(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, 2021, the Senior Direct Lending Program, LLC (the "SDLP") had loans to 21 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 6.9% of the total investment portfolio at fair value as of March 31, 2021.
Portfolio of Investments
| Company/Description | Region | Senior Secured Loan* | Senior Subordinated | Equity/Other | Industry |
|---|---|---|---|---|---|
| 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 | |||
| Majesco and Magic Topco, L.P. Insurance software provider | Mid Atlantic | Software & Services | |||
| Manna Pro Products, LLC Manufacturer and supplier of specialty nutrition and care products for animals | Midwest | Food, Beverage & Tobacco | |||
| Marmic Purchaser, LLC and Marmic Topco, L.P. Provider of recurring fire protection services | Midwest | Commercial & Professional Services | |||
| Masergy Holdings, Inc. Provider of software-defined solutions for enterprise global networks, cyber security, and cloud communications | Midwest | Software & 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 | |||
| 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 and 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 | |||
| MMax Investment Partners, Inc. (d/b/a Professional Fighters League) Mixed martial arts league | Mid Atlantic | Media & Entertainment | |||
| Monica Holdco (US) Inc. Investment technology and advisory firm | West | Diversified Financials | |||
| Movati Athletic (Group) Inc. Premier health club operator | International | Consumer Services | |||
| MRI Software LLC Provider of real estate and investment management software | Midwest | Software & Services | |||
| Murchison Oil and Gas, LLC and Murchison Holdings, LLC Exploration and production company | Midwest | Energy | |||
| n2y Holding, LLC Developer of cloud-based special education platform | Midwest | Software & Services | |||
| Napa Management Services Corporation and ASP NAPA Holdings, LLC Anesthesia management services provider | Mid Atlantic | Health Care Services | |||
| NAS, LLC and Nationwide Marketing Group, LLC Buying and marketing services organization for appliance, furniture and consumer electronics dealers | Southeast | Commercial & Professional Services | |||
| National Intergovernmental Purchasing Alliance Company Leading group purchasing organization (GPO) for public agencies and educational institutions in the U.S | Southeast | Commercial & Professional Services | |||
| Navisun LLC and Navisun Holdings LLC Owner and operater of commercial and industrial solar projects | Mid Atlantic | Power Generation | |||
| NCWS Intermediate, Inc. and NCWS Holdings LP Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market | Midwest | Capital Goods | |||
| 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 | |||
| Neighborly Issuer LLC and TDG Co-Invest, LP Operator of multiple franchise concepts primarily related to home maintenance or repairs | Midwest | Commercial & Professional Services | |||
| 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 rehabilitation technology solutions for patients with mobility loss | Southeast | Health Care Services | |||
| North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. Contract research organization providing research and development and testing of medical devices | Midwest | Pharmaceuticals, Biotechnology & Life Sciences | |||
| Novetta Solutions, LLC Provider of advanced analytics solutions for the government, defense and commercial industries | Mid Atlantic | Software & Services | |||
| Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C. Developer and manufacturer of absorbent pads for food products | Midwest | Materials | |||
| NSM Insurance Group, LLC Insurance program administrator | Mid Atlantic | Insurance Services | |||
| NueHealth Performance, LLC Developer, builder and manager of specialty surgical hospitals and ambulatory surgery centers | Midwest | Health Care Services | |||
| Olympia Acquisition, Inc. and Olympia TopCo, L.P. Behavioral health and special education platform provider | Mid Atlantic | Health Care Services | |||
| OMH-HealthEdge Holdings, LLC Provider of financial, administrative and clinical software platforms to the healthcare industry | Southeast | Health Care Services | |||
| OneDigital Borrower, LLC Benefits broker and outsourced workflow automation platform provider for brokers | Southeast | Insurance Services | |||
| OneSmile Intermediate, LLC Dental services provider | West | 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 | |||
| OUTFRONT Media Inc. Provider of out-of-home advertising | Mid Atlantic | Media & Entertainment | |||
| Padres L.P. Major League Baseball franchise | West | Media & Entertainment | |||
| Panda Temple Power, LLC and T1 Power Holdings LLC Gas turbine power generation facilities operator | Midwest | Power Generation | |||
| 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 | |||
| PayNearMe, Inc. Electronic cash payment system provider | West | Software & Services | |||
| PaySimple, Inc. Provider of business management solutions | West | Software & Services | |||
| PCG-Ares Sidecar Investment II, L.P. Investment partnership | West | Investment Funds and Vehicles | |||
| PCG-Ares Sidecar Investment, L.P. Investment partnership | West | Investment Funds and Vehicles | |||
| PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC Provider of enterprise management software for the convenience retail and petroleum wholesale market | Midwest | Software & Services | |||
| Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC Provider of plant maintenance and scheduling software | Southeast | Software & 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.