10-Q 1 arccq1-2110q.htm 10-Q Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021

OR

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____         

Commission File No. 814-00663 
ARES CAPITAL CORPORATION
(Exact name of Registrant as specified in its charter) 
Maryland 33-1089684
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)

245 Park Avenue, 44th Floor, New York, NY 10167
(Address of principal executive office)   (Zip Code)
(212) 750-7300
(Registrant’s telephone number, including area code)
____________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common stock, $0.001 par valueARCCNASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:   Yes  ý  No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes o No o

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at April 28, 2021
Common stock, $0.001 par value 437,358,519



ARES CAPITAL CORPORATION
 
INDEX
 
Part I.Financial Information 
   
Item 1.
Financial Statements
 
 
   
 
   
 
   
 
   
 
   
 
   
Item 2.
   
Item 3.
   
Item 4.
   
Part II.
 
   
Item 1.
   
Item 1A.
   
Item 2.
   
Item 3.
Item 4.
   
Item 5.
   
Item 6.



PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

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

 As of
 March 31, 2021December 31, 2020
(unaudited) 
ASSETS
Investments at fair value  
Non-controlled/non-affiliate company investments$12,772 $12,780 
Non-controlled affiliate company investments265 296 
Controlled affiliate company investments2,392 2,439 
Total investments at fair value (amortized cost of $15,628 and $15,914, respectively)15,429 15,515 
Cash and cash equivalents337 254 
Restricted cash19 72 
Interest receivable98 112 
Other assets100 94 
Operating lease right-of-use asset36 38 
Receivable from participants— 38 
Receivable for open trades73 
Total assets$16,021 $16,196 
LIABILITIES
Debt$8,005 $8,491 
Payable to participants19 72 
Base management fees payable58 56 
Income based fees payable46 140 
Capital gains incentive fees payable42 — 
Interest and facility fees payable47 83 
Accounts payable and other liabilities97 113 
Payable for open trades19 
Operating lease liabilities56 59 
Total liabilities8,389 9,020 
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 600 common shares authorized; 437 and 423 common shares issued and outstanding, respectively— — 
Capital in excess of par value7,914 7,656 
Accumulated overdistributed earnings(282)(480)
Total stockholders’ equity7,632 7,176 
Total liabilities and stockholders’ equity$16,021 $16,196 
NET ASSETS PER SHARE$17.45 $16.97 

See accompanying notes to consolidated financial statements.

3

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

 For the Three Months Ended March 31,
 20212020
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income from investments (excluding payment-in-kind (“PIK”) interest income)$206 $235 
PIK interest income from investments26 19 
Capital structuring service fees38 27 
Dividend income24 18 
Other income
Total investment income from non-controlled/non-affiliate company investments303 305 
From non-controlled affiliate company investments:
Interest income from investments (excluding PIK interest income)
PIK interest income from investments
Capital structuring service fees— 
Dividend income— — 
Other income— 
Total investment income from non-controlled affiliate company investments
From controlled affiliate company investments:
Interest income from investments (excluding PIK interest income)45 37 
PIK interest income from investments
Capital structuring service fees— — 
Dividend income28 18 
Other income
Total investment income from controlled affiliate company investments83 59 
Total investment income390 369 
EXPENSES:
Interest and credit facility fees86 82 
Base management fees58 55 
Income based fees46 44 
Capital gains incentive fees 42 (58)
Administrative fees
Other general and administrative
Total expenses241 132 
NET INVESTMENT INCOME BEFORE INCOME TAXES149 237 
Income tax expense, including excise tax
NET INVESTMENT INCOME144 234 
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments35 46 
Non-controlled affiliate company investments11 (7)
Controlled affiliate company investments21 (4)
Foreign currency and other transactions(8)(1)
Net realized gains59 34 
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments164 (740)
Non-controlled affiliate company investments(18)
Controlled affiliate company investments33 (131)
Foreign currency and other transactions
Net unrealized gains (losses)213 (880)
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions272 (846)
REALIZED LOSS ON EXTINGUISHMENT OF DEBT(43)— 
NET INCREASE (DECREASE) IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS$373 $(612)
BASIC AND DILUTED NET INCOME PER COMMON SHARE (see Note 10)$0.87 $(1.42)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)429 430 

See accompanying notes to consolidated financial statements.

4

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)

Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Software & Services
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (16)Payment processing solution providerFirst lien senior secured loan ($64.5 par due 3/2026)6.25% (Libor + 5.00%/Q)2/28/2020$64.5 $64.5 (2)(12)
First lien senior secured loan ($6.5 par due 3/2026)6.25% (Libor + 5.00%/Q)1/29/20216.5 6.5 (2)(12)
Senior subordinated loan ($24.9 par due 2/2028)12.75% PIK2/28/202024.9 24.9 (2)
95.9 95.9 
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (16)Provider of intellectual property management lifecycle softwareFirst lien senior secured loan ($4.9 par due 4/2026)5.50% (Euribor + 5.50%/Q)4/10/20194.7 4.9 
Limited partnership units (4,400,000 units)6/13/20195.0 8.7 (2)(6)
9.7 13.6 
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(16)Aircraft performance software providerFirst lien senior secured loan ($12.8 par due 1/2025)6.75% (Libor + 5.25%/Q)1/3/202012.8 12.8 (2)(12)
First lien senior secured loan ($0.8 par due 1/2025)6.75% (Libor + 5.25%/Q)1/3/20200.8 0.8 (2)(12)
Class A membership units (9,750,000 units)1/3/20209.8 13.5 (2)
23.4 27.1 
Apptio, Inc. (16)Provider of cloud-based technology business management solutionsFirst lien senior secured revolving loan ($1.7 par due 1/2025)8.25% (Libor + 7.25%/Q)1/10/20191.7 1.7 (2)(12)
First lien senior secured loan ($62.2 par due 1/2025)8.25% (Libor + 7.25%/Q)1/10/201962.2 62.2 (12)
63.9 63.9 
Banyan Software Holdings, LLC (16)Vertical software businesses holding companyFirst lien senior secured loan ($18.5 par due 10/2026)8.50% (Libor + 7.50%/Q)10/30/202018.5 18.3 (2)(12)
Blue Campaigns Intermediate Holding Corp. and Elevate Parent, Inc. (dba EveryAction) (16)Provider of fundraising and organizing efforts and digital services to non-profits and political campaignsFirst lien senior secured revolving loan8/20/2018— — (14)
First lien senior secured loan ($46.9 par due 8/2023)8.50% (Libor + 6.75%/Q)8/20/201846.9 46.9 (12)
Series A preferred stock (150,000 shares)9/26/20181.5 2.4 (2)
48.4 49.3 
CallMiner, Inc. Provider of cloud-based conversational analytics solutionsWarrant to purchase up to 2,350,636 shares of Series 1 preferred stock (expires 7/2024)7/23/2014— — (2)
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (16)Provider of software and technology-enabled content and analytical solutions to insurance brokersSecond lien senior secured loan ($48.1 par due 11/2028)8.50% (Libor + 7.75%/Q)11/12/202048.1 47.2 (2)(12)
Series A-2 preferred shares (8,963 shares)11.25% PIK (Libor + 11.00%/Q)12/23/20209.2 9.3 (2)
Series A preferred shares (24,898 shares)11.21% PIK (Libor + 11.00%/Q)11/12/202026.0 25.8 (2)
83.3 82.3 
Clearwater Analytics, LLC (16)Provider of integrated cloud-based investment portfolio management, accounting, reporting and analytics softwareFirst lien senior secured loan ($45.8 par due 10/2025)7.25% (Libor + 6.25%/Q)10/19/202045.8 45.8 (2)(12)
Cority Software Inc., IQS, Inc. and Project Falcon Parent, Inc. (16)Provider of environmental, health and safety software to track compliance dataFirst lien senior secured loan ($6.4 par due 7/2026)6.25% (Libor + 5.25%/Q)7/2/20196.4 6.4 (2)(6)(12)
First lien senior secured loan ($4.4 par due 7/2026)6.25% (Libor + 5.25%/Q)10/15/20194.4 4.4 (2)(6)(12)
First lien senior secured loan ($1.1 par due 7/2026)8.25% (Libor + 7.25%/Q)9/3/20201.1 1.1 (2)(6)(12)
Preferred equity (198 shares)9.00% PIK7/2/20190.2 0.2 (2)(6)
Common equity (190,143 shares)7/2/2019— 0.2 (2)(6)
12.1 12.3 
5

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)
Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Datix Bidco Limited Global healthcare software company that provides software solutions for patient safety and risk managementFirst lien senior secured loan ($0.1 par due 4/2025)4.74% (Libor + 4.50%/Q)10/7/20190.1 0.1 (2)(6)
Diligent Corporation and Diligent Preferred Issuer, Inc. (16)Provider of secure SaaS solutions for board and leadership team documentsFirst lien senior secured revolving loan8/4/2020— — (14)
First lien senior secured loan ($33.3 par due 8/2025)7.25% (Libor + 6.25%/Q)8/4/202032.6 33.3 (12)
First lien senior secured loan ($9.0 par due 8/2025)6.75% (Libor + 5.75%/Q)3/4/20219.0 9.0 (2)(12)
41.6 42.3 
Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc. SaaS based business analytics company focused on oil and gas industrySecond lien senior secured loan ($25.0 par due 7/2026)8.36% (Libor + 8.25%/Q)2/11/202025.0 25.0 (2)
Preferred stock (29.53 shares)13.50% PIK2/11/202033.4 34.4 (2)
58.4 59.4 
DS Admiral Bidco, LLC (16)Tax return software provider for government institutionsFirst lien senior secured revolving loan ($0.8 par due 3/2026)6.75% (Libor + 5.75%/Q)3/16/20210.7 0.7 (2)(12)
First lien senior secured loan ($25.8 par due 3/2028)6.75% (Libor + 5.75%/Q)3/16/202125.0 25.6 (2)(12)
25.7 26.3 
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (16)SaaS based supply chain management software provider focused on chemical marketsFirst lien senior secured revolving loan ($3.0 par due 9/2025)7.00% (Libor + 6.00%/Q)9/18/20193.0 3.0 (2)(12)
First lien senior secured loan ($14.9 par due 9/2025)7.00% (Libor + 6.00%/Q)12/15/202014.9 14.9 (2)(12)
First lien senior secured loan ($50.9 par due 9/2025)7.00% (Libor + 6.00%/Q)9/18/201950.9 50.9 (2)(12)
First lien senior secured loan ($11.5 par due 9/2025)7.00% (Libor + 6.00%/Q)9/18/201911.5 11.5 (2)(12)
First lien senior secured loan ($5.7 par due 9/2025)7.00% (Libor + 6.00%/Q)12/15/20205.7 5.7 (2)(12)
Preferred equity (4,599 shares)9/18/20194.6 5.9 
90.6 91.9 
EP Purchaser, LLC., Entertainment Partners Canada ULC and TPG VIII EP Co-Invest II, L.P. (16)Provider of entertainment workforce and production management solutionsFirst lien senior secured loan ($29.1 par due 5/2026)6.45% (Libor + 6.25%/Q)5/10/201929.1 27.4 
First lien senior secured loan ($20.5 par due 5/2026)6.50% (Libor + 6.25%/Q)5/10/201920.5 19.3 (2)(9)
First lien senior secured loan ($10.7 par due 5/2026)6.45% (Libor + 6.25%/Q)5/10/201910.7 10.0 (2)(6)
First lien senior secured loan ($4.1 par due 5/2026)6.45% (Libor + 6.25%/Q)5/10/20194.1 3.8 (2)(6)(9)
Partnership units (5,034,483 units)5/10/20195.0 5.8 (2)
69.4 66.3 
Episerver Inc. and Goldcup 17308 AB (16)Provider of web content management and digital commerce solutionsFirst lien senior secured loan ($6.3 par due 10/2024)6.00% (Euribor + 6.00%/Q)3/22/20196.0 6.3 (2)(6)
First lien senior secured loan ($27.1 par due 10/2024)6.75% (Libor + 5.75%/Q)10/9/201827.1 27.1 (2)(6)(12)
33.1 33.4 
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (16)Provider of mission-critical, software-enabled clinical research solutionsSecond lien senior secured loan ($19.9 par due 2/2028)8.50% (Libor + 8.00%/M)2/4/202019.5 19.9 (2)(12)
Limited partnership interest (3,300,000 shares)1/31/20203.7 3.9 (2)(6)
23.2 23.8 
First Insight, Inc. Software company providing merchandising and pricing solutions to companies worldwideWarrant to purchase up to 122,827 units of Series C preferred stock (expires 3/2024)3/20/2014— — (2)
FM: Systems Group LLC (16)Provider of facilities and space management software solutionsFirst lien senior secured loan ($3.2 par due 12/2024)7.50% (Libor + 6.50%/Q)12/2/20193.2 3.2 (2)(12)
Forescout Technologies, Inc. (16)Network access control solutions providerFirst lien senior secured loan ($17.4 par due 8/2026)10.50% PIK (Libor + 9.50%/Q)8/17/202017.1 17.4 (2)(12)
6

