Enhanced Investments - Financial Portal

Published: 2025-04-29 00:00:00 ET

arcc-20250331

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, 2025

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, par value $0.001 per share	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 ý 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.


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 Exchange 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 25, 2025
Common stock, $0.001 par value						689,632,273

ARES CAPITAL CORPORATION

INDEX


Part I.	Financial Information

Item 1.	Financial Statements

	Consolidated Balance Sheet as of March 3 1 , 202 5 (unaudited) and December 31, 20 24	3

	Consolidated Statement of Operations for the three months ended March 3 1 , 202 5 and 202 4 (unaudited)	4

	Consolidated Schedule of Investments as of March 3 1 , 202 5 (unaudited) and December 31, 202 4	80

	Consolidated Statement of Stockholders’ Equity for the three months ended March 3 1 , 202 5 (unaudited) and the year ended December 31, 202 4	152

	Consolidated Statement of Cash Flows for the three months ended March 3 1 , 202 5 and 202 4 (unaudited)	153

	Notes to Consolidated Financial Statements (unaudited)	154

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	194

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	225

Item 4.	Controls and Procedures	226

Part II.	Other Information

Item 1.	Legal Proceedings	227

Item 1A.	Risk Factors	227

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	227

Item 3.	Defaults Upon Senior Securities	228

Item 4.	Mine Safety Disclosures	228

Item 5.	Other Information	228

Item 6.	Exhibits	229
	Signatures	230

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, 2025		December 31, 2024

	(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments	$	22,590	$	22,145
Non-controlled affiliate company investments	668		707
Controlled affiliate company investments	3,872		3,868
Total investments at fair value (amortized cost of $26,778 and $26,374, respectively)	27,130		26,720
Cash and cash equivalents	647		635
Restricted cash	95		225
Interest receivable	239		292

Receivable for open trades	33		224
Other assets	173		158
Total assets	$	28,317	$	28,254
LIABILITIES
Debt	$	13,922	$	13,727
Base management fee payable	102		100
Income based fee payable	85		91
Capital gains incentive fee payable	80		105
Interest and facility fees payable	130		170
Payable to participants	27		163
Payable for open trades	10		236
Accounts payable and other liabilities	289		275
Secured borrowings	—		32
Total liabilities	14,645		14,899
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 1,000 common shares authorized; 690 and 672 common shares issued and outstanding, respectively	1		1
Capital in excess of par value	12,906		12,502
Accumulated undistributed earnings	765		852
Total stockholders’ equity	13,672		13,355
Total liabilities and stockholders’ equity	$	28,317	$	28,254
NET ASSETS PER SHARE	$	19.82	$	19.89

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)


	For the Three Months Ended March 31,
	2025		2024

INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income)	$	431	$	413
PIK interest income	40		42
Capital structuring service fees	43		26
Dividend income (excluding PIK dividend income)	3		24
PIK dividend income	66		55
Other income	16		12
Total investment income from non-controlled/non-affiliate company investments	599		572
From non-controlled affiliate company investments:
Interest income (excluding PIK interest income)	5		4
PIK interest income	5		1

Dividend income (excluding PIK dividend income)	—		1

Total investment income from non-controlled affiliate company investments	10		6
From controlled affiliate company investments:
Interest income (excluding PIK interest income)	40		48
PIK interest income	5		5
Capital structuring service fees	3		2
Dividend income (excluding PIK dividend income)	73		66
PIK dividend income	1		1
Other income	1		1
Total investment income from controlled affiliate company investments	123		123
Total investment income	732		701
EXPENSES:
Interest and credit facility fees	186		159
Base management fee	102		87
Income based fee	85		88
Capital gains incentive fee	(25)		25
Administrative and other fees	4		3
Other general and administrative	8		7
Total expenses	360		369
NET INVESTMENT INCOME BEFORE INCOME TAXES	372		332
Income tax expense, including excise tax	7		7
NET INVESTMENT INCOME	365		325
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments	(100)		(5)
Non-controlled affiliate company investments	8		—
Controlled affiliate company investments	—		1
Foreign currency and other transactions	31		(14)
Net realized losses	(61)		(18)
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments	22		97
Non-controlled affiliate company investments	(27)		(3)
Controlled affiliate company investments	(14)		32
Foreign currency and other transactions	(44)		30
Net unrealized (losses) gains	(63)		156
Net realized and unrealized (losses) gains on investments, foreign currency and other transactions	(124)		138
REALIZED LOSS ON EXTINGUISHMENT OF DEBT	—		(14)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	241	$	449

BASIC AND DILUTED NET INCOME PER COMMON SHARE (see Note 10)	$	0.36	$	0.76


WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)	676		591

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal		Amortized Cost		Fair Value			% of Net Assets
Software and Services
Actfy Buyer, Inc. (14)	Software provider of end to end fraud management workflow solutions	First lien senior secured loan	9.32%	SOFR (M)	5.00%	05/2024	05/2031		$	56.9	$	56.9	$	56.9	(2)(10)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (14)	Provider of software services that support the management and security of computing devices, applications, data, and networks	First lien senior secured loan	9.80%	SOFR (Q)	5.50%	07/2023	07/2030		42.4		42.4		42.4		(2)(6)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	09/2024	07/2030		6.9		6.9		6.9		(2)(6)(10)
		Limited partnership interest				10/2023		9,249,000			10.2		12.5		(2)(6)
											59.5		61.8
Adonis Bidco Inc. (14)	Provider of intellectual property management lifecycle software	First lien senior secured loan	10.05% (3.00% PIK)	SOFR (Q)	5.75%	02/2025	02/2032		230.3		230.3		227.9		(2)(10)
AI Titan Parent, Inc. (14)	Provider of plant maintenance / scheduling software	First lien senior secured loan	9.07%	SOFR (M)	4.75%	08/2024	08/2031		61.6		61.6		60.9		(2)(10)
Anaplan, Inc. (14)	Provider of cloud-based connected planning platforms for business analytics	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	06/2022	06/2029		1.8		1.8		1.8		(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	05/2024	06/2029		4.1		4.1		4.1		(2)(10)
											5.9		5.9
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)	Aircraft performance software provider	Class A membership units				01/2020		9,750,000			9.8		6.3		(2)
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (14)	Software platform for identification, prevention and management of substance use disorder	First lien senior secured loan	11.48%	SOFR (Q)	7.00%	05/2021	05/2027		5.5		5.5		5.5		(2)(10)
Aptean, Inc. and Aptean Acquiror Inc. (14)	Provider of CRM, ERP and supply chain software application	First lien senior secured loan	9.56%	SOFR (Q)	5.25%	01/2024	01/2031		18.7		18.6		18.7		(2)(10)
Artifact Bidco, Inc. (14)	Supply chain risk management SaaS platform for global enterprise clients	First lien senior secured loan	8.80%	SOFR (Q)	4.50%	05/2024	07/2031		18.9		18.9		18.9		(2)(10)
Auctane, Inc.	Provider of mailing and shipping solutions	First lien senior secured loan	10.14%	SOFR (Q)	5.75%	10/2021	10/2028		143.4		143.4		139.1		(2)(10)
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. (14)(15)	Vertical software businesses holding company	First lien senior secured loan	9.57%	SOFR (M)	5.25%	01/2025	01/2031		111.9		111.9		110.8		(2)(6)(10)
		Series A Preferred Shares	14.00% PIK			01/2025		30,000			31.0		30.3		(2)(6)
											142.9		141.1
BCPE Pequod Buyer, Inc. (14)	Provider of wealth management technology solutions to financial institutions	First lien senior secured loan	7.79%	SOFR (Q)	3.50%	09/2024	11/2031		1.0		1.0		1.0		(2)(17)
BCTO Ignition Purchaser, Inc.	Enterprise software provider	Senior subordinated loan	12.79% PIK	SOFR (Q)	8.50%	04/2023	10/2030		4.1		4.1		4.1		(2)(10)
		Senior subordinated loan	11.79%	SOFR (Q)	7.50%	03/2025	10/2030		2.3		2.3		2.3		(2)(10)
											6.4		6.4
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (14)	Healthcare software provider	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	06/2023	06/2030		15.6		15.6		15.6		(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Class A-1 units				06/2023		1,729,228		1.7	1.5
										17.3	17.1
Borrower R365 Holdings LLC (14)	Provider of restaurant enterprise resource planning systems	First lien senior secured loan	10.45%	SOFR (Q)	6.00%	06/2021	06/2027		15.9	15.8	15.9	(2)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	01/2022	06/2027		1.9	1.9	1.9	(2)(10)
										17.7	17.8
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC (14)	Provider of payment automation solutions	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	05/2022	05/2029		8.0	8.0	8.0	(2)(10)
		First lien senior secured loan	10.05%	SOFR (Q)	5.75%	10/2023	05/2029		4.2	4.2	4.2	(2)(10)
										12.2	12.2
Businessolver.com, Inc. (14)	Provider of SaaS-based benefits solutions for employers and employees	First lien senior secured loan	9.90%	SOFR (Q)	5.50%	12/2021	12/2027		0.6	0.6	0.6	(2)(10)
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (14)	Provider of software and technology-enabled content and analytical solutions to insurance brokers	First lien senior secured loan	8.95%	SOFR (Q)	4.50%	04/2024	11/2027		15.1	14.6	14.7	(2)(10)(17)
		Second lien senior secured loan	12.19%	SOFR (Q)	7.75%	11/2020	11/2028		64.3	64.3	62.3	(2)(10)
		Series A preferred shares	11.00% PIK			11/2020		24,898		40.3	36.3	(2)
		Series A-2 preferred shares	11.00% PIK			12/2020		8,963		14.4	12.9	(2)
		Series A-3 preferred shares	11.00% PIK			11/2021		11,952		17.3	15.5	(2)
										150.9	141.7
Centralsquare Technologies, LLC and Supermoose Newco, Inc. (14)	Provider of mission-critical software solutions for the public sector	First lien senior secured revolving loan				04/2024	04/2030		—	—	—	(2)(10)(12)
		First lien senior secured loan	10.57% (3.38% PIK)	SOFR (M)	6.25%	04/2024	04/2030		142.8	142.8	142.8	(2)(10)
		Series A preferred stock	15.00% PIK			04/2024		83,332		96.0	96.0	(2)
										238.8	238.8
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (14)	Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies	Second lien senior secured notes	9.00%			04/2023	09/2029		121.0	113.8	120.5	(2)(17)
		Limited partnership interests				09/2022		12,250,000		12.3	35.3	(2)
										126.1	155.8
Community Brands ParentCo, LLC	Software and payment services provider to non-profit institutions	Class A units				12/2016		500,000		5.0	1.7	(2)
Computer Services, Inc. (14)	Infrastructure software provider to community banks	First lien senior secured loan	9.57%	SOFR (Q)	5.25%	11/2022	11/2029		33.4	33.4	33.4	(2)(10)
		First lien senior secured loan	9.57%	SOFR (Q)	5.25%	02/2024	11/2029		5.3	5.3	5.3	(2)(10)
		First lien senior secured loan	9.07%	SOFR (Q)	4.75%	09/2024	11/2029		0.1	0.1	0.1	(2)(10)
										38.8	38.8

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. (14)	Provider of sales software for the interior design industry	First lien senior secured revolving loan	10.20%	SOFR (Q)	5.75%	05/2021	05/2028		7.0	7.0	7.0	(2)(6)(10)
		First lien senior secured revolving loan	9.80%	SOFR (Q)	5.50%	04/2024	05/2028		2.6	2.6	2.6	(2)(6)(10)
		First lien senior secured revolving loan	8.62%	Euribor (Q)	6.25%	11/2021	05/2028		1.1	1.1	1.1	(2)(6)(10)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	05/2021	05/2028		73.1	73.1	73.1	(2)(6)(10)
		First lien senior secured loan	8.62%	Euribor (Q)	6.25%	11/2021	05/2028		0.4	0.4	0.4	(2)(6)(10)
		First lien senior secured loan	8.62%	Euribor (Q)	6.25%	11/2021	05/2028		29.1	30.1	29.1	(2)(6)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	06/2022	05/2028		11.4	11.4	11.4	(2)(6)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	04/2024	05/2028		4.1	4.1	4.1	(2)(6)(10)
		Common units				05/2021		483,584		4.8	9.3	(2)(6)
		Series A common units				09/2022		23,340		0.2	0.4	(2)(6)
										134.8	138.5
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (14)	Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors	Second lien senior secured loan	10.94%	SOFR (M)	6.50%	06/2021	06/2029		155.7	155.7	150.0	(2)(10)(17)
		Limited partnership units				04/2021		59,665,989		59.7	42.4	(2)
										215.4	192.4
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (14)	Provider of environmental, health and safety software to track compliance data	First lien senior secured loan	9.06%	SOFR (Q)	4.75%	09/2022	07/2026		0.2	0.2	0.2	(2)(6)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	10/2019	07/2026		4.3	4.3	4.3	(2)(6)(10)
		First lien senior secured loan	9.04%	SOFR (Q)	4.75%	01/2025	07/2026		21.5	21.5	21.5	(2)(6)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	07/2019	07/2026		6.1	6.1	6.1	(2)(6)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	04/2023	07/2026		7.6	7.6	7.6	(2)(6)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	09/2020	07/2026		0.1	0.1	0.1	(2)(6)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	11/2024	07/2026		4.0	4.0	4.0	(2)(6)(10)
		Preferred equity	9.00% PIK			07/2019		198		0.3	1.1	(2)(6)
		Common equity				07/2019		190,143		—	—	(2)(6)
										44.1	44.9
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (14)	Provider of a cloud-based, SaaS platform for talent management	First lien senior secured revolving loan	7.69%	SOFR (M)	3.25%	10/2021	10/2026		8.4	8.4	7.3	(2)(13)
		First lien senior secured loan	8.19%	SOFR (M)	3.75%	06/2024	10/2028		13.2	11.9	11.4	(2)(10)(17)
		Second lien senior secured loan	10.94%	SOFR (M)	6.50%	10/2021	10/2029		137.5	137.5	121.0	(2)(10)
		Series A preferred shares	10.50% PIK			10/2021		116,413		161.8	131.0	(2)
		Class A-1 common stock				10/2021		1,360,100		13.6	16.2	(2)
										333.2	286.9

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Coupa Holdings, LLC and Coupa Software Incorporated (14)	Provider of Business Spend Management software	First lien senior secured loan	9.54%	SOFR (Q)	5.25%	03/2023	02/2030		9.0	9.0	9.0	(2)(10)
Databricks, Inc.	Cloud-based data and AI platform that helps companies scale and manage data	First lien senior secured loan	8.82%	SOFR (M)	4.50%	12/2024	01/2031		0.1	0.1	0.1	(2)
Datix Bidco Limited and RL Datix Holdings (USA), Inc. (14)	Global healthcare software company that provides software solutions for patient safety and risk management	First lien senior secured loan	9.68%	SOFR (S)	5.25%	04/2024	04/2031		104.6	104.6	104.6	(2)(6)(10)
		First lien senior secured loan	9.78%	SONIA (S)	5.25%	04/2024	04/2031		54.8	53.1	54.8	(2)(6)(10)
										157.7	159.4
Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.	Provider of internet security tools and solutions	Second lien senior secured loan	11.32%	SOFR (M)	7.00%	05/2022	02/2029		20.3	18.2	16.3	(2)(17)
		Series A preferred shares	10.50% PIK			05/2021		129,822		187.8	142.7	(2)
		Series A units				05/2021		817,194		13.3	13.5	(2)
										219.3	172.5
Denali Holdco LLC and Denali Apexco LP (14)	Provider of cybersecurity audit and assessment services	First lien senior secured loan	9.57%	SOFR (M)	5.25%	07/2024	09/2028		33.2	33.2	33.2	(2)(10)
		Class A units				02/2022		2,549,000		2.5	4.5	(2)
										35.7	37.7
Diligent Corporation and Diligent Preferred Issuer, Inc. (14)	Provider of secure SaaS solutions for board and leadership team documents	First lien senior secured loan	9.31%	SOFR (Q)	5.00%	04/2024	08/2030		23.5	23.4	23.5	(2)(10)
		Preferred stock	10.50% PIK			04/2021		13,140		19.5	19.5	(2)
										42.9	43.0
DriveCentric Holdings, LLC (14)	Provider of CRM software to the automotive dealership industry	First lien senior secured loan	9.07%	SOFR (Q)	4.75%	08/2024	08/2031		12.1	12.1	12.0	(2)(10)
Echo Purchaser, Inc. (14)	Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets	First lien senior secured loan	9.82%	SOFR (M)	5.50%	11/2023	11/2029		11.4	11.4	11.4	(2)(10)
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (14)	Payment processing solution provider	First lien senior secured loan	9.06%	SOFR (M)	4.75%	09/2024	09/2031		196.1	196.1	196.1	(2)(10)
		Preferred units	12.50% PIK			09/2024		656		6.8	6.8	(2)
		Class A common units				09/2024		563		0.6	0.6	(2)
										203.5	203.5
Edmunds Govtech, Inc. (14)	Provider of ERP software solutions for local governments	First lien senior secured revolving loan	8.30%	SOFR (Q)	4.00%	02/2024	02/2030		1.7	1.7	1.7	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	02/2024	02/2031		21.7	21.7	21.7	(2)(10)
										23.4	23.4
Einstein Parent, Inc. (14)	Provider of SaaS based collaborative work management software	First lien senior secured loan	10.79%	SOFR (Q)	6.50%	01/2025	01/2031		45.9	45.9	45.0	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (14)	SaaS based supply chain management software provider focused on chemical markets	First lien senior secured revolving loan	9.96%	SOFR (Q)	5.50%	05/2024	09/2026		6.8	6.8	6.8	(2)(10)
		First lien senior secured loan	9.97%	SOFR (Q)	5.50%	05/2024	09/2026		4.9	4.9	4.9	(2)(10)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	12/2020	09/2026		5.6	5.6	5.6	(2)(10)
		First lien senior secured loan	9.94%	SOFR (Q)	5.50%	09/2019	09/2026		59.7	59.7	59.7	(2)(10)
		Preferred equity				09/2019		4,599		4.6	6.4	(2)
										81.6	83.4
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. (14)	SaaS based business analytics company focused on oil and gas industry	First lien senior secured loan	9.82%	SOFR (M)	5.50%	12/2023	12/2029		137.8	137.8	137.8	(2)(10)
		Preferred stock	13.50% PIK			02/2020		30		57.5	58.4	(2)
										195.3	196.2
EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P.	Provider of entertainment workforce and production management solutions	First lien senior secured loan	9.06%	SOFR (Q)	4.50%	06/2023	11/2028		58.1	57.8	58.1	(2)(10)
		Second lien senior secured loan	11.06%	SOFR (Q)	6.50%	11/2021	11/2029		88.9	88.9	88.9	(2)(10)
		Partnership units				05/2019		5,034,483		3.1	11.1	(2)(6)
										149.8	158.1
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT (14)	Provider of mission-critical, software-enabled clinical research solutions	First lien senior secured loan	9.07%	SOFR (M)	4.75%	01/2025	01/2032		154.0	154.0	152.5	(2)(10)
		Limited partnership interest				01/2020		3,988,000		4.5	7.8	(2)(6)
										158.5	160.3
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (14)	Provider of nutritional information and software as a services (SaaS) compliance solutions	First lien senior secured revolving loan	10.01%	SOFR (S)	5.50%	06/2022	06/2028		0.9	0.9	0.9	(2)(10)
		First lien senior secured loan	10.05%	SOFR (S)	5.50%	06/2022	06/2028		6.7	6.7	6.7	(2)(10)
		Limited partner interests				06/2022		6,246,801		6.2	9.4
										13.8	17.0
Extrahop Networks, Inc. (14)	Provider of real-time wire data analytics solutions for application and infrastructure monitoring	First lien senior secured loan	10.92%	SOFR (M)	6.50%	03/2023	07/2027		3.9	3.9	3.9	(2)(10)
		First lien senior secured loan	10.92%	SOFR (M)	6.50%	07/2021	07/2027		35.4	35.4	35.4	(2)(10)
										39.3	39.3
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (14)	Provider of back-office software services for the banking sector	First lien senior secured loan	11.43%	SOFR (S)	7.25%	09/2023	09/2029		188.6	185.8	188.6	(2)(6)(10)
Forescout Technologies, Inc. (14)	Network access control solutions provider	First lien senior secured loan	9.32%	SOFR (Q)	5.00%	05/2024	05/2031		13.5	13.5	13.5	(2)(10)
GI Ranger Intermediate LLC (14)	Provider of payment processing services and software to healthcare providers	First lien senior secured loan	10.17%	SOFR (M)	5.75%	10/2021	10/2028		9.9	9.9	9.7	(2)(10)
		First lien senior secured loan	10.17%	SOFR (M)	5.75%	03/2022	10/2028		3.1	3.1	3.0	(2)(10)
										13.0	12.7

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Goldeneye Parent, LLC (14)	Provider of clinical trial financial solutions	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	03/2025	03/2032		17.4	17.4	17.3	(2)(10)
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (14)	Provider of data analysis, statistics, and visualization software solutions for scientific research applications	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	06/2024	06/2031		9.0	9.0	9.0	(2)(10)
		Senior subordinated loan	10.50% PIK			04/2021	04/2032		56.4	56.4	56.4	(2)
		Preferred units	14.00% PIK			04/2021		1,828,645		74.8	74.8
										140.2	140.2
Guidepoint Security Holdings, LLC (14)	Cybersecurity solutions provider	First lien senior secured loan	10.32%	SOFR (M)	6.00%	10/2023	10/2029		6.7	6.7	6.7	(2)(10)
		First lien senior secured loan	10.32%	SOFR (M)	6.00%	12/2024	10/2029		2.4	2.4	2.4	(2)(10)
										9.1	9.1
Heavy Construction Systems Specialists, LLC (14)	Provider of construction software	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	03/2024	11/2028		13.9	13.9	13.9	(2)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	11/2021	11/2028		0.1	0.1	0.1	(2)(10)
										14.0	14.0
Help/Systems Holdings, Inc. (14)	Provider of IT operations management and cybersecurity software	First lien senior secured revolving loan	8.40%	SOFR (Q)	4.00%	11/2019	08/2026		2.1	2.1	1.9	(2)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (14)	Insurance software provider	First lien senior secured revolving loan	9.67%	SOFR (M)	5.25%	11/2021	11/2027		2.3	2.3	2.3	(2)(10)
		First lien senior secured loan	9.67%	SOFR (M)	5.25%	11/2021	11/2028		59.0	59.0	57.8	(2)(10)
		Senior subordinated loan	10.00% PIK			11/2021	11/2031		124.3	124.3	113.1	(2)
		Company units				11/2021		4,246,457		8.8	4.9	(2)
										194.4	178.1
Hyland Software, Inc. (14)	Enterprise content management software provider	First lien senior secured revolving loan				09/2023	09/2029		—	—	—	(2)(12)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	09/2023	09/2030		96.3	95.2	96.3	(2)(10)
										95.2	96.3
Icefall Parent, Inc. (14)	Provider of customer engagement software and integrated payments solutions	First lien senior secured loan	10.79%	SOFR (Q)	6.50%	01/2024	01/2030		16.7	16.7	16.7	(2)(10)
ID.me, Inc. (14)	Provider of remote digital identity verification solutions	First lien senior secured loan	10.25%			01/2025	01/2031		106.8	97.5	95.1	(2)
		Warrant to purchase shares of common stock				01/2025	01/2035	6,924,708		9.6	9.6	(2)
										107.1	104.7
Internet Truckstop Group LLC (14)	Provider of freight-moving lifecycle software	First lien senior secured loan	9.95%	SOFR (Q)	5.50%	06/2024	04/2027		39.5	39.2	39.5	(2)(10)
IQN Holding Corp. (14)	Provider of extended workforce management software	First lien senior secured revolving loan	9.56%	SOFR (Q)	5.25%	05/2022	05/2028		1.3	1.3	1.3	(2)(10)
		First lien senior secured loan	9.56%	SOFR (Q)	5.25%	05/2022	05/2029		1.4	1.4	1.4	(2)(10)
										2.7	2.7

