PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions, except per share data)


	As of							As of
	September 30, 2017			December 31, 2016				September 30, 2021		December 31, 2020
	(unaudited)							(unaudited)
ASSETS							ASSETS
Investments at fair value							Investments at fair value
Non-controlled/non-affiliate company investments	$	9,808		$	5,940		Non-controlled/non-affiliate company investments	$	15,345	$	12,780
Non-controlled affiliate company investments	208			185			Non-controlled affiliate company investments	333		296
Controlled affiliate company investments	1,440			2,695			Controlled affiliate company investments	1,999		2,439
Total investments at fair value (amortized cost of $11,740 and $9,034, respectively)	11,456			8,820
Total investments at fair value (amortized cost of $17,627 and $15,914, respectively)							Total investments at fair value (amortized cost of $17,627 and $15,914, respectively)	17,677		15,515
Cash and cash equivalents	341			223			Cash and cash equivalents	1,193		254
Restricted cash							Restricted cash	20		72
Interest receivable	105			112			Interest receivable	111		112
Receivable from participants							Receivable from participants	—		38
Receivable for open trades	34			29			Receivable for open trades	24		73
Other assets	105			61			Other assets	98		94
Operating lease right-of-use asset							Operating lease right-of-use asset	31		38
Total assets	$	12,041		$	9,245		Total assets	$	19,154	$	16,196
LIABILITIES							LIABILITIES
Debt	$	4,640		$	3,874		Debt	$	9,895	$	8,491
Base management fees payable	44			34			Base management fees payable	65		56
Income based fees payable	25			32			Income based fees payable	53		140
Capital gains incentive fees payable	61			38			Capital gains incentive fees payable	133		—
Interest and facility fees payable							Interest and facility fees payable	66		83
Payable to participants							Payable to participants	20		72
Payable for open trades							Payable for open trades	153		6
Accounts payable and other liabilities	199			58			Accounts payable and other liabilities	87		90
Interest and facility fees payable	44			44
Secured borrowings							Secured borrowings	97		23
Operating lease liabilities							Operating lease liabilities	48		59
Total liabilities	5,013			4,080			Total liabilities	10,617		9,020
Commitments and contingencies (Note 7)							Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY							STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 500 common shares authorized; 426 and 314 common shares issued and outstanding, respectively	—			—
Common stock, par value $0.001 per share, 600 common shares authorized; 461 and 423 common shares issued and outstanding, respectively							Common stock, par value $0.001 per share, 600 common shares authorized; 461 and 423 common shares issued and outstanding, respectively	—		—
Capital in excess of par value	7,206			5,292			Capital in excess of par value	8,373		7,656
Accumulated undistributed (overdistributed) net investment income	(78		)	37
Accumulated net realized gains on investments, foreign currency transactions, extinguishment of debt and other assets	200			57
Net unrealized losses on investments, foreign currency and other transactions	(300		)	(221		)
Accumulated undistributed (overdistributed) earnings							Accumulated undistributed (overdistributed) earnings	164		(480)
Total stockholders’ equity	7,028			5,165			Total stockholders’ equity	8,537		7,176
Total liabilities and stockholders’ equity	$	12,041		$	9,245		Total liabilities and stockholders’ equity	$	19,154	$	16,196
NET ASSETS PER SHARE	$	16.49		$	16.45		NET ASSETS PER SHARE	$	18.52	$	16.97

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,							For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017			2016			2017			2016				2021		2020		2021		2020
INVESTMENT INCOME:													INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:													From non-controlled/non-affiliate company investments:
Interest income from investments	$	200		$	134		$	539		$	412
Interest income from investments (excluding payment-in-kind (“PIK”) interest income)													Interest income from investments (excluding payment-in-kind (“PIK”) interest income)	$	230	$	194	$	656	$	639
PIK interest income from investments													PIK interest income from investments	42		33		95		85
Capital structuring service fees	28			34			64			60			Capital structuring service fees	53		12		179		55
Dividend income	8			6			20			23			Dividend income	31		18		86		54
Other income	4			3			13			10			Other income	11		22		28		38
Total investment income from non-controlled/non-affiliate company investments	240			177			636			505			Total investment income from non-controlled/non-affiliate company investments	367		279		1,044		871
From non-controlled affiliate company investments:													From non-controlled affiliate company investments:
Interest income from investments	4			4			12			13
Interest income from investments (excluding PIK interest income)													Interest income from investments (excluding PIK interest income)	2		2		5		7
PIK interest income from investments													PIK interest income from investments	1		—		3		2
Capital structuring service fees													Capital structuring service fees	—		—		—		1

Other income													Other income	—		—		1		—
Total investment income from non-controlled affiliate company investments	4			4			12			13			Total investment income from non-controlled affiliate company investments	3		2		9		10
From controlled affiliate company investments:													From controlled affiliate company investments:
Interest income from investments	34			62			149			187
Interest income from investments (excluding PIK interest income)													Interest income from investments (excluding PIK interest income)	39		38		129		110
PIK interest income from investments													PIK interest income from investments	3		13		23		22
Capital structuring service fees	4			1			9			2			Capital structuring service fees	6		—		11		—
Dividend income	10			10			38			30			Dividend income	23		19		72		55
Management and other fees	1			4			6			14
Other income	1			—			3			1			Other income	1		1		3		3
Total investment income from controlled affiliate company investments	50			77			205			234			Total investment income from controlled affiliate company investments	72		71		238		190
Total investment income	294			258			853			752			Total investment income	442		352		1,291		1,071
EXPENSES:													EXPENSES:
Interest and credit facility fees	56			43			166			139			Interest and credit facility fees	94		77		267		235
Base management fees	44			34			127			103			Base management fees	65		53		184		161
Income based fees	35			33			97			91			Income based fees	53		42		158		127
Capital gain incentive fees	(3		)	(6		)	23			8
Capital gains incentive fees													Capital gains incentive fees	30		—		133		(58)
Administrative fees	3			3			9			10			Administrative fees	4		3		11		10
Professional fees and other costs related to the American Capital Acquisition	4			3			42			11
Other general and administrative	7			6			24			21			Other general and administrative	7		7		18		19
Total expenses	146			116			488			383			Total expenses	253		182		771		494
Waiver of income based fees	(10		)	—			(20		)	—
Total expenses, net of waiver of income based fees	136			116			468			383

NET INVESTMENT INCOME BEFORE INCOME TAXES	158			142			385			369			NET INVESTMENT INCOME BEFORE INCOME TAXES	189		170		520		577
Income tax expense, including excise tax	5			4			14			13			Income tax expense, including excise tax	5		4		21		12
NET INVESTMENT INCOME	153			138			371			356			NET INVESTMENT INCOME	184		166		499		565
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:													REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):													Net realized gains (losses):
Non-controlled/non-affiliate company investments	(3		)	4			70			55			Non-controlled/non-affiliate company investments	82		(19)		139		15
Non-controlled affiliate company investments	—			12			—			13			Non-controlled affiliate company investments	1		—		58		13
Controlled affiliate company investments	45			5			97			11			Controlled affiliate company investments	40		(4)		61		(6)
Foreign currency and other transactions	(7		)	(1		)	(20		)	(1		)	Foreign currency and other transactions	26		(2)		9		(5)
Net realized gains	35			20			147			78
Net realized gains (losses)													Net realized gains (losses)	149		(25)		267		17
Net unrealized gains (losses):													Net unrealized gains (losses):
Non-controlled/non-affiliate company investments	(39		)	(57		)	(138		)	(91		)	Non-controlled/non-affiliate company investments	35		160		388		(571)
Non-controlled affiliate company investments	(9		)	(10		)	(10		)	12			Non-controlled affiliate company investments	6		4		13		(31)
Controlled affiliate company investments	1			23			75			48			Controlled affiliate company investments	(29)		142		56		126
Foreign currency and other transactions	(2		)	(4		)	(6		)	(4		)	Foreign currency and other transactions	(11)		(6)		5		—
Net unrealized losses	(49		)	(48		)	(79		)	(35		)
Net realized and unrealized gains (losses) from investments, foreign currency and other transactions	(14		)	(28		)	68			43
REALIZED LOSSES ON EXTINGUISHMENT OF DEBT	—			—			(4		)	—
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	139		$	110		$	435		$	399
BASIC AND DILUTED EARNINGS PER COMMON SHARE (see Note 10)	$	0.33		$	0.35		$	1.02		$	1.27
Net unrealized gains (losses)													Net unrealized gains (losses)	1		300		462		(476)
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions													Net realized and unrealized gains (losses) on investments, foreign currency and other transactions	150		275		729		(459)
REALIZED LOSS ON EXTINGUISHMENT OF DEBT													REALIZED LOSS ON EXTINGUISHMENT OF DEBT	—		—		(43)		—
NET INCREASE IN STOCKHOLDERS' EQUITY RESULTING FROM OPERATIONS													NET INCREASE IN STOCKHOLDERS' EQUITY RESULTING FROM OPERATIONS	$	334	$	441	$	1,185	$	106
BASIC AND DILUTED NET INCOME PER COMMON SHARE (see Note 10)													BASIC AND DILUTED NET INCOME PER COMMON SHARE (see Note 10)	$	0.73	$	1.04	$	2.68	$	0.25
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)	426			314			425			314			WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)	453		423		441		425

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost		Fair Value			Percentage of Net Assets
Software & Services
2U, Inc.	Provider of course design and learning management system to educational institutions	First lien senior secured loan ($45.6 par due 12/2024)	6.50% (Libor + 5.75%/Q)	6/28/2021	$	44.9	$	45.2	(2)(6)(13)
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (17)	Payment processing solution provider	First lien senior secured loan ($64.2 par due 3/2026)	6.25% (Libor + 5.00%/Q)	2/28/2020	64.2		64.2		(13)
		First lien senior secured loan ($0.7 par due 3/2026)	6.25% (Libor + 5.00%/Q)	6/7/2021	0.7		0.7		(2)(13)
		Senior subordinated loan ($26.6 par due 2/2028)	12.75% PIK	2/28/2020	26.6		26.6		(2)
					91.5		91.5
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (17)	Provider of intellectual property management lifecycle software	First lien senior secured loan ($4.8 par due 4/2026)	6.25% (Euribor + 6.25%/Q)	4/10/2019	4.6		4.8
		First lien senior secured loan ($16.0 par due 4/2026)	7.00% (Libor + 6.00%/Q)	6/24/2021	16.0		16.0		(2)(13)
		Limited partnership units (4,400,000 units)		6/13/2019	4.2		7.5		(2)(6)
					24.8		28.3
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(17)	Aircraft performance software provider	First lien senior secured loan ($13.5 par due 1/2025)	6.75% (Libor + 5.25%/Q)	1/3/2020	13.5		13.5		(2)(13)
		Class A membership units (9,750,000 units)		1/3/2020	9.8		12.0		(2)
					23.3		25.5
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (17)	Software platform for identification, prevention and management of substance use disorder	First lien senior secured loan ($25.7 par due 5/2027)	8.25% (Libor + 7.25%/Q)	5/6/2021	25.7		25.4		(2)(13)
		Series A preferred shares (32,236 shares)	11.00% PIK	5/6/2021	33.7		33.7		(2)
					59.4		59.1
Apptio, Inc. (17)	Provider of cloud-based technology business management solutions	First lien senior secured revolving loan ($1.7 par due 1/2025)	8.25% (Libor + 7.25%/Q)	1/10/2019	1.7		1.7		(2)(13)
		First lien senior secured loan ($62.2 par due 1/2025)	8.25% (Libor + 7.25%/Q)	1/10/2019	62.2		62.2		(13)
					63.9		63.9
Avetta, LLC (17)	Supply chain risk management SaaS platform for global enterprise clients	First lien senior secured loan ($21.1 par due 4/2024)	6.25% (Libor + 5.25%/Q)	7/15/2021	21.1		21.1		(2)(13)
AxiomSL Group, Inc. and Calypso Group, Inc. (17)	Provider of real-time wire data analytics solutions for application and infrastructure monitoring	First lien senior secured loan ($21.4 par due 12/2027)	7.00% (Libor + 6.00%/Q)	7/21/2021	21.0		21.2		(2)(13)
Banyan Software Holdings, LLC (17)	Vertical software businesses holding company	First lien senior secured loan ($20.3 par due 10/2026)	8.50% (Libor + 7.50%/Q)	10/30/2020	20.3		20.3		(2)(13)
Borrower R365 Holdings LLC (17)	Provider of restaurant ERP systems	First lien senior secured revolving loan ($0.7 par due 6/2027)	7.50% (Libor + 6.50%/Q)	6/10/2021	0.7		0.7		(2)(13)
		First lien senior secured loan ($15.4 par due 6/2027)	7.50% (Libor + 3.50% Cash, 3.00% PIK/S)	6/10/2021	15.1		15.2		(2)(13)
					15.8		15.9
CallMiner, Inc.	Provider of cloud-based conversational analytics solutions	Warrant to purchase up to 2,350,636 shares of Series 1 preferred stock (expires 7/2024)		7/23/2014	—		—		(2)
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (17)	Provider of software and technology-enabled content and analytical solutions to insurance brokers	First lien senior secured revolving loan ($1.1 par due 11/2025)	6.75% (Base Rate + 3.50%/Q)	11/12/2020	1.1		1.1		(2)(13)
		Second lien senior secured loan ($48.1 par due 11/2028)	8.50% (Libor + 7.75%/Q)	11/12/2020	48.1		48.1		(2)(13)
		Series A-2 preferred shares (8,963 shares)	11.25% PIK (Libor + 11.00%/Q)	12/23/2020	9.8		9.9		(2)
		Series A preferred shares (24,898 shares)	11.21% PIK (Libor + 11.00%/Q)	11/12/2020	27.5		27.4		(2)

Company(1) Business Description Investment Interest(6)(12) 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 ($18.8 par due 1/2022) 9.63% (Libor + 8.30%/Q) 1/5/2016 $ 18.8
$ 18.2
(2)(16)
First lien senior secured loan ($5.0 par due 1/2022) 9.63% (Libor + 8.30%/Q) 1/5/2016 5.0
4.8
(4)(16)
Class A preferred units (4,000,000 units) 1/5/2016 4.0
1.4
(2)
Class A common units (4,000,000 units) 1/5/2016 —
—
(2)
27.8
24.4

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

ADCS Billings Intermediate Holdings, LLC (20) Dermatology practice First lien senior secured revolving loan ($4.8 par due 5/2022) 9.00% (Base Rate + 4.75%/Q) 5/18/2016 4.8
4.7
(2)(16)(19)
ADG, LLC and RC IV GEDC Investor LLC (20) Dental services provider First lien senior secured revolving loan ($8.0 par due 9/2022) 6.00% (Libor + 4.75%/Q) 9/28/2016 8.0
7.8
(2)(16)
First lien senior secured revolving loan ($3.0 par due 9/2022) 8.00% (Base Rate + 3.75%/Q) 9/28/2016 3.0
2.9
(2)(16)
Second lien senior secured loan ($87.5 par due 3/2024) 10.25% (Libor + 9.00%/Q) 9/28/2016 87.5
84.0
(2)(16)
Membership units (3,000,000 units) 9/28/2016 3.0
2.3
(2)
101.5
97.0

Alcami Holdings, LLC (8)(20) Outsourced drug development services provider First lien senior secured revolving loan ($23.6 par due 10/2019) 6.74% (Libor + 5.50%/Q) 1/3/2017 23.6
23.6
(2)(16)
First lien senior secured loan ($10.0 par due 10/2020) 6.74% (Libor + 5.50%/Q) 1/3/2017 10.0
10.0
(2)(16)
First lien senior secured loan ($96.2 par due 10/2020) 6.74% (Libor + 5.50%/Q) 1/3/2017 96.2
96.2
(3)(16)
Senior subordinated loan ($34.8 par due 10/2020) 14.75% 1/3/2017 34.8
34.8
(2)
Senior subordinated loan ($35.2 par due 10/2020) 15.25% 1/3/2017 20.7
35.2
(2)
Senior subordinated loan ($25.0 par due 10/2020) 12.25% 1/3/2017 25.0
25.0
(2)
Senior subordinated loan ($30.0 par due 10/2020) 11.75% 1/3/2017 30.0
30.0
(2)
Senior subordinated loan ($30.0 par due 10/2020) 12% 1/3/2017 30.0
30.0
(2)
Series R preferred membership units (30,000 units) 1/3/2017 —
23.9

Series R-2 preferred membership units (54,936 units) 1/3/2017 —
43.8

270.3
352.5

Alegeus Technologies Holdings Corp. Benefits administration and transaction processing provider Preferred stock (2,997 shares) 12/13/2013 3.1
2.7

Common stock (3 shares) 12/13/2013 —
—

3.1
2.7

Argon Medical Devices, Inc. Manufacturer and marketer of single-use specialty medical devices Second lien senior secured loan ($9.0 par due 6/2022) 10.74% (Libor + 9.50%/Q) 12/23/2015 8.8
9.0
(2)(16)
AwarePoint Corporation Healthcare technology platform developer First lien senior secured loan ($8.0 par due 12/2019) 13.82% (Libor + 12.50%/M) 9/5/2014 7.9
7.3
(2)(14)(16)
Warrant to purchase up to 3,213,367 shares of Series 1 preferred stock (expires 9/2024) 11/14/2014 —
0.4
(2)
7.9
7.7

CCS Intermediate Holdings, LLC and CCS Group Holdings, LLC (20) Correctional facility healthcare operator First lien senior secured revolving loan ($4.5 par due 7/2019) 5.33% (Libor + 4.00%/Q) 7/23/2014 4.5
4.0
(2)(16)(19)
First lien senior secured loan ($6.5 par due 7/2021) 5.33% (Libor + 4.00%/Q) 7/23/2014 6.5
5.7
(2)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					86.5	86.5
Consilio Midco Limited and Consilio Investment Holdings, L.P. (17)	Provider of sales software for the interior design industry	First lien senior secured loan ($60.8 par due 5/2028)	6.75% (Libor + 5.75%/Q)	5/28/2021	60.8	60.1	(2)(6)(13)
		Common units (4,799,000 units)		5/28/2021	4.8	6.0	(2)(6)
					65.6	66.1
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (17)	Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors	Second lien senior secured loan ($155.7 par due 6/2029)	7.00% (Libor + 6.50%/M)	6/3/2021	155.7	154.1	(2)(13)
		Limited partnership units (59,665,989 units)		4/29/2021	59.7	75.0	(2)
					215.4	229.1
Cority Software Inc., IQS, Inc. and Cority Parent, Inc. (17)	Provider of environmental, health and safety software to track compliance data	First lien senior secured loan ($6.4 par due 7/2026)	6.00% (Libor + 5.00%/Q)	7/2/2019	6.4	6.4	(6)(13)
		First lien senior secured loan ($4.4 par due 7/2026)	6.00% (Libor + 5.00%/Q)	10/15/2019	4.4	4.4	(6)(13)
		First lien senior secured loan ($1.1 par due 7/2026)	8.00% (Libor + 7.00%/Q)	9/3/2020	1.1	1.1	(2)(6)(13)
		Preferred equity (198 shares)	9.00% PIK	7/2/2019	0.2	0.2	(2)(6)
		Common equity (190,143 shares)		7/2/2019	—	0.3	(2)(6)
					12.1	12.4
Datix Bidco Limited	Global healthcare software company that provides software solutions for patient safety and risk management	First lien senior secured loan ($0.1 par due 4/2025)	4.21% (Libor + 4.00%/Q)	10/7/2019	—	0.1	(2)(6)
DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.	Provider of internet security tools and solutions	Series A preferred shares (129,822 shares)	10.50% PIK	5/25/2021	131.2	129.8	(2)
		Series A units (817,194 units)		5/27/2021	13.3	12.2	(2)
					144.5	142.0
Denali Holdco LLC and Denali Topco LLC (17)	Provider of cybersecurity audit and assessment services	First lien senior secured loan ($37.3 par due 9/2027)	7.00% (Libor + 6.00%/Q)	9/15/2021	37.3	36.9	(2)(13)
		Class A units (2,549,000)		9/15/2021	2.5	2.5	(2)
					39.8	39.4
Diligent Corporation and Diligent Preferred Issuer, Inc. (17)	Provider of secure SaaS solutions for board and leadership team documents	First lien senior secured revolving loan		8/4/2020	—	—	(15)
		First lien senior secured loan ($33.1 par due 8/2025)	7.25% (Libor + 6.25%/Q)	8/4/2020	32.5	33.1	(13)
		First lien senior secured loan ($9.0 par due 8/2025)	6.75% (Libor + 5.75%/Q)	3/4/2021	8.9	9.0	(2)(13)
		First lien senior secured loan ($11.5 par due 8/2025)	6.75% (Libor + 5.75%/Q)	4/6/2021	11.4	11.5	(2)(13)
		First lien senior secured loan ($2.0 par due 8/2025)	7.25% (Libor + 6.25%/Q)	7/30/2021	2.0	2.0	(2)(13)
		Preferred stock (13,140 shares)	10.50% PIK	4/6/2021	13.5	13.8	(2)
					68.3	69.4
Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc.	SaaS based business analytics company focused on oil and gas industry	Second lien senior secured loan ($25.0 par due 7/2026)	8.33% (Libor + 8.25%/M)	2/11/2020	25.0	25.0
		Preferred stock (29.53 shares)	13.50% PIK	2/11/2020	35.8	36.7	(2)
					60.8	61.7
DS Admiral Bidco, LLC (17)	Tax return software provider for government institutions	First lien senior secured loan ($25.8 par due 3/2028)	6.75% (Libor + 5.75%/Q)	3/16/2021	25.1	25.5	(2)(13)
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (17)	SaaS based supply chain management software provider focused on chemical markets	First lien senior secured revolving loan ($2.3 par due 9/2025)	7.00% (Libor + 6.00%/M)	9/18/2019	2.3	2.3	(2)(13)
		First lien senior secured loan ($50.7 par due 9/2025)	7.00% (Libor + 6.00%/Q)	9/18/2019	50.7	50.7	(13)
		First lien senior secured loan ($11.5 par due 9/2025)	7.00% (Libor + 6.00%/Q)	9/18/2019	11.5	11.5	(2)(13)
		First lien senior secured loan ($20.5 par due 9/2025)	7.00% (Libor + 6.00%/Q)	12/15/2020	20.5	20.5	(2)(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Second lien senior secured loan ($135.0 par due 7/2022) 9.70% (Libor + 8.38%/Q) 7/23/2014 134.2
110.7
(2)(16)
Class A units (1,000,000 units) 8/19/2010 —
0.7
(2)
145.2
121.1

Correctional Medical Group Companies, Inc. Correctional facility healthcare operator First lien senior secured loan ($48.8 par due 9/2021) 8.79% (Libor + 7.65%/Q) 9/29/2015 48.8
48.8
(3)(16)
First lien senior secured loan ($3.1 par due 9/2021) 8.79% (Libor + 7.65%/Q) 9/29/2015 3.1
3.1
(2)(16)
51.9
51.9

CSHM LLC (8) Dental services provider Class A membership units (1,979 units) 1/3/2017 —
—

D4C Dental Brands HoldCo, Inc. and Bambino Group Holdings, LLC (20) Dental services provider First lien senior secured revolving loan ($1.2 par due 12/2022) 7.56% (Libor + 6.25%/Q) 12/21/2016 1.2
1.2
(2)(16)
First lien senior secured revolving loan ($1.3 par due 12/2022) 9.50% (Base Rate + 5.25%/Q) 12/21/2016 1.3
1.3
(2)(16)
Class A preferred units (1,000,000 units) 12/21/2016 1.0
1.0
(2)
3.5
3.5

DCA Investment Holding, LLC (20) Multi-branded dental practice management First lien senior secured revolving loan ($2.8 par due 7/2021) 8.50% (Base Rate + 4.25%/Q) 7/2/2015 2.8
2.7
(2)(16)(19)
First lien senior secured loan ($18.8 par due 7/2021) 6.58% (Libor + 5.25%/Q) 7/2/2015 18.7
18.2
(4)(16)
21.5
20.9

DNAnexus, Inc. Bioinformatics company Warrant to purchase up to 909,092 units of Series C preferred stock (expires 3/2024) 3/21/2014 —
0.1
(2)
Drayer Physical Therapy Institute LLC Outpatient physical therapy provider First lien senior secured loan ($12.3 par due 7/2018) 8.99% (Libor + 7.75%/Q) 7/26/2017 12.3
12.3
(2)(16)
First lien senior secured loan ($114.6 par due 7/2018) 8.99% (Libor + 7.75%/Q) 7/26/2017 114.6
114.6
(2)(16)
126.9
126.9

Emerus Holdings, Inc. (20) Freestanding 24-hour emergency care micro-hospitals operator First lien senior secured revolving loan ($0.3 par due 9/2020) 7.75% (Base Rate + 3.50%/Q) 3/14/2017 0.3
0.3
(2)(16)
First lien senior secured loan ($2.3 par due 9/2021) 5.74% (Libor + 4.50%/Q) 3/14/2017 2.0
2.0
(2)(16)
2.3
2.3

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 ($96.5 par due 6/2025) 9.33% (Libor + 8.00%/Q) 6/30/2017 95.8
95.5
(2)(16)
Series A perpetual preferred stock (110,338 shares) 12.08% PIK (Libor + 10.75%/Q) 6/30/2017 113.7
113.7
(2)(16)
Class A units (13,925,993 units) 6/30/2017 13.9
14.7
(2)
223.4
223.9

Greenphire, Inc. and RMCF III CIV XXIX, L.P (20) Software provider for clinical trial management First lien senior secured revolving loan ($1.0 par due 12/2018) 8.00% (Base Rate + 3.75%/Q) 12/19/2014 1.0
1.0
(2)(16)
First lien senior secured loan ($1.5 par due 9/2020) 9.30% (Libor + 8.00%/M) 12/19/2014 1.5
1.5
(2)(16)
First lien senior secured loan ($2.7 par due 12/2018) 9.30% (Libor + 8.00%/M) 12/19/2014 2.7
2.7
(2)(16)
Limited partnership interest (99.90% interest) 12/19/2014 1.0
2.3
(2)
6.2
7.5

Heartland Dental, LLC Detanl services provider Second lien senior secured loan ($27.8 par due 7/2024) 9.82% (Libor + 8.50%/Q) 7/31/2017 27.4
27.8
(2)(16)
Hygiena Borrower LLC (20) Adenosine triphosphate testing technology provider Second lien senior secured loan ($10.7 par due 8/2023) 10.33% (Libor + 9.00%/Q) 2/27/2017 10.7
10.7
(2)(16)
Second lien senior secured loan ($10.0 par due 8/2023) 10.33% (Libor + 9.00%/Q) 8/26/2016 10.0
10.0
(2)(16)
20.7
20.7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Preferred equity (4,599 shares)		9/18/2019	4.6	5.0
					89.6	90.0
EP Purchaser, LLC., Entertainment Partners Canada ULC and TPG VIII EP Co-Invest II, L.P. (17)	Provider of entertainment workforce and production management solutions	First lien senior secured loan ($29.0 par due 5/2026)	5.38% (Libor + 5.25%/Q)	5/10/2019	29.0	29.0	(6)
		First lien senior secured loan ($24.4 par due 5/2026)	5.38% (Libor + 5.25%/Q)	5/10/2019	24.4	24.4	(2)(6)(9)
		First lien senior secured loan ($10.6 par due 5/2026)	5.38% (Libor + 5.25%/Q)	5/10/2019	10.6	10.6	(2)(6)
		Partnership units (5,034,483 units)		5/10/2019	4.7	8.6	(2)(6)
					68.7	72.6
Episerver Inc. and Goldcup 17308 AB (17)	Provider of web content management and digital commerce solutions	First lien senior secured loan ($6.2 par due 4/2026)	5.75% (Euribor + 5.75%/Q)	3/22/2019	6.0	6.2	(2)(6)
		First lien senior secured loan ($27.0 par due 4/2026)	6.50% (Libor + 5.50%/Q)	10/9/2018	27.0	27.0	(2)(6)(13)
					33.0	33.2
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (17)	Provider of mission-critical, software-enabled clinical research solutions	Second lien senior secured loan ($19.9 par due 2/2028)	8.50% (Libor + 8.00%/M)	2/4/2020	19.5	19.9	(13)
		Second lien senior secured loan ($2.5 par due 2/2028)	8.50% (Libor + 8.00%/M)	2/4/2020	2.5	2.5	(2)(13)
		Second lien senior secured loan ($30.6 par due 2/2028)	8.50% (Libor + 8.00%/M)	4/27/2021	29.5	30.6	(2)(13)
		Limited partnership interest (3,988,000 shares)		1/31/2020	4.5	5.8	(2)(6)
					56.0	58.8
ExtraHop Networks, Inc. (17)	Provider of real-time wire data analytics solutions for application and infrastructure monitoring	First lien senior secured loan ($0.4 par due 7/2027)	8.50% (Libor + 7.50%/Q)	7/20/2021	0.4	0.4	(2)(13)
		First lien senior secured loan ($16.6 par due 7/2027)	8.50% (Libor + 7.50%/Q)	7/22/2021	16.6	16.4	(2)(13)
					17.0	16.8
First Insight, Inc.	Software company providing merchandising and pricing solutions to companies worldwide	Warrant to purchase up to 122,827 units of Series C preferred stock (expires 3/2024)		3/20/2014	—	—	(2)
FM:Systems Group, LLC (17)	Provider of facilities and space management software solutions	First lien senior secured revolving loan ($1.5 par due 12/2024)	7.50% (Libor + 6.50%/Q)	2/8/2018	1.5	1.5	(2)(13)
		First lien senior secured loan ($3.2 par due 12/2024)	7.50% (Libor + 6.50%/M)	12/2/2019	3.2	3.2	(2)(13)
		First lien senior secured loan ($1.4 par due 12/2024)	7.50% (Libor + 6.50%/Q)	6/15/2021	1.4	1.4	(2)(13)
					6.1	6.1
Forescout Technologies, Inc. (17)	Network access control solutions provider	First lien senior secured loan ($18.3 par due 8/2026)	10.50% PIK (Libor + 9.50%/Q)	8/17/2020	17.9	17.9	(2)(13)
Frontline Technologies Group Holding LLC, Frontline Technologies Blocker Buyer, Inc., Frontline Technologies Holdings, LLC and Frontline Technologies Parent, LLC	Provider of human capital management and SaaS-based software solutions to employees and administrators of K-12 school organizations	First lien senior secured loan ($17.3 par due 9/2023)	6.75% (Libor + 5.75%/Q)	12/30/2020	17.3	17.3	(13)
		First lien senior secured loan ($3.1 par due 9/2023)	6.75% (Libor + 5.75%/Q)	6/15/2021	3.1	3.1	(2)(13)
		Class A preferred units (4,574 units)	9.00% PIK	9/18/2017	6.0	6.6
		Class B common units (499,050 units)		9/18/2017	—	4.3
					26.4	31.3
Genesis Acquisition Co. and Genesis Holding Co. (17)	Child care management software and services provider	First lien senior secured revolving loan ($1.5 par due 7/2024)	4.13% (Libor + 4.00%/Q)	7/31/2018	1.5	1.5	(2)
		First lien senior secured loan ($0.2 par due 7/2024)	4.13% (Libor + 4.00%/Q)	7/31/2018	0.2	0.2	(2)
		Second lien senior secured loan ($32.4 par due 7/2025)	7.65% (Libor + 7.50%/Q)	7/31/2018	32.4	31.1	(2)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Intermedix Corporation Revenue cycle management provider to the emergency healthcare industry First lien senior secured loan ($107.5 par due 12/2019) 5.93% (Libor + 4.75%/Q) 7/26/2017 116.8
115.6
(2)(16)
First lien senior secured loan ($121.7 par due 12/2019) 6.07% (Libor + 4.75%/Q) 7/26/2017 132.2
130.9
(2)(16)
Second lien senior secured loan ($112.0 par due 6/2020) 9.58% (Libor + 8.25%/Q) 12/27/2012 112.0
108.6
(2)(16)
361.0
355.1

Island Medical Management Holdings, LLC Provider of physician management services First lien senior secured loan ($3.5 par due 9/2022) 7.00% (Libor + 5.50%/Q) 5/15/2017 3.5
3.4
(2)(16)
3.5
3.4

JDC Healthcare Management, LLC (20) Dental services provider First lien senior secured revolving loan ($1.5 par due 4/2022) 7.49% (Libor + 6.25%/Q) 4/10/2017 1.5
1.5
(2)(16)
First lien senior secured loan ($10.0 par due 4/2023) 7.49% (Libor + 6.25%/Q) 4/10/2017 10.0
9.8
(2)(16)
First lien senior secured loan ($20.0 par due 4/2023) 7.49% (Libor + 6.25%/Q) 4/10/2017 20.0
19.6
(4)(16)
31.5
30.9

KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (20) Provider of behavioral health services First lien senior secured revolving loan ($0.9 par due 3/2022) 6.23% (Libor + 5.00%/Q) 3/17/2017 0.9
0.9
(2)(16)
First lien senior secured revolving loan ($0.4 par due 3/2022) 6.24% (Libor + 5.00%/Q) 3/17/2017 0.4
0.4
(2)(16)
1.3
1.3

Key Surgical LLC (20) Provider of sterile processing, operating room and instrument care supplies for hospitals First lien senior secured revolving loan ($0.9 par due 6/2022) 6.07% (Libor + 4.75%/Q) 6/1/2017 0.9
0.9
(2)(16)
First lien senior secured loan ($17.8 par due 6/2023) 5.75% (EURIBOR + 4.75%/Q) 6/1/2017 16.9
17.5
(2)(16)
First lien senior secured loan ($4.4 par due 6/2023) 6.07% (Libor + 4.75%/Q) 6/1/2017 4.3
4.3
(4)(16)
22.1
22.7

MB2 Dental Solutions, LLC (20) Dental services provider First lien senior secured loan ($4.8 par due 9/2023) 6.08% (Libor + 3.75%/Q) 9/29/2017 4.8
4.7
(2)(16)
MCH Holdings, Inc. and MC Acquisition Holdings I, LLC Healthcare professional provider First lien senior secured loan ($74.3 par due 1/2020) 6.73% (Libor + 5.50%/Q) 7/26/2017 74.3
74.3
(2)(16)
First lien senior secured loan ($90.0 par due 1/2020) 6.74% (Libor + 5.50%/Q) 7/26/2017 90.0
90.0
(2)(16)
Class A units (1,438,643 shares) 1/17/2014 1.5
1.1
(2)
165.8
165.4

MW Dental Holding Corp. (20) Dental services provider First lien senior secured revolving loan ($9.7 par due 4/2018) 9.00% (Libor + 7.50%/Q) 4/12/2011 9.7
9.7
(2)(16)
First lien senior secured loan ($44.5 par due 4/2018) 9.00% (Libor + 7.50%/Q) 4/12/2011 44.5
44.5
(2)(16)
First lien senior secured loan ($46.9 par due 4/2018) 9.00% (Libor + 7.50%/Q) 4/12/2011 46.9
46.9
(3)(16)
First lien senior secured loan ($19.4 par due 4/2018) 9.00% (Libor + 7.50%/Q) 4/12/2011 19.4
19.4
(4)(16)
120.5
120.5

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. Outsourced mobile diagnostic healthcare service provider Second lien senior secured loan ($80.0 par due 7/2020) 10.83% (Libor + 9.50%/Q) 8/6/2013 79.3
62.4
(2)(16)
NMSC Holdings, Inc. and ASP NAPA Holdings, LLC Anesthesia management services provider Second lien senior secured loan ($72.8 par due 10/2023) 11.33% (Libor + 10.00%/Q) 4/19/2016 72.8
69.2
(2)(16)
Class A units (25,277 units) 4/19/2016 2.5
1.7
(2)
75.3
70.9

Nodality, Inc. Biotechnology company First lien senior secured loan ($2.3 par due 8/2016) 11/12/2015 2.1
—
(2)(15)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Second lien senior secured loan ($7.5 par due 7/2025)	7.62% (Libor + 7.50%/Q)	6/9/2021	7.5	7.2	(2)
		Class A common stock (8 shares)		7/31/2018	0.8	0.8	(2)
					42.4	40.8
IfByPhone Inc.	Voice-based marketing automation software provider	Warrant to purchase up to 124,300 shares of Series C preferred stock (expires 10/2022)		10/15/2012	0.1	—	(2)
Inmar, Inc.	Technology-driven solutions provider for retailers, wholesalers and manufacturers	Second lien senior secured loan ($28.3 par due 5/2025)	9.00% (Libor + 8.00%/Q)	4/25/2017	28.1	28.3	(2)(13)
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC	Provider of data analysis, statistics, and visualization software solutions for scientific research applications	First lien senior secured revolving loan ($0.3 par due 4/2027)	7.00% (Libor + 6.00%/Q)	12/21/2017	0.3	0.3	(2)(13)
		First lien senior secured loan ($0.5 par due 4/2027)	7.00% (Libor + 6.00%/Q)	12/21/2017	0.5	0.5	(2)(13)
		First lien senior secured loan ($16.2 par due 4/2027)	6.50% (Libor + 5.50%/Q)	4/28/2021	16.2	16.0	(2)(13)
		Senior subordinated loan ($37.5 par due 4/2032)	10.50%	4/28/2021	37.5	37.2	(2)
		Preferred units (1,828,645 units)	14.00% PIK	4/28/2021	50.5	50.5
					105.0	104.5
Huskies Parent, Inc. (17)	Insurance software provider	First lien senior secured loan ($0.5 par due 7/2026)	4.08% (Libor + 4.00%/M)	7/18/2019	0.5	0.5	(2)(20)
IV Rollover Holdings, LLC	Solar power generation facility developer and operator	Class B units (170,490 units)		5/31/2017	—	—	(2)
		Class X units (5,000,000 units)		5/31/2017	2.2	2.2	(2)
					2.2	2.2
Majesco and Magic Topco, L.P. (17)	Insurance software provider	First lien senior secured loan ($60.7 par due 9/2027)	8.25% (Libor + 7.25%/Q)	9/21/2020	60.7	60.7	(2)(13)
		Class A units (2,539 units)	9.00% PIK	9/21/2020	2.8	2.8	(2)
		Class B units (570,625 units)		9/21/2020	—	0.9	(2)
					63.5	64.4
Ministry Brands, LLC and MB Parent HoldCo, L.P. (dba Community Brands) (17)	Software and payment services provider to faith-based institutions	First lien senior secured loan ($9.2 par due 12/2022)	5.00% (Libor + 4.00%/M)	4/6/2017	9.2	9.2	(13)
		First lien senior secured loan ($4.8 par due 12/2022)	5.00% (Libor + 4.00%/M)	8/22/2017	4.8	4.8	(13)
		Second lien senior secured loan ($90.0 par due 6/2023)	10.25% (Libor + 9.25%/M)	12/2/2016	89.8	90.0	(13)
		Second lien senior secured loan ($16.6 par due 6/2023)	10.25% (Libor + 9.25%/M)	12/2/2016	16.6	16.6	(2)(13)
		Second lien senior secured loan ($13.9 par due 6/2023)	10.25% (Libor + 9.25%/M)	4/6/2017	13.9	13.9	(2)(13)
		Second lien senior secured loan ($17.9 par due 6/2023)	10.25% (Libor + 9.25%/M)	8/22/2017	17.9	17.9	(2)(13)
		Second lien senior secured loan ($48.9 par due 6/2023)	9.00% (Libor + 8.00%/M)	4/18/2018	48.9	48.9	(2)(13)
		Class A units (500,000 units)		12/2/2016	5.0	8.3	(2)
					206.1	209.6
MMIT Holdings, LLC (17)	Provider of market intelligence and analysis for the pharmaceutical industry	First lien senior secured loan ($42.9 par due 9/2027)	7.25% (Libor + 6.25%/Q)	9/15/2021	42.9	42.5	(2)(13)
MRI Software LLC (17)	Provider of real estate and investment management software	First lien senior secured loan ($50.6 par due 2/2026)	6.50% (Libor + 5.50%/Q)	2/10/2020	50.6	50.6	(13)
		First lien senior secured loan ($3.9 par due 2/2026)	6.50% (Libor + 5.50%/Q)	8/28/2020	3.9	3.9	(2)(13)
					54.5	54.5
OpenMarket Inc.	Provider of cloud-based mobile engagement platform	First lien senior secured loan ($50.8 par due 9/2026)	7.00% (Libor + 6.25%/Q)	9/17/2021	50.8	50.3	(6)(13)
Paya, Inc and GTCR-Ultra Holdings LLC (17)	Provider of payment processing and merchant acquiring solutions	Class B units (2,878,372 units)		8/1/2017	—	3.6	(2)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
First lien senior secured loan ($10.9 par due 8/2016) 4/25/2014 9.7
—
(2)(15)
Warrant to purchase up to 3,736,255 shares of common stock (expires 3/2026) 5/1/2016 —
—
(2)
11.8
—

NSM Sub Holdings Corp. (20) Provider of customized mobility, rehab and adaptive seating systems First lien senior secured revolving loan ($0.9 par due 10/2022) 8.25% (Base Rate + 4.00%/Q) 9/28/2017 0.9
0.9
(2)(16)
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) 10.99% (Libor + 9.75%/Q) 4/20/2016 9.7
10.0
(2)(16)
OmniSYS Acquisition Corporation, OmniSYS, LLC, and OSYS Holdings, LLC (20) Provider of technology-enabled solutions to pharmacies First lien senior secured loan ($5.9 par due 11/2018) 8.83% (Libor + 7.50%/Q) 11/21/2013 5.9
5.9
(4)(16)
Limited liability company membership interest (1.57%) 11/21/2013 1.0
0.6
(2)
6.9
6.5

Patterson Medical Supply, Inc. Distributor of rehabilitation supplies and equipment Second lien senior secured loan ($78.0 par due 8/2023) 10.00% (Libor + 8.50%/Q) 9/2/2015 76.3
74.9
(2)(16)
PerfectServe, Inc. Communications software platform provider for hospitals and physician practices First lien senior secured loan ($16.0 par due 4/2021) 10.30% (Libor + 9.00%/M) 4/5/2017 14.8
16.0
(2)(16)
First lien senior secured loan ($2.0 par due 4/2021) 10.32% (Libor + 9.00%/M) 4/5/2017 2.0
2.0
(2)(16)
First lien senior secured loan ($2.0 par due 4/2021) 10.32% (Libor + 9.00%/M) 4/5/2017 2.0
2.0
(2)(16)
Warrant to purchase up to 128,480 shares of Series C preferred stock (expires 4/2027) 4/5/2017 1.0
0.7
(2)
19.8
20.7

PhyMED Management LLC Provider of anesthesia services Second lien senior secured loan ($47.2 par due 5/2021) 10.07% (Libor + 8.75%/Q) 12/18/2015 46.7
45.3
(2)(16)
Practice Insight, LLC (20) Revenue cycle management provider to the emergency healthcare industry First lien senior secured revolving loan ($0.6 par due 8/2022) 8.25% (Base Rate + 4.00%/Q) 8/23/2017 0.6
0.6
(2)(16)
First lien senior secured loan ($12.7 par due 8/2022) 6.24% (Libor + 5.00%/Q) 8/23/2017 12.7
12.7
(2)(16)
13.3
13.3

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)
Sarnova HC, LLC, Tri-Anim Health Services, Inc., and BEMS Holdings, LLC Distributor of emergency medical service and respiratory products Second lien senior secured loan ($54.0 par due 7/2022) 10.74% (Libor + 9.50%/Q) 1/29/2016 54.0
54.0
(2)(16)
SCSG EA Acquisition Company, Inc. (20) Provider of outsourced clinical services to hospitals and health systems First lien senior secured loan ($3.3 par due 9/2023) 5.57% (Libor + 4.25%/Q) 9/1/2017 3.3
3.3
(2)(16)
TerSera Therapeutics LLC Acquirer and developer of specialty therapeutic pharmaceutical products First lien senior secured loan ($5.3 par due 3/2023) 6.58% (Libor + 5.25%/Q) 5/3/2017 5.2
5.2
(4)(16)
Transaction Data Systems, Inc. Pharmacy management software provider Second lien senior secured loan ($35.3 par due 6/2022) 10.30% (Libor + 9.00%/Q) 6/15/2015 35.3
35.3
(2)(16)
U.S. Anesthesia Partners, Inc. Anesthesiology service provider Second lien senior secured loan ($64.8 par due 6/2025) 8.49% (Libor + 7.25%/Q) 6/16/2017 63.8
63.8
(2)(16)
Urgent Cares of America Holdings I, LLC and FastMed Holdings I, LLC (20) Operator of urgent care clinics Preferred units (7,696,613 units) 6/11/2015 7.7
0.5

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

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

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
PayNearMe, Inc.	Electronic cash payment system provider	Warrant to purchase up to 195,726 shares of Series E preferred stock (expires 3/2023)		3/11/2016	0.2	—	(2)
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (17)	Provider of enterprise management software for the convenience retail and petroleum wholesale market	First lien senior secured loan ($53.6 par due 10/2024)	5.50% (Libor + 4.50%/Q)	3/19/2019	53.6	53.6	(13)
		Second lien senior secured loan ($4.8 par due 10/2025)	9.50% (Libor + 8.50%/Q)	4/27/2021	4.8	4.8	(2)(13)
		Second lien senior secured loan ($70.1 par due 10/2025)	9.50% (Libor + 8.50%/Q)	3/19/2019	70.1	70.1	(2)(13)
		Second lien senior secured loan ($8.3 par due 10/2025)	9.50% (Libor + 8.50%/Q)	12/17/2020	8.3	8.3	(2)(13)
		Series A preferred stock (13,656 shares)	13.25% PIK	3/19/2019	18.8	19.1	(2)
		Class A units (2,062,493 units)		3/19/2019	2.1	2.8	(2)
					157.7	158.7
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (17)	Provider of plant maintenance and scheduling software	First lien senior secured loan ($25.6 par due 5/2025)	6.75% (Libor + 5.75%/Q)	5/29/2019	25.6	25.6	(2)(13)
		First lien senior secured loan ($5.8 par due 5/2025)	7.25% (Libor + 6.25%/Q)	6/24/2020	5.8	5.8	(2)(13)
		First lien senior secured loan ($50.1 par due 5/2025)	7.25% (Libor + 6.25%/Q)	10/16/2020	50.1	50.1	(2)(13)
		Class A units (5,000 units)		5/29/2019	5.0	12.0
					86.5	93.5
Pluralsight, Inc. (17)	Online education learning platform	First lien senior secured loan ($136.2 par due 4/2027)	9.00% (Libor + 8.00%/Q)	4/6/2021	136.2	134.8	(2)(13)
Poplicus Incorporated	Business intelligence and market analytics platform for companies that sell to the public sector	Warrant to purchase up to 2,402,991 shares of Series C preferred stock (expires 6/2025)		6/25/2015	0.1	—	(2)
PracticeTek Purchaser, LLC and GSV PracticeTek Holdings, LLC (17)	Software provider for medical practitioners	First lien senior secured loan ($11.5 par due 3/2027)	7.00% (Libor + 6.00%/M)	3/31/2021	11.5	11.5	(2)(13)
		Class A units (11,804,000 units)	8.00% PIK	3/31/2021	11.8	11.8	(2)
					23.3	23.3
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (17)	Provider of practice management software to law firms	First lien senior secured loan ($1.4 par due 3/2027)	6.25% (Libor + 5.25%/Q)	3/5/2021	1.4	1.4	(2)(13)
		Limited partnership units (1,624,000 units)		3/5/2021	1.6	1.6	(2)
					3.0	3.0
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc.	Provider of data visualization software for data analytics	Class A common stock (7,445 shares)		8/22/2016	7.4	17.5	(2)
		Class B common stock (1,841,609 shares)		8/22/2016	0.1	0.2	(2)
					7.5	17.7
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (17)	Saas provider of automated crew callout and scheduling software for the utility industry	First lien senior secured loan ($36.6 par due 4/2028)	6.75% (Libor + 5.75%/Q)	4/20/2021	36.6	36.3	(2)(13)
		PIK preferred shares (26,436 shares)	10.50% PIK (Libor + 9.50%/Q)	4/20/2021	27.7	27.7	(2)(13)
					64.3	64.0
Project Potter Buyer, LLC and Project Potter Parent, L.P. (17)	Software solutions provider to the ready-mix concrete industry	First lien senior secured revolving loan		4/23/2020	—	—	(15)
		First lien senior secured loan ($44.2 par due 4/2027)	9.25% (Libor + 8.25%/M)	4/23/2020	44.2	44.2	(13)
		First lien senior secured loan ($12.9 par due 4/2027)	9.25% (Libor + 8.25%/M)	10/30/2020	12.9	12.9	(2)(13)
		First lien senior secured loan ($19.4 par due 4/2027)	9.25% (Libor + 8.25%/M)	11/18/2020	19.4	19.4	(2)(13)
		Class A units (1,599 units)	9.00% PIK	4/23/2020	1.8	1.7	(2)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
9.7
0.5

Vertice Pharma UK Parent Limited (9) Manufacturer and distributor of generic pharmaceutical products Preferred shares (40,662 shares) 12/21/2015 0.4
0.7

Young Innovations, Inc. Dental supplies and equipment manufacturer Second lien senior secured loan ($31.4 par due 7/2019) 10.58% (Libor + 9.25%/Q) 10/18/2016 31.4
31.4
(2)(16)
Second lien senior secured loan ($55.0 par due 7/2019) 10.58% (Libor + 9.25%/Q) 5/30/2014 55.0
55.0
(2)(16)
86.4
86.4

ZocDoc, Inc. (20) Provider of medical care search facility First lien senior secured loan ($5.0 par due 4/2021) 10.81% (Libor + 9.50%/M) 4/7/2017 5.0
5.1
(2)(14)(16)
First lien senior secured loan ($15.0 par due 4/2021) 10.81% (Libor + 9.50%/M) 4/7/2017 14.9
15.2
(5)(14)(16)
19.9
20.3

2,381.8
2,383.1
33.91 %
Business Services
Accruent, LLC, Accruent Holding, LLC and Athena Parent, Inc. (20) Real estate and facilities management software provider Second lien senior secured loan ($61.1 par due 7/2024) 10.06% (Libor + 8.75%/Q) 7/28/2017 61.1
61.1
(2)(16)
Senior subordinated loan ($6.8 par due 7/2025) 11.5% 7/28/2017 6.8
6.5
(2)
Senior subordinated loan ($73.6 par due 7/2025) 11.5% 7/28/2017 73.6
70.7
(2)
Common stock (3,000 shares) 5/16/2016 3.0
2.8
(2)
Warrant to purchase up to 11,380 shares of common stock (expires 7/2037) 7/28/2017 —
3.2
(2)
144.5
144.3

Achilles Acquisition LLC (20) Benefits broker and outsourced workflow automation platform provider for brokers First lien senior secured loan ($1.0 par due 6/2023) 7.30% (Libor + 6.00%/Q) 6/6/2017 1.0
1.0
(2)(16)
First lien senior secured loan ($0.8 par due 6/2023) 7.31% (Libor + 6.00%/Q) 6/6/2017 0.8
0.8
(2)(16)
First lien senior secured loan ($10.2 par due 6/2023) 7.33% (Libor + 6.00%/Q) 6/6/2017 10.2
10.1
(2)(16)
12.0
11.9

Acrisure, LLC, Acrisure Investors FO, LLC and Acrisure Investors SO, LLC (20) Retail insurance advisor and brokerage Second lien senior secured loan ($10.0 par due 11/2024) 10.52% (Libor + 9.25%/Q) 5/10/2017 10.0
10.0
(2)(16)
Second lien senior secured loan ($3.1 par due 11/2024) 10.58% (Libor + 9.25%/Q) 5/10/2017 3.1
3.1
(2)(16)
Second lien senior secured loan ($15.0 par due 11/2024) 10.52% (Libor + 9.25%/Q) 5/10/2017 15.0
15.0
(2)(16)
Second lien senior secured loan ($88.6 par due 11/2024) 10.55% (Libor + 9.25%/Q) 11/22/2016 88.6
88.6
(2)(16)
Second lien senior secured loan ($9.7 par due 11/2024) 10.52% (Libor + 9.25%/Q) 11/22/2016 9.7
9.7
(2)(16)
Membership interests (10,793,504 units) 11/18/2016 10.8
10.8
(2)
Membership interests (2,698,376 units) 11/18/2016 2.7
2.7
(2)
139.9
139.9

BeyondTrust Software, Inc. (20) Management software solutions provider First lien senior secured loan ($29.4 par due 9/2019) 8.33% (Libor + 7.00%/Q) 1/3/2017 29.0
29.4
(3)(16)
BluePay Processing, Inc. Payment processing solutions provider Second lien senior secured loan ($32.8 par due 8/2022) 9.81% (Libor + 8.50%/Q) 1/3/2017 32.8
32.8
(2)(16)
Brandtone Holdings Limited (9) Mobile communications and marketing services provider First lien senior secured loan ($4.7 par due 11/2018) 5/11/2015 4.5
—
(2)(15)
First lien senior secured loan ($3.1 par due 2/2019) 5/11/2015 2.9
—
(2)(15)
Warrant to purchase up to 184,003 units of convertible preferred shares (expires 8/2026) 5/11/2015 —
—
(2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Class B units (588,636 units)		4/23/2020	—	—	(2)
					78.3	78.2
Proofpoint, Inc. (17)	Cybersecurity solutions provider	First lien senior secured loan ($1.0 par due 8/2028)	3.75% (Libor + 3.25%/Q)	6/9/2021	1.0	1.0	(13)(20)
		Second lien senior secured loan ($34.6 par due 8/2029)	6.75% (Libor + 6.25%/Q)	6/9/2021	34.4	34.9	(2)(13)
					35.4	35.9
QF Holdings, Inc. (17)	SaaS based electronic health record software provider	First lien senior secured loan ($29.3 par due 9/2024)	7.50% (Libor + 6.50%/Q)	9/19/2019	29.3	29.3	(2)(13)
Raptor Technologies, LLC and Rocket Parent, LLC (17)	Provider of SaaS-based safety and security software to the K-12 school market	First lien senior secured revolving loan ($0.8 par due 12/2023)	7.00% (Libor + 6.00%/M)	12/17/2018	0.8	0.8	(2)(13)
		First lien senior secured loan ($20.8 par due 12/2024)	7.00% (Libor + 6.00%/Q)	12/17/2018	20.8	20.8	(2)(13)
		Class A common units (2,294,000 units)		12/17/2018	2.3	2.4
					23.9	24.0
RealPage, Inc.	Provider of enterprise software solutions to the residential real estate industry	Second lien senior secured loan ($84.1 par due 4/2029)	7.25% (Libor + 6.50%/M)	4/22/2021	82.9	83.2	(2)(13)
Regent Education, Inc.	Provider of software solutions designed to optimize the financial aid and enrollment processes	Warrant to purchase up to 5,393,194 shares of common stock (expires 12/2026)		12/23/2016	—	—	(2)
Relativity ODA LLC (17)	Electronic discovery document review software platform for use in litigations and investigations	First lien senior secured loan ($58.5 par due 5/2027)	8.50% PIK (Libor + 7.50%/M)	5/12/2021	58.5	57.9	(2)(13)
Retriever Medical/Dental Payments LLC, FSDC Holdings, LLC, Rectangle Ware-Ever Pay LLC and Retriever Enterprises, LLC (17)	Provider of payment processing services and software to healthcare providers	First lien senior secured loan ($26.0 par due 2/2023)	6.00% (Libor + 5.00%/Q)	3/14/2019	26.0	26.0	(13)
Smarsh Inc., MobileGuard, LLC, Actiance, Inc. and Skywalker TopCo, LLC	SaaS based communication archival service provider	First lien senior secured loan ($13.3 par due 11/2025)	9.25% (Libor + 8.25%/Q)	11/20/2020	13.3	13.3	(2)(13)
		Common units (1,432,835 units)		11/20/2020	4.8	5.2	(2)
					18.1	18.5
SocialFlow, Inc.	Social media optimization platform provider	Warrant to purchase up to 215,331 shares of Series C preferred stock (expires 1/2026)		1/13/2016	—	—	(2)
Sophia, L.P.	Provider of ERP software and services for higher education institutions	Second lien senior secured loan ($105.9 par due 10/2028)	9.00% (Libor + 8.00%/Q)	10/7/2020	105.9	105.9	(2)(13)
SoundCloud Limited	Platform for receiving, sending, and distributing music	Common stock (73,422 shares)		8/15/2017	0.4	0.7	(2)(6)
Storable, Inc. and EQT IX Co-Investment (E) SCSP	PMS solutions and web services for the self-storage industry	Second lien senior secured loan ($42.8 par due 4/2029)	7.50% (Libor + 6.75%/Q)	4/16/2021	42.8	42.8	(2)(13)
		Limited partnership interests (614,950 interests)		4/16/2021	6.2	6.9	(2)(6)
					49.0	49.7
Sundance Group Holdings, Inc. (17)	Provider of cloud-based document management and collaboration solutions	First lien senior secured loan ($15.4 par due 7/2027)	7.75% (Libor + 6.75%/Q)	7/2/2021	15.1	15.3	(2)(13)
TCP Hawker Intermediate LLC (17)	Workforce management solutions provider	First lien senior secured loan ($6.6 par due 8/2026)	6.50% (Libor + 5.50%/Q)	12/1/2020	6.6	6.6	(13)
		First lien senior secured loan ($34.9 par due 8/2026)	6.50% (Libor + 5.50%/Q)	8/30/2019	34.9	34.9	(13)
					41.5	41.5
The Ultimate Software Group, Inc. and H&F Unite Partners, L.P. (17)	Provider of cloud based HCM solutions for businesses	First lien senior secured revolving loan		5/3/2019	—	—	(6)(15)
		Second lien senior secured loan ($136.9 par due 5/2027)	8.08% (Libor + 8.00%/M)	5/3/2019	136.9	136.9	(6)
		Limited partnership interests (12,583,556 interests)		5/3/2019	12.6	15.6	(2)(6)
					149.5	152.5

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
7.4
—

CallMiner, Inc. Provider of cloud-based conversational analytics solutions Second lien senior secured loan ($1.0 par due 5/2018) 10.82% (Libor + 9.50%/M) 7/23/2014 1.0
1.0
(2)(16)
Second lien senior secured loan ($0.7 par due 8/2018) 10.82% (Libor + 9.50%/M) 7/23/2014 0.7
0.7
(2)(16)
Warrant to purchase up to 2,350,636 shares of Series 1 preferred stock (expires 7/2024) 7/23/2014 —
—
(2)
1.7
1.7

Clearwater Analytics, LLC (20) Provider of integrated cloud-based investment portfolio management, accounting, reporting and analytics software First lien senior secured revolving loan ($0.5 par due 9/2022) 8.74% (Libor + 7.50%/Q) 9/1/2016 0.5
0.5
(2)(16)
CMW Parent LLC (fka Black Arrow, Inc.) Multiplatform media firm Series A units (32 units) 9/11/2015 —
—
(2)
Columbo Midco Limited, Columbo Bidco Limited and Columbo Topco Limited (8)(9) Compliance, accounting and tax consulting services provider Preferred stock (34,028,135 shares) 1/3/2017 2.3
3.4

Preferred stock (17,653,253 shares) 1/3/2017 21.6
25.8

Preferred stock (3,232,666 shares) 1/3/2017 4.0
4.7

27.9
33.9

Command Alkon Incorporated (20) Software solutions provider to the ready-mix concrete industry First lien senior secured loan ($28.6 par due 9/2023) 6.24% (Libor + 5.00%/Q) 9/1/2017 28.6
28.4
(2)(16)
Second lien senior secured loan ($33.8 par due 3/2024) 10.24% (Libor + 9.00%/Q) 9/1/2017 33.8
33.4
(2)(16)
62.4
61.8

Compusearch Software Systems, Inc. Provider of enterprise software and services for organizations in the public sector Second lien senior secured loan ($51.0 par due 11/2021) 10.06% (Libor + 8.75%/Q) 1/3/2017 51.0
51.0
(2)(16)
Compuware Parent, LLC Web and mobile cloud performance testing and monitoring services provider Class A-1 common stock (4,132 units) 12/15/2014 2.2
2.0
(2)
Class B-1 common stock (4,132 units) 12/15/2014 0.4
0.4
(2)
Class C-1 common stock (4,132 units) 12/15/2014 0.3
0.3
(2)
Class A-2 common stock (4,132 units) 12/15/2014 —
—
(2)
Class B-2 common stock (4,132 units) 12/15/2014 —
—
(2)
Class C-2 common stock (4,132 units) 12/15/2014 —
—
(2)
2.9
2.7

Convergint Technologies LLC (20) Integrated services provider for security, fire and life safety Second lien senior secured loan ($3.0 par due 12/2020) 9.95% (Libor + 8.50%/Q) 1/3/2017 3.0
3.0
(2)(16)
Second lien senior secured loan ($6.0 par due 12/2020) 9.91% (Libor + 8.50%/Q) 1/3/2017 6.0
6.0
(2)(16)
Second lien senior secured loan ($25.0 par due 12/2020) 9.50% (Libor + 8.00%/Q) 1/3/2017 25.0
25.0
(2)(16)
Second lien senior secured loan ($8.0 par due 12/2020) 9.45% (Libor + 8.00%/Q) 1/3/2017 8.0
8.0
(2)(16)
Second lien senior secured loan ($75.0 par due 12/2020) 9.43% (Libor + 8.00%/Q) 1/3/2017 75.0
75.0
(2)(16)
117.0
117.0

Datapipe, Inc. Data center provider Second lien senior secured loan ($29.5 par due 9/2019) 9.31% (Libor + 8.00%/Q) 1/3/2017 28.5
29.5
(2)(16)
Directworks, Inc. and Co-Exprise Holdings, Inc. Provider of cloud-based software solutions for direct materials sourcing and supplier management for manufacturers First lien senior secured loan ($1.9 par due 4/2018) 12/19/2014 1.9
1.0
(2)(15)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Verscend Holding Corp. (17)	Healthcare analytics solutions provider	First lien senior secured revolving loan		8/27/2018	—	—	(15)
WebPT, Inc. (17)	Electronic medical record software provider	First lien senior secured loan ($48.1 par due 8/2024)	7.75% (Libor + 6.75%/Q)	8/28/2019	48.1	48.1	(2)(13)
Wellness AcquisitionCo, Inc. (17)	Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry	First lien senior secured loan ($18.8 par due 1/2027)	6.50% (Libor + 5.50%/Q)	1/20/2021	18.8	18.8	(2)(13)
WorkWave Intermediate II, LLC (17)	Provider of cloud-based field services and fleet management solutions	First lien senior secured loan ($14.8 par due 6/2027)	8.00% (Libor + 7.25%/Q)	6/29/2021	14.8	14.7	(2)(13)
		First lien senior secured loan ($45.5 par due 6/2027)	8.00% PIK (Libor + 7.25.% PIK/Q)	6/29/2021	45.5	45.0	(2)(13)
					60.3	59.7
Zemax Software Holdings, LLC (17)	Provider of optical illumination design software to design engineers	First lien senior secured revolving loan ($2.0 par due 6/2024)	8.00% (Base Rate + 4.75%/Q)	6/25/2018	2.0	2.0	(2)(13)
		First lien senior secured loan ($16.5 par due 6/2024)	6.75% (Libor + 5.75%/Q)	6/25/2018	16.5	16.5	(13)
					18.5	18.5

					3,353.2	3,410.8		39.96	%
Healthcare Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(17)	Dental services provider	First lien senior secured revolving loan ($1.0 par due 6/2024)	11.25% (Base rate + 3.00% Cash, 5.00% PIK/Q)	6/1/2021	1.0	1.0	(2)(13)
		First lien senior secured loan ($48.9 par due 6/2024)	10.00% (Libor + 4.00% Cash, 5.00% PIK/Q)	6/1/2021	48.9	48.9	(2)(13)
		Class A preferred units (14,750,000 units)		1/5/2016	4.7	8.6	(2)
		Common units (7,200,000 units)		1/5/2016	—	—	(2)
					54.6	58.5
ADG, LLC and RC IV GEDC Investor LLC (17)	Dental services provider	First lien senior secured revolving loan ($6.9 par due 9/2022)	7.50% (Base rate + 3.75% Cash, .50% PIK/Q)	9/28/2016	6.9	6.9	(2)(13)
		Second lien senior secured loan ($112.2 par due 3/2024)	11.00% PIK (Libor + 10.00% PIK/Q)	9/28/2016	92.1	101.0	(2)(13)
		Membership units (3,000,000 units)		9/28/2016	3.0	—	(2)
					102.0	107.9
Alteon Health, LLC	Provider of physician management services	First lien senior secured loan ($2.8 par due 9/2023)	7.50% (Libor + 6.50%/Q)	5/15/2017	2.8	2.8	(2)(13)
Athenahealth, Inc., VVC Holding Corp., Virence Intermediate Holding Corp., and Virence Holdings LLC (17)	Revenue cycle management provider to the physician practices and acute care hospitals	Class A interests (0.39% interest)		2/11/2019	9.0	25.5	(2)
Bambino Group Holdings, LLC	Dental services provider	Class A preferred units (1,000,000 units)		12/21/2016	1.0	1.3	(2)
Bearcat Buyer, Inc. and Bearcat Parent, Inc. (17)	Provider of central institutional review boards over clinical trials	Second lien senior secured loan ($69.5 par due 7/2027)	9.25% (Libor + 8.25%/Q)	7/9/2019	69.5	69.5	(2)(13)
		Second lien senior secured loan ($12.7 par due 7/2027)	9.25% (Libor + 8.25%/Q)	9/10/2019	12.7	12.7	(2)(13)
		Class B common units (4,211 units)		7/9/2019	4.2	11.3	(2)
					86.4	93.5
CCS-CMGC Holdings, Inc. (17)	Correctional facility healthcare operator	First lien senior secured revolving loan		10/1/2018	—	—	(15)
		First lien senior secured loan ($34.0 par due 10/2025)	5.58% (Libor + 5.50%/M)	9/25/2018	33.8	33.4
					33.8	33.4
Center for Autism and Related Disorders, LLC (17)	Autism treatment and services provider specializing in applied behavior analysis therapy	First lien senior secured revolving loan ($2.2 par due 11/2023)	5.62% (Libor + 5.50%/Q)	11/21/2018	2.2	2.1	(2)(16)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Warrant to purchase up to 1,875,000 shares of Series 1 preferred stock (expires 12/2024) 12/19/2014 —
—
(2)
1.9
1.0

DTI Holdco, Inc. and OPE DTI Holdings, Inc. (20) Provider of legal process outsourcing and managed services First lien senior secured loan ($4.1 par due 9/2023) 6.56% (Libor + 5.25%/Q) 9/23/2016 4.1
3.9
(4)(16)
Class A common stock (7,500 shares) 8/19/2014 7.5
6.3
(2)
Class B common stock (7,500 shares) 8/19/2014 —
—
(2)
11.6
10.2

Emergency Communications Network, LLC (20) Provider of mission critical emergency mass notification solutions First lien senior secured loan ($58.0 par due 6/2023) 7.49% (Libor + 6.25%/Q) 6/1/2017 57.6
57.4
(2)(16)
EN Engineering, L.L.C. (20) National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets First lien senior secured revolving loan — 6/30/2015 —
—
(18)
Entertainment Partners, LLC and Entertainment Partners Canada Inc. (20) Provider of entertainment workforce and production management solutions First lien senior secured loan ($2.3 par due 5/2022) 6.91% (Libor + 5.50%/Q) 5/8/2017 2.1
2.3
(2)(9)(16)
First lien senior secured loan ($2.8 par due 5/2022) 6.79% (Libor + 5.50%/Q) 5/8/2017 2.6
2.8
(2)(9)(16)
First lien senior secured loan ($2.8 par due 5/2022) 6.60% (Libor + 5.50%/Q) 5/8/2017 2.6
2.8
(2)(9)(16)
First lien senior secured loan ($3.6 par due 5/2023) 7.02% (Libor + 5.75%/Q) 5/8/2017 3.6
3.6
(2)(16)
First lien senior secured loan ($22.6 par due 5/2023) 7.02% (Libor + 5.75%/Q) 5/8/2017 22.6
22.4
(3)(16)
First lien senior secured loan ($4.2 par due 5/2023) 7.06% (Libor + 5.75%/Q) 5/8/2017 4.2
4.1
(2)(16)
First lien senior secured loan ($26.1 par due 5/2023) 7.06% (Libor + 5.75%/Q) 5/8/2017 26.1
25.8
(3)(16)
First lien senior secured loan ($4.2 par due 5/2023) 7.19% (Libor + 5.75%/Q) 5/8/2017 4.2
4.1
(2)(16)
First lien senior secured loan ($26.1 par due 5/2023) 7.19% (Libor + 5.75%/Q) 5/8/2017 26.1
25.8
(3)(16)
94.1
93.7

Faction Holdings, Inc. and The Faction Group LLC (fka PeakColo Holdings, Inc.) (20) Wholesaler of cloud-based software applications and services First lien senior secured revolving loan ($1.0 par due 1/2019) 9.00% (Base Rate + 4.75%/Q) 1/6/2017 1.0
1.0
(2)(16)
First lien senior secured loan ($8.0 par due 1/2021) 10.56% (Libor + 9.25%/M) 1/6/2017 8.0
8.0
(2)(16)
Warrant to purchase up to 5,185 shares of Series A preferred stock (expires 1/2027) 1/6/2017 —
0.1
(2)
Warrant to purchase up to 1,481 shares of Series A preferred stock (expires 12/2025) 12/3/2015 —
—
(2)
Warrant to purchase up to 2,037 shares of Series A preferred stock (expires 11/2024) 11/3/2014 0.1
0.1
(2)
9.1
9.2

First Insight, Inc. Software company providing merchandising and pricing solutions to companies worldwide Warrant to purchase up to 122,827 units of Series C preferred stock (expires 3/2024) 3/20/2014 —
—
(2)
Flexera Software LLC Provider of software and software applications that manages application usage, compliance and security risk Second lien senior secured loan ($5.0 par due 4/2021) 8.33% (Libor + 7.00%/Q) 1/3/2017 4.8
5.0
(2)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Comprehensive EyeCare Partners, LLC (17)	Vision care practice management company	First lien senior secured revolving loan ($0.5 par due 2/2024)	7.00% (Libor + 5.75%/Q)	2/14/2018	0.5	0.5	(2)(13)
		First lien senior secured loan ($9.4 par due 2/2024)	7.00% (Libor + 5.75%/Q)	2/14/2018	9.4	9.4	(2)(13)
		First lien senior secured loan ($0.3 par due 2/2024)	8.00% (Base Rate + 4.75%/Q)	4/19/2021	0.3	0.3	(2)(13)
		First lien senior secured loan ($1.4 par due 2/2024)	7.00% (Libor + 5.75%/Q)	4/19/2021	1.4	1.4	(2)(13)
					11.6	11.6
Convey Health Solutions, Inc.	Healthcare workforce management software provider	First lien senior secured loan ($2.7 par due 9/2026)	5.50% (Libor + 4.75%/Q)	9/4/2019	2.7	2.7	(13)
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (17)	Veterinary hospital operator	First lien senior secured revolving loan		10/31/2019	—	—	(15)
		First lien senior secured loan ($39.5 par due 10/2025)	6.25% (Libor + 5.25%/Q)	10/31/2019	39.5	39.5	(13)
		First lien senior secured loan ($4.4 par due 10/2025)	6.25% (Libor + 5.25%/Q)	4/26/2021	4.4	4.4	(2)(13)
		Common stock (32,429 shares)		10/31/2019	10.0	14.1	(2)
					53.9	58.0
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (17)	On-demand supply chain automation solutions provider to the healthcare industry	Second lien senior secured loan ($114.0 par due 5/2029)	7.50% (Libor + 6.75%/Q)	5/26/2021	114.0	112.9	(2)(13)
		Class A units (14,013,303 units)		6/30/2017	14.0	29.1	(2)
					128.0	142.0
Global Medical Response, Inc.	Emergency air medical services provider	Senior subordinated loan ($145.1 par due 3/2026)	8.88% (Libor + 7.88%/Q)	3/14/2018	145.1	145.1	(2)(13)
		Warrant to purchase up to 115,733 units of common stock (expires 3/2028)		3/14/2018	0.9	3.0	(2)
					146.0	148.1
HealthEdge Software, Inc. (17)	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured revolving loan ($1.3 par due 4/2026)	7.25% (Libor + 6.25%/Q)	4/9/2020	1.2	1.3	(2)(13)
		First lien senior secured loan ($14.4 par due 4/2026)	7.25% (Libor + 6.25%/Q)	4/9/2020	14.4	14.4
		First lien senior secured loan ($47.5 par due 4/2026)	7.25% (Libor + 6.25%/Q)	12/16/2020	47.5	47.5	(2)(13)
					63.1	63.2
Honor Technology, Inc.	Nursing and home care provider	First lien senior secured loan ($2.5 par due 8/2026)	11.00% (Libor + 10.00%/M)	8/6/2021	2.4	2.5	(2)(13)
		Warrant to purchase up to 133,333 shares of series D-2 preferred stock (expires 8/2031)		8/6/2021	0.1	0.1	(2)
					2.5	2.6
JDC Healthcare Management, LLC (17)	Dental services provider	First lien senior secured revolving loan ($4.3 par due 4/2022)		4/10/2017	3.8	3.2	(2)(12)
		First lien senior secured loan ($36.4 par due 4/2023)		4/10/2017	31.7	27.4	(2)(12)
					35.5	30.6
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (17)	Provider of behavioral health services	First lien senior secured revolving loan ($1.3 par due 3/2022)	6.00% (Libor + 4.00% Cash, 1.00% PIK/M)	3/17/2017	1.3	1.3	(2)(13)
MCH Holdings, Inc., MC Acquisition Holdings I, LLC and Privia Health Group, Inc.	Healthcare professional provider	First lien senior secured loan ($111.0 par due 7/2022)	8.50% (Libor + 7.00%/M)	7/26/2017	111.0	111.0	(13)
		Common stock (343,094 shares)		4/30/2021	—	8.0	(2)
		Class A units (1,438,643 shares)		1/17/2014	—	0.6	(2)
					111.0	119.6

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
GTCR-Ultra Acquisition, Inc. and GTCR-Ultra Holdings, LLC (20) Provider of payment processing and merchant acquiring solutions First lien senior secured loan ($8.9 par due 8/2024) 7.24% (Libor + 6.00%/Q) 8/1/2017 8.9
8.7
(2)(16)
Class A-2 units (911.1 units) 8/1/2017 0.9
0.9
(2)
Class B units (2,878,372.4 units) 8/1/2017 —
—
(2)
9.8
9.6

IfByPhone Inc. Voice-based marketing automation software provider Warrant to purchase up to 124,300 shares of Series C preferred stock (expires 10/2022) 10/15/2012 0.1
0.1
(2)
Infogix, Inc. and Infogix Parent Corporation Enterprise data analytics and integrity software solutions provider First lien senior secured loan ($54.6 par due 12/2021) 7.80% (Libor + 6.50%/Q) 1/3/2017 54.6
54.6
(2)(13)(16)
First lien senior secured loan ($34.9 par due 12/2021) 7.80% (Libor + 6.50%/Q) 1/3/2017 34.9
34.9
(3)(13)(16)
Series A preferred stock (2,475 shares) 1/3/2017 2.5
2.9

Common stock (1,297,768 shares) 1/3/2017 —
1.1

92.0
93.5

Inmar, Inc. Technology-driven solutions provider for retailers, wholesalers and manufacturers Second lien senior secured loan ($28.3 par due 5/2025) 9.27% (Libor + 8.00%/Q) 4/25/2017 27.9
28.0
(2)(16)
Interactions Corporation Developer of a speech recognition software based customer interaction system Second lien senior secured loan ($5.9 par due 3/2021) 9.85% (Libor + 8.60%/M) 6/16/2015 5.8
5.9
(2)(14)(16)
Second lien senior secured loan ($19.1 par due 3/2021) 9.85% (Libor + 8.60%/M) 6/16/2015 18.9
19.2
(5)(14)(16)
Warrant to purchase up to 68,187 shares of Series G-3 convertible preferred stock (expires 6/2022) 6/16/2015 0.3
0.2
(2)
25.0
25.3

InterVision Systems, LLC and InterVision Holdings, LLC Provider of cloud based IT solutions, infrastructure and services First lien senior secured loan ($32.5 par due 5/2022) 10.06% (Libor + 8.65%/Q) 5/31/2017 32.5
32.5
(2)(16)
Provider of IT solutions, infrastructure and services for the cloud ecosystem Class A membership units (1,000 units) 5/31/2017 1.0
1.1

33.5
33.6

iParadigms Holdings, LLC Anti-plagiarism software provider to the education market Second lien senior secured loan ($39.5 par due 7/2022) 8.58% (Libor + 7.25%/Q) 1/3/2017 38.8
38.7
(2)(16)
iPipeline, Inc., Internet Pipeline, Inc. and iPipeline Holdings, Inc. (20) Provider of SaaS-based software solutions to the insurance and financial services industry First lien senior secured loan ($3.7 par due 8/2022) 7.48% (Libor + 6.25%/Q) 6/15/2017 3.7
3.7
(2)(16)
First lien senior secured loan ($9.1 par due 8/2022) 8.48% (Libor + 7.25%/Q) 9/15/2017 9.1
9.1
(2)(16)
First lien senior secured loan ($46.4 par due 8/2022) 8.49% (Libor + 7.25%/Q) 8/4/2015 46.4
46.4
(3)(16)
First lien senior secured loan ($14.7 par due 8/2022) 8.49% (Libor + 7.25%/Q) 8/4/2015 14.7
14.7
(4)(16)
Preferred stock (1,100 shares) 8/4/2015 1.1
3.3
(2)
Common stock (668,781 shares) 8/4/2015 —
—
(2)
75.0
77.2

IQMS Provider of enterprise resource planning and manufacturing execution software for small and midsized manufacturers First lien senior secured loan ($9.0 par due 3/2022) 9.49% (Libor + 8.25%/Q) 3/28/2017 9.0
9.0
(2)(16)
First lien senior secured loan ($18.8 par due 3/2022) 9.49% (Libor + 8.25%/Q) 3/28/2017 18.8
18.8
(3)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Minerva Surgical, Inc.	Medical device company focused on women's health	First lien senior secured loan ($32.4 par due 12/2022)	11.50% (Libor + 3.50% Cash, 6.00% PIK/Q)	12/30/2019	31.9	34.5	(2)(13)
Napa Management Services Corporation and ASP NAPA Holdings, LLC	Anesthesia management services provider	Second lien senior secured loan ($72.8 par due 10/2023)	11.00% (Libor + 10.00%/M)	4/19/2016	72.8	72.8	(2)(13)
		Preferred units (1,842 units)	15.00% PIK	6/29/2020	0.1	0.1	(2)
		Senior preferred units (5,320 units)	8.00% PIK	6/29/2020	0.3	0.3	(2)
		Class A units (25,277 units)		4/19/2016	2.5	4.9	(2)
					75.7	78.1
NMN Holdings III Corp. and NMN Holdings LP (17)	Provider of complex rehabilitation technology solutions for patients with mobility loss	First lien senior secured revolving loan	—%	11/13/2018	—	—	(15)
		Partnership units (30,000 units)		11/13/2018	3.0	2.9	(2)
					3.0	2.9
NueHealth Performance, LLC (17)	Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centers	First lien senior secured revolving loan ($3.3 par due 9/2023)	8.25% (Libor + 7.25%/M)	9/27/2018	3.3	3.3	(2)(13)
		First lien senior secured loan ($12.5 par due 9/2023)	8.25% (Libor + 7.25%/M)	9/27/2018	12.5	12.5	(13)
		First lien senior secured loan ($2.5 par due 9/2023)	8.25% (Libor + 7.25%/M)	2/1/2020	2.5	2.5	(2)(13)
					18.3	18.3
Olympia Acquisition, Inc. and Olympia TopCo, L.P. (17)	Behavioral health and special education platform provider	First lien senior secured revolving loan ($10.1 par due 9/2024)	8.50% (Libor + 5.50% Cash, 2.00% PIK/M)	9/24/2019	10.1	8.9	(2)(13)
		First lien senior secured revolving loan ($0.2 par due 9/2024)	8.50% (Libor + 5.50% Cash, 2.00% PIK/Q)	12/17/2020	0.2	0.1	(2)(13)
		First lien senior secured loan ($42.2 par due 9/2026)	8.50% (Libor + 5.50% Cash, 2.00% PIK/M)	9/24/2019	42.2	37.1	(13)
		First lien senior secured loan ($0.6 par due 9/2026)	8.50% (Libor + 5.50% Cash, 2.00% PIK/M)	12/31/2020	0.6	0.6	(13)
		Preferred units (417,189)	15.00% PIK	7/28/2021	0.3	0.3	(2)
		Class A common units (9,549,000 units)		9/24/2019	9.5	1.4	(2)
					62.9	48.4
OMH-HealthEdge Holdings, LLC	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured loan ($26.2 par due 10/2025)	6.50% (Libor + 5.50%/Q)	10/24/2019	26.2	26.2	(13)
		First lien senior secured loan ($15.4 par due 10/2025)	6.50% (Libor + 5.50%/Q)	3/10/2021	15.4	15.4	(13)
					41.6	41.6
OSYS Holdings, LLC	Provider of technology-enabled solutions to pharmacies	Limited liability company membership interest (1.57%)		11/21/2013	1.0	2.5	(2)
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (17)	Veterinary hospital operator	First lien senior secured revolving loan	—%	3/31/2020	—	—	(15)
		Second lien senior secured loan ($76.3 par due 3/2028)	8.75% (Libor + 7.75%/M)	3/31/2020	76.3	76.3	(2)(13)
		Class R common units (6,004,768 units)		3/31/2020	6.0	9.6	(2)
					82.3	85.9
PhyMED Management LLC	Provider of anesthesia services	Second lien senior secured loan ($54.1 par due 9/2022)	15.00% (Libor rate + 3.00% cash, 11.00%/Q)	12/18/2015	54.0	50.9	(2)(13)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (17)	Provider of employer-sponsored onsite health and wellness clinics and pharmacies	First lien senior secured revolving loan ($12.0 par due 7/2023)	3.37% (Libor + 3.25%/Q)	7/10/2018	12.0	12.0	(2)(16)
		First lien senior secured loan ($8.7 par due 7/2025)	3.63% (Libor + 3.50%/Q)	7/10/2018	8.7	8.7

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
First lien senior secured loan ($10.0 par due 3/2022) 9.49% (Libor + 8.25%/Q) 3/28/2017 10.0
10.0
(4)(16)
37.8
37.8

Iron Bow Technologies, LLC Provider and value added reseller of information technology products and solutions Second lien senior secured loan ($10.0 par due 2/2021) 12.99% (Libor + 11.75%/Q) 1/3/2017 10.0
10.0
(2)(16)
IronPlanet, Inc. Online auction platform provider for used heavy equipment Warrant to purchase to up to 133,333 shares of Series C preferred stock (expires 9/2023) 9/23/2013 0.2
0.4
(2)
LLSC Holdings Corporation (dba Lawrence Merchandising Services) (8) Marketing services provider Series A preferred stock (9,000 shares) 1/3/2017 19.2
17.6

Common stock (1,000 shares) 1/3/2017 —
—

19.2
17.6

Miles 33 (Finance) Limited (8)(9) Software provider to the regional media industry and magazines First lien senior secured loan ($1.0 par due 9/2018) 6.75% (EURIBOR + 6.50%/Q) 1/3/2017 0.9
1.0

First lien senior secured loan ($4.0 par due 9/2018) 6.75% (EURIBOR + 6.50%/Q) 1/3/2017 3.7
4.0

Senior subordinated loan ($17.2 par due 9/2021) 4.75% (EURIBOR + 4.50%/Q) 1/3/2017 9.9
16.5

Preferred stock (19,500,000 shares) 1/3/2017 —
—

Preferred stock (900,000 shares) 1/3/2017 —
—

Common stock (600,000 shares) 1/3/2017 —
—

14.5
21.5

Ministry Brands, LLC and MB Parent HoldCo, L.P. (20) Software and payment services provider to faith-based institutions First lien senior secured loan ($0.3 par due 12/2022) 6.24% (Libor + 5.00%/Q) 8/22/2017 0.3
0.3
(2)(16)
First lien senior secured loan ($1.1 par due 12/2022) 8.25% (Base Rate + 4.00%/Q) 8/22/2017 1.1
1.1
(2)(16)
First lien senior secured loan ($9.3 par due 12/2022) 6.24% (Libor + 5.00%/Q) 4/6/2017 9.3
9.3
(2)(16)
First lien senior secured loan ($1.3 par due 12/2022) 8.25% (Base Rate + 4.00%/Q) 4/6/2017 1.3
1.3
(2)(16)
First lien senior secured loan ($16.7 par due 12/2022) 6.24% (Libor + 5.00%/Q) 4/6/2017 16.5
16.7
(2)(16)
Second lien senior secured loan ($0.9 par due 6/2023) 10.49% (Libor + 9.25%/Q) 8/22/2017 0.9
0.9
(2)(16)
Second lien senior secured loan ($4.1 par due 6/2023) 12.50% (Base Rate + 8.25%/Q) 8/22/2017 4.1
4.1
(2)(16)
Second lien senior secured loan ($4.7 par due 6/2023) 10.49% (Libor + 9.25%/Q) 4/6/2017 4.7
4.7
(2)(16)
Second lien senior secured loan ($9.2 par due 6/2023) 10.49% (Libor + 9.25%/Q) 4/6/2017 9.2
9.2
(2)(16)
Second lien senior secured loan ($16.6 par due 6/2023) 10.49% (Libor + 9.25%/Q) 12/2/2016 16.6
16.6
(2)(16)
Second lien senior secured loan ($90.0 par due 6/2023) 10.49% (Libor + 9.25%/Q) 12/2/2016 89.3
90.0
(2)(16)
Class A units (500,000 units) 12/2/2016 5.0
6.6
(2)
158.3
160.8

Mitchell International, Inc. Provider of mission-critical software and solutions to the property and casualty claims industry Second lien senior secured loan ($17.0 par due 10/2021) 8.81% (Libor + 7.50%/Q) 1/3/2017 17.0
17.0
(2)(16)
MVL Group, Inc. (8) Marketing research provider Senior subordinated loan ($0.5 par due 7/2017) 4/1/2010 0.2
0.2
(2)(15)
Common stock (560,716 shares) 4/1/2010 —
—
(2)
0.2
0.2

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Second lien senior secured loan ($67.1 par due 7/2026)	7.63% (Libor + 7.50%/Q)	7/10/2018	66.7	67.1	(2)
		Class A units (9,775 units)		7/10/2018	9.8	18.3	(2)
					97.2	106.1
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)
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (17)	Manufacturer of biologic, metal and synthetic implants/devices	First lien senior secured revolving loan ($4.0 par due 7/2026)	8.25% (Libor + 6.75%/M)	7/20/2020	4.0	4.0	(2)(13)
		First lien senior secured loan ($37.8 par due 7/2026)	8.25% (Libor + 6.75%/Q)	7/20/2020	37.8	37.8	(13)
					41.8	41.8
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (17)	Outsourced anesthesia provider	First lien senior secured loan ($12.8 par due 3/2024)	5.75% (Libor + 4.75%/Q)	3/26/2018	12.8	10.6	(13)
		Common units (684,854 units)		3/26/2018	4.8	0.5	(2)
					17.6	11.1
SM Wellness Holdings, Inc. and SM Holdco, Inc. (17)	Breast cancer screening provider	First lien senior secured loan ($3.4 par due 4/2028)	5.50% (Libor + 4.75%/Q)	4/15/2021	3.4	3.4	(2)(13)
		Series A units (8,041 units)		8/1/2018	8.0	0.1	(2)
		Series B units (804,142 units)		8/1/2018	—	8.8	(2)
					11.4	12.3
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (17)	SaaS based healthcare compliance platform provider	Second lien senior secured loan ($69.9 par due 12/2028)	8.63% (Libor + 7.88%/Q)	12/22/2020	69.9	69.9	(2)(13)
		Series C preferred shares (116,054 shares)	11.00% PIK	12/22/2020	124.1	124.1	(2)
					194.0	194.0
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (17)	Franchisor of private-pay home care for the elderly	First lien senior secured loan ($15.3 par due 4/2024)	6.75% (Libor + 5.75%/Q)	4/2/2018	15.3	15.3	(13)
		Common units (550 units)		4/2/2018	0.5	1.0
					15.8	16.3
Teligent, Inc. (17)	Pharmaceutical company that develops, manufactures and markets injectable pharmaceutical products	Second lien senior secured loan ($0.9 par due 12/2022)		1/27/2021	0.9	0.4	(2)(12)
		Second lien senior secured loan ($0.5 par due 12/2022)		1/27/2021	0.5	0.2	(2)(10)(12)
		Second lien senior secured loan ($80.3 par due 12/2022)		12/13/2018	72.4	33.9	(2)(12)
		Series D preferred stock (77,725 shares)		1/27/2021	—	—	(2)
		Warrant to purchase up to 4,904,916 shares of common stock (expires 4/2025)		4/6/2020	—	—	(2)
		Warrant to purchase up to 122,548 shares of common stock (expires 7/2025)		7/20/2020	—	—	(2)
					73.8	34.5
Therapy Brands Holdings LLC (17)	Provider of software solutions for the mental and behavioral health market segments	Second lien senior secured loan ($20.5 par due 5/2029)	7.50% (Libor + 6.75%/Q)	6/2/2021	20.3	20.3	(2)(13)
Touchstone Acquisition, Inc. and Touchstone Holding, L.P.	Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-markets	First lien senior secured loan ($36.1 par due 11/2025)	4.83% (Libor + 4.75%/M)	11/15/2018	36.1	36.1
		Class A preferred units (2,149 units)	8.00% PIK	11/15/2018	2.7	2.7	(2)
					38.8	38.8
U.S. Anesthesia Partners, Inc.	Anesthesiology service provider	Second lien senior secured loan ($68.0 par due 6/2025)	8.25% (Libor + 7.25%/Q)	6/16/2017	67.5	68.0	(2)(13)
Urology Management Associates, LLC and JWC/UMA Holdings, L.P.	Urology private practice	First lien senior secured loan ($9.3 par due 8/2024)	5.50% (Libor + 4.50%/M)	8/31/2018	9.2	9.3	(13)
		Limited partnership interests (3.64% interest)		8/31/2018	4.8	5.1	(2)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
NAS, LLC, Nationwide Marketing Group, LLC and Nationwide Administrative Services, Inc. Buying and marketing services organization for appliance, furniture and consumer electronics dealers Second lien senior secured loan ($24.1 par due 12/2021) 10.06% (Libor + 8.75%/Q) 6/1/2015 24.1
23.6
(2)(16)
National Intergovernmental Purchasing Alliance Company Leading group purchasing organization for public agencies and educational institutions in the U.S First lien senior secured loan ($1.2 par due 9/2022) 6.32% (Libor + 5.00%/Q) 8/2/2017 1.2
1.2
(2)(16)
First lien senior secured loan ($2.5 par due 9/2022) 6.33% (Libor + 5.00%/Q) 8/2/2017 2.5
2.5
(2)(16)
3.7
3.7

Novetta Solutions, LLC Provider of advanced analytics solutions for the government, defense and commercial industries First lien senior secured loan ($12.8 par due 10/2022) 6.34% (Libor + 5.00%/Q) 1/3/2017 12.3
12.3
(2)(16)
Second lien senior secured loan ($31.0 par due 10/2023) 9.84% (Libor + 8.50%/Q) 1/3/2017 28.4
28.2
(2)(16)
40.7
40.5

Palermo Finance Corporation (20) Provider of mission-critical integrated public safety software and services to local, state and federal agencies First lien senior secured revolving loan — 4/17/2017 —
—
(18)
First lien senior secured loan ($11.0 par due 4/2023) 5.80% (Libor + 4.50%/Q) 4/17/2017 10.9
10.9
(4)(16)
Second lien senior secured loan ($54.3 par due 10/2023) 9.80% (Libor + 8.50%/Q) 4/17/2017 54.3
54.3
(2)(16)
65.2
65.2

Park Place Technologies, LLC Provider of third party hardware maintenance and support services for IT data centers Second lien senior secured loan ($41.5 par due 12/2022) 10.32% (Libor + 9.00%/Q) 1/3/2017 41.5
41.5
(2)(16)
PayNearMe, Inc. Electronic cash payment system provider Warrant to purchase up to 195,726 shares of Series E preferred stock (expires 3/2023) 3/11/2016 0.2
—
(5)
PDI TA Holdings, Inc. (20) Provider of enterprise management software for the convenience retail and petroleum wholesale markets First lien senior secured loan ($29.4 par due 8/2023) 6.07% (Libor + 4.75%/Q) 8/25/2017 29.4
29.1
(2)(16)
Second lien senior secured loan ($66.8 par due 8/2024) 10.07% (Libor + 8.75%/Q) 8/25/2017 66.8
66.1
(2)(16)
96.2
95.2

Pegasus Intermediate Holdings, LLC (20) Plant maintenance and scheduling process software provider First lien senior secured loan ($1.3 par due 11/2022) 7.55% (Libor + 6.25%/Q) 11/7/2016 1.3
1.3
(2)(16)
PHL Investors, Inc., and PHL Holding Co. (8) Mortgage services Class A common stock (576 shares) 7/31/2012 3.8
—
(2)
PHNTM Holdings, Inc. and Planview Parent, Inc. Provider of project and portfolio management software First lien senior secured loan ($36.7 par due 1/2023) 6.49% (Libor + 5.25%/Q) 1/27/2017 36.1
36.7
(2)(16)
Second lien senior secured loan ($62.0 par due 7/2023) 10.99% (Libor + 9.75%/Q) 1/27/2017 61.1
62.0
(2)(16)
Class A common shares (990 shares) 1/27/2017 1.0
1.0
(2)
Class B common shares (168,329 shares) 1/27/2017 —
—
(2)
98.2
99.7

Poplicus Incorporated Business intelligence and market analytics platform for companies that sell to the public sector First lien senior secured loan ($3.5 par due 1/2018) 6.00% 6/25/2015 2.6
1.2
(5)(15)
Warrant to purchase up to 2,402,991 shares of Series C preferred stock (expires 6/2025) 6/25/2015 0.1
—
(5)
2.7
1.2

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					14.0	14.4
Veterinary Practice Partners, LLC (17)	Veterinary hospital operator	First lien senior secured revolving loan		1/20/2021	—	—	(15)
		First lien senior secured loan ($23.7 par due 1/2027)	6.50% (Libor + 5.50%/M)	1/20/2021	23.7	23.7	(2)(13)
		First lien senior secured loan ($11.6 par due 1/2027)	6.50% (Libor + 5.50%/M)	1/20/2021	11.6	11.6	(13)
					35.3	35.3
Project Ruby Ultimate Parent Corp.	Provider of care coordination and transition management software solutions	Second lien senior secured loan ($193.1 par due 3/2029)	7.25% (Libor + 6.50%/M)	3/10/2021	193.1	193.1	(2)(13)
WSHP FC Acquisition LLC (17)	Provider of biospecimen products for pharma research	First lien senior secured revolving loan ($2.7 par due 3/2024)	7.25% (Libor + 6.25%/Q)	3/30/2018	2.7	2.7	(2)(13)
		First lien senior secured loan ($33.5 par due 3/2024)	7.25% (Libor + 6.25%/Q)	3/30/2018	33.5	33.5	(13)
		First lien senior secured loan ($4.6 par due 3/2024)	7.25% (Libor + 6.25%/Q)	2/11/2019	4.6	4.6	(13)
		First lien senior secured loan ($8.6 par due 3/2024)	7.25% (Libor + 6.25%/Q)	8/30/2019	8.6	8.6	(13)
		First lien senior secured loan ($2.9 par due 3/2024)	7.25% (Libor + 6.25%/Q)	8/30/2019	2.9	2.9	(2)(13)
		First lien senior secured loan ($10.9 par due 3/2024)	7.25% (Libor + 6.25%/Q)	10/31/2019	10.9	10.9	(13)
					63.2	63.2

					2,101.9	2,117.0		24.80	%
Commercial & Professional Services
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (17)	Provider of outsourced crew accommodations and logistics management solutions to the airline industry	First lien senior secured revolving loan ($4.1 par due 5/2023)	10.00% (Libor + 9.00%/Q)	5/11/2018	4.1	3.9	(2)(13)
		Class A common units (236,358 units)		5/11/2018	4.3	4.1
					8.4	8.0
Aero Operating LLC	Provider of snow removal and melting service for airports and marine terminals	First lien senior secured loan ($36.7 par due 2/2026)	8.00% (Libor + 6.50%/M)	2/7/2020	36.7	36.7	(13)
AMCP Clean Intermediate, LLC (17)	Provider of janitorial and facilities management services	First lien senior secured revolving loan		10/1/2018	—	—	(15)
		First lien senior secured loan ($1.3 par due 10/2024)	7.00% (Libor + 6.00%/Q)	7/31/2020	1.3	1.3	(2)(13)
		First lien senior secured loan ($0.7 par due 10/2024)	7.00% (Libor + 6.00%/Q)	10/1/2020	0.7	0.7	(2)(13)
		First lien senior secured loan ($8.6 par due 10/2024)	7.00% (Libor + 6.00%/Q)	12/14/2020	8.6	8.6	(2)(13)
					10.6	10.6
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP (17)	Outsourced supply chain solutions provider to operators of distribution centers	First lien senior secured revolving loan ($2.3 par due 11/2025)	7.00% (Base Rate + 3.75%/Q)	11/12/2020	2.3	2.3	(2)(13)(16)
		First lien senior secured loan ($0.3 par due 11/2027)	5.75% (Libor + 4.75%/M)	11/12/2020	0.3	0.3	(2)(13)
		Second lien senior secured loan ($68.3 par due 11/2028)	9.75% (Libor + 8.75%/M)	11/12/2020	68.3	68.3	(2)(13)
		Class A units (10,581 units)		11/12/2020	10.6	13.2	(2)
					81.5	84.1
Cozzini Bros., Inc. and BH-Sharp Holdings LP (17)	Provider of commercial knife sharpening and cutlery services in the restaurant industry	First lien senior secured loan ($12.3 par due 3/2023)	8.50% (Libor + 3.00% Cash, 4.50% PIK/S)	3/10/2017	12.3	11.1	(2)(13)
		Common units (2,950,000 units)		3/10/2017	3.0	1.1	(2)
					15.3	12.2
DTI Holdco, Inc. and OPE DTI Holdings, Inc. (17)	Provider of legal process outsourcing and managed services	First lien senior secured revolving loan ($0.4 par due 6/2023)	6.75% (Base Rate + 3.50%/Q)	9/23/2016	0.4	0.4	(2)(16)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
PowerPlan, Inc. and Project Torque Ultimate Parent Corporation Fixed asset financial management software provider Second lien senior secured loan ($30.0 par due 2/2023) 10.24% (Libor + 9.00%/Q) 2/23/2015 29.8
30.0
(2)(16)
Second lien senior secured loan ($50.0 par due 2/2023) 10.24% (Libor + 9.00%/Q) 2/23/2015 49.7
50.0
(3)(16)
Class A common stock (1,697 shares) 2/23/2015 1.7
2.5
(2)
Class B common stock (989,011 shares) 2/23/2015 —
—
(2)
81.2
82.5

Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc. Provider of data visualization software for data analytics Class A common shares (7,444.80 shares) 8/22/2016 7.4
8.8
(2)
Class B common shares (1,841,608.69 shares) 8/22/2016 0.1
0.1
(2)
7.5
8.9

R2 Acquisition Corp. Marketing services Common stock (250,000 shares) 5/29/2007 0.2
0.3
(2)
Rocket Fuel Inc. Provider of open and integrated software for digital marketing optimization Common stock (11,405 units) 9/9/2014 —
—
(2)(23)
SCM Insurance Services Inc. (20) Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry First lien senior secured loan ($21.6 par due 8/2024) 6.67% (Libor + 5.00%/Q) 8/29/2017 21.5
21.4
(2)(16)
Second lien senior secured loan ($60.9 par due 3/2025) 10.66% (Libor + 9.00%/Q) 8/29/2017 60.5
60.3
(2)(16)
82.0
81.7

Shift PPC LLC (20) Digital solutions provider First lien senior secured loan ($10.1 par due 12/2021) 7.33% (Libor + 6.00%/Q) 12/22/2016 10.1
10.1
(4)(16)
Sonian Inc. Cloud-based email archiving platform First lien senior secured loan ($7.5 par due 6/2020) 8.87% (Libor + 7.65%/M) 9/9/2015 7.4
7.5
(5)(14)(16)
Warrant to purchase up to 169,045 shares of Series C preferred stock (expires 9/2022) 9/9/2015 0.1
0.1
(5)
7.5
7.6

Sparta Systems, Inc., Project Silverback Holdings Corp. and Silverback Holdings, Inc. (20) Quality management software provider Second lien senior secured loan ($20.0 par due 8/2025) 9.58% (Libor + 8.25%/Q) 8/21/2017 19.6
19.8
(2)(16)
Series B preferred shares (10,084 shares) 8/21/2017 1.1
1.0

20.7
20.8

Talari Networks, Inc. Networking equipment provider First lien senior secured loan ($6.0 par due 10/2019) 10.06% (Libor + 8.75%/M) 8/3/2015 6.0
5.7
(5)(16)
Warrant to purchase up to 421,052 shares of Series D-1 preferred stock (expires 8/2022) 8/3/2015 0.1
0.1
(5)
6.1
5.8

The Gordian Group, Inc. (20) Construction software and service provider First lien senior secured loan ($19.0 par due 7/2019) 6.06% (Libor + 4.75%/Q) 1/3/2017 18.7
19.0
(3)(16)
First lien senior secured loan ($6.4 par due 7/2019) 6.06% (Libor + 4.75%/Q) 1/3/2017 6.3
6.4
(4)(16)
First lien senior secured loan ($9.4 par due 7/2019) 6.08% (Libor + 4.75%/Q) 1/3/2017 9.3
9.4
(3)(16)
First lien senior secured loan ($3.2 par due 7/2019) 6.08% (Libor + 4.75%/Q) 1/3/2017 3.1
3.2
(4)(16)
37.4
38.0

The Greeley Company, Inc. and HCP Acquisition Holdings, LLC (8) Healthcare compliance advisory services Senior subordinated loan ($10.5 par due 3/2018) 3/5/2013 —
—
(2)(15)
Class A units (14,293,110 units) 6/26/2008 —
—
(2)
—
—

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured revolving loan ($4.8 par due 6/2023)	4.62% (Libor + 4.50%/Q)	9/23/2016	4.8	4.7	(2)(16)
		Class A common stock (7,500 shares)		8/19/2014	7.5	2.6	(2)
		Class B common stock (7,500 shares)		8/19/2014	—	—	(2)
					12.7	7.7
Elevation Services Parent Holdings, LLC	Elevator service platform	First lien senior secured loan ($20.4 par due 12/2026)	6.50% (Libor + 5.50%/Q)	12/18/2020	20.4	20.4	(2)(13)
HAI Acquisition Corporation and Aloha Topco, LLC (17)	Professional employer organization offering human resources, compliance and risk management services	First lien senior secured loan ($61.2 par due 11/2025)	6.50% (Libor + 5.50%/M)	11/1/2017	61.2	61.2	(13)
		First lien senior secured loan ($27.1 par due 11/2025)	6.00% (Libor + 5.25%/Q)	9/28/2021	27.1	27.1	(2)(13)
		Class A units (16,980 units)		11/1/2017	1.7	2.3	(2)
					90.0	90.6
HH-Stella, Inc. and Bedrock Parent Holdings, LP (17)	Provider of municipal solid waste transfer management services	First lien senior secured revolving loan ($0.5 par due 4/2027)	6.50% (Libor + 5.50%/Q)	4/22/2021	0.5	0.5	(2)(13)
		First lien senior secured loan ($1.8 par due 4/2028)	6.50% (Libor + 5.50%/Q)	4/22/2021	1.8	1.8	(2)(13)
		Class A units (25,490 units)		4/22/2021	2.5	2.8	(2)
					4.8	5.1
IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.	Market research company focused on the consumer packaged goods industry	First lien senior secured loan ($42.4 par due 12/2025)	4.33% (Libor + 4.25%/M)	11/30/2018	42.0	42.4
		Second lien senior secured loan ($86.8 par due 11/2026)	8.08% (Libor + 8.00%/M)	11/30/2018	85.8	86.8	(2)
		Series A-1 preferred shares (46,900 shares)	11.50% PIK (Libor + 10.50% PIK/Q)	11/30/2018	65.3	66.0	(2)(13)
		Class A-1 common units (90,500 units)		11/30/2018	9.1	23.9	(2)
					202.2	219.1
Kellermeyer Bergensons Services, LLC (17)	Provider of janitorial and facilities management services	First lien senior secured loan ($13.1 par due 11/2026)	6.75% (Libor + 5.75%/Q)	11/7/2019	13.1	13.1	(2)(13)
		First lien senior secured loan ($36.3 par due 11/2026)	6.75% (Libor + 5.75%/Q)	11/7/2019	36.0	36.3	(13)
		First lien senior secured loan ($59.9 par due 11/2026)	6.75% (Libor + 5.75%/Q)	7/2/2021	59.9	59.9	(2)(13)
					109.0	109.3
KPS Global LLC and Cool Group LLC	Manufacturer of walk-in cooler and freezer systems	First lien senior secured loan ($12.6 par due 4/2024)	7.00% (Libor + 6.00%/M)	4/5/2017	12.6	12.5	(13)
		First lien senior secured loan ($3.4 par due 4/2024)	7.00% (Libor + 6.00%/M)	11/16/2018	3.4	3.4	(13)
		Class A units (13,292 units)		9/21/2018	1.1	1.2
					17.1	17.1
Laboratories Bidco LLC and Laboratories Topco LLC (17)	Lab testing services for nicotine containing products	First lien senior secured loan ($45.5 par due 7/2027)	6.75% (Libor + 5.75%/Q)	7/23/2021	45.5	45.5	(2)(13)
		First lien senior secured loan ($29.3 par due 6/2024)	6.75% (Libor + 5.75%/Q)	10/4/2019	29.3	29.3	(13)
		First lien senior secured loan ($25.5 par due 6/2024)	6.75% (CDOR + 5.75%/Q)	10/4/2019	24.3	25.5	(13)
		First lien senior secured loan ($20.7 par due 6/2024)	6.75% (Libor + 5.75%/Q)	10/30/2020	20.7	20.7	(2)(13)
		Class A units (3,099,335 units)		7/23/2021	4.6	4.6	(2)
					124.4	125.6
Lakers Buyer, Inc. and Lakers Parent LLC (17)	Provider of fire safety and life safety services	First lien senior secured revolving loan ($2.2 par due 3/2027)	6.75% (Libor + 5.75%/Q)	3/22/2021	2.2	2.2	(2)(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
TraceLink, Inc. Supply chain management software provider for the pharmaceutical industry Warrant to purchase up to 283,353 shares of Series A-2 preferred stock (expires 1/2025) 1/2/2015 0.1
1.8
(2)
UL Holding Co., LLC (7) Provider of collection and landfill avoidance solutions for food waste and unsold food products Senior subordinated loan ($6.0 par due 5/2020) 10.00% PIK 4/30/2012 1.8
6.0
(2)
Senior subordinated loan ($0.5 par due 5/2020) 4/30/2012 0.1
0.5
(2)
Senior subordinated loan ($23.9 par due 5/2020) 10.00% PIK 4/30/2012 7.0
23.9
(2)
Senior subordinated loan ($3.8 par due 5/2020) 4/30/2012 1.1
3.8
(2)
Senior subordinated loan ($2.8 par due 5/2020) 10.00% PIK 4/30/2012 0.8
2.8
(2)
Senior subordinated loan ($0.4 par due 5/2020) 4/30/2012 0.1
0.4
(2)
Class A common units (533,351 units) 6/17/2011 5.0
2.7
(2)
Class B-5 common units (272,834 units) 6/17/2011 2.5
1.4
(2)
Class C common units (758,546 units) 4/25/2008 —
—
(2)
Warrant to purchase up to 719,044 shares of Class A units 5/2/2014 —
—
(2)
Warrant to purchase up to 28,663 shares of Class B-1 units 5/2/2014 —
—
(2)
Warrant to purchase up to 57,325 shares of Class B-2 units 5/2/2014 —
—
(2)
Warrant to purchase up to 29,645 shares of Class B-3 units 5/2/2014 —
—
(2)
Warrant to purchase up to 80,371 shares of Class B-5 units 5/2/2014 —
—
(2)
Warrant to purchase up to 59,655 shares of Class B-6 units 5/2/2014 —
—
(2)
Warrant to purchase up to 1,046,713 shares of Class C units 5/2/2014 —
—
(2)
18.4
41.5

Velocity Holdings Corp. Hosted enterprise resource planning application management services provider Common units (1,713,546 units) 12/13/2013 4.5
2.7

Visual Edge Technology, Inc. (20) Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies First lien senior secured loan ($2.0 par due 8/2022) 7.08% (Libor + 5.75%/Q) 8/31/2017 2.0
2.0
(2)(16)
First lien senior secured loan ($13.0 par due 8/2022) 7.07% (Libor + 5.75%/Q) 8/31/2017 13.0
12.9
(2)(16)
Senior subordinated loan ($40.2 par due 9/2024) 12.50% PIK 8/31/2017 36.2
37.6
(2)
Warrant to purchase up to 1,816,089 shares of common stock (expires 8/2027) 8/31/2017 —
—
(2)
Warrant to purchase up to 2,070,511 shares of preferred stock (expires 8/2027) 8/31/2017 4.1
4.1
(2)
55.3
56.6

