Balanced Portfolio.
Defensive Industries.
Well Diversified.

ARCC Portfolio

As of December 31, 2022, Ares Capital Corporation’s (“Ares Capital” or “ARCC”) portfolio had a fair value of approximately $21.8 billion, and consisted of 466 portfolio companies backed by 222 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 December 31, 2022⁽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 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

Investments as of March 31, 2019 Investments as of December 31, 2022
Company/DescriptionRegionSenior Secured Loan*Senior SubordinatedEquity/OtherIndustry
Trader Corporation and Project Auto Finco Corp.

Digital Automotive marketplace and software solution provider to automotive industry

InternationalRetailing and Distribution
Triton Water Holdings, Inc.

Producer and provider of bottled water brands

NortheastFood & Beverage
Two Six Labs, LLC

Provider of information operations, cyber, and data analytics products and services for government and defense contracts

Mid AtlanticCapital Goods
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.

Anesthesiology service provider

SoutheastHealth Care Services
UKG Inc. and H&F Unite Partners, L.P.

Provider of cloud based HCM solutions for businesses

SoutheastSoftware & Services
United Digestive MSO Parent, LLC

Gastroenterology physician group

SoutheastHealth Care Services
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.

Producer and packager of compressed, household, and packaged salt

Mid AtlanticRetailing and Distribution
Varsity Brands Holding Co., Inc. and BCPE Hercules Holdings, LP

Leading manufacturer and distributor of textiles, apparel & luxury goods

SoutheastConsumer Durables & Apparel
VCP-EDC Co-Invest, LLC

Distributor of foodservice equipment and supplies

MidwestFood & Staples Retailing
Verista, Inc.

Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector

MidwestPharmaceuticals, Biotechnology & Life Sciences
Verscend Holding Corp.

Healthcare analytics solutions provider

NortheastSoftware & Services
Vertice Pharma UK Parent Limited

Manufacturer and distributor of generic pharmaceutical products

InternationalPharmaceuticals, Biotechnology & Life Sciences
Viant Medical Holdings, Inc.

Manufacturer of plastic and rubber components for health care equipment

WestHealth Care Services
Visual Edge Technology, Inc.

Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies

MidwestCommercial & Professional Services
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.

Veterinary hospital operator

Mid AtlanticHealth Care Services
VPROP Operating, LLC and V SandCo, LLC

Sand-based proppant producer and distributor to the oil and natural gas industry

VRC Companies, LLC

Provider of records and information management services

SoutheastCommercial & Professional Services
VS Buyer, LLC

Provider of software-based data protection solutions

Mid AtlanticSoftware & Services
VSC Investors LLC

Investment company

WestInvestment Funds and Vehicles
WA Asset Management, LLC

Wealth management and financial planning firm

SoutheastDiversified Financials
Walnut Parent, Inc.

Manufacturer of natural solution pest and animal control products

Mid AtlanticHousehold & Personal Products
Wand Newco 3, Inc.

Collision repair company

MidwestAutomobiles & Components
Wash Encore Holdings, LLC

Provider of outsourced healthcare linen management solutions

WestCommercial & Professional Services
Watermill Express, LLC and Watermill Express Holdings, LLC

Owner and operator of self-service water and ice stations

WestFood & Beverage
Waverly Advisors, LLC

Wealth management and financial planning firm

SoutheastDiversified Financials
WebPT, Inc.

Electronic medical record software provider

WestSoftware & Services
Wellness AcquisitionCo, Inc.

Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry

MidwestSoftware & Services
Wildcat BuyerCo, Inc. and Wildcat Parent, LP

Provider and supplier of electrical components for commercial and industrial applications

SoutheastTechnology Hardware & Equipment
Winebow Holdings, Inc. and The Vintner Group, Inc.

Importer and distributor of wine

Mid AtlanticFood & Beverage
WorkWave Intermediate II, LLC

Provider of cloud-based field services and fleet management solutions

Mid AtlanticSoftware & Services
WP CPP Holdings, LLC

Manufacturer of highly engineered castings and machined components primarily for the commercial aerospace, defense, and power generation market

MidwestCapital Goods
WSHP FC Acquisition LLC and WSHP FC Holdings LLC

Provider of biospecimen products for pharma research

MidwestHealth Care Services
XIFIN, Inc. and ACP Charger Co-Invest LLC

Revenue cycle management provider to labs

WestCommercial & Professional Services
YE Brands Holdings, LLC

Sports camp operator

WestConsumer Services
ZB Holdco LLC & ZB Parent LLC

Distributor of Mediterranean food and beverages

MidwestFood & Staples Retailing
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP

Provider of cloud-based customer support solutions

WestSoftware & 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.