(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 September 30, 2022, 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 equity and subordinated loan investments in IHAM
(4) Includes ARCC's investment in the SDLP, which represented 5.3% of the total investment portfolio at fair value as of September 30, 2022.
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 | |||
| LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC Provider of residential HVAC and plumbing services | Mid Atlantic | Consumer Services | |||
| 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 | |||
| Magnesium BorrowerCo, Inc. and Magnesium Co-Invest SCSp Cybersecurity solutions provider | International | Software & Services | |||
| MailSouth, Inc. Provider of shared mail marketing services | Southeast | Media & Entertainment | |||
| Majesco and Magic Topco, L.P. Insurance software provider | Mid Atlantic | Software & Services | |||
| Management Consulting & Research LLC Provider of systems engineering and technical assistance to the US DoD | Mid Atlantic | Commercial & Professional Services | |||
| Manna Pro Products, LLC Manufacturer and supplier of specialty nutrition and care products for animals | Midwest | Food & Beverage | |||
| Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC Distributor of OEM appliance aftermarket parts | Midwest | Retailing and Distribution | |||
| Marmic Purchaser, LLC and Marmic Topco, L.P. Provider of recurring fire protection services | Midwest | Commercial & Professional Services | |||
| Maverick Acquisition, Inc. Manufacturer of precision machined components for defense and high-tech industrial platforms | Midwest | Capital Goods | |||
| Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP Auto parts retailer | Mid Atlantic | Automobiles & Components | |||
| MB Aerospace Holdings II Corp. Aerospace engine components manufacturer | Northeast | Capital Goods | |||
| McKenzie Creative Brands, LLC Designer, manufacturer and distributor of hunting-related supplies | Southeast | Retailing and Distribution | |||
| McLaren Group Limited Automobile manufacturer and retailer | International | Automobiles & Components | |||
| ME Equity LLC Franchisor in the massage industry | West | Consumer Services | |||
| Medline Borrower, LP Manufacturer and distributor of medical supplies | Midwest | Health Care Services | |||
| Miami Beckham United LLC American professional soccer club | Southeast | Media & Entertainment | |||
| Micromeritics Instrument Corp. Scientific instrument manufacturer | Southeast | Technology Hardware & Equipment | |||
| Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. Keg management solutions provider | West | Commercial & Professional Services | |||
| Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. Software and payment services provider to faith-based institutions | Southeast | Software & Services | |||
| Mitchell International, Inc. Provider of technology, connectivity, and information solutions to the property and casualty insurance industry | West | Software & Services | |||
| MMIT Holdings, LLC Provider of market intelligence and analysis for the pharmaceutical industry | Northeast | Software & Services | |||
| Monica Holdco (US) Inc. Investment technology and advisory firm | West | Diversified Financials | |||
| Monolith Brands Group, Inc. E-commerce platform focused on consolidating DTC branded businesses | Mid Atlantic | Retailing 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 | West | Retailing and Distribution | |||
| Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC Leading technology solution provider for casing and auditioning to the entertainment industry | West | Software & Services | |||
| 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 College of Business and Technology Inc. & Leeds IV Advisors, Inc. Private school operator | International | Education | |||
| National Intergovernmental Purchasing Alliance Company Leading group purchasing organization (GPO) for public agencies and educational institutions in the U.S | Southeast | Commercial & Professional Services | |||
| National Spine and Pain Centers, LLC Acute and chronic pain treatment provider | Mid Atlantic | Health Care Services | |||
| NBC Funding LLC National retailer of baked goods | West | Food & 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 | Midwest | Capital 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 | Northeast | Materials | |||
| Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 Operator of multiple franchise concepts primarily related to home maintenance or repairs | Midwest | Commercial & Professional Services | |||
| New Era Cap, LLC Sports apparel manufacturing company | Mid Atlantic | Consumer Durables & Apparel | |||
| NextCare, Inc. Urgent care operator | West | Health Care 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 | |||
| Noble Aerospace, LLC Provider of metal finishing services to the aerospace, military and defense sectors | West | Capital Goods | |||
| North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC Provider of fire safety and life safety services | Mid Atlantic | Commercial & Professional 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 | |||
| North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC Manufacturer of aftermarket golf cart parts and accessories | Southeast | Retailing and Distribution | |||
| North Haven Stack Buyer, LLC Provider of environmental testing services | Southeast | Commercial & Professional 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 | |||
| Octo Consulting Group, LLC Provider of artificial intelligence-based software solutions and digital services to the federal marketplace | Mid Atlantic | Technology Hardware & Equipment | |||
| Offen, Inc. Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives | West | Energy | |||
| Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC Behavioral health and special education platform provider | Mid Atlantic | Health Care Services | |||
| OMH-HealthEdge Holdings, LLC Revenue cycle management provider to the healthcare industry | Southeast | Health Care Services | |||
| OneDigital Borrower LLC Benefits broker and outsourced workflow automation platform provider for brokers | Southeast | Insurance 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.