corp.Provider of care coordination and transition management software solutionsSecond lien senior secured loan ($193.1 par due 03/2029)7.25% (LIBOR + 6.50%/M)3/10/2021193.1 193.1 (2)(12)
Respicardia, Inc.Developer of implantable therapies to improve cardiovascular healthWarrant to purchase up to 99,094 shares of Series C preferred stock (expires 6/2022)6/28/2012— — 
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (16)Manufacturer of biologic, metal and synthetic implants/devicesFirst lien senior secured revolving loan ($7.7 par due 07/2026)8.25% (LIBOR + 6.75%/M)7/20/20207.7 7.7 (2)(12)
First lien senior secured loan ($22.7 par due 07/2026)8.25% (LIBOR + 6.75%/Q)7/20/202022.7 22.7 (12)
30.4 30.4 
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (16)Outsourced anesthesia providerFirst lien senior secured loan ($11.5 par due 03/2024)5.76% (LIBOR + 4.75%/Q)3/26/201811.5 10.3 (12)
Common units (684,854 units)3/26/20184.8 0.7 (2)
16.3 11.0 
SM Wellness Holdings, Inc. and SM Holdco, Inc. (16)Breast cancer screening providerSeries A units (8,041 units)8/1/20188.0 0.1 (2)
Series B units (804,142 units)8/1/2018— 10.4 (2)
8.0 10.5 
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (16)SaaS based healthcare compliance platform providerFirst lien senior secured revolving loan ($1.4 par due 12/2025)6.25% (Base Rate + 2.75%/Q)12/22/20201.4 1.4 (2)
First lien senior secured loan ($12.5 par due 12/2027)5.25% (SOFR + 4.50%/Q)2/8/202212.5 12.3 (2)(12)
Second lien senior secured loan ($76.2 par due 12/2028)8.63% (LIBOR + 7.88%/Q)12/22/202076.2 76.2 (2)(12)
Series C-1 preferred shares (75,939 shares)11.00% PIK6/18/202187.3 87.3 (2)
15

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(dollar amounts in millions)
(unaudited)

Company (1)Business DescriptionInvestmentInterest (3)(7)Acquisition DateAmortized CostFair ValuePercentage of Net Assets
Series C-2 preferred shares (40,114.766 shares)11.00% PIK6/18/202143.7 43.7 (2)
Series C-3 preferred shares (16,201.066 shares)11.00% PIK10/12/202117.1 17.1 (2)
238.2 238.0 
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (16)Franchisor of private-pay home care for the elderlyFirst lien senior secured loan ($15.3 par due 04/2024)6.76% (LIBOR + 5.75%/Q)4/2/201815.3 15.3 (12)
Common units (550 units)4/2/20180.5 1.0 
15.8 16.3 
Teligent, Inc.Pharmaceutical company that develops, manufactures and markets injectable pharmaceutical productsSecond lien senior secured loan ($80.6 par due 12/2022)12/13/201867.5 38.4 (2)(9)(11)
Second lien senior secured loan ($1.5 par due 12/2022)1/27/20211.3 0.7 (2)(9)(11)
Series D preferred stock (77,726 shares)1/27/2021— — 
Warrant to purchase up to 490,492 shares of common stock (expires 4/2025)4/6/2020— — 
Warrant to purchase up to 122,548 shares of common stock (expires 7/2025)7/20/2020— — 
68.8 39.1 
Therapy Brands Holdings LLC (16)Provider of software solutions for the mental and behavioral health market segmentsSecond lien senior secured loan ($20.5 par due 05/2029)7.54% (LIBOR + 6.75%/Q)6/2/202120.3 20.5 (2)(12)
Touchstone Acquisition, Inc. and Touchstone Holding, L.P.Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-marketsClass A preferred units (2,149 units)8.00% PIK11/15/20182.8 2.1 (2)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.Anesthesiology service providerSecond lien senior secured loan ($147.8 par due 10/2029)8.00% (LIBOR + 7.50%/M)10/1/2021147.8 146.3 (2)(12)
Common stock (3,671,429 shares)12/3/202112.9 14.1 (2)
160.7 160.4 
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (16)Veterinary hospital operatorFirst lien senior secured loan ($2.6 par due 12/2027)6.76% (LIBOR + 5.75%/Q)12/1/20212.6 2.5 (2)(12)
Class A-2 units (7,524 units)12/1/20217.5 7.1 (2)
10.1 9.6 
WSHP FC Acquisition LLC (16)