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
IV Rollover Holdings, LLC	Provider of cloud based IT solutions, infrastructure and services	Class B units				05/2017		170,490		—	—	(2)
		Class X units				05/2017		5,000,000		1.8	2.1	(2)
										1.8	2.1
Kaseya Inc. and Knockout Intermediate Holdings I Inc.	Provider of cloud-based software and technology solutions for small and medium sized businesses	Preferred stock	15.03% PIK	SOFR (S)	10.75%	06/2022		24,442		33.9	33.9	(2)(10)
LeanTaaS Holdings, Inc. (14)	Provider of SaaS tools to optimize healthcare asset utilization	First lien senior secured loan	11.80%	SOFR (Q)	7.50%	07/2022	07/2028		66.6	66.6	66.6	(2)(10)
Majesco and Magic Topco, L.P. (14)	Insurance software provider	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	09/2020	09/2028		18.0	18.0	18.0	(2)(10)
		Class A units	9.00% PIK			09/2020		2,539		3.8	6.9	(2)
		Class B units				09/2020		570,625		—	—	(2)
										21.8	24.9
Metatiedot Bidco OY and Metatiedot US, LLC (14)	Enterprise content management platform	First lien senior secured loan	8.00%	Euribor (Q)	5.50%	11/2024	11/2031		7.6	7.4	7.5	(2)(6)(10)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	11/2024	11/2031		5.2	5.2	5.1	(2)(6)(10)
										12.6	12.6
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp	Cybersecurity solutions provider	First lien senior secured loan	9.57%	SOFR (M)	5.25%	05/2022	05/2029		58.3	58.3	58.3	(2)(6)(10)
		First lien senior secured loan	9.57%	SOFR (M)	5.25%	03/2024	05/2029		5.2	5.2	5.2	(2)(6)(10)
		First lien senior secured loan	9.71%	SONIA (Q)	5.25%	05/2022	05/2029		36.3	34.8	36.3	(2)(6)(10)
		Limited partnership interest				05/2022		3,975		39.8	43.4	(2)(6)
										138.1	143.2
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (14)	Software and payment services provider to faith-based institutions	First lien senior secured loan	9.92%	SOFR (M)	5.50%	12/2021	12/2028		38.9	38.9	38.1	(2)(10)
		Limited partner interests				12/2021		9,574,000		9.6	6.1	(2)
										48.5	44.2
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (14)	Leading technology solution provider for casing and auditioning to the entertainment industry	First lien senior secured revolving loan	10.20%	SOFR (S)	5.75%	08/2022	08/2028		0.4	0.4	0.4	(2)(10)
		First lien senior secured loan	10.20%	SOFR (S)	5.75%	08/2022	08/2028		24.5	24.5	24.5	(2)(10)
		Class A units	8.00% PIK			08/2022		45,320		5.3	3.7
										30.2	28.6
MRI Software LLC (14)	Provider of real estate and investment management software	First lien senior secured revolving loan	9.05%	SOFR (Q)	4.75%	02/2020	02/2027		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	08/2020	02/2027		23.9	23.9	23.9	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	02/2020	02/2027		13.4	13.4	13.4	(2)(10)
										37.5	37.5
Netsmart, Inc. and Netsmart Technologies, Inc. (14)	Developer and operator of health care software and technology solutions	First lien senior secured loan	9.27% (2.70% PIK)	SOFR (M)	4.95%	08/2024	08/2031		32.5	32.5	32.5	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
North Star Acquisitionco, LLC and Toucan Bidco Limited (14)	Literacy solution software provider for grades k-12	First lien senior secured loan	9.31%	NIBOR (Q)	4.75%	04/2024	05/2029		6.0	5.7	6.0	(2)(6)
		First lien senior secured loan	9.21%	SONIA (Q)	4.75%	04/2024	05/2029		5.4	5.3	5.4	(2)(6)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	04/2024	05/2029		29.5	29.5	29.5	(2)(6)(10)
										40.5	40.9
OpenMarket Inc.	Provider of cloud-based mobile engagement platform	First lien senior secured loan	10.81%	SOFR (Q)	6.25%	09/2021	09/2026		16.0	16.0	16.0	(2)(6)(10)
Optimizely North America Inc. and Optimizely Sweden Holdings AB (14)	Provider of web content management and digital commerce solutions	First lien senior secured loan	9.32%	SOFR (M)	5.00%	10/2024	10/2031		5.7	5.6	5.6	(2)(6)(10)
		First lien senior secured loan	7.61%	Euribor (M)	5.25%	10/2024	10/2031		2.1	2.1	2.0	(2)(6)(10)
		First lien senior secured loan	9.96%	SONIA (M)	5.50%	10/2024	10/2031		0.9	0.9	0.9	(2)(6)(10)
										8.6	8.5
PCMI Parent, LLC and PCMI Ultimate Holdings, LP (14)	Developer and provider of administration software for managing service contracts and extended warranty products	First lien senior secured loan	9.79%	SOFR (Q)	5.50%	03/2025	03/2032		21.2	21.2	21.1	(2)(10)
		Class A units	9.00% PIK			03/2025		1,014		1.0	1.0	(2)
		Class B units				03/2025		241,447		—	—	(2)
										22.2	22.1
PDDS HoldCo, Inc. (14)	Provider of cloud-based dental practice management software	First lien senior secured revolving loan	11.95%	SOFR (Q)	7.50%	07/2022	07/2028		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	11.95%	SOFR (Q)	7.50%	07/2022	07/2028		12.9	12.9	12.9	(2)(10)
										13.1	13.1
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (14)	Provider of enterprise management software for the convenience retail and petroleum wholesale market	First lien senior secured revolving loan	9.79%	SOFR (Q)	5.50%	02/2024	02/2031		0.3	0.3	0.3	(2)(10)
		First lien senior secured loan	9.79%	SOFR (S)	5.50%	01/2024	02/2031		8.8	8.8	8.8	(2)(10)
		Series A preferred stock	13.25% PIK			03/2019		13,656		30.1	30.3	(2)
		Class A units				03/2019		2,062,493		2.1	4.9	(2)
										41.3	44.3
Petvisor Holdings, LLC (14)	Provider of veterinarian-focused SaaS solutions	First lien senior secured revolving loan	12.00%	Base rate (Q)	4.50%	06/2022	11/2029		3.2	3.2	3.2	(2)(10)
		First lien senior secured loan	9.83%	SOFR (S)	5.50%	06/2022	11/2029		5.9	5.9	5.9	(2)(10)
		First lien senior secured loan	10.80% (4.88% PIK)	SOFR (Q)	6.50%	11/2023	11/2029		3.8	3.8	3.8	(2)(10)
		First lien senior secured loan	10.80% (4.88% PIK)	SOFR (Q)	6.50%	06/2022	11/2029		0.1	0.1	0.1	(2)(10)
										13.0	13.0
Ping Identity Holding Corp. (14)	Provider of identity and access management solutions	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	10/2022	10/2029		11.2	11.2	11.2	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)(14)	Online education learning platform	First lien senior secured loan	8.83% (1.50% PIK)	SOFR (Q)	4.50%	08/2024	08/2029		21.6	21.6	21.6	(2)(10)
		First lien senior secured loan	11.83% PIK	SOFR (Q)	7.50%	08/2024	08/2029		20.3	20.3	20.3	(2)(10)
		Common units				08/2024		6,356,812		14.3	12.8	(2)
										56.2	54.7
Poplicus Incorporated	Business intelligence and market analytics platform for companies that sell to the public sector	Warrant to purchase shares of Series C preferred stock				06/2015	06/2025	2,402,991		0.1	0.1
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (14)	Software provider for medical practitioners	First lien senior secured revolving loan	8.79%	SOFR (Q)	4.50%	08/2023	08/2029		0.5	0.5	0.5	(2)(10)
		First lien senior secured loan	10.04%	SOFR (Q)	5.75%	08/2023	08/2029		36.5	36.5	36.5	(2)(10)
		Senior subordinated loan	14.00% PIK			08/2023	08/2030		48.3	48.3	48.3	(2)
		Class A units	8.00% PIK			03/2021		33,220,282		25.4	38.2	(2)
										110.7	123.5
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (14)	Provider of practice management software to law firms	First lien senior secured revolving loan	9.82%	SOFR (M)	5.50%	03/2021	03/2027		0.7	0.7	0.7	(2)(10)
		First lien senior secured loan	9.82%	SOFR (M)	5.50%	06/2024	03/2027		6.8	6.8	6.8	(2)(10)
		First lien senior secured loan	9.82%	SOFR (M)	5.50%	03/2021	03/2027		5.3	5.3	5.3	(2)(10)
		Limited partnership units				03/2021		1,624,000		0.7	3.5	(2)
										13.5	16.3
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc.	Provider of data visualization software for data analytics	Class A common stock				08/2016		7,445		7.4	19.1	(2)
		Class B common stock				08/2016		1,841,609		0.1	0.2	(2)
										7.5	19.3
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (14)	Saas provider of automated crew callout and scheduling software for the utility industry	First lien senior secured loan	10.71% (3.25% PIK)	SOFR (Q)	6.25%	04/2021	04/2028		38.1	38.1	35.8	(2)(10)
		Preferred shares	13.95% PIK	SOFR (Q)	9.50%	04/2021		26,436		44.3	42.5	(2)(10)
										82.4	78.3
Project Potter Buyer, LLC and Project Potter Parent, L.P. (14)	Software solutions provider to the ready-mix concrete industry	First lien senior secured revolving loan				04/2020	04/2026		—	—	—	(2)(12)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	11/2020	04/2027		11.7	11.7	11.7	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	04/2020	04/2027		42.7	42.7	42.7	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	07/2024	04/2027		17.8	17.8	17.8	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	10/2020	04/2027		0.1	0.1	0.1	(2)(10)
		Class B units				04/2020		588,636		—	2.9	(2)
										72.3	75.2
Proofpoint, Inc. (14)	Cybersecurity solutions provider	First lien senior secured loan	7.32%	SOFR (M)	3.00%	06/2021	08/2028		1.0	0.9	1.0	(2)(10)(17)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
QBS Parent, Inc. (14)	Provider of vertical software solutions and related implementation, migration, and integration services	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	02/2025	11/2031		1.3	1.3	1.3	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	11/2024	11/2031		14.1	14.1	14.0	(2)(10)
										15.4	15.3
QF Holdings, Inc. (14)	SaaS based electronic health record software provider	First lien senior secured revolving loan	9.41%	SOFR (S)	5.00%	09/2019	12/2027		0.3	0.3	0.3	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	12/2021	12/2027		8.1	8.1	8.1	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	09/2019	12/2027		6.8	6.8	6.8	(2)(10)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	12/2023	12/2027		5.1	5.1	5.1	(2)(10)
		First lien senior secured loan	9.39%	SOFR (S)	5.00%	03/2025	12/2027		5.5	5.5	5.5	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	08/2020	12/2027		3.7	3.7	3.7	(2)(10)
		First lien senior secured loan	9.41%	SOFR (S)	4.75%	08/2020	12/2027		1.2	1.2	1.2	(2)(10)
										30.7	30.7
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (14)	Provider of SaaS-based safety and security software to the K-12 school market	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	10/2021	10/2028		8.4	8.4	8.4	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	05/2024	10/2028		8.0	8.0	8.0	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	04/2023	10/2028		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	12/2024	10/2028		24.9	24.9	24.9	(2)(10)
		Class A common units				12/2018		2,880,582		3.5	9.3
										44.9	50.7
Regent Education, Inc.	Provider of software solutions designed to optimize the financial aid and enrollment processes	Warrant to purchase shares of common stock				12/2016	12/2026	5,393,194		—	—
		Warrant to purchase shares of common stock				12/2016	12/2026	987		—	—
										—	—
Relativity ODA LLC (14)	Electronic discovery document review software platform for use in litigations and investigations	First lien senior secured loan	8.82%	SOFR (M)	4.50%	07/2024	05/2029		6.6	6.6	6.6	(2)(10)
Revalize, Inc. (14)	Developer and operator of software providing configuration, price and quote capabilities	First lien senior secured revolving loan	10.19%	SOFR (Q)	5.75%	05/2022	04/2027		0.5	0.5	0.5	(2)(10)
		First lien senior secured loan	10.19%	SOFR (Q)	5.75%	05/2022	04/2027		0.7	0.7	0.6	(2)(10)
										1.2	1.1
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (14)	Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	08/2022	12/2028		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	12/2021	12/2028		0.1	0.1	0.1	(2)(10)
		Class A common stock				12/2021		566		5.5	3.2	(2)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
										5.8	3.5
Runway Bidco, LLC (14)	Provider of workload automation software	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	12/2024	12/2031		42.8	42.4	42.4	(2)(10)
Sapphire Software Buyer, Inc. (14)	Provider of application security testing solutions	First lien senior secured loan	9.72% (3.00% PIK)	SOFR (S)	5.50%	09/2024	09/2031		31.7	31.7	31.4	(2)(10)
Severin Acquisition, LLC (14)	Provider of student information system software solutions to the K-12 education market in North America	First lien senior secured revolving loan	9.07%	SOFR (M)	4.75%	09/2024	10/2031		4.1	4.1	4.1	(2)(10)
		First lien senior secured loan	9.32% (2.25% PIK)	SOFR (M)	5.00%	09/2024	10/2031		134.9	134.8	134.9	(2)(10)
										138.9	139.0
Smarsh Inc. and Skywalker TopCo, LLC (14)	SaaS based communication archival service provider	First lien senior secured revolving loan	9.08%	SOFR (M)	4.75%	02/2022	02/2029		0.3	0.3	0.3	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	02/2022	02/2029		3.4	3.4	3.4	(2)(10)
		Common units				11/2020		1,742,623		6.3	10.7	(2)
										10.0	14.4
SocialFlow, Inc.	Social media optimization platform provider	Warrant to purchase shares of Series C preferred stock				01/2016	01/2026	215,331		—	—
SoundCloud Limited	Platform for receiving, sending, and distributing music	Common stock				08/2017		73,422		0.4	0.7	(2)(6)
Spaceship Purchaser, Inc. (14)	SaaS based website builder and hosting platform	First lien senior secured revolving loan				10/2024	10/2031		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	10/2024	10/2031		100.7	100.7	99.7	(2)(10)
										100.7	99.7
Spark Purchaser, Inc. (14)	Software platform for Medicare application process	First lien senior secured loan	9.80%	SOFR (Q)	5.50%	04/2024	04/2031		30.7	30.7	30.7	(2)(10)
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (14)	Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space	First lien senior secured loan	9.14%	SOFR (Q)	4.75%	12/2023	09/2028		0.8	0.8	0.8	(2)(10)
		First lien senior secured loan	9.15%	SOFR (Q)	4.75%	09/2022	09/2028		2.5	2.5	2.5	(2)(10)
		Limited partner interests				09/2022		1,010		10.2	17.1	(2)
										13.5	20.4
Storable, Inc. and EQT IX Co-Investment (E) SCSP	Payment management system solutions and web services for the self-storage industry	Limited partnership interests				04/2021		614,950		6.6	11.8	(2)(6)
Sundance Group Holdings, Inc. (14)	Provider of cloud-based document management and collaboration solutions	First lien senior secured revolving loan	9.05%	SOFR (Q)	4.75%	09/2024	07/2029		1.7	1.6	1.7	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	09/2024	07/2029		4.0	4.0	4.0	(2)(10)
										5.6	5.7
Superman Holdings, LLC (14)	Provider of ERP software for the construction industry	First lien senior secured loan	8.80%	SOFR (Q)	4.50%	08/2024	08/2031		42.8	42.8	42.8	(2)(10)
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (14)	Provider of environment, health, safety, and sustainability software	First lien senior secured loan	10.19%	SOFR (Q)	5.75%	10/2023	03/2028		10.8	10.8	10.8	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	03/2022	03/2028		34.3	34.3	34.3	(2)(10)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	06/2024	03/2028		5.8	5.8	5.8	(2)(10)
		Class A-2 units				03/2022		5,057		5.1	6.5
										56.0	57.4
TCP Hawker Intermediate LLC (14)	Workforce management solutions provider	First lien senior secured revolving loan	8.05%	SOFR (Q)	3.75%	11/2024	08/2029		3.4	3.4	3.4	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	11/2024	08/2029		2.0	2.0	2.0	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	08/2019	08/2029		50.6	50.6	50.6	(2)(10)
										56.0	56.0
Transit Technologies LLC (14)	Provider of transportation management software and specialty telematics solutions	First lien senior secured loan	9.15%	SOFR (S)	4.75%	08/2024	08/2031		12.0	12.0	12.0	(2)(10)
UKG Inc. and H&F Unite Partners, L.P.	Provider of cloud based HCM solutions for businesses	Limited partnership interests				05/2019		12,583,556		12.6	29.0	(2)(6)
UserZoom Technologies, Inc.	User experience research automation software	First lien senior secured loan	11.80%	SOFR (Q)	7.50%	02/2023	04/2029		5.8	5.7	5.8	(2)(10)
Vamos Bidco, Inc. (14)	Provider of software and data services to the alcoholic beverage industry	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	01/2025	01/2032		18.2	18.2	18.0	(2)(10)
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (14)	Third-party maintenance provider for hardware and data center infrastructure	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	08/2024	08/2031		73.5	73.5	73.5	(2)(10)
		Partnership units				08/2024		2,482,000		2.5	2.7	(2)
										76.0	76.2
Viper Bidco, Inc. (14)	Provider of SaaS based supply chain risk management solutions	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	11/2024	11/2031		17.8	17.8	17.6	(2)(10)
		First lien senior secured loan	9.46%	SONIA (Q)	5.00%	11/2024	11/2031		10.6	10.4	10.5	(2)(10)
										28.2	28.1
WebPT, Inc. and WPT Intermediate Holdco, Inc. (14)	Electronic medical record software provider	First lien senior secured revolving loan	10.67%	SOFR (Q)	6.25%	08/2019	01/2028		0.6	0.6	0.6	(2)(10)
		First lien senior secured loan	10.66%	SOFR (Q)	6.25%	08/2019	01/2028		0.1	0.1	0.1	(2)(10)
		Senior subordinated loan	13.25% PIK			05/2024	05/2029		67.4	67.4	67.4	(2)
										68.1	68.1
Wellington Bidco Inc. and Wellington TopCo LP (14)	Provider of ERP and payments software for local governments	First lien senior secured revolving loan	9.05%	SOFR (Q)	4.75%	06/2024	06/2030		0.6	0.6	0.6	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	06/2024	06/2030		60.8	60.8	60.8	(2)(10)
		Class A-2 preferred units				06/2024		2,323,000		2.4	2.9	(2)
										63.8	64.3
Wellness AcquisitionCo, Inc. (14)	Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	01/2021	01/2029		11.5	11.5	11.5	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
WorkWave Intermediate II, LLC (14)	Provider of cloud-based field services and fleet management solutions	First lien senior secured revolving loan	11.30%	SOFR (Q)	7.00%	06/2021	06/2027		1.1	1.1	1.1	(2)(10)
		First lien senior secured loan	11.40% (3.50% PIK)	SOFR (Q)	7.00%	02/2022	06/2027		19.4	19.4	19.4	(2)(10)
		First lien senior secured loan	11.40% (3.50% PIK)	SOFR (Q)	7.00%	06/2021	06/2027		53.5	53.5	53.5	(2)(10)
		First lien senior secured loan	11.40% (3.50% PIK)	SOFR (Q)	7.00%	03/2024	06/2027		6.5	6.5	6.5	(2)(10)
										80.5	80.5
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (14)	Provider of cloud-based customer support solutions	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	12/2022	11/2028		29.5	29.5	29.5	(2)(10)
		Series A preferred stock	13.83% PIK	SOFR (Q)	9.50%	11/2022		27,226		36.6	36.6	(2)(10)
		Class A common units				11/2022		269,100		2.7	2.7	(2)
										68.8	68.8
ZocDoc, Inc.	Healthcare marketplace connecting patients and providers	First lien senior secured loan	10.83%	SOFR (Q)	6.50%	05/2024	05/2029		74.1	71.9	74.1	(2)(10)

										6,435.5	6,404.5		46.84%
Health Care Equipment and Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(14)	Dental services provider	First lien senior secured revolving loan	12.50% PIK	Base rate (Q)	5.00%	06/2021	06/2026		3.0	3.0	3.0	(2)(10)
		First lien senior secured revolving loan	9.56% PIK	SOFR (Q)	5.00%	06/2021	06/2026		15.3	15.3	15.3	(2)(10)
		First lien senior secured loan	9.56% PIK	SOFR (Q)	5.00%	09/2024	06/2026		42.3	42.3	42.3	(2)(10)
		Class A preferred units				09/2024		20,000,000		16.2	2.2	(2)
		Class A common units				06/2021		6,553,553		4.7	—	(2)
										81.5	62.8
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(14)	Dental services provider	First lien senior secured loan	11.45% (3.00% PIK)	SOFR (Q)	7.00%	09/2016	09/2026		15.6	15.6	15.6	(2)(10)
		Second lien senior secured loan	10.00% PIK			06/2023	03/2027		44.5	44.5	44.5	(2)
		Class A common units				06/2023		7,776,181		29.4	0.1	(2)
		Membership units				09/2016		3,000,000		—	—	(2)
										89.5	60.2
Advarra Holdings, Inc. (14)	Provider of central institutional review boards over clinical trials	First lien senior secured loan	8.82%	SOFR (M)	4.50%	08/2022	09/2031		4.0	4.0	4.0	(2)(10)
Aerin Medical Inc. (14)	Developer and manufacturer of non-invasive nasal treatment solutions	First lien senior secured loan	11.55% (3.88% PIK)	SOFR (Q)	7.25%	12/2024	12/2030		13.2	12.9	13.1	(2)(10)
		Series G preferred shares				12/2024		877,379		1.0	1.0	(2)
										13.9	14.1
AHR Funding Holdings, Inc. and AHR Parent Holdings, LP	Provider of revenue cycle management solutions to hospitals	Series A preferred shares	12.75% PIK			07/2022	07/2028	35,000		49.2	49.2	(2)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Preferred units	8.00% PIK			07/2022		9,900		12.3	12.6	(2)
		Class B common units				07/2022		100,000		0.1	0.1	(2)
										61.6	61.9
Amerivet Partners Management, Inc. and AVE Holdings LP (14)	Veterinary practice management platform	Subordinated loan	16.50% PIK			11/2023	12/2030		68.9	67.8	62.0	(2)
		Class A units				03/2024		2,922		2.9	—	(2)
		Class C units				11/2023		7,144		1.4	—	(2)
										72.1	62.0
Artivion, Inc. (14)	Manufacturer, processor and distributor of medical devices and implantable human tissues	First lien senior secured revolving loan	8.31%	SOFR (Q)	4.00%	01/2024	01/2030		0.9	0.9	0.9	(2)(6)(10)
		First lien senior secured loan	10.81%	SOFR (Q)	6.50%	01/2024	01/2030		11.5	11.5	11.5	(2)(6)(10)
										12.4	12.4
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (14)(15)	Revenue cycle management provider to the physician practices and acute care hospitals	First lien senior secured loan	7.32%	SOFR (M)	3.00%	07/2023	02/2029		0.1	0.1	0.1	(2)(10)(17)
		Series A preferred stock	10.75% PIK			02/2022		198,505		277.8	277.8	(2)
		Class A units				02/2022		10,487,951		10.5	13.5	(2)
										288.4	291.4
Avalign Holdings, Inc. and Avalign Technologies, Inc. (14)	Full-service contract manufacturer of medical device components for the orthopedic OEM industry	First lien senior secured revolving loan	10.82%	SOFR (M)	6.50%	03/2024	12/2028		1.6	1.6	1.4	(2)(10)
		First lien senior secured loan	11.56% (3.63% PIK)	SOFR (Q)	7.25%	03/2024	12/2028		39.1	39.1	35.2	(2)(10)
										40.7	36.6
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP	Opioid treatment provider	First lien senior secured loan	9.56%	SOFR (Q)	5.00%	05/2022	06/2027		5.9	5.9	5.2	(2)(10)
Bambino Group Holdings, LLC	Dental services provider	Class A preferred units				12/2016		1,000,000		1.0	0.7	(2)
BrightStar Group Holdings, Inc. (14)	Provider of private-pay home care services for patients	First lien senior secured loan	9.25%	SOFR (S)	5.00%	02/2025	03/2032		30.4	30.4	30.3	(2)(10)
BVI Medical, Inc. and BVI Group Limited (14)	Developer, manufacturer, and distributor of diverse ophthalmic surgical products	First lien senior secured loan	10.57% (5.00% PIK)	SOFR (M)	6.25%	03/2025	03/2032		136.4	136.4	135.4	(2)(6)(10)
		Ordinary shares				03/2025		3,742		5.0	5.0	(2)(6)
										141.4	140.4
Color Intermediate, LLC	Provider of pre-payment integrity software solution	First lien senior secured loan	9.15%	SOFR (Q)	4.75%	10/2022	10/2029		19.9	19.9	19.9	(2)(10)
Comprehensive EyeCare Partners, LLC (14)	Vision care practice management company	First lien senior secured revolving loan	11.06% (2.50% PIK)	SOFR (Q)	6.50%	02/2018	06/2025		2.0	2.0	1.9	(2)(10)
		First lien senior secured loan	11.06% (2.50% PIK)	SOFR (M)	6.50%	02/2018	06/2025		0.3	0.3	0.3	(2)(10)
										2.3	2.2
Convey Health Solutions, Inc.	Healthcare workforce management software provider	First lien senior secured loan	9.57% (4.25% PIK)	SOFR (S)	5.25%	02/2022	07/2029		0.1	0.1	0.1	(2)(6)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	9.57% (4.25% PIK)	SOFR (S)	5.25%	10/2022	07/2029		0.1	0.1	0.1	(2)(6)(10)
		First lien senior secured loan	9.57% (4.25% PIK)	SOFR (S)	5.25%	09/2019	07/2029		1.9	1.9	1.6	(2)(6)(10)
										2.1	1.8
Cradle Lux Bidco S.A.R.L. (14)	Provider of consumables and equipment for ART and IVF procedures	First lien senior secured loan	10.09%	SOFR (S)	5.50%	11/2024	11/2031		2.9	2.9	2.9	(2)(6)(10)
		First lien senior secured loan	8.28%	Euribor (S)	5.50%	11/2024	11/2031		8.6	8.4	8.4	(2)(6)(10)
										11.3	11.3
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (14)	Provider of medical devices and services for the treatment of positional plagiocephaly	First lien senior secured loan	9.95%	SOFR (Q)	5.50%	03/2022	03/2029		24.0	24.0	24.0	(2)(10)
		Class A shares				03/2022		192		1.9	2.4	(2)
		Common units				03/2022		31		0.3	0.4	(2)
										26.2	26.8
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (14)	Veterinary hospital operator	First lien senior secured loan	9.07%	SOFR (M)	4.75%	06/2024	06/2031		93.8	93.8	93.8	(2)(10)
		Class A preferred units				08/2023		3,678		2.6	2.0	(2)
		Common stock				10/2019		41,443		14.5	22.4	(2)
										110.9	118.2
Empower Payments Investor, LLC (14)	Financial communication and payment solutions provider	First lien senior secured loan	8.82%	SOFR (M)	4.50%	03/2024	03/2031		32.8	32.2	32.8	(2)(10)
Evolent Health LLC and Evolent Health, Inc.	Medical technology company focused on value based care services and payment solutions	First lien senior secured loan	9.44%	SOFR (Q)	5.00%	12/2024	12/2029		31.1	31.1	30.5	(2)(6)(10)
		Series A preferred shares	10.45%	SOFR (Q)	6.00%	01/2023	01/2029	3,834		3.8	3.9	(2)(6)(10)
										34.9	34.4
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (14)	On-demand supply chain automation solutions provider to the healthcare industry	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	12/2024	12/2031		232.1	232.1	229.8	(2)(10)
		Class A units				06/2017		15,706,534		12.9	43.3	(2)
										245.0	273.1
Global Medical Response, Inc. and GMR Buyer Corp.	Emergency air medical services provider	First lien senior secured loan	9.79% (0.75% PIK)	SOFR (Q)	5.50%	06/2022	10/2028		41.2	39.3	41.1	(2)(10)(17)
		Series B preferred shares	15.00% PIK			05/2024		126,377		143.8	143.8	(2)
		Warrant to purchase units of common stock				03/2018	03/2028	115,733		0.9	0.4	(2)
		Warrants to purchase shares of common stock				05/2024	05/2031	3,116,642		—	10.2	(2)
		Warrant to purchase units of common stock				12/2021	12/2031	1,927		0.1	—	(2)
										184.1	195.5
HealthEdge Software, Inc. (14)	Provider of financial, administrative and clinical software platforms to the healthcare industry	First lien senior secured loan	9.07%	SOFR (Q)	4.75%	07/2024	07/2031		26.4	26.4	26.4	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Honor Technology, Inc.	Nursing and home care provider	Warrant to purchase shares of Series D-2 preferred stock				08/2021	08/2031	133,333		0.1	—	(2)
HuFriedy Group Acquisition LLC (14)	Manufacturer of surgical dental equipment and sterile instruments	First lien senior secured revolving loan				05/2024	05/2030		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	05/2024	05/2031		74.3	74.3	74.3	(2)(10)
										74.3	74.3
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (14)	Provider of behavioral health services	First lien senior secured revolving loan	11.45% (6.00% PIK)	SOFR (Q)	7.00%	03/2017	03/2027		4.2	4.2	3.4	(2)(10)
Lifescan Global Corporation	Provider of blood glucose monitoring systems for home and hospital use	First lien senior secured loan				05/2022	12/2026		7.0	5.9	4.4	(2)(9)(17)
		Second lien senior secured loan				05/2022	03/2027		0.2	0.2	—	(2)(9)
										6.1	4.4
LivTech Purchaser, Inc. (14)	Provider of senior care end-to-end software, payments and RCM platform	First lien senior secured loan	8.83%	SOFR (Q)	4.50%	11/2024	11/2031		4.9	4.9	4.8	(2)(10)
Napa Management Services Corporation and ASP NAPA Holdings, LLC	Anesthesia management services provider	Preferred units	15.00% PIK			06/2020		1,842		0.2	0.2	(2)
		Senior preferred units	8.00% PIK			06/2020		5,320		0.4	0.4	(2)
		Class A units				04/2016		25,277		2.5	3.2	(2)
										3.1	3.8
Next Holdco, LLC (14)	Provider of electronic medical record and practice management software	First lien senior secured loan	9.54%	SOFR (Q)	5.25%	11/2023	11/2030		6.5	6.5	6.5	(2)(10)
NMN Holdings III Corp. and NMN Holdings LP (14)	Provider of complex rehabilitation technology solutions for patients with mobility loss	First lien senior secured revolving loan	8.82%	SOFR (M)	4.50%	07/2024	07/2031		6.5	6.5	6.5	(2)(10)(13)
		First lien senior secured loan	8.82%	SOFR (M)	4.50%	07/2024	07/2031		246.3	246.3	246.3	(2)(10)
		Partnership units				11/2018		30,000		3.0	8.9	(2)
										255.8	261.7
Nomi Health, Inc.	Provider of software payment services for healthcare industry	First lien senior secured loan	12.56%	SOFR (Q)	8.25%	07/2023	07/2028		11.4	11.4	10.3	(2)(10)
		First lien senior secured loan	12.56%	SOFR (Q)	8.25%	06/2024	07/2028		6.8	6.8	6.2	(2)(10)
		Warrant to purchase shares of Series B preferred stock				07/2023	07/2033	9,941		—	—	(2)
		Warrant to purchase units of Class A common stock				06/2024	06/2034	22,211		—	—	(2)
										18.2	16.5
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(14)	Behavioral health and special education platform provider	First lien senior secured loan	13.95% PIK	SOFR (Q)	9.50%	01/2023	02/2027		3.8	3.8	3.8	(2)(10)
		First lien senior secured loan				02/2022	02/2027		13.6	10.2	5.0	(2)(9)
		First lien senior secured loan				09/2019	02/2027		66.7	49.3	24.7	(2)(9)
		Preferred units				07/2021	04/2025	417,189		—	—	(2)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Preferred stock				02/2022		7,983		3.1	—	(2)
		Class A common units				09/2019		9,549,000		9.5	—	(2)
		Common units				02/2022		7,584		—	—	(2)
										75.9	33.5
OMH-HealthEdge Holdings, LLC (14)	Revenue cycle management provider to the healthcare industry	First lien senior secured loan	12.50%	Base rate (Q)	5.00%	10/2023	10/2029		96.6	96.6	96.6	(2)(10)
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (14)	Medical device company	First lien senior secured revolving loan	8.31%	SOFR (Q)	4.00%	11/2023	11/2028		0.1	0.1	0.1	(2)(6)(10)
		First lien senior secured loan	11.06%	SOFR (Q)	6.75%	11/2023	11/2028		24.0	24.0	24.4	(2)(6)(10)
										24.1	24.5
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (14)	Veterinary hospital operator	Second lien senior secured loan				03/2020	03/2028		76.3	75.5	49.6	(2)(9)
		Class R common units				03/2020		6,004,768		6.0	—	(2)
										81.5	49.6
PetVet Care Centers, LLC (14)	Veterinary hospital operator	First lien senior secured loan	10.32%	SOFR (M)	6.00%	11/2023	11/2030		131.1	131.1	121.9	(2)(10)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (14)	Provider of employer-sponsored onsite health and wellness clinics and pharmacies	First lien senior secured loan	9.80%	SOFR (Q)	5.50%	02/2024	03/2031		54.0	54.0	54.0	(2)(10)
		Class A units				07/2018		9,775		9.8	18.3	(2)
										63.8	72.3
Revival Animal Health, LLC (14)	B2B distributor of animal health products	First lien senior secured revolving loan	10.32%	SOFR (Q)	6.00%	01/2025	01/2028		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	01/2025	01/2028		27.0	27.0	26.7	(2)(10)
										27.2	26.9
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (14)	Manufacturer of biologic, metal and synthetic implants/devices	First lien senior secured revolving loan	11.17%	SOFR (M)	6.75%	07/2020	07/2026		12.3	12.3	12.3	(2)(10)
		First lien senior secured loan	11.24%	SOFR (S)	6.75%	07/2020	07/2026		22.0	22.0	22.0	(2)(10)
		First lien senior secured loan	11.20%	SOFR (Q)	6.75%	12/2024	07/2026		5.2	5.2	5.2	(2)(10)
										39.5	39.5
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC	Outsourced anesthesia provider	Common units				03/2018		684,854		4.8	1.7	(2)
SM Wellness Holdings, Inc. and SM Holdco, LLC (14)	Breast cancer screening provider	Series D units	8.00% PIK			03/2023		1,127		1.3	1.8	(2)
		Series A units				08/2018		8,041		8.0	11.9	(2)
		Series B units				08/2018		916,795		—	—	(2)
										9.3	13.7
SOC Telemed, Inc. and PSC Spark Holdings, LP	Provider of acute care telemedicine	First lien senior secured loan	11.80% (2.00% PIK)	SOFR (Q)	7.50%	08/2022	08/2027		107.8	105.6	100.3	(2)(10)
		Class A-2 units				08/2022		4,812		4.9	1.7	(2)
		Warrant to purchase units of common stock				08/2022	08/2029	6,118		4.7	0.6	(2)
										115.2	102.6
Spruce Bidco II Inc. (14)	Provider of medical devices relating to dialysis treatments and services for kidney disease	First lien senior secured loan	7.72%	CDOR (S)	5.00%	01/2025	01/2032		26.4	26.1	25.9	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	6.00%	TONA (Q)	5.25%	01/2025	01/2032		27.1	26.2	26.6	(2)(10)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	01/2025	01/2032		195.8	195.8	192.4	(2)(10)
										248.1	244.9
Surescripts, LLC (14)	Healthcare network for e-prescription routing, patient eligibility checks, and secure exchange of medical records	First lien senior secured loan	8.30%	SOFR (Q)	4.00%	11/2024	11/2031		58.0	58.0	57.5	(2)(10)
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (14)	SaaS based healthcare compliance platform provider	First lien senior secured revolving loan	8.04%	SOFR (Q)	3.75%	12/2020	12/2027		4.2	4.2	3.7	(2)
		First lien senior secured loan	9.64%	SOFR (Q)	5.25%	04/2024	12/2027		17.3	17.3	15.4	(2)(10)
		First lien senior secured loan	8.89%	SOFR (Q)	4.50%	02/2022	12/2027		28.7	27.9	24.9	(2)(10)(17)
		Second lien senior secured loan	12.27%	SOFR (Q)	7.88%	12/2020	12/2028		76.2	76.2	67.9	(2)(10)
		Second lien senior secured loan	14.39% (4.00% PIK)	SOFR (Q)	10.00%	04/2024	12/2028		53.5	53.5	50.3	(2)(10)
		Series C-1 preferred shares	11.00% PIK			06/2021		75,939		121.5	99.6	(2)
		Series C-2 preferred shares	11.00% PIK			06/2021		40,115		60.9	49.9	(2)
		Series C-3 preferred shares	11.00% PIK			10/2021		16,201		23.7	19.5	(2)
										385.2	331.2
Tempus AI, Inc.	Provider of technology enabled precision medicine solutions	First lien senior secured loan	12.55% (3.25% PIK)	SOFR (Q)	8.25%	02/2025	02/2030		31.1	31.1	30.8	(2)(6)(10)
		First lien senior secured loan	12.56% (3.25% PIK)	SOFR (Q)	8.25%	10/2023	09/2027		9.4	9.4	9.3	(2)(6)(10)
		First lien senior secured loan	12.56% (3.25% PIK)	SOFR (Q)	8.25%	09/2022	09/2027		75.6	75.6	75.0	(2)(6)(10)
		First lien senior secured loan	12.56% (3.25% PIK)	SOFR (Q)	8.25%	04/2023	09/2027		22.0	22.0	21.8	(2)(6)(10)
		Common units				10/2023		60,821		1.9	2.9	(2)(6)(17)
										140.0	139.8
Therapy Brands Holdings LLC	Provider of software solutions for the mental and behavioral health market segments	Second lien senior secured loan	11.19%	SOFR (M)	6.75%	06/2021	05/2029		29.1	29.0	26.2	(2)(10)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.	Anesthesiology service provider	Second lien senior secured loan	11.94%	SOFR (M)	7.50%	10/2021	10/2029		147.8	147.8	147.8	(2)(10)
		Common stock				12/2021		3,671,429		12.9	8.9	(2)
										160.7	156.7
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (14)	Gastroenterology physician group	First lien senior secured revolving loan	10.05%	SOFR (Q)	5.75%	03/2023	03/2029		1.1	1.1	1.1	(2)(10)
		First lien senior secured loan	10.05%	SOFR (Q)	5.75%	03/2023	03/2029		10.4	10.4	10.4	(2)(10)
		Class A interests				03/2023		4,623		4.6	5.5
										16.1	17.0
Viant Medical Holdings, Inc.	Manufacturer of plastic and rubber components for health care equipment	First lien senior secured loan	8.32%	SOFR (M)	4.00%	10/2024	10/2031		27.5	27.4	27.5	(2)(17)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (14)	Veterinary hospital operator	First lien senior secured loan	10.17%	SOFR (M)	5.75%	12/2021	12/2027		6.1	6.1	6.1	(2)(10)
		First lien senior secured loan	9.67%	SOFR (M)	5.25%	01/2025	12/2027		1.8	1.8	1.8	(2)(10)
		First lien senior secured loan	10.17%	SOFR (M)	5.75%	03/2024	12/2027		2.7	2.7	2.7	(2)(10)
		First lien senior secured loan	10.07%	SOFR (M)	5.75%	08/2023	12/2027		12.3	12.3	12.3	(2)(10)
		First lien senior secured loan	10.17%	SOFR (M)	5.75%	08/2022	12/2027		9.1	9.1	9.1	(2)(10)
		Class A-2 units				03/2023		45		0.1	0.1	(2)
		Class A-2 units				12/2021		7,524		7.5	12.2	(2)
										39.6	44.3
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (14)	Provider of biospecimen products for pharma research	First lien senior secured revolving loan	11.95%	SOFR (Q)	7.50%	03/2018	03/2028		12.0	12.0	11.2	(2)(10)(13)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	08/2019	03/2028		14.0	14.0	13.1	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	07/2022	03/2028		31.5	31.5	29.3	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	03/2018	03/2028		33.5	33.5	31.1	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	11/2021	03/2028		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	10/2021	03/2028		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	10/2019	03/2028		10.9	10.8	10.1	(2)(10)
		First lien senior secured loan	11.95% (4.00% PIK)	SOFR (Q)	7.50%	02/2019	03/2028		4.6	4.6	4.2	(2)(10)
		Class A preferred units				11/2024		455		0.3	—
		Common units				07/2022		35,299		5.0	2.8
										111.9	102.0

