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 class Trading symbol Name of each exchange on which registered
Common stock, $0.001 par value ARCC NASDAQ 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
 
 
3
     
 
4
     
 
5
     
 
86
     
 
87
     
 
88
     
Item 2.
125
     
Item 3.
152
     
Item 4.
153
     
Part II.
 
     
Item 1.
154
     
Item 1A.
154
     
Item 2.
156
     
Item 3.
156
Item 4.
156
     
Item 5.
156
     
Item 6.
157



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, 2021 December 31, 2020
(unaudited)  
ASSETS
Investments at fair value    
Non-controlled/non-affiliate company investments $ 12,772  $ 12,780 
Non-controlled affiliate company investments 265  296 
Controlled affiliate company investments 2,392  2,439 
Total investments at fair value (amortized cost of $15,628 and $15,914, respectively) 15,429  15,515 
Cash and cash equivalents 337  254 
Restricted cash 19  72 
Interest receivable 98  112 
Other assets 100  94 
Operating lease right-of-use asset 36  38 
Receivable from participants —  38 
Receivable for open trades 73 
Total assets $ 16,021  $ 16,196 
LIABILITIES
Debt $ 8,005  $ 8,491 
Payable to participants 19  72 
Base management fees payable 58  56 
Income based fees payable 46  140 
Capital gains incentive fees payable 42  — 
Interest and facility fees payable 47  83 
Accounts payable and other liabilities 97  113 
Payable for open trades 19 
Operating lease liabilities 56  59 
Total liabilities 8,389  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 value 7,914  7,656 
Accumulated overdistributed earnings (282) (480)
Total stockholders’ equity 7,632  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,
  2021 2020
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 investments 26  19 
Capital structuring service fees 38  27 
Dividend income 24  18 
Other income
Total investment income from non-controlled/non-affiliate company investments 303  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 income 28  18 
Other income
Total investment income from controlled affiliate company investments 83  59 
Total investment income 390  369 
EXPENSES:
Interest and credit facility fees 86  82 
Base management fees 58  55 
Income based fees 46  44 
Capital gains incentive fees 42  (58)
Administrative fees
Other general and administrative
Total expenses 241  132 
NET INVESTMENT INCOME BEFORE INCOME TAXES 149  237 
Income tax expense, including excise tax
NET INVESTMENT INCOME 144  234 
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments 35  46 
Non-controlled affiliate company investments 11  (7)
Controlled affiliate company investments 21  (4)
Foreign currency and other transactions (8) (1)
Net realized gains 59  34 
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments 164  (740)
Non-controlled affiliate company investments (18)
Controlled affiliate company investments 33  (131)
Foreign currency and other transactions
Net unrealized gains (losses) 213  (880)
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions 272  (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 Description Investment Interest(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 provider First 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) 1/29/2021 6.5  6.5  (2)(12)
Senior subordinated loan ($24.9 par due 2/2028) 12.75% PIK 2/28/2020 24.9  24.9  (2)
95.9  95.9 
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (16) Provider of intellectual property management lifecycle software First lien senior secured loan ($4.9 par due 4/2026) 5.50% (Euribor + 5.50%/Q) 4/10/2019 4.7  4.9 
Limited partnership units (4,400,000 units) 6/13/2019 5.0  8.7  (2)(6)
9.7  13.6 
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(16) 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)(12)
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)(12)
Class A membership units (9,750,000 units) 1/3/2020 9.8  13.5  (2)
23.4  27.1 
Apptio, Inc. (16) 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)(12)
First lien senior secured loan ($62.2 par due 1/2025) 8.25% (Libor + 7.25%/Q) 1/10/2019 62.2  62.2  (12)
63.9  63.9 
Banyan Software Holdings, LLC (16) Vertical software businesses holding company First lien senior secured loan ($18.5 par due 10/2026) 8.50% (Libor + 7.50%/Q) 10/30/2020 18.5  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 campaigns First lien senior secured revolving loan 8/20/2018 —  —  (14)
First lien senior secured loan ($46.9 par due 8/2023) 8.50% (Libor + 6.75%/Q) 8/20/2018 46.9  46.9  (12)
Series A preferred stock (150,000 shares) 9/26/2018 1.5  2.4  (2)
48.4  49.3 