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)
Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
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 organizationsFirst lien senior secured loan ($17.3 par due 9/2023)6.75% (Libor + 5.75%/Q)12/30/202017.3 17.3 (2)(12)
Class A preferred units (4,574 units)9.00% PIK9/18/20175.7 6.3 
Class B common units (499,050 units)9/18/2017— 4.0 
23.0 27.6 
Genesis Acquisition Co. and Genesis Holding Co. (16)Child care management software and services providerFirst lien senior secured revolving loan ($1.5 par due 7/2024)4.20% (Libor + 4.00%/Q)7/31/20181.5 1.4 (2)
First lien senior secured loan ($0.2 par due 7/2024)4.20% (Libor + 4.00%/Q)7/31/20180.2 0.2 (2)
Second lien senior secured loan ($25.8 par due 7/2025)7.74% (Libor + 7.50%/Q)7/31/201825.8 24.0 (2)
Second lien senior secured loan ($6.6 par due 7/2025)7.74% (Libor + 7.50%/Q)7/31/20186.6 6.1 (2)
Class A common stock (8 shares)7/31/20180.8 0.6 (2)
34.9 32.3 
GraphPAD Software, LLC (16)Provider of data analysis, statistics, and visualization software solutions for scientific research applicationsFirst lien senior secured loan ($0.5 par due 12/2023)7.00% (Libor + 6.00%/Q)12/21/20170.5 0.5 (2)(12)
GTCR-Ultra Holdings III, LLC and GTCR-Ultra Holdings LLC (16)Provider of payment processing and merchant acquiring solutionsClass B units (2,878,372 units)8/1/2017— — (2)
Help/Systems Holdings, Inc. (16)Provider of IT operations management and cybersecurity softwareFirst lien senior secured loan ($25.9 par due 11/2026)5.75% (Libor + 4.75%/Q)11/22/201925.9 25.9 (2)(12)
IfByPhone Inc. Voice-based marketing automation software providerWarrant to purchase up to 124,300 shares of Series C preferred stock (expires 10/2022)10/15/20120.1 — (2)
Infogix, Inc. and Infogix Parent Corporation (16)Enterprise data analytics and integrity software solutions providerFirst lien senior secured revolving loan ($5.3 par due 4/2024)7.00% (Libor + 6.00%/Q)4/18/20185.3 5.3 (2)(12)
Series A preferred stock (2,475 shares)1/3/20172.6 3.8 
Common stock (1,297,768 shares)1/3/2017— — 
7.9 9.1 
Inmar, Inc.Technology-driven solutions provider for retailers, wholesalers and manufacturersFirst lien senior secured loan ($15.5 par due 5/2024)5.00% (Libor + 4.00%/Q)1/31/201915.0 15.3 (2)(12)
Second lien senior secured loan ($28.3 par due 5/2025)9.00% (Libor + 8.00%/Q)4/25/201728.1 28.3 (2)(12)
43.1 43.6 
Huskies Parent, Inc. (16)Insurance software providerFirst lien senior secured revolving loan ($0.6 par due 7/2024)4.11% (Libor + 4.00%/M)7/18/20190.6 0.6 (2)
Invoice Cloud, Inc. (16)Provider of electronic payment processing solutionsFirst lien senior secured revolving loan2/11/2019— — (14)
First lien senior secured loan ($34.6 par due 2/2024)7.50% (Libor + 3.25% Cash, 3.25% PIK/Q)2/11/201934.6 34.6 (2)(12)
First lien senior secured loan ($14.0 par due 2/2024)7.50% (Libor + 3.25% Cash, 3.25% PIK/Q)2/11/201914.0 14.0 (2)(12)
48.6 48.6 
IV Rollover Holdings, LLC Solar power generation facility developer and operatorClass X units (5,000,000 units)5/31/20172.3 2.2 (2)
Class B units (170,490 units)5/31/2017— — (2)
2.3 2.2 
Majesco and Magic Topco, L.P. (16)Insurance software providerFirst lien senior secured loan ($43.9 par due 9/2027)8.75% (Libor + 7.75%/Q)9/21/202043.9 43.9 (2)(12)
Class A units (2,199 units)9.00% PIK9/21/20202.3 2.3 (2)
Class B units (494,157 units)9/21/2020— 0.4 (2)
7