VRC Companies, LLC (20) Provider of records and information management services First lien senior secured revolving loan ($0.1 par due 3/2022) 7.92% (Libor + 6.50%/Q) 4/17/2017 0.1
—
(2)(16)
First lien senior secured revolving loan ($0.5 par due 3/2022) 9.75% (Base Rate + 5.50%/Q) 4/17/2017 0.5
0.5
(2)(16)
First lien senior secured loan ($0.2 par due 3/2023) 7.92% (Libor + 6.50%/Q) 4/17/2017 0.2
0.2
(2)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($80.4 par due 3/2027)	6.75% (Libor + 5.75%/Q)	3/22/2021	80.4	80.4	(2)(13)
		Second lien senior secured loan ($39.0 par due 9/2027)	11.75% PIK (Libor + 10.75% PIK/Q)	3/22/2021	39.0	39.0	(2)(13)
		Common units (46,990 units)		3/22/2021	4.7	6.5	(2)
					126.3	128.1
Marmic Purchaser, LLC and Marmic Topco, L.P. (17)	Provider of recurring fire protection services	First lien senior secured revolving loan		3/5/2021	—	—	(15)
		First lien senior secured loan ($25.4 par due 3/2027)	7.00% (Libor + 6.00%/Q)	3/5/2021	25.4	25.4	(2)(13)
		Limited partnership units (1,674,000 units)	8.00% PIK	3/5/2021	1.8	1.9	(2)
					27.2	27.3
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.	Keg management solutions provider	Second lien senior secured loan ($149.7 par due 7/2023)	10.00% PIK (Libor + 9.00%/S)	8/13/2020	149.7	142.2	(13)
		Series A preferred stock (1,507 shares)		8/13/2020	1.5	1.8	(2)
		Common stock (54,710 shares)		12/14/2012	4.9	3.3	(2)
					156.1	147.3
NAS, LLC and Nationwide Marketing Group, LLC (17)	Buying and marketing services organization for appliance, furniture and consumer electronics dealers	First lien senior secured loan ($6.4 par due 6/2024)	7.50% (Libor + 6.50%/Q)	11/3/2020	6.4	6.4	(2)(13)
Nest Topco Borrower Inc. and KKR Nest Co-Invest L.P. (17)	Operator of multiple franchise concepts primarily related to home maintenance or repairs	Senior subordinated loan ($119.1 par due 8/2029)	9.00% (Libor + 8.50%/Q)	9/1/2021	119.1	117.9	(2)(13)
		Limited partner interest (9,725,000 interests)		9/28/2021	9.7	9.7	(2)
					128.8	127.6
NM GRC Holdco, LLC	Regulatory compliance services provider to financial institutions	First lien senior secured loan ($35.7 par due 2/2024)	8.50% (Libor + 6.00% Cash, 1.50% PIK/Q)	2/9/2018	35.6	35.7	(13)
		First lien senior secured loan ($9.5 par due 2/2024)	8.50% (Libor + 6.00% Cash, 1.50% PIK/Q)	2/9/2018	9.5	9.5	(2)(13)
					45.1	45.2
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC (17)	Provider of fire safety and life safety services	First lien senior secured loan ($20.1 par due 5/2027)	7.00% (Libor + 6.00%/Q)	5/19/2021	20.1	19.9	(2)(13)
		Common units (649,000 units)		5/19/2021	0.6	0.6	(2)
					20.7	20.5
North Haven Stack Buyer, LLC (17)	Provider of environmental testing services	First lien senior secured revolving loan ($0.2 par due 7/2027)	6.50% (Libor + 5.50%/Q)	7/15/2021	0.2	0.2	(2)(13)
		First lien senior secured loan ($10.8 par due 7/2027)	6.50% (Libor + 5.50%/Q)	7/15/2021	10.6	10.7	(13)
		First lien senior secured loan ($0.3 par due 7/2027)	6.50% (Libor + 5.50%/Q)	7/15/2021	0.2	0.3	(2)(13)
					11.0	11.2
Petroleum Service Group LLC (17)	Provider of operational services for US petrochemical and refining companies	First lien senior secured revolving loan		7/23/2019	—	—	(15)
		First lien senior secured loan ($34.3 par due 7/2025)	6.25% (Libor + 5.25%/Q)	7/23/2019	34.3	34.3	(13)
		First lien senior secured loan ($0.7 par due 7/2025)	6.25% (Libor + 5.25%/M)	7/23/2019	0.7	0.7	(2)(13)
					35.0	35.0
QC Supply, LLC (17)	Specialty distributor and solutions provider to the swine and poultry markets	First lien senior secured revolving loan ($8.7 par due 12/2021)		12/29/2016	8.6	4.6	(2)(12)(16)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
First lien senior secured loan ($0.5 par due 3/2023) 7.81% (Libor + 6.50%/Q) 4/17/2017 0.5
0.4
(2)(16)
First lien senior secured loan ($0.1 par due 3/2023) 7.93% (Libor + 6.50%/Q) 4/17/2017 0.1
0.1
(2)(16)
First lien senior secured loan ($0.2 par due 3/2023) 9.75% (Base Rate + 5.50%/Q) 4/17/2017 0.2
0.2
(2)(16)
First lien senior secured loan ($5.5 par due 3/2023) 7.74% (Libor + 6.50%/Q) 4/17/2017 5.5
5.5
(2)(16)
7.1
6.9

WorldPay Group PLC (9) Payment processing company C2 shares (73,974 shares) 10/21/2015 —
—
(23)
Zywave, Inc. (20) Provider of software and technology-enabled content and analytical solutions to insurance brokers Second lien senior secured loan ($27.0 par due 11/2023) 10.31% (Libor + 9.00%/Q) 11/17/2016 27.0
27.0
(2)(16)
2,138.6
2,168.3
30.85 %
Consumer Products
Badger Sportswear Acquisition, Inc. Provider of team uniforms and athletic wear Second lien senior secured loan ($50.0 par due 3/2024) 10.30% (Libor + 9.00%/Q) 9/6/2016 49.9
49.5
(2)(16)
BRG Sports, Inc. Designer, manufacturer and licensor of branded sporting goods Preferred stock (2,009 shares) 1/3/2017 —
—

Common stock (6,566,655 shares) 1/3/2017 —
0.4

—
0.4

Feradyne Outdoors, LLC and Bowhunter Holdings, LLC Provider of branded archery and bowhunting accessories Common units (421 units) 4/24/2014 4.2
1.3
(2)
Implus Footcare, LLC Provider of footwear and other accessories First lien senior secured loan ($14.6 par due 4/2021) 8.04% (Libor + 6.75%/Q) 6/1/2017 14.6
14.6
(2)(16)
First lien senior secured loan ($77.7 par due 4/2021) 8.08% (Libor + 6.75%/Q) 6/1/2017 77.7
77.7
(2)(16)
First lien senior secured loan ($19.9 par due 4/2021) 8.08% (Libor + 6.75%/Q) 6/1/2017 19.9
19.9
(4)(16)
112.2
112.2

Indra Holdings Corp. Designer, marketer, and distributor of rain and cold weather products Second lien senior secured loan ($80.0 par due 11/2021) 5/1/2014 78.7
50.8
(2)(15)
Plantation Products, LLC, Seed Holdings, Inc. and Flora Parent, Inc. Provider of branded lawn and garden products Second lien senior secured loan ($2.0 par due 6/2021) 9.26% (Libor + 7.99%/Q) 12/23/2014 2.0
2.0
(2)(16)
Second lien senior secured loan ($54.0 par due 6/2021) 9.26% (Libor + 7.99%/Q) 12/23/2014 53.8
54.0
(3)(16)
Second lien senior secured loan ($10.0 par due 6/2021) 9.26% (Libor + 7.99%/Q) 12/23/2014 10.0
10.0
(4)(16)
Common stock (30,000 shares) 12/23/2014 3.0
5.5
(2)
68.8
71.5

Rug Doctor, LLC and RD Holdco Inc. (8) Manufacturer and marketer of carpet cleaning machines Second lien senior secured loan ($16.9 par due 12/2018) 11.25% (Libor + 9.75%/Q) 1/3/2017 16.9
16.9
(2)(16)
Common stock (458,596 shares) 1/3/2017 14.0
9.3

Warrant to purchase up to 56,372 shares of common stock (expires 12/2023) 1/3/2017 —
—

30.9
26.2

S Toys Holdings LLC (fka The Step2 Company, LLC) (8) Toy manufacturer Common units (1,116,879 units) 4/1/2011 —
0.5

Class B common units (126,278,000 units) 10/30/2014 —
—
(2)
Warrant to purchase up to 3,157,895 units 4/1/2010 —
—

—
0.5

SHO Holding I Corporation Manufacturer and distributor of slip resistant footwear Second lien senior secured loan ($100.0 par due 4/2023) 9.74% (Libor + 8.50%/Q) 10/27/2015 98.1
96.0
(2)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($34.4 par due 12/2022)		12/29/2016	33.9	18.2	(2)(12)
					42.5	22.8
R2 Acquisition Corp.	Marketing services	Common stock (250,000 shares)		5/29/2007	0.3	0.5	(2)
RC V Tecmo Investor LLC	Technology based aggregator for facility maintenance services	Common member units (9,624,000 units)		8/14/2020	8.3	19.4	(2)
RE Community Holdings GP, LLC and RE Community Holdings, LP	Operator of municipal recycling facilities	Limited partnership interest (2.86% interest)		3/1/2011	—	—	(2)
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (17)	Provider of FDA registration and consulting services	First lien senior secured loan ($37.9 par due 8/2027)	6.50% (Libor + 5.50%/Q)	8/26/2021	37.9	37.5	(2)(13)
		Limited partner interests (1.13% interest)		8/26/2021	2.7	2.6	(2)
					40.6	40.1
Rodeo AcquisitionCo LLC (17)	Provider of food inspection and recovery services	First lien senior secured revolving loan ($0.5 par due 7/2027)	7.00% (Libor + 6.00%/Q)	7/26/2021	0.5	0.5	(2)(13)
		First lien senior secured loan ($17.1 par due 7/2027)	7.00% (Libor + 6.00%/Q)	7/26/2021	17.1	16.9	(2)(13)
					17.6	17.4
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP (17)	Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products	First lien senior secured loan ($21.5 par due 6/2026)	10.22% (Libor + 9.22%/Q)	6/30/2020	21.5	20.2	(2)(13)
		Limited partnership class A-1 units (2,173 units)		6/30/2020	1.1	0.7	(2)
		Limited partnership class A-2 units (2,173 units)		6/30/2020	1.1	0.7	(2)
					23.7	21.6
Startec Equity, LLC (5)	Communication services	Member interest		4/1/2010	—	—
Stealth Holding LLC and UCIT Online Security Inc. (17)	Live video monitoring solutions provider	First lien senior secured loan ($26.4 par due 3/2026)	7.75% (Libor + 6.75%/Q)	3/1/2021	26.4	26.4	(6)(13)
		First lien senior secured loan ($0.8 par due 3/2026)	9.00% (Base Rate + 5.75%/Q)	3/1/2021	0.8	0.8	(2)(6)(13)
		First lien senior secured loan ($19.9 par due 3/2026)	7.75% (Libor + 6.75%/Q)	3/1/2021	19.9	19.9	(2)(6)(13)
					47.1	47.1
Thermostat Purchaser III, Inc. (17)	Provider of commercial HVAC equipment maintenance and repair services	Second lien senior secured loan ($23.0 par due 8/2029)	8.00% (Libor + 7.25%/Q)	8/31/2021	23.0	22.8	(2)(13)
Tyden Group Holding Corp.	Producer and marketer of global cargo security, product identification and traceability products and utility meter products	Preferred stock (46,276 shares)		1/3/2017	0.4	0.7	(6)
		Common stock (5,521,203 shares)		1/3/2017	2.0	3.6	(6)
					2.4	4.3
Visual Edge Technology, Inc.	Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies	First lien senior secured loan ($32.5 par due 8/2022)	8.50% (Libor + 5.75% Cash, 1.25% PIK/Q)	8/31/2017	32.5	31.2	(2)(13)
		Senior subordinated loan ($85.1 par due 9/2024)	16.00% PIK	8/31/2017	83.4	78.3	(2)
		Warrant to purchase up to 10,358,572 shares of common stock (expires 8/2027)		8/31/2017	3.9	—	(2)
					119.8	109.5
VLS Recovery Services, LLC (17)	Provider of commercial and industrial waste processing and disposal services	First lien senior secured revolving loan		10/17/2017	—	—	(15)
		First lien senior secured loan ($25.2 par due 10/2024)	6.50% (Libor + 5.50%/Q)	8/31/2021	25.2	25.2	(2)(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Shock Doctor, Inc. and Shock Doctor Holdings, LLC (7) Developer, marketer and distributor of sports protection equipment and accessories Second lien senior secured loan ($89.4 par due 10/2021) 11.81% (Libor + 10.50%/Q) 4/22/2015 89.4
82.3
(2)(16)
Developer, marketer and distributor of sports protection equipment and accessories. Class A preferred units (50,000 units) 3/14/2014 5.0
2.0
(2)
Class C preferred units (50,000 units) 4/22/2015 5.0
2.0
(2)
99.4
86.3

Singer Sewing Company Manufacturer of consumer sewing machines First lien senior secured loan ($174.7 par due 10/2017) 8.75% (Libor + 7.50%/Q) 7/26/2017 174.7
166.0
(2)(16)
Varsity Brands Holding Co., Inc., Hercules Achievement, Inc., Hercules Achievement Holdings, Inc. and Hercules VB Holdings, Inc. Leading manufacturer and distributor of textiles, apparel & luxury goods Second lien senior secured loan ($25.0 par due 12/2022) 9.98% (Libor + 8.75%/Q) 10/28/2016 25.0
25.0
(2)(16)
Second lien senior secured loan ($1.6 par due 12/2022) 9.99% (Libor + 8.75%/Q) 12/11/2014 1.6
1.6
(2)(16)
Second lien senior secured loan ($54.0 par due 12/2022) 9.99% (Libor + 8.75%/Q) 12/11/2014 53.6
54.0
(3)(16)
Second lien senior secured loan ($91.7 par due 12/2022) 9.99% (Libor + 8.75%/Q) 12/11/2014 91.1
91.7
(2)(16)
Common stock (3,353,371 shares) 12/11/2014 3.4
4.8
(2)
Common stock (3,353,371 shares) 12/11/2014 4.1
4.8
(2)
178.8
181.9

Wonder Holdings Acquisition Corp. Developer and marketer of OTC healthcare products Warrant to purchase up to 1,654,678 shares of common stock (expires 6/2021) 7/27/2011 —
1.5
(2)
Woodstream Group, Inc. and Woodstream Corporation (20) Pet products manufacturer First lien senior secured loan ($2.0 par due 5/2022) 7.57% (Libor + 6.25%/Q) 6/21/2017 2.0
2.0
(2)(16)
First lien senior secured loan ($6.2 par due 5/2022) 7.58% (Libor + 6.25%/Q) 6/21/2017 6.2
6.2
(2)(16)
8.2
8.2

903.9
852.3
12.13 %
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (8)(10) Investment company Common stock (589 shares) 1/3/2017 0.5
0.4

Ares IIIR/IVR CLO Ltd. (8)(9)(10) Investment vehicle Subordinated notes ($20.0 par due 4/2021) 1/3/2017 —
0.1

Babson CLO 2014-II (9)(10) Investment vehicle Subordinated notes ($25.0 par due 10/2026) 18% 1/3/2017 12.0
12.9

Blue Wolf Capital Fund II, L.P. (9)(10) Investment partnership Limited partnership interest (8.50% interest) 1/3/2017 7.1
7.5
(23)
Carlyle Global Market Strategies CLO 2013-3 (9)(10) Investment vehicle Subordinated notes ($5.0 par due 7/2025) 8.53% 1/3/2017 2.6
2.5

Carlyle Global Market Strategies CLO 2015-3 (9)(10) Investment vehicle Subordinated notes ($24.6 par due 7/2028) 10.75% 1/3/2017 19.3
18.7

Cent CLO 2014-22 Limited (9)(10) Investment vehicle Subordinated notes ($45.4 par due 11/2026) 11.75% 1/3/2017 24.0
20.4

Cent CLO 2015-24 Limited (9)(10) Investment vehicle Subordinated notes ($28.0 par due 10/2026) 8.5% 1/3/2017 21.7
21.8

Centurion CDO 8 Limited (9)(10) Investment vehicle Subordinated notes ($5.0 par due 3/2019) 1/3/2017 —
—

CoLTs 2005-1 Ltd. (9)(10) Investment vehicle Preferred shares (360 shares) 1/3/2017 —
—

CoLTs 2005-2 Ltd. (9)(10) Investment vehicle Preferred shares (34,170,000 shares) 1/3/2017 —
—

CREST Exeter Street Solar 2004-1 (9)(10) Investment vehicle Preferred shares (3,500,000 shares) 1/3/2017 —
—

Eaton Vance CDO X plc (9)(10) Investment vehicle Subordinated notes ($15.0 par due 2/2027) 5.25% 1/3/2017 4.2
6.1

European Capital UK SME Debt LP (8)(9)(10)(21) Investment partnership Limited partnership interest (45% interest) 1/3/2017 41.9
44.1

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($8.8 par due 10/2024)	6.50% (Libor + 5.50%/Q)	7/1/2019	8.8	8.8	(2)(13)
					34.0	34.0
Wash Encore Holdings, LLC (17)	Provider of outsourced healthcare linen management solutions	First lien senior secured loan ($99.4 par due 7/2027)	6.75% (Libor + 5.75%/Q)	7/30/2021	99.4	98.4	(2)(13)
WCI-HFG Holdings, LLC	Distributor of repair and replacement parts for commercial kitchen equipment	Preferred units (1,400,000 units)		10/20/2015	1.4	2.0	(2)
XIFIN, Inc. and ACP Charger Co-Invest LLC (17)	Revenue cycle management provider to labs	First lien senior secured loan ($40.4 par due 2/2026)	6.75% (Libor + 5.75%/Q)	7/20/2021	40.4	40.0	(2)(13)
		Common stock (180,000 shares)		2/6/2020	1.8	3.3	(2)
					42.2	43.3

					1,792.0	1,778.3		20.83	%
Insurance Services
Alera Group, Inc. (17)	Insurance service provider	First lien senior secured loan ($201.4 par due 10/2028)	6.25% (Libor + 5.50%/M)	9/30/2021	201.4	199.4	(2)(13)
Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc.	Insurance service provider	First lien senior secured loan ($1.0 par due 2/2025)	4.58% (Libor + 4.50%/M)	12/21/2018	1.0	1.0	(2)
AQ Sunshine, Inc. (17)	Specialized insurance broker	First lien senior secured revolving loan ($0.3 par due 4/2024)	7.00% (Libor + 6.00%/Q)	4/15/2019	0.3	0.3	(2)(13)(16)
		First lien senior secured loan ($8.6 par due 4/2025)	7.00% (Libor + 6.00%/Q)	4/15/2019	8.6	8.6	(13)
		First lien senior secured loan ($25.7 par due 4/2025)	7.00% (Libor + 6.00%/Q)	10/29/2020	25.7	25.7	(2)(13)
		First lien senior secured loan ($7.9 par due 4/2025)	7.00% (Libor + 6.00%/Q)	6/28/2021	7.9	7.9	(2)(13)
					42.5	42.5
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc (17)	Insurance broker and underwriting servicer	First lien senior secured loan ($69.2 par due 7/2026)	8.21% (GBP GBP Libor + 5.50% Cash, 2.26% PIK/Q)	6/26/2020	64.7	69.2	(2)(6)(13)
		First lien senior secured loan ($2.4 par due 7/2026)	8.46% (GBP GBP Libor + 5.50% Cash, 2.21% PIK/S)	6/26/2020	2.5	2.4	(2)(6)(13)
		First lien senior secured loan ($12.1 par due 7/2026)	8.46% (GBP Libor + 5.45% Cash, 2.26% PIK)	6/26/2020	12.3	12.1	(2)(6)(13)
		First lien senior secured loan ($7.6 par due 7/2026)	8.46% (Euribor + 5.50% Cash, 2.21% PIK/Q)	6/26/2020	7.5	7.6	(2)(6)(13)
		Senior subordinated loan ($1.3 par due 1/2027)	11.50% PIK	6/26/2020	1.2	1.4	(2)(6)(20)
					88.2	92.7
Benecon Midco II LLC and Locutus Holdco LLC (17)	Employee benefits provider for small and mid-size employers	Common units (9,803,682 units)		12/4/2020	10.0	14.1
Benefytt Technologies, Inc. (17)	Health insurance sales platform provider	First lien senior secured loan ($23.4 par due 8/2027)	6.75% (Libor + 6.00%/Q)	8/12/2021	23.4	23.2	(2)(13)
Foundation Risk Partners, Corp. (17)	Full service independent insurance agency	First lien senior secured loan ($25.6 par due 11/2023)	5.75% (Libor + 4.75%/Q)	8/30/2019	25.6	25.6	(13)
		First lien senior secured loan ($18.3 par due 11/2023)	5.75% (Libor + 4.75%/Q)	12/30/2020	18.3	18.3	(2)(13)
		Second lien senior secured loan ($40.8 par due 11/2024)	9.50% (Libor + 8.50%/Q)	8/9/2018	40.8	40.8	(2)(13)
		Second lien senior secured loan ($27.4 par due 11/2024)	9.50% (Libor + 8.50%/Q)	5/1/2019	27.4	27.4	(2)(13)
		Second lien senior secured loan ($14.8 par due 11/2024)	9.50% (Libor + 8.50%/Q)	8/30/2019	14.8	14.8	(2)(13)
		Second lien senior secured loan ($27.5 par due 11/2024)	9.50% (Libor + 8.50%/Q)	11/10/2017	27.5	27.5	(2)(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Flagship CLO V (9)(10) Investment vehicle Subordinated notes ($0.0 par due 9/2019) 1/3/2017 —
—

Goldentree Loan Opportunities VII, Limited (9)(10) Investment vehicle Subordinated notes ($35.3 par due 4/2025) 6.9% 1/3/2017 19.5
19.3

Halcyon Loan Advisors Funding 2015-2 Ltd. (9)(10) Investment vehicle Subordinated notes ($21.7 par due 7/2027) 13.5% 1/3/2017 14.4
11.7

HCI Equity, LLC (8)(9)(10) Investment company Member interest (100.00% interest) 4/1/2010 —
0.1
(23)
Herbert Park B.V. (9)(10) Investment vehicle Subordinated notes ($22.5 par due 10/2026) 1/3/2017 0.9
0.5

Imperial Capital Private Opportunities, LP (10) Investment partnership Limited partnership interest (80.00% interest) 5/10/2007 3.2
13.0
(2)
LightPoint CLO VII, Ltd. (9)(10) Investment vehicle Subordinated notes ($9.0 par due 5/2021) 1/3/2017 —
—

Montgomery Lane, LLC and Montgomery Lane, Ltd. (8)(9)(10) Investment company Common stock (100 shares) 1/3/2017 —
0.6

Common stock (50,000 shares) 1/3/2017 —
—

—
0.6

Octagon Investment Partners XIX, Ltd. (9)(10) Investment vehicle Subordinated notes ($25.0 par due 4/2026) 14% 1/3/2017 10.9
10.6

OHA Credit Partners XI, Ltd. (9)(10) Investment vehicle Subordinated notes ($17.8 par due 10/2028) 9.5% 1/3/2017 14.3
13.5

Partnership Capital Growth Fund I, L.P. (10) Investment partnership Limited partnership interest (25.00% interest) 6/16/2006 —
0.1
(2)(23)
Partnership Capital Growth Investors III, L.P. (10)(21) Investment partnership Limited partnership interest (2.50% interest) 10/5/2011 2.5
3.3
(2)(23)
PCG-Ares Sidecar Investment II, L.P. (10) Investment partnership Limited partnership interest (100.00% interest) 10/31/2014 7.5
12.3
(2)
PCG-Ares Sidecar Investment, L.P. (10)(21) Investment partnership Limited partnership interest (100.00% interest) 5/22/2014 3.9
4.2
(2)
Piper Jaffray Merchant Banking Fund I, L.P. (10)(21) Investment partnership Limited partnership interest (2.00% interest) 8/16/2012 1.5
1.6
(23)
Qualium Investissement (9)(10) Investment partnership Class A common stock (99,000 shares) 1/3/2017 7.3
7.9
(23)
Class B common stock (100,000 shares) 1/3/2017 0.1
0.1
(23)
Class C common stock (48,939 shares) 1/3/2017 0.1
0.1
(23)
7.5
8.1

Senior Direct Lending Program, LLC (8)(10)(22) Co-investment vehicle Subordinated certificates ($437.4 par due 12/2036) 9.15% (Libor + 8.00%/Q)(17) 7/27/2016 437.4
437.4

Member interest (87.50% interest) 7/27/2016 —
—

437.4
437.4

Vitesse CLO, Ltd. (9)(10) Investment vehicle Preferred shares (20,000,000 shares) 1/3/2017 —
—

Voya CLO 2014-4 Ltd. (9)(10) Investment vehicle Subordinated notes ($26.7 par due 10/2026) 10.5% 1/3/2017 17.6
20.3

VSC Investors LLC (10) Investment company Membership interest (1.95% interest) 1/24/2008 0.3
1.3
(2)(23)
674.7
692.4
9.85 %
Other Services
American Residential Services L.L.C. Heating, ventilation and air conditioning services provider Second lien senior secured loan ($67.0 par due 12/2022) 9.24% (Libor + 8.00%/Q) 6/30/2014 66.7
66.3
(2)(16)
Associated Asphalt Partners, LLC Provider of asphalt terminalling, storage and distribution First lien senior secured loan ($4.3 par due 4/2024) 6.49% (Libor + 5.25%/Q) 3/30/2017 4.2
3.8
(2)(16)
Champion Parent Corporation and Calera XVI, LLC (8) Endurance sports media and event operator First lien senior secured revolving loan ($0.8 par due 11/2018) 11/30/2012 0.1
0.1
(2)(15)
First lien senior secured loan ($6.5 par due 11/2018) 11/30/2012 0.9
0.5
(2)(15)
Preferred shares (18,875 shares) 3/25/2016 —
—
(2)
Membership units (2,522,512 units) 11/30/2012 —
—
(2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					154.4	154.4
Galway Borrower LLC (17)	Insurance service provider	First lien senior secured loan ($90.0 par due 9/2028)	6.00% (Libor + 5.25%/Q)	9/30/2021	90.0	88.2	(13)
High Street Buyer, Inc. and High Street Holdco LLC (17)	Insurance brokerage platform	First lien senior secured loan ($108.4 par due 4/2028)	6.75% (Libor + 6.00%/Q)	4/16/2021	108.4	107.2	(2)(13)
		Series A preferred units (64,759,781 units)	10.00% PIK	4/16/2021	66.9	66.9	(2)
		Series A common units (4,649,000 units)	10.00% PIK	4/16/2021	4.6	7.4	(2)
		Series C common units (3,332,456 units)	10.00% PIK	4/16/2021	—	5.3	(2)
					179.9	186.8
K2 Insurance Services, LLC and K2 Holdco LP (17)	Specialty insurance and managing general agency	First lien senior secured revolving loan		7/1/2019	—	—	(15)
		First lien senior secured loan ($51.1 par due 7/2026)	6.00% (Libor + 5.00%/Q)	7/1/2019	51.1	51.1	(13)
		First lien senior secured loan ($16.4 par due 7/2026)	6.00% (Libor + 5.00%/Q)	8/16/2021	16.4	16.4	(2)(13)
		Common units (799,000 units)		7/1/2019	0.8	1.2	(2)
					68.3	68.7
NSM Insurance Group, LLC (17)	Insurance program administrator	First lien senior secured revolving loan ($3.9 par due 11/2025)	7.00% (Base Rate + 3.75%/Q)	6/2/2021	3.9	3.9	(2)(13)(16)
		First lien senior secured loan ($12.8 par due 5/2026)	6.00% (Libor + 4.75%/Q)	5/11/2018	12.8	12.8	(13)
					16.7	16.7
OneDigital Holdings, Achilles Holdco (17)	Benefits broker and outsourced workflow automation platform provider for brokers	First lien senior secured revolving loan ($0.5 par due 11/2025)	6.00% (Base Rate + 2.75%/Q)	11/16/2020	0.4	0.5	(2)(16)
People Corporation (17)	Provider of group benefits, group retirement and human resources services	First lien senior secured revolving loan ($1.2 par due 2/2027)	7.25% (Libor + 6.25%/Q)	2/18/2021	1.2	1.2	(2)(6)(13)
		First lien senior secured loan ($55.7 par due 2/2028)	7.25% (CDOR + 6.25%/Q)	2/18/2021	55.8	55.7	(2)(6)(13)
					57.0	56.9
RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc. (17)	Insurance broker	First lien senior secured revolving loan		11/1/2019	—	—	(15)
		First lien senior secured loan ($33.2 par due 10/2026)	6.50% (Libor + 5.50%/Q)	11/1/2019	33.2	33.2	(13)
					33.2	33.2
SCM Insurance Services Inc. (17)	Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry	First lien senior secured loan ($20.5 par due 8/2024)	6.00% (CDOR + 5.00%/M)	8/29/2017	20.7	20.5	(2)(6)(13)
		Second lien senior secured loan ($59.9 par due 3/2025)	10.00% (CDOR + 9.00%/M)	8/29/2017	60.5	59.9	(2)(6)(13)
					81.2	80.4
SG Acquisition, Inc.	Provider of insurance solutions for car sales	First lien senior secured loan ($37.3 par due 1/2027)	5.50% (Libor + 5.00%/M)	1/27/2020	37.3	37.3	(13)
Spring Insurance Solutions, LLC (17)	Technology-based direct to consumer sales and marketing platform for insurance products	First lien senior secured loan ($19.0 par due 11/2025)	7.50% (Libor + 6.50%/Q)	11/23/2020	19.0	18.6	(13)
		First lien senior secured loan ($0.7 par due 11/2025)	7.50% (Libor + 6.50%/Q)	11/23/2020	0.7	0.7	(2)(13)
					19.7	19.3
THG Acquisition, LLC (17)	Multi-line insurance broker	First lien senior secured revolving loan		12/2/2019	—	—	(15)
		First lien senior secured loan ($9.9 par due 12/2026)	6.75% (Libor + 5.75%/Q)	12/2/2019	9.9	9.9	(2)(13)
		First lien senior secured loan ($8.5 par due 12/2026)	7.25% (Libor + 6.25%/Q)	12/15/2020	8.5	8.5	(2)(13)
		First lien senior secured loan ($17.5 par due 12/2026)	7.25% (Libor + 6.25%/Q)	12/15/2020	17.5	17.5	(13)
					35.9	35.9

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Common shares (114,000 shares) 3/25/2016 —
—
(2)
1.0
0.6

Crown Health Care Laundry Services, LLC and Crown Laundry Holdings, LLC (7)(20) Provider of outsourced healthcare linen management solutions First lien senior secured revolving loan — 3/13/2014 —
—
(18)
First lien senior secured loan ($5.1 par due 12/2021) 7.49% (Libor + 6.25%/Q) 3/13/2014 5.1
5.1
(2)(16)
First lien senior secured loan ($5.2 par due 12/2021) 7.49% (Libor + 6.25%/Q) 3/13/2014 5.2
5.2
(3)(16)
First lien senior secured loan ($7.0 par due 12/2021) 7.49% (Libor + 6.25%/Q) 4/6/2017 7.0
7.0
(2)(16)
Class A preferred units (2,475,000 units) 3/13/2014 2.5
3.4
(2)
Class B common units (275,000 units) 3/13/2014 0.3
0.4
(2)
20.1
21.1

CST Buyer Company (d/b/a Intoxalock) (20) Provider of ignition interlock devices First lien senior secured loan ($0.0 par due 3/2023) 7.58% (Libor + 6.25%/Q) 3/1/2017 —
—
(2)(16)
First lien senior secured loan ($11.8 par due 3/2023) 7.75% (Libor + 6.25%/Q) 3/1/2017 11.5
11.8
(2)(16)
11.5
11.8

Dwyer Acquisition Parent, Inc. and TDG Group Holding Company Operator of multiple franchise concepts primarily related to home maintenance or repairs Senior subordinated loan ($52.7 par due 2/2020) 11% 8/15/2014 52.7
52.7
(2)
Senior subordinated loan ($23.5 par due 2/2020) 11% 5/1/2017 23.5
23.5
(2)
Senior subordinated loan ($31.5 par due 2/2020) 11% 6/12/2015 31.5
31.5
(2)
Common stock (32,843 shares) 8/15/2014 2.2
4.9
(2)
109.9
112.6

Massage Envy, LLC and ME Equity LLC (20) Franchisor in the massage industry First lien senior secured revolving loan ($1.5 par due 9/2020) 7.99% (Libor + 6.75%/Q) 6/28/2017 1.5
1.5
(2)(16)
First lien senior secured loan ($1.3 par due 9/2020) 8.07% (Libor + 6.75%/Q) 4/12/2017 1.3
1.3
(2)(16)
First lien senior secured loan ($0.1 par due 9/2020) 8.08% (Libor + 6.75%/Q) 4/12/2017 0.1
0.1
(2)(16)
First lien senior secured loan ($0.0 par due 9/2020) 10.00% (Base Rate + 5.75%/Q) 4/12/2017 —
—
(2)(16)
First lien senior secured loan ($0.5 par due 9/2020) 8.07% (Libor + 6.75%/Q) 7/27/2017 0.5
0.5
(2)(16)
First lien senior secured loan ($38.5 par due 9/2020) 8.08% (Libor + 6.75%/Q) 9/27/2012 38.5
38.5
(3)(16)
First lien senior secured loan ($18.7 par due 9/2020) 8.08% (Libor + 6.75%/Q) 9/27/2012 18.7
18.7
(4)(16)
First lien senior secured loan ($0.1 par due 9/2020) 10.00% (Base Rate + 5.75%/Q) 9/27/2012 0.1
0.1
(3)(16)
First lien senior secured loan ($0.0 par due 9/2020) 10.00% (Base Rate + 5.75%/Q) 9/27/2012 —
—
(4)(16)
Common stock (3,000,000 shares) 9/27/2012 3.0
4.2
(2)
63.7
64.9

McKenzie Sports Products, LLC (20) Designer, manufacturer and distributor of hunting-related supplies First lien senior secured loan ($0.8 par due 9/2020) 6.99% (Libor + 5.75%/Q) 9/18/2014 0.8
0.8
(3)(12)(16)
First lien senior secured loan ($4.7 par due 9/2020) 7.05% (Libor + 5.75%/Q) 9/18/2014 4.7
4.7
(3)(12)(16)
First lien senior secured loan ($84.5 par due 9/2020) 9.26% (Libor + 7.93%/Q) 9/18/2014 84.5
84.5
(3)(16)
90.0
90.0

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets

					1,140.5	1,151.2		13.49	%
Diversified Financials
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC	Provider of comprehensive suite of investment management and wealth planning solutions	First lien senior secured loan ($0.2 par due 9/2027)	7.00% (Libor + 6.25%/Q)	9/15/2021	0.2	0.2	(2)(13)
		Senior subordinated loan ($4.4 par due 9/2026)	8.55% Cash, 0.75% PIK	9/15/2021	4.4	4.4	(2)
		Common units (4,069,926.54)		9/15/2021	4.1	4.1	(2)
					8.7	8.7
DFC Global Facility Borrower III LLC (17)	Non-bank provider of alternative financial services	First lien senior secured revolving loan ($146.1 par due 6/2026)	8.00% (CDOR + 7.50%/Q)	6/10/2021	149.9	145.5	(2)(6)(11)(13)
eCapital Finance Corp.	Consolidator of commercial finance businesses	Senior subordinated loan ($56.0 par due 1/2025)	9.00% (Libor + 7.50%/M)	1/31/2020	56.0	56.0	(2)(13)
		Senior subordinated loan ($5.4 par due 1/2025)	9.00% (Libor + 7.50%/M)	11/24/2020	5.4	5.4	(2)(13)
					61.4	61.4
EP Wealth Advisors, LLC (17)	Wealth management and financial planning firm	First lien senior secured revolving loan ($0.4 par due 9/2026)	6.25% (Libor + 5.25%/Q)	9/4/2020	0.4	0.4	(2)(13)
Ivy Hill Asset Management, L.P. (5)	Asset management services	Senior subordinated loan ($16.0 par due 5/2023)	7.25% (Libor + 6.50%/M)	2/8/2018	16.0	16.0	(6)(13)
		Member interest (100.00% interest)		6/15/2009	469.0	603.6	(6)
					485.0	619.6
Javlin Three LLC, Javlin Four LLC, and Javlin Five LLC	Asset-backed financial services company	First lien senior secured loan ($15.7 par due 6/2017)		6/24/2014	12.7	0.4	(2)(6)(12)
Joyce Lane Capital LLC and Joyce Lane Financing SPV LLC (fka Ciena Capital LLC) (5)(17)	Specialty finance company	First lien senior secured loan ($0.6 par due 12/2022)	4.13% (Libor + 4.00%/Q)	12/27/2018	0.6	0.6	(2)(6)
		Equity interests		11/29/2010	—	—	(2)(6)
					0.6	0.6
Lido Advisors, LLC (17)	Wealth management and financial planning firm	First lien senior secured loan ($3.0 par due 6/2027)	5.50% (Libor + 4.50%/Q)	6/15/2021	3.0	3.0	(2)(13)
LS DE LLC and LM LSQ Investors LLC	Asset based lender	Senior subordinated loan ($37.0 par due 3/2024)	10.50%	6/25/2015	37.0	37.0	(2)(6)
		Senior subordinated loan ($3.0 par due 1/2026)	10.50%	6/15/2017	3.0	3.0	(2)(6)
		Membership units (3,275,000 units)		6/25/2015	3.3	3.6	(6)
					43.3	43.6
Monica Holdco (US) Inc. (17)	Investment technology and advisory firm	First lien senior secured revolving loan		1/8/2021	—	—	(15)
		First lien senior secured loan ($2.6 par due 1/2028)	7.25% (Libor + 6.25%/Q)	1/8/2021	2.6	2.6	(2)(13)
					2.6	2.6
Priority Holdings, LLC and Priority Technology Holdings, Inc.	Provider of merchant acquiring and payment processing solutions	First lien senior secured loan ($38.9 par due 4/2027)	6.75% (Libor + 5.75%/Q)	4/27/2021	38.9	38.5	(2)(6)(13)
		Senior preferred stock (65,761 shares)	13.00% PIK (Libor + 12.00%/Q)	4/27/2021	63.1	63.3	(2)(6)(13)
		Warrant to purchase up to 527,226 shares of common stock (expires 4/2031)		4/27/2021	4.0	3.8	(2)(6)
					106.0	105.6
Rialto Management Group, LLC (17)	Investment and asset management platform focused on real estate	First lien senior secured revolving loan		11/30/2018	—	—	(6)(15)
		First lien senior secured loan ($0.7 par due 12/2024)	5.33% (Libor + 5.25%/M)	11/30/2018	0.7	0.7	(6)
		First lien senior secured loan ($7.7 par due 12/2024)	5.33% (Libor + 5.25%/M)	4/30/2021	7.7	7.7	(2)(6)
					8.4	8.4

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
MSHC, Inc. (20) Heating, ventilation and air conditioning services provider First lien senior secured revolving loan ($0.2 par due 7/2022) 5.58% (Libor + 4.25%/Q) 7/31/2017 0.2
0.2
(2)(16)
First lien senior secured loan ($1.1 par due 7/2023) 5.58% (Libor + 4.25%/Q) 7/31/2017 1.1
1.1
(2)(16)
First lien senior secured loan ($3.2 par due 7/2023) 5.58% (Libor + 4.25%/Q) 7/31/2017 3.1
3.1
(2)(16)
Second lien senior secured loan ($46.0 par due 7/2024) 9.58% (Libor + 8.25%/Q) 7/31/2017 46.0
45.5
(2)(16)
50.4
49.9

OpenSky Project, Inc. and OSP Holdings, Inc. Social commerce platform operator Warrant to purchase up to 159,496 shares of Series D preferred stock (expires 4/2025) 6/29/2015 —
—
(2)
Osmose Utilities Services, Inc. (20) Provider of structural integrity management services to transmission and distribution infrastructure Second lien senior secured loan ($34.0 par due 8/2023) 9.08% (Libor + 7.75%/Q) 1/3/2017 33.4
34.0
(2)(16)
Second lien senior secured loan ($25.0 par due 8/2023) 9.08% (Libor + 7.75%/Q) 9/3/2015 24.6
25.0
(2)(16)
58.0
59.0

SocialFlow, Inc. Social media optimization platform provider Warrant to purchase up to 215,331 shares of Series C preferred stock (expires 1/2026) 1/13/2016 —
—
(5)
SoundCloud Limited Platform for receiving, sending, and distributing music Common stock (73,422 shares) 8/15/2017 0.4
0.7
(2)
Spin HoldCo Inc. Laundry service and equipment provider Second lien senior secured loan ($175.0 par due 5/2023) 9.07% (Libor + 7.75%/Q) 6/23/2017 175.0
175.0
(2)(16)
Tyden Cayman Holdings Corp. (9) Producer and marketer of global cargo security, product identification and traceability products and utility meter products Preferred stock (46,276 shares) 1/3/2017 0.4
0.4

Common stock (5,521,203 shares) 1/3/2017 2.0
2.0

2.4
2.4

WASH Multifamily Acquisition Inc. and Coinamatic Canada Inc. Laundry service and equipment provider Second lien senior secured loan ($3.7 par due 5/2023) 8.24% (Libor + 7.00%/Q) 5/14/2015 3.7
3.7
(2)(16)
Second lien senior secured loan ($21.3 par due 5/2023) 8.24% (Libor + 7.00%/Q) 5/14/2015 21.0
21.1
(2)(16)
24.7
24.8

Wrench Group LLC Provider of essential home services to residential customers First lien senior secured loan ($4.0 par due 3/2022) 6.49% (Libor + 5.25%/Q) 1/31/2017 4.0
4.0
(2)(16)
682.0
686.9
9.77 %
Manufacturing
Chariot Acquisition, LLC (20) Aftermarket golf cart parts and accessories First lien senior secured loan ($18.4 par due 9/2021) 7.49% (Libor + 6.25%/Q) 1/3/2017 18.3
17.9
(3)(16)
First lien senior secured loan ($9.4 par due 9/2021) 7.49% (Libor + 6.25%/Q) 1/3/2017 9.3
9.1
(4)(16)
27.6
27.0

Component Hardware Group, Inc. (20) Commercial equipment First lien senior secured revolving loan ($1.9 par due 7/2019) 5.73% (Libor + 4.50%/Q) 7/1/2013 1.9
1.9
(2)(16)
First lien senior secured loan ($7.9 par due 7/2019) 5.74% (Libor + 4.50%/Q) 7/1/2013 7.9
7.9
(4)(16)
9.8
9.8

Dorner Holding Corp. (20) Manufacturer of precision unit conveyors First lien senior secured revolving loan ($1.5 par due 3/2022) 7.08% (Libor + 5.75%/Q) 3/15/2017 1.5
1.5
(2)(16)
First lien senior secured loan ($4.4 par due 3/2023) 7.08% (Libor + 5.75%/Q) 3/15/2017 4.4
4.4
(2)(16)
5.9
5.9

ECI Purchaser Company, LLC Manufacturer of equipment to safely control pressurized gases First lien senior secured loan ($21.8 par due 12/2018) 6.57% (Libor + 5.25%/Q) 7/26/2017 21.8
21.3
(2)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
TA/WEG Holdings, LLC (17)	Wealth management and financial planning firm	First lien senior secured revolving loan ($1.5 par due 10/2027)	6.75% (Libor + 5.75%/Q)	10/2/2019	1.5	1.5	(2)(13)(16)
		First lien senior secured loan ($5.5 par due 10/2027)	6.75% (Libor + 5.75%/Q)	10/2/2019	5.5	5.5	(2)(13)
		First lien senior secured loan ($2.5 par due 10/2027)	6.75% (Libor + 5.75%/Q)	11/6/2020	2.5	2.5	(2)(13)
		First lien senior secured loan ($1.9 par due 10/2027)	6.75% (Libor + 5.75%/Q)	6/3/2021	1.9	1.9	(2)(13)
					11.4	11.4
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (17)	Provider of asset-servicing capabilities for fund managers	First lien senior secured revolving loan ($4.0 par due 2/2024)	4.63% (Libor + 4.50%/Q)	2/1/2019	4.0	4.0	(2)
		First lien senior secured loan ($37.9 par due 2/2026)	5.50% (Libor + 4.50%/Q)	2/1/2019	37.9	37.9	(13)
		Class A units (1,443 units)		9/16/2019	1.6	1.4
		Class A units (245 units)		2/1/2019	0.2	—
		Class B units (2,167,424 units)		2/1/2019	—	—
		Class B units (245,194 units)		2/1/2019	—	—
					43.7	43.3

					937.1	1,054.5		12.35	%
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5)	Investment company	Common stock (589 shares)		1/3/2017	0.4	0.4	(6)
Ares IIIR/IVR CLO Ltd.	Investment vehicle	Subordinated notes ($20.0 par due 4/2025)		1/3/2017	—	—	(6)

CoLTs 2005-1 Ltd. (5)	Investment vehicle	Preferred shares (360 shares)		1/3/2017	—	—	(6)
CoLTs 2005-2 Ltd. (5)	Investment vehicle	Preferred shares (34,170,000 shares)		1/3/2017	—	—	(6)
CREST Exeter Street Solar 2004-1	Investment vehicle	Preferred shares (3,500,000 shares)		1/3/2017	—	—	(6)
European Capital UK SME Debt LP (4)(18)	Investment partnership	Limited partnership interest (45% interest)		1/3/2017	18.8	25.4	(6)
HCI Equity, LLC (5)	Investment company	Member interest (100.00% interest)		4/1/2010	—	0.1	(6)(20)
Partnership Capital Growth Investors III, L.P.	Investment partnership	Limited partnership interest (2.50% interest)		10/5/2011	2.8	3.6	(6)(20)
PCG-Ares Sidecar Investment II, L.P. (4)(18)	Investment partnership	Limited partnership interest (100.00% interest)		10/31/2014	7.0	11.1	(2)(6)
PCG-Ares Sidecar Investment, L.P. (4)(18)	Investment partnership	Limited partnership interest (100.00% interest)		5/22/2014	4.3	1.3	(6)
Piper Jaffray Merchant Banking Fund I, L.P.	Investment partnership	Limited partnership interest (2.00% interest)		8/16/2012	0.7	1.0	(6)(20)
Senior Direct Lending Program, LLC (5)(19)	Co-investment vehicle	Subordinated certificates ($931.7 par due 12/2036)	8.13% (Libor + 8.00%/Q)(14)	7/27/2016	931.7	931.7	(6)
		Member interest (87.50% interest)		7/27/2016	—	—	(6)
					931.7	931.7
VSC Investors LLC	Investment company	Membership interest (1.95% interest)		1/24/2008	0.3	0.6	(2)(6)(20)

					966.0	975.4		11.43	%
Capital Goods
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. (17)	Distributor of non-discretionary, mission-critical aftermarket replacement parts	First lien senior secured revolving loan ($0.9 par due 8/2027)	5.25% (Libor + 4.50%/Q)	8/31/2021	0.9	0.8	(2)(13)(16)
		First lien senior secured loan ($52.0 par due 8/2028)	5.25% (Libor + 4.50%/Q)	8/31/2021	52.0	51.5	(2)(13)
		Second lien senior secured loan ($25.2 par due 8/2029)	8.50% (Libor + 7.75%/Q)	8/31/2021	25.2	24.9	(2)(13)
		Common stock (4,900 shares)		8/31/2021	4.9	5.8	(2)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
First lien senior secured loan ($163.4 par due 12/2018) 6.67% (Libor + 5.25%/Q) 7/26/2017 163.4
160.2
(2)(16)
First lien senior secured loan ($0.5 par due 12/2018) 6.70% (Libor + 5.25%/Q) 7/26/2017 0.5
0.5
(2)(16)
185.7
182.0

ETG Holdings, Inc. (8) Industrial woven products Common stock (3,000 shares) 1/3/2017 —
—

Foamex Innovations, Inc. (dba FXI) Advanced polymer foam products Series A common stock (2,708 shares) 1/3/2017 —
0.8

Series B common stock (455 shares) 1/3/2017 —
0.1

—
0.9

Harvey Tool Company, LLC and Harvey Tool Holding, LLC (20) Cutting tool provider to the metalworking industry First lien senior secured revolving loan — 8/13/2015 —
—
(18)
Senior subordinated loan ($28.4 par due 9/2020) 11% 8/13/2015 28.4
28.4
(2)
Class A membership units (851 units) 3/28/2014 0.9
3.5
(2)
29.3
31.9

Ioxus, Inc (7) Energy storage devices First lien senior secured loan ($0.9 par due 12/2019) 4/29/2014 0.8
0.9
(2)(14)
First lien senior secured loan ($10.2 par due 12/2019) 12.00% PIK 4/29/2014 10.0
10.2
(2)(14)
Series CC preferred stock (67,330,609 shares) 1/27/2017 0.7
—
(2)
Warrant to purchase up to 3,038,730 shares of common stock (expires 1/2026) 1/28/2016 —
—
(2)
Warrant to purchase up to 1,210,235 shares of Series BB preferred stock (expires 8/2026) 1/28/2016 —
—
(2)
Warrant to purchase up to 336,653,045 shares of Series CC preferred stock (expires 1/2027) 1/27/2017 —
—
(2)
11.5
11.1

KPS Global LLC Walk-in cooler and freezer systems First lien senior secured loan ($1.9 par due 4/2022) 3.73% (Libor + 2.50%/Q) 4/5/2017 1.9
1.9
(2)(16)
First lien senior secured loan ($12.5 par due 4/2022) 8.53% (Libor + 7.30%/Q) 4/5/2017 12.5
12.2
(2)(16)
First lien senior secured loan ($6.2 par due 4/2022) 8.53% (Libor + 7.30%/Q) 4/5/2017 6.2
6.1
(4)(16)
20.6
20.2

MacLean-Fogg Company and MacLean-Fogg Holdings, L.L.C. Manufacturer and supplier for the power utility and automotive markets worldwide Senior subordinated loan ($102.2 par due 10/2025) 10.50% Cash, 3.00% PIK 10/31/2013 102.2
102.2
(2)
Preferred units (70,183 units) 4.50% Cash, 9.25% PIK 10/9/2015 75.6
75.6

177.8
177.8

Niagara Fiber Intermediate Corp. (20) Insoluble fiber filler products First lien senior secured revolving loan ($0.1 par due 11/2017) 10.25% (Base Rate + 6.00%/Q) 4/4/2017 0.1
0.1
(2)(16)
First lien senior secured revolving loan ($1.9 par due 5/2018) 5/8/2014 1.8
1.1
(2)(15)
First lien senior secured loan ($1.3 par due 5/2018) 5/8/2014 1.2
0.7
(2)(15)
First lien senior secured loan ($12.1 par due 5/2018) 5/8/2014 11.3
7.2
(2)(15)
14.4
9.1

Nordco Inc. (20) Railroad maintenance-of-way machinery First lien senior secured revolving loan — 8/26/2015 —
—
(18)
Pelican Products, Inc. Flashlights Second lien senior secured loan ($40.0 par due 4/2021) 9.58% (Libor + 8.25%/Q) 4/11/2014 40.0
38.4
(2)(16)
Sanders Industries Holdings, Inc. and SI Holdings, Inc. (20) Elastomeric parts, mid-sized composite structures, and composite tooling First lien senior secured loan ($0.2 par due 5/2020) 7.24% (Libor + 6.00%/Q) 7/21/2017 0.2
0.2
(2)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					83.0	83.0
Cadence Aerospace, LLC (17)	Aerospace precision components manufacturer	First lien senior secured revolving loan ($5.2 par due 11/2022)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	11/14/2017	5.2	5.0	(2)(13)(16)
		First lien senior secured revolving loan ($0.7 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	7/22/2020	0.7	0.7	(2)(13)
		First lien senior secured loan ($31.5 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/S)	11/14/2017	31.4	29.9	(13)
		First lien senior secured loan ($9.8 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	7/5/2018	9.8	9.3	(2)(13)
		First lien senior secured loan ($12.0 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	10/31/2019	12.0	11.4	(2)(13)
		First lien senior secured loan ($7.9 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	2/12/2020	7.9	7.5	(2)(13)
		First lien senior secured loan ($3.7 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	7/31/2020	3.3	3.5	(13)
					70.3	67.3
Creation Holdings Inc. (17)	Manufacturer of electrical systems	First lien senior secured revolving loan ($11.0 par due 8/2024)	6.75% (Libor + 5.75%/M)	8/15/2019	11.0	11.0	(2)(6)(13)(16)
		First lien senior secured loan ($24.1 par due 8/2025)	6.75% (Libor + 5.75%/M)	8/15/2019	24.0	24.1	(6)(13)
					35.0	35.1
AI Aqua Merger Sub, Inc.	End to end provider of water solutions to a wide range of customer bases	First lien senior secured loan ($0.1 par due 7/2028)	4.50% (Libor + 4.00%/Q)	6/17/2021	0.1	0.1	(13)(20)
		First lien senior secured loan ($0.9 par due 7/2028)	4.50% (Libor + 4.00%/Q)	6/17/2021	0.9	0.9	(2)(13)(20)
					1.0	1.0
DFS Holding Company, Inc.	Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry	First lien senior secured loan ($167.2 par due 8/2023)	8.50% (Libor + 6.00% Cash, 1.50% PIK/M)	7/26/2017	167.0	158.8	(13)
		First lien senior secured loan ($4.3 par due 8/2023)	8.50% (Libor + 6.00% Cash, 1.50% PIK/M)	3/1/2017	4.3	4.1	(2)(13)
		First lien senior secured loan ($4.9 par due 8/2023)	8.50% (Libor + 6.00% Cash, 1.50% PIK/M)	5/22/2020	5.0	4.7	(13)
					176.3	167.6
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (17)	Provider of aerospace technology and equipment	First lien senior secured loan ($25.7 par due 12/2026)	7.50% (Libor + 6.50%/Q)	12/30/2020	25.7	25.4	(13)
		Common units (9,773,000 units)		12/30/2020	9.8	8.0
					35.5	33.4
EPS NASS Parent, Inc. (17)	Provider of maintenance and engineering services for electrical infrastructure	First lien senior secured revolving loan ($0.2 par due 4/2026)	6.75% (Libor + 5.75%/Q)	4/19/2021	0.2	0.2	(2)(13)
		First lien senior secured loan ($52.2 par due 4/2028)	6.75% (Libor + 5.75%/Q)	4/19/2021	52.2	51.6	(2)(13)
					52.4	51.8
ESCP PPG Holdings, LLC (4)	Distributor of new equipment and aftermarket parts to the heavy-duty truck industry	Class A units (3,500,000 units)		12/14/2016	3.5	3.6	(2)
Flow Control Solutions, Inc. (17)	Distributor and manufacturer of flow control systems components	First lien senior secured loan ($10.7 par due 11/2024)	6.50% (Libor + 5.50%/Q)	11/21/2018	10.7	10.7	(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
First lien senior secured loan ($73.3 par due 5/2020) 7.28% (Libor + 6.00%/Q) 7/21/2017 73.3
72.6
(2)(16)
Common stock (1,500 shares) 5/30/2014 1.5
1.2
(2)
75.0
74.0

Saw Mill PCG Partners LLC Metal precision engineered components Common units (1,000 units) 1/30/2007 1.0
—
(2)
Sonny's Enterprises, LLC (20) Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market First lien senior secured loan ($0.4 par due 12/2022) 6.08% (Libor + 4.75%/Q) 6/1/2017 0.4
0.4
(2)(16)
First lien senior secured loan ($0.2 par due 12/2022) 6.08% (Libor + 4.75%/Q) 5/3/2017 0.2
0.2
(2)(16)
First lien senior secured loan ($0.2 par due 12/2022) 6.08% (Libor + 4.75%/Q) 9/28/2017 0.2
0.2
(2)(16)
0.8
0.8

TPTM Merger Corp. (20) Time temperature indicator products First lien senior secured revolving loan ($0.8 par due 9/2018) 7.56% (Libor + 6.25%/Q) 9/12/2013 0.8
0.8
(2)(16)
First lien senior secured loan ($10.5 par due 9/2018) 9.74% (Libor + 8.42%/Q) 9/12/2013 10.5
10.5
(3)(16)
First lien senior secured loan ($6.2 par due 9/2018) 9.74% (Libor + 8.42%/Q) 9/12/2013 6.2
6.2
(4)(16)
First lien senior secured loan ($6.5 par due 9/2018) 9.75% (Libor + 8.42%/Q) 9/12/2013 6.5
6.5
(3)(16)
First lien senior secured loan ($3.8 par due 9/2018) 9.75% (Libor + 8.42%/Q) 9/12/2013 3.8
3.8
(4)(16)
27.8
27.8

WP CPP Holdings, LLC Precision engineered castings Second lien senior secured loan ($19.7 par due 4/2021) 9.06% (Libor + 7.75%/Q) 1/3/2017 18.8
18.3
(2)(16)
646.0
635.0
9.04 %
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC Harvester and processor of seafood Second lien senior secured loan ($73.0 par due 2/2024) 9.45% (Libor + 8.13%/Q) 8/21/2017 73.0
72.8
(2)(16)
Class A units (77,922 units) 8/19/2015 0.1
0.1
(2)
Warrant to purchase up to 7,422,078 Class A units (expires 8/2035) 8/19/2015 7.4
10.4
(2)
80.5
83.3

Bakemark Holdings, Inc. Manufacturer and distributor of specialty bakery ingredients First lien senior secured loan ($1.7 par due 8/2023) 6.58% (Libor + 5.25%/Q) 8/14/2017 1.7
1.7
(2)(16)
DecoPac, Inc. (20) Supplier of cake decorating solutions and products to in-store bakeries First lien senior secured revolving loan ($1.6 par due 9/2023) 5.58% (Libor + 4.25%/Q) 9/29/2017 1.6
1.6
(2)(16)
First lien senior secured loan ($11.5 par due 9/2024) 5.58% (Libor + 4.25%/Q) 9/29/2017 11.5
11.3
(2)(16)
13.1
12.9

Eagle Family Foods Group LLC Manufacturer and producer of milk products First lien senior secured loan ($0.2 par due 12/2021) 5.33% (Libor + 4.00%/Q) 8/29/2017 0.2
0.2
(2)(16)
First lien senior secured loan ($7.9 par due 12/2021) 10.38% (Libor + 9.05%/Q) 9/11/2017 7.8
7.7
(2)(16)
First lien senior secured loan ($21.6 par due 12/2021) 10.38% (Libor + 9.05%/Q) 8/22/2016 21.6
21.2
(3)(16)
First lien senior secured loan ($54.8 par due 12/2021) 10.38% (Libor + 9.05%/Q) 12/31/2015 54.5
53.7
(3)(16)
84.1
82.8

Edward Don & Company, LLC and VCP-EDC Co-Invest, LLC Distributor of foodservice equipment and supplies First lien senior secured loan ($47.8 par due 9/2022) 9.73% (Libor + 8.50%/Q) 3/31/2017 47.8
47.8
(2)(16)
Membership units (2,970,000 units) 6/9/2017 3.0
3.2

50.8
51.0

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($9.4 par due 11/2024)	6.50% (Libor + 5.50%/Q)	11/21/2018	9.4	9.4	(2)(13)
					20.1	20.1
Harvey Tool Company, LLC (17)	Manufacturer of cutting tools used in the metalworking industry	First lien senior secured revolving loan	—%	10/12/2017	—	—	(16)
		First lien senior secured loan ($19.8 par due 10/2024)	5.75% (Libor + 4.75%/Q)	10/12/2017	19.8	19.8	(13)
		Second lien senior secured loan ($43.7 par due 10/2025)	9.50% (Libor + 8.50%/Q)	10/12/2017	43.7	43.7	(2)(13)
					63.5	63.5
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5)	Provider of high-speed intelligent document scanning hardware and software	Senior subordinated loan ($16.6 par due 6/2022)	14.00%	1/3/2017	16.6	16.6	(2)
		Series A preferred stock (73,804,135 shares)		1/3/2017	1.2	31.3
		Class A common stock (48,082 shares)		1/3/2017	—	0.1
		Class B common stock (431,055 shares)		1/3/2017	0.1	1.2
					17.9	49.2
Kene Acquisition, Inc. and Kene Holdings, L.P. (17)	National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets	First lien senior secured revolving loan	—%	8/8/2019	—	—	(15)
		First lien senior secured loan ($41.2 par due 8/2026)	5.25% (Libor + 4.25%/M)	8/8/2019	41.2	41.2	(13)
		Class A units (4,549,000 units)		8/8/2019	4.5	4.7	(2)
					45.7	45.9
LTG Acquisition, Inc.	Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets	Class A membership units (5,000 units)		1/3/2017	5.1	—
Maverick Acquisition, Inc. (17)	Manufacturer of precision machined components for defense and high-tech industrial platforms	First lien senior secured loan ($47.3 par due 6/2027)	7.00% (Libor + 6.00%/Q)	6/1/2021	47.3	46.8	(2)(13)
MB Aerospace Holdings II Corp.	Aerospace engine components manufacturer	First lien senior secured loan ($11.1 par due 1/2025)	4.50% (Libor + 3.50%/Q)	6/24/2021	10.4	10.3	(2)(13)
		Second lien senior secured loan ($68.4 par due 1/2026)	10.00% (Libor + 9.00%/Q)	1/22/2018	68.4	61.6	(2)(13)
		Second lien senior secured loan ($23.6 par due 1/2026)	10.00% (Libor + 9.00%/Q)	5/28/2019	23.6	21.3	(2)(13)
					102.4	93.2
NCWS Intermediate, Inc. and NCWS Holdings LP (17)	Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market	First lien senior secured loan ($11.1 par due 12/2026)	7.50% (Libor + 6.50%/Q)	12/29/2020	11.1	11.1	(2)(13)
		Class A-2 common units (10,000,000 units)		12/29/2020	10.0	18.0	(2)
					21.1	29.1
Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC	Provider of structural integrity management services to transmission and distribution infrastructure	Second lien senior secured loan ($55.3 par due 6/2029)	7.25% (Libor + 6.75%/M)	6/23/2021	55.3	54.7	(2)(13)
Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP. (17)	Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry	First lien senior secured loan ($67.5 par due 8/2027)	7.00% (Libor + 6.00%/M)	8/31/2021	67.5	66.8	(2)(6)(13)
		Class A units (88,420 units)		8/31/2021	13.4	13.4	(2)
					80.9	80.2
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon (17)	Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets	First lien senior secured revolving loan	—%	10/31/2017	—	—	(15)

					916.3	925.5		10.84	%
Consumer Durables & Apparel
Badger Sportswear Acquisition, Inc.	Provider of team uniforms and athletic wear	Second lien senior secured loan ($56.8 par due 3/2024)	10.25% (Libor + 9.00%/Q)	9/6/2016	56.8	54.5	(2)(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
FPI Holding Corporation (8)(20) Distributor of fruits First lien senior secured loan ($0.6 par due 6/2018) 1/3/2017 0.4
0.4
(15)
Gehl Foods, LLC and GF Parent LLC Producer of low-acid, aseptic food and beverage products First lien senior secured loan ($121.8 par due 6/2019) 7.67% (Libor + 6.50%/Q) 7/26/2017 121.8
121.8
(2)(16)
Class A preferred units (2,940 units) 5/13/2015 2.9
2.1
(2)
Class A common units (60,000 units) 5/13/2015 0.1
—
(2)
Class B Common units (0.26 units) 5/13/2015 —
—
(2)
124.8
123.9

JWC/KI Holdings, LLC Foodservice sales and marketing agency Membership units (5,000 units) 11/16/2015 5.0
5.2
(2)
Kettle Cuisine, LLC Manufacturer of fresh refrigerated and frozen food products Second lien senior secured loan ($28.5 par due 2/2022) 10.99% (Libor + 9.75%/Q) 8/21/2015 28.5
28.5
(2)(16)
NECCO Holdings, Inc. (8)(20) Producer and supplier of candy First lien senior secured revolving loan ($19.2 par due 11/2017) 1/3/2017 8.0
3.6
(15)
First lien senior secured loan ($10.4 par due 11/2017) 1/3/2017 0.9
1.8
(15)
Common stock (860,189 shares) 1/3/2017 —
—

8.9
5.4

RF HP SCF Investor, LLC Branded specialty food company Membership interest (10.08% interest) 12/22/2016 12.5
14.0
(2)
Teasdale Foods, Inc. (20) Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels First lien senior secured revolving loan ($0.2 par due 10/2020) 8.00% (Base Rate + 3.75%/Q) 6/30/2017 0.2
0.2
(2)(16)
Second lien senior secured loan ($21.3 par due 10/2021) 10.06% (Libor + 8.75%/Q) 1/3/2017 21.3
21.3
(2)(16)
Second lien senior secured loan ($33.6 par due 10/2021) 10.08% (Libor + 8.75%/Q) 1/3/2017 33.6
33.6
(2)(16)
Second lien senior secured loan ($31.5 par due 10/2021) 10.06% (Libor + 8.75%/Q) 1/3/2017 31.5
31.5
(2)(16)
86.6
86.6

496.9
495.7
7.05 %
Financial Services
AllBridge Financial, LLC (8) Asset management services Equity interests 4/1/2010 —
—

Callidus Capital Corporation (8) Asset management services Common stock (100 shares) 4/1/2010 3.0
1.7

Ciena Capital LLC (8)(20) Real estate and small business loan servicer First lien senior secured revolving loan ($14.0 par due 12/2017) 6% 11/29/2010 14.0
14.0
(2)
Equity interests 11/29/2010 25.0
15.7
(2)
39.0
29.7

Commercial Credit Group, Inc. Commercial equipment finance and leasing company Senior subordinated loan ($28.0 par due 8/2022) 11.00% (Libor + 9.75%/Q) 5/10/2012 28.0
28.0
(2)(16)
DFC Global Facility Borrower II LLC (20) Non-bank provider of alternative financial services First lien senior secured revolving loan ($71.3 par due 9/2022) 11.99% (Libor + 10.75%/Q) 9/27/2017 71.3
71.3
(2)(16)
Financial Asset Management Systems, Inc. and FAMS Holdings, Inc. (7) Debt collection services provider Common stock (180 shares) 1/11/2017 —
—
(2)
Gordian Group, LLC Provider of products, services and software to organizations pursuing efficient and effective procurement and information solutions Common stock (526 shares) 11/30/2012 —
—
(2)
Imperial Capital Group LLC Investment services 2006 Class B common units (9,767 units) 5/10/2007 —
—
(2)
2007 Class B common units (1,218 units) 5/10/2007 —
—
(2)
Class A common units (29,811 units) 5/10/2007 7.2
11.6
(2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Bowhunter Holdings, LLC	Provider of branded archery and bowhunting accessories	Common units (421 units)		4/24/2014	4.2	0.6
Centric Brands LLC and Centric Brands GP LLC (17)	Designer, marketer and distributor of licensed and owned apparel	First lien senior secured revolving loan ($5.6 par due 10/2024)	6.50% (Libor + 5.50%/Q)	5/20/2020	5.6	5.6	(2)(13)
		First lien senior secured loan ($66.3 par due 10/2025)	11.00% PIK (Libor + 10.00%/Q)	10/29/2018	66.1	64.3	(2)(13)
		Membership interests (279,392 units)		10/29/2018	2.9	7.8	(2)
					74.6	77.7
DRS Holdings III, Inc. and DRS Holdings I, Inc. (17)	Footwear and orthopedic foot-care brand	First lien senior secured loan ($29.9 par due 11/2025)	7.25% (Libor + 6.25%/Q)	11/1/2019	29.9	29.9	(13)
		First lien senior secured loan ($77.6 par due 11/2025)	7.25% (Libor + 6.25%/Q)	6/1/2021	77.6	77.6	(13)
		Common stock (8,549 shares)		11/1/2019	8.5	10.2	(2)
					116.0	117.7
Implus Footcare, LLC	Provider of footwear and other accessories	First lien senior secured loan ($117.8 par due 4/2024)	8.75% (Libor + 7.75%/Q)	6/1/2017	117.8	108.3	(2)(13)
		First lien senior secured loan ($1.3 par due 4/2024)	8.75% (Libor + 7.75%/Q)	6/30/2016	1.3	1.2	(2)(13)
		First lien senior secured loan ($5.0 par due 4/2024)	8.75% (Libor + 7.75%/Q)	7/17/2018	5.0	4.6	(2)(13)
					124.1	114.1
Lew's Intermediate Holdings, LLC (17)	Outdoor brand holding company	First lien senior secured revolving loan ($0.6 par due 2/2026)	4.13% (Libor + 4.00%/Q)	2/11/2021	0.6	0.6	(2)
		First lien senior secured loan ($1.0 par due 2/2028)	5.75% (Libor + 5.00%/Q)	2/11/2021	1.0	1.0	(2)(13)
					1.6	1.6
Pelican Products, Inc.	Flashlights manufacturer	Second lien senior secured loan ($27.3 par due 5/2026)	8.75% (Libor + 7.75%/Q)	5/4/2018	27.2	27.3	(2)(13)
Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC	Sports equipment manufacturing company	First lien senior secured loan ($93.4 par due 12/2026)	7.50% (Libor + 6.50%/Q)	12/31/2020	93.4	93.4	(2)(13)
Reef Lifestyle, LLC (17)	Apparel retailer	First lien senior secured revolving loan ($4.3 par due 10/2024)	8.5% (Libor + 5.75% Cash, 2.00% PIK/M)	10/26/2018	4.3	4.3	(2)(13)(16)
		First lien senior secured revolving loan ($0.6 par due 10/2024)	8.50% (Libor + 5.50% Cash, 2.00% PIK/Q)	7/31/2020	0.6	0.6	(2)(13)
		First lien senior secured loan ($25.2 par due 10/2024)	8.75% (Libor + 5.75% Cash, 2.00% PIK/Q)	10/26/2018	25.2	25.2	(13)
		First lien senior secured loan ($1.0 par due 10/2024)	8.75% (Libor + 7.75%/Q)	7/31/2020	1.0	1.0	(13)
					31.1	31.1
S Toys Holdings LLC (fka The Step2 Company, LLC) (5)	Toy manufacturer	Class B common units (126,278,000 units)		10/30/2014	—	0.3
		Common units (1,116,879 units)		4/1/2011	—	—
		Warrant to purchase up to 3,157,895 units		4/1/2010	—	—
					—	0.3
SHO Holding I Corporation	Manufacturer and distributor of slip resistant footwear	Second lien senior secured loan ($113.5 par due 10/2024)	10.29% PIK (Libor + 9.29%/B)	10/27/2015	112.7	96.5	(2)(13)
Shock Doctor, Inc. and Shock Doctor Holdings, LLC (4)(17)	Developer, marketer and distributor of sports protection equipment and accessories	First lien senior secured revolving loan ($1.2 par due 5/2024)	6.00% (Libor + 5.00%/M)	5/21/2019	1.2	1.2	(2)(13)(16)
		First lien senior secured loan ($19.2 par due 5/2024)	6.00% (Libor + 5.00%/Q)	5/21/2019	19.2	19.2	(2)(13)
		Class A preferred units (50,000 units)		3/14/2014	5.0	—	(2)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
7.2
11.6

Ivy Hill Asset Management, L.P. (8)(10) Asset management services Member interest (100.00% interest) 6/15/2009 244.0
296.4

Javlin Three LLC, Javlin Four LLC, and Javlin Five LLC (10) Asset-backed financial services company First lien senior secured loan ($20.2 par due 6/2017) 11.24% (Libor + 10.00%/Q) 6/24/2014 20.2
17.2
(2)
LS DE LLC and LM LSQ Investors LLC (10) Asset based lender Senior subordinated loan ($3.0 par due 6/2021) 10.5% 6/15/2017 3.0
3.0
(2)
Senior subordinated loan ($27.0 par due 6/2021) 10.5% 6/25/2015 27.0
27.0
(2)
Membership units (3,275,000 units) 6/25/2015 3.3
3.8

33.3
33.8

446.0
489.7
6.97 %
Education
Campus Management Acquisition Corp. (7) Education software developer Preferred stock (485,159 shares) 2/8/2008 10.5
7.4
(2)
Excelligence Holdings Corp. Developer, manufacturer and retailer of educational products First lien senior secured loan ($10.0 par due 4/2023) 7.24% (Libor + 6.00%/Q) 4/17/2017 10.0
9.7
(4)(16)
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. Distributor of instructional products, services and resources First lien senior secured loan ($1.0 par due 10/2020) 5.99% (Libor + 5.00%/Q) 7/26/2017 1.0
1.0
(2)(16)
First lien senior secured loan ($40.4 par due 10/2020) 6.42% (Libor + 5.00%/Q) 7/26/2017 40.4
40.4
(2)(16)
First lien senior secured loan ($34.3 par due 10/2020) 6.50% (Libor + 5.00%/Q) 7/26/2017 34.3
34.3
(2)(16)
Series A preferred stock (1,272 shares) 10/24/2014 1.0
1.1
(2)
76.7
76.8

Frontline Technologies Group Holding LLC, Frontline Technologies Blocker Buyer, Inc., Frontline Technologies Holdings, LLC and Frontline Technologies Parent, LLC (20) Provider of human capital management (“HCM”) and SaaS-based software solutions to employees and administrators of K-12 school organizations First lien senior secured loan ($60.3 par due 9/2023) 7.82% (Libor + 6.50%/Q) 9/19/2017 59.4
59.4
(2)(16)
Class A preferred units (4,574 units) 9/18/2017 4.6
4.5

Class B units (499,050 units) 9/18/2017 —
—

64.0
63.9

Infilaw Holding, LLC (20) Operator of for-profit law schools First lien senior secured revolving loan ($4.5 par due 2/2018) 8/25/2011 4.5
1.0
(2)(15)(19)
Series A preferred units (1.25 units) 8/25/2011 128.1
—
(2)(15)
Series A-1 preferred units (0.03 units) 7/29/2016 2.5
—
(2)
Series B preferred units (0.39 units) 10/19/2012 9.2
—
(2)
144.3
1.0

Instituto de Banca y Comercio, Inc. & Leeds IV Advisors, Inc. (20) Private school operator First lien senior secured revolving loan ($11.5 par due 5/2018) 12.25% (Base Rate + 8.00%/Q) 5/18/2017 11.5
11.5
(2)(16)
First lien senior secured loan ($3.1 par due 12/2018) 10.50% (Libor + 9.00%/Q) 10/31/2015 3.1
3.1
(2)(16)
Series B preferred stock (1,750,000 shares) 8/5/2010 5.0
—
(2)
Series C preferred stock (2,512,586 shares) 6/7/2010 0.7
—
(2)
Senior preferred series A-1 shares (163,902 shares) 10/31/2015 119.4
32.0
(2)
Common stock (16 shares) 6/7/2010 —
—
(2)
Common stock (4 shares) 6/7/2010 —
—
(2)
139.7
46.6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Class C preferred units (50,000 units)		4/22/2015	5.0	—	(2)
		Preferred units (14,591 units)		5/14/2019	1.6	1.7	(2)
					32.0	22.1
SVP-Singer Holdings Inc. and SVP-Singer Holdings LP	Manufacturer of consumer sewing machines	First lien senior secured loan ($45.0 par due 7/2028)	7.50% (Libor + 6.75%/Q)	7/30/2021	43.8	41.9	(2)(13)
		Class A common units (6,264,706 units)		7/30/2021	26.1	26.1	(2)
					69.9	68.0
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. (4)	Designer, marketer, and distributor of rain and cold weather products	First lien senior secured loan ($2.2 par due 12/2024)	7.00% (Libor + 6.00%/Q)	12/23/2019	2.2	2.0	(2)(13)
		First lien senior secured loan ($1.6 par due 6/2024)	5.00% (Libor + 4.00%/Q)	12/23/2019	1.6	1.6	(2)(13)
		Common stock (861,000 shares)		12/23/2019	6.0	1.4	(2)
					9.8	5.0
Varsity Brands Holding Co., Inc. and BCPE Hercules Holdings, LP	Leading manufacturer and distributor of textiles, apparel & luxury goods	Second lien senior secured loan ($21.1 par due 12/2025)	9.25% (Libor + 8.25%/M)	7/30/2018	21.1	20.3	(2)(13)
		Second lien senior secured loan ($122.7 par due 12/2025)	9.25% (Libor + 8.25%/M)	12/15/2017	122.7	117.8	(13)
		Class A units (1,400 units)		7/30/2018	1.4	0.7	(2)
					145.2	138.8

					898.6	848.7		9.94	%

Automobiles & Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC	Provider of replacement wireless keys for automotive market	Preferred units (4,113,113 units)	9.00% PIK	11/6/2020	4.4	4.4	(2)
		Class A common units (4,113,113 units)		11/6/2020	—	0.3	(2)
					4.4	4.7
Wand Newco 3, Inc.	Collision repair company	Second lien senior secured loan ($180.2 par due 2/2027)	7.34% (Libor + 7.25%/M)	2/5/2019	178.1	180.2	(2)
Continental Acquisition Holdings, Inc. (17)	Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets	First lien senior secured loan ($26.8 par due 1/2027)	7.00% (Libor + 6.00%/Q)	1/20/2021	26.8	26.8	(2)(13)
Eckler Industries, Inc. and Eckler Purchaser LLC (5)(17)	Restoration parts and accessories provider for classic automobiles	First lien senior secured revolving loan ($5.0 par due 5/2022)	12.00% PIK	7/12/2012	5.0	4.4	(2)
		First lien senior secured loan ($25.5 par due 5/2022)	12.00% PIK	7/12/2012	25.5	22.2	(2)
		Class A common units (67,972 units)		7/12/2012	16.4	—	(2)
					46.9	26.6
Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc.	Electric vehicle manufacturer	Second lien senior secured loan ($80.3 par due 3/2022)	14.00% PIK	3/1/2021	78.0	80.3	(2)
		Warrant to purchase up to 633,008 shares of Class A common stock (expires 8/2027)		8/5/2021	2.3	2.3	(2)
					80.3	82.6
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (17)	Manufacturer and distributor of automotive fluids	First lien senior secured revolving loan ($4.0 par due 11/2025)	3.83% (Libor + 3.75%/M)	11/9/2020	4.0	3.9	(2)(16)
		Second lien senior secured loan ($70.4 par due 11/2028)	8.75% (Libor + 8.00%/Q)	11/9/2020	70.4	69.7	(2)(13)
		Co-invest units (59,230 units)		11/4/2020	5.9	4.6

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Lakeland Tours, LLC (20) Educational travel provider First lien senior secured revolving loan ($7.1 par due 2/2022) 6.07% (Libor + 4.75%/Q) 2/10/2016 7.1
7.1
(2)(16)(19)
First lien senior secured loan ($4.9 par due 2/2022) 6.05% (Libor + 4.75%/Q) 2/10/2016 4.9
4.9
(2)(16)
First lien senior secured loan ($0.9 par due 2/2022) 6.01% (Libor + 4.75%/Q) 5/16/2017 0.9
0.9
(2)(16)
First lien senior secured loan ($0.6 par due 2/2022) 10.73% (Libor + 9.47%/Q) 5/16/2017 0.6
0.6
(2)(16)
First lien senior secured loan ($31.7 par due 2/2022) 10.73% (Libor + 9.47%/Q) 2/10/2016 31.4
31.7
(3)(16)
44.9
45.2

Liaison Acquisition, LLC (20) Provider of centralized applications services to educational associations First lien senior secured revolving loan ($1.2 par due 2/2022) 6.49% (Libor + 5.25%/Q) 2/8/2017 1.2
1.2
(2)(16)
Second lien senior secured loan ($15.0 par due 8/2023) 10.49% (Libor + 9.25%/Q) 2/9/2017 14.7
15.0
(2)(16)
15.9
16.2

PIH Corporation and Primrose Holding Corporation (7)(20) Franchisor of education-based early childhood centers First lien senior secured revolving loan ($0.6 par due 12/2018) 6.50% (Libor + 5.25%/Q) 12/13/2013 0.6
0.6
(2)(16)
Common stock (7,227 shares) 1/3/2017 17.0
23.0

17.6
23.6

R3 Education Inc., Equinox EIC Partners LLC and Sierra Education Finance Corp. Medical school operator Preferred stock (1,977 shares) 7/30/2008 0.5
0.5
(2)
Common membership interest (15.76% interest) 9/21/2007 15.8
35.3
(2)
Warrant to purchase up to 27,890 shares (expires 11/2019) 12/8/2009 —
0.1
(2)
16.3
35.9

Regent Education, Inc. Provider of software solutions designed to optimize the financial aid and enrollment processes First lien senior secured loan ($3.2 par due 1/2021) 12.00% (Libor + 8.00% Cash, 2.00% PIK/M) 7/1/2014 3.1
3.2
(2)
First lien senior secured loan ($0.1 par due 1/2021) 7/1/2014 0.1
0.1
(2)
Warrant to purchase up to 987 shares of common stock (expires 12/2026) 12/23/2016 —
—
(2)
Warrant to purchase up to 5,393,194 shares of common stock (expires 12/2026) 12/23/2016 —
—
(2)
3.2
3.3

RuffaloCODY, LLC (20) Provider of student fundraising and enrollment management services First lien senior secured revolving loan — 5/29/2013 —
—
(18)
Severin Acquisition, LLC (20) Provider of student information system software solutions to the K-12 education market Second lien senior secured loan ($38.7 par due 7/2022) 9.99% (Libor + 8.75%/Q) 2/1/2017 37.9
38.7
(2)(16)
Second lien senior secured loan ($3.1 par due 7/2022) 10.24% (Libor + 9.00%/Q) 1/3/2017 3.1
3.1
(16)
Second lien senior secured loan ($3.1 par due 7/2022) 10.24% (Libor + 9.00%/Q) 10/142016 3.1
3.1
(16)
Second lien senior secured loan ($5.5 par due 7/2022) 9.99% (Libor + 8.75%/Q) 1/3/2017 5.5
5.5
(2)(16)
Second lien senior secured loan ($4.2 par due 7/2022) 9.99% (Libor + 8.75%/Q) 10/28/2015 4.1
4.2
(2)(16)
Second lien senior secured loan ($20.0 par due 7/2022) 9.99% (Libor + 8.75%/Q) 1/3/2017 20.0
20.0
(2)(16)
Second lien senior secured loan ($15.0 par due 7/2022) 9.99% (Libor + 8.75%/Q) 7/31/2015 14.8
15.0
(2)(16)
Second lien senior secured loan ($4.4 par due 7/2022) 10.49% (Libor + 9.25%/Q) 1/3/2017 4.4
4.4
(2)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					80.3	78.2
Mac Lean-Fogg Company and MacLean-Fogg Holdings, L.L.C.	Manufacturer and supplier for the power utility and automotive markets worldwide	First lien senior secured loan ($151.8 par due 12/2025)	5.38% (Libor + 4.75%/M)	12/21/2018	151.4	151.8	(13)
		First lien senior secured loan ($19.2 par due 12/2025)	5.38% (Libor + 4.75%/M)	12/21/2018	19.2	19.2	(2)(13)
		Preferred units (59,453 units)	4.50% Cash, 9.25% PIK	10/9/2015	74.3	74.3
					244.9	245.3
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP (17)	Auto parts retailer	First lien senior secured revolving loan	—%	5/4/2021	—	—	(15)
		Series A preferred stock (68,601 shares)	7.00% PIK	5/4/2021	70.6	68.4	(2)
		Class A-1 units (24,586 units)		5/4/2021	24.6	24.6	(2)
					95.2	93.0
McLaren Group Limited	Automobile manufacturer and retailer	Senior preference shares (200,000 shares)	12.50% PIK	8/2/2021	20.7	26.9	(2)(6)
		Warrant to purchase up to 49,181 ordinary shares (expires 8/2028)		8/2/2021	5.5	5.3	(2)(6)
		Warrant to purchase up to 13,776 ordinary shares (expires 8/2028)		8/2/2021	1.6	1.5	(2)(6)
					27.8	33.7
SK SPV IV, LLC	Collision repair site operator	Series A common stock (12,500 units)		8/18/2014	0.6	—	(2)
		Series B common stock (12,500 units)		8/18/2014	0.6	—	(2)
					1.2	—
Sun Acquirer Corp. and Sun TopCo, LP (17)	Automotive parts and repair services retailer	First lien senior secured loan ($57.0 par due 9/2028)	6.50% (Libor + 5.75%/Q)	9/8/2021	57.0	56.5	(2)(13)
		First lien senior secured loan ($1.9 par due 9/2028)	8.00% (Base Rate + 4.75%/Q)	9/8/2021	1.9	1.9	(2)(13)
		Class A units (69,990 units)		9/8/2021	7.0	7.0	(2)
					65.9	65.4

					851.8	836.5		9.80	%
Power Generation
Ferrellgas, L.P.	Distributor of propane and related accessories	Senior preferred units (55,708 units)	8.96%	3/30/2021	55.7	55.7
Green Energy Partners, Stonewall LLC and Panda Stonewall Intermediate Holdings II LLC	Gas turbine power generation facilities operator	First lien senior secured loan ($39.0 par due 11/2021)	6.50% (Libor + 5.50%/Q)	2/8/2021	38.5	36.6	(2)(13)
		First lien senior secured loan ($33.6 par due 11/2021)	6.50% (Libor + 5.50%/Q)	11/13/2014	33.3	31.6	(2)(13)
		Senior subordinated loan ($153.0 par due 12/2021)		11/13/2014	132.7	82.7	(2)(12)
					204.5	150.9
Heelstone Renewable Energy, LLC (5)(17)	Provider of cloud based IT solutions, infrastructure and services	First lien senior secured loan ($36.0 par due 4/2024)	8.00% (Libor + 7.00%/Q)	4/14/2021	36.0	36.0	(2)(13)
		Class A1 units (100 units)		4/14/2021	23.2	46.6
					59.2	82.6
Navisun LLC and Navisun Holdings LLC (5)(17)	Owner and operater of commercial and industrial solar projects	First lien senior secured loan ($53.4 par due 11/2023)	8.00% PIK	11/15/2017	53.4	53.4	(2)
		First lien senior secured loan ($14.9 par due 11/2023)	9.00% PIK	3/7/2019	14.9	14.9	(2)
		First lien senior secured loan ($39.7 par due 11/2023)	5.00% Cash, 3.00% PIK	8/15/2019	39.7	39.7	(2)
		Series A preferred units (1,000 units)	10.50% PIK	11/15/2017	13.6	14.9

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Second lien senior secured loan ($3.3 par due 7/2022) 10.49% (Libor + 9.25%/Q) 2/1/2016 3.2
3.3
(2)(16)
Second lien senior secured loan ($2.8 par due 7/2022) 10.49% (Libor + 9.25%/Q) 1/3/2017 2.8
2.8
(16)
Second lien senior secured loan ($2.8 par due 7/2022) 10.49% (Libor + 9.25%/Q) 8/8/2016 2.8
2.8
(16)
101.7
103.0

644.8
432.6
6.15 %
Power Generation
Alphabet Energy, Inc. Technology developer to convert waste-heat into electricity First lien senior secured loan ($3.4 par due 8/2017) 12/16/2013 3.3
0.7
(2)(15)
Series 1B preferred stock (12,976 shares) 6/21/2016 0.2
—
(2)
Warrant to purchase up to 125,000 shares of Series 2 preferred stock (expires 12/2023) 6/30/2016 0.1
—
(2)
3.6
0.7

CPV Maryland Holding Company II, LLC Gas turbine power generation facilities operator Senior subordinated loan ($45.0 par due 12/2020) 5.00% Cash, 5.00% PIK 8/8/2014 45.0
41.4
(2)
Warrant to purchase up to 4 units of common stock (expires 8/2018) 8/8/2014 —
—
(2)
45.0
41.4

DESRI VI Management Holdings, LLC Wind power generation facility operator Senior subordinated loan ($13.9 par due 12/2021) 10% 12/24/2014 13.9
13.9
(2)
Green Energy Partners, Stonewall LLC and Panda Stonewall Intermediate Holdings II LLC Gas turbine power generation facilities operator First lien senior secured loan ($25.0 par due 11/2021) 6.83% (Libor + 5.50%/Q) 11/13/2014 24.8
23.8
(2)(16)
Senior subordinated loan ($20.2 par due 12/2021) 8.00% Cash, 5.25% PIK 11/13/2014 20.2
19.2
(2)
Senior subordinated loan ($94.6 par due 12/2021) 8.00% Cash, 5.25% PIK 11/13/2014 94.6
89.8
(2)
139.6
132.8

Joule Unlimited Technologies, Inc. and Stichting Joule Global Foundation Renewable fuel and chemical production developer First lien senior secured loan ($8.5 par due 10/2018) 3/31/2015 8.1
0.5
(2)(15)
Warrant to purchase up to 32,051 shares of Series C-2 preferred stock (expires 7/2023) 7/25/2013 —
—
(2)(9)
8.1
0.5

La Paloma Generating Company, LLC Natural gas fired, combined cycle plant operator Second lien senior secured loan ($10.0 par due 2/2020) 2/20/2014 8.8
—
(2)(15)
Moxie Patriot LLC Gas turbine power generation facilities operator First lien senior secured loan ($34.0 par due 12/2020) 7.08% (Libor + 5.75%/Q) 12/19/2013 33.8
31.8
(2)(16)
Panda Liberty LLC (fka Moxie Liberty LLC) Gas turbine power generation facilities operator First lien senior secured loan ($5.0 par due 8/2020) 7.83% (Libor + 6.50%/Q) 5/8/2017 4.6
4.5
(2)(16)
First lien senior secured loan ($34.4 par due 8/2020) 7.83% (Libor + 6.50%/Q) 8/21/2013 34.3
30.8
(2)(16)
38.9
35.3

Panda Temple Power II, LLC Gas turbine power generation facilities operator First lien senior secured loan ($19.6 par due 4/2019) 7.33% (Libor + 6.00%/Q) 4/3/2013 19.6
17.5
(2)(16)
Panda Temple Power, LLC Gas turbine power generation facilities operator First lien senior secured revolving loan ($2.3 par due 4/2018) 10.23% (Libor + 9.00%/Q) 4/28/2017 2.3
2.3
(2)(16)
First lien senior secured loan ($24.8 par due 3/2022) 3/6/2015 23.6
17.6
(2)(15)
25.9
19.9

PERC Holdings 1 LLC Operator of recycled energy, combined heat and power, and energy efficiency facilities Class B common units (21,653,543 units) 10/20/2014 21.7
25.6
(2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(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 (550 units)		11/15/2017	—	9.2
					121.6	132.1
Opal Fuels LLC	Owner of natural gas facilities	Senior subordinated loan ($51.7 par due 12/2026)	8.00% PIK	5/1/2021	42.4	41.5
PosiGen, Inc.	Seller and leaser of solar power systems for residential and commercial customers	Warrant to purchase up to 1,112,022 shares of common stock (expires 1/2027)		6/10/2021	—	—	(2)
		Warrant to purchase up to 101,555 shares of series D-1 preferred stock (expires 6/2028)		1/29/2020	—	—	(2)
					—	—
Riverview Power LLC	Operator of natural gas and oil fired power generation facilities	First lien senior secured loan ($72.5 par due 6/2024)	10.00% (Libor + 9.00%/Q)	8/30/2021	72.0	72.5	(2)(13)
SE1 Generation, LLC	Solar power developer	Senior subordinated loan ($58.0 par due 12/2022)	4.00% Cash, 5.50% PIK	12/17/2019	58.0	55.1	(2)
Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC	Residential solar energy provider	First lien senior secured loan ($0.1 par due 2/2055)	3.61%	10/28/2019	0.1	0.1	(2)
		Senior subordinated loan ($141.0 par due 11/2025)	8.75% (Libor + 2.75% Cash, 4.00% PIK/Q)	11/26/2019	141.0	141.0	(2)(13)
					141.1	141.1
Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC	Residential solar energy provider	First lien senior secured loan ($0.4 par due 6/2054)	3.98%	6/7/2019	0.4	0.4	(2)
		Senior subordinated loan ($68.8 par due 7/2030)	8.75% (Libor + 3.98% Cash, 2.77% PIK/Q)	6/27/2019	68.8	68.8	(2)(13)
					69.2	69.2
T1 Power Holdings LLC (4)	Gas turbine power generation facilities operator	Class A common units (616,122 shares)		3/6/2015	15.0	25.8

					838.7	826.5		9.68	%
Consumer Services
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (5)	Restaurant owner and operator	First lien senior secured loans ($106.6 par due 12/2022)		11/27/2006	—	—	(2)(12)
Aimbridge Acquisition Co., Inc.	Hotel operator	Second lien senior secured loan ($22.5 par due 2/2027)	7.59% (Libor + 7.50%/M)	2/1/2019	22.2	21.2	(2)
American Residential Services L.L.C. and Aragorn Parent Holdings LP (17)	Heating, ventilation and air conditioning services provider	Second lien senior secured loan ($56.4 par due 10/2028)	9.50% (Libor + 8.50%/Q)	10/15/2020	56.4	56.4	(2)(13)
		Series A preferred units (2,531,500 units)	10.00% PIK	10/15/2020	2.6	3.2	(2)
					59.0	59.6
ATI Restoration, LLC (17)	Provider of disaster recovery services	First lien senior secured revolving loan ($3.3 par due 7/2026)	6.00% (Libor + 5.00%/Q)	7/31/2020	3.3	3.3	(2)(13)(16)
		First lien senior secured loan ($33.4 par due 7/2026)	6.00% (Libor + 5.00%/Q)	7/31/2020	33.4	33.4	(13)
					36.7	36.7
Belfor Holdings, Inc. (17)	Disaster recovery services provider	First lien senior secured revolving loan ($6.3 par due 4/2024)	3.58% (Libor + 3.50%/Q)	4/4/2019	6.3	6.3	(2)(16)
Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L. (17)	Manager and operator of banquet facilities, restaurants, hotels and other leisure properties	First lien senior secured loan ($68.2 par due 5/2023)	11.75% (Libor + 10.75%/Q)	5/30/2018	67.2	60.0	(2)(13)
		First lien senior secured loan ($12.2 par due 5/2023)	11.75% (Libor + 10.75%/Q)	11/5/2018	12.2	10.7	(2)(13)
		First lien senior secured loan ($15.0 par due 5/2023)	11.75% (Libor + 10.75%/Q)	7/3/2019	14.8	13.2	(2)(13)
		First lien senior secured loan ($20.0 par due 5/2023)	11.75% (Libor + 10.75%/Q)	12/27/2019	18.7	17.6	(2)(13)
		First lien senior secured loan ($3.0 par due 5/2023)	11.75% (Libor + 10.75%/Q)	8/20/2018	3.0	2.7	(2)(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Riverview Power LLC Operator of natural gas and oil fired power generation facilities First lien senior secured loan ($99.3 par due 12/2022) 9.33% (Libor + 8.00%/Q) 12/29/2016 96.9
99.3
(2)(16)
455.8
418.7
5.96 %
Automotive Services
A.U.L. Corp. (20) Provider of vehicle service contracts (“VSCs”) and limited warranties for passenger vehicles First lien senior secured loan ($7.9 par due 6/2023) 6.38% (Libor + 5.00%/Q) 6/7/2017 7.9
7.7
(2)(16)
AEP Holdings, Inc. and Arrowhead Holdco Company Distributor of non-discretionary, mission-critical aftermarket replacement parts First lien senior secured loan ($0.1 par due 8/2021) 6.99% (Libor + 5.75%/Q) 7/21/2017 0.1
0.1
(2)(16)
First lien senior secured loan ($3.0 par due 8/2021) 7.03% (Libor + 5.75%/Q) 7/21/2017 3.0
3.0
(2)(16)
First lien senior secured loan ($0.7 par due 8/2021) 7.01% (Libor + 5.75%/Q) 7/21/2017 0.7
0.7
(2)(16)
First lien senior secured loan ($0.8 par due 8/2021) 7.05% (Libor + 5.75%/Q) 7/21/2017 0.8
0.8
(2)(16)
First lien senior secured loan ($0.0 par due 8/2021) 9.00% (Base Rate + 4.75%/Q) 7/21/2017 —
—
(2)(16)
Common stock (3,467 shares) 8/31/2015 3.5
4.1
(2)
8.1
8.7

ChargePoint, Inc. Developer and operator of electric vehicle charging stations Second lien senior secured loan ($20.0 par due 8/2020) 10.05% (Libor + 8.75%/M) 12/24/2014 19.6
20.0
(2)(16)
Warrant to purchase up to 809,126 shares of Series E preferred stock (expires 12/2024) 12/30/2014 0.3
2.1
(2)
19.9
22.1

Dent Wizard International Corporation and DWH Equity Investors, L.P. Automotive reconditioning services Second lien senior secured loan ($50.0 par due 10/2020) 9.99% (Libor + 8.75%/Q) 4/7/2015 50.0
50.0
(3)(16)
Class A common stock (10,000 shares) 4/7/2015 0.2
0.5
(2)
Class B common stock (20,000 shares) 4/7/2015 0.4
1.0
(2)
50.6
51.5

Eckler Industries, Inc. (20) Restoration parts and accessories provider for classic automobiles First lien senior secured revolving loan ($2.0 par due 12/2017) 9.25% (Base Rate + 5.00%/Q) 7/12/2012 2.0
1.7
(2)(16)
First lien senior secured loan ($6.6 par due 12/2017) 7.31% (Libor + 6.00%/Q) 7/12/2012 6.6
5.5
(3)(16)
First lien senior secured loan ($0.6 par due 12/2017) 7.28% (Libor + 6.00%/Q) 7/12/2012 0.6
0.5
(3)(16)
First lien senior secured loan ($23.7 par due 12/2017) 7.31% (Libor + 6.00%/Q) 7/12/2012 23.7
19.9
(3)(16)
Series A preferred stock (1,800 shares) 7/12/2012 1.8
—
(2)
Common stock (20,000 shares) 7/12/2012 0.2
—
(2)
34.9
27.6

EcoMotors, Inc. Engine developer First lien senior secured loan ($9.8 par due 3/2018) 9/1/2015 9.5
0.5
(2)(15)
Warrant to purchase up to 321,888 shares of Series C preferred stock (expires 12/2022) 12/28/2012 —
—
(2)
Warrant to purchase up to 70,000 shares of Series C preferred stock (expires 2/2025) 2/24/2015 —
—
(2)
9.5
0.5

ESCP PPG Holdings, LLC (7) Distributor of new equipment and aftermarket parts to the heavy-duty truck industry Class A units (3,500,000 units) 12/14/2016 3.5
2.6
(2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($3.0 par due 5/2023)	11.75% (Libor + 10.75%/Q)	11/5/2018	3.0	2.7	(2)(13)
		First lien senior secured loan ($4.9 par due 5/2023)	11.75% (Libor + 10.75%/Q)	6/30/2020	4.9	4.3	(2)(13)
		First lien senior secured loan ($25.9 par due 5/2023)	11.75% PIK (Libor + 10.75%/Q)	12/22/2020	24.5	22.8	(2)(13)
		Warrant to purchase up to 718.66 shares (expires 3/2041)		3/21/2021	2.1	1.0	(2)(6)
					150.4	135.0
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (17)	Provider of plumbing and HVAC services	First lien senior secured revolving loan		11/16/2020	—	—	(15)
		First lien senior secured loan ($145.5 par due 11/2026)	6.75% (Libor + 5.75%/Q)	11/16/2020	145.5	145.5	(2)(13)
		First lien senior secured loan ($79.8 par due 11/2026)	6.75% (Libor + 5.75%/Q)	4/2/2021	79.8	79.8	(13)
		Class A units (5,803.43 units)		11/16/2020	19.6	25.3	(2)
					244.9	250.6
FWR Holding Corporation (17)	Restaurant owner, operator, and franchisor	First lien senior secured revolving loan		8/21/2017	—	—	(15)
		First lien senior secured loan ($4.5 par due 8/2023)	6.50% (Libor + 4.00% Cash, 1.50% PIK/Q)	8/21/2017	4.5	4.5	(2)(13)
		First lien senior secured loan ($2.5 par due 8/2023)	8.00% (Libor + 5.50% Cash, 1.50% PIK/Q)	2/28/2019	2.5	2.5	(2)(13)
		First lien senior secured loan ($1.8 par due 8/2023)	6.50% (Libor + 4.00% Cash, 1.50% PIK/Q)	12/20/2019	1.8	1.8	(2)(13)
					8.8	8.8
Garden Fresh Restaurant Corp. and GFRC Holdings LLC (17)	Restaurant owner and operator	First lien senior secured revolving loan ($7.5 par due 2/2022)		2/1/2017	—	—	(2)(12)
		First lien senior secured loan ($21.6 par due 2/2022)		2/1/2017	—	—	(2)(12)
					—	—
Jenny C Acquisition, Inc.	Health club franchisor	Senior subordinated loan ($1.4 par due 4/2025)	8.00% PIK	4/5/2019	1.4	1.4	(2)
Jim N Nicks Management, LLC (17)	Restaurant owner and operator	First lien senior secured revolving loan ($2.8 par due 7/2023)	6.25% (Libor + 5.25%/Q)	7/10/2017	2.8	2.8	(2)(13)
		First lien senior secured loan ($13.6 par due 7/2023)	6.25% (Libor + 5.25%/Q)	7/10/2017	13.6	13.6	(13)
		First lien senior secured loan ($1.1 par due 7/2023)	6.25% (Libor + 5.25%/Q)	7/10/2017	1.1	1.1	(2)(13)
					17.5	17.5
KeyStone Sub-debt HoldCo, LLC	Planet Fitness franchisee	Senior subordinated loan ($7.1 par due 1/2027)	10.00%	9/30/2021	7.1	6.7	(2)
		Senior subordinated loan ($52.9 par due 1/2027)	10.00% PIK	1/20/2021	49.7	50.3	(2)
		Warrant to purchase up to 24.7581 Class C interests (expires 1/2027)		1/20/2021	3.6	4.8	(2)
					60.4	61.8
ME Equity LLC	Franchisor in the massage industry	Common stock (3,000,000 shares)		9/27/2012	3.0	2.5	(2)
Movati Athletic (Group) Inc.	Premier health club operator	First lien senior secured loan ($3.0 par due 10/2024)	7.50% (CDOR + 5.50% Cash, 0.50% PIK/Q)	10/5/2017	3.1	2.7	(2)(6)(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Mavis Tire Supply LLC Auto parts retailer First lien senior secured loan ($38.6 par due 10/2020) 6.49% (Libor + 5.25%/Q) 7/26/2017 38.6
38.6
(2)(16)
First lien senior secured loan ($179.4 par due 10/2020) 6.49% (Libor + 5.25%/Q) 7/26/2017 179.4
179.4
(2)(16)
218.0
218.0

Simpson Performance Products, Inc. Provider of motorsports safety equipment First lien senior secured loan ($10.0 par due 2/2020) 8.52% (Libor + 7.52%/Q) 2/20/2015 10.0
10.0
(2)(16)
First lien senior secured loan ($18.3 par due 2/2020) 8.52% (Libor + 7.52%/Q) 2/20/2015 18.3
18.3
(3)(16)
28.3
28.3

SK SPV IV, LLC Collision repair site operators Series A common stock (12,500 units) 8/18/2014 0.6
3.1
(2)
Series B common stock (12,500 units) 8/18/2014 0.6
3.1
(2)
1.2
6.2

381.9
373.2
5.31 %
Restaurants and Food Services
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (8)(20) Restaurant owner and operator First lien senior secured loan ($46.5 par due 12/2018) 11/27/2006 39.9
11.0
(2)(15)
First lien senior secured loan ($3.5 par due 12/2018) 19.31% PIK (Libor + 18.00%/Q) 12/22/2016 3.5
3.5
(2)(16)
Promissory note ($28.4 par due 12/2023) 11/27/2006 13.8
—
(2)
Warrant to purchase up to 0.95 units of Series D common stock (expires 12/2023) 12/18/2013 —
—
(2)
57.2
14.5

Benihana, Inc. (20) Restaurant owner and operator First lien senior secured revolving loan ($0.8 par due 7/2018) 8.30% (Libor + 7.00%/Q) 8/21/2012 0.8
0.8
(2)(16)(19)
First lien senior secured revolving loan ($1.8 par due 7/2018) 10.00% (Base Rate + 5.75%/Q) 8/21/2012 1.8
1.7
(2)(16)(19)
First lien senior secured loan ($0.3 par due 1/2019) 8.32% (Libor + 7.00%/Q) 12/28/2016 0.3
0.3
(2)(16)
First lien senior secured loan ($4.7 par due 1/2019) 8.32% (Libor + 7.00%/Q) 8/21/2012 4.7
4.6
(4)(16)
First lien senior secured loan ($0.0 par due 1/2019) 8.25% (Libor + 7.00%/Q) 12/28/2016 —
—
(2)(16)
First lien senior secured loan ($0.0 par due 1/2019) 8.25% (Libor + 7.00%/Q) 8/21/2012 —
—
(4)(16)
7.6
7.4

Cozzini Bros., Inc. and BH-Sharp Holdings LP (20) Provider of commercial knife sharpening and cutlery services in the restaurant industry First lien senior secured loan ($19.3 par due 3/2023) 6.74% (Libor + 5.50%/Q) 3/10/2017 19.3
19.1
(4)(16)
Common units (2,950,000 units) 3/10/2017 3.0
2.8
(2)
22.3
21.9

FWR Holding Corporation (20) Restaurant owner, operator, and franchisor First lien senior secured revolving loan ($0.3 par due 8/2023) 7.32% (Libor + 6.00%/Q) 8/21/2017 0.3
0.3
(2)(16)
First lien senior secured revolving loan ($0.3 par due 8/2023) 7.24% (Libor + 6.00%/Q) 8/21/2017 0.3
0.3
(2)(16)
First lien senior secured revolving loan ($4.1 par due 8/2023) 7.48% (Libor + 6.00%/Q) 8/21/2017 4.1
4.1
(2)(16)
4.7
4.7

Garden Fresh Restaurant Corp. and GFRC Holdings LLC (8)(20) Restaurant owner and operator First lien senior secured revolving loan ($1.0 par due 2/2022) 10.50% (Libor + 9.00%/Q) 4/26/2017 1.0
1.0
(2)(16)(19)
First lien senior secured loan ($24.9 par due 2/2022) 10.50% (Libor + 9.00%/Q) 10/3/2013 24.9
24.9
(2)(16)
25.9
25.9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($2.2 par due 10/2024)	8.00% (CDOR + 5.50% Cash, 0.50% PIK/Q)	10/5/2017	2.1	2.0	(2)(6)(13)
					5.2	4.7
OTG Management, LLC	Airport restaurant operator	Class A preferred units (3,000,000 units)		8/26/2016	25.3	13.2
		Common units (3,000,000 units)		1/5/2011	3.0	—
		Warrant to purchase up to 7.73% of common units		6/19/2008	0.1	—
					28.4	13.2
Portillo's Holdings, LLC	Fast casual restaurant brand	Second lien senior secured loan ($34.0 par due 12/2024)	10.75% (Libor + 9.50%/Q)	11/27/2019	33.3	34.0	(2)(13)
Pyramid Management Advisors, LLC and Pyramid Investors, LLC (17)	Hotel operator	First lien senior secured revolving loan ($9.6 par due 7/2023)	8.00% (Libor + 5.75% Cash, 1.25% PIK/Q)	4/12/2018	9.6	8.6	(2)(13)(16)
		First lien senior secured loan ($16.8 par due 7/2023)	8.00% (Libor + 5.75% Cash, 1.25% PIK/Q)	4/12/2018	16.8	15.1	(13)
		First lien senior secured loan ($1.4 par due 7/2023)	8.00% (Libor + 5.75% Cash, 1.25% PIK/Q)	4/12/2018	1.4	1.3	(2)(13)
		First lien senior secured loan ($6.4 par due 7/2023)	8.00% (Libor + 5.75% Cash, 1.25% PIK/Q)	12/27/2019	6.4	5.7	(2)(13)
		Preferred membership units (996,833 units)		7/15/2016	1.0	—
					35.2	30.7
Redwood Services, LLC and Redwood Services Holdco, LLC (17)	Provider of residential HVAC and plumbing services	First lien senior secured loan ($6.3 par due 12/2025)	8.00% (Libor + 7.00%/Q)	12/31/2020	6.3	6.3	(2)(13)
		Series D units (5,291,723 units)	8.00% PIK	12/31/2020	5.3	8.2
					11.6	14.5
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc. (17)	Provider of safety systems for business and residential customers	First lien senior secured loan ($44.9 par due 8/2024)	8.25% (Libor + 7.25%/M)	8/4/2020	44.9	44.9	(2)(13)
Spectra Finance, LLC (17)	Venue management and food and beverage provider	First lien senior secured revolving loan ($4.5 par due 4/2023)	6.75% (Libor + 5.00% Cash, 0.75% PIK/M)	4/2/2018	4.5	4.5	(2)(13)(16)
		First lien senior secured loan ($3.2 par due 4/2024)	6.75% (Libor + 5.00% Cash, 0.75% PIK/Q)	4/2/2018	3.2	3.2	(2)(13)
					7.7	7.7
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (17)	Planet Fitness franchisee	First lien senior secured revolving loan ($0.5 par due 7/2024)	6.75% (Libor + 5.75%/Q)	7/31/2018	0.5	0.5	(2)(13)
		First lien senior secured loan ($1.1 par due 7/2025)	6.75% (Libor + 5.75%/Q)	3/5/2020	1.1	1.1	(2)(13)
		Class A units (37,020 units)		7/31/2018	3.8	1.4
					5.4	3.0
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. (17)	Premier health club operator	First lien senior secured loan ($15.5 par due 12/2024)	10.25% (Base rate + 5.00% Cash, 2.00% PIK/Q)	12/16/2019	15.5	14.1	(2)(13)

					797.8	768.2		9.00	%
Energy
Birch Permian, LLC	Operator of private exploration oil and production company	Second lien senior secured loan ($88.3 par due 4/2023)	9.50% (Libor + 8.00%/Q)	4/12/2019	87.9	88.3	(2)(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Global Franchise Group, LLC (20) Worldwide franchisor of quick service restaurants First lien senior secured loan ($8.7 par due 12/2019) 7.07% (Libor + 5.75%/Q) 9/15/2017 8.7
8.6
(2)(16)
Heritage Food Service Group, Inc. and WCI-HFG Holdings, LLC Distributor of repair and replacement parts for commercial kitchen equipment Second lien senior secured loan ($31.6 par due 10/2022) 9.77% (Libor + 8.50%/Q) 10/20/2015 31.6
31.6
(2)(16)
Preferred units (3,000,000 units) 10/20/2015 3.0
3.5
(2)
34.6
35.1