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. (16) 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)(12)
Series A-2 preferred shares (8,963 shares) 11.25% PIK (Libor + 11.00%/Q) 12/23/2020 9.2  9.3  (2)
Series A preferred shares (24,898 shares) 11.21% PIK (Libor + 11.00%/Q) 11/12/2020 26.0  25.8  (2)
83.3  82.3 
Clearwater Analytics, LLC (16) Provider of integrated cloud-based investment portfolio management, accounting, reporting and analytics software First lien senior secured loan ($45.8 par due 10/2025) 7.25% (Libor + 6.25%/Q) 10/19/2020 45.8  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 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)(12)
First lien senior secured loan ($4.4 par due 7/2026) 6.25% (Libor + 5.25%/Q) 10/15/2019 4.4  4.4  (2)(6)(12)
First lien senior secured loan ($1.1 par due 7/2026) 8.25% (Libor + 7.25%/Q) 9/3/2020 1.1  1.1  (2)(6)(12)
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)
12.1  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 Description Investment Interest(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 management First lien senior secured loan ($0.1 par due 4/2025) 4.74% (Libor + 4.50%/Q) 10/7/2019 0.1  0.1  (2)(6)
Diligent Corporation and Diligent Preferred Issuer, Inc. (16) Provider of secure SaaS solutions for board and leadership team documents First lien senior secured revolving loan 8/4/2020 —  —  (14)
First lien senior secured loan ($33.3 par due 8/2025) 7.25% (Libor + 6.25%/Q) 8/4/2020 32.6  33.3  (12)
First lien senior secured loan ($9.0 par due 8/2025) 6.75% (Libor + 5.75%/Q) 3/4/2021 9.0  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 industry Second lien senior secured loan ($25.0 par due 7/2026) 8.36% (Libor + 8.25%/Q) 2/11/2020 25.0  25.0  (2)
Preferred stock (29.53 shares) 13.50% PIK 2/11/2020 33.4  34.4  (2)
58.4  59.4 
DS Admiral Bidco, LLC (16) Tax return software provider for government institutions First lien senior secured revolving loan ($0.8 par due 3/2026) 6.75% (Libor + 5.75%/Q) 3/16/2021 0.7  0.7  (2)(12)
First lien senior secured loan ($25.8 par due 3/2028) 6.75% (Libor + 5.75%/Q) 3/16/2021 25.0  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 markets First lien senior secured revolving loan ($3.0 par due 9/2025) 7.00% (Libor + 6.00%/Q) 9/18/2019 3.0  3.0  (2)(12)
First lien senior secured loan ($14.9 par due 9/2025) 7.00% (Libor + 6.00%/Q) 12/15/2020 14.9  14.9  (2)(12)
First lien senior secured loan ($50.9 par due 9/2025) 7.00% (Libor + 6.00%/Q) 9/18/2019 50.9  50.9  (2)(12)
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)(12)
First lien senior secured loan ($5.7 par due 9/2025) 7.00% (Libor + 6.00%/Q) 12/15/2020 5.7  5.7  (2)(12)
Preferred equity (4,599 shares) 9/18/2019 4.6  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 solutions First lien senior secured loan ($29.1 par due 5/2026) 6.45% (Libor + 6.25%/Q) 5/10/2019 29.1  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)
First lien senior secured loan ($10.7 par due 5/2026) 6.45% (Libor + 6.25%/Q) 5/10/2019 10.7  10.0  (2)(6)
First lien senior secured loan ($4.1 par due 5/2026) 6.45% (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)
69.4  66.3 
Episerver Inc. and Goldcup 17308 AB (16) Provider of web content management and digital commerce solutions First lien senior secured loan ($6.3 par due 10/2024) 6.00% (Euribor + 6.00%/Q) 3/22/2019 6.0  6.3  (2)(6)
First lien senior secured loan ($27.1 par due 10/2024) 6.75% (Libor + 5.75%/Q) 10/9/2018 27.1  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 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  (2)(12)
Limited partnership interest (3,300,000 shares) 1/31/2020 3.7  3.9  (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 (16) Provider of facilities and space management software solutions 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)(12)
Forescout Technologies, Inc. (16) Network access control solutions provider First lien senior secured loan ($17.4 par due 8/2026) 10.50% PIK (Libor + 9.50%/Q) 8/17/2020 17.1  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 Description Investment Interest(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 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  (2)(12)
Class A preferred units (4,574 units) 9.00% PIK 9/18/2017 5.7  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 provider First lien senior secured revolving loan ($1.5 par due 7/2024) 4.20% (Libor + 4.00%/Q) 7/31/2018 1.5  1.4  (2)
First lien senior secured loan ($0.2 par due 7/2024) 4.20% (Libor + 4.00%/Q) 7/31/2018 0.2  0.2  (2)
Second lien senior secured loan ($25.8 par due 7/2025) 7.74% (Libor + 7.50%/Q) 7/31/2018 25.8  24.0  (2)
