UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 ____________________________________________________________________________

 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2023

 OR

 o

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from _____ to _____

 Commission File No. 814-00663

 __________________________________________________________________________

 ARES CAPITAL CORPORATION

 (Exact name of registrant as specified in its charter)
 Maryland

 33-1089684

 (State or other jurisdiction of
incorporation or organization)

 (I.R.S. Employer
Identification No.)

 245 Park Avenue, 44th Floor, New York, New York 10167
 (Address of principal executive offices) (Zip Code)

 ( 212) 750-7300
 (Registrant's telephone number, including area code)

 ____________________________________________________________________________

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class

 Trading Symbol
 Name of each exchange on which registered

 Common Stock, par value $0.001 per share
 ARCC
 The NASDAQ Global Select Market

 Securities registered pursuant to Section 12(g) of the Act: None

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No o

 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes No o

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section §232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No o

 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

 Large accelerated filer

 Accelerated filer o

 Non-accelerated filer o

 Smaller reporting company o

 Emerging Growth Company o

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes No o

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No

 The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2023, based on the closing price on that date of $18.79 on The NASDAQ Global Select Market, was approximately $ 10,407,974,589. As of February 1, 2024, there were 582,311,109 shares of the registrant's common stock outstanding.

 Portions of the registrant's Proxy Statement for its 2024 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Form 10-K.

 ARES CAPITAL CORPORATION

 Part I.

 Item 1. Business

 Item 1A. Risk Factors

 Item 1B. Unresolved Staff Comments

 Item 1C. Cybersecurity

 Item 2. Properties

 Item 3. Legal Proceedings

 Item 4. Mine Safety Disclosures

 Part II.

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A. Quantitative and Qualitative Disclosures about Market Risk

 Item 8. Financial Statements and Supplementary Data

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A. Controls and Procedures

 Item 9B. Other Information

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Part III.

 Item 10. Directors, Executive Officers and Corporate Governance

 Item 11. Executive Compensation

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13. Certain Relationships and Related Transactions, and Director Independence

 Item 14. Principal Accountant Fees and Services

 Part IV.

 Item 15. Exhibits and Financial Statement Schedules

 Item 16. Form 10-K Summary

 Signatures

 Item 1. Business

 GENERAL

 Ares Capital Corporation

 Ares Capital Corporation, a Maryland corporation (together with its subsidiaries, where applicable, "Ares Capital" or the "Company," which may also be referred to as "we," "us" or "our"), is a specialty finance company that is a closed-end, non-diversified management investment company. We have elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder, the "Investment Company Act." We were founded on April 16, 2004, were initially funded on June 23, 2004 and completed our initial public offering ("IPO") on October 8, 2004. As of December 31, 2023, we were the largest publicly traded BDC by market capitalization and had approximately $23.8 billion of total assets.

 We are externally managed by Ares Capital Management LLC ("Ares Capital Management" or our "investment adviser"), a subsidiary of Ares Management Corporation (NYSE:ARES) ("Ares Management" or "Ares"), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement. Ares Operations LLC ("Ares Operations" or our "administrator"), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.

 Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in U.S. middle-market companies, where we believe the supply of primary capital is limited and the investment opportunities are most attractive. However, we may from time to time invest in larger or smaller companies. We generally use the term "middle-market" to refer to companies with annual EBITDA between $10 million and $250 million. As used herein, EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization.

 We invest primarily 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. In addition to senior secured loans, we also invest in subordinated debt (sometimes referred to as mezzanine debt), which in some cases includes an equity component, and preferred equity. First and second lien senior secured loans generally are senior debt instruments that rank ahead of subordinated debt of a given portfolio company. Subordinated debt and preferred equity are subordinated to senior loans and are generally unsecured. Our investments in corporate borrowers generally range between $30 million and $500 million each. However, the investment sizes may be more or less than these ranges and may vary based on, among other things, our capital availability, the composition of our portfolio and general micro- and macro-economic factors.

 To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments.

 The proportion of these types of investments will change over time given our views on, among other things, the economic and credit environment in which we are operating. In pursuit of our investment objective, we generally seek to self-originate investments and lead the investment process.

