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
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

MidwestCommercial & Professional Services
New Era Cap, LLC

Sports apparel manufacturing company

Mid AtlanticConsumer Durables & Apparel
NextCare, Inc.

Urgent care operator

WestHealth Care Services
NMC Skincare Intermediate Holdings II, LLC

Developer, manufacturer and marketer of skincare products

Mid AtlanticPharmaceuticals, Biotechnology & Life Sciences
NMN Holdings III Corp. and NMN Holdings LP

Provider of complex rehabilitation technology solutions for patients with mobility loss

SoutheastHealth Care Services
Noble Aerospace, LLC

Provider of metal finishing services to the aerospace, military and defense sectors

WestCapital Goods
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC

Provider of fire safety and life safety services

Mid AtlanticCommercial & 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

MidwestPharmaceuticals, Biotechnology & Life Sciences
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC

Provider of lawncare services

SoutheastCommercial & Professional Services
North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC

Manufacturer of aftermarket golf cart parts and accessories

SoutheastRetailing and Distribution
North Haven Stack Buyer, LLC

Provider of environmental testing services

SoutheastCommercial & Professional Services
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.

Developer and manufacturer of absorbent pads for food products

Octo Consulting Group, LLC

Provider of artificial intelligence-based software solutions and digital services to the federal marketplace

Mid AtlanticTechnology Hardware & Equipment
Offen, Inc.

Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives

Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC

Behavioral health and special education platform provider

Mid AtlanticHealth Care Services
OMH-HealthEdge Holdings, LLC

Revenue cycle management provider to the healthcare industry

SoutheastHealth Care Services
OneDigital Borrower LLC

Benefits broker and outsourced workflow automation platform provider for brokers

SoutheastInsurance Services
Opal Fuels LLC and Opal Fuels Inc.

Owner of natural gas facilities

Mid AtlanticPower Generation
OpenMarket Inc.

Provider of cloud-based mobile engagement platform

InternationalSoftware & Services
Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC

Provider of structural integrity management services to transmission and distribution infrastructure

MidwestCapital Goods
OTG Management, LLC

Airport restaurant operator

Mid AtlanticConsumer Services

Provider of out-of-home advertising

Mid AtlanticMedia & Entertainment
Padres L.P.

Sports and entertainment

WestMedia & Entertainment
Park Place Technologies, LLC

Provider of hardware maintenance and support services for IT data centers

MidwestSoftware & Services
Partnership Capital Growth Investors III, L.P.

Investment partnership

WestInvestment Funds and Vehicles
Pathway Vet Alliance LLC and Jedi Group Holdings LLC

Veterinary hospital operator

MidwestHealth Care Services
Patriot Growth Insurance Services, LLC

National retail insurance agency

Mid AtlanticInsurance Services
Paya, Inc and GTCR-Ultra Holdings LLC

Provider of payment processing and merchant acquiring solutions

Mid AtlanticSoftware & Services
PayNearMe, Inc.

Electronic cash payment system provider

WestSoftware & Services
PCG-Ares Sidecar Investment II, L.P.

Investment partnership

WestInvestment Funds and Vehicles
PCG-Ares Sidecar Investment, L.P.

Investment partnership

WestInvestment Funds and Vehicles
PDDS HoldCo, Inc.

Provider of cloud-based dental practice management software

WestSoftware & 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

MidwestSoftware & Services
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC

Provider of plant maintenance and scheduling software

SoutheastSoftware & Services
Pelican Products, Inc.

Flashlights manufacturer

WestConsumer Durables & Apparel
People Corporation

Provider of group benefits, group retirement and human resources services

InternationalInsurance Services
Perforce Software, Inc.

Developer of software used for application development

MidwestSoftware & Services
Petroleum Service Group LLC

Provider of operational services for US petrochemical and refining companies

SoutheastCommercial & Professional Services
Petrus Buyer, Inc.

Provider of REIT research data and analytics

MidwestDiversified Financials
PetVet Care Centers, LLC

Veterinary hospital operator

NortheastHealth Care Services
Petvisor Holdings, LLC

Provider of veterinarian-focused SaaS solutions

WestSoftware & Services
Ping Identity Holding Corp.

Provider of identity and access management solutions

WestSoftware & Services
Piper Jaffray Merchant Banking Fund I, L.P.

Investment partnership

MidwestInvestment Funds and Vehicles
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC

Manufacturer of specialized acrylic and polycarbonate sheets

Pluralsight, Inc.

Online education learning platform

WestSoftware & Services
Pluto Acquisition I, Inc.

Provider of post-acute healthcare services including skilled and private-duty nursing, hospice, palliative care and medical homecare

SoutheastHealth 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

Poplicus Incorporated

Business intelligence and market analytics platform for companies that sell to the public sector

WestSoftware & Services
PosiGen, Inc.

Seller and leaser of solar power systems for residential and commercial customers

SoutheastPower Generation
Potomac Intermediate Holdings II LLC

Gas turbine power generation facilities operator

Mid AtlanticPower 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

NortheastCapital Goods
Precisely Software Incorporated (f/k/a Syncsort Incorporated)

Provider of software specializing in improving the integrity and quality of Big Data

Mid AtlanticSoftware & Services
Precision Concepts International LLC and Precision Concepts Canada Corporation

Manufacturer of diversified packaging solutions and plastic injection molded products

Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.

Manufacturer and supplier of natural fragrance materials and cosmeceuticals

Mid AtlanticHousehold & Personal Products
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP

Provider of employer-sponsored onsite health and wellness clinics and pharmacies

SoutheastHealth Care Services
Prime Buyer, L.L.C.

Provider of track systems, cabs, hulls, doors, and various armored components for defense/military vehicle applications

MidwestCapital 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.