Second lien senior secured loan ($6.6 par due 7/2025) 7.74% (Libor + 7.50%/Q) 7/31/2018 6.6  6.1  (2)
Class A common stock (8 shares) 7/31/2018 0.8  0.6  (2)
34.9  32.3 
GraphPAD Software, LLC (16) 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) 12/21/2017 0.5  0.5  (2)(12)
GTCR-Ultra Holdings III, LLC and GTCR-Ultra Holdings LLC (16) Provider of payment processing and merchant acquiring solutions Class B units (2,878,372 units) 8/1/2017 —  —  (2)
Help/Systems Holdings, Inc. (16) Provider of IT operations management and cybersecurity software First lien senior secured loan ($25.9 par due 11/2026) 5.75% (Libor + 4.75%/Q) 11/22/2019 25.9  25.9  (2)(12)
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 (16) 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)(12)
Series A preferred stock (2,475 shares) 1/3/2017 2.6  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 manufacturers First lien senior secured loan ($15.5 par due 5/2024) 5.00% (Libor + 4.00%/Q) 1/31/2019 15.0  15.3  (2)(12)
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)(12)
43.1  43.6 
Huskies Parent, Inc. (16) Insurance software provider First lien senior secured revolving loan ($0.6 par due 7/2024) 4.11% (Libor + 4.00%/M) 7/18/2019 0.6  0.6  (2)
Invoice Cloud, Inc. (16) Provider of electronic payment processing solutions First lien senior secured revolving loan 2/11/2019 —  —  (14)
First lien senior secured loan ($34.6 par due 2/2024) 7.50% (Libor + 3.25% Cash, 3.25% PIK/Q) 2/11/2019 34.6  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) 2/11/2019 14.0  14.0  (2)(12)
48.6  48.6 
IV Rollover Holdings, LLC Solar power generation facility developer and operator Class X units (5,000,000 units) 5/31/2017 2.3  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 provider First lien senior secured loan ($43.9 par due 9/2027) 8.75% (Libor + 7.75%/Q) 9/21/2020 43.9  43.9  (2)(12)
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 —  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 Description Investment Interest(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 institutions First lien senior secured loan ($9.3 par due 12/2022) 5.00% (Libor + 4.00%/M) 4/6/2017 9.3  9.3  (2)(12)
First lien senior secured loan ($4.8 par due 12/2022) 5.00% (Libor + 4.00%/M) 8/22/2017 4.8  4.8  (2)(12)
Second lien senior secured loan ($90.0 par due 6/2023) 10.25% (Libor + 9.25%/M) 12/2/2016 89.7  90.0  (2)(12)
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)(12)
Second lien senior secured loan ($9.2 par due 6/2023) 10.25% (Libor + 9.25%/M) 4/6/2017 9.2  9.2  (2)(12)
Second lien senior secured loan ($4.7 par due 6/2023) 10.25% (Libor + 9.25%/M) 4/6/2017 4.7  4.7  (2)(12)
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)(12)
Second lien senior secured loan ($10.3 par due 6/2023) 9.00% (Libor + 8.00%/M) 4/18/2018 10.3  10.3  (2)(12)
Second lien senior secured loan ($38.6 par due 6/2023) 9.00% (Libor + 8.00%/M) 4/18/2018 38.6  38.6  (2)(12)
Class A units (500,000 units) 12/2/2016 5.0  5.8  (2)
206.1  207.2 
MRI Software LLC (16) Provider of real estate and investment management software First lien senior secured revolving loan ($0.2 par due 2/2026) 6.50% (Libor + 5.50%/Q) 2/10/2020 0.2  0.2  (2)(12)
First lien senior secured loan ($50.2 par due 2/2026) 6.50% (Libor + 5.50%/Q) 2/10/2020 50.2  50.2  (2)(12)
First lien senior secured loan ($1.9 par due 2/2026) 6.50% PIK (Libor + 5.50%/Q) 8/28/2020 1.9  1.9  (2)(12)
52.3  52.3 
n2y Holding, LLC (16) Developer of cloud-based special education platform First 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 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)(12)
Second lien senior secured loan ($31.0 par due 10/2023) 9.50% (Libor + 8.50%/Q) 1/3/2017 30.0  31.0  (2)(12)
38.3  39.4 
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. (16) Provider of business management solutions First lien senior secured loan ($49.7 par due 8/2025) 5.61% (Libor + 5.50%/M) 9/23/2020 49.7  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 market First lien senior secured loan ($53.9 par due 10/2024) 5.50% (Libor + 4.50%/Q) 3/19/2019 53.9  53.9  (2)(12)
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)(12)
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)(12)
Series A preferred stock (13,656 shares) 13.25% PIK 3/19/2019 17.6  17.9  (2)
Class A units (2,062,493 units) 3/19/2019 2.1  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 software First lien senior secured loan ($19.9 par due 5/2025) 6.75% (Libor + 5.75%/Q) 5/29/2019 19.9  19.9  (2)(12)
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)(12)
8