										3,796.3	3,629.7		26.55%
Financial Services
Aduro Advisors, LLC (14)	Provider of fund administration services	First lien senior secured loan	9.32%	SOFR (M)	5.00%	07/2024	07/2030		8.3	8.3	8.3	(2)(10)
AQ Sage Buyer, LLC (14)	Provider of actuarial consulting and comprehensive wealth management services	First lien senior secured revolving loan	10.42%	SOFR (M)	6.00%	05/2022	01/2027		0.5	0.5	0.5	(2)(6)(10)
		First lien senior secured loan	10.48%	SOFR (Q)	6.00%	05/2022	01/2027		3.5	3.5	3.4	(2)(6)(10)
										4.0	3.9
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC	Provider of comprehensive suite of investment management and wealth planning solutions	First lien senior secured loan	11.20%	SOFR (Q)	6.75%	09/2021	09/2027		0.2	0.2	0.2	(2)(10)
		Senior subordinated loan	9.30% PIK			09/2021	09/2026		6.2	6.2	6.2	(2)
		Common units				09/2021		6,387,141		6.4	6.5	(2)
										12.8	12.9
Beacon Pointe Harmony, LLC (14)	Provider of comprehensive wealth management services	First lien senior secured loan	9.07%	SOFR (M)	4.75%	12/2021	12/2028		19.6	19.6	19.6	(2)(6)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	9.18%	SOFR (S)	4.75%	06/2024	12/2028		2.2	2.2	2.2	(2)(6)(10)
		First lien senior secured loan	9.07%	SOFR (M)	4.75%	07/2023	12/2028		3.8	3.8	3.8	(2)(6)(10)
										25.6	25.6
Cliffwater LLC (14)	Provider of alternative investment advisory services	First lien senior secured loan	8.82%	SOFR (M)	4.50%	10/2023	10/2030		4.0	4.0	4.0	(2)(6)(10)
Convera International Holdings Limited and Convera International Financial S.A R.L. (14)	Provider of B2B international payment and FX risk management solutions	First lien senior secured loan	10.45%	SOFR (Q)	6.00%	03/2022	03/2028		0.1	0.1	0.1	(2)(6)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	11/2024	03/2028		8.8	8.8	8.8	(2)(6)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	06/2023	03/2028		0.1	0.1	0.1	(2)(6)(10)
										9.0	9.0
Corient Holdings, Inc.	Global wealth management firm	Series A preferred stock				05/2023		41,427		41.4	65.4	(2)
CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC	Mortgage company originating loans in the retail and consumer direct channels	Series D preferred units				11/2023		90,577		24.9	29.3
eCapital Finance Corp.	Consolidator of commercial finance businesses	Senior subordinated loan	12.17%	SOFR (M)	7.75%	11/2020	12/2028		5.4	5.3	5.4	(2)(6)(10)
		Senior subordinated loan	12.17%	SOFR (M)	7.75%	04/2022	12/2025		55.8	54.7	55.8	(2)(6)(10)
		Senior subordinated loan	12.17%	SOFR (M)	7.75%	10/2023	12/2028		12.3	12.0	12.3	(2)(6)(10)
		Senior subordinated loan	12.17%	SOFR (M)	7.75%	01/2022	12/2028		24.3	23.8	24.3	(2)(6)(10)
		Senior subordinated loan	12.17%	SOFR (M)	7.75%	01/2020	12/2028		56.0	54.9	56.0	(2)(6)(10)
		Senior subordinated loan	12.17%	SOFR (M)	7.75%	10/2024	12/2028		42.1	41.4	42.1	(2)(6)(10)
		Senior subordinated loan	12.92%	SOFR (M)	8.50%	12/2024	12/2028		21.9	21.5	21.9	(2)(6)(10)
										213.6	217.8
Endeavor Bidco LLC and Endeavor TopCo, Inc.	Global securities finance trading platform	First lien senior secured loan	8.55%	SOFR (Q)	4.25%	08/2024	08/2029		6.1	6.1	6.1	(2)(10)
		Class A common units				08/2024		1,859		1.9	1.8
										8.0	7.9
EP Wealth Advisors, LLC	Wealth management and financial planning firm	First lien senior secured loan	8.80%	SOFR (Q)	4.50%	11/2022	09/2029		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	8.80%	SOFR (Q)	4.50%	09/2020	09/2029		0.6	0.6	0.6	(2)(10)
										0.8	0.8
GAPCO AIV InterHodlco (CP), L.P. (14)	Wealth management and financial planning firm	Senior subordinated loan	11.05% PIK	SOFR (Q)	6.75%	03/2025	03/2033		17.4	17.4	16.7	(2)(6)(10)
GTCR F Buyer Corp. and GTCR (D) Investors LP (14)(15)	Provider of end-to-end tech-enabled administrative services to private foundations	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	09/2023	09/2030		5.4	5.4	5.4	(2)(10)
		Limited partnership interests				09/2023		4,764,743		4.8	8.1	(2)
										10.2	13.5
HighTower Holding, LLC	Provider of investment, financial and retirement planning services	Senior subordinated loan	6.75%			06/2022	04/2029		8.1	7.1	7.8	(2)(6)(17)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Ivy Hill Asset Management, L.P. (5)	Asset management services	Member interest				06/2009		100.00%		1,700.5	1,919.8	(2)(6)
Lido Advisors, LLC (14)	Wealth management and financial planning firm	First lien senior secured revolving loan	9.32%	SOFR (M)	5.00%	06/2021	06/2029		1.1	1.1	1.1	(2)(10)(13)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	06/2023	06/2029		6.0	6.0	6.0	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	06/2021	06/2029		5.1	5.1	5.1	(2)(10)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	11/2024	06/2029		4.7	4.7	4.7	(2)(10)
										16.9	16.9
Mai Capital Management Intermediate LLC (14)	Provider of comprehensive wealth management services and registered investment advisor	First lien senior secured revolving loan	9.05%	SOFR (Q)	4.75%	08/2024	08/2031		0.5	0.5	0.5	(2)(6)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	08/2024	08/2031		10.2	10.2	10.2	(2)(6)(10)
										10.7	10.7
Monica Holdco (US) Inc. (14)	Investment technology and advisory firm	First lien senior secured loan	10.20%	SOFR (Q)	5.75%	01/2021	01/2028		2.5	2.5	2.5	(2)(6)(10)
		First lien senior secured loan	10.05%	SOFR (Q)	5.75%	08/2024	01/2028		2.7	2.7	2.7	(2)(6)(10)
										5.2	5.2
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (14)(15)	Provider of comprehensive wealth management services and registered investment advisor	First lien senior secured loan	9.42%	SOFR (M)	5.00%	05/2023	05/2029		4.8	4.8	4.8	(2)(6)(10)
		First lien senior secured loan	9.42%	SOFR (M)	5.00%	06/2024	05/2029		0.3	0.3	0.3	(2)(6)(10)
		First lien senior secured loan	9.42%	SOFR (M)	5.00%	12/2024	05/2029		4.0	4.0	4.0	(2)(6)(10)
		First lien senior secured loan	9.42%	SOFR (M)	5.00%	09/2023	05/2029		7.9	7.9	7.9	(2)(6)(10)
		Limited partnership interests				09/2023		1,965,100		2.0	2.6	(6)
										19.0	19.6
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (14)	Provider of comprehensive wealth management services	First lien senior secured loan	9.64%	SOFR (S)	5.25%	08/2023	08/2029		8.4	8.4	8.4	(2)(6)(10)
		Preferred units				07/2023		6,431,667		6.5	7.7	(6)
										14.9	16.1
PCS MidCo, Inc. and PCS Parent, L.P. (14)	Provider of 401K recordkeeping software solutions	First lien senior secured revolving loan	10.05%	SOFR (Q)	5.75%	03/2024	03/2030		0.8	0.8	0.8	(2)(10)
		First lien senior secured loan	10.05%	SOFR (Q)	5.75%	03/2024	03/2030		8.5	8.5	8.5	(2)(10)
		Class A units				03/2024		785,000		0.8	0.8	(2)
										10.1	10.1
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP (14)	Wealth management and financial planning firm	First lien senior secured loan	9.82%	SOFR (M)	5.50%	03/2024	03/2031		2.7	2.7	2.7	(2)(6)(10)
		Limited partnership interest				03/2024		2,374,000		2.4	2.5	(6)
										5.1	5.2
Petrus Buyer, Inc. (14)	Provider of REIT research data and analytics	First lien senior secured loan	9.56%	SOFR (Q)	5.25%	11/2022	10/2029		5.0	5.0	5.0	(2)(10)
		First lien senior secured loan	9.06%	SOFR (Q)	4.75%	11/2022	10/2029		0.9	0.9	0.9	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	9.07%	SOFR (Q)	4.75%	02/2025	10/2029		1.2	1.2	1.2	(2)(10)
										7.1	7.1
RFS Opco LLC (14)	Provider of wealth management services	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	12/2024	04/2031		1.2	1.2	1.2	(2)(6)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	04/2024	04/2031		29.5	29.5	29.5	(2)(6)(10)
										30.7	30.7
Rialto Management Group, LLC (14)	Investment and asset management platform focused on real estate	First lien senior secured loan	9.32%	SOFR (M)	5.00%	12/2024	12/2030		24.2	24.1	24.0	(2)(6)(10)
RWA Wealth Partners, LLC (14)	Provider of comprehensive wealth management services	First lien senior secured loan	9.07%	SOFR (Q)	4.75%	11/2024	11/2030		8.1	8.1	8.1	(2)(6)(10)
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (14)	Wealth management platform	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	12/2023	10/2028		3.3	3.3	3.3	(2)(6)(10)
The Edelman Financial Center, LLC	Provider of investment, financial and retirement planning services	Second lien senior secured loan	9.57%	SOFR (M)	5.25%	05/2024	10/2028		0.1	0.1	0.1	(2)(6)(17)
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (14)	Provider of comprehensive wealth management services	First lien senior secured revolving loan	12.25%	Base rate (Q)	4.75%	03/2022	03/2028		0.4	0.4	0.4	(2)(6)(10)
		First lien senior secured loan	10.28%	SOFR (S)	5.75%	03/2022	03/2028		3.9	3.9	3.9	(2)(6)(10)
		Senior subordinated loan	12.00% PIK			03/2022	03/2029		3.9	3.9	3.9	(2)(6)
		Series A preferred units				03/2022		7,199		7.2	4.5	(2)(6)
		Common units				03/2022		7,199		—	—	(2)(6)
										15.4	12.7
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (14)	Provider of asset-servicing capabilities for fund managers	First lien senior secured loan	9.65%	SOFR (Q)	5.25%	03/2024	03/2031		20.6	20.6	20.6	(2)(10)
		Class A preferred units	8.00% PIK			09/2019		1,443		2.3	2.3
		Class A common units				02/2019		245		0.2	4.3
		Class B common units				02/2019		2,167,424		—	—
		Class B common units				02/2019		245,194		—	—
										23.1	27.2
TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P.	Provider of comprehensive wealth management services	First lien senior secured loan	10.81% PIK	SOFR (Q)	6.50%	01/2025	01/2033		11.1	11.1	10.8	(2)(6)(10)
		Limited partnership interest				11/2024		5,719,511		5.8	5.7	(2)(6)
										16.9	16.5
Waverly Advisors, LLC and WAAM Topco, LLC (14)	Wealth management and financial planning firm	First lien senior secured revolving loan	10.20%	SOFR (Q)	5.75%	03/2022	03/2028		0.8	0.8	0.8	(2)(6)(10)
		First lien senior secured loan	9.32%	SOFR (Q)	5.00%	01/2025	03/2028		6.0	6.0	6.0	(2)(6)(10)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	03/2022	03/2028		0.7	0.7	0.7	(2)(6)(10)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	03/2024	03/2028		5.0	5.0	5.0	(2)(6)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Class A units				06/2023		1,432,867		1.7	3.2	(6)
										14.2	15.7
Wealth Enhancement Group, LLC (14)	Wealth management and financial planning firm	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	06/2021	10/2028		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.32%	SOFR (Q)	5.00%	11/2020	10/2028		1.9	1.9	1.9	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	08/2021	10/2028		0.9	0.9	0.9	(2)(10)
		First lien senior secured loan	9.29%	SOFR (Q)	5.00%	10/2019	10/2028		0.5	0.5	0.5	(2)(10)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	02/2024	10/2028		15.6	15.6	15.6	(2)(10)
										19.0	19.0
Wellington-Altus Financial Inc. (14)(15)	Wealth management and advisory firm	First lien senior secured revolving loan				08/2024	08/2030		—	—	—	(2)(6)(10)(12)
		First lien senior secured loan	8.17%	CORRA (Q)	5.00%	08/2024	08/2030		0.8	0.8	0.8	(2)(6)(10)
		Common stock				08/2024		49,525		1.7	2.2	(2)(6)
										2.5	3.0

										2,334.0	2,593.9		18.97%
Commercial and Professional Services
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (14)	Provider of outsourced crew accommodations and logistics management solutions to the airline industry	Class A common units				05/2018		236,358		4.3	37.2
Aero Operating LLC	Provider of snow removal and melting service for airports and marine terminals	First lien senior secured loan	13.45% (2.00% PIK)	SOFR (M)	9.00%	12/2021	02/2026		1.1	1.1	1.0	(2)(10)
		First lien senior secured loan	13.46% (2.00% PIK)	SOFR (M)	9.00%	02/2020	02/2026		36.1	36.1	32.9	(2)(10)
										37.2	33.9
Aldinger Company Inc (14)	Provider of outsourced calibration and repair services	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	07/2024	07/2027		35.9	35.9	35.9	(2)(10)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	03/2025	07/2027		1.4	1.4	1.4	(2)(10)
										37.3	37.3
AMCP Clean Acquisition Company, LLC (14)	Provider of commercial laundry services	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	02/2024	06/2028		10.3	10.2	10.3	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	11/2024	06/2028		2.4	2.4	2.4	(2)(10)
										12.6	12.7
Applied Technical Services, LLC (14)	Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers	First lien senior secured revolving loan	12.25%	Base rate (Q)	4.75%	05/2022	12/2026		7.5	7.4	7.5	(2)(10)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	05/2022	12/2026		1.0	1.0	1.0	(2)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	09/2023	12/2026		2.7	2.7	2.7	(2)(10)
		First lien senior secured loan	10.20%	SOFR (Q)	5.75%	01/2024	12/2026		2.5	2.5	2.5	(2)(10)
										13.6	13.7

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. (14)	Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services	First lien senior secured loan	9.70%	SOFR (Q)	5.25%	04/2024	09/2028		38.7	38.7	38.7	(2)(6)(10)
		Senior subordinated loan	13.70% (6.94% PIK)	SOFR (Q)	9.25%	11/2021	11/2028		2.1	2.1	2.1	(2)(6)(10)
		Senior subordinated loan	13.70% (6.94% PIK)	SOFR (Q)	9.25%	08/2022	11/2028		7.0	6.8	7.1	(2)(6)(10)
										47.6	47.9
ATI Restoration, LLC (14)	Provider of disaster recovery services	First lien senior secured revolving loan	9.95%	SOFR (Q)	5.50%	07/2020	07/2026		11.0	11.0	11.0	(2)(10)(13)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	07/2020	07/2026		32.2	32.2	32.2	(2)(10)
		First lien senior secured loan	9.96%	SOFR (Q)	5.50%	05/2022	07/2026		47.8	47.8	47.8	(2)(10)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	09/2023	07/2026		11.8	11.8	11.8	(2)(10)
										102.8	102.8
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC (14)	Provider of fire and life safety services including inspection and repair	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	01/2025	01/2031		6.9	6.9	6.9	(2)(10)
		Class A-1 units				01/2025		1,368		1.4	1.4	(2)
										8.3	8.3
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP (14)	Outsourced supply chain solutions provider to operators of distribution centers	First lien senior secured revolving loan				08/2024	05/2029		—	—	—	(2)(10)(12)
		First lien senior secured loan	8.92%	SOFR (M)	4.50%	08/2024	11/2029		6.6	6.6	6.6	(2)(10)
		Second lien senior secured loan	12.92%	SOFR (M)	8.50%	08/2024	11/2030		87.5	87.5	87.5	(2)(10)
		Class A units				11/2020		10,581		7.3	16.0	(2)
										101.4	110.1
Compex Legal Services, Inc. (14)	Provider of outsourced litigated and non-litigated medical records retrieval services	First lien senior secured revolving loan	9.80%	SOFR (S)	5.45%	05/2022	02/2026		1.8	1.8	1.8	(2)(10)
		First lien senior secured loan	10.36%	SOFR (S)	6.00%	07/2023	02/2026		1.9	1.9	1.9	(2)(10)
										3.7	3.7
Dorado Bidco, Inc. (14)	Provider of consumer and market insights for the food and beverage industry	First lien senior secured loan	8.82%	SOFR (M)	4.50%	09/2024	09/2031		6.8	6.8	6.7	(2)(10)
DP Flores Holdings, LLC (14)	Benefits administrator of tax-advantaged reimbursement plans	First lien senior secured loan	10.80% (3.25% PIK)	SOFR (Q)	6.50%	09/2024	09/2030		27.4	27.4	27.4	(2)(10)
Drogon Bidco Inc. & Drogon Aggregator LP (14)	Provider of fire safety and life safety services	First lien senior secured loan	9.32%	SOFR (M)	5.00%	08/2024	08/2031		19.8	19.8	19.6	(2)(10)
		Class A-2 common units				08/2024		1,850,000		1.9	2.0	(2)
										21.7	21.6
DTI Holdco, Inc. and OPE DTI Holdings, Inc.	Provider of legal process outsourcing and managed services	Class A common stock				08/2014		7,500		7.5	15.6	(2)
		Class B common stock				08/2014		7,500		—	—	(2)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
										7.5	15.6
Duraserv LLC (14)	Provider of commercial loading dock maintenance and remodeling services	First lien senior secured loan	8.82%	SOFR (M)	4.50%	06/2024	06/2031		29.2	29.2	29.2	(2)(10)
		First lien senior secured loan	8.82%	SOFR (M)	4.50%	03/2025	06/2031		0.3	0.3	0.3	(2)(10)
										29.5	29.5
Elevation Services Parent Holdings, LLC (14)	Elevator service platform	First lien senior secured revolving loan	10.71%	SOFR (Q)	6.25%	12/2020	12/2026		2.2	2.2	2.0	(2)(10)(13)
		First lien senior secured loan	10.70%	SOFR (Q)	6.25%	05/2022	12/2026		13.9	13.9	12.9	(2)(10)
		First lien senior secured loan	10.71%	SOFR (Q)	6.25%	12/2020	12/2026		10.0	10.0	9.3	(2)(10)
										26.1	24.2
EMB Purchaser, Inc. (14)	Provider of fire and life safety solutions	First lien senior secured loan	8.80%	SOFR (Q)	4.50%	03/2025	03/2032		74.2	74.2	73.8	(2)(10)
Firebird Acquisition Corp, Inc. (14)	Provider of fire safety and life safety services	First lien senior secured loan	9.29% (2.50% PIK)	SOFR (Q)	5.00%	01/2025	02/2032		15.8	15.8	15.7	(2)(10)
FlyWheel Acquireco, Inc. (14)	Professional employer organization offering human resources, compliance and risk management services	First lien senior secured revolving loan	10.82%	SOFR (M)	6.50%	05/2023	05/2028		5.5	5.5	5.5	(2)(10)
		First lien senior secured loan	10.82%	SOFR (M)	6.50%	05/2023	05/2030		51.8	51.8	51.8	(2)(10)
										57.3	57.3
Frontline Road Safety Operations, LLC (14)	Provider of pavement marking services to roadways	First lien senior secured loan	9.07% (2.00% PIK)	SOFR (M)	4.75%	03/2025	03/2032		45.5	45.5	45.2	(2)
		First lien senior secured loan	9.07%	SOFR (M)	4.75%	03/2025	03/2032		0.3	0.3	0.3	(2)
										45.8	45.5
HH-Stella, Inc. and Bedrock Parent Holdings, LP (14)	Provider of municipal solid waste transfer management services	First lien senior secured revolving loan	9.95%	SOFR (Q)	5.50%	04/2021	04/2027		1.3	1.3	1.3	(2)(10)(13)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	04/2024	04/2028		7.8	7.8	7.8	(2)(10)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	04/2021	04/2028		8.8	8.8	8.8	(2)(10)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	09/2023	04/2028		21.7	21.7	21.7	(2)(10)
		Class A units				04/2021		32,982		3.3	3.3	(2)
										42.9	42.9
HP RSS Buyer, Inc. (14)	Provider of road striping, and road safety related services	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	12/2023	12/2029		16.9	16.9	16.9	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	03/2024	12/2029		2.1	2.1	2.1	(2)(10)
										19.0	19.0
IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P. (14)	Market research company focused on the consumer packaged goods industry	First lien senior secured revolving loan	9.32%	SOFR (M)	5.00%	08/2022	12/2027		1.2	1.2	1.2	(2)(10)(13)
		First lien senior secured revolving loan	11.50%	Base rate (Q)	4.00%	08/2022	12/2027		0.5	0.5	0.5	(2)(10)(13)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	08/2022	12/2028		150.4	150.4	150.4	(2)(10)
										152.1	152.1