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)
Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
46.2 46.6 
Ministry Brands, LLC and MB Parent HoldCo, L.P. (dba Community Brands) (16)Software and payment services provider to faith-based institutionsFirst lien senior secured loan ($9.3 par due 12/2022)5.00% (Libor + 4.00%/M)4/6/20179.3 9.3 (2)(12)
First lien senior secured loan ($4.8 par due 12/2022)5.00% (Libor + 4.00%/M)8/22/20174.8 4.8 (2)(12)
Second lien senior secured loan ($90.0 par due 6/2023)10.25% (Libor + 9.25%/M)12/2/201689.7 90.0 (2)(12)
Second lien senior secured loan ($16.6 par due 6/2023)10.25% (Libor + 9.25%/M)12/2/201616.6 16.6 (2)(12)
Second lien senior secured loan ($9.2 par due 6/2023)10.25% (Libor + 9.25%/M)4/6/20179.2 9.2 (2)(12)
Second lien senior secured loan ($4.7 par due 6/2023)10.25% (Libor + 9.25%/M)4/6/20174.7 4.7 (2)(12)
Second lien senior secured loan ($17.9 par due 6/2023)10.25% (Libor + 9.25%/M)8/22/201717.9 17.9 (2)(12)
Second lien senior secured loan ($10.3 par due 6/2023)9.00% (Libor + 8.00%/M)4/18/201810.3 10.3 (2)(12)
Second lien senior secured loan ($38.6 par due 6/2023)9.00% (Libor + 8.00%/M)4/18/201838.6 38.6 (2)(12)
Class A units (500,000 units)12/2/20165.0 5.8 (2)
206.1 207.2 
MRI Software LLC (16)Provider of real estate and investment management softwareFirst lien senior secured revolving loan ($0.2 par due 2/2026)6.50% (Libor + 5.50%/Q)2/10/20200.2 0.2 (2)(12)
First lien senior secured loan ($50.2 par due 2/2026)6.50% (Libor + 5.50%/Q)2/10/202050.2 50.2 (2)(12)
First lien senior secured loan ($1.9 par due 2/2026)6.50% PIK (Libor + 5.50%/Q)8/28/20201.9 1.9 (2)(12)
52.3 52.3 
n2y Holding, LLC (16)Developer of cloud-based special education platformFirst lien senior secured revolving loan ($0.0 par due 11/2025)7.00% (Libor + 6.00%/Q)11/15/2019— — (2)(12)
Novetta Solutions, LLC Provider of advanced analytics solutions for the government, defense and commercial industriesFirst lien senior secured loan ($8.4 par due 10/2022)6.00% (Libor + 5.00%/Q)1/3/20178.3 8.4 (2)(12)
Second lien senior secured loan ($31.0 par due 10/2023)9.50% (Libor + 8.50%/Q)1/3/201730.0 31.0 (2)(12)
38.3 39.4 
PayNearMe, Inc. Electronic cash payment system providerWarrant to purchase up to 195,726 shares of Series E preferred stock (expires 3/2023)3/11/20160.2 — (2)
PaySimple, Inc. (16)Provider of business management solutionsFirst lien senior secured loan ($49.7 par due 8/2025)5.61% (Libor + 5.50%/M)9/23/202049.7 49.2 (2)
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (16)Provider of enterprise management software for the convenience retail and petroleum wholesale marketFirst lien senior secured loan ($53.9 par due 10/2024)5.50% (Libor + 4.50%/Q)3/19/201953.9 53.9 (2)(12)
Second lien senior secured loan ($70.1 par due 10/2025)9.50% (Libor + 8.50%/Q)3/19/201970.1 70.1 (2)(12)
Second lien senior secured loan ($8.3 par due 10/2025)9.50% (Libor + 8.50%/Q)12/17/20208.3 8.3 (2)(12)
Series A preferred stock (13,656 shares)13.25% PIK3/19/201917.6 17.9 (2)
Class A units (2,062,493 units)3/19/20192.1 2.6 (2)
152.0 152.8 
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (16)Provider of plant maintenance and scheduling softwareFirst lien senior secured loan ($19.9 par due 5/2025)6.75% (Libor + 5.75%/Q)5/29/201919.9 19.9 (2)(12)
First lien senior secured loan ($5.8 par due 5/2025)6.75% (Libor + 5.75%/Q)5/29/20195.8 5.8 (2)(12)
8

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)
Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
First lien senior secured loan ($5.8 par due 5/2025)7.25% (Libor + 6.25%/Q)6/24/20205.8 5.8 (2)(12)
First lien senior secured loan ($48.5 par due 5/2025)7.25% (Libor + 6.25%/Q)10/16/202048.5 48.5 (2)(12)
First lien senior secured loan ($1.8 par due 5/2025)7.25% (Libor + 6.25%/Q)10/16/20201.8 1.8 (2)(12)
Class A units (5,000 units)5/29/20195.0 9.4 
86.8 91.2 
Perforce Software, Inc. (16)Developer of software used for application developmentFirst lien senior secured revolving loan ($0.1 par due 7/2024)4.61% (Libor + 4.50%/M)7/1/20190.1 0.1 (2)
Poplicus Incorporated Business intelligence and market analytics platform for companies that sell to the public sectorWarrant to purchase up to 2,402,991 shares of Series C preferred stock (expires 6/2025)6/25/20150.1 — (2)
PracticeTek Purchaser, LLC and GSV PracticeTek Holdings, LLC (16)Software provider for medical practitionersFirst lien senior secured loan ($2.1 par due 3/2027)7.00% (Libor + 6.00%/Q)3/31/20212.1 2.1 (2)(12)
First lien senior secured loan ($4.7 par due 3/2027)7.00% (Libor + 6.00%/Q)3/31/20214.7 4.7 (2)(12)
Class A units (2,724,000 units)8.00% PIK3/31/20212.7 2.7 (2)
9.5 9.5 
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (16)Provider of practice management software to law firmsFirst lien senior secured loan ($28.3 par due 3/2027)6.25% (Libor + 5.25%/Q)3/5/202128.3 28.0 (2)(12)
Limited partnership units (1,624,000 units)3/5/20211.6 1.6 (2)
29.9 29.6 
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc. Provider of data visualization software for data analyticsClass A common stock (7,445 shares)8/22/20167.4 10.8 (2)
Class B common stock (1,841,609 shares)8/22/20160.10.1(2)
7.5 10.9 
Project Potter Buyer, LLC and Project Potter Parent, L.P. (16)Software solutions provider to the ready-mix concrete industryFirst lien senior secured revolving loan4/23/2020— — (14)
First lien senior secured loan ($44.4 par due 4/2027)9.25% (Libor + 8.25%/M)4/23/202044.4 44.4 (2)(12)
First lien senior secured loan ($13.0 par due 4/2027)9.25% (Libor + 8.25%/M)10/30/202013.0 13.0 (2)(12)
First lien senior secured loan ($14.6 par due 4/2027)9.25% (Libor + 8.25%/M)11/18/202014.6 14.6 (2)(12)
First lien senior secured loan ($4.9 par due 4/2027)9.25% (Libor + 8.25%/M)11/18/20204.9 4.9 (2)(12)
Class A units (1,599 units)9.00% PIK4/23/20201.7 1.6 (2)
Class B units (588,636 units)4/23/2020— — (2)
78.6 78.5 
QF Holdings, Inc. (16)SaaS based electronic health record software providerFirst lien senior secured loan ($24.4 par due 9/2024)7.50% (Libor + 6.50%/Q)9/19/201924.4 24.4 (2)(12)
First lien senior secured loan ($4.9 par due 9/2024)7.50% (Libor + 6.50%/Q)9/19/20194.9 4.9 (2)(12)
29.3 29.3 
Raptor Technologies, LLC and Rocket Parent, LLC (16)Provider of SaaS-based safety and security software to the K-12 school marketFirst lien senior secured revolving loan ($0.8 par due 12/2023)7.00% (Libor + 6.00%/M)12/17/20180.8 0.8 (2)(12)
First lien senior secured loan ($15.6 par due 12/2024)7.00% (Libor + 6.00%/Q)12/17/201815.6 15.2 (2)(12)
First lien senior secured loan ($5.3 par due 12/2024)7.00% (Libor + 6.00%/Q)12/17/20185.3 5.2 (2)(12)
Class A common units (2,294,000 units)12/17/20182.3 1.8 
24.0 23.0 
Regent Education, Inc. Provider of software solutions designed to optimize the financial aid and enrollment processesWarrant to purchase up to 5,393,194 shares of common stock (expires 12/2026)12/23/2016— — (2)
9