 The instruments in which we invest typically are not rated by any rating agency, but we believe that if such instruments were rated, they would be below investment grade (rated lower than "Baa3" by Moody's Investors Service, lower than "BBB-" by Fitch Ratings or lower than "BBB-" by Standard & Poor's Ratings Services), which, under the guidelines established by these entities, is an indication of having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Bonds that are rated below investment grade are sometimes referred to as "high yield bonds" or "junk bonds." We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by any nationally recognized statistical rating organization.

 We believe that our investment adviser, Ares Capital Management, is able to leverage the current investment platform, resources and existing relationships of Ares Management with financial sponsors, financial institutions, hedge funds and other investment firms to provide us with attractive investment opportunities. For purposes of this document, we refer to Ares Management and its affiliated companies (other than portfolio companies of its affiliated funds) as "Ares" and to funds or other investment vehicles managed by Ares or its affiliated companies, including our investment adviser, as "Ares funds." In addition to deal flow, the Ares investment platform assists our investment adviser in analyzing, structuring and monitoring investments.

 Ares has been in existence for over 25 years and its partners have an average of approximately 25 years of investment experience in managing, advising, underwriting and restructuring companies. We have access to Ares' investment professionals and administrative professionals, who provide assistance in accounting, finance, legal, compliance, operations, information technology, human resources and investor relations. As of December 31, 2023, Ares had over 950 investment professionals and over 1,850 administrative professionals.

 While our primary focus is to generate current income and capital appreciation through investments in first and second lien senior secured loans, subordinated debt and preferred equity and, to a lesser extent, equity securities of eligible portfolio companies, we also may invest up to 30% of our portfolio in non qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered "eligible portfolio companies" (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act.
 Ares Management Corporation

 Ares is a publicly traded, leading global alternative investment manager. As of December 31, 2023, Ares had over 2,800 employees in over 30 offices in more than 15 countries. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its distinct but complementary investment groups in credit, private equity, real assets and secondaries is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.

 Ares Capital Management LLC

 Ares Capital Management, our investment adviser, is served by origination, investment and portfolio management and valuation teams of approximately 185 U.S.-based investment professionals as of December 31, 2023 and led by certain partners of the Ares Credit Group: Kipp deVeer, Mitchell Goldstein and Michael Smith. Ares Capital Management leverages off of Ares' investment platform and benefits from the significant capital markets, trading and research expertise of Ares' investment professionals. Ares Capital Management's investment committee has eight members primarily comprised of certain of the U.S.-based partners of the Ares Credit Group.

 MARKET OPPORTUNITY

 We believe that current market conditions present attractive opportunities for us to invest in middle-market companies, specifically:

 • We believe that many commercial and investment banks have de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle-market issuers as they seek to meet existing and future regulatory capital requirements. These factors may result in opportunities for alternative funding sources to middle-market companies and therefore more new-issue market opportunities for us.

 • We believe the disruption and volatility that occurs periodically in the credit markets reduces capital available to certain capital providers, causing a reduction in competition. Furthermore, in our view, the stable capital solutions provided by direct lenders is increasingly valuable and, as a result, widens the market opportunity for direct lending.

 • We believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle-market loans. As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold our loans without having to syndicate or sell them is a competitive advantage.

 • We believe that middle-market companies have faced difficulty in raising debt through the capital markets. This approach to financing may become more difficult to the extent institutional investors seek to invest in larger, more liquid offerings, leaving less competition and fewer financing alternatives for middle-market companies.

 • We believe there is a large pool of un-invested private equity capital for middle-market businesses. We expect private equity firms will seek to leverage their investments by combining equity capital with senior secured loans and subordinated debt from other sources such as us.

 • We believe the middle-market represents a significant portion of the overall economy, and exhibits healthy demand for capital. In addition, due to the fragmented nature of the middle-market and the lack of publicly available information, we believe direct lenders have an opportunity to originate and underwrite investments with more favorable terms, including stronger covenant and reporting packages, as well as better call protection and change of control provisions as compared to the large, broadly syndicated loan market.

 COMPETITIVE ADVANTAGES

 We believe that we have the following competitive advantages over other capital providers to middle-market companies:

 The Ares Platform

 Ares operates integrated groups across credit, private equity, real assets and secondaries. We believe our affiliation with Ares provides a distinct competitive advantage through Ares' originations, due diligence and marketing activities. In particular, we believe that the Ares platform provides us with an advantage through its deal flow generation and investment evaluation process. Ares' asset management platform also provides additional market information, company knowledge and industry insight that benefit our investment and due diligence process. Ares' professionals maintain extensive financial sponsor and intermediary relationships, which provide valuable insight and access to transactions and information.

