(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, 2020, the Senior Direct Lending Program, LLC (the "SDLP") had loans to 22 different borrowers. The portfolio companies in the SDLP are in industries similar to companies in ARCC's portfolio.
(3) Includes ARCC's investment in the SDLP, which represented 6% of the total investment portfolio at fair value as of March 31, 2020.
Portfolio of Investments
| Company/Description | Region | Senior Secured Loan* | Senior Subordinated | Equity/Other | Industry |
|---|---|---|---|---|---|
| FM: Systems Group LLC Provider of facilities and space management software solutions | Southeast | Software & Services | |||
| Foundation Risk Partners, Corp. Full service independent insurance agency | Southeast | Insurance | |||
| Frontline Technologies Group Holding LLC, Frontline Technologies Blocker Buyer, Inc., Frontline Technologies Holdings, LLC and Frontline Technologies Parent, LLC | Mid Atlantic | Software & Services | |||
| FS Squared Holding Corp. and FS Squared, LLC Provider of on-site vending and micro market solutions | Southeast | Food & Staples Retailing | |||
| FWR Holding Corporation Restaurant owner, operator, and franchisor | Southeast | Consumer Services | |||
| Garden Fresh Restaurant Corp. and GFRC Holdings LLC Restaurant owner and operator | West | Consumer Services | |||
| GB Auto Service Holdings, LLC Automotive parts and repair services retailer | West | Automobiles & Components | |||
| Gehl Foods, LLC and GF Parent LLC Producer of low-acid, aseptic food and beverage products | Midwest | Food, Beverage & Tobacco | |||
| Genesis Acquisition Co. and Genesis Holding Co. Child care management software and services provider | West | Software & Services | |||
| Genomatica, Inc. Developer of a biotechnology platform for the production of chemical products | West | Materials | |||
| GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC On-demand supply chain automation solutions provider to the healthcare industry | West | Health Care Services | |||
| Global Merchant Financial Group Corp. Consolidator of commercial finance businesses | Southeast | Diversified Financials | |||
| Gordian Group, LLC Provider of products, services and software to organizations pursuing efficient and effective procurement and information solutions | Mid Atlantic | Commercial & Professional Services | |||
| GPM Investments, LLC Convenience store operator | Mid Atlantic | Retailing & Distribution | |||
| Graphpad Software, LLC Provider of data analysis, statistics, and visualization software solutions for scientific research applications | West | Software & Services | |||
| Green Energy Partners, Stonewall LLC and Panda Stonewall Intermediate Holdings II LLC Gas turbine power generation facilities operator | Mid Atlantic | Power Generation | |||
| Green Street Parent, LLC and Green Street Intermediate Holdings, LLC Provider of REIT research data and analytics | West | Diversified Financials | |||
| Greenphire, Inc. and RMCF III CIV XXIX, L.P Software provider for clinical trial management | Mid Atlantic | Software & Services | |||
| GTCR-Ultra Holdings III, LLC and GTCR-Ultra Holdings LLC Provider of payment processing and merchant acquiring solutions | Mid Atlantic | Software & Services | |||
| H-Food Holdings, LLC and Matterhorn Parent, LLC Food contract manufacturer | Midwest | Materials | |||
| HAI Acquisition Corporation and Aloha Topco, LLC Professional employer organization offering human resources, compliance and risk management services | West | Commercial & Professional Services | |||
| Halex Holdings, Inc. Manufacturer of flooring installation products | West | Materials | |||
| Harvey Tool Company, LLC Manufacturer of cutting tools used in the metalworking industry | Northeast | Capital Goods | |||
| HCI Equity, LLC Investment company | International | Investment Funds and Vehicles | |||
| Heelstone Energy Holdings, LLC and Heelstone Renewable Energy, LLC Provider of cloud based IT solutions, infrastructure and services | Southeast | Power Generation | |||