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)
Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
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 (16)Provider of payment processing services and software to healthcare providersFirst lien senior secured loan ($26.5 par due 2/2023)6.25% (Libor + 5.25%/Q)3/14/201926.5 26.5 (2)(12)
RMCF III CIV XXIX, L.P Software provider for clinical trial managementLimited partnership interest (99.90% interest)12/19/20141.0 21.4 (2)
Severin Acquisition, LLC, PeopleAdmin, Inc., Promachos Holding, Inc. and Performance Matters LLC (16)Provider of student information system software solutions to the K-12 education marketFirst lien senior secured revolving loan ($4.3 par due 8/2023)3.38% (Libor + 3.25%/M)8/1/20184.3 4.2 (2)
First lien senior secured loan ($4.0 par due 8/2025)5.50% (Libor + 4.50%/M)11/22/20194.0 4.0 (12)
Second lien senior secured loan ($80.0 par due 8/2026)6.86% (Libor + 6.75%/M)6/12/201879.5 80.0 (2)
87.8 88.2 
Smarsh Inc., MobileGuard, LLC, Actiance, Inc. and Skywalker TopCo, LLC SaaS based communication archival service providerFirst lien senior secured loan ($13.3 par due 11/2025)9.25% (Libor + 8.25%/Q)11/20/202013.3 13.2 (2)(12)
Common units (1,432,835 units)11/20/20204.8 5.0 (2)
18.1 18.2 
SocialFlow, Inc. Social media optimization platform providerWarrant to purchase up to 215,331 shares of Series C preferred stock (expires 1/2026)1/13/2016— — (2)
Sophia, L.P. Provider of ERP software and services for higher education institutionsSecond lien senior secured loan ($105.9 par due 10/2028)9.00% (Libor + 8.00%/Q)10/7/2020105.9 104.9 (2)(12)
SoundCloud Limited Platform for receiving, sending, and distributing musicCommon stock (73,422 shares)8/15/20170.4 0.7 (2)(6)
SpareFoot, LLC (16)PMS solutions and web services for the self-storage industryFirst lien senior secured revolving loan ($1.2 par due 4/2023)6.75% (Base Rate + 3.50%/Q)4/13/20181.2 1.2 (2)(12)(15)
First lien senior secured loan ($1.2 par due 4/2024)6.75% (Base Rate + 3.50%/Q)5/6/20201.2 1.2 (2)(12)
Second lien senior secured loan ($6.1 par due 4/2025)9.75% (Libor + 8.75%/M)4/13/20186.0 6.1 (2)(12)
Second lien senior secured loan ($4.2 par due 4/2025)9.75% (Libor + 8.75%/M)8/31/20184.1 4.2 (2)(12)
Second lien senior secured loan ($2.5 par due 4/2025)9.75% (Libor + 8.75%/M)7/1/20192.5 2.5 (2)(12)
Second lien senior secured loan ($1.3 par due 4/2025)9.75% (Libor + 8.75%/M)7/1/20191.3 1.3 (2)(12)
Second lien senior secured loan ($1.1 par due 4/2025)9.75% (Libor + 8.75%/Q)5/6/20201.1 1.1 (2)(12)
17.4 17.6 
TCP Hawker Intermediate LLC (16)Workforce management solutions providerFirst lien senior secured loan ($6.6 par due 8/2026)6.50% (Libor + 5.50%/Q)12/1/20206.6 6.6 (2)(12)
First lien senior secured loan ($35.1 par due 8/2026)6.50% (Libor + 5.50%/Q)8/30/201935.1 35.1 (2)(12)
First lien senior secured loan ($7.4 par due 8/2026)6.50% (Libor + 5.50%/Q)8/30/20197.4 7.4 (2)(12)
49.1 49.1 
The Ultimate Software Group, Inc. and H&F Unite Partners, L.P. (16)Provider of cloud based HCM solutions for businessesFirst lien senior secured revolving loan5/3/2019— — (6)(14)
Second lien senior secured loan ($136.9 par due 5/2027)8.11% (Libor + 8.00%/M)5/3/2019136.9 136.9 (2)(6)
Limited partnership interests (12,583,556 interests)5/3/201912.6 14.1 (2)(6)
149.5 151.0 
Vela Trading Technologies, LLC (16)Provider of market data software and content to global financial services clientsFirst lien senior secured revolving loan ($3.5 par due 6/2022)9.00% (Libor + 7.75% Cash, 0.25% PIK/Q)2/8/20183.5 3.5 (2)(12)
10