 Seasoned Investment Team

 The investment professionals in the Ares Credit Group and members of our investment adviser's investment committee have significant experience investing across market cycles. This experience provides us with a competitive advantage in identifying, originating, investing in and managing a portfolio of investments in middle-market companies.

 Broad Origination Strategy

 We focus on self-originating most of our investments by pursuing a broad array of investment opportunities in middle-market companies. We also leverage off of the extensive relationships of the broader Ares platform, including relationships with the portfolio companies in the IHAM Vehicles (as defined below), to identify investment opportunities. Additionally, our size and scale provide the opportunity to source attractive investments in some of our existing portfolio companies. Collectively, we believe these advantages allow for enhanced asset selectivity as we believe there is a significant relationship between proprietary deal origination and credit performance. We believe that our focus on generating proprietary deal flow and lead investing also gives us greater control over capital structure, deal terms, pricing and documentation and enables us to actively manage our portfolio investments. Moreover, by leading the investment process, we are often able to secure controlling positions in credit tranches, thereby providing additional control in investment outcomes. We also have originated substantial proprietary deal flow from middle-market intermediaries, which often allows us to act as the sole or principal source of institutional capital to the borrower.

 Scale and Flexible Transaction Structuring

 We believe that being one of the largest BDCs makes us a more desirable and flexible capital provider, especially in competitive markets. We are flexible with the types of investments we make and the terms associated with those investments. We believe this approach and experience enables our investment adviser to identify attractive investment opportunities throughout economic cycles and across a company's capital structure so we can make investments consistent with our stated investment objective and preserve principal while seeking appropriate risk adjusted returns. In addition, we have the flexibility to provide "one stop" financing with the ability to invest capital across the balance sheet and syndicate and hold larger investments than many of our competitors. We believe that the ability to underwrite, syndicate and hold larger investments benefits our stockholders by (a) potentially increasing net income and earnings through leadership of the investment process and making commitments in excess of our final investment, (b) increasing originated deal flow flexibility, (c) broadening market relationships and deal flow, (d) allowing us to optimize our portfolio composition and (e) allowing us to provide capital to a broader spectrum of middle-market companies, which we believe currently have limited access to capital from traditional lending sources. In addition, we believe that the ability to provide capital at every level of the balance sheet provides a strong value proposition to middle-market borrowers, which supports meaningful deal sourcing and relative value analysis capabilities.

 Experience with and Focus on Middle-Market Companies

 Ares has historically focused on investments in middle-market companies and we benefit from this experience. In sourcing and analyzing deals, our investment adviser benefits from Ares' extensive network of relationships focused on middle-market companies, including management teams, members of the investment banking community, private equity groups and other investment firms with whom Ares has had long-term relationships. We believe this network enables us to identify well-positioned prospective portfolio company investments. The Ares Credit Group works closely with Ares' other investment professionals. As of December 31, 2023, Ares oversaw a portfolio of investments in over 1,800 companies, over 1,400 alternative credit investments and over 505 properties across over 55 industries, which provides access to an extensive network of relationships and insights into industry trends and the state of the capital markets.

 Disciplined Investment Philosophy

 In making its investment decisions, our investment adviser has adopted Ares' long-standing, consistent, credit-based investment approach that was developed over 25 years ago by its founders. Specifically, our investment adviser's investment philosophy, portfolio construction and portfolio management involve an assessment of the overall macroeconomic environment and financial markets and company-specific research and analysis. Its investment approach emphasizes capital preservation, low volatility and minimization of downside risk. In addition to engaging in extensive due diligence from the perspective of a long-term investor, our investment adviser's approach seeks to reduce risk in investments by focusing on:

 • businesses with strong franchises and sustainable competitive advantages;

 • industries with positive long-term dynamics;

 • businesses and industries with cash flows that are dependable and predictable;

 • management teams with demonstrated track records and appropriate economic incentives;

 • rates of return commensurate with the perceived risks;

 • securities or investments that are structured with appropriate terms and covenants; and

 • businesses backed by experienced private equity sponsors.