| Heelstone Renewable Energy, LLC Provider of cloud based IT solutions, infrastructure and services | Southeast | Power Generation | |||
| Help/Systems Holdings, Inc. Provider of IT operations management and cybersecurity software | Midwest | Software & Services | |||
| Hometown Food Company Food distributor | Midwest | Food, Beverage & Tobacco | |||
| Huskies Parent, Inc. Insurance software provider | Northeast | Software & Services | |||
| Hygiena Borrower LLC Adenosine triphosphate testing technology provider | West | Health Care Services | |||
| IfByPhone Inc. Voice-based marketing automation software provider | Midwest | Software & Services | |||
| Imaging Business Machines, L.L.C. and Scanner Holdings Corporation Provider of high-speed intelligent document scanning hardware and software | Southeast | Capital Goods | |||
| IMIA Holdings, Inc. Marine preservation maintenance company | Southeast | Commercial & Professional Services | |||
| Implus Footcare, LLC Provider of footwear and other accessories | Southeast | Consumer Durables & Apparel | |||
| Infilaw Holding, LLC Operator of for-profit law schools | Southeast | Education | |||
| Infinite Electronics International, Inc. Manufacturer and distributor of radio frequency and microwave electronic components | West | Technology Hardware & Equipment | |||
| Infogix, Inc. and Infogix Parent Corporation Enterprise data analytics and integrity software solutions provider | Midwest | Software & Services | |||
| Inmar, Inc. Technology-driven solutions provider for retailers, wholesalers and manufacturers | Southeast | Software & Services | |||
| Instituto de Banca y Comercio, Inc. & Leeds IV Advisors, Inc. Private school operator | International | Education | |||
| InterVision Systems, LLC and InterVision Holdings, LLC Solar power generation facility developer and operator | West | Software & Services | |||
| IntraPac International LLC and IntraPac Canada Corporation Manufacturer of diversified packaging solutions and plastic injection molded products | Southeast | Materials | |||
| Invoice Cloud, Inc. Provider of electronic payment processing solutions | Northeast | Software & Services | |||
| IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P. Market research company focused on the consumer packaged goods industry | Midwest | Commercial & Professional Services | |||
| Ivy Hill Asset Management, L.P. Asset management services | West | Diversified Financials | |||
| Javlin Three LLC, Javlin Four LLC, and Javlin Five LLC Asset-backed financial services company | Midwest | Diversified Financials | |||
| JDC Healthcare Management, LLC Dental services provider | Midwest | Health Care Services | |||
| Jenny C Acquisition, Inc. Health club franchisor | West | Consumer Services | |||
| Jim N Nicks Management, LLC Restaurant owner and operator | Southeast | Consumer Services | |||
| Joule Unlimited Technologies, Inc. and Stichting Joule Global Foundation Renewable fuel and chemical production developer | Northeast | Energy | |||
| Joyce Lane Capital LLC and Joyce Lane Financing SPV LLC (fka Ciena Capital LLC) Specialty finance company | Mid Atlantic | Diversified Financials | |||
| JWC/KI Holdings, LLC Foodservice sales and marketing agency | Mid Atlantic | Food & Staples Retailing | |||
| K2 Insurance Services, LLC and K2 Holdco LP Specialty insurance and managing general agency | West | Insurance | |||
| Kaufman, Hall & Associates, LLC Provider of specialty advisory services and software solutions to the healthcare market | Midwest | Commercial & Professional Services | |||
| KBHS Acquisition, LLC (d/b/a Alita Care, LLC) Provider of behavioral health services | Mid Atlantic | Health Care Services | |||
| KC Culinarte Intermediate, LLC Manufacturer of fresh refrigerated and frozen food products | Northeast | Food, Beverage & Tobacco | |||
| Kellermeyer Bergensons Services, LLC Provider of janitorial and facilities management services | West | Commercial & Professional Services |
*Represents investments in first lien senior secured loans (including "unitranche" loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position) and second lien senior secured loans.