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 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 ($5.8 par due 5/2025) 7.25% (Libor + 6.25%/Q) 6/24/2020 5.8  5.8  (2)(12)
First lien senior secured loan ($48.5 par due 5/2025) 7.25% (Libor + 6.25%/Q) 10/16/2020 48.5  48.5  (2)(12)
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)(12)
Class A units (5,000 units) 5/29/2019 5.0  9.4 
86.8  91.2 
Perforce Software, Inc. (16) Developer of software used for application development First lien senior secured revolving loan ($0.1 par due 7/2024) 4.61% (Libor + 4.50%/M) 7/1/2019 0.1  0.1  (2)
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 (16) Software provider for medical practitioners First lien senior secured loan ($2.1 par due 3/2027) 7.00% (Libor + 6.00%/Q) 3/31/2021 2.1  2.1  (2)(12)
First lien senior secured loan ($4.7 par due 3/2027) 7.00% (Libor + 6.00%/Q) 3/31/2021 4.7  4.7  (2)(12)
Class A units (2,724,000 units) 8.00% PIK 3/31/2021 2.7  2.7  (2)
9.5  9.5 
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (16) Provider of practice management software to law firms First lien senior secured loan ($28.3 par due 3/2027) 6.25% (Libor + 5.25%/Q) 3/5/2021 28.3  28.0  (2)(12)
Limited partnership units (1,624,000 units) 3/5/2021 1.6  1.6  (2)
29.9  29.6 
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. (16) Software solutions provider to the ready-mix concrete industry First lien senior secured revolving loan 4/23/2020 —  —  (14)
First lien senior secured loan ($44.4 par due 4/2027) 9.25% (Libor + 8.25%/M) 4/23/2020 44.4  44.4  (2)(12)
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)(12)
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)(12)
First lien senior secured loan ($4.9 par due 4/2027) 9.25% (Libor + 8.25%/M) 11/18/2020 4.9  4.9  (2)(12)
Class A units (1,599 units) 9.00% PIK 4/23/2020 1.7  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 provider First lien senior secured loan ($24.4 par due 9/2024) 7.50% (Libor + 6.50%/Q) 9/19/2019 24.4  24.4  (2)(12)
First lien senior secured loan ($4.9 par due 9/2024) 7.50% (Libor + 6.50%/Q) 9/19/2019 4.9  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 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)(12)
First lien senior secured loan ($15.6 par due 12/2024) 7.00% (Libor + 6.00%/Q) 12/17/2018 15.6  15.2  (2)(12)
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)(12)
Class A common units (2,294,000 units) 12/17/2018 2.3  1.8 
24.0  23.0 
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)
9