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)
Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
First lien senior secured loan ($4.5 par due 6/2022)11.00% (Libor + 7.50% Cash, 2.50% PIK/Q)4/17/20184.5 4.5 (2)(12)
8.0 8.0 
Verscend Holding Corp. (16)Healthcare analytics solutions providerFirst lien senior secured revolving loan8/27/2018— — (14)
WebPT, Inc. (16)Electronic medical record software providerFirst lien senior secured loan ($48.1 par due 8/2024)7.75% (Libor + 6.75%/Q)8/28/201948.1 48.1 (2)(12)
Wellness AcquisitionCo, Inc. (16)Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industryFirst lien senior secured loan ($18.9 par due 1/2027)6.75% (Libor + 5.75%/Q)1/20/202118.9 18.7 (2)(12)
Zemax Software Holdings, LLC (16)Provider of optical illumination design software to design engineersFirst lien senior secured revolving loan ($2.0 par due 6/2024)8.00% (Base Rate + 4.75%/Q)6/25/20182.0 2.0 (2)(12)
First lien senior secured loan ($16.6 par due 6/2024)6.75% (Libor + 5.75%/Q)6/25/201816.6 16.6 (2)(12)
18.6 18.6 
2,310.2 2,353.6 30.83 %
Health Care Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(16)Dental services providerFirst lien senior secured loan ($9.5 par due 9/2022)11.00% PIK (Libor + 10.00%/Q)1/5/20169.5 9.5 (2)(12)
First lien senior secured loan ($16.9 par due 9/2022)11.00% PIK (Libor + 10.00%/Q)1/5/201616.9 16.9 (2)(12)
Class A preferred units (14,750,000 units)1/5/20164.7 6.7 (2)
Common units (7,200,000 units)1/5/2016— — (2)
31.1 33.1 
ADCS Billings Intermediate Holdings, LLC (16)Dermatology practiceFirst lien senior secured revolving loan ($4.8 par due 5/2022)6.75% (Libor + 5.75%/Q)5/18/20164.8 4.8 (2)(12)
ADG, LLC and RC IV GEDC Investor LLC (16)Dental services providerFirst lien senior secured revolving loan ($6.8 par due 9/2022)7.50% (Base Rate + 1.50% Cash, 2.75% PIK/M)9/28/20166.8 6.2 (2)(12)
Second lien senior secured loan ($106.2 par due 3/2024)9/28/201689.0 86.0 (2)(11)
Membership units (3,000,000 units)9/28/20163.0 — (2)
98.8 92.2 
Alteon Health, LLC Provider of physician management servicesFirst lien senior secured loan ($2.8 par due 9/2023)7.50% (Libor + 6.50%/Q)5/15/20172.8 2.4 (2)(12)
Athenahealth, Inc., VVC Holding Corp., Virence Intermediate Holding Corp., and Virence Holdings LLC (16)Revenue cycle management provider to the physician practices and acute care hospitalsClass A interests (0.39% interest)2/11/20199.0 17.0 (2)
Bearcat Buyer, Inc. and Bearcat Parent, Inc. (16)Provider of central institutional review boards over clinical trialsSecond lien senior secured loan ($64.2 par due 7/2027)9.25% (Libor + 8.25%/Q)7/9/201964.2 64.2 (2)(12)
Second lien senior secured loan ($5.3 par due 7/2027)9.25% (Libor + 8.25%/Q)7/9/20195.3 5.3 (2)(12)
Second lien senior secured loan ($12.7 par due 7/2027)9.25% (Libor + 8.25%/Q)9/10/201912.7 12.7 (2)(12)
Class B common units (4,211 units)7/9/20194.2 9.2 (2)
86.4 91.4 
CCS-CMGC Holdings, Inc. (16)Correctional facility healthcare operatorFirst lien senior secured revolving loan10/1/2018— — (14)
First lien senior secured loan ($34.2 par due 10/2025)5.61% (Libor + 5.50%/M)9/25/201834.0 33.5 (2)
34.0 33.5 
Center for Autism and Related Disorders, LLC (16)Autism treatment and services provider specializing in applied behavior analysis therapyFirst lien senior secured revolving loan ($7.5 par due 11/2023)4.68% (Libor + 4.50%/Q)11/21/20187.5 7.1 (2)(15)
11

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)
Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Comprehensive EyeCare Partners, LLC (16)Vision care practice management companyFirst lien senior secured revolving loan ($1.3 par due 2/2024)7.00% (Libor + 5.75%/Q)2/14/20181.3 1.3 (2)(12)
First lien senior secured loan ($5.3 par due 2/2024)7.00% (Libor + 5.75%/Q)2/14/20185.3 5.3 (2)(12)
First lien senior secured loan ($1.0 par due 2/2024)8.00% (Base Rate + 4.75%/Q)2/14/20181.0 1.0 (2)(12)
First lien senior secured loan ($2.7 par due 2/2024)7.00% (Libor + 5.75%/Q)2/14/20182.7 2.7 (2)(12)
10.3 10.3 
Convey Health Solutions, Inc. Healthcare workforce management software providerFirst lien senior secured loan ($3.1 par due 9/2026)7.00% (Libor + 6.00%/Q)9/4/20193.1 3.1 (2)(12)
First lien senior secured loan ($2.3 par due 9/2026)10.00% (Libor + 9.00%/B)4/8/20202.3 2.3 (2)(12)
First lien senior secured loan ($11.8 par due 9/2026)7.00% (Libor + 6.00%/Q)2/12/202111.8 11.8 (2)(12)
17.2 17.2 
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (16)Veterinary hospital operatorFirst lien senior secured revolving loan10/31/2019— — (14)
First lien senior secured loan ($53.1 par due 10/2025)6.75% (Libor + 5.75%/Q)10/31/201953.1 53.1 (2)(12)
First lien senior secured loan ($31.3 par due 10/2025)6.75% (Libor + 5.75%/Q)10/31/201931.3 31.3 (2)(12)
Common stock (32,429 shares)10/31/201910.0 13.1 (2)
94.4 97.5 
D4C Dental Brands HoldCo, Inc. and Bambino Group Holdings, LLC Dental services providerClass A preferred units (1,000,000 units)12/21/20161.0 0.4 (2)
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC On-demand supply chain automation solutions provider to the healthcare industrySecond lien senior secured loan ($34.5 par due 6/2025)9.00% (Libor + 8.00%/M)6/30/201734.3 34.8 (2)(12)
Second lien senior secured loan ($55.0 par due 6/2025)9.00% (Libor + 8.00%/M)1/13/202055.0 55.3 (2)(12)
Series A preferred stock (110,425 shares)11.75% PIK (Libor + 10.75%/Q)6/30/2017171.8 171.8 (2)(12)
Class A units (14,013,303 units)6/30/201714.0 16.9 (2)
275.1 278.8 
Global Medical Response, Inc. Emergency air medical services providerSenior subordinated loan ($145.1 par due 3/2026)8.88% (Libor + 7.88%/Q)3/14/2018145.1 145.1 (2)(12)
Warrant to purchase up to 115,733 units of common stock (expires 3/2028)3/14/20180.9 2.1 (2)
146.0 147.2 
HealthEdge Software, Inc. (16)Provider of financial, administrative and clinical software platforms to the healthcare industryFirst lien senior secured revolving loan ($1.3 par due 4/2026)7.25% (Libor + 6.25%/Q)4/9/20201.2 1.3 (2)(12)
First lien senior secured loan ($3.7 par due 4/2026)7.25% (Libor + 6.25%/Q)4/9/20203.7 3.7 (2)(12)
First lien senior secured loan ($10.7 par due 4/2026)7.25% (Libor + 6.25%/Q)4/9/202010.7 10.7 (2)(12)
First lien senior secured loan ($47.5 par due 4/2026)7.25% (Libor + 6.25%/Q)12/16/202047.5 47.5 (2)(12)
63.1 63.2 
JDC Healthcare Management, LLC (16)Dental services providerFirst lien senior secured revolving loan ($3.3 par due 4/2022)4/10/20173.0 2.5 (2)(11)
First lien senior secured loan ($30.6 par due 4/2023)4/10/201727.9 23.5 (2)(11)
First lien senior secured loan ($4.3 par due 4/2023)4/10/20173.9 3.3 (2)(11)
34.8 29.3 
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (16)Provider of behavioral health servicesFirst lien senior secured revolving loan ($0.2 par due 3/2022)6.00% (Libor + 4.00% Cash, 1.00% PIK/Q)3/17/20170.2 0.2 (2)(12)
12

