Balanced Portfolio.
Defensive Industries.
Well Diversified.

ARCC Portfolio

As of March 31, 2022, Ares Capital Corporation’s (“Ares Capital” or “ARCC”) portfolio had a fair value of approximately $19.5 billion, and consisted of 395 portfolio companies backed by 201 different private equity sponsors. Ares Capital has a diversified portfolio in terms of issuer concentration, asset class, industry sector and geographic representation.

Portfolio Composition

*Snapshot as of March 31, 2022⁽¹⁾

Issuer Concentration Composition


Asset Class Composition


Industry Composition


Geographic Composition


(1) At fair value. 

(2) Represents ARCC's portion of its co-investments with Varagon Capital Partners and its clients in first lien senior secured loans to U.S. middle-market companies. As of March 31, 2022, the Senior Direct Lending Program, LLC (the "SDLP") had loans to 19 different borrowers. The portfolio companies in the SDLP are in industries similar to companies in ARCC's portfolio. 

(3) Includes ARCC's equity and subordinated loan investments in IHAM

(4) Includes ARCC's investment in the SDLP, which represented 5.0% of the total investment portfolio at fair value as of March 31, 2022.

Portfolio of Investments

Investments as of March 31, 2019 Investments as of March 31, 2022
Company/DescriptionRegionSenior Secured Loan*Senior SubordinatedEquity/OtherIndustry
2U, Inc.

Provider of course design and learning management system to educational institutions

Mid AtlanticSoftware & Services
A.U.L. Corp.

Provider of vehicle service contracts and limited warranties for passenger vehicles

WestConsumer Services
AB Issuer LLC

Provider of professional at home services, residential cleaning and elderly residential care services

Mid AtlanticConsumer Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC

Dental services provider

WestHealth Care Services
Abzena Holdings, Inc. and Astro Group Holdings Ltd.

Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries

WestPharmaceuticals, Biotechnology & Life Sciences
ACAS Equity Holdings Corporation

Investment company

WestInvestment Funds and Vehicles
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC

Provider of outsourced crew accommodations and logistics management solutions to the airline industry

Mid AtlanticCommercial & Professional Services
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.

Restaurant owner and operator

Mid AtlanticConsumer Services
ADG, LLC and RC IV GEDC Investor LLC

Dental services provider

MidwestHealth Care Services
Aero Operating LLC

Provider of snow removal and melting service for airports and marine terminals

Mid AtlanticCommercial & Professional Services
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC

Payment processing solution provider

MidwestSoftware & Services
AI Aqua Merger Sub, Inc.

End to end provider of water solutions to a wide range of customer bases

MidwestCapital Goods
Aimbridge Acquisition Co., Inc.

Hotel operator

MidwestConsumer Services
Alcami Corporation and ACM Holdings I, LLC

Outsourced drug development services provider

SoutheastPharmaceuticals, Biotechnology & Life Sciences
Alera Group, Inc.

Insurance service provider

MidwestInsurance Services
American Residential Services L.L.C. and Aragorn Parent Holdings LP

Heating, ventilation and air conditioning services provider

SoutheastConsumer Services
American Seafoods Group LLC and American Seafoods Partners LLC

Harvester and processor of seafood

WestFood & Beverage
Amryt Pharmaceuticals, Inc.

Biopharmaceutical company dedicated to acquiring, developing and commercializing novel therapeutics

InternationalPharmaceuticals, Biotechnology & Life Sciences
Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc.

Insurance service provider

Mid AtlanticInsurance Services
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua

Provider of intellectual property management lifecycle software

NortheastSoftware & Services
Apex Clean Energy TopCo, LLC

Developer, builder and owner of utility-scale wind and solar power facilities

Mid AtlanticPower Generation
APG Intermediate Holdings Corporation and APG Holdings, LLC

Aircraft performance software provider

WestSoftware & Services
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.

Software platform for identification, prevention and management of substance use disorder

SoutheastSoftware & Services
Apptio, Inc.

Provider of cloud-based technology business management solutions

WestSoftware & Services
AQ Sunshine, Inc.

Specialized insurance broker

WestInsurance Services
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc

Insurance broker and underwriting servicer

InternationalInsurance Services
ARES 2007-3R

Investment vehicle

InternationalInvestment Funds and Vehicles
Argenbright Holdings V, LLC

Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services

SoutheastCommercial & Professional Services
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc.

Distributor of non-discretionary, mission-critical aftermarket replacement parts

MidwestCapital Goods
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP

Manufacturer and supplier of printed packaging and trimmings

Mid AtlanticMaterials
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP

Revenue cycle management provider to the physician practices and acute care hospitals

NortheastHealth Care Services
ATI Restoration, LLC

Provider of disaster recovery services

WestConsumer Services
Atlas Intermediate III, L.L.C.

Specialty chemicals distributor

Mid AtlanticRetailing and Distribution
Automotive Keys Group, LLC and Automotive Keys Investor, LLC

Provider of replacement wireless keys for automotive market

MidwestAutomobiles & Components
Aventine Intermediate LLC & Aventine Holdings II LLC

Media and production company

Mid AtlanticMedia & Entertainment
Avetta, LLC

Supply chain risk management SaaS platform for global enterprise clients

WestSoftware & Services
AxiomSL Group, Inc. and Calypso Group, Inc.

Provider of risk data management and regulatory reporting software

WestSoftware & Services
Badger Sportswear Acquisition, Inc.

Provider of team uniforms and athletic wear

SoutheastConsumer Durables & Apparel
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P.

Manufacturer and distributor of specialty bakery ingredients

WestFood & Staples Retailing
Bambino Group Holdings, LLC

Dental services provider

SoutheastHealth Care Services
Bamboo Purchaser, Inc.

Provider of nursery, garden, and greenhouse products

MidwestRetailing and Distribution
Banyan Software Holdings, LLC and Banyan Software, LP

Vertical software businesses holding company

SoutheastSoftware & Services
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC

Provider of comprehensive suite of investment management and wealth planning solutions

MidwestDiversified Financials
Beacon Pointe Harmony, LLC

Provider of comprehensive wealth management services

WestDiversified Financials
Bearcat Buyer, Inc. and Bearcat Parent, Inc.

Provider of central institutional review boards over clinical trials

Mid AtlanticHealth Care Services
Belfor Holdings, Inc.

Disaster recovery services provider

MidwestConsumer Services
Benecon Midco II LLC and Locutus Holdco LLC

Employee benefits provider for small and mid-size employers

Mid AtlanticInsurance Services
Benefytt Technologies, Inc.

Health insurance sales platform provider

SoutheastInsurance Services
Berner Food & Beverage, LLC

Supplier of dairy-based food and beverage products

MidwestFood & Beverage
Blue Wolf Capital Fund II, L.P.

Investment partnership

NortheastInvestment Funds and Vehicles
Borrower R365 Holdings LLC

Provider of restaurant ERP systems

WestSoftware & Services
Bowhunter Holdings, LLC

Provider of branded archery and bowhunting accessories

SoutheastConsumer Durables & Apparel
Bragg Live Food Products, LLC and SPC Investment Co., L.P.

Health food company

WestFood & Beverage
Businessolver.com, Inc.

Provider of SaaS-based benefits solutions for employers and employees

MidwestSoftware & Services
Cadence Aerospace, LLC

Aerospace precision components manufacturer

WestCapital Goods
CallMiner, Inc.

Provider of cloud-based conversational analytics solutions

NortheastSoftware & Services

*Represents investments in first lien senior secured loans (including "unitranche" loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien senior secured loans.