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 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 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 providers First lien senior secured loan ($26.5 par due 2/2023) 6.25% (Libor + 5.25%/Q) 3/14/2019 26.5  26.5  (2)(12)
RMCF III CIV XXIX, L.P Software provider for clinical trial management Limited partnership interest (99.90% interest) 12/19/2014 1.0  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 market First lien senior secured revolving loan ($4.3 par due 8/2023) 3.38% (Libor + 3.25%/M) 8/1/2018 4.3  4.2  (2)
First lien senior secured loan ($4.0 par due 8/2025) 5.50% (Libor + 4.50%/M) 11/22/2019 4.0  4.0  (12)
Second lien senior secured loan ($80.0 par due 8/2026) 6.86% (Libor + 6.75%/M) 6/12/2018 79.5  80.0  (2)
87.8  88.2 
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  13.2  (2)(12)
Common units (1,432,835 units) 11/20/2020 4.8  5.0  (2)
18.1  18.2 
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  104.9  (2)(12)
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 (16) PMS solutions and web services for the self-storage industry First lien senior secured revolving loan ($1.2 par due 4/2023) 6.75% (Base Rate + 3.50%/Q) 4/13/2018 1.2  1.2  (2)(12)(15)
First lien senior secured loan ($1.2 par due 4/2024) 6.75% (Base Rate + 3.50%/Q) 5/6/2020 1.2  1.2  (2)(12)
Second lien senior secured loan ($6.1 par due 4/2025) 9.75% (Libor + 8.75%/M) 4/13/2018 6.0  6.1  (2)(12)
Second lien senior secured loan ($4.2 par due 4/2025) 9.75% (Libor + 8.75%/M) 8/31/2018 4.1  4.2  (2)(12)
Second lien senior secured loan ($2.5 par due 4/2025) 9.75% (Libor + 8.75%/M) 7/1/2019 2.5  2.5  (2)(12)
Second lien senior secured loan ($1.3 par due 4/2025) 9.75% (Libor + 8.75%/M) 7/1/2019 1.3  1.3  (2)(12)
Second lien senior secured loan ($1.1 par due 4/2025) 9.75% (Libor + 8.75%/Q) 5/6/2020 1.1  1.1  (2)(12)
17.4  17.6 
TCP Hawker Intermediate LLC (16) 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  (2)(12)
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)(12)
First lien senior secured loan ($7.4 par due 8/2026) 6.50% (Libor + 5.50%/Q) 8/30/2019 7.4  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 businesses First lien senior secured revolving loan 5/3/2019 —  —  (6)(14)
Second lien senior secured loan ($136.9 par due 5/2027) 8.11% (Libor + 8.00%/M) 5/3/2019 136.9  136.9  (2)(6)
Limited partnership interests (12,583,556 interests) 5/3/2019 12.6  14.1  (2)(6)
149.5  151.0 
Vela Trading Technologies, LLC (16) Provider of market data software and content to global financial services clients First lien senior secured revolving loan ($3.5 par due 6/2022) 9.00% (Libor + 7.75% Cash, 0.25% PIK/Q) 2/8/2018 3.5  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 Description Investment Interest(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) 4/17/2018 4.5  4.5  (2)(12)
8.0  8.0 
Verscend Holding Corp. (16) Healthcare analytics solutions provider First lien senior secured revolving loan 8/27/2018 —  —  (14)
WebPT, Inc. (16) 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)(12)
Wellness AcquisitionCo, Inc. (16) Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry First lien senior secured loan ($18.9 par due 1/2027) 6.75% (Libor + 5.75%/Q) 1/20/2021 18.9  18.7  (2)(12)
Zemax Software Holdings, LLC (16) 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)(12)
First lien senior secured loan ($16.6 par due 6/2024) 6.75% (Libor + 5.75%/Q) 6/25/2018 16.6  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 provider First lien senior secured loan ($9.5 par due 9/2022) 11.00% PIK (Libor + 10.00%/Q) 1/5/2016 9.5  9.5  (2)(12)