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)
Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
LivaNova USA Inc.Medical device company focused on treating cardiovascular and neurological diseasesFirst lien senior secured loan ($42.5 par due 6/2025)7.50% (Libor + 6.50%/Q)6/10/202042.5 42.5 (12)
MCH Holdings, Inc. and MC Acquisition Holdings I, LLC Healthcare professional providerFirst lien senior secured loan ($112.7 par due 7/2021)8.50% (Libor + 7.00%/M)7/26/2017112.7 112.7 (2)(12)
Class A units (1,438,643 shares)1/17/20141.5 1.2 (2)
114.2 113.9 
Minerva Surgical, Inc. (16)Medical device company focused on women's healthFirst lien senior secured loan ($32.0 par due 12/2022)11.50% (Libor + 3.50% Cash, 6.00% PIK/Q)12/30/201931.3 32.0 (2)(12)
Napa Management Services Corporation and ASP NAPA Holdings, LLC Anesthesia management services providerSecond lien senior secured loan ($72.8 par due 10/2023)12.00% PIK (Libor + 11.00%/Q)4/19/201672.8 67.0 (2)(12)
Senior preferred units (5,320 units)8.00% PIK6/29/20200.3 0.3 (2)
Preferred units (1,842 units)15.00% PIK6/29/20200.1 0.1 (2)
Class A units (25,277 units)4/19/20162.5 0.8 (2)
75.7 68.2 
NMN Holdings III Corp. and NMN Holdings LP (16)Provider of complex rehabilitation technology solutions for patients with mobility lossPartnership units (30,000 units)11/13/20183.0 4.7 (2)
NueHealth Performance, LLC (16)Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centersFirst lien senior secured loan ($11.0 par due 9/2023)8.25% (Libor + 7.25%/M)9/27/201811.0 11.0 (2)(12)
First lien senior secured loan ($1.5 par due 9/2023)8.25% (Libor + 7.25%/M)9/27/20181.5 1.5 (2)(12)
12.5 12.5 
Olympia Acquisition, Inc. and Olympia TopCo, L.P. (16)Behavioral health and special education platform providerFirst lien senior secured revolving loan ($10.1 par due 9/2024)8.50% (Libor + 5.50% Cash, 2.00% PIK/Q)9/24/201910.1 9.3 (2)(12)
First lien senior secured revolving loan ($0.1 par due 9/2024)8.50% (Libor + 5.50% Cash, 2.00% PIK/Q)12/17/20200.1 0.1 (2)(12)
First lien senior secured loan ($42.4 par due 9/2026)8.50% (Libor + 5.50% Cash, 2.00% PIK/M)9/24/201942.4 39.0 (2)(12)
First lien senior secured loan ($0.3 par due 9/2026)8.50% (Libor + 5.50% Cash, 2.00% PIK/M)12/31/20200.3 0.2 (2)(12)
Class A common units (9,549,000 units)9/24/20199.5 3.0 (2)
62.4 51.6 
OMH-HealthEdge Holdings, LLCProvider of financial, administrative and clinical software platforms to the healthcare industryFirst lien senior secured loan ($26.3 par due 10/2025)6.25% (Libor + 5.25%/Q)10/24/201926.3 26.3 (2)(12)
First lien senior secured loan ($15.5 par due 10/2025)6.25% (Libor + 5.25%/Q)3/10/202115.5 15.5 (2)(12)
41.8 41.8 
OneSmile Intermediate, LLC Dental services providerSenior subordinated loan ($8.5 par due 10/2026)8.00% PIK12/1/20208.5 7.2 (2)
OSYS Holdings, LLC Provider of technology-enabled solutions to pharmaciesLimited liability company membership interest (1.57%)11/21/20131.0 0.8 (2)
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (16)Veterinary hospital operatorSecond lien senior secured loan ($76.3 par due 3/2028)8.75% (Libor + 7.75%/M)3/31/202076.3 76.3 (2)(12)
Class R common units (6,004,768 units)3/31/20206.0 9.0 (2)
82.3 85.3 
Performance Health Supply, Inc. Distributor of rehabilitation supplies and equipmentSecond lien senior secured loan ($87.7 par due 8/2023)11.50% PIK (Libor + 10.50%/Q)9/2/201587.1 87.7 (2)(12)
PhyMED Management LLC Provider of anesthesia servicesSecond lien senior secured loan ($51.2 par due 9/2022)13.00% (Libor + 2.50% Cash, 9.50% PIK/Q)12/18/201551.1 51.2 (2)(12)
13

