(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 |
|---|---|---|---|---|---|
| Kene Acquisition, Inc. and Kene Holdings, L.P. National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets | Midwest | Capital Goods | |||
| Key Surgical LLC Provider of sterile processing, operating room and instrument care supplies for hospitals | Midwest | Health Care Services | |||
| KPS Global LLC and Cool Group LLC Manufacturer of walk-in cooler and freezer systems | Midwest | Commercial & Professional Services | |||
| Laboratories Bidco LLC Lab testing services for nicotine containing products | Mid Atlantic | Commercial & Professional Services | |||
| LS DE LLC and LM LSQ Investors LLC Asset based lender | Southeast | Diversified Financials | |||
| LTG Acquisition, Inc. Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets | Midwest | Capital Goods | |||
| Mac Lean-Fogg Company and MacLean-Fogg Holdings, L.L.C. Manufacturer and supplier for the power utility and automotive markets worldwide | Midwest | Automobiles & Components | |||
| Masergy Holdings, Inc. Provider of software-defined solutions for enterprise global networks, cyber security, and cloud communications | Midwest | Software & Services | |||
| Massage Envy, LLC and ME Equity LLC Franchisor in the massage industry | West | Consumer Services | |||
| Mavis Tire Express Services Corp. and Mavis Tire Express Services TopCo, L.P. Auto parts retailer | Mid Atlantic | Automobiles & Components | |||
| MB Aerospace Holdings II Corp. Aerospace engine components manufacturer | Northeast | Capital Goods | |||
| MB2 Dental Solutions, LLC Dental services provider | Midwest | Health Care Services | |||
| MCH Holdings, Inc. and MC Acquisition Holdings I, LLC Healthcare professional provider | Midwest | Health Care Services | |||
| McKenzie Creative Brands, LLC Designer, manufacturer and distributor of hunting-related supplies | Southeast | Retailing & Distribution | |||
| ME Equity LLC Franchisor in the massage industry | West | Consumer Services | |||
| Micromeritics Instrument Corp. Scientific instrument manufacturer | Southeast | Technology Hardware & Equipment | |||
| Microstar Logistics LLC, Microstar Global Asset Management LLC, and MStar Holding Corporation Keg management solutions provider | West | Commercial & Professional Services | |||
| Minerva Surgical, Inc. Medical device company focused on women's health | West | Health Care Services | |||
| Ministry Brands, LLC and MB Parent HoldCo, L.P. (dba Community Brands) Software and payment services provider to faith-based institutions | Southeast | Software & Services | |||
| Movati Athletic (Group) Inc. Premier health club operator | International | Consumer Services | |||
| Moxie Patriot LLC Gas turbine power generation facilities operator | Mid Atlantic | Power Generation | |||
| MPH Energy Holdings, LP Operator of municipal recycling facilities | Northeast | Commercial & Professional Services | |||
| MRI Software Provider of real estate and investment management software | Midwest | Software & Services | |||
| MSHC, Inc. Heating, ventilation and air conditioning services provider | Southeast | Commercial & Professional Services | |||
| Murchison Oil and Gas, LLC and Murchison Holdings, LLC Exploration and production company | Midwest | Energy | |||
| MVL Group, Inc. Marketing research provider | Southeast | Commercial & Professional Services | |||
| MW Dental Holding Corp. Dental services provider | Midwest | Health Care Services | |||
| n2y Holding, LLC Developer of cloud-based special education platform | Midwest | Software & Services | |||
| NAS, LLC, Nationwide Marketing Group, LLC and Nationwide Administrative Services, Inc. Buying and marketing services organization for appliance, furniture and consumer electronics dealers | Southeast | Commercial & Professional Services | |||
| National Intergovernmental Purchasing Alliance Company | Southeast | Commercial & Professional Services | |||
| Navisun LLC and Navisun Holdings LLC Owner and operater of commercial and industrial solar projects | Mid Atlantic | Power Generation | |||
| NECCO Holdings, Inc. and New England Confectionery Company, Inc. Producer and supplier of candy | Northeast | Food, Beverage & Tobacco | |||
| NECCO Realty Investments LLC Real estate holding company | Northeast | Real Estate | |||
| Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. Manufacturer of thermoformed packaging for medical devices | International | Materials | |||
| NM GRC HOLDCO, LLC Regulatory compliance services provider to financial institutions | Northeast | Commercial & Professional Services | |||
| NMC Skincare Intermediate Holdings II, LLC Developer, manufacturer and marketer of skincare products | Mid Atlantic | Pharmaceuticals, Biotechnology & Life Sciences | |||
| NMN Holdings III Corp. and NMN Holdings LP Provider of complex rehab technology solutions for patients with mobility loss | Southeast | Health Care Services | |||
| NMSC Holdings, Inc. and ASP NAPA Holdings, LLC Anesthesia management services provider | Mid Atlantic | Health Care Services | |||
| Nodality, Inc. Biotechnology company | West | Pharmaceuticals, Biotechnology & Life Sciences | |||
| Nordco Inc. Manufacturer of railroad maintenance-of-way machinery | Midwest | Transportation | |||
| Novetta Solutions, LLC Provider of advanced analytics solutions for the government, defense and commercial industries | Mid Atlantic | Software & Services | |||
| NSM Insurance Group, LLC Insurance program administrator | Mid Atlantic | Insurance | |||
| nThrive, Inc. (fka Precyse Acquisition Corp.) Provider of healthcare information management technology and services | Southeast | Software & Services | |||
| NueHealth Performance, LLC Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centers | Midwest | Health Care Services | |||
| OAKC 2015-11 Investment vehicle | International | Investment Funds and Vehicles | |||
| Olympia Acquisition, Inc. and Olympia TopCo, L.P. Behavioral health and special education platform provider | Mid Atlantic | Health Care Services | |||
| OMH-HealthEdge Holdings, LLC Revenue cycle management software provider for healthcare companies | Southeast | Health Care Services | |||
| OmniSYS Acquisition Corporation, OmniSYS, LLC, and OSYS Holdings, LLC Provider of technology-enabled solutions to pharmacies | Midwest | Health Care Services | |||
| OSYS Holdings, LLC Provider of technology-enabled solutions to pharmacies | Midwest | Health Care Services | |||
| OTG Management, LLC Airport restaurant operator | Mid Atlantic | Consumer Services | |||
| Panda Liberty LLC (fka Moxie Liberty LLC) Gas turbine power generation facilities operator | Mid Atlantic | Power Generation | |||
| Panda Temple Power, LLC and T1 Power Holdings LLC Gas turbine power generation facilities operator | Midwest | Power Generation | |||
| Paper Source, Inc. and Pine Holdings, Inc. Retailer of fine and artisanal paper products | Midwest | Retailing & Distribution | |||
| Park Place Technologies, LLC Provides hardware maintenance and support services for IT data centers | Midwest | Software & Services | |||
| Partnership Capital Growth Investors III, L.P. Investment partnership | West | Investment Funds and Vehicles | |||
| Pathway Vet Alliance LLC and Jedi Group Holdings LLC Veterinary hospital operator | Midwest | Health Care 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.