 Extensive Industry Focus

 We seek to concentrate our investing activities in industries with a history of predictable and dependable cash flows and in which the Ares investment professionals have had extensive investment experience. Ares investment professionals have developed long-term relationships with management teams and management consultants in over 55 industries, and have accumulated substantial information and identified potential trends within these industries. In turn, we benefit from these relationships, information and identification of potential trends in making investments.

 OPERATING AND REGULATORY STRUCTURE

 Our investment activities are managed by our investment adviser and supervised by our board of directors, a majority of whom are independent of Ares and its affiliates. Our investment adviser is registered under the Investment Advisers Act of 1940, or the "Advisers Act." Under our Second Amended and Restated Investment Advisory and Management Agreement with Ares Capital Management, referred to herein as our "investment advisory and management agreement," we have agreed to pay our investment adviser base management fees based on our total assets, as defined under the Investment Company Act (other than cash and cash equivalents, but including assets purchased with borrowed funds) ("base management fees"), fees based on our net investment income ("income based fees") and fees based on our net capital gains ("capital gains incentive fees"). See "Investment Advisory and Management Agreement." Ares Operations provides us with certain administrative and other services necessary for us to operate pursuant to an Amended and Restated Administration Agreement, referred to herein as our "administration agreement." See "Administration Agreement."

 We have elected to be regulated as a BDC under the Investment Company Act and have elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). As with other companies regulated by the Investment Company Act, we are required to comply with certain substantive regulatory

 requirements. For example, we are generally not permitted to co-invest in any portfolio company in which a fund managed by Ares or any of its downstream affiliates (other than us and our downstream affiliates) is also co-investing. We, our investment adviser and certain of our affiliates have received an order from the Securities and Exchange Commission (the "SEC") that permits us and other BDCs and registered closed-end management investment companies managed by Ares to co-invest in portfolio companies with each other and with affiliated investment funds (the "Co-Investment Exemptive Order"). Co-investments made under the Co-Investment Exemptive Order are subject to compliance with certain conditions and other requirements, which could limit our ability to participate in a co-investment transaction. We may also otherwise co-invest with funds managed by Ares or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and our investment adviser's allocation policy.

 Also, while we may borrow funds to make investments, our ability to use debt is limited in certain significant aspects. See "Regulation." In particular, because we obtained the required approvals under Section 61(a)(2) of the Investment Company Act, we must have at least 150% asset coverage calculated pursuant to the Investment Company Act in order to incur debt or issue preferred stock (which we refer to collectively as "senior securities") (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources."

 As of December 31, 2023, our asset coverage was 194 %.

 In addition, as a consequence of our being a RIC under the Code, for U.S. federal income tax purposes, our asset growth is dependent on our ability to raise equity capital through the issuance of common stock. RICs generally must distribute substantially all of their investment company taxable income (as defined under the Code) to stockholders as dividends in order to preserve their status as a RIC and not to be subject to additional U.S. federal corporate-level income taxes. This requirement, in turn, generally prevents us from using our earnings to support our operations, including making new investments.

 INVESTMENTS

 Ares Capital Corporation Portfolio

 We have built an investment portfolio of primarily first and second lien senior secured loans, subordinated debt, preferred equity and, to a lesser extent, common equity investments in private middle-market companies. Our portfolio is well diversified by industry sector and its concentration to any single issuer is limited.

 Our debt investments in corporate borrowers generally range between $30 million and $500 million each. However, the sizes of our investments may be more or less than these ranges and may vary based on, among other things, our capital availability, the composition of our portfolio and general micro- and macro-economic factors.

 Our common equity investments have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments.

 The proportion of these types of investments will change over time given our views on, among other things, the economic and credit environment in which we are operating. In pursuit of our investment objective, we generally seek to self-originate investments and lead the investment process, which may result in us making commitments with respect to indebtedness or securities of a potential portfolio company in excess of our expected final hold size. In such situations, while we may initially agree to fund up to a certain dollar amount of an investment, we may subsequently syndicate or sell a portion of such amount (including, without limitation, to vehicles managed by our portfolio company, IHAM (as defined below)), such that we are left with a smaller investment than what was reflected in our original commitment. In addition to originating investments, we may also acquire investments in the secondary market (including purchases of a portfolio of investments).