Hojeij Branded Foods, LLC (20) Leading operator of airport concessions across the U.S. First lien senior secured loan ($6.3 par due 7/2022) 7.33% (Libor + 6.00%/Q) 7/20/2017 6.2
6.2
(2)(16)
Jim N Nicks Management, LLC (20) Restaurant owner and operator First lien senior secured revolving loan ($1.2 par due 7/2023) 6.55% (Libor + 5.25%/Q) 7/10/2017 1.2
1.2
(2)(16)
First lien senior secured revolving loan ($0.5 par due 7/2023) 6.56% (Libor + 5.25%/Q) 7/10/2017 0.5
0.5
(2)(16)
First lien senior secured loan ($0.6 par due 7/2023) 6.56% (Libor + 5.25%/Q) 7/10/2017 0.6
0.6
(2)(16)
First lien senior secured loan ($14.1 par due 7/2023) 6.55% (Libor + 5.25%/Q) 7/10/2017 14.1
13.8
(2)(16)
16.4
16.1

Orion Foods, LLC (8) Convenience food service retailer First lien senior secured loan ($1.2 par due 9/2015) 4/1/2010 1.2
0.5
(2)(15)
Second lien senior secured loan ($19.4 par due 9/2015) 4/1/2010 —
—
(2)(15)
Preferred units (10,000 units) 10/28/2010 —
—
(2)
Class A common units (25,001 units) 4/1/2010 —
—
(2)
Class B common units (1,122,452 units) 4/1/2010 —
—
(2)
1.2
0.5

OTG Management, LLC (20) Airport restaurant operator First lien senior secured loan ($6.5 par due 8/2021) 9.77% (Libor + 8.50%/Q) 8/26/2016 6.5
6.5
(2)(16)
First lien senior secured loan ($0.9 par due 8/2021) 9.81% (Libor + 8.50%/Q) 8/26/2016 0.9
0.9
(2)(16)
First lien senior secured loan ($97.8 par due 8/2021) 9.77% (Libor + 8.50%/Q) 8/26/2016 97.8
97.8
(3)(16)
Senior subordinated loan ($24.2 par due 2/2022) 17.5% 8/26/2016 24.1
24.2
(2)
Class A preferred units (3,417,123 units) 8/26/2016 30.0
33.6
(2)
Common units (3,000,000 units) 1/5/2011 3.0
9.3
(2)
Warrant to purchase up to 7.73% of common units (expires 6/2018) 6/19/2008 0.1
20.4
(2)
Warrant to purchase 0.60% of the common units deemed outstanding (expires 12/2018) 8/29/2016 —
—
(2)
162.4
192.7

Restaurant Holding Company, LLC Fast food restaurant operator First lien senior secured loan ($33.6 par due 2/2019) 8.99% (Libor + 7.75%/Q) 3/13/2014 33.5
30.2
(3)(16)
Restaurant Technologies, Inc. (20) Provider of bulk cooking oil management services to the restaurant and fast food service industries First lien senior secured revolving loan ($0.4 par due 11/2021) 5.98% (Libor + 4.75%/Q) 11/23/2016 0.4
0.4
(2)(16)(19)
First lien senior secured revolving loan ($0.5 par due 11/2021) 8.00% (Base Rate + 3.75%/Q) 11/23/2016 0.5
0.5
(2)(16)(19)
0.9
0.9

SFE Intermediate Holdco LLC (20) Provider of outsourced foodservice to K-12 school districts First lien senior secured loan ($6.8 par due 7/2023) 6.31% (Libor + 5.00%/Q) 7/31/2017 6.8
6.7
(2)(16)
388.4
371.4
5.28 %
Wholesale Distribution

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC	Private oil exploration and production company	Second lien senior secured loan ($63.1 par due 1/2024)	10.00% (Libor + 9.00%/Q)	7/10/2019	63.1	63.1	(2)(13)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC	Exploration and production company	First lien senior secured loan ($2.7 par due 10/2023)	11.00% (Libor + 9.00%/Q)	9/19/2019	2.7	2.7	(2)(13)
		First lien senior secured loan ($38.3 par due 10/2023)	10.00% (Libor + 8.00%/Q)	9/19/2019	38.3	38.3	(2)(13)
		Preferred units (21,667 units)	8.00% PIK	10/26/2018	24.9	24.9
					65.9	65.9
Penn Virginia Holding Corp.	Exploration and production company	Second lien senior secured loan ($64.9 par due 9/2024)	10.50% (Base Rate + 7.25%/M)	9/28/2017	64.9	66.2	(2)(6)(13)
Sundance Energy Inc. (4)	Oil and gas producer	Common stock (157,970 shares)		4/23/2021	69.8	85.9	(2)
VPROP Operating, LLC and V SandCo, LLC (5)(17)	Sand-based proppant producer and distributor to the oil and natural gas industry	First lien senior secured loan ($6.8 par due 11/2024)	11.00% PIK (Libor + 9.50%/M)	11/6/2020	6.8	6.8	(2)(13)
		First lien senior secured loan ($5.4 par due 11/2024)	11.00% PIK (Libor + 9.50%/M)	6/12/2020	5.4	5.4	(2)(13)
		First lien senior secured loan ($24.4 par due 11/2024)	11.00% PIK (Libor + 9.50%/M)	3/1/2017	24.4	24.4	(2)(13)
		Class A units (347,900 units)		11/6/2020	32.8	40.5	(2)
					69.4	77.1

					421.0	446.5		5.23	%
Media & Entertainment
CMW Parent LLC (fka Black Arrow, Inc.)	Multiplatform media firm	Series A units (32 units)		9/11/2015	—	—	(2)
Global Music Rights, LLC (17)	Music right management company	First lien senior secured loan ($45.4 par due 8/2028)	6.50% (Libor + 5.75%/Q)	8/27/2021	45.4	45.0	(2)(13)
Miami Beckham United LLC	American professional soccer club	Class A preferred units (85,000 units)	8.50% PIK	9/17/2021	85.3	85.3
MMax Investment Partners, Inc. (d/b/a Professional Fighters League) and PFL MMA, Inc.	Mixed martial arts league	First lien senior secured loan ($15.0 par due 1/2026)	10.00% PIK	1/20/2021	13.5	13.2	(2)
		Warrant to purchase up to 3,223,122 shares of common stock (expires 1/2027)		1/20/2021	1.7	1.7	(2)
					15.2	14.9
OUTFRONT Media Inc.	Provider of out-of-home advertising	Series A convertible perpetual preferred stock(25,000 shares)	7.00%	4/20/2020	25.0	42.8	(2)(6)
Padres L.P. (17)	Sports and entertainment	First lien senior secured loan ($92.8 par due 3/2027)	6.00% (Libor + 5.00%/M)	3/18/2021	92.8	92.8	(2)(13)
Production Resource Group, L.L.C. and PRG III, LLC (4)(17)	Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets	First lien senior secured loan ($14.9 par due 8/2024)	8.50% (Libor rate + 5.00% Cash, 2.50% PIK/Q)	7/31/2020	14.9	14.9	(2)(13)
		First lien senior secured loan ($34.0 par due 8/2024)	9.75% PIK (Libor + 8.50%/Q)	8/21/2018	34.0	34.0	(2)(13)
		First lien senior secured loan ($0.8 par due 8/2024)	8.50% (Libor rate + 5.00% Cash, 2.50% PIK/Q)	6/22/2021	0.8	0.8	(2)(13)
		First lien senior secured loan ($2.5 par due 8/2024)	6.00% (Libor + 5.00% PIK/Q)	8/5/2021	2.5	2.5	(2)(13)
		Class A units (113,617 units)		10/6/2020	4.9	1.6	(2)
					57.1	53.8
Storm Investment S.a.r.l.	Spanish futbol club	First lien senior secured loan ($71.4 par due 6/2030)	3.88% (Euribor + 3.75%/Q)	6/24/2021	73.6	71.4	(2)(6)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
DFS Holding Company, Inc. Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry First lien senior secured loan ($4.7 par due 2/2022) 6.33% (Libor + 5.00%/Q) 3/1/2017 4.7
4.7
(2)(16)
First lien senior secured loan ($189.2 par due 2/2022) 6.83% (Libor + 5.50%/Q) 7/26/2017 189.2
189.2
(2)(16)
193.9
193.9

Flow Solutions Holdings, Inc. Distributor of high value fluid handling, filtration and flow control products Second lien senior secured loan ($6.0 par due 10/2018) 10.31% (Libor + 9.00%/Q) 12/16/2014 6.0
6.0
(2)(16)
Second lien senior secured loan ($29.5 par due 10/2018) 10.31% (Libor + 9.00%/Q) 12/16/2014 29.5
29.5
(2)(16)
35.5
35.5

KHC Holdings, Inc. and Kele Holdco, Inc. (20) Catalog-based distribution services provider for building automation systems First lien senior secured revolving loan ($0.9 par due 10/2020) 5.49% (Libor + 4.25%/Q) 1/3/2017 0.9
0.9
(2)(16)
First lien senior secured revolving loan ($0.5 par due 10/2020) 7.50% (Base Rate + 3.25%/Q) 1/3/2017 0.5
0.5
(2)(16)
First lien senior secured loan ($69.2 par due 10/2022) 7.33% (Libor + 6.00%/Q) 1/3/2017 69.2
69.2
(3)(16)
Common stock (30,000 shares) 1/3/2017 3.1
2.6

73.7
73.2

303.1
302.6
4.31 %
Containers and Packaging
GS Pretium Holdings, Inc. Manufacturer and supplier of high performance plastic containers Common stock (500,000 shares) 6/2/2014 0.5
0.7
(2)
ICSH Parent, Inc. and Vulcan Container Services Holdings, Inc. (20) Industrial container manufacturer, reconditioner and servicer Second lien senior secured loan ($63.6 par due 4/2025) 9.31% (Libor + 8.00%/Q) 4/28/2017 62.9
63.6
(2)(16)
Series A common stock (24,900 shares) 4/28/2017 2.5
2.7
(2)
65.4
66.3

LBP Intermediate Holdings LLC (20) Manufacturer of paper and corrugated foodservice packaging First lien senior secured revolving loan — 7/10/2015 —
—
(18)
First lien senior secured loan ($11.9 par due 7/2020) 6.83% (Libor + 5.50%/Q) 7/10/2015 11.8
11.9
(3)(16)
First lien senior secured loan ($5.0 par due 7/2020) 6.83% (Libor + 5.50%/Q) 7/10/2015 5.0
5.0
(4)(16)
16.8
16.9

Microstar Logistics LLC, Microstar Global Asset Management LLC, and MStar Holding Corporation Keg management solutions provider Second lien senior secured loan ($78.5 par due 12/2018) 8.74% (Libor + 7.50%/Q) 12/14/2012 78.5
78.5
(2)(16)
Second lien senior secured loan ($54.0 par due 12/2018) 8.74% (Libor + 7.50%/Q) 12/14/2012 54.0
54.0
(3)(16)
Second lien senior secured loan ($10.0 par due 12/2018) 8.74% (Libor + 7.50%/Q) 12/14/2012 10.0
10.0
(4)(16)
Common stock (50,000 shares) 12/14/2012 4.0
7.3
(2)
146.5
149.8

NSI Holdings, Inc. Manufacturer of plastic containers for the wholesale nursery industry Series A preferred stock (2,192 shares) 1/3/2017 —
—

Warrant to purchase up to 648 shares of common stock (expires 11/2017) 1/3/2017 —
—

—
—

Ranpak Corp. Manufacturer and marketer of paper-based protective packaging systems and materials Second lien senior secured loan ($15.4 par due 10/2022) 8.48% (Libor + 7.25%/Q) 1/3/2017 14.8
15.2
(2)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Ordinary shares (3,958 shares)		6/24/2021	—	—	(2)(6)
		Class A redeemable shares (3,297,791 shares)		6/24/2021	1.6	1.3	(2)(6)
		Class B redeemable shares (3,297,791 shares)		6/24/2021	1.6	1.3	(2)(6)
		Class C redeemable shares (3,297,791 shares)		6/24/2021	1.6	1.3	(2)(6)
		Class D redeemable shares (3,297,791 shares)		6/24/2021	1.6	1.3	(2)(6)
		Class E redeemable shares (3,297,791 shares)		6/24/2021	1.6	1.3	(2)(6)
		Class F redeemable shares (3,297,791 shares)		6/24/2021	1.6	1.3	(2)(6)
		Class G redeemable shares (3,297,791 shares)		6/24/2021	1.6	1.3	(2)(6)
		Class H redeemable shares (3,297,791 shares)		6/24/2021	1.6	1.3	(2)(6)
		Class I redeemable shares (3,297,791 shares)		6/24/2021	1.6	1.3	(2)(6)
					88.0	83.1
The Teaching Company Holdings, Inc.	Education publications provider	Preferred stock (10,663 shares)		9/29/2006	1.1	2.8	(2)
		Common stock (15,393 shares)		9/29/2006	—	1.5	(2)
					1.1	4.3

					409.9	422.0		4.94	%
Retailing and Distribution
Atlas Intermediate III, L.L.C. (17)	Specialty chemicals distributor	First lien senior secured loan ($5.8 par due 4/2025)	6.50% (Libor + 5.50%/Q)	3/31/2021	5.8	5.8	(2)(13)
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (17)	Provider of visual communications solutions	First lien senior secured loan ($16.0 par due 3/2025)	6.65% (Libor + 5.65%/M)	3/13/2019	16.0	16.0	(13)
		First lien senior secured loan ($2.6 par due 3/2025)	6.65% (Libor + 5.65%/M)	8/27/2019	2.6	2.6	(2)(13)
		First lien senior secured loan ($20.6 par due 3/2025)	6.65% (Libor + 5.65%/M)	6/25/2021	20.6	20.6	(2)(13)
		Common units (600 units)		3/13/2019	0.6	0.9	(2)
					39.8	40.1
GPM Investments, LLC and ARKO Corp.	Convenience store operator	First lien senior secured loan ($32.2 par due 3/2027)	5.50% (Libor + 4.50%/Q)	2/28/2020	32.2	32.2	(13)
		Common stock (2,088,478 shares)		12/22/2020	19.8	21.5
		Warrant to purchase up to 1,088,780 common stock (expires 12/2025)		12/22/2020	1.6	2.5	(2)
					53.6	56.2
SCIH Salt Holdings Inc. (17)	Salt and packaged ice melt manufacturer and distributor	First lien senior secured revolving loan		3/16/2020	—	—	(15)
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC (17)	Distributor of OEM appliance aftermarket parts	First lien senior secured loan ($56.5 par due 6/2028)	6.25% (Libor + 5.50%/Q)	6/23/2021	56.5	55.4	(2)(13)
		Class A common units (4,549 units)		6/23/2021	4.5	5.6	(2)
					61.0	61.0
McKenzie Creative Brands, LLC (17)	Designer, manufacturer and distributor of hunting-related supplies	First lien senior secured loan ($84.5 par due 9/2023)	6.50% (Libor + 5.50%/Q)	9/18/2014	84.5	84.5	(8)(13)
		First lien senior secured loan ($5.5 par due 9/2023)	6.50% (Libor + 5.50%/Q)	9/18/2014	5.5	5.5	(13)
					90.0	90.0
North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC (17)	Manufacturer of aftermarket golf cart parts and accessories	First lien senior secured loan ($22.0 par due 5/2027)	7.00% (Libor + 6.00%/Q)	5/19/2021	22.0	21.7	(2)(13)
		Class A units (50,000 units)		5/19/2021	5.0	4.6
					27.0	26.3

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
244.0
248.9
3.54 %
Oil and Gas
Lonestar Prospects, Ltd. (20) Sand based proppant producer and distributor to the oil and natural gas industry First lien senior secured loan ($15.1 par due 3/2021) 9.32% (Libor + 8.00%/Q) 3/1/2017 15.1
15.1
(2)(16)
First lien senior secured loan ($75.3 par due 3/2021) 9.32% (Libor + 8.00%/Q) 3/1/2017 75.3
75.3
(3)(16)
90.4
90.4

Moss Creek Resources, LLC Exploration and production company Senior subordinated loan ($30.0 par due 4/2022) 9.50% (Libor + 8.00%/Q) 5/5/2017 29.7
30.0
(2)(16)
Penn Virginia Holding Corp. Exploration and production company Second lien senior secured loan ($90.1 par due 9/2022) 8.34% (Libor + 7.00%/Q) 9/29/2017 90.1
88.3
(2)(16)
Petroflow Energy Corporation and TexOak Petro Holdings LLC (7) Oil and gas exploration and production company First lien senior secured loan ($12.6 par due 6/2019) 3.24% (Libor + 2.00%/Q) 6/29/2016 11.7
11.9
(2)(16)
Second lien senior secured loan ($24.1 par due 12/2019) 6/29/2016 21.9
—
(2)(15)
Common units (202,000 units) 6/29/2016 11.1
—

44.7
11.9

254.9
220.6
3.14 %
Environmental Services
MPH Energy Holdings, LP Operator of municipal recycling facilities Limited partnership interest (3.13% interest) 1/8/2014 —
—
(2)
Pegasus Community Energy, LLC Operator of municipal recycling facilities Preferred stock (1,000 shares) 3/1/2011 8.8
—
(2)
Soil Safe, Inc. and Soil Safe Acquisition Corp. (8)(20) Provider of soil treatment, recycling and placement services First lien senior secured revolving loan — 1/3/2017 —
—
(18)
First lien senior secured loan ($23.0 par due 1/2020) 8.00% (Libor + 6.25%/Q) 1/3/2017 23.0
23.0
(2)(16)
Second lien senior secured loan ($12.7 par due 6/2020) 10.75% (Libor + 7.75%/Q) 1/3/2017 12.7
12.7
(2)(16)
Senior subordinated loan ($35.3 par due 12/2020) 16.5% 1/3/2017 35.3
35.3
(2)
Senior subordinated loan ($30.4 par due 12/2020) 14.5% 1/3/2017 30.4
30.4
(2)
Senior subordinated loan ($0.0 par due 12/2020) 1/3/2017 —
—
(15)
Senior subordinated loan ($29.2 par due 12/2020) 1/3/2017 11.5
1.4
(15)
Common stock (810 shares) 1/3/2017 —
—

112.9
102.8

Storm UK Holdco Limited and Storm US Holdco Inc. (20) Provider of water infrastructure software solutions for municipalities / utilities and engineering consulting firms First lien senior secured revolving loan ($0.2 par due 5/2022) 8.75% (Base Rate + 4.50%/Q) 5/5/2017 0.2
0.2
(2)(16)
First lien senior secured loan ($4.6 par due 5/2023) 6.56% (Libor + 5.25%/Q) 5/5/2017 4.6
4.5
(2)(16)
4.8
4.7

Waste Pro USA, Inc Waste management services Second lien senior secured loan ($75.4 par due 10/2020) 8.74% (Libor + 7.50%/Q) 10/15/2014 75.4
75.4
(3)(16)
201.9
182.9
2.60 %
Aerospace and Defense
Cadence Aerospace, LLC Aerospace precision components manufacturer First lien senior secured loan ($4.0 par due 5/2018) 7.56% (Libor + 6.25%/Q) 5/15/2012 4.0
4.0
(4)(16)
First lien senior secured loan ($0.0 par due 5/2018) 9.50% (Base Rate + 5.25%/Q) 5/15/2012 —
—
(4)(16)
Second lien senior secured loan ($5.3 par due 5/2019) 20.00% PIK 4/17/2017 5.3
5.3
(2)
Second lien senior secured loan ($79.7 par due 5/2019) 11.55% (Libor + 10.25%/Q) 5/10/2012 79.7
79.7
(2)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Reddy Ice LLC (17)	Packaged ice manufacturer and distributor	First lien senior secured revolving loan		7/1/2019	—	—	(15)
		First lien senior secured loan ($56.7 par due 7/2025)	7.50% (Libor + 6.50%/Q)	7/1/2019	56.7	56.7	(13)
		First lien senior secured loan ($5.3 par due 7/2025)	7.50% (Libor + 6.50%/Q)	7/1/2019	5.3	5.3	(2)(13)
		First lien senior secured loan ($0.4 par due 7/2025)	7.50% (Libor + 6.50%/Q)	11/16/2020	0.4	0.4	(2)(13)
					62.4	62.4
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (17)	Producer and packager of compressed, household, and packaged salt	First lien senior secured loan ($61.5 par due 7/2028)	6.25% (Libor + 5.50%/Q)	7/19/2021	61.5	60.9	(2)(13)
		Limited partner interests (0.4% interest)		7/19/2021	0.8	0.8	(2)
					62.3	61.7

					401.9	403.5		4.73	%
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC	Harvester and processor of seafood	Class A units (77,922 units)		8/19/2015	0.1	0.2	(2)
		Warrant to purchase up to 7,422,078 Class A units (expires 8/2035)		8/19/2015	7.4	18.0	(2)
					7.5	18.2
Berner Food & Beverage, LLC (17)	Supplier of dairy-based food and beverage products	First lien senior secured revolving loan ($0.3 par due 7/2026)	7.50% (Libor + 6.50%/M)	7/30/2021	0.3	0.3	(2)(13)
		First lien senior secured loan ($17.0 par due 7/2027)	7.50% (Libor + 6.50%/M)	7/30/2021	17.0	16.8	(2)(13)
					17.3	17.1
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(17)	Health food company	First lien senior secured revolving loan ($1.5 par due 12/2025)	7.25% (Libor + 6.25%/Q)	3/11/2019	1.5	1.4	(2)(13)
		First lien senior secured loan ($39.5 par due 12/2025)	7.25% (Libor + 6.25%/Q)	12/28/2020	39.5	38.3	(13)
		Common units (14,850 units)		3/11/2019	11.5	10.9	(2)
					52.5	50.6
CHG PPC Parent LLC	Diversified food products manufacturer	Second lien senior secured loan ($94.6 par due 3/2026)	7.08% (Libor + 7.00%/M)	3/30/2018	94.6	94.6	(2)
Gehl Foods, LLC and GF Parent LLC	Producer of low-acid, aseptic food and beverage products	Class A preferred units (2,940 units)		5/13/2015	2.9	—	(2)
		Class A common units (60,000 units)		5/13/2015	0.1	—	(2)
		Class B common units (0.26 units)		5/13/2015	—	—	(2)
					3.0	—
Hometown Food Company (17)	Food distributor	First lien senior secured revolving loan ($0.5 par due 8/2023)	6.25% (Libor + 5.00%/M)	8/31/2018	0.5	0.5	(2)(13)(16)
KC Culinarte Intermediate, LLC	Manufacturer of fresh refrigerated and frozen food products	First lien senior secured loan ($29.2 par due 8/2025)	4.75% (Libor + 3.75%/M)	1/24/2020	28.9	26.8	(13)
		Second lien senior secured loan ($35.7 par due 8/2026)	8.75% (Libor + 7.75%/M)	8/24/2018	35.7	31.0	(2)(13)
					64.6	57.8
Manna Pro Products, LLC (17)	Manufacturer and supplier of specialty nutrition and care products for animals	First lien senior secured revolving loan ($1.9 par due 12/2026)	7.00% (Libor + 6.00%/M)	12/10/2020	1.9	1.9	(2)(13)
Triton Water Holdings, Inc.	Producer and provider of bottled water brands	First lien senior secured loan ($1.0 par due 3/2028)	4.00% (Libor + 3.50%/Q)	3/17/2021	1.0	1.0	(2)(13)(20)
		Senior subordinated loan ($0.1 par due 4/2029)	6.25%	3/17/2021	0.1	0.1	(2)(20)
					1.1	1.1
RF HP SCF Investor, LLC	Branded specialty food company	Membership interest (10.08% interest)		12/22/2016	12.5	18.7	(2)(6)
Teasdale Foods, Inc. and Familia Group Holdings Inc.	Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels	First lien senior secured loan ($78.4 par due 12/2025)	7.25% (Libor + 6.25%/Q)	12/18/2020	78.4	76.8	(2)(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
89.0
89.0

Jazz Acquisition, Inc. Designer and distributor of aftermarket replacement components to the commercial airlines industry Second lien senior secured loan ($25.0 par due 6/2022) 8.08% (Libor + 6.75%/Q) 1/3/2017 19.7
22.5
(2)(16)
108.7
111.5
1.59 %
Printing, Publishing and Media
Connoisseur Media, LLC Owner and operator of radio stations First lien senior secured loan ($22.4 par due 6/2019) 7.68% (Libor + 6.38%/Q) 7/26/2017 22.4
22.2
(2)(16)
First lien senior secured loan ($61.2 par due 6/2019) 7.42% (Libor + 6.38%/Q) 7/26/2017 61.2
60.6
(2)(16)
83.6
82.8

Earthcolor Group, LLC Printing management services Limited liability company interests (9.30%) 5/18/2012 —
—
—

EDS Group (8)(9) Provider of print and digital services Common stock (2,432,750 shares) 1/3/2017 —
2.8

Roark-Money Mailer LLC Marketer, advertiser and distributor of coupons in the mail industry Membership units (35,000 units) 1/3/2017 —
—

The Teaching Company Holdings, Inc. Education publications provider Preferred stock (10,663 shares) 9/29/2006 1.1
2.4
(2)
Common stock (15,393 shares) 9/29/2006 —
—
(2)
1.1
2.4

84.7
88.0
1.25 %
Chemicals
AMZ Holding Corp. (20) Specialty chemicals manufacturer First lien senior secured loan ($0.1 par due 6/2022) 8.25% (Base Rate + 4.00%/Q) 6/27/2017 0.1
0.1
(2)(16)
First lien senior secured loan ($12.2 par due 6/2022) 6.24% (Libor + 5.00%/Q) 6/27/2017 12.2
12.2
(2)(16)
12.3
12.3

Borchers Americas, Inc. Provider of performance enhancing coating additives First lien senior secured loan ($5.0 par due 1/2024) 6.08% (Libor + 4.75%/Q) 1/12/2017 5.0
5.0
(4)(16)
Genomatica, Inc. Developer of a biotechnology platform for the production of chemical products Warrant to purchase 322,422 shares of Series D preferred stock (expires 3/2023) 3/28/2013 —
—
(2)
K2 Pure Solutions Nocal, L.P. (20) Chemical producer First lien senior secured revolving loan ($1.5 par due 2/2021) 8.37% (Libor + 7.13%/Q) 8/19/2013 1.5
1.5
(2)(16)
First lien senior secured loan ($40.0 par due 2/2021) 11.20% (Libor + 9.96%/Q) 8/19/2013 40.0
40.0
(3)(16)
First lien senior secured loan ($13.0 par due 2/2021) 11.20% (Libor + 9.96%/Q) 8/19/2013 13.0
13.0
(4)(16)
54.5
54.5

Kinestral Technologies, Inc. Designer of adaptive, dynamic glass for the commercial and residential markets. First lien senior secured loan ($5.0 par due 10/2018) 9.05% (Libor + 7.75%/M) 4/22/2014 5.0
5.0
(2)(16)
Warrant to purchase up to 325,000 shares of Series A preferred stock (expires 4/2024) 4/22/2014 0.1
0.2
(2)
Warrant to purchase up to 131,883 shares of Series B preferred stock (expires 4/2025) 4/9/2015 —
—
(2)
5.1
5.2

76.9
77.0
1.10 %
Retail
Fashion Holding Luxembourg SCA (Modacin/Camaeiu) (8)(9) Retailer of women's clothing Preferred stock (241,776,675 shares) 1/3/2017 —
—

Galls, LLC (20) Distributor of public safety, private security and defense products in the United States Second lien senior secured loan ($8.1 par due 8/2021) 9.57% (Libor + 8.25%/Q) 8/25/2017 8.1
8.1
(2)(16)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Warrant to purchase up to 57,827 shares of common stock (expires 2/2034)		2/4/2019	—	—	(2)
					78.4	76.8
Watermill Express, LLC and Watermill Express Holdings, LLC (17)	Owner and operator of self-service water and ice stations	First lien senior secured revolving loan		4/20/2021	—	—	(15)
		First lien senior secured loan ($19.5 par due 4/2027)	6.25% (Libor + 5.25%/Q)	4/20/2021	19.5	19.3	(13)
		Class A units (282,200 units)	8.00% PIK	4/20/2021	2.9	2.9
					22.4	22.2
Winebow Holdings, Inc. and The Vintner Group, Inc.	Importer and distributor of wine	First lien senior secured loan ($28.4 par due 7/2025)	7.25% (Libor + 6.25%/M)	4/19/2021	28.4	28.1	(13)

					384.7	387.6		4.54	%
Pharmaceuticals, Biotechnology & Life Sciences
Abzena Holdings, Inc. and Astro Group Holdings Ltd. (17)	Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries	First lien senior secured loan ($30.1 par due 5/2026)	11.50% (Libor + 10.50% Cash, 1.50% PIK/Q)	5/7/2021	30.1	29.8	(2)(13)
		Class A ordinary shares (1,237,500 shares)		5/7/2021	2.5	2.5	(2)
					32.6	32.3
Alcami Corporation and ACM Holdings I, LLC (17)	Outsourced drug development services provider	First lien senior secured loan ($29.3 par due 7/2025)	4.33% (Libor + 4.25%/M)	7/12/2018	29.2	27.5
		Second lien senior secured loan ($77.5 par due 7/2026)	8.08% (Libor + 8.00%/M)	7/12/2018	77.0	67.4	(2)
		Common units (3,663,533 units)		7/12/2018	35.0	12.0	(2)
					141.2	106.9
NMC Skincare Intermediate Holdings II, LLC (17)	Developer, manufacturer and marketer of skincare products	First lien senior secured revolving loan ($7.3 par due 10/2024)	6.00% (Libor + 5.00%/M)	10/31/2018	7.3	7.2	(2)(13)
		First lien senior secured loan ($32.4 par due 10/2024)	6.00% (Libor + 5.00%/M)	10/31/2018	32.4	32.1	(13)
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. (17)	Contract research organization providing research and development and testing of medical devices	First lien senior secured loan ($48.0 par due 9/2027)	6.50% (Libor + 5.75%/Q)	9/15/2020	48.0	48.0	(13)
		First lien senior secured loan ($7.8 par due 9/2027)	6.50% (Libor + 5.75%/Q)	9/15/2020	7.8	7.8	(2)(13)
		First lien senior secured loan ($6.2 par due 9/2027)	6.50% (Libor + 5.75%/Q)	2/26/2021	6.2	6.2	(13)
		First lien senior secured loan ($29.2 par due 9/2027)	6.50% (Libor + 5.75%/Q)	9/13/2021	29.2	29.2	(2)(13)
		Class A preferred units (13,528 units)	8.00% PIK	9/15/2020	14.6	30.9	(2)
					105.8	122.1
TerSera Therapeutics LLC (17)	Acquirer and developer of specialty therapeutic pharmaceutical products	First lien senior secured revolving loan	—%	11/20/2019	—	—	(15)
		First lien senior secured loan ($5.1 par due 3/2025)	6.60% (Libor + 5.60%/Q)	5/3/2017	5.1	5.1	(13)
		First lien senior secured loan ($2.1 par due 3/2025)	6.60% (Libor + 5.60%/Q)	9/27/2018	2.1	2.1	(13)
		First lien senior secured loan ($1.8 par due 3/2025)	6.60% (Libor + 5.60%/Q)	4/1/2019	1.8	1.8	(13)
					9.0	9.0
Vertice Pharma UK Parent Limited	Manufacturer and distributor of generic pharmaceutical products	Preferred shares (40,662 shares)		12/21/2015	0.3	—	(6)

					328.6	309.6		3.63	%
Materials
Genomatica, Inc.	Developer of a biotechnology platform for the production of chemical products	Warrant to purchase 322,422 shares of Series D preferred stock (expires 3/2023)		3/28/2013	—	—	(2)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Second lien senior secured loan ($1.9 par due 8/2021) 9.58% (Libor + 8.25%/Q) 8/25/2017 1.9
1.9
(2)(16)
Second lien senior secured loan ($14.3 par due 8/2021) 9.58% (Libor + 8.25%/Q) 1/3/2017 14.3
14.3
(2)(16)
Second lien senior secured loan ($26.0 par due 8/2021) 9.58% (Libor + 8.25%/Q) 1/3/2017 26.0
26.0
(2)(16)
50.3
50.3

Paper Source, Inc. and Pine Holdings, Inc. (20) Retailer of fine and artisanal paper products First lien senior secured revolving loan ($1.0 par due 9/2019) 9.25% (Base Rate + 5.00%/Q) 9/23/2013 1.0
1.0
(2)(16)
First lien senior secured loan ($9.6 par due 9/2018) 7.55% (Libor + 6.25%/Q) 9/23/2013 9.6
9.4
(4)(16)
Class A common stock (36,364 shares) 9/23/2013 6.0
3.6
(2)
16.6
14.0

Things Remembered, Inc. and TRM Holdco Corp. (7)(20) Personalized gifts retailer First lien senior secured revolving loan ($0.4 par due 2/2019) 9.31% (Libor + 8.00%/Q) 8/30/2016 0.4
0.4
(2)(16)
First lien senior secured revolving loan ($0.6 par due 2/2019) 9.32% (Libor + 8.00%/Q) 8/30/2016 0.6
0.6
(2)(16)
First lien senior secured revolving loan ($0.6 par due 2/2019) 11.25% (Base Rate + 7.00%/Q) 8/30/2016 0.6
0.6
(2)(16)
First lien senior secured loan ($12.0 par due 3/2020) 8/30/2016 10.5
1.9
(2)(15)
Common stock (10,631,940 shares) 8/30/2016 6.1
—
(2)
18.2
3.5

85.1
67.8
0.96 %
Health Clubs
Athletic Club Holdings, Inc. Premier health club operator First lien senior secured loan ($35.0 par due 10/2020) 9.74% (Libor + 8.50%/Q) 10/11/2007 35.0
35.0
(3)(16)
CFW Co-Invest, L.P., NCP Curves, L.P. and Curves International Holdings, Inc. Health club franchisor Limited partnership interest (4,152,165 shares) 7/31/2012 4.2
5.9
(2)
Common stock (1,680 shares) 11/12/2014 —
—
(2)(9)
Limited partnership interest (2,218,235 shares) 7/31/2012 2.2
3.2
(2)(9)
6.4
9.1

41.4
44.1
0.63 %
Farming and Agriculture
QC Supply, LLC (20) Specialty distributor and solutions provider to the swine and poultry markets First lien senior secured revolving loan ($4.0 par due 12/2021) 7.24% (Libor + 6.00%/Q) 12/29/2016 4.0
4.0
(2)(16)
First lien senior secured loan ($11.3 par due 12/2022) 7.24% (Libor + 6.00%/Q) 12/29/2016 11.3
11.3
(2)(16)
First lien senior secured loan ($14.9 par due 12/2022) 7.24% (Libor + 6.00%/Q) 12/29/2016 14.9
14.9
(4)(16)
30.2
30.2

30.2
30.2
0.43 %
Hotel Services
Pyramid Management Advisors, LLC and Pyramid Investors, LLC Hotel Operator First lien senior secured loan ($3.0 par due 7/2021) 8.24% (Libor + 7.00%/Q) 7/15/2016 3.0
3.0
(2)(16)
First lien senior secured loan ($19.5 par due 7/2021) 11.10% (Libor + 10.10%/Q) 7/15/2016 19.5
19.3
(3)(16)
Membership units (996,833 units) 7/15/2016 1.0
0.7
(2)
23.5
23.0

23.5
23.0
0.33 %
Computers and Electronics
Everspin Technologies, Inc. Designer and manufacturer of computer memory solutions Warrant to purchase up to 18,461 shares of common stock (expires 10/2026) 6/5/2015 0.4
—
(5)(23)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Halex Holdings, Inc. (5)	Manufacturer of flooring installation products	Common stock (51,853 shares)		1/3/2017	—	—
H-Food Holdings, LLC and Matterhorn Parent, LLC	Food contract manufacturer	Second lien senior secured loan ($73.0 par due 3/2026)	7.08% (Libor + 7.00%/M)	11/25/2018	73.0	73.0	(2)
		Common units (5,827 units)		11/25/2018	5.8	6.9
					78.8	79.9
IntraPac International LLC and IntraPac Canada Corporation (17)	Manufacturer of diversified packaging solutions and plastic injection molded products	First lien senior secured revolving loan ($6.2 par due 1/2025)	6.25% (Libor + 5.50%/Q)	1/11/2019	6.2	6.2	(2)(6)(13)
		First lien senior secured loan ($14.8 par due 1/2026)	6.25% (Libor + 5.50%/Q)	1/11/2019	14.8	14.7	(6)(13)
		First lien senior secured loan ($18.6 par due 1/2026)	6.25% (Libor + 5.50%/Q)	6/4/2021	18.6	18.4	(2)(6)(13)
					39.6	39.3
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (17)	Manufacturer of thermoformed packaging for medical devices	First lien senior secured revolving loan ($0.2 par due 7/2024)	5.25% (Libor + 4.25%/Q)	7/2/2019	0.2	0.2	(2)(6)(13)
		First lien senior secured loan ($15.1 par due 7/2026)	5.25% (Libor + 4.25%/Q)	7/2/2019	15.1	15.1	(6)(13)
		First lien senior secured loan ($5.3 par due 7/2026)	4.50% (Euribor + 4.50%/Q)	7/2/2019	5.1	5.3	(2)(6)
		First lien senior secured loan ($24.9 par due 7/2026)	4.50% (Euribor + 4.50%/Q)	8/8/2019	24.1	24.9	(2)(6)
		Class A units (6,762,668 units)		7/2/2019	6.8	5.5	(2)(6)
					51.3	51.0
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.	Developer and manufacturer of absorbent pads for food products	First lien senior secured loan ($23.9 par due 12/2026)	6.75% (Libor + 5.75%/Q)	12/1/2020	23.9	23.9	(13)
		Class A preferred units (4,772 units)	10.00% PIK	12/1/2020	4.8	4.8	(2)
		Class C units (4,772 units)		12/1/2020	—	0.7	(2)
					28.7	29.4
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC	Manufacturer of specialized acrylic and polycarbonate sheets	Second lien senior secured loan ($55.0 par due 12/2026)	8.00% (Libor + 7.00%/Q)	12/14/2018	55.0	55.0	(2)(13)
		Co-Invest units (5,969 units)		12/14/2018	0.5	1.1	(2)
					55.5	56.1
SCI PH Parent, Inc.	Industrial container manufacturer, reconditioner and servicer	Series B shares (11.4764 shares)		8/24/2018	1.1	0.5	(2)
TWH Infrastructure Industries, Inc. (17)	Provider of engineered products used in the trenchless rehabilitation of wastewater infrastructure	First lien senior secured revolving loan ($0.1 par due 4/2025)	5.64% (Libor + 5.50%/Q)	4/9/2019	0.1	—	(2)
		First lien senior secured loan ($6.5 par due 4/2025)	5.65% (Libor + 5.50%/Q)	4/9/2019	6.5	6.2
					6.6	6.2

					261.6	262.4		3.07	%
Food & Staples Retailing
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P.	Manufacturer and distributor of specialty bakery ingredients	Second lien senior secured loan ($29.5 par due 9/2029)	7.50% (Libor + 7.00%/Q)	9/3/2021	29.5	29.4	(2)(13)
		Class A preferred units (5,484 units)	8.00% PIK	9/3/2021	5.5	5.5
		Series A preferred shares (21,921 shares)	11.00% PIK	9/3/2021	22.1	22.1	(2)
					57.1	57.0
DecoPac, Inc. and KCAKE Holdings Inc. (17)	Supplier of cake decorating solutions and products to in-store bakeries	First lien senior secured revolving loan ($2.4 par due 5/2026)	7.00% (Libor + 6.00%/M)	5/14/2021	2.4	2.3	(2)(13)
		First lien senior secured loan ($148.1 par due 5/2028)	9.00% (Libor + 6.00% Cash, 2.00% PIK/Q)	5/14/2021	148.1	146.7	(2)(13)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (8) Provider of high-speed intelligent document scanning hardware and software Senior subordinated loan ($8.3 par due 6/2022) 14% 1/3/2017 8.1
8.3
(2)
Senior subordinated loan ($8.3 par due 6/2022) 14% 1/3/2017 8.1
8.3
(2)
Series A preferred stock (66,424,135 shares) 1/3/2017 —
4.7

Class A common stock (33,173 shares) 1/3/2017 —
—

Class B common stock (134,214 shares) 1/3/2017 —
—

16.2
21.3

16.6
21.3
0.30 %
Telecommunications
Adaptive Mobile Security Limited (9) Developer of security software for mobile communications networks First lien senior secured loan ($1.3 par due 7/2018) 12.00% (EURIBOR + 9.00% Cash, 1.00%/M) 1/16/2015 1.3
0.8
(2)(14)(16)
First lien senior secured loan ($0.4 par due 10/2018) 12.00% (EURIBOR + 9.00% Cash, 1.00%/M) 1/16/2015 0.4
0.2
(2)(14)(16)
First lien senior secured loan ($1.1 par due 10/2018) 12.00% (EURIBOR + 9.00% Cash, 1.00%/M) 10/17/2016 1.0
0.7
(2)(14)(16)
2.7
1.7

American Broadband Holding Company and Cameron Holdings of NC, Inc. Broadband communication services Warrant to purchase up to 208 shares (expires 11/2017) 11/7/2007 —
4.1

Warrant to purchase up to 200 shares (expires 9/2020) 9/1/2010 —
10.0

—
14.1

CHL, LTD. Repair and service solutions provider for cable, satellite and telecommunications based service providers Warrant to purchase up to 120,000 shares of Series A common stock (expires 5/2020) 1/3/2017 —
—

Warrant to purchase up to 280,000 shares of Series B common stock (expires 5/2020) 1/3/2017 —
—

Warrant to purchase up to 80,000 shares of Series C common stock (expires 5/2020) 1/3/2017 —
—

—
—

LTG Acquisition, Inc. Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets Class A membership units (5,000 units) 1/3/2017 5.1
3.9

Startec Equity, LLC (8) Communication services Member interest 4/1/2010 —
—

7.8
19.7
0.28 %
Commercial Real Estate Financial
ACAS Real Estate Holdings Corporation (8) Real estate holding company Common stock (1,001 shares) 1/3/2017 2.6
2.1

NECCO Realty Investments LLC (8) Real estate holding company Membership units (7,450 units) 1/3/2017 —
—

Parmenter Woodland Park Plaza, LLC Real estate holding company First lien senior secured loan ($17.8 par due 9/2018) 6.14% (Libor + 4.90%/Q) 1/3/2017 16.6
16.0
(16)
19.2
18.1
0.26 %
Housing and Building Materials
Halex Holdings, Inc. (8)(20) Manufacturer of flooring installation products First lien senior secured revolving loan ($1.1 par due 12/2018) 1/24/2017 1.1
1.1

Common stock (51,853 shares) 1/3/2017 —
—

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, ~~2017~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Common stock (9,599 shares)		5/14/2021	9.6	9.6	(2)
					160.1	158.6
FS Squared Holding Corp. and FS Squared, LLC (17)	Provider of on-site vending and micro market solutions	First lien senior secured revolving loan		3/28/2019	—	—	(15)
		First lien senior secured loan ($1.6 par due 3/2025)	5.34% (Libor + 5.25%/M)	3/28/2019	1.6	1.6	(2)
		Class A units (113,219 units)		3/28/2019	11.1	17.5	(2)
					12.7	19.1
JWC/KI Holdings, LLC	Foodservice sales and marketing agency	Membership units (5,000 units)		11/16/2015	5.0	7.4	(2)
SFE Intermediate Holdco LLC (17)	Provider of outsourced foodservice to K-12 school districts	First lien senior secured loan ($10.2 par due 7/2024)	5.75% (Libor + 4.75%/Q)	9/5/2018	10.1	10.2	(13)
		First lien senior secured loan ($6.3 par due 7/2024)	5.75% (Libor + 4.75%/Q)	7/31/2017	6.3	6.3	(13)
					16.4	16.5
VCP-EDC Co-Invest, LLC	Distributor of foodservice equipment and supplies	Membership units (2,970,000 units)		6/9/2017	2.8	—

					254.1	258.6		3.03	%
Transportation
Commercial Trailer Leasing, Inc. (17)	Trailer leasing company	First lien senior secured loan ($110.6 par due 1/2026)	7.25% (Libor + 6.25%/Q)	1/19/2021	110.6	110.6	(2)(13)
		First lien senior secured loan ($6.1 par due 1/2026)	7.25% (Libor + 6.25%/Q)	1/19/2021	6.1	6.1	(2)(13)
		Second lien senior secured loan ($19.9 par due 1/2027)	13.00%	1/19/2021	19.9	19.9	(2)
					136.6	136.6
Shur-Co Acquisition, Inc. and Shur-Co HoldCo, Inc. (17)	Provider of tarp systems and accessories for trucks, trailers, carts, and specialty equipment used in the agriculture, construction and flatbed markets	First lien senior secured revolving loan ($1.0 par due 6/2027)	7.00% (Libor + 6.00%/Q)	6/30/2021	1.0	1.0	(2)(13)
		First lien senior secured loan ($27.1 par due 6/2027)	7.00% (Libor + 6.00%/Q)	6/30/2021	27.1	26.8	(2)(13)
		Common stock (7,599,000 shares)		6/30/2021	7.6	9.6	(2)
					35.7	37.4

					172.3	174.0		2.04	%
Education
Excelligence Holdings Corp.	Developer, manufacturer and retailer of educational products	First lien senior secured loan ($9.6 par due 4/2023)	8.00% (Libor + 2.50% Cash, 4.50% PIK/Q)	4/17/2017	9.5	8.9	(2)(13)
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (17)	Distributor of instructional products, services and resources	First lien senior secured revolving loan ($5.9 par due 8/2023)	5.50% (Libor + 4.75%/Q)	8/31/2018	5.9	5.5	(2)(13)
		First lien senior secured loan ($30.0 par due 8/2023)	5.50% (Libor + 4.75%/Q)	7/26/2017	30.0	27.9	(13)
		First lien senior secured loan ($1.1 par due 8/2023)	5.50% (Libor + 4.75%/Q)	8/31/2018	1.1	1.1	(13)
		Series A preferred stock (1,272 shares)		10/24/2014	0.7	1.1	(2)
					37.7	35.6
Instituto de Banca y Comercio, Inc. & Leeds IV Advisors, Inc.	Private school operator	First lien senior secured loan ($8.0 par due 10/2022)	10.50% (Libor + 9.00%/Q)	3/12/2020	8.0	8.0	(2)(13)
		Senior preferred series A-1 shares (151,056 shares)		10/31/2015	98.1	26.9	(2)
		Series B preferred stock (1,750,000 shares)		8/5/2010	5.0	—	(2)
		Series C preferred stock (2,512,586 shares)		6/7/2010	0.6	—	(2)
		Common stock (20 shares)		6/7/2010	—	—	(2)
					111.7	34.9

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
1.1
1.1

1.1
1.1
0.02 %
Total Investments $ 11,739.9
$ 11,456.1
(24) 163.01 %

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

~~Derivative Instruments~~

Description Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Unrealized Appreciation / (Depreciation)
Foreign currency forward contract $ 2
€ 2
Bank of Montreal October 5, 2017 $ —
Foreign currency forward contract $ 17
€ 15
Bank of Montreal October 16, 2017 (1 )
Foreign currency forward contract $ 29
€ 24
Bank of Montreal November 15, 2017 —
Foreign currency forward contract $ 1
€ 1
Bank of Montreal December 15, 2017 —
Foreign currency forward contract $ 8
CAD 10
Bank of Montreal October 16, 2017 —
Foreign currency forward contract $ 82
CAD 103
Bank of Montreal November 24, 2017 —
Foreign currency forward contract $ 81
£ 62
Bank of Montreal November 15, 2017 (3 )
Total $ (4 )

~~(1)~~

Other than the Company’s investments listed in footnote 8 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of September 30, 2017 represented 163% of the Company’s net assets or 95% of the Company’s total assets, are subject to legal restrictions on sales.


~~(2)~~	These assets are pledged as collateral for the Revolving Credit Facility (as defined below) and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company’s obligations under the Revolving Credit Facility (see Note 5 to the consolidated financial statements).

~~(3)~~

These assets are owned by the Company’s consolidated subsidiary Ares Capital CP Funding LLC (“Ares Capital CP”), are pledged as collateral for the Revolving Funding Facility (as defined below) and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than Ares Capital CP’s obligations under the Revolving Funding Facility (see Note 5 to the consolidated financial statements).

~~(4)~~

These assets are owned by the Company’s consolidated subsidiary Ares Capital JB Funding LLC (“ACJB”), are pledged as collateral for the SMBC Funding Facility (as defined below) and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than ACJB’s obligations under the SMBC Funding Facility (see Note 5 to the consolidated financial statements).

~~(5)~~

These assets are owned by the Company’s consolidated subsidiary Ares Venture Finance, L.P. (“AVF LP”), are pledged as collateral for the SBA-guaranteed debentures (the “SBA Debentures”) and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than AVF LP’s obligations (see Note 5 to the consolidated financial statements). AVF LP operates as a Small Business Investment Company (“SBIC”) under the provisions of Section 301(c) of the Small Business Investment Act of 1958, as amended.


~~(6)~~	~~Investments without an interest rate are non-income producing.~~

~~(7)~~

As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions during the nine months ended September 30, 2017 in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to Control) are as follows:

(in millions) Company Purchases (cost) Redemptions (cost) Sales (cost) Interest income
Capital
structuring service fees
Dividend income Other income Net realized gains (losses)
Net
unrealized gains (losses)
Campus Management Acquisition Corp. $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ (3.0 )
Crown Health Care Laundry Services, LLC and Crown Laundry Holdings, LLC $ 7.0
$ 0.8
$ —
$ 0.7
$ 0.1
$ —
$ 0.2
$ —
$ 0.5
ESCP PPG Holdings, LLC $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ (1.1 )
Financial Asset Management Systems, Inc. and FAMS Holdings, Inc. $ 3.0
$ 3.0
$ —
$ —
$ —
$ —
$ —
$ —
$ —
Ioxus, Inc $ —
$ —
$ —
$ 1.0
$ —
$ —
$ —
$ —
$ (0.1 )
Multi-Ad Services, Inc. $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ 0.1
$ —
Petroflow Energy Corporation and TexOak Petro Holdings LLC $ —
$ 2.6
$ 1.8
$ 0.3
$ —
$ —
$ —
$ 0.2
$ (5.3 )
PIH Corporation and Primrose Holding Corporation $ 17.0
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ 2.6
Shock Doctor, Inc. and Shock Doctor Holdings, LLC $ —
$ —
$ —
$ 7.9
$ —
$ —
$ —
$ —
$ (8.9 )
Things Remembered, Inc. and TRM Holdco Corp. $ 4.3
$ 2.5
$ 0.2
$ 0.1
$ —
$ —
$ 0.1
$ —
$ (1.5 )
UL Holding Co., LLC $ —
$ —
$ —
$ 2.4
$ —
$ —
$ —
$ —
$ 6.4

~~(8)~~

As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions during the nine months ended September 30, 2017 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

(in millions)
Company Purchases (cost) Redemptions (cost) Sales (cost) Interest income Capital
structuring service fees Dividend income Other income Net realized gains (losses) Net
unrealized gains (losses)
10th Street, LLC and New 10th Street, LLC $ —
$ 53.3
$ 0.6
$ 2.0
$ —
$ —
$ —
$ 34.5
$ (34.7 )
ACAS 2007-1 CLO $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
ACAS Equity Holdings Corporation $ 0.5
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ (0.1 )
ACAS Real Estate Holdings Corporation $ 2.6
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. $ —
$ —
$ —
$ 0.5
$ —
$ —
$ —
$ —
$ (17.2 )
Alcami Holdings, LLC $ 271.1
$ 5.2
$ 0.3
$ 20.0
$ —
$ —
$ 1.6
$ —
$ 82.3
AllBridge Financial, LLC $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ (0.4 )
Ares IIIR/IVR CLO Ltd. $ —
$ 5.2
$ —
$ —
$ —
$ —
$ —
$ 0.3
$ 0.4
Bellotto Holdings Limited $ 193.6
$ 193.6
$ —
$ —
$ —
$ —
$ —
$ 58.1
$ —
Callidus Capital Corporation $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
Ciena Capital LLC $ —
$ —
$ 10.0
$ 0.6
$ —
$ —
$ —
$ —
$ 8.0
CoLTS 2005-1 $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
CoLTS 2005-2 $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
Columbo Midco Limited, Columbo Bidco Limited and Columbo Topco Limited $ 27.9
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ 5.9
Community Education Centers, Inc. and CEC Parent Holdings LLC $ —
$ 36.2
$ 38.1
$ 1.2
$ —
$ 8.4
$ —
$ 24.4
$ (10.9 )
Competitor Group, Inc., Calera XVI, LLC and Champion Parent Corporation $ 0.5
$ 18.5
$ 42.8
$ 0.5
$ —
$ —
$ —
$ (20.6 ) $ 17.5
CSHM LLC $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
EDS Group $ 11.8
$ 12.0
$ —
$ 0.6
$ —
$ —
$ —
$ 3.2
$ 2.8
ETG Holdings, Inc. $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
European Capital Private Debt LP $ 97.9
$ 0.3
$ 97.7
$ —
$ —
$ —
$ —
$ 1.1
$ —
European Capital UK SME Debt LP $ 46.8
$ 4.1
$ 0.8
$ —
$ —
$ —
$ —
$ (0.1 ) $ 2.2
Fashion Holding Luxembourg SCA (Modacin/Camaeiu) $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
FPI Holding Corporation $ 0.4
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
Garden Fresh Restaurant Corp. and GFRC Holdings LLC $ 11.2
$ 8.1
$ 18.9
$ 3.0
$ —
$ —
$ 0.2
$ —
$ 2.0
Halex Holdings, Inc. $ 1.1
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
HALT Medical, Inc. $ 0.7
$ —
$ 0.6
$ —
$ —
$ —
$ —
$ —
$ —
Hard 8 Games, LLC $ 9.4
$ —
$ 9.4
$ —
$ —
$ —
$ —
$ 4.6
$ —
HCI Equity, LLC $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation $ 16.1
$ —
$ —
$ 1.8
$ —
$ —
$ 0.5
$ —
$ 5.1
Ivy Hill Asset Management, L.P. $ 228.6
$ 155.5
$ —
$ —
$ —
$ 30.0
$ —
$ —
$ (5.9 )
LLSC Holdings Corporation (dba Lawrence Merchandising Services) $ 19.2
$ —
$ —
$ —
$ —
$ —
$ 0.1
$ —
$ (2.6 )
Miles 33 (Finance) Limited $ 15.2
$ 0.9
$ 0.6
$ 1.4
$ —
$ —
$ —
$ —
$ 7.0
Montgomery Lane, LLC and Montgomery Lane, Ltd. $ 2.2
$ 2.3
$ —
$ —
$ —
$ —
$ —
$ 1.2
$ 0.6
MVL Group, Inc. $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
NECCO Holdings, Inc. $ 43.7
$ 27.6
$ 7.1
$ —
$ —
$ —
$ —
$ —
$ (3.6 )
NECCO Realty Investments LLC $ 32.7
$ 27.4
$ 6.4
$ 1.2
$ —
$ —
$ —
$ 13.0
$ —
Orion Foods, LLC $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
Pillar Processing LLC and PHL Investors, Inc. $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
Rug Doctor, LLC and RD Holdco Inc. $ 30.9
$ —
$ —
$ 1.4
$ —
$ —
$ —
$ —
$ (4.7 )
S Toys Holdings LLC (fka The Step2 Company, LLC) $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ 6.8
$ (5.7 )
Senior Direct Lending Program, LLC $ 171.0
$ 1.3
$ 2.1
$ 35.6
$ 8.0
$ —
$ 1.7
$ —
$ —
Senior Secured Loan Fund LLC $ —
$ 1,938.4
$ —
$ 69.3
$ 0.9
$ —
$ 4.5
$ (17.5 ) $ 24.2
Soil Safe, Inc. and Soil Safe Acquisition Corp. $ 110.6
$ 3.2
$ 1.0
$ 9.8
$ —
$ —
$ 0.6
$ —
$ (10.1 )
Startec Equity, LLC $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
The Greeley Company, Inc. and HCP Acquisition Holdings, LLC $ —
$ —
$ 12.8
$ —
$ —
$ —
$ —
$ (12.3 ) $ 12.5

Together with Varagon Capital Partners (“Varagon”) and its clients, the Company has co-invested through the Senior Direct Lending Program LLC (d/b/a the "Senior Direct Lending Program” or the "SDLP"). The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25% of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these "voting securities" do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4 to the consolidated financial statements).

~~(9)~~

Non-U.S. company or principal place of business outside the U.S. and as a result is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. Pursuant to Section 55(a) of the Investment Company Act, 12% of the Company’s total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of September 30, 2017.

~~(10)~~

Exception from the definition of investment company under Section 3(c) of the Investment Company Act and as a result is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

~~(11)~~

Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented.

~~(12)~~

In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00% on $73.4 aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

~~(13)~~

In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.75% on $62.7 aggregate principal amount of a “first out” tranche of the portfolio company’s first lien senior secured loans, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.


~~(14)~~	The Company is entitled to receive a fixed fee upon the occurrence of certain events as defined in the credit agreement governing the Company’s debt investment in the portfolio company. The fair value of such fee is included in the fair value of the debt investment.


~~(15)~~	~~Loan was on non-accrual status as of September 30, 2017.~~


~~(16)~~	~~Loan includes interest rate floor feature.~~


~~(17)~~	In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.


~~(18)~~	As of September 30, 2017, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 to the consolidated financial statements for further information on letters of credit commitments related to certain portfolio companies.


~~(19)~~	As of September 30, 2017, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 to the consolidated financial statements for further information on letters of credit commitments related to certain portfolio companies.

~~(20)~~

As of September 30, 2017, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

(in millions) Portfolio Company Total revolving and delayed draw loan commitments Less: drawn commitments Total undrawn commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net adjusted undrawn revolving and delayed draw commitments
A.U.L. Corp. $ 1.3
$ —
$ 1.3
$ —
$ —
$ 1.3
Accruent, LLC 38.0
—
38.0
—
—
38.0
Achilles Acquisition LLC 2.3
—
2.3
—
—
2.3
Acrisure, LLC 9.4
—
9.4
—
—
9.4
ADCS Clinics Intermediate Holdings, LLC 5.0
(4.8 ) 0.2
—
—
0.2
ADF Pizza I LLC 1.3
—
1.3
—
—
1.3
ADG, LLC 13.7
(10.9 ) 2.8
—
—
2.8
Alcami Holdings LLC 30.0
(23.6 ) 6.4
—
—
6.4
Alita Care, LLC 5.0
(1.3 ) 3.7
—
—
3.7
AMZ Holding Corp. 3.4
—
3.4
—
—
3.4
Benihana, Inc. 3.2
(3.1 ) 0.1
—
—
0.1
BeyondTrust Software, Inc. 2.8
—
2.8
—
—
2.8
CCS Intermediate Holdings, LLC 7.5
(6.4 ) 1.1
—
—
1.1
Chariot Acquisition, LLC 1.0
—
1.0
—
—
1.0
Ciena Capital LLC 20.0
(14.0 ) 6.0
(6.0 ) —
—
Clearwater Analytics, LLC 5.0
(0.5 ) 4.5
—
—
4.5
Command Alkon Incorporated 2.9
—
2.9
—
—
2.9
Component Hardware Group, Inc. 3.7
(1.9 ) 1.8
—
—
1.8
Convergint Technologies LLC 8.0
—
8.0
—
—
8.0
Cozzini Bros., Inc. 19.1
—
19.1
—
—
19.1
Crown Health Care Laundry Services, Inc. 10.0
(0.6 ) 9.4
—
—
9.4
CST Buyer Company 4.2
—
4.2
—
—
4.2
D4C Dental Brands, Inc. 5.0
(2.5 ) 2.5
—
—
2.5
DCA Investment Holding, LLC 5.8
(2.9 ) 2.9
—
—
2.9
DecoPac, Inc. 8.1
(1.6 ) 6.5
—
—
6.5
DFC Global Facility Borrower II LLC 43.6
—
43.6
—
—
43.6
Dorner Holding Corp. 3.3
(1.5 ) 1.8
—
—
1.8
DTI Holdco, Inc. and OPE DTI Holdings, Inc. 8.8
—
8.8
—
—
8.8
Eckler Industries, Inc. 4.0
(2.0 ) 2.0
(2.0 ) —
—
Emergency Communication Network, LLC 6.5
—
6.5
—
—
6.5
Emerus Holdings, Inc. 2.0
(0.3 ) 1.7
—
—
1.7
EN Engineering, L.L.C. 5.0
(1.2 ) 3.8
—
—
3.8
Entertainment Partners, LLC 28.0
—
28.0
—
—
28.0
Faction Holdings, Inc. 2.0
(1.0 ) 1.0
—
—
1.0
FPI Holding Corporation 2.6
—
2.6
—
—
2.6
Frontline Technologies Group Holding LLC 11.8
—
11.8
—
—
11.8
FWR Holding Corporation 3.5
(0.6 ) 2.9
—
—
2.9
Galls, LLC 1.0
—
1.0
—
—
1.0
Garden Fresh Restaurant Corp. 7.5
(3.7 ) 3.8
—
—
3.8
Gentle Communications, LLC 5.0
—
5.0
—
—
5.0
Global Franchise Group, LLC 1.2
—
1.2
—
—
1.2

(in millions) Portfolio Company Total revolving and delayed draw loan commitments Less: drawn commitments Total undrawn commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net adjusted undrawn revolving and delayed draw commitments
Greenphire, Inc. 2.0
(1.0 ) 1.0
—
—
1.0
GTCR-Ultra Acquisition Inc 2.0
—
2.0
—
—
2.0
Halex Holdings, Inc. 2.0
(1.1 ) 0.9
—
—
0.9
Harvey Tool Company, LLC 0.8
—
0.8
—
—
0.8
Hojeij Branded Foods, LLC 3.2
—
3.2
—
—
3.2
Hygiena Borrower LLC 5.3
—
5.3
—
—
5.3
ICSH Parent, Inc. 11.8
—
11.8
—
—
11.8
Infilaw Holding, LLC 20.0
(11.5 ) 8.5
(8.5 ) —
—
Instituto De Banca y Comercio, Inc (EduK) 12.5
(11.5 ) 1.0
—
—
1.0
iPipeline, Inc. 4.0
—
4.0
—
—
4.0
JDC Healthcare Management, LLC 12.2
(1.5 ) 10.7
—
—
10.7
Jim N Nicks Management LLC 9.0
(1.7 ) 7.3
—
—
7.3
K2 Pure Solutions Nocal, L.P. 5.0
(1.5 ) 3.5
—
—
3.5
Key Surgical LLC 2.8
(0.9 ) 1.9
—
—
1.9
KHC Holdings, Inc. 6.9
(1.4 ) 5.5
—
—
5.5
Lakeland Tours, LLC 15.8
(7.7 ) 8.1
—
—
8.1
LBP Intermediate Holdings LLC 0.9
(0.1 ) 0.8
—
—
0.8
Liaison Acquisition, LLC 3.9
(1.2 ) 2.7
—
—
2.7
Lonestar Prospects, Ltd. 17.0
—
17.0
—
—
17.0
Massage Envy, LLC 5.9
(1.5 ) 4.4
—
—
4.4
MB2 Dental Solutions, LLC 3.5
—
3.5
—
—
3.5
McKenzie Sports Products, LLC 4.5
—
4.5
—
—
4.5
Ministry Brands LLC 27.3
—
27.3
—
—
27.3
MSHC, Inc. 9.8
(0.2 ) 9.6
—
—
9.6
MW Dental Holding Corp. 10.0
(9.7 ) 0.3
—
—
0.3
NECCO Holdings, Inc. 25.0
(19.2 ) 5.8
—
—
5.8
Niagara Fiber Intermediate Corp. 2.2
(1.9 ) 0.3
—
—
0.3
Nordco Inc 12.5
—
12.5
—
—
12.5
NSM Sub Holdings Corp. 5.0
(0.9 ) 4.1
—
—
4.1
OmniSYS Acquisition Corporation 2.5
—
2.5
—
—
2.5
Osmose Utilities Services, Inc. 6.0
—
6.0
—
—
6.0
OTG Management, LLC 14.9
—
14.9
—
—
14.9
Palermo Finance Corporation 1.1
(0.2 ) 0.9
—
—
0.9
Paper Source, Inc. 3.3
(1.0 ) 2.3
—
—
2.3
PDI TA Holdings, Inc. 24.3
—
24.3
—
—
24.3
Pegasus Intermediate Holdings, LLC 5.0
—
5.0
—
—
5.0
PIH Corporation 3.3
(0.6 ) 2.7
—
—
2.7
Practice Insight, LLC 2.9
(0.6 ) 2.3
—
—
2.3
QC Supply, LLC 26.7
(4.0 ) 22.7
—
—
22.7
Restaurant Technologies, Inc. 5.4
(1.4 ) 4.0
—
—
4.0
Retriever Medical/Dental Payments LLC 3.5
—
3.5
—
—
3.5
RuffaloCODY, LLC 7.7
(0.2 ) 7.5
—
—
7.5
Sanders Industries Holdings, Inc. 15.0
—
15.0
—
—
15.0
SCM Insurance Services Inc. 4.3
—
4.3
—
—
4.3
SCSG EA Acquisition Company, Inc. 4.0
—
4.0
—
—
4.0
Severin Acquisition, LLC 2.9
—
2.9
—
—
2.9
SFE Acquisition LLC 3.8
—
3.8
—
—
3.8
Shift PPC LLC 1.5
—
1.5
—
—
1.5
Soil Safe, Inc. 10.5
(5.6 ) 4.9
—
—
4.9
Sonny's Enterprises, LLC 1.8
—
1.8
—
—
1.8
Sparta Systems, Inc. 6.5
—
6.5
—
—
6.5
Storm US Holdco Inc 1.1
(0.2 ) 0.9
—
—
0.9
Teasdale Foods, Inc. 0.8
(0.2 ) 0.6
—
—
0.6
The Gordian Group, Inc. 1.1
—
1.1
—
—
1.1
Things Remembered, Inc. 2.4
(1.6 ) 0.8
—
—
0.8

~~(21)~~ As of September 30, ~~2017,~~2021

(dollar amounts in millions)

(unaudited)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Primrose Holding Corporation (4)	Franchisor of education-based early childhood centers	Common stock (7,227 shares)		1/3/2017	4.6	22.8

					163.5	102.2		1.20	%
Household & Personal Products
Foundation Consumer Brands, LLC	Pharmaceutical holding company of over the counter brands	First lien senior secured loan ($26.2 par due 10/2026)	7.38% (Libor + 6.38%/Q)	2/12/2021	25.6	26.2	(13)
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (17)	Manufacturer and supplier of natural fragrance materials and cosmeceuticals	First lien senior secured loan ($27.6 par due 8/2027)	6.75% (Libor + 5.75%/M)	8/20/2021	27.6	27.3	(2)(13)
		Limited partner interests (4.58% interest)		8/20/2021	4.7	4.7	(2)
					32.3	32.0
Rug Doctor, LLC and RD Holdco Inc. (5)	Manufacturer and marketer of carpet cleaning machines	Second lien senior secured loan ($21.3 par due 5/2023)	11.25% PIK (Libor + 9.75%/M)	1/3/2017	21.3	19.9	(2)(13)
		Common stock (458,596 shares)		1/3/2017	14.0	—
		Warrant to purchase up to 56,372 shares of common stock (expires 12/2023)		1/3/2017	—	—
					35.3	19.9
Walnut Parent, Inc.	Manufacturer of natural solution pest and animal control products	First lien senior secured loan ($14.9 par due 11/2027)	6.50% (Libor + 5.50%/M)	11/9/2020	14.9	14.9	(13)

					108.1	93.0		1.09	%
Technology Hardware & Equipment
Everspin Technologies, Inc.	Designer and manufacturer of computer memory solutions	Warrant to purchase up to 18,461 shares of common stock (expires 10/2026)		10/7/2016	0.4	—	(2)
FL Hawk Intermediate Holdings, Inc. (17)	Provider of variable data labeling for the apparel industry	First lien senior secured loan ($4.0 par due 2/2028)	5.75% (Libor + 4.75%/Q)	2/22/2021	3.9	4.0	(2)(13)
Micromeritics Instrument Corp. (17)	Scientific instrument manufacturer	First lien senior secured revolving loan	—%	12/18/2019	—	—	(15)
		First lien senior secured loan ($32.1 par due 12/2025)	6.00% (Libor + 5.00%/Q)	12/18/2019	32.1	32.1	(13)
					32.1	32.1
Repairify, Inc. and Repairify Holdings, LLC (17)	Provider of automotive diagnostics scans and solutions	First lien senior secured loan ($19.9 par due 6/2027)	6.00% (Libor + 5.00%/Q)	6/14/2021	19.9	19.7	(2)(13)
		Class A common units (163,820 units)		6/14/2021	4.9	4.9	(2)
					24.8	24.6
Wildcat BuyerCo, Inc. and Wildcat Parent, LP (17)	Provider and supplier of electrical components for commercial and industrial applications	First lien senior secured loan ($18.2 par due 2/2026)	6.00% (Libor + 5.00%/Q)	2/27/2020	18.2	18.2	(13)
		Limited partnership interests (17,655 interests)		2/27/2020	1.8	2.8	(2)
					20.0	21.0

					81.2	81.7		0.96	%
Telecommunication Services
Emergency Communications Network, LLC (17)	Provider of mission critical emergency mass notification solutions	First lien senior secured loan ($46.0 par due 6/2023)	8.75% (Libor + 2.63% Cash, 5.13% PIK/Q)	6/1/2017	45.9	43.2	(2)(13)

					45.9	43.2		0.51	%

Total Investments					17,626.7	17,676.9		207.10%

Derivative Instruments

Foreign currency forward contracts


Description	Notional Amount to be Purchased		Notional Amount to be sold		Counterparty	Settlement Date	Unrealized Appreciation / (Depreciation)
Foreign currency forward contract	$	168	CAD	213	Truist Financial Corporation	October 28, 2021	$	—
Foreign currency forward contract	$	164	CAD	209	Truist Financial Corporation	October 19, 2021	—
Foreign currency forward contract	$	149	€	128	Truist Financial Corporation	October 28, 2021	1
Foreign currency forward contract	$	133	£	97	Truist Financial Corporation	October 28, 2021	2
Total							$	3

(1)Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of September 30, 2021 represented 207% of the Company’s net assets or 92% of the Company’s total assets, are subject to legal restrictions on sales.

(2)These assets are pledged as collateral under the Company’s or the Company’s consolidated subsidiaries’ various revolving credit facilities and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective facilities (see Note 5).

(3)Investments without an interest rate are non-income producing.

(4)As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the nine months ended September 30, 2021 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:


For the Nine Months Ended September 30, 2021																			As of September 30, 2021
(in millions) Company	Purchases (cost)		Redemptions (cost)		Sales (cost)		Interest income		Capital structuring service fees		Dividend income		Other income		Net realized gains (losses)		Net unrealized gains (losses)		Fair Value
APG Intermediate Holdings Corporation and APG Holdings, LLC	$	—	$	0.1	$	—	$	0.7	$	—	$	—	$	—	$	—	$	(0.6)	$	25.5
Blue Angel Buyer 1, LLC and Blue Angel Holdco, LLC	$	—	$	—	$	9.7	$	—	$	—	$	0.1	$	—	$	46.3	$	(18.4)	$	—
Blue Wolf Capital Fund II, L.P.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0.2
Bragg Live Food Products, LLC and SPC Investment Co., L.P.	$	3.8	$	7.1	$	—	$	2.3	$	—	$	0.2	$	—	$	—	$	(1.4)	$	50.6
Crown Health Care Laundry Services, LLC and Crown Laundry Holdings, LLC	$	—	$	27.2	$	4.5	$	(0.5)	$	—	$	—	$	1.0	$	10.7	$	(8.0)	$	—
ESCP PPG Holdings, LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0.4	$	3.6
European Capital UK SME Debt LP	$	—	$	7.7	$	—	$	—	$	—	$	—	$	—	$	—	$	3.4	$	25.4
Panda Temple Power, LLC and T1 Power Holdings LLC	$	—	$	4.7	$	—	$	0.2	$	—	$	—	$	—	$	—	$	11.8	$	25.8
PCG-Ares Sidecar Investment II, L.P.	$	0.1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	11.1
PCG-Ares Sidecar Investment, L.P.	$	—	$	0.6	$	—	$	—	$	—	$	—	$	—	$	—	$	1.5	$	1.3
Primrose Holding Corporation	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	8.7	$	22.8
Production Resource Group, L.L.C. and PRG III, LLC	$	8.9	$	—	$	—	$	3.5	$	0.2	$	—	$	—	$	—	$	(3.5)	$	53.8
Shock Doctor, Inc. and Shock Doctor Holdings, LLC	$	0.7	$	1.2	$	—	$	1.1	$	—	$	—	$	—	$	1.0	$	3.2	$	22.1
Sundance Energy Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	16.2	$	85.9
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.	$	—	$	—	$	—	$	0.2	$	—	$	—	$	—	$	—	$	(0.4)	$	5.0
	$	13.5	$	48.6	$	14.2	$	7.5	$	0.2	$	0.3	$	1.0	$	58.0	$	12.9	$	333.1

(5)As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the nine months ended September 30, 2021 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:


For the Nine Months Ended September 30, 2021																			As of September 30, 2021
(in millions) Company	Purchases (cost)		Redemptions (cost)		Sales (cost)		Interest income		Capital structuring service fees		Dividend income		Other income		Net realized gains (losses)		Net unrealized gains (losses)		Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC	$	47.5	$	26.4	$	—	$	2.8	$	1.6	$	—	$	0.1	$	—	$	3.3	$	58.5
ACAS Equity Holdings Corporation	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0.4	$	0.4
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.	$	—	$	58.4	$	—	$	—	$	—	$	—	$	—	$	(57.6)	$	58.4	$	—
BW Landco LLC	$	—	$	—	$	20.9	$	—	$	—	$	—	$	—	$	20.8	$	(16.0)	$	—
CoLTs 2005-1 Ltd.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CoLTs 2005-2 Ltd.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Eckler Industries, Inc. and Eckler Purchaser LLC	$	2.0	$	—	$	—	$	2.5	$	—	$	—	$	—	$	—	$	(3.2)	$	26.6
Halex Holdings, Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
HCI Equity, LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0.1
Heelstone Renewable Energy, LLC	$	38.3	$	8.5	$	—	$	0.7	$	0.1	$	0.4	$	—	$	0.2	$	25.8	$	82.6
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation	$	—	$	—	$	—	$	1.8	$	—	$	—	$	0.4	$	—	$	4.6	$	49.2
Ivy Hill Asset Management, L.P.	$	51.5	$	70.5	$	37.0	$	2.4	$	—	$	65.0	$	—	$	—	$	47.0	$	619.5
Joyce Lane Capital LLC and Joyce Lane Financing SPV LLC (fka Ciena Capital LLC)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0.6
Navisun LLC and Navisun Holdings LLC	$	—	$	—	$	—	$	6.6	$	—	$	—	$	—	$	—	$	8.8	$	132.1
NECCO Holdings, Inc. and New England Confectionery Company, Inc.	$	1.9	$	14.5	$	—	$	—	$	—	$	—	$	—	$	(12.4)	$	8.0	$	—
NECCO Realty Investments LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Rug Doctor, LLC and RD Holdco Inc.	$	—	$	—	$	—	$	1.7	$	—	$	—	$	—	$	—	$	(1.5)	$	19.9
S Toys Holdings LLC (fka The Step2 Company, LLC)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0.3	$	0.3
Senior Direct Lending Program, LLC	$	117.1	$	308.2	$	—	$	105.5	$	9.7	$	—	$	2.9	$	—	$	—	$	931.7
Singer Sewing Company, SVP-Singer Holdings, LLC and SVP-Singer Holdings LP	$	—	$	234.2	$	—	$	25.4	$	—	$	6.7	$	—	$	109.7	$	(85.8)	$	—
Startec Equity, LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
VPROP Operating, LLC and V SandCo, LLC	$	0.9	$	—	$	—	$	2.9	$	—	$	—	$	—	$	—	$	6.0	$	77.1
	$	259.2	$	720.7	$	57.9	$	152.3	$	11.4	$	72.1	$	3.4	$	60.7	$	56.1	$	1,998.6

* Together with Varagon Capital Partners (“Varagon”) and its clients, the Company has co-invested through the Senior Direct Lending Program, LLC (d/b/a the “Senior Direct Lending Program” or the “SDLP”). The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25% of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these “voting securities” do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4).

(6) This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Pursuant to Section 55(a) of the Investment Company Act, 16% of the Company's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of September 30, 2021.

(7)Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented.

(8)In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00% on $55.7 in aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(9)The Company sold a participating interest of approximately $24.5 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding $24.5 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated balance sheet. As of September 30, 2021, the interest rate in effect for the secured borrowing was 5.38%.

(10)The Company sold a participating interest of approximately $0.5 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured delayed draw term loan. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Company recorded a corresponding $0.3 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated balance sheet. As of September 30, 2021, the interest rate in effect for the secured borrowing was 14.50%.

(11)The Company sold a participating interest of approximately $75.0 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolving loan. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Company recorded a corresponding $75.0 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated balance sheet. As of September 30, 2021, the interest rate in effect for the secured borrowing was 4.25%.

(12)Loan was on non-accrual status as of September 30, 2021.

(13)Loan includes interest rate floor feature.

(14)In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.

(15)As of September 30, 2021, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(16)As of September 30, 2021, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(17)As of September 30, 2021, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments		Less: commitments substantially at discretion of the Company		Less: unavailable commitments due to borrowing base or other covenant restrictions		Total net adjusted unfunded revolving and delayed draw commitments
A.U.L. Corp.	$	1.2	$	—	$	1.2	$	—	$	—	$	1.2
Absolute Dental Group LLC	7.0		(1.0)		6.0		—		—		6.0
Abzena Holdings, Inc.	27.4		—		27.4		—		—		27.4
Accommodations Plus Technologies LLC	4.1		(4.1)		—		—		—		—
ADG, LLC	13.7		(7.0)		6.7		—		—		6.7
AffiniPay Midco, LLC	9.0		—		9.0		—		—		9.0
Alcami Corporation	29.0		—		29.0		—		—		29.0
Alera Group, Inc.	57.2		—		57.2		—		—		57.2
Alita Care, LLC (fka KBHS Acquisition, LLC)	5.0		(1.3)		3.7		—		—		3.7
AMCP Clean Intermediate, LLC	6.1		(2.1)		4.0		—		—		4.0
American Residential Services L.L.C.	4.5		—		4.5		—		—		4.5
Anaqua Parent Holdings, Inc.	4.3		—		4.3		—		—		4.3
APG Intermediate Holdings Corporation	0.1		—		0.1		—		—		0.1
Appriss Health, LLC	0.1		—		0.1		—		—		0.1
Apptio, Inc.	4.2		(1.7)		2.5		—		—		2.5
AQ Sunshine, Inc.	14.1		(0.3)		13.8		—		—		13.8
Ardonagh Midco 3 PLC	145.0		—		145.0		—		—		145.0
Arrowhead Holdco Company	32.8		(1.6)		31.2		—		—		31.2
Athenahealth, Inc.	33.1		—		33.1		—		—		33.1
ATI Restoration, LLC	10.0		(4.1)		5.9		—		(1.7)		4.2
Atlas Intermediate III L.L.C.	1.0		—		1.0		—		—		1.0
Avetta, LLC	4.2		—		4.2		—		—		4.2
AxiomSL Group, Inc.	3.9		—		3.9		—		—		3.9
Banyan Software Holdings, LLC	8.7		—		8.7		—		—		8.7
Bearcat Buyer, Inc.	32.8		—		32.8		—		—		32.8
Belfor Holdings, Inc.	25.0		(10.6)		14.4		—		—		14.4
Benecon Midco II LLC	4.5		—		4.5		—		—		4.5
Benefytt Technologies, Inc.	5.9		—		5.9		—		—		5.9
Berner Food & Beverage, LLC	1.7		(0.3)		1.4		—		—		1.4
Borrower R365 Holdings LLC	1.5		(0.7)		0.8		—		—		0.8
Bragg Live Food Products LLC	4.4		(1.5)		2.9		—		—		2.9
Cadence Aerospace, LLC	15.1		(6.1)		9.0		—		—		9.0
Capstone Acquisition Holdings, Inc.	27.3		(9.7)		17.6		—		—		17.6
Cardinal Parent, Inc.	5.0		(1.1)		3.9		—		—		3.9
CCS-CMGC Holdings, Inc.	12.0		(3.0)		9.0		—		—		9.0
Center for Autism and Related Disorders, LLC	8.5		(3.6)		4.9		—		—		4.9
Centric Brands LLC	7.9		(5.6)		2.3		—		—		2.3
Cipriani USA, Inc.	4.1		—		4.1		—		—		4.1
Commercial Trailer Leasing, Inc.	7.7		—		7.7		—		—		7.7
Comprehensive EyeCare Partners, LLC	2.8		(0.5)		2.3		—		—		2.3
Concert Golf Partners Holdco LLC	0.6		—		0.6		—		—		0.6
Consilio Midco Limited	28.4		—		28.4		—		—		28.4
Continental Acquisition Holdings, Inc.	9.8		—		9.8		—		—		9.8
CoreLogic, Inc.	38.9		—		38.9		—		—		38.9
Cority Software Inc.	0.1		—		0.1		—		—		0.1
Cozzini Bros., Inc.	15.0		—		15.0		—		—		15.0
Creation Holdings Inc.	13.2		(11.4)		1.8		—		—		1.8
CST Buyer Company	6.1		—		6.1		—		—		6.1
CVP Holdco, Inc.	64.5		—		64.5		—		—		64.5
DecoPac, Inc.	16.5		(2.4)		14.1		—		—		14.1
Denali Holdco LLC	5.4		—		5.4		—		—		5.4
DFC Global Facility Borrower III LLC	103.4		(73.1)		30.3		—		—		30.3
Diligent Corporation	9.7		—		9.7		—		—		9.7
DRS Holdings III, Inc.	10.8		—		10.8		—		—		10.8
DS Admiral Bidco, LLC	0.1		—		0.1		—		—		0.1
DTI Holdco, Inc.	6.6		(5.3)		1.3		—		—		1.3
Dynamic NC Aerospace Holdings, LLC	7.1		—		7.1		—		—		7.1


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments	Less: funded commitments	Total unfunded commitments	Less: commitments substantially at discretion of the Company	Less: unavailable commitments due to borrowing base or other covenant restrictions	Total net adjusted unfunded revolving and delayed draw commitments
Eckler Industries, Inc.	5.9	(5.0)	0.9	—	—	0.9
Elemica Parent, Inc.	10.3	(2.3)	8.0	—	—	8.0

Emergency Communications Network, LLC	6.5	—	6.5	—	—	6.5
EP Purchaser, LLC.	22.4	—	22.4	—	—	22.4
EP Wealth Advisors, LLC	0.6	(0.3)	0.3	—	—	0.3
Episerver, Inc.	9.5	—	9.5	—	—	9.5
EPS NASS Parent, Inc.	6.6	(0.2)	6.4	—	—	6.4
eResearch Technology, Inc.	2.5	—	2.5	—	—	2.5
Essential Services Holding Corporation	29.8	(1.0)	28.8	—	—	28.8
ExtraHop Networks, Inc.	9.1	—	9.1	—	—	9.1
FL Hawk Intermediate Holdings, Inc.	1.0	—	1.0	—	—	1.0
Flinn Scientific, Inc.	10.0	(5.9)	4.1	—	—	4.1
Flow Control Solutions, Inc.	10.0	—	10.0	—	—	10.0
FM:Systems Group, LLC	1.5	(1.5)	—	—	—	—
Forescout Technologies, Inc.	0.1	—	0.1	—	—	0.1

Foundation Risk Partners, Corp.	36.5	—	36.5	—	—	36.5
FS Squared Holding Corp.	9.6	(0.5)	9.1	—	—	9.1
FWR Holding Corporation	2.2	—	2.2	—	(0.1)	2.1
Galway Borrower LLC	29.5	—	29.5	—	—	29.5
Garden Fresh Restaurant Corp.	7.5	(7.5)	—	—	—	—
Genesis Acquisition Co.	1.5	(1.5)	—	—	—	—
GHX Ultimate Parent Corporation	47.5	—	47.5	—	—	47.5
Global Music Rights, LLC	4.3	—	4.3	—	—	4.3
GraphPAD Software, LLC	1.2	(0.3)	0.9	—	—	0.9
Green Street Parent, LLC (Green Street Intermediate Holdings, LLC)	0.3	—	0.3	—	—	0.3
HAI Acquisition Corporation	19.0	—	19.0	—	—	19.0
Harvey Tool Company, LLC	13.5	(0.1)	13.4	—	—	13.4
HealthEdge Software, Inc.	4.1	(1.3)	2.8	—	—	2.8
Heelstone Renewable Energy, LLC	54.0	—	54.0	—	—	54.0
Help/Systems Holdings, Inc.	7.5	—	7.5	—	—	7.5
HH-Stella, Inc.	18.8	(0.5)	18.3	—	—	18.3
High Street Buyer, Inc.	32.6	—	32.6	—	—	32.6
Highline Aftermarket Acquisition, LLC	9.5	(4.0)	5.5	—	—	5.5
Hometown Food Company	3.9	(0.5)	3.4	—	—	3.4
Huskies Parent, Inc.	3.3	—	3.3	—	—	3.3

IntraPac International LLC	19.2	(6.2)	13.0	—	—	13.0
JDC Healthcare Management, LLC	4.3	(4.3)	—	—	—	—
Jim N Nicks Management LLC	4.8	(2.8)	2.0	—	—	2.0
Joyce Lane Financing SPV LLC	1.4	—	1.4	—	—	1.4
K2 Insurance Services, LLC	9.3	—	9.3	—	—	9.3
Kellermeyer Bergensons Services, LLC	35.4	—	35.4	—	—	35.4
Kene Acquisition, Inc.	8.9	(0.2)	8.7	—	—	8.7
Laboratories Bidco LLC	44.6	—	44.6	—	—	44.6
Lakers Buyer, Inc.	20.4	(2.2)	18.2	—	—	18.2
Lew's Intermediate Holdings, LLC	2.3	(0.6)	1.7	—	—	1.7
Lido Advisors, LLC	4.5	—	4.5	—	—	4.5
Majesco	2.0	—	2.0	—	—	2.0
Manna Pro Products, LLC	7.0	(1.9)	5.1	—	—	5.1
Marcone Yellowstone Buyer Inc.	18.7	—	18.7	—	—	18.7
Marmic Purchaser, LLC	9.1	—	9.1	—	—	9.1
Masergy Holdings, Inc.	2.5	—	2.5	—	—	2.5
Maverick Acquisition, Inc.	16.9	—	16.9	—	—	16.9
Mavis Tire Express Services Topco Corp.	32.9	(0.2)	32.7	—	—	32.7
McKenzie Creative Brands, LLC	4.5	—	4.5	—	—	4.5
Micromeritics Instrument Corp.	4.1	(0.1)	4.0	—	—	4.0
Ministry Brands, LLC	10.9	—	10.9	—	—	10.9
MMIT Holdings, LLC	4.6	—	4.6	—	—	4.6
Monica Holdco (US), Inc.	3.6	—	3.6	—	—	3.6


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments	Less: funded commitments	Total unfunded commitments	Less: commitments substantially at discretion of the Company	Less: unavailable commitments due to borrowing base or other covenant restrictions	Total net adjusted unfunded revolving and delayed draw commitments
MRI Software LLC	11.8	—	11.8	—	—	11.8
n2y Holding, LLC	0.1	—	0.1	—	—	0.1
NAS, LLC	3.0	—	3.0	—	—	3.0
National Intergovernmental Purchasing Alliance Company	9.0	—	9.0	—	—	9.0
Navisun LLC	16.8	—	16.8	—	—	16.8
NCWS Intermediate, Inc.	1.0	—	1.0	—	—	1.0
Nelipak European Holdings Cooperatief U.A.	0.6	(0.2)	0.4	—	—	0.4
Nest Topco Borrower Inc.	119.1	—	119.1	—	—	119.1

NMC Skincare Intermediate Holdings II, LLC	9.1	(7.3)	1.8	—	—	1.8
NMN Holdings III Corp	12.5	(1.1)	11.4	—	—	11.4
North American Fire Holdings, LLC	23.9	—	23.9	—	—	23.9
North American Science Associates, LLC	6.0	—	6.0	—	—	6.0
North Haven Falcon Buyer, LLC	7.1	—	7.1	—	—	7.1
North Haven Stack Buyer, LLC	10.0	(0.2)	9.8	—	—	9.8
NSM Insurance Group, LLC	7.7	(4.1)	3.6	—	—	3.6
NueHealth Performance, LLC	3.8	(3.3)	0.5	—	—	0.5
Olympia Acquisition, Inc.	11.0	(10.3)	0.7	—	—	0.7

OneDigital Borrower LLC	7.5	(0.5)	7.0	—	—	7.0
Padres L.P.	64.2	—	64.2	—	—	64.2
Pathway Vet Alliance LLC	1.9	—	1.9	—	—	1.9
Paya, Inc.	4.5	—	4.5	—	—	4.5
PDI TA Holdings, Inc.	11.6	—	11.6	—	—	11.6
Pegasus Global Enterprise Holdings, LLC	45.9	—	45.9	—	—	45.9
People Corporation	33.1	(1.2)	31.9	—	—	31.9
Perforce Software, Inc.	0.5	—	0.5	—	—	0.5
Petroleum Service Group LLC	13.5	(1.5)	12.0	—	—	12.0
Pluralsight, Inc.	0.3	—	0.3	—	—	0.3
Practicetek Purchaser, LLC	2.9	—	2.9	—	—	2.9
Precinmac (US) Holdings Inc.	15.5	—	15.5	—	—	15.5
Premier Specialties, Inc.	11.0	—	11.0	—	—	11.0
Premise Health Holding Corp.	36.0	(12.6)	23.4	—	—	23.4
Production Resource Group, LLC	5.0	—	5.0	—	—	5.0
ProfitSolv Purchaser, Inc.	17.5	—	17.5	—	—	17.5
Project Essential Bidco, Inc.	1.1	—	1.1	—	—	1.1
Project Potter Buyer, LLC	5.5	—	5.5	—	—	5.5
Proofpoint, Inc.	3.1	—	3.1	—	—	3.1
Pyramid Management Advisors, LLC	9.6	(9.6)	—	—	—	—
QC Supply, LLC	10.0	(8.1)	1.9	—	(1.9)	—
QF Holdings, Inc.	5.0	—	5.0	—	—	5.0
Radius Aerospace Europe Limited	2.9	—	2.9	—	—	2.9
Raptor Technologies, LLC	1.6	(0.8)	0.8	—	—	0.8

Reddy Ice LLC	4.1	—	4.1	—	—	4.1
Redwood Services, LLC	6.4	—	6.4	—	—	6.4
Reef Lifestyle, LLC	32.8	(5.2)	27.6	—	—	27.6
Registrar Intermediate, LLC	28.0	—	28.0	—	—	28.0
Relativity ODA LLC	3.8	—	3.8	—	—	3.8
Repairify, Inc.	7.3	—	7.3	—	—	7.3
Retriever Medical/Dental Payments LLC	3.5	—	3.5	—	—	3.5
Rialto Management Group, LLC	1.3	(0.2)	1.1	—	—	1.1
Rodeo AcquisitionCo LLC	6.2	(0.5)	5.7	—	—	5.7
RSC Acquisition, Inc.	0.6	—	0.6	—	—	0.6
RTI Surgical, Inc.	15.9	(4.0)	11.9	—	—	11.9

Safe Home Security, Inc.	9.9	—	9.9	—	—	9.9
Saldon Holdings, Inc.	2.3	—	2.3	—	—	2.3
SCIH Salt Holdings Inc.	7.5	(4.1)	3.4	—	—	3.4
SCM Insurance Services Inc.	4.3	—	4.3	—	—	4.3
SelectQuote, Inc.	22.6	—	22.6	—	—	22.6
SFE Intermediate HoldCo LLC	10.2	—	10.2	—	—	10.2


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments	Less: funded commitments	Total unfunded commitments	Less: commitments substantially at discretion of the Company	Less: unavailable commitments due to borrowing base or other covenant restrictions	Total net adjusted unfunded revolving and delayed draw commitments
Shock Doctor, Inc.	2.5	(1.2)	1.3	—	—	1.3
Shur-Co Acquisition, Inc.	5.0	(1.0)	4.0	—	—	4.0
Sigma Electric Manufacturing Corporation	7.5	(0.4)	7.1	—	—	7.1
SiroMed Physician Services, Inc.	7.1	—	7.1	—	—	7.1
SM Wellness Holdings, Inc.	3.8	—	3.8	—	—	3.8
Spectra Finance, LLC	24.2	(4.7)	19.5	—	—	19.5
Spring Insurance Solutions, LLC	5.6	—	5.6	—	—	5.6
SSE Buyer, Inc.	6.5	—	6.5	—	—	6.5
Star US Bidco LLC	8.5	—	8.5	—	—	8.5
Stealth Holding LLC	7.3	—	7.3	—	—	7.3
Sun Acquirer Corp.	42.3	—	42.3	—	—	42.3
Sundance Group Holdings, Inc.	7.6	—	7.6	—	—	7.6
Sunshine Sub, LLC	5.8	—	5.8	—	—	5.8
Symplr Software Inc.	7.0	—	7.0	—	—	7.0
Synergy HomeCare Franchising, LLC	4.2	—	4.2	—	—	4.2
TA/WEG Holdings, LLC	24.4	(1.5)	22.9	—	—	22.9
Taymax Group, L.P. (fka Taymax Group Acquisition, LLC)	1.9	(0.4)	1.5	—	(0.3)	1.2
TCP Hawker Intermediate LLC	0.2	—	0.2	—	—	0.2
Teligent, Inc.	3.0	—	3.0	—	(3.0)	—
TerSera Therapeutics LLC	0.1	—	0.1	—	—	0.1
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc.	1.1	—	1.1	—	—	1.1
The Ultimate Software Group, Inc.	10.0	(0.1)	9.9	—	—	9.9
The Ultimus Group Midco, LLC	6.9	(4.0)	2.9	—	—	2.9
Therapy Brands Holdings LLC	8.6	—	8.6	—	—	8.6
Thermostat Purchaser III, Inc.	11.7	—	11.7	—	—	11.7
THG Acquisition, LLC	25.5	—	25.5	—	—	25.5

TWH Infrastructure Industries, Inc.	0.1	(0.1)	—	—	—	—
United Digestive MSO Parent, LLC	39.9	—	39.9	—	—	39.9
US Salt Investors, LLC	9.9	—	9.9	—	—	9.9
Verscend Holding Corp.	22.5	(0.1)	22.4	—	—	22.4
Veterinary Practice Partners, LLC	3.2	—	3.2	—	—	3.2
VLS Recovery Services, LLC	23.8	(0.5)	23.3	—	—	23.3
VPROP Operating, LLC	7.1	—	7.1	—	—	7.1
VS Buyer, LLC	8.1	—	8.1	—	—	8.1
Wash Encore Holdings, LLC	36.2	—	36.2	—	—	36.2
Watchfire Enterprises, Inc.	2.0	—	2.0	—	—	2.0
Watermill Express, LLC	1.9	—	1.9	—	—	1.9
WebPT, Inc.	0.1	—	0.1	—	—	0.1
Wellness AcquisitionCo, Inc.	0.1	—	0.1	—	—	0.1
Wildcat BuyerCo, Inc.	4.1	—	4.1	—	—	4.1
WorkWave Intermediate II, LLC	5.2	—	5.2	—	—	5.2
WSHP FC Acquisition LLC	8.5	(2.7)	5.8	—	—	5.8
Xifin, Inc.	8.9	—	8.9	—	—	8.9
Zemax Software Holdings, LLC	4.1	(2.0)	2.1	—	—	2.1
	2,785.0	(302.5)	2,482.5	—	(7.0)	2,475.5

(18) As of September 30, 2021, the Company was party to subscription agreements to fund equity investments in private equity investment partnerships as follows:

(in millions) Portfolio Company Total private equity commitments Less: funded private equity commitments Total unfunded private equity commitments Less: private equity commitments substantially at the discretion of the Company Total net adjusted unfunded private equity commitments
Partnership Capital Growth Investors III, L.P. $ 5.0
$ (4.4 ) $ 0.6
$ —
$ 0.6
PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P. 50.0
(11.6 ) 38.4
(38.4 ) —
Piper Jaffray Merchant Banking Fund I, L.P. 2.0
(1.8 ) 0.2
—
0.2
European Capital UK SME Debt LP 60.3
(49.2 ) 11.1
(11.1 ) —
$ 117.3
$ (67.0 ) $ 50.3
$ (49.5 ) $ 0.8


(in millions) Company	Total private equity commitments		Less: funded private equity commitments		Total unfunded private equity commitments		Less: private equity commitments substantially at the discretion of the Company		Total net adjusted unfunded private equity commitments
PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P.	$	50.0	$	(12.4)	$	37.6	$	(37.6)	$	—
European Capital UK SME Debt LP	60.6		(54.9)		5.7		(5.7)		—
	$	110.6	$	(67.3)	$	43.3	$	(43.3)	$	—


~~(22)~~	As of September 30, 2017, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $32.7. See Note 4 to the consolidated financial statements for more information on the SDLP.

(19) As of September 30, 2021, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $49.0. See Note 4 for more information on the SDLP.


~~(23)~~	Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Company’s investments.

(20) Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 for more information regarding the fair value of the Company’s investments.


~~(24)~~	As of September 30, 2017, the net estimated unrealized loss for federal tax purposes was $1.1 billion based on a tax cost basis of $12.6 billion. As of September 30, 2017, the estimated aggregate gross unrealized loss for federal income tax purposes was $1.5 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was $0.4 billion.