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (14)	Provider of commercial and industrial waste processing and disposal services	First lien senior secured revolving loan	11.25%	Base rate (Q)	3.75%	08/2022	08/2030		2.1	2.1	2.1	(2)(10)(13)
		First lien senior secured revolving loan	9.13%	SOFR (M)	4.75%	08/2022	08/2030		1.3	1.3	1.3	(2)(10)(13)
		First lien senior secured loan	9.13%	SOFR (M)	4.75%	08/2024	08/2031		3.9	3.9	3.9	(2)(10)
		First lien senior secured loan	9.13%	SOFR (M)	4.75%	08/2022	08/2031		4.9	4.9	4.9	(2)(10)
		Class A units				09/2022		12,638		12.7	22.7	(2)
										24.9	34.9
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC	Provider of janitorial and facilities management services	First lien senior secured loan	12.44% PIK	SOFR (Q)	8.00%	12/2023	11/2028		14.3	13.5	14.3	(2)(10)
		First lien senior secured loan	9.69% PIK	SOFR (Q)	5.25%	11/2019	11/2028		42.9	42.9	42.9	(2)(10)
		Preferred units				03/2024		4,042,767		7.7	0.2	(2)
		Class A common units				03/2024		4,042,767		—	—	(2)
										64.1	57.4
Kings Buyer, LLC (14)	Provider of comprehensive outsourced waste management consolidation services	First lien senior secured revolving loan	11.75%	Base rate (Q)	4.25%	09/2023	10/2027		1.6	1.6	1.6	(2)(10)
		First lien senior secured loan	9.65%	SOFR (Q)	5.25%	09/2023	10/2027		16.2	16.2	16.1	(2)(10)
										17.8	17.7
KPS Global LLC and Cool Group LLC (14)	Manufacturer of walk-in cooler and freezer systems	First lien senior secured loan	9.07%	SOFR (M)	4.75%	09/2024	09/2030		5.2	5.2	5.2	(2)(10)
Laboratories Bidco LLC and Laboratories Topco LLC (14)	Lab testing services for nicotine containing products	First lien senior secured revolving loan	8.25%	Base rate (Q)	0.75%	07/2021	07/2029		4.9	4.9	3.9	(2)(10)
		First lien senior secured revolving loan	6.20%	SOFR (Q)	1.75%	07/2021	07/2029		9.5	9.5	7.5	(2)(10)
		First lien senior secured loan	6.21%	SOFR (Q)	1.75%	07/2021	07/2029		4.5	4.5	3.6	(2)(10)
		First lien senior secured loan	4.56%	CORRA (Q)	1.75%	10/2019	07/2029		22.8	24.4	18.0	(2)(10)
		First lien senior secured loan	6.20%	SOFR (Q)	1.75%	10/2020	07/2029		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	6.20%	SOFR (Q)	1.75%	10/2019	07/2029		17.1	16.9	13.5	(2)(10)
		Class A units				07/2021		3,099,335		4.6	—	(2)
										64.9	46.6
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (14)	Provider of human resources and workforce management solutions	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	07/2024	07/2031		19.1	19.1	19.1	(2)(10)
		Class A common units				07/2024		1,205,000		1.2	1.1	(2)
										20.3	20.2
Lightbeam Bidco, Inc. (14)	Provider of yard management services	First lien senior secured revolving loan	9.30%	SOFR (Q)	5.00%	05/2023	05/2029		0.2	0.2	0.2	(2)(10)(13)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	05/2023	05/2030		5.2	5.2	5.2	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	11/2023	05/2030		3.3	3.3	3.3	(2)(10)
										8.7	8.7

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
LJP Purchaser, Inc. and LJP Topco, LP (14)	Provider of non-hazardous solid waste and recycling services	First lien senior secured loan	10.65%	SOFR (Q)	6.25%	09/2022	09/2028		9.6	9.6	9.6	(2)(10)
		Class A units	8.00% PIK			09/2022		5,098,000		6.3	6.4	(2)
										15.9	16.0
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.	Keg management solutions provider	First lien senior secured loan	11.72%	SOFR (S)	7.50%	12/2024	12/2030		136.1	136.1	134.8	(2)(10)
		Series A preferred stock	20.00% PIK			08/2020		1,507		2.5	3.8	(2)
		Series B preferred stock	19.00% PIK			09/2023		12,000		16.8	15.8	(2)
		Common stock				12/2012		54,710		4.9	9.8	(2)
										160.3	164.2
MSIS Holdings, Inc. and MS Precision Parent, LP (14)	Provider of heavy industrial machinery maintenance and repair services	First lien senior secured loan	9.29%	SOFR (Q)	5.00%	03/2025	03/2031		23.7	23.7	23.5	(2)(10)
		Class A-1 units				03/2025		1,184,000		1.2	1.2	(2)
										24.9	24.7
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (14)	Provider of audience insights, data and analytics to entertainment industry	First lien senior secured revolving loan				10/2022	10/2027		—	—	—	(2)(12)
		First lien senior secured loan	9.14%	SOFR (Q)	4.75%	10/2022	10/2028		80.5	76.3	69.0	(2)(10)(17)
		First lien senior secured loan	9.39%	SOFR (Q)	5.00%	10/2022	04/2029		97.6	91.9	83.8	(2)(10)(17)
		First lien senior secured notes	9.29%			11/2022	04/2029		52.8	51.8	45.8	(2)(17)
		Second lien senior secured loan	14.14%	SOFR (Q)	9.75%	10/2022	10/2029		227.5	227.3	209.3	(2)(10)
		Limited partnership interests				10/2022		4,040,000		4.1	6.1	(2)
										451.4	414.0
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1	Operator of multiple franchise concepts primarily related to home maintenance or repairs	Limited partner interest				09/2021		9,725,000		9.7	13.3	(2)
North Haven Stack Buyer, LLC (14)	Provider of environmental testing services	First lien senior secured revolving loan	9.55%	SOFR (Q)	5.25%	07/2021	07/2027		2.0	2.0	2.0	(2)(10)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	08/2023	07/2027		4.0	4.0	4.0	(2)(10)
		First lien senior secured loan	9.54%	SOFR (Q)	5.25%	07/2021	07/2027		9.7	9.7	9.7	(2)(10)
		First lien senior secured loan	9.56%	SOFR (Q)	5.25%	06/2024	07/2027		2.2	2.2	2.2	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	06/2024	07/2027		4.7	4.5	4.7	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	06/2024	07/2027		0.3	0.3	0.3	(2)
										22.7	22.9
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC	Solid waste services provider	First lien senior secured loan	12.31% (2.00% PIK)	SOFR (Q)	8.00%	08/2023	08/2029		34.6	34.2	32.3	(2)(10)
		First lien senior secured loan	12.31% (2.00% PIK)	SOFR (Q)	8.00%	06/2024	08/2029		11.0	10.3	10.3	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Warrant to purchase units of Class A common units				08/2023	08/2036	38,235		0.6	4.5	(2)
		Warrant to purchase units of Class A common units				06/2024	06/2036	6,400		0.9	0.8	(2)
										46.0	47.9
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (14)	Provider of janitorial and facilities management services	First lien senior secured loan	10.53%	SOFR (S)	6.00%	11/2023	10/2027		12.1	12.1	12.1	(2)(10)
		First lien senior secured loan	9.89%	SOFR (S)	5.50%	10/2021	10/2027		66.8	66.8	66.1	(2)(10)
		Class A units				10/2021		8,749,201		9.0	7.2	(2)
										87.9	85.4
PS Operating Company LLC and PS Op Holdings LLC (5)(14)	Specialty distributor and solutions provider to the swine and poultry markets	First lien senior secured revolving loan				12/2021	12/2026		6.6	5.9	1.4	(2)(9)
		First lien senior secured loan				12/2021	12/2026		17.7	15.5	3.7	(2)(9)
		Common unit				12/2021		279,200		7.4	—	(2)
										28.8	5.1
PSC Parent, Inc. (14)	Provider of operational services for US petrochemical and refining companies	First lien senior secured revolving loan	9.57%	SOFR (M)	5.25%	04/2024	04/2030		3.5	3.5	3.5	(2)(10)(13)
		First lien senior secured loan	9.57%	SOFR (M)	5.25%	04/2024	04/2031		53.2	53.2	53.2	(2)(10)
										56.7	56.7
PYE-Barker Fire & Safety, LLC (14)	Provider of fire protection services and products	First lien senior secured revolving loan	8.80%	SOFR (Q)	4.50%	05/2024	05/2030		0.5	0.5	0.5	(2)(10)
		First lien senior secured loan	8.81%	SOFR (Q)	4.50%	05/2024	05/2031		13.4	13.4	13.4	(2)(10)
										13.9	13.9
R2 Acquisition Corp.	Marketing services	Common stock				05/2007		250,000		0.2	0.3	(2)
RC V Tecmo Investor LLC	Technology based aggregator for facility maintenance services	Common member units				08/2020		9,624,000		8.3	20.3	(2)
RE Community Holdings GP, LLC and RE Community Holdings, LP	Operator of municipal recycling facilities	Limited partnership interest				03/2011		2.49%		—	—	(2)
		Limited partnership interest				03/2011		2.86%		—	—	(2)
										—	—
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (14)	Provider of FDA registration and consulting services	First lien senior secured revolving loan	9.45%	SOFR (Q)	5.00%	08/2021	08/2027		1.9	1.9	1.9	(2)(10)
		First lien senior secured loan	9.20%	SOFR (S)	4.75%	03/2025	08/2029		3.0	3.0	3.0	(2)(10)
		First lien senior secured loan	9.46%	SOFR (Q)	5.00%	08/2021	08/2027		3.6	3.6	3.6	(2)(10)
		Limited partner interests				08/2021		1.13%		2.7	2.6	(2)
										11.2	11.1
Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc.	Provider of outsourced data collection to the market research industry	Common units				07/2024		49		—	—	(2)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Warrants to purchase shares of common stock				07/2024	07/2028	142		—	—	(2)
										—	—
Rodeo AcquisitionCo LLC (14)	Provider of food inspection and recovery services	First lien senior secured revolving loan	9.96%	SOFR (Q)	5.50%	07/2021	07/2027		1.2	1.2	1.2	(2)(10)
		First lien senior secured loan	9.96%	SOFR (Q)	5.50%	07/2021	07/2027		16.5	16.5	16.5	(2)(10)
										17.7	17.7
Saturn Purchaser Corp. (14)	Private aviation management company	First lien senior secured loan	9.17%	SOFR (M)	4.75%	07/2023	07/2030		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.65%	SOFR (Q)	5.25%	07/2023	07/2030		1.6	1.6	1.6	(2)(10)
										1.7	1.7
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (14)(15)	Provider of landscape design and planning, and snow removal services	First lien senior secured revolving loan	10.17%	SOFR (M)	5.75%	12/2021	12/2027		0.4	0.4	0.4	(2)(10)
		First lien senior secured loan	10.17%	SOFR (M)	5.75%	03/2024	12/2027		1.5	1.5	1.5	(2)(10)
		First lien senior secured loan	10.17%	SOFR (M)	5.75%	12/2021	12/2027		3.4	3.4	3.4	(2)(10)
		Class A units				12/2021		8,464		21.5	35.4	(2)
										26.8	40.7
Shermco Intermediate Holdings, Inc. (14)	Provider of electrician services	First lien senior secured revolving loan	9.24%	SOFR (S)	5.00%	05/2022	12/2026		3.6	3.6	3.6	(2)
		First lien senior secured loan	9.22%	SOFR (S)	5.00%	05/2022	12/2026		5.1	5.1	5.1	(2)(10)
		First lien senior secured loan	9.33%	SOFR (S)	5.00%	09/2023	12/2026		1.9	1.9	1.9	(2)(10)
										10.6	10.6
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP	Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products	Limited partnership class A-1 units				06/2020		2,173		1.1	—	(2)
		Limited partnership class A-2 units				06/2020		2,173		1.1	—	(2)
										2.2	—
Startec Equity, LLC (5)	Communication services	Member interest				04/2010		190,581		—	—
SV Newco 2, Inc. and Site 2020 Incorporated (14)	Provider of outsourced traffic control safety services	First lien senior secured loan	11.25%	Base rate (Q)	3.75%	05/2024	06/2031		2.7	2.7	2.7	(2)(6)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	05/2024	06/2031		25.4	25.4	25.4	(2)(6)(10)
										28.1	28.1
Systems Planning and Analysis, Inc. (14)	Provider of systems engineering and technical assistance to the US DoD	First lien senior secured revolving loan	9.26%	SOFR (S)	5.00%	05/2022	08/2027		0.4	0.3	0.4	(2)(10)
		First lien senior secured loan	9.28%	SOFR (S)	5.00%	05/2022	08/2027		1.0	1.0	1.0	(2)(10)
										1.3	1.4
The Hiller Companies, LLC (14)	Provider of fire protection and life safety products	First lien senior secured revolving loan				06/2024	06/2030		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	06/2024	06/2030		41.4	41.4	41.4	(2)(10)
										41.4	41.4

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Thermostat Purchaser III, Inc. (14)	Provider of commercial HVAC equipment maintenance and repair services	First lien senior secured revolving loan	7.80%	SOFR (Q)	3.50%	08/2021	08/2028		1.5	1.5	1.5	(2)(13)
		Second lien senior secured loan	11.71%	SOFR (Q)	7.25%	08/2021	08/2029		23.0	23.0	23.0	(2)(10)
										24.5	24.5
TSS Buyer, LLC (14)	Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets	First lien senior secured loan	9.93%	SOFR (Q)	5.50%	07/2023	06/2029		2.2	2.2	2.2	(2)(10)
Unity Purchaser, LLC and Unity Ultimate Holdings, LP (14)	Provider of specialty mechanical services for critical HVAC, plumbing, and related systems	First lien senior secured loan	9.30%	SOFR (S)	5.00%	01/2025	01/2031		10.6	10.6	10.4	(2)(10)
		Class A-1 units				01/2025		2,068,000		2.1	2.1	(2)
										12.7	12.5
UP Intermediate II LLC and UPBW Blocker LLC (14)	Provider of essential mechanical, electrical and plumbing services to commercial customers	First lien senior secured revolving loan				03/2024	03/2030		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	03/2024	03/2031		4.8	4.8	4.8	(2)(10)
		Common units				03/2024		60,470		6.0	6.6	(2)
		Common units				09/2024		3,918		0.3	0.4	(2)
										11.1	11.8
Valcourt Holdings II, LLC and Jobs Holdings, Inc. (14)	Provider of window cleaning and building facade maintenance and restoration services	First lien senior secured loan	10.20%	SOFR (Q)	5.75%	11/2023	11/2029		55.7	55.7	55.7	(2)(10)
Visual Edge Technology, Inc. (5)(14)	Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies	First lien senior secured loan	11.48% (1.25% PIK)	SOFR (Q)	7.00%	07/2023	12/2025		33.6	33.4	33.6	(2)(10)
		Senior preferred stock	10.00% PIK			07/2023		4,737		48.6	42.4	(2)
		Junior preferred stock				07/2023		6,600		—	—	(2)
		Warrant to purchase shares of common stock				08/2017	08/2030	10,358,572		3.9	—	(2)
										85.9	76.0
VRC Companies, LLC (14)	Provider of records and information management services	Senior subordinated loan	12.00% (2.00% PIK)			05/2022	06/2028		5.3	5.3	5.2	(2)
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (14)	Provider of agronomics products for landscapers, contractors and golf course end users	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	05/2024	05/2030		19.5	19.5	19.5	(2)(10)
		Class A preferred units	10.00% PIK			05/2024		9,260		1.0	1.0
		Class A common units				05/2024		862		—	0.1
										20.5	20.6
Wash Encore Holdings, LLC	Provider of outsourced healthcare linen management solutions	First lien senior secured loan	10.92%	SOFR (M)	6.50%	07/2024	07/2027		16.6	16.3	16.6	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	10.95%	SOFR (Q)	6.50%	07/2021	07/2027		96.3	96.3	96.3	(2)(10)
										112.6	112.9
XIFIN, Inc. and ACP Charger Co-Invest LLC (14)	Revenue cycle management provider to labs	First lien senior secured revolving loan	11.20%	SOFR (Q)	6.75%	02/2020	02/2026		5.7	5.7	5.3	(2)(10)
		First lien senior secured loan	11.20%	SOFR (Q)	6.75%	07/2021	02/2026		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	11.20%	SOFR (Q)	6.75%	12/2021	02/2026		36.9	36.8	34.3	(2)(10)
		Class A units				02/2020		180,000		1.8	1.7	(2)
		Class B units				12/2021		46,363		0.9	0.8	(2)
		Class C units				06/2024		238		0.2	0.2	(2)
										45.5	42.4
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (14)	Provider of recurring fire protection services	First lien senior secured revolving loan				07/2024	07/2031		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	07/2024	07/2031		37.6	37.6	37.6	(2)(10)
										37.6	37.6

										2,582.1	2,568.4		18.79%
Insurance
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (14)	Insurance broker	First lien senior secured loan	9.04%	SOFR (Q)	4.75%	08/2024	11/2029		5.6	5.5	5.6	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	11/2023	11/2029		0.3	0.3	0.3	(2)(10)
		First lien senior secured loan	9.04%	SOFR (Q)	4.75%	11/2019	11/2029		37.5	37.4	37.5	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	08/2023	11/2029		10.2	10.2	10.2	(2)(10)
										53.4	53.6
Acrisure, LLC	Independent property and casualty insurance brokerage	First lien senior secured loan	7.32%	SOFR (M)	3.00%	10/2023	11/2030		0.2	0.2	0.2	(2)(17)
Alera Group, Inc.	Insurance service provider	First lien senior secured loan	9.57%	SOFR (M)	5.25%	09/2021	10/2028		45.9	45.9	45.9	(2)(10)
		First lien senior secured loan	10.07%	SOFR (M)	5.75%	11/2023	10/2028		12.0	12.0	12.0	(2)(10)
										57.9	57.9
AQ Sunshine, Inc. (14)	Specialized insurance broker	First lien senior secured revolving loan	9.55%	SOFR (Q)	5.25%	07/2024	07/2030		1.9	1.9	1.9	(2)(10)(13)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	07/2024	07/2031		104.1	104.1	104.1	(2)(10)
										106.0	106.0
Ardonagh Midco 3 Limited, Ardonagh Group Finco Pty Limited, Ardonagh Finco LLC, Ardonagh Finco B.V.	Insurance broker and underwriting servicer	First lien senior secured loan	7.05%	SOFR (S)	2.75%	01/2025	02/2031		50.0	50.0	49.3	(2)(6)(17)
Benecon Midco II LLC and Benecon Holdings, LLC (14)	Employee benefits provider for small and mid-size employers	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	01/2024	01/2031		82.9	82.9	82.9	(2)(10)
		Class A units				01/2024		7,796,550		27.1	31.4
										110.0	114.3
Captive Resources Midco, LLC (14)	Provider of independent consulting services to member-owned group captives	First lien senior secured loan	9.07%	SOFR (M)	4.75%	07/2022	07/2029		5.9	5.9	5.9	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Daylight Beta Parent LLC and CFCo, LLC (4)	Health insurance sales platform provider	First lien senior secured loan				09/2023	09/2033		13.6	11.7	2.5	(2)(9)
		First lien senior secured loan				09/2023	09/2038		20.8	0.5	—	(2)
		Class B units				09/2023		32,391,330		—	—	(2)
										12.2	2.5
Diamond Mezzanine 24 LLC (14)	Property and casualty insurance underwriting and distribution platform	First lien senior secured loan	9.29%	SOFR (Q)	5.00%	10/2024	10/2030		13.9	13.9	13.8	(2)(10)
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (14)(15)	Managing general agent insurance distribution platform	First lien senior secured revolving loan	9.55%	SOFR (Q)	5.25%	12/2023	12/2029		0.2	0.2	0.2	(2)(6)(10)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	12/2023	12/2030		17.1	17.1	17.1	(2)(6)(10)
		Limited partnership interest				03/2024		1,348,309		1.3	1.9	(2)(6)
										18.6	19.2
Forza Insurance Holdings, LLC	Operator of insurance brands and platforms	First lien senior secured loan	9.80%	SOFR (Q)	5.50%	02/2025	02/2030		39.0	39.0	38.6	(2)(10)
Foundation Risk Partners, Corp. (14)	Full service independent insurance agency	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	04/2022	10/2030		9.3	9.3	9.3	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	05/2024	10/2030		12.9	12.9	12.9	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	10/2021	10/2030		78.4	78.4	78.4	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	11/2023	10/2030		17.4	17.4	17.4	(2)(10)
										118.0	118.0
Galway Borrower LLC (14)	Insurance service provider	First lien senior secured revolving loan	8.80%	SOFR (Q)	4.50%	09/2021	09/2028		3.6	3.6	3.6	(2)(10)(13)
		First lien senior secured loan	8.80%	SOFR (Q)	4.50%	09/2021	09/2028		31.9	31.9	31.9	(2)(10)
										35.5	35.5
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (14)	Insurance broker	First lien senior secured loan	8.74% (3.13% PIK)	CORRA (Q)	5.75%	03/2024	03/2031		9.3	9.9	9.3	(2)(6)(10)
Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc. (14)	Independent retail insurance broker	First lien senior secured loan	9.07%	SOFR (M)	4.75%	03/2024	11/2028		2.2	2.2	2.2	(2)(10)
		First lien senior secured loan	8.83%	SOFR (M)	4.50%	08/2023	11/2028		5.3	5.3	5.3	(2)(10)
		Series A preferred shares	10.50% PIK			12/2024		1,000		1.0	1.0	(2)
										8.5	8.5
High Street Buyer, Inc. and High Street Holdco LLC (14)(15)	Insurance brokerage platform	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	04/2021	04/2028		22.3	22.3	22.3	(2)(10)
		First lien senior secured loan	9.57%	SOFR (M)	5.25%	03/2024	04/2028		4.6	4.6	4.6	(2)(10)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	08/2021	04/2028		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	02/2022	04/2028		19.6	19.6	19.6	(2)(10)
		Series A preferred units	10.00% PIK			04/2021		172,211,694		230.3	230.3	(2)
		Series A preferred units	10.00% PIK			12/2023		20,106,667		22.9	22.9	(2)
		Series A preferred units	10.00% PIK			04/2024		1,386,667		1.5	1.5	(2)
		Series A preferred units	10.00% PIK			07/2024		4,506,667		4.8	4.8	(2)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Series A common units	10.00% PIK			04/2021		5,562,381		9.1	14.8	(2)
		Series C common units	10.00% PIK			04/2021		10,043,368		2.7	26.8	(2)
										317.9	347.7
Inszone Mid, LLC and INSZ Holdings, LLC (14)	Insurance brokerage firm	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	12/2023	11/2029		13.4	13.4	13.4	(2)(10)
		First lien senior secured loan	10.04%	SOFR (Q)	5.75%	12/2023	11/2029		12.1	12.1	12.1	(2)(10)
		Common units				11/2023		8,473,000		8.5	12.4
		Limited partnership interests				11/2022		2,146,088		1.7	3.1
										35.7	41.0
Keystone Agency Partners LLC (14)	Insurance brokerage platform	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	08/2024	05/2027		6.4	6.4	6.4	(2)(10)
		First lien senior secured loan	9.04%	SOFR (Q)	4.75%	01/2025	05/2027		3.4	3.3	3.4	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	12/2023	05/2027		12.9	12.8	12.9	(2)(10)
										22.5	22.7
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (14)	Insurance brokerage platform	First lien senior secured revolving loan	10.07%	SOFR (M)	5.75%	11/2023	11/2029		0.3	0.3	0.3	(2)(10)
		First lien senior secured loan	10.06%	SOFR (M)	5.75%	11/2023	11/2029		8.9	8.9	8.9	(2)(10)
		Class A2 units				11/2023		115,928		2.3	2.3	(2)
										11.5	11.5
OneDigital Borrower LLC (14)	Benefits broker and outsourced workflow automation platform provider for brokers	First lien senior secured revolving loan				11/2020	05/2027		—	—	—	(2)(12)
Patriot Growth Insurance Services, LLC (14)	National retail insurance agency	First lien senior secured revolving loan	9.42%	SOFR (M)	5.00%	10/2021	10/2028		1.1	1.1	1.1	(2)(10)
		First lien senior secured loan	9.45%	SOFR (Q)	5.00%	10/2021	10/2028		15.6	15.5	15.6	(2)(10)
										16.6	16.7
People Corporation (14)	Provider of group benefits, group retirement and human resources services	First lien senior secured revolving loan	8.43%	CORRA (Q)	5.25%	02/2021	02/2027		3.1	3.2	3.1	(2)(6)(10)
		First lien senior secured loan	8.46%	CORRA (Q)	5.25%	02/2021	02/2028		40.3	45.6	40.3	(2)(6)(10)
		First lien senior secured loan	8.14%	CORRA (Q)	5.25%	09/2023	02/2028		13.3	13.9	13.3	(2)(6)(10)
		First lien senior secured loan	8.46%	CORRA (Q)	5.25%	09/2021	02/2028		23.6	25.4	23.6	(2)(6)(10)
										88.1	80.3
Riser Topco II, LLC (14)	Insurance program administrator	First lien senior secured revolving loan	10.30%	SOFR (Q)	6.00%	10/2023	10/2029		0.5	0.5	0.5	(2)(10)(13)
		First lien senior secured loan	10.50%	SONIA (Q)	6.00%	10/2023	10/2029		1.1	1.0	1.1	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	10/2023	10/2029		7.5	7.5	7.5	(2)(10)
		First lien senior secured loan	9.32%	SOFR (Q)	5.00%	05/2024	10/2029		2.5	2.5	2.6	(2)(10)
		First lien senior secured loan	9.46%	SONIA (M)	5.00%	05/2024	10/2029		0.8	0.8	0.8	(2)(10)
										12.3	12.5
SageSure Holdings, LLC and SageSure LLC (14)	Insurance service provider	First lien senior secured loan	9.44%	SOFR (M)	5.00%	01/2025	01/2030		59.7	59.7	59.7	(2)(10)
		First lien senior secured loan	9.44%	SOFR (M)	5.00%	08/2024	01/2030		52.1	52.1	52.1	(2)(10)
		Series A units				02/2022		886		19.6	81.1

