Balanced Portfolio.
Defensive Industries.
Well Diversified.

ARCC Portfolio

As of March 31, 2023, Ares Capital Corporation’s (“Ares Capital” or “ARCC”) portfolio had a fair value of approximately $21.1 billion, and consisted of 466 portfolio companies backed by 218 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, 2023⁽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, 2023, 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 SDLP, which represented 5.98% of the total investment portfolio at fair value as of March 31, 2023.

(4) Includes ARCC's equity and subordinated loan investments in IHAM, which represented 11% of the total investment potfolio at fair value as of March 31, 2023.

Portfolio of Investments

Investments as of March 31, 2019 Investments as of December 31, 2022
Company/DescriptionRegionSenior Secured Loan*Senior SubordinatedEquity/OtherIndustry
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

MidwestCapital Goods
KeyStone Sub-debt HoldCo, LLC

Planet Fitness franchisee

Mid AtlanticConsumer Services

Producer of trail mix and mixed nut snack products

MidwestFood & Beverage
KPS Global LLC and Cool Group LLC

Manufacturer of walk-in cooler and freezer systems

MidwestCommercial & Professional Services
Laboratories Bidco LLC and Laboratories Topco LLC

Lab testing services for nicotine containing products

Mid AtlanticCommercial & Professional Services
LeanTaaS Holdings, Inc.

Provider of SaaS tools to optimize healthcare asset utilization

WestSoftware & Services
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.

Franchising platform offering adolescent development programs

SoutheastConsumer Services
Lew's Intermediate Holdings, LLC

Outdoor brand holding company

MidwestConsumer Durables & Apparel
Lido Advisors, LLC

Wealth management and financial planning firm

WestDiversified Financials
Lifescan Global Corporation

Provider of blood glucose monitoring systems for home and hospital use

Mid AtlanticHealth Care Services
LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P.

Provider of intimate wellness products

InternationalHousehold & Personal Products
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.

Distributor of specialty foods

MidwestFood & Staples Retailing
LJP Purchaser, Inc. and LJP Topco, LP

Provider of non-hazardous solid waste and recycling services

MidwestCommercial & Professional Services
Lower ACS, Inc.

Provider of commercial HVAC equipment and services

NortheastCapital Goods
LS DE LLC and LM LSQ Investors LLC

Asset based lender

SoutheastDiversified Financials
LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC

Provider of residential HVAC and plumbing services

Mid AtlanticConsumer Services
LTG Acquisition, Inc.

Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets

MidwestCapital Goods
Mac Lean-Fogg Company and MacLean-Fogg Holdings, L.L.C.

Manufacturer and supplier for the power utility and automotive markets worldwide

MidwestAutomobiles & Components
Magnesium BorrowerCo, Inc. and Magnesium Co-Invest SCSp

Cybersecurity solutions provider

InternationalSoftware & Services
MailSouth, Inc.

Provider of shared mail marketing services

SoutheastMedia & Entertainment
Majesco and Magic Topco, L.P.

Insurance software provider

Mid AtlanticSoftware & Services
Management Consulting & Research LLC

Provider of systems engineering and technical assistance to the US DoD

Mid AtlanticCommercial & Professional Services
Manna Pro Products, LLC

Manufacturer and supplier of specialty nutrition and care products for animals

MidwestFood & Beverage
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC

Distributor of OEM appliance aftermarket parts

MidwestRetailing and Distribution
Marmic Purchaser, LLC and Marmic Topco, L.P.

Provider of recurring fire protection services

MidwestCommercial & Professional Services
Maverick Acquisition, Inc.

Manufacturer of precision machined components for defense and high-tech industrial platforms

MidwestCapital Goods
Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP

Auto parts retailer

Mid AtlanticAutomobiles & Components
MB Aerospace Holdings II Corp.

Aerospace engine components manufacturer

NortheastCapital Goods
McKenzie Creative Brands, LLC

Designer, manufacturer and distributor of hunting-related supplies

SoutheastRetailing and Distribution
McLaren Group Limited

Automobile manufacturer and retailer

InternationalAutomobiles & Components
ME Equity LLC

Franchisor in the massage industry

WestConsumer Services
Medline Borrower, LP

Manufacturer and distributor of medical supplies

MidwestHealth Care Services
Miami Beckham United LLC

American professional soccer club

SoutheastMedia & Entertainment
Micromeritics Instrument Corp.

Scientific instrument manufacturer

SoutheastTechnology Hardware & Equipment
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.

Keg management solutions provider

WestCommercial & Professional Services
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp

Cybersecurity solutions provider

InternationalSoftware & Services
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.

Software and payment services provider to faith-based institutions

SoutheastSoftware & Services
Mitchell International, Inc.

Provider of technology, connectivity, and information solutions to the property and casualty insurance industry

WestSoftware & Services
MMIT Holdings, LLC

Provider of market intelligence and analysis for the pharmaceutical industry

NortheastSoftware & Services
Monica Holdco (US) Inc.

Investment technology and advisory firm

WestDiversified Financials
Monolith Brands Group, Inc.

E-commerce platform focused on consolidating DTC branded businesses

Mid AtlanticRetailing and Distribution
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

WestRetailing and Distribution
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC

Leading technology solution provider for casing and auditioning to the entertainment industry

WestSoftware & Services
Movati Athletic (Group) Inc.

Premier health club operator

InternationalConsumer Services
MRI Software LLC

Provider of real estate and investment management software

MidwestSoftware & Services
Murchison Oil and Gas, LLC and Murchison Holdings, LLC

Exploration and production company

n2y Holding, LLC

Developer of cloud-based special education platform

MidwestSoftware & Services
Napa Management Services Corporation and ASP NAPA Holdings, LLC

Anesthesia management services provider

Mid AtlanticHealth Care Services
NAS, LLC and Nationwide Marketing Group, LLC

Buying and marketing services organization for appliance, furniture and consumer electronics dealers

SoutheastCommercial & Professional Services
National College of Business and Technology Inc. & Leeds IV Advisors, Inc.

Private school operator

National Intergovernmental Purchasing Alliance Company

Leading group purchasing organization (“GPO”) for public agencies and educational institutions in the U.S

SoutheastCommercial & Professional Services
National Spine and Pain Centers, LLC

Acute and chronic pain treatment provider

Mid AtlanticHealth Care Services
NBC Funding LLC

National retailer of baked goods

WestFood & Staples Retailing
NCWS Intermediate, Inc. and NCWS Holdings LP

Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market

MidwestCapital Goods
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

Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.

Provider of audience insights, data and analytics to entertainment industry

Mid AtlanticCommercial & Professional 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.