First lien senior secured loan ($16.9 par due 9/2022) 11.00% PIK (Libor + 10.00%/Q) 1/5/2016 16.9  16.9  (2)(12)
Class A preferred units (14,750,000 units) 1/5/2016 4.7  6.7  (2)
Common units (7,200,000 units) 1/5/2016 —  —  (2)
31.1  33.1 
ADCS Billings Intermediate Holdings, LLC (16) Dermatology practice First lien senior secured revolving loan ($4.8 par due 5/2022) 6.75% (Libor + 5.75%/Q) 5/18/2016 4.8  4.8  (2)(12)
ADG, LLC and RC IV GEDC Investor LLC (16) Dental services provider First lien senior secured revolving loan ($6.8 par due 9/2022) 7.50% (Base Rate + 1.50% Cash, 2.75% PIK/M) 9/28/2016 6.8  6.2  (2)(12)
Second lien senior secured loan ($106.2 par due 3/2024) 9/28/2016 89.0  86.0  (2)(11)
Membership units (3,000,000 units) 9/28/2016 3.0  —  (2)
98.8  92.2 
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  2.4  (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 hospitals Class A interests (0.39% interest) 2/11/2019 9.0  17.0  (2)
Bearcat Buyer, Inc. and Bearcat Parent, Inc. (16) Provider of central institutional review boards over clinical trials 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)(12)
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)(12)
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)(12)
Class B common units (4,211 units) 7/9/2019 4.2  9.2  (2)
86.4  91.4 
CCS-CMGC Holdings, Inc. (16) Correctional facility healthcare operator First lien senior secured revolving loan 10/1/2018 —  —  (14)
First lien senior secured loan ($34.2 par due 10/2025) 5.61% (Libor + 5.50%/M) 9/25/2018 34.0  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 therapy First lien senior secured revolving loan ($7.5 par due 11/2023) 4.68% (Libor + 4.50%/Q) 11/21/2018 7.5  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 Description Investment Interest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Comprehensive EyeCare Partners, LLC (16) 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)(12)
First lien senior secured loan ($5.3 par due 2/2024) 7.00% (Libor + 5.75%/Q) 2/14/2018 5.3  5.3  (2)(12)
First lien senior secured loan ($1.0 par due 2/2024) 8.00% (Base Rate + 4.75%/Q) 2/14/2018 1.0  1.0  (2)(12)
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)(12)
10.3  10.3 
Convey Health Solutions, Inc. Healthcare workforce management software provider First lien senior secured loan ($3.1 par due 9/2026) 7.00% (Libor + 6.00%/Q) 9/4/2019 3.1  3.1  (2)(12)
First lien senior secured loan ($2.3 par due 9/2026) 10.00% (Libor + 9.00%/B) 4/8/2020 2.3  2.3  (2)(12)
First lien senior secured loan ($11.8 par due 9/2026) 7.00% (Libor + 6.00%/Q) 2/12/2021 11.8  11.8  (2)(12)
17.2  17.2 
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (16) Veterinary hospital operator First lien senior secured revolving loan 10/31/2019 —  —  (14)
First lien senior secured loan ($53.1 par due 10/2025) 6.75% (Libor + 5.75%/Q) 10/31/2019 53.1  53.1  (2)(12)
First lien senior secured loan ($31.3 par due 10/2025) 6.75% (Libor + 5.75%/Q) 10/31/2019 31.3  31.3  (2)(12)
Common stock (32,429 shares) 10/31/2019 10.0  13.1  (2)
94.4  97.5 
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  0.4  (2)
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC On-demand supply chain automation solutions provider to the healthcare industry Second lien senior secured loan ($34.5 par due 6/2025) 9.00% (Libor + 8.00%/M) 6/30/2017 34.3  34.8  (2)(12)
Second lien senior secured loan ($55.0 par due 6/2025) 9.00% (Libor + 8.00%/M) 1/13/2020 55.0  55.3  (2)(12)
Series A preferred stock (110,425 shares) 11.75% PIK (Libor + 10.75%/Q) 6/30/2017 171.8  171.8  (2)(12)