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
										131.4	192.9
SCM Insurance Services Inc. (14)	Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry	First lien senior secured loan	9.07%	CORRA (M)	6.25%	06/2022	08/2026		19.2	20.4	19.2	(2)(6)(10)
SelectQuote, Inc. and SQ ABS Issuer, LLC	Direct to consumer insurance distribution platform	First lien senior secured notes	9.65%			10/2024	10/2039		1.7	1.7	1.7	(2)
		First lien senior secured notes	7.80%			10/2024	10/2039		2.5	2.5	2.5	(2)
		First lien senior secured loan	13.92% (3.00% PIK)	SOFR (M)	9.50%	10/2024	09/2027		9.3	8.7	9.3	(2)(10)
		Warrant to purchase shares of common stock				10/2024	10/2028	179,068		—	—	(2)
										12.9	13.5
SG Acquisition, Inc. (14)	Provider of insurance solutions for car sales	First lien senior secured loan	9.06%	SOFR (Q)	4.75%	04/2024	04/2030		46.4	46.4	46.4	(2)(10)
SIG Parent Holdings, LLC (14)	Independent insurance brokerage	First lien senior secured loan	9.32%	SOFR (M)	5.00%	08/2024	08/2031		57.2	57.2	57.2	(2)(10)
Spring Insurance Solutions, LLC	Technology-based direct to consumer sales and marketing platform for insurance products	First lien senior secured loan	10.95%	SOFR (Q)	6.50%	11/2020	11/2025		21.7	21.6	21.3	(2)(10)
THG Acquisition, LLC (14)	Multi-line insurance broker	First lien senior secured loan	9.07%	SOFR (M)	4.75%	10/2024	10/2031		1.0	1.0	1.0	(2)(10)(13)
		First lien senior secured loan	9.07%	SOFR (M)	4.75%	10/2024	10/2031		143.9	143.9	142.5	(2)(10)
										144.9	143.5
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (14)	Insurance brokerage firm	First lien senior secured revolving loan	7.33%	SOFR (Q)	3.00%	05/2024	05/2029		0.7	0.6	0.7	(2)
		First lien senior secured loan	7.05%	SOFR (Q)	2.75%	03/2024	05/2031		0.1	0.1	0.1	(2)(17)
										0.7	0.8
World Insurance Associates, LLC and World Associates Holdings, LLC (14)	Insurance service provider	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	10/2023	04/2030		9.4	9.3	9.4	(2)(10)

										1,588.4	1,669.2		12.21%
Consumer Services
Aimbridge Topco, LLC	Hotel operator	Common Units				03/2025		56,310		3.3	3.3	(2)
American Residential Services L.L.C. and Aragorn Parent Holdings LP	Heating, ventilation and air conditioning services provider	Series A preferred units	10.00% PIK			10/2020		2,531,500		3.8	6.6	(2)
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (14)	Provider of residential HVAC, plumbing, and electrical maintenance and repair services	First lien senior secured revolving loan	9.31%	SOFR (Q)	5.00%	10/2023	10/2029		6.4	6.4	6.4	(2)(10)(13)
		First lien senior secured revolving loan	11.50%	Base rate (Q)	4.00%	10/2023	10/2029		0.9	0.9	0.9	(2)(10)(13)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	09/2024	10/2030		174.1	173.8	174.1	(2)(10)
		Series B common units				10/2023		262,165		7.2	10.2
										188.3	191.6

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Belfor Holdings, Inc. (14)	Disaster recovery services provider	First lien senior secured revolving loan				11/2023	11/2028		—	—	—	(2)(12)
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC (14)	Provider of HVAC and plumbing services to residential and commercial customers	First lien senior secured revolving loan	10.40%	SOFR (Q)	6.00%	12/2021	12/2027		0.7	0.7	0.7	(2)(10)
		First lien senior secured revolving loan	12.50%	Base rate (Q)	5.00%	12/2021	12/2027		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	12.40% (7.00% PIK)	SOFR (Q)	8.00%	12/2021	12/2027		3.3	3.3	3.1	(2)(10)
		First lien senior secured loan	12.65% (7.25% PIK)	SOFR (Q)	8.25%	03/2023	12/2027		6.6	6.6	6.2	(2)(10)
		Class A units				12/2021		4,296		4.3	2.5
										15.0	12.6
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (14)	Provider of commercial HVAC equipment maintenance and repair services	First lien senior secured revolving loan	9.01%	SOFR (S)	4.75%	05/2022	05/2028		5.6	5.6	5.6	(2)(10)
		First lien senior secured loan	9.18%	SOFR (S)	4.75%	05/2022	05/2028		30.6	30.6	30.6	(2)(10)
		First lien senior secured loan	9.13%	SOFR (S)	4.75%	11/2023	05/2028		2.3	2.3	2.3	(2)(10)
		Common stock				05/2022		302		3.1	11.0	(2)
										41.6	49.5
Concert Golf Partners Holdco LLC (14)	Golf club owner and operator	First lien senior secured loan	8.81%	SOFR (Q)	4.50%	04/2024	04/2030		17.6	17.6	17.6	(2)(10)
CST Holding Company (14)	Provider of ignition interlock devices	First lien senior secured loan	9.42%	SOFR (M)	5.00%	11/2022	11/2028		11.5	11.5	11.5	(2)(10)
		First lien senior secured loan	9.42%	SOFR (M)	5.00%	07/2024	11/2028		0.1	0.1	0.1	(2)(10)
										11.6	11.6
Davidson Hotel Company LLC (14)	Provider of hotel operations solutions and advisory services	First lien senior secured revolving loan	9.32%	SOFR (M)	5.00%	10/2024	10/2031		0.4	0.4	0.4	(2)(10)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	10/2024	10/2031		8.2	8.2	8.1	(2)(10)
										8.6	8.5
Equinox Holdings, Inc.	Operator of luxury, full-service health fitness clubs	First lien senior secured loan	12.55% (4.13% PIK)	SOFR (Q)	8.25%	03/2024	03/2029		44.7	43.9	44.7	(2)(10)
		Second lien senior secured loan	16.00% PIK			03/2024	06/2027		4.1	4.0	4.1	(2)
										47.9	48.8
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (14)	Provider of plumbing and HVAC services	First lien senior secured revolving loan	9.30%	SOFR (Q)	5.00%	06/2024	06/2030		3.1	3.1	3.1	(2)(10)(13)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	06/2024	06/2031		151.5	151.4	150.0	(2)(10)
		Preferred units	15.00% PIK			07/2023		685		8.3	8.3	(2)
		Class A units				11/2020		6,447		22.9	33.9	(2)
										185.7	195.3
Eternal Aus Bidco Pty Ltd (14)	Operator of cemetery, crematoria and funeral services	First lien senior secured loan	10.43%	BBSY (Q)	6.25%	11/2023	11/2029		7.1	7.4	7.1	(2)(6)(10)
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (14)	Fitness facility operator	First lien senior secured loan	9.80%	SOFR (Q)	5.50%	08/2023	04/2029		5.4	5.4	5.4	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	05/2024	04/2029		0.9	0.9	0.9	(2)(10)
										6.3	6.3
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)(14)	Crunch Fitness franchisee	First lien senior secured revolving loan	8.32%	SOFR (M)	4.00%	08/2024	08/2030		2.5	2.5	2.5	(2)(10)
		First lien senior secured loan	9.07%	SOFR (M)	4.75%	08/2024	08/2031		39.0	39.0	39.0	(2)(10)
		Common units				07/2024		11,957,000		12.0	14.3	(2)
										53.5	55.8
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (14)	Distributor of instructional products, services and resources	First lien senior secured revolving loan	9.89%	SOFR (M)	5.50%	08/2018	04/2026		12.7	12.7	12.7	(2)(10)(13)
		First lien senior secured loan	10.06%	SOFR (Q)	5.50%	06/2024	04/2026		7.4	7.4	7.4	(2)(10)
		First lien senior secured loan	10.06%	SOFR (Q)	5.50%	07/2017	04/2026		29.0	29.0	29.0	(2)(10)
		First lien senior secured loan	10.06%	SOFR (Q)	5.50%	08/2018	04/2026		1.1	1.1	1.1	(2)(10)
		Series A preferred stock				10/2014		1,272		0.7	0.7	(2)
										50.9	50.9
Flint OpCo, LLC (14)	Provider of residential HVAC and plumbing services	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	05/2024	08/2030		1.7	1.7	1.7	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	08/2023	08/2030		6.9	6.9	6.9	(2)(10)
										8.6	8.6
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (14)	Provider of commercial and residential HVAC, electrical, and plumbing services	First lien senior secured loan	11.05%	SOFR (Q)	6.75%	04/2023	04/2030		23.2	23.2	23.2	(2)(10)
		Class A common units				04/2023		4,424		4.4	3.5	(2)
										27.6	26.7
Helios Service Partners, LLC and Astra Service Partners, LLC (14)	Critical HVAC, refrigeration, and plumbing services for commercial businesses	First lien senior secured revolving loan				08/2023	03/2027		—	—	—	(2)(12)
		First lien senior secured loan	9.58%	SOFR (Q)	5.00%	08/2023	03/2027		10.0	10.0	10.0	(2)(10)
										10.0	10.0
IFH Franchisee Holdings, LLC (14)	Operator of fitness centers	First lien senior secured revolving loan	8.33%	SOFR (Q)	4.00%	12/2024	12/2029		4.3	4.3	4.2	(2)(10)
		First lien senior secured loan	10.08%	SOFR (Q)	5.75%	12/2024	12/2029		55.2	55.2	54.3	(2)(10)
										59.5	58.5
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. (14)	Provider of residential roofing and exterior repair and replacement services	First lien senior secured revolving loan	12.00%	Base rate (Q)	4.50%	12/2022	12/2028		2.0	2.0	2.0	(2)(6)(10)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	12/2022	12/2028		14.6	14.6	14.6	(2)(6)(10)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	10/2024	12/2028		5.4	5.4	5.4	(2)(6)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	11/2023	12/2028		6.4	6.4	6.4	(2)(6)(10)
		First lien senior secured loan	8.16%	CORRA (M)	5.50%	11/2023	12/2028		1.3	1.3	1.3	(2)(6)(10)
		Class A units				12/2022		9,524,000		9.5	12.6	(2)(6)
										39.2	42.3

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Jenny C Acquisition, Inc.	Health club franchisor	Senior subordinated loan	8.00% PIK			04/2019	04/2025		1.8	1.8	1.8	(2)
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (14)	Franchising platform offering adolescent development programs	First lien senior secured revolving loan	10.32%	SOFR (M)	6.00%	12/2022	12/2027		0.4	0.4	0.4	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	01/2025	12/2027		1.4	1.4	1.4	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	12/2022	12/2027		30.2	30.2	30.2	(2)(10)
		Limited partnership interests				12/2022		2,149,690		2.1	2.8
										34.1	34.8
ME Equity LLC	Franchisor in the massage industry	Common stock				09/2012		3,000,000		3.0	4.2	(2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (14)	Provider of commercial HVAC services	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	09/2023	08/2028		5.1	5.1	5.1	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	08/2022	08/2028		12.3	12.3	12.3	(2)(10)
		Class A units				08/2022		1,001		9.7	15.1	(2)
										27.1	32.5
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. (14)	Provider of lawn care, tree care and pest control services	First lien senior secured revolving loan	9.55%	SOFR (Q)	5.25%	06/2024	06/2031		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	06/2024	06/2031		23.8	23.8	23.8	(2)(10)
		Class A preferred units				09/2024		603		0.6	0.5
		Class B common units				09/2024		602,581		0.3	0.2
										24.8	24.6
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (14)	Provider of lawncare services	First lien senior secured revolving loan	9.30%	SOFR (Q)	5.00%	12/2022	05/2028		1.2	1.2	1.2	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	12/2022	05/2028		17.7	17.6	17.7	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	02/2025	05/2028		10.1	10.1	10.1	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	06/2024	05/2028		2.4	2.4	2.4	(2)(10)
										31.3	31.4
Northwinds Holding, Inc. and Northwinds Services Group LLC (14)	Provider of HVAC and plumbing services	First lien senior secured revolving loan	9.45%	SOFR (Q)	5.00%	05/2023	05/2029		2.6	2.6	2.6	(2)(10)
		First lien senior secured loan	9.44%	SOFR (Q)	5.00%	05/2023	05/2029		26.9	26.9	26.9	(2)(10)
		Common units				05/2023		2,911,607		4.0	4.7	(2)
										33.5	34.2
OTG Concessions Management, LLC and Octa Parent Holdings, LLC	Airport restaurant operator	Second lien notes	10.00% PIK			02/2024	02/2031		8.8	8.8	7.9	(2)
		Participation rights				02/2024	02/2054	1		—	—	(2)
										8.8	7.9
PestCo Holdings, LLC and PestCo, LLC (14)	Provider of pest control services to the residential and commercial markets	First lien senior secured loan	9.57%	SOFR (M)	5.25%	10/2024	02/2028		0.8	0.8	0.8	(2)(10)
		First lien senior secured loan	10.68%	SOFR (Q)	6.25%	02/2023	02/2028		2.5	2.5	2.5	(2)(10)
		Class A units				01/2023		139		1.9	2.5
										5.2	5.8

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (14)	Provider of commercial and residential HVAC, electrical & plumbing services	First lien senior secured revolving loan	9.05%	SOFR (Q)	4.75%	10/2024	10/2030		0.5	0.5	0.5	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	10/2024	10/2030		5.6	5.6	5.5	(2)(10)
		Common stock				10/2024		667		0.7	0.7	(2)
										6.8	6.7
Premiere Buyer, LLC (14)	Third-party residential property manager for multi-family residential properties in the United States	First lien senior secured loan	9.04%	SOFR (Q)	4.75%	05/2024	05/2031		38.3	38.3	38.3	(2)(10)
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (14)	Hotel operator	First lien senior secured loan	9.54%	SOFR (Q)	5.25%	10/2024	01/2028		2.6	2.6	2.6	(2)(10)
		First lien senior secured loan	9.54%	SOFR (Q)	5.25%	01/2023	01/2028		7.6	7.6	7.6	(2)(10)
		Preferred membership units	8.00% PIK			07/2016		996,833		1.2	3.2
										11.4	13.4
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (14)	Car wash operator	First lien senior secured loan	9.07%	SOFR (M)	4.75%	05/2024	06/2031		57.1	57.1	57.1	(2)(10)
		Limited partnership interest				06/2024		11,184,000		11.2	12.1	(2)
										68.3	69.2
Radiant Intermediate Holding, LLC	Provider of HVAC, plumbing and electrical services	First lien senior secured loan	10.41% (3.00% PIK)	SOFR (Q)	6.00%	04/2023	11/2026		2.1	2.1	1.8	(2)(10)
Redwood Services, LLC and Redwood Services Holdco, LLC (14)	Provider of residential HVAC and plumbing services	First lien senior secured revolving loan	10.95%	SOFR (Q)	6.50%	05/2024	12/2027		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	10.95%	SOFR (Q)	6.50%	02/2025	12/2027		12.1	12.1	12.1	(2)(10)
		First lien senior secured loan	10.95%	SOFR (Q)	6.50%	03/2024	12/2027		12.4	12.4	12.4	(2)(10)
		First lien senior secured loan	10.95%	SOFR (Q)	6.50%	05/2023	12/2027		8.6	8.6	8.6	(2)(10)
		First lien senior secured loan	10.95%	SOFR (Q)	6.50%	09/2022	12/2027		5.0	5.0	5.0	(2)(10)
		First lien senior secured loan	10.95%	SOFR (Q)	6.50%	12/2020	12/2027		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	10.95%	SOFR (Q)	6.50%	12/2021	12/2027		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	10.95%	SOFR (Q)	6.50%	05/2024	12/2027		16.2	16.2	16.2	(2)(10)
		Series D units				12/2020		19,592,999		23.9	101.6
										78.7	156.4
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc.	Provider of safety systems for business and residential customers	First lien senior secured loan	11.69%	SOFR (M)	7.25%	08/2020	03/2025		46.8	46.8	44.4	(2)(10)
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (14)	Planet Fitness franchisee	First lien senior secured revolving loan	8.55%	CORRA (M)	5.50%	01/2024	07/2026		0.4	0.4	0.4	(2)(10)
		First lien senior secured revolving loan	9.92%	SOFR (M)	5.50%	01/2024	07/2026		0.1	0.1	0.1	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured revolving loan	8.67%	CORRA (M)	5.38%	07/2018	07/2026		0.2	0.2	0.2	(2)(10)
		First lien senior secured revolving loan	9.79%	SOFR (M)	5.38%	07/2018	07/2026		0.2	0.2	0.2	(2)(10)
		First lien senior secured revolving loan	8.80%	CORRA (M)	5.50%	07/2018	07/2026		0.4	0.4	0.4	(2)(10)
		First lien senior secured loan	9.76%	SOFR (M)	5.33%	03/2020	07/2026		1.4	1.4	1.4	(2)(10)
		First lien senior secured loan	9.92%	SOFR (M)	5.50%	01/2024	07/2026		0.4	0.4	0.4	(2)(10)
		Class A units				07/2018		37,020		3.8	8.5
										6.9	11.6
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (14)	Refrigeration, heating, ventilation and air conditioning services provider	First lien senior secured revolving loan	11.82% (4.00% PIK)	SOFR (M)	7.50%	12/2021	12/2027		3.9	3.9	3.9	(2)(10)
		First lien senior secured loan	11.82% (4.00% PIK)	SOFR (M)	7.50%	12/2021	12/2027		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	11.82% (4.00% PIK)	SOFR (M)	7.50%	08/2024	12/2027		10.8	10.8	10.8	(2)(10)
		First lien senior secured loan	11.82% (4.00% PIK)	SOFR (M)	7.50%	04/2023	12/2027		1.6	1.6	1.6	(2)(10)
		First lien senior secured loan	11.82% (4.00% PIK)	SOFR (M)	7.50%	10/2023	12/2027		5.4	5.4	5.4	(2)(10)
		First lien senior secured loan	11.82% (4.00% PIK)	SOFR (M)	7.50%	08/2022	12/2027		0.2	0.2	0.2	(2)(10)
		Class A units				12/2021		8,493,698		8.5	9.4
		Class C units				03/2023		333,510		—	0.4
										30.6	31.9
Triwizard Holdings, Inc. and Triwizard Parent, LP (14)	Parking management and hospitality services provider	First lien senior secured revolving loan	9.56%	SOFR (Q)	5.25%	06/2023	06/2029		3.6	3.6	3.6	(2)(10)
		First lien senior secured revolving loan	11.75%	Base rate (Q)	4.25%	06/2023	06/2029		3.0	3.0	3.0	(10)
		Class A-2 common units				06/2023		30,000		3.0	4.5	(2)
										9.6	11.1
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (14)	Provider of residential roofing repair & replacement	First lien senior secured revolving loan	10.30%	SOFR (Q)	6.00%	11/2023	11/2030		0.5	0.5	0.5	(2)(10)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	10/2024	11/2030		2.9	2.9	2.9	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	11/2023	11/2030		15.2	15.2	15.2	(2)(10)
		Class B common units				11/2023		212		0.2	0.4
										18.8	19.0
Wrench Group LLC	Provider of essential home services specializing in HVAC, plumbing and electrical services	First lien senior secured loan	8.56%	SOFR (Q)	4.00%	11/2024	10/2028		0.1	0.1	0.1	(2)(17)
YE Brands Holdings, LLC (14)	Sports camp operator	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	10/2021	10/2027		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	01/2024	10/2027		2.3	2.3	2.3	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	06/2022	10/2027		8.0	8.0	8.0	(2)(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	09/2023	10/2027		3.6	3.6	3.6	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
										14.0	14.0
ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC	Provider of residential HVAC and plumbing services	Membership interest				10/2021		2,771,000		1.4	7.9
		Membership interest				02/2025		264,161		0.3	0.8
										1.7	8.7

										1,290.1	1,415.4		10.35%
Consumer Distribution and Retail
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P.	Manufacturer and distributor of specialty bakery ingredients	First lien senior secured loan	8.94%	SOFR (M)	4.50%	07/2023	09/2028		16.2	16.2	16.2	(2)(10)
		Second lien senior secured loan	11.44%	SOFR (M)	7.00%	09/2021	09/2029		29.5	29.5	29.5	(2)(10)
		Class A preferred units	8.00% PIK			09/2021	08/2051	5,484		7.3	12.4	(2)
		Series A preferred shares	11.00% PIK			09/2021	08/2051	21,921		32.5	32.5	(2)
										85.5	90.6
Bamboo Purchaser, Inc.	Provider of nursery, garden, and greenhouse products	First lien senior secured loan	10.95%	SOFR (Q)	6.50%	11/2021	11/2027		17.5	17.5	14.9	(2)(10)
BGI Purchaser, Inc. (14)	Developer and manufacturer of customized natural and clean flavorings for the food & beverage end market	First lien senior secured revolving loan	8.31%	SOFR (Q)	4.00%	05/2024	05/2030		11.0	11.0	11.0	(2)(10)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	05/2024	05/2031		10.6	10.6	10.6	(2)(10)
										21.6	21.6
BR PJK Produce, LLC	Specialty produce distributor	First lien senior secured loan	10.71%	SOFR (Q)	6.25%	09/2024	11/2027		0.7	0.7	0.7	(2)(10)
		First lien senior secured loan	10.71%	SOFR (Q)	6.25%	12/2023	11/2027		4.0	4.0	4.0	(2)(10)
										4.7	4.7
BradyPlus Holdings, LLC (14)	Distributor of foodservice disposables and janitorial sanitation products	First lien senior secured loan	9.29%	SOFR (Q)	5.00%	10/2023	10/2029		128.4	128.4	128.4	(2)(10)
City Line Distributors LLC and City Line Investments LLC (14)	Specialty food distributor	First lien senior secured loan	10.44%	SOFR (M)	6.00%	08/2023	08/2028		4.4	4.4	4.4	(2)(10)
		Class A units	8.00% PIK			08/2023		4,172,852		4.7	4.7	(2)
										9.1	9.1
DecoPac, Inc. and KCAKE Holdings Inc. (14)	Supplier of cake decorating solutions and products to in-store bakeries	First lien senior secured revolving loan	9.80%	SOFR (Q)	5.50%	05/2021	05/2030		5.5	5.5	5.5	(2)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	09/2024	05/2030		171.4	171.4	171.4	(2)(10)
		Common stock				05/2021		9,599		7.4	12.7	(2)
										184.3	189.6
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (14)	Provider of visual communications solutions	First lien senior secured revolving loan	10.42%	SOFR (M)	6.00%	03/2019	03/2026		0.9	0.9	0.9	(2)(10)
		First lien senior secured loan	10.42%	SOFR (M)	6.00%	01/2024	03/2026		8.0	8.0	8.0	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	10.42%	SOFR (M)	6.00%	06/2021	03/2026		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	10.42%	SOFR (M)	6.00%	03/2019	03/2026		15.3	15.3	15.3	(2)(10)
		First lien senior secured loan	10.42%	SOFR (M)	6.00%	08/2019	03/2026		0.1	0.1	0.1	(2)(10)
		Common units				03/2019		600		0.6	1.0	(2)
										25.0	25.4
FS Squared Holding Corp. and FS Squared, LLC (14)	Provider of on-site vending and micro market solutions	First lien senior secured revolving loan				12/2024	12/2030		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.07%	SOFR (M)	4.75%	12/2024	12/2030		62.8	62.8	61.7	(2)(10)
		Class A units				03/2019		113,219		11.1	30.3	(2)
										73.9	92.0
GPM Investments, LLC and ARKO Corp.	Convenience store operator	Common stock				12/2020		2,088,478		19.8	8.2	(17)
		Warrant to purchase common stock				12/2020	12/2025	1,088,780		1.6	0.1	(2)(17)
										21.4	8.3
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (14)	Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures	First lien senior secured revolving loan	8.82%	SOFR (M)	4.50%	11/2023	11/2029		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	10.32%	SOFR (M)	6.00%	11/2023	11/2029		5.2	5.2	5.2	(2)(10)
		Limited partnership interest				11/2023		5,441,000		5.9	5.4	(2)
										11.2	10.7
JWC/KI Holdings, LLC	Foodservice sales and marketing agency	Membership units				11/2015		5,000		5.0	13.7	(2)
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (15)	Distributor of specialty foods	First lien senior secured loan	10.94%	SOFR (Q)	6.50%	10/2022	10/2028		39.4	39.4	37.5	(2)(10)
		Limited partnership interests				10/2022		9,683,991		9.7	4.0	(2)
										49.1	41.5
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC	Distributor of OEM appliance aftermarket parts	First lien senior secured loan	11.46% (3.25% PIK)	SOFR (Q)	7.00%	12/2021	06/2028		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	11.46% (3.25% PIK)	SOFR (Q)	7.00%	06/2021	06/2028		0.4	0.4	0.3	(2)(10)
		Class A common units				06/2021		5,796		6.1	0.7	(2)
										6.7	1.2
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP (14)	Auto parts retailer	First lien senior secured revolving loan	7.55%	SOFR (Q)	3.25%	05/2021	05/2026		23.4	23.4	23.4	(2)(13)
		Series A preferred stock	7.00% PIK			05/2021		68,601		90.0	90.0	(2)
		Class A-1 units				05/2021		24,586		24.6	36.7	(2)
										138.0	150.1
McKenzie Creative Brands, LLC (14)	Designer, manufacturer and distributor of hunting-related supplies	First lien senior secured loan	11.17%	SOFR (M)	6.75%	09/2014	09/2025		90.0	90.0	90.0	(2)(8)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Monolith Brands Group, Inc.	E-commerce platform focused on consolidating DTC branded businesses	Series A-1 preferred stock				04/2022		701,255		15.5	—	(2)
Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP	Operator of retail and wholesale tree and plant nurseries	Limited partnership interests				10/2021		21,939,152		20.8	15.6
Mountaineer Merger Corporation (14)	Discount retailer that specialized in apparel, housewares, accessories, and a selection of other products	First lien senior secured revolving loan	9.33%	SOFR (Q)	5.00%	10/2024	10/2027		10.5	10.4	10.4	(2)
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (14)	Produce distribution platform	First lien senior secured revolving loan	10.64%	SOFR (Q)	6.25%	05/2023	05/2029		0.6	0.6	0.6	(2)(10)(13)
		First lien senior secured loan	10.67%	SOFR (M)	6.25%	05/2023	05/2029		10.0	10.0	10.0	(2)(10)
		Class B limited liability company interest				05/2023		3.64%		9.6	8.6	(2)
										20.2	19.2
NBC Funding LLC	National retailer of baked goods	First lien senior secured loan	2.99%			07/2021	07/2051		—	—	—	(2)
North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC	Manufacturer of aftermarket golf cart parts and accessories	First lien senior secured loan				05/2021	05/2027		28.0	26.7	16.0	(2)(9)
		Class A units				05/2021		50,000		5.0	—
										31.7	16.0
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. (14)	Distributor and marketer of personal care products	First lien senior secured loan	9.32%	SOFR (M)	5.00%	05/2024	05/2030		53.4	53.4	53.4	(2)(6)(10)
		Class B common stock	8.00% PIK			05/2024		2,215		2.2	4.2	(2)(6)
										55.6	57.6
Reddy Ice LLC (14)	Packaged ice manufacturer and distributor	First lien senior secured revolving loan	11.25%	Base rate (Q)	3.75%	04/2024	04/2029		1.5	1.5	1.5	(2)(10)(13)
		First lien senior secured revolving loan	9.06%	SOFR (Q)	4.75%	04/2024	04/2029		9.1	9.1	9.1	(2)(10)(13)
		First lien senior secured revolving loan	11.25%	Base rate (Q)	3.75%	04/2024	04/2029		3.9	3.9	3.9	(10)
		First lien senior secured loan	9.05%	SOFR (Q)	4.75%	04/2024	04/2029		150.6	150.6	150.6	(2)(10)
										165.1	165.1
Royal Borrower, LLC and Royal Parent, LP (14)	Distributor of fresh produce and dairy products	First lien senior secured revolving loan				07/2024	07/2030		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.56%	SOFR (M)	5.25%	07/2024	07/2030		20.8	20.8	20.8	(2)(10)
		Class A preferred units	10.00% PIK			07/2024		2,255,000		2.5	2.0
										23.3	22.8
SFE Intermediate Holdco LLC	Provider of outsourced foodservice to K-12 school districts	First lien senior secured loan	10.45%	SOFR (Q)	6.00%	07/2017	07/2026		6.1	6.1	6.1	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	09/2018	07/2026		9.8	9.8	9.8	(2)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	03/2022	07/2026		0.4	0.4	0.4	(2)(10)
										16.3	16.3
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc.	Provider of tarp systems and accessories for trucks, trailers, carts, and specialty equipment used in the agriculture, construction and flatbed markets	First lien senior secured loan	9.81%	SOFR (Q)	5.50%	03/2023	07/2030		6.1	6.1	6.1	(2)(10)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	05/2024	07/2030		12.7	12.7	12.7	(2)(10)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	06/2021	07/2030		31.3	31.3	31.3	(2)(10)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	08/2024	07/2030		5.4	5.4	5.4	(2)(10)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	06/2022	07/2030		0.5	0.5	0.5	(2)(10)
		Common stock				06/2021		75,990		7.6	19.6	(2)
										63.6	75.6
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (14)	Producer and packager of compressed, household, and packaged salt	First lien senior secured loan	9.70%	SOFR (Q)	5.25%	07/2021	07/2028		25.2	25.2	25.2	(2)(10)
		Limited partner interests				07/2021		0.42%		0.8	1.2	(2)
										26.0	26.4
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (14)(15)	Fresh and specialty food distributor	First lien senior secured revolving loan				02/2023	01/2029		—	—	—	(2)(10)(12)
		First lien senior secured loan	10.97%	SOFR (S)	6.75%	02/2023	01/2029		8.2	8.2	7.8	(2)(10)
		Common units				01/2023		1,673,000		1.7	0.2
										9.9	8.0
ZB Holdco LLC and ZB TopCo LLC (14)	Distributor of Mediterranean food and beverages	First lien senior secured revolving loan	9.95%	SOFR (Q)	5.50%	02/2022	02/2028		6.6	6.6	6.6	(2)(10)(13)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	08/2023	02/2028		8.6	8.6	8.6	(2)(10)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	02/2022	02/2028		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	9.95%	SOFR (Q)	5.50%	03/2024	02/2028		9.9	9.9	9.9	(2)(10)
		Series A units				06/2023		4,699		4.0	7.5	(2)
										29.3	32.8

