(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 December 31, 2022, 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 5.7% of the total investment portfolio at fair value as of December 31, 2022.
(4) Includes ARCC's equity and subordinated loan investments in IHAM, which represented 10.1% of the total investment potfolio at fair value as of December 31, 2022.
Portfolio of Investments
| Company/Description | Region | Senior Secured Loan* | Senior Subordinated | Equity/Other | Industry |
|---|---|---|---|---|---|
| Trader Corporation and Project Auto Finco Corp. Digital Automotive marketplace and software solution provider to automotive industry | International | Retailing and Distribution | |||
| Triton Water Holdings, Inc. Producer and provider of bottled water brands | Northeast | Food & Beverage | |||
| Two Six Labs, LLC Provider of information operations, cyber, and data analytics products and services for government and defense contracts | Mid Atlantic | Capital Goods | |||
| U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. Anesthesiology service provider | Southeast | Health Care Services | |||
| UKG Inc. and H&F Unite Partners, L.P. Provider of cloud based HCM solutions for businesses | Southeast | Software & Services | |||
| United Digestive MSO Parent, LLC Gastroenterology physician group | Southeast | Health Care Services | |||
| US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. Producer and packager of compressed, household, and packaged salt | Mid Atlantic | Retailing and Distribution | |||
| Varsity Brands Holding Co., Inc. and BCPE Hercules Holdings, LP Leading manufacturer and distributor of textiles, apparel & luxury goods | Southeast | Consumer Durables & Apparel | |||
| VCP-EDC Co-Invest, LLC Distributor of foodservice equipment and supplies | Midwest | Food & Staples Retailing | |||
| Verista, Inc. Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector | Midwest | Pharmaceuticals, Biotechnology & Life Sciences | |||
| Verscend Holding Corp. Healthcare analytics solutions provider | Northeast | Software & Services | |||
| Vertice Pharma UK Parent Limited Manufacturer and distributor of generic pharmaceutical products | International | Pharmaceuticals, Biotechnology & Life Sciences | |||
| Viant Medical Holdings, Inc. Manufacturer of plastic and rubber components for health care equipment | West | Health Care Services | |||
| Visual Edge Technology, Inc. Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies | Midwest | Commercial & Professional Services | |||
| VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. Veterinary hospital operator | Mid Atlantic | Health Care Services | |||
| VPROP Operating, LLC and V SandCo, LLC Sand-based proppant producer and distributor to the oil and natural gas industry | Midwest | Energy | |||
| VRC Companies, LLC Provider of records and information management services | Southeast | Commercial & Professional Services | |||
| VS Buyer, LLC Provider of software-based data protection solutions | Mid Atlantic | Software & Services | |||
| VSC Investors LLC Investment company | West | Investment Funds and Vehicles | |||
| WA Asset Management, LLC Wealth management and financial planning firm | Southeast | Diversified Financials | |||
| Walnut Parent, Inc. Manufacturer of natural solution pest and animal control products | Mid Atlantic | Household & Personal Products | |||
| Wand Newco 3, Inc. Collision repair company | Midwest | Automobiles & Components | |||
| Wash Encore Holdings, LLC Provider of outsourced healthcare linen management solutions | West | Commercial & Professional Services | |||
| Watermill Express, LLC and Watermill Express Holdings, LLC Owner and operator of self-service water and ice stations | West | Food & Beverage | |||
| Waverly Advisors, LLC Wealth management and financial planning firm | Southeast | Diversified Financials | |||
| WebPT, Inc. Electronic medical record software provider | West | Software & Services | |||
| Wellness AcquisitionCo, Inc. Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry | Midwest | Software & Services | |||
| Wildcat BuyerCo, Inc. and Wildcat Parent, LP Provider and supplier of electrical components for commercial and industrial applications | Southeast | Technology Hardware & Equipment | |||
| Winebow Holdings, Inc. and The Vintner Group, Inc. Importer and distributor of wine | Mid Atlantic | Food & Beverage | |||
| WorkWave Intermediate II, LLC Provider of cloud-based field services and fleet management solutions | Mid Atlantic | Software & Services | |||
| WP CPP Holdings, LLC Manufacturer of highly engineered castings and machined components primarily for the commercial aerospace, defense, and power generation market | Midwest | Capital Goods | |||
| WSHP FC Acquisition LLC and WSHP FC Holdings LLC Provider of biospecimen products for pharma research | Midwest | Health Care Services | |||
| XIFIN, Inc. and ACP Charger Co-Invest LLC Revenue cycle management provider to labs | West | Commercial & Professional Services | |||
| YE Brands Holdings, LLC Sports camp operator | West | Consumer Services | |||
| ZB Holdco LLC & ZB Parent LLC Distributor of Mediterranean food and beverages | Midwest | Food & Staples Retailing | |||
| ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP Provider of cloud-based customer support solutions | West | Software & 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.