Class A units (14,013,303 units) 6/30/2017 14.0  16.9  (2)
275.1  278.8 
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)(12)
Warrant to purchase up to 115,733 units of common stock (expires 3/2028) 3/14/2018 0.9  2.1  (2)
146.0  147.2 
HealthEdge Software, Inc. (16) 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)(12)
First lien senior secured loan ($3.7 par due 4/2026) 7.25% (Libor + 6.25%/Q) 4/9/2020 3.7  3.7  (2)(12)
First lien senior secured loan ($10.7 par due 4/2026) 7.25% (Libor + 6.25%/Q) 4/9/2020 10.7  10.7  (2)(12)
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)(12)
63.1  63.2 
JDC Healthcare Management, LLC (16) Dental services provider First lien senior secured revolving loan ($3.3 par due 4/2022) 4/10/2017 3.0  2.5  (2)(11)
First lien senior secured loan ($30.6 par due 4/2023) 4/10/2017 27.9  23.5  (2)(11)
First lien senior secured loan ($4.3 par due 4/2023) 4/10/2017 3.9  3.3  (2)(11)
34.8  29.3 
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (16) Provider of behavioral health services First lien senior secured revolving loan ($0.2 par due 3/2022) 6.00% (Libor + 4.00% Cash, 1.00% PIK/Q) 3/17/2017 0.2  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 Description Investment Interest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
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  42.5  (12)
MCH Holdings, Inc. and MC Acquisition Holdings I, LLC Healthcare professional provider First lien senior secured loan ($112.7 par due 7/2021) 8.50% (Libor + 7.00%/M) 7/26/2017 112.7  112.7  (2)(12)
Class A units (1,438,643 shares) 1/17/2014 1.5  1.2  (2)
114.2  113.9 
Minerva Surgical, Inc. (16) Medical device company focused on women's health First lien senior secured loan ($32.0 par due 12/2022) 11.50% (Libor + 3.50% Cash, 6.00% PIK/Q) 12/30/2019 31.3  32.0  (2)(12)
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)(12)
Senior preferred units (5,320 units) 8.00% PIK 6/29/2020 0.3  0.3  (2)
Preferred units (1,842 units) 15.00% PIK 6/29/2020 0.1  0.1  (2)
Class A units (25,277 units) 4/19/2016 2.5  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 loss Partnership units (30,000 units) 11/13/2018 3.0  4.7  (2)
NueHealth Performance, LLC (16) Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centers First lien senior secured loan ($11.0 par due 9/2023) 8.25% (Libor + 7.25%/M) 9/27/2018 11.0  11.0  (2)(12)
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)(12)
12.5  12.5 
Olympia Acquisition, Inc. and Olympia TopCo, L.P. (16) Behavioral health and special education platform provider First lien senior secured revolving loan ($10.1 par due 9/2024) 8.50% (Libor + 5.50% Cash, 2.00% PIK/Q) 9/24/2019 10.1  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) 12/17/2020 0.1  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) 9/24/2019 42.4  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) 12/31/2020 0.3  0.2  (2)(12)
Class A common units (9,549,000 units) 9/24/2019 9.5  3.0  (2)
62.4  51.6 
OMH-HealthEdge Holdings, LLC Provider of financial, administrative and clinical software platforms to the healthcare industry First lien senior secured loan ($26.3 par due 10/2025) 6.25% (Libor + 5.25%/Q) 10/24/2019 26.3  26.3  (2)(12)
First lien senior secured loan ($15.5 par due 10/2025) 6.25% (Libor + 5.25%/Q) 3/10/2021 15.5  15.5  (2)(12)
41.8  41.8 
OneSmile Intermediate, LLC Dental services provider Senior subordinated loan ($8.5 par due 10/2026) 8.00% PIK 12/1/2020 8.5  7.2  (2)
OSYS Holdings, LLC Provider of technology-enabled solutions to pharmacies Limited liability company membership interest (1.57%) 11/21/2013 1.0  0.8  (2)