										1,359.1	1,357.6		9.93%
Sports, Media and Entertainment
22 HoldCo Limited	Sports and entertainment platform	Senior subordinated loan	12.24% PIK	SONIA (S)	7.50%	08/2023	08/2033		62.5	61.6	62.5	(2)(6)(10)
3 Step Sports LLC (14)	Provider of integrated youth sports solutions	First lien senior secured loan	12.30% (1.50% PIK)	SOFR (Q)	8.00%	10/2023	10/2029		12.5	12.5	11.7	(2)(10)
Aventine Intermediate LLC & Aventine Holdings II LLC	Media and production company	First lien senior secured loan	10.40% (3.00% PIK)	SOFR (Q)	6.00%	12/2021	06/2027		10.5	10.5	9.6	(2)(10)
		Senior subordinated loan	10.25% PIK			12/2021	12/2030		48.1	48.1	37.0	(2)
										58.6	46.6
Axiomatic, LLC	Premiere e-sports and video game investment platform	Class A-1 units				05/2022		500,000		5.0	5.8

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
CFC Funding LLC	SME-related SPV	Loan instrument units	9.75% PIK			07/2023		16,680		19.2	19.2	(6)
CMW Parent LLC (fka Black Arrow, Inc.)	Multiplatform media firm	Series A units				09/2015		32		—	—
Dundee Eros, LP	Catalog of premier music intellectual property	Limited partnership interest				11/2024		4,234,000		4.2	4.2	(2)
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited	Multi-club sports platform	Senior subordinated loan	19.00% PIK			12/2022	12/2028		0.6	0.6	0.6	(2)(6)
		Senior subordinated loan	19.00% PIK			12/2022	12/2028		28.7	28.7	28.7	(2)(6)
		Senior subordinated loan	12.29% PIK	SOFR (Q)	8.00%	12/2022	12/2028		53.9	53.9	52.3	(2)(6)(10)
		Ordinary shares				09/2023		494		4.4	1.4	(2)(6)
		Warrant to purchase shares of ordinary shares				12/2022	11/2028	180		—	1.7	(2)(6)
		Warrant to purchase shares of ordinary shares				12/2022	11/2028	199		—	0.6	(2)(6)
										87.6	85.3
Fever Labs, Inc. (14)	Technology led marketing and ticketing platform for live events	First lien senior secured revolving loan	11.00%			08/2024	11/2028		4.8	4.8	4.8	(2)
		First lien senior secured loan	11.00%			05/2024	11/2028		14.0	13.2	14.0	(2)
		Series E-5 Convertible Shares				08/2024		217,907		0.9	1.2	(2)
										18.9	20.0
FinEquity Holdings, LLC	Professional sports team and entertainment complex	Class A common interest				12/2024		26		182.2	182.2
		Class A common interest				12/2024		26		5.3	5.3
		Class A common interest				12/2024		26		1.3	1.3
										188.8	188.8
Global Music Rights, LLC (14)	Music right management company	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	12/2024	12/2031		220.9	220.9	218.7	(2)(10)
GSM Rights Fund II LP (15)	Private investment firm specializing in music rights and intellectual property assets	Class B Interest				03/2025	03/2031	1,996,142		2.0	2.0	(6)
League One Volleyball Clubs, LLC and League One Volleyball, Inc.	Operator of youth volleyball clubs	Series B preferred stock				07/2023		194		—	—	(2)
		Series C preferred stock				09/2024		67		—	—	(2)
		Warrant to purchase shares of common stock				01/2025	01/2030	8		—	—	(2)
										—	—
Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P. (14)	Hospitality platform provider of premium experiential services	First lien senior secured revolving loan	9.32%	SOFR (M)	5.00%	08/2024	08/2030		5.1	5.1	5.0	(2)(10)(13)
		First lien senior secured revolving loan	11.50%	Base rate (Q)	4.00%	08/2024	08/2030		7.0	7.0	6.9	(10)
		First lien senior secured loan	9.83% (2.75% PIK)	SOFR (Q)	5.50%	08/2024	08/2031		57.4	57.4	56.3	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Limited partnership interest				02/2025		6,555,000		6.6	6.6	(2)
										76.1	74.8
LiveBarn Inc.	Provider of Live & On Demand broadcasting of amateur and youth sporting events	Middle preferred shares				08/2023		4,902,988		17.3	22.7	(2)(6)
Miami Beckham United LLC	American professional soccer club	Class A preferred units	9.50% PIK			09/2021		85,000		116.4	116.4
		Class B preferred units	9.50% PIK			06/2023		42,500		50.1	50.1
										166.5	166.5
Motor Vehicle Software Corporation (14)	Provider of electronic registration and titling software to auto dealers	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	01/2025	01/2032		82.5	82.5	81.9	(2)(10)
Production Resource Group, L.L.C. and PRG III, LLC (4)	Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets	First lien senior secured loan	17.25% (14.25% PIK)	SOFR (Q)	8.50%	08/2018	08/2029		52.0	52.0	52.0	(2)(10)
		First lien senior secured loan	11.95% (8.95% PIK)	SOFR (Q)	7.50%	06/2021	08/2029		0.9	0.9	0.9	(2)(10)
		First lien senior secured loan	11.95% (8.95% PIK)	SOFR (S)	7.50%	08/2021	08/2029		8.2	8.2	8.2	(2)(10)
		First lien senior secured loan	11.95% (8.95% PIK)	SOFR (Q)	7.50%	05/2024	08/2029		28.2	28.0	28.2	(2)(10)
		First lien senior secured loan	11.95%	SOFR (Q)	7.50%	03/2025	08/2029		2.6	2.5	2.6	(2)(10)
		First lien senior secured loan	11.95% (8.95% PIK)	SOFR (Q)	7.50%	07/2020	08/2029		16.5	16.5	16.5	(2)(10)
		Class A units				10/2020		113,617		4.9	—	(2)
										113.0	108.4
Professional Fighters League, LLC and PFL MMA, Inc.	Mixed martial arts league	First lien senior secured loan	14.00% PIK			01/2021	01/2026		22.9	22.7	22.9	(2)
		Second lien senior secured loan	16.00% PIK			11/2022	01/2026		0.2	0.2	0.2	(2)
		Series E preferred stock				04/2022		219,035		0.7	0.7	(2)
		Warrant to purchase shares of common stock				01/2021	01/2027	3,223,122		1.7	—	(2)
		Warrant to purchase shares of common stock				11/2022	11/2029	68,787		0.2	—	(2)
										25.5	23.8
Sandlot Action Sports, LLC	Youth sports platform	Common units				05/2024		3,384		—	—
South Florida Motorsports, LLC	Professional sporting event	Class A common interest				12/2024		26		5.5	5.5
Storm Investment S.a.r.l. and Atletico Holdco, S.L.	Spanish soccer club	First lien senior secured loan	3.75% PIK			06/2021	06/2029		66.7	73.6	66.7	(2)(6)
		Class A redeemable shares				06/2021		3,297,791		1.6	4.3	(2)(6)
		Class B redeemable shares				06/2021		3,297,791		1.6	4.3	(2)(6)
		Class C redeemable shares				06/2021		3,297,791		1.6	4.3	(2)(6)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		Class D redeemable shares				06/2021		3,297,791		1.6	4.3	(2)(6)
		Class E redeemable shares				06/2021		3,297,791		1.6	4.3	(2)(6)
		Class F redeemable shares				06/2021		3,297,791		1.6	4.3	(2)(6)
		Class G redeemable shares				06/2021		3,297,791		1.6	4.3	(2)(6)
		Class H redeemable shares				06/2021		3,297,791		1.6	4.3	(2)(6)
		Class I redeemable shares				06/2021		3,297,791		1.6	4.3	(2)(6)
		Ordinary shares				06/2021		3,958		—	0.3	(2)(6)
										88.0	105.7
The Teaching Company Holdings, Inc.	Education publications provider	Preferred stock				09/2006		10,663		1.1	2.7	(2)
		Common stock				09/2006		15,393		—	0.2	(2)
										1.1	2.9
WRE Sports Investments LLC (14)	Professional sports club	First lien senior secured loan	11.00% (5.50% PIK)			07/2024	07/2031		25.3	25.3	25.3	(2)
		First lien senior secured loan	11.00%			07/2024	07/2031		0.7	0.7	0.7	(2)
										26.0	26.0

										1,280.8	1,283.0		9.38%
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5)	Investment company	Common stock				01/2017		589		0.4	0.4	(6)
Constellation Wealth Capital Fund, L.P. (15)	Specialist alternative asset management platform	Limited partner interests				01/2024		3,494,234		3.2	3.0	(6)(17)
CREST Exeter Street Solar 2004-1	Investment vehicle	Preferred shares				01/2017	06/2039	3,500,000		—	—	(6)
CWC Fund I Co-Invest (ALTI) LP	Global wealth and alternatives manager	Limited partnership interest				03/2024		6,224,000		6.2	6.9	(2)(6)
European Capital UK SME Debt LP (4)(15)	Investment partnership	Limited partnership interest				01/2017		44.73%		—	0.2	(6)
HCI Equity, LLC (5)	Investment company	Member interest				04/2010		100.00%		—	—	(6)(17)
Linden Structured Capital Fund II-A LP (15)	Investment partnership	Limited partnership interest				07/2024		1,090,121		0.9	0.9	(2)(6)(17)
Partnership Capital Growth Investors III, L.P. (4)	Investment partnership	Limited partnership interest				10/2011		11.50%		0.7	3.6	(2)(6)(17)
PCG-Ares Sidecar Investment, L.P. (4)(15)	Investment partnership	Limited partnership interest				05/2014		99.80%		4.4	0.5	(6)
PCG-TAC-CV, LP. (4)	Investment partnership	Limited partnership interest				01/2025		6,720,248		—	6.7	(2)(6)
Piper Jaffray Merchant Banking Fund I, L.P.	Investment partnership	Limited partnership interest				08/2012		2.02%		0.1	0.6	(6)(17)
Senior Direct Lending Program, LLC (5)(16)	Co-investment vehicle	Subordinated certificates	11.50%	SOFR (Q)	8.00%	07/2016	12/2036		1,281.8	1,229.6	1,115.2	(2)(6)(11)
	Membership interest							87.50%		—	—	(6)
										1,229.6	1,115.2

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets

										1,245.5	1,138.0		8.32%
Independent Power and Renewable Electricity Producers
Apex Clean Energy TopCo, LLC (4)	Developer, builder and owner of utility-scale wind and solar power facilities	Class A common units				11/2021		1,335,610		134.7	223.2
BNZ TopCo B.V. (14)	Developer and operator of solar photovoltaic plants	Senior subordinated loan	8.61%	Euribor (Q)	6.25%	10/2024	10/2030		12.3	11.9	12.0	(2)(6)(10)
PosiGen, Inc.	Seller and leaser of solar power systems for residential and commercial customers	Warrant to purchase shares of series D-1 preferred stock				06/2021	06/2028	7,616		—	—	(2)
		Warrant to purchase shares of common stock				01/2020	01/2027	5,560		—	—	(2)
										—	—
Potomac Intermediate Holdings II LLC (5)(14)	Gas turbine power generation facilities operator	Series A units				11/2021		251,384,442		210.8	435.1
Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC	Residential solar energy provider	First lien senior secured loan	3.61%			10/2019	02/2055		0.1	0.1	0.1	(2)
		Senior subordinated loan	11.19% (7.51% PIK)	SOFR (Q)	6.90%	11/2019	11/2025		176.5	176.5	171.2	(2)(10)
										176.6	171.3
Sunrun Luna Holdco 2021, LLC	Residential solar energy provider	Senior subordinated loan	11.04%	SOFR (Q)	6.75%	03/2022	04/2027		150.0	150.0	148.5	(2)(6)(10)
Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC	Residential solar energy provider	First lien senior secured loan	3.98%			06/2019	06/2054		0.3	0.3	0.3	(2)
		Senior subordinated loan	10.00% (6.00% PIK)	SOFR (Q)	6.90%	06/2019	07/2030		82.4	82.4	79.1	(2)(10)
										82.7	79.4

										766.7	1,069.5		7.82%
Capital Goods
AI Aqua Merger Sub, Inc.	End to end provider of water solutions to a wide range of customer bases	First lien senior secured loan	7.32%	SOFR (M)	3.00%	12/2024	07/2028		1.0	1.0	1.0	(2)(10)(17)
Airx Climate Solutions, Inc. (14)	Provider of commercial HVAC equipment and services	First lien senior secured loan	10.07%	SOFR (Q)	5.75%	11/2023	11/2029		9.8	9.8	9.8	(2)(10)
		First lien senior secured loan	9.32%	SOFR (Q)	5.00%	07/2024	11/2029		9.6	9.6	9.6	(2)(10)
										19.4	19.4
API Commercial Inc., API Military Inc., and API Space Intermediate, Inc.	Provider of military aircraft aftermarket parts and distribution, repair and logistics services	First lien senior secured loan				05/2022	08/2025		6.6	2.1	2.6	(2)(9)
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc.	Distributor of non-discretionary, mission-critical aftermarket replacement parts	First lien senior secured loan	6.95%	SOFR (Q)	2.50%	08/2021	08/2028		0.1	0.1	0.1	(2)(10)
		Common stock				08/2021		5,054		5.1	—	(2)
										5.2	0.1

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
BGIF IV Fearless Utility Services, Inc. (14)	Maintenance and installation service provider for electric transmission and distribution infrastructure	First lien senior secured revolving loan				06/2024	06/2030		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	06/2024	06/2031		35.2	35.2	35.2	(2)(10)
										35.2	35.2
BlueHalo Global Holdings, LLC and BlueHalo, LLC (14)	Provides products and services to the Department of Defense and Intelligence Community	First lien senior secured revolving loan	10.30%	SOFR (Q)	6.00%	05/2022	10/2025		2.7	2.7	2.7	(2)(10)(13)
		First lien senior secured loan	10.31%	SOFR (Q)	6.00%	05/2022	10/2025		1.9	1.9	1.9	(2)(10)
										4.6	4.6
Burgess Point Purchaser Corporation	Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts	First lien senior secured loan	9.65%	SOFR (Q)	5.25%	07/2022	07/2029		21.8	20.7	19.3	(2)(10)(17)
CPIG Holdco Inc.	Distributor of engineered fluid power and complex machined solutions	First lien senior secured loan	11.41%	SOFR (Q)	7.00%	04/2023	04/2028		14.5	14.5	14.5	(2)(10)
DFS Holding Company, Inc.	Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry	First lien senior secured loan	11.30%	SOFR (Q)	7.00%	01/2023	01/2029		2.1	2.0	2.0	(2)(10)
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (14)	Provider of aerospace technology and equipment	First lien senior secured revolving loan	10.96%	SOFR (Q)	6.50%	12/2020	12/2027		3.9	3.9	3.9	(2)(10)
		First lien senior secured revolving loan	11.45%	SOFR (Q)	7.00%	12/2020	12/2027		1.9	1.9	1.9	(2)(10)
		First lien senior secured loan	10.96%	SOFR (Q)	6.50%	12/2020	12/2027		25.5	25.5	25.5	(2)(10)
		Common units				12/2020		9,773,000		9.8	14.1
										41.1	45.4
EIS Legacy Holdco, LLC (14)	Distributor of electric applicator components	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	11/2024	11/2031		12.7	12.7	12.6	(2)(10)
ESCP PPG Holdings, LLC (4)	Distributor of new equipment and aftermarket parts to the heavy-duty truck industry	Class A-1 units				08/2022		96,897		2.3	0.7	(2)
		Class A-2 units				12/2016		3,500		3.5	1.1	(2)
										5.8	1.8
Generator US Buyer, Inc. and Total Power Limited (14)	Provider of generator-based power solutions	First lien senior secured loan	7.91%	CORRA (Q)	5.25%	07/2024	07/2030		4.8	5.0	4.8	(2)(6)(10)
		First lien senior secured loan	9.55%	SOFR (Q)	5.25%	10/2024	07/2030		1.4	1.4	1.4	(2)(6)(10)
										6.4	6.2
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC (14)	Provider of underground utility locating and concrete scanning	First lien senior secured revolving loan	8.80%	SOFR (Q)	4.50%	01/2025	01/2032		1.2	1.2	1.2	(2)(10)
		Member Units				01/2025		20,000,000		20.0	20.0	(2)
										21.2	21.2
GSV Purchaser, Inc. (14)	Provider of maintenance, repair, and sales services for commercial emergency power backup generators	First lien senior secured loan	8.82%	SOFR (M)	4.50%	08/2024	08/2031		0.1	0.1	0.1	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Harvey Tool Company, LLC (14)	Manufacturer of cutting tools used in the metalworking industry	First lien senior secured loan	9.57%	SOFR (M)	5.25%	04/2024	10/2027		55.5	55.5	55.5	(2)(10)
		First lien senior secured loan	9.57%	SOFR (M)	5.25%	10/2021	10/2027		3.6	3.6	3.6	(2)(10)
										59.1	59.1
Helix Acquisition Holdings, Inc.	Manufacturer of springs, fasteners and custom components	First lien senior secured loan	11.42%	SOFR (M)	7.00%	03/2023	03/2030		11.9	11.9	11.9	(2)(10)
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC (14)	Manufacturer of mission critical, IP-driven avionics products and provider of an integrated suite of pilot training solutions	First lien senior secured revolving loan	8.83%	SOFR (M)	4.50%	03/2025	03/2032		1.0	1.0	1.0	(2)(10)
		First lien senior secured loan	8.83%	SOFR (M)	4.50%	03/2025	03/2032		48.6	48.6	48.4	(2)(10)
										49.6	49.4
HPCC Parent, Inc. and Patriot Container Corp. (14)	Manufacturer of waste handling and recycling equipment	First lien senior secured loan	13.00% (7.00% PIK)			09/2024	09/2030		79.6	79.6	79.6	(2)
		Common stock				09/2024		459,208		4.4	4.4	(2)
										84.0	84.0
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5)	Provider of high-speed intelligent document scanning hardware and software	Senior subordinated loan	14.00% (7.00% PIK)			01/2017	12/2028		18.8	18.6	18.8	(2)
		Class A common stock				01/2017		48,544		14.8	48.4
										33.4	67.2
Kene Acquisition, Inc. and Kene Holdings, L.P. (14)	National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets	First lien senior secured loan	9.54%	SOFR (Q)	5.25%	02/2024	02/2031		5.3	5.3	5.3	(2)(10)
		Class A units				08/2019		4,549,000		0.5	8.8	(2)
										5.8	14.1
LTG Acquisition, Inc.	Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets	Class A membership units				01/2017		5,000		5.1	—
Maverick Acquisition, Inc. (14)	Manufacturer of precision machined components for defense and high-tech industrial platforms	First lien senior secured loan				06/2021	06/2027		27.0	27.0	12.7	(2)(9)
		First lien senior secured loan	10.69%	SOFR (M)	6.25%	03/2025	04/2025		0.4	0.4	0.4	(2)(10)
										27.4	13.1
NAS, LLC and Nationwide Marketing Group, LLC (14)	Buying and marketing services organization for appliance, furniture and consumer electronics dealers	First lien senior secured revolving loan	10.95%	SOFR (Q)	6.50%	11/2020	06/2025		1.5	1.5	1.5	(2)(10)
		First lien senior secured loan	10.94%	SOFR (Q)	6.50%	05/2022	06/2025		1.3	1.3	1.3	(2)(10)
		First lien senior secured loan	10.94%	SOFR (Q)	6.50%	12/2021	06/2025		2.3	2.3	2.2	(2)(10)
		First lien senior secured loan	10.94%	SOFR (Q)	6.50%	11/2020	06/2025		6.1	6.1	6.1	(2)(10)
										11.2	11.1

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
NCWS Intermediate, Inc. and NCWS Holdings LP	Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market	Class A-2 common units				12/2020		12,296,000		12.9	3.3	(2)
OPH NEP Investment, LLC (4)	Provider of energy services for multi-family property owners, developers, and managers	First lien senior secured loan	10.00% (7.00% PIK)			03/2025	05/2032		4.2	3.8	4.1	(2)
		Senior subordinated loan	10.00% (7.00% PIK)			05/2024	05/2032		30.9	29.5	30.6	(2)
		Class B common units				05/2024		8		1.9	2.5
										35.2	37.2
Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC	Provider of structural integrity management services to transmission and distribution infrastructure	Second lien senior secured loan	11.19%	SOFR (M)	6.75%	06/2021	06/2029		55.3	55.3	54.7	(2)(10)
Paris US Holdco, Inc. & 1001028292 Ontario Inc. (14)	Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry	First lien senior secured loan	9.32%	SOFR (M)	5.00%	12/2024	12/2031		77.5	77.5	76.7	(2)(6)(10)
PumpTech, LLC and Impel CV-B, LP (14)(15)	Provider of flow control equipment and related services including pumping products and process solutions for water, wastewater, and industrial applications	First lien senior secured loan	9.05%	SOFR (Q)	4.75%	01/2025	01/2031		11.8	11.8	11.6	(2)(10)
		Limited partnership interest				03/2025		752,822		0.8	0.8	(2)
										12.6	12.4
Qnnect, LLC and Connector TopCo, LP	Manufacturer of highly engineered hermetic packaging products	Limited partnership interests				11/2022		992,500		9.9	12.9	(2)
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (14)	Metal fabricator in the aerospace industry	First lien senior secured revolving loan	10.45% (0.25% PIK)	SOFR (Q)	6.00%	03/2019	03/2027		1.5	1.5	1.4	(2)(6)(10)
		First lien senior secured revolving loan	10.46% (0.25% PIK)	SONIA (M)	6.00%	11/2019	03/2027		2.0	2.0	2.0	(2)(6)(10)
		First lien senior secured loan	10.45% (0.25% PIK)	SOFR (Q)	6.00%	06/2024	03/2027		10.0	10.0	9.8	(2)(6)(10)
										13.5	13.2
Radwell Parent, LLC (14)	Distributor of maintenance, repair, and operations parts	First lien senior secured revolving loan	9.80%	SOFR (Q)	5.50%	12/2022	04/2029		1.2	1.1	1.2	(2)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	12/2022	04/2029		0.1	0.1	0.1	(2)(10)
										1.2	1.3
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation (14)	Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets	First lien senior secured revolving loan				10/2017	12/2027		—	—	—	(2)(10)(12)
		First lien senior secured loan	10.17%	SOFR (M)	5.75%	04/2024	12/2027		3.8	3.8	3.8	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	10.17%	SOFR (M)	5.75%	03/2025	12/2027		15.1	15.1	15.1	(2)(10)
										18.9	18.9
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (14)	Provider of aircraft component maintenance, repair, and overhaul services	First lien senior secured loan	9.30%	SOFR (Q)	5.00%	05/2024	05/2031		38.9	38.9	38.9	(2)(10)
		Series A common units				05/2024		1,042		1.0	1.6	(2)
										39.9	40.5
Two Six Labs, LLC (14)	Provider of information operations, cyber, and data analytics products and services for government and defense contracts	First lien senior secured revolving loan	9.55%	SOFR (Q)	5.25%	05/2022	08/2027		4.9	4.7	4.9	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	10/2023	08/2027		8.5	8.5	8.5	(2)(10)
										13.2	13.4

										769.6	780.4		5.71%
Pharmaceuticals, Biotechnology and Life Sciences
Abzena Holdings, Inc. and Astro Group Holdings Ltd.	Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries	A ordinary shares				05/2021		2,476,744		5.7	4.0	(2)(6)
ADMA Biologics Inc.	Biopharmaceutical company	First lien senior secured loan	10.80%	SOFR (Q)	6.50%	12/2023	12/2027		3.4	3.3	3.4	(2)(6)(10)
Alcami Corporation and ACM Note Holdings, LLC (14)	Outsourced drug development services provider	First lien senior secured revolving loan	11.42%	SOFR (M)	7.00%	12/2022	12/2028		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	11.46%	SOFR (Q)	7.00%	12/2022	12/2028		10.0	10.0	10.0	(2)(10)
		Senior subordinated loan	12.00% PIK			12/2022	06/2029		23.2	23.2	23.2	(2)
										33.3	33.3
Bamboo US BidCo LLC (14)	Biopharmaceutical company	First lien senior secured loan	9.54%	SOFR (Q)	5.25%	09/2023	09/2030		34.3	34.3	34.3	(2)(10)
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (14)	Provider of biological products to life science and pharmaceutical companies	First lien senior secured revolving loan	9.81%	SOFR (Q)	5.50%	10/2021	10/2027		0.7	0.7	0.7	(2)(10)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	08/2024	10/2028		6.9	6.9	6.9	(2)(10)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	10/2021	10/2028		31.1	31.1	31.1	(2)(10)
		First lien senior secured loan	9.81%	SOFR (Q)	5.50%	06/2023	10/2028		11.4	11.4	11.4	(2)(10)
		Preferred units	8.00% PIK			10/2021	10/2051	3,020		4.0	4.0	(2)
		Series A preferred shares	13.75% PIK			10/2021		60,236		97.3	98.9	(2)
		Class A common units				10/2021		30,500		—	—	(2)
										151.4	153.0
Creek Parent, Inc. and Creek Feeder, L.P. (14)	Provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products	First lien senior secured revolving loan				12/2024	12/2031		—	—	—	(2)(10)(12)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	9.57%	SOFR (M)	5.25%	12/2024	12/2031		208.7	208.7	205.0	(2)(10)
		Limited partnership interest				12/2024		6,891,000		6.9	7.5	(2)
										215.6	212.5
Gula Buyer Inc.	Distributor and manufacturer of veterinarian-grade pet prescription medications and health products	First lien senior secured loan	9.32%	SOFR (M)	5.00%	10/2024	10/2031		125.6	125.6	124.0	(2)(10)
NMC Skincare Intermediate Holdings II, LLC (14)	Developer, manufacturer and marketer of skincare products	First lien senior secured revolving loan	10.42%	SOFR (M)	6.00%	05/2022	11/2026		0.1	0.1	0.1	(2)(10)
		First lien senior secured revolving loan	10.43%	SOFR (M)	6.00%	10/2018	11/2026		8.2	8.2	7.5	(2)(10)
		First lien senior secured loan	10.45% (1.00% PIK)	SOFR (Q)	6.00%	05/2022	11/2026		4.5	4.5	4.1	(2)(10)
		First lien senior secured loan	10.45% (1.00% PIK)	SOFR (Q)	6.00%	10/2018	11/2026		30.4	30.4	27.7	(2)(10)
										43.2	39.4
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. (14)	Contract research organization providing research and development and testing of medical devices	First lien senior secured revolving loan	8.95%	SOFR (Q)	4.50%	09/2021	03/2027		2.5	2.5	2.4	(2)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	09/2021	09/2027		9.3	9.3	8.9	(2)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	12/2020	09/2027		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	02/2021	09/2027		2.5	2.5	2.4	(2)(10)
		First lien senior secured loan	10.45%	SOFR (Q)	6.00%	09/2020	09/2027		46.4	46.4	44.6	(2)(10)
		Senior subordinated loan	20.00% PIK			11/2024	03/2028		1.1	1.1	1.0	(2)
		Senior subordinated loan	20.00% PIK			02/2025	02/2027		4.5	4.5	4.3	(2)
		Senior subordinated loan	11.00% PIK			03/2023	03/2027		1.7	1.7	1.6	(2)
		Class A preferred units	8.00% PIK			09/2020		13,528		19.3	15.2	(2)
										87.4	80.5
Verista, Inc. (14)	Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector	First lien senior secured revolving loan	10.56%	SOFR (Q)	6.00%	05/2022	02/2027		0.7	0.5	0.6	(2)(10)
		First lien senior secured loan	11.06% (0.50% PIK)	SOFR (Q)	6.50%	05/2022	02/2027		0.8	0.8	0.7	(2)(10)
										1.3	1.3
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (14)	Manufacturer of monoclonal antibodies	First lien senior secured loan	10.55%	SOFR (Q)	6.25%	11/2023	11/2030		5.0	5.0	5.0	(2)(10)
		Limited partnership interest				11/2023		1,529,000		1.5	1.5	(2)
										6.5	6.5