(21) As of September 30, 2021, the estimated net unrealized loss for federal tax purposes was $44 million based on a tax cost basis of $17.7 billion. As of September 30, 2021, the estimated aggregate gross unrealized loss for federal income tax purposes was $0.7 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was $0.7 billion.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost		Fair Value			Percentage of Net Assets
Healthcare Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15)	Dental services provider	First lien senior secured loan ($9.2 par due 9/2022)	11.00% PIK (Libor + 10.00%/Q)	1/5/2016	$	9.2	$	9.2	(2)(11)
		First lien senior secured loan ($16.4 par due 9/2022)	11.00% PIK (Libor + 10.00%/Q)	1/5/2016	16.4		16.4		(2)(11)
		Class A pref units (14,750,000 units)		1/5/2016	4.7		5.3		(2)
		Common units (7,200,000 units)		1/5/2016	—		—		(2)
					30.3		30.9
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 (15)	Dermatology practice	First lien senior secured revolving loan ($4.8 par due 5/2022)	6.75% (Libor + 5.75%/Q)	5/18/2016	4.8		4.7		(2)(11)
ADG, LLC and RC IV GEDC Investor LLC (15)	Dental services provider	First lien senior secured revolving loan ($7.7 par due 9/2022)	7.50% (Libor + 1.50% Cash, 2.75% PIK/M)	9/28/2016	7.7		6.9		(2)(11)
		Second lien senior secured loan ($103.3 par due 3/2024)		9/28/2016	89.0		77.5		(2)(10)
		Membership units (3,000,000 units)		9/28/2016	3.0		—		(2)
					99.7		84.4
Alteon Health, LLC	Provider of physician management services	First lien senior secured loan ($2.8 par due 9/2023)	7.50% (Libor + 6.50%/Q)	5/15/2017	2.8		2.3		(2)(11)
Athenahealth, Inc., VVC Holding Corp., Virence Intermediate Holding Corp., and Virence Holdings LLC (15)	Revenue cycle management provider to the physician practices and acute care hospitals	Second lien senior secured loan ($210.3 par due 2/2027)	8.65% (Libor + 8.50%/M)	2/11/2019	210.3		210.3		(2)
		Senior preferred stock (121,810 shares)	11.28% PIK (Libor + 11.13%/Q)	2/11/2019	149.4		149.4		(2)
		Class A interests (0.39% interest)		2/11/2019	9.0		13.9		(2)
					368.7		373.6
Bearcat Buyer, Inc. and Bearcat Parent, Inc. (15)	Provider of central institutional review boards over clinical trials	First lien senior secured revolving loan ($0.1 par due 7/2024)	5.25% (Libor + 4.25%/Q)	7/9/2019	0.1		0.1		(2)(11)
		First lien senior secured loan ($30.6 par due 7/2026)	5.25% (Libor + 4.25%/Q)	7/9/2019	30.6		30.6		(2)(11)
		First lien senior secured loan ($17.0 par due 7/2026)	5.25% (Libor + 4.25%/Q)	9/10/2019	17.0		17.0		(2)(11)
		Second lien senior secured loan ($64.2 par due 7/2027)	9.25% (Libor + 8.25%/Q)	7/9/2019	64.2		64.2		(2)(11)
		Second lien senior secured loan ($5.3 par due 7/2027)	9.25% (Libor + 8.25%/Q)	7/9/2019	5.3		5.3		(2)(11)
		Second lien senior secured loan ($12.7 par due 7/2027)	9.25% (Libor + 8.25%/Q)	9/10/2019	12.7		12.7		(2)(11)
		Class B common units (4,211 units)		7/9/2019	4.2		8.3		(2)
					134.1		138.2
CCS-CMGC Holdings, Inc. (15)	Correctional facility healthcare operator	First lien senior secured revolving loan		10/1/2018	—		—		(13)
		First lien senior secured loan ($34.3 par due 10/2025)	5.67% (Libor + 5.50%/Q)	9/25/2018	34.1		32.9		(2)
					34.1		32.9
Center for Autism and Related Disorders, LLC (15)	Autism treatment and services provider specializing in applied behavior analysis therapy	First lien senior secured revolving loan ($7.5 par due 11/2023)	4.73% (Libor + 4.50%/Q)	11/21/2018	7.5		7.1		(2)(14)
Comprehensive EyeCare Partners, LLC (15)	Vision care practice management company	First lien senior secured revolving loan ($1.3 par due 2/2024)	7.00% (Libor + 5.75%/Q)	2/14/2018	1.3		1.3		(2)(11)
		First lien senior secured loan ($5.3 par due 2/2024)	7.00% (Libor + 5.75%/Q)	2/14/2018	5.3		5.2		(2)(11)
		First lien senior secured loan ($1.0 par due 2/2024)	8.00% (Base Rate + 4.75%/Q)	2/14/2018	1.0		1.0		(2)(11)
		First lien senior secured loan ($2.7 par due 2/2024)	7.00% (Libor + 5.75%/Q)	2/14/2018	2.7		2.7		(2)(11)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Investment Funds and Vehicles
HCI Equity, LLC (8)(9)(10) Investment company Member interest (100.00% interest) 4/1/2010 $ —
$ 0.1

Imperial Capital Private Opportunities, LP (10)(25) Investment partnership Limited partnership interest (80.00% interest) 5/10/2007 4.0
16.8
(2)
Partnership Capital Growth Fund I, L.P. (10) Investment partnership Limited partnership interest (25.00% interest) 6/16/2006 —
0.1
(2)
Partnership Capital Growth Investors III, L.P. (10)(25) Investment partnership Limited partnership interest (2.50% interest) 10/5/2011 2.7
3.2
(2)
PCG-Ares Sidecar Investment II, L.P. (10)(25) Investment partnership Limited partnership interest (100.00% interest) 10/31/2014 7.5
12.5
(2)
PCG-Ares Sidecar Investment, L.P. (10)(25) Investment partnership Limited partnership interest (100.00% interest) 5/22/2014 3.4
4.2
(2)
Piper Jaffray Merchant Banking Fund I, L.P. (10)(25) Investment partnership Limited partnership interest (2.00% interest) 8/16/2012 1.7
1.5

Senior Direct Lending Program, LLC (8)(10)(27) Co-investment vehicle Subordinated certificates ($269.8 par due 12/2036)(21) 9.00% (Libor + 8.00%/Q) (21) 7/27/2016 269.8
269.8

Member interest (87.50% interest) 7/27/2016 —
—

269.8
269.8

Senior Secured Loan Fund LLC (8)(11)(26) Co-investment vehicle Subordinated certificates ($2,004.0 par due 12/2024)(20) 9.00% (Libor + 8.00%/M) (20) 10/30/2009 1,938.4
1,914.2

Member interest (87.50% interest) 10/30/2009 —
—

1,938.4
1,914.2

VSC Investors LLC (10) Investment company Membership interest (1.95% interest) 1/24/2008 0.3
1.2
(2)
2,227.8
2,223.6
43.05%
Healthcare Services
Absolute Dental Management LLC and ADM Equity, LLC Dental services provider First lien senior secured loan ($18.8 par due 1/2022) 9.06% (Libor + 8.06%/Q) 1/5/2016 18.8
17.8
(3)(19)
First lien senior secured loan ($5.0 par due 1/2022) 9.06% (Libor + 8.06%/Q) 1/5/2016 5.0
4.8
(4)(19)
Class A preferred units (4,000,000 units) 1/5/2016 4.0
0.8
(2)
Class A common units (4,000,000 units) 1/5/2016 —
0.8
(2)
27.8
24.2

ADCS Billings Intermediate Holdings, LLC (24) Dermatology practice First lien senior secured revolving loan ($1.6 par due 5/2022) 8.50% (Base Rate + 4.75%/Q) 5/18/2016 1.6
1.6
(2)(19)(23)
ADG, LLC and RC IV GEDC Investor LLC (24) Dental services provider First lien senior secured revolving loan ($2.0 par due 9/2022) 5.75% (Libor + 4.75%/Q) 9/28/2016 2.0
2.0
(2)(19)
Second lien senior secured loan ($87.5 par due 3/2024) 10.00% (Libor + 9.00%/Q) 9/28/2016 87.5
87.5
(2)(19)
Membership units (3,000,000 units) 9/28/2016 3.0
3.0
(2)
92.5
92.5

Alegeus Technologies Holdings Corp. Benefits administration and transaction processing provider Preferred stock (2,997 shares) 12/13/2013 3.1
2.2

Common stock (3 shares) 12/13/2013 —
—

3.1
2.2

Argon Medical Devices, Inc. Manufacturer and marketer of single-use specialty medical devices Second lien senior secured loan ($9.0 par due 6/2022) 10.50% (Libor + 9.50%/Q) 12/23/2015 8.8
9.0
(2)(19)
AwarePoint Corporation Healthcare technology platform developer First lien senior secured loan ($8.8 par due 6/2018) 11.50% (Libor + 10.50%/M) 9/5/2014 8.6
8.8
(2)(19)
Warrant to purchase up to 3,213,367 shares of Series 1 preferred stock (expires 9/2024) 11/14/2014 —
0.6
(2)
8.6
9.4

CCS Intermediate Holdings, LLC and CCS Group Holdings, LLC (24) Correctional facility healthcare operator First lien senior secured revolving loan ($3.8 par due 7/2019) 5.00% (Libor + 4.00%/Q) 7/23/2014 3.8
3.2
(2)(19)(23)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					10.3	10.2
Convey Health Solutions, Inc.	Healthcare workforce management software provider	First lien senior secured loan ($3.1 par due 9/2026)	6.25% (Libor + 5.25%/Q)	9/4/2019	3.1	3.1	(2)(11)
		First lien senior secured loan ($2.3 par due 9/2026)	10.00% (Libor + 9.00%/Q)	4/8/2020	2.3	2.3	(2)(11)
					5.4	5.4
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15)	Veterinary hospital operator	First lien senior secured revolving loan		10/31/2019	—	—	(13)
		First lien senior secured loan ($53.2 par due 10/2025)	6.25% (Libor + 5.25%/Q)	10/31/2019	53.2	53.2	(2)(11)
		First lien senior secured loan ($31.3 par due 10/2025)	6.25% (Libor + 5.25%/Q)	10/31/2019	31.3	31.3	(2)(11)
		Common stock (32,429 shares)		10/31/2019	10.0	11.9	(2)
					94.5	96.4
D4C Dental Brands HoldCo, Inc. and Bambino Group Holdings, LLC	Dental services provider	Class A preferred units (1,000,000 units)		12/21/2016	1.0	1.0	(2)
DCA Investment Holding LLC (15)	Multi-branded dental practice management	First lien senior secured revolving loan ($5.7 par due 7/2021)	6.25% (Libor + 5.25%/Q)	7/2/2015	5.7	5.5	(2)(11)(14)
		First lien senior secured loan ($18.1 par due 7/2021)	6.25% (Libor + 5.25%/Q)	7/2/2015	18.1	17.6	(2)(11)
					23.8	23.1
Emerus Holdings, Inc.	Freestanding 24-hour emergency care micro-hospitals operator	First lien senior secured loan ($16.9 par due 2/2022)	14.00%	2/21/2019	16.9	16.9	(2)
Evolent Health LLC and Evolent Health, Inc. (15)	Medical technology company focused on value based care services and payment solutions	First lien senior secured loan ($67.1 par due 12/2024)	9.00% (Libor + 8.00%/Q)	12/30/2019	61.2	75.9	(2)(6)(11)
		Warrant to purchase up to 1,354,968 shares of common stock (expires 1/2025)		12/30/2019	5.9	7.0	(2)(6)
					67.1	82.9
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)	9.00% (Libor + 8.00%/Q)	6/30/2017	34.3	34.5	(2)(11)
		Second lien senior secured loan ($55.0 par due 6/2025)	9.00% (Libor + 8.00%/Q)	1/13/2020	55.0	55.0	(2)(11)
		Series A preferred stock (110,425 shares)	11.75% (Libor + 10.75%/Q)	6/30/2017	166.9	166.9	(2)(11)
		Class A units (14,013,303 units)		6/30/2017	14.0	17.3	(2)
					270.2	273.7
Global Medical Response Inc	Emergency air medical services provider	Senior subordinated loan ($182.7 par due 3/2026)	8.88% (Libor + 7.88%/Q)	3/14/2018	182.7	182.7	(2)(11)
		Warrant to purchase up to 115,733 units of common stock (expires 3/2028)		3/14/2018	0.9	2.1	(2)
					183.6	184.8
HealthEdge Software, Inc. (15)	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured revolving loan		4/9/2020	—	—	(13)
		First lien senior secured loan ($47.5 par due 4/2026)	7.25% (Libor + 6.25%/M)	12/16/2020	47.5	47.5	(2)(11)
		First lien senior secured loan ($3.7 par due 4/2026)	7.25% (Libor + 6.25%/M)	4/9/2020	3.7	3.7	(2)(11)
		First lien senior secured loan ($10.7 par due 4/2026)	7.25% (Libor + 6.25%/M)	4/9/2020	10.7	10.7	(2)(11)
					61.9	61.9
Hygiena Borrower LLC (15)	Adenosine triphosphate testing technology provider	Second lien senior secured loan ($2.5 par due 8/2023)	8.75% (Libor + 7.75%/Q)	8/26/2016	2.5	2.5	(2)(11)
		Second lien senior secured loan ($10.7 par due 8/2023)	8.75% (Libor + 7.75%/Q)	2/27/2017	10.7	10.7	(2)(11)
		Second lien senior secured loan ($11.1 par due 8/2023)	8.75% (Libor + 7.75%/Q)	6/29/2018	11.1	11.1	(2)(11)
		Second lien senior secured loan ($0.6 par due 8/2023)	8.75% (Libor + 7.75%/Q)	6/29/2018	0.6	0.6	(2)(11)
					24.9	24.9

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
First lien senior secured revolving loan ($1.6 par due 7/2019) 6.75% (Base Rate + 3.00%/Q) 7/23/2014 1.6
1.4
(2)(19)(23)
First lien senior secured loan ($6.6 par due 7/2021) 5.00% (Libor + 4.00%/Q) 7/23/2014 6.6
5.6
(2)(19)
Second lien senior secured loan ($135.0 par due 7/2022) 9.38% (Libor + 8.38%/Q) 7/23/2014 134.0
101.3
(2)(19)
Class A units (601,937 units) 8/19/2010 —
0.1
(2)
146.0
111.6

Correctional Medical Group Companies, Inc. Correctional facility healthcare operator First lien senior secured loan ($3.1 par due 9/2021) 9.38% (Libor + 8.38%/Q) 9/29/2015 3.1
3.0
(2)(19)
First lien senior secured loan ($48.8 par due 9/2021) 9.38% (Libor + 8.38%/Q) 9/29/2015 48.8
47.8
(3)(19)
51.9
50.8

D4C Dental Brands HoldCo, Inc. and Bambino Group Holdings, LLC (24) Dental services provider Class A preferred units (1,000,000 units) 12/21/2016 1.0
1.0
(2)
DCA Investment Holding, LLC (24) Multi-branded dental practice management First lien senior secured revolving loan ($2.1 par due 7/2021) 8.00% (Base Rate + 4.25%/Q) 7/2/2015 2.1
2.0
(2)(19)(23)
First lien senior secured loan ($18.9 par due 7/2021) 6.25% (Libor + 5.25%/Q) 7/2/2015 18.8
18.5
(4)(19)
20.9
20.5

DNAnexus, Inc. Bioinformatics company First lien senior secured loan ($9.7 par due 10/2018) 9.25% (Libor + 8.25%/M) 3/21/2014 9.5
9.7
(2)(19)
Warrant to purchase up to 909,092 units of Series C preferred stock (expires 3/2024) 3/21/2014 —
0.1
(2)
9.5
9.8

Global Healthcare Exchange, LLC and GHX Ultimate Parent Corp. On-demand supply chain automation solutions provider Second lien senior secured loan ($47.5 par due 8/2023) 9.75% (Libor + 8.75%/Q) 8/18/2016 46.8
47.5
(2)(19)
Class A common stock (1,788 shares) 3/11/2014 1.8
1.8
(2)
Class B common stock (980 shares) 3/11/2014 —
5.5
(2)
48.6
54.8

Greenphire, Inc. and RMCF III CIV XXIX, L.P (24) Software provider for clinical trial management First lien senior secured loan ($1.5 par due 12/2018) 9.00% (Libor + 8.00%/M) 12/19/2014 1.5
1.5
(2)(19)
First lien senior secured loan ($3.6 par due 12/2018) 9.00% (Libor + 8.00%/M) 12/19/2014 3.6
3.6
(2)(19)
Limited partnership interest (99.90% interest) 12/19/2014 1.0
1.2
(2)
6.1
6.3

Hygiena Borrower LLC (24) Adenosine triphosphate testing technology provider Second lien senior secured loan ($10.0 par due 8/2023) 10.00% (Libor + 9.00%/Q) 8/26/2016 10.0
10.0
(2)(19)
INC Research Mezzanine Co-Invest, LLC Pharmaceutical and biotechnology consulting services Common stock (13,252 shares) 9/27/2010 —
0.7
(2)
Intermedix Corporation Revenue cycle management provider to the emergency healthcare industry Second lien senior secured loan ($112.0 par due 6/2020) 9.25% (Libor + 8.25%/Q) 12/27/2012 112.0
108.6
(2)(19)
MC Acquisition Holdings I, LLC Healthcare professional provider Class A units (1,338,314 shares) 1/17/2014 1.3
1.2
(2)
MW Dental Holding Corp. (24) Dental services provider First lien senior secured revolving loan ($1.5 par due 4/2018) 9.00% (Libor + 7.50%/Q) 4/12/2011 1.5
1.5
(2)(19)
First lien senior secured loan ($44.9 par due 4/2018) 9.00% (Libor + 7.50%/Q) 4/12/2011 44.9
44.9
(2)(19)
First lien senior secured loan ($47.3 par due 4/2018) 9.00% (Libor + 7.50%/Q) 4/12/2011 47.3
47.3
(3)(19)
First lien senior secured loan ($19.5 par due 4/2018) 9.00% (Libor + 7.50%/Q) 4/12/2011 19.5
19.5
(4)(19)
113.2
113.2

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
JDC Healthcare Management, LLC (15)	Dental services provider	First lien senior secured revolving loan ($0.8 par due 4/2022)		4/10/2017	0.5	0.6	(2)(10)
		First lien senior secured loan ($29.9 par due 4/2023)		4/10/2017	27.9	23.1	(2)(10)
		First lien senior secured loan ($4.2 par due 4/2023)		4/10/2017	3.9	3.2	(2)(10)
					32.3	26.9
LivaNova USA Inc.	Medical device company focused on treating cardiovascular and neurological diseases	First lien senior secured loan ($42.5 par due 6/2025)	7.50% (Libor + 6.50%/Q)	6/10/2020	42.5	42.0	(11)
MB2 Dental Solutions, LLC (15)	Dental services provider	First lien senior secured revolving loan ($2.9 par due 9/2023)	8.75% (Base Rate + 5.50%/Q)	9/29/2017	2.9	2.9	(2)(11)
MCH Holdings, Inc. and MC Acquisition Holdings I, LLC	Healthcare professional provider	First lien senior secured loan ($113.5 par due 7/2021)	8.50% (Libor + 7.00%/M)	7/26/2017	113.5	113.5	(2)(11)
		Class A units (1,438,643 shares)		1/17/2014	1.5	1.1	(2)
					115.0	114.6
Minerva Surgical, Inc. (15)	Medical device company focused on women's health	First lien senior secured loan ($31.5 par due 12/2022)	11.50% (Libor + 3.50% Cash, 6.00% PIK/Q)	12/30/2019	30.7	31.5	(2)(11)
Napa Management Services Corporation and ASP NAPA Holdings, LLC	Anesthesia management services provider	Second lien senior secured loan ($72.8 par due 10/2023)	12.00% PIK (Libor + 11.00%/Q)	4/19/2016	72.8	67.0	(2)(11)
		Preferred units (1,842 units)	15.00% PIK	6/29/2020	0.1	0.1	(2)
		Senior preferred units (5,320 units)	8.00% PIK	6/29/2020	0.3	0.3	(2)
		Class A units (25,277 units)		4/19/2016	2.5	0.9	(2)
					75.7	68.3
NMN Holdings III Corp. and NMN Holdings LP (15)	Provider of complex rehabilitation technology solutions for patients with mobility loss	First lien senior secured revolving loan		11/13/2018	—	—	(13)
		Partnership units (30,000 units)		11/13/2018	3.0	4.7	(2)
					3.0	4.7
NueHealth Performance, LLC (15)	Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centers	First lien senior secured loan ($11.1 par due 9/2023)	8.25% (Libor + 7.25%/M)	9/27/2018	11.1	11.0	(2)(11)
		First lien senior secured loan ($1.5 par due 9/2023)	8.25% (Libor + 7.25%/M)	9/27/2018	1.5	1.5	(2)(11)
					12.6	12.5
Olympia Acquisition, Inc. and Olympia TopCo, L.P. (15)	Behavioral health and special education platform provider	First lien senior secured revolving loan ($10.1 par due 9/2024)	8.50% (Libor + 5.50% Cash, 2.00% PIK/Q)	9/24/2019	10.1	9.3	(2)(11)
		First lien senior secured loan ($0.0 par due 9/2026)	8.50% (Libor + 5.50% Cash, 2.00% PIK/M)	12/31/2020	0.1	—	(2)(11)
		First lien senior secured loan ($42.5 par due 9/2026)	8.50% (Libor + 5.50% Cash, 2.00% PIK/M)	9/24/2019	42.5	39.1	(2)(11)
		Class A common units (9,549,000 units)		9/24/2019	9.5	3.2	(2)
					62.2	51.6
OMH-HealthEdge Holdings, LLC	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured loan ($26.4 par due 10/2025)	6.25% (Libor + 5.25%/Q)	10/24/2019	26.4	26.4	(2)(11)
OneSmile Intermediate, LLC	Dental services provider	Senior subordinated loan ($8.5 par due 10/2026)	8.00% PIK	12/1/2020	8.5	7.1	(2)
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 Jedi Group Holdings LLC (15)	Veterinary hospital operator	First lien senior secured revolving loan		3/31/2020	—	—	(13)
		Second lien senior secured loan ($76.3 par due 3/2028)	8.75% (Libor + 7.75%/M)	3/31/2020	76.3	76.3	(2)(11)
		Class R common units (6,004,768 units)		3/31/2020	6.0	8.0	(2)
					82.3	84.3
Performance Health Supply, Inc.	Distributor of rehabilitation supplies and equipment	Second lien senior secured loan ($84.0 par due 8/2023)	11.50% PIK (Libor + 10.50%/Q)	9/2/2015	83.3	74.8	(2)(11)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
My Health Direct, Inc. (24) Healthcare scheduling exchange software solution provider First lien senior secured revolving loan ($0.5 par due 9/2017) 8.75% (Base Rate + 5.00%/M) 9/18/2014 0.5
0.5
(2)(19)
First lien senior secured loan ($1.3 par due 1/2018) 10.75% 9/18/2014 1.3
1.3
(2)
Warrant to purchase up to 4,548 shares of Series D preferred stock (expires 9/2024) 9/18/2014 —
—
(2)
1.8
1.8

New Trident Holdcorp, Inc. Outsourced mobile diagnostic healthcare service provider Second lien senior secured loan ($80.0 par due 7/2020) 10.75% (Libor + 9.50%/Q) 8/6/2013 79.1
80.0
(2)(19)
NMSC Holdings, Inc. and ASP NAPA Holdings, LLC Anesthesia management services provider Second lien senior secured loan ($72.8 par due 10/2023) 11.00% (Libor + 10.00%/Q) 4/19/2016 72.8
72.8
(2)(19)
Class A units (25,277 units) 4/19/2016 2.5
2.4
(2)
75.3
75.2

Nodality, Inc. Biotechnology company First lien senior secured loan ($2.3 par due 8/2016) 11/12/2015 2.1
0.4
(2)(18)
First lien senior secured loan ($10.9 par due 8/2016) 4/25/2014 9.7
2.0
(2)(18)
Warrant to purchase up to 3,736,255 shares of common stock (expires 3/2026) 3/15/16 —
—
(2)
11.8
2.4

NSM Sub Holdings Corp. (24) Provider of customized mobility, rehab and adaptive seating systems First lien senior secured revolving loan ($0.6 par due 10/2022) 6.00% (Libor + 5.00%/Q) 10/3/2016 0.6
0.6
(2)(19)
First lien senior secured revolving loan ($0.3 par due 10/2022) 7.75% (Base Rate + 4.00%/Q) 10/3/2016 0.3
0.3
(2)(19)
0.9
0.9

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) 10.75% (Libor + 9.75%/Q) 4/20/2016 9.6
10.0
(2)(19)
OmniSYS Acquisition Corporation, OmniSYS, LLC, and OSYS Holdings, LLC (24) Provider of technology-enabled solutions to pharmacies First lien senior secured loan ($5.9 par due 11/2018) 8.50% (Libor + 7.50%/Q) 11/21/2013 5.9
5.9
(4)(19)
Limited liability company membership interest (1.57%) 11/21/2013 1.0
0.7
(2)
6.9
6.6

Patterson Medical Supply, Inc. Distributor of rehabilitation supplies and equipment Second lien senior secured loan ($78.0 par due 8/2023) 9.50% (Libor + 8.50%/Q) 9/2/2015 76.1
78.0
(2)(19)
PerfectServe, Inc. Communications software platform provider for hospitals and physician practices First lien senior secured loan ($9.0 par due 3/2020) 9.00% (Libor + 8.00%/M) 9/15/2015 8.7
9.0
(2)(19)
First lien senior secured loan ($2.0 par due 6/2020) 9.00% (Libor + 8.00%/M) 9/15/2015 2.0
2.0
(2)(19)
First lien senior secured loan ($3.0 par due 6/2021) 9.00% (Libor + 8.00%/M) 9/15/2015 3.0
3.0
(2)(19)
Warrant to purchase up to 28,428 shares of Series C preferred stock (expires 9/2025) 9/15/2015 0.2
0.3
(2)
Warrant to purchase up to 34,113 units of Series C preferred stock (expires 12/2023) 12/26/2013 —
0.3
(2)
13.9
14.6

PhyMED Management LLC Provider of anesthesia services Second lien senior secured loan ($47.2 par due 5/2021) 9.75% (Libor + 8.75%/Q) 12/18/2015 46.6
45.8
(2)(19)
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)
Sarnova HC, LLC, Tri-Anim Health Services, Inc., and BEMS Holdings, LLC Distributor of emergency medical service and respiratory products Second lien senior secured loan ($54.0 par due 7/2022) 10.50% (Libor + 9.50%/Q) 1/29/2016 54.0
54.0
(2)(19)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
PetVet Care Centers, LLC	Veterinary hospital operator	First lien senior secured loan ($26.0 par due 2/2025)	5.25% (Libor + 4.25%/M)	10/31/2019	25.6	26.0	(2)(11)
PhyMED Management LLC	Provider of anesthesia services	Second lien senior secured loan ($50.0 par due 9/2022)	12.00% (Libor + 2.50% Cash, 8.50% PIK/Q)	12/18/2015	49.9	46.0	(2)(11)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (15)	Provider of employer-sponsored onsite health and wellness clinics and pharmacies	First lien senior secured revolving loan ($12.0 par due 7/2023)	3.47% (Libor + 3.25%/Q)	7/10/2018	12.0	11.9	(2)(14)
		First lien senior secured loan ($10.7 par due 7/2025)	3.75% (Libor + 3.50%/Q)	7/10/2018	10.7	10.6	(2)
		Second lien senior secured loan ($67.1 par due 7/2026)	7.75% (Libor + 7.50%/Q)	7/10/2018	66.6	67.1	(2)
		Class A units (9,775 units)		7/10/2018	9.8	14.4	(2)
					99.1	104.0
Project Ruby Ultimate Parent Corp.	Provider of care coordination and transition management software solutions	First lien senior secured loan ($1.6 par due 2/2024)	5.25% (Libor + 4.25%/Q)	12/31/2020	1.6	1.6	(2)(11)
		Second lien senior secured loan ($1.4 par due 2/2025)	9.25% (Libor + 8.25%/Q)	12/31/2020	1.4	1.4	(2)(11)
					3.0	3.0
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)
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (15)	Manufacturer of biologic, metal and synthetic implants/devices	First lien senior secured loan ($38.1 par due 7/2026)	8.25% (Libor + 6.75%/Q)	7/20/2020	38.1	37.4	(11)
SCSG EA Acquisition Company, Inc. (15)	Provider of outsourced clinical services to hospitals and health systems	First lien senior secured revolving loan		9/1/2017	—	—	(13)
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (15)	Outsourced anesthesia provider	First lien senior secured loan ($13.2 par due 3/2024)	5.75% (Libor + 4.75%/Q)	3/26/2018	13.2	10.4	(2)(11)
		Common units (684,854 units)		3/26/2018	4.8	—	(2)
					18.0	10.4
SM Wellness Holdings, Inc. and SM Holdco, Inc. (15)	Breast cancer screening provider	First lien senior secured loan ($7.0 par due 8/2024)	7.00% (Libor + 6.25%/Q)	8/1/2018	7.0	6.9	(2)(11)
		First lien senior secured loan ($2.0 par due 8/2024)	7.00% (Libor + 6.25%/Q)	9/25/2019	2.0	2.0	(2)(11)
		Series A preferred stock (44,975 shares)	10.48% PIK (Libor + 10.25%/Q)	8/1/2018	60.2	60.2	(2)
		Series A units (8,041 units)		8/1/2018	8.0	—	(2)
		Series B units (804,142 units)		8/1/2018	—	4.4	(2)
					77.2	73.5
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15)	SaaS based healthcare compliance platform provider	Second lien senior secured loan ($53.5 par due 12/2028)	8.50% (Libor + 7.75%/Q)	12/22/2020	53.5	52.4	(2)(11)
		Series C preferred shares (75,939 shares)	11.00% PIK	12/22/2020	76.1	76.1	(2)
					129.6	128.5
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15)	Franchisor of private-pay home care for the elderly	First lien senior secured revolving loan		4/2/2018	—	—	(13)
		First lien senior secured loan ($15.7 par due 4/2024)	6.75% (Libor + 5.75%/Q)	4/2/2018	15.7	15.7	(2)(11)
		Common units (550 units)		4/2/2018	0.6	0.8
					16.3	16.5
Teligent, Inc.	Pharmaceutical company that develops, manufactures and markets injectable pharmaceutical products	Second lien senior secured loan ($59.3 par due 6/2024)		12/13/2018	52.3	28.5	(2)(10)
		Second lien senior secured loan ($34.3 par due 6/2024)		12/13/2018	30.4	16.5	(2)(10)
		Warrant to purchase up to 490,492 shares of common stock (expires 4/2025)		4/6/2020	—	—	(2)
		Warrant to purchase up to 122,548 shares of common stock (expires 7/2025)		7/20/2020	—	—	(2)
					82.7	45.0

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Transaction Data Systems, Inc. Pharmacy management software provider Second lien senior secured loan ($7.8 par due 6/2022) 10.00% (Libor + 9.00%/Q) 6/15/2015 7.8
7.8
(2)(19)
Second lien senior secured loan ($27.5 par due 6/2022) 10.00% (Libor + 9.00%/Q) 6/15/2015 27.5
27.5
(2)(19)
35.3
35.3

U.S. Anesthesia Partners, Inc. Anesthesiology service provider Second lien senior secured loan ($23.5 par due 9/2020) 10.25% (Libor + 9.25%/Q) 12/14/2015 23.5
23.5
(2)(19)
Second lien senior secured loan ($50.0 par due 9/2020) 10.25% (Libor + 9.25%/Q) 9/24/2014 50.0
50.0
(2)(19)
73.5
73.5

Urgent Cares of America Holdings I, LLC and FastMed Holdings I, LLC (24) Operator of urgent care clinics First lien senior secured loan ($13.9 par due 12/2022) 7.00% (Libor + 6.00%/Q) 12/1/2015 13.9
12.6
(2)(19)
First lien senior secured loan ($54.2 par due 12/2022) 7.00% (Libor + 6.00%/Q) 12/1/2015 54.2
49.3
(2)(19)
Preferred units (7,696,613 units) 6/11/2015 7.7
9.4

Series A common units (2,000,000 units) 6/11/2015 2.0
0.1

Series C common units (1,026,866 units) 6/11/2015 —
—

77.8
71.4

Vertice Pharma UK Parent Limited Manufacturer and distributor of generic pharmaceutical products Preferred shares (40,662 shares) 12/21/2015 0.4
0.4
(9)
Young Innovations, Inc. Dental supplies and equipment manufacturer Second lien senior secured loan ($31.4 par due 7/2019) 10.25% (Libor + 9.25%/Q) 10/18/2016 31.4
31.4
(2)(19)
Second lien senior secured loan ($55.0 par due 7/2019) 10.25% (Libor + 9.25%/Q) 5/30/2014 55.0
55.0
(2)(19)
86.4
86.4

1,312.3
1,263.7
24.47%
Business Services
Accruent, LLC and Athena Parent, Inc. (24) Real estate and facilities management software provider First lien senior secured revolving loan ($0.3 par due 5/2022) 8.00% (Base Rate + 4.25%/Q) 5/16/2016 0.3
0.3
(2)(19)
Second lien senior secured loan ($10.5 par due 11/2022) 12.50% (Base Rate + 8.75%/Q) 9/19/2016 10.5
10.5
(2)(19)
Second lien senior secured loan ($42.5 par due 11/2022) 10.75% (Libor + 9.75%/Q) 9/19/2016 42.5
42.5
(2)(19)
Series A preferred stock (778 shares) 9/19/2016 0.8
0.8
(2)
Common stock (3,000 shares) 5/16/2016 3.0
3.1
(2)
57.1
57.2

Acrisure, LLC, Acrisure Investors FO, LLC and Acrisure Investors SO, LLC (24) Retail insurance advisor and brokerage Second lien senior secured loan ($88.6 par due 11/2024) 10.25% (Libor + 9.25%/Q) 11/22/2016 88.6
88.6
(2)(19)
Membership interests (8,502,697 units) 11/18/2016 8.5
8.5
(2)
Membership interests (2,125,674 units) 11/18/2016 2.1
2.1
(2)
99.2
99.2

Brandtone Holdings Limited (9) Mobile communications and marketing services provider First lien senior secured loan ($4.7 par due 11/2018) 5/11/2015 4.5
—
(2)(18)
First lien senior secured loan ($3.1 par due 2/2019) 5/11/2015 3.0
—
(2)(18)
Warrant to purchase up to 184,003 units of Series Three participating convertible preferred shares (expires 8/2026) 5/11/2015 —
—
(2)
7.5
—

CallMiner, Inc. Provider of cloud-based conversational analytics solutions Second lien senior secured loan ($2.1 par due 5/2018) 10.50% (Libor + 9.50%/M) 7/23/2014 2.1
2.1
(2)(19)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Touchstone Acquisition, Inc. and Touchstone Holding, L.P.	Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-markets	First lien senior secured loan ($25.2 par due 11/2025)	4.90% (Libor + 4.75%/M)	11/15/2018	25.2	24.7	(2)
		First lien senior secured loan ($11.2 par due 11/2025)	4.90% (Libor + 4.75%/M)	11/15/2018	11.2	10.9
		Class A preferred units (2,149 units)	8.00% PIK	11/15/2018	2.5	2.5	(2)
					38.9	38.1
U.S. Anesthesia Partners, Inc.	Anesthesiology service provider	Second lien senior secured loan ($71.8 par due 6/2025)	8.25% (Libor + 7.25%/Q)	6/16/2017	71.2	70.4	(2)(11)
United Digestive MSO Parent, LLC (15)	Gastroenterology physician group	First lien senior secured loan ($1.1 par due 12/2024)	5.00% (Libor + 4.00%/Q)	12/14/2018	1.1	1.1	(2)(11)
		First lien senior secured loan ($2.4 par due 12/2024)	5.00% (Libor + 4.00%/Q)	12/14/2018	2.4	2.4	(2)(11)
					3.5	3.5
Urgent Cares of America Holdings I, LLC and FastMed Holdings I, LLC	Operator of urgent care clinics	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	—	—
					9.7	—
Urology Management Associates, LLC and JWC/UMA Holdings, L.P.	Urology private practice	First lien senior secured loan ($9.7 par due 8/2024)	6.00% (Libor + 5.00%/M)	8/31/2018	9.6	9.7	(11)
		Limited partnership interests (3.64% interest)		8/31/2018	4.8	3.7	(2)
					14.4	13.4
WSHP FC Acquisition LLC (15)	Provider of biospecimen products for pharma research	First lien senior secured revolving loan ($3.3 par due 3/2024)	7.25% (Libor + 6.25%/Q)	3/30/2018	3.3	3.3	(2)(11)
		First lien senior secured loan ($27.9 par due 3/2024)	7.25% (Libor + 6.25%/Q)	3/30/2018	27.9	27.9	(2)(11)
		First lien senior secured loan ($5.9 par due 3/2024)	7.25% (Libor + 6.25%/Q)	3/30/2018	5.9	5.9	(2)(11)
		First lien senior secured loan ($4.6 par due 3/2024)	7.25% (Libor + 6.25%/Q)	2/11/2019	4.6	4.6	(2)(11)
		First lien senior secured loan ($8.6 par due 3/2024)	7.25% (Libor + 6.25%/Q)	8/30/2019	8.6	8.6	(2)(11)
		First lien senior secured loan ($10.9 par due 3/2024)	7.25% (Libor + 6.25%/Q)	10/31/2019	10.9	10.9	(2)(11)
					61.2	61.2

					2,758.5	2,680.5		37.35%
Software & Services
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (15)	Payment processing solution provider	First lien senior secured revolving loan		2/28/2020	—	—	(13)
		First lien senior secured loan ($64.6 par due 3/2026)	6.25% (Libor + 5.00%/Q)	2/28/2020	64.6	64.6	(2)(11)
		Senior subordinated loan ($24.2 par due 2/2028)	12.75% PIK	2/28/2020	24.2	24.2	(2)
					88.8	88.8
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (15)	Provider of intellectual property management lifecycle software	First lien senior secured loan ($5.1 par due 4/2026)	5.50% (Euribor + 5.50%/Q)	4/10/2019	4.7	5.1
		Limited partnership units (4,400,000 units)		6/13/2019	5.0	8.8	(2)(6)
					9.7	13.9
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15)	Aircraft performance software provider	First lien senior secured loan ($12.8 par due 1/2025)	6.75% (Libor + 5.25%/Q)	1/3/2020	12.8	12.8	(2)(11)
		First lien senior secured loan ($0.8 par due 1/2025)	6.75% (Libor + 5.25%/Q)	1/3/2020	0.8	0.8	(2)(11)
		Class A membership units (9,750,000 units)		1/3/2020	9.8	12.6	(2)
					23.4	26.2
Apptio, Inc. (15)	Provider of cloud-based technology business management solutions	First lien senior secured loan ($62.2 par due 1/2025)	8.25% (Libor + 7.25%/Q)	1/10/2019	62.2	62.2	(11)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Second lien senior secured loan ($1.2 par due 8/2018) 10.50% (Libor + 9.50%/M) 7/23/2014 1.2
1.2
(2)(19)
Warrant to purchase up to 2,350,636 shares of Series 1 preferred stock (expires 7/2024) 7/23/2014 —
—
(2)
3.3
3.3

CIBT Investment Holdings, LLC Expedited travel document processing services Class A shares (2,500 shares) 12/15/2011 2.5
5.9
(2)
CMW Parent LLC (fka Black Arrow, Inc.) Multiplatform media firm Series A units (32 units) 9/11/2015 —
—
(2)
Command Alkon, Incorporated and CA Note Issuer, LLC Software solutions provider to the ready-mix concrete industry Second lien senior secured loan ($10.0 par due 8/2020) 9.25% (Libor + 8.25%/Q) 9/28/2012 10.0
10.0
(2)(19)
Second lien senior secured loan ($11.5 par due 8/2020) 9.44% (Libor + 8.25%/Q) 9/28/2012 11.5
11.5
(2)(19)
Second lien senior secured loan ($26.5 par due 8/2020) 9.25% (Libor + 8.25%/Q) 9/28/2012 26.5
26.5
(2)(19)
Senior subordinated loan ($23.3 par due 8/2021) 14.00% PIK 8/8/2014 23.3
23.3
(2)
71.3
71.3

Compuware Parent, LLC Web and mobile cloud performance testing and monitoring services provider Class A-1 common stock (4,132 units) 12/15/2014 2.3
2.0
(2)
Class B-1 common stock (4,132 units) 12/15/2014 0.5
0.4
(2)
Class C-1 common stock (4,132 units) 12/15/2014 0.3
0.3
(2)
Class A-2 common stock (4,132 units) 12/15/2014 —
—
(2)
Class B-2 common stock (4,132 units) 12/15/2014 —
—
(2)
Class C-2 common stock (4,132 units) 12/15/2014 —
—
(2)
3.1
2.7

Directworks, Inc. and Co-Exprise Holdings, Inc. Provider of cloud-based software solutions for direct materials sourcing and supplier management for manufacturers First lien senior secured loan ($1.9 par due 4/2018) 10.25% (Libor + 9.25%/M) 12/19/2014 1.9
1.7
(2)(19)
Warrant to purchase up to 1,875,000 shares of Series 1 preferred stock (expires 12/2024) 12/19/2014 —
—
(2)
1.9
1.7

DTI Holdco, Inc. and OPE DTI Holdings, Inc. (24) Provider of legal process outsourcing and managed services First lien senior secured loan ($4.2 par due 9/2023) 6.25% (Libor + 5.25%/Q) 9/23/2016 4.1
4.1
(2)(19)
Class A common stock (7,500 shares) 8/19/2014 7.5
3.8
(2)
Class B common stock (7,500 shares) 8/19/2014 —
3.8
(2)
11.6
11.7

Faction Holdings, Inc. and The Faction Group LLC (fka PeakColo Holdings, Inc.) (24) Wholesaler of cloud-based software applications and services First lien senior secured revolving loan ($2.0 par due 11/2017) 8.00% (Base Rate + 4.25%/M) 11/3/2014 2.0
2.0
(2)(19)
First lien senior secured loan ($3.0 par due 12/2019) 9.75% (Libor + 8.75%/M) 12/3/2015 3.0
3.0
(2)(19)
First lien senior secured loan ($3.2 par due 5/2019) 9.75% (Libor + 8.75%/M) 11/3/2014 3.2
3.2
(2)(19)
Warrant to purchase up to 1,481 shares of Series A preferred stock (expires 12/2025) 12/3/2015 —
—
(2)
Warrant to purchase up to 2,037 shares of Series A preferred stock (expires 11/2024) 11/3/2014 0.1
0.1
(2)
8.3
8.3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Banyan Software Holdings, LLC (15)	Vertical software businesses holding company	First lien senior secured loan ($18.6 par due 10/2026)	8.50% (Libor + 7.50%/Q)	10/30/2020	18.6	18.4	(2)(11)
Blue Campaigns Intermediate Holding Corp. and Elevate Parent, Inc. (dba EveryAction) (15)	Provider of fundraising and organizing efforts and digital services to non-profits and political campaigns	First lien senior secured revolving loan		8/20/2018	—	—	(13)
		First lien senior secured loan ($47.2 par due 8/2023)	8.50% (Libor + 6.75%/Q)	8/20/2018	47.2	47.2	(11)
		Series A preferred stock (150,000 shares)		9/26/2018	1.5	2.0	(2)
					48.7	49.2
CallMiner, Inc.	Provider of cloud-based conversational analytics solutions	Warrant to purchase up to 2,350,636 shares of Series 1 preferred stock (expires 7/2024)		7/23/2014	—	—	(2)
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (15)	Provider of software and technology-enabled content and analytical solutions to insurance brokers	Second lien senior secured loan ($48.1 par due 11/2028)	8.50% (Libor + 7.75%/Q)	11/12/2020	48.1	47.2	(2)(11)
		Series A-2 preferred shares (8,963 shares)	11.25% PIK (Libor + 11.00%/Q)	12/23/2020	9.0	9.0	(2)
		Series A preferred shares (24,898 shares)	11.21% PIK (Libor + 11.00%/Q)	11/12/2020	25.3	25.3	(2)
					82.4	81.5
Clearwater Analytics, LLC (15)	Provider of integrated cloud-based investment portfolio management, accounting, reporting and analytics software	First lien senior secured loan ($45.9 par due 10/2025)	7.25% (Libor + 6.25%/Q)	10/19/2020	45.9	45.9	(2)(11)
Cority Software Inc., IQS, Inc. and Project Falcon Parent, Inc. (15)	Provider of environmental, health and safety software to track compliance data	First lien senior secured loan ($6.4 par due 7/2026)	6.25% (Libor + 5.25%/Q)	7/2/2019	6.4	6.4	(2)(6)(11)
		First lien senior secured loan ($4.5 par due 7/2026)	6.25% (Libor + 5.25%/Q)	10/15/2019	4.5	4.5	(2)(6)(11)
		First lien senior secured loan ($1.1 par due 7/2026)	8.25% (Libor + 7.25%/Q)	9/3/2020	1.1	1.1	(2)(6)(11)
		Preferred equity (198 shares)	9.00% PIK	7/2/2019	0.2	0.2	(2)(6)
		Common equity (190,143 shares)		7/2/2019	—	0.2	(2)(6)
					12.2	12.4
Datix Bidco Limited	Global healthcare software company that provides software solutions for patient safety and risk management	First lien senior secured loan ($0.1 par due 4/2025)	4.74% (Libor + 4.50%/Q)	10/7/2019	—	—	(2)(6)
Diligent Corporation (15)	Provider of secure SaaS solutions for board and leadership team documents	First lien senior secured revolving loan		8/4/2020	—	—	(13)
		First lien senior secured loan ($33.4 par due 8/2025)	7.25% (Libor + 6.25%/Q)	8/4/2020	32.6	33.0	(11)
					32.6	33.0
Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc.	SaaS based business analytics company focused on oil and gas industry	Second lien senior secured loan ($25.0 par due 7/2026)	8.40% (Libor + 8.25%/M)	2/11/2020	25.0	24.3	(2)
		Preferred stock (29.53 shares)	13.50% PIK	2/11/2020	32.3	33.3	(2)
					57.3	57.6
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (15)	SaaS based supply chain management software provider focused on chemical markets	First lien senior secured revolving loan ($3.4 par due 9/2025)	7.00% (Libor + 6.00%/Q)	9/18/2019	3.4	3.3	(2)
		First lien senior secured loan ($51.0 par due 9/2025)	7.00% (Libor + 6.00%/Q)	9/18/2019	51.0	49.5	(2)(11)
		First lien senior secured loan ($11.5 par due 9/2025)	7.00% (Libor + 6.00%/Q)	9/18/2019	11.5	11.2	(2)(11)
		First lien senior secured loan ($5.8 par due 9/2025)	7.00% (Libor + 6.00%/Q)	12/15/2020	5.8	5.6	(2)(11)
		Preferred equity (4,599 shares)		9/18/2019	4.6	5.1
					76.3	74.7
EP Purchaser, LLC., Entertainment Partners Canada ULC and TPG VIII EP Co-Invest II, L.P. (15)	Provider of entertainment workforce and production management solutions	First lien senior secured loan ($29.2 par due 5/2026)	6.50% (Libor + 6.25%/Q)	5/10/2019	29.2	27.4
		First lien senior secured loan ($20.5 par due 5/2026)	6.50% (Libor + 6.25%/Q)	5/10/2019	20.5	19.3	(2)(9)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
First Insight, Inc. Software company providing merchandising and pricing solutions to companies worldwide Warrant to purchase up to 122,827 units of Series C preferred stock (expires 3/2024) 3/20/2014 —
—
(2)
iControl Networks, Inc. and uControl Acquisition, LLC Software and services company for the connected home market Second lien senior secured loan ($20.0 par due 3/2019) 9.74% (Libor + 8.50%/M) 2/19/2015 19.8
20.2
(2)(17)(19)
Warrant to purchase up to 385,616 shares of Series D preferred stock (expires 2/2022) 2/19/2015 —
—
(2)
19.8
20.2

IfByPhone Inc. Voice-based marketing automation software provider Warrant to purchase up to 124,300 shares of Series C preferred stock (expires 10/2022) 10/15/2012 0.1
0.1
(2)
Interactions Corporation Developer of a speech recognition software based customer interaction system Second lien senior secured loan ($2.3 par due 7/2019) 9.85% (Libor + 8.85%/M) 6/16/2015 2.1
2.3
(19)
Second lien senior secured loan ($21.1 par due 7/2019) 9.85% (Libor + 8.85%/M) 6/16/2015 20.9
21.1
(5)(19)
Warrant to purchase up to 68,187 shares of Series G-3 convertible preferred stock (expires 6/2022) 6/16/2015 0.3
0.3
(2)
23.3
23.7

iPipeline, Inc., Internet Pipeline, Inc. and iPipeline Holdings, Inc. (24) Provider of SaaS-based software solutions to the insurance and financial services industry First lien senior secured loan ($46.9 par due 8/2022) 8.25% (Libor + 7.25%/Q) 8/4/2015 46.9
46.9
(3)(19)
First lien senior secured loan ($14.8 par due 8/2022) 8.25% (Libor + 7.25%/Q) 8/4/2015 14.8
14.8
(4)(19)
Preferred stock (1,485 shares) 8/4/2015 1.5
2.7
(2)
Common stock (647,542 shares) 8/4/2015 —
0.1
(2)
63.2
64.5

IronPlanet, Inc. Online auction platform provider for used heavy equipment Warrant to purchase up to 133,333 shares of Series C preferred stock (expires 9/2023) 9/24/2013 0.2
0.1
(2)
Itel Laboratories, Inc. (24) Data services provider for building materials to property insurance industry Preferred units (1,798,391 units) 6/29/2012 1.0
1.3
(2)
Market Track Holdings, LLC Business media consulting services company Preferred stock (1,685 shares) 12/13/2013 2.2
2.8

Common stock (16,251 shares) 12/13/2013 2.2
2.8

4.4
5.6

Maximus Holdings, LLC Provider of software simulation tools and related services Warrant to purchase up to 1,050,013 shares of common stock (expires 10/2019) 12/13/2013 —
1.5

Ministry Brands, LLC and MB Parent HoldCo, L.P. (24) Software and payment services provider to faith-based institutions First lien senior secured revolving loan ($3.8 par due 12/2022) 6.00% (Libor + 5.00%/Q) 12/2/2016 3.8
3.8
(2)(19)
First lien senior secured loan ($7.6 par due 12/2022) 6.00% (Libor + 5.00%/Q) 12/2/2016 7.5
7.6
(2)(19)
Second lien senior secured loan ($90.0 par due 6/2023) 10.25% (Libor + 9.25%/Q) 12/2/2016 89.2
90.0
(2)(19)
Class A units (500,000 units) 12/2/2016 5.0
5.0
(2)
105.5
106.4

MVL Group, Inc. (8) Marketing research provider Senior subordinated loan ($0.5 par due 7/2012) 4/1/2010 0.2
0.2
(2)(18)
Common stock (560,716 shares) 4/1/2010 —
—
(2)
0.2
0.2

NAS, LLC, Nationwide Marketing Group, LLC and Nationwide Administrative Services, Inc. Buying and marketing services organization for appliance, furniture and consumer electronics dealers Second lien senior secured loan ($24.1 par due 12/2021) 9.75% (Libor + 8.75%/Q) 6/1/2015 24.1
22.4
(2)(19)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($10.7 par due 5/2026)	6.50% (Libor + 6.25%/Q)	5/10/2019	10.7	10.0	(2)(6)
		First lien senior secured loan ($4.1 par due 5/2026)	6.50% (Libor + 6.25%/Q)	5/10/2019	4.1	3.8	(2)(6)(9)
		Partnership units (5,034,483 units)		5/10/2019	5.0	5.8	(2)
					69.5	66.3
Episerver Inc. and Goldcup 17308 AB (15)	Provider of web content management and digital commerce solutions	First lien senior secured loan ($6.5 par due 10/2024)	6.00% (Euribor + 6.00%/Q)	3/22/2019	6.0	6.3	(2)(6)
		First lien senior secured loan ($27.2 par due 10/2024)	6.75% (Libor + 5.75%/Q)	10/9/2018	27.2	26.6	(2)(6)(11)
					33.2	32.9
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (15)	Provider of mission-critical, software-enabled clinical research solutions	Second lien senior secured loan ($19.9 par due 2/2028)	8.50% (Libor + 8.00%/M)	2/4/2020	19.5	19.8	(2)(11)
		Limited partnership interest (3,300,000 shares)		1/31/2020	3.7	4.0	(2)(6)
					23.2	23.8
First Insight, Inc.	Software company providing merchandising and pricing solutions to companies worldwide	Warrant to purchase up to 122,827 units of Series C preferred stock (expires 3/2024)		3/20/2014	—	—	(2)
FM: Systems Group LLC (15)	Provider of facilities and space management software solutions	First lien senior secured revolving loan ($1.5 par due 12/2024)	7.50% (Libor + 6.50%/Q)	2/8/2018	1.5	1.5	(2)(11)
		First lien senior secured loan ($3.2 par due 12/2024)	7.50% (Libor + 6.50%/Q)	12/2/2019	3.2	3.2	(2)(11)
					4.7	4.7
Forescout Technologies, Inc. (15)	Network access control solutions provider	First lien senior secured loan ($17.0 par due 8/2026)	10.50% PIK (Libor + 9.50%/Q)	8/17/2020	16.6	16.9	(2)(11)
Frontline Technologies Group Holding LLC, Frontline Technologies Blocker Buyer, Inc., Frontline Technologies Holdings, LLC and Frontline Technologies Parent, LLC	Provider of human capital management and SaaS-based software solutions to employees and administrators of K-12 school organizations	First lien senior secured loan ($17.4 par due 9/2023)	6.75% (Libor + 5.75%/M)	12/30/2020	17.4	17.4	(2)(11)
		Class A preferred units (4,574 units)	9.00% PIK	9/18/2017	5.6	6.2
		Class B common units (499,050 units)		9/18/2017	—	4.6
					23.0	28.2
Genesis Acquisition Co. and Genesis Holding Co. (15)	Child care management software and services provider	First lien senior secured revolving loan ($1.5 par due 7/2024)	4.25% (Libor + 4.00%/Q)	7/31/2018	1.5	1.4	(2)
		First lien senior secured loan ($0.2 par due 7/2024)	4.25% (Libor + 4.00%/Q)	7/31/2018	0.2	0.1	(2)
		Second lien senior secured loan ($25.8 par due 7/2025)	7.73% (Libor + 7.50%/Q)	7/31/2018	25.8	23.7	(2)
		Second lien senior secured loan ($6.6 par due 7/2025)	7.73% (Libor + 7.50%/Q)	7/31/2018	6.6	6.0	(2)
		Class A common stock (8 shares)		7/31/2018	0.8	0.6	(2)
					34.9	31.8
Graphpad Software, LLC (15)	Provider of data analysis, statistics, and visualization software solutions for scientific research applications	First lien senior secured loan ($0.5 par due 12/2023)	7.00% (Libor + 6.00%/Q)	11/2/2020	0.5	0.5	(2)(11)
GTCR-Ultra Holdings III, LLC and GTCR-Ultra Holdings LLC (15)	Provider of payment processing and merchant acquiring solutions	Class B units (2,878,372 units)		8/1/2017	—	—	(2)
Help/Systems Holdings, Inc. (15)	Provider of IT operations management and cybersecurity software	First lien senior secured loan ($26.0 par due 11/2026)	5.75% (Libor + 4.75%/Q)	11/22/2019	26.0	26.0	(2)(11)
IfByPhone Inc.	Voice-based marketing automation software provider	Warrant to purchase up to 124,300 shares of Series C preferred stock (expires 10/2022)		10/15/2012	0.1	—	(2)
Infogix, Inc. and Infogix Parent Corporation (15)	Enterprise data analytics and integrity software solutions provider	First lien senior secured revolving loan ($5.3 par due 4/2024)	7.00% (Libor + 6.00%/Q)	4/18/2018	5.3	5.3	(2)(11)
		Series A preferred stock (2,475 shares)		1/3/2017	2.6	3.9

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
PayNearMe, Inc. Electronic cash payment system provider First lien senior secured loan ($10.0 par due 9/2019) 9.50% (Libor + 8.50%/M) 3/11/2016 9.6
10.0
(5)(19)
Warrant to purchase up to 195,726 shares of Series E preferred stock (expires 3/2023) 3/11/2016 0.2
—
(5)
9.8
10.0

Pegasus Intermediate Holdings, LLC (24) Plant maintenance and scheduling process software provider First lien senior secured loan ($1.3 par due 11/2022) 7.25% (Libor + 6.25%/Q) 11/7/2016 1.3
1.3
(2)(19)
PHL Investors, Inc., and PHL Holding Co. (8) Mortgage services Class A common stock (576 shares) 7/31/2012 3.8
—
(2)
Planview, Inc. Provider of project and portfolio management software Second lien senior secured loan ($30.0 par due 8/2022) 10.50% (Libor + 9.50%/Q) 8/9/2016 30.0
30.5
(2)(19)
Poplicus Incorporated Business intelligence and market analytics platform for companies that sell to the public sector First lien senior secured loan ($5.3 par due 1/2018) 6/25/2015 4.7
2.6
(5)(18)
Warrant to purchase up to 2,402,991 shares of Series C preferred stock (expires 6/2025) 6/25/2015 0.1
—
(5)
4.8
2.6

PowerPlan, Inc. and Project Torque Ultimate Parent Corporation Fixed asset financial management software provider Second lien senior secured loan ($30.0 par due 2/2023) 10.00% (Libor + 9.00%/Q) 2/23/2015 29.8
30.0
(2)(19)
Second lien senior secured loan ($50.0 par due 2/2023) 10.00% (Libor + 9.00%/Q) 2/23/2015 49.6
50.0
(3)(19)
Class A common stock (1,980 shares) 2/23/2015 2.0
—
(2)
Class B common stock (989,011 shares) 2/23/2015 —
3.8
(2)
81.4
83.8

Powersport Auctioneer Holdings, LLC Powersport vehicle auction operator Common units (1,972 units) 3/2/2012 1.0
1.5
(2)
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc. Provider of data visualization software for data analytics First lien senior secured loan ($50.4 par due 8/2022) 9.25% (Libor + 8.25%/Q) 8/22/2016 49.7
50.4
(2)(19)
First lien senior secured loan ($59.9 par due 8/2022) 9.25% (Libor + 8.25%/Q) 8/22/2016 59.0
59.9
(3)(19)
First lien senior secured loan ($20.0 par due 8/2022) 9.25% (Libor + 8.25%/Q) 8/22/2016 19.7
20.0
(4)(19)
Class A common shares (7,445 shares) 8/22/2016 7.4
0.1
(2)
Class B common shares (1,841,609 shares) 8/22/2016 0.1
8.3
(2)
135.9
138.7

R2 Acquisition Corp. Marketing services Common stock (250,000 shares) 5/29/2007 0.3
0.3
(2)
Rocket Fuel Inc. Provider of open and integrated software for digital marketing optimization Common stock (11,405 shares) 9/9/2014 —
—
(2)
Shift PPC LLC Digital solutions provider First lien senior secured loan ($12.5 par due 12/2021) 7.00% (Libor + 6.00%/Q) 12/22/2016 12.5
12.5
(2)(19)
Sonian Inc. Cloud-based email archiving platform First lien senior secured loan ($7.5 par due 6/2020) 8.65% (Libor + 7.65%/M) 9/9/2015 7.4
7.5
(5)(17)(19)
Warrant to purchase up to 169,045 shares of Series C preferred stock (expires 9/2022) 9/9/2015 0.1
0.1
(5)
7.5
7.6

Talari Networks, Inc. Networking equipment provider First lien senior secured loan ($6.0 par due 12/2018) 9.75% (Libor + 8.75%/M) 8/3/2015 5.9
6.0
(5)(19)
Warrant to purchase up to 421,052 shares of Series D-1 preferred stock (expires 8/2022) 8/3/2015 0.1
0.1
(5)
6.0
6.1

The Greeley Company, Inc. and HCP Acquisition Holdings, LLC (8) Healthcare compliance advisory services Senior subordinated loan ($10.2 par due 3/2017) 3/5/2013 —
0.4
(2)(18)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Common stock (1,297,768 shares)		1/3/2017	—	—
					7.9	9.2
Inmar, Inc.	Technology-driven solutions provider for retailers, wholesalers and manufacturers	First lien senior secured loan ($15.5 par due 5/2024)	5.00% (Libor + 4.00%/Q)	1/31/2019	15.0	15.2	(2)(11)
		Second lien senior secured loan ($28.3 par due 5/2025)	9.00% (Libor + 8.00%/Q)	4/25/2017	28.0	27.4	(2)(11)
					43.0	42.6
Huskies Parent, Inc. (15)	Insurance software provider	First lien senior secured revolving loan ($0.6 par due 7/2024)	4.15% (Libor + 4.00%/M)	7/18/2019	0.6	0.6	(2)
Invoice Cloud, Inc. (15)	Provider of electronic payment processing solutions	First lien senior secured revolving loan		2/11/2019	—	—	(13)
		First lien senior secured loan ($34.3 par due 2/2024)	7.50% (Libor + 3.25% Cash, 3.25% PIK/Q)	2/11/2019	34.3	34.3	(2)(11)
		First lien senior secured loan ($13.9 par due 2/2024)	7.50% (Libor + 3.25% Cash, 3.25% PIK/Q)	2/11/2019	13.8	13.9	(2)(11)
					48.1	48.2
IV Rollover Holdings, LLC	Solar power generation facility developer and operator	Class B units (170,490 units)		5/31/2017	—	—	(2)
		Class X units (5,000,000 units)		5/31/2017	2.3	2.3	(2)
					2.3	2.3
Majesco and Magic Topco, L.P. (15)	Insurance software provider	First lien senior secured revolving loan		9/21/2020	—	—	(13)
		First lien senior secured loan ($36.7 par due 9/2027)	8.75% (Libor + 7.75%/Q)	9/21/2020	36.7	36.4	(2)(11)
		Class A units (2,199 units)	9.00% PIK	9/21/2020	2.3	2.3	(2)
		Class B units (494,157 units)		9/21/2020	—	—	(2)
					39.0	38.7
Ministry Brands, LLC and MB Parent HoldCo, L.P. (dba Community Brands) (15)	Software and payment services provider to faith-based institutions	First lien senior secured loan ($9.3 par due 12/2022)	5.00% (Libor + 4.00%/Q)	4/6/2017	9.3	9.0	(2)(11)
		First lien senior secured loan ($4.8 par due 12/2022)	5.00% (Libor + 4.00%/Q)	8/22/2017	4.8	4.7	(2)(11)
		Second lien senior secured loan ($90.0 par due 6/2023)	10.25% (Libor + 9.25%/Q)	12/2/2016	89.7	89.1	(2)(11)
		Second lien senior secured loan ($16.6 par due 6/2023)	10.25% (Libor + 9.25%/Q)	12/2/2016	16.6	16.4	(2)(11)
		Second lien senior secured loan ($9.2 par due 6/2023)	10.25% (Libor + 9.25%/Q)	4/6/2017	9.2	9.1	(2)(11)
		Second lien senior secured loan ($4.7 par due 6/2023)	10.25% (Libor + 9.25%/Q)	4/6/2017	4.7	4.7	(2)(11)
		Second lien senior secured loan ($17.9 par due 6/2023)	10.25% (Libor + 9.25%/Q)	8/22/2017	17.9	17.7	(2)(11)
		Second lien senior secured loan ($10.3 par due 6/2023)	9.00% (Libor + 8.00%/Q)	4/18/2018	10.3	10.0	(2)(11)
		Second lien senior secured loan ($38.6 par due 6/2023)	9.00% (Libor + 8.00%/Q)	4/18/2018	38.6	37.5	(2)(11)
		Class A units (500,000 units)		12/2/2016	5.0	4.0	(2)
					206.1	202.2
MRI Software LLC (15)	Provider of real estate and investment management software	First lien senior secured loan ($50.4 par due 2/2026)	6.50% (Libor + 5.50%/Q)	2/10/2020	50.4	49.9	(2)(11)
		First lien senior secured loan ($0.5 par due 2/2026)	6.50% (Libor + 5.50%/Q)	8/28/2020	0.5	0.5	(2)(11)
					50.9	50.4
Novetta Solutions, LLC	Provider of advanced analytics solutions for the government, defense and commercial industries	First lien senior secured loan ($8.4 par due 10/2022)	6.00% (Libor + 5.00%/Q)	1/3/2017	8.3	8.4	(2)(11)
		Second lien senior secured loan ($31.0 par due 10/2023)	9.50% (Libor + 8.50%/Q)	1/3/2017	29.8	31.0	(2)(11)
					38.1	39.4
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)	10.75% (Libor + 9.75%/M)	4/20/2016	9.9	10.0	(2)(11)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Class A units (14,293,110 units) 6/26/2008 12.8
—
(2)
12.8
0.4

TraceLink, Inc. Supply chain management software provider for the pharmaceutical industry Warrant to purchase up to 283,353 shares of Series A-2 preferred stock (expires 1/2025) 1/2/2015 0.1
2.5
(2)
UL Holding Co., LLC (7) Manufacturer and distributor of re-refined oil products Senior subordinated loan ($5.8 par due 5/2020) 10.00% PIK 4/30/2012 1.4
5.4
(2)
Senior subordinated loan ($0.3 par due 5/2020) 4/30/2012 0.1
0.3
(2)
Senior subordinated loan ($23.9 par due 5/2020) 10.00% PIK 4/30/2012 5.9
22.4
(2)
Senior subordinated loan ($2.0 par due 5/2020) 4/30/2012 0.5
1.9
(2)
Senior subordinated loan ($2.8 par due 5/2020) 10.00% PIK 4/30/2012 0.7
2.6
(2)
Senior subordinated loan ($0.2 par due 5/2020) 4/30/2012 0.1
0.2
(2)
Class A common units (533,351 units) 6/17/2011 5.0
—
(2)
Class B-5 common units (272,834 units) 6/17/2011 2.5
—
(2)
Class C common units (758,546 units) 4/25/2008 —
—
(2)
Warrant to purchase up to 719,044 shares of Class A units 5/2/2014 —
—
(2)
Warrant to purchase up to 28,663 shares of Class B-1 units 5/2/2014 —
—
(2)
Warrant to purchase up to 57,325 shares of Class B-2 units 5/2/2014 —
—
(2)
Warrant to purchase up to 29,645 shares of Class B-3 units 5/2/2014 —
—
(2)
Warrant to purchase up to 80,371 shares of Class B-5 units 5/2/2014 —
—
(2)
Warrant to purchase up to 59,655 shares of Class B-6 units 5/2/2014 —
—
(2)
Warrant to purchase up to 1,046,713 shares of Class C units 5/2/2014 —
—
(2)
16.2
32.8

Velocity Holdings Corp. Hosted enterprise resource planning application management services provider Common units (1,713,546 units) 12/13/2013 4.5
2.8

WorldPay Group PLC (9) Payment processing company C2 shares (73,974 shares) 10/21/2015 —
—

Zywave, Inc. (24) Provider of software and technology-enabled content and analytical solutions to insurance brokers Second lien senior secured loan ($27.0 par due 11/2023) 10.00% (Libor + 9.00%/Q) 11/17/2016 27.0
27.0
(2)(19)
862.5
867.7
16.80%
Other Services
American Residential Services L.L.C. Heating, ventilation and air conditioning services provider Second lien senior secured loan ($67.0 par due 12/2021) 9.00% (Libor + 8.00%/Q) 6/30/2014 66.7
67.0
(2)(19)
Community Education Centers, Inc. and CEC Parent Holdings LLC (8) Offender re-entry and in-prison treatment services provider First lien senior secured loan ($13.6 par due 12/2017) 6.25% (Libor + 5.25%/Q) 12/10/2010 13.6
13.6
(2)(13)(19)
First lien senior secured loan ($0.7 par due 12/2017) 8.00% (Base Rate + 4.25%/Q) 12/10/2010 0.7
0.7
(2)(13)(19)
Second lien senior secured loan ($21.9 par due 6/2018) 15.89% (Libor + 15.00%/Q) 12/10/2010 21.9
21.9
(2)
Class A senior preferred units (7,846 units) 3/27/2015 9.4
11.9
(2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
PayNearMe, Inc.	Electronic cash payment system provider	Warrant to purchase up to 195,726 shares of Series E preferred stock (expires 3/2023)		3/11/2016	0.2	—	(2)
PaySimple, Inc. (15)	Provider of business management solutions	First lien senior secured revolving loan		8/23/2019	—	—	(13)
		First lien senior secured loan ($35.4 par due 8/2025)	5.65% (Libor + 5.50%/M)	9/23/2020	35.4	35.1	(2)
					35.4	35.1
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (15)	Provider of enterprise management software for the convenience retail and petroleum wholesale market	First lien senior secured loan ($54.0 par due 10/2024)	5.50% (Libor + 4.50%/Q)	3/19/2019	54.0	54.0	(2)(11)
		Second lien senior secured loan ($8.3 par due 10/2025)	9.50% (Libor + 8.50%/Q)	12/17/2020	8.3	8.3	(2)(11)
		Second lien senior secured loan ($70.1 par due 10/2025)	9.50% (Libor + 8.50%/Q)	3/19/2019	70.1	70.1	(2)(11)
		Series A preferred stock (13,656 shares)	13.25% PIK	3/19/2019	17.0	17.2	(2)
		Class A units (2,062,493 units)		3/19/2019	2.1	2.4	(2)
					151.5	152.0
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (15)	Provider of plant maintenance and scheduling software	First lien senior secured loan ($20.0 par due 5/2025)	6.75% (Libor + 5.75%/Q)	5/29/2019	20.0	20.0	(2)(11)
		First lien senior secured loan ($5.8 par due 5/2025)	6.75% (Libor + 5.75%/Q)	5/29/2019	5.8	5.8	(2)(11)
		First lien senior secured loan ($5.8 par due 5/2025)	7.25% (Libor + 6.25%/Q)	6/24/2020	5.8	5.8	(2)(11)
		First lien senior secured loan ($48.7 par due 5/2025)	7.25% (Libor + 6.25%/Q)	10/16/2020	48.7	48.7	(2)(11)
		First lien senior secured loan ($1.8 par due 5/2025)	7.25% (Libor + 6.25%/Q)	10/16/2020	1.8	1.8	(2)(11)
		Class A units (5,000 units)		5/29/2019	5.0	9.2
					87.1	91.3
Perforce Software, Inc. (15)	Developer of software used for application development	First lien senior secured revolving loan ($0.1 par due 7/2024)	4.65% (Libor + 4.50%/M)	7/1/2019	0.1	0.1	(2)
PHNTM Holdings, Inc. and Planview Parent, Inc.	Provider of project and portfolio management software	Class A common stock (990 shares)		1/27/2017	1.0	2.2	(2)
		Class B common stock (168,329 shares)		1/27/2017	—	0.4	(2)
					1.0	2.6
Poplicus Incorporated	Business intelligence and market analytics platform for companies that sell to the public sector	Warrant to purchase up to 2,402,991 shares of Series C preferred stock (expires 6/2025)		6/25/2015	0.1	—	(2)
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc.	Provider of data visualization software for data analytics	Class A common stock (7,445 shares)		8/22/2016	7.4	10.8	(2)
		Class B common stock (1,841,609 shares)		8/22/2016	0.1	0.1	(2)
					7.5	10.9
Project Potter Buyer, LLC and Project Potter Parent, L.P. (15)	Software solutions provider to the ready-mix concrete industry	First lien senior secured revolving loan		4/23/2020	—	—	(13)
		First lien senior secured loan ($44.5 par due 4/2027)	9.25% (Libor + 8.25%/M)	4/23/2020	44.5	44.5	(2)(11)
		First lien senior secured loan ($13.0 par due 4/2027)	9.25% (Libor + 8.25%/M)	10/30/2020	13.0	13.0	(2)(11)
		First lien senior secured loan ($14.6 par due 4/2027)	9.25% (Libor + 8.25%/M)	11/18/2020	14.6	14.6	(2)(11)
		First lien senior secured loan ($5.0 par due 4/2027)	9.25% (Libor + 8.25%/M)	11/18/2020	5.0	5.0	(2)(11)
		Class A units (1,599 units)	9.00% PIK	4/23/2020	1.7	1.7	(2)
		Class B units (588,636 units)		4/23/2020	—	—	(2)
					78.8	78.8
QF Holdings, Inc. (15)	SaaS based electronic health record software provider	First lien senior secured loan ($24.4 par due 9/2024)	8.00% (Libor + 7.00%/Q)	9/19/2019	24.4	24.4	(2)(11)
		First lien senior secured loan ($4.9 par due 9/2024)	8.00% (Libor + 7.00%/Q)	9/19/2019	4.9	4.9	(2)(11)
					29.3	29.3

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Class A junior preferred units (26,154 units) 3/27/2015 20.2
28.5
(2)
Class A common units (134 units) 3/27/2015 —
—
(2)
65.8
76.6

Competitor Group, Inc., Calera XVI, LLC and Champion Parent Corporation (8)(24) Endurance sports media and event operator First lien senior secured revolving loan ($0.9 par due 11/2018) 5.00% (Libor + 3.75%/Q) 9/29/2016 0.9
0.9
(2)(19)
First lien senior secured revolving loan ($4.7 par due 11/2018) 5.00% (Libor + 3.75%/Q) 11/30/2012 4.5
4.5
(2)(19)
First lien senior secured loan ($39.6 par due 11/2018) 5.00% (Libor + 3.75%/Q) 11/30/2012 38.0
38.6
(2)(19)
Preferred shares (18,875 shares) 3/25/2016 16.0
—
(2)
Membership units (2,522,512 units) 11/30/2012 2.5
—
(2)
Common shares (114,000 shares) 3/25/2016 —
—
(2)
61.9
44.0

Crown Health Care Laundry Services, LLC and Crown Laundry Holdings, LLC (7)(24) Provider of outsourced healthcare linen management solutions First lien senior secured revolving loan - 3/13/2014 —
—
(22)
First lien senior secured loan ($5.8 par due 12/2021) 7.25% (Libor + 6.25%/Q) 3/13/2014 5.8
5.8
(2)(19)
First lien senior secured loan ($5.2 par due 12/2021) 7.25% (Libor + 6.25%/Q) 3/13/2014 5.2
5.2
(3)(19)
Class A preferred units (2,475,000 units) 3/13/2014 2.5
3.0
(2)
Class B common units (275,000 units) 3/13/2014 0.3
0.3
(2)
13.8
14.3

Dwyer Acquisition Parent, Inc. and TDG Group Holding Company Operator of multiple franchise concepts primarily related to home maintenance or repairs Senior subordinated loan ($31.5 par due 2/2020) 11.00% 6/12/2015 31.5
31.5
(2)
Senior subordinated loan ($52.7 par due 2/2020) 11.00% 8/15/2014 52.7
52.7
(2)
Common stock (32,843 shares) 8/15/2014 3.4
5.0
(2)
87.6
89.2

Massage Envy, LLC and ME Equity LLC (24) Franchisor in the massage industry First lien senior secured revolving loan ($3.5 par due 9/2020) 7.75% (Libor + 6.75%/Q) 9/27/2012 3.5
3.5
(2)(19)
First lien senior secured loan ($38.9 par due 9/2020) 7.75% (Libor + 6.75%/Q) 9/27/2012 38.9
38.9
(3)(19)
First lien senior secured loan ($18.9 par due 9/2020) 7.75% (Libor + 6.75%/Q) 9/27/2012 18.9
18.9
(4)(19)
Common stock (3,000,000 shares) 9/27/2012 3.0
3.3
(2)
64.3
64.6

McKenzie Sports Products, LLC (24) Designer, manufacturer and distributor of hunting-related supplies First lien senior secured loan ($5.5 par due 9/2020) 6.75% (Libor + 5.75%/Q) 9/18/2014 5.5
5.4
(3)(14)(19)
First lien senior secured loan ($84.5 par due 9/2020) 6.75% (Libor + 5.75%/Q) 9/18/2014 84.5
82.8
(3)(14)(19)
90.0
88.2

OpenSky Project, Inc. and OSP Holdings, Inc. Social commerce platform operator First lien senior secured loan ($0.9 par due 9/2017) 10.00% 6/4/2014 0.9
0.9
(2)
Warrant to purchase up to 159,496 shares of Series D preferred stock (expires 4/2025) 6/29/2015 —
—
(2)
0.9
0.9

Osmose Holdings, Inc. Provider of structural integrity management services to transmission and distribution infrastructure Second lien senior secured loan ($25.0 par due 8/2023) 8.75% (Libor + 7.75%/Q) 9/3/2015 24.6
24.5
(2)(19)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Raptor Technologies, LLC and Rocket Parent, LLC (15)	Provider of SaaS-based safety and security software to the K-12 school market	First lien senior secured revolving loan ($0.8 par due 12/2023)	7.00% (Libor + 6.00%/M)	12/17/2018	0.8	0.8	(2)(11)
		First lien senior secured loan ($15.7 par due 12/2024)	7.00% (Libor + 6.00%/Q)	12/17/2018	15.7	15.2	(2)(11)
		First lien senior secured loan ($5.3 par due 12/2024)	7.00% (Libor + 6.00%/Q)	12/17/2018	5.3	5.2	(2)(11)
		Class A common units (2,294,000 units)		12/17/2018	2.3	1.9
					24.1	23.1
Regent Education, Inc.	Provider of software solutions designed to optimize the financial aid and enrollment processes	Warrant to purchase up to 5,393,194 shares of common stock (expires 12/2026)		12/23/2016	—	—	(2)
		Warrant to purchase up to 987 shares of common stock (expires 12/2026)		12/23/2016	—	—	(2)
					—	—
Retriever Medical/Dental Payments LLC, FSDC Holdings, LLC, Rectangle Ware-Ever Pay LLC and Retriever Enterprises, LLC (15)	Provider of payment processing services and software to healthcare providers	First lien senior secured loan ($26.5 par due 2/2023)	6.75% (Libor + 5.75%/Q)	3/4/2019	26.5	26.5	(2)(11)
RMCF III CIV XXIX, L.P	Software provider for clinical trial management	Limited partnership interest (99.90% interest)		12/19/2014	1.0	13.8	(2)
Severin Acquisition, LLC, PeopleAdmin, Inc., Promachos Holding, Inc. and Performance Matters LLC (15)	Provider of student information system software solutions to the K-12 education market	First lien senior secured revolving loan ($2.0 par due 8/2023)	3.40% (Libor + 3.25%/M)	8/1/2018	2.0	2.0	(2)
		First lien senior secured loan ($26.6 par due 8/2025)	5.50% (Libor + 4.50%/M)	11/22/2019	26.6	26.6	(11)
		Second lien senior secured loan ($80.0 par due 8/2026)	6.90% (Libor + 6.75%/M)	6/12/2018	79.4	80.0	(2)
					108.0	108.6
Smarsh Inc., MobileGuard, LLC, Actiance, Inc. and Skywalker TopCo, LLC	SaaS based communication archival service provider	First lien senior secured loan ($13.3 par due 11/2025)	9.25% (Libor + 8.25%/Q)	11/20/2020	13.3	13.0	(2)(11)
		Common units (1,432,835 units)		11/20/2020	4.8	4.8	(2)
					18.1	17.8
SocialFlow, Inc.	Social media optimization platform provider	Warrant to purchase up to 215,331 shares of Series C preferred stock (expires 1/2026)		1/13/2016	—	—	(2)
Sophia, L.P.	Provider of ERP software and services for higher education institutions	Second lien senior secured loan ($105.9 par due 10/2028)	9.00% (Libor + 8.00%/Q)	10/7/2020	105.9	103.8	(2)(11)
SoundCloud Limited	Platform for receiving, sending, and distributing music	Common stock (73,422 shares)		8/15/2017	0.4	0.7	(2)(6)
SpareFoot, LLC (15)	PMS solutions and web services for the self-storage industry	First lien senior secured revolving loan ($1.2 par due 4/2023)	6.00% (Libor + 5.00%/Q)	4/13/2018	1.2	1.2	(2)(11)(14)
		First lien senior secured loan ($1.2 par due 4/2024)	6.00% (Libor + 5.00%/Q)	5/6/2020	1.2	1.2	(2)(11)
		Second lien senior secured loan ($6.1 par due 4/2025)	10.25% (Libor + 9.25%/Q)	4/13/2018	6.0	6.1	(2)(11)
		Second lien senior secured loan ($4.2 par due 4/2025)	10.25% (Libor + 9.25%/Q)	8/31/2018	4.1	4.2	(2)(11)
		Second lien senior secured loan ($2.5 par due 4/2025)	10.25% (Libor + 9.25%/Q)	7/1/2019	2.5	2.5	(2)(11)
		Second lien senior secured loan ($1.3 par due 4/2025)	10.25% (Libor + 9.25%/Q)	7/1/2019	1.3	1.3	(2)(11)
		Second lien senior secured loan ($1.1 par due 4/2025)	10.25% (Libor + 9.25%/Q)	5/6/2020	1.1	1.1	(2)(11)
					17.4	17.6
Sparta Systems, Inc., Project Silverback Holdings Corp. and Silverback Holdings, Inc. (15)	Quality management software provider	First lien senior secured revolving loan		8/21/2017	—	—	(13)
		Second lien senior secured loan ($20.0 par due 8/2025)	9.25% (Libor + 8.25%/M)	8/21/2017	19.8	20.0	(2)(11)
		Series B preferred stock (10,084 shares)		8/21/2017	1.1	3.8
					20.9	23.8

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
SocialFlow, Inc. Social media optimization platform provider First lien senior secured loan ($4.0 par due 8/2019) 9.50% (Libor + 8.50%/M) 1/29/2016 3.9
4.0
(5)(19)
Warrant to purchase up to 215,331 shares of Series C preferred stock (expires 1/2026) 1/29/2016 —
—
(5)
3.9
4.0

Spin HoldCo Inc. Laundry service and equipment provider Second lien senior secured loan ($140.0 par due 5/2020) 8.00% (Libor + 7.00%/Q) 5/14/2013 140.0
138.6
(2)(19)
Surface Dive, Inc. SCUBA diver training and certification provider Second lien senior secured loan ($31.6 par due 1/2022) 9.00% (Libor + 8.00%/Q) 7/28/2015 31.6
31.6
(2)(19)
Second lien senior secured loan ($94.1 par due 1/2022) 10.25% (Libor + 9.25%/Q) 1/29/2015 93.8
94.1
(2)(19)
125.4
125.7

U.S. Security Associates Holdings, Inc Security guard service provider Second lien senior secured loan ($25.0 par due 7/2018) 11.00% 11/24/2015 25.0
25.0
(2)
WASH Multifamily Acquisition Inc. and Coinamatic Canada Inc. Laundry service and equipment provider Second lien senior secured loan ($3.7 par due 5/2023) 8.00% (Libor + 7.00%/Q) 5/14/2015 3.7
3.7
(2)(19)
Second lien senior secured loan ($21.3 par due 5/2023) 8.00% (Libor + 7.00%/Q) 5/14/2015 20.9
21.1
(2)(19)
24.6
24.8

794.5
787.4
15.25%
Consumer Products
Badger Sportswear Acquisition, Inc. Provider of team uniforms and athletic wear Second lien senior secured loan ($50.0 par due 3/2024) 10.00% (Libor + 9.00%/Q) 9/6/2016 49.9
50.0
(2)(19)
Feradyne Outdoors, LLC and Bowhunter Holdings, LLC Provider of branded archery and bowhunting accessories First lien senior secured loan ($4.4 par due 3/2019) 4.00% (Libor + 3.00%/Q) 4/24/2014 4.4
4.3
(3)(19)
First lien senior secured loan ($5.2 par due 3/2019) 4.00% (Libor + 3.00%/Q) 4/24/2014 5.2
5.1
(3)(19)
First lien senior secured loan ($9.5 par due 3/2019) 6.55% (Libor + 5.55%/Q) 4/24/2014 9.5
9.0
(3)(16)(19)
First lien senior secured loan ($50.1 par due 3/2019) 6.55% (Libor + 5.55%/Q) 4/24/2014 50.1
47.6
(3)(16)(19)
Common units (300 units) 4/24/2014 3.7
2.4
(2)
72.9
68.4

Indra Holdings Corp. Designer, marketer, and distributor of rain and cold weather products Second lien senior secured loan ($80.0 par due 11/2021) 8.50% (Libor + 7.50%/Q) 5/1/2014 79.2
60.8
(2)(19)
Plantation Products, LLC, Seed Holdings, Inc. and Flora Parent, Inc. Provider of branded lawn and garden products Second lien senior secured loan ($2.0 par due 6/2021) 8.99% (Libor + 7.99%/Q) 12/23/2014 2.0
2.0
(2)(19)
Second lien senior secured loan ($54.0 par due 6/2021) 8.99% (Libor + 7.99%/Q) 12/23/2014 53.8
54.0
(3)(19)
Second lien senior secured loan ($10.0 par due 6/2021) 8.99% (Libor + 7.99%/Q) 12/23/2014 10.0
10.0
(4)(19)
Common stock (30,000 shares) 12/23/2014 3.0
5.2
(2)
68.8
71.2

SHO Holding I Corporation Manufacturer and distributor of slip resistant footwear Second lien senior secured loan ($100.0 par due 4/2023) 9.50% (Libor + 8.50%/Q) 10/27/2015 97.8
99.0
(2)(19)
Shock Doctor, Inc. and Shock Doctor Holdings, LLC (7) Developer, marketer and distributor of sports protection equipment and accessories Second lien senior secured loan ($89.4 par due 10/2021) 11.76% (Libor + 10.50%/Q) 4/22/2015 89.4
87.6
(2)(19)
Class A preferred units (50,000 units) 3/14/2014 5.0
3.8
(2)
Class C preferred units (50,000 units) 4/22/2015 5.0
3.8
(2)
99.4
95.2

The Step2 Company, LLC (8) Toy manufacturer Common units (1,116,879 units) 4/1/2011 —
6.2

Class B common units (126,278,000 units) 10/30/2014 —
—
(2)
Warrant to purchase up to 3,157,895 units 4/1/2010 —
—

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Storm UK Holdco Limited and Storm US Holdco Inc. (15)	Provider of water infrastructure software solutions for municipalities / utilities and engineering consulting firms	First lien senior secured revolving loan ($0.2 par due 5/2022)	6.25% (Libor + 5.25%/M)	5/5/2017	0.2	0.2	(2)(6)(11)
Surf Holdings, LLC	Cybersecurity solutions provider	Second lien senior secured loan ($25.0 par due 3/2028)	9.00% (Libor + 8.00%/Q)	3/5/2020	25.0	25.0	(2)(6)(11)
TCP Hawker Intermediate LLC (15)	Workforce management solutions provider	First lien senior secured loan ($6.7 par due 8/2026)	6.50% (Libor + 5.50%/M)	12/1/2020	6.7	6.7	(2)(11)
		First lien senior secured loan ($35.1 par due 8/2026)	6.50% (Libor + 5.50%/Q)	8/30/2019	35.1	35.1	(2)(11)
		First lien senior secured loan ($7.4 par due 8/2026)	6.50% (Libor + 5.50%/M)	8/30/2019	7.4	7.4	(2)(11)
					49.2	49.2
The Ultimate Software Group, Inc. and H&F Unite Partners, L.P. (15)	Provider of cloud based HCM solutions for businesses	First lien senior secured revolving loan		5/3/2019	—	—	(6)(13)
		Second lien senior secured loan ($205.4 par due 5/2027)	8.15% (Libor + 8.00%/M)	5/3/2019	205.4	205.4	(2)(6)
		Limited partnership interests (12,583,556 interests)		5/3/2019	12.6	14.4	(2)(6)
					218.0	219.8
Vela Trading Technologies, LLC (15)	Provider of market data software and content to global financial services clients	First lien senior secured revolving loan ($3.4 par due 6/2022)	6.50% (Libor + 5.00% Cash, 0.50% PIK/Q)	2/8/2018	3.4	3.2	(2)(11)
		First lien senior secured revolving loan ($0.1 par due 6/2022)	9.00% (Libor + 7.50 Cash, 0.50% PIK/Q)	2/8/2018	0.1	0.1	(2)(11)
		First lien senior secured loan ($4.5 par due 6/2022)	11.00% (Libor + 7.50% Cash, 2.50% PIK/Q)	4/17/2018	4.5	4.3	(2)(11)
					8.0	7.6
Velocity Holdings Corp.	Hosted enterprise resource planning application management services provider	Common units (1,713,546 units)		12/13/2013	4.5	2.4
Verscend Holding Corp. (15)	Healthcare analytics solutions provider	First lien senior secured revolving loan		8/27/2018	—	—	(13)
WebPT, Inc. (15)	Electronic medical record software provider	First lien senior secured loan ($48.1 par due 8/2024)	7.75% (Libor + 6.75%/Q)	8/28/2019	48.1	47.6	(2)(11)
Zemax Software Holdings, LLC (15)	Provider of optical illumination design software to design engineers	First lien senior secured revolving loan ($2.0 par due 6/2024)	8.00% (Base Rate + 4.75%/Q)	6/25/2018	2.0	2.0	(2)(11)
		First lien senior secured loan ($16.7 par due 6/2024)	6.75% (Libor + 5.75%/Q)	6/25/2018	16.7	16.7	(2)(11)
					18.7	18.7
					2,320.7	2,344.8		32.67%
Commercial & Professional Services
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (15)	Provider of outsourced crew accommodations and logistics management solutions to the airline industry	First lien senior secured revolving loan ($4.1 par due 5/2023)	10.25% (Libor + 9.25%/Q)	5/11/2018	4.1	3.9	(2)(11)
		Class A common units (236,358 units)		5/11/2018	4.3	4.6
					8.4	8.5
Aero Operating LLC	Provider of snow removal and melting service for airports and marine terminals	First lien senior secured loan ($36.9 par due 2/2026)	8.00% (Libor + 6.50%/M)	2/7/2020	36.9	35.1	(2)(11)
AMCP Clean Intermediate, LLC (15)	Provider of janitorial and facilities management services	First lien senior secured revolving loan		10/1/2018	—	—	(13)
		First lien senior secured loan ($1.4 par due 10/2024)	7.25% (Libor + 6.25%/Q)	7/31/2020	1.4	1.4	(2)(11)
		First lien senior secured loan ($0.7 par due 10/2024)	7.25% (Libor + 6.25%/Q)	10/1/2020	0.7	0.7	(2)(11)
		First lien senior secured loan ($8.7 par due 10/2024)	7.25% (Libor + 6.25%/Q)	12/14/2020	8.7	8.7	(2)(11)
					10.8	10.8
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP (15)	Outsourced supply chain solutions provider to operators of distribution centers	First lien senior secured revolving loan ($1.4 par due 11/2025)	5.75% (Libor + 4.75%/M)	11/12/2020	1.4	1.4	(2)(11)(14)
		Second lien senior secured loan ($68.3 par due 11/2028)	9.75% (Libor + 8.75%/Q)	11/12/2020	68.3	66.9	(2)(11)
		Class A units (10,581 units)		11/12/2020	10.6	10.6	(2)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
—
6.2

Varsity Brands Holding Co., Inc., Hercules Achievement, Inc., Hercules Achievement Holdings, Inc. and Hercules VB Holdings, Inc. Leading manufacturer and distributor of textiles, apparel & luxury goods Second lien senior secured loan ($25.0 par due 12/2022) 9.75% (Libor + 8.75%/Q) 10/28/2016 25.0
25.0
(2)(19)
Second lien senior secured loan ($1.6 par due 12/2022) 9.75% (Libor + 8.75%/Q) 12/11/2014 1.6
1.6
(2)(19)
Second lien senior secured loan ($54.0 par due 12/2022) 9.75% (Libor + 8.75%/Q) 12/11/2014 53.6
54.0
(3)(19)
Second lien senior secured loan ($91.7 par due 12/2022) 9.75% (Libor + 8.75%/Q) 12/11/2014 91.0
91.7
(2)(19)
Common stock (3,353,370 shares) 12/11/2014 3.4
3.7
(2)
Common stock (3,353,371 shares) 12/11/2014 4.1
4.6
(2)
178.7
180.6

Wonder Holdings Acquisition Corp. Developer and marketer of OTC healthcare products Warrant to purchase up to 1,654,678 shares of common stock (expires 6/2021) 7/27/2011 —
0.8
(2)
Warrant to purchase up to 941 shares of preferred stock (expires 6/2021) 7/27/2011 —
1.5
(2)
—
2.3

646.7
633.7
12.27%
Power Generation
Alphabet Energy, Inc. Technology developer to convert waste-heat into electricity First lien senior secured loan ($3.9 par due 8/2017) 14.50% (Libor + 11.50% Cash, 2.00% PIK/M) 12/16/2013 3.8
3.9
(2)(17)(19)
Series 1B preferred stock (12,976 shares) 6/21/2016 0.2
0.1
(2)
Warrant to purchase up to 125,000 shares of Series 2 preferred stock (expires 12/2023) 6/30/2016 0.1
0.1
(2)
4.1
4.1

CEI Kings Mountain Investor, LP Gas turbine power generation facilities operator Senior subordinated loan ($32.6 par due 3/2017) 11.00% PIK 3/11/2016 32.6
32.6
(2)
CPV Maryland Holding Company II, LLC Gas turbine power generation facilities operator Senior subordinated loan ($44.5 par due 12/2020) 10.00% 8/8/2014 44.5
43.3
(2)
Warrant to purchase up to 4 units of common stock (expires 8/2018) 8/8/2014 —
0.2
(2)
44.5
43.5

DESRI VI Management Holdings, LLC Wind power generation facility operator Senior subordinated loan ($25.0 par due 12/2021) 9.75% 12/24/2014 25.0
25.0
(2)
Non-controlling units (10.0 units) 12/24/2014 1.6
1.8
(2)
26.6
26.8

Green Energy Partners, Stonewall LLC and Panda Stonewall Intermediate Holdings II LLC Gas turbine power generation facilities operator First lien senior secured loan ($25.0 par due 11/2021) 6.50% (Libor + 5.50%/Q) 11/13/2014 24.8
24.6
(2)(19)
Senior subordinated loan ($19.5 par due 12/2021) 8.00% Cash, 5.25% PIK 11/13/2014 19.5
19.2
(2)
Senior subordinated loan ($91.2 par due 12/2021) 8.00% Cash, 5.25% PIK 11/13/2014 91.2
89.8
(2)
135.5
133.6

Joule Unlimited Technologies, Inc. and Stichting Joule Global Foundation Renewable fuel and chemical production developer First lien senior secured loan ($8.8 par due 10/2018) 3/31/2015 8.5
6.2
(2)(17)(18)
Warrant to purchase up to 32,051 shares of Series C-2 preferred stock (expires 7/2023) 7/25/2013 —
—
(2)(9)
8.5
6.2

La Paloma Generating Company, LLC Natural gas fired, combined cycle plant operator Second lien senior secured loan ($10.0 par due 2/2020) 2/20/2014 8.8
—
(2)(18)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					80.3	78.9
Cozzini Bros., Inc. and BH-Sharp Holdings LP (15)	Provider of commercial knife sharpening and cutlery services in the restaurant industry	First lien senior secured revolving loan		3/10/2017	—	—	(13)
		First lien senior secured loan ($12.0 par due 3/2023)	8.50% (Libor + 3.00% Cash, 4.50% PIK/Q)	3/10/2017	12.0	10.3	(2)(11)
		Common units (2,950,000 units)		3/10/2017	3.0	0.3	(2)
					15.0	10.6
Crown Health Care Laundry Services, LLC and Crown Laundry Holdings, LLC (4)(15)	Provider of outsourced healthcare linen management solutions	First lien senior secured revolving loan		3/13/2014	—	—	(13)
		First lien senior secured loan ($9.9 par due 12/2021)	7.25% (Libor + 6.25%/M)	3/13/2014	9.9	9.9	(2)(11)
		First lien senior secured loan ($0.9 par due 12/2021)	7.25% (Libor + 6.25%/M)	4/6/2017	0.9	0.9	(2)(11)
		First lien senior secured loan ($5.0 par due 12/2021)	7.25% (Libor + 6.25%/M)	2/22/2019	5.0	5.0	(11)
		First lien senior secured loan ($11.3 par due 12/2021)	7.25% (Libor + 6.25%/M)	6/12/2018	11.3	11.3	(2)(11)
		Class A preferred units (3,393,973 units)		3/13/2014	4.0	6.0	(2)
		Class B common units (377,108 units)		3/13/2014	0.4	6.5	(2)
					31.5	39.6
Divisions Holding Corporation and RC V Tecmo Investor LLC (15)	Technology based aggregator for facility maintenance services	First lien senior secured revolving loan ($2.5 par due 8/2026)	7.50% (Libor + 6.50%/Q)	8/14/2020	2.5	2.5	(2)(11)
		First lien senior secured loan ($43.6 par due 8/2026)	7.50% (Libor + 6.50%/Q)	8/14/2020	43.6	43.2	(2)(11)
		Common member units (9,624,000 units)		8/14/2020	9.6	15.5	(2)
					55.7	61.2
DTI Holdco, Inc. and OPE DTI Holdings, Inc. (15)	Provider of legal process outsourcing and managed services	First lien senior secured revolving loan ($0.4 par due 9/2022)	6.75% (Base Rate + 3.50%/Q)	9/23/2016	0.4	0.4	(2)(14)
		First lien senior secured revolving loan ($4.4 par due 9/2022)	4.71% (Libor + 4.50%/Q)	9/23/2016	4.4	3.9	(2)(14)
		Class A common stock (7,500 shares)		8/19/2014	7.5	3.7	(2)
		Class B common stock (7,500 shares)		8/19/2014	—	—	(2)
					12.3	8.0
Elevation Services Parent Holdings, LLC (15)	Elevator service platform	First lien senior secured revolving loan ($0.4 par due 12/2026)	6.50% (Libor + 5.50%/Q)	12/18/2020	0.4	0.4	(2)(11)
		First lien senior secured loan ($8.8 par due 12/2026)	6.50% (Libor + 5.50%/Q)	12/18/2020	8.8	8.7	(2)(11)
					9.2	9.1
HAI Acquisition Corporation and Aloha Topco, LLC (15)	Professional employer organization offering human resources, compliance and risk management services	First lien senior secured loan ($61.7 par due 11/2024)	6.50% (Libor + 5.50%/M)	11/1/2017	61.7	61.7	(2)(11)
		Class A units (16,980 units)		11/1/2017	1.7	2.5	(2)
					63.4	64.2
IMIA Holdings, Inc. (15)	Marine preservation maintenance company	First lien senior secured revolving loan		10/26/2018	—	—	(13)
		First lien senior secured loan ($28.4 par due 10/2025)	7.00% (Libor + 6.00%/Q)	10/26/2018	28.3	28.4	(11)
					28.3	28.4
IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.	Market research company focused on the consumer packaged goods industry	First lien senior secured loan ($57.7 par due 12/2025)	4.40% (Libor + 4.25%/M)	11/30/2018	57.2	57.7
		First lien senior secured loan ($7.9 par due 12/2025)	5.15% (Libor + 5.00%/M)	9/28/2020	7.5	7.9	(2)
		Second lien senior secured loan ($86.8 par due 11/2026)	8.15% (Libor + 8.00%/M)	11/30/2018	85.7	86.8	(2)
		Series A-1 preferred shares (46,900 shares)	11.50% PIK (Libor + 10.50%/S)	11/30/2018	58.2	58.9	(2)(11)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Moxie Liberty LLC Gas turbine power generation facilities operator First lien senior secured loan ($34.7 par due 8/2020) 7.50% (Libor + 6.50%/Q) 8/21/2013 34.5
34.7
(2)(19)
Moxie Patriot LLC Gas turbine power generation facilities operator First lien senior secured loan ($34.3 par due 12/2020) 6.75% (Libor + 5.75%/Q) 12/19/2013 34.0
34.1
(2)(19)
Noonan Acquisition Company, LLC Gas turbine power generation facilities operator Senior subordinated loan ($50.9 par due 10/2017) 10.25% 7/22/2016 50.9
50.9
(2)
Panda Power Annex Fund Hummel Holdings II LLC Gas turbine power generation facilities operator Senior subordinated loan ($52.2 par due 1/2017) 13.00% PIK 10/27/2015 52.2
52.2
(2)
Panda Temple Power II, LLC Gas turbine power generation facilities operator First lien senior secured loan ($19.8 par due 4/2019) 7.25% (Libor + 6.00%/Q) 4/3/2013 19.7
18.0
(2)(19)
Panda Temple Power, LLC Gas turbine power generation facilities operator First lien senior secured loan ($24.6 par due 3/2022) 7.25% (Libor + 6.25%/Q) 3/6/2015 23.6
21.4
(2)(19)
PERC Holdings 1 LLC Operator of recycled energy, combined heat and power, and energy efficiency facilities Class B common units (21,653,543 units) 10/20/2014 21.7
26.1
(2)
Riverview Power LLC Natural gas and oil fired power generation facilities operator First lien senior secured loan ($8.6 par due 12/2021) 7.25% (Base Rate + 3.50%/Q) 12/29/2016 8.6
8.6
(2)(19)
First lien senior secured loan ($73.6 par due 12/2022) 11.00% (Base Rate + 7.25%/Q) 12/29/2016 73.6
73.6
(2)(19)
82.2
82.2

579.4
566.4
10.97%
Restaurants and Food Services
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (8) Restaurant owner and operator First lien senior secured loan ($3.1 par due 12/2018) 15.00% (Libor + 14.00%/Q) 12/22/2016 3.1
3.1
(2)(19)
First lien senior secured loan ($29.6 par due 12/2018) 11/27/2006 28.9
20.4
(2)(18)
First lien senior secured loan ($11.3 par due 12/2018) 11/27/2006 11.0
7.8
(3)(18)
Promissory note ($25.5 par due 12/2023) 11/27/2006 13.8
—
(2)
Warrant to purchase up to 23,750 units of Series D common stock (expires 12/2023) 12/18/2013 —
—
(2)
56.8
31.3

Benihana, Inc. (24) Restaurant owner and operator First lien senior secured revolving loan ($0.8 par due 7/2018) 8.25% (Libor + 7.00%/Q) 8/21/2012 0.8
0.8
(2)(19)(23)
First lien senior secured revolving loan ($0.7 par due 7/2018) 9.50% (Base Rate + 5.75%/Q) 8/21/2012 0.7
0.7
(2)(19)(23)
First lien senior secured loan ($4.8 par due 1/2019) 8.25% (Libor + 7.00%/Q) 8/21/2012 4.8
4.6
(4)(19)
First lien senior secured loan ($0.3 par due 1/2019) 8.25% (Libor + 7.00%/Q) 12/28/2016 0.3
0.3
(2)(19)
6.6
6.4

DineInFresh, Inc. Meal-delivery provider First lien senior secured loan ($4.8 par due 7/2018) 9.75% (Libor + 8.75%/M) 12/19/2014 4.7
4.8
(2)(19)
Warrant to purchase up to 143,079 shares of Series A preferred stock (expires 12/2024) 12/19/2014 —
—
(2)
4.7
4.8

Garden Fresh Restaurant Corp. (24) Restaurant owner and operator First lien senior secured revolving loan - 10/3/2013 —
—
(22)
First lien senior secured loan ($40.1 par due 7/2018) 10.50% (Libor + 9.00%/Q) 10/3/2013 40.1
38.1
(2)(19)
First lien senior secured loan ($1.5 par due 10/2017) 15.50% PIK 11/14/2016 1.5
1.5
(2)
41.6
39.6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Class A-1 common units (90,500 units)		11/30/2018	9.1	16.5	(2)
					217.7	227.8
Kellermeyer Bergensons Services, LLC (15)	Provider of janitorial and facilities management services	First lien senior secured loan ($1.7 par due 11/2026)	7.50% (Libor + 6.50%/Q)	11/7/2019	1.7	1.7	(2)(11)
		First lien senior secured loan ($30.0 par due 11/2026)	7.50% (Libor + 6.50%/Q)	11/7/2019	29.7	30.0	(2)(11)
		First lien senior secured loan ($6.6 par due 11/2026)	7.50% (Libor + 6.50%/Q)	11/7/2019	6.6	6.6	(2)(11)
					38.0	38.3
KPS Global LLC and Cool Group LLC	Manufacturer of walk-in cooler and freezer systems	First lien senior secured loan ($15.2 par due 4/2022)	6.50% (Libor + 5.50%/M)	4/5/2017	15.2	15.2	(2)(11)
		First lien senior secured loan ($4.1 par due 4/2022)	6.50% (Libor + 5.50%/M)	11/16/2018	4.1	4.1	(2)(11)
		Class A units (13,292 units)		9/21/2018	1.1	2.0
					20.4	21.3
Laboratories Bidco LLC (15)	Lab testing services for nicotine containing products	First lien senior secured loan ($20.8 par due 6/2024)	7.00% (Libor + 6.00%/Q)	10/30/2020	20.8	20.8	(2)(11)
		First lien senior secured loan ($29.5 par due 6/2024)	7.00% (Libor + 6.00%/Q)	10/4/2019	29.5	29.5	(2)(11)
		First lien senior secured loan ($25.5 par due 6/2024)	7.00% (CDOR + 6.00%/Q)	10/4/2019	24.4	25.5	(11)
					74.7	75.8
Microstar Logistics LLC, Microstar Global Asset Management LLC, and MStar Holding Corporation	Keg management solutions provider	Second lien senior secured loan ($138.9 par due 7/2023)	10.00% PIK (Libor + 9.00%/Q)	8/13/2020	138.9	119.4	(2)(11)
		Series A preferred stock (1,507 shares)		8/13/2020	1.5	2.1	(2)
		Common stock (54,710 shares)		12/14/2012	4.9	1.0	(2)
					145.3	122.5
NAS, LLC and Nationwide Marketing Group, LLC (15)	Buying and marketing services organization for appliance, furniture and consumer electronics dealers	First lien senior secured loan ($6.4 par due 6/2024)	7.50% (Libor + 6.50%/Q)	11/3/2020	6.4	6.4	(2)(11)
NM GRC Holdco, LLC	Regulatory compliance services provider to financial institutions	First lien senior secured loan ($35.6 par due 2/2024)	8.50% (Libor + 6.00% Cash, 1.50% PIK/M)	2/9/2018	35.4	34.2	(2)(11)
		First lien senior secured loan ($9.5 par due 2/2024)	8.50% (Libor + 6.00% Cash, 1.50% PIK/M)	2/9/2018	9.5	9.1	(2)(11)
					44.9	43.3
Petroleum Service Group LLC (15)	Provider of operational services for US petrochemical and refining companies	First lien senior secured revolving loan		7/23/2019	—	—	(13)
		First lien senior secured loan ($34.6 par due 7/2025)	6.25% (Libor + 5.25%/Q)	7/23/2019	34.6	34.6	(11)
		First lien senior secured loan ($0.7 par due 7/2025)	6.25% (Libor + 5.25%/Q)	7/23/2019	0.7	0.7	(2)(11)
					35.3	35.3
QC Supply, LLC (15)	Specialty distributor and solutions provider to the swine and poultry markets	First lien senior secured revolving loan ($8.8 par due 12/2021)	8.00% (Libor + 7.00%/M)	12/29/2016	8.8	8.1	(2)(11)(14)
		First lien senior secured loan ($25.8 par due 12/2022)	8.00% (Libor + 6.50% Cash, 0.50% PIK/M)	12/29/2016	25.8	23.8	(2)(11)
		First lien senior secured loan ($8.7 par due 12/2022)	8.00% (Libor + 6.50% Cash, 0.50% PIK/M)	12/29/2016	8.7	8.0	(2)(11)
					43.3	39.9
R2 Acquisition Corp.	Marketing services	Common stock (250,000 shares)		5/29/2007	0.3	0.3	(2)
RE Community Holdings GP, LLC and RE Community Holdings, LP	Operator of municipal recycling facilities	Limited partnership interest (2.86% interest)		3/1/2011	—	—	(2)
		Limited partnership interest (2.49% interest)		3/1/2011	—	—	(2)
					—	—
Research Now Group, LLC and Survey Sampling International, LLC	Provider of outsourced data collection to the market research industry	First lien senior secured loan ($41.1 par due 12/2024)	6.50% (Libor + 5.50%/Q)	2/14/2019	41.1	39.9	(2)(11)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Global Franchise Group, LLC and GFG Intermediate Holding, Inc. Worldwide franchisor of quick service restaurants First lien senior secured loan ($60.8 par due 12/2019) 10.47% (Libor + 9.47%/Q) 12/18/2014 60.8
60.8
(3)(19)
Heritage Food Service Group, Inc. and WCI-HFG Holdings, LLC Distributor of repair and replacement parts for commercial kitchen equipment Second lien senior secured loan ($31.6 par due 10/2022) 9.50% (Libor + 8.50%/Q) 10/20/2015 31.6
31.6
(2)(19)
Preferred units (3,000,000 units) 10/20/2015 3.0
3.1
(2)
34.6
34.7

Orion Foods, LLC (8) Convenience food service retailer First lien senior secured loan ($1.2 par due 9/2015) 4/1/2010 1.2
0.5
(2)(18)
Second lien senior secured loan ($19.4 par due 9/2015) 4/1/2010 —
—
(2)(18)
Preferred units (10,000 units) 10/28/2010 —
—

Class A common units (25,001 units) 4/1/2010 —
—

Class B common units (1,122,452 units) 4/1/2010 —
—

1.2
0.5

OTG Management, LLC (24) Airport restaurant operator First lien senior secured loan ($97.8 par due 8/2021) 9.50% (Libor + 8.50%/Q) 8/26/2016 97.8
97.8
(3)(19)
Senior subordinated loan ($21.2 par due 2/2022) 17.50% PIK 8/26/2016 21.1
21.2
(2)
Class A preferred units (3,000,000 units) 8/26/2016 30.0
30.9
(2)
Common units (3,000,000 units) 1/5/2011 3.0
11.0
(2)
Warrant to purchase up to 7.73% of common units (expires 6/2018) 6/19/2008 0.1
24.2
(2)
Warrant to purchase 0.60% of the common units deemed outstanding (expires 12/2018) 8/26/2016 —
—
(2)
152.0
185.1

Restaurant Holding Company, LLC Fast food restaurant operator First lien senior secured loan ($34.5 par due 2/2019) 8.75% (Libor + 7.75%/Q) 3/13/2014 34.4
33.8
(3)(19)
Restaurant Technologies, Inc. (24) Provider of bulk cooking oil management services to the restaurant and fast food service industries First lien senior secured revolving loan ($0.3 par due 11/2021) 7.50% (Base Rate + 3.75%/Q) 11/23/2016 0.3
0.3
(2)(19)(23)
393.0
397.3
7.69%
Financial Services
AllBridge Financial, LLC (8) Asset management services Equity interests 4/1/2010 —
0.4

Callidus Capital Corporation (8) Asset management services Common stock (100 shares) 4/1/2010 3.0
1.7

Ciena Capital LLC (8)(24) Real estate and small business loan servicer First lien senior secured revolving loan ($14.0 par due 12/2017) 6.00% 11/29/2010 14.0
14.0
(2)
Equity interests 11/29/2010 35.0
17.7
(2)
49.0
31.7

Commercial Credit Group, Inc. Commercial equipment finance and leasing company Senior subordinated loan ($28.0 par due 8/2022) 11.00% (Libor + 9.75%/Q) 5/10/2012 28.0
28.0
(2)(19)
Imperial Capital Group LLC Investment services Class A common units (32,369 units) 5/10/2007 7.9
12.2
(2)
2006 Class B common units (10,605 units) 5/10/2007 —
—
(2)
2007 Class B common units (1,323 units) 5/10/2007 —
—
(2)
7.9
12.2

Ivy Hill Asset Management, L.P. (8)(10) Asset management services Member interest (100.00% interest) 6/15/2009 171.0
229.2

Javlin Three LLC, Javlin Four LLC, and Javlin Five LLC (10) Asset-backed financial services company First lien senior secured loan ($32.1 par due 6/2017) 10.47% (Libor + 10%/Q) 6/24/2014 32.1
32.1
(2)
LSQ Funding Group, L.C. and LM LSQ Investors LLC (10) Asset based lender Senior subordinated loan ($30.0 par due 6/2021) 10.50% 6/25/2015 30.0
30.0
(2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
SecurAmerica, LLC, ERMC LLC, ERMC Of America, LLC, SecurAmerica Corporation, SecurAmerica Aviation Security LLC, American Security Programs, Inc., USI LLC, Argenbright Holdings IV, LLC and Scrub Holdings, Inc (15)	Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services	First lien senior secured loan ($4.7 par due 12/2023)	9.25% (Libor + 8.00%/Q)	11/24/2020	4.7	4.7	(2)(11)
		First lien senior secured loan ($25.7 par due 12/2023)	9.25% (Libor + 8.00%/M)	12/21/2018	25.7	25.7	(2)(11)
		First lien senior secured loan ($9.7 par due 12/2023)	9.25% (Libor + 8.00%/M)	12/21/2018	9.7	9.7	(2)(11)
		First lien senior secured loan ($1.7 par due 12/2023)	9.25% (Libor + 8.00%/M)	12/21/2018	1.7	1.7	(2)(11)
		First lien senior secured loan ($1.1 par due 12/2023)	9.25% (Libor + 8.00%/M)	12/21/2018	1.1	1.1	(2)(11)
		First lien senior secured loan ($3.0 par due 7/2021)	9.25% (Libor + 3.50% Cash, 4.50% PIK/Q)	4/16/2020	3.0	3.0	(2)(11)
		First lien senior secured loan ($14.5 par due 12/2023)	9.25% (Libor + 8.00%/M)	11/24/2020	14.5	14.5	(2)(11)
					60.4	60.4
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP (15)	Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products	First lien senior secured loan ($22.0 par due 6/2026)	10.22% (Libor + 9.22%/Q)	6/30/2020	22.0	22.0	(2)(11)
		Limited partnership class A-1 units (2,173 units)		6/30/2020	1.1	1.7	(2)
		Limited partnership class A-2 units (2,173 units)		6/30/2020	1.1	1.7	(2)
					24.2	25.4
Startec Equity, LLC (5)	Communication services	Member interest		4/1/2020	—	—
TDG Group Holding Company and TDG Co-Invest, LP (15)	Operator of multiple franchise concepts primarily related to home maintenance or repairs	First lien senior secured revolving loan ($0.1 par due 5/2024)	5.40% (Libor + 5.25%/M)	5/31/2018	0.1	0.1	(2)(14)
		Preferred units (2,871,000 units)		5/31/2018	2.9	3.5	(2)
		Common units (29,000 units)		5/31/2018	—	2.1	(2)
					3.0	5.7
Tyden Group Holding Corp.	Producer and marketer of global cargo security, product identification and traceability products and utility meter products	Preferred stock (46,276 shares)		1/3/2017	0.4	0.4	(6)
		Common stock (5,521,203 shares)		1/3/2017	2.0	1.1	(6)
					2.4	1.5
Visual Edge Technology, Inc.	Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies	First lien senior secured loan ($16.8 par due 8/2022)	8.50% (Libor + 5.75% Cash, 1.25% PIK/M)	8/31/2017	16.7	16.6	(2)(11)
		First lien senior secured loan ($15.7 par due 8/2022)	8.50% (Libor + 5.75% Cash, 1.25% PIK/Q)	8/31/2017	15.7	15.5	(2)(11)
		Senior subordinated loan ($75.6 par due 9/2024)	16.00% PIK	8/31/2017	73.4	74.0	(2)
		Warrant to purchase up to 3,094,492 shares of common stock (expires 8/2027)		8/31/2017	—	—	(2)
		Warrant to purchase up to 2,838,079 shares of preferred stock (expires 8/2027)		8/31/2017	3.9	2.6	(2)
					109.7	108.7
VLS Recovery Services, LLC (15)	Provider of commercial and industrial waste processing and disposal services	First lien senior secured revolving loan		10/17/2017	—	—	(13)
VRC Companies, LLC (15)	Provider of records and information management services	First lien senior secured loan ($26.4 par due 3/2023)	7.50% (Libor + 6.50%/Q)	3/31/2017	26.4	26.4	(2)(11)
WCI-HFG Holdings, LLC	Distributor of repair and replacement parts for commercial kitchen equipment	Preferred units (1,400,000 units)		10/20/2015	1.4	1.7	(2)
XIFIN, Inc. and ACP Charger Co-Invest LLC (15)	Revenue cycle management provider to labs	First lien senior secured loan ($2.1 par due 2/2026)	6.25% (Libor + 5.25%/Q)	2/6/2020	2.1	2.1	(2)(11)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Membership units (3,275,000 units) 6/25/2015 3.3
3.3

33.3
33.3

The Gordian Group, Inc. Financial services firm Common stock (526 shares) 11/30/2012 —
—
(2)
324.3
368.6
7.14%
Manufacturing
Component Hardware Group, Inc. (24) Commercial equipment First lien senior secured revolving loan ($1.9 par due 7/2019) 5.50% (Libor + 4.50%/Q) 7/1/2013 1.9
1.9
(2)(19)
First lien senior secured loan ($8.0 par due 7/2019) 5.50% (Libor + 4.50%/Q) 7/1/2013 8.0
8.0
(4)(19)
9.9
9.9

Harvey Tool Company, LLC and Harvey Tool Holding, LLC (24) Cutting tool provider to the metalworking industry First lien senior secured revolving loan - 8/13/2015 —
—
(22)
Senior subordinated loan ($28.1 par due 9/2020) 10.00% Cash, 1.00% PIK 8/13/2015 28.1
28.1
(2)
Class A membership units (750 units) 3/28/2014 0.9
1.7
(2)
29.0
29.8

Ioxus, Inc Energy storage devices First lien senior secured loan ($0.7 par due 8/2017) 12.00% PIK 8/24/2016 0.7
0.6
(2)
First lien senior secured loan ($10.2 par due 6/2019) 5.00 % Cash, 7.00% PIK 4/29/2014 10.0
9.7
(2)
First lien senior secured loan ($0.4 par due 6/2019) 4/29/2014 0.4
0.4
(2)
Warrant to purchase up to 1,210,235 shares of Series BB preferred stock (expires 8/2026) 1/28/2016 —
—
(2)
Warrant to purchase up to 3,038,730 shares of common stock (expires 1/2026) 1/28/2016 —
—
(2)
11.1
10.7

KPS Global LLC Walk-in cooler and freezer systems First lien senior secured loan ($27.1 par due 12/2020) 9.67% (Libor + 8.67%/Q) 12/4/2015 27.1
27.1
(2)(19)
MacLean-Fogg Company and MacLean-Fogg Holdings, L.L.C. Manufacturer and supplier for the power utility and automotive markets worldwide Senior subordinated loan ($99.9 par due 10/2025) 10.50% Cash, 3.00% PIK 10/31/2013 99.9
99.9
(2)
Preferred units (70,183 units) 4.50% Cash, 9.25% PIK 10/9/2015 73.5
73.5

173.4
173.4

Niagara Fiber Intermediate Corp. (24) Insoluble fiber filler products First lien senior secured revolving loan ($1.9 par due 5/2018) 5/8/2014 1.8
1.4
(2)(18)
First lien senior secured loan ($1.4 par due 5/2018) 5/8/2014 1.3
1.0
(2)(18)
First lien senior secured loan ($13.6 par due 5/2018) 5/8/2014 12.9
10.0
(2)(18)
16.0
12.4