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)
Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (16)Provider of employer-sponsored onsite health and wellness clinics and pharmaciesFirst lien senior secured revolving loan ($12.0 par due 7/2023)3.44% (Libor + 3.25%/Q)7/10/201812.0 12.0 (2)(15)
First lien senior secured loan ($10.7 par due 7/2025)3.70% (Libor + 3.50%/Q)7/10/201810.7 10.7 (2)
Second lien senior secured loan ($67.1 par due 7/2026)7.70% (Libor + 7.50%/Q)7/10/201866.7 67.1 (2)
Class A units (9,775 units)7/10/20189.8 16.2 (2)
99.2 106.0 
Respicardia, Inc. Developer of implantable therapies to improve cardiovascular healthWarrant to purchase up to 99,094 shares of Series C preferred stock (expires 6/2022)6/28/2012— — (2)
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (16)Manufacturer of biologic, metal and synthetic implants/devicesFirst lien senior secured loan ($38.0 par due 7/2026)8.25% (Libor + 6.75%/Q)7/20/202038.0 38.0 (12)
SCSG EA Acquisition Company, Inc. (16)Provider of outsourced clinical services to hospitals and health systemsFirst lien senior secured revolving loan9/1/2017— — (14)
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (16)Outsourced anesthesia providerFirst lien senior secured loan ($12.8 par due 3/2024)5.75% (Libor + 4.75%/Q)3/26/201812.8 10.5 (2)(12)
Common units (684,854 units)3/26/20184.8 — (2)
17.6 10.5 
SM Wellness Holdings, Inc. and SM Holdco, Inc. (16)Breast cancer screening providerFirst lien senior secured loan ($7.0 par due 8/2024)7.00% (Libor + 6.25%/M)8/1/20187.0 7.0 (2)(12)
First lien senior secured loan ($2.0 par due 8/2024)7.00% (Libor + 6.25%/M)9/25/20192.0 2.0 (2)(12)
Series A preferred stock (44,975 shares)10.49% PIK (Libor + 10.25%/Q)8/1/201861.8 61.8 (2)
Series A units (8,041 units)8/1/20188.0 0.1 (2)
Series B units (804,142 units)8/1/2018— 6.4 (2)
78.8 77.3 
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (16)SaaS based healthcare compliance platform providerSecond lien senior secured loan ($53.5 par due 12/2028)8.63% (Libor + 7.88%/Q)12/22/202053.5 52.9 (2)(12)
Series C preferred shares (75,939 shares)11.00% PIK12/22/202078.2 78.2 (2)
131.7 131.1 
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (16)Franchisor of private-pay home care for the elderlyFirst lien senior secured loan ($15.7 par due 4/2024)6.75% (Libor + 5.75%/Q)4/2/201815.7 15.7 (2)(12)
Common units (550 units)4/2/20180.6 0.9 
16.3 16.6 
Teligent, Inc. (16)Pharmaceutical company that develops, manufactures and markets injectable pharmaceutical productsSecond lien senior secured loan ($0.9 par due 12/2022)1/27/20210.9 0.5 (2)(11)
Second lien senior secured loan ($0.5 par due 12/2022)1/27/20210.5 0.3 (2)(10)(11)
Second lien senior secured loan ($46.7 par due 12/2022)12/13/201845.5 28.0 (2)(11)
Second lien senior secured loan ($27.9 par due 12/2022)12/13/201826.9 16.8 (2)(11)
Series D preferred stock (77,725 shares)1/27/2021— — (2)
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)
73.8 45.6 
Touchstone Acquisition, Inc. and Touchstone Holding, L.P.Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-marketsFirst lien senior secured loan ($25.1 par due 11/2025)4.86% (Libor + 4.75%/M)11/15/201825.1 25.1 (2)
First lien senior secured loan ($11.1 par due 11/2025)4.86% (Libor + 4.75%/M)11/15/201811.1 11.1 
14

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2021
(dollar amounts in millions)
(unaudited)
Company(1)Business DescriptionInvestmentInterest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Class A preferred units (2,149 units)8.00% PIK11/15/20182.6 2.6 (2)
38.8 38.8 
U.S. Anesthesia Partners, Inc. Anesthesiology service providerSecond lien senior secured loan ($71.8 par due 6/2025)8.25% (Libor + 7.25%/Q)6/16/201771.2 71.8 (2)(12)
Urgent Cares of America Holdings I, LLC and FastMed Holdings I, LLC Operator of urgent care clinicsPreferred units (7,696,613 units)6/11/20157.7 — 
Series A common units (2,000,000 units)6/11/20152.0 — 
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 practiceFirst lien senior secured loan ($9.6 par due 8/2024)6.00% (Libor + 5.00%/M)8/31/20189.5 9.6 (12)
Limited partnership interests (3.64% interest)8/31/20184.8 4.5 (2)
14.3 14.1 
Veterinary Practice Partners, LLC (16)Veterinary hospital operatorFirst lien senior secured loan ($0.8 par due 1/2027)7.00% (Libor + 6.00%/Q)1/20/20210.8 0.8 (2)(12)
First lien senior secured loan ($23.8 par due 1/2027)7.00% (Libor + 6.00%/Q)1/20/202123.8 23.6 (2)(12)
24.6 24.4 
Project Ruby Ultimate Parent Corp.Provider of care coordination and transition management software solutionsSecond lien senior secured loan ($193.1 par due 3/2029)7.25% (Libor + 6.50%/Q)3/10/2021193.1 191.1 (2)(12)
WSHP FC Acquisition LLC (16)Provider of biospecimen products for pharma researchFirst lien senior secured revolving loan ($3.8 par due 3/2024)7.25% (Libor + 6.25%/Q)3/30/20183.8 3.8 (2)(12)
First lien senior secured loan ($27.8 par due 3/2024)7.25% (Libor + 6.25%/Q)3/30/201827.8 27.8 (2)(12)
First lien senior secured loan ($5.9 par due 3/2024)7.25% (Libor + 6.25%/Q)3/30/20185.9 5.9 (2)(12)
First lien senior secured loan ($4.6 par due 3/2024)7.25% (Libor + 6.25%/Q)2/11/20194.6 4.6 (2)(12)
First lien senior secured loan ($8.6 par due 3/2024)7.25% (Libor + 6.25%/Q)8/30/20198.6 8.6 (2)(12)
First lien senior secured loan ($10.9 par due 3/2024)7.25% (Libor + 6.25%/Q)10/31/201910.9 10.9 (2)(12)
61.6 61.6 
2398.62351.930.81 %
Commercial & Professional Services
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (16)Provider of outsourced crew accommodations and logistics management solutions to the airline industryFirst lien senior secured revolving loan ($4.1 par due 5/2023)10.25% (Libor + 9.25%/Q)5/11/20184.1 3.9 (2)(12)
Class A common units (236,358 units)5/11/20184.3 4.3 
8.4 8.2 
Aero Operating LLC Provider of snow removal and melting service for airports and marine terminalsFirst lien senior secured loan ($36.8 par due 2/2026)8.00% (Libor + 6.50%/M)2/7/202036.8 35.7 (2)(12)
AMCP Clean Intermediate, LLC (16)