										707.6	692.2		5.06%
Consumer Durables and Apparel

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
760203 N.B. LTD. (14)	Manufacturer of hockey equipment and related accessories	First lien senior secured loan	8.22%	CDOR (M)	5.50%	12/2024	12/2030		35.2	35.2	34.3	(2)(6)(10)
Bowhunter Holdings, LLC	Provider of branded archery and bowhunting accessories	Common units				04/2014		421		4.2	—
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. (4)	Designer, marketer and distributor of licensed and owned apparel	First lien senior secured loan	9.80%	SOFR (Q)	5.50%	02/2024	08/2029		28.4	26.6	28.3	(2)(10)
		Senior subordinated loan	12.30% PIK	SOFR (Q)	8.00%	02/2024	02/2031		27.5	26.0	27.5	(2)(10)
		Senior subordinated loan	10.80%	SOFR (Q)	6.50%	02/2024	02/2031		24.0	22.4	24.0	(2)(10)
		Class A limited partnership interests				02/2024		6.27%		2.9	12.2	(2)
										77.9	92.0
DRS Holdings III, Inc. and DRS Holdings I, Inc. (14)	Footwear and orthopedic foot-care brand	First lien senior secured loan	9.55%	SOFR (Q)	5.25%	03/2025	11/2028		12.8	12.8	12.8	(2)(10)
		First lien senior secured loan	9.55%	SOFR (M)	5.25%	11/2019	11/2025		26.0	26.0	26.0	(2)(10)
		First lien senior secured loan	9.55%	SOFR (M)	5.25%	06/2021	11/2025		24.0	24.0	24.0	(2)(10)
		Common stock				11/2019		8,549		8.5	8.1	(2)
										71.3	70.9
Implus Footcare, LLC	Provider of footwear and other accessories	First lien senior secured loan				07/2018	07/2025		5.0	4.8	3.0	(2)(9)
		First lien senior secured loan				06/2016	07/2025		1.3	1.2	0.8	(2)(9)
		First lien senior secured loan				06/2017	07/2025		117.4	112.7	70.5	(2)(9)
										118.7	74.3
Johnnie-O Inc. and Johnnie-O Holdings Inc.	Apparel retailer	First lien senior secured loan	10.71%	SOFR (Q)	6.25%	03/2022	03/2027		17.5	17.2	17.5	(2)(10)
		Series A convertible preferred stock				03/2022		144,210		4.2	4.2	(2)
		Warrant to purchase shares of common stock				03/2022	03/2032	93,577		1.5	2.7	(2)
										22.9	24.4
Lew's Intermediate Holdings, LLC (14)	Outdoor brand holding company	First lien senior secured revolving loan	8.82%	SOFR (M)	4.50%	02/2021	02/2026		2.2	2.2	1.9	(2)(13)
		First lien senior secured loan	9.31%	SOFR (Q)	5.00%	02/2021	02/2028		1.0	1.0	0.8	(2)(10)
										3.2	2.7
Pelican Products, Inc. (14)	Flashlights manufacturer	First lien senior secured revolving loan	8.45%	SOFR (Q)	4.00%	12/2021	12/2026		2.2	2.2	2.0	(2)(10)
		Second lien senior secured loan	12.31%	SOFR (Q)	7.75%	12/2021	12/2029		60.0	60.0	55.8	(2)(10)
										62.2	57.8
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. (14)(15)	Sports equipment manufacturing company	First lien senior secured revolving loan	8.17%	SOFR (M)	3.75%	11/2024	11/2029		9.2	9.2	9.2	(2)(10)
		First lien senior secured loan	9.20%	SOFR (Q)	4.75%	11/2024	11/2030		3.4	3.4	3.4	(2)(10)
		First lien senior secured loan	9.20%	SOFR (Q)	4.75%	12/2020	11/2030		43.7	43.7	43.7	(2)(10)
		First lien senior secured loan	9.20%	SOFR (Q)	4.75%	02/2024	11/2030		5.6	5.6	5.6	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	9.20%	SOFR (Q)	4.75%	11/2021	11/2030		0.1	0.1	0.1	(2)(10)
		Limited partnership interest				06/2024		10,997,865		11.0	11.0	(2)
										73.0	73.0
Reef Lifestyle, LLC (14)	Apparel retailer	First lien senior secured revolving loan	12.32% (2.25% PIK)	SOFR (M)	8.00%	10/2018	10/2027		40.6	40.6	40.6	(2)(10)(13)
		First lien senior secured revolving loan	12.31% (2.25% PIK)	SOFR (Q)	8.00%	07/2020	10/2027		4.1	4.0	4.1	(2)(10)(13)
		First lien senior secured loan	12.31% (2.25% PIK)	SOFR (Q)	8.00%	10/2018	10/2027		20.7	20.7	20.7	(2)(10)
		First lien senior secured loan	12.31% (2.25% PIK)	SOFR (Q)	8.00%	07/2020	10/2027		3.5	3.5	3.5	(2)(10)
										68.8	68.9
S Toys Holdings LLC (fka The Step2 Company, LLC) (5)	Toy manufacturer	Common units				04/2011		1,116,879		—	—
		Class B common units				10/2014		126,278,000		—	—
		Warrant to purchase units				04/2010	12/2050	3,157,895		—	—
										—	—
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC (4)(14)	Manufacturer and distributor of slip resistant footwear	First lien senior secured loan	10.94%	SOFR (M)	6.50%	04/2024	07/2029		1.2	1.2	1.2	(2)(10)
		First lien senior secured loan	10.94%	SOFR (M)	6.50%	06/2024	07/2029		6.5	6.5	6.5	(2)(10)
		First lien senior secured loan	11.44% (5.00% PIK)	SOFR (S)	7.00%	06/2024	07/2029		3.8	3.8	3.8	(2)(10)
		Class A common units				06/2024		8,474		10.5	11.4	(2)
										22.0	22.9
St Athena Global LLC and St Athena Global Holdings Limited (14)	Designer and manufacturer of branded premium-quality tableware	First lien senior secured revolving loan	9.55%	SOFR (Q)	5.25%	06/2024	06/2029		0.9	0.9	0.9	(2)(6)(10)
		First lien senior secured loan	9.56%	SOFR (Q)	5.25%	06/2024	06/2030		30.0	30.0	29.7	(2)(6)(10)
		First lien senior secured loan	9.71%	SONIA (M)	5.25%	06/2024	06/2030		17.5	17.1	17.3	(2)(6)(10)
										48.0	47.9
Team Acquisition Corporation (14)	Provider of team uniforms and athletic wear	First lien senior secured loan	10.82%	SOFR (M)	6.50%	01/2024	11/2029		34.5	33.9	32.8	(2)(10)

										641.3	601.9		4.40%
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC	Harvester and processor of seafood	Class A units				08/2015		77,922		0.1	—	(2)
		Warrant to purchase units of Class A units				08/2015	08/2035	7,422,078		7.4	3.0	(2)
										7.5	3.0
Badia Spices, LLC (14)	Spices & seasonings brand	First lien senior secured loan	8.79%	SOFR (Q)	4.50%	11/2024	11/2030		122.0	122.0	119.9	(2)(10)
Berner Food & Beverage, LLC (14)	Supplier of dairy-based food and beverage products	First lien senior secured revolving loan	12.00%	Base rate (Q)	4.50%	07/2021	07/2026		0.5	0.5	0.5	(2)(10)
		First lien senior secured loan	9.94%	SOFR (Q)	5.50%	12/2024	07/2027		1.4	1.4	1.4	(2)(10)
										1.9	1.9

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(14)	Health food company	First lien senior secured loan	10.40%	SOFR (Q)	6.00%	12/2020	12/2025		21.1	21.1	21.1	(2)(10)
		Common units				03/2019		14,850		11.5	31.3	(2)
										32.6	52.4
CHG PPC Parent LLC & PPC CHG Blocker LLC	Diversified food products manufacturer	Common units				12/2021		59		3.0	4.7	(2)
Demakes Enterprises, LLC (14)	Value-added protein manufacturer	First lien senior secured loan	10.30%	SOFR (Q)	6.00%	12/2023	12/2029		6.2	6.2	6.2	(2)(10)
Florida Food Products, LLC	Provider of plant extracts and juices	First lien senior secured loan	9.56%	SOFR (Q)	5.00%	10/2021	10/2028		0.4	0.4	0.4	(2)(10)
		First lien senior secured loan	9.30%	SOFR (Q)	5.00%	06/2022	10/2028		0.4	0.4	0.4	(2)(10)
		Second lien senior secured loan	12.56%	SOFR (Q)	8.00%	10/2021	10/2029		71.8	71.8	61.0	(2)(10)
										72.6	61.8
Forward Keystone Holdings, LP (14)	Provider of better-for-you breakfast and snacking brand	Senior subordinated loan	15.00% (8.00% PIK)			03/2025	03/2029		23.6	23.6	23.0	(2)
		Common units				03/2025		3,852,000		3.9	3.9	(2)
										27.5	26.9
Gotham Greens Holdings, PBC	Producer of vegetables and culinary herbs for restaurants and retailers	First lien senior secured loan	13.72% (2.00% PIK)	SOFR (S)	9.25%	06/2022	12/2026		36.9	36.9	35.8	(10)
		Series E-1 preferred stock				06/2022		188,605		14.2	—	(2)
		Warrant to purchase shares of Series E-1 preferred stock				06/2022	06/2032	78,216		—	—	(2)
										51.1	35.8
KNPC HoldCo, LLC	Producer of trail mix and mixed nut snack products	First lien senior secured loan	11.36%	SOFR (S)	7.00%	12/2022	10/2029		1.3	1.3	1.3	(2)(10)
		First lien senior secured loan	10.61%	SOFR (S)	6.25%	11/2023	10/2029		2.7	2.7	2.7	(2)(10)
		First lien senior secured loan	10.11%	SOFR (S)	5.75%	04/2022	10/2029		5.5	5.5	5.5	(2)(10)
		First lien senior secured loan	10.11%	SOFR (S)	5.75%	12/2024	10/2029		27.6	27.6	27.6	(2)(10)
										37.1	37.1
Manna Pro Products, LLC (14)	Manufacturer and supplier of specialty nutrition and care products for animals	First lien senior secured revolving loan	10.53%	SOFR (S)	6.00%	12/2020	12/2026		5.1	5.1	4.1	(2)(10)
		First lien senior secured revolving loan	12.50%	Base rate (Q)	5.00%	12/2020	12/2026		1.8	1.8	1.4	(2)(10)
										6.9	5.5
Max US Bidco Inc.	Manufacturer of premium dry dog food	First lien senior secured loan	9.31%	SOFR (Q)	5.00%	10/2023	10/2030		1.0	0.9	1.0	(2)(17)
Primo Water Holdings Inc / Triton Water Holdings Inc	Producer and provider of bottled water brands	First lien senior secured loan	6.55%	SOFR (Q)	2.25%	03/2021	03/2028		1.0	1.0	1.0	(2)(10)(17)
		Senior subordinated loan	6.25%			03/2021	04/2029		0.1	0.1	0.1	(2)(6)(17)
										1.1	1.1
RB Holdings InterCo, LLC (14)	Manufacturer of pet food and treats	First lien senior secured revolving loan	9.45%	SOFR (Q)	5.00%	05/2022	05/2028		1.0	1.0	1.0	(2)(10)
		First lien senior secured loan	9.45%	SOFR (Q)	5.00%	05/2022	05/2028		11.2	11.2	11.0	(2)(10)
										12.2	12.0

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Spindrift Beverage Co., Inc. and SBC Aggregator LP (14)(15)	Premium flavored sparkling water brand	First lien senior secured revolving loan	9.56%	SOFR (M)	5.25%	02/2025	02/2032		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	9.56%	SOFR (M)	5.25%	02/2025	02/2032		12.2	12.2	12.1	(2)(10)
		Limited partnership units				02/2025		8,739		8.7	8.7	(2)
										21.1	21.0
Sugar PPC Buyer LLC (14)	Manufacturer and distributor of food products	First lien senior secured loan	9.51%	SOFR (S)	5.25%	10/2023	10/2030		15.7	15.7	15.7	(2)(10)
Teasdale Foods, Inc. and Familia Group Holdings Inc.	Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels	First lien senior secured loan	10.69%	SOFR (Q)	6.25%	12/2020	12/2025		75.7	75.7	68.1	(2)(10)
		Warrant to purchase shares of common stock				02/2019	02/2034	57,827		—	—	(2)
										75.7	68.1
Watermill Express, LLC and Watermill Express Holdings, LLC (14)	Owner and operator of self-service water and ice stations	First lien senior secured revolving loan	9.70%	SOFR (Q)	5.25%	04/2021	07/2029		0.4	0.4	0.4	(2)(10)(13)
		First lien senior secured loan	9.70%	SOFR (Q)	5.25%	01/2024	07/2029		5.6	5.6	5.6	(2)(10)
		First lien senior secured loan	9.70%	SOFR (Q)	5.25%	04/2021	07/2029		20.6	20.6	20.6	(2)(10)
		First lien senior secured loan	9.21%	SOFR (Q)	4.75%	08/2024	07/2029		1.8	1.8	1.8	(2)(10)
		Class A units				04/2021		282,200		3.1	6.1
										31.5	34.5

										526.6	508.6		3.72%
Automobiles and Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC	Provider of replacement wireless keys for automotive market	First lien senior secured loan	10.95%	SOFR (Q)	6.50%	12/2021	08/2026		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	10.95%	SOFR (Q)	6.50%	12/2022	08/2026		4.5	4.5	3.9	(2)(10)
		Preferred units				11/2020		4,113,113		5.1	0.1	(2)
		Preferred units				11/2020		1,095,046		1.1	—	(2)
		Class A common units				11/2020		5,208,159		—	—	(2)
										10.8	4.1
Collision SP Subco, LLC (14)	Provider of auto body collision repair services	First lien senior secured revolving loan	9.79%	SOFR (Q)	5.50%	01/2024	01/2030		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	01/2024	01/2030		7.7	7.7	7.7	(2)(10)
										7.8	7.8
Continental Acquisition Holdings, Inc.	Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets	First lien senior secured loan				01/2021	01/2027		38.2	36.6	28.7	(2)(9)
		First lien senior secured loan				12/2021	01/2027		5.7	5.4	4.3	(2)(9)
										42.0	33.0
Faraday Buyer, LLC (14)	Manufacturer and supplier for the power utility and automotive markets worldwide	First lien senior secured loan	10.30%	SOFR (Q)	6.00%	11/2023	10/2028		7.8	7.8	7.8	(2)(10)
		First lien senior secured loan	10.30%	SOFR (Q)	6.00%	10/2022	10/2028		54.7	54.7	54.7	(2)(10)
										62.5	62.5

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc.	Electric vehicle manufacturer	Warrant to purchase shares of Class A common stock				08/2021	08/2027	27,824,527		2.3	—	(2)
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (14)	Manufacturer and distributor of automotive fluids	First lien senior secured loan	7.82%	SOFR (M)	3.50%	02/2025	02/2030		33.2	33.2	33.1	(2)(10)
		Co-invest units				11/2020		59,230		5.9	11.1	(2)
										39.1	44.2
New ChurcHill HoldCo LLC and Victory Topco, LP (14)	Operator of collision repair centers	First lien senior secured loan	9.80%	SOFR (Q)	5.50%	11/2023	11/2029		16.9	16.9	16.9	(2)(10)
		Class A-2 common units				11/2023		20,170		2.0	4.0	(2)
										18.9	20.9
Sun Acquirer Corp. and Sun TopCo, LP (14)	Automotive parts and repair services retailer	First lien senior secured revolving loan				09/2021	09/2027		—	—	—	(2)(12)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	09/2021	09/2028		52.6	52.5	52.6	(2)(10)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	11/2024	09/2028		0.9	0.9	0.9	(2)(10)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	11/2021	09/2028		9.2	9.2	9.2	(2)(10)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	06/2022	09/2028		9.5	9.5	9.5	(2)(10)
		Class A units				09/2021		79,688		8.0	11.0	(2)
										80.1	83.2
Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP (14)	Provider of automobile parts and auto repair services	First lien senior secured loan	9.01%	SOFR (S)	4.75%	03/2025	03/2031		0.9	0.9	0.9	(2)(10)
		Limited partnership interests				03/2025		330,000		0.3	0.3
										1.2	1.2
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC (14)	Provider of global transportation safety and productivity applications	First lien senior secured revolving loan	10.05%	SOFR (M)	5.75%	02/2024	02/2030		0.6	0.6	0.6	(2)(10)
		First lien senior secured loan	10.06%	SOFR (Q)	5.75%	02/2024	02/2031		86.3	86.3	86.3	(2)(10)
		Class A common units				02/2024		2,501		6.2	7.1
										93.1	94.0

										357.8	350.9		2.57%
Materials
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC (5)(14)	Producer and filler of aluminum beverage cans	First lien senior secured loan	9.90% (5.50% PIK)	SOFR (Q)	5.50%	02/2025	02/2030		10.7	10.7	10.7	(2)(10)
		First lien senior secured loan	9.90% PIK	SOFR (Q)	5.50%	02/2025	02/2030		1.0	1.0	1.0	(2)(10)
		Common units				02/2025		268,223		17.6	13.2	(2)
										29.3	24.9
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP (14)	Manufacturer and supplier of printed packaging and trimmings	First lien senior secured revolving loan	10.44%	SOFR (M)	6.00%	12/2021	12/2027		2.9	2.9	2.9	(2)(10)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
		First lien senior secured loan	10.55%	SOFR (Q)	6.00%	12/2021	12/2027		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	10.29%	SOFR (Q)	6.00%	10/2024	12/2027		3.3	3.3	3.3	(2)(10)
		Class A units				12/2021		201,557		20.2	22.1	(2)
										26.5	28.4
Halex Holdings, Inc. (5)	Manufacturer of flooring installation products	Common stock				01/2017		51,853		—	—
Meyer Laboratory, LLC and Meyer Parent, LLC (14)	Provider of industrial and institutional cleaning chemicals and application systems	First lien senior secured revolving loan	12.00%	Base rate (Q)	4.50%	02/2024	02/2030		1.0	1.0	1.0	(2)(10)
		First lien senior secured loan	9.82%	SOFR (M)	5.50%	02/2024	02/2030		31.8	31.8	31.8	(2)(10)
		Common units				02/2024		440,000		0.4	0.5
										33.2	33.3
MP Midco Holdings, LLC and MP Topco Holdings, LLC (fka H-Food Holdings, LLC)	Food contract manufacturer	First lien senior secured loan	10.80%	SOFR (M)	6.50%	06/2022	03/2030		12.2	12.2	12.2	(2)(10)
		Common units				03/2025		185,323		2.5	6.4	(2)
										14.7	18.6
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP (14)(15)	Manufacturing and packaging company for major brands	First lien senior secured revolving loan	8.05%	SOFR (Q)	3.75%	03/2025	03/2031		1.7	1.7	1.7	(2)(10)
		First lien senior secured loan	8.05%	SOFR (Q)	3.75%	03/2025	03/2031		25.5	25.5	25.3	(2)(10)
		Limited partnership interest				03/2025		852,666		0.9	0.9	(2)
										28.1	27.9
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (14)	Manufacturer of thermoformed packaging for medical devices	First lien senior secured revolving loan	9.82%	SOFR (M)	5.50%	03/2024	03/2031		1.4	1.4	1.4	(2)(6)(10)
		First lien senior secured revolving loan	7.88%	Euribor (M)	5.50%	03/2024	03/2031		0.3	0.3	0.3	(2)(6)(10)
		First lien senior secured loan	9.80%	SOFR (Q)	5.50%	03/2024	03/2031		16.5	16.5	16.1	(2)(6)(10)
		First lien senior secured loan	7.86%	Euribor (Q)	5.50%	03/2024	03/2031		33.4	33.5	32.8	(2)(6)(10)
		Class A units				07/2019		6,762,668		6.8	7.3	(2)(6)
										58.5	57.9
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.	Developer and manufacturer of absorbent pads for food products	First lien senior secured loan	12.67% (1.00% PIK)	SOFR (M)	8.25%	12/2020	12/2026		22.2	22.2	21.3	(2)(10)
		First lien senior secured loan	12.67% (1.00% PIK)	SOFR (M)	8.25%	12/2022	12/2026		0.3	0.3	0.3	(2)(10)
		Class A preferred units				12/2020		4,772		4.6	3.5	(2)
		Class C units				12/2020		4,772		—	—	(2)
										27.1	25.1
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC	Manufacturer of specialized acrylic and polycarbonate sheets	First lien senior secured loan	8.57%	SOFR (Q)	4.00%	12/2018	12/2025		22.1	21.8	21.5	(2)(10)(17)
		Second lien senior secured loan	12.12%	SOFR (S)	7.25%	12/2018	12/2026		55.0	55.0	53.3	(2)(10)
		Preferred units				10/2023		841		0.1	—	(2)
		Co-Invest units				12/2018		5,969		0.6	0.2	(2)

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
										77.5	75.0
Precision Concepts International LLC and Precision Concepts Canada Corporation (14)	Manufacturer of diversified packaging solutions and plastic injection molded products	First lien senior secured revolving loan	9.90%	SOFR (Q)	5.50%	01/2019	04/2026		4.2	4.2	4.2	(2)(6)(10)
		First lien senior secured loan	9.90%	SOFR (Q)	5.50%	05/2022	04/2026		0.1	0.1	0.1	(2)(6)(10)
		First lien senior secured loan	9.90%	SOFR (Q)	5.50%	01/2019	04/2026		11.4	11.4	11.4	(2)(6)(10)
		First lien senior secured loan	9.90%	SOFR (Q)	5.50%	03/2025	04/2026		15.3	15.3	15.3	(2)(6)(10)
		First lien senior secured loan	9.90%	SOFR (Q)	5.50%	06/2021	04/2026		0.1	0.1	0.1	(2)(6)(10)
										31.1	31.1
Reagent Chemical & Research, LLC (14)	Supplier of liquid hydrochloric acid	First lien senior secured revolving loan				04/2024	04/2030		—	—	—	(2)(10)(12)
		First lien senior secured loan	9.57%	SOFR (M)	5.25%	04/2024	04/2031		12.6	12.5	12.6	(2)(10)
										12.5	12.6
SCI PH Parent, Inc.	Industrial container manufacturer, reconditioner and servicer	Series B shares				08/2018		11		1.1	2.1	(2)
SePro Holdings, LLC (14)	Provider of specialty chemicals for aquatics, turf, and ornamental horticulture	First lien senior secured revolving loan	9.57%	SOFR (M)	5.25%	07/2024	07/2030		5.6	5.6	5.6	(2)(10)

										345.2	342.5		2.51%
Household and Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (14)	Provider of personal care appliances	First lien senior secured loan	10.17%	SOFR (M)	5.75%	12/2021	12/2027		3.7	3.7	3.6	(2)(10)
		Common stock				12/2021		6,149		6.1	4.6	(2)
										9.8	8.2
Foundation Consumer Brands, LLC (14)	Pharmaceutical holding company of over the counter brands	First lien senior secured loan	9.44%	SOFR (Q)	5.00%	06/2023	02/2029		0.2	0.2	0.2	(2)(10)
		First lien senior secured loan	9.44%	SOFR (Q)	5.00%	02/2021	02/2029		32.7	32.3	32.7	(2)(10)
										32.5	32.9
LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P.	Provider of intimate wellness products	First lien senior secured loan	11.05%	SOFR (Q)	6.75%	11/2022	11/2028		18.2	18.2	18.2	(2)(6)(10)
		First lien senior secured loan	10.80%	SOFR (Q)	6.50%	12/2023	11/2028		8.6	8.7	8.6	(2)(6)(10)
		Preferred units	8.00% PIK			11/2022		3,178		3.8	3.8	(2)(6)
		Class B common units				11/2022		32,105		—	1.5	(2)(6)
										30.7	32.1
pH Beauty Holdings III, Inc.	Beauty and personal care platform	First lien senior secured loan	9.32%	SOFR (Q)	5.00%	02/2025	09/2027		25.4	25.4	25.3	(2)
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (14)	Manufacturer and supplier of natural fragrance materials and cosmeceuticals	First lien senior secured revolving loan	11.42%	SOFR (M)	7.00%	08/2021	08/2027		1.7	1.7	1.6	(2)(10)
		First lien senior secured loan	11.42%	SOFR (M)	7.00%	08/2021	08/2027		28.2	28.2	26.5	(2)(10)
		Limited partner interests				08/2021		4.03%		5.0	3.1	(2)
										34.9	31.2

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
RD Holdco Inc. (5)	Manufacturer and marketer of carpet cleaning machines	Senior subordinated loan				04/2023	10/2026		1.2	0.9	0.5	(2)(9)
		Senior subordinated loan				01/2017	10/2026		33.9	22.0	14.2	(2)(9)
		Common stock				01/2017		458,596		14.0	—
										36.9	14.7
Silk Holdings III Corp. and Silk Holdings I Corp. (14)	Producer of personal care products	First lien senior secured revolving loan	8.32%	SOFR (M)	4.00%	05/2023	05/2029		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.82%	SOFR (M)	5.50%	05/2023	05/2029		5.3	5.3	5.3	(2)(10)
		First lien senior secured loan	9.82%	SOFR (M)	5.50%	05/2024	05/2029		47.8	47.8	47.8	(2)(10)
		Common stock				05/2023		14,199		14.2	32.7	(2)
										67.4	85.9
TCI Buyer LLC and TCI Holdings, LP (14)	Contract formulator and manufacturer of beauty and personal care products	First lien senior secured loan	9.07%	SOFR (M)	4.75%	11/2024	11/2030		33.5	33.5	33.0	(2)(10)
		Common stock				11/2024		24,010		2.4	2.4	(2)
										35.9	35.4
Walnut Parent, Inc.	Manufacturer of natural solution pest and animal control products	First lien senior secured loan	9.94%	SOFR (Q)	5.50%	04/2022	11/2027		0.1	0.1	0.1	(2)(10)
		First lien senior secured loan	9.94%	SOFR (Q)	5.50%	11/2020	11/2027		14.3	14.3	13.9	(2)(10)
										14.4	14.0