Nordco Inc. Railroad maintenance-of-way machinery First lien senior secured revolving loan - 8/26/2015 —
—
(22)
Pelican Products, Inc. Flashlights Second lien senior secured loan ($40.0 par due 4/2021) 9.25% (Libor + 8.25%/Q) 4/11/2014 40.0
38.0
(2)(19)
Saw Mill PCG Partners LLC Metal precision engineered components Common units (1,000 units) 1/30/2007 1.0
—
(2)
SI Holdings, Inc. Elastomeric parts, mid-sized composite structures, and composite tooling Common stock (1,500 shares) 5/30/2014 1.5
1.5
(2)
TPTM Merger Corp. (24) Time temperature indicator products First lien senior secured revolving loan ($1.3 par due 9/2018) 7.50% (Libor + 6.50%/Q) 9/12/2013 1.3
1.3
(2)(19)
First lien senior secured loan ($17.0 par due 9/2018) 9.67% (Libor + 8.67%/Q) 9/12/2013 17.0
17.0
(3)(19)
First lien senior secured loan ($10.0 par due 9/2018) 9.67% (Libor + 8.67%/Q) 9/12/2013 10.0
10.0
(4)(19)
28.3
28.3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Common stock (180,000 shares)		2/6/2020	1.8	2.6	(2)
					3.9	4.7
					1,250.6	1,239.7		17.27%
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5)	Investment company	Common stock (589 shares)		1/3/2017	0.4	—	(6)
Ares IIIR/IVR CLO Ltd.	Investment vehicle	Subordinated notes ($20.0 par due 4/2021)		1/3/2017	—	—	(6)
Blue Wolf Capital Fund II, L.P. (4)	Investment partnership	Limited partnership interest (8.50% interest)		1/3/2017	—	0.2	(6)(18)
CoLTs 2005-1 Ltd. (5)	Investment vehicle	Preferred shares (360 shares)		1/3/2017	—	—	(6)
CoLTs 2005-2 Ltd. (5)	Investment vehicle	Preferred shares (34,170,000 shares)		1/3/2017	—	—	(6)
CREST Exeter Street Solar 2004-1	Investment vehicle	Preferred shares (3,500,000 shares)		1/3/2017	—	—	(6)
European Capital UK SME Debt LP (4)	Investment partnership	Limited partnership interest (45% interest)		1/3/2017	26.6	29.7	(6)(16)
HCI Equity, LLC (5)	Investment company	Member interest (100.00% interest)		4/1/2010	—	0.1	(6)(18)
Partnership Capital Growth Investors III, L.P.	Investment partnership	Limited partnership interest (2.50% interest)		10/5/2011	2.8	3.4	(6)(18)
PCG-Ares Sidecar Investment II, L.P. (4)	Investment partnership	Limited partnership interest (100.00% interest)		10/31/2014	6.9	10.2	(2)(6)(16)
PCG-Ares Sidecar Investment, L.P. (4)	Investment partnership	Limited partnership interest (100.00% interest)		5/22/2014	4.8	0.4	(6)(16)
Piper Jaffray Merchant Banking Fund I, L.P.	Investment partnership	Limited partnership interest (2.00% interest)		8/16/2012	1.1	1.3	(6)(18)
Senior Direct Lending Program, LLC (5)(17)	Co-investment vehicle	Subordinated certificates ($1122.9 par due 12/2036)	8.24% (Libor + 8.00%/Q)(12)	7/27/2016	1,122.9	1,122.9	(6)
		Member interest (87.50% interest)		7/27/2016	—	—	(6)
					1,122.9	1,122.9
VSC Investors LLC	Investment company	Membership interest (1.95% interest)		1/24/2008	0.3	0.5	(2)(6)(18)
					1,165.8	1,168.7		16.29%
Consumer Services
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (5)	Restaurant owner and operator	First lien senior secured loan ($56.6 par due 12/2019)		11/27/2006	39.9	—	(2)(10)
		First lien senior secured loan ($6.6 par due 12/2019)		12/22/2016	4.8	—	(2)(10)
		Promissory note ($31.8 par due 12/2023)		11/27/2006	13.8	—	(2)
		Warrant to purchase up to 0.95 units of Series D common stock (expires 12/2023)		12/18/2013	—	—	(2)
					58.5	—
Aimbridge Acquisition Co., Inc.	Hotel operator	Second lien senior secured loan ($22.5 par due 2/2027)	7.65% (Libor + 7.50%/M)	2/1/2019	22.2	20.0	(2)
American Residential Services L.L.C. and Aragorn Parent Holdings LP (15)	Heating, ventilation and air conditioning services provider	First lien senior secured revolving loan ($0.5 par due 10/2025)	3.65% (Libor + 3.50%/M)	10/15/2020	0.5	0.5	(2)(14)
		Second lien senior secured loan ($56.4 par due 10/2028)	9.50% (Libor + 8.50%/Q)	10/15/2020	56.4	55.8	(2)(11)
		Series A preferred units (2,531,500 units)	10.00% PIK	10/15/2020	2.6	2.5	(2)
					59.5	58.8
ATI Restoration, LLC (15)	Provider of disaster recovery services	First lien senior secured revolving loan		7/31/2020	—	—	(13)
		First lien senior secured loan ($33.7 par due 7/2026)	6.50% (Libor + 5.50%/Q)	7/31/2020	33.7	33.3	(11)
					33.7	33.3
ChargePoint, Inc.	Developer and operator of electric vehicle charging stations	Warrant to purchase up to 809,126 shares of Series E preferred stock (expires 12/2024)		12/30/2014	0.3	3.0	(2)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
337.3
331.1
6.41%
Containers and Packaging
Charter NEX US Holdings, Inc. Producer of high-performance specialty films used in flexible packaging Second lien senior secured loan ($11.8 par due 2/2023) 9.25% (Libor + 8.25%/Q) 2/5/2015 11.7
11.8
(2)(19)
GS Pretium Holdings, Inc. Manufacturer and supplier of high performance plastic containers Common stock (500,000 shares) 6/2/2014 0.5
0.8
(2)
ICSH, Inc. (24) Industrial container manufacturer, reconditioner and servicer First lien senior secured revolving loan ($1.0 par due 12/2018) 6.75% (Libor + 5.75%/Q) 8/30/2011 1.0
1.0
(2)(19)(23)
Second lien senior secured loan ($66.0 par due 12/2019) 10.00% (Libor + 9.00%/Q) 12/31/2015 66.0
66.0
(2)(19)
67.0
67.0

LBP Intermediate Holdings LLC (24) Manufacturer of paper and corrugated foodservice packaging First lien senior secured revolving loan - 7/10/2015 —
—
(22)
First lien senior secured loan ($12.7 par due 7/2020) 6.50% (Libor + 5.50%/Q) 7/10/2015 12.6
12.7
(3)(19)
12.6
12.7

Microstar Logistics LLC, Microstar Global Asset Management LLC, and MStar Holding Corporation Keg management solutions provider Second lien senior secured loan ($78.5 par due 12/2018) 8.50% (Libor + 7.50%/Q) 12/14/2012 78.5
78.5
(2)(19)
Second lien senior secured loan ($54.0 par due 12/2018) 8.50% (Libor + 7.50%/Q) 12/14/2012 54.0
54.0
(3)(19)
Second lien senior secured loan ($10.0 par due 12/2018) 8.50% (Libor + 7.50%/Q) 12/14/2012 10.0
10.0
(4)(19)
Common stock (50,000 shares) 12/14/2012 4.0
8.1
(2)
146.5
150.6

238.3
242.9
4.70%
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC (24) Harvester and processor of seafood First lien senior secured loan ($6.9 par due 8/2021) 6.00% (Libor + 5.00%/Q) 8/19/2015 6.9
6.9
(2)(19)
First lien senior secured loan ($0.1 par due 8/2021) 7.75% (Base Rate + 4.00%/Q) 8/19/2015 0.1
0.1
(2)(19)
Second lien senior secured loan ($55.0 par due 2/2022) 10.00% (Libor + 9.00%/Q) 8/19/2015 55.0
55.0
(2)(19)
Class A units (77,922 units) 8/19/2015 0.1
0.1
(2)
Warrant to purchase up to 7,422,078 Class A units (expires 8/2035) 8/19/2015 7.4
7.8
(2)
69.5
69.9

Eagle Family Foods Group LLC Manufacturer and producer of milk products First lien senior secured loan ($21.6 par due 12/2021) 10.05% (Libor + 9.05%/Q) 8/22/2016 21.6
21.6
(3)(19)
First lien senior secured loan ($54.8 par due 12/2021) 10.05% (Libor + 9.05%/Q) 12/31/2015 54.4
54.8
(3)(19)
76.0
76.4

GF Parent LLC Producer of low-acid, aseptic food and beverage products Class A preferred units (2,940 units) 5/13/2015 2.9
1.4
(2)
Class A common units (60,000 units) 5/13/2015 0.1
—
(2)
3.0
1.4

JWC/KI Holdings, LLC Foodservice sales and marketing agency Membership units (5,000 units) 11/16/2015 5.0
6.2
(2)
Kettle Cuisine, LLC Manufacturer of fresh refrigerated and frozen food products Second lien senior secured loan ($28.5 par due 2/2022) 10.75% (Libor + 9.75%/Q) 8/21/2015 28.5
28.5
(2)(19)
RF HP SCF Investor, LLC Branded specialty food company Membership interest (10.08% interest) 12/22/2016 12.5
12.8
(2)
194.5
195.2
3.78%
Education

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Cipriani USA, Inc. (15)	Manager and operator of banquet facilities, restaurants, hotels and other leisure properties	First lien senior secured loan ($12.6 par due 5/2023)	11.75% (Libor + 10.75%/M)	12/22/2020	12.6	11.1	(2)(11)
		First lien senior secured loan ($68.2 par due 5/2023)	11.75% (Libor + 10.75%/M)	5/30/2018	66.8	60.0	(2)(11)
		First lien senior secured loan ($12.2 par due 5/2023)	11.75% (Libor + 10.75%/M)	11/5/2018	12.2	10.7	(2)(11)
		First lien senior secured loan ($15.0 par due 5/2023)	11.75% (Libor + 10.75%/M)	7/3/2019	14.7	13.2	(2)(11)
		First lien senior secured loan ($20.0 par due 5/2023)	11.75% (Libor + 10.75%/M)	12/27/2019	18.2	17.6	(2)(11)
		First lien senior secured loan ($3.0 par due 5/2023)	11.75% (Libor + 10.75%/M)	8/20/2018	3.0	2.7	(2)(11)
		First lien senior secured loan ($3.0 par due 5/2023)	11.75% (Libor + 10.75%/M)	11/5/2018	3.0	2.7	(2)(11)
		First lien senior secured loan ($4.9 par due 5/2023)	11.75% (Libor + 10.75%/M)	6/30/2020	4.9	4.3	(2)(11)
					135.4	122.3
Concert Golf Partners Holdco LLC (15)	Golf club owner and operator	First lien senior secured loan ($18.2 par due 8/2025)	5.50% (Libor + 4.50%/Q)	8/20/2019	18.2	18.2	(2)(11)
		First lien senior secured loan ($2.2 par due 8/2025)	5.50% (Libor + 4.50%/Q)	8/20/2019	2.2	2.2	(2)(11)
					20.4	20.4
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (15)	Provider of plumbing and HVAC services	First lien senior secured revolving loan		11/16/2020	—	—	(13)
		First lien senior secured loan ($115.8 par due 11/2026)	6.75% (Libor + 5.75%/Q)	11/16/2020	115.8	114.6	(2)(11)
		First lien senior secured loan ($33.0 par due 11/2026)	6.75% (Libor + 5.75%/Q)	11/16/2020	33.0	32.7	(2)(11)
		Class A units (5,803.43 units)		11/16/2020	19.6	19.6	(2)
					168.4	166.9
FWR Holding Corporation (15)	Restaurant owner, operator, and franchisor	First lien senior secured revolving loan		8/21/2017	—	—	(13)
		First lien senior secured loan ($4.0 par due 8/2023)	8.00% (Libor + 5.50% Cash, 1.50% PIK/Q)	8/21/2017	4.0	3.7	(2)(11)
		First lien senior secured loan ($0.5 par due 8/2023)	8.00% (Libor + 5.50% Cash, 1.50% PIK/Q)	8/21/2017	0.5	0.5	(2)(11)
		First lien senior secured loan ($0.5 par due 8/2023)	8.00% (Libor + 5.50% Cash, 1.50% PIK/Q)	2/28/2019	0.5	0.5	(2)(11)
		First lien senior secured loan ($0.8 par due 8/2023)	8.00% (Libor + 5.50% Cash, 1.50% PIK/Q)	2/28/2019	0.8	0.8	(2)(11)
		First lien senior secured loan ($0.5 par due 8/2023)	8.00% (Libor + 5.50% Cash, 1.50% PIK/Q)	2/28/2019	0.5	0.5	(2)(11)
		First lien senior secured loan ($0.7 par due 8/2023)	8.00% (Libor + 5.50% Cash, 1.50% PIK/Q)	2/28/2019	0.7	0.6	(2)(11)
		First lien senior secured loan ($1.8 par due 8/2023)	8.00% (Libor + 5.50% Cash, 1.50% PIK/Q)	12/20/2019	1.8	1.7	(2)(11)
					8.8	8.3
Garden Fresh Restaurant Corp. and GFRC Holdings LLC (15)	Restaurant owner and operator	First lien senior secured revolving loan ($6.9 par due 2/2022)		2/1/2017	6.3	—	(2)(10)
		First lien senior secured loan ($19.6 par due 2/2022)		2/1/2017	17.9	—	(2)(10)
					24.2	—
Jenny C Acquisition, Inc.	Health club franchisor	Senior subordinated loan ($1.3 par due 4/2025)	8.00% PIK	4/5/2019	1.3	1.3	(2)
Jim N Nicks Management, LLC (15)	Restaurant owner and operator	First lien senior secured revolving loan ($4.9 par due 7/2023)	6.25% (Libor + 5.25%/Q)	7/10/2017	4.9	4.4	(2)(11)
		First lien senior secured loan ($13.7 par due 7/2023)	6.25% (Libor + 5.25%/Q)	7/10/2017	13.7	12.5	(2)(11)
		First lien senior secured loan ($1.1 par due 7/2023)	6.25% (Libor + 5.25%/Q)	7/10/2017	1.1	1.0	(2)(11)
					19.7	17.9

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Campus Management Acquisition Corp. (7) Education software developer Preferred stock (485,159 shares) 2/8/2008 10.5
10.4
(2)
Infilaw Holding, LLC (24) Operator of for-profit law schools First lien senior secured revolving loan ($6.0 par due 2/2018) 8/25/2011 6.0
6.0
(2)(18)(23)
Series A preferred units (1.25 units) 8/25/2011 125.5
1.3
(2)(18)
Series A-1 preferred units (0.03 units) 7/29/2016 2.5
2.5
(2)
Series B preferred units (0.39 units) 10/19/2012 9.2
—
(2)
143.2
9.8

Instituto de Banca y Comercio, Inc. & Leeds IV Advisors, Inc. Private School Operator First lien senior secured loan ($2.9 par due 12/2018) 10.50% PIK (Libor + 9.00%/Q) 10/31/2015 2.9
2.9
(2)(19)
Series B preferred stock (1,750,000 shares) 8/5/2010 5.0
—
(2)
Series C preferred stock (2,512,586 shares) 6/7/2010 0.7
—
(2)
Senior preferred series A-1 shares (163,902 shares) 10/31/2015 119.4
47.8
(2)
Common stock (20 shares) 6/7/2010 —
—
(2)
128.0
50.7

Lakeland Tours, LLC (24) Educational travel provider First lien senior secured revolving loan - 2/10/2016 —
—
(22)
First lien senior secured loan ($5.0 par due 2/2022) 5.75% (Libor + 4.75%/Q) 2/10/2016 5.0
5.0
(2)(19)
First lien senior secured loan ($31.7 par due 2/2022) 10.43% (Libor + 9.43%/Q) 2/10/2016 31.3
31.7
(3)(19)
36.3
36.7

PIH Corporation (24) Franchisor of education-based early childhood centers First lien senior secured revolving loan ($0.6 par due 12/2018) 7.00% (Libor + 6.00%/Q) 12/13/2013 0.6
0.6
(2)(19)
R3 Education Inc., Equinox EIC Partners LLC and Sierra Education Finance Corp. Medical school operator Preferred stock (1,977 shares) 7/30/2008 0.5
0.5
(2)
Common membership interest (15.76% interest) 9/21/2007 15.8
32.4
(2)
Warrant to purchase up to 27,890 shares (expires 11/2019) 12/8/2009 —
—
(2)
16.3
32.9

Regent Education, Inc. Provider of software solutions designed to optimize the financial aid and enrollment processes First lien senior secured loan ($3.8 par due 1/2021) 12.00% (Libor + 8.00% Cash, 2.00% PIK/M) 7/1/2014 3.7
3.8
(2)(19)
First lien senior secured loan ($0.1 par due 1/2021) 7/1/2014 0.1
0.1
(2)
Warrant to purchase up to 987 shares of common stock (expires 12/2026) 12/23/2016 —
—
(2)
Warrant to purchase up to 5,393,194 shares of common stock (expires 12/2026) 12/23/2016 —
0.1
(2)
3.8
4.0

RuffaloCODY, LLC (24) Provider of student fundraising and enrollment management services First lien senior secured revolving loan 5/29/2013 —
—
(23)
Severin Acquisition, LLC Provider of student information system software solutions to the K-12 education market Second lien senior secured loan ($15.0 par due 7/2022) 9.75% (Libor + 8.75%/Q) 7/31/2015 14.8
15.0
(2)(19)
Second lien senior secured loan ($4.2 par due 7/2022) 9.75% (Libor + 8.75%/Q) 10/28/2015 4.1
4.2
(2)(19)
Second lien senior secured loan ($3.3 par due 7/2022) 10.25% (Libor + 9.25%/Q) 2/1/2016 3.2
3.3
(2)(19)
Second lien senior secured loan ($2.8 par due 7/2022) 10.25% (Libor + 9.25%/Q) 8/8/2016 2.8
2.8
(2)(19)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
ME Equity LLC	Franchisor in the massage industry	Common stock (3,000,000 shares)		9/27/2012	3.0	2.2	(2)
Movati Athletic (Group) Inc. (15)	Premier health club operator	First lien senior secured loan ($2.9 par due 10/2022)	7.50% (CDOR + 5.50% Cash, 0.50% PIK/Q)	10/5/2017	3.0	2.7	(2)(6)(11)
		First lien senior secured loan ($2.1 par due 10/2022)	7.50% (CDOR + 5.50% Cash, 0.50% PIK/Q)	10/5/2017	2.0	1.9	(2)(6)(11)
					5.0	4.6
OTG Management, LLC (15)	Airport restaurant operator	First lien senior secured revolving loan ($10.1 par due 8/2021)	10.00% (Libor + 7.00% Cash, 2.00% PIK/Q)	8/26/2016	10.1	8.7	(2)(11)
		First lien senior secured loan ($5.4 par due 8/2021)	10.00% (Libor + 7.00% Cash, 2.00% PIK/Q)	10/7/2020	5.4	4.6	(2)(11)
		First lien senior secured loan ($23.8 par due 8/2021)	10.00% (Libor + 7.00% Cash, 2.00% PIK/Q)	8/26/2016	23.8	20.5	(2)(11)
		First lien senior secured loan ($98.5 par due 8/2021)	10.00% (Libor + 7.00% Cash, 2.00% PIK/Q)	8/26/2016	98.5	84.7	(2)(11)
		First lien senior secured loan ($9.7 par due 8/2021)	10.00% (Libor + 7.00% Cash, 2.00% PIK/Q)	10/10/2018	9.7	8.3	(2)(11)
		First lien senior secured loan ($16.1 par due 8/2021)	10.00% (Libor + 7.00% Cash, 2.00% PIK/Q)	10/7/2020	16.1	13.8	(2)(11)
		Senior subordinated loan ($38.6 par due 2/2022)		8/26/2016	36.1	29.0	(2)(10)
		Class A preferred units (3,000,000 units)		8/26/2016	38.3	—
		Common units (3,000,000 units)		1/5/2011	3.0	—
		Warrant to purchase up to 7.73% of common units		6/19/2008	0.1	—
					241.1	169.6
Portillo's Holdings, LLC	Fast casual restaurant brand	Second lien senior secured loan ($34.0 par due 12/2024)	10.75% (Libor + 9.50%/Q)	11/27/2019	33.2	34.0	(2)(11)
Pyramid Management Advisors, LLC and Pyramid Investors, LLC (15)	Hotel operator	First lien senior secured revolving loan ($9.5 par due 7/2023)	8.00% (Libor + 5.75% Cash, 1.25% PIK/Q)	4/12/2018	9.5	8.5	(2)(11)(14)
		First lien senior secured loan ($16.8 par due 7/2023)	8.00% (Libor + 5.75% Cash, 1.25% PIK/Q)	4/12/2018	16.8	15.1	(2)(11)
		First lien senior secured loan ($1.4 par due 7/2023)	8.00% (Libor + 5.75% Cash, 1.25% PIK/Q)	4/12/2018	1.4	1.3	(2)(11)
		First lien senior secured loan ($6.3 par due 7/2023)	8.00% (Libor + 5.75% Cash, 1.25% PIK/Q)	12/27/2019	6.3	5.7	(2)(11)
		Preferred membership units (996,833 units)		7/15/2016	1.0	0.3
					35.0	30.9
Redwood Services, LLC and Redwood Services Holdco, LLC (15)	Provider of residential HVAC and plumbing services	First lien senior secured loan ($5.4 par due 12/2025)	8.00% (Libor + 7.00%/Q)	12/31/2020	5.4	5.3	(2)(11)
		Series D units (5,291,723 units)	8.00% PIK	12/31/2020	5.3	5.3
					10.7	10.6
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc. (15)	Provider of safety systems for business and residential customers	First lien senior secured loan ($45.3 par due 8/2024)	8.25% (Libor + 7.25%/M)	8/4/2020	45.3	44.8	(2)(11)
SERV 2020-1	Provider of restoration and cleaning services to commercial and residential customers	First lien senior secured loan ($0.0 par due 1/2051)	3.34%	12/9/2020	—	—	(2)
Spectra Finance, LLC (15)	Venue management and food and beverage provider	First lien senior secured revolving loan ($15.2 par due 4/2023)	6.75% (Libor + 5.00% Cash, 0.75% PIK/M)	4/2/2018	15.2	14.0	(2)(11)(14)
		First lien senior secured loan ($3.2 par due 4/2024)	6.75% (Libor + 5.00% Cash, 0.75% PIK/Q)	4/2/2018	3.2	2.9	(2)(11)
					18.4	16.9

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Second lien senior secured loan ($3.1 par due 7/2022) 10.00% (Libor + 9.00%/Q) 10/14/2016 3.1
3.1
(2)(19)
28.0
28.4

WCI-Quantum Holdings, Inc. Distributor of instructional products, services and resources Series A preferred stock (1,272 shares) 10/24/2014 1.0
1.3
(2)
367.7
174.8
3.38 %
Automotive Services
AEP Holdings, Inc. and Arrowhead Holdco Company Distributor of non-discretionary, mission-critical aftermarket replacement parts First lien senior secured loan ($1.9 par due 8/2021) 7.75% (Libor + 6.75%/Q) 12/14/2016 1.9
1.9
(2)(19)
Common stock (3,467 shares) 8/31/2015 3.5
3.8
(2)
5.4
5.7

CH Hold Corp. (24) Collision repair company First lien senior secured revolving loan ($1.2 par due 11/2019) 8.00% (Base Rate + 4.25%/Q) 2/24/2016 1.2
1.2
(2)(19)(23)
ChargePoint, Inc. Developer and operator of electric vehicle charging stations Second lien senior secured loan ($20.0 par due 8/2020) 9.75% (Libor + 8.75%/M) 12/24/2014 19.5
20.0
(2)(19)
Warrant to purchase up to 809,126 shares of Series E preferred stock (expires 12/2024) 12/24/2014 0.3
1.5
(2)
19.8
21.5

Dent Wizard International Corporation and DWH Equity Investors, L.P. Automotive reconditioning services Second lien senior secured loan ($50.0 par due 10/2020) 10.25% (Libor + 9.25%/Q) 4/7/2015 50.0
50.0
(3)(19)
Class A common stock (10,000 shares) 4/7/2015 0.3
0.7
(2)
Class B common stock (20,000 shares) 4/7/2015 0.7
1.3
(2)
51.0
52.0

Eckler Industries, Inc. (24) Restoration parts and accessories provider for classic automobiles First lien senior secured revolving loan ($2.0 par due 7/2017) 8.75% (Base Rate + 5.00%/Q) 7/12/2012 2.0
1.9
(2)(19)
First lien senior secured loan ($6.9 par due 7/2017) 7.25% (Libor + 6.00%/Q) 7/12/2012 6.9
6.7
(3)(19)
First lien senior secured loan ($25.9 par due 7/2017) 7.25% (Libor + 6.00%/Q) 7/12/2012 25.9
25.2
(3)(19)
Series A preferred stock (1,800 shares) 7/12/2012 1.8
—
(2)
Common stock (20,000 shares) 7/12/2012 0.2
—
(2)
36.8
33.8

EcoMotors, Inc. Engine developer First lien senior secured loan ($9.8 par due 3/2018) 11.00% 9/1/2015 9.5
7.9
(2)
Warrant to purchase up to 321,888 shares of Series C preferred stock (expires 12/2022) 12/28/2012 —
—
(2)
Warrant to purchase up to 70,000 shares of Series C preferred stock (expires 2/2025) 2/24/2015 —
—
(2)
9.5
7.9

ESCP PPG Holdings, LLC (7) Distributor of new equipment and aftermarket parts to the heavy-duty truck industry Class A units (3,500,000 units) 12/14/2016 3.5
3.7
(2)
Simpson Performance Products, Inc. Provider of motorsports safety equipment First lien senior secured loan ($18.5 par due 2/2020) 9.70% (Libor + 8.70%/Q) 2/20/2015 18.5
18.5
(3)(19)
SK SPV IV, LLC Collision repair site operators Series A common stock (12,500 units) 8/18/2014 0.6
2.9
(2)
Series B common stock (12,500 units) 8/18/2014 0.6
2.9
(2)
1.2
5.8

TA THI Parent, Inc. Collision repair company Series A preferred stock (50,000 shares) 7/28/2014 5.0
14.3
(2)
151.9
164.4
3.18%

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Spin HoldCo Inc. and Airvending Limited	Laundry service and equipment provider	First lien senior secured loan ($15.6 par due 11/2022)	7.00% (Libor + 6.00%/Q)	5/15/2020	15.6	15.6	(6)(11)
		First lien senior secured loan ($11.0 par due 11/2022)	7.00% (Libor + 6.00%/Q)	5/15/2020	11.0	11.0	(2)(11)
		Second lien senior secured loan ($154.2 par due 5/2023)	8.50% (Libor + 7.50%/Q)	5/14/2013	154.2	152.6	(2)(11)
					180.8	179.2
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (15)	Planet Fitness franchisee	First lien senior secured revolving loan ($1.3 par due 7/2024)	5.75% (Libor + 4.75%/Q)	7/31/2018	1.3	1.2	(2)(11)
		First lien senior secured loan ($0.3 par due 7/2025)	5.75% (Libor + 4.75%/Q)	3/5/2020	0.3	0.3	(2)(11)
		First lien senior secured loan ($0.6 par due 7/2025)	5.75% (Libor + 4.75%/Q)	3/5/2020	0.6	0.6	(2)(11)
		Class A units (37,020 units)		7/31/2018	3.8	0.8
					6.0	2.9
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. (15)	Premier health club operator	First lien senior secured loan ($15.4 par due 12/2024)	10.25% (Libor + 5.00% Cash, 2.00% PIK/Q)	12/16/2019	15.4	13.8	(2)(11)
WASH Multifamily Acquisition Inc. and Coinamatic Canada Inc.	Laundry service and equipment provider	First lien senior secured loan ($110.5 par due 5/2022)	5.75% (Libor + 4.75%/M)	8/1/2019	110.5	110.5	(2)(11)
		Second lien senior secured loan ($22.0 par due 5/2023)	8.00% (Libor + 7.00%/M)	5/14/2015	21.7	21.5	(2)(11)
		Second lien senior secured loan ($3.8 par due 5/2023)	8.00% (Libor + 7.00%/M)	5/14/2015	3.8	3.8	(2)(11)
					136.0	135.8
					1,282.3	1,097.5		15.29%
Consumer Durables & Apparel
Badger Sportswear Acquisition, Inc.	Provider of team uniforms and athletic wear	Second lien senior secured loan ($56.8 par due 3/2024)	11.00% (Libor + 9.75%/Q)	9/6/2016	56.8	50.0	(2)(11)
Bowhunter Holdings, LLC	Provider of branded archery and bowhunting accessories	Common units (421 units)		4/24/2014	4.2	—
Centric Brands LLC (15)	Designer, marketer and distributor of licensed and owned apparel	First lien senior secured revolving loan ($3.0 par due 10/2024)	6.50% (Libor + 5.50%/Q)	5/20/2020	3.0	3.0	(2)(11)
		First lien senior secured loan ($60.2 par due 10/2025)	11.00% (Libor + 10.00% PIK/Q)	10/29/2018	60.2	54.1	(2)(11)
		Membership interests (273,609 units)		10/29/2018	2.9	3.1	(2)
					66.1	60.2
DRS Holdings III, Inc. and DRS Holdings I, Inc. (15)	Footwear and orthopedic foot-care brand	First lien senior secured loan ($30.1 par due 11/2025)	6.75% (Libor + 5.75%/Q)	11/1/2019	30.1	29.5	(2)(11)
		Common stock (8,549 shares)		11/1/2019	8.5	4.9	(2)
					38.6	34.4
GSM Acquisition Corp. (15)	Manufacturer of outdoor products	First lien senior secured loan ($1.8 par due 11/2026)	6.00% (Libor + 5.00%/Q)	11/16/2020	1.8	1.8	(2)(11)
		First lien senior secured loan ($26.0 par due 11/2026)	6.00% (Libor + 5.00%/Q)	11/16/2020	26.0	25.6	(2)(11)
					27.8	27.4
Implus Footcare, LLC	Provider of footwear and other accessories	First lien senior secured loan ($104.4 par due 4/2024)	8.75% (Libor + 2.50% Cash, 5.25% PIK/Q)	6/1/2017	104.4	89.8	(2)(11)
		First lien senior secured loan ($14.3 par due 4/2024)	8.75% (Libor + 2.50% Cash, 5.25% PIK/Q)	6/1/2017	14.3	12.3	(2)(11)
		First lien senior secured loan ($1.3 par due 4/2024)	8.75% (Libor + 2.50% Cash, 5.25% PIK/Q)	6/30/2016	1.3	1.1	(2)(11)
		First lien senior secured loan ($5.1 par due 4/2024)	8.75% (Libor + 2.50% Cash, 5.25% PIK/Q)	7/17/2018	5.1	4.4	(2)(11)
					125.1	107.6
Pelican Products, Inc.	Flashlights manufacturer	Second lien senior secured loan ($27.3 par due 5/2026)	8.75% (Libor + 7.75%/Q)	5/14/2018	27.2	27.1	(2)(11)
Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC	Sports equipment manufacturing company	First lien senior secured loan ($93.6 par due 12/2026)	8.50% (Libor + 7.50%/M)	12/31/2020	93.6	92.7	(2)(11)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Oil and Gas
Lonestar Prospects, Ltd. Sand proppant producer and distributor to the oil and natural gas industry First lien senior secured loan ($70.1 par due 9/2018) 8.50% (Libor + 6.50% Cash, 1.00% PIK/Q) 9/18/2014 70.1
70.1
(3)(19)
Petroflow Energy Corporation and TexOak Petro Holdings LLC (7) Oil and gas exploration and production company First lien senior secured loan ($16.5 par due 6/2019) 3.00% (Libor + 2.00%/Q) 6/29/2016 16.1
15.0
(2)(19)
Second lien senior secured loan ($22.6 par due 12/2019) 6/29/2016 21.8
6.6
(2)(18)
Common units (202,000 units) 6/29/2016 11.1
—

49.0
21.6

119.1
91.7
1.78%
Commercial Real Estate Finance
10th Street, LLC and New 10th Street, LLC (8) Real estate holding company First lien senior secured loan ($25.6 par due 11/2019) 12.00% Cash, 1.00% PIK 3/31/2014 25.6
25.6
(2)
Senior subordinated loan ($27.5 par due 11/2019) 12.00% Cash, 1.00% PIK 4/1/2010 27.5
27.5
(2)
Member interest (10.00% interest) 4/1/2010 0.6
—

Option (25,000 units) 4/1/2010 —
35.3

53.7
88.4

53.7
88.4
1.71%
Aerospace and Defense
Cadence Aerospace, LLC Aerospace precision components manufacturer First lien senior secured loan ($4.0 par due 5/2018) 7.00% (Libor + 5.75%/Q) 5/15/2012 4.0
4.0
(4)(19)
Second lien senior secured loan ($79.7 par due 5/2019) 11.00% (Libor + 9.75%/Q) 5/10/2012 79.7
77.3
(2)(19)
83.7
81.3

83.7
81.3
1.57%
Environmental Services
MPH Energy Holdings, LP Operator of municipal recycling facilities Limited partnership interest (3.13% interest) 1/8/2014 —
—
(2)
Pegasus Community Energy, LLC Operator of municipal recycling facilities Preferred stock (1,000 shares) 3/1/2011 8.8
—
(2)
Waste Pro USA, Inc Waste management services Second lien senior secured loan ($75.9 par due 10/2020) 8.50% (Libor + 7.50%/Q) 10/15/2014 75.9
75.9
(3)(19)
84.7
75.9
1.47%
Chemicals
Genomatica, Inc. Developer of a biotechnology platform for the production of chemical products Warrant to purchase 322,422 shares of Series D preferred stock (expires 3/2023) 3/28/2013 —
—
(2)
K2 Pure Solutions Nocal, L.P. (24) Chemical Producer First lien senior secured revolving loan ($1.5 par due 2/2021) 8.125% (Libor + 7.125%/Q) 8/19/2013 1.5
1.5
(2)(19)
First lien senior secured loan ($40.0 par due 2/2021) 7.00% (Libor + 6.00%/Q) 8/19/2013 40.0
40.0
(3)(19)
First lien senior secured loan ($13.0 par due 2/2021) 7.00% (Libor + 6.00%/Q) 8/19/2013 13.0
13.0
(4)(19)
54.5
54.5

Kinestral Technologies, Inc. Designer of adaptive, dynamic glass for the commercial and residential markets First lien senior secured loan ($8.5 par due 10/2018) 8.75% (Libor + 7.75%/M) 4/22/2014 8.4
8.5
(2)(17)(19)
Warrant to purchase up to 325,000 shares of Series A preferred stock (expires 4/2024) 4/22/2014 0.1
0.2
(2)
Warrant to purchase up to 131,883 shares of Series B preferred stock (expires 4/2025) 4/9/2015 —
—
(2)
8.5
8.7

63.0
63.2
1.22%
Health Clubs

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Reef Lifestyle, LLC (15)	Apparel retailer	First lien senior secured revolving loan ($8.3 par due 10/2024)	11.00% (Libor + 5.75% Cash, 4.25% PIK/M)	10/26/2018	8.3	6.8	(2)(11)(14)
		First lien senior secured loan ($25.8 par due 10/2024)	11.00% (Libor + 5.75% Cash, 4.25% PIK/Q)	10/26/2018	25.8	21.1	(2)(11)
		First lien senior secured loan ($0.4 par due 10/2024)	11.00% (Libor + 5.75% Cash, 4.25% PIK/Q)	7/31/2020	0.4	0.3	(2)(11)
		First lien senior secured loan ($0.3 par due 10/2024)	11.00% (Libor + 5.75% Cash, 4.25% PIK/M)	7/31/2020	0.3	0.3	(2)(11)
					34.8	28.5
S Toys Holdings LLC (fka The Step2 Company, LLC) (5)	Toy manufacturer	Class B common units (126,278,000 units)		10/30/2014	—	0.3
		Common units (1,116,879 units)		4/1/2011	—	—
		Warrant to purchase up to 3,157,895 units		4/1/2010	—	—
					—	0.3
SHO Holding I Corporation	Manufacturer and distributor of slip resistant footwear	Second lien senior secured loan ($105.1 par due 10/2024)	10.29% PIK (Libor + 9.29%/Q)	10/27/2015	104.1	83.0	(2)(11)
Shock Doctor, Inc. and Shock Doctor Holdings, LLC (4)(15)	Developer, marketer and distributor of sports protection equipment and accessories	First lien senior secured revolving loan ($1.6 par due 5/2024)	7.00% (Base Rate + 3.75%/M)	5/21/2019	1.6	1.5	(2)(11)(14)
		First lien senior secured loan ($19.4 par due 5/2024)	5.75% (Libor + 4.75%/Q)	5/21/2019	19.3	18.0	(2)(11)
		Class A preferred units (50,000 units)		3/14/2014	5.0	—	(2)
		Class C preferred units (50,000 units)		4/22/2015	5.0	—	(2)
		Preferred units (14,591 units)		5/14/2019	1.6	—	(2)
					32.5	19.5
Singer Sewing Company, SVP-Singer Holdings, LLC and SVP-Singer Holdings LP (5)(15)	Manufacturer of consumer sewing machines	First lien senior secured revolving loan		7/26/2017	—	—	(13)
		First lien senior secured loan ($234.2 par due 2/2026)	10.00% (Libor + 9.00%/Q)	11/12/2020	222.5	234.2	(2)(11)
		Class A common units (6,264,706 units)		7/26/2017	—	74.1	(2)
					222.5	308.3
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. (4)	Designer, marketer, and distributor of rain and cold weather products	First lien senior secured loan ($2.2 par due 12/2024)	7.00% (Libor + 6.00%/Q)	12/23/2019	2.2	1.9	(2)(11)
		First lien senior secured loan ($1.6 par due 6/2024)	5.00% (Libor + 4.00%/Q)	12/23/2019	1.6	1.6	(2)(11)
		Common stock (861,000 shares)		12/23/2019	6.0	2.0	(2)
					9.8	5.5
Varsity Brands Holding Co., Inc. and BCPE Hercules Holdings, LP	Leading manufacturer and distributor of textiles, apparel & luxury goods	Second lien senior secured loan ($21.1 par due 12/2025)	9.25% (Libor + 8.25%/M)	7/30/2018	21.1	19.0	(2)(11)
		Second lien senior secured loan ($122.7 par due 12/2025)	9.25% (Libor + 8.25%/M)	12/15/2017	122.7	110.5	(2)(11)
		Class A units (1,400 units)		7/30/2018	1.4	0.5	(2)
					145.2	130.0
					988.3	974.5		13.58%
Diversified Financials
Commercial Credit Group, Inc.	Commercial equipment finance and leasing company	Senior subordinated loan ($8.5 par due 8/2022)	11.00% (Libor + 9.75%/M)	5/10/2012	8.5	8.5	(2)(11)
DFC Global Facility Borrower III LLC (15)	Non-bank provider of alternative financial services	First lien senior secured revolving loan ($114.4 par due 9/2024)	11.75% (Libor + 10.75%/M)	8/9/2019	114.4	114.4	(2)(6)(11)
eCapital Finance Corp.	Consolidator of commercial finance businesses	Senior subordinated loan ($36.5 par due 1/2025)	10.00% (Libor + 8.50%/M)	1/31/2020	36.5	36.5	(2)(11)
		Senior subordinated loan ($43.0 par due 1/2025)	10.00% (Libor + 8.50%/M)	1/31/2020	43.0	43.0	(2)(11)
		Senior subordinated loan ($7.7 par due 1/2025)	10.00% (Libor + 8.50%/Q)	11/24/2020	7.7	7.7	(2)(11)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Athletic Club Holdings, Inc. Premier health club operator First lien senior secured loan ($35.0 par due 10/2020) 9.50% (Libor + 8.50%/Q) 10/11/2007 35.0
35.0
(3)(19)
CFW Co-Invest, L.P., NCP Curves, L.P. and Curves International Holdings, Inc. Health club franchisor Limited partnership interest (4,152,165 shares) 7/31/2012 4.2
0.8
(2)
Common stock (1,680 shares) 11/12/2014 —
—
(2)(9)
Limited partnership interest (2,218,235 shares) 7/31/2012 2.2
8.5
(2)(9)
6.4
9.3

41.4
44.3
0.86 %
Hotel Services
Aimbridge Hospitality, LLC (24) Hotel operator First lien senior secured loan ($2.9 par due 10/2018) 8.25% (Libor + 7.00%/Q) 1/7/2016 2.8
2.9
(2)(15)(19)
First lien senior secured loan ($3.3 par due 10/2018) 8.25% (Libor + 7.00%/Q) 7/15/2015 3.2
3.3
(2)(15)(19)
First lien senior secured loan ($14.8 par due 10/2018) 8.25% (Libor + 7.00%/Q) 7/15/2015 14.7
14.8
(4)(15)(19)
20.7
21.0

Pyramid Management Advisors, LLC and Pyramid Investors, LLC Hotel operator First lien senior secured loan ($3.0 par due 7/2021) 11.12% (Libor + 10.12%/Q) 7/15/2016 3.0
2.9
(2)(19)
First lien senior secured loan ($19.5 par due 7/2021) 11.12% (Libor + 10.12%/Q) 7/15/2016 19.5
19.1
(3)(19)
Membership units (990,369 units) 7/15/2016 1.0
0.7
(2)
23.5
22.7

44.2
43.7
0.85%
Wholesale Distribution
Flow Solutions Holdings, Inc. Distributor of high value fluid handling, filtration and flow control products �� Second lien senior secured loan ($6.0 par due 10/2018) 10.00% (Libor + 9.00%/Q) 12/16/2014 6.0
5.3
(2)(19)
Second lien senior secured loan ($29.5 par due 10/2018) 10.00% (Libor + 9.00%/Q) 12/16/2014 29.5
26.0
(2)(19)
35.5
31.3

35.5
31.3
0.61%
Farming and Agriculture
QC Supply, LLC (24) Specialty distributor and solutions provider to the swine and poultry markets First lien senior secured revolving loan ($2.3 par due 12/2021) 7.00% (Libor + 6.00%/Q) 12/29/2016 2.3
2.3
(2)(19)
First lien senior secured loan ($28.9 par due 12/2022) 7.00% (Libor + 6.00%/Q) 12/29/2016 28.9
28.9
(2)(19)
31.2
31.2

31.2
31.2
0.60%
Telecommunications
Adaptive Mobile Security Limited (9) Developer of security software for mobile communications networks First lien senior secured loan ($1.8 par due 7/2018) 12.00% (Euribor + 9.00% Cash, 1% PIK/M) 1/16/2015 2.0
1.8
(2)(17)(19)
First lien senior secured loan ($0.5 par due 10/2018) 12.00% (Euribor + 9.00% Cash, 1% PIK/M) 1/16/2015 0.5
0.5
(2)(17)(19)
First lien senior secured loan ($1.1 par due 10/2018) 12.00% (Euribor + 9.00% Cash, 1% PIK/M) 10/17/2016 1.1
1.1
(2)(17)(19)
3.6
3.4

American Broadband Holding Company and Cameron Holdings of NC, Inc. Broadband communication services Warrant to purchase up to 208 shares (expires 11/2017) 11/7/2007 —
7.2

Warrant to purchase up to 200 shares (expires 9/2020) 9/1/2010 —
6.9

—
14.1

Startec Equity, LLC (8) Communication services Member interest 4/1/2010 —
—

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, ~~2016~~2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					87.2	87.2
EP Wealth Advisors, LLC (15)	Wealth management and financial planning firm	First lien senior secured loan ($0.1 par due 9/2026)	6.25% (Libor + 5.25%/Q)	9/4/2020	0.1	0.1	(2)(11)
Ivy Hill Asset Management, L.P. (5)	Asset management services	Senior subordinated loan ($72.0 par due 5/2023)	7.25% (Libor + 6.50%/Q)	2/8/2018	72.0	72.0	(6)(11)
		Member interest (100.00% interest)		6/15/2009	469.0	556.5	(6)
					541.0	628.5
Javlin Three LLC, Javlin Four LLC, and Javlin Five LLC	Asset-backed financial services company	First lien senior secured loan ($16.0 par due 6/2017)		6/24/2014	12.9	0.8	(2)(6)(10)
Joyce Lane Capital LLC and Joyce Lane Financing SPV LLC (fka Ciena Capital LLC) (5)(15)	Specialty finance company	First lien senior secured loan ($0.6 par due 12/2022)	4.25% (Libor + 4.00%/Q)	12/27/2018	0.6	0.6	(2)(6)
		Equity interests		11/29/2010	—	—	(2)(6)
					0.6	0.6
LS DE LLC and LM LSQ Investors LLC	Asset based lender	Senior subordinated loan ($37.0 par due 6/2021)	10.50%	6/25/2015	37.0	36.6	(2)(6)
		Senior subordinated loan ($3.0 par due 6/2021)	10.50%	6/15/2017	3.0	3.0	(2)(6)
		Membership units (3,275,000 units)		6/25/2015	3.3	3.7	(6)
					43.3	43.3
Rialto Management Group, LLC (15)	Investment and asset management platform focused on real estate	First lien senior secured revolving loan		11/30/2018	—	—	(6)(13)
		First lien senior secured loan ($0.8 par due 12/2024)	4.65% (Libor + 4.50%/M)	11/30/2018	0.8	0.8	(2)(6)
					0.8	0.8
TA/WEG Holdings, LLC (15)	Wealth management and financial planning firm	First lien senior secured revolving loan		10/2/2019	—	—	(13)
		First lien senior secured loan ($0.5 par due 10/2025)	6.75% (Libor + 5.75%/Q)	11/6/2020	0.5	0.5	(2)(11)
		First lien senior secured loan ($4.7 par due 10/2025)	6.75% (Libor + 5.75%/Q)	10/2/2019	4.7	4.7	(2)(11)
					5.2	5.2
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (15)	Provider of asset-servicing capabilities for fund managers	First lien senior secured revolving loan ($4.0 par due 2/2024)	4.75% (Libor + 4.50%/Q)	2/1/2019	4.0	3.8	(2)
		First lien senior secured loan ($38.2 par due 2/2026)	5.50% (Libor + 4.50%/Q)	2/1/2019	38.2	36.3	(2)(11)
		Class A units (1,443 units)		2/1/2019	1.6	1.7
		Class A units (245 units)		2/1/2019	0.2	—
		Class B units (2,167,424 units)		2/1/2019	—	—
		Class B units (245,194 units)		2/1/2019	—	—
					44.0	41.8
					858.0	931.2		12.98%
Automobiles & Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC	Provider of replacement wireless keys for automotive market	First lien senior secured loan ($12.2 par due 11/2025)	6.00% (Libor + 5.00%/Q)	12/22/2020	12.2	11.9	(2)(11)
		First lien senior secured loan ($5.3 par due 11/2025)	6.00% (Libor + 5.00%/Q)	11/6/2020	5.3	5.2	(2)(11)
		Preferred units (4,113,113 units)	9.00% PIK	11/6/2020	4.2	4.2	(2)
		Class A common units (4,113,113 units)		11/6/2020	—	—	(2)
					21.7	21.3
Eckler Industries, Inc. and Eckler Purchaser LLC (5)(15)	Restoration parts and accessories provider for classic automobiles	First lien senior secured revolving loan ($2.7 par due 5/2022)	12.00% PIK	7/12/2012	2.7	2.6	(2)
		First lien senior secured loan ($23.3 par due 5/2022)	12.00% PIK	7/12/2012	23.3	22.6	(2)
		Class A common units (67,972 units)		7/12/2012	16.4	—	(2)
					42.4	25.2
GB Auto Service, Inc. and GB Auto Service Holdings, LLC (15)	Automotive parts and repair services retailer	First lien senior secured revolving loan ($3.8 par due 10/2024)	7.00% (Libor + 6.00%/M)	10/19/2018	3.8	3.8	(2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)

Company(1) Business Description Investment Interest(6)(12) Acquisition
Date Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Wilcon Holdings LLC Communications infrastructure provider Class A common stock (2,000,000 shares) 12/13/2013 1.8
3.7

5.4
21.2
0.41%
Retail
Paper Source, Inc. and Pine Holdings, Inc. (24) Retailer of fine and artisanal paper products First lien senior secured loan ($9.7 par due 9/2018) 7.25% (Libor + 6.25%/Q) 9/23/2013 9.7
9.7
(4)(19)
Class A common stock (36,364 shares) 9/23/2013 6.0
5.9
(2)
15.7
15.6

Things Remembered, Inc. and TRM Holdco Corp. (7) Personalized gifts retailer First lien senior secured loan ($11.0 par due 3/2020) 8/30/2016 10.6
3.5
(2)(18)
Common stock (10,631,940 shares) 8/30/2016 6.1
—
(2)
16.7
3.5

32.4
19.1
0.37%
Computers and Electronics
Everspin Technologies, Inc. (24) Designer and manufacturer of computer memory solutions First lien senior secured revolving loan ($1.1 par due 6/2017) 7.50% (Base Rate + 7.50%/M) 6/5/2015 1.1
1.1
(5)(19)
First lien senior secured loan ($7.3 par due 6/2019) 8.75% (Libor + 7.75%/M) 6/5/2015 7.0
7.3
(5)(19)
Warrant to purchase up to 18,461 shares of common stock (expires 10/2026) 6/5/2015 0.4
0.4
(5)
8.5
8.8

8.5
8.8
0.17%
Printing, Publishing and Media
Earthcolor Group, LLC Printing management services Limited liability company interests (9.30%) 5/18/2012 —
—

The Teaching Company Holdings, Inc. Education publications provider Preferred stock (10,663 shares) 9/29/2006 1.1
3.0
(2)
Common stock (15,393 shares) 9/29/2006 —
—
(2)
1.1
3.0

1.1
3.0
0.06%
Total Investments $ 9,034.1
$ 8,819.9
(29) 170.77%


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($21.9 par due 10/2024)	7.00% (Libor + 6.00%/Q)	10/19/2018	21.9	21.9	(2)(11)
		First lien senior secured loan ($30.1 par due 10/2024)	7.00% (Libor + 6.00%/Q)	10/19/2018	30.1	30.1	(11)
		First lien senior secured loan ($38.8 par due 10/2024)	7.00% (Libor + 6.00%/Q)	3/9/2020	38.8	38.8	(2)(11)
		Common units (4,389,156 units)		10/19/2018	5.7	10.4	(2)
					100.3	105.0
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (15)	Manufacturer and distributor of automotive fluids	First lien senior secured revolving loan ($9.5 par due 11/2025)	4.00% (Libor + 3.75%/M)	11/9/2020	9.5	9.2	(2)
		Second lien senior secured loan ($41.2 par due 11/2028)	8.75% (Libor + 8.00%/Q)	11/9/2020	41.2	40.4	(2)(11)
		Second lien senior secured loan ($29.2 par due 11/2028)	8.75% (Libor + 8.00%/Q)	11/9/2020	29.2	28.6	(2)(11)
		Co-invest units (59,230 units)		11/4/2020	5.9	5.9	(2)
					85.8	84.1
Mac Lean-Fogg Company and MacLean-Fogg Holdings, L.L.C.	Manufacturer and supplier for the power utility and automotive markets worldwide	First lien senior secured loan ($153.0 par due 12/2025)	5.63% (Libor + 5.00%/M)	12/21/2018	152.4	146.9	(11)
		First lien senior secured loan ($19.3 par due 12/2025)	5.63% (Libor + 5.00%/M)	12/21/2018	19.3	18.5	(2)(11)
		Preferred units (59,453 units)	4.50% Cash, 9.25% PIK	10/9/2015	72.3	72.3
					244.0	237.7
Mavis Tire Express Services Corp. and Mavis Tire Express Services TopCo, L.P. (15)	Auto parts retailer	Second lien senior secured loan ($153.9 par due 3/2026)	8.50% (Libor + 7.50%/Q)	3/20/2018	152.3	153.9	(2)(11)
		Second lien senior secured loan ($1.4 par due 3/2026)	8.50% (Libor + 7.50%/Q)	3/20/2018	1.4	1.4	(2)(11)
		Second lien senior secured loan ($23.3 par due 3/2026)	9.00% (Libor + 8.00%/Q)	10/15/2019	23.3	23.3	(2)(11)
		Class A units (12,400,000 units)		3/20/2018	12.4	19.0	(2)
					189.4	197.6
SK SPV IV, LLC	Collision repair site operator	Series A common stock (12,500 units)		8/18/2014	0.6	1.4	(2)
		Series B common stock (12,500 units)		8/18/2014	0.6	1.4	(2)
					1.2	2.8
Wand Newco 3, Inc.	Collision repair company	Second lien senior secured loan ($180.2 par due 2/2027)	7.40% (Libor + 7.25%/M)	2/5/2019	177.8	174.8	(2)
					862.6	848.5		11.82%
Power Generation
Beacon RNG LLC	Owner of natural gas facilities	Class B units (35,000,000 units)		3/11/2019	35.0	39.3
CPV Maryland Holding Company II, LLC	Gas turbine power generation facilities operator	Senior subordinated loan ($66.2 par due 3/2021)	14.00% PIK	8/8/2014	61.6	61.6	(2)
DGH Borrower LLC	Developer, owner and operator of quick start, small-scale natural gas-fired power generation projects	First lien senior secured loan ($50.3 par due 6/2023)	8.25% (Libor + 7.25%/Q)	6/8/2018	50.3	45.7	(2)(11)
Green Energy Partners, Stonewall LLC and Panda Stonewall Intermediate Holdings II LLC	Gas turbine power generation facilities operator	First lien senior secured loan ($14.4 par due 11/2021)	6.50% (Libor + 5.50%/Q)	11/13/2014	14.3	13.1	(2)(11)
		Senior subordinated loan ($134.2 par due 12/2021)		11/13/2014	132.1	87.3	(2)(10)
					146.4	100.4
Heelstone Renewable Energy, LLC (5)(15)	Provider of cloud based IT solutions, infrastructure and services	Preferred equity (2,700,000 shares)		6/28/2019	29.4	29.7
Hummel Station LLC	Gas turbine power generation facilities operator	First lien senior secured loan ($0.9 par due 10/2022)	7.00% (Libor + 6.00%/M)	12/10/2020	0.9	0.9	(2)(11)(18)
Navisun LLC and Navisun Holdings LLC (5)(15)	Owner and operater of commercial and industrial solar projects	First lien senior secured loan ($52.6 par due 11/2023)	8.00% PIK	11/15/2017	52.6	52.6	(2)
		First lien senior secured loan ($14.6 par due 11/2023)	9.00% PIK	3/7/2019	14.6	14.6	(2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($39.1 par due 11/2023)	5.00% Cash, 3.00% PIK	8/15/2019	39.1	39.1	(2)
		Series A preferred units (1,000 units)	10.50% PIK	11/15/2017	12.6	12.6
		Class A units (550 units)		11/15/2017	—	0.3
					118.9	119.2
Panda Temple Power, LLC and T1 Power Holdings LLC (4)	Gas turbine power generation facilities operator	Second lien senior secured loan ($4.5 par due 2/2023)	9.00% PIK (Libor + 8.00%/M)	3/6/2015	4.5	4.5	(2)(11)
		Class A Common units (616,122 shares)		3/6/2015	15.0	14.1
					19.5	18.6
PERC Holdings 1 LLC	Operator of recycled energy, combined heat and power, and energy efficiency facilities	Class B common units (21,653,543 units)		10/20/2014	0.6	12.7	(2)
PosiGen Backleverage, LLC and PosiGen, Inc. (15)	Seller and leaser of solar power systems for residential and commercial customers	First lien senior secured loan ($43.8 par due 1/2023)	10.50% (Libor + 7.00% Cash, 1.50% PIK/Q)	9/29/2020	42.9	43.0	(2)(11)
		First lien senior secured loan ($1.9 par due 1/2023)	15.00% (Libor + 7.00% Cash, 6.00% PIK/M)	9/29/2020	1.9	1.9	(2)(11)
		Warrant to purchase up to 78,632 shares of common stock (expires 1/2027)		1/29/2020	—	—	(2)
					44.8	44.9
Riverview Power LLC	Operator of natural gas and oil fired power generation facilities	First lien senior secured loan ($76.6 par due 12/2022)	9.00% (Libor + 8.00%/Q)	12/29/2016	75.8	76.6	(2)(11)
SE1 Generation, LLC	Solar power developer	Senior subordinated loan ($55.6 par due 12/2022)	5.50% Cash, 4.00% PIK	12/17/2019	55.6	54.5	(2)
Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC	Residential solar energy provider	First lien senior secured loan ($0.1 par due 2/2055)	3.61%	10/28/2019	0.1	0.1	(2)
		Senior subordinated loan ($137.0 par due 11/2025)	8.75% (Libor + 2.75% Cash, 4.00% PIK/Q)	11/26/2019	137.0	137.0	(2)(11)
					137.1	137.1
Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC	Residential solar energy provider	First lien senior secured loan ($0.4 par due 6/2054)	3.98%	6/7/2019	0.4	0.4	(2)
		Senior subordinated loan ($66.9 par due 7/2030)	8.75% (Libor + 2.75% Cash, 4.00% PIK/Q)	6/27/2019	66.9	66.9	(2)(11)
					67.3	67.3
					843.2	808.5		11.27%
Capital Goods
AEP Holdings, Inc. and Arrowhead Holdco Company (15)	Distributor of non-discretionary, mission-critical aftermarket replacement parts	First lien senior secured loan ($7.7 par due 11/2025)	6.75% (Libor + 5.75%/Q)	12/31/2020	7.7	7.5	(2)(11)
		First lien senior secured loan ($17.1 par due 11/2025)	6.75% (Euribor + 5.75%/Q)	11/17/2020	16.6	16.8	(2)(11)
		Common stock (3,467 shares)		8/31/2015	3.5	3.4	(2)
					27.8	27.7
Cadence Aerospace, LLC (15)	Aerospace precision components manufacturer	First lien senior secured revolving loan ($14.2 par due 11/2022)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	11/14/2017	14.2	12.8	(2)(11)(14)
		First lien senior secured revolving loan ($0.4 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	7/22/2020	0.4	0.3	(2)(11)
		First lien senior secured loan ($31.7 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	11/14/2017	31.5	28.5	(2)(11)
		First lien senior secured loan ($9.9 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	7/5/2018	9.9	8.9	(2)(11)
		First lien senior secured loan ($12.0 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	10/31/2019	12.0	10.8	(2)(11)
		First lien senior secured loan ($7.9 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	2/12/2020	7.9	7.1	(2)(11)
		First lien senior secured loan ($1.7 par due 11/2023)	9.50% (Libor + 3.25% Cash, 5.25% PIK/Q)	7/31/2020	1.6	1.5	(2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					77.5	69.9
Creation Holdings Inc. (15)	Manufacturer of electrical systems	First lien senior secured revolving loan ($4.4 par due 8/2024)	6.75% (Libor + 5.75%/M)	8/15/2019	4.4	4.3	(2)(6)(11)(14)
		First lien senior secured loan ($17.6 par due 8/2025)	6.75% (Libor + 5.75%/Q)	8/15/2019	17.5	17.3	(2)(6)(11)
		First lien senior secured loan ($6.7 par due 8/2025)	6.75% (Libor + 5.75%/Q)	8/15/2019	6.7	6.5	(6)(11)
					28.6	28.1
DFS Holding Company, Inc.	Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry	First lien senior secured loan ($168.6 par due 8/2023)	8.50% (Libor + 6.00% Cash, 1.50% PIK/M)	7/26/2017	168.6	158.5	(2)(11)
		First lien senior secured loan ($4.3 par due 8/2023)	8.50% (Libor + 6.00% Cash, 1.50% PIK/M)	3/1/2017	4.3	4.1	(2)(11)
		First lien senior secured loan ($0.7 par due 8/2023)	8.50% (Libor + 6.00% Cash, 1.50% PIK/M)	5/22/2020	0.7	0.6	(2)(11)
		First lien senior secured loan ($0.7 par due 2/2022)	8.50% (Libor + 6.00% Cash, 1.50% PIK/M)	5/22/2020	0.7	0.6	(2)(11)
		First lien senior secured loan ($1.6 par due 8/2023)	8.50% (Libor + 6.00% Cash, 1.50% PIK/M)	5/22/2020	1.6	1.5	(2)(11)
					175.9	165.3
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (15)	Provider of aerospace technology and equipment	First lien senior secured revolving loan ($0.7 par due 12/2025)	8.75% (Base Rate + 5.50%/Q)	12/30/2020	0.7	0.7	(2)(11)
		First lien senior secured loan ($26.0 par due 12/2026)	8.75% (Base Rate + 5.50%/Q)	12/30/2020	26.0	25.8	(2)(11)
		Common units (9,773,000 units)		12/30/2020	9.8	9.8
					36.5	36.3
ESCP PPG Holdings, LLC (4)	Distributor of new equipment and aftermarket parts to the heavy-duty truck industry	Class A units (3,500,000 units)		12/14/2016	3.5	3.1	(2)
Flow Control Solutions, Inc. (15)	Distributor and manufacturer of flow control systems components	First lien senior secured loan ($10.8 par due 11/2024)	6.75% (Libor + 5.75%/Q)	11/21/2018	10.8	10.8	(2)(11)
		First lien senior secured loan ($9.5 par due 11/2024)	6.75% (Libor + 5.75%/Q)	11/21/2018	9.5	9.5	(2)(11)
					20.3	20.3
Harvey Tool Company, LLC (15)	Manufacturer of cutting tools used in the metalworking industry	First lien senior secured revolving loan		10/12/2017	—	—	(13)
		First lien senior secured loan ($32.0 par due 10/2024)	5.75% (Libor + 4.75%/Q)	11/30/2020	32.0	32.0	(2)(11)
		First lien senior secured loan ($30.0 par due 10/2024)	5.75% (Libor + 4.75%/Q)	10/12/2017	30.0	30.0	(2)(11)
		Second lien senior secured loan ($43.7 par due 10/2025)	9.50% (Libor + 8.50%/Q)	10/12/2017	43.7	43.7	(2)(11)
					105.7	105.7
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5)	Provider of high-speed intelligent document scanning hardware and software	Senior subordinated loan ($8.3 par due 6/2022)	14.00%	1/3/2017	8.2	8.3	(2)
		Senior subordinated loan ($8.3 par due 6/2022)	14.00%	1/3/2017	8.2	8.3	(2)
		Series A preferred stock (73,804,135 shares)		1/3/2017	1.2	26.9
		Class A common stock (48,082 shares)		1/3/2017	—	0.1
		Class B common stock (431,055 shares)		1/3/2017	0.1	0.9
					17.7	44.5
Kene Acquisition, Inc. and Kene Holdings, L.P. (15)	National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets	First lien senior secured revolving loan		8/8/2019	—	—	(13)
		First lien senior secured loan ($51.5 par due 8/2026)	5.25% (Libor + 4.25%/Q)	8/8/2019	51.5	51.0	(2)(11)
		Class A units (4,549,000 units)		8/8/2019	4.5	4.3	(2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
					56.0	55.3
LTG Acquisition, Inc.	Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets	Class A membership units (5,000 units)		1/3/2017	5.1	—
MB Aerospace Holdings II Corp.	Aerospace engine components manufacturer	Second lien senior secured loan ($68.4 par due 1/2026)	10.00% (Libor + 9.00%/Q)	1/22/2018	68.4	61.6	(2)(11)
		Second lien senior secured loan ($23.6 par due 1/2026)	10.00% (Libor + 9.00%/Q)	5/28/2019	23.6	21.3	(2)(11)
					92.0	82.9
NCWS Intermediate, Inc. and NCWS Holdings LP (15)	Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market	First lien senior secured loan ($144.1 par due 12/2026)	7.50% (Libor + 6.50%/Q)	12/29/2020	144.1	142.7	(2)(11)
		Class A-2 common units (10,000,000 units)		12/29/2020	10.0	10.0	(2)
					154.1	152.7
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (15)	Metal fabricator in the aerospace industry	First lien senior secured revolving loan ($0.2 par due 3/2025)	6.75% (Libor + 5.75%/Q)	3/29/2019	0.2	0.2	(2)(11)
		First lien senior secured revolving loan ($1.1 par due 3/2025)	6.75% (GBP Libor + 5.75%/Q)	11/14/2019	1.0	1.0	(2)(6)(11)
					1.2	1.2
Star US Bidco LLC (15)	Manufacturer of pumps, compressors and other highly-engineered equipment for mission-critical applications	First lien senior secured revolving loan		3/17/2020	—	—	(13)
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation (15)	Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets	First lien senior secured revolving loan ($2.5 par due 10/2022)	7.25% (Libor + 6.25%/Q)	10/31/2017	2.5	2.5	(2)(11)(14)
					804.4	795.5		11.08%
Insurance Services
Alera Group Intermediate Holdings, Inc.	Insurance service provider	Second lien senior secured loan ($26.2 par due 3/2026)	8.65% (Libor + 8.50%/M)	3/5/2019	26.2	26.2	(2)
		Second lien senior secured loan ($24.4 par due 3/2026)	8.65% (Libor + 8.50%/M)	3/5/2019	24.4	24.4	(2)
					50.6	50.6
Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc.	Insurance service provider	First lien senior secured loan ($13.3 par due 2/2025)	4.65% (Libor + 4.50%/M)	12/21/2018	13.3	12.9	(2)
AQ Sunshine, Inc. (15)	Specialized insurance broker	First lien senior secured loan ($8.7 par due 4/2025)	7.00% (Libor + 6.00%/Q)	4/15/2019	8.7	8.7	(2)(11)
		First lien senior secured loan ($9.5 par due 4/2025)	7.00% (Libor + 6.00%/Q)	10/29/2020	9.5	9.5	(2)(11)
					18.2	18.2
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc (15)	Insurance broker and underwriting servicer	First lien senior secured loan ($2.4 par due 7/2026)	8.25% (GBP Libor + 7.50%/Q)	6/26/2020	2.3	2.4	(2)(6)(11)
		First lien senior secured loan ($68.7 par due 7/2026)	8.25% (GBP Libor + 7.50%/Q)	6/26/2020	63.1	68.7	(2)(6)(11)
		First lien senior secured loan ($7.8 par due 7/2026)	8.50% (Euribor + 7.50%/Q)	6/26/2020	7.3	7.8	(2)(6)(11)
		Senior subordinated loan ($1.1 par due 1/2027)	11.50%	6/26/2020	1.1	1.1	(2)(6)
					73.8	80.0
Benecon Midco II LLC and Locutus Holdco LLC (15)	Employee benefits provider for small and mid-size employers	First lien senior secured revolving loan ($1.8 par due 12/2026)	6.50% (Libor + 5.50%/Q)	12/4/2020	1.8	1.7	(2)(11)
		Common units (9,803,682 units)		12/4/2020	10.0	10.0	(2)
					11.8	11.7
Foundation Risk Partners, Corp. (15)	Full service independent insurance agency	First lien senior secured loan ($21.8 par due 11/2023)	5.75% (Libor + 4.75%/Q)	11/10/2017	21.8	21.8	(2)(11)
		First lien senior secured loan ($25.8 par due 11/2023)	5.75% (Libor + 4.75%/Q)	8/30/2019	25.8	25.8	(11)
		Second lien senior secured loan ($19.1 par due 11/2024)	9.50% (Libor + 8.50%/Q)	8/9/2018	19.1	19.1	(2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Second lien senior secured loan ($21.7 par due 11/2024)	9.50% (Libor + 8.50%/Q)	8/9/2018	21.7	21.7	(2)(11)
		Second lien senior secured loan ($27.4 par due 11/2024)	9.50% (Libor + 8.50%/Q)	5/1/2019	27.4	27.4	(2)(11)
		Second lien senior secured loan ($14.8 par due 11/2024)	9.50% (Libor + 8.50%/Q)	8/30/2019	14.8	14.8	(2)(11)
		Second lien senior secured loan ($27.5 par due 11/2024)	9.50% (Libor + 8.50%/Q)	11/10/2017	27.5	27.5	(2)(11)
					158.1	158.1
K2 Insurance Services, LLC and K2 Holdco LP (15)	Specialty insurance and managing general agency	First lien senior secured revolving loan		7/1/2019	—	—	(13)
		First lien senior secured loan ($51.5 par due 7/2024)	6.00% (Libor + 5.00%/Q)	7/1/2019	51.5	51.5	(2)(11)
		First lien senior secured loan ($10.5 par due 7/2024)	6.00% (Libor + 5.00%/M)	7/1/2019	10.5	10.5	(2)(11)
		Common units (799,000 units)		7/1/2019	0.8	1.5	(2)
					62.8	63.5
NSM Insurance Group, LLC	Insurance program administrator	First lien senior secured loan ($12.9 par due 5/2026)	7.00% (Libor + 5.75%/Q)	5/11/2018	12.9	12.9	(2)(11)
RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc. (15)	Insurance broker	First lien senior secured revolving loan		11/1/2019	—	—	(13)
		First lien senior secured loan ($43.1 par due 10/2026)	6.50% (Libor + 5.50%/Q)	11/1/2019	43.1	42.7	(2)(11)
					43.1	42.7
SCM Insurance Services Inc. (15)	Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry	First lien senior secured loan ($20.5 par due 8/2024)	6.00% (CDOR + 5.00%/M)	8/29/2017	20.8	20.1	(2)(6)(11)
		Second lien senior secured loan ($59.6 par due 3/2025)	10.00% (CDOR + 9.00%/M)	8/29/2017	60.5	58.4	(2)(6)(11)
					81.3	78.5
SG Acquisition, Inc.	Provider of insurance solutions for car sales	First lien senior secured loan ($38.6 par due 1/2027)	5.90% (Libor + 5.75%/M)	1/27/2020	38.6	38.6	(2)
Spring Insurance Solutions, LLC (15)	Technology-based direct to consumer sales and marketing platform for insurance products	First lien senior secured loan ($19.0 par due 11/2025)	7.50% (Libor + 6.50%/Q)	11/23/2020	19.0	18.8	(2)(11)
THG Acquisition, LLC (15)	Multi-line insurance broker	First lien senior secured revolving loan		12/2/2019	—	—	(13)
		First lien senior secured loan ($0.9 par due 12/2026)	7.00% (Libor + 6.00%/Q)	12/15/2020	0.9	0.9	(2)(11)
		First lien senior secured loan ($10.0 par due 12/2026)	6.75% (Libor + 5.75%/Q)	12/2/2019	10.0	9.9	(2)(11)
		First lien senior secured loan ($17.7 par due 12/2026)	7.00% (Libor + 6.00%/Q)	12/15/2020	17.7	17.7	(2)(11)
					28.6	28.5
					612.1	615.0		8.57%
Energy
Birch Permian, LLC	Operator of private exploration oil and production company	Second lien senior secured loan ($88.3 par due 4/2023)	9.50% (Libor + 8.00%/Q)	4/12/2019	87.7	81.2	(2)(11)
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC	Private oil exploration and production company	Second lien senior secured loan ($63.1 par due 1/2024)	10.50% (Libor + 8.50%/Q)	7/10/2019	63.1	52.4	(2)(11)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC	Exploration and production company	First lien senior secured loan ($6.8 par due 10/2023)	11.00% (Libor + 9.00%/Q)	9/19/2019	6.7	6.8	(2)(11)
		First lien senior secured loan ($38.3 par due 10/2023)	10.00% (Libor + 8.00%/Q)	9/19/2019	38.3	38.0	(2)(11)
		Preferred units (21,667 units)	8.00%	10/26/2018	23.5	20.8
					68.5	65.6
Penn Virginia Holding Corp.	Exploration and production company	Second lien senior secured loan ($90.1 par due 9/2022)	8.00% (Libor + 7.00%/M)	9/28/2017	90.1	84.7	(2)(6)(11)
Sundance Energy, Inc.	Oil and gas producer	Second lien senior secured loan ($61.3 par due 4/2023)		4/23/2018	58.6	36.8	(2)(10)
VPROP Operating, LLC and V SandCo, LLC (5)(15)	Sand-based proppant producer and distributor to the oil and natural gas industry	First lien senior secured loan ($5.4 par due 11/2024)	11.00% PIK	11/6/2020	5.4	5.4	(2)(11)
		First lien senior secured loan ($4.9 par due 11/2024)	11.00% PIK	6/12/2020	4.9	4.9	(2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($22.5 par due 11/2024)	11.00% PIK	3/1/2017	22.5	22.5	(2)(11)
		Class A units (347,900 units)		11/6/2020	32.8	34.4	(2)
					65.6	67.2
					433.6	387.9		5.41%
Food & Beverage
American Seafoods Group LLC and American Seafoods Partners LLC	Harvester and processor of seafood	Class A units (77,922 units)		8/19/2015	0.1	0.2	(2)
		Warrant to purchase up to 7,422,078 Class A units (expires 8/2035)		8/19/2015	7.4	17.5	(2)
					7.5	17.7
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(15)	Health food company	First lien senior secured revolving loan ($1.2 par due 12/2025)	6.75% (Libor + 5.75%/Q)	3/11/2019	1.2	1.2	(2)(11)
		First lien senior secured loan ($39.8 par due 12/2025)	6.75% (Libor + 5.75%/Q)	12/28/2020	39.8	39.8	(2)(11)
		Common units (14,850 units)		3/11/2019	14.9	14.3	(2)
					55.9	55.3
CHG PPC Parent LLC	Diversified food products manufacturer	Second lien senior secured loan ($60.5 par due 3/2026)	7.65% (Libor + 7.50%/M)	3/30/2018	60.5	60.5	(2)
		Second lien senior secured loan ($34.1 par due 3/2026)	7.90% (Libor + 7.75%/M)	1/31/2019	34.1	34.1	(2)
					94.6	94.6
Ferraro Fine Foods Corp. and Italian Fine Foods Holdings L.P. (15)	Specialty Italian food distributor	First lien senior secured loan ($9.3 par due 5/2024)	5.25% (Libor + 4.25%/Q)	5/9/2018	9.3	9.3	(2)(11)
		First lien senior secured loan ($0.5 par due 5/2024)	5.25% (Libor + 4.25%/Q)	12/7/2018	0.5	0.5	(2)(11)
		First lien senior secured loan ($2.8 par due 5/2024)	5.25% (Libor + 4.25%/Q)	5/10/2019	2.8	2.8	(2)(11)
		Class A common units (2,724,000 units)		5/9/2018	2.7	4.1	(2)
					15.3	16.7
Gehl Foods, LLC and GF Parent LLC	Producer of low-acid, aseptic food and beverage products	Class A preferred units (2,940 units)		5/13/2015	2.9	—	(2)
		Class A common units (60,000 units)		5/13/2015	0.1	—	(2)
		Class B common units (0.26 units)		5/13/2015	—	—	(2)
					3.0	—
Hometown Food Company (15)	Food distributor	First lien senior secured revolving loan ($0.5 par due 8/2023)	6.25% (Libor + 5.00%/M)	8/31/2018	0.5	0.5	(2)(11)(14)
KC Culinarte Intermediate, LLC	Manufacturer of fresh refrigerated and frozen food products	First lien senior secured loan ($25.8 par due 8/2025)	4.75% (Libor + 3.75%/M)	1/24/2020	25.8	22.2	(2)(11)
		Second lien senior secured loan ($35.7 par due 8/2026)	8.75% (Libor + 7.75%/M)	8/24/2018	35.7	29.6	(2)(11)
					61.5	51.8
NECCO Holdings, Inc. and New England Confectionery Company, Inc. (5)(15)	Producer and supplier of candy	First lien senior secured revolving loan ($19.9 par due 1/2018)		1/3/2017	7.9	2.9	(10)
		First lien senior secured loan ($11.6 par due 11/2021)		1/3/2017	0.9	1.6	(10)
		First lien senior secured loan ($2.2 par due 8/2018)		11/20/2017	2.1	—	(10)
		First lien senior secured loan ($0.7 par due 11/2018)		11/20/2017	0.7	0.1	(10)
		Common stock (860,189 shares)		1/3/2017	0.9	—
					12.5	4.6
RF HP SCF Investor, LLC	Branded specialty food company	Membership interest (10.08% interest)		12/22/2016	12.5	16.9	(2)(6)
Sovos Brands Intermediate, Inc. (15)	Food and beverage platform	First lien senior secured loan ($6.7 par due 11/2025)	4.96% (Libor + 4.75%/Q)	11/20/2018	6.7	6.7	(2)
Teasdale Foods, Inc. and Familia Group Holdings Inc. (15)	Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels	First lien senior secured loan ($79.0 par due 12/2025)	7.25% (Libor + 6.25%/Q)	12/18/2020	79.0	77.4	(2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Warrant to purchase up to 57,827 shares of common stock (expires 2/2034)		2/4/2019	—	—	(2)
					79.0	77.4
					349.0	342.2		4.77%
Retailing & Distribution
Blue Angel Buyer 1, LLC and Blue Angel Holdco, LLC (4)(15)	Distributor of OEM appliance aftermarket parts	First lien senior secured revolving loan		1/2/2019	—	—	(13)
		First lien senior secured loan ($5.3 par due 1/2026)	5.25% (Libor + 4.25%/Q)	2/20/2020	5.3	5.3	(2)(11)
		Class A preferred units (46,359 units)	8.00% PIK	1/2/2019	4.3	22.7	(2)
					9.6	28.0
Chariot Acquisition, LLC	Manufacturer of aftermarket golf cart parts and accessories	First lien senior secured loan ($26.2 par due 9/2021)	7.25% (Libor + 6.25%/Q)	1/3/2017	26.1	26.2	(2)(11)
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15)	Provider of visual communications solutions	First lien senior secured revolving loan		3/13/2019	—	—	(13)
		First lien senior secured loan ($16.2 par due 3/2025)	6.65% (Libor + 5.65%/M)	3/13/2019	16.2	16.2	(2)(11)
		First lien senior secured loan ($2.6 par due 3/2025)	6.65% (Libor + 5.65%/M)	8/27/2019	2.6	2.6	(2)(11)
		Common units (600 units)		3/13/2019	0.6	0.8	(2)
					19.4	19.6
GPM Investments, LLC and ARKO Corp.	Convenience store operator	First lien senior secured loan ($27.4 par due 3/2027)	6.25% (Libor + 4.75%/Q)	2/28/2020	27.4	27.4	(2)(11)
		First lien senior secured loan ($26.0 par due 3/2027)	6.25% (Libor + 4.75%/Q)	2/28/2020	26.0	26.0	(11)
		Common stock (2,088,478 shares)		12/22/2020	19.8	17.4	(2)
		Warrant to purchase up to 1,088,780 common stock (expires 12/2025)		12/22/2020	1.6	1.6	(2)
					74.8	72.4
McKenzie Creative Brands, LLC (15)	Designer, manufacturer and distributor of hunting-related supplies	First lien senior secured loan ($84.5 par due 9/2023)	6.75% (Libor + 5.75%/Q)	9/18/2014	84.5	84.5	(2)(8)(11)
		First lien senior secured loan ($5.5 par due 9/2023)	6.75% (Libor + 5.75%/Q)	9/18/2014	5.5	5.5	(2)(11)
					90.0	90.0
Pine Holdings, Inc.	Retailer of fine and artisanal paper products	Class A common stock (36,364 shares)		9/23/2013	6.0	—	(2)
Reddy Ice LLC (15)	Packaged ice manufacturer and distributor	First lien senior secured revolving loan		7/1/2019	—	—	(13)
		First lien senior secured loan ($57.1 par due 7/2025)	7.50% (Libor + 6.50%/Q)	7/1/2019	57.1	56.0	(2)(11)
		First lien senior secured loan ($3.8 par due 7/2025)	7.50% (Libor + 6.50%/Q)	7/1/2019	3.8	3.7	(2)(11)
					60.9	59.7
SCIH Salt Holdings Inc. (15)	Salt and packaged ice melt manufacturer and distributor	First lien senior secured revolving loan ($0.1 par due 3/2025)	6.25% (Base Rate + 3.00%/M)	3/16/2020	0.1	0.1	(2)(11)(14)(18)
		First lien senior secured revolving loan ($2.3 par due 3/2025)	5.00% (Libor + 4.00%/M)	3/16/2020	2.2	2.3	(2)(11)(14)(18)
					2.3	2.4
					289.1	298.3		4.16%
Materials
Genomatica, Inc.	Developer of a biotechnology platform for the production of chemical products	Warrant to purchase 322,422 shares of Series D preferred stock (expires 3/2023)		3/28/2013	—	—	(2)
Halex Holdings, Inc. (5)	Manufacturer of flooring installation products	Common stock (51,853 shares)		1/3/2017	—	—
H-Food Holdings, LLC and Matterhorn Parent, LLC	Food contract manufacturer	Second lien senior secured loan ($73.0 par due 3/2026)	7.15% (Libor + 7.00%/M)	11/25/2018	73.0	73.0	(2)
		Common units (5,827 units)		11/25/2018	5.8	4.9
					78.8	77.9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
IntraPac International LLC and IntraPac Canada Corporation (15)	Manufacturer of diversified packaging solutions and plastic injection molded products	First lien senior secured revolving loan ($7.7 par due 1/2025)	6.00% (Libor + 5.75%/Q)	1/11/2019	7.7	7.6	(2)
		First lien senior secured loan ($7.0 par due 1/2026)	6.00% (Libor + 5.75%/Q)	1/11/2019	7.0	6.8	(2)
		First lien senior secured loan ($21.4 par due 1/2026)	6.00% (Libor + 5.75%/Q)	1/11/2019	21.4	21.0	(6)
					36.1	35.4
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (15)	Manufacturer of thermoformed packaging for medical devices	First lien senior secured revolving loan ($0.3 par due 7/2024)	5.25% (Libor + 4.25%/Q)	7/2/2019	0.3	0.3	(2)(11)
		First lien senior secured loan ($15.2 par due 7/2026)	5.25% (Libor + 4.25%/Q)	7/2/2019	15.2	14.7	(2)(11)
		First lien senior secured loan ($5.6 par due 7/2026)	4.50% (Euribor + 4.50%/Q)	7/2/2019	5.2	5.4	(2)(6)
		First lien senior secured loan ($26.5 par due 7/2026)	4.50% (Euribor + 4.50%/Q)	8/8/2019	24.3	25.7	(2)(6)
		Class A units (6,762,668 units)		7/2/2019	6.8	4.7	(2)
					51.8	50.8
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.	Developer and manufacturer of absorbent pads for food products	First lien senior secured loan ($24.1 par due 12/2026)	6.75% (Libor + 5.75%/Q)	12/1/2020	24.1	23.9	(11)
		Class A preferred units (4,772 units)	10.00% PIK	12/1/2020	4.8	4.8	(2)
		Class C units (4,772 units)		12/1/2020	—	—	(2)
					28.9	28.7	(2)
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC	Manufacturer of specialized acrylic and polycarbonate sheets	First lien senior secured loan ($12.2 par due 12/2025)	5.25% (Libor + 4.25%/Q)	12/14/2018	12.0	12.2	(11)
		Second lien senior secured loan ($55.7 par due 12/2026)	8.75% (Libor + 7.75%/Q)	12/14/2018	55.7	55.7	(2)(11)
		Co-Invest units (5,969 units)		12/14/2018	0.6	0.9	(2)
					68.3	68.8
SCI PH Parent, Inc.	Industrial container manufacturer, reconditioner and servicer	Series B shares (11.4764 shares)		8/24/2018	1.1	1.0	(2)
TWH Infrastructure Industries, Inc. (15)	Provider of engineered products used in the trenchless rehabilitation of wastewater infrastructure	First lien senior secured revolving loan ($0.1 par due 4/2025)	5.76% (Libor + 5.50%/Q)	4/9/2019	0.1	—	(2)
		First lien senior secured loan ($6.5 par due 4/2025)	5.76% (Libor + 5.50%/Q)	4/9/2019	6.5	6.1	(2)
					6.6	6.1
					271.6	268.7		3.74%
Pharmaceuticals, Biotechnology & Life Sciences
Alcami Corporation and ACM Holdings I, LLC (15)	Outsourced drug development services provider	First lien senior secured loan ($29.5 par due 7/2025)	4.40% (Libor + 4.25%/M)	7/12/2018	29.4	27.7	(2)
		Second lien senior secured loan ($77.5 par due 7/2026)	8.15% (Libor + 8.00%/M)	7/12/2018	77.0	67.4	(2)
		Common units (3,663,533 units)		7/12/2018	35.0	10.4	(2)
					141.4	105.5
NMC Skincare Intermediate Holdings II, LLC (15)	Developer, manufacturer and marketer of skincare products	First lien senior secured revolving loan ($5.8 par due 10/2024)	6.00% (Libor + 5.00%/M)	10/31/2018	5.8	5.6	(2)(11)(14)
		First lien senior secured loan ($24.4 par due 10/2024)	6.00% (Libor + 5.00%/M)	10/31/2018	24.4	23.7	(2)(11)
		First lien senior secured loan ($8.2 par due 10/2024)	6.00% (Libor + 5.00%/M)	10/31/2018	8.2	8.0	(11)
					38.4	37.3
North American Science Associates, Inc. and Cardinal Topco Holdings, L.P. (15)	Contract research organization providing research and development and testing of medical devices	First lien senior secured loan ($7.9 par due 9/2026)	7.25% (Libor + 6.25%/Q)	9/15/2020	7.9	7.8	(2)(11)
		First lien senior secured loan ($48.4 par due 9/2026)	7.25% (Libor + 6.25%/Q)	9/15/2020	48.4	47.9	(2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		Class A preferred units (15,431 units)	8.00% PIK	9/15/2020	15.8	22.0	(2)
					72.1	77.7
TerSera Therapeutics LLC (15)	Acquirer and developer of specialty therapeutic pharmaceutical products	First lien senior secured revolving loan		11/20/2019	—	—	(13)
		First lien senior secured loan ($5.1 par due 3/2025)	6.60% (Libor + 5.60%/Q)	5/3/2017	5.1	5.1	(2)(11)
		First lien senior secured loan ($2.1 par due 3/2025)	6.60% (Libor + 5.60%/Q)	9/27/2018	2.1	2.1	(2)(11)
		First lien senior secured loan ($1.8 par due 3/2025)	6.60% (Libor + 5.60%/Q)	4/1/2019	1.8	1.8	(2)(11)
					9.0	9.0
Vertice Pharma UK Parent Limited	Manufacturer and distributor of generic pharmaceutical products	Preferred shares (40,662 shares)		12/21/2015	0.3	0.1	(6)
					261.2	229.6		3.20%
Household & Personal Products
Plantation Products, LLC, Seed Holdings, Inc. and Flora Parent, Inc.	Provider of branded lawn and garden products	Second lien senior secured loan ($66.0 par due 5/2023)	9.25% (Libor + 8.25%/M)	12/23/2014	65.9	66.0	(2)(11)
		Common stock (30,000 shares)		12/23/2014	3.0	9.4	(2)
					68.9	75.4
Rug Doctor, LLC and RD Holdco Inc. (5)	Manufacturer and marketer of carpet cleaning machines	Second lien senior secured loan ($19.6 par due 5/2023)	11.25% (Libor + 9.75%/Q)	1/3/2017	19.6	19.6	(2)(11)
		Common stock (458,596 shares)		1/3/2017	14.0	—
		Warrant to purchase up to 56,372 shares of common stock (expires 12/2023)		1/3/2017	—	—
					33.6	19.6
Walnut Parent, Inc.	Manufacturer of natural solution pest and animal control products	First lien senior secured loan ($24.8 par due 11/2027)	6.50% (Libor + 5.50%/M)	11/9/2020	24.8	24.5	(11)
					127.3	119.5		1.66%
Technology Hardware & Equipment
DRB Holdings, LLC (15)	Provider of integrated technology solutions to car wash operators	First lien senior secured loan ($23.2 par due 10/2023)	6.50% (Libor + 5.50%/Q)	10/6/2017	23.2	23.2	(2)(11)
		First lien senior secured loan ($7.5 par due 10/2023)	6.50% (Libor + 5.50%/Q)	12/18/2020	7.5	7.5	(2)(11)
					30.7	30.7
Everspin Technologies, Inc.	Designer and manufacturer of computer memory solutions	Warrant to purchase up to 18,461 shares of common stock (expires 10/2026)		10/7/2016	0.4	—	(2)
Micromeritics Instrument Corp. (15)	Scientific instrument manufacturer	First lien senior secured revolving loan ($4.0 par due 12/2025)	6.00% (Libor + 5.00%/Q)	12/18/2019	4.0	3.7	(2)(11)(14)
		First lien senior secured loan ($32.4 par due 12/2025)	6.00% (Libor + 5.00%/Q)	12/18/2019	32.4	30.4	(2)(11)
					36.4	34.1
Wildcat BuyerCo, Inc. and Wildcat Parent, LP (15)	Provider and supplier of electrical components for commercial and industrial applications	First lien senior secured revolving loan		2/27/2020	—	—	(13)
		First lien senior secured loan ($18.3 par due 2/2026)	6.25% (Libor + 5.25%/Q)	2/27/2020	18.3	18.3	(2)(11)
		First lien senior secured loan ($3.5 par due 2/2026)	6.25% (Libor + 5.25%/Q)	2/27/2020	3.5	3.5	(2)(11)
		Limited partnership interests (17,655 interests)		2/27/2020	1.8	2.2	(2)
					23.6	24.0
					91.1	88.8		1.24%
Education
Excelligence Holdings Corp.	Developer, manufacturer and retailer of educational products	First lien senior secured loan ($9.4 par due 4/2023)	8.00% (Libor + 2.50% Cash, 4.50% PIK/Q)	4/17/2017	9.4	7.6	(2)(11)
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15)	Distributor of instructional products, services and resources	First lien senior secured revolving loan ($0.9 par due 8/2023)	5.50% (Libor + 4.75%/Q)	8/31/2018	0.9	0.8	(2)(11)
		First lien senior secured loan ($30.3 par due 8/2023)	5.50% (Libor + 4.75%/Q)	7/26/2017	30.3	26.3	(2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
		First lien senior secured loan ($1.1 par due 8/2023)	5.50% (Libor + 4.75%/Q)	8/31/2018	1.1	1.0	(2)(11)
		Series A preferred stock (1,272 shares)		10/24/2014	0.7	0.9	(2)
					33.0	29.0
Infilaw Holding, LLC (15)	Operator of for-profit law schools	First lien senior secured revolving loan ($5.0 par due 9/2022)		8/25/2011	4.2	—	(2)(10)(14)
Instituto de Banca y Comercio, Inc. & Leeds IV Advisors, Inc.	Private school operator	First lien senior secured loan ($17.3 par due 10/2022)	10.50% (Libor + 9.00%/Q)	3/12/2020	17.3	17.3	(2)(11)
		Senior preferred series A-1 shares (151,056 shares)		10/31/2015	98.1	15.0	(2)
		Series B preferred stock (348,615 shares)		8/5/2010	1.0	—	(2)
		Series B preferred stock (1,401,385 shares)		8/5/2010	4.0	—	(2)
		Series C preferred stock (517,942 shares)		6/7/2010	0.1	—	(2)
		Series C preferred stock (1,994,644 shares)		6/7/2010	0.5	—	(2)
		Common stock (4 shares)		6/7/2010	—	—	(2)
		Common stock (16 shares)		6/7/2010	—	—	(2)
					121.0	32.3
Primrose Holding Corporation (4)	Franchisor of education-based early childhood centers	Common stock (7,227 shares)		1/3/2017	4.6	14.1
					172.2	83.0		1.16%
Media & Entertainment
CMW Parent LLC (fka Black Arrow, Inc.)	Multiplatform media firm	Series A units (32 units)		9/11/2015	—	—	(2)
OUTFRONT Media Inc.	Provider of out-of-home advertising	Series A convertible perpetual preferred stock (25,000 shares)	7.00%	4/20/2020	25.0	35.7	(2)(6)
Production Resource Group, L.L.C. and PRG III, LLC (4)(15)	Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets	First lien senior secured loan ($31.6 par due 8/2024)	9.75% (Libor + 3.00% Cash, 5.50% PIK/Q)	8/21/2018	31.6	31.6	(2)(11)
		First lien senior secured loan ($9.1 par due 8/2024)	8.50% (Libor + 5.00% Cash, 2.50% PIK/Q)	7/31/2020	9.1	9.1	(2)(11)
		Class A units (113,617 units)		10/6/2020	4.9	5.1	(2)
					45.6	45.8
The Teaching Company Holdings, Inc.	Education publications provider	Preferred stock (10,663 shares)		9/29/2006	1.1	0.8	(2)
		Common stock (15,393 shares)		9/29/2006	—	—	(2)
					1.1	0.8
					71.7	82.3		1.15%
Telecommunication Services
Emergency Communications Network, LLC (15)	Provider of mission critical emergency mass notification solutions	First lien senior secured loan ($44.4 par due 6/2023)	8.75% (Libor + 2.625% Cash, 5.125% PIK/Q)	6/1/2017	44.3	39.5	(2)(11)
					44.3	39.5		0.55%
Real Estate
BW Landco LLC (5)	Real estate developer	Membership interest (100%)		7/5/2019	20.9	37.0
NECCO Realty Investments LLC (5)	Real estate holding company	Membership units (7,450 units)		1/3/2017	—	—
					20.9	37.0		0.51%
Food & Staples Retailing
DecoPac, Inc. (15)	Supplier of cake decorating solutions and products to in-store bakeries	First lien senior secured revolving loan		9/29/2017	—	—	(13)
FS Squared Holding Corp. and FS Squared, LLC (15)	Provider of on-site vending and micro market solutions	First lien senior secured revolving loan		3/28/2019	—	—	(13)
		First lien senior secured loan ($1.4 par due 3/2025)	5.40% (Libor + 5.25%/M)	3/28/2019	1.4	1.4	(2)
		Class A units (99,500 units)		3/28/2019	10.0	11.1	(2)
					11.4	12.5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in millions)


Company(1)	Business Description	Investment	Interest(3)(7)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
JWC/KI Holdings, LLC	Foodservice sales and marketing agency	Membership units (5,000 units)		11/16/2015	5.0	4.6	(2)
SFE Intermediate Holdco LLC (15)	Provider of outsourced foodservice to K-12 school districts	First lien senior secured revolving loan		7/31/2017	—	—	(13)
		First lien senior secured loan ($10.2 par due 7/2024)	6.25% (Libor + 5.25%/Q)	9/5/2018	10.2	10.2	(2)(11)
		First lien senior secured loan ($6.4 par due 7/2024)	6.25% (Libor + 5.25%/Q)	7/31/2017	6.3	6.4	(2)(11)
					16.5	16.6
VCP-EDC Co-Invest, LLC	Distributor of foodservice equipment and supplies	Membership units (2,970,000 units)		6/9/2017	2.8	0.2
					35.7	33.9		0.47%

Total Investments					15,914.2	15,515.1		216.19%

Derivative Instruments


Description	Notional Amount to be Purchased		Notional Amount to be sold		Counterparty	Settlement Date	Unrealized Appreciation / (Depreciation)
Forward currency contract	$	112	CAD	142	Bank of Montreal	January 21, 2021	$	—
Forward currency contract	$	102	£	75	Bank of Montreal	January 21, 2021	(1)
Total							$	(1)

Interest rate swap


Description	Payment Terms		Counterparty	Maturity Date	Notional Amount		Value		Upfront Payments/Receipts		Unrealized Appreciation / (Depreciation)
Interest rate swap	Pay Fixed 2.0642%	Receive Floating One-Month Libor of 0.19%	Bank of Montreal	January 4, 2021	$	395	$	(1)	$	—	$	(1)
Total											$	(1)

~~(1)~~

Other than the Company’s investments listed in footnote 8 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of December 31, 2016 represented 171% of the Company’s net assets or 95% of the Company’s total assets, are subject to legal restrictions on sales.

(1)Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of December 31, 2020 represented 216% of the Company’s net assets or 96% of the Company’s total assets, are subject to legal restrictions on sales.

~~(2)~~

~~These assets are pledged as collateral for the Revolving Credit Facility (as defined below)~~

(2)These assets are pledged as collateral under the Company’s or the Company’s consolidated subsidiaries’ various revolving credit facilities and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company’s obligations under the Revolving Credit Facility (see Note 5 to the consolidated financial statements).


~~(3)~~	These assets are owned by the Company’s consolidated subsidiary Ares Capital CP Funding LLC (“Ares Capital CP”), are pledged as collateral for the Revolving Funding Facility (as defined below) and, as a result, are not directly

available to the creditors of the Company to satisfy any obligations of the Company other than ~~Ares Capital CP’s~~the obligations under ~~the Revolving Funding Facility~~each respective credit facilities (see Note 55).

(3)Investments without an interest rate are non-income producing.

(4)As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2020 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:


For the Year Ended December 31, 2020																			As of December 31, 2020
(in millions) Company	Purchases (cost)		Redemptions (cost)		Sales (cost)		Interest income		Capital structuring service fees		Dividend income		Other income		Net realized gains (losses)		Net unrealized gains (losses)		Fair Value
APG Intermediate Holdings Corporation and APG Holdings, LLC	$	24.5	$	0.1	$	1.0	$	0.9	$	0.5	$	—	$	—	$	—	$	2.9	$	26.2
Blue Angel Buyer 1, LLC and Blue Angel Holdco, LLC	$	7.5	$	8.7	$	1.3	$	0.3	$	0.1	$	0.5	$	0.1	$	(0.1)	$	18.4	$	28.0
Blue Wolf Capital Fund II, L.P.	$	—	$	1.6	$	—	$	—	$	—	$	—	$	—	$	3.8	$	(0.9)	$	0.2
Bragg Live Food Products, LLC and SPC Investment Co., L.P.	$	11.6	$	3.1	$	—	$	2.2	$	0.3	$	—	$	0.2	$	—	$	3.1	$	55.3
Crown Health Care Laundry Services, LLC and Crown Laundry Holdings, LLC	$	14.0	$	10.3	$	22.1	$	2.8	$	—	$	—	$	0.2	$	(0.2)	$	5.9	$	39.6
ESCP PPG Holdings, LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0.2	$	3.1
European Capital UK SME Debt LP	$	2.3	$	14.5	$	—	$	—	$	—	$	—	$	—	$	—	$	1.6	$	29.7
Ioxus, Inc.	$	1.7	$	0.3	$	8.6	$	—	$	—	$	—	$	—	$	(7.3)	$	3.3	$	—
Panda Temple Power, LLC and T1 Power Holdings LLC	$	—	$	6.2	$	—	$	0.9	$	—	$	—	$	—	$	—	$	2.1	$	18.6
PCG-Ares Sidecar Investment II, L.P.	$	0.1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(2.6)	$	10.2
PCG-Ares Sidecar Investment, L.P.	$	0.1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(3.8)	$	0.4
Primrose Holding Corporation	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(4.7)	$	14.1
Production Resource Group, L.L.C. and PRG III, LLC	$	5.9	$	—	$	—	$	1.0	$	0.2	$	—	$	—	$	—	$	1.8	$	45.8
Shock Doctor, Inc. and Shock Doctor Holdings, LLC	$	1.5	$	2.0	$	—	$	1.4	$	—	$	—	$	—	$	—	$	(4.4)	$	19.5
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.	$	—	$	—	$	—	$	0.2	$	—	$	—	$	—	$	—	$	(4.3)	$	5.5
UL Holding Co., LLC	$	—	$	20.5	$	7.5	$	2.1	$	—	$	—	$	—	$	20.1	$	(20.6)	$	—
	$	69.2	$	67.3	$	40.5	$	11.8	$	1.1	$	0.5	$	0.5	$	16.3	$	(2.0)	$	296.2

(5)As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2020 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:


For the Year Ended December 31, 2020																			As of December 31, 2020
(in millions) Company	Purchases (cost)		Redemptions (cost)		Sales (cost)		Interest income		Capital structuring service fees		Dividend income		Other income		Net realized gains (losses)		Net unrealized gains (losses)		Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC	$	9.0	$	—	$	—	$	0.7	$	—	$	—	$	—	$	—	$	0.6	$	30.9
ACAS Equity Holdings Corporation	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
BW Landco LLC	$	1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	10.7	$	37.0
CoLTs 2005-1 Ltd.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CoLTs 2005-2 Ltd.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Eckler Industries, Inc. and Eckler Purchaser LLC	$	0.5	$	3.5	$	—	$	3.1	$	—	$	—	$	0.1	$	—	$	3.0	$	25.2
Halex Holdings, Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
HCI Equity, LLC	$	—	$	—	$	—	$	—	$	—	$	0.1	$	—	$	—	$	—	$	0.1
Heelstone Renewable Energy, LLC	$	23.0	$	8.9	$	41.5	$	0.4	$	0.2	$	—	$	—	$	(4.1)	$	(0.7)	$	29.7
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation	$	1.3	$	—	$	—	$	2.6	$	—	$	—	$	0.4	$	—	$	8.7	$	44.5
Ivy Hill Asset Management, L.P.	$	175.0	$	78.0	$	—	$	5.9	$	—	$	74.0	$	—	$	—	$	10.7	$	628.5
Joyce Lane Capital LLC and Joyce Lane Financing SPV LLC (fka Ciena Capital LLC)	$	—	$	12.7	$	—	$	—	$	—	$	—	$	—	$	2.3	$	9.8	$	0.6
Miles 33 (Finance) Limited	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(0.2)	$	—	$	—
Montgomery Lane, LLC and Montgomery Lane, Ltd.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
MVL Group, Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Navisun LLC and Navisun Holdings LLC	$	9.1	$	—	$	—	$	8.2	$	0.1	$	1.2	$	0.2	$	—	$	(1.8)	$	119.2
NECCO Holdings, Inc. and New England Confectionery Company, Inc.	$	0.7	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(0.7)	$	4.6
NECCO Realty Investments LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pillar Processing LLC and PHL Investors, Inc.	$	—	$	3.8	$	—	$	—	$	—	$	—	$	—	$	(3.8)	$	3.8	$	—
Rug Doctor, LLC and RD Holdco Inc.	$	0.9	$	—	$	—	$	2.1	$	—	$	—	$	—	$	—	$	(5.1)	$	19.6
S Toys Holdings LLC (fka The Step2 Company, LLC)	$	—	$	—	$	—	$	—	$	—	$	0.2	$	—	$	—	$	(0.6)	$	0.3
Senior Direct Lending Program, LLC	$	308.1	$	94.0	$	—	$	127.2	$	19.0	$	—	$	3.8	$	—	$	—	$	1,122.9
Singer Sewing Company, SVP-Singer Holdings, LLC and SVP-Singer Holdings LP	$	35.5	$	79.7	$	—	$	36.3	$	—	$	—	$	0.2	$	1.0	$	102.1	$	308.3
Startec Equity, LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
VPROP Operating, LLC and V SandCo, LLC	$	5.3	$	—	$	—	$	0.6	$	0.2	$	—	$	—	$	—	$	1.6	$	67.2
	$	569.4	$	280.6	$	41.5	$	187.1	$	19.5	$	75.5	$	4.7	$	(4.8)	$	142.1	$	2,438.6

25% of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these “voting securities” do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4).

(6) This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. Pursuant to Section 55(a) of the Investment Company Act, 18% of the Company’s total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of December 31, 2020.

(7)Variable rate loans to the ~~consolidated financial statements).~~

~~(4)~~

~~These assets are owned by the Company’s consolidated subsidiary Ares Capital JB Funding LLC (“ACJB”~~Company’s portfolio companies bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR”), are pledged as collateral for the SMBC Funding Facility (as defined below) and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than ACJB’s obligations under the SMBC Funding Facility (see Note 5 to the consolidated financial statements).

~~(5)~~


~~(6)~~	~~Investments without an interest rate are non-income producing.~~

~~(7)~~

As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions during the year ended December 31, 2016 in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to Control) are as follows:

(in millions)
Company
Purchases (cost) Redemptions (cost) Sales (cost) Interest income
Capital
structuring service fees
Dividend income Other income Net realized gains (losses)
Net
unrealized gains (losses)
Campus Management Corp. and Campus Management Acquisition Corp. $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ 1.0
Crown Health Care Laundry Services, Inc. and Crown Laundry Holdings, LLC $ 9.3
$ 4.1
$ 18.0
$ 1.2
$ 0.4
$ —
$ —
$ —
$ (0.6 )
ESCP PPG Holdings, LLC $ 3.5
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
Investor Group Services, LLC $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ 0.4
$ —
Multi-Ad Services, Inc. $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
Petroflow Energy Corporation and TexOak Petro Holdings LLC $ —
$ —
$ —
$ —
$ —
$ —
$ —
$ —
$ 3.4
Shock Doctor, Inc. and Shock Doctor Holdings, LLC $ —
$ —
$ —
$ 10.5
$ —
$ —
$ —
$ —
$ (4.8 )
Things Remembered, Inc. and TRM Holdco Corp. $ 3.3
$ 3.3
$ —
$ —
$ —
$ —
$ —
$ —
$ (2.1 )
UL Holding Co., LLC and Universal Lubricants, LLC $ —
$ 45.3
$ —
$ 3.8
$ —
$ —
$ —
$ 13.2
$ 17.2

~~(8)~~

As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions during the year ended December 31, 2016 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

Together with Varagon Capital Partners (“Varagon”), the Company has co-invested through the Senior Direct Lending Program LLC (d/b/a the "Senior Direct Lending Program” or the "SDLP"). The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25% of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these "voting securities" do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4 to the consolidated financial statements).

Together with GE Global Sponsor Finance LLC and General Electric Capital Corporation (together, "GE"), the Company had previously co-invested through the Senior Secured Loan Fund LLC (d/b/a the "Senior Secured Loan Program” or the "SSLP"). The SSLP was capitalized as transactions were completed and all portfolio decisions and generally all other decisions in respect of the SSLP were approved by an investment committee of the SSLP consisting of representatives of the Company and GE (with approval from a representative of each required); therefore, although the Company owned more than 25% of the voting securities of the SSLP, the Company did not believe that it had control over the SSLP (for purposes of the Investment Company Act or otherwise) because, among other things, these "voting securities" did not afford the Company the right to elect directors of the SSLP or any other special rights (see Note 4 to the consolidated financial statements).


~~(9)~~	Non-U.S. company or principal place of business outside the U.S. and as a result is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

~~(10)~~

~~(11)~~

In the first quarter of 2011, the staff of the Securities and Exchange Commission (the “Staff”) informally communicated to certain business development companies (“BDCs”) the Staff’s belief that certain entities, which would be classified as an “investment company” under the Investment Company Act but for the exception from the definition of “investment company” set forth in Rule 3a-7 promulgated under the Investment Company Act, could not be treated as eligible portfolio companies (as defined in Section 2(a)(46) under Investment Company Act) (i.e. not eligible to be included in a BDC’s 70% “qualifying assets” basket). Subsequently, in August 2011 the Securities and Exchange Commission issued a concept release (the “Concept Release”) which stated that “[a]s a general matter, the Commission presently does not believe that Rule 3a-7 issuers are the type of small, developing and financially troubled businesses in which the U.S. Congress intended BDCs primarily to invest” and requested comment on whether or not a 3a-7 issuer should be considered an “eligible portfolio company”. The Company provided a comment letter in respect of the Concept Release and continues to believe that the language of Section 2(a)(46) of the Investment Company Act permits a BDC to treat as “eligible portfolio companies” entities that rely on the 3a-7 exception. However, given the current uncertainty in this area (including the language in the Concept Release) and subsequent discussions with the Staff, the Company has, solely for purposes of calculating the composition of its portfolio pursuant to Section 55(a) of the Investment Company Act, identified such entities, which include the SSLP, as “non-qualifying assets” should the Staff ultimately disagree with the Company’s position. Pursuant to Section 55(a) of the Investment Company Act (using the Staff’s methodology described above solely for this purpose), 29% of the Company’s total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of December 31, 2016.

~~(12)~~

~~Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to either the LIBOR~~ or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented.

~~(13)~~

In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.13% on $8.9 aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

~~(14)~~

In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00% on $81.5 aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

~~(15)~~

In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.50% on $69.5 aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

~~(16)~~

In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.55% on $35.2 aggregate principal amount of a “first out” tranche of the portfolio company’s first lien senior secured loans, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.


~~(17)~~	The Company is entitled to receive a fixed fee upon the occurrence of certain events as defined in the credit agreement governing the Company’s debt investment in the portfolio company. The fair value of such fee is included in the fair value of the debt investment.


~~(18)~~	~~Loan was on non-accrual status as of December 31, 2016.~~


~~(19)~~	~~Loan includes interest rate floor feature.~~


~~(20)~~	The certificates have a stated contractual interest rate and also entitle the holders thereof to receive a portion of the excess cash flow from the SSLP’s loan portfolio, after expenses. However, the SSLP Certificates (defined below) are junior in right of payment to the senior notes held by GE, and the Company expects that for so long as principal

~~proceeds from SSLP repayments are directed entirely to repay the senior notes as discussed above, the yield~~ on the ~~SSLP Certificates will be lower than~~Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the weighted average interest rate in effect on the date presented.

(8)In addition to the interest earned based on the stated ~~coupon~~interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00% on $56.0 in aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and ~~continue to decline. See Note 4~~“last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(9) The Company sold a participating interest of approximately $24.6 in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Company recorded a corresponding $23.1 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated ~~financial statements for more information on the SSLP.~~


~~(21)~~	In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.


~~(22)~~	As of December 31, 2016, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 to the consolidated financial statements for further information on letters of credit commitments related to certain portfolio companies.


~~(23)~~	As of December 31, 2016, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 to the consolidated financial statements for further information on letters of credit commitments related to certain portfolio companies.

