(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
| Company/Description | Region | Senior Secured Loan* | Senior Subordinated | Equity/Other | Industry |
|---|---|---|---|---|---|
| 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 Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC Provider of lawncare services | Southeast | Commercial & Professional Services | |||
| 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 | |||
| Opal Fuels LLC and Opal Fuels Inc. Owner of natural gas facilities | Mid Atlantic | Power Generation | |||
| OpenMarket Inc. Provider of cloud-based mobile engagement platform | International | Software & Services | |||
| Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC Provider of structural integrity management services to transmission and distribution infrastructure | Midwest | Capital Goods | |||
| 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. Sports and entertainment | West | Media & Entertainment | |||
| Park Place Technologies, LLC Provider of 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 | |||
| Patriot Growth Insurance Services, LLC National retail insurance agency | Mid Atlantic | Insurance Services | |||
| Paya, Inc and GTCR-Ultra Holdings LLC Provider of payment processing and merchant acquiring solutions | Mid Atlantic | Software & Services | |||
| PayNearMe, Inc. Electronic cash payment system provider | 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 | |||
| PDDS HoldCo, Inc. Provider of cloud-based dental practice management software | West | Software & Services | |||
| 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 | |||
| Pelican Products, Inc. Flashlights manufacturer | West | Consumer Durables & Apparel | |||
| People Corporation Provider of group benefits, group retirement and human resources services | International | Insurance Services | |||
| Perforce Software, Inc. Developer of software used for application development | Midwest | Software & Services | |||
| Petroleum Service Group LLC Provider of operational services for US petrochemical and refining companies | Southeast | Commercial & Professional Services | |||
| Petrus Buyer, Inc. Provider of REIT research data and analytics | Midwest | Diversified Financials | |||
| PetVet Care Centers, LLC Veterinary hospital operator | Northeast | Health Care Services | |||
| Petvisor Holdings, LLC Provider of veterinarian-focused SaaS solutions | West | Software & Services | |||
| Ping Identity Holding Corp. Provider of identity and access management solutions | West | Software & Services | |||
| Piper Jaffray Merchant Banking Fund I, L.P. Investment partnership | Midwest | Investment Funds and Vehicles | |||
| Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC Manufacturer of specialized acrylic and polycarbonate sheets | Midwest | Materials | |||
| Pluralsight, Inc. Online education learning platform | West | Software & Services | |||
| Pluto Acquisition I, Inc. Provider of post-acute healthcare services including skilled and private-duty nursing, hospice, palliative care and medical homecare | Southeast | Health Care Services | |||
| Polymer Solutions Group, LLC Manufacturer of chemical formulations that improve the processing and efficacy of rubber, resin, and engineered wood based end-products | Midwest | Materials | |||
| Poplicus Incorporated Business intelligence and market analytics platform for companies that sell to the public sector | West | Software & Services | |||
| PosiGen, Inc. Seller and leaser of solar power systems for residential and commercial customers | Southeast | Power Generation | |||
| Potomac Intermediate Holdings II LLC Gas turbine power generation facilities operator | Mid Atlantic | Power Generation | |||
| Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP. Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry | Northeast | Capital Goods | |||
| Precisely Software Incorporated (f/k/a Syncsort Incorporated) Provider of software specializing in improving the integrity and quality of Big Data | Mid Atlantic | Software & Services | |||
| Precision Concepts International LLC and Precision Concepts Canada Corporation Manufacturer of diversified packaging solutions and plastic injection molded products | Southeast | Materials | |||
| Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. Manufacturer and supplier of natural fragrance materials and cosmeceuticals | Mid Atlantic | Household & Personal Products | |||
| Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP Provider of employer-sponsored onsite health and wellness clinics and pharmacies | Southeast | Health Care Services | |||
| Prime Buyer, L.L.C. Provider of track systems, cabs, hulls, doors, and various armored components for defense/military vehicle applications | Midwest | Capital Goods |
*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.