										287.9	279.7		2.05%
Energy
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (14)	Independent fuel provider in New Zealand	First lien senior secured loan	10.06%	BKBM (Q)	6.00%	05/2022	07/2027		27.6	30.5	27.6	(2)(6)(10)
		Common units				07/2022		17,616,667		5.1	8.8	(2)(6)
										35.6	36.4
HighPeak Energy, Inc.	Oil and gas exploration and production company	First lien senior secured loan	11.95%	SOFR (Q)	7.50%	09/2023	09/2026		80.4	79.3	80.4	(2)(6)(10)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC	Exploration and production company	Preferred units				06/2022		41,000		—	4.7
Offen, Inc.	Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives	First lien senior secured loan	9.34%	SOFR (M)	5.00%	05/2022	06/2026		0.1	0.1	0.1	(2)
VPROP Operating, LLC and V SandCo, LLC (5)(14)	Sand-based proppant producer and distributor to the oil and natural gas industry	First lien senior secured loan	14.08% PIK	SOFR (Q)	9.50%	11/2020	11/2026		5.3	5.3	5.3	(2)(10)
		First lien senior secured loan	14.08% PIK	SOFR (Q)	9.50%	06/2020	11/2026		6.4	6.4	6.4	(2)(10)
		First lien senior secured loan	14.08% PIK	SOFR (Q)	9.50%	03/2017	11/2026		28.9	28.9	28.9	(2)(10)
		First lien senior secured loan	14.08% PIK	SOFR (Q)	9.50%	12/2024	12/2025		4.6	4.6	4.6	(2)(10)
		Class A units				11/2020		347,900		32.8	11.5	(2)
										78.0	56.7

										193.0	178.3		1.30%
Technology Hardware and Equipment

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Chariot Buyer LLC (14)	Provider of smart access solutions across residential and commercial properties	First lien senior secured loan	7.67%	SOFR (M)	3.25%	11/2022	11/2028		0.1	0.1	0.1	(2)(10)(17)
Everspin Technologies, Inc.	Designer and manufacturer of computer memory solutions	Warrant to purchase shares of common stock				10/2016	10/2026	18,461		0.4	0.4
Excelitas Technologies Corp. (14)	Provider of photonic solutions	First lien senior secured loan	9.57%	SOFR (M)	5.25%	05/2024	08/2029		7.1	7.1	7.1	(2)(10)
FL Hawk Intermediate Holdings, Inc. (14)	Provider of variable data labeling for the apparel industry	First lien senior secured loan	8.80%	SOFR (Q)	4.50%	10/2024	02/2030		9.3	9.2	9.3	(2)(10)
ITI Holdings, Inc. (14)	Provider of innovative software and equipment for motor vehicle agencies	First lien senior secured revolving loan	9.92%	SOFR (M)	5.50%	03/2022	03/2028		2.7	2.7	2.7	(2)(10)
		First lien senior secured revolving loan	12.00%	Base rate (Q)	4.50%	03/2022	03/2028		1.2	1.2	1.2	(2)(10)
		First lien senior secured loan	9.94%	SOFR (Q)	5.50%	03/2022	03/2028		34.2	34.2	34.2	(2)(10)
										38.1	38.1
PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P.	Provider of analytical instrumentation and testing equipment and services	First lien senior secured loan	9.32%	SOFR (M)	5.00%	05/2024	03/2029		4.3	4.3	4.3	(2)(10)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	03/2023	03/2029		17.2	17.2	17.2	(2)(10)
		First lien senior secured loan	9.32%	SOFR (M)	5.00%	10/2023	03/2029		2.7	2.7	2.7	(2)(10)
		Class A-2 units				01/2022		34,832		4.8	5.4
		Limited partnership interests				03/2023		0.55%		9.9	15.3	(2)
										38.9	44.9
Repairify, Inc. and Repairify Holdings, LLC (14)	Provider of automotive diagnostics scans and solutions	First lien senior secured revolving loan	9.60%	SOFR (S)	5.00%	06/2021	06/2027		7.3	7.3	7.3	(2)(10)
		Class A common units				06/2021		163,820		4.9	2.0	(2)
										12.2	9.3

										106.0	109.2		0.80%
Gas Utilities
Ferrellgas, L.P. and Ferrellgas Partners, L.P.	Distributor of propane and related accessories	Senior preferred units	8.96%			03/2021		64,155		64.2	68.6
		Class B units				09/2022		95,354		15.4	22.7	(2)
										79.6	91.3
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc.	Owner of natural gas facilities	First lien senior secured loan	7.80%	SOFR (Q)	3.50%	09/2023	09/2028		0.1	0.1	0.1	(2)(6)
		Class A common stock				07/2022		3,059,533		23.3	5.6	(6)(17)
										23.4	5.7

										103.0	97.0		0.71%
Telecommunication Services
Expereo USA, Inc. and Ristretto Bidco B.V. (14)	Global internet managed service provider	First lien senior secured loan	10.80% (3.50% PIK)	SOFR (Q)	6.50%	12/2024	12/2030		60.8	60.8	60.2	(2)(6)(10)

										60.8	60.2		0.44%

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in millions)

(unaudited)


Company (1)	Business Description	Investment	Coupon (3)	Reference (7)	Spread (3)	Acquisition Date	Maturity Date	Shares/Units	Principal	Amortized Cost		Fair Value			% of Net Assets
Transportation
Nordic Ferry Infrastructure AS	Private passenger & freight ferry transportation company	Senior subordinated loan	7.50%	Euribor (Q)	5.00%	11/2024	11/2031		0.1	0.1		0.1		(2)(6)
		Senior subordinated loan	9.49%	NIBOR (Q)	5.00%	11/2024	11/2031		0.1	0.1		0.1		(2)(6)
										0.2		0.2			—%

Total Investments										$	26,777.5	$	27,130.3	(18)	198.44%

See accompanying notes to consolidated financial statements.

Derivative Instruments

Forward currency contracts


Description	Notional Amount to be Purchased		Notional Amount to be sold		Counterparty	Settlement Date	Unrealized Appreciation / (Depreciation)
Foreign currency forward contract	$	211	€	208	Canadian Imperial Bank of Commerce	April 28, 2025	$	(6)
Foreign currency forward contract	$	137	CAD	197	Canadian Imperial Bank of Commerce	April 28, 2025	—
Foreign currency forward contract	$	91	€	87	Royal Bank of Canada	April 28, 2025	(3)
Foreign currency forward contract	$	84	£	68	Royal Bank of Canada	August 21, 2026	(1)
Foreign currency forward contract	$	75	£	62	Royal Bank of Canada	April 28, 2025	(4)
Foreign currency forward contract	$	69	£	56	Canadian Imperial Bank of Commerce	April 28, 2025	(3)
Foreign currency forward contract	$	38	CAD	55	Royal Bank of Canada	April 28, 2025	—
Foreign currency forward contract	$	36	NZD	64	Royal Bank of Canada	April 28, 2025	—
Foreign currency forward contract	$	34	CAD	47	Canadian Imperial Bank of Commerce	March 31, 2028	—
Foreign currency forward contract	$	29	¥	4,065	Royal Bank of Canada	January 31, 2028	(1)
Foreign currency forward contract	$	28	CAD	39	Canadian Imperial Bank of Commerce	March 31, 2027	—
Foreign currency forward contract	$	27	CAD	38	Royal Bank of Canada	January 31, 2028	—
Foreign currency forward contract	$	19	£	15	Canadian Imperial Bank of Commerce	August 21, 2026	—
Foreign currency forward contract	$	15	AUD	22	Canadian Imperial Bank of Commerce	November 17, 2026	—
Foreign currency forward contract	$	6	NOK	63	Canadian Imperial Bank of Commerce	April 28, 2025	(1)
Total							$	(19)

Interest rate swaps


Description	Hedged Item	Company Receives		Company Pays	Counterparty	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Change in Unrealized Appreciation / (Depreciation)
Interest rate swap	January 2027 Notes	7.000	%	SOFR +2.5810%	Wells Fargo Bank, N.A.	01/15/2027	$	900	$	9	$	—	$	5
Interest rate swap	March 2029 Notes	5.875	%	SOFR +2.0230%	Wells Fargo Bank, N.A.	03/01/2029	1,000		5		—		14
Interest rate swap	July 2029 Notes	5.950	%	SOFR +1.6430%	Wells Fargo Bank, N.A.	07/15/2029	850		20		—		13
Interest rate swap	March 2032 Notes	5.800	%	SOFR +1.6995%	Wells Fargo Bank, N.A.	03/08/2032	1,000		21		—		21
Total							$	3,750	$	55	$	—	$	53

______________________________________________

(1)Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of March 31, 2025 represented 198% of the Company’s net assets or 96% of the Company’s total assets, are subject to legal restrictions on sales.

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

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

See accompanying notes to consolidated financial statements.

(4)As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2025 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:


For the Three Months Ended March 31, 2025																			As of March 31, 2025
(in millions) Company	Purchases (cost)		Redemptions (cost)		Sales (cost)		Interest income		Capital structuring service fees		Dividend income		Other income		Net realized gains (losses)		Net unrealized gains (losses)		Fair Value
Apex Clean Energy TopCo, LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0.9	$	223.2
APG Intermediate Holdings Corporation and APG Holdings, LLC	—		13.1		—		—		—		—		—		—		0.7		6.3
Bragg Live Food Products, LLC and SPC Investment Co., L.P.	—		2.1		—		0.6		—		—		—		—		(1.9)		52.4
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.	—		5.0		—		2.2		—		—		—		0.3		(6.6)		92.0
Daylight Beta Parent LLC and CFCo, LLC	—		—		—		—		—		—		0.1		—		0.3		2.5
ESCP PPG Holdings, LLC	—		—		—		—		—		—		—		—		(1.8)		1.7
European Capital UK SME Debt LP	—		1.0		—		—		—		—		—		6.3		(6.1)		0.2
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP	1.9		0.1		—		1.0		—		—		—		—		1.4		55.8
OPH NEP Investment, LLC	4.2		—		—		0.8		0.2		—		—		—		0.3		37.2
Partnership Capital Growth Investors III, L.P.	—		1.0		—		—		—		—		—		—		0.3		3.6
PCG-Ares Sidecar Investment, L.P.	—		—		—		—		—		—		—		—		—		0.5
PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.)	—		7.3		—		—		—		—		—		1.3		(8.3)		6.7
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC	—		—		—		1.1		—		—		—		—		(0.9)		54.7
Production Resource Group, L.L.C. and PRG III, LLC	2.5		—		—		3.9		0.1		—		—		—		(5.7)		108.4
Shoes For Crews Global, LLC and Shoes for Crews Holdings, LLC	—		—		—		0.3		—		—		—		—		0.1		22.9
	$	8.6	$	29.6	$	—	$	9.9	$	0.3	$	—	$	0.1	$	7.9	$	(27.3)	$	668.1

See accompanying notes to consolidated financial statements.

(5)As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2025 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:


For the Three Months Ended March 31, 2025																			As of March 31, 2025
(in millions) Company	Purchases (cost)		Redemptions (cost)		Sales (cost)		Interest income		Capital structuring service fees		Dividend income		Other income		Net realized gains (losses)		Net unrealized gains (losses)		Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC	$	5.9	$	2.5	$	—	$	1.3	$	—	$	—	$	—	$	—	$	(9.2)	$	62.8
ACAS Equity Holdings Corporation	—		—		—		—		—		—		—		—		—		0.4
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.	—		—		—		—		—		—		—		—		—		—
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC	—		—		—		1.4		—		—		—		—		(0.2)		60.2
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC	0.9		—		—		0.2		—		—		—		—		(4.4)		24.8
Halex Holdings, Inc.	—		—		—		—		—		—		—		—		—		—
HCI Equity, LLC	—		—		—		—		—		—		—		—		—		—
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation	1.3		—		—		0.7		—		—		0.2		—		(0.6)		67.2
Ivy Hill Asset Management, L.P.	—		—		—		—		—		73.0		—		—		4.4		1,919.8
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC	—		—		—		0.1		—		—		—		—		(4.7)		33.5
Potomac Intermediate Holdings II LLC	—		—		—		—		0.8		—		—		—		72.7		435.1
PS Operating Company LLC and PS Op Holdings LLC	1.1		1.5		—		—		—		—		—		—		(3.5)		5.1
RD Holdco Inc.	—		—		—		—		—		—		—		—		—		14.7
S Toys Holdings LLC (fka The Step2 Company, LLC)	—		—		—		—		—		—		—		—		—		—
Senior Direct Lending Program, LLC	23.7		57.3		—		38.2		2.0		—		1.1		—		(43.2)		1,115.2
Startec Equity, LLC	—		—		—		—		—		—		—		0.5		—		—
Visual Edge Technology, Inc.	—		0.1		—		1.1		—		1.4		—		—		(4.2)		76.0
VPROP Operating, LLC and V SandCo, LLC	—		—		—		1.6		—		—		—		(0.1)		(20.6)		56.7
	$	32.9	$	61.4	$	—	$	44.6	$	2.8	$	74.4	$	1.3	$	0.4	$	(13.5)	$	3,871.5

______________________________________________________________________

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

(6)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Pursuant to Section 55(a) of the Investment Company Act, 22% of the Company's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of March 31, 2025.

See accompanying notes to consolidated financial statements.

(7)Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(8)In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00% on $36.7 in aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(9)Loan was on non-accrual status as of March 31, 2025.

(10)Loan includes interest rate floor feature.

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

(12)As of March 31, 2025, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(13)As of March 31, 2025, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(14)As of March 31, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

See accompanying notes to consolidated financial statements.


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments		Less: commitments substantially at discretion of the Company		Less: unavailable commitments due to borrowing base or other covenant restrictions		Total net unfunded revolving and delayed draw commitments
3 Step Sports LLC	$	10.4	$	—	$	10.4	$	—	$	(10.0)	$	0.4
760203 N.B. LTD.	7.4		—		7.4		—		—		7.4
Absolute Dental Group LLC and Absolute Dental Equity, LLC	23.9		(18.2)		5.7		—		—		5.7
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.	10.7		—		10.7		—		—		10.7
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC	4.1		—		4.1		—		—		4.1
Actfy Buyer, Inc.	24.8		—		24.8		—		—		24.8
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP	3.6		—		3.6		—		—		3.6
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC	12.3		—		12.3		—		—		12.3

Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC	3.1		—		3.1		—		—		3.1
Adonis Bidco Inc.	95.6		—		95.6		—		—		95.6
Aduro Advisors, LLC	5.3		—		5.3		—		—		5.3
Advarra Holdings, Inc.	0.4		—		0.4		—		—		0.4
Aerin Medical Inc.	6.5		—		6.5		—		—		6.5
AI Titan Parent, Inc.	18.5		—		18.5		—		—		18.5
Airx Climate Solutions, Inc.	9.9		—		9.9		—		—		9.9
Alcami Corporation and ACM Note Holdings, LLC	1.9		(0.1)		1.8		—		—		1.8
Aldinger Company Inc	10.5		—		10.5		—		—		10.5
AMCP Clean Acquisition Company, LLC	2.0		—		2.0		—		—		2.0
Amerivet Partners Management, Inc. and AVE Holdings LP	6.3		—		6.3		—		—		6.3
Anaplan, Inc.	1.4		—		1.4		—		—		1.4
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC	35.8		(7.7)		28.1		—		—		28.1
Applied Technical Services, LLC	9.6		(7.5)		2.1		—		—		2.1
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.	0.1		—		0.1		—		—		0.1
Aptean, Inc. and Aptean Acquiror Inc.	17.1		—		17.1		—		—		17.1
AQ Sage Buyer, LLC	0.7		(0.5)		0.2		—		—		0.2
AQ Sunshine, Inc.	35.9		(1.9)		34.0		—		—		34.0
Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc.	11.4		—		11.4		—		—		11.4
Artifact Bidco, Inc.	6.9		—		6.9		—		—		6.9
Artivion, Inc.	7.8		(0.9)		6.9		—		—		6.9
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP	6.2		(2.9)		3.3		—		—		3.3
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP	9.0		—		9.0		—		—		9.0
ATI Restoration, LLC	44.0		(13.7)		30.3		—		—		30.3
Avalign Holdings, Inc. and Avalign Technologies, Inc.	5.3		(1.6)		3.7		—		—		3.7
Badia Spices, LLC	16.8		—		16.8		—		—		16.8

Bamboo US BidCo LLC	17.5		—		17.5		—		—		17.5
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.	38.5		—		38.5		—		—		38.5
BCPE Pequod Buyer, Inc.	8.6		—		8.6		—		—		8.6
Beacon Pointe Harmony, LLC	9.3		—		9.3		—		—		9.3
Beacon Wellness Brands, Inc. and CDI Holdings I Corp.	0.5		—		0.5		—		—		0.5
Belfor Holdings, Inc.	58.5		(6.2)		52.3		—		—		52.3
Benecon Midco II LLC and Benecon Holdings, LLC	8.7		—		8.7		—		—		8.7
Berner Food & Beverage, LLC	1.7		(0.5)		1.2		—		—		1.2
BGI Purchaser, Inc.	35.3		(11.0)		24.3		—		—		24.3
BGIF IV Fearless Utility Services, Inc.	15.2		(0.2)		15.0		—		—		15.0
BlueHalo Global Holdings, LLC and BlueHalo, LLC	3.0		(2.8)		0.2		—		—		0.2
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC	12.0		—		12.0		—		—		12.0
BNZ TopCo B.V.	20.8		—		20.8		—		—		20.8
Bobcat Purchaser, LLC and Bobcat Topco, L.P.	2.5		—		2.5		—		—		2.5
Borrower R365 Holdings LLC	1.5		—		1.5		—		—		1.5
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC	2.3		—		2.3		—		—		2.3
BradyPlus Holdings, LLC	3.0		—		3.0		—		—		3.0

See accompanying notes to consolidated financial statements.


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments	Less: funded commitments	Total unfunded commitments	Less: commitments substantially at discretion of the Company	Less: unavailable commitments due to borrowing base or other covenant restrictions	Total net unfunded revolving and delayed draw commitments
Bragg Live Food Products, LLC and SPC Investment Co., L.P.	4.4	—	4.4	—	—	4.4
BrightStar Group Holdings, Inc.	4.0	—	4.0	—	—	4.0
Businessolver.com, Inc.	1.5	—	1.5	—	—	1.5
BVI Medical, Inc. and BVI Group Limited	17.1	—	17.1	—	—	17.1
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP	28.1	(14.3)	13.8	—	—	13.8
Captive Resources Midco, LLC	1.6	—	1.6	—	—	1.6
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.	5.0	—	5.0	—	—	5.0
Centralsquare Technologies, LLC and Supermoose Newco, Inc.	15.8	(0.4)	15.4	—	—	15.4
Chariot Buyer LLC	12.3	—	12.3	—	—	12.3
City Line Distributors LLC and City Line Investments LLC	2.7	—	2.7	—	—	2.7
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC	1.4	(0.8)	0.6	—	—	0.6
Cliffwater LLC	1.0	—	1.0	—	—	1.0
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.	19.0	—	19.0	—	—	19.0
CMG HoldCo, LLC and CMG Buyer Holdings, Inc.	28.1	(5.6)	22.5	—	—	22.5
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.	21.1	(0.7)	20.4	—	—	20.4
Collision SP Subco, LLC	1.2	(0.1)	1.1	—	—	1.1
Compex Legal Services, Inc.	3.6	(1.8)	1.8	—	—	1.8
Comprehensive EyeCare Partners, LLC	2.0	(2.0)	—	—	—	—
Computer Services, Inc.	38.5	—	38.5	—	—	38.5
Concert Golf Partners Holdco LLC	93.5	—	93.5	—	—	93.5
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P.	14.4	(10.7)	3.7	—	—	3.7

Convera International Holdings Limited and Convera International Financial S.A R.L.	2.3	—	2.3	—	—	2.3
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP	38.9	—	38.9	—	—	38.9
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.	0.9	—	0.9	—	—	0.9
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.	38.7	(8.9)	29.8	—	—	29.8
Coupa Holdings, LLC and Coupa Software Incorporated	0.9	—	0.9	—	—	0.9

Cradle Lux Bidco S.A.R.L.	4.0	—	4.0	—	—	4.0
Creek Parent, Inc. and Creek Feeder, L.P.	30.1	(0.1)	30.0	—	—	30.0
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC	0.1	—	0.1	—	—	0.1
CST Holding Company	1.9	—	1.9	—	—	1.9
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC	55.3	—	55.3	—	—	55.3

Datix Bidco Limited and RL Datix Holdings (USA), Inc.	47.1	—	47.1	—	—	47.1
Davidson Hotel Company LLC	4.1	(0.4)	3.7	—	—	3.7
DecoPac, Inc. and KCAKE Holdings Inc.	19.9	(5.5)	14.4	—	—	14.4
Demakes Enterprises, LLC	1.8	—	1.8	—	—	1.8
Denali Holdco LLC and Denali Apexco LP	24.3	—	24.3	—	—	24.3
Diamond Mezzanine 24 LLC	4.8	—	4.8	—	—	4.8
Diligent Corporation and Diligent Preferred Issuer, Inc.	5.4	—	5.4	—	—	5.4
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.	9.3	(0.9)	8.4	—	—	8.4
Dorado Bidco, Inc.	8.4	—	8.4	—	—	8.4
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP	15.0	(0.2)	14.8	—	—	14.8
DP Flores Holdings, LLC	11.4	—	11.4	—	—	11.4
DriveCentric Holdings, LLC	1.7	—	1.7	—	—	1.7
Drogon Bidco Inc. & Drogon Aggregator LP	9.7	—	9.7	—	—	9.7
DRS Holdings III, Inc. and DRS Holdings I, Inc.	10.9	—	10.9	—	—	10.9
Duraserv LLC	9.2	—	9.2	—	—	9.2
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP	9.6	(5.8)	3.8	—	—	3.8
Echo Purchaser, Inc.	3.0	—	3.0	—	—	3.0
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc.	50.4	—	50.4	—	—	50.4
Edmunds Govtech, Inc.	21.5	(1.7)	19.8	—	—	19.8

See accompanying notes to consolidated financial statements.


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments	Less: funded commitments	Total unfunded commitments	Less: commitments substantially at discretion of the Company	Less: unavailable commitments due to borrowing base or other covenant restrictions	Total net unfunded revolving and delayed draw commitments
Einstein Parent, Inc.	4.8	—	4.8	—	—	4.8
EIS Legacy Holdco, LLC	25.4	—	25.4	—	—	25.4
Elemica Parent, Inc. & EZ Elemica Holdings, Inc.	7.3	(6.8)	0.5	—	—	0.5
Elevation Services Parent Holdings, LLC	3.5	(2.4)	1.1	—	—	1.1
EMB Purchaser, Inc.	45.9	—	45.9	—	—	45.9
Empower Payments Investor, LLC	1.3	—	1.3	—	—	1.3
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc.	12.5	—	12.5	—	—	12.5
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT	62.5	—	62.5	—	—	62.5
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P.	1.1	(0.9)	0.2	—	—	0.2
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC	49.3	(7.4)	41.9	—	—	41.9
Eternal Aus Bidco Pty Ltd	1.0	—	1.0	—	—	1.0

Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc.	3.6	—	3.6	—	—	3.6
Excelitas Technologies Corp.	27.1	—	27.1	—	—	27.1
Expereo USA, Inc. and Ristretto Bidco B.V.	16.6	—	16.6	—	—	16.6
Extrahop Networks, Inc.	4.3	—	4.3	—	—	4.3
Faraday Buyer, LLC	5.1	—	5.1	—	—	5.1
Fever Labs, Inc.	14.2	(4.8)	9.4	—	—	9.4
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.	17.9	—	17.9	—	—	17.9
Firebird Acquisition Corp, Inc.	11.5	—	11.5	—	—	11.5
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP	20.6	(2.5)	18.1	—	—	18.1
FL Hawk Intermediate Holdings, Inc.	1.3	—	1.3	—	—	1.3
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.	17.5	(12.8)	4.7	—	—	4.7
Flint OpCo, LLC	4.4	—	4.4	—	—	4.4
FlyWheel Acquireco, Inc.	8.2	(5.5)	2.7	—	—	2.7
Forescout Technologies, Inc.	2.4	—	2.4	—	—	2.4
Forward Keystone Holdings, LP	9.0	—	9.0	—	—	9.0
Foundation Consumer Brands, LLC	2.4	—	2.4	—	—	2.4
Foundation Risk Partners, Corp.	31.4	—	31.4	—	—	31.4
Frontline Road Safety Operations, LLC	14.8	—	14.8	—	—	14.8
FS Squared Holding Corp. and FS Squared, LLC	50.7	(0.5)	50.2	—	—	50.2
Galway Borrower LLC	26.4	(3.9)	22.5	—	—	22.5
GAPCO AIV InterHodlco (CP), L.P.	29.5	—	29.5	—	—	29.5

Generator US Buyer, Inc. and Total Power Limited	1.9	—	1.9	—	—	1.9
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.	6.1	—	6.1	—	—	6.1
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC	22.2	—	22.2	—	—	22.2
GI Ranger Intermediate LLC	3.6	—	3.6	—	—	3.6
Global Music Rights, LLC	15.0	—	15.0	—	—	15.0
GNZ Energy Bidco Limited and Galileo Co-investment Trust I	2.8	—	2.8	—	—	2.8
Goldeneye Parent, LLC	2.6	—	2.6	—	—	2.6
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC	23.0	—	23.0	—	—	23.0
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC	9.4	(1.2)	8.2	—	—	8.2
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC	5.5	—	5.5	—	—	5.5
GSV Purchaser, Inc.	4.1	—	4.1	—	—	4.1
GTCR Everest Borrower, LLC	1.2	—	1.2	—	—	1.2
GTCR F Buyer Corp. and GTCR (D) Investors LP	1.8	—	1.8	—	—	1.8
Guidepoint Security Holdings, LLC	3.4	—	3.4	—	—	3.4
Harvey Tool Company, LLC	66.7	—	66.7	—	—	66.7
HealthEdge Software, Inc.	1.1	—	1.1	—	—	1.1
Heavy Construction Systems Specialists, LLC	4.0	—	4.0	—	—	4.0
Helios Service Partners, LLC and Astra Service Partners, LLC	11.5	(0.4)	11.1	—	—	11.1
Help/Systems Holdings, Inc.	15.0	(2.1)	12.9	—	—	12.9
HGC Holdings, LLC	7.5	—	7.5	—	—	7.5
HH-Stella, Inc. and Bedrock Parent Holdings, LP	15.3	(2.2)	13.1	—	—	13.1

See accompanying notes to consolidated financial statements.


(in millions) Portfolio Company	Total revolving and delayed draw loan commitments	Less: funded commitments	Total unfunded commitments		Less: commitments substantially at discretion of the Company	Less: unavailable commitments due to borrowing base or other covenant restrictions	Total net unfunded revolving and delayed draw commitments
Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc.	3.1	—	3.1		—	—	3.1
High Street Buyer, Inc. and High Street Holdco LLC	27.1	—	27.1		—	—	27.1
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC	17.5	—	17.5		—	—	17.5
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP	0.4	(0.1)	0.3		—	—	0.3
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC	21.5	(1.0)	20.5		—	—	20.5
HP RSS Buyer, Inc.	4.6	—	4.6		—	—	4.6
HPCC Parent, Inc. and Patriot Container Corp.	7.0	—	7.0		—	—	7.0
HuFriedy Group Acquisition LLC	9.1	(0.3)	8.8		—	—	8.8
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP	13.3	(2.3)	11.0		—	—	11.0
Hyland Software, Inc.	2.0	(0.1)	1.9		—	—	1.9
Icefall Parent, Inc.	1.1	—	1.1		—	—	1.1
ID.me, Inc.	40.1	—	40.1		—	—	40.1
IFH Franchisee Holdings, LLC	18.9	(4.3)	14.6		—	—	14.6
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P.	21.0	(2.0)	19.0		—	—	19.0
Inszone Mid, LLC and INSZ Holdings, LLC	71.1	—	71.1		—	—	71.1
Internet Truckstop Group LLC	1.2	—	1.2		—	—	1.2
IQN Holding Corp.	2.3	(1.3)	1.0		—	—	1.0
IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P.	14.4	(1.7)	12.7		—	—	12.7
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P.	30.2	(3.7)	26.5		—	—	26.5
ITI Holdings, Inc.	5.7	(3.9)	1.8		—	—	1.8

KBHS Acquisition, LLC (d/b/a Alita Care, LLC)	5.0	(4.2)	0.8		—	—	0.8
Kene Acquisition, Inc. and Kene Holdings, L.P.	1.0	—	1.0		—	—	1.0
Keystone Agency Partners LLC	6.4	—	6.4		—	—	6.4
Kings Buyer, LLC	5.0	(1.6)	3.4		—	—	3.4
KPS Global LLC and Cool Group LLC	3.4	—	3.4		—	—	3.4
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Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance. All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage. Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request. All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services. Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice. Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance. All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage. Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request. All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services. Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice. © Enhanced Investments Inc. All rights reserved, 2023