~~(24)~~

As of December 31, 2016, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

(in millions)
Company Total revolving and delayed draw loan commitments Less: drawn commitments Total undrawn commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net adjusted undrawn revolving and delayed draw commitments
Accruent, LLC $ 3.2
$ (0.3 ) $ 2.9
$ —
$ —
$ 2.9
Acrisure, LLC 9.7
—
9.7
—
—
9.7
ADCS Clinics Intermediate Holdings, LLC 5.0
(1.7 ) 3.3
—
—
3.3
ADG, LLC 13.7
(2.0 ) 11.7
—
—
11.7
Aimbridge Hospitality, LLC 2.4
—
2.4
—
—
2.4
American Seafoods Group LLC 22.1
—
22.1
—
—
22.1
Benihana, Inc. 3.2
(2.1 ) 1.1
—
—
1.1
CCS Intermediate Holdings, LLC 7.5
(7.3 ) 0.2
—
—
0.2
CH Hold Corp. 5.0
(1.2 ) 3.8
—
—
3.8
Chariot Acquisition, LLC 1.0
—
1.0
—
—
1.0
Ciena Capital LLC 20.0
(14.0 ) 6.0
(6.0 ) —
—
Clearwater Analytics, LLC 5.0
—
5.0
—
—
5.0
Competitor Group, Inc. 5.7
(5.5 ) 0.2
—
—
0.2
Component Hardware Group, Inc. 3.7
(1.9 ) 1.8
—
—
1.8
Crown Health Care Laundry Services, Inc. 17.0
(0.6 ) 16.4
—
—
16.4
D4C Dental Brands, Inc. 5.0
—
5.0
—
—
5.0
DCA Investment Holding, LLC 5.8
(2.2 ) 3.6
—
—
3.6
DTI Holdco, Inc. and OPE DTI Holdings, Inc. 8.8
—
8.8
—
—
8.8
Eckler Industries, Inc. 4.0
(2.0 ) 2.0
—
—
2.0
EN Engineering, L.L.C. 5.0
—
5.0
—
—
5.0
Everspin Technologies, Inc. 4.0
(1.1 ) 2.9
—
—
2.9
Faction Holdings, Inc. 2.0
(2.0 ) —
—
—
—
Garden Fresh Restaurant Corp. 7.0
(2.3 ) 4.7
—
—
4.7
Gentle Communications, LLC 5.0
—
5.0
—
—
5.0
Greenphire, Inc. 2.0
—
2.0
—
—
2.0
Harvey Tool Company, LLC 0.8
—
0.8
—
—
0.8
Hygiena Borrower LLC 1.9
—
1.9
—
—
1.9

(in millions)
Company Total revolving and delayed draw loan commitments Less: drawn commitments Total undrawn commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net adjusted undrawn revolving and delayed draw commitments
ICSH, Inc. 5.0
(1.8 ) 3.2
—
—
3.2
Infilaw Holding, LLC 20.0
(13.6 ) 6.4
(6.4 ) —
—
iPipeline, Inc. 4.0
—
4.0
—
—
4.0
Itel Laboratories, Inc. 2.5
—
2.5
—
—
2.5
K2 Pure Solutions Nocal, L.P. 5.0
(1.5 ) 3.5
—
—
3.5
Lakeland Tours, LLC 11.9
(0.5 ) 11.4
—
—
11.4
LBP Intermediate Holdings LLC 0.9
(0.1 ) 0.8
—
—
0.8
Massage Envy, LLC 5.0
(3.5 ) 1.5
—
—
1.5
McKenzie Sports Products, LLC 4.5
—
4.5
—
—
4.5
Ministry Brands LLC 29.2
(3.8 ) 25.4
—
—
25.4
MW Dental Holding Corp. 10.0
(1.5 ) 8.5
—
—
8.5
My Health Direct, Inc. 1.0
(0.5 ) 0.5
—
—
0.5
Niagara Fiber Intermediate Corp. 1.9
(1.9 ) —
—
—
—
Nordco Inc 11.3
—
11.3
—
—
11.3
NSM Sub Holdings Corp. 5.0
(0.8 ) 4.2
—
—
4.2
OmniSYS Acquisition Corporation 2.5
—
2.5
—
—
2.5
OTG Management, LLC 22.2
—
22.2
—
—
22.2
Paper Source, Inc. 2.5
—
2.5
—
—
2.5
Pegasus Intermediate Holdings, LLC 5.0
—
5.0
—
—
5.0
PIH Corporation 3.3
(0.6 ) 2.7
—
—
2.7
QC Supply, LLC 28.1
(2.3 ) 25.8
—
—
25.8
Restaurant Technologies, Inc. 5.4
(0.7 ) 4.7
—
—
4.7
RuffaloCODY, LLC 7.7
(0.2 ) 7.5
—
—
7.5
Severin Acquisition, LLC 2.9
—
2.9
—
—
2.9
Shift PPC LLC 1.5
—
1.5
—
—
1.5
Sonny’s Enterprises, LLC 1.8
—
1.8
—
—
1.8
Things Remembered, Inc. 2.8
—
2.8
—
—
2.8
Towne Holdings, Inc. 1.0
—
1.0
—
—
1.0
TPTM Merger Corp. 2.5
(1.3 ) 1.2
—
—
1.2
Urgent Cares of America Holdings I, LLC 16.0
—
16.0
—
—
16.0
Zemax, LLC 3.0
—
3.0
—
—
3.0
Zywave, Inc. 10.5
—
10.5
—
—
10.5
$ 411.4
$ (80.8 ) $ 330.6
$ (12.4 ) $ —
$ 318.2

~~(25)~~balance sheet. As of December 31, ~~2016,~~2020, the interest rate in effect for the secured borrowing was 6.50%.

(10) Loan was on non-accrual status as of December 31, 2020.

(11) Loan includes interest rate floor feature.

(12) In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.

(13) As of December 31, 2020, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(14) As of December 31, 2020, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(15) As of December 31, 2020, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments		Less: commitments substantially at discretion of the Company		Less: unavailable commitments due to borrowing base or other covenant restrictions		Total net adjusted unfunded revolving and delayed draw commitments
A.U.L. Corp.	$	1.2	$	—	$	1.2	$	—	$	—	$	1.2
Absolute Dental Group LLC	14.0		—		14.0		—		—		14.0
Accommodations Plus Technologies LLC	4.1		(4.1)		—		—		—		—
ADCS Clinics Intermediate Holdings, LLC	5.0		(4.8)		0.2		—		—		0.2
ADG, LLC	14.0		(7.7)		6.3		—		—		6.3
AEP Holdings, Inc.	1.0		—		1.0		—		—		1.0
AffiniPay Midco, LLC	9.0		(0.1)		8.9		—		—		8.9
Alcami Corporation	29.0		—		29.0		—		—		29.0
Alita Care, LLC (fka KBHS Acquisition, LLC)	5.0		—		5.0		—		—		5.0
AMCP Clean Intermediate, LLC	6.1		(1.8)		4.3		—		—		4.3
American Residential Services L.L.C.	7.5		(1.9)		5.6		—		—		5.6
Anaqua Parent Holdings, Inc.	0.1		—		0.1		—		—		0.1
APG Intermediate Holdings Corporation	9.6		—		9.6		—		—		9.6
Apptio, Inc.	4.2		—		4.2		—		—		4.2
AQ Sunshine, Inc.	1.3		—		1.3		—		—		1.3
Ardonagh Midco 3 PLC	12.1		—		12.1		—		—		12.1
Athenahealth, Inc.	33.1		—		33.1		—		—		33.1
ATI Restoration, LLC	21.7		(0.8)		20.9		—		—		20.9
Atlas Intermediate III L.L.C.	0.1		—		0.1		—		—		0.1
Avetta, LLC	4.2		—		4.2		—		—		4.2
Banyan Software Holdings, LLC	12.4		—		12.4		—		—		12.4
Bearcat Buyer, Inc.	32.8		(0.1)		32.7		—		—		32.7
Belfor Holdings, Inc.	25.0		—		25.0		—		—		25.0
Benecon Midco II LLC	7.5		(1.8)		5.7		—		—		5.7
Blue Angel Buyer 1, LLC	5.5		—		5.5		—		—		5.5
Blue Campaigns Intermediate Holding Corp.	3.0		(0.7)		2.3		—		—		2.3
Bragg Live Food Products LLC	4.4		(1.2)		3.2		—		—		3.2
Cadence Aerospace, LLC	14.7		(14.7)		—		—		—		—
Capstone Acquisition Holdings, Inc.	30.3		(10.8)		19.5		—		—		19.5
Cardinal Parent, Inc.	5.0		—		5.0		—		—		5.0
CCS-CMGC Holdings, Inc.	12.0		(3.6)		8.4		—		—		8.4
Center for Autism and Related Disorders, LLC	8.5		(8.5)		—		—		—		—
Centric Brands LLC	7.9		(3.0)		4.9		—		—		4.9
Cipriani USA, Inc.	17.4		—		17.4		—		—		17.4
Clearwater Analytics, LLC	8.2		—		8.2		—		—		8.2
Comprehensive EyeCare Partners, LLC	2.3		(1.3)		1.0		(0.4)		—		0.6
Concert Golf Partners Holdco LLC	3.1		—		3.1		—		—		3.1
Cority Software Inc.	0.1		—		0.1		—		—		0.1
Cozzini Bros., Inc.	15.0		(3.6)		11.4		—		—		11.4
Creation Holdings Inc.	13.2		(4.8)		8.4		—		—		8.4
Crown Health Care Laundry Services, Inc.	10.0		(0.9)		9.1		—		—		9.1
CST Buyer Company	6.1		—		6.1		—		—		6.1
CVP Holdco, Inc.	15.7		—		15.7		—		—		15.7
DCA Investment Holding LLC	5.8		(5.8)		—		—		—		—
DecoPac, Inc.	8.1		(0.9)		7.2		—		—		7.2
DFC Global Facility Borrower III LLC	152.5		(114.4)		38.1		—		—		38.1
Diligent Corporation	10.2		—		10.2		—		—		10.2
Divisions Holding Corporation	15.3		(2.5)		12.8		—		—		12.8
Dorner Holding Corp.	3.3		—		3.3		—				3.3
DRB Holdings, LLC	9.9		—		9.9		—		—		9.9


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments	Less: funded commitments	Total unfunded commitments	Less: commitments substantially at discretion of the Company	Less: unavailable commitments due to borrowing base or other covenant restrictions	Total net adjusted unfunded revolving and delayed draw commitments
DRS Holdings III, Inc.	6.8	—	6.8	—	—	6.8
DTI Holdco, Inc.	7.9	(4.9)	3.0	—	—	3.0
Dynamic NC Aerospace Holdings, LLC	10.1	(0.7)	9.4	—	—	9.4
Eckler Industries, Inc.	5.6	(2.7)	2.9	—	—	2.9
Elemica Parent, Inc.	25.2	(3.4)	21.8	(14.9)	—	6.9
Elevation Services Parent Holdings, LLC	14.2	(0.4)	13.8	—	—	13.8
Emergency Communications Network, LLC	6.5	—	6.5	—	—	6.5
EP Purchaser, LLC.	22.4	—	22.4	—	—	22.4
EP Wealth Advisors, LLC	0.6	—	0.6	—	—	0.6
Episerver, Inc.	9.5	—	9.5	—	—	9.5
eResearch Technology, Inc.	5.1	—	5.1	—	—	5.1
Essential Services Holding Corporation	43.4	(0.7)	42.7	—	—	42.7
Evolent Health LLC	44.8	—	44.8	—	—	44.8
Ferraro Fine Foods Corp.	8.0	—	8.0	—	—	8.0
Flinn Scientific, Inc.	10.0	(0.9)	9.1	—	—	9.1
Flow Control Solutions, Inc.	10.0	—	10.0	—	—	10.0
FM:Systems Group, LLC	1.5	(1.5)	—	—	—	—
Forescout Technologies, Inc.	0.1	—	0.1	—	—	0.1
Foundation Risk Partners, Corp.	54.8	—	54.8	—	—	54.8
FS Squared Holding Corp.	9.7	(0.3)	9.4	—	—	9.4
FWR Holding Corporation	2.2	—	2.2	—	(0.1)	2.1
Garden Fresh Restaurant Corp.	7.5	(6.9)	0.6	—	(0.6)	—
GB Auto Service, Inc.	18.8	(3.8)	15.0	—	(3.6)	11.4
Genesis Acquisition Co.	1.5	(1.5)	—	—	—	—
GraphPAD Software, LLC	1.1	—	1.1	—	—	1.1
Green Street Parent, LLC	0.3	—	0.3	—	—	0.3
GSM Acquisition Corp.	5.2	—	5.2	—	—	5.2
GTCR-Ultra Acquisition, Inc.	2.0	—	2.0	—	—	2.0
HAI Acquisition Corporation	19.0	—	19.0	—	—	19.0
Harvey Tool Company, LLC	13.5	(0.1)	13.4	—	—	13.4
HealthEdge Software, Inc.	4.1	—	4.1	—	—	4.1
Heelstone Renewable Energy, LLC	21.1	—	21.1	—	—	21.1
Help/Systems Holdings, Inc.	7.5	—	7.5	—	—	7.5
Highline Aftermarket Acquisition, LLC	12.5	(9.5)	3.0	—	—	3.0
Hometown Food Company	3.9	(0.5)	3.4	—	—	3.4
Huskies Parent, Inc.	3.3	(0.6)	2.7	—	—	2.7
Hygiena Borrower LLC	7.4	—	7.4	—	—	7.4
IMIA Holdings, Inc.	9.9	(0.5)	9.4	—	—	9.4
Infilaw Corporation	5.7	(5.7)	—	—	—	—
Infinite Electronics International, Inc.	3.0	—	3.0	—	—	3.0
Infogix, Inc.	5.3	(5.3)	—	—	—	—
IntraPac International LLC	19.2	(7.7)	11.5	—	—	11.5
Invoice Cloud, Inc.	4.9	(0.9)	4.0	—	—	4.0
JDC Healthcare Management, LLC	4.1	(0.8)	3.3	—	(3.3)	—
Jim N Nicks Management LLC	4.9	(4.9)	—	—	—	—
Joyce Lane Financing SPV LLC	1.4	—	1.4	—	—	1.4
K2 Insurance Services, LLC	4.7	—	4.7	—	—	4.7
Kellermeyer Bergensons Services, LLC	7.4	—	7.4	—	—	7.4
Kene Acquisition, Inc.	8.9	(0.1)	8.8	—	—	8.8
Laboratories Bidco LLC	11.8	—	11.8	—	—	11.8
Majesco and Magic Topco, L.P.	5.0	(0.6)	4.4	—	—	4.4
Manna Pro Products, LLC	10.0	—	10.0	—	—	10.0
Masergy Holdings, Inc.	2.5	—	2.5	—	—	2.5
Mavis Tire Express Services Corp.	11.3	—	11.3	—	—	11.3
MB2 Dental Solutions, LLC	4.6	(2.9)	1.7	—	—	1.7
McKenzie Creative Brands, LLC	4.5	—	4.5	—	—	4.5
Micromeritics Instrument Corp.	4.1	(4.1)	—	—	—	—
Minerva Surgical, Inc.	9.9	—	9.9	—	—	9.9
Ministry Brands, LLC	10.9	—	10.9	—	—	10.9


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments	Less: funded commitments	Total unfunded commitments	Less: commitments substantially at discretion of the Company	Less: unavailable commitments due to borrowing base or other covenant restrictions	Total net adjusted unfunded revolving and delayed draw commitments
Movati Athletic (Group) Inc.	0.9	—	0.9	(0.9)	—	—
MRI Software LLC	9.0	—	9.0	—	—	9.0
MSHC, Inc.	2.6	(0.6)	2.0	—	—	2.0
n2y Holding, LLC	0.1	—	0.1	—	—	0.1
NAS, LLC	3.0	—	3.0	—	—	3.0
National Intergovernmental Purchasing Alliance Company	9.0	—	9.0	—	—	9.0
Navisun LLC	18.1	—	18.1	—	—	18.1
NCWS Intermediate, Inc.	43.0	—	43.0	—	—	43.0
NECCO Holdings, Inc.	25.0	(19.9)	5.1	(5.1)	—	—
Nelipak Holding Company	0.6	(0.3)	0.3	—	—	0.3
NMC Skincare Intermediate Holdings II, LLC	9.1	(6.9)	2.2	—	—	2.2
NMN Holdings III Corp	12.5	(1.1)	11.4	—	—	11.4
Nordco Inc.	10.0	—	10.0	—	—	10.0
North American Science Associates, Inc.	11.0	—	11.0	—	—	11.0
NueHealth Performance, LLC	3.3	—	3.3	—	—	3.3
Olympia Acquisition, Inc.	10.8	(10.1)	0.7	—	—	0.7
OneDigital Borrower LLC	7.5	—	7.5	—	—	7.5
OTG Management, LLC	10.1	(10.1)	—	—	—	—
Pathway Vet Alliance LLC	1.9	—	1.9	—	—	1.9
PaySimple, Inc.	21.1	(0.1)	21.0	—	—	21.0
PDI TA Holdings, Inc.	7.6	—	7.6	—	—	7.6
Pegasus Global Enterprise Holdings, LLC	45.9	—	45.9	—	—	45.9
Perforce Software, Inc.	0.5	(0.1)	0.4	—	—	0.4
Petroleum Service Group LLC	21.2	(1.1)	20.1	—	—	20.1
PosiGen Backleverage, LLC	3.6	—	3.6	—	—	3.6
Premise Health Holding Corp.	36.0	(13.6)	22.4	—	—	22.4
Production Resource Group, LLC	5.6	—	5.6	—	—	5.6
Project Potter Buyer, LLC	5.5	—	5.5	—	—	5.5
Project Silverback Holdings Corp.	6.5	(0.1)	6.4	—	—	6.4
Pyramid Management Advisors, LLC	10.9	(9.5)	1.4	(1.4)	—	—
QC Supply, LLC	10.0	(10.0)	—	—	—	—
QF Holdings, Inc.	5.0	—	5.0	—	—	5.0
Radius Aerospace, Inc.	2.9	(1.3)	1.6	—	—	1.6
Raptor Technologies, LLC	4.7	(0.8)	3.9	(3.0)	—	0.9
Reddy Ice LLC	8.2	—	8.2	(3.6)	—	4.6
Redwood Services LLC	8.3	—	8.3	—	—	8.3
Reef Lifestyle, LLC	32.2	(8.6)	23.6	—	—	23.6
Retriever Medical/Dental Payments LLC	3.5	—	3.5	—	—	3.5
Rialto Management Group, LLC	1.0	(0.2)	0.8	—	—	0.8
RSC Acquisition, Inc.	0.6	—	0.6	—	—	0.6
RTI Surgical, Inc.	15.9	—	15.9	—	—	15.9
Safe Home Security, Inc.	9.9	—	9.9	—	—	9.9
Saldon Holdings, Inc.	2.3	—	2.3	—	—	2.3
SCIH Salt Holdings Inc.	7.5	(2.6)	4.9	—	—	4.9
SCM Insurance Services Inc.	4.2	—	4.2	—	—	4.2
SCSG EA Acquisition Company, Inc.	4.0	(0.2)	3.8	—	—	3.8
SecurAmerica, LLC	3.4	—	3.4	—	—	3.4
Severin Acquisition, LLC	9.0	(2.0)	7.0	—	—	7.0
SFE Intermediate HoldCo LLC	10.2	(0.1)	10.1	—	—	10.1
Shock Doctor, Inc.	2.5	(1.6)	0.9	—	—	0.9
Sigma Electric Manufacturing Corporation	7.5	(2.9)	4.6	—	—	4.6
SiroMed Physician Services, Inc.	7.1	—	7.1	—		7.1
SM Wellness Holdings, Inc.	9.1	—	9.1	—	—	9.1
SOS Security Holdings, LLC	0.5	(0.3)	0.2	—	—	0.2
Sovos Brands Intermediate, Inc.	4.3	—	4.3	—	—	4.3
SpareFoot, LLC	1.4	(1.4)	—	—	—	—
Spectra Finance, LLC	24.1	(15.3)	8.8	—	—	8.8
Spring Insurance Solutions, LLC	6.3	—	6.3	—	—	6.3


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments		Less: commitments substantially at discretion of the Company		Less: unavailable commitments due to borrowing base or other covenant restrictions		Total net adjusted unfunded revolving and delayed draw commitments
SSE Buyer, Inc.	6.5		—		6.5		—		—		6.5
Star US Bidco LLC	8.5		(0.1)		8.4		—		—		8.4
Storm US Holdco, Inc.	1.1		(0.2)		0.9		—		—		0.9
Sunshine Sub, LLC	5.8		—		5.8		—		—		5.8
Singer Sewing Company	1.4		(1.4)		—		—				—
Symplr Software Inc.	10.0		—		10.0		—		—		10.0
Synergy HomeCare Franchising, LLC	4.2		(0.1)		4.1		—		—		4.1
TA/WEG Holdings, LLC	3.8		—		3.8		—		—		3.8
Taymax Group, L.P.	2.1		(1.3)		0.8		—		(0.4)		0.4
TCP Hawker Intermediate LLC	7.6		—		7.6		—		—		7.6
TDG Group Holding Company	0.3		(0.1)		0.2		—		—		0.2
TerSera Therapeutics LLC	0.1		—		0.1		—		—		0.1
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc.	1.1		—		1.1		—		—		1.1
The Ultimate Software Group, Inc.	10.0		(0.1)		9.9		—		—		9.9
The Ultimus Group Midco, LLC	6.9		(4.0)		2.9		—		—		2.9
Theranest, LLC	10.9		—		10.9		—		—		10.9
THG Acquisition, LLC	33.1		—		33.1		—		—		33.1
TWH Infrastructure Industries, Inc.	0.1		(0.1)		—		—		—		—
U.S. Acute Care Solutions, LLC	1.7		—		1.7		—		—		1.7
United Digestive MSO Parent, LLC	14.8		—		14.8		—		—		14.8
Vela Trading Technologies LLC	3.5		(3.5)		—		—				—
Verscend Holding Corp.	22.5		(0.1)		22.4		—		—		22.4
VLS Recovery Services, LLC	19.8		(0.3)		19.5		—		—		19.5
VPROP Operating, LLC	8.0		—		8.0		—		—		8.0
VRC Companies, LLC	1.5		—		1.5		—		—		1.5
VS Buyer, LLC	8.1		—		8.1		—		—		8.1
Watchfire Enterprises, Inc.	2.0		—		2.0		—		—		2.0
WebPT, Inc.	6.1		—		6.1		—		—		6.1
Wildcat BuyerCo, Inc.	10.3		—		10.3		—		—		10.3
WSHP FC Acquisition LLC	11.3		(3.3)		8.0		—		—		8.0
Xifin, Inc.	7.3		—		7.3		—		—		7.3
Zemax Software Holdings, LLC	4.1		(2.0)		2.1		—		—		2.1
	$	2,020.6	$	(409.1)	$	1,611.5	$	(29.3)	$	(8.0)	$	1,574.2

(16) As of December 31, 2020, the Company was party to subscription agreements to fund equity investments in private equity investment partnerships as follows:


(in millions) Company	Total private equity commitments		Less: funded private equity commitments		Total unfunded private equity commitments		Less: private equity commitments substantially at the discretion of the Company		Total net adjusted unfunded private equity commitments
PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P.	$	50.0	$	(12.4)	$	37.6	$	(37.6)	$	—
European Capital UK SME Debt LP	61.5		(55.7)		5.8		(5.8)		—
	$	111.5	$	(68.1)	$	43.4	$	(43.4)	$	—

(17) As of December 31, 2020, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $37. See Note 4 to the consolidated financial statements for more information on the SDLP.

(18) Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Company’s investments.

(19) As of December 31, 2020, the net estimated unrealized loss for federal tax purposes was $0.4 billion based on a tax cost basis of $15.9 billion. As of December 31, 2020, the estimated aggregate gross unrealized loss for federal income tax purposes was $0.9 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was $0.5 billion.

(in millions)
Company Total private equity commitments Less: funded private equity commitments Total unfunded private equity commitments Less: private equity commitments substantially at the discretion of the Company Total net adjusted unfunded private equity commitments
Partnership Capital Growth Investors III, L.P. $ 5.0
$ (4.2 ) $ 0.8
$ —
$ 0.8
PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P. 50.0
(10.9 ) 39.1
(39.1 ) —
Piper Jaffray Merchant Banking Fund I, L.P. 2.0
(1.7 ) 0.3
—
0.3
$ 57.0
$ (16.8 ) $ 40.2
$ (39.1 ) $ 1.1


~~(26)~~	As of December 31, 2016, the Company had commitments to co-invest in the SSLP for its portion of the SSLP’s commitment to fund delayed draw loans of up to $7.3. See Note 4 to the consolidated financial statements for more information on the SSLP.


~~(27)~~	As of December 31, 2016, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $37.1. See Note 4 to the consolidated financial statements for more information on the SDLP.


~~(28)~~	Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Company’s investments.


~~(29)~~	As of December 31, 2016, the net estimated unrealized loss for federal tax purposes was $0.8 billion based on a tax cost basis of $9.7 billion. As of December 31, 2016, the estimated aggregate gross unrealized loss for federal income tax purposes was $0.9 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was $0.1 billion.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

As of September 30, 2021

(in millions, except per share data)

(unaudited)

Common Stock
Capital in
Excess of
Par Value
Accumulated Undistributed (Overdistributed) Net Investment Income
Accumulated Net
Realized Gains
on Investments,
Foreign Currency
Transactions,
Extinguishment of
Debt and Other Assets

Net Unrealized
Losses
on Investments, Foreign Currency and Other Transactions

Total
Stockholders’
Equity
Shares Amount
Balance at December 31, 2016 314
$ —
$ 5,292
$ 37
$ 57
$ (221 ) $ 5,165
Issuance of common stock in connection with the American Capital Acquisition 112
—
1,839
—
—
—
1,839
Deemed contribution from Ares Capital Management (See Note 14) —
—
54
—
—
—
54
Shares issued in connection with dividend reinvestment plan —
—
6
—
—
—
6
Issuances of Convertible Unsecured Notes (See Note 5) —
—
15
—
—
—
15
Net increase in stockholders’ equity resulting from operations —
—
—
371
143
(79 ) 435
Dividends declared and payable ($1.14 per share) —
—
—
(486 ) —
—
(486 )
Balance at September 30, 2017 426
$ —
$ 7,206
$ (78 ) $ 200
$ (300 ) $ 7,028


	Common Stock			Capital in Excess of Par Value		Accumulated Undistributed (Overdistributed) Earnings		Total Stockholders’ Equity
	Shares	Amount


























Balance at December 31, 2019	431	$	—	$	7,760	$	(293)	$	7,467
Repurchases of common stock	(8)	—		(100)		—		(100)
Net investment income	—	—		—		234		234
Net realized gains on investments, foreign currency and other transactions	—	—		—		34		34
Net unrealized losses on investments, foreign currency and other transactions	—	—		—		(880)		(880)
Dividends declared and payable ($0.40 per share)	—	—		—		(172)		(172)
Balance at March 31, 2020	423	$	—	$	7,660	$	(1,077)	$	6,583
Net investment income	—	—		—		165		165
Net realized gains on investments, foreign currency and other transactions	—	—		—		8		8
Net unrealized gains on investments, foreign currency and other transactions	—	—		—		104		104
Dividends declared and payable ($0.40 per share)	—	—		—		(169)		(169)
Balance at June 30, 2020	423	$	—	$	7,660	$	(969)	$	6,691
Net investment income	—	—		—		166		166
Net realized losses on investments, foreign currency and other transactions	—	—		—		(25)		(25)
Net unrealized gains on investments, foreign currency and other transactions	—	—		—		300		300
Dividends declared and payable ($0.40 per share)	—	—		—		(169)		(169)
Balance at September 30, 2020	423	$	—	$	7,660	$	(697)	$	6,963
Issuances of common stock (net of offering and underwriting costs)	—	—		4		—		4
Net investment income	—	—		—		229		229
Net realized losses on investments, foreign currency and other transactions	—	—		—		(183)		(183)
Net unrealized gains on investments, foreign currency and other transactions	—	—		—		332		332
Dividends declared and payable ($0.40 per share)	—	—		—		(169)		(169)
Tax reclassification of stockholders’ equity in accordance with GAAP	—	—		(8)		8		—
Balance at December 31, 2020	423	$	—	$	7,656	$	(480)	$	7,176
Issuances of common stock (net of offering and underwriting costs)	14	—		249		—		249
Shares issued in connection with dividend reinvestment plan	—	—		9		—		9
Net investment income	—	—		—		144		144
Net realized gains on investments, foreign currency, extinguishment of debt and other transactions	—	—		—		16		16
Net unrealized gains on investments, foreign currency and other transactions	—	—		—		213		213
Dividends declared and payable ($0.40 per share)	—	—		—		(175)		(175)
Balance at March 31, 2021	437	$	—	$	7,914	$	(282)	$	7,632
Issuances of common stock (net of offering and underwriting costs)	7	—		135		—		135
Shares issued in connection with dividend reinvestment plan	1	—		10		—		10
Net investment income	—	—		—		171		171
Net realized gains on investments, foreign currency, extinguishment of debt and other transactions	—	—		—		59		59
Net unrealized gains on investments, foreign currency and other transactions	—	—		—		248		248
Dividends declared and payable ($0.40 per share)	—	—		—		(177)		(177)
Balance at June 30, 2021	445	$	—	$	8,059	$	19	$	8,078
Issuances of common stock (net of offering and underwriting costs)	15	—		304		—		304
Shares issued in connection with dividend reinvestment plan	1	—		10		—		10
Net investment income	—	—		—		184		184
Net realized gains on investments, foreign currency, extinguishment of debt and other transactions	—	—		—		149		149
Net unrealized gains on investments, foreign currency, extinguishment of debt and other transactions	—	—		—		1		1
Dividends declared and payable ($0.41 per share)	—	—		—		(189)		(189)
Balance at September 30, 2021	461	$	—	$	8,373	$	164	$	8,537

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(in millions)

(unaudited)

For the Nine Months Ended September 30,
2017 2016
OPERATING ACTIVITIES:

Net increase in stockholders’ equity resulting from operations $ 435
$ 399
Adjustments to reconcile net increase in stockholders’ equity resulting from operations:
Net realized gains on investments and foreign currency and other transactions (147 ) (78 )
Net unrealized losses on investments, foreign currency and other transactions 79
35
Realized losses on extinguishment of debt 4
—
Net accretion of discount on investments (7 ) (4 )
Payment-in-kind interest and dividends (57 ) (32 )
Collections of payment-in-kind interest and dividends 62
3
Amortization of debt issuance costs 14
11
Net accretion of discount on notes payable 5
5
Depreciation 1
1
Acquisition of American Capital, net of cash acquired (2,381 ) —
Proceeds from sales and repayments of investments 5,804
2,700
Purchases of investments (5,760 ) (2,386 )
Changes in operating assets and liabilities:
Interest receivable 17
17
Other assets 25
(13 )
Base management fees payable 10
—
Income based fees payable (7 ) 2
Capital gains incentive fees payable 23
8
Accounts payable and other liabilities (94 ) (10 )
Interest and facility fees payable —
(19 )
Net cash (used in) provided by operating activities (1,974 ) 639
FINANCING ACTIVITIES:
Net proceeds from issuance of common stock 1,839
—
Borrowings on debt 10,305
7,168
Repayments and repurchases of debt (9,535 ) (7,567 )
Debt issuance costs (37 ) (9 )
Dividends paid (480 ) (358 )
Repurchases of common stock —
(5 )
Net cash provided by (used) in financing activities 2,092
(771 )
CHANGE IN CASH AND CASH EQUIVALENTS 118
(132 )
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 223
257
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 341
$ 125
Supplemental Information:
Interest paid during the period $ 141
$ 139
Taxes, including excise tax, paid during the period $ 21
$ 16
Dividends declared and payable during the period $ 486
$ 358
Deemed contribution from Ares Capital Management (see Note 14) $ 54
$ —


	For the Nine Months Ended September 30,
	2021		2020
OPERATING ACTIVITIES:
Net increase in stockholders’ equity resulting from operations	$	1,185	106
Adjustments to reconcile net increase in stockholders’ equity resulting from operations:
Net realized gains on investments, foreign currency and other transactions	(267)		(17)
Net unrealized (gains) losses on investments, foreign currency and other transactions	(462)		476
Realized loss on extinguishment of debt	43		—
Net accretion of discount on investments	(11)		(5)
PIK interest	(121)		(110)
Collections of PIK interest	101		27
PIK dividends	(61)		(50)
Collections of PIK dividends	122		—
Amortization of debt issuance costs	19		16
Net accretion of discount on notes payable	3		6
Proceeds from sales and repayments of investments and other transactions	6,738		3,096
Purchases of investments	(8,026)		(3,368)
Changes in operating assets and liabilities:
Interest receivable	3		1
Receivable from participants	38		—
Other assets	14		(2)
Operating lease right-of-use asset	8		9
Base management fees payable	9		(1)
Income based fees payable	(87)		35
Capital gains incentive fees payable	133		(58)
Interest and facility fees payable	(17)		(6)
Payable to participants	(52)		34
Accounts payable and other liabilities	7		(4)
Operating lease liabilities	(11)		(13)
Net cash (used in) provided by operating activities	(692)		172
FINANCING ACTIVITIES:
Borrowings on debt	12,131		5,295
Repayments and repurchases of debt	(10,752)		(4,717)
Debt issuance costs	(49)		(37)
Net proceeds from issuance of common stock	687		—
Dividends paid	(512)		(510)
Repurchases of common stock	—		(100)
Secured borrowings	74		(3)
Net cash provided by (used in) financing activities	1,579		(72)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	887		100
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	326		176
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	1,213	$	276
Supplemental Information:
Interest paid during the period	$	250	$	208
Taxes, including excise tax, paid during the period	$	23	$	16
Dividends declared and payable during the period	$	541	$	510

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, ~~2017~~2021

(unaudited)

(in millions, except per share data, percentages and as otherwise indicated; for example, with the word “billion” or otherwise)

1. ORGANIZATION

Ares Capital Corporation (the “Company”) is a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. The Company has elected to be regulated as a ~~BDC~~business development company (“BDC”) under the Investment Company ~~Act.~~Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). The Company has elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and operates in a manner so as to qualify for the tax treatment applicable to RICs.

The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and ~~mezzanine~~subordinated debt, generally in a first lien position), and second lien senior secured loans. In addition to senior secured loans, ~~and~~the Company also invests in subordinated loans (sometimes referred to as mezzanine ~~debt,~~debt), which in some cases includes an equity ~~component.~~component, and preferred equity. To a lesser extent, the Company also makes common equity investments.

The Company is externally managed by Ares Capital Management LLC (“Ares Capital Management” or the Company’s “investment adviser”), a subsidiary of Ares Management ~~L.P.~~Corporation (“Ares Management”), a publicly traded, leading global alternative ~~asset~~investment manager, pursuant to an investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or the Company’s “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for the Company to operate.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Company and its consolidated subsidiaries. The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) ~~946.~~946, Financial Services-Investment Companies. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of ~~the~~ operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated.

Interim financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, ~~2017.~~2021.

The Company reclassified certain prior period amounts in the accompanying consolidated balance sheet to conform to its current period presentation. These reclassifications had no impact on prior periods’ net income or stockholders’ equity.

Cash, ~~and~~ Cash Equivalents and Restricted Cash

Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. Cash and cash equivalents are carried at cost, which approximates fair value. As of September 30, 2021 and December 31, 2020, there was $37 and $13, respectively, of cash denominated in foreign currencies included within “cash and cash equivalents” in the accompanying consolidated balance sheet.

Restricted cash primarily relates to cash received by the Company on behalf of participating lenders as a result of the Company’s role as administrative agent for certain loans. The cash received is generally distributed to participating lenders shortly after the receipt of such cash.

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheet to the total amount shown at the end of the applicable period in the consolidated statement of cash flows:


	As of
	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	1,193	$	254
Restricted cash	20		72
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$	1,213	$	326

Concentration of Credit Risk

The Company places its cash and cash equivalents with financial institutions and, at times, cash held in money market accounts may exceed the Federal Deposit Insurance Corporation insured limit.

Investments

during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Company looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available (i.e., substantially all of the Company’s investments) are valued at fair value as determined in good faith by the Company’s board of directors, based on, among other things, the input of the Company’s investment adviser, audit committee and independent third-party valuation firms that have been engaged at the direction of the Company’s board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing 12-month period (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. The valuation process is conducted at the end of each fiscal quarter, and a portion of the Company’s investment portfolio at fair value is subject to review by an independent third-party valuation firm each quarter. In addition, the Company’s independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, the Company’s investment valuation process within the context of performing the integrated audit.

As part of the valuation process, the Company may take into account the following types of factors, if relevant, in determining the fair value of the Company’s investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent ~~equity~~ sale occurs, the Company considers the pricing indicated by the external event to corroborate its valuation.

Because there is not a readily available market value for most of the investments in its portfolio, the Company values substantially all of its portfolio investments at fair value as determined in good faith by its board of directors, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the

Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded it.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

The Company’s board of directors undertakes a multi-step valuation process each quarter, as described below:

•The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the Company’s portfolio management team.

•Preliminary valuations are reviewed and discussed with the Company’s investment adviser’s management and investment professionals, and then valuation recommendations are presented to the Company’s board of directors.

•The audit committee of the Company’s board of directors reviews these valuations, as well as the input of third parties, including independent third-party valuation firms who have reviewed a portion of the investments in the Company’s portfolio at fair value.

•The Company’s board of directors discusses valuations and ultimately determines the fair value of each investment in the Company’s portfolio without a readily available market quotation in good faith based on, among other things, the input of the Company’s investment adviser, audit committee and, where applicable, independent third-party valuation firms.

See Note 8 for more information on the Company’s valuation process.

Interest ~~and Dividend~~ Income Recognition

Interest income is recorded on an accrual basis and includes the accretion of discounts, ~~and~~ amortization of ~~premiums.~~premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on ~~securities~~investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for ~~the~~any accretion of discounts, ~~and~~ amortization of premiums ~~if any.~~and PIK interest.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon ~~management’s~~the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is ~~paid~~no longer any reasonable doubt that such principal or interest will be collected in full and, in ~~management’s~~the Company’s judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value ~~and~~(i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.

Dividend Income Recognition

Dividend income on preferred equity ~~securities~~ is recorded ~~as dividend income~~ on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity ~~securities~~ is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

~~Payment-in-Kind Interest~~

~~The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. The~~ To the extent a preferred equity contains PIK ~~interest,~~provisions, PIK dividends, computed at the contractual rate specified in each ~~loan~~applicable agreement, isare accrued and recorded as dividend income and added to the principal balance of the ~~loan and recorded as interest income. To maintain~~preferred equity. PIK dividends added to the ~~Company’s status as a RIC, this non-cash source~~principal balance are generally collected upon redemption of ~~income must be paid out to stockholders in~~ the ~~form of dividends, even though the Company has not yet collected the cash.~~equity.

Capital Structuring Service Fees and Other Income

~~The~~In pursuit of the Company’s investment objective, the Company’s investment adviser seeks to provide assistance to its portfolio companies and in return the Company may receive fees for capital structuring services. These fees are fixed based on contractual terms, are generally only available to the Company as a result of the Company’s underlying investments, are normally paid at the closing of the investments, are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the investment. The services that the Company’s investment adviser provides vary by investment, but generally include reviewing existing credit facilities, arranging bank financing, arranging equity financing, structuring financing from multiple lenders, structuring financing from multiple equity investors, restructuring existing loans, raising equity and debt capital, and providing general financial advice, which concludes upon closing of the investment. Any services of the above nature subsequent to the closing would generally generate a separate fee payable to the Company. In certain instances where the Company is invited to participate as a co-lender in a transaction and does not provide significant services in connection with the investment, a portion of loan fees paid to the Company in such situations will be deferred and amortized over the ~~estimated~~contractual life of the loan.

Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the related transaction. Other income also includes fees for management and consulting services, agency services, loan guarantees, commitments, ~~amendments~~ and other services rendered by the Company to portfolio companies. Such fees are fixed based on contractual terms and are recognized as income ~~when earned or the~~as services are rendered.

Foreign Currency Translation

The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:


(1) Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the period.	~~Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the period.~~


~~(2)~~	~~Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses.~~

(2)Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses.

Results of operations based on changes in foreign exchange rates are separately disclosed in the statement of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause

investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Derivative Instruments

The Company does not utilize hedge accounting and as such values its derivatives at fair value with the unrealized gains or losses recorded in “net unrealized gains (losses) from foreign currency and other transactions” in the Company’s consolidated statement of operations.

Equity Offering Expenses

The Company’s offering costs are charged against the proceeds from equity offerings when proceeds are received.

Debt Issuance Costs

Debt issuance costs are amortized over the life of the related debt instrument using the straight line method or the effective yield method, depending on the type of debt instrument.

Secured Borrowings

The Company follows the guidance in ASC Topic 860, Transfers and Servicing, when accounting for participations and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed.

Participations or other partial loan sales which do not meet the definition of a participating interest or which are not eligible for sale accounting remain as an investment on the consolidated balance sheet as required under GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value.

Leases

The Company is obligated under a number of operating leases pursuant to which it is leasing office facilities from third parties with remaining terms ranging from approximately one to five years. Such operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the accompanying consolidated balance sheets. The Company does not have any finance leases.

The ROU asset represents the Company’s right to use an underlying asset for the lease term and the operating lease liability represents the Company’s obligation to make lease payments arising from such lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the remaining lease term. The Company’s leases do not provide an implicit discount rate, and as such the Company uses its weighted average borrowing rate based on the information available at the commencement date in determining the present value of the remaining lease payments. Lease expense is recognized on a straight-line basis over the remaining lease term. The Company has elected as a practical expedient to treat non-lease components as part of the lease as these components are not significant when compared to the lease component.

Income Taxes

The Company has elected to be treated as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company ~~(among other requirements)~~ has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal corporate-level income taxes.

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, the Company accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned.

~~Certain of the Company’s~~The Company may hold certain portfolio company investments through consolidated taxable subsidiaries. Such subsidiaries ~~are~~may be subject to U.S. federal and state corporate-level income taxes. These consolidated subsidiaries recognize deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between the tax basis of certain assets and liabilities and the reported amounts included in the accompanying consolidated balance sheet using the applicable statutory tax rates in effect for the year in which any such temporary differences are expected to reverse.

Dividends to Common Stockholders

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by ~~management.~~management and considers the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash dividend, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash dividend. The Company ~~intends to~~may use ~~primarily~~ newly issued shares to implement the dividend reinvestment plan ~~(so long as the Company is trading at a premium to net asset value). If the Company’s shares are trading at a discount to net asset value and~~or, if the Company is otherwise permitted under applicable law to purchase such shares, the Company may purchase shares in the open market in connection with the Company’s obligations under the dividend reinvestment plan. However, the Company reserves the right to issue new shares of the Company’s common stock in connection with the Company’s obligations under the dividend reinvestment plan even if the Company’s shares are trading below net asset value.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the financial statements

and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the valuation of investments.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In August 2020, the FASB issued ASU No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, after adoption, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a fully retrospective or modified retrospective basis. The Company is currently evaluating the impact of the adoption of ASU 2020-06 on its consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.

3. AGREEMENTS

Investment Advisory and Management Agreement

The Company is party to an investment advisory and management agreement (the “investment advisory and management agreement”) with Ares Capital Management. Subject to the overall supervision of the Company’s board of directors, Ares Capital Management provides investment advisory and management services to the Company. For providing these services, Ares Capital Management receives fees from the Company consisting of a base management fee, a fee based on the Company’s net investment income (“income based fee”) and a fee based on the Company’s net capital gains (“capital gains incentive fee”). The investment advisory and management agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party.

The base management fee is calculated at an annual rate of 1.5% on all assets financed using leverage up to 1.0x debt to equity. For all assets using leverage over 1.0x debt to equity, the base management fee is calculated at an annual rate of 1.0%. The base management fee is based on the average value of the Company’s total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed calendar ~~quarters.~~quarters and is calculated by applying the applicable fee rate. The base management fee is payable quarterly in arrears. See Note 5 for additional information.

The income based fee is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio

companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the administration agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the income based fee and capital gains incentive fee accrued under GAAP). Pre-incentive fee net investment income includes, in the case of investments with a deferred ~~interest~~income feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash. The Company’s investment adviser is not under any obligation to reimburse the Company for any part of the income based fees it received that was based on accrued ~~interest~~income that the Company never actually received.

Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation, unrealized capital depreciation or income tax expense related to realized gains and losses. Because of the structure of the income based fee, it is possible that the Company may pay such fees in a quarter where the Company incurs a loss. For example, if the Company ~~receives~~earns pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable income based fee even if the Company has incurred a loss in that quarter due to realized and/or unrealized capital losses.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.75% per quarter. If market credit spreads rise, the Company may be able to invest its funds in debt instruments that provide for a higher return, which may increase the Company’s pre-incentive fee net investment income and make it easier for the Company’s investment adviser to surpass the fixed hurdle rate and receive an income based fee based on such net investment income. To the extent the Company has retained pre-incentive fee net investment income that has been used to calculate the income based fee, it is also included in the amount of the Company’s total assets (other than cash and cash equivalents but including assets purchased with borrowed funds) used to calculate the ~~1.5%~~ base management fee.

The Company pays its investment adviser an income based fee with respect to the Company’s pre-incentive fee net investment income in each calendar quarter as follows:

•No income based fee in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the hurdle rate;

•100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any calendar quarter. The Company refers to this portion of its pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 2.1875%) as the “catch-up” provision. The “catch-up” is meant to provide the Company’s

investment adviser with 20% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeded 2.1875% in any calendar quarter; and

•20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 2.1875% in any calendar quarter.

These calculations are adjusted for any share issuances or repurchases during the quarter.

In connection with the Company's acquisition of American Capital, Ltd., a Delaware corporation ("American Capital") (the "American Capital Acquisition"), Ares Capital Management agreed to waive, for each of the first 10 calendar quarters beginning with the second quarter of 2017, the lesser of (x) $10 of income based fees and (y) the amount of income based fees for such quarter, in each case, to the extent earned and payable by the Company in such quarter pursuant to and as calculated under the Company's investment advisory and management agreement (the "Fee Waiver"). See Note 14 for additional information regarding the American Capital Acquisition.

The capital gains incentive fee is determined and payable in arrears as of the end of each calendar year (or, upon termination of the investment advisory and management agreement, as of the termination date) and is calculated at the end of each applicable year by subtracting (a) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (b) the Company’s cumulative aggregate realized capital gains, in each case calculated from October 8, 2004 (the date the Company completed its initial public offering). Realized capital gains and losses include gains and losses on investments and foreign currencies, gains and losses on extinguishment of debt and from other assets, as well as any income tax and other expenses related to ~~net~~cumulative aggregate realized gains and losses. If such amount is positive at the end of such year, then the capital gains incentive fee for such year is equal to 20% of such amount, less the aggregate amount of capital gains incentive fees paid in all prior years. If such amount is negative, then there is no capital gains incentive fee for such year.

The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.

The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.

The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable capital gains incentive fee calculation date and (b) the accreted or amortized cost basis of such investment.

Notwithstanding the foregoing, as a result of an amendment to the capital gains incentive fee under the investment advisory and management agreement that was adopted on June 6, 2011, if the Company is required by GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment by the Company (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the capital gains incentive fee, the “accreted or amortized cost basis” of an investment shall be an amount (the “Contractual Cost Basis”) equal to (1) (x) the actual amount paid by the Company for such investment plus (y) any amounts recorded in the Company’s financial statements as required by GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Company’s financial statements, including PIK interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Company’s financial statements as required by GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition.

The base management fees, income based fees and capital gains incentive fees for the three and nine months ended September 30, 2021 and 2020 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Base management fees	$	65	$	53	$	184	$	161
Income based fees	53		42		158		127

Capital gains incentive fees(1)	$	30	$	—	$	133	$	(58)

(1)Calculated in accordance with GAAP as discussed below.

There was no capital gains incentive fee earned by the Company’s investment adviser as calculated under the investment advisory and management agreement ~~(as described above)~~ for the three and nine months ended September 30, ~~2017. However,~~2021 and 2020. As of September 30, 2021, there was no capital gains incentive fee actually payable under the investment advisory and management agreement. In addition, in accordance with GAAP, the Company had cumulatively accrued a capital gains incentive fee of ~~$61~~$133 as of September 30, ~~2017, of which $61 is not currently due under the investment advisory and management agreement.~~2021. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory and management agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains

incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any ~~expenses~~expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then GAAP requires the Company to record a capital gains incentive fee equal to 20% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under GAAP in all prior periods. As of September 30, ~~2017,~~2021, the Company has paid capital gains incentive fees since inception totaling ~~$57.~~$108. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.

~~The Company defers cash~~Cash payment of any income based fees and capital gains incentive fees otherwise earned by the Company’s investment adviser is deferred if, during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made, the sum of (a) the aggregate distributions to the Company’s stockholders and (b) the change in net assets (defined as total assets less indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) is less than 7.0% of the Company’s net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any ~~deferred~~ income based fees

and capital gains incentive fees deferred for payment are carried over for payment in subsequent calculation periods to the extent such ~~payment is~~fees are payable under the terms of the investment advisory and management agreement.

~~For~~ As of December 31, 2020, income based fees payable of $140 in the ~~three and nine months ended September 30, 2017, base management fees~~accompanying consolidated balance sheet included $83 earned by the Company’s investment adviser that were ~~$44 and $127, respectively, and~~previously deferred. These deferred income based fees were ~~$25 and $77, respectively. The income based fees for~~paid in the ~~three and nine months ended September 30, 2017 were net~~first quarter of 2021 pursuant to the terms of the Fee Waiver of $10 and $20, respectively. For the three months ended September 30, 2017, the reduction in capital gains incentive fees calculated in accordance with GAAP was $3. For the nine months ended September 30, 2017, the capital gains incentive fees calculated in accordance with GAAP was $23. For the nine months ended September 30, 2017, $11 of capital gains incentive fees calculated in accordance with GAAP was recorded in connection with the American Capital Acquisition as a result of the fair value of the net assets acquired exceeding the fair value of the merger consideration paid by the Company. See Note 14 for additional information regarding the American Capital Acquisition. For the three and nine months ended September 30, 2016, baseinvestment advisory management fees were $34 and $103, respectively, and income based fees were $33 and $91, respectively. For the three months ended September 30, 2016, the reduction in capital gains incentive fees calculated in accordance with GAAP was $6. For the nine months ended September 30, 2016, the capital gains incentive fees calculated in accordance with GAAP was $8.agreement.

The services of all investment professionals and staff of the Company’s investment adviser, when and to the extent engaged in providing investment advisory and management services to the Company, and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Company’s investment adviser. ~~The~~Under the investment advisory and management agreement, the Company bears all other costs and expenses of its operations and transactions, including, but not limited to, those relating to: ~~rent for the offices in which the Company operates, including rent expenses for investment activities of the Company;~~ organization; calculation of the Company’s net asset value (including, but not limited to, the cost and expenses of any independent third-party valuation firm); expenses incurred by the Company’s investment adviser payable to third parties, including agents, consultants or other advisers, in monitoring the Company’s financial and legal affairs and in monitoring the Company’s investments (including the cost of consultants hired to develop information technology systems designed to monitor the Company’s investments) and performing due diligence on the Company’s prospective portfolio companies; interest payable on indebtedness, if any, incurred to finance the Company’s investments (including payments to third party vendors for financial information services); offerings of the Company’s common stock and other securities; investment advisory and management fees; administration fees; fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments in portfolio companies, regardless of whether such transactions are ultimately consummated; transfer agent and custodial fees; registration fees; listing fees; taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other documents with the SEC; the costs of any reports, proxy statements or other notices to stockholders, including printing costs; to the extent the Company is covered by any joint insurance policies, the Company’s allocable portion of the insurance premiums for such policies; direct costs and expenses of administration, including auditor and legal costs; and all other expenses incurred by the Company or its administrator in connection with administering the Company’s business as described in more detail under “Administration Agreement” below.

Administration Agreement

The Company is party to an administration agreement, referred to herein as the “administration agreement”, with its administrator, Ares Operations. Pursuant to the administration agreement, Ares Operations furnishes the Company with office equipment and clerical, bookkeeping and record keeping services at the Company’s office facilities. Under the administration agreement, Ares Operations also performs, or oversees the performance of, the Company’s required administrative services,

which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial records that the Company is required to maintain and preparing reports to its stockholders and reports filed with the ~~Securities and Exchange Commission (the “SEC”).~~SEC. In addition, Ares Operations assists the Company in determining and publishing its net asset value, assists the Company in providing managerial assistance to its portfolio companies, oversees the preparation and filing of the Company’s tax returns and the printing and dissemination of reports to its stockholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Company by others. Payments under the administration agreement are equal to an amount based upon its allocable portion of Ares Operations’ overhead and other expenses (including travel expenses) incurred by Ares Operations in performing its obligations under the administration agreement, including the Company’s allocable portion of the compensation, rent and other expenses of certain of its officers (including the Company’s chief compliance officer, chief financial officer, chief accounting officer, general counsel, secretary, treasurer and assistant treasurer) and their respective staffs. The administration agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party.

For the three and nine months ended September 30, ~~2017,~~2021, the Company incurred $3$4 and ~~$9,~~$11, respectively, in administrative fees. ~~In addition, for~~For the three and nine months ended September 30, ~~2017,~~2020, the Company incurred ~~an additional $1~~$3 and ~~$6,~~$10, respectively, in administrative fees related to the integration of the American Capital Acquisition. These acquisition-related expenses are included in “professional fees and other costs related to the American Capital Acquisition” in the consolidated statement of operations.fees. As of September 30, ~~2017,~~2021 and December 31, 2020, a total of $4 and $3, respectively, in administrative fees were unpaid and included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet. ~~For the three and nine months ended September 30, 2016, the Company incurred $3 and $10, respectively, in administrative fees.~~

4. INVESTMENTS

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, investments consisted of the following:

As of
September 30, 2017 December 31, 2016
Amortized Cost(1) Fair Value Amortized Cost(1) Fair Value
First lien senior secured loans $ 4,797
$ 4,657
$ 2,102
$ 2,036
Second lien senior secured loans 4,198
4,082
3,069
2,987
Subordinated certificates of the SDLP (2) 437
437
270
270
Subordinated certificates of the SSLP (3) —
—
1,938
1,914
Senior subordinated loans 895
922
692
714
Collateralized loan obligations 161
158
—
—
Preferred equity securities 628
435
505
273
Other equity securities 624
765
458
626
Total $ 11,740
$ 11,456
$ 9,034
$ 8,820


	As of
	September 30, 2021				December 31, 2020
	Amortized Cost(1)		Fair Value		Amortized Cost(1)		Fair Value
First lien senior secured loans (2)	$	8,788	$	8,656	$	7,224	$	6,987
Second lien senior secured loans	4,158		4,071		4,386		4,171
Subordinated certificates of the SDLP (3)	932		932		1,123		1,123
Senior subordinated loans	1,053		993		1,005		951

Preferred equity	1,296		1,272		1,020		926
Other equity	1,400		1,753		1,156		1,357
Total	$	17,627	$	17,677	$	15,914	$	15,515


~~(1)~~	~~The amortized cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any.~~


~~(2)~~	The proceeds from these certificates were applied to co-investments with Varagon and its clients to fund first lien senior secured loans to 18 and 14 different borrowers as of September 30, 2017 and December 31, 2016, respectively.


~~(3)~~	~~The proceeds from these certificates were applied to co-investments with GE to fund first lien senior secured loans to 19 different borrowers as of December 31, 2016.~~

(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

(2)First lien senior secured loans include certain loans that the Company classifies as “unitranche” loans. The total amortized cost and fair value of the loans that the Company classified as “unitranche” loans were $4,439 and $4,389, respectively, as of September 30, 2021, and $2,909 and $2,793, respectively, as of December 31, 2020.

(3)The proceeds from these certificates were applied to co-investments with Varagon and its clients to fund first lien senior secured loans to 17 and 23 different borrowers as of September 30, 2021 and December 31, 2020, respectively.

The Company uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions of the Company’s portfolio at fair value as of September 30, ~~2017~~2021 and December 31, ~~2016~~2020 were as follows:

As of
September 30, 2017 December 31, 2016
Industry
Healthcare Services 20.8 % 14.3 %
Business Services 18.9
9.8
Consumer Products 7.4
7.2
Investment Funds and Vehicles(1) 6.0
25.2
Other Services 6.0
8.9
Manufacturing 5.5
3.8
Food and Beverage 4.3
2.2
Financial Services 4.3
4.2
Education 3.8
2.0
Power Generation 3.7
6.4
Automotive Services 3.3
1.9
Restaurants and Food Services 3.2
4.5
Wholesale Distribution 2.6
—
Containers and Packaging 2.2
2.8
Oil and Gas 1.9
1.0
Other 6.1
5.8
Total 100.0 % 100.0 %


	As of
	September 30, 2021		December 31, 2020
Industry
Software & Services	19.3	%	15.1	%
Healthcare Services	12.0		17.3
Commercial & Professional Services	10.1		8.0
Insurance Services	6.5		4.0
Diversified Financials	6.0		6.0
Investment Funds and Vehicles(1)	5.5		7.5
Capital Goods	5.2		5.1
Consumer Durables & Apparel	4.8		6.3
Automobiles & Components	4.7		5.5
Power Generation	4.7		5.2
Consumer Services	4.3		7.1
Energy	2.5		2.5
Media & Entertainment	2.4		0.5
Retailing and Distribution	2.3		1.9
Food & Beverage	2.2		2.2
Other	7.5		5.8
Total	100.0	%	100.0	%

~~(1)~~

~~Includes the Company’s investment in the SDLP, which had made first lien senior secured loans to~~ 18 and 14 different borrowers as of September 30, 2017 and December 31, 2016, respectively, and the Company’s investment in the SSLP, which had made first lien senior secured loans to 19 different borrowers as of December 31, 2016. The portfolio companies in the SDLP are in industries similar to the companies in the Company’s portfolio. The portfolio companies in the SSLP were in industries similar to the companies in the Company’s portfolio.

(1)Includes the Company’s investment in the SDLP, which had made first lien senior secured loans to 17 and 23 different borrowers as of September 30, 2021 and December 31, 2020, respectively. The portfolio companies in the SDLP are in industries similar to the companies in the Company’s portfolio.

As of
September 30, 2017 December 31, 2016
Geographic Region
Midwest 28.1 % 19.7 %
Southeast 27.3
19.5
West(1) 21.1
41.5
Mid Atlantic 15.8
14.7
Northeast 3.9
3.6
International 3.8
1.0
Total 100.0 % 100.0 %


	As of
	September 30, 2021		December 31, 2020
Geographic Region
Midwest	29.7	%	26.0	%
West (1)	28.0		24.9
Southeast	19.4		22.6
Mid Atlantic	14.5		16.7
Northeast	4.4		7.1
International	4.0		2.7
Total	100.0	%	100.0	%


~~(1)~~	Includes the Company’s investment in the SDLP, which represented 3.8% and 3.1% of the total investment portfolio at fair value as of September 30, 2017 and December 31, 2016, respectively, and the Company’s investment in the SSLP, which represented 21.7% of the total investment portfolio at fair value as of December 31, 2016.

(1)Includes the Company’s investment in the SDLP, which represented 5.3% and 7.2% of the total investment portfolio at fair value as of September 30, 2021 and December 31, 2020, respectively.

As of September 30, ~~2017, 3.4%~~2021, loans on non-accrual status represented 1.7% and 1.0% of the total investments at amortized cost ~~(or 0.9% of total investments~~and at fair ~~value) were on non-accrual status.~~value, respectively. As of December 31, ~~2016, 2.9%~~2020, loans on non-accrual status represented 3.3% and 2.0% of the total investments at amortized cost ~~(or 0.8% of total investments~~and at fair ~~value) were on non-accrual status.~~value, respectively.

~~Co-Investment Programs~~

Senior Direct Lending Program

The Company has established a joint venture with Varagon to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. ~~middle market~~middle-market companies. Varagon was formed in 2013 as a lending platform by American International Group, Inc. ~~(NYSE:AIG)~~ and other partners. The joint venture is called the SDLP. In July 2016, the Company and Varagon and its clients completed the initial funding of the SDLP. In conjunction with the initial funding, we and Varagon and its clients sold investment commitments to the SDLP. Such investment commitments included $529 of investment commitments sold to the SDLP by the Company. No realized gains or losses were recorded by the Company on these transactions. The SDLP may generally commit and hold individual loans of up to ~~$300.~~$350. The Company and other accounts managed by the Company’s investment adviser and its affiliates may directly co-invest with the SDLP to accommodate larger transactions. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required).

The Company provides capital to the SDLP in the form of subordinated certificates (the “SDLP Certificates”), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and SDLP Certificates. As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, the Company and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates.

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, the Company and Varagon and its clients had agreed to make capital available to the SDLP of ~~$2,925~~$6,150 and $6,150, respectively, in the aggregate, of which ~~$591~~$1,444 and $1,444, respectively, is to be made available from the Company. The Company will continue to provide capital to the SDLP in the form of SDLP Certificates, and Varagon and its clients will provide capital to the SDLP in the form of senior notes, intermediate funding notes and SDLP Certificates. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP as discussed above. Below is a summary of the funded capital and unfunded capital commitments of the SDLP.


	As of					As of
	September 30, 2017		December 31, 2016			September 30, 2021		December 31, 2020
Total capital funded to the SDLP(1)	$	2,083	$	1,285	Total capital funded to the SDLP(1)	$	3,691	$	4,772
Total capital funded to the SDLP by the Company(1)	$	437	$	270	Total capital funded to the SDLP by the Company(1)	$	932	$	1,123
Total unfunded capital commitments to the SDLP(2)	$	156	$	177	Total unfunded capital commitments to the SDLP(2)	$	194	$	152
Total unfunded capital commitments to the SDLP by the Company(2)	$	33	$	37	Total unfunded capital commitments to the SDLP by the Company(2)	$	49	$	37


~~(1)~~	~~At principal amount.~~

1.At principal amount.


~~(2)~~	~~These commitments have been approved by the investment committee of the SDLP and will be funded as the transactions are completed.~~

2.These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met.

The SDLP Certificates pay a coupon ofequal to LIBOR plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes.

The amortized cost and fair value of the SDLP Certificates held by the Company were $~~437~~932 and $~~437~~932, respectively, as of September 30, ~~2017.~~2021 and $1,123 and $1,123, respectively, as of December 31, 2020. The Company’s yield on its investment in the SDLP Certificates at amortized cost and fair value was ~~14.0%~~13.5% and ~~14.0%~~13.5%, respectively, as of September 30, ~~2017. The amortized cost~~2021 and ~~fair value of the SDLP Certificates held by the Company were $270~~13.5% and ~~$270, respectively, as of December 31, 2016. The Company’s yield on its investment in the SDLP at amortized cost and fair value was 14.0% and 14.0%~~13.5%, respectively, as of December 31, ~~2016.~~2020. For the three and nine months ended September 30, ~~2017,~~2021, the Company earned interest income of ~~$15~~$33 and ~~$36,~~$106, respectively, from its investment in the SDLP Certificates. For the three and nine months ended September 30, ~~2016,~~2020, the Company earned interest income of ~~$5 for each period~~$32 and $92, respectively, from its investment in the SDLP Certificates. The Company is also entitled to certain fees in connection with the SDLP. For the three and nine months ended September 30, ~~2017,~~2021, in connection with the SDLP, the Company earned capital structuring service and other fees totaling $4$7 and ~~$10,~~$13, respectively. For the three and nine months ended September 30, ~~2016,~~2020, in connection with the SDLP, the Company earned capital structuring service and other fees totaling ~~$1 for each period.~~$1 and $3, respectively.

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, the SDLP’s portfolio was comprised entirely of first lien senior secured loans to U.S. middle-market companies and were in industries similar to the companies in the Company’s portfolio. As

of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, none of the loans were on non-accrual status. Below is a summary of the SDLP’s portfolio.


						As of
	As of					September 30, 2021		December 31, 2020
	September 30, 2017		December 31, 2016
Total first lien senior secured loans(1)	$	2,080	$	1,281
Total first lien senior secured loans(1) (2)					Total first lien senior secured loans(1) (2)	$	3,711	$	4,483
Largest loan to a single borrower(1)	$	200	$	125	Largest loan to a single borrower(1)	$	343	$	345
Total of five largest loans to borrowers(1)	$	886	$	560	Total of five largest loans to borrowers(1)	$	1,541	$	1,565
Number of borrowers in the SDLP	18		14		Number of borrowers in the SDLP	17		23
Commitments to fund delayed draw loans(2)	$	156	$	177
Commitments to fund delayed draw loans(3)					Commitments to fund delayed draw loans(3)	$	194	$	152


~~(1)~~	~~At principal amount.~~


~~(2)~~	~~As discussed above, these commitments have been approved by the investment committee of the SDLP.~~

1.At principal amount.

~~Senior Secured Loan Program~~

~~The Company and GE had previously co-invested in first~~2.First lien senior secured loans include certain loans that the SDLP classifies as “unitranche” loans. As of ~~middle market companies through~~September 30, 2021 and December 31, 2020, the ~~SSLP. The SSLP~~total principal amount of loans in the SDLP portfolio that the SDLP classified as “unitranche” loans was ~~capitalized as transactions were completed. All portfolio decisions~~$2,753 and ~~generally all other decisions in respect of the SSLP were~~$3,551, respectively.

3.As discussed above, these commitments have been approved by anthe investment committee of the ~~SSLP consisting of representatives of~~SDLP.

Selected financial information for the Company and GE (with approval from a representative of each required). The Company provided capital to the SSLP in the form of subordinated certificates (the “SSLP Certificates”). GE provided capital to the SSLP in the form of senior notes and the SSLP Certificates.

As of June 30, 2017, the Company’s investment in the SSLP Certificates at amortized cost and fair value was $1.9 billion and $1.9 billion, respectively. As of June 30, 2017, the SSLP had $1.2 billion in cash and GE’s senior notes outstanding totaled $601. In July 2017, the SSLP made its monthly waterfall distribution from this cash, which fully repaid the senior notes of the SSLP with the remaining amounts distributed to the holders of the SSLP Certificates. From this distribution, the Company received $474 in respect of the Company’s SSLP Certificates. After this distribution, the Company’s amortized cost in its SSLP Certificates was $1.5 billion.

In addition, in July 2017, the Company and GE agreed to an effective termination of the SSLP whereby on July 26, 2017, the Company purchased the remaining $1.6 billion in aggregate principal amount of first lien senior secured loans outstanding at par plus accrued and unpaid interest and fees from the SSLP (the “SSLP Loan Sale”) and assumed the SSLP’s remaining unfunded loan commitments totaling $50. Upon completion of the SSLP Loan Sale, the SSLP made a liquidation distribution to the holders of the SSLP Certificates (the “SSLP Liquidation Distribution”), of which the Company received $1.5 billion. In connection with the SSLP Liquidation Distribution, the Company recognized an $18 realized loss. After completion of the transactions above, the operations of the SSLP were effectively terminated pursuant to the terms of the documents governing the SSLP and the SSLP no longer has an obligation to fund existing commitments and other amounts in respect of its former portfolio companies.

~~Below is a summary of the funded capital and unfunded capital commitments of the SSLP~~SDLP as of September 30, 2021 and December 31, ~~2016.~~

Total capital funded to the SSLP(1) $ 3,819
Total capital funded to the SSLP by the Company(1) $ 2,004
Total unfunded capital commitments to the SSLP(2) $ 50
Total unfunded capital commitments to the SSLP by the Company(2) $ 7


~~(1)~~	~~At principal amount.~~


~~(2)~~	~~These commitments were approved by~~2020 and for the ~~investment committee of the SSLP.~~

As of December 31, 2016, the amortized cost and fair value of the SSLP Certificates held by the Company were $1,938 and $1,914, respectively. The Company’s yield on its investment in the SSLP at amortized cost and fair value was 7.0% and 7.1%, respectively, as of December 31, 2016. For the three and nine months ended September 30, ~~2017, the Company earned interest income of $6~~2021 and ~~$69, respectively, from its investment in the SSLP Certificates. The Company~~2020, was also entitled to certain fees in connection with the SSLP. For the three and nine months ended September 30, 2017, in connection with the SSLP, the Company earned capital structuring service, sourcing and other fees totaling $1 and $5, respectively. For the three and nine months ended September 30, 2016, the Company earned interest income of $50 and $166, respectively, from its investment in the SSLP Certificates. For the three and nine months ended September 30, 2016, in connection with the SSLP, the Company earned capital structuring service, sourcing and other fees totaling $5 and $16, respectively.as follows:


	As of
	September 30, 2021		December 31, 2020
Selected Balance Sheet Information:
Investments at fair value (amortized cost of $3,710 and $4,483, respectively)	$	3,657	$	4,345
Other assets	86		400
Total assets	$	3,743	$	4,745

Senior notes	$	2,528	$	3,364
Intermediate funding notes	97		124
Other liabilities	50		52
Total liabilities	2,675		3,540
Subordinated certificates and members’ capital	1,068		1,205
Total liabilities and members’ capital	$	3,743	$	4,745

In June 2017, the Company purchased the SSLP’s entire $259 aggregate principal amount of first lien senior secured loan investments in Implus Footcare, LLC (“Implus”) at fair value of $259. As a result of the transaction, the SSLP fully exited its investment in Implus.

As of December 31, 2016, the SSLP’s portfolio was comprised of all first lien senior secured loans to U.S. middle-market companies and were in industries similar to the companies in the Company’s portfolio. As of December 31, 2016, none of these loans were on non-accrual status. Below is a summary of the SSLP’s portfolio as of December 31, 2016.


	For the Nine Months Ended September 30,
		2021		2020
Selected Statement of Operations Information:
Total investment income		$	213	$	226
Interest expense		69		89
Other expenses		13		12
Total expenses		82		101
Net investment income		131		125
Net realized and unrealized gains (losses) on investments		84		(91)
Net increase in members’ capital resulting from operations		$	215	$	34

Total first lien senior secured loans(1) $ 3,360
Largest loan to a single borrower(1) $ 260
Total of five largest loans to borrowers(1) $ 1,257
Number of borrowers in the SSLP 19
Commitments to fund delayed draw loans(2) $ 50

100


~~(1)~~	~~At principal amount.~~


~~(2)~~	~~As discussed above, these commitments were approved by the investment committee of the SSLP.~~

Ivy Hill Asset Management, L.P.

Ivy Hill Asset Management, L.P. (“IHAM”) is an asset management services company and an SEC-registered investment adviser. The Company has made investments in IHAM, its ~~wholly owned~~wholly-owned portfolio company, and previously made investments in certain vehicles managed by IHAM. As of September 30, ~~2017,~~2021, IHAM had assets under management of approximately ~~$4.2~~$6.6 billion. As of September 30, ~~2017,~~2021, IHAM managed 2219 vehicles and served as the sub-manager/sub-servicer for two other vehicles (these vehicles managed or sub-managed/sub-serviced by IHAM are collectively referred to as the “IHAM Vehicles”). IHAM earns fee income from managing the IHAM Vehicles and has also invested in certain of these vehicles as part of its business strategy. AsThe amortized cost of IHAM’s total investments as of September 30, ~~2017~~2021 and December 31, ~~2016, IHAM had total investments of $201~~2020 was $624 and ~~$223,~~$671, respectively. For the three and nine months ended September 30, ~~2017,~~2021, IHAM had management and incentive fee income of $6$8 and ~~$21,~~$23, respectively, and other investment-related income of $6$22 and ~~$19,~~$64, respectively. For the three and nine months ended September 30, ~~2016,~~2020, IHAM had management and incentive fee income of $4$8 and ~~$13,~~$21, respectively, and other investment-related income of $6$18 and ~~$17,~~$48, respectively.

In connection with the American Capital Acquisition, which was completed on January 3, 2017 (the “Acquisition Date”), American Capital Asset Management, LLC (“ACAM”), a wholly owned portfolio company of American Capital, merged with and into IHAM, with IHAM remaining as the surviving entity as a wholly owned portfolio company of the Company. As a result of the merger of IHAM and ACAM, the Company’s investment in IHAM increased by $179, which was recorded as a capital contribution in the amount of the fair value of the net assets of ACAM as of the Acquisition Date. In January 2017, as a result of sales of certain assets previously held by ACAM, IHAM made a distribution to the Company of $103, which was recorded as a return of the Company’s capital contribution discussed above. Also in connection with the American Capital Acquisition, the Company assumed a $7 bridge loan receivable from a consolidated subsidiary of ACAM. Such receivable amount was repaid by IHAM in January 2017. See Note 14 for additional information regarding the American Capital Acquisition. In March 2017, the Company made an additional capital contribution of $50 to IHAM, which was unrelated to the American Capital Acquisition. In June 2017, IHAM made a distribution to the Company of $52, which was recorded as a return of the Company’s capital.

The amortized cost and fair value of the Company’s investment in IHAM was ~~$244~~$485 and ~~$296,~~$620, respectively, as of September 30, ~~2017,~~2021, which comprised of an equity investment of $469 and ~~$171~~$604, respectively, and ~~$229,~~a debt investment of $16 and $16, respectively. The amortized cost and fair value of the Company’s investment in IHAM was $541 and $628, respectively, as of December 31, ~~2016. For the three~~2020, which was comprised of an equity investment of $469 and ~~nine months ended September 30, 2017, the Company received dividend income distributions from IHAM~~$556, respectively, and a debt investment of ~~$10~~$72 and ~~$30,~~$72, respectively. For the three and nine months ended September 30, ~~2016,~~2021, the Company received ~~dividend income~~ distributions from IHAM of ~~$10~~$23 and ~~$30,~~$65, respectively. For the three and nine months ended September 30, 2021, the Company earned interest income of $0 and $2, respectively, from its investment in IHAM. For the three and nine months ended September 30, 2020, the Company received distributions from IHAM of $19 and $54, respectively. For the three and nine months ended September 30, 2020, the Company earned interest income of $3 and $4, respectively, from its investment in IHAM.

From time to time, IHAM or certain IHAM Vehicles may purchase investments from, or sell investments to, the Company. For any such sales or purchases by the IHAM Vehicles to or from the Company, the IHAM Vehicles must obtain approval from third parties unaffiliated with the Company or IHAM, as applicable. During the nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020, IHAM or certain of the IHAM Vehicles purchased ~~$91~~$1,049 and ~~$305,~~$798, respectively, of ~~investments~~loans from the Company. ~~Net realized gains from these sales of $0~~For the three and ~~$1 were recorded by the Company for the~~ nine months ended September 30, ~~2017~~2021, the Company recognized $1 and ~~2016, respectively.~~$5, respectively, of net realized losses from these sales. For the three and nine months ended September 30, 2020, the Company recognized $0 and $21, respectively, of net realized losses from these sales.

IHAM is party to an administration agreement, referred to herein as the “IHAM administration agreement,” with Ares Operations. Pursuant to the IHAM administration agreement, Ares Operations provides IHAM with, among other things, office facilities, equipment, clerical, bookkeeping and record keeping services, services relating to the marketing and sale of interests in vehicles managed by IHAM, services of, and oversight of, custodians, depositories, accountants, attorneys, underwriters and such other persons in any other capacity deemed to be necessary. Under the IHAM administration agreement, IHAM reimburses Ares Operations for all of the actual costs associated with such services, including Ares Operations’ allocable portion of the compensation, rent and other expenses of its officers, employees and respective staff in performing its obligations under the IHAM administration agreement.

5. DEBT

In accordance with the Investment Company Act, ~~with certain limited exceptions,~~ the Company is ~~only~~ allowed to borrow amounts such that its asset coverage, calculated pursuant to the Investment Company Act, is at least ~~200%~~150% after such borrowing. OnThe Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150% effective June 21, 2016, the Company, Ares Capital Management, Ares Venture Finance GP LLC, and Ares Venture Finance, L.P. (“AVF LP”) received exemptive relief from the SEC allowing the Company to modify the Company’s calculation of asset coverage requirements to exclude the SBA Debentures (defined below). As such, the Company’s ratio of total consolidated assets to outstanding indebtedness may be less than 200%. This exemptive relief provides the Company with increased investment flexibility but also increases the Company’s risk related to leverage.2019. As of September 30, ~~2017~~2021, the aggregate principal amount outstanding of the senior securities issued by the Company was $9,928 and the Company’s asset coverage was ~~247% (excluding the SBA Debentures)~~185%.

101

The Company’s outstanding debt as of September 30, ~~2017~~2021 and December 31, ~~2016~~2020 was as follows:

As of
September 30, 2017 December 31, 2016
Total Aggregate Principal Amount Committed/ Outstanding(1) Principal Amount Outstanding Carrying Value Total Aggregate Principal Amount Committed/ Outstanding(1) Principal Amount Outstanding Carrying Value
Revolving Credit Facility $ 2,108
(2) $ 395
$ 395
$ 1,265
$ 571
$ 571

Revolving Funding Facility 1,000
450
450
540
155
155

SMBC Funding Facility 400
—
—
400
105
105

SBA Debentures 50
—
—
75
25
24

2017 Convertible Notes —
—
—
(3) 162
162
162
(4)
2018 Convertible Notes 270
270
269
(4) 270
270
267
(4)
2019 Convertible Notes 300
300
298
(4) 300
300
296
(4)
2022 Convertible Notes 388
388
367
(4) —
—
—

2018 Notes 750
750
747
(5) 750
750
745
(5)
2020 Notes 600
600
597
(6) 600
600
596
(6)
January 2022 Notes 600
600
593
(7) 600
600
592
(7)
October 2022 Notes —
—
—
(8) 183
183
179
(9)
2023 Notes 750
750
742
(10) —
—
—

2047 Notes 230
230
182
(11) 230
230
182
(11)
Total $ 7,446
$ 4,733
$ 4,640
$ 5,375
$ 3,951
$ 3,874


	As of
	September 30, 2021								December 31, 2020
	Total Aggregate Principal Amount Committed/ Outstanding(1)			Principal Amount Outstanding		Carrying Value			Total Aggregate Principal Amount Committed/ Outstanding(1)			Principal Amount Outstanding		Carrying Value
Revolving Credit Facility	$	4,232	(2)	$	874	$	874		$	3,617	(2)	$	1,180	$	1,180
Revolving Funding Facility	1,525			763		763			1,525			1,028		1,028
SMBC Funding Facility	800		(3)	—		—			725		(3)	453		453
BNP Funding Facility	300			—		—			300			150		150
2022 Convertible Notes	388			388		386		(4)	388			388		383		(4)
2024 Convertible Notes	403			403		394		(4)	403			403		392		(4)
2022 Notes	600			600		600		(5)	600			600		598		(5)
2023 Notes	750			750		748		(6)	750			750		747		(6)
2024 Notes	900			900		897		(7)	900			900		896		(7)
March 2025 Notes	600			600		596		(8)	600			600		595		(8)
July 2025 Notes	1,250			1,250		1,261		(9)	750			750		742		(9)
January 2026 Notes	1,150			1,150		1,142		(10)	1,150			1,150		1,141		(10)
July 2026 Notes	1,000			1,000		988		(11)	—			—		—
2028 Notes	1,250			1,250		1,246		(12)	—			—		—
2047 Notes	—			—		—		(13)	230			230		186		(13)
Total	$	15,148		$	9,928	$	9,895		$	11,938		$	8,582	$	8,491


~~(1)~~	~~Subject to borrowing base, leverage and other restrictions. Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.~~


~~(2)~~	~~Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $3,095.~~


~~(3)~~	~~See below for more information on the repayment of the 2017 Convertible Notes (as defined below) at maturity.~~

~~(4)~~

Represents the aggregate principal amount outstanding of the Convertible Unsecured Notes (as defined below). As of September 30, 2017, the total unamortized debt issuance costs and the unaccreted discount for the 2018 Convertible Notes, the 2019 Convertible Notes and the 2022 Convertible Notes (each as defined below) were $1, $2 and $21, respectively. As of December 31, 2016, the total unamortized debt issuance costs and the unaccreted discount for the 2017 Convertible Notes, the 2018 Convertible Notes and the 2019 Convertible Notes (each as defined below) were $0, $3 and $4, respectively.


~~(5)~~	Represents the aggregate principal amount outstanding of the 2018 Notes (as defined below) less unamortized debt issuance costs and plus the net unamortized premium that was recorded upon the issuances of the 2018 Notes. As of September 30, 2017 and December 31, 2016, the total unamortized debt issuance costs less the net unamortized premium was $3 and $5, respectively.


~~(6)~~	Represents the aggregate principal amount outstanding of the 2020 Notes (as defined below) less unamortized debt issuance costs and the net unaccreted discount recorded upon the issuances of the 2020 Notes. As of September 30, 2017 and December 31, 2016, the total unamortized debt issuance costs and the net unaccreted discount was $3 and $4, respectively.


~~(7)~~	Represents the aggregate principal amount outstanding of the January 2022 Notes (as defined below), less unamortized debt issuance costs and the unaccreted discount recorded upon the issuance of the January 2022 Notes. As of September 30, 2017 and December 31, 2016, the total unamortized debt issuance costs and the unaccreted discount was $7 and $8, respectively.

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.


~~(8)~~	~~See below for more information on the repayment of the October 2022 Notes (as defined below).~~

(2)Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $5,945.


~~(9)~~	Represents the aggregate principal amount outstanding of the October 2022 Notes (as defined below) less unamortized debt issuance costs. As of December 31, 2016, the total unamortized debt issuance costs was $4.

(3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $1,000.

~~(10)~~

Represents the aggregate principal amount outstanding of the 2023 Notes (as defined below), less unamortized debt issuance costs and the unaccreted discount recorded upon the issuance of the 2023 Notes. As of September 30, 2017,

(4)Represents the aggregate principal amount outstanding of the Convertible Unsecured Notes (as defined below). As of September 30, 2021, the total unamortized debt issuance costs and the unaccreted discount for the 2022 Convertible Notes and the 2024 Convertible Notes (each as defined below) were $2 and $9, respectively. As of December 31, 2020, the total unamortized debt issuance costs and the unaccreted discount for the 2022 Convertible Notes and the 2024 Convertible Notes were $5 and $11, respectively.

(5)Represents the aggregate principal amount outstanding of the 2022 Notes (as defined below), less unamortized debt issuance costs and the unaccreted discount recorded upon the issuance of the 2022 Notes. As of September 30, 2021 and December 31, 2020, the total unamortized debt issuance costs and the unaccreted discount was $0 and $2, respectively.

(6)Represents the aggregate principal amount outstanding of the 2023 Notes (as defined below), less unamortized debt issuance costs and the unaccreted discount recorded upon the issuance of the 2023 Notes. As of September 30, 2021 and December 31, 2020, the total unamortized debt issuance costs and the unaccreted discount was $2 and $3, respectively.

(7)Represents the aggregate principal amount outstanding of the 2024 Notes (as defined below), less unamortized debt issuance costs and the net unaccreted discount recorded upon the issuance of the 2024 Notes. As of September 30,

102

2021 and December 31, 2020, the total unamortized debt issuance costs and the net unaccreted discount was $3 and $4, respectively.

(8)Represents the aggregate principal amount outstanding of the March 2025 Notes (as defined below), less unamortized debt issuance costs and the unaccreted discount recorded upon the issuance of the March 2025 Notes. As of September 30, 2021 and December 31, 2020, the total unamortized debt issuance costs and the unaccreted discount was $4 and $5, respectively.

(9)Represents the aggregate principal amount outstanding of the July 2025 Notes (as defined below), less unamortized debt issuance costs and the net unaccreted premium recorded upon the issuance of the July 2025 Notes. As of September 30, 2021, the total unamortized debt issuance costs and the net unaccreted premium was $11. As of December 31, 2020, the total unamortized debt issuance costs and the unaccreted discount was $8.

(10)Represents the aggregate principal amount outstanding of the January 2026 Notes (as defined below), less unamortized debt issuance costs and the unaccreted discount recorded upon the issuance of the January 2026 Notes. As of September 30, 2021 and December 31, 2020, the total unamortized debt issuance costs and the unaccreted discount was $8 and $9, respectively.

(11)Represents the aggregate principal amount outstanding of the July 2026 Notes (as defined below), less unamortized debt issuance costs and the unaccreted discount recorded upon the issuance of the July 2026 Notes. As of September 30, 2021, the total unamortized debt issuance costs and the unaccreted discount was $12.

(12)Represents the aggregate principal amount outstanding of the 2028 Notes (as defined below), less unamortized debt issuance costs and the net unaccreted discount recorded upon the issuance of the 2028 Notes. As of September 30, 2021, the total unamortized debt issuance costs and the net unaccreted discount was $4.

(13)Represents the aggregate principal amount outstanding of the 2047 Notes (as defined below), less the unaccreted purchased discount recorded in connection with the Allied Acquisition (as defined below). As of December 31, 2020, the total unaccreted purchased discount was $44. See below for more information on the early redemption of the 2047 Notes.


~~(11)~~	Represents the aggregate principal amount outstanding of the 2047 Notes (as defined below) less the unaccreted purchased discount recorded as a part of the Allied Acquisition (as defined below). As of September 30, 2017 and December 31, 2016, the total unaccreted purchased discount was $48 and $48, respectively.

The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all the Company’s outstanding debt as of September 30, ~~2017~~2021 were ~~4.1%~~3.2% and ~~4.5~~3.6 years, respectively, and as of December 31, ~~2016~~2020 were ~~4.2%~~3.4% and ~~4.8~~4.2 years, respectively.

Revolving Credit Facility

The Company is party to a senior secured revolving credit facility (as amended and restated, the “Revolving Credit Facility”), ~~which~~that allows the Company to borrow up to ~~$2,108~~$4,232 at any one time outstanding. The Revolving Credit Facility consists of a ~~$395~~$874 term loan tranche ~~with~~and a $3,358 revolving tranche. For $824 of the term loan tranche, the stated maturity date is March 31, 2026. For the remaining $50 of ~~January 4, 2022 and a $1,713 revolving tranche.~~the term loan tranche, the stated maturity date is March 30, 2025. For ~~$1,630~~$3,208 of the revolving tranche, the end of the revolving period and the stated maturity date are ~~January 4, 2021~~March 31, 2025 and ~~January 4, 2022,~~March 31, 2026, respectively. For ~~$38~~the remaining $150 of the revolving tranche, the end of the revolving period and the stated maturity date are ~~May 4, 2020~~March 30, 2024 and ~~May 4, 2021, respectively. For the remaining $45 of the revolving tranche, the end of the revolving period and the stated maturity date are May 4, 2019 and May 4, 2020,~~March 30, 2025, respectively. The Revolving Credit Facility also provides for a feature that allows the Company, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of ~~$3,095.~~$5,945. The Revolving Credit Facility generally requires payments of interest at the end of each LIBOR interest period, but no less frequently than quarterly, on LIBOR based loans, and monthly payments of interest on other loans. ~~From~~Subsequent to the end of the respective revolving ~~period~~periods and prior to the respective stated maturity ~~date as applicable for each revolving tranche,~~dates, the Company is required to repay the relevant outstanding principal amounts under ~~such~~both the term loan tranche and revolving tranche on a monthly basis in an amount equal to 1/12th of the outstanding principal amount at the end of the respective revolving ~~period.~~periods.

Under the Revolving Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders’ equity, (e) maintaining a ratio of total assets (less total liabilities ~~other than~~not representing indebtedness) to total indebtedness of the Company and its consolidated subsidiaries (subject to certain exceptions) of not less than ~~2.0:~~1.5:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the documents

103

governing the Revolving Credit Facility. Amounts available to borrow under the Revolving Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets in(based on their value as determined pursuant to the ~~Company’s portfolio~~Revolving Credit Facility) that are pledged as collateral. As of September 30, ~~2017,~~2021, the Company was in compliance in all material respects with the terms of the Revolving Credit Facility.

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, there ~~were $395~~was $874 and ~~$571~~$1,180 outstanding, respectively, under the Revolving Credit Facility. ~~As of September 30, 2017, the~~The Revolving Credit Facility also provides for a sub-limit for the issuance of letters of credit for up to an aggregate amount of ~~$150.~~$250 with the ability to increase by an incremental $50 on an uncommitted basis. As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, the Company had ~~$38~~$77 and ~~$28,~~$90, respectively, in letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit issued. As of September 30, ~~2017,~~2021, there was ~~$1,675~~$3,281 available for borrowing (net of letters of credit issued) under the Revolving Credit ~~Facility.~~Facility, subject to borrowing base restrictions.

The interest rate charged on the Revolving Credit Facility is based on an applicable spread of either 1.75% or ~~2.00%~~1.875% over LIBOR or 0.75% or ~~1.00%~~0.875% over an “alternate base rate” (as defined in the agreements governing the Revolving Credit Facility), in each case, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. The Revolving Credit Facility allows for borrowings to be made using one, two, three or six month LIBOR. As of September 30, ~~2017,~~2021, the one, two, three and six month LIBOR was 0.08%, 0.11%, 0.13% and 0.16%, respectively. As of September 30, 2021, the interest rate in effect was LIBOR plus 1.75%. As of ~~September 30, 2017,~~December 31, 2020, the one, two, three and six month LIBOR was ~~1.23%~~0.14%, ~~1.27%~~0.19%, ~~1.33%~~0.24% and ~~1.51%~~0.26%, respectively. As of December 31, ~~2016,~~2020, the ~~one, two, three and six month~~

interest rate in effect was LIBOR ~~was 0.77%, 0.82%, 1.00% and 1.32%, respectively.~~plus 1.75%. In addition to the stated interest expense on the Revolving Credit Facility, the Company is required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. The Company is also required to pay a letter of credit fee of either 2.00% or ~~2.25%~~2.125% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility.

In December 2017, the Company entered into a three-year interest rate swap agreement to effectively fix the interest rate in connection with $395 of the term loan tranche of the Revolving Credit Facility. See Note 6 for more information on the interest rate swap.

The Revolving Credit Facility is secured by certain assets in the Company’s portfolio and excludes investments held by Ares Capital CP under the Revolving Funding Facility, those held by ACJB under the SMBC Funding Facility ~~(as defined below)~~ and those held by ~~AVF LP~~AFB under the ~~SBA Debentures,~~BNP Funding Facility, each as described below, and certain other investments.

For the three and nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,							For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2017			2016			2017			2016				2021			2020			2021			2020
Stated interest expense	$	3		$	5		$	12		$	15		Stated interest expense	$	4		$	6		$	14		$	36
Facility fees	2			—			5			1
Credit facility fees													Credit facility fees	4			2			11			5
Amortization of debt issuance costs	1			1			3			2			Amortization of debt issuance costs	2			2			4			5
Total interest and credit facility fees expense	$	6		$	6		$	20		$	18		Total interest and credit facility fees expense	$	10		$	10		$	29		$	46
Cash paid for interest expense	$	4		$	6		$	12		$	15		Cash paid for interest expense	$	4		$	7		$	14		$	35
Average stated interest rate	3.08		%	2.27		%	2.83		%	2.23		%	Average stated interest rate	1.97		%	2.46		%	2.09		%	2.74		%
Average outstanding balance	$	454		$	877		$	551		$	897		Average outstanding balance	$	889		$	1,136		$	922		$	1,693

Revolving Funding Facility

The Company and the Company’s consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”), isare party to a revolving funding facility (as amended, the “Revolving Funding Facility”), ~~which~~that allows Ares Capital CP to borrow up to ~~$1,000~~$1,525 at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and the membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are January ~~3, 2019~~31, 2023 and January ~~3, 2022,~~31, 2025, respectively.

104

Amounts available to borrow under the Revolving Funding Facility are subject to a borrowing base that applies different advance rates to different types of assets held by Ares Capital CP. Ares Capital CP is also subject to limitations with respect to the loans securing the Revolving Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, ~~and loans with certain investment ratings,~~ as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and Ares Capital CP are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility. As of September 30, ~~2017,~~2021, the Company and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility.

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, there was ~~$450~~$763 and ~~$155~~$1,028 outstanding, respectively, under the Revolving Funding Facility. ~~Since January 3, 2017 and as of September 30, 2017, the~~The interest rate charged on the Revolving Funding Facility ~~was~~is based on one month LIBOR plus ~~2.30%~~2.00% per annum or a “base rate” (as defined in the agreements governing the Revolving Funding Facility) plus ~~1.30%~~1.00% per annum. Prior to and including January 3, 2017, the interest rate charged on the Revolving Funding Facility was based on an applicable spread ranging from 2.25% to 2.50% over LIBOR or ranging from 1.25% to 1.50% over a “base rate” (as defined in the agreements governing the Revolving Funding Facility) in each case, determined monthly based on the composition of the borrowing base relative to outstanding borrowings under the Revolving Funding Facility. See Note 16 for a subsequent event related to the Revolving Funding Facility. Ares Capital CP is also required to pay a commitment fee of between 0.50% and 1.50% per annum depending on the size of the unused portion of the Revolving Funding Facility. Ares Capital CP is also required to pay a commitment termination premium in an amount equal to 1.00% of any commitment reduction prior to January 3, 2018 and 0.50% for any commitment reduction prior to July 3, 2018.


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,							For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2017			2016			2017			2016				2021			2020			2021			2020
Stated interest expense	$	4		$	1		$	13		$	3		Stated interest expense	$	2		$	4		$	12		$	15
Facility fees	1			1			2			2
Credit facility fees													Credit facility fees	2			1			5			4
Amortization of debt issuance costs	1			1			3			2			Amortization of debt issuance costs	1			1			3			3
Total interest and credit facility fees expense	$	6		$	3		$	18		$	7		Total interest and credit facility fees expense	$	5		$	6		$	20		$	22
Cash paid for interest expense	$	5		$	1		$	10		$	3		Cash paid for interest expense	$	3		$	4		$	11		$	15
Average stated interest rate	3.61		%	2.76		%	3.36		%	2.71		%	Average stated interest rate	2.69		%	2.28		%	2.35		%	2.67		%
Average outstanding balance	$	405		$	130		$	514		$	136		Average outstanding balance	$	368		$	700		$	602		$	737

SMBC Funding Facility

The Company and the Company’s consolidated subsidiary, Ares Capital JB Funding LLC (“ACJB”), isare party to a revolving funding facility (as amended, the “SMBC Funding Facility”), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, ~~(“SMBC”),~~ as the administrative agent and collateral agent, ~~and lender,~~ that allows ACJB to borrow up to ~~$400~~$800 at any one time outstanding. The SMBC Funding Facility also provides for a feature that allows ACJB, subject to receiving certain consents, to increase the overall size of the SMBC Funding Facility to $1,000. The SMBC Funding Facility is secured by all of the assets held by ACJB. The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility are ~~September 14, 2018~~May 28, 2024 and ~~September 14, 2023,~~May 28, 2026, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement.

Amounts available to borrow under the SMBC Funding Facility are subject to a borrowing base that applies an advance rate to assets held by ACJB. ACJB is also subject to limitations with respect to the loans securing the SMBC Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and ACJB are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the SMBC Funding Facility. As of September 30, ~~2017,~~2021, the Company and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility.

As of September 30, ~~2017,~~2021, there were no amounts outstanding under the SMBC Funding Facility. As of December 31, ~~2016,~~2020, there was ~~$105~~$453 outstanding under the SMBC Funding Facility. The interest rate charged on the SMBC Funding Facility is based on an applicable spread of either 1.75% or 2.00% over one month LIBOR or 0.75% or 1.00% over a “base rate” (as defined in the agreements governing the SMBC Funding Facility), in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. As of September 30, ~~2017,~~2021 and December 31, 2020, the

105

interest rate in effect was ~~LIBOR plus 1.75%. As of December 31, 2016, the interest rate in effect was based on the~~ one month LIBOR ~~which was 0.71%~~plus 1.75%. ACJB is required to pay a commitment fee of between ~~0.35%~~0.50% and ~~0.875%~~1.00% per annum depending on the size of the unused portion of the SMBC Funding Facility.


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
Stated interest expense	$	—		$	2		$	2		$	8
Credit facility fees	2			1			4			1
Amortization of debt issuance costs	1			1			2			2
Total interest and credit facility fees expense	$	3		$	4		$	8		$	11
Cash paid for interest expense	$	—		$	2		$	3		$	8
Average stated interest rate	2.36		%	1.95		%	2.00		%	2.52		%
Average outstanding balance	$	9		$	368		$	155		$	398

For the Three Months Ended September 30, For the Nine Months Ended September 30,
2017 2016 2017 2016
Stated interest expense $ 1
$ 1
$ 2
$ 2
Facility fees —
—
1
1
Amortization of debt issuance costs —
—
1
1
Total interest and credit facility fees expense $ 1
$ 1
$ 4
$ 4
Cash paid for interest expense $ 1
$ 1
$ 2
$ 2
Average stated interest rate 3.25 % 2.24 % 3.57 % 2.20 %
Average outstanding balance $ 44
$ 110
$ 105
$ 116

BNP Funding Facility

~~SBA Debentures~~

~~In April 2015,~~The Company and the Company’s consolidated subsidiary, ~~AVF LP, received~~ARCC FB Funding LLC (“AFB”), are party to a ~~license from~~revolving funding facility (as amended, the ~~Small Business Administration (“SBA”~~“BNP Funding Facility”) with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to ~~operate as~~borrow up to $300 at any one time outstanding. The BNP Funding Facility is secured by all of the assets held by AFB. The end of the reinvestment period and the stated maturity date for the BNP Funding Facility are June 11, 2023 and June 11, 2025, respectively. The reinvestment period and the stated maturity date are both subject to a ~~Small Business Investment Company (“SBIC”)~~one-year extension by mutual agreement.

Amounts available to borrow under the ~~provisions of Section 301(c) of the Small Business Investment Act of 1958, as amended. The SBA places certain~~BNP Funding Facility are subject to a borrowing base that applies an advance rate to assets held by AFB. AFB is also subject to limitations ~~on the financing of investments by SBICs in portfolio companies, including regulating the types of financings, restricting investments to only include small businesses~~ with ~~certain characteristics or in certain industries, and requiring capitalization thresholds that may limit distributions~~respect to the ~~Company.~~

loans securing the BNP Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The ~~license from the SBA allows AVF LP~~Company and AFB are also required to ~~obtain leverage by issuing SBA-guaranteed debentures (the “SBA Debentures”), subject to issuance of a capital commitment by the SBA~~comply with various covenants, reporting requirements and other customary ~~procedures. Leverage through the SBA Debentures is~~requirements for similar facilities. These covenants are subject to ~~required capitalization thresholds. Current SBA regulations limit~~important limitations and exceptions that are described in the ~~amount that any SBIC may borrow to $150 and~~documents governing the ~~original amount committed to AVF LP by the SBA was $75. Any undrawn commitments expire on~~BNP Funding Facility. As of September 30, ~~2019. The SBA Debentures are non-recourse to~~2021, the Company ~~have interest payable semi-annually, have a 10-year maturity~~ and ~~may be prepaid at any time without penalty. In September 2017, AVF LP fully repaid~~AFB were in compliance in all material respects with the ~~$25~~terms of the ~~aggregate principal amount~~BNP Funding Facility.

As of September 30, 2021, there were no amounts outstanding under the ~~SBA Debentures outstanding at the time, and as a result had $50 of remaining commitments to AVF LP by the SBA.~~

The interest rate for the SBA Debentures was fixed at the time the SBA Debentures and other applicable SBA-guaranteed debentures were pooled and sold to the public and were based on a spread over U.S. treasury notes with 10-year maturities. The pooling of newly issued SBA-guaranteed debentures occurred twice per year. The spread included an annual charge as determined by the SBA (the ‘‘Annual Charge’’) as well as a market-driven component. Prior to the 10-year fixed interest rate being determined, the interim interest rate charged for the SBA-guarantee debentures was based on LIBOR plus an applicable spread of 0.30% and the Annual Charge.BNP Funding Facility. As of December 31, ~~2016,~~2020, there was $150 outstanding under the BNP Funding Facility. Since June 29, 2021, the interest rate charged on the BNP Funding Facility is based on three month LIBOR (subject to a floor of 0.00%), or a “base rate” (as defined in the agreements governing the BNP Funding Facility) plus a margin of (i) 1.80% during the reinvestment period and (ii) 2.30% following the reinvestment period. Prior to June 29, 2021, the interest rate charged on the BNP Funding Facility was based on three month LIBOR (subject to a floor of 0.45%), or a “base rate” (as defined in the agreements governing the BNP Funding Facility) plus a margin that generally ranged between 2.65% and 3.15% (depending on the types of assets such advances relate to), with a weighted average ~~fixed~~margin floor for all classes of advances of (i) 2.75% during the reinvestment period and (ii) 3.25% following the reinvestment period. As of December 31, 2020, the interest rate in effect ~~for~~was LIBOR plus 2.88%. Beginning on December 11, 2020, AFB is required to pay a commitment fee of between 0.00% and 1.25% per annum depending on the ~~SBA Debentures~~size of the unused portion of the BNP Funding Facility. Prior to December 11, 2020, there was ~~3.48%.~~no commitment fee required to be paid.

For the three and nine months ended September 30, ~~2017 and 2016,~~2021, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the ~~SBA Debentures~~BNP Funding Facility were as follows:

106


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,							For the Three and Nine Months Ended September 30, 2021
	2017			2016			2017			2016
Stated interest expense	$	—		$	—		$	1		$	1		Stated interest expense	$	—		$	1
Credit facility fees													Credit facility fees	1			3
Amortization of debt issuance costs	—			—			—			—			Amortization of debt issuance costs	—			—
Total interest and credit facility fees expense	$	—		$	—		$	1		$	1		Total interest and credit facility fees expense	$	1		$	4
Cash paid for interest expense	$	—		$	—		$	1		$	1		Cash paid for interest expense	$	—		$	1
Average stated interest rate	3.48		%	3.48		%	3.48		%	3.39		%	Average stated interest rate	—		%	—		%
Average outstanding balance	$	17		$	25		$	22		$	24		Average outstanding balance	$	—		$	20

Convertible Unsecured Notes

The Company has issued $270 aggregate principal amount of unsecured convertible notes that mature on January 15, 2018 (the “2018 Convertible Notes”), $300 aggregate principal amount of unsecured convertible notes that mature on January 15, 2019 (the “2019 Convertible Notes”) and $388 in aggregate principal amount of unsecured convertible notes that mature on February 1, 2022 (the “2022 Convertible Notes”) and $403 in aggregate principal amount of unsecured convertible notes that mature on March 1, 2024 (the “2024 Convertible Notes” and together with the ~~2018 Convertible Notes and the 2019~~2022 Convertible Notes, the “Convertible Unsecured Notes”). The Convertible Unsecured Notes mature upon their respective maturity dates unless previously converted or repurchased in accordance with their terms. The Company does not have the right to redeem the Convertible Unsecured Notes prior to maturity. The ~~2018 Convertible Notes, the 2019~~2022 Convertible Notes and the ~~2022~~2024 Convertible Notes bear interest at a rate of ~~4.750%, 4.375%~~3.75% and ~~3.75%~~4.625%, respectively, per ~~year,~~annum, payable semi-annually.

In certain circumstances, assuming the respective conversion date below has not already passed, the Convertible Unsecured Notes will be convertible into cash, shares of the Company’s common stock or a combination of cash and shares of its common stock, at the Company’s election, at their respective conversion rates (listed below as of September 30, ~~2017)~~2021) subject to customary anti-dilution adjustments and the requirements of their respective indenture (the “Convertible Unsecured Notes Indentures”). To the extent the ~~2018~~2022 Convertible Notes are converted, the Company has elected to settle ~~with a combination of~~in cash ~~and shares of our common stock.~~for all conversion dates after August 1, 2021. Prior to the close of business on the business day immediately preceding their respective conversion date (listed below), holders may convert their Convertible Unsecured Notes only under certain circumstances set forth in the Convertible Unsecured Notes Indentures. On or after their

respective conversion dates until the close of business on the scheduled trading day immediately preceding ~~their respective~~the maturity date for the 2022 Convertible Notes and the second scheduled trading day immediately preceding the maturity date for the 2024 Convertible Notes, holders may convert their Convertible Unsecured Notes at any time. In addition, if the Company engages in certain corporate events as described in their respective Convertible Unsecured Notes Indenture, holders of the Convertible Unsecured Notes may require the Company to repurchase for cash all or part of the Convertible Unsecured Notes at a repurchase price equal to 100% of the principal amount of the Convertible Unsecured Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the required repurchase date.

Certain key terms related to the convertible features for each of the Convertible Unsecured Notes as of September 30, ~~2017~~2021 are listed below.


	2018 Convertible Notes			2019 Convertible Notes			2022 Convertible Notes				2022 Convertible Notes			2024 Convertible Notes
Conversion premium	17.5		%	15.0		%	15.0		%	Conversion premium	15.0		%	15.0		%
Closing stock price at issuance	$	16.91		$	17.53		$	16.86		Closing stock price at issuance	$	16.86		$	17.29
Closing stock price date	October 3, 2012			July 15, 2013			January 23, 2017			Closing stock price date	January 23, 2017			March 5, 2019
Conversion price(1)	$	19.64		$	19.99		$	19.39		Conversion price(1)	$	19.02		$	19.88
Conversion rate (shares per one thousand dollar principal amount)(1)	50.9054			50.0292			51.5756			Conversion rate (shares per one thousand dollar principal amount)(1)	52.5674			50.2930
Conversion dates	July 15, 2017			July 15, 2018			August 1, 2021			Conversion dates	August 1, 2021			December 1, 2023


~~(1)~~	~~Represents conversion price and conversion rate, as applicable, as of September 30, 2017, taking into account certain de minimis adjustments that will be made on the conversion date.~~

(1)Represents conversion price and conversion rate, as applicable, as of September 30, 2021, taking into account any applicable de minimis adjustments that will be made on the conversion date.

As of September 30, ~~2017,~~2021, the principal amounts of each series of the Convertible Unsecured Notes exceeded the value of the underlying shares multiplied by the per share closing price of the Company’s common stock.

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The Convertible Unsecured Notes Indentures contain certain covenants, including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)~~(1)~~ of the Investment Company Act, or any successor provisions, and to provide financial information to the holders of the Convertible Unsecured Notes under certain circumstances. These covenants are subject to important limitations and exceptions that are described in the Convertible Unsecured Notes Indentures. As of September 30, ~~2017,~~2021, the Company was in compliance in all material respects with the terms of the Convertible Unsecured Notes Indentures.

The Convertible Unsecured Notes are accounted for in accordance with ASC ~~470-20.~~470-20, Debt. Upon conversion of any of the ~~other~~ Convertible Unsecured Notes, the Company intends to pay the outstanding principal amount in cash and to the extent that the conversion value exceeds the principal amount, the Company has the option to pay in cash or shares of the Company’s common stock (or a combination of cash and shares) in respect of the excess amount, subject to the requirements of the Convertible Unsecured Notes Indentures. The Company has determined that the embedded conversion options in the Convertible Unsecured Notes are not required to be separately accounted for as a derivative under GAAP. In accounting for the Convertible Unsecured Notes, the Company estimated at the time of issuance separate debt and equity components for each of the Convertible Unsecured Notes. An original issue discount equal to the equity components of the Convertible Unsecured Notes was recorded in “capital in excess of par value” in the accompanying consolidated balance sheet. Additionally, the issuance costs associated with the Convertible Unsecured Notes were allocated to the debt and equity components in proportion to the allocation of the proceeds and accounted for as debt issuance costs and equity issuance costs, respectively.

The debt and equity component percentages, the issuance costs and the equity component amounts for each of the Convertible Unsecured Notes are listed below.


	2022 Convertible Notes		2024 Convertible Notes
Debt and equity component percentages, respectively(1)	96.0% and 4.0%		98.9% and 1.1%
Debt issuance costs(1)	$	9	$	4
Equity issuance costs(1)	$	—	$	—
Equity component, net of issuance costs(2)	$	15	$	13

2018
Convertible Notes

2019
Convertible Notes
2022 Convertible Notes
Debt and equity component percentages, respectively(1) 98.0% and 2.0%
99.8% and 0.2%
96.0% and 4.0%
Debt issuance costs(1) $ 6
$ 4
$ 9
Equity issuance costs(1) $ —
$ —
$ —
Equity component, net of issuance costs(2) $ 5
$ 1
$ 15

(1)At time of issuance.

(2)At time of issuance and as of September 30, 2021.


~~(1)~~	~~At time of issuance.~~


~~(2)~~	~~At time of issuance and as of September 30, 2017.~~

In addition to the original issue discount equal to the equity ~~components~~component of the 2024 Convertible ~~Unsecured~~ Notes, the ~~2018~~2024 Convertible Notes ~~and the 2019 Convertible Notes~~ were ~~each~~ issued at a discount. The Company records interest expense comprised of both stated interest expense as well as accretion of any original issue discount.

As of September 30, ~~2017,~~2021, the components of the carrying value of the Convertible Unsecured Notes, the stated interest rate and the effective interest rate were as follows:


	2018 Convertible Notes			2019 Convertible Notes			2022 Convertible Notes				2022 Convertible Notes			2024 Convertible Notes
Principal amount of debt	$	270		$	300		$	388		Principal amount of debt	$	388		$	403
Debt issuance costs, net of amortization	—			(1		)	(7		)
Original issue discount, net of accretion	(1		)	(1		)	(14		)	Original issue discount, net of accretion	—			(7)
Debt issuance costs										Debt issuance costs	(2)			(2)
Carrying value of debt	$	269		$	298		$	367		Carrying value of debt	$	386		$	394
Stated interest rate	4.750		%	4.375		%	3.750		%	Stated interest rate	3.750		%	4.630		%
Effective interest rate(1)	5.3		%	4.7		%	4.5		%	Effective interest rate(1)	4.60		%	5.20		%


~~(1)~~	~~The effective interest rate of the debt component of the Convertible Unsecured Notes is equal to the stated interest rate plus the accretion of original issue discount.~~

~~In February 2016,~~(1)The effective interest rate of the ~~Company repaid in full~~debt component of the ~~$575 aggregate principal amount~~Convertible Unsecured Notes is equal to the stated interest rate plus the accretion of unsecured convertible notes (the “February 2016 Convertible Notes”) upon their maturity. In June 2016, the Company repaid in full the $230 aggregate principal amount of unsecured convertible notes (the “June 2016 Convertible Notes”) upon their maturity. In March 2017, the Company repaid in full the $162 aggregate principal amount of unsecured convertible notes (the “2017 Convertible Notes”) upon their maturity.original issue discount.

108

For the three and nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020, the components of interest expense and cash paid for interest expense for the Convertible Unsecured Notes, ~~are listed below. For~~as well as any other convertible notes outstanding during the three months ended September 30, 2016, the following also includes components of interest expense and cash paid for interest expense for the June 2016 Convertible Notes. For the nine months ended September 30, 2016, the following also includes components of interest expense and cash paid for interest expense for the February 2016 Convertible Notes and the June 2016 Convertible Notes.periods presented were as follows.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Stated interest expense	$	8	$	8	$	25	$	25
Amortization of debt issuance costs	1		1		2		2
Accretion of original issue discount	1		1		4		4
Total interest expense	$	10	$	10	$	31	$	31
Cash paid for interest expense	$	17	$	16	$	34	$	33

For the Three Months Ended September 30, For the Nine Months Ended September 30,
2017 2016 2017 2016
Stated interest expense $ 10
$ 8
$ 30
$ 33
Amortization of debt issuance costs 1
1
3
3
Accretion of original issue discount 2
1
5
5
Total interest expense $ 13
$ 10
$ 38
$ 41
Cash paid for interest expense $ 20
$ 17
$ 37
$ 56

Unsecured Notes

~~2018 Notes~~

The Company has issued ~~$750 in aggregate principal amount of~~certain unsecured notes (each issuance of which is referred to herein using the “defined term” set forth under the “Unsecured Notes” column of the table below and collectively referred to as the “Unsecured Notes”), that ~~mature on November 30, 2018 (the “2018 Notes”). The 2018 Notes bear~~pay interest ~~at a rate of 4.875% per year, payable~~ semi-annually, and all principal isamounts are due upon maturity. The 2018 Notes may be redeemed in whole or in part at any time at the Company’s option at a redemption price equal to par plus a “make whole” premium, as determined pursuant to the indenture governing the 2018 Notes, and any accrued and

~~unpaid interest. $600 in aggregate principal amount~~Each of the ~~2018 Notes were issued at a discount to the principal amount and $150 in aggregate principal amount of the 2018 Notes were issued at a premium to the principal amount.~~

~~2020 Notes~~

The Company has issued $600 in aggregate principal amount of unsecured notes that mature on January 15, 2020 (the “2020 Notes”). The 2020 Notes bear interest at a rate of 3.875% per year, payable semi-annually and all principal is due upon maturity. The 2020Unsecured Notes may be redeemed in whole or in part at any time at the Company’s option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the ~~indenture~~indentures governing each of the ~~2020~~Unsecured Notes, ~~and~~plus any accrued and unpaid interest. ~~$400 in aggregate principal amount of the 2020 Notes were issued at a discount~~Certain key terms related to the ~~principal amount and $200 in aggregate principal amount~~features for the Unsecured Notes as of ~~the 2020 Notes were issued at a premium to the principal amount.~~September 30, 2021 are listed below.