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (16) Veterinary hospital operator 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)(12)
Class R common units (6,004,768 units) 3/31/2020 6.0  9.0  (2)
82.3  85.3 
Performance Health Supply, Inc. Distributor of rehabilitation supplies and equipment Second lien senior secured loan ($87.7 par due 8/2023) 11.50% PIK (Libor + 10.50%/Q) 9/2/2015 87.1  87.7  (2)(12)
PhyMED Management LLC Provider of anesthesia services Second lien senior secured loan ($51.2 par due 9/2022) 13.00% (Libor + 2.50% Cash, 9.50% PIK/Q) 12/18/2015 51.1  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 Description Investment Interest(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 pharmacies First lien senior secured revolving loan ($12.0 par due 7/2023) 3.44% (Libor + 3.25%/Q) 7/10/2018 12.0  12.0  (2)(15)
First lien senior secured loan ($10.7 par due 7/2025) 3.70% (Libor + 3.50%/Q) 7/10/2018 10.7  10.7  (2)
Second lien senior secured loan ($67.1 par due 7/2026) 7.70% (Libor + 7.50%/Q) 7/10/2018 66.7  67.1  (2)
Class A units (9,775 units) 7/10/2018 9.8  16.2  (2)
99.2  106.0 
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. (16) Manufacturer of biologic, metal and synthetic implants/devices First lien senior secured loan ($38.0 par due 7/2026) 8.25% (Libor + 6.75%/Q) 7/20/2020 38.0  38.0  (12)
SCSG EA Acquisition Company, Inc. (16) Provider of outsourced clinical services to hospitals and health systems First lien senior secured revolving loan 9/1/2017 —  —  (14)
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (16) 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  10.5  (2)(12)
Common units (684,854 units) 3/26/2018 4.8  —  (2)
17.6  10.5 
SM Wellness Holdings, Inc. and SM Holdco, Inc. (16) Breast cancer screening provider First lien senior secured loan ($7.0 par due 8/2024) 7.00% (Libor + 6.25%/M) 8/1/2018 7.0  7.0  (2)(12)
First lien senior secured loan ($2.0 par due 8/2024) 7.00% (Libor + 6.25%/M) 9/25/2019 2.0  2.0  (2)(12)
Series A preferred stock (44,975 shares) 10.49% PIK (Libor + 10.25%/Q) 8/1/2018 61.8  61.8  (2)
Series A units (8,041 units) 8/1/2018 8.0  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 provider Second lien senior secured loan ($53.5 par due 12/2028) 8.63% (Libor + 7.88%/Q) 12/22/2020 53.5  52.9  (2)(12)
Series C preferred shares (75,939 shares) 11.00% PIK 12/22/2020 78.2  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 elderly 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)(12)
Common units (550 units) 4/2/2018 0.6  0.9 
16.3  16.6 
Teligent, Inc. (16) 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  0.5  (2)(11)
Second lien senior secured loan ($0.5 par due 12/2022) 1/27/2021 0.5  0.3  (2)(10)(11)
Second lien senior secured loan ($46.7 par due 12/2022) 12/13/2018 45.5  28.0  (2)(11)
Second lien senior secured loan ($27.9 par due 12/2022) 12/13/2018 26.9  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-markets First lien senior secured loan ($25.1 par due 11/2025) 4.86% (Libor + 4.75%/M) 11/15/2018 25.1  25.1  (2)
First lien senior secured loan ($11.1 par due 11/2025) 4.86% (Libor + 4.75%/M) 11/15/2018 11.1  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 Description Investment Interest(3)(7)
Acquisition
Date
Amortized
Cost
Fair
Value
Percentage
of Net
Assets
Class A preferred units (2,149 units) 8.00% PIK 11/15/2018 2.6  2.6  (2)
38.8  38.8 
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  71.8  (2)(12)
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 ($9.6 par due 8/2024) 6.00% (Libor + 5.00%/M) 8/31/2018 9.5  9.6  (12)
Limited partnership interests (3.64% interest)