(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, 2022, the Senior Direct Lending Program, LLC (the "SDLP") had loans to 19 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 5.0% of the total investment portfolio at fair value as of March 31, 2022.
Portfolio of Investments
|Company/Description||Region||Senior Secured Loan*||Senior Subordinated||Equity/Other||Industry|
|YE Brands Holdings, LLC|
Sports camp operator
|ZB Holdco LLC & ZB Parent LLC|
Distributor of Mediterranean food and beverages
|Midwest||Food & Staples Retailing|
*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.