~~January 2022 Notes~~


Unsecured Notes	Aggregate Principal Amount Issued		Interest Rate		Original Issuance Date	Maturity Date
2022 Notes	$	600	3.625	%	September 19, 2016	January 19, 2022
2023 Notes	$	750	3.500	%	August 10, 2017	February 10, 2023
2024 Notes	$	900	4.200	%	June 10, 2019	June 10, 2024
March 2025 Notes	$	600	4.250	%	January 11, 2018	March 1, 2025
July 2025 Notes	$	1,250	3.250	%	January 15, 2020	July 15, 2025
January 2026 Notes	$	1,150	3.875	%	July 15, 2020	January 15, 2026
July 2026 Notes	$	1,000	2.150	%	January 13, 2021	July 15, 2026
2028 Notes	$	1,250	2.875	%	June 10, 2021	June 15, 2028

The Company has issued $600 in aggregate principal amount of unsecured notes that mature on January 19, 2022 (the “January 2022 Notes”). The January 2022 Notes bear interest at a rate of 3.625% per year, payable semi-annually and all principal is due upon maturity. The January 2022 Notes may be redeemed in whole or in part at any time at the Company’s option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indenture governing the January 2022 Notes, and any accrued and unpaid interest. The January 2022 Notes were issued at a discount to the principal amount.

~~October 2022 Notes~~

In June 2017, the Company redeemed the entire $183 in aggregate principal amount outstanding of the unsecured notes that were scheduled to mature on October 1, 2022 (the ‘‘October 2022 Notes’’) in accordance with the terms of the indenture governing the October 2022 Notes. The October 2022 Notes bore interest at a rate of 5.875% per year, payable quarterly. The October 2022 Notes were redeemed at par plus accrued and unpaid interest for a total redemption price of approximately $185, which resulted in a realized loss on the extinguishment of debt of $4.

~~2023 Notes~~

The Company has issued $750 in aggregate principal amount of unsecured notes that mature on February 10, 2023 (the “2023 Notes”). The 2023 Notes bear interest at a rate of 3.500% per year, payable semi-annually and all principal is due upon maturity. The 2023 Notes may be redeemed in whole or in part at any time at the Company’s option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indenture governing the 2023 Notes, and any accrued and unpaid interest. The 2023 Notes were issued at a discount to the principal amount.

2047 Notes

As part of the acquisition of Allied Capital Corporation (“Allied Capital”) in April 2010 (the “Allied Acquisition”), the Company assumed $230 in aggregate principal amount of unsecured notes ~~due~~that were scheduled to mature on April 15, 2047 ~~(the “2047 Notes”~~ and ~~together with the 2018 Notes, the 2020 Notes, the January 2022 Notes, the October 2022 Notes, and the 2023 Notes, the “Unsecured Notes”). The 2047 Notes bear~~bore interest at a rate of 6.875%~~, payable quarterly and all~~ per annum (the “2047 Notes”). In March 2021, the Company redeemed the entire $230 in aggregate principal ~~is due upon maturity. The~~amount of the 2047 Notes ~~may be redeemed in whole or in part~~ at ~~any time or from time to time at the Company’s option, at a~~ par ~~redemption price of $25.00 per security~~ plus accrued and unpaid ~~interest. As~~interest for a total redemption price of ~~September 30, 2017 and December 31, 2016,~~approximately $233, which resulted in a realized loss on the ~~outstanding principal was $230 and $230 respectively, and the~~extinguishment of debt of $43. The $186 carrying value ~~was $182 and $182, respectively. The carrying value represents~~of the ~~outstanding~~2047 Notes at the time of redemption represented the aggregate principal amount of the 2047 Notes less the unaccreted purchased discount recorded ~~as a part of~~in connection with the Allied Acquisition.

For the three and nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020, the components of interest expense and cash paid for interest expense for the Unsecured Notes and the 2047 Notes during the periods presented are listed below. For the nine months ended September 30, 2017 and for the three and nine months ended September 30, 2016, the following also includes components of interest expense and cash paid for interest expense for the October 2022 Notes.

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	For the Three Months Ended September 30,				For the Nine Months Ended September 30,					For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016			2021		2020		2021		2020
Stated interest expense	$	28	$	22	$	81	$	65	Stated interest expense	$	62	$	44	$	168	$	119
Amortization of debt issuance costs	2		1		4		3		Amortization of debt issuance costs	4		2		8		4
Net accretion of original issue discount	—		—		—		—
Net accretion (discount) of original issue discount									Net accretion (discount) of original issue discount	(1)		1		(1)		1
Accretion of purchase discount	—		—		—		—		Accretion of purchase discount	—		—		—		1
Total interest expense	$	30	$	23	$	85	$	68	Total interest expense	$	65	$	47	$	175	$	125
Cash paid for interest expense	$	26	$	19	$	79	$	62	Cash paid for interest expense	$	90	$	53	$	187	$	117

The Unsecured Notes contain certain covenants, including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)~~(1)~~ of the Investment Company Act, or any successor provisions, and to provide financial information to the holders of such notes under certain circumstances. These covenants are subject to important limitations and exceptions set forth in the indentures governing such notes. As of September 30, ~~2017,~~2021, the Company was in compliance in all material respects with the terms of the respective indentures governing each of the Unsecured Notes.

The Convertible Unsecured Notes and the Unsecured Notes are the Company’s senior unsecured ~~senior~~ obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Convertible Unsecured Notes and the Unsecured Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

6. DERIVATIVE INSTRUMENTS

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. As of September 30, ~~2017 and~~2021 the counterparty to these forward currency contracts was Truist Financial Corporation. As of December 31, ~~2016,~~2020, the counterparty to these forward currency contracts was Bank of Montreal. ~~Net unrealized gains or losses~~

In December 2017, in connection with $395 of the term loan tranche of the Revolving Credit Facility, the Company entered into a three-year interest rate swap agreement to mitigate its exposure to adverse fluctuations in interest rates for a total notional amount of $395, which matured January 4, 2021. Under the interest rate swap agreement, the Company paid a fixed interest rate of 2.06% and received a floating rate based on ~~foreign currency contracts are included~~the prevailing one month LIBOR. As of December 31, 2020, the one month LIBOR rate in ~~“net unrealized gains (losses) from foreign currency~~effect was 0.19%.

In November 2020, the SEC adopted a rulemaking regarding the ability of a BDC to use derivatives and other ~~transactions”~~transactions that create future payment or delivery obligations. The Company is evaluating the impact of the rulemaking on its financial statements.

Certain information related to the Company’s derivative instruments as of September 30, 2021 and ~~net realized gains or losses on forward currency contracts are included in “net~~December 31, 2020 is presented below.


	As of September 30, 2021
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	CAD	213	10/28/2021	$	168	$	(168)	Accounts payable and other liabilities
Foreign currency forward contract	CAD	209	10/19/2021	164		(164)		Accounts payable and other liabilities
Foreign currency forward contract	€	128	10/28/2021	149		(148)		Other assets
Foreign currency forward contract	£	97	10/28/2021	133		(131)		Other assets
Total				$	614	$	(611)

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	As of December 31, 2020
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Interest rate swap	$	395	1/4/2021	$	—	$	(1)	Accounts payable and other liabilities
Foreign currency forward contract	CAD	142	1/21/2021	112		(112)		Accounts payable and other liabilities
Foreign currency forward contract	£	75	1/21/2021	102		(103)		Accounts payable and other liabilities
Total				$	214	$	(216)

Net realized gains (losses) ~~from foreign currency transactions” in the accompanying consolidated statement of operations.~~

~~The Company had an agreement with the SDLP to sell certain of the Company's investments to the SDLP at a mutually agreed upon price~~ on a future date (the "Forward Sale Agreement"). The value of the Forward Sale Agreement with the SDLP changed as the fair value of the identified loans changed and as additional loans were added to such agreement. In July 2016,derivative instruments recognized by the Company and Varagon and its clients completed the initial funding of the SDLP. In conjunction with the initial funding, the Company and Varagon and its clients sold investment commitments to the SDLP and the Forward Sale Agreement was terminated. Forfor the three and nine months ended September 30, ~~2016, the unrealized gain related to this agreement was included~~2021 and 2020 is in the ~~“net~~following location in the consolidated statements of operations:


Derivative Instrument	Statement Location	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2021		2020		2021		2020
Interest rate swap	Net realized gains (losses) from foreign currency and other transactions	$	—	$	(2)	$	—	$	(4)
Foreign currency forward contracts	Net realized gains (losses) from foreign currency and other transactions	17		—		9		—
Total		$	17	$	(2)	$	9	$	(4)

Net unrealized gains (losses) ~~from foreign currency~~on derivative instruments recognized by the Company for the three and ~~other transactions”~~nine months ended September 30, 2021 and 2020 is in the ~~accompanying~~following location in the consolidated ~~statement~~statements of ~~operations.~~operations:


Derivative Instrument	Statement Location	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2021		2020		2021		2020
Interest rate swap	Net unrealized gains (losses) from foreign currency and other transactions	$	—	$	2	$	1	$	(1)
Foreign currency forward contracts	Net unrealized gains (losses) from foreign currency and other transactions	(2)		—		3		—
Total		$	(2)	$	2	$	4	$	(1)

~~Forward currency contracts are considered undesignated derivative instruments.~~

~~Certain information related to the Company’s derivative financial instruments is presented below as of September 30, 2017 and December 31, 2016.~~

As of September 30, 2017
Description Notional
Amount Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Amount Offset in the Balance Sheet Balance Sheet
Location of Net Amounts
Foreign currency forward contract € 2 10/5/2017 $ 2
$ (2 ) $ —
Accounts payable and other liabilities
Foreign currency forward contract € 15 10/16/2017 17
(18 ) (1 ) Accounts payable and other liabilities
Foreign currency forward contract € 24 11/15/2017 29
(29 ) —
Other Assets
Foreign currency forward contract € 1 12/15/2017 1
(1 ) —
Other Assets
Foreign currency forward contract CAD 10 10/16/2017 8
(8 ) —
Accounts payable and other liabilities
Foreign currency forward contract CAD 103 11/24/2017 82
(82 ) —
Accounts payable and other liabilities
Foreign currency forward contract £ 62 11/15/2017 80
(83 ) (3 ) Accounts payable and other liabilities
Total $ 219
$ (223 ) $ (4 )

As of December 31, 2016
Description Notional
Amount Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Amount Offset in the Balance Sheet Balance Sheet
Location of Net Amounts
Foreign currency forward contract € 2 1/5/2017 $ 3
$ (3 ) $ —
Other Assets
Total $ 3
$ (3 ) $ —

7. COMMITMENTS AND CONTINGENCIES

Investment Commitments

The Company has various commitments to fund investments in its portfolio as described below. As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) the Company’s discretion:


	As of							As of
	September 30, 2017			December 31, 2016				September 30, 2021		December 31, 2020
Total revolving and delayed draw loan commitments	$	801		$	411		Total revolving and delayed draw loan commitments	$	2,785	$	2,020
Less: drawn commitments	(176		)	(81		)
Total undrawn commitments	625			330
Less: funded commitments							Less: funded commitments	(302)		(409)
Total unfunded commitments							Total unfunded commitments	2,483		1,611
Less: commitments substantially at discretion of the Company	(16		)	(12		)	Less: commitments substantially at discretion of the Company	—		(29)
Less: unavailable commitments due to borrowing base or other covenant restrictions	—			—			Less: unavailable commitments due to borrowing base or other covenant restrictions	(7)		(8)
Total net adjusted undrawn revolving and delayed draw loan commitments	$	609		$	318
Total net adjusted unfunded revolving and delayed draw loan commitments							Total net adjusted unfunded revolving and delayed draw loan commitments	$	2,476	$	1,574

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significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels).

Also included within the total revolving ~~and delayed draw~~ loan commitments as of September 30, ~~2017~~2021 were commitments to issue up to ~~$118~~$344 in letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, ~~2017,~~2021, the Company had ~~$28~~$77 in letters of credit issued and outstanding under these commitments on behalf of the portfolio companies. For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, ~~$27~~$5 expire in ~~2018~~2021 and $1$72 expire in ~~2019.~~2022. As of September 30, ~~2017, the Company recorded a liability of $7 for certain letters of~~

~~credit issued and outstanding and~~2021, none of the ~~other~~ letters of credit issued and outstanding were recorded as a liability on the Company’s balance sheet as such ~~other~~ letters of credit are considered in the valuation of the investments in the portfolio company.

The Company also has commitments to co-invest in the SDLP for the Company’s portion of the SDLP’s commitments to fund delayed draw loans to certain portfolio companies of the SDLP. ~~The Company previously had commitments to co-invest in the SSLP for the Company’s portion of the SSLP’s commitments to fund delayed draw loans to certain portfolio companies of the SSLP.~~ See Note 4 for more information.

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, the Company was party to subscription agreements to fund equity investments in private equity investment partnerships as follows:


	As of							As of
	September 30, 2017			December 31, 2016				September 30, 2021		December 31, 2020
Total private equity commitments	$	117		$	57		Total private equity commitments	$	110	$	111
Less: funded private equity commitments	(67		)	(17		)	Less: funded private equity commitments	(67)		(68)
Total unfunded private equity commitments	50			40			Total unfunded private equity commitments	43		43
Less: private equity commitments substantially at discretion of the Company	(49		)	(39		)	Less: private equity commitments substantially at discretion of the Company	(43)		(43)
Total net adjusted unfunded private equity commitments	$	1		$	1		Total net adjusted unfunded private equity commitments	$	—	$	—

In the ordinary course of business, the Company may sell certain of its investments to third party purchasers. In particular, in connection with the sale of certain controlled portfolio company equity investments (as well as certain other sales) the Company has, and may continue to do so in the future, agreed to indemnify such purchasers for future liabilities arising from the investments and the related sale transaction. Such indemnification provisions have given rise to liabilities in the past and may do so in the future.

In addition, in the ordinary course of business, the Company may guarantee certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable.

Lease Commitments

The Company is obligated under a number of operating leases pursuant to which it is leasing office facilities from third parties with remaining terms ranging from approximately one to five years. For certain of its operating leases, the Company had previously entered into subleases including one with Ares Management LLC. During the fourth quarter of 2020, the Company assigned to Ares Management LLC all of its rights, title and interest in the offices it subleased to Ares Management LLC and Ares Management LLC assumed all of the Company’s obligations. See Note 12 for a further description of the sublease with Ares Management LLC.

The components of operating lease expense for the three and nine months ended September 30, 2021 and 2020 were as follows:

112


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease costs	$	3	$	5	$	8	$	14
Less: sublease income	(3)		(5)		(8)		(13)
Total operating lease costs (1)	$	—	$	—	$	—	$	1

(1)Total operating lease costs are incurred from office leases assumed as part of the Company’s acquisition of American Capital, Ltd. (“American Capital”) (the “American Capital Acquisition”).

Supplemental cash flow information related to operating leases for the three and nine months ended September 30, 2021 and 2020 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	4	$	6	$	12	$	18
Operating ROU assets obtained in exchange for operating lease liabilities	$	2	$	4	$	6	$	12

Supplemental balance sheet information as of September 30, 2021 and December 31, 2020 related to operating leases were as follows:


	As of
	September 30, 2021		December 31, 2020
Operating lease ROU assets	$	31	$	38
Operating lease liabilities	$	48	$	59
Weighted average remaining lease term	3.9 years		4.6 years
Weighted average discount rate	3.2%		3.3%

The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of September 30, 2021:


	Amount
2021	$	4
2022	15
2023	16
2024	6
2025	6
Thereafter	6
Total lease payments	53
Less imputed interest	(5)
Total operating lease liability	$	48

The following table shows future expected rental payments to be received under the Company’s subleases where the Company is the sublessor as of September 30, 2021:

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	Amount
2021	$	2
2022	9
2023	9
2024	4
2025	4
Thereafter	3
Total	$	31

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Company has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value on the balance sheet. The carrying value of the lines titled “interest receivable,” “receivable for open trades,” “payable for open trades,” “accounts payable and other liabilities,” “base management fees payable,” “income based fees payable,” “capital gains incentive fees payable” and “interest and facility fees payable” approximate fair value due to their short maturity.value.

The Company also follows ASC 820-10,Fair Value Measurements and Disclosures (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Company to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Company has considered its principal market as the market in which the Company exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

•Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

In addition to using the above inputs in investment valuations, the Company continues to employ the net asset valuation policy approved by the Company’s board of directors that is consistent with ASC 820-10 (see Note 2)2 for more information). Consistent with the Company’s valuation policy, it evaluates the source of inputs, including any markets in which the Company’s investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. The Company’s valuation policy considers the fact that because there is not a readily available market value for most of the investments in the Company’s portfolio, the fair value of the investments must typically be determined using unobservable inputs.

The Company’s portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. Enterprise value means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Company may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses

114

a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Company has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Company does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Company considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

For other portfolio investments such as investments in the SDLP Certificates, discounted cash flow analysis is the primary technique utilized to determine fair value. Expected future cash flows associated with the investment are discounted to determine a present value using a discount rate that reflects estimated market return requirements.

The following tables summarize the significant unobservable inputs the Company used to value the majority of its investments categorized within Level 3 as of September 30, ~~2017~~2021 and December 31, ~~2016.~~2020. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

As of September 30, 2021

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien senior secured loans

8,653

Yield analysis

Market yield

1.5% - 25.3%

7.8%

Second lien senior secured loans

4,071

Yield analysis

Market yield

7.1% - 21.8%

9.8%

Subordinated certificates of the SDLP

932

Discounted cash flow analysis

Discount rate

8.7% - 9.4%

9.3%

Senior subordinated loans

975

Yield analysis

Market yield

8.8% - 21.0%

11.1%

Preferred equity

1,272

EV market multiple analysis

EBITDA multiple

3.6x - 35.0x

16.0x

Ivy Hill Asset Management, L.P.

620

Discounted cash flow analysis

Discount rate

8.8% - 28.0%

16.6%

Other equity

1,143

EV market multiple analysis

EBITDA multiple

2.6x - 33.7x

13.6x

Total investments

17,666

(1)Unobservable inputs were weighted by the relative fair value of the investments.

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	As of September 30, 2017								As of December 31, 2020
				Unobservable Input								Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average		Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	4,657	Yield analysis	Market yield	3.8% - 17.8%	8.4	%	First lien senior secured loans	$	6,984	Yield analysis	Market yield	1.3% - 19.3%	8.5%
Second lien senior secured loans	4,082		Yield analysis	Market yield	8.3% - 20.9%	10.7	%	Second lien senior secured loans	4,171		Yield analysis	Market yield	7.0% - 19.7%	10.5%
Subordinated certificates of the SDLP	437		Discounted cash flow analysis	Discount rate	11.5% - 12.5%	12.0	%	Subordinated certificates of the SDLP	1,123		Discounted cash flow analysis	Discount rate	10.2% - 11.1%	11.0%
Senior subordinated loans	922		Yield analysis	Market yield	9.5% - 17.5%	12.8	%	Senior subordinated loans	879		Yield analysis	Market yield	8.8% - 22.0%	11.3%
Collateralized loan obligations	158		Discounted cash flow analysis	Discount rate	6.9% - 18.0%	10.9	%
				Constant prepayment rate	18.9% - 22.8%	20.1	%
				Constant default rate	1.6% - 2.3%	1.9	%
Preferred equity securities	435		EV market multiple analysis	EBITDA multiple	2.8x - 21.8x	11.6x
Other equity securities and other	743		EV market multiple analysis	EBITDA multiple	3.5x - 21.8x	10.6x
Preferred equity								Preferred equity	926		EV market multiple analysis	EBITDA multiple	2.8x - 22.0x	13.9x
Ivy Hill Asset Management, L.P.								Ivy Hill Asset Management, L.P.	628		Discounted cash flow analysis	Discount rate	10.5% - 27.5%	17.1%
Other equity								Other equity	795		EV market multiple analysis	EBITDA multiple	5.4x - 47.7x	13.1x
Total investments	$	11,434						Total investments	$	15,506

(1)Unobservable inputs were weighted by the relative fair value of the investments.

As of December 31, 2016
Unobservable Input
Asset Category Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average
First lien senior secured loans $ 2,036
Yield analysis Market yield 5.5% - 20.0% 9.3 %
Second lien senior secured loans 2,987
Yield analysis Market yield 8.4% - 20.8% 10.7 %
Subordinated certificates of the SDLP 270
Discounted cash flow analysis Discount rate 11.0% - 12.0% 11.5 %
Subordinated certificates of the SSLP 1,914
Discounted cash flow analysis Discount rate 6.5% - 7.5% 7.0 %
Senior subordinated loans 714
Yield analysis Market yield 9.8% - 17.5% 12.2 %
Preferred equity securities 273
EV market multiple analysis EBITDA multiple 3.5x - 14.8x
8.6 x
Other equity securities and other 619
EV market multiple analysis EBITDA multiple 5.0x - 16.4x
10.7 x
Total investments $ 8,813

Changes in market yields, discount rates or EBITDA multiples, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in market yields or discount rates or decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Company’s investments.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it.

The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and ~~derivatives~~unfunded revolving and delayed draw loan commitments as of September 30, ~~2017:~~2021:


	Fair Value Measurements Using											Fair Value Measurements Using
	Total			Level 1		Level 2			Level 3			Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	341		$	341	$	—		$	—	Cash and cash equivalents	$	1,193	$	1,193	$	—	$	—
Restricted cash											Restricted cash	$	20	$	20	$	—	$	—
Investments not measured at net asset value	$	11,434		$	—	$	—		$	11,434	Investments not measured at net asset value	$	17,671	$	—	$	5	$	17,666
Investments measured at net asset value (1)	$	22									Investments measured at net asset value (1)	$	6
Total investments	$	11,456									Total investments	$	17,677
Derivatives	$	(4	)	$	—	$	(4	)	$	—	Derivatives	$	3	$	—	$	3	$	—
Unfunded revolving and delayed draw loan commitments (2)											Unfunded revolving and delayed draw loan commitments (2)	$	(18)	$	—	$	—	$	(18)

________________________________________


~~(1)~~	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

116

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.


	Fair Value Measurements Using									Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3			Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	223	$	223	$	—	$	—	Cash and cash equivalents	$	254	$	254	$	—	$	—
Restricted cash									Restricted cash	$	72	$	72	$	—	$	—
Investments not measured at net asset value	$	8,814	$	1	$	—	$	8,813	Investments not measured at net asset value	$	15,509	$	—	$	3	$	15,506
Investments measured at net asset value (1)	$	6							Investments measured at net asset value (1)	$	6
Total investments	$	8,820							Total investments	$	15,515
Derivatives	$	—	$	—	$	—	$	—	Derivatives	$	(2)	$	—	$	(2)	$	—
Unfunded revolving and delayed draw loan commitments (2)									Unfunded revolving and delayed draw loan commitments (2)	$	(27)	$	—	$	—	$	(27)


~~(1)~~	(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation ~~of the fair value hierarchy to the amounts presented in the consolidated balance sheet.~~

~~Transfers between levels, if any, are recognized at the beginning~~ of the ~~quarter~~fair value hierarchy to the amounts presented in ~~which~~ the ~~transfers occur.~~consolidated balance sheet.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.

117

The following ~~table presents~~tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, ~~2017:~~2021:


	As of and For the Three Months Ended September 30, 2021
Balance as of June 30, 2021	$	17,089
Net realized gains	123
Net unrealized gains	11
Purchases	2,517
Sales	(860)
Repayments	(1,328)
PIK interest and dividends	65
Net accretion of discount on securities	5
Net transfers into Level 3(1)	44
Balance as of September 30, 2021	$	17,666

As of and For the Three Months Ended September 30, 2017
Balance as of June 30, 2017 $ 11,476
Net realized gains 48
Net unrealized losses (47 )
Purchases 2,965
Sales (2,401 )
Redemptions (629 )
Payment-in-kind interest and dividends 20
Net accretion of discount on securities 2
Net transfers in and/or out of Level 3 —
Balance as of September 30, 2017 $ 11,434


	As of and For the Nine Months Ended September 30, 2021
Balance as of December 31, 2020	$	15,506
Net realized gains	258
Net unrealized gains	455
Purchases	8,124
Sales	(3,375)
Repayments	(3,537)
PIK interest and dividends	180
Net accretion of discount on securities	11
Net transfers into Level 3(1)	44
Balance as of September 30, 2021	$	17,666

As of and For the Nine Months Ended September 30, 2017
Balance as of December 31, 2016 $ 8,813
Net realized gains 173
Net unrealized losses (74 )
Investments acquired as part of the American Capital Acquisition 2,527
Purchases 5,758
Sales (3,390 )
Redemptions (2,437 )
Payment-in-kind interest and dividends 57
Net accretion of discount on securities 7
Net transfers in and/or out of Level 3 —
Balance as of September 30, 2017 $ 11,434

As of September 30, 2017, the net unrealized depreciation on the investments that use Level 3 inputs was $297. For the nine months ended September 30, 2017, the net transfers out of Level 3 were due to privately held equity investments converting to publicly traded stock.

For the three and nine months ended September 30, ~~2017,~~2021, transfers into and out of Level 3 were as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of September 30, 2021, the net unrealized appreciation on the investments that use Level 3 inputs was $23.

For the three and nine months ended September 30, 2021, the total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the Company’s Level 3 assets still held as of September 30, ~~2017,~~2021, and reported within the net unrealized gains (losses) ~~from~~on investments, foreign currency and other transactions in the Company’s consolidated statement of operations was ~~$(11)~~$107 and ~~$(31),~~$570, respectively.

118

The following ~~table presents~~tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, ~~2016:~~2020:


	As of and For the Three Months Ended September 30, 2020
Balance as of June 30, 2020	$	13,799
Net realized losses	(26)
Net unrealized gains	309
Purchases	629
Sales	(74)
Repayments	(379)
PIK interest and dividends	68
Net accretion of discount on securities	2
Net transfers into Level 3	—
Balance as of September 30, 2020	$	14,328


	As of and For the Nine Months Ended September 30, 2020
Balance as of December 31, 2019	$	14,348
Net realized gains	13
Net unrealized losses	(439)
Purchases	3,325
Sales	(1,267)
Repayments	(1,811)
PIK interest and dividends	153
Net accretion of discount on securities	5
Net transfers into Level 3(1)	1
Balance as of September 30, 2020	$	14,328

As of and For the Three Months Ended September 30, 2016
Balance as of June 30, 2016 $ 8,893
Net realized gains 21
Net unrealized losses (43 )
Purchases 1,378
Sales (920 )
Redemptions (545 )
Payment-in-kind interest and dividends 12
Net accretion of discount on securities 2
Net transfers in and/or out of Level 3 —
Balance as of September 30, 2016 $ 8,798
(1)For the nine months ended September 30, 2020, transfers into Level 3 from Level 2 were as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of and For the Nine Months Ended September 30, 2016
Balance as of December 31, 2015 $ 9,045
Net realized gains 75
Net unrealized losses (22 )
Purchases 2,388
Sales (1,208 )
Redemptions (1,510 )
Payment-in-kind interest and dividends 32
Net accretion of discount on securities 4
Net transfers in and/or out of Level 3 (6 )
Balance as of September 30, 2016 $ 8,798

As of September 30, ~~2016,~~2020, the net unrealized depreciation on the investments that use Level 3 inputs was ~~$128. For the nine months ended September 30, 2016, the net transfers out of Level 3 were due to privately held equity investments converting to publicly traded stock.~~

$785.

For the three and nine months ended September 30, ~~2016~~,2020, the total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the Company’s Level 3 assets still held as of September 30, ~~2016,~~2020, and reported within the net unrealized gains (losses) ~~from~~on investments, foreign currency and other transactions in the Company’s consolidated statement of operations ~~were $(56)~~was $264 and ~~$(27)~~$(492), respectively.

119

The following ~~table presents changes in derivatives that use Level 3 inputs as of and for the three and nine months ended September 30, 2016:~~

As of and For the Three Months Ended September 30, 2016
Balance as of June 30, 2016 $ 5
Net unrealized appreciation reversed related to termination of the Forward Sale Agreement (5 )
Balance as of September 30, 2016 $ —

As of and For the Nine Months Ended September 30, 2016
Balance as of December 31, 2015 $ 3
Net unrealized appreciation reversed related to termination of the Forward Sale Agreement (3 )
Balance as of September 30, 2016 $ —

~~As of September 30, 2016, the net unrealized appreciation on the derivatives that use Level 3 inputs was $51.~~

~~Following~~ are the carrying and fair values of the Company’s debt obligations as of September 30, ~~2017~~2021 and December 31, ~~2016.~~2020. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.

As of
September 30, 2017 December 31, 2016
Carrying value(1) Fair value Carrying value(1) Fair value
Revolving Credit Facility $ 395
$ 395
$ 571
$ 571
Revolving Funding Facility 450
450
155
155
SMBC Funding Facility —
—
105
105
SBA Debentures —
—
24
25
2017 Convertible Notes (principal amount outstanding of $0 and $162, respectively) —
—
162
(2) 163
2018 Convertible Notes (principal amount outstanding of $270) 269
(2) 272
267
(2) 278
2019 Convertible Notes (principal amount outstanding of $300) 298
(2) 309
296
(2) 312
2022 Convertible Notes (principal amount outstanding of $388 and $0, respectively) 367
(2) 397
—
—
2018 Notes (principal amount outstanding of $750) 747
(3) 773
745
(3) 776
2020 Notes (principal amount outstanding of $600) 597
(4) 616
596
(4) 608
January 2022 Notes (principal amount outstanding of $600) 593
(5) 607
592
(5) 584
October 2022 Notes (principal amount outstanding of $0 and $183, respectively) —
—
179
(6) 184
2023 Notes (principal amount outstanding of $750 and $0, respectively) 742
(7) 742
—
—
2047 Notes (principal amount outstanding of $230) 182
(8) 233
182
(8) 228

$ 4,640
(9) $ 4,794
$ 3,874
(9) $ 3,989


	As of
	September 30, 2021					December 31, 2020
	Carrying value(1)			Fair value		Carrying value(1)			Fair value
Revolving Credit Facility	$	874		$	874	$	1,180		$	1,180
Revolving Funding Facility	763			763		1,028			1,018
SMBC Funding Facility	—			—		453			445
BNP Funding Facility	—			—		150			153
2022 Convertible Notes (principal amount outstanding of $388)	386		(2)	419		383		(2)	398
2024 Convertible Notes (principal amount outstanding of $403)	394		(2)	446		392		(2)	425
2022 Notes (principal amount outstanding of $600)	600		(2)	604		598		(2)	617
2023 Notes (principal amount outstanding of $750)	748		(2)	776		747		(2)	794
2024 Notes (principal amount outstanding of $900)	897		(2)	966		896		(2)	983
March 2025 Notes (principal amount outstanding of $600)	596		(2)	645		595		(2)	653
July 2025 Notes (principal amount outstanding of $1,250 and $750, respectively)	1,261		(3)	1,315		742		(3)	795
January 2026 Notes (principal amount outstanding of $1,150)	1,142		(2)	1,232		1,141		(2)	1,248
July 2026 Notes (principal amount outstanding of $1,000 and $0, respectively)	988		(2)	1,003		—			—
2028 Notes (principal amount outstanding of $1,250 and $0, respectively)	1,246		(2)	1,269		—			—
2047 Notes (principal amount outstanding of $0 and $230, respectively)	—		(4)	—		186		(4)	243
Total	$	9,895	(5)	$	10,312	$	8,491	(5)	$	8,952


~~(1)~~	~~The Revolving Credit Facility, the Revolving Funding Facility and the SMBC Funding Facility carrying values are the same as the principal amounts outstanding.~~


~~(2)~~	~~Represents the aggregate principal amount outstanding of the Convertible Unsecured Notes less unamortized debt issuance costs and the unaccreted discount recorded upon the issuances of such notes.~~


~~(3)~~	~~Represents the aggregate principal amount outstanding of the 2018 Notes less unamortized debt issuance costs plus the net unamortized premium recorded upon the issuances of the 2018 Notes.~~


~~(4)~~	~~Represents the aggregate principal amount outstanding of the 2020 Notes less unamortized debt issuance costs and the net unaccreted discount recorded upon the issuances of the 2020 Notes.~~

(1)The Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding.


~~(5)~~	~~Represents the aggregate principal amount outstanding of the January 2022 Notes less unamortized debt issuance costs and the unaccreted discount recorded upon the issuance of the January 2022 Notes.~~

(2)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted discount recorded upon issuance.


~~(6)~~	~~Represents the aggregate principal amount outstanding of the October 2022 Notes less unamortized debt issuance costs.~~

(3)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted premium recorded upon issuance.


~~(7)~~	~~Represents the aggregate principal amount outstanding of the 2023 Notes less unamortized debt issuance costs and the unaccreted discount recorded upon the issuance of the 2023 Notes.~~

(4)Represents the aggregate principal amount outstanding of the 2047 Notes, less the unaccreted purchased discount recorded in connection with the Allied Acquisition. In March 2021, the Company redeemed the entire aggregate principal amount of the 2047 Notes at par plus accrued and unpaid interest.


~~(8)~~	~~Represents the aggregate principal amount outstanding of the 2047 Notes less the unaccreted purchased discount.~~

(5)Total principal amount of debt outstanding totaled $9,928 and $8,582 as of September 30, 2021 and December 31, 2020, respectively.


~~(9)~~	~~Total principal amount of debt outstanding totaled $4,733 and $3,951 as of September 30, 2017 and December 31, 2016, respectively.~~

120

The following table presents fair value measurements of the Company’s debt obligations as of September 30, ~~2017~~2021 and December 31, ~~2016:~~2020:


	As of
Fair Value Measurements Using	September 30, 2021		December 31, 2020
Level 1	$	—	$	243
Level 2	10,312		8,709
Total	$	10,312	$	8,952

As of
Fair Value Measurements Using September 30, 2017 December 31, 2016
Level 1 $ 233
$ 412
Level 2 4,561
3,577
Total $ 4,794
$ 3,989

9. STOCKHOLDERS’ EQUITY

~~There were no sales~~The Company may from time to time issue and sell shares of its common stock through public or “at the ~~Company’s equity securities for~~market” offerings. In connection with the issuance of its common stock, the Company issued and sold the following shares of common stock during the nine months ended September 30, ~~2017~~2021:


Issuances of Common Stock	Number of Shares Issued	Gross Proceeds		Underwriting/Offering Expenses		Net Proceeds		Average Offering Price
Public offerings	26.5	$	513.8	$	19.0	$	494.8	$	18.71	(1)
“At the market” offerings	9.9	$	195.7	$	3.3	$	192.4	$	19.72
Total	36.4	$	709.5	$	22.3	$	687.2

(1) 14.0 and ~~2016.~~ 12.5 of the shares were sold to the underwriters for a price of $17.85 per share and $19.67 per share, respectively, which the underwriters were then permitted to sell at variable prices to the public.

“At The Market” Offerings

As of the start of the third quarter of 2021, the Company was party to amended and restated equity distribution agreements with two sales agents (the “Equity Distribution Agreements”), pursuant to which the Company may from time to time issue and sell, by means of “at the market” offerings, up to $500 shares of its common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be an “at the market” offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. During the three months ended September 30, 2021, the Company issued and sold approximately 2.9 shares of common stock under the existing Equity Distribution Agreements, with net proceeds totaling $58.0, after giving effect to sales agents’ commissions and certain offering expenses of approximately $0.9. As of September 30, 2021, common stock with an aggregate offering amount of $441 remained available for issuance under the Equity Distribution Agreements. See Note 14 for a subsequent event relating to the Company’s “at the market” offerings.

See Note 11 for information regarding shares of common stock issued or purchased in accordance with the Company’s dividend reinvestment plan.

~~In connection with the American Capital Acquisition, the Company issued 112 shares valued at approximately $1,839. See Note 14 for additional information regarding the American Capital Acquisition.~~

Stock Repurchase Program

~~In September 2015, the Company's board of directors approved a~~The Company is authorized under its stock repurchase program ~~authorizing the Company~~ to ~~repurchase~~purchase up to ~~$100~~$500 in the aggregate of its outstanding common stock in the open market at certain thresholds below its net asset value per share, in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its sole discretion, based upon ~~the~~an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. ~~In May 2016, the Company suspended its~~The stock repurchase program pending the completion of the American Capital Acquisition. In February 2017, the Company’s board of directors authorized an amendment to its stock repurchase program to (a) increase the total authorization under the program from $100 to $300 and (b) extend the expiration date of the program from February 28, 2017 to February 28, 2018. Under the stock repurchase program, the Company may repurchase up to $300 in the aggregate of its outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The program does not require the Company to repurchase any specific number of shares ~~and it~~of common stock or any shares of common stock at all. Consequently, the Company cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. The expiration date of the stock repurchase program is February 15, 2022. The program may be suspended, extended, modified or discontinued at any time.

As of September 30, ~~2017,~~2021, there was $500 available for additional repurchases under the program.

During the nine months ended September 30, 2021, the Company ~~had~~ did not repurchase any shares of its common stock in the open market under the stock repurchase program. During the nine months ended September 30, 2020, the Company

121

repurchased a total of ~~0.5~~8.5 shares of its common stock in the open market under the stock repurchase program ~~since the program’s inception in September 2015, at an average price of $13.92 per share, including commissions paid, leaving approximately $293 available~~ for additional repurchases under the program. During the nine months ended September 30, 2017, the Company did not repurchase any shares of the Company’s common stock under the stock repurchase program. During the nine months ended September 30, 2016, the Company repurchased a total of 0.4 shares of the Company’s common stock in the open market for $5 under the stock repurchase program.$100. The shares were repurchased at an average price of ~~$13.94~~$11.83 per share, including commissions paid.

10. EARNINGS PER SHARE

The following information sets forth the computations of basic and diluted net increase in stockholders’ equity resulting from operations per share for the three and nine months ended September 30, ~~2017~~2021 and ~~2016:~~2020:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Net increase in stockholders’ equity resulting from operations available to common stockholders	$	334	$	441	$	1,185	$	106
Weighted average shares of common stock outstanding—basic and diluted	453		423		441		425
Basic and diluted net increase in stockholders’ equity resulting from operations per share	$	0.73	$	1.04	$	2.68	$	0.25

For the Three Months Ended September 30, For the Nine Months Ended September 30,
2017 2016 2017 2016
Net increase in stockholders’ equity resulting from operations available to common stockholders $ 139
$ 110
$ 435
$ 399
Weighted average shares of common stock outstanding—basic and diluted 426
314
425
314
Basic and diluted net increase in stockholders’ equity resulting from operations per share $ 0.33
$ 0.35
$ 1.02
$ 1.27

For the purpose of calculating diluted net increase in stockholders’ equity resulting from operations per share, the average closing price of the Company’s common stock for the three ~~and nine~~ months ended September 30, ~~2017~~2021 was ~~less~~more than the conversion price for each of the Convertible Unsecured Notes outstanding as of September 30, ~~2017 and~~2021. For the ~~2017~~nine months ended September 30, 2021, the average closing price of the Company’s common stock was more than the conversion price for the 2022 Convertible ~~Notes.~~Notes outstanding as of September 30, 2021. For the nine months ended September 30, 2021, the average closing price of the Company’s common stock was less than the conversion price for the 2024 Convertible Notes outstanding as of September 30, 2021. For the three and nine months ended September 30, ~~2016,~~2020, the average closing price of the Company’s common stock was less than the conversion price for each of the Convertible Unsecured Notes outstanding as of September 30, ~~2016,~~2020, as well as ~~for~~any other convertible unsecured notes outstanding during the ~~February 2016 Convertible Notes, the June 2016 Convertible Notes and the 2017 Convertible Notes. Therefore, for~~period. For all periods presented in the financial statements, the underlying shares for the intrinsic value of the embedded options in the Convertible Unsecured Notes and any other convertible unsecured notes outstanding during the ~~February 2016 Convertible Notes, the June 2016 Convertible Notes and the 2017 Convertible Notes~~periods presented had no material impact on the computation of diluted net increase in stockholders’ equity resulting from operations per share.

11. DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the Company’s dividends declared and payable during the nine months ended September 30, ~~2017~~2021 and ~~2016:~~2020:


Date declared	Record date	Payment date	Per share amount		Total amount
July 28, 2021	September 15, 2021	September 30, 2021	$	0.41	$	189
April 28, 2021	June 15, 2021	June 30, 2021	0.40		177
February 10, 2021	March 15, 2021	March 31, 2021	0.40		175
Total dividends declared and payable for the nine months ended September 30, 2021			$	1.21	$	541


August 4, 2020	September 15, 2020	September 30, 2020	$	0.40	$	169
May 5, 2020	June 15, 2020	June 30, 2020	0.40		169
February 12, 2020	March 16, 2020	March 31, 2020	0.40		172
Total dividends declared and payable for the nine months ended September 30, 2020			$	1.20	$	510

122

Date declared Record date Payment date
Per share
amount
Total amount
August 2, 2017 September 15, 2017 September 29, 2017 $ 0.38
$ 162
May 3, 2017 June 15, 2017 June 30, 2017 0.38
162
February 22, 2017 March 15, 2017 March 31, 2017 0.38
162
Total declared and payable for the nine months ended September 30, 2017 $ 1.14
$ 486

August 3, 2016 September 15, 2016 September 30, 2016 $ 0.38
$ 119
May 4, 2016 June 15, 2016 June 30, 2016 0.38
119
February 26, 2016 March 15, 2016 March 31, 2016 0.38
120
Total declared and payable for the nine months ended September 30, 2016 $ 1.14
$ 358

The Company has a dividend reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend payment date. Dividend reinvestment plan activity for the nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020, was as follows:


	For the Nine Months Ended September 30,
	2021		2020
Shares issued	1.5		—
Average issue price per share	$	19.52	$	—
Shares purchased by plan agent to satisfy dividends declared and payable during the period for stockholders	—		2.1		(1)
Average purchase price per share	$	—	$	12.97

(1)Shares were purchased in April 2020, July 2020 and October 2020.

For the Nine Months Ended September 30,
2017 2016
Shares issued 0.4
—
Average issue price per share $ 17.38
$ —
Shares purchased by plan agent to satisfy dividends declared and payable during the period for stockholders 1.0
1.1
Average purchase price per share $ 16.48
$ 14.85

12. RELATED PARTY TRANSACTIONS

In accordance with the investment advisory and management agreement, the Company bears all costs and expenses of the operation of the Company and reimburses its investment adviser or its affiliates for certain of such costs and expenses ~~incurred in~~paid for by the ~~operation~~investment adviser or its affiliates on behalf of the Company. For the three and nine months ended September 30, ~~2017,~~2021, the Company’s investment adviser or its affiliates incurred, and the Company reimbursed such expenses totaling $1 and ~~$3,~~$4, respectively. For the three and nine months ended September 30, ~~2016,~~2020, the Company’s investment adviser or its affiliates incurred, and the Company reimbursed such expenses totaling $1$2 and ~~$4,~~$6, respectively.

The Company is party to office leases pursuant to which it is leasing office facilities from third parties. ~~For~~The Company had previously been a party to certain ~~of these~~ office leases ~~the Company has also~~where it entered into separate subleases with Ares Management LLC, the sole member of Ares Capital Management, whereby Ares Management LLC subleased the full amount of certain of the Company’s office leases. During the fourth quarter of 2020, the Company assigned to Ares Management LLC all of its rights, title and ~~IHAM, pursuant~~interest in the offices it subleased to ~~which~~ Ares Management LLC and IHAM sublease a portion of these leases. For the three and nine months ended September 30, 2017, amounts payable to the Company under these subleases totaled $2 and $6, respectively. For the three and nine months ended September 30, 2016, amounts payable to the Company under these subleases totaled $2 and $5, respectively.

Ares Management LLC ~~has also entered into separate subleases with~~assumed all of the Company, pursuant to which the Company subleases certain office spaces from Ares Management LLC. For the three and nine months ended September 30, 2017, amounts payable to Ares Management LLC under these subleases totaled $0 and $0, respectively. For the three and nine months ended September 30, 2016, amounts payable to Ares Management LLC under these subleases totaled $0 and $0, respectively.Company’s obligations.

The Company has also entered into agreements with Ares Management LLC and IHAM, pursuant to which Ares Management LLC and IHAM are entitled to use the ~~Company's~~Company’s proprietary portfolio management software. For the three and nine months ended September 30, ~~2017,~~2021, amounts payable to the Company under these agreements totaled $0 and $0, respectively. For the three and nine months ended September 30, ~~2016,~~2020, amounts payable to the Company under these agreements totaled $0 and $0, respectively.

As part of the American Capital Acquisition, the Company assumed a long term incentive plan liability related to certain employees of a subsidiary of ACAM, which is now a subsidiary of IHAM. The liability is determined based on the fair value of certain investments acquired in the American Capital Acquisition. As of September 30, 2017, the liability amount was estimated to be $28 and is included within accounts payable and other liabilities in the Company’s consolidated balance sheet. This liability will be paid on an annual basis based on exited investments in a given calendar year and the value received upon their exit.

See Notes 3 ~~4, 6~~ and 144 for descriptions of other related party transactions.

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13. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights as of and for the nine months ended September 30, ~~2017~~2021 and ~~2016:~~2020:


	As of and For the Nine Months Ended September 30,									As of and For the Nine Months Ended September 30,
Per Share Data:	2017				2016				Per Share Data:	2021			2020
Net asset value, beginning of period(1)	$	16.45			$	16.46			Net asset value, beginning of period(1)	$	16.97		$	17.32
Issuances of common stock (see Note 14)	(0.01		)		—
Deemed contribution from Ares Capital Management (See Note 14)	0.13				—
Issuances of convertible notes	0.04				—
Issuances of common stock									Issuances of common stock	0.07			—

Repurchases of common stock									Repurchases of common stock	—			0.11
Net investment income for period(2)	0.87				1.13				Net investment income for period(2)	1.13			1.33
Net realized and unrealized gains for period(2)	0.15				0.14
Net realized and unrealized gains (losses) for period(2)									Net realized and unrealized gains (losses) for period(2)	1.56			(1.08)
Net increase in stockholders’ equity	1.18				1.27				Net increase in stockholders’ equity	2.76			0.36
Total distributions to stockholders	(1.14		)		(1.14		)		Total distributions to stockholders	(1.21)			(1.20)
Net asset value at end of period(1)	$	16.49			$	16.59			Net asset value at end of period(1)	$	18.52		$	16.48
Per share market value at end of period	$	16.39			$	15.50			Per share market value at end of period	$	20.33		$	13.95
Total return based on market value(3)	6.31			%	16.77			%	Total return based on market value(3)	27.53		%	(18.77)		%
Total return based on net asset value(4)	7.32			%	7.69			%	Total return based on net asset value(4)	20.87		%	0.09		%
Shares outstanding at end of period	426				314				Shares outstanding at end of period	461			423
Ratio/Supplemental Data:									Ratio/Supplemental Data:
Net assets at end of period	$	7,028			$	5,209			Net assets at end of period	$	8,537		$	6,963
Ratio of operating expenses to average net assets, excluding the Fee Waiver(5)(6)	9.93			%	9.83			%
Ratio of operating expenses to average net assets, net of the Fee Waiver(5)(6)	9.53			%	9.83			%
Ratio of operating expenses to average net assets(5)(6)									Ratio of operating expenses to average net assets(5)(6)	4.32		%	9.50		%
Ratio of net investment income to average net assets(5)(7)	7.53			%	9.12			%	Ratio of net investment income to average net assets(5)(7)	3.13		%	10.88		%
Portfolio turnover rate(5)	53			%	36			%	Portfolio turnover rate(5)	54		%	29		%


~~(1)~~	~~The net assets used equals the total stockholders’ equity on the consolidated balance sheet.~~

(1)The net assets used equals the total stockholders’ equity on the consolidated balance sheet.


~~(2)~~	(2)Weighted average basic ~~per share data.~~

~~(3)~~

For the nine months ended September 30, 2017, the total return based on market value equaled the decrease of the ending market value at September 30, 2017 of $16.39 per share from the ending market value at December 31, 2016 of $16.49 per share plus the declared and payable dividends of $1.14 per share for the nine months ended September 30, 2017, divided by the market value at December 31, 2016. For the nine months ended September 30, 2016, the total return based on market value equaled the increase of the ending market value at September 30, 2016 of $15.50 per share from the ending market value at December 31, 2015 of $14.25 per share plus the declared and payable dividends of $1.14 per share for the nine months ended September 30, 2016, divided by the market value at December 31, 2015. The Company’s shares fluctuate in value. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.

~~(4)~~

For the nine months ended September 30, 2017, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.14 per share for the nine months ended September 30, 2017, divided by the beginning net asset value for the period. For the nine months ended September 30, 2016, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.14 per share for the nine months ended September 30, 2016, divided by the beginning net asset value for the period. These calculations are adjusted for shares issued in connection with the dividend reinvestment plan, the issuance of common stock in connection with any equity offerings and the equity components of any convertible notes issued during the period. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.


~~(5)~~	~~The ratios reflect an annualized amount.~~

~~(6)~~

For the nine months ended September 30, 2017, the ratio of operating expenses to average net assets consisted of 2.59% of base management fees, 2.03% of income based fees and capital gains incentive fees, net of the Fee Waiver, 2.43% of income based fees and capital gains incentive fees, excluding the Fee Waiver), 3.39% of the cost of borrowing and 1.52% of other operating expenses. For the nine months ended September 30, 2016, the ratio of operating expenses to average net assets consisted of 2.64% of base management fees, 2.56% of income based fees and capital gains incentive fees, 3.56% of the cost of borrowing and 1.07% of other operating expenses. See Note 3 for more information on the Fee Waiver.


~~(7)~~	~~The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses.~~

~~14. AMERICAN CAPITAL ACQUISITION~~

On May 23, 2016, the Company entered into a definitive agreement (the “Merger Agreement”) to acquire American Capital. On the Acquisition Date, the Company completed the American Capital Acquisition pursuant to the terms and conditions of the Merger Agreement. Pursuant to the Merger Agreement, American Capital shareholders received total consideration of approximately $18.06 per share comprised of: (i) $14.41 per share from the Company consisting of approximately $6.48 per share of cash (including a make-up dividend in the amount of $0.07 per share) and 0.483 shares of the Company’s common stock for each American Capital share at a value of $7.93 per American Capital share (based on the closing price per share of the Company’s common stock on the Acquisition Date), (ii) $2.45 per share of cash from American Capital’s sale of American Capital Mortgage Management, LLC, and (iii) approximately $1.20 per share of cash as transaction support provided by Ares Capital Management acting solely on its own behalf. As of the Acquisition Date, the transaction was valued at approximately $4.2 billion. The total cash and stock consideration paid by the Company was $3.3 billion. In connection with the stock consideration, the Company issued approximately 112 shares of its common stock to American Capital’s then-existing stockholders (including holders of outstanding in-the-money American Capital stock options), thereby resulting in the Company’s then-existing stockholders owning approximately 73.7% of the combined company and then-existing American Capital stockholders owning approximately 26.3% of the combined company. In addition, in connection with the American Capital Acquisition, Ares Capital Management agreed to waive certain income based fees as described in Note 3.

data.

~~The American Capital Acquisition was accounted for in accordance with the asset acquisition method of accounting as detailed in ASC 805-50,~~ ~~Business Combinations-Related Issues.~~ The fair value of the merger consideration paid by the Company was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill. Since the fair value of the net assets acquired exceeded the fair value of the merger consideration paid by the Company, the Company recognized a deemed contribution from Ares Capital Management.

~~The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the American Capital Acquisition:~~

Common stock issued by the Company $ 1,839
Cash consideration paid by the Company 1,502
Deemed contribution from Ares Capital Management 54
Total purchase price $ 3,395
Assets acquired:
Investments(1) $ 2,543
Cash and cash equivalents 961
Other assets(2) 117
Total assets acquired $ 3,621
Liabilities assumed(3) (226 )
Net assets acquired $ 3,395

~~(1) Investments acquired were recorded at fair value, which is also the Company’s initial cost basis.~~

~~(2) Other assets acquired in the American Capital Acquisition consisted of the following:~~

Receivable for open trades $ 45
Escrows receivable 41
Interest receivable 9
Other assets 22
Total $ 117


(3)	~~Liabilities assumed in the American Capital Acquisition consisted of the following:~~

Severance and other payroll related $ 95
Lease abandonments 55
Long term incentive plan (see Note 12) 31
Escrows payable 25
Other liabilities 20
Total $ 226

During the three and nine months ended September 30, 2017, the Company incurred $4 and $42, respectively, in professional fees and other costs related to the American Capital Acquisition. For the three and nine months ended September 30, 2017, these costs included $4 ~~of expenses related to a long term incentive plan liability assumed in the American Capital Acquisition (see Note 12).~~ For the nine months ended September 30, ~~2017, these costs also included $18 in one-time investment banking fees incurred in January 2017 upon~~2021, the ~~closing~~total return based on market value equaled the increase of the ~~American Capital Acquisition.~~ending market value at September 30, 2021 of $20.33 per share from the ending market value at December 31, 2020 of $16.89 per share plus the declared and payable dividends of $1.21 per share for the nine months ended September 30, 2021, divided by the market value at December 31, 2020. For the nine months ended September 30, 2020, the total return based on market value equaled the decrease of the ending market value at September 30, 2020 of $13.95 per share from the ending market value at December 31, 2019 of $18.65 per share plus the declared and payable dividends of $1.20 per share for the nine months ended September 30, 2020, divided by the market value at December 31, 2019. The Company’s shares fluctuate in value. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.

~~15. LITIGATION~~

~~The Company is party to certain lawsuits~~(4)For the nine months ended September 30, 2021, the total return based on net asset value equaled the change in net asset value during the ~~normal course~~period plus the declared and payable dividends of ~~business. In addition, American Capital~~$1.21 per share for the nine months ended September 30, 2021, divided by the beginning net asset value for the period. For the nine months ended September 30, 2020, the total return based on net asset value equaled the change in net asset value during the period plus the declared and ~~Allied Capital were involved in various legal proceedings that~~payable dividends of $1.20 per share for the ~~Company assumed~~nine months ended September 30, 2020, divided by the beginning net asset value for the period. These calculations are adjusted for shares issued in connection with the ~~American Capital Acquisition and~~dividend reinvestment plan, the ~~Allied Acquisition, respectively. Furthermore, third parties may try to seek to impose liability on the Company~~issuance of common stock in connection with any equity offerings and the ~~Company’s activities or the activities of its portfolio companies. While the outcome~~equity components of any ~~such legal proceedings cannot at this~~convertible notes issued during the period. The Company’s performance changes over time and currently may be ~~predicted with certainty, the Company does not expect~~different than that ~~these legal proceedings will materially affect its business, financial condition or results~~shown. Past performance is no guarantee of ~~operations.~~

future results.

~~On May 20, 2013,~~

(5)The ratios reflect an annualized amount.

(6)For the ~~Company was named as one~~nine months ended September 30, 2021 and 2020, the ratio of several defendants in an action filed in the United States District Court for the Eastern District of Pennsylvania by the bankruptcy trustee of DSI Renal Holdings LLC (“DSI Renal”) and two affiliate companies. On March 17, 2014, the motion by the Company and the other defendantsoperating expenses to transfer the case to the United States District Court for the District of Delaware (the “Delaware Court”) was granted. On May 6, 2014, the Delaware Court referred the matter to the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The complaint alleges, among other things, that eachaverage net assets consisted of the ~~named defendants participated in a purported fraudulent transfer involving the restructuring~~following:

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	For the Nine Months Ended September 30,
	2021		2020
Base management fees	1.11	%	3.09	%
Income based fees and capital gains incentive fees	1.42	%	1.32	%
Cost of borrowing	1.60	%	4.52	%
Other operating expenses	0.19	%	0.57	%
Total operating expenses	4.32	%	9.50	%

(7)The ratio of ~~a subsidiary of DSI Renal. Among other things, the complaint seeks, jointly~~net investment income to average net assets excludes income taxes related to realized gains and severally from all defendants, (1) damages of approximately $425 million, of which the complaint states the Company’s individual share is approximately $117 million, and (2) punitive damages. The defendants filed a motion to dismiss all claims on August 5, 2013. On July 20, 2017, the Bankruptcy Court issued an order granting the motion to dismiss certain claims and denying the motion to dismiss certain other claims, including the purported fraudulent transfer claims. The defendants answered the complaint on August 31, 2017.~~No discovery has been taken in this action.~~The Company is currently unable to assess with any certainty whether it may have any exposure in this matter. However, the Company believes the plaintiff’s claims are without merit and intends to vigorously defend itself in this matter.losses.

On or about February 10, 2017, shareholders of American Capital filed a second consolidated amended putative shareholder class action complaint allegedly on behalf of holders of the common stock of American Capital against the former members of American Capital’s board of directors and certain former American Capital officers (collectively, the “American Capital defendants”), as well as Elliott Management Corporation, Elliott Associates, L.P., Elliott International, L.P. and Elliott International Capital Advisors Inc. (collectively “Elliott”) in the Circuit Court for Montgomery County, Maryland challenging the American Capital Acquisition. This action is a consolidation of putative shareholder complaints filed against the directors of American Capital on June 24, 2016, July 12, 2016, July 21, 2016 and July 27, 2016, which were consolidated and in which an amended consolidated putative shareholder class action complaint was filed on August 18, 2016. The action alleges that the directors, officers and Elliott failed to adequately discharge their fiduciary duties to the public shareholders of American Capital

by hastily commencing a sales process due to the board’s manipulation by Elliott. In the alternative, the complaint alleges Elliott aided and abetted breaches of fiduciary duty by the American Capital directors and officers. The complaint also alleges that the directors and officers failed to obtain for the shareholders the highest value available in the marketplace for their shares in the American Capital Acquisition. The complaint further alleges that the merger was the product of a flawed process due to Elliott’s continued manipulation, the use of deal protection devices in the American Capital Acquisition that precluded other bidders from making a higher offer to American Capital and the directors’ conflicts of interest due to special benefits, including the full vesting of American Capital stock options and incentive awards or golden parachutes the directors received upon consummation of the proposed merger. Additionally, the complaint alleges that the registration statement, which was filed with the SEC on July 20, 2016 and included a joint proxy statement to American Capital’s shareholders, is materially false and misleading because it omits material information concerning the financial and procedural fairness of the American Capital Acquisition. The complaint seeks to recover compensatory damages for all losses resulting from the alleged breaches of fiduciary duty and waste. The American Capital defendants filed their motion to dismiss the second consolidated amended complaint on March 3, 2017. Elliott filed its motion to dismiss the second consolidated amended complaint on April 14, 2017. Briefing on defendants’ motions was completed on May 26, 2017. A hearing on the motions to dismiss was scheduled for June 9, 2017 before Judge Ronald Rubin of the Circuit Court for Montgomery County, Maryland (the “Court”); however, that hearing was stayed as to the American Capital defendants in light of the settlement described below.

On June 9, 2017, the American Capital defendants reached an agreement in principle with plaintiffs regarding the proposed settlement of claims asserted against them in this action, and the American Capital defendants and plaintiffs subsequently executed a settlement term sheet (the “Term Sheet”) on June 19, 2017. As set forth in the Term Sheet, the American Capital defendants have agreed to the proposed settlement solely to eliminate the burden, expense, distraction and uncertainties inherent in further litigation, and without admitting any liability or wrongdoing. The plaintiffs and American Capital defendants filed a stipulation of settlement and motion for preliminary approval of the settlement with the Court on August 3, 2017. On August 23, 2017, the Court entered an order preliminarily approving the settlement and scheduling a hearing for final approval of the settlement for December 15, 2017. On August 28, 2017, Elliott filed a cross claim against the American Capital defendants asserting claims for contribution, although the cross-claim is not be expected to result in any additional monetary liability for the American Capital defendants or ACAS. There can be no assurance that the Court will approve the proposed settlement. The proposed settlement is not, and should not be construed as an admission of wrongdoing or liability by any American Capital defendant.

On October 11, 2017, the plaintiffs and Elliott advised the Court that they reached an agreement in principle to settle the remaining claims in the case, which would also resolve the cross claims against the American Capital defendants. The settlement between the plaintiffs and Elliott will be subject to confirmatory discovery and Court approval following notice to stockholders. In light of the agreement in principle, the Court is being asked to postpone the December 15, 2017 hearing on the American Capital settlement and to schedule a hearing on both settlements to take place at a later date. If both settlements are approved, then the case will be dismissed in its entirety.

There can be no assurance that the Court will approve the proposed settlement. The proposed settlement by the American Capital defendants is not, and should not be construed as an admission of wrongdoing or liability by any American Capital defendant.

On August 3, 2017, American Capital and one of its former portfolio companies were awarded a judgment plus prejudgment interest by the United States District Court for the District of Maryland (the “District Court”) following a bench trial in a case first filed by one of American Capital’s insurance companies concerning coverage for bodily injury claims against American Capital and/or its former portfolio company. The District Court found that the carrier breached its duty to defend American Capital and its former portfolio company against more than 1,000 bodily injury claims and awarded damages plus prejudgment interest. American Capital’s carrier filed a notice of appeal to the United States Court of Appeals for the Fourth Circuit. It is currently expected the appeal will be adjudicated in late 2018 at the earliest. American Capital’s recovery will not be known until such time as the appeal is resolved.

~~16.~~14. SUBSEQUENT EVENTS

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the nine months ended September 30, ~~2017,~~2021, except as discussed below.

OnIn October ~~2, 2017, Ares Capital CP entered~~2021, the Company’s board of directors authorized the Company to (a) enter into an equity distribution agreement ~~to amend the Revolving Funding Facility that, among other things, (a) modified the interest rate charged on the Revolving Funding Facility from a rate based on LIBOR plus 2.30%~~

per annum or a "base rate" (as defined in the agreements governing the Revolving Funding Facility) plus 1.30% per annum, to a rate based on LIBOR plus 2.15% per annum or a "base rate" plus 1.15% per annumwith an additional sales agent and (b) ~~modified certain loan portfolio concentration limits.~~amend and restate the Company’s existing Equity Distribution Agreements with each of Truist Securities, Inc. and Regions Securities LLC, in each case, to provide that the Company may from time to time issue and sell shares of common stock by means of “at the market” offerings having an aggregate offering price of up to $500 through such sales agents. There can be no assurance that the Company will issue a specific amount of shares of its common stock, if any, through these “at the market” offerings.

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Item 2. Management’s Discussion ~~And~~and Analysis Ofof Financial Condition ~~And~~and Results Ofof Operations

The information contained in this section should be read in conjunction with our financial statements and notes thereto appearing elsewhere in this Quarterly Report. Further, the financial information and other data set forth below subsequent to the completion of the American Capital Acquisition (as defined below) on January 3, 2017 reflect the results of the combined company and the financial information and other data prior to the completion of the American Capital Acquisition does not give effect to the American Capital Acquisition, unless otherwise noted. For this reason, period to period comparisons may not be meaningful. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward- looking statements, which relate to future events or the future performance or financial condition of Ares Capital Corporation (the “Company,” “Ares Capital,” “we,” “us,” or “our”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•our, or our portfolio companies’, future business, operations, operating results or prospects;

•the return or impact of current and future investments;

•the impact of global health crises, such as the current novel coronavirus (“COVID-19”) pandemic, on our or our portfolio companies’ business and the U.S. and global economy;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•the impact of the elimination of the London Interbank Offered Rate (“LIBOR”) and implementation of alternatives to LIBOR on our operating results;

•the impact of fluctuations in interest rates on our business;

•the impact of changes in laws or regulations (including the interpretation thereof), including the tax laws, the Coronavirus Aid, Relief and Economic Security Act of 2020 and the American Rescue Plan Act of 2021, governing our operations or the operations of our portfolio companies or the operations of our competitors;

•the March 2022 expiration of the Securities and Exchange Commission’s (“the SEC”) temporary no action position with respect to allowing co-investments with certain other funds managed by the investment adviser or its affiliates;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

our ability to successfully integrate our business with the business of American Capital (as defined below), including rotating out of certain investments acquired in connection therewith and re-deploying such capital effectively and on favorable terms;

•our ability to recover unrealized losses;

•market conditions and our ability to access alternative debt markets and additional debt and equity capital and our ability to manage our capital resources effectively;

•our contractual arrangements and relationships with third ~~parties, including parties to our co-investment program;~~parties;

•the state of the general ~~economy~~economy;

•the impact of supply chain constraints on our portfolio companies and the global economy;

•the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•uncertainty surrounding ~~the~~global financial ~~stability of the U.S., Europe and China;~~stability;

•the social, geopolitical, financial, trade and legal implications of Brexit;

•Middle East turmoil and the potential for volatility in energy prices and its impact on the industries in which we invest;

•the financial condition ~~of and ability~~ of our current and prospective portfolio companies and their ability to achieve their objectives;

•our ~~expected financings~~ability to raise capital in the private and ~~investments;~~public debt markets;

•our ability to successfully complete and integrate any ~~other~~ acquisitions;

•the outcome and impact of any ~~litigation or other regulatory matters acquired in connection with the American Capital Acquisition;~~litigation;

~~the impact to the periods following the completion of the American Capital Acquisition;~~

•the adequacy of our cash resources and working capital;

•the timing, form and amount of any dividend distributions;

•the timing of cash flows, if any, from the operations of our portfolio companies; and

•the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and

126

condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2016~~2020 and in this Quarterly ~~Report .~~Report.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the filing date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the ~~Securities and Exchange Commission (“SEC”),~~SEC, including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

OVERVIEW

We are a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”).

We are externally managed by Ares Capital Management LLC (“Ares Capital Management” or our “investment adviser”), a subsidiary of Ares Management ~~L.P.~~Corporation (NYSE: ARES) (“Ares Management”), a publicly traded, leading global alternative ~~asset~~investment manager, pursuant to our investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or our “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.

Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in first lien senior secured loans (including ~~unitranche loans),~~“unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien senior secured loans. In addition to senior secured loans, ~~and~~we also invest in subordinated loans (sometimes referred to as mezzanine ~~debt,~~debt), which in some cases includes an equity component ~~like warrants.~~and preferred equity.

To a lesser extent, we also make ~~preferred and/or~~ common equity investments, which have generally been non-control equity investments, of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments. Also, as a result of the American Capital Acquisition, American Capital’s equity investments, including equity investments pursuant to which American Capital controlled a particular portfolio company, became part of our portfolio.

Since our initial public offering (“IPO”) on October 8, 2004 through September 30, ~~2017,~~2021, our exited investments resulted in an ~~aggregate cash flow~~asset level realized gross internal rate of return to us of approximately ~~15%~~14% (based on original cash invested, net of syndications, of approximately ~~$19.3~~$34.7 billion and total proceeds from such exited investments of approximately ~~$24.9~~$44.5 billion). Internal rate of return is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. Internal rate of return is gross of expenses related to investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized. Approximately ~~65%~~58% of these exited investments resulted in an ~~aggregate cash flow~~asset level realized gross internal rate of return to us of 10% or greater.

Additionally, since our IPO on October 8, 2004 through September 30, ~~2017,~~2021, our realized gains have exceeded our realized losses by approximately ~~$737 million~~$1.0 billion (excluding a ~~one-time~~one time gain on the acquisition of Allied Capital Corporation (“Allied Capital”) in April 2010 (the “Allied Acquisition”) and realized gains/losses from the extinguishment of debt and other ~~assets)~~transactions). For this same time period, our average annualized net realized gain rate was approximately ~~1.2%~~1.0% (excluding a one-time gain on the acquisition of Allied Capital and realized gains/losses from the extinguishment of debt and other ~~assets)~~transactions). Net realized gain/loss rates for a particular period are the amount of net realized gains/losses during such period divided by the average quarterly investments at amortized cost in such period.

Information included herein regarding internal rates of return, realized gains and losses and annualized net realized gain rates are historical results relating to our past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies and certain public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature

127

~~mature~~ in one year or less. We also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act.

We have elected to be treated as a regulated investment company ~~or a “RIC”,~~(“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders generally at least 90% of our investment company taxable income, as defined by the Code, for each year. Pursuant to this election, we generally will not have to pay U.S. federal corporate-level taxes on any income that we distribute to our stockholders provided that we satisfy those requirements.

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~~American Capital Acquisition~~

PORTFOLIO AND INVESTMENT ACTIVITY

~~On May 23, 2016, we entered into a definitive agreement (the “Merger Agreement”)~~

Our investment activity for the three months ended September 30, 2021 and 2020 is presented below.


	For the Three Months Ended September 30,
(dollar amounts in millions)	2021			2020
New investment commitments(1):
New portfolio companies	$	1,215		$	414
Existing portfolio companies	1,895			292
Total new investment commitments(2)	$	3,110		$	706
Less:
Investment commitments exited(3)	(2,263)			(352)
Net investment commitments	$	847		$	354
Principal amount of investments funded:
First lien senior secured loans(4)	$	1,912		$	589
Second lien senior secured loans	111			1
Subordinated certificates of the SDLP(5)	96			—
Senior subordinated loans	131			1
Preferred equity	188			31
Other equity	93			10
Total	$	2,531		$	632
Principal amount of investments sold or repaid:
First lien senior secured loans(4)	$	1,446		$	332
Second lien senior secured loans	247			125
Subordinated certificates of the SDLP(5)	125			4
Senior subordinated loans	113			9

Preferred equity	130			5
Other equity	16			6
Total	$	2,077		$	481
Number of new investment commitments(6)	47			24
Average new investment commitment amount	$	66		$	29
Weighted average term for new investment commitments (in months)	77			58
Percentage of new investment commitments at floating rates	90		%	90		%
Percentage of new investment commitments at fixed rates	7		%	7		%
Weighted average yield of debt and other income producing securities(7):
Funded during the period at amortized cost	7.7		%	8.1		%
Funded during the period at fair value(8)	7.8		%	8.2		%
Exited or repaid during the period at amortized cost	8.6		%	8.2		%
Exited or repaid during the period at fair value(8)	8.7		%	8.1		%

(1)New investment commitments include new agreements to acquire American Capital, Ltd. ("American Capital"), a Delaware corporation (the "American Capital Acquisition"). Pursuant to the Merger Agreement, American Capital shareholders received total consideration of approximately $18.06 per share comprised of: (i) $14.41 per share from us consisting of approximately $6.48 per share of cash (including a make-up dividend in the amount of $0.07 per share) and 0.483 shares of our common stock for each American Capital share at a value of $7.93 per American Capital share (based on the closing price per share of our common stock on January 3, 2017 (the "Acquisition Date")), (ii) $2.45 per share of cash from American Capital’s sale of American Capital Mortgage Management, LLC, and (iii) approximately $1.20 per share of cashfund revolving loans or delayed draw loans. See “Off Balance Sheet Arrangements” as transaction support provided by Ares Capital Management acting solely on its own behalf. As of the Acquisition Date, the transaction was valued at approximately $4.2 billion. The total cash and stock consideration paid by us was $3.3 billion. In connection with the stock consideration, we issued approximately 112 million shares of our common stock to American Capital’s then-existing stockholders (including holders of outstanding in-the-money American Capital stock options), thereby resulting in our then-existing stockholders owning approximately 73.7% of the combined company and then-existing American Capital stockholders owning approximately 26.3% of the combined company. As a result of the American Capital Acquisition, Ares Capital acquired $3.6 billion of assets, including $2.5 billion of investments, and assumed $226 million of liabilities.

In connection with the American Capital Acquisition, Ares Capital Management also agreed to waive, for each of the first 10 calendar quarters beginning with the second quarter of 2017, the lesser of (x) $10 million of income based fees and (y) the amount of income based fees for such quarter, in each case, to the extent earned and payable by us in such quarter pursuant to andwell as ~~calculated under our investment advisory and management agreement (the "Fee Waiver"). See Notes 3 and 14~~Note 7 to our consolidated financial statements for the three and nine months ended September 30, ~~2017~~2021, for ~~additional~~more information ~~regarding the American Capital Acquisition.~~on our commitments to fund revolving loans or delayed draw loans.

~~PORTFOLIO AND INVESTMENT ACTIVITY~~

~~Our~~(2)Includes both funded and unfunded commitments. Of these new investment ~~activity~~commitments, we funded $2.2 billion and $0.4 billion, respectively, for the three months ended September 30, ~~2017~~2021 and ~~2016~~2020.

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(3)Includes both funded and unfunded commitments. For the three months ended September 30, 2021 and 2020, investment commitments exited included exits of unfunded commitments of $274 million and $39 million, respectively.

(4)For the three months ended September 30, 2021 and 2020, net repayments of first lien secured revolving loans were $15 million and $153 million, respectively.

(5)See “Senior Direct Lending Program” below and Note 4 to our consolidated financial statements for the three and nine months ended September 30, 2021 for more information on the SDLP (as defined below).

(6)Number of new investment commitments represents each commitment to a particular portfolio company or a commitment to multiple companies as part of an individual transaction (e.g., the purchase of a portfolio of investments).

(7)“Weighted average yield of debt and other income producing securities” is ~~presented below (information presented herein is~~computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) the total accruing debt and other income producing securities at amortized cost ~~unless otherwise indicated).~~or at fair value, as applicable.

For the Three Months Ended September 30,
(dollar amounts in millions) 2017 2016
New investment commitments(1)(5):

New portfolio companies $ 678
$ 1,029
Existing portfolio companies 868
500
Total new investment commitments(2) $ 1,546
$ 1,529
Less:

Investment commitments exited(3) 1,644
1,499
Net investment commitments $ (98 ) $ 30
Principal amount of investments funded(5):

First lien senior secured loans $ 659
$ 779
Second lien senior secured loans 524
346
Subordinated certificates of the SDLP(4) 45
195
Senior subordinated loans 119
20
Preferred equity securities 6
31
Other equity securities 22
14
Total $ 1,375
$ 1,385
Principal amount of investments sold or repaid(5):

First lien senior secured loans $ 439
$ 1,114
Second lien senior secured loans 289
279
Subordinated certificates of the SDLP(4) 2
—
Subordinated certificates of the SSLP 474
—
Senior subordinated loans 75
55
Collateralized loan obligations 40
—
Preferred equity securities 48
1
Other equity securities 162
4
Total(6) $ 1,529
$ 1,453
Number of new investment commitments(5)(7) 40
28
Average new investment commitment amount(5) $ 39
$ 55
Weighted average term for new investment commitments (in months)(5)(8) 76
94
Percentage of new investment commitments at floating rates(5) 89 % 90 %
Percentage of new investment commitments at fixed rates(5) 9 % 7 %
Weighted average yield of debt and other income producing securities(5):

Funded during the period at amortized cost 9.4 % 9.8 %
Funded during the period at fair value(9) 9.3 % 9.7 %
Exited or repaid during the period at amortized cost 8.2 % 8.2 %
Exited or repaid during the period at fair value(9) 8.3 % 8.2 %


~~(1)~~	New investment commitments include new agreements to fund revolving credit facilities or delayed draw loans. See “Off Balance Sheet Arrangements” as well as Note 7 to our consolidated financial statements for the three and nine months ended September 30, 2017, for more information on our commitments to fund revolving credit facilities or delayed draw loans.


~~(2)~~	~~Includes both funded and unfunded commitments. Of these new investment commitments, we funded $1.2 billion and $1.3 billion for the three months ended September 30, 2017 and 2016, respectively.~~


~~(3)~~	Includes both funded and unfunded commitments. For the three months ended September 30, 2017 and 2016, investment commitments exited included exits of unfunded commitments of $179 million and $85 million, respectively.


~~(4)~~	See “Senior Direct Lending Program” below and Note 4 to our consolidated financial statements for the three and nine months ended September 30, 2017 for more information on the SDLP (as defined below).

~~(5)~~

In July 2017, in connection with the effective termination of Senior Secured Loan Fund LLC (d/b/a the “Senior Secured Loan Program” or the “SSLP”), we purchased $1.6 billion in aggregate principal amount of first lien senior secured loans outstanding at par plus accrued and unpaid interest and fees from the SSLP (the “SSLP Loan Sale”) and assumed the SSLP’s remaining unfunded loan commitments totaling $50 million. The loans purchased from the SSLP included loans to 10 different borrowers with a weighted average yield at amortized cost and fair value of 7.1% and 7.1%, respectively. Upon completion of the SSLP Loan Sale, the SSLP made a liquidation distribution to the holders of the subordinated certificates of the SSLP (the “SSLP Certificates”), of which Ares Capital received $1.5 billion. The impact of these transactions is excluded from the information presented in the table. See “Senior Secured Loan Program” below and Note 4 to our consolidated financial statements for the three and nine months ended September 30, 2017 for more information on the SSLP.


~~(6)~~	~~For the three months ended September 30, 2017, the principal amount of investments sold or repaid included $415 million of investments acquired as part of the American Capital Acquisition.~~


~~(7)~~	Number of new investment commitments represents each commitment to a particular portfolio company or a commitment to multiple companies as part of an individual transaction (e.g., the purchase of a portfolio of investments).

~~(8)~~

(8)Represents fair value for investments in the portfolio as of the most recent prior quarter end, if applicable.


~~(9)~~	~~Represents fair value for investments in the portfolio as of the most recent prior quarter end, if applicable.~~

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, our investments consisted of the following:


	As of
	September 30, 2021				December 31, 2020
(in millions)	Amortized Cost		Fair Value(1)		Amortized Cost		Fair Value
First lien senior secured loans(2)	$	8,788	$	8,656	$	7,224	$	6,987
Second lien senior secured loans	4,158		4,071		4,386		4,171
Subordinated certificates of the SDLP(3)	932		932		1,123		1,123
Senior subordinated loans	1,053		993		1,005		951

Preferred equity	1,296		1,272		1,020		926
Other equity	1,400		1,753		1,156		1,357
Total	$	17,627	$	17,677	$	15,914	$	15,515

As of
September 30, 2017 December 31, 2016
(in millions) Amortized Cost Fair Value Amortized Cost Fair Value
First lien senior secured loans $ 4,797
$ 4,657
$ 2,102
$ 2,036
Second lien senior secured loans 4,198
4,082
3,069
2,987
Subordinated certificates of the SDLP(1) 437
437
270
270
Subordinated certificates of the SSLP(2) —
—
1,938
1,914
Senior subordinated loans 895
922
692
714
Collateralized loan obligations 161
158
—
—
Preferred equity securities 628
435
505
273
Other equity securities 624
765
458
626
Total $ 11,740
$ 11,456
$ 9,034
$ 8,820


~~(1)~~	The proceeds from these certificates were applied to co-investments with Varagon Capital Partners (“Varagon”) and its clients to fund first lien senior secured loans to 18 and 14 different borrowers as of September 30, 2017 and December 31, 2016, respectively.

(1)As of September 30, 2021 and December 31, 2020, the fair value of certain of our investments was negatively impacted by the uncertainty surrounding the impact of the COVID-19 pandemic. For more information, see “Results of Operations - Net Unrealized Gains/Losses.”


~~(2)~~	The proceeds from these certificates were applied to co-investments with GE Global Sponsor Finance LLC and General Electric Capital Corporation (together, “GE”) to fund first lien senior secured loans to 19 different borrowers as of December 31, 2016.

(2)First lien senior secured loans include certain loans that we classify as “unitranche” loans. The total amortized cost and fair value of the loans that we classified as “unitranche” loans were $4,439 million and $4,389 million, respectively, as of September 30, 2021, and $2,909 million and $2,793 million, respectively, as of December 31, 2020.

(3)The proceeds from these certificates were applied to co-investments with Varagon Capital Partners (“Varagon”) and its clients to fund first lien senior secured loans to 17 and 23 different borrowers as of September 30, 2021 and December 31, 2020, respectively.

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The weighted average yields at amortized cost and fair value of the following portions of our portfolio as of September 30, ~~2017~~2021 and December 31, ~~2016~~2020 were as follows:


	As of									As of
	September 30, 2017				December 31, 2016					September 30, 2021				December 31, 2020
	Amortized Cost		Fair Value		Amortized Cost		Fair Value			Amortized Cost		Fair Value		Amortized Cost		Fair Value
Debt and other income producing securities(1)	9.6	%	9.7	%	9.3	%	9.4	%	Debt and other income producing securities(1)	8.6	%	8.6	%	9.1	%	9.2	%
Total portfolio(2)	8.5	%	8.7	%	8.3	%	8.5	%	Total portfolio(2)	7.7	%	7.6	%	8.0	%	8.2	%
First lien senior secured loans(2)	7.8	%	8.0	%	8.4	%	8.6	%	First lien senior secured loans(2)	7.3	%	7.4	%	7.7	%	8.0	%
Second lien senior secured loans(2)	9.8	%	10.1	%	9.8	%	10.1	%	Second lien senior secured loans(2)	8.9	%	9.1	%	8.7	%	9.1	%
Subordinated certificates of the SDLP(2)(3)	14.0	%	14.0	%	14.0	%	14.0	%	Subordinated certificates of the SDLP(2)(3)	13.5	%	13.5	%	13.5	%	13.5	%
Subordinated certificates of the SSLP(2)(4)	—	%	—	%	7.0	%	7.1	%
Senior subordinated loans(2)	12.9	%	12.5	%	12.4	%	12.0	%	Senior subordinated loans(2)	9.0	%	9.6	%	9.0	%	9.5	%
Collateralized loan obligations	10.5	%	10.7	%	—	%	—	%

Income producing equity securities(2)	12.7	%	12.7	%	13.8	%	13.8	%	Income producing equity securities(2)	10.6	%	10.1	%	11.2	%	10.8	%

~~(1)~~

“Weighted average yield of debt and other income producing securities” is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value as applicable. The weighted average yield of debt and other income producing securities that were acquired as part of the American Capital Acquisition and held as of September 30, 2017 was 10.0% and 9.8% at amortized cost and fair value, respectively.

(1)“Weighted average yield of debt and other income producing securities” is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value as applicable.

(2)“Weighted average yields” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value as applicable.

(3)The proceeds from these certificates were applied to co-investments with Varagon and its clients to fund first lien senior secured loans.

“Weighted average yields” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value as applicable. The weighted average yield on total investments that were acquired as part of the American Capital Acquisition and held as of September 30, 2017 was 8.6% and 8.2% at amortized cost and fair value, respectively.


~~(3)~~	~~The proceeds from these certificates were applied to co-investments with Varagon and its clients to fund first lien senior secured loans.~~


~~(4)~~	~~The proceeds from these certificates were applied to co-investments with GE to fund first lien senior secured loans.~~

Ares Capital Management, our investment adviser, employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. Under this system, investments with a grade of 4 involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit. Investments graded 3 involve a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 3. Investments graded 2 indicate that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. An investment grade of 1 indicates that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt

investments with an investment grade of 1, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 1, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit. For investments graded 1 or 2, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company. The grade of a portfolio investment may be reduced or increased over time.

We assigned a fair value as of the Acquisition Date to each of the portfolio investments acquired in connection with the American Capital Acquisition. The initial cost basis of each investment acquired was equal to the fair value of such investment as of the Acquisition Date. Many of these portfolio investments were assigned a fair value reflecting a discount to American Capital’s cost basis at the time of American Capital’s origination or acquisition. Each investment was initially assessed a grade of 3 (i.e., generally the grade we assign a portfolio company at acquisition), reflecting the relative risk to our initial cost basis of such investments. It is important to note that our grading system does not take into account factors or events in respect of the period from when American Capital originated or acquired such portfolio investments or the status of these portfolio investments in terms of compliance with debt facilities, financial performance and similar factors. Rather, it is only intended to measure risk from the time that we acquired the portfolio investment in connection with the American Capital Acquisition. Accordingly, it is possible that the grades of these portfolio investments may be reduced or increased after the Acquisition Date.

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Set forth below is the grade distribution of our portfolio companies as of September 30, ~~2017~~2021 and December 31, ~~2016:~~2020:


	As of
	September 30, 2021							December 31, 2020
(dollar amounts in millions)	Fair Value		%		Number of Companies	%		Fair Value		%		Number of Companies	%
Grade 1	$	95	0.5	%	19	5.1	%	$	117	0.7	%	25	7.1	%
Grade 2	1,116		6.3	%	25	6.7	%	2,046		13.2	%	47	13.4	%
Grade 3	14,451		81.8	%	284	76.6	%	11,756		75.8	%	244	69.8	%
Grade 4	2,015		11.4	%	43	11.6	%	1,596		10.3	%	34	9.7	%
Total	$	17,677	100.0	%	371	100.0	%	$	15,515	100.0	%	350	100.0	%

As of
September 30, 2017 December 31, 2016
(dollar amounts in millions) Fair Value %
Number of
Companies
% Fair Value %
Number of
Companies
%
Grade 1 $ 90
0.8 % $ 17
5.2 % $ 92
1.0 % 13
6.0 %
Grade 2 349
3.0 % 14
4.3 % 323
3.7 % 12
5.5 %
Grade 3 9,780
85.4 % 275
84.6 % 7,451
84.4 % 172
78.9 %
Grade 4 1,237
10.8 % 19
5.9 % 954
10.9 % 21
9.6 %
Total $ 11,456
100.0 % 325
100.0 % $ 8,820
100.0 % 218
100.0 %

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, the weighted average grade of the investments in our portfolio at fair value was ~~3.1~~3.0 and ~~3.1,~~3.0, respectively. The increase in the fair value of investments graded 4 was primarily due to recognition of unrealized appreciation in certain of our equity investments. As of December 31, 2020, investments graded 1 and 2 included certain of our portfolio investments with an increased risk due to the COVID-19 pandemic and the continuing uncertainty surrounding its full duration and impact. For more information, see “Results of Operations - Net Unrealized Gains/Losses.”

As of September 30, ~~2017, investments~~2021, loans on non-accrual status represented ~~3.4%~~1.7% and ~~0.9%~~1.0% of the total investments at amortized cost and at fair value, respectively. As of December 31, ~~2016, investments~~2020, loans on non-accrual status represented ~~2.9%~~3.3% and ~~0.8%~~2.0% of the total investments at amortized cost and at fair value, respectively.

~~Co-Investment Programs~~

Senior Direct Lending Program

We have established a joint venture with Varagon to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. Varagon was formed in 2013 as a lending platform by American International Group, Inc. ~~(NYSE:AIG)~~ and other partners. The joint venture is called the Senior Direct Lending Program, LLC (d/b/a the ~~"Senior~~“Senior Direct Lending ~~Program"~~Program” or the ~~"SDLP"~~“SDLP”). In July 2016, we and Varagon and its clients completed the initial funding of the SDLP. In conjunction with the initial funding, we and Varagon and its clients sold investment commitments to the SDLP. Such investment commitments included $529 million of investment commitments sold to the SDLP by us. No realized gains or losses were recorded by us on these transactions. The SDLP may generally commit and hold individual loans of up to ~~$300~~$350 million. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of ours and Varagon (with approval from a representative of each required).

We provide capital to the SDLP in the form of subordinated certificates (the “SDLP Certificates”), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and SDLP Certificates. As of September 30, ~~2017,~~2021, we and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates.

As of September 30, ~~2017,~~2021 and December 31, 2020, we and Varagon and its clients had agreed to make capital available to the SDLP of ~~$2.9~~$6.2 billion and $6.2 billion, respectively, in the aggregate, of which ~~$591 million~~$1.4 billion and $1.4 billion, respectively, is to be made available from us. This capital will only be committed to the SDLP

upon approval of transactions by the investment committee of the SDLP. Below is a summary of the funded capital and unfunded capital commitments of the SDLP.


	As of					As of
(in millions)	September 30, 2017		December 31, 2016		(in millions)	September 30, 2021		December 31, 2020
Total capital funded to the SDLP(1)	$	2,083	$	1,285	Total capital funded to the SDLP(1)	$	3,691	$	4,772
Total capital funded to the SDLP by the Company(1)	$	437	$	270	Total capital funded to the SDLP by the Company(1)	$	932	$	1,123
Total unfunded capital commitments to the SDLP(2)	$	156	$	177	Total unfunded capital commitments to the SDLP(2)	$	194	$	152
Total unfunded capital commitments to the SDLP by the Company(2)	$	33	$	37	Total unfunded capital commitments to the SDLP by the Company(2)	$	49	$	37


~~(1)~~	~~At principal amount.~~

(1)At principal amount.


~~(2)~~	~~These commitments have been approved by the investment committee of the SDLP and will be funded as the transactions are completed.~~

(2)These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met.

132

The SDLP Certificates pay a coupon ~~of the London Interbank Offered Rate (“LIBOR”)~~equal to LIBOR plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes.

The amortized cost and fair value of our SDLP Certificates ~~held by us~~ were $~~437 million~~0.9 billion and $~~437 million~~0.9 billion, respectively, as of September 30, ~~2017~~2021 and ~~$270 million~~$1.1 billion and ~~$270 million,~~$1.1 billion, respectively, as of December 31, ~~2016.~~2020. Our yield on our investment in the SDLP Certificates at amortized cost and fair value was ~~14%~~13.5% and ~~14%~~13.5%, respectively, as of September 30, ~~2017~~2021 and ~~14%~~13.5% and ~~14%~~13.5%, respectively, as of December 31, ~~2016.~~2020. For the three and nine months ended September 30, ~~2017,~~2021, we earned interest income of ~~$15~~$33 million and ~~$36~~$106 million, respectively, from our investment in the SDLP Certificates. For the three and nine months ended September 30, ~~2016,~~2020, we earned interest income of $5$32 million ~~for each period~~and $92 million, respectively, from our investment in the SDLP Certificates. We are also entitled to certain fees in connection with the SDLP. For the three and nine months ended September 30, ~~2017,~~2021, in connection with the SDLP, we earned capital structuring service and other fees totaling $4$7 million and $9$13 million, respectively. For the three and nine months ended September 30, ~~2016, in connection with the SDLP,~~2020, we earned capital structuring service and other fees totaling $1$1 million ~~for each period.~~and $3 million, respectively.

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, the SDLP’s portfolio was comprised entirely of ~~all~~ first lien senior secured loans primarily to U.S. middle-market companies and were in industries similar to the companies in our portfolio. As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, none of the loans were on non-accrual status. Below is a summary of the SDLP’s ~~portfolio as of September 30, 2017 and December 31, 2016:~~portfolio:


	As of							As of
(dollar amounts in millions)	September 30, 2017			December 31, 2016			(dollar amounts in millions)	September 30, 2021			December 31, 2020
Total first lien senior secured loans(1)	$	2,079		$	1,281
Weighted average yield on first lien senior secured loans(2)	7.4		%	7.4		%
Total first lien senior secured loans(1)(2)							Total first lien senior secured loans(1)(2)	$	3,711		$	4,483
Weighted average yield on first lien senior secured loans(3)							Weighted average yield on first lien senior secured loans(3)	6.8		%	6.9		%
Largest loan to a single borrower(1)	$	200		$	125		Largest loan to a single borrower(1)	$	343		$	345
Total of five largest loans to borrowers(1)	$	886		$	560		Total of five largest loans to borrowers(1)	$	1,541		$	1,565
Number of borrowers in the SDLP	18			14			Number of borrowers in the SDLP	17			23
Commitments to fund delayed draw loans (3)	$	156		$	177
Commitments to fund delayed draw loans (4)							Commitments to fund delayed draw loans (4)	$	194		$	152

(1)At principal amount.


~~(2)~~	~~Computed as (a) the annual stated interest rate on accruing first lien senior secured loans, divided by (b) total first lien senior secured loans at principal amount.~~


~~(3)~~	~~As discussed above, these commitments have been approved by the investment committee of the SDLP.~~

~~Senior Secured Loan Program~~

~~We and GE had previously co-invested in first~~(2)First lien senior secured loans ~~of middle market companies through~~include certain loans that the ~~Senior Secured Loan Fund LLC (d/b/a the “Senior Secured Loan Program” or the “SSLP”). The SSLP was capitalized~~SDLP classifies as transactions were completed. All portfolio decisions and generally all other decisions in respect of the SSLP were approved by an investment committee of the SSLP consisting of representatives of ours and GE (with approval from a representative of each required). We provided capital to the SSLP in the form of the SSLP Certificates. GE provided capital to the SSLP in the form of senior notes and SSLP Certificates.

“unitranche” loans. As of ~~June~~September 30, ~~2017, our investment in~~2021 and December 31, 2020, the SSLP Certificates at amortized cost and fair value was $1.9 billion and $1.9 billion, respectively, and our yield on our investment in the SSLP Certificates at amortizd cost and fair value was 5.8% and 5.8%, respectively. As of June 30, 2017, the SSLP had $1.2 billion in cash and GE’s senior notes outstanding totaled $601 million. In July 2017, the SSLP made its monthly waterfall distribution from this cash, which fully repaid the outstandingtotal principal amount of the senior notes of the SSLP with the remaining amounts distributed to the holders of the SSLP Certificates. From this distribution, we received $474 million in respect of our SSLP Certificates. After this distribution, the amortized cost of our SSLP Certificates was $1.5 billion.

In addition, in July 2017, we and GE agreed to an effective termination of the SSLP whereby on July 26, 2017, we purchased the remaining $1.6 billion in aggregate principal amount of first lien senior secured loans outstanding at par plus accrued and unpaid interest and fees from the SSLP (the “SSLP Loan Sale”) and assumed the SSLP’s remaining unfunded loan commitments totaling $50 million. Upon completion of the SSLP Loan Sale, the SSLP made a liquidation distribution to the holders of the SSLP Certificates (the “SSLP Liquidation Distribution”), of which we received $1.5 billion. In connection with the SSLP Liquidation Distribution, we recognized an $18 million realized loss. After completion of the transactions described above, the operations of the SSLP were effectively terminated pursuant to the terms of the documents governing the SSLP and the SSLP no longer has an obligation to fund existing commitments and other amounts in respect of its former portfolio companies.

~~Below is a summary of the funded capital and unfunded capital commitments of the SSLP as of December 31, 2016.~~

(in millions)
Total capital funded to the SSLP(1) $ 3,819
Total capital funded to the SSLP by the Company(1) $ 2,004
Total unfunded capital commitments to the SSLP(2) $ 50
Total unfunded capital commitments to the SSLP by the Company(2) $ 7


~~(1)~~	~~At principal amount.~~


~~(2)~~	~~These commitments were approved by the investment committee of the SSLP.~~

The SSLP Certificates had a weighted average contractual coupon of LIBOR plus approximately 8.0% and also entitled the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses. The amortized cost and fair value of our SSLP Certificates were $1.9 billion and $1.9 billion, respectively, as of December 31, 2016. Our yield on our investment in the ~~SSLP Certificates at amortized cost and fair value~~SDLP portfolio that the SDLP classified as “unitranche” loans was ~~7.0% and 7.1%, respectively, as of December 31, 2016.~~

~~For the three and nine months ended September 30, 2017, we earned interest income of $6~~$2,753 million and ~~$69~~$3,551 million, respectively, from our investment in the SSLP Certificates. We were also entitled to certain fees in connection with the SSLP. For the three and nine months ended September 30, 2017, in connection with the SSLP, we earned capital structuring service, sourcing and other fees totaling $1 million and $5 million, respectively. For the three and nine months ended September 30, 2016, we earned interest income of $50 million and $166 million, respectively, from our investment in the SSLP Certificates. For the three and nine months ended September 30, 2016, in connection with the SSLP, we earned capital structuring service, sourcing and other fees totaling $5 million and $16 million, respectively.

In June 2017, we purchased the SSLP’s entire $259 million aggregate principal amount of first lien senior secured loan investments in Implus Footcare, LLC (“Implus”) at fair value of $259 million. As a result of the transaction, the SSLP fully exited its investment in Implus.

As of December 31, 2016, the SSLP’s portfolio was comprised of all first lien senior secured loans to U.S. middle-market companies and were in industries similar to the companies in our portfolio. As of December 31, 2016, none of these loans were on non-accrual status. Below is a summary of the SSLP’s portfolio as of December 31, 2016.

(dollar amounts in millions)
Total first lien senior secured loans(1) $ 3,360
Weighted average yield on first lien senior secured loans(2) 6.9 %
Largest loan to a single borrower(1) $ 260
Total of five largest loans to borrowers(1) $ 1,257
Number of borrowers in the SSLP 19
Commitments to fund delay draw loans(3) $ 50

~~(1)At principal amount.~~

~~(2)~~(3)Computed as (a) the annual stated interest rate on accruing first lien senior secured loans, divided by (b) total first lien senior secured loans at principal amount.


~~(3)~~	~~As discussed above, these commitments were approved by the investment committee of the SSLP.~~

~~SSLP Loan Portfolio as~~(4)As discussed above, these commitments have been approved by the investment committee of ~~December 31, 2016~~the SDLP.

133

(dollar amounts in millions)
Portfolio Company Business Description Maturity Date Stated Interest Rate(1) Principal Amount Fair
Value(2)
AMZ Holding Corp. Specialty chemicals manufacturer 12/2018 6.8 % $ 214
$ 214

Breg, Inc. Designer, manufacturer, and distributor of non-surgical orthopedic products for preventative, post-operative and rehabilitative use 10/2020 6.8 % 147
147

Connoisseur Media, LLC Owner and operator of radio stations 6/2019 7.3 % 94
94

DFS Holding Company, Inc. Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry 2/2022 6.5 % 191
191

Drayer Physical Therapy Institute, LLC Outpatient physical therapy provider 7/2018 8.8 % 132
132

ECI Purchaser Company, LLC Manufacturer of equipment to safely control pressurized gases 12/2018 6.5 % 207
201

Excelligence Learning Corporation Developer, manufacturer and retailer of educational products 12/2020 6.8 % 175
175

Gehl Foods, LLC(4) Producer of low-acid, aseptic food and beverage products 6/2019 7.5 % 155
155

Implus Footcare, LLC Provider of footwear and other accessories 4/2021 7.0 % 260
252

Intermedix Corporation(3) Revenue cycle management provider to the emergency healthcare industry 12/2019 5.8 % 254
251

Mavis Tire Supply LLC Auto parts retailer 10/2020 6.3 % 230
225

MCH Holdings, Inc.(4) Healthcare professional provider 1/2020 6.5 % 168
168

Palermo Finance Corporation Provider of mission-critical integrated public safety software and services to local, state, and federal agencies 11/2020 7.0 % 185
185

Sanders Industries Holdings, Inc.(4) Elastomeric parts, mid-sized composite structures, and composite tooling 5/2020 6.5 % 76
76

Singer Sewing Company Manufacturer of consumer sewing machines 6/2017 7.8 % 181
178

STATS Acquisition, LLC Sports technology, data and content company 6/2018 10.8 % 102
99

U.S. Anesthesia Partners, Inc.(3) Anesthesiology service provider 12/2019 6.0 % 259
259

WCI-Quantum Holdings, Inc.(4) Distributor of instructional products, services and resources 10/2020 6.1 % 76
76

Woodstream Group, Inc. Pet products manufacturer 5/2022 7.3 % 254
254

$ 3,360
$ 3,332


~~(1)~~	Represents the weighted average annual stated interest rate as of December 31, 2016. All interest rates are payable in cash except for 0.5% and 2.0% of the interest rates for Singer Sewing Company and STATS Acquisition, LLC, respectively, which are payment-in-kind interest.


~~(2)~~	Represents the fair value in accordance with Accounting Standards Codification 820-10. The determination of such fair value is not included in our board of directors valuation process described elsewhere herein.


~~(3)~~	~~We also hold a portion of this company’s second lien senior secured loan.~~


~~(4)~~	~~We hold an equity investment in this company.~~

Selected financial information for the ~~SSLP~~SDLP as of September 30, 2021 and December 31, ~~2016~~2020 and for the nine months ended September 30, ~~2016,~~2021 and 2020, was as follows:


	As of
(in millions)	September 30, 2021		December 31, 2020
Selected Balance Sheet Information:
Investments at fair value (amortized cost of $3,710 and $4,483, respectively)	$	3,657	$	4,345
Other assets	86		400
Total assets	$	3,743	$	4,745

Senior notes	$	2,528	$	3,364
Intermediate funding notes	97		124
Other liabilities	50		52
Total liabilities	2,675		3,540
Subordinated certificates and members’ capital	1,068		1,205
Total liabilities and members’ capital	$	3,743	$	4,745


	For the Nine Months Ended September 30,
(in millions)		2021		2020
Selected Statement of Operations Information:
Total investment income		$	213	$	226
Interest expense		69		89
Other expenses		13		12
Total expenses		82		101
Net investment income		131		125
Net realized and unrealized gains (losses) on investments		84		(91)
Net increase in members’ capital resulting from operations		$	215	$	34

134

(in millions) As of December 31, 2016
Selected Balance Sheet Information:
Investments in loans receivable, net $ 3,343
Cash and other assets 439
Total assets $ 3,782

Senior notes (1) $ 1,529
Other liabilities 45
Total liabilities 1,574
Subordinated certificates and members’ capital 2,208
Total liabilities and members’ capital $ 3,782

(in millions) For the Nine Months Ended September 30, 2016
Selected Statement of Operations Information:
Total interest and other income $ 383
Interest expense 125
Management and sourcing fees 40
Other expenses 18
Total expenses 183
Net income $ 200
SDLP Loan Portfolio as of September 30, 2021


(dollar amounts in millions) Portfolio Company	Business Description	Maturity Date	Stated Interest Rate(1)		Principal Amount		Fair Value(2)
Arrowhead Holdco Company (3)(4)	Distributor of non-discretionary, mission critical aftermarket replacement parts	8/2028	5.3	%	$	222.6	$	220.4
Benecon Midco II LLC (3)(4)	Employee benefits provider for small and mid-size employers	12/2026	6.5	%	174.1		174.1
Center for Autism and Related Disorders, LLC (3)	Autism treatment and services provider specializing in applied behavior analysis therapy	11/2024	6.8	%	139.4		133.8
Emergency Communications Network, LLC (3)	Provider of mission critical emergency mass notification solutions	6/2023	8.8	%	226.8		213.2
EP Purchaser, LLC and Entertainment Partners Canada ULC (3)(4)	Provider of entertainment workforce and production management solutions	5/2026	5.9	%	342.1		342.1
Excelligence Learning Corporation (3)	Developer, manufacturer and retailer of educational products	4/2023	7.5	%	153.9		143.1
FS Squared Holding Corp. (3)(4)	Provider of on-site vending and micro-market solutions to employers	3/2025	5.3	%	244.9		245.0
Manna Pro Products, LLC (3)	Manufacturer and supplier of specialty nutrition and care products for animals	12/2026	7.0	%	225.5		225.5
n2y Holding, LLC (3)	Developer of cloud-based special education platform	11/2026	7.0	%	195.9		195.9
NCWS Intermediate, Inc. (3)(4)	Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market	12/2026	7.5	%	250.7		250.7
North Haven Falcon Buyer, LLC (3)(4)	Manufacturer of aftermarket golf cart parts and accessories	5/2027	7.0	%	188.4		186.5
Pegasus Global Enterprise Holdings, LLC (3)(4)	Provider of plant maintenance and scheduling software	5/2025	6.8	%	342.8		342.8
Penn Detroit Diesel Allison, LLC	Distributor of aftermarket parts to the heavy-duty truck industry	12/2023	8.0	%	62.9		62.9
Precinmac (US) Holdings Inc. and Trimaster Manufacturing Inc. (3)(4)	Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry	8/2027	7.0	%	203.3		201.2
THG Acquisition, LLC (3)	Multi-line insurance broker	12/2026	6.8	%	292.8		292.8
Towne Holdings, Inc.	Parking management and hospitality services provider	5/2022	9.8	%	131.9		114.8
Walnut Parent, Inc. (3)	Manufacturer of natural solution pest and animal control products	11/2027	6.5	%	312.6		312.6
					$	3,710.6	$	3,657.4

(1)Represents the weighted average annual stated interest rate as of September 30, 2021. All stated interest rates are payable in cash, except for portions of the stated interest rates which are payment-in-kind for investments in Center for Autism and Related Disorders, LLC, Emergency Communications Network, LLC, Excelligence Learning Corporation and Towne Holdings, Inc.

(2)Represents the fair value in accordance with Accounting Standards Codification 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”). The determination of such fair value is not included in our board of directors’ valuation process described elsewhere herein.

(3)We also hold a portion of this company’s first lien senior secured loan.

(4)We hold an equity investment in this company.

135

SDLP Loan Portfolio as of December 31, 2020


(dollar amounts in millions) Portfolio Company	Business Description	Maturity Date	Stated Interest Rate(1)		Principal Amount		Fair Value(2)
ADCS Clinics Intermediate Holdings, LLC (3)	Dermatology practice	5/2022	6.8	%	$	77.0	$	75.5
AEP Holdings, Inc. (3)(4)	Distributor of non-discretionary, mission critical aftermarket replacement parts	11/2025	6.8	%	253.5		248.4
BakeMark Holdings, Inc.	Manufacturer and distributor of specialty bakery ingredients	8/2023	6.3	%	242.8		242.8
Benecon Midco II LLC (3)(4)	Employee benefits provider for small and mid-size employers	12/2026	6.5	%	175.0		173.0
Center for Autism and Related Disorders, LLC (3)	Autism treatment and services provider specializing in applied behavior analysis therapy	11/2024	5.5	%	123.0		115.7
Chariot Acquisition, LLC (3)	Manufacturer of aftermarket golf cart parts and accessories	9/2021	7.3	%	97.7		97.7
Emergency Communications Network, LLC (3)	Provider of mission critical emergency mass notification solutions	6/2023	8.8	%	219.1		195.0
EP Purchaser, LLC and Entertainment Partners Canada ULC (3)(4)	Provider of entertainment workforce and production management solutions	5/2026	6.5	%	344.7		324.1
Excelligence Learning Corporation (3)	Developer, manufacturer and retailer of educational products	4/2023	8.0	%	149.6		121.2
FS Squared Holding Corp. (3)(4)	Provider of on-site vending and micro-market solutions to employers	3/2025	5.4	%	238.8		226.8
Infogix, Inc. (3)(4)	Enterprise data analytics and integrity software solutions provider	4/2024	7.0	%	124.3		124.3
KeyImpact Holdings, Inc. (4)	Foodservice sales and marketing agency	1/2022	8.9	%	73.6		73.6
Manna Pro Products, LLC (3)	Manufacturer and supplier of specialty nutrition and care products for animals	12/2026	7.0	%	182.6		180.8
n2y Holding, LLC (3)	Developer of cloud-based special education platform	11/2026	6.8	%	197.4		197.4
NCWS Intermediate, Inc. (3)(4)	Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market	12/2026	7.5	%	211.8		209.6
Nordco Inc. (3)	Manufacturer of railroad maintenance-of-way machinery	12/2022	9.5	%	106.8		103.6
Pegasus Global Enterprise Holdings, LLC (3)(4)	Provider of plant maintenance and scheduling software	5/2025	6.8	%	345.4		345.4
Penn Detroit Diesel Allison, LLC	Distributor of aftermarket parts to the heavy-duty truck industry	12/2023	8.0	%	71.7		71.7
SM Wellness Holdings, Inc. (3)(4)	Breast cancer screening provider	8/2024	7.0	%	271.0		268.2
TDG Group Holding Company (3)(4)	Operator of multiple franchise concepts primarily related to home maintenance or repairs	5/2024	5.4	%	243.8		243.8
THG Acquisition, LLC (3)	Multi-line insurance broker	12/2026	6.8	%	288.5		285.8
Towne Holdings, Inc.	Parking management and hospitality services provider	5/2022	9.8	%	129.9		110.4
Walnut Parent, Inc. (3)	Manufacturer of natural solution pest and animal control products	11/2027	6.5	%	315.0		310.3
					$	4,483.0	$	4,345.1

(1)Represents the weighted average annual stated interest rate as of December 31, 2020. All stated interest rates are payable in cash, except for portions of the stated interest rates which are payment-in-kind for investments in Emergency Communications Network, LLC, Excelligence Learning Corporation, KeyImpact Holdings, Inc., Nordco Inc. and Towne Holdings, Inc.

(2)Represents the fair value in accordance with ASC 820-10. The determination of such fair value is not included in our board of directors’ valuation process described elsewhere herein.

(3)We also hold a portion of this company’s first lien senior secured loan.

(4)We hold an equity investment in this company.

136

RESULTS OF OPERATIONS

For the three and nine months ended September 30, ~~2017~~2021 and ~~2016~~2020

Operating results for the three and nine months ended September 30, ~~2017~~2021 and ~~2016~~2020 were as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,							For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2017			2016			2017			2016			(in millions)	2021		2020		2021		2020
Total investment income	$	294		$	258		$	853		$	752		Total investment income	$	442	$	352	$	1,291	$	1,071
Total expenses, net of waiver of income based fees	136			116			468			383
Total expenses													Total expenses	253		182		771		494
Net investment income before income taxes	158			142			385			369			Net investment income before income taxes	189		170		520		577
Income tax expense, including excise tax	5			4			14			13			Income tax expense, including excise tax	5		4		21		12
Net investment income	153			138			371			356			Net investment income	184		166		499		565
Net realized gains on investments and foreign currency transactions	35			20			147			78
Net unrealized losses on investments, foreign currency and other transactions	(49		)	(48		)	(79		)	(35		)
Realized losses on extinguishment of debt	—			—			(4		)	—
Net realized gains (losses) on investments, foreign currency and other transactions													Net realized gains (losses) on investments, foreign currency and other transactions	149		(25)		267		17
Net unrealized gains (losses) on investments, foreign currency and other transactions													Net unrealized gains (losses) on investments, foreign currency and other transactions	1		300		462		(476)
Realized loss on extinguishment of debt													Realized loss on extinguishment of debt	—		—		(43)		—
Net increase in stockholders’ equity resulting from operations	$	139		$	110		$	435		$	399		Net increase in stockholders’ equity resulting from operations	$	334	$	441	$	1,185	$	106

Net income can vary substantially from period to period due to various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net increase in stockholders’ equity resulting from operations may not be meaningful.

Investment Income


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2021		2020		2021		2020
Interest income from investments	$	317	$	280	$	911	$	865
Capital structuring service fees	59		12		190		56
Dividend income	54		37		158		109
Other income	12		23		32		41
Total investment income	$	442	$	352	$	1,291	$	1,071

For the Three Months Ended September 30, For the Nine Months Ended September 30,
(in millions) 2017 2016 2017 2016
Interest income from investments $ 238
$ 200
$ 700
$ 612
Capital structuring service fees 32
35
73
62
Dividend income 18
16
58
53
Management and other fees 1
4
6
14
Other income 5
3
16
11
Total investment income $ 294
$ 258
$ 853
$ 752

~~The increase in interest~~Interest income from investments for the three and nine months ended September 30, ~~2017~~2021 increased from the comparable ~~period~~periods in ~~2016 was~~2020 primarily ~~due to an~~as a result of the increase in the average size of our ~~portfolio,~~portfolio. The increase in interest income for the nine months ended September 30, 2021 as compared to the same period in 2020 was partially offset byagainst a decrease in the weighted average yield of our portfolio. The size of our portfolio increased from an average of $8.9 billion at amortized cost for the three months ended September 30, 2016 to an average of $11.7 billion at amortized cost for the comparable period in 2017, which was largely due to the investments acquired as part of the American Capital Acquisition. The weighted average yield of our portfolio decreased from 9.0% for the three months ended September 30, 2016 to 8.3% for the comparable period in 2017. The decline in the weighted average yield was primarily due to the decline in the yield on our SSLP Certificates at amortized cost from 10.0% for the three months ended September 30, 2016 to 5.8% for the comparable period in 2017. The decrease in capital structuring service fees for the three months ended September 30, 2017 from the comparable period in 2016 was due to the decrease in the weighted average capital structuring fees received on new investments commitments, which decreased from 2.7% for the three months ended September 30, 2016 to 2.0% for the comparable period in 2017. This decline was primarily due to having a higher percentage of new investment commitments made to existing portfolio companies during the three months ended September 30, 2017 as compared to the comparable period in 2016. This decrease was partially offset by an increase in new investment commitments (excluding investments acquired from the SSLP), which increased from $1.3 billion for the three months ended September 30, 2016 to $1.5 billion for the comparable period in 2017. Dividend income for the three months ended September 30, 2017 and 2016 included dividends received from Ivy Hill Asset Management, L.P. (“IHAM”) totaling $10 million for each period. Also during the three months ended September 30, 2017, we received $2 million in other non-recurring dividends from non-income producing equity securities compared to $4 million for the comparable period in 2016. The decrease in management and other fees for the three months ended September 30, 2017 from the comparable period in 2016 was due to lower sourcing fees from the SSLP resulting from the effective termination of the SSLP in July 2017. The increase in other income for the three months ended September 30, 2017 from the comparable period in 2016 was primarily attributable to higher administrative agent fees.

~~The increase in interest income from investments~~ for the nine months ended September 30, ~~2017~~2021, as compared to the same period in 2020 was primarily due to the portfolio rotation into lower yielding senior secured loans and the decline in LIBOR. The average three-month LIBOR during the three and nine months ended September 30, 2021 was 0.10% and 0.15%, respectively, compared to 0.25% and 0.80%, respectively, during the comparable periods in 2020. Despite the decline in LIBOR, the impact on our portfolio was not as significant given the majority of our floating rate investments have LIBOR floors. The average size and weighted average yield of our portfolio at amortized cost for the three and nine months ended September 30, 2021 and 2020 were as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2021			2020			2021			2020
Average size of portfolio	$	17,362		$	14,976		$	16,498		$	15,082
Weighted average yield on portfolio	8.0		%	7.9		%	8.0		%	8.1		%

137

Capital structuring service fees for the three and nine months ended September 30, 2021 increased from the comparable ~~period~~periods in ~~2016 was~~2020 primarily due to an increase in new investment commitments during the average size of our portfolio, partially offset by a decrease in the weighted average yield of our portfolio. The size of our portfolio increased from an average of $9.0 billion at amortized cost for thethree and nine months ended September 30, ~~2016~~2021, compared to anthe same periods in 2020. The new investment commitments and weighted average ~~of $11.2 billion at amortized cost~~capital structuring service fee percentages for the ~~comparable period in 2017, which was largely due to the investments acquired as part of the American Capital Acquisition. The weighted average yield of our portfolio decreased from 9.2% for the~~three and nine months ended September 30, ~~2016 to 8.5%~~2021 and 2020 were as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2021			2020			2021			2020
New investment commitments	$	3,110		$	706		$	9,707		$	2,836
Weighted average capital structuring service fee percentages	1.9		%	1.8		%	2.0		%	2.0		%

Dividend income for the ~~comparable period in 2017. The decline in the weighted average yield was primarily due to the decline in the yield on our SSLP Certificates at amortized cost from 11.3% for the~~three and nine months ended September 30, ~~2016 to 6.4%~~2021 and 2020 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2021		2020		2021		2020
Dividend income received from IHAM	$	23	$	19	$	65	$	54
Recurring dividends	30		17		75		53
Non-recurring dividends	1		1		18		2
Total dividend income	$	54	$	37	$	158	$	109

Recurring dividend income for the ~~comparable period in 2017. The increase in capital structuring service fees for the~~three and nine months ended September 30, ~~2017 from the comparable period in 2016 was due to the increase in new investment commitments which~~2021 increased from ~~$2.3 billion for the nine months ended September 30, 2016 to $4.4 billion (excluding investments acquired~~comparable periods in the American Capital Acquisition and investments acquired from the SSLP), for the comparable period in 2017. This increase was partially offset by the decrease in the weighted average capital structuring fees received on new investment commitments, which decreased from 2.7% for the nine months ended September 30, 2016 to 1.6% for the comparable period in 2017. This decline was2020 primarily due to having a higher percentage of new investment commitments made to existing portfolio companies during the nine months ended September 30, 2017 as compared to the comparable period in 2016. Dividend income for the nine months ended September 30, 2017 and 2016 included dividends received from IHAM totaling $30 million for each period. Also during the nine months ended September 30, 2017, we received $17 million in other non-recurring dividends from non-income producing equity securities compared to $10 million for the comparable period in 2016. The decrease in management and other fees for the nine months ended September 30, 2017 from the comparable period in 2016 was due to lower sourcing fees from the SSLP as a result of a decrease in the size of the SSLP portfolio and the effective termination of the SSLP in July 2017. Thean increase in ~~other income for the nine months ended September 30, 2017 from the comparable period in 2016 was primarily attributable to higher amendment fees and administrative agent fees.~~yielding preferred equity investments.

Operating Expenses


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2021		2020		2021		2020
Interest and credit facility fees	$	94	$	77	$	267	$	235
Base management fees	65		53		184		161
Income based fees	53		42		158		127
Capital gains incentive fees(1)	30		—		133		(58)
Administrative fees	4		3		11		10
Other general and administrative	7		7		18		19
Total expenses	$	253	$	182	$	771	$	494

For the Three Months Ended September 30, For the Nine Months Ended September 30,
(in millions) 2017 2016 2017 2016
Interest and credit facility fees $ 56
$ 43
$ 166
$ 139
Base management fees 44
34
127
103
Income based fees 35
33
97
91
Capital gains incentive fees (3 ) (6 ) 23
8
Administrative fees 3
3
9
10
Professional fees and other costs related to the American Capital Acquisition 4
3
42
11
Other general and administrative 7
6
24
21
Total operating expenses 146
116
488
383
Waiver of income based fees (10 ) —
(20 ) —
Total expenses, net of waiver of income based fees $ 136
$ 116
$ 468
$ 383
(1)Calculated in accordance with U.S. generally accepted accounting principles (”GAAP”) as discussed below.

Interest and credit facility fees for the three and nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020 were comprised of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2021		2020		2021		2020
Stated interest expense	$	76	$	64	$	222	$	203
Credit facility fees	9		4		23		10
Amortization of debt issuance costs	9		7		19		16
Net accretion of discount on notes payable	—		2		3		6
Total interest and credit facility fees	$	94	$	77	$	267	$	235

138

For the Three Months Ended September 30, For the Nine Months Ended September 30,
(in millions) 2017 2016 2017 2016
Stated interest expense $ 46
$ 37
$ 139
$ 119
Facility fees 3
1
8
4
Amortization of debt issuance costs 5
4
14
11
Net accretion of discount on notes payable 2
1
5
5
Total interest and credit facility fees $ 56
$ 43
$ 166
$ 139

Stated interest expense for the three and nine months ended September 30, ~~2017~~2021 increased from the comparable ~~period~~periods in ~~2016~~2020 primarily due to the increase in the average principal amount of debt outstanding. ~~For~~Our debt to equity ratio increased to 1.17x as of September 30, 2021 from 1.10x as of September 30, 2020 primarily as a result of an increase in the total debt outstanding, which increased our interest expense. The increase in our weighted average stated interest rate for the three months ended September 30, ~~2017, our average principal debt outstanding increased to $4.5 billion as compared to $3.7 billion for~~2021 from the comparable period in ~~2016,~~2020 was primarily due to the lower utilization of our lower cost revolving facilities. The decrease in our weighted average stated interest rate for the nine months ended September 30, 2021 from the comparable period in 2020 was primarily due to the issuance of lower cost unsecured notes as well as the decline in LIBOR, which ~~was largely a result of~~lowered the ~~American Captial Acquisition. The~~interest rate on our revolving facilities. Average debt outstanding and weighted average stated interest rate on our ~~outstanding~~ debt ~~was 4.1%~~outstanding for the three and nine months ended September 30, ~~2017~~2021 and 2020 were as ~~compared to 4.1% for the comparable period in 2016. Facility~~follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2021			2020			2021			2020
Average debt outstanding	$	9,409		$	7,495		$	8,869		$	7,635
Weighted average stated interest rate on debt	3.3		%	3.5		%	3.3		%	3.5		%

Credit facility fees for the three and nine months ended September 30, ~~2017 increased~~2021 were higher from the comparable ~~period~~periods in ~~2016~~2020 primarily due to the ~~increased commitments under~~lower utilization of our revolving facilities resulting in higher unused commitment fees.

Stated interest expense for the nine months ended September 30, 2017 increased from the comparable period in 2016 primarily due to the increase in the average principal amount of debt outstanding. For the nine months ended September 30, 2017, which was largely a result of the American Capital Acquisition, our average principal debt outstanding increased to $4.6 billion as compared to $3.9 billion for the comparable period in 2016. The weighted average stated interest rate on our outstanding debt was 4.1% for the nine months ended September 30, 2017 as compared to 4.1% for the comparable period in 2016. Facility fees for the nine months ended September 30, 2017 increased from the comparable period in 2016 primarily due to the increased commitments under our revolving facilities resulting in higher unused commitment fees.

~~The increase in base~~Base management fees for the three and nine months ended September 30, ~~2017~~2021 increased from the comparable periods in ~~2016 was~~2020 primarily due to the increase in the average size of our portfolio for the three and nine months ended September 30, ~~2017 (including the approximately $2.5 billion in assets acquired in the American Capital Acquisition on January 3, 2017)~~2021 as compared to the ~~three months ended September 30, 2016. The increase~~comparable periods in ~~income~~2020.

Income based fees for the three and nine months ended September 30, ~~2017~~2021 increased from the comparable periods in ~~2016 was~~2020 primarily due to the pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the three and nine months ended September 30, ~~2017~~2021 being higher than in the comparable periods in ~~2016. As discussed earlier,~~2020.

For the three and nine months ended September 30, ~~2017 also reflects~~2021, the ~~Fee Waiver of $10~~capital gains incentive fee calculated in accordance with GAAP was $30 million and ~~$20~~$133 million, respectively.

For the three months ended September 30, ~~2017,~~2020, there was no capital gains incentive fee calculated in accordance with GAAP. For the nine months ended September 30, 2020, the reduction in the capital gains incentive ~~fees calculated in accordance with GAAP was $3 million. For the nine months ended September 30, 2017, the capital gains incentive fees~~fee expense calculated in accordance with GAAP was $23 million. For the three months ended September 30, 2016, the reduction in capital gains incentive fees calculated in accordance with GAAP was $6 million. For the nine months ended September 30, 2016, the capital gains incentive fees expense calculated in accordance with GAAP was $9$58 million. The capital gains incentive fee ~~expense~~ accrual for the nine months ended September 30, ~~2017 included an $11~~2021 changed from the comparable period in 2020 primarily due to net gains on investments, foreign currency, other transactions and the extinguishment of debt of $686 million ~~accrual related~~compared to net losses of $459 million for the ~~American Capital Acquisition as a result of the fair value of the net assets acquired exceeding the fair value of the merger consideration paid by us.~~nine months ended September 30, 2020. The capital gains incentive fee accrued under GAAP includes an accrual related to unrealized capital appreciation, whereas the capital gains incentive fee actually payable under our investment advisory and management agreement does not. There can be no assurance that such unrealized capital appreciation will be realized in the future. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. As of September 30, ~~2017, the total~~2021, there was $133 million of capital gains incentive fee ~~accrual calculated~~accrued in accordance with ~~GAAP was $61 million.~~GAAP. As of September 30, ~~2017,~~2021, there was no capital gains incentive fee actually payable under our investment advisory and management agreement. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, ~~2017,~~2021, for more information on the base management fees, income based fees and capital gains incentive fees.

Cash payment of any income based fees and capital gains incentive fees otherwise earned by our investment adviser is deferred if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to our stockholders and (b) the change in net assets (defined as total assets less indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) is less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any income based fees and capital gains incentive fees deferred for payment are carried over for payment in subsequent calculation periods to the extent such fees are payable under the terms of the investment advisory and management agreement. As of December 31, 2020, income based fees payable of $140 million in the accompanying consolidated balance sheet included $83 million earned by our investment adviser that were previously deferred. These deferred income based fees were paid in the first quarter of 2021 pursuant to the terms of the investment advisory management agreement.

Administrative fees represent fees paid to Ares Operations for our allocable portion of overhead and other expenses incurred by Ares Operations in performing its obligations under the administration agreement, including our allocable portion

139

of the compensation, rent and other expenses of certain of our ~~executive~~corporate officers and their respective staffs. ~~Administrative fees incurred related specifically to the American Capital Acquisition are included in professional fees and other costs related to the American Capital Acquisition as discussed below.~~

For the three and nine months ended September 30, 2017, we incurred $4 million and $42 million, respectively, in professional fees and other costs related to the American Capital Acquisition. For the three and nine months ended September 30, 2016, we incurred $3 million and $11 million in professional fees and other costs related to the American Capital Acquisition, respectively. For the nine months ended September 30, 2017, these costs included $4 million of expenses related to a long term incentive plan liability assumed in the American Capital Acquisition. See Note 123 to our consolidated financial statements for the three and nine months ended September 30, ~~2017~~2021, for ~~a description of~~more information on the assumed long term incentive plan liability. For the nine months ended September 30, 2017, these costs also included $18 million in one-time investment banking fees incurred in January 2017 upon the closing of the American Capital Acquisition.administrative fees.

Other general and administrative expenses include, among other costs, professional fees, ~~rent,~~ insurance, ~~depreciation~~fees and ~~director’s fees, among other costs.~~expenses related to evaluating and making investments in portfolio companies and independent directors’ fees.

Income Tax Expense, Including Excise Tax

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must ~~generally~~ (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders at least 90% of our investment company taxable income, as defined by the Code, for each year. ~~In order to maintain our RIC status, we~~We have made and intend to continue to make the requisite distributions to our stockholders which will generally relieve us from U.S. federal corporate-level income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. IfTo the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three and nine months ended September 30, ~~2017,~~2021, we recorded a net expense of $3$7 million and ~~$10~~$19 million, respectively, for U.S. federal excise ~~tax, respectively.~~tax. For the three and nine months ended September 30, ~~2016,~~2020, we recorded a net expense of $3$4 million and $9$11 million, respectively, for U.S. federal excise ~~tax, respectively.~~tax.

Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes. For the three and nine months ended September 30, ~~2017,~~2021, we recorded a net tax (benefit) expense of ~~approximately $2~~$(1) million and $4$3 million, respectively, for these ~~subsidiaries, respectively.~~subsidiaries. For the three and nine months ended September 30, ~~2016,~~2020, we recorded a net tax expense of ~~approximately~~ $1 million and $4$1 million, respectively, for these ~~subsidiaries, respectively.~~subsidiaries. The income tax expense for our taxable consolidated subsidiaries will vary depending on the level of realized gains from the exits of investments held by such taxable subsidiaries during the respective ~~periods.~~period.

Net Realized Gains/Losses

~~During~~The net realized gains (losses) from the ~~three months ended September 30, 2017, we had $1.6 billion of~~ sales, repayments or exits of investments ~~resulting in $42~~during the three and nine months ended September 30, 2021 and 2020 were comprised of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2021		2020		2021		2020
Sales, repayments or exits of investments(1)	$	2,185	$	448	$	6,904	$	3,124
Net realized gains on investments:
Gross realized gains	233		9		395		87
Gross realized losses	(110)		(32)		(137)		(65)
Total net realized gains (losses) on investments	$	123	$	(23)	$	258	$	22

(1)Includes $201 million and $1,049 million of ~~net realized gains on investments. These sales, repayments or exits included $59 million of investments~~loans sold to IHAM and certain vehicles managed by ~~IHAM. A net~~IHAM during the three and nine months ended September 30, 2021, respectively, and $19 million and $798 million during the comparable periods in 2020, respectively. Net realized ~~gain~~losses of $0$1 million ~~was recorded~~and $5 million were recognized on these transactions with ~~IHAM.~~IHAM during the three and nine months ended September 30, 2021, respectively. Net realized losses of $0 million and $21 million were recognized on these transactions with IHAM during the three and nine months ended September 30, 2020, respectively. See Note 4 to our consolidated financial statements for the three and nine months ended September 30, ~~2017~~2021 for more ~~detail~~information on IHAM and its managed vehicles. ~~During the three months ended September 30, 2017, net realized gains on investments of $42 million were comprised of~~ $~~74 million of gross realized gains and~~ ~~$32~~ ~~million of gross realized losses. Of the $42 million of net realized gains on investments, approximately $56 million were from investments acquired as part of the American Capital Acquisition.~~

140

The net realized gains on investments during the three months ended September 30, ~~2017~~2021 consisted of the following:


(in millions) Portfolio Company	Net Realized Gains (Losses)
SVP-Singer Holdings Inc. and SVP-Singer Holdings LP	$	110
RMCF III CIV XXIX, L.P	30
GB Auto Service, Inc. and GB Auto Service Holdings, LLC	29
ChargePoint Holdings, Inc.	17
PERC Holdings 1 LLC	11
NECCO Holdings, Inc. and New England Confectionery Company, Inc.	(12)
Garden Fresh Restaurant Corp. and GFRC Holdings LLC	(24)
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.	(58)




Other, net	20
Total	$	123

(in millions)
Portfolio Company Net Realized Gains (Losses)
Bellotto Holdings Limited $ 58
EDS Group 3
Senior Secured Loan Fund LLC (18 )
Other, net (1 )
Total $ 42

During the three months ended September 30, ~~2017,~~2021, we also recognized ~~net realized losses on foreign currency transactions of $7 million.~~

~~During the three months ended September 30, 2016, we had $1.5 billion of sales, repayments or exits of investments resulting in $21 million of~~ net realized gains on ~~investments. These sales, repayments or exits included $197 million~~foreign currency and other transactions of investments sold to IHAM and certain vehicles managed by IHAM and $474 million of investments sold to the SDLP in conjunction with the initial funding of the SDLP. A net realized gain of $0.3 million was recorded on these transactions with IHAM and there was no realized gains or losses recorded on these transactions with the SDLP. During the three months ended September 30, 2016, net realized gains on investments of $21 million were comprised of $30 million of gross realized gains and $9 million of gross realized losses.$26 million.

The net realized ~~gains~~losses on investments during the three months ended September 30, ~~2016~~2020 consisted of the following:


(in millions) Portfolio Company	Net Realized Gains (Losses)
Nodality, Inc.	$	(12)
Other, net	(11)
Total	$	(23)

(in millions)
Portfolio Company
Net Realized Gains (Losses)
UL Holding Co., LLC $ 12
Primexx Energy Corporation 4
The Greeley Company, Inc. and HCP Acquisition Holdings, LLC 3
Crescent Hotels & Resorts, LLC and affiliates 3
LM Acquisition Holdings, LLC 2
Q9 Holdings Inc. (9 )
Other, net 6
Total $ 21

During the three months ended September 30, ~~2016,~~2020, we also recognized net realized losses on foreign currency and other transactions of ~~$0.3~~$2 million.

~~During the nine months ended September 30, 2017, we had $4.4 billion of sales, repayments or exits of investments resulting in~~ ~~$167~~ million of net realized gains on investments. These sales, repayments or exits included $88 million of investments sold to IHAM and certain vehicles managed by IHAM. A net realized gain of $0 million was recorded on these transactions with IHAM. During the nine months ended September 30, 2017, net realized gains on investments of ~~$167~~ ~~million were comprised of~~ ~~$238~~ ~~million of gross realized gains and~~ ~~$71~~ ~~million of gross realized losses. Of the~~ ~~$167~~ ~~million of net realized gains on investments, approximately $79 million were from investments acquired as part of the American Capital Acquisition.~~

The net realized gains on investments during the nine months ended September 30, ~~2017~~2021 consisted of the following:


(in millions) Portfolio Company	Net Realized Gains (Losses)
SVP-Singer Holdings Inc. and SVP-Singer Holdings LP	$	110
Blue Angel Buyer 1, LLC and Blue Angel Holdco, LLC	46
RMCF III CIV XXIX, L.P	30
GB Auto Service, Inc. and GB Auto Service Holdings, LLC	29
Evolent Health LLC and Evolent Health, Inc.	21
BW Landco LLC	21
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP	18
ChargePoint Holdings, Inc.	17
Crown Health Care Laundry Services, LLC and Crown Laundry Holdings, LLC	11
PERC Holdings 1 LLC	11
NECCO Holdings, Inc. and New England Confectionery Company, Inc.	(12)
Garden Fresh Restaurant Corp. and GFRC Holdings LLC	(24)
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.	(58)

Other, net	38
Total	$	258

141

(in millions)
Portfolio Company Net Realized Gains (Losses)
Bellotto Holdings Limited $ 58
10th Street, LLC 34
Community Education Centers, Inc. 24
Tectum Holdings, Inc. 17
NECCO Realty Investments LLC 13
GHX Ultimate Parent Corporation 11
Wilcon Holdings LLC 10
Project Alpha Intermediate Holding, Inc. 8
S Toys Holdings LLC 7
CIBT Investment Holdings, LLC 6
Market Track Holdings, LLC 6
Hard 8 Games, LLC 5
EDS Group 3
Cent CDO 2006-12 3
The Greeley Company, Inc. and HCP Acquisition Holdings, LLC (12 )
Senior Secured Loan Fund LLC (18 )
Competitor Group, Inc. (21 )
Other, net 13
Total, net $ 167

During the nine months ended September 30, ~~2017,~~2021, we also recognized net realized ~~losses~~gains on foreign currency transactions of ~~$20~~$9 million.

During the nine months ended September 30, ~~2017,~~2021, we redeemed the entire ~~$183~~$230 million in aggregate principal amount outstanding of the unsecured notes that were scheduled to mature on ~~October 1, 2022~~April 15, 2047 (the ~~“October 2022~~“2047 Notes”) in accordance with the terms of the indenture governing the ~~October 2022~~2047 Notes. The ~~October 2022 Notes bore interest at a rate of 5.875% per year, payable quarterly. The October 2022~~2047 Notes were redeemed at par plus accrued and unpaid interest for a total redemption price of approximately ~~$185~~$233 million, which resulted in a realized loss on the extinguishment of debt of $4$43 million.

The $186 million carrying value of the 2047 Notes at the time of redemption represented the aggregate principal amount of the 2047 Notes less the unaccreted purchased discount recorded in connection with the Allied Acquisition.

During the nine months ended September 30, 2016, we had $2.7 billion of sales, repayments or exits of investments resulting in $79 million of net realized gains on investments. These sales, repayments or exits included $299 million of investments sold to IHAM and certain vehicles managed by IHAM. A net realized gain of $0.7 million was recorded on these transactions with IHAM. During the nine months ended September 30, 2016, net realized gains on investments of
~~$79~~ ~~million were comprised of~~ ~~$89~~ ~~million of gross realized gains and~~ ~~$10~~ ~~million of gross realized losses.~~

The net realized gains on investments during the nine months ended September 30, ~~2016~~2020 consisted of the following:


(in millions) Portfolio Company	Net Realized Gains (Losses)
UL Holding Co., LLC	$	21
PERC Holdings 1 LLC	16
Dynatrace, Inc.	11
Nodality, Inc.	(12)
Other, net	(14)
Total	$	22

(in millions)
Portfolio Company Net Realized Gains (Losses)
Napa Management Services Corporation $ 16
UL Holding Co., LLC 12
Physiotherapy Associates Holdings, Inc. 8
Netsmart Technologies, Inc. 8
AllBridge Financial, LLC 6
Lakeland Tours, LLC 5
WorldPay Group PLC 4
Primexx Energy Corporation 4
MedAssets, Inc. 3
The Greeley Company, Inc. and HCP Acquisition Holdings, LLC 3
Crescent Hotels & Resorts, LLC and affiliates 3
LM Acquisition Holdings, LLC 2
Q9 Holdings Inc. (9 )
Other, net 14
Total, net $ 79

During the nine months ended September 30, ~~2016,~~2020, we also recognized net realized losses on foreign currency transactions of $1$5 million.

Net Unrealized Gains/Losses

We value our portfolio investments quarterly and the changes in value are recorded as unrealized gains or losses in our consolidated statement of operations. Net unrealized gains and losses ~~for our portfolio~~on investments for the three and nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020 were comprised of the following:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,							For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2017			2016			2017			2016			(in millions)	2021		2020		2021		2020
Unrealized appreciation	$	126		$	60		$	203		$	165		Unrealized appreciation	$	230	$	375	$	612	$	271
Unrealized depreciation	(138		)	(106		)	(257		)	(182		)	Unrealized depreciation	(127)		(104)		(118)		(783)
Net unrealized appreciation reversed related to net realized gains or losses(1)	(35		)	2			(19		)	(14		)
Total net unrealized losses	$	(47	)	$	(44	)	$	(73	)	$	(31	)
Net unrealized (appreciation) depreciation reversed related to net realized gains or losses(1)													Net unrealized (appreciation) depreciation reversed related to net realized gains or losses(1)	(91)		35		(37)		36
Total net unrealized gains (losses) on investments													Total net unrealized gains (losses) on investments	$	12	$	306	$	457	$	(476)


~~(1)~~	The net unrealized (appreciation) depreciation reversed related to net realized gains or losses represents the unrealized appreciation or depreciation recorded on the related asset at the end of the prior period.

(1)The net unrealized (appreciation) depreciation reversed related to net realized gains or losses represents the unrealized appreciation or depreciation recorded on the related asset at the end of the prior period.

During the nine months ended September 30, 2020, our operating results were negatively impacted by the uncertainty surrounding the COVID-19 pandemic, which caused severe disruptions in the global economy and negatively impacted the fair value and performance of certain portfolio companies in our investment portfolio. For the nine months ended September 30, 2020, the net unrealized losses recorded on investments were primarily due to the impact of the COVID-19 pandemic, including from business shutdowns, government restrictions and/or possible additional liquidity needs of certain of our portfolio companies. For the nine months ended September 30, 2021, the net unrealized gains on investments were primarily due to the reversal of net unrealized depreciation recorded during 2020 as a result of the COVID-19 pandemic as values recovered in 2021, as well as an increase in the fair value of certain of our portfolio company investments.

142

The changes in net unrealized appreciation and depreciation on investments during the three months ended September 30, ~~2017~~2021 consisted of the following:


(in millions) Portfolio Company	Net Unrealized Appreciation (Depreciation)
Ivy Hill Asset Management, L.P.	$	19
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP	14
OTG Management, LLC	11




Other, net	59
Total	$	103

(in millions)
Portfolio Company Net Unrealized Appreciation (Depreciation)
Alcami Holdings, LLC $ 64
CCS Intermediate Holdings, LLC 13
Cadence Aerospace, LLC 6
UL Holding Co., LLC 4
NECCO Holdings, Inc. (3 )
ADG, LLC (3 )
ECI Purchaser Company, LLC (4 )
FastMed Holdings I, LLC (4 )
Indra Holdings Corp. (5 )
PERC Holdings 1 LLC (5 )
New Trident Holdcorp, Inc. (6 )
Shock Doctor, Inc. (7 )
Ivy Hill Asset Management, L.P. (8 )
Singer Sewing Company (9 )
Instituto de Banca y Comercio, Inc. (15 )
Other, net (30 )
Total $ (12 )

During the three months ended September 30, ~~2017,~~2021, we also recognized net unrealized losses on foreign currency and other transactions of $2$11 million.

The changes in net unrealized appreciation and depreciation on investments during the three months ended September 30, ~~2016~~2020 consisted of the following:


(in millions) Portfolio Company	Net Unrealized Appreciation (Depreciation)

SVP-Singer Holdings Inc. and SVP-Singer Holdings LP	$	70
Senior Direct Lending Program, LLC	46
Ivy Hill Asset Management, L.P.	23
Evolent Health LLC and Evolent Health, Inc.	12
Production Resource Group, L.L.C.	(16)
OTG Management, LLC	(22)
Other, net	158
Total	$	271

(in millions)
Portfolio Company Net Unrealized Appreciation (Depreciation)
The Step2 Company, LLC $ 24
Competitor Group, Inc. 5
Ciena Capital LLC 2
Ivy Hill Asset Management, L.P. 2
UL Holding Co., LLC 2
Absolute Dental Management LLC (2 )
Garden Fresh Restaurant Cop. (2 )
Indra Holdings Corp. (2 )
Community Education Centers, Inc. (3 )
FastMed Holdings I, LLC (3 )
CCS Intermediate Holdings, LLC (7 )
10th Street, LLC and New 10th Street, LLC (7 )
ADF Capital, Inc. (10 )
Instituto de Banca y Comercio, Inc. (17 )
Infilaw Holding, LLC (34 )
Other, net 6
Total $ (46 )

During the three months ended September 30, ~~2016,~~2020, we also recognized net unrealized losses on foreign currency and other transactions of $4$6 million.

143

The changes in net unrealized appreciation and depreciation on investments during the nine months ended September 30, ~~2017~~2021 consisted of the following:


(in millions) Portfolio Company	Net Unrealized Appreciation (Depreciation)
Ivy Hill Asset Management, L.P.	$	47
Sundance Energy, Inc.	38
Heelstone Renewable Energy, LLC	26
OTG Management, LLC	26
ADG, LLC and RC IV GEDC Investor LLC	22
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.	14
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP	13
Instituto de Banca y Comercio, Inc. & Leeds IV Advisors, Inc.	12
T1 Power Holdings LLC	12
Athenahealth, Inc., VVC Holding Corp., Virence Intermediate Holding Corp., and Virence Holdings LLC	12
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC	11
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.	11
Reef Lifestyle, LLC	11
Visual Edge Technology, Inc.	(11)
QC Supply, LLC	(16)
Other, net	266
Total	$	494

(in millions)
Portfolio Company Net Unrealized Appreciation (Depreciation)
Alcami Holdings, LLC $ 82
CCS Intermediate Holdings, LLC 10
Ciena Capital LLC 8
Miles 33 (Finance) Limited 7
UL Holding Co., LL 6
PIH Corporation 6
Columbo Midco Limited 6
Imaging Business Machines, L.L.C. 5
Flow Solutions Holdings, Inc. 4
Javlin Three LLC (3 )
SHO Holding Corp (3 )
Patterson Medical Supply, Inc. (3 )
NECCO Holdings, Inc. (4 )
Cent CLO 2014-22 (4 )
ECI Purchaser Company, LLC (4 )
Panda Temple Power, LLC (4 )
Panda Liberty LLC (fka Moxie Liberty LLC) (4 )
Eckler Industries, Inc. (4 )
NMSC Holdings, Inc. (4 )
ADG, LLC (4 )
Rug Doctor, LLC (5 )
Green Energy Partners (5 )
Joule Unlimited Technologies, Inc. (5 )
Petroflow Energy Corporation (5 )
Ivy Hill Asset Management, L.P. (6 )
EcoMotors, Inc. (7 )
FastMed Holdings I, LLC (8 )
Singer Sewing Company (9 )
Shock Doctor, Inc. (9 )
Indra Holdings Corp. (10 )
Soil Safe, Inc. (10 )
Infilaw Holding, LLC (13 )
Instituto de Banca y Comercio, Inc. & Leeds IV Advisors, Inc. (16 )
ADF Capital, Inc. (17 )
New Trident Holdcorp, Inc. (18 )
Other, net (4 )
Total $ (54 )

During the nine months ended September 30, ~~2017,~~2021, we also recognized net unrealized ~~losses~~gains on foreign currency and other transactions of $6$5 million.

144

The changes in net unrealized appreciation and depreciation on investments during the nine months ended September 30, ~~2016~~2020 consisted of the following:


(in millions) Portfolio Company	Net Unrealized Appreciation (Depreciation)
SVP-Singer Holdings Inc. and SVP-Singer Holdings LP	$	107
Teasdale Foods, Inc. and Familia Group Holdings Inc.	12
Absolute Dental Group LLC and Absolute Dental Equity, LLC	11
MW Dental Holding Corp.	(11)
Cipriani USA, Inc.	(12)
FWR Holding Corporation	(12)
Alcami Corporation and ACM Holdings I, LLC	(12)
Cheyenne Petroleum Company Limited Partnership	(13)
Sundance Energy, Inc.	(14)
Implus Footcare, LLC	(14)
Birch Permian, LLC	(19)
Varsity Brands Holding Co., Inc.	(20)
Centric Brands Inc.	(21)
Penn Virginia Holding Corp.	(23)
Garden Fresh Restaurant Corp.	(24)
Microstar Logistics LLC	(25)
VPROP Operating, LLC and Vista Proppants and Logistics, LLC	(50)
Production Resource Group, L.L.C.	(56)
OTG Management, LLC	(107)
Other, net	(209)
Total	$	(512)

(in millions)
Portfolio Company Net Unrealized Appreciation (Depreciation)
The Step2 Company, LLC $ 39
UL Holding Co., LLC 25
Senior Secured Loan Fund LLC 12
Community Education Centers, Inc. 8
R3 Education, Inc. 6
Spin HoldCo Inc. 6
Green Energy Partners 5
TA THI Parent, Inc. 4
Lonestar Prospects, Ltd. 4
Orion Foods, LLC 3
Patterson Medical Supply, Inc. 2
ADF Capital, Inc. 2
Global Healthcare Exchange, LLC 2
McKenzie Sports Products, LLC 2
CFW Co-Invest, L.P. 2
American Seafoods Investors LLC 2
Ivy Hill Asset Management, L.P. (2 )
Garden Fresh Restaurant Corp. (2 )
Poplicus Incorporated (2 )
INC Research Mezzanine Co-Invest, LLC (3 )
La Paloma Generating Company, LLC (3 )
Absolute Dental Management LLC and ADM Equity, LLC (3 )
Flow Solutions Holdings, Inc. (3 )
Feradyne Outdoors, LLC (4 )
Things Remembered, Inc. (6 )
10th Street, LLC and New 10th Street, LLC (7 )
FastMed Holdings I, LLC (8 )
Indra Holdings Corp. (11 )
CCS Intermediate Holdings, LLC (22 )
Instituto de Banca y Comercio, Inc. (41 )
Infilaw Holding, LLC (44 )
Other, net 20
Total, net $ (17 )

During the nine months ended September 30, ~~2016,~~2020, we ~~also recognized~~did not recognize any net unrealized gains or losses on foreign currency and other ~~transactions of $4 million.~~transactions.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are generated primarily from the net proceeds of public offerings of equity and debt securities, advances from the Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the ~~SMBC~~BNP Funding Facility (each as defined below, and together, the “Facilities”), net proceeds from the issuance of other securities, including unsecured notes, ~~and Small Business Administration (“SBA”)-guaranteed debentures (the “SBA Debentures”),~~ as well as cash flows from operations.

In accordance with the Investment Company Act, we are allowed to borrow amounts such that our asset coverage, calculated pursuant to the Investment Company Act, is at least 150% after such borrowings (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). As of September 30, ~~2017,~~2021, we had ~~$341~~$1,193 million in cash and cash equivalents and ~~$4.7~~$9.9 billion in total aggregate principal amount of debt outstanding ($~~4.6~~9.9 billion at carrying value) and our asset coverage was 185%. Subject to ~~leverage,~~ borrowing base and other restrictions, we had approximately ~~$2.7~~$5.1 billion available for additional borrowings under the Facilities ~~and the SBA Debentures~~ as of September 30, ~~2017.~~2021.

We may from time to time seek to retire or repurchase our common stock through cash purchases, as well as retire, cancel or purchase our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. ~~Such purchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.~~ The amounts involved may be material. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of common stock or outstanding debt, or incurrence or issuance of additional debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the Investment Company Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the Investment Company Act, is at least 200% after such borrowing. On June 21, 2016, we received exemptive relief from the SEC allowing us to modify our calculation of asset coverage requirements to exclude the SBA Debentures. This exemptive relief provides us with increased investment flexibility but also increases our risk related to leverage. As of September 30, 2017, our asset coverage was 247% (excluding the SBA Debentures).

145

Equity Capital Activities

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, our total equity market capitalization was ~~$7.0~~$9.4 billion and ~~$5.2~~$7.1 billion, respectively. ~~There were no sales~~

We may from time to time issue and sell shares of our ~~equity securities~~common stock through public or “at the market” offerings. In connection with the issuance of our common stock, we issued and sold the following shares of common stock during the nine months ended September 30, ~~2017~~2021:


(in millions, except per share amount) Issuances of Common Stock	Number of Shares Issued	Gross Proceeds		Underwriting Fees/Offering Expenses		Net Proceeds		Average Offering Price Per Share
Public offerings	26.5	$	513.8	$	19.0	$	494.8	$	18.71	(1)
“At the market” offerings	9.9	$	195.7	$	3.3	$	192.4	$	19.72
Total	36.4	$	709.5	$	22.3	$	687.2

(1) 14.0 million and ~~2016.~~12.5 million shares were sold to the underwriters for a price of $17.85 per share and $18.75 per share, respectively, which the underwriters were then permitted to sell at variable prices to the public.

On“At the ~~Acquisition Date,~~Market” Offerings

As of the start of the third quarter of 2021, we were party to amended and restated equity distribution agreements with two sales agents (the “Equity Distribution Agreements”), pursuant to which we may from time to time issue and sell, by means of “at the market” offerings, up to $500 million shares of our common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in ~~connection with~~transactions that are deemed to be an “at the ~~American Capital Acquisition,~~market” offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. During the three months ended September 30, 2021, we issued ~~112~~and sold approximately 2.9 million shares ~~valued at~~of common stock under the existing Equity Distribution Agreements, with net proceeds totaling $58.0 million, after giving effect to sales agents’ commissions and certain offering expenses of approximately ~~$16.42 per share.~~$0.9 million. As of September 30, 2021, common stock with an aggregate offering amount of $441 million remained available for issuance under the Equity Distribution Agreements. See “Recent Developments,” as well as Note 14 to our consolidated financial statements for the three and nine months ended September 30, 2021 for a subsequent event relating to our “at the market” offerings.

~~In September 2015,~~Stock Repurchase Program

We are authorized under our ~~board of directors approved a~~ stock repurchase program ~~authorizing us~~ to ~~repurchase~~purchase up to ~~$100~~$500 million in the aggregate of our outstanding common stock in the open market at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon ~~the~~an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. ~~In May 2016, we suspended our~~The stock repurchase program pending the completion of the American Capital Acquisition. In February 2017, our board of directors authorized an amendment to our stock repurchase program to (a) increase the total authorization under the program from $100 million to $300 million and (b) extend the expiration date of the program from February 28, 2017 to February 28, 2018. Under the stock repurchase program, we may repurchase up to $300 million in the aggregate of our outstanding common stock in the open market at a price per share that meets certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The program does not require us to repurchase any specific number of shares ~~and~~of common stock or any shares of common stock at all. Consequently, we cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. The expiration date of the stock repurchase program is February 15, 2022. The program may be suspended, extended, modified or discontinued at any time.

As of September 30, ~~2017,~~2021, there was $500 million available for additional repurchases under the program.

During the nine months ended September 30, 2021, we ~~had~~did not repurchase any shares of our common stock in the open market under the stock repurchase program. During the nine months ended September 30, 2020, we repurchased a total of ~~0.5~~8.5 million shares of our common stock in the open market under the stock repurchase program ~~since its inception in September 2015,~~for $100 million. The shares were repurchased at an average price of ~~$13.92~~$11.83 per share, including commissions ~~paid, leaving approximately $293 million available~~paid.

146

Price Range of Common Stock

The following table sets forth, for ~~additional repurchases under~~ the ~~program. During~~first three quarters of the ~~nine months~~year ending December 31, 2021 and each fiscal quarter for the fiscal years ended ~~September 30, 2017, we did not repurchase any shares~~December 31, 2020 and 2019, the net asset value per share of our common stock, ~~under~~ the range of high and low closing sales prices of our common stock, ~~repurchase program.~~the closing sales price as a premium (discount) to net asset value and the dividends or distributions declared by us. On October 22, 2021, the last reported closing sales price of our common stock on The NASDAQ Global Select Market was $21.26 per share, which represented a premium of approximately 14.79% to the net asset value per share reported by us as of September 30, 2021.


	Net Asset Value(1)		Price Range				High Sales Price Premium (Discount) to Net Asset Value(2)		Low Sales Price Premium (Discount) to Net Asset Value(2)		Cash Dividend Per Share(3)
			High		Low
Year ended December 31, 2019
First Quarter	$	17.21	$	17.48	$	15.28	1.57	%	(11.21)	%	$0.48	(4)
Second Quarter	$	17.27	$	18.12	$	17.22	4.92	%	(0.29)	%	$0.40
Third Quarter	$	17.26	$	19.19	$	17.99	11.18	%	4.23	%	$0.40
Fourth Quarter	$	17.32	$	19.02	$	18.10	9.82	%	4.50	%	$0.40
Year ended December 31, 2020
First Quarter	$	15.58	$	19.23	$	8.08	23.43	%	(48.14)	%	$0.40
Second Quarter	$	15.83	$	16.20	$	9.13	2.34	%	(42.32)	%	$0.40
Third Quarter	$	16.48	$	15.02	$	13.27	(8.86)	%	(19.48)	%	$0.40
Fourth Quarter	$	16.97	$	17.28	$	13.82	1.83	%	(18.56)	%	$0.40
Year ending December 31, 2021
First Quarter	$	17.45	$	19.23	$	16.51	10.20	%	(5.39)	%	$0.40
Second Quarter	$	18.16	$	19.97	$	18.29	9.97	%	0.72	%	$0.40
Third Quarter	$	18.52	$	20.43	$	19.52	10.31	%	5.40	%	$0.41
Fourth Quarter (through October 22, 2021)	*		$	21.26	$	20.63	*		*		$0.41

(1) Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.

(2) Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).

(3) Represents the dividend or distribution declared in the relevant quarter.

(4) Consists of a quarterly dividend of $0.40 per share and additional quarterly dividends of $0.02 per share, all of which were declared in the first quarter of 2019 and paid on March 29, 2019, June 28, 2019, September 30, 2019 and December 27, 2019 to stockholders of record as of March 15, 2019, June 14, 2019, September 16, 2019 and December 16, 2019, respectively.

* Net asset value has not yet been calculated for this period.

147

Debt Capital Activities

Our debt obligations consisted of the following as of September 30, ~~2017~~2021 and December 31, ~~2016:~~2020:


	As of																As of
	September 30, 2017								December 31, 2016								September 30, 2021								December 31, 2020
(in millions)	Total Aggregate Principal Amount Available/ Outstanding(1)			Principal Amount		Carrying Value			Total Aggregate Principal Amount Available/ Outstanding(1)		Principal Amount		Carrying Value			(in millions)	Total Aggregate Principal Amount Available/ Outstanding(1)			Principal Amount Outstanding		Carrying Value			Total Aggregate Principal Amount Available/ Outstanding(1)			Principal Amount Outstanding		Carrying Value
Revolving Credit Facility	$	2,108	(2)	$	395	$	395		$	1,265	$	571	$	571		Revolving Credit Facility	$	4,232	(2)	$	874	$	874		$	3,617	(2)	$	1,180	$	1,180
Revolving Funding Facility	1,000			450		450			540		155		155			Revolving Funding Facility	1,525			763		763			1,525			1,028		1,028
SMBC Funding Facility	400			—		—			400		105		105			SMBC Funding Facility	800		(3)	—		—			725		(3)	453		453
SBA Debentures	50			—		—			75		25		24
2017 Convertible Notes				—		—		(3)	162		162		162		(4)
2018 Convertible Notes	270			270		269		(4)	270		270		267		(4)
2019 Convertible Notes	300			300		298		(4)	300		300		296		(4)
BNP Funding Facility																BNP Funding Facility	300			—		—			300			150		150
2022 Convertible Notes	388			388		367		(4)	—		—		—			2022 Convertible Notes	388			388		386		(4)	388			388		383		(4)
2018 Notes	750			750		747		(5)	750		750		745		(5)
2020 Notes	600			600		597		(6)	600		600		596		(6)
January 2022 Notes	600			600		593		(7)	600		600		592		(7)
October 2022 Notes	—			—		—		(8)	183		183		179		(9)
2024 Convertible Notes																2024 Convertible Notes	403			403		394		(4)	403			403		392		(4)
2022 Notes																2022 Notes	600			600		600		(4)	600			600		598		(4)
2023 Notes	750			750		742		(10)	—		—		—			2023 Notes	750			750		748		(4)	750			750		747		(4)
2024 Notes																2024 Notes	900			900		897		(4)	900			900		896		(4)
March 2025 Notes																March 2025 Notes	600			600		596		(4)	600			600		595		(4)
July 2025 Notes																July 2025 Notes	1,250			1,250		1,261		(5)	750			750		742		(5)
January 2026 Notes																January 2026 Notes	1,150			1,150		1,142		(4)	1,150			1,150		1,141		(4)
July 2026 Notes																July 2026 Notes	1,000			1,000		988		(4)	—			—		—		(4)
2028 Notes																2028 Notes	1,250			1,250		1,246		(4)	—			—		—		(4)
2047 Notes	230			230		182		(11)	230		230		182		(11)	2047 Notes	—			—		—		(6)	230			230		186		(6)
Total	$	7,446		$	4,733	$	4,640		$	5,375	$	3,951	$	3,874		Total	$	15,148		$	9,928	$	9,895		$	11,938		$	8,582	$	8,491


~~(1)~~	~~Subject to borrowing base, leverage and other restrictions. Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.~~


~~(2)~~	~~Provides for a feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $3.1 billion.~~


~~(3)~~	~~See below for more information on the repayment of the 2017 Convertible Notes (as defined below) at maturity.~~

~~(4)~~

Represents the aggregate principal amount outstanding of the Convertible Unsecured Notes (as defined below). As of September 30, 2017, the total unamortized debt issuance costs and the unaccreted discount for the 2018 Convertible Notes, the 2019 Convertible Notes and the 2022 Convertible Notes (each as defined below) were $1 million, $2 million and $21 million, respectively. As of December 31, 2016, the total unamortized debt issuance costs and the unaccreted discount for the 2017 Convertible Notes, the 2018 Convertible Notes and the 2019 Convertible Notes (each as defined below) were $0 million, $3 million and $4 million, respectively.


~~(5)~~	Represents the aggregate principal amount outstanding of the 2018 Notes (as defined below) less unamortized debt issuance costs and plus the net unamortized premium that was recorded upon the issuances of the 2018 Notes. As of September 30, 2017 and December 31, 2016, the total unamortized debt issuance costs less the net unamortized premium were $3 million and $5 million, respectively.


~~(6)~~	Represents the aggregate principal amount outstanding of the 2020 Notes (as defined below) less unamortized debt issuance costs and the net unaccreted discount recorded upon the issuances of the 2020 Notes. As of September 30, 2017 and December 31, 2016, the total unamortized debt issuance costs and the net unaccreted discount were $3 million and $4 million, respectively.

(2)Provides for a feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $5.9 billion.

(3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $1.0 billion.


~~(7)~~	Represents the aggregate principal amount outstanding of the January 2022 Notes (as defined below) less unamortized debt issuance costs and the net unaccreted discount recorded upon the issuances of the January 2022 Notes. As of September 30, 2017 and December 31, 2016, the total unamortized debt issuance costs and the net unaccreted discount were $7 million and $8 million, respectively.

(4)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted discount recorded upon issuance.

~~(8)~~

(5)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted premium recorded upon issuance.

(6)Represents the aggregate principal amount outstanding of the 2047 Notes, less the unaccreted purchased discount recorded in connection with the Allied Acquisition. See below for more information on the early redemption of the 2047 Notes.

~~See below for more information on the repayment of the October 2022 Notes.~~


~~(9)~~	~~Represents the aggregate principal amount outstanding of the October 2022 Notes less unamortized debt issuance costs. As of December 31, 2016, the total unamortized debt issuance costs was $4 million.~~


~~(10)~~	Represents the aggregate principal amount outstanding of the 2023 Notes (as defined below), less unamortized debt issuance costs and the unaccreted discount recorded upon the issuance of the 2023 Notes. As of September 30, 2017, the total unamortized debt issuance costs and the unaccreted discount was $8 million.


~~(11)~~	Represents the aggregate principal amount outstanding of the 2047 Notes (as defined below) less the unaccreted purchased discount recorded as part of the acquisition of Allied Capital in April 2010 (the “Allied Acquisition”). As of September 30, 2017 and December 31, 2016, the total unaccreted purchased discount was $47 million and $48 million, respectively.

The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all our debt outstanding as of September 30, ~~2017~~2021 were ~~4.1%~~3.2% and ~~4.5~~3.6 years, respectively, and as of December 31, ~~2016~~2020 were ~~4.2%~~3.4% and ~~4.8~~4.2 years, respectively.

148

The ratio of total principal amount of debt outstanding to stockholders’ equity as of September 30, ~~2017~~2021 was ~~0.67:~~1.17:1.00 compared to ~~0.77:~~1.20:1.00 as of December 31, ~~2016.~~2020.

Revolving Credit Facility

We are party to a senior secured revolving credit facility (as amended and restated, the “Revolving Credit Facility”), that allows us to borrow up to ~~$2.1~~$4.2 billion at any one time outstanding. The Revolving Credit Facility consists of a ~~$395~~$874 million term loan tranche ~~with a stated maturity date of January 4, 2022~~ and a ~~$1.7~~$3.4 billion revolving tranche. For ~~$1.6~~$824 million of the term loan tranche, the stated maturity date is March 31, 2026. For the remaining $50 million of the term loan tranche, the stated maturity date is March 30, 2025. For $3.2 billion of the revolving tranche, the end of the revolving period and the stated maturity date are ~~January 4, 2021~~March 31, 2025 and ~~January 4, 2022,~~March 31, 2026, respectively. For ~~$38~~the remaining $150 million of the revolving tranche, the end of the revolving period and the stated maturity date are ~~May 4, 2020~~March 30, 2024 and ~~May 4, 2021, respectively. For the remaining $45 million of the revolving tranche, the end of the revolving period and the stated maturity date are May 4, 2019 and May 4, 2020,~~March 30, 2025, respectively. The Revolving Credit Facility also provides for a feature that allows us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of ~~$3.1~~$5.9 billion. The interest rate charged on the Revolving Credit Facility is based on an applicable spread of either 1.75% or ~~2.00%~~1.875% over LIBOR or 0.75% or ~~1.00%~~0.875% over an “alternate base rate” (as defined in the agreements governing the Revolving Credit Facility), in each case, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of September 30, ~~2017,~~2021, the interest rate in effect was LIBOR plus 1.75%. We are also required to pay a letter of credit fee of either 2.00% or ~~2.25%~~2.125% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. Additionally, we are required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. As of September 30, ~~2017,~~2021, there was ~~$395~~$874 million outstanding under the Revolving Credit Facility and we were in compliance in all material respects with the terms of the Revolving Credit Facility.

Revolving Funding Facility

~~Our~~We and our consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”) is, are party to a revolving funding facility (as amended, the “Revolving Funding Facility”), that allows Ares Capital CP to borrow up to $1$1.5 billion at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and the membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are January ~~3, 2019~~31, 2023 and January ~~3, 2022,~~31, 2025, respectively. ~~As of September 30, 2017, the~~The interest rate charged on the Revolving Funding Facility ~~was~~is based on LIBOR plus ~~2.30%~~2.00% per annum or a “base rate” (as defined in the agreements governing the Revolving Funding Facility) plus ~~1.30%~~1.00% per annum. Ares Capital CP is also required to pay a commitment fee of between 0.50% and 1.50% per annum depending on the size of the unused portion of the Revolving Funding Facility. As of September 30, ~~2017,~~2021, there was ~~$450~~$763 million outstanding under the Revolving Funding Facility and we and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility. ~~See “Recent Developments,” as well as Note 16 to our consolidated financial statements for a subsequent event relating to the Revolving Funding Facility.~~

SMBC Funding Facility

~~Our~~We and our consolidated subsidiary, Ares Capital JB Funding LLC (“ACJB”), isare party to a revolving funding facility (as amended, the “SMBC Funding Facility”), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent and collateral agent, that allows ACJB to borrow up to ~~$400~~$800 million at any one time outstanding. The SMBC Funding Facility also provides for a feature that allows ACJB, subject to receiving certain consents, to increase the overall size of the SMBC Funding Facility to $1.0 billion. The SMBC Funding Facility is secured by all of the assets held by ACJB. ~~As of September 30, 2017, the~~The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility ~~were September 14, 2018~~are May 28, 2024 and ~~September 14, 2023,~~May 28, 2026, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement. The interest rate charged on the SMBC Funding Facility is based on an applicable spread of either 1.75% or 2.00% over LIBOR or 0.75% or 1.00% over a “base rate” (as defined in the agreements governing the SMBC Funding Facility), in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. As of September 30, ~~2017,~~2021, the interest rate in effect was LIBOR plus 1.75%. ~~Additionally,~~ ACJB is also required to pay a commitment fee of between ~~0.35%~~0.50% and ~~0.875%~~1.00% per annum depending on the size of the unused portion of the SMBC Funding Facility. As of September 30, ~~2017,~~2021, there were no amounts outstanding under the SMBC Funding Facility and we and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility.

~~SBA Debentures~~

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BNP Funding Facility

~~In April 2015,~~

We and our consolidated subsidiary, ~~Ares Venture Finance, L.P.~~ARCC FB Funding LLC (“~~AVF LP”~~AFB”), ~~received~~are party to a ~~license from~~revolving funding facility (as amended, the ~~SBA~~“BNP Funding Facility”) with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to ~~operate as a Small Business Investment Company (“SBIC”) under the provisions of Section 301(c)~~borrow up to $300 million at any one time outstanding. The BNP Funding Facility is secured by all of the ~~Small Business Investment Act~~assets held by AFB. The end of ~~1958, as amended.~~the reinvestment period and the stated maturity date for the BNP Funding Facility are June 11, 2023 and June 11, 2025, respectively. The ~~SBA places certain limitations~~reinvestment period and the stated maturity date are both subject to a one-year extension by mutual agreement. The interest rate charged on the ~~financing~~BNP Funding Facility is based on three month LIBOR (subject to a floor of ~~investments by SBICs~~0.00%), or a “base rate” (as defined in ~~portfolio companies, including regulating~~ the ~~types~~agreements governing the BNP Funding Facility) plus a margin of ~~financings, restricting investments~~(i) 1.80% during the reinvestment period and (ii) 2.30% following the reinvestment period. Beginning on December 11, 2020, AFB is required to ~~only include small businesses with certain characteristics or in certain industries,~~pay a commitment fee of between 0.00% and ~~requiring capitalization thresholds that may limit distributions to us.~~

~~The license from~~1.25% per annum depending on the ~~SBA allows AVF LP to obtain leverage by issuing SBA Debentures, subject to issuance~~size of ~~a capital commitment by~~ the ~~SBA and other customary procedures. Leverage through~~unused portion of the SBA Debentures is subject to required capitalization thresholds. Current SBA regulations limit the amount that any SBIC may borrow to $150 million and the original amount committed to AVF LP by the SBA was $75 million. Any undrawn commitments expire on September 30, 2019. The SBA Debentures are non-recourse to us, have interest payable semi-annually, have a 10-year maturity and may be prepaid at any time without penalty.BNP Funding Facility. As of September 30, ~~2017, AVF LP was~~2021, there were no amounts outstanding under the BNP Funding Facility and we and AFB were in compliance in all material respects with ~~SBA regulatory requirements. In September 2017, AVF LP fully repaid~~ the ~~$25 million~~terms of the ~~aggregate principal amount of the SBA Debentures outstanding at the time, and as a result had $50 million of remaining commitments to AVF LP by the SBA.~~BNP Funding Facility.

The interest rate for the SBA Debentures were fixed at the time the SBA Debentures and other applicable SBA-guaranteed debentures were pooled and sold to the public and were based on a spread over U.S. treasury notes with 10-year maturities. The pooling of newly issued SBA-guaranteed debentures occurred twice per year. The spread included an annual charge as determined by the SBA (the ‘‘Annual Charge’’) as well as a market-driven component. Prior to the 10-year fixed interest rate being determined, the interim interest rate charged for the SBA Debentures was based on LIBOR plus an applicable spread of 0.30% and the Annual Charge. As of December 31, 2016, the weighted average fixed interest rate in effect for the SBA Debentures was 3.48%.

Convertible Unsecured Notes

We have issued ~~$270~~$388 million aggregate principal amount of unsecured convertible notes that mature on January 15, 2018 (the “2018 Convertible Notes”), $300 million aggregate principal amount of unsecured convertible notes that mature on January 15, 2019 (the “2019 Convertible Notes”) and the $388 millionin aggregate principal amount of unsecured convertible notes that mature on February 1, 2022 (the “2022 Convertible Notes”) and $403 million in aggregate principal amount of unsecured convertible notes that mature on March 1, 2024 (the “2024 Convertible Notes” and together with the ~~2018 Convertible Notes and the 2019~~2022 Convertible Notes, the “Convertible Unsecured Notes”). The Convertible Unsecured Notes mature upon their respective maturity dates unless previously converted or repurchased in accordance with their terms. We do not have the right to redeem the Convertible Unsecured Notes prior to maturity. The ~~2018 Convertible Notes, the 2019~~2022 Convertible Notes and the ~~2022~~2024 Convertible Notes bear interest at a rate of ~~4.750%, 4.375%~~3.75% and ~~3.75%~~4.625%, respectively, per ~~year,~~annum, payable semi-annually.

In certain circumstances, assuming the respective conversion date below has not already passed, the Convertible Unsecured Notes will be convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, at their respective conversion rates (listed below as of September 30, ~~2017)~~2021) subject to customary anti-dilution adjustments and the requirements of their respective indenture (the “Convertible Unsecured Notes Indentures”)~~. To~~.To the extent the ~~2018~~2022 Convertible Notes are converted, we have elected to settle ~~with a combination of~~in cash ~~and shares of our common stock.~~for all conversion dates after August 1, 2021. Prior to the close of business on the business day immediately preceding their respective conversion date (listed below), holders may convert their Convertible Unsecured Notes only under certain circumstances set forth in the ~~respective~~ Convertible Unsecured Notes ~~Indenture.~~Indentures. On or after their respective conversion dates until the close of business on the scheduled trading day immediately preceding ~~their respective~~the maturity date for the 2022 Convertible Notes and the second scheduled trading day immediately preceding the maturity date for the 2024 Convertible Notes, holders may

convert their Convertible Unsecured Notes at any time. In addition, if we engage in certain corporate events as described in their respective Convertible Unsecured Notes Indenture, holders of the Convertible Unsecured Notes may require us to repurchase for cash all or part of the Convertible Unsecured Notes at a repurchase price equal to 100% of the principal amount of the Convertible Unsecured Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the required repurchase date.

Certain key terms related to the convertible features for each of the Convertible Unsecured Notes as of September 30, ~~2017~~2021 are listed below.


	2018 Convertible Notes			2019 Convertible Notes			2022 Convertible Notes				2022 Convertible Notes			2024 Convertible Notes
Conversion premium	17.5		%	15.0		%	15.0		%	Conversion premium	15.0		%	15.0		%
Closing stock price at issuance	$	16.91		$	17.53		$	16.86		Closing stock price at issuance	$	16.86		$	17.29
Closing stock price date	October 3, 2012			July 15, 2013			January 23, 2017			Closing stock price date	January 23, 2017			March 5, 2019
Conversion price(1)	$	19.64		$	19.99		$	19.39		Conversion price(1)	$	19.02		$	19.88
Conversion rate (shares per one thousand dollar principal amount)(1)	50.9054			50.0292			51.5756			Conversion rate (shares per one thousand dollar principal amount)(1)	52.5674			50.2930
Conversion dates	July 15, 2017			July 15, 2018			August 1, 2021			Conversion dates	August 1, 2021			December 1, 2023


(1) Represents conversion price and conversion rate, as applicable, as of September 30, 2021, taking into account any applicable de minimis adjustments that will be made on the conversion date. 150	~~Represents conversion price and conversion rate, as applicable, as of September 30, 2017, taking into account certain de minimis adjustments that will be made on the conversion date.~~

~~In March 2017, we repaid in full $162 million in aggregate principal amount of unsecured convertible notes due in March 2017 (the “2017 Convertible Notes”) upon their maturity.~~

Unsecured Notes

~~2018 Notes~~

We ~~have~~ issued ~~$750 million in aggregate principal amount of~~certain unsecured notes (each issuance of which ~~bear interest at a rate~~is referred to herein using the “defined term” set forth under the “Unsecured Notes” column of ~~4.875% per year~~the table below and ~~mature on November 30, 2018 (the “2018~~collectively referred to as the “Unsecured Notes”)~~. The 2018 Notes require payment of~~, that pay interest semi-annually, and all principal isamounts are due upon maturity. ~~These notes are redeemable~~Each of the Unsecured Notes may be redeemed in whole or in part at any time at ~~our option at a redemption price equal to par plus a “make whole” premium, as determined pursuant to~~ the indenture governing the 2018 Notes, and any accrued and unpaid interest. $600 million in aggregate principal amount of the 2018 Notes were issued at a discount to the principal amount and $150 million in aggregate principal amount of the 2018 Notes were issued at a premium to the principal amount.

~~2020 Notes~~

We have issued $600 million in aggregate principal amount of unsecured notes, which bear interest at a rate of 3.875% per year and mature on January 15, 2020 (the “2020 Notes”). The 2020 Notes require payment of interest semi-annually, and all principal is due upon maturity. These notes are redeemable in whole or in part at any time at ourCompany’s option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the ~~indenture~~indentures governing each of the ~~2020~~Unsecured Notes, ~~and~~plus any accrued and unpaid interest. ~~$400 million in aggregate principal amount of the 2020 Notes were issued at a discount~~Certain key terms related to the ~~principal amount and $200 million in aggregate principal amount~~features for the Unsecured Notes as of ~~the 2020 Notes were issued at a premium to the principal amount.~~September 30, 2021 are listed below.

~~January 2022 Notes~~


(dollar amounts in millions) Unsecured Notes	Aggregate Principal Amount Issued		Interest Rate		Original Issuance Date	Maturity Date
2022 Notes	$	600	3.625	%	September 19, 2016	January 19, 2022
2023 Notes	$	750	3.500	%	August 10, 2017	February 10, 2023
2024 Notes	$	900	4.200	%	June 10, 2019	June 10, 2024
March 2025 Notes	$	600	4.250	%	January 11, 2018	March 1, 2025
July 2025 Notes	$	1,250	3.250	%	January 15, 2020	July 15, 2025
January 2026 Notes	$	1,150	3.875	%	July 15, 2020	January 15, 2026
July 2026 Notes	$	1,000	2.150	%	January 13, 2021	July 15, 2026
2028 Notes	$	1,250	2.875	%	June 10, 2021	June 15, 2028

We have issued $600 million in aggregate principal amount of unsecured notes, which bear interest at a rate of 3.625% per year and mature on January 19, 2022 (the “January 2022 Notes”). The January 2022 Notes require payment of interest semi-annually, and all principal is due upon maturity. These notes are redeemable in whole or in part at any time at our option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indenture governing the January 2022 Notes, and any accrued and unpaid interest. The January 2022 Notes were issued at a discount to the principal amount.

~~2023 Notes~~

We have issued $750 million in aggregate principal amount of unsecured notes that mature on February 10, 2023 (the “2023 Notes”). The 2023 Notes bear interest at a rate of 3.500% per year, payable semi-annually and all principal is due upon maturity. The 2023 Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indenture governing the 2023 Notes, and any accrued and unpaid interest. The 2023 Notes were issued at a discount to the principal amount.

~~2047 Notes~~

As part of the Allied Acquisition, we assumed $230 million aggregate principal amount of unsecured notes which bear interest at a rate of 6.875% and mature on April 15, 2047 (the “2047 Notes” and together with the 2018 Notes, the 2020 Notes, the January 2022 Notes, the October 2022 Notes, and the 2023 Notes, the “Unsecured Notes”). The 2047 Notes require payment of interest quarterly, and all principal is due upon maturity. These notes are redeemable in whole or in part at any time or from time to time at our option, at a par redemption price of $25.00 per security plus accrued and unpaid interest.

As of September 30, ~~2017,~~2021, we were in compliance in all material respects with the terms of the Convertible Unsecured Notes Indentures and the indentures governing the Unsecured Notes.

The Convertible Unsecured Notes and the Unsecured Notes are our senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Convertible Unsecured Notes and the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

See Note 5 to our consolidated financial statements for the three and nine months ended September 30, ~~2017~~2021 for more information on our debt obligations.

OFF BALANCE SHEET ARRANGEMENTS

We have various commitments to fund investments in our portfolio, as described below.

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, we had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) our discretion:


	As of							As of
(in millions)	September 30, 2017			December 31, 2016			(in millions)	September 30, 2021		December 31, 2020
Total revolving and delayed draw loan commitments	$	801		$	411		Total revolving and delayed draw loan commitments	$	2,785	$	2,020
Less: drawn commitments	(176		)	(81		)
Total undrawn commitments	625			330
Less: funded commitments							Less: funded commitments	(302)		(409)
Total unfunded commitments							Total unfunded commitments	2,483		1,611
Less: commitments substantially at our discretion	(16		)	(12		)	Less: commitments substantially at our discretion	—		(29)
Less: unavailable commitments due to borrowing base or other covenant restrictions	—			—			Less: unavailable commitments due to borrowing base or other covenant restrictions	(7)		(8)
Total net adjusted undrawn revolving and delayed draw loan commitments	$	609		$	318
Total net adjusted unfunded revolving and delayed draw loan commitments							Total net adjusted unfunded revolving and delayed draw loan commitments	$	2,476	$	1,574

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Included within the total revolving and delayed draw loan commitments as of September 30, ~~2017~~2021 and December 31, ~~2016~~2020 were delayed draw loan commitments totaling ~~$276 million~~$1.4 billion and ~~$92~~$652 million, respectively. Our commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels).

Also included within the total revolving ~~and delayed draw~~ loan commitments as of September 30, ~~2017~~2021 were commitments to issue up to ~~$118~~$344 million in letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, ~~2017,~~2021, we had ~~$28~~$77 million in letters of credit issued and outstanding under these commitments on behalf of the portfolio companies. For all these letters of credit issued and outstanding, we would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, ~~$27~~$5 million expire in ~~2018~~2021 and $1$72 million ~~expires~~expire in ~~2019.~~2022. As of September 30, ~~2017, we recorded a liability of $7 million for certain letters of credit issued and outstanding and~~2021, none of the ~~other~~ letters of credit issued and outstanding were recorded as a liability on our balance sheet as such ~~other~~ letters of credit are considered in the valuation of the investments in the portfolio company.

We also have commitments to co-invest in the SDLP for our portion of the SDLP’s commitments to fund delayed draw loans to certain portfolio companies of the SDLP. ~~We previously had commitments to co-invest in the SSLP for our portion of the SSLP’s commitments to fund delayed draw loans to certain portfolio companies of the SSLP.~~ See “Senior Direct Lending ~~Program” and “Senior Secured Loan~~ Program” above and Note 4 to our consolidated financial statements for the three and nine months ended September 30, ~~2017~~2021 for more information.

As of September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, we were party to subscription agreements to fund equity investments in private equity investment partnerships as follows:


	As of
(in millions)	September 30, 2021		December 31, 2020
Total private equity commitments	$	110	$	111
Less: funded private equity commitments	(67)		(68)
Total unfunded private equity commitments	43		43
Less: private equity commitments substantially our discretion	(43)		(43)
Total net adjusted unfunded private equity commitments	$	—	$	—

As of
(in millions) September 30, 2017 December 31, 2016
Total private equity commitments $ 117
$ 57
Less: funded private equity commitments (67 ) (17 )
Total unfunded private equity commitments 50
40
Less: private equity commitments substantially our discretion (49 ) (39 )
Total net adjusted unfunded private equity commitments $ 1
$ 1

In the ordinary course of business, we may sell certain of our investments to third party purchasers. In particular, in connection with the sale of certain controlled portfolio company equity investments (as well as certain other sales), we have, and may continue to do so in the future, agreed to indemnify such purchasers for future liabilities arising from the investments and the related sale transaction. Such indemnification provisions have given rise to liabilities in the past and may do so in the future.

In addition, in the ordinary course of business, we may guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable.

RECENT DEVELOPMENTS

OnIn October ~~2, 2017, we entered~~2021, our board of directors authorized us to (a) enter into an equity distribution agreement with an additional sales agent and (b) amend and restate our existing Equity Distribution Agreements with each of Truist Securities, Inc. and Regions Securities LLC, in each case, to ~~amend~~provide that we may from time to time issue and sell shares of common stock by means of “at the ~~Revolving Funding Facility,~~market” offerings having an aggregate offering price of up to $500 million through such sales agents. There can be no assurance that ~~among other things, (a) modified~~we will issue a specific amount of shares of our common stock, if any, through these, “at the interest rate charged on the Revolving Funding Facility from a rate based on LIBOR plus 2.30% per annum or a "base rate" (as defined in the agreements governing the Revolving Funding Facility) plus 1.30% per annum, to a rate based on LIBOR plus 2.15% per annum or a "base rate" plus 1.15% per annum and (b) modified certain loan portfolio concentration limits.market” offerings.

From October 1, ~~2017~~2021 through October ~~26, 2017,~~20, 2021, we made new investment commitments of approximately ~~$294 million,~~$1.5 billion, of which ~~$220 million~~$1.3 billion were funded. Of these new commitments, ~~81%~~48% were in first lien senior secured loans, ~~and 19%~~30% were in second lien senior secured ~~loans.~~loans, 14% were in preferred equity and 8% were in other equity. Of the approximately ~~$294 million~~$1.5 billion of new investment commitments, ~~100%~~82% were floating ~~rate.~~rate, 10% were fixed rate and 8% were non-income producing. The

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weighted average yield of debt and other income producing securities funded during the period at amortized cost was ~~7.7%~~7.5% and the weighted average yield on total investments funded during the period at amortized cost was 6.9%. We may seek to sell all or a portion of these new investment commitments, although there can be no assurance that we will be able to do so.

From October 1, ~~2017~~2021 through October ~~26, 2017,~~20, 2021, we exited approximately ~~$80~~$415 million of investment ~~commitments, including $24 million of investment commitments acquired in the American Capital Acquisition.~~commitments. Of the total investment commitments ~~35% were senior subordinated loans, 31%~~exited, 63% were first lien senior secured loans, ~~30%~~33% were ~~collateralized loan~~

~~obligations, 3%~~second lien senior secured loans and 4% were ~~other equity securities and 1% were investments in~~subordinated certificates of the ~~SDLP Certificates. Of~~SDLP. All of the approximately ~~$80~~$415 million of exited investment commitments ~~62%~~ were floating ~~rate, 35% were fixed rate and 3% were non-interest bearing.~~rate. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was ~~11.4%~~8.1% and the weighted average yield on total investments exited or repaid during the period at amortized cost was ~~10.9%~~8.1%. On the approximately ~~$80~~$415 million of investment commitments exited from October 1, ~~2017~~2021 through October ~~26, 2017,~~20, 2021, we recognized total net realized gains of approximately ~~$18~~$5 million.

In addition, as of October ~~26, 2017,~~20, 2021, we had an investment backlog and pipeline of approximately ~~$810 million~~$1.9 billion and ~~$340~~$149 million, respectively. Investment backlog includes transactions approved by our investment adviser’s investment committee and/or for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore we believe are likely to close. Investment pipeline includes transactions where due diligence and analysis are in process, but no formal mandate, letter of intent or signed commitment have been issued. The consummation of any of the investments in this backlog and pipeline depends upon, among other things, one or more of the following: satisfactory completion of our due diligence investigation of the prospective portfolio company, our acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, we may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. We cannot assure you that we will make any of these investments or that we will sell all or any portion of these investments.

In addition to the exits noted above, in November 2017, we and AVF LP, sold approximately $125 million of investment commitments from our early-stage and/or venture capital-backed portfolio companies and recognized a net realized gain of approximately $2 million.

CRITICAL ACCOUNTING POLICIES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described below. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and in this Quarterly Report. See Note 2 to our consolidated financial statements for the three and nine months ended September 30, ~~2017, which describes~~2021, for more information on our critical accounting policies.

~~Recent Accounting Pronouncements~~

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Investments for which market quotations are readily available are typically valued at such market quotations. In ~~May 2014,~~order to validate market quotations, we look at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available (i.e., substantially all of our investments) are valued at fair value as determined in good faith by our board of directors, based on, among other things, the input of our investment adviser, audit committee and independent third‑party valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing 12‑month period (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. The valuation process is conducted at the end of each fiscal quarter, and a portion of our investment portfolio at fair value is subject to review by an independent third-party valuation firm each quarter. In addition, our independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, our investment valuation process within the context of performing the integrated audit.

As part of the valuation process, we may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s

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securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate our valuation.

Because there is not a readily available market value for most of the investments in our portfolio, we value substantially all of our portfolio investments at fair value as determined in good faith by our board of directors, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.

Our board of directors undertakes a multi‑step valuation process each quarter, as described below:

•Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with our portfolio management team.

•Preliminary valuations are reviewed and discussed with our investment adviser’s management and investment professionals, and then valuation recommendations are presented to our board of directors.

•The audit committee of our board of directors reviews these valuations, as well as the input of third parties, including independent third‑party valuation firms who have reviewed a portion of the investments in our portfolio at fair value.

•Our board of directors discusses valuations and ultimately determines the fair value of each investment in our portfolio without a readily available market quotation in good faith based on, among other things, the input of our investment adviser, audit committee and, where applicable, independent third‑party valuation firms.

Fair Value of Financial ~~Accounting Standards Board (the “FASB”~~Instruments

We follow ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. We have not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

We also follow ASC 820-10, which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires us to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, we have considered its principal market as the market in which we exit our portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

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•Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

•Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

In addition to using the above inputs in investment valuations, we continue to employ the net asset valuation policy approved by our board of directors that is consistent with ASC 820-10. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Our valuation policy considers the fact that because there is not a readily available market value for most of the investments in our portfolio, the fair value of the investments must typically be determined using unobservable inputs.

Our portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) ~~issued Accounting Standards Update (“ASU”) No. 2014-09,~~ ~~Revenue from Contracts~~of the portfolio company. Enterprise value means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. We may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with ~~Customers (Topic 606)~~current market conditions). The ~~guidance~~EV analysis is performed to determine the value of equity investments, the value of debt investments in ~~this ASU supersedes~~portfolio companies where we have control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the ~~revenue recognition~~methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where we do not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, we consider the current contractual interest rate, the maturity and other terms of the investment relative to the risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, we depend on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The SEC recently adopted new Rule 2a-5 under the 1940 Act. This establishes requirements for determining fair value in ~~Revenue Recognition (Topic 605). Under~~good faith for purposes of the 1940 Act. We will comply with the new ~~guidance, an entity should recognize revenue~~rule's valuation requirements on or before the SEC's compliance date in 2022.

See Note 8 to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No. 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In March 2016, the FASB issued ASU No. 2016-08, ~~Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, which clarifies the guidance in ASU No. 2014-09 and has the same effective date as the original standard. In April 2016, the FASB issued ASU No. 2016-10,~~ ~~Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, an update on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU No. 2016-12,~~ ~~Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which includes amendments for enhanced clarification of the guidance. In December 2016, the FASB issued ASU No. 2016-20,~~ ~~Technical Corrections and Improvements to Revenue from Contracts with Customers (Topic 606)~~, the amendments in this update are of a similar nature to the items typically addressed in the technical corrections and improvements project. Additionally, in February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, an update clarifying that a financial asset is within the scope of Subtopic 610-20 if it is deemed an “in-substance non-financial asset.” The application of this guidance is not expected to have a material impact on our consolidated financial ~~statements.~~statements for the three and nine months ended September 30, 2021 for more information on our valuation process.

~~In February 2016, the FASB issued ASU No. 2016‑02,~~ ~~Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in~~ ~~Leases (Topic 840)~~. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. The guidance requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities may elect to apply. The amendments in ASU No. 2016‑02 are effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early adoption permitted. While we are currently evaluating the impact of ASU No. 2016-02, we expect an increase to the consolidated balance sheets for lease assets and associated lease liabilities for our lease agreements previously accounted for as operating leases.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the economic effects of the COVID-19 pandemic introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below. For additional information concerning the COVID-19 pandemic and its potential impact on our business and our operating results, see Part II - Other information, Item 1A. Risk Factors, “Risk Factors - The COVID-19

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pandemic has caused severe disruptions in the global economy, which has had, and may continue to have, a negative impact on our portfolio companies and our business and operations.”

Investment valuation risk

Because there is not a readily available market value for most of the investments in our portfolio, we value substantially all of our portfolio investments at fair value as determined in good faith by our board of directors based on, among other things, the input of our management and audit committee and independent third-party valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing 12-month period (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” as well as Notes 2 and 8 to our consolidated financial statements for the three and nine months ended September 30, 2021 for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased. In addition, in a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results.

As of September 30, ~~2017, 82%~~2021, 80% of the investments at fair value in our portfolio bore interest at variable rates 8%(including our investment in the SDLP Certificates which accounted for 5% of our total investments at fair value), 10% were non-interest earning, 9% bore interest at fixed rates ~~9% were non-interest earning~~ and 1% were on non-accrual status. Additionally, ~~for~~excluding our investment in the SDLP Certificates, 91% of the remaining variable rate investments ~~93% of these investments contained interest rate floors (representing 76% of total investments~~ at fair ~~value). Also, as of September 30, 2017, all the loans made through the SDLP~~value contained interest rate floors. The ~~Facilities all~~Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility bear interest at variable rates with no interest rate ~~floors, while the SBA Debentures, the~~floors. The Unsecured Notes and the Convertible Unsecured Notes bear interest at fixed rates.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments. In addition, there can be no assurance that we will be able to effectively hedge our interest rate risk.

Based on our September 30, ~~2017,~~2021 balance sheet, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

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(in millions) Basis Point Change	Interest Income			Interest Expense			Net Income(1)			(in millions) Basis Point Change	Interest Income		Interest Expense		Net Income(1)
Up 300 basis points	$	280		$	25		$	255		Up 300 basis points	$	309	$	49	$	260
Up 200 basis points	$	186		$	17		$	169		Up 200 basis points	$	167	$	33	$	134
Up 100 basis points	$	92		$	8		$	84		Up 100 basis points	$	29	$	16	$	13
Down 100 basis points	$	(18	)	$	(8	)	$	(10	)	Down 100 basis points	$	—	$	(2)	$	2
Down 200 basis points	$	(14	)	$	(10	)	$	(4	)	Down 200 basis points	$	—	$	(2)	$	2
Down 300 basis points	$	(14	)	$	(10	)	$	(4	)	Down 300 basis points	$	—	$	(2)	$	2


~~(1)~~	~~Excludes the impact of income based fees. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2017~~ (1)Excludes the impact of income based fees. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2021 for more information ~~on the income based fees.~~

The above sensitivity analysis does not include our CLO equity investments. CLO equity investments are levered structures that are collateralized primarily with first lien floating rate loans that may have LIBOR floors and are levered primarily with floating rate debt that does not have a LIBOR floor. The residual cash flows available to the equity holders of the CLOs will decline as interest rates increase until interest rates surpass the LIBOR floors on the floating rate loans. However, the revenue recognized on our CLO equity investments is calculated using the effective interest method which incorporates a forward LIBOR curve in the projected cash flows. Any change to interest rates that is not in-line with the forward LIBOR curve used in the projections, in either the timing or magnitude of the change, will cause actual distributions to differ from the current projections and will impact the related revenue recognized from these investments.income based fees.

Based on our December 31, ~~2016,~~2020 balance sheet, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:


(in millions) Basis Point Change	Interest Income		Interest Expense			Net Income(1)		(in millions) Basis Point Change	Interest Income		Interest Expense		Net Income(1)
Up 300 basis points	$	205	$	25		$	180	Up 300 basis points	$	291	$	72	$	219
Up 200 basis points	$	136	$	17		$	119	Up 200 basis points	$	160	$	48	$	112
Up 100 basis points	$	67	$	9		$	58	Up 100 basis points	$	34	$	24	$	10
Down 100 basis points	$	9	$	(6	)	$	15	Down 100 basis points	$	4	$	(6)	$	10
Down 200 basis points	$	8	$	(6	)	$	14	Down 200 basis points	$	4	$	(6)	$	10
Down 300 basis points	$	8	$	(6	)	$	14	Down 300 basis points	$	3	$	(6)	$	9


~~(1)~~	(1)Excludes the impact of income based fees. See Note 3 ~~to our consolidated financial statements for the three and nine months ended September 30, 2017 for more information on the income based fees.~~

~~Item 4. Controls and Procedures~~

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15 of the Securities Exchange Act of 1934). Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports it files or submits under the Securities Exchange Act of 1934.

There have been no changes in the Company’s internal control over financial reporting during the three and nine months ended September 30, 2017 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

~~PART II — OTHER INFORMATION~~

~~Item 1. Legal Proceedings~~

~~For a description of our legal proceedings, see Note 15~~ to our consolidated financial statements for the three and nine months ended September 30, ~~2017.~~2021 for more information on the income based fees.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a‑15(e) and 15d‑15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2021. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of September 30, 2021, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act) during the quarter ended September 30, 2021 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1. Legal Proceedings

We are not subject to any material pending legal proceedings, and no such proceedings are known to be contemplated.

Item 1A. Risk ~~Factors.~~Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors described below and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2016, and those set forth under~~2020, including risk factors related to the ~~caption “Risk Factors” in pre-effective Amendment No. 2 to our Registration Statement on Form N-2, filed on August 3, 2017 (the “N-2”),~~COVID-19 pandemic, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K ~~and in~~for the ~~N-2~~fiscal year ended December 31, 2020 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

The COVID-19 pandemic has caused severe disruptions in the global economy, which has had, and may continue to have, a negative impact on our portfolio companies and our business and operations.

As of the filing date of this Quarterly Report, there is a continued outbreak of the COVID-19 pandemic, for which the World Health Organization has declared a global pandemic, the United States has declared a national emergency, and for the first time in its history, every state in the United States is under a federal disaster declaration. Many states, including those in which we and our portfolio companies operate, have issued orders requiring the closure of, or certain restrictions on the operation of, non-essential businesses and/or requiring residents to stay at home. The COVID-19 pandemic and restrictive measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns, or the re-introduction of business shutdowns, cancellations of events and restrictions on travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States. Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter. While several countries, as well as certain states, counties and cities in the United States, began to relax the early public health restrictions with a view to partially or fully reopening their economies, many cities, both globally and in the United States, have since experienced a surge in the reported number of cases, hospitalizations and deaths related to the COVID-19 pandemic. This recent increase in cases led to the re-introduction of restrictions and business shutdowns in certain states, counties and cities in the United States and globally and could continue to lead to such restrictions elsewhere. Beginning in December 2020, the U.S. Food and Drug Administration authorized certain vaccines for emergency use. However, it remains unclear how quickly the vaccines will be distributed or when “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. Delays in distributing the vaccines or an actual or perceived failure to achieve “herd immunity” could lead people to continue to refrain from participating in the economy at pre-pandemic levels for a prolonged period of time. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a recession, and our business and operations, as well as the business and operations of our portfolio companies, could be materially adversely affected by a prolonged recession in the U.S. and other major markets.

The COVID-19 pandemic (including the restrictive measures taken in response thereto) has to date (i) created significant business disruption issues for certain of our portfolio companies, and (ii) materially and adversely impacted the value and performance of certain of our portfolio companies. The COVID-19 pandemic is having a particularly adverse impact on industries in which certain of our portfolio companies operate, including energy, hospitality, travel, retail and restaurants. Certain of our portfolio companies in other industries have also been significantly impacted. The COVID-19 pandemic is continuing as of the filing date of this Quarterly Report, and its extended duration may have further adverse impacts on our portfolio companies after September 30, 2021, including for the reasons described below. Although the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, which contains provisions intended to mitigate the adverse economic effects of the COVID-19 pandemic, and a second and third stimulus package on December 27, 2020 and March 11, 2021, respectively, which provided $900 billion and $1.9 trillion, respectively, in resources to small businesses and individuals as well as certain industries and state and local governments that have been adversely affected by the COVID-19 pandemic, it is uncertain whether, or how much, our portfolio companies have benefited or may benefit from such legislation or any other subsequent legislation intended to provide financial relief or assistance. As a result of this disruption and the pressures on their liquidity, certain of our portfolio companies have drawn, particularly in the beginning of the COVID-19 pandemic, on a higher percentage of the available revolving loans made available by us. While the levels of draw on available revolving loans have generally returned to pre-COVID-19 pandemic levels, some of our portfolio

158

companies with such available revolving loans may draw or continue to draw on such loans at a higher level than before the COVID-19 pandemic, subject to availability under the terms of such loans.

The effects described above on our portfolio companies have, for certain of our portfolio companies to date, impacted their ability to make payments on their loans on a timely basis and in many cases have required us to amend certain terms of their loans, including payment terms. In addition, an extended duration of the COVID-19 pandemic may impact the ability of our portfolio companies to continue making their loan payments on a timely basis or meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require us to undertake similar amendment actions with respect to other of our investments or to restructure our investments. The amendment or restructuring of our investments may include the need for us to make additional investments in our portfolio companies (including debt or equity investments) beyond any existing commitments, exchange debt for equity, or change the payment terms of our loans to permit an affected portfolio company to pay a portion of its interest through PIK, which would defer the cash collection of such interest and add it to the principal balance, which would generally be due upon repayment of the outstanding principal.

The COVID-19 pandemic has adversely impacted the fair value of certain of our investments, including those reported as of September 30, 2021, and the values reported may differ materially from the values that we may ultimately realize with respect to our investments. The impact of the COVID-19 pandemic may not yet be fully reflected in the fair value of our investments as our valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information that is often from a time period earlier, generally two to three months, than the quarter for which we are reporting. Additionally, we may not have yet received information or certifications from our portfolio companies that indicate the full and ongoing extent of declining performance or non-compliance with debt covenants, as applicable, as a result of the COVID-19 pandemic. As a result, our valuations, including those reported as of September 30, 2021, may not show the complete or continuing impact of the COVID-19 pandemic and the resulting restrictive measures taken in response thereto. In addition, write downs in the value of our investments have reduced, and any additional write downs may further reduce, our net asset value (and, as a result, our asset coverage calculation). Accordingly, we may incur additional net unrealized or realized losses after September 30, 2021, which could have a material adverse effect on our business, financial condition and results of operations.

Despite actions of the U.S. federal government and foreign governments, the uncertainty surrounding the COVID-19 pandemic, including uncertainty regarding new variants of COVID-19 that have emerged in the United Kingdom, South Africa, and Brazil, and other factors have contributed to significant volatility in the global public equity markets and global debt capital markets, including the market price of shares of our common stock and the trading prices of our issued debt securities. Market conditions may make it difficult for us to raise equity capital because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than net asset value without first obtaining approval for such issuance from our stockholders and our independent directors. Pursuant to approval granted at a special meeting of stockholders, held on August 13, 2021, we are permitted to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations that must be made by our board of directors. This stockholder approval expires on August 13, 2022. Moreover, these market conditions may make it difficult to access or obtain new indebtedness with similar terms to our existing indebtedness or otherwise have a negative effect on our cost of capital. See “Risk Factors-Risks Relating to Our Business-The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business and operations” in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 10, 2021.

In response to the COVID-19 pandemic, Ares Management, the indirect owner of our investment adviser, instituted a work from home policy until it is deemed safe to return to the office. Such a policy of an extended period of remote working by our investment adviser and/or its affiliate’s employees could strain our technology resources and introduce operational risks, including heightened cybersecurity risk. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts, that seek to exploit the COVID-19 pandemic.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Dividend Reinvestment Plan

We did not sell any equity securities during the period covered in this report that were not registered under the Securities Act of ~~1933.~~1933, as amended.

159

During the ~~nine months~~quarter ended September 30, ~~2017,~~2021, as a part of our dividend reinvestment plan for our common stockholders, we ~~purchased 849,685~~did not purchase any shares of our common stock ~~for an average price per share of $16.51~~ in the open market in

order to satisfy the reinvestment portion of our dividends. ~~The following chart outlines such purchases of our common stock during the nine months ended September 30, 2017.~~

Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2017 through January 31, 2017 236,941
$ 16.46
—
$ —
February 1, 2017 through February 28, 2017 —
—
—
—
March 1, 2017 through March 31, 2017 —
—
—
—
April 1, 2017 through April 30, 2017 —
—
—
—
May 1, 2017 through May 31, 2017 —
—
—
—
June 1, 2017 through June 30, 2017 —
—
—
—
July 1, 2017 through July 31, 2017 612,744
16.53
—
—
August 1, 2017 through August 31, 2017 —
—
—
—
September 1, 2017 through September 30, 2017 —
—
—
—
Total 849,685
$ 16.51
—
$ —

Stock Repurchase Program

In ~~September 2015,~~February 2021, our board of directors ~~approved a~~authorized an amendment to our existing stock repurchase program ~~authorizing us~~ to (a) extend the expiration date of the program from February 15, 2021 to February 15, 2022 and (b) increase the amount of the stock repurchase program to a full $500 million. Under the program, we may repurchase up to ~~$100~~$500 million in the aggregate of our outstanding common stock in the open market at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 ~~under~~of the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon ~~the~~an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. ~~In May 2016, we suspended our~~The stock repurchase program ~~pending~~will be in effect through February 15, 2022, unless extended or until the ~~completion of the American Capital Acquisition. In February 2017, our board of directors authorized an amendment~~approved dollar amount has been used to ~~our~~repurchase shares. The stock repurchase program to (a) increase the total authorization under the program from $100 million to $300 million and (b) extend the expiration date of the program from February 28, 2017 to February 28, 2018. Under the stock repurchase program, we may repurchase up to $300 million in the aggregate of our outstanding common stock in the open market at a price per share that meets certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The program does not require us to repurchase any specific number of shares ~~and~~of common stock or any shares of common stock at all. Consequently, we cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. The program may be suspended, extended, modified or discontinued at any time. ~~As of~~

During the quarter ended September 30, 2017, we had repurchased a total of 0.5 million shares of our common stock in the open market under the stock repurchase program since its inception in September 2015, at an average price of $13.92 per share, including commissions paid, leaving approximately $293 million available for additional2021, there were no repurchases ~~under the program.~~

~~Repurchases~~ of our common stock under our stock repurchase program. As of September 30, 2021, the approximate dollar value of shares that may yet be purchased under the program ~~for the periods below were as follows:~~was $500 million.

~~(dollars in thousands, except share and per share data)~~

~~Period~~

~~Total Number of Shares Purchased~~

~~Average Price Paid Per Share (1)~~

~~Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs~~

~~Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs~~

~~January 1, 2017 through January 31, 2017~~

—

~~February 1, 2017 through February 28, 2017~~

—

~~March 1, 2017 through March 31, 2017~~

—

~~April 1, 2017 through April 30, 2017~~

—

~~May 1, 2017 through May 31, 2017~~

—

~~June 1, 2017 through June 30, 2017~~

—

~~July 1, 2017 through July 31, 2017~~

—

~~August 1, 2017 through August 31, 2017~~

—

~~September 1, 2017 through September 30, 2017~~

—

~~Total~~

—


~~(1)~~	~~Amount includes commissions paid.~~

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information.

~~None.~~Disclosure Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act

Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 and Section 13(r) of the Exchange Act, require an issuer to disclose in its annual and quarterly reports whether it or any of its affiliates have knowingly engaged in specified activities or transactions relating to Iran. We are required to include certain disclosures in our periodic reports if we or any of our “affiliates” (as defined in Rule 12b-2 under the Exchange Act) knowingly engaged in certain specified activities, transactions or dealings relating to Iran or with certain individuals or entities targeted by United States' economic sanctions during the period covered by the report. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable law. Neither we nor any of our controlled affiliates or subsidiaries knowingly engaged in any of the specified activities relating to Iran or otherwise engaged in any activities associated with Iran during the reporting period. However, because the SEC defines the term “affiliate” broadly, it includes any person or entity that is under common control with us as well as any entity that controls us or is controlled by us. The description that follows has been provided to us by Ares Management.

On January 31 2019, funds and accounts managed by Ares Management’s European direct lending strategy (together, the “Ares funds”) collectively acquired a 32% equity stake in Daisy Group Limited (“Daisy”). Daisy is a provider of communication services to businesses based in the United Kingdom. The Ares funds do not hold a majority equity interest in Daisy and do not have the right to appoint a majority of directors to Daisy’s board of directors.

Subsequent to completion of the Ares funds’ investment in Daisy, in connection with Ares’ routine quarterly survey of its investment funds’ portfolio companies, Daisy informed the Ares funds that it has customer contracts with Melli Bank Plc, Persia International Bank Plc and Bank Saderat PLC. Melli Bank Plc, Persia International Bank Plc and Bank Saderat PLC have been designated by the Office of Foreign Assets Control within the U.S. Department of Treasury pursuant to Executive Order 13324. Daisy generated a total of £84,806 in annual revenues (less than 0.02% of Daisy’s annual revenues) from its dealings with Melli Bank Plc, Persia International Bank Plc and Bank Saderat PLC and de minimis net profits. Daisy entered

160

into the customer contracts with Melli Bank Plc, Persia International Bank Plc and Bank Saderat PLC prior to the Ares funds’ investment in Daisy.

Daisy has given notice of termination of the contracts to Melli Bank Plc, Persia International Bank Plc and Bank Saderat PLC. Following termination of the contracts, Daisy does not intend to engage in any further dealings or transactions with Melli Bank Plc, Persia International Bank Plc or Bank Saderat PLC.

Item 6. Exhibits.

EXHIBIT INDEX



Exhibit Number			Description
3.1			Articles of Amendment and Restatement, as amended(1)
3.2			~~Second~~Third Amended and Restated Bylaws, as amended(2)
~~4.1~~			~~Seventh Supplemental Indenture, dated as of August 10, 2017, relating to the 3.500% Notes due 2023, between the Company and U.S. Bank National Association, as trustee(3)~~





~~4.2~~		~~Form of 3.500% Notes due 2023(3)~~
~~10.1~~	Omnibus Amendment No. 4, dated as of August 24, 2017, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012)(4)
31.1		Certification by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2			Certification by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1			Certification by Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

________________________________________


*	~~Filed herewith~~


~~(1)~~	~~Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2016, filed on February 22, 2017.~~


~~(2)~~	~~Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended June 30, 2010, filed on August 5, 2010.~~


~~(3)~~	~~Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company’s Form 8-K (File No. 814-00663), filed on August 10, 2017.~~


~~(4)~~	~~Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on August 28, 2017.~~

* Filed herewith

(1)Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q (File No. 814-00663), for the quarter ended September 30, 2020, filed on October 27, 2020.

(2)Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2018, filed on February 12, 2019.

161

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



			ARES CAPITAL CORPORATION


Date: ~~November 2, 2017~~October 26, 2021			By	/s/ R. ~~Kipp deVeer~~KIPP DEVEER
				R. Kipp deVeer Chief Executive Officer

Date: ~~November 2, 2017~~October 26, 2021			By	/s/ ~~Penni~~PENNI F. ~~Roll~~ROLL
				Penni F. Roll Chief Financial Officer

Date: October 26, 2021			By	/s/ SCOTT C. LEM

~~Date: November 2, 2017~~	By	~~/s/ Scott C. Lem~~
		Scott C. Lem Chief Accounting Officer, Vice President and Treasurer

~~142~~162



Maryland						33-1089684
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification Number)


Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, $0.001 par value	ARCC	NASDAQ Global Select Market



Large accelerated filer x						Accelerated filer o
Non-accelerated filer o						Smaller reporting company o
~~(Do not check if a smaller reporting company)~~
Emerging growth company o



Class						Outstanding at October 26, ~~2017~~2021
Common stock, $0.001 par value						~~426,299,165~~460,753,939



Part I.			Financial Information

Item 1.			Financial Statements

			Consolidated Balance Sheet as of September 30, ~~2017~~2021 (unaudited) and December 31, ~~2016~~2020	3

			Consolidated Statement of Operations for the three and nine months ended ~~September~~Sep tember 30, ~~2017~~2021 and ~~2016~~2020 (unaudited)	4

			Consolidated Schedule of Investments as of September 30, ~~2017~~2021 (unaudited) and December 31, ~~2016~~2020	5

			Consolidated Statement of Stockholders’ Equity for the three and nine months ended September 30, ~~2017~~2021 (unaudited) and the year ended December 31, 2020	6986

			Consolidated Statement of Cash Flows for the nine months ended September 30 ~~2017~~, 2021 and ~~2016~~2020 (unaudited)	7087

			Notes to Consolidated Financial Statements (unaudited)	7188

Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations	~~109~~126

Item 3.			Quantitative and Qualitative Disclosures About Market Risk	~~137~~155

Item 4.			Controls and Procedures	~~138~~157

Part II.			Other Information

Item 1.			Legal Proceedings	~~138~~158

Item 1A.			Risk Factors	~~138~~158

Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds	~~138~~159

Item 3.			Defaults Upon Senior Securities	~~140~~160

Item 4.			Mine Safety Disclosures	160

Item 4.5.			Other Information	~~Mine Safety Disclosures~~160	~~140~~

Item 5.6.			Exhibits	~~Other Information~~161	~~140~~

~~Item 6.~~	~~Exhibits~~	~~140~~



(in millions) Company	Purchases (cost)		Redemptions (cost)		Sales (cost)		Interest income		Capital structuring service fees		Dividend income		Other income		Net realized gains (losses)		Net unrealized gains (losses)
Campus Management Acquisition Corp.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(3.0	)
Crown Health Care Laundry Services, LLC and Crown Laundry Holdings, LLC	$	7.0	$	0.8	$	—	$	0.7	$	0.1	$	—	$	0.2	$	—	$	0.5
ESCP PPG Holdings, LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(1.1	)
Financial Asset Management Systems, Inc. and FAMS Holdings, Inc.	$	3.0	$	3.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Ioxus, Inc	$	—	$	—	$	—	$	1.0	$	—	$	—	$	—	$	—	$	(0.1	)
Multi-Ad Services, Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0.1	$	—
Petroflow Energy Corporation and TexOak Petro Holdings LLC	$	—	$	2.6	$	1.8	$	0.3	$	—	$	—	$	—	$	0.2	$	(5.3	)
PIH Corporation and Primrose Holding Corporation	$	17.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2.6
Shock Doctor, Inc. and Shock Doctor Holdings, LLC	$	—	$	—	$	—	$	7.9	$	—	$	—	$	—	$	—	$	(8.9	)
Things Remembered, Inc. and TRM Holdco Corp.	$	4.3	$	2.5	$	0.2	$	0.1	$	—	$	—	$	0.1	$	—	$	(1.5	)
UL Holding Co., LLC	$	—	$	—	$	—	$	2.4	$	—	$	—	$	—	$	—	$	6.4



(in millions) Portfolio Company	Total revolving and delayed draw loan commitments		Less: drawn commitments			Total undrawn commitments		Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions		Total net adjusted undrawn revolving and delayed draw commitments
A.U.L. Corp.	$	1.3	$	—		$	1.3	$	—		$	—	$	1.3
Accruent, LLC	38.0		—			38.0		—			—		38.0
Achilles Acquisition LLC	2.3		—			2.3		—			—		2.3
Acrisure, LLC	9.4		—			9.4		—			—		9.4
ADCS Clinics Intermediate Holdings, LLC	5.0		(4.8		)	0.2		—			—		0.2
ADF Pizza I LLC	1.3		—			1.3		—			—		1.3
ADG, LLC	13.7		(10.9		)	2.8		—			—		2.8
Alcami Holdings LLC	30.0		(23.6		)	6.4		—			—		6.4
Alita Care, LLC	5.0		(1.3		)	3.7		—			—		3.7
AMZ Holding Corp.	3.4		—			3.4		—			—		3.4
Benihana, Inc.	3.2		(3.1		)	0.1		—			—		0.1
BeyondTrust Software, Inc.	2.8		—			2.8		—			—		2.8
CCS Intermediate Holdings, LLC	7.5		(6.4		)	1.1		—			—		1.1
Chariot Acquisition, LLC	1.0		—			1.0		—			—		1.0
Ciena Capital LLC	20.0		(14.0		)	6.0		(6.0		)	—		—
Clearwater Analytics, LLC	5.0		(0.5		)	4.5		—			—		4.5
Command Alkon Incorporated	2.9		—			2.9		—			—		2.9
Component Hardware Group, Inc.	3.7		(1.9		)	1.8		—			—		1.8
Convergint Technologies LLC	8.0		—			8.0		—			—		8.0
Cozzini Bros., Inc.	19.1		—			19.1		—			—		19.1
Crown Health Care Laundry Services, Inc.	10.0		(0.6		)	9.4		—			—		9.4
CST Buyer Company	4.2		—			4.2		—			—		4.2
D4C Dental Brands, Inc.	5.0		(2.5		)	2.5		—			—		2.5
DCA Investment Holding, LLC	5.8		(2.9		)	2.9		—			—		2.9
DecoPac, Inc.	8.1		(1.6		)	6.5		—			—		6.5
DFC Global Facility Borrower II LLC	43.6		—			43.6		—			—		43.6
Dorner Holding Corp.	3.3		(1.5		)	1.8		—			—		1.8
DTI Holdco, Inc. and OPE DTI Holdings, Inc.	8.8		—			8.8		—			—		8.8
Eckler Industries, Inc.	4.0		(2.0		)	2.0		(2.0		)	—		—
Emergency Communication Network, LLC	6.5		—			6.5		—			—		6.5
Emerus Holdings, Inc.	2.0		(0.3		)	1.7		—			—		1.7
EN Engineering, L.L.C.	5.0		(1.2		)	3.8		—			—		3.8
Entertainment Partners, LLC	28.0		—			28.0		—			—		28.0
Faction Holdings, Inc.	2.0		(1.0		)	1.0		—			—		1.0
FPI Holding Corporation	2.6		—			2.6		—			—		2.6
Frontline Technologies Group Holding LLC	11.8		—			11.8		—			—		11.8
FWR Holding Corporation	3.5		(0.6		)	2.9		—			—		2.9
Galls, LLC	1.0		—			1.0		—			—		1.0
Garden Fresh Restaurant Corp.	7.5		(3.7		)	3.8		—			—		3.8
Gentle Communications, LLC	5.0		—			5.0		—			—		5.0
Global Franchise Group, LLC	1.2		—			1.2		—			—		1.2



Total capital funded to the SSLP(1)	$	3,819
Total capital funded to the SSLP by the Company(1)	$	2,004
Total unfunded capital commitments to the SSLP(2)	$	50
Total unfunded capital commitments to the SSLP by the Company(2)	$	7



Total first lien senior secured loans(1)	$	3,360
Largest loan to a single borrower(1)	$	260
Total of five largest loans to borrowers(1)	$	1,257
Number of borrowers in the SSLP	19
Commitments to fund delayed draw loans(2)	$	50



	As of December 31, 2016
Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities			Amount Offset in the Balance Sheet		Balance Sheet Location of Net Amounts
Foreign currency forward contract	€	2	1/5/2017	$	3	$	(3	)	$	—	Other Assets
Total				$	3	$	(3	)	$	—



	As of and For the Three Months Ended September 30, 2017
Balance as of June 30, 2017	$	11,476
Net realized gains	48
Net unrealized losses	(47		)
Purchases	2,965
Sales	(2,401		)
Redemptions	(629		)
Payment-in-kind interest and dividends	20
Net accretion of discount on securities	2
Net transfers in and/or out of Level 3	—
Balance as of September 30, 2017	$	11,434



	As of and For the Nine Months Ended September 30, 2017
Balance as of December 31, 2016	$	8,813
Net realized gains	173
Net unrealized losses	(74		)
Investments acquired as part of the American Capital Acquisition	2,527
Purchases	5,758
Sales	(3,390		)
Redemptions	(2,437		)
Payment-in-kind interest and dividends	57
Net accretion of discount on securities	7
Net transfers in and/or out of Level 3	—
Balance as of September 30, 2017	$	11,434



	As of and For the Three Months Ended September 30, 2016
Balance as of June 30, 2016	$	8,893
Net realized gains	21
Net unrealized losses	(43		)
Purchases	1,378
Sales	(920		)
Redemptions	(545		)
Payment-in-kind interest and dividends	12
Net accretion of discount on securities	2
Net transfers in and/or out of Level 3	—
Balance as of September 30, 2016	$	8,798



	As of and For the Nine Months Ended September 30, 2016
Balance as of December 31, 2015	$	9,045
Net realized gains	75
Net unrealized losses	(22		)
Purchases	2,388
Sales	(1,208		)
Redemptions	(1,510		)
Payment-in-kind interest and dividends	32
Net accretion of discount on securities	4
Net transfers in and/or out of Level 3	(6		)
Balance as of September 30, 2016	$	8,798



Common stock issued by the Company	$	1,839
Cash consideration paid by the Company	1,502
Deemed contribution from Ares Capital Management	54
Total purchase price	$	3,395
Assets acquired:
Investments(1)	$	2,543
Cash and cash equivalents	961
Other assets(2)	117
Total assets acquired	$	3,621
Liabilities assumed(3)	(226		)
Net assets acquired	$	3,395



Receivable for open trades	$	45
Escrows receivable	41
Interest receivable	9
Other assets	22
Total	$	117



Severance and other payroll related	$	95
Lease abandonments	55
Long term incentive plan (see Note 12)	31
Escrows payable	25
Other liabilities	20
Total	$	226



(in millions) Portfolio Company	Net Realized Gains (Losses)
Bellotto Holdings Limited	$	58
EDS Group	3
Senior Secured Loan Fund LLC	(18		)
Other, net	(1		)
Total	$	42



(in millions) Portfolio Company	Net Realized Gains (Losses)
Napa Management Services Corporation	$	16
UL Holding Co., LLC	12
Physiotherapy Associates Holdings, Inc.	8
Netsmart Technologies, Inc.	8
AllBridge Financial, LLC	6
Lakeland Tours, LLC	5
WorldPay Group PLC	4
Primexx Energy Corporation	4
MedAssets, Inc.	3
The Greeley Company, Inc. and HCP Acquisition Holdings, LLC	3
Crescent Hotels & Resorts, LLC and affiliates	3
LM Acquisition Holdings, LLC	2
Q9 Holdings Inc.	(9		)
Other, net	14
Total, net	$	79



(in millions) Portfolio Company	Net Unrealized Appreciation (Depreciation)
Alcami Holdings, LLC	$	64
CCS Intermediate Holdings, LLC	13
Cadence Aerospace, LLC	6
UL Holding Co., LLC	4
NECCO Holdings, Inc.	(3		)
ADG, LLC	(3		)
ECI Purchaser Company, LLC	(4		)
FastMed Holdings I, LLC	(4		)
Indra Holdings Corp.	(5		)
PERC Holdings 1 LLC	(5		)
New Trident Holdcorp, Inc.	(6		)
Shock Doctor, Inc.	(7		)
Ivy Hill Asset Management, L.P.	(8		)
Singer Sewing Company	(9		)
Instituto de Banca y Comercio, Inc.	(15		)
Other, net	(30		)
Total	$	(12	)



(in millions) Portfolio Company	Net Unrealized Appreciation (Depreciation)
The Step2 Company, LLC	$	24
Competitor Group, Inc.	5
Ciena Capital LLC	2
Ivy Hill Asset Management, L.P.	2
UL Holding Co., LLC	2
Absolute Dental Management LLC	(2		)
Garden Fresh Restaurant Cop.	(2		)
Indra Holdings Corp.	(2		)
Community Education Centers, Inc.	(3		)
FastMed Holdings I, LLC	(3		)
CCS Intermediate Holdings, LLC	(7		)
10th Street, LLC and New 10th Street, LLC	(7		)
ADF Capital, Inc.	(10		)
Instituto de Banca y Comercio, Inc.	(17		)
Infilaw Holding, LLC	(34		)
Other, net	6
Total	$	(46	)



Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2017 through January 31, 2017	236,941	$	16.46	—	$	—
February 1, 2017 through February 28, 2017	—	—		—	—
March 1, 2017 through March 31, 2017	—	—		—	—
April 1, 2017 through April 30, 2017	—	—		—	—
May 1, 2017 through May 31, 2017	—	—		—	—
June 1, 2017 through June 30, 2017	—	—		—	—
July 1, 2017 through July 31, 2017	612,744	16.53		—	—
August 1, 2017 through August 31, 2017	—	—		—	—
September 1, 2017 through September 30, 2017	—	—		—	—
Total	849,685	$	16.51	—	$	—