 We make senior secured loans primarily in the form of first lien loans (including "unitranche" loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien loans. Our senior secured loans generally have terms of three to 10 years and our subordinated debt investments generally have a term of up to 10 years. However, we may invest in loans and securities with any maturity or duration. In connection with our senior secured loans, we generally receive a security interest in certain of the assets of the borrower and consequently such assets serve as collateral in support of the repayment of such senior secured loans. Senior secured loans are generally exposed to the least amount of credit risk because they typically hold a senior position with respect to scheduled interest and principal payments and security interests in assets of the borrower. In connection with our senior secured loans, we may be provided opportunities to invest in

 equity interests of the borrower, typically in the form of an equity co-investment. However, unlike subordinated debt, senior secured loans typically do not receive any stock, warrants to purchase stock or other yield enhancements. Senior secured loans may include both revolving lines of credit and term loans.

 Structurally, subordinated debt usually ranks junior in priority of payment to senior secured loans and is often unsecured. However, subordinated debt ranks senior to preferred and common equity in a borrower's capital structure. Subordinated debt investments generally offer lenders fixed returns in the form of interest payments and will often provide lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of preferred equity, an equity co-investment and/or warrants. The preferred equity, equity co-investment and warrants (if any) associated with a subordinated debt investment typically allow lenders to receive repayment of their debt principal on an agreed upon amortization schedule or at maturity while retaining their equity interest in the borrower.

 In making an equity investment, in addition to considering the factors discussed under "—Investment Selection" below, we also consider the anticipated timing of a liquidity event, such as a public offering, sale of the company or redemption of our equity securities.

 While our primary focus is to generate current income and capital appreciation through debt and equity investments in eligible portfolio companies, we also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. See "—Regulation." Specifically, as part of this 30% basket, we may invest in entities that are not considered "eligible portfolio companies" (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act.

 As of December 31, 2023, our portfolio company, Ivy Hill Asset Management, L.P. ("IHAM"), an asset manager and an SEC-registered investment adviser, managed 20 vehicles (such vehicles are collectively referred to as the "IHAM Vehicles"). As of December 31, 2023, IHAM had assets under management of approximately $ 13.5 billion. As of December 31, 2023, the amortized cost and fair value of our investment in IHAM was $1.8 billion and $2.0 billion, respectively. In connection with IHAM's registration as a registered investment adviser, on March 30, 2012, we received exemptive relief from the SEC allowing us to, subject to certain conditions, own directly or indirectly up to 100% of IHAM's outstanding equity interests and make additional investments in IHAM. From time to time, IHAM or certain IHAM Vehicles may purchase investments from us or sell investments to us, in each case for a price equal to the fair market value of such investments determined at the time of such transactions.

 For more information on IHAM, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity—Ivy Hill Asset Management, L.P." and Note 4 to our consolidated financial statements for the year ended December 31, 2023.

 Senior Direct Lending Program

 We have established a joint venture with Varagon Capital Partners ("Varagon") to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. The joint venture is called the Senior Direct Lending Program, LLC (d/b/a the "Senior Direct Lending Program" or the "SDLP"). In July 2016, we and Varagon and its clients completed the initial funding of the SDLP. The SDLP may generally commit and hold individual loans of up to $450 million. We may directly co invest with the SDLP to accommodate larger transactions. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of ours and Varagon (with approval from a representative of each required).

 We provide capital to the SDLP in the form of subordinated certificates (the "SDLP Certificates"), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. As of December 31, 2023, we and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates. The SDLP Certificates pay a coupon equal to Secured Overnight Financing Rate ("SOFR") plus a stated spread and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes.

 As of December 31, 2023, we and Varagon and its clients had agreed to make capital available to the SDLP of $6.2 billion in the aggregate, of which $1.4 billion is to be made available from us. We will continue to provide capital to the SDLP in the form of the SDLP Certificates, and Varagon and its clients will provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP as discussed above.

 For more information on the SDLP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity—Senior Direct Lending Program" and Note 4 to our consolidated financial statements for the year ended December 31, 2023.

 Industrial and Geographic Compositions

 We generally seek to invest in companies in the industries in which Ares' investment professionals have direct expertise. The industries in the table listed below are where we have focused our investing activities; however, we may invest in other industries if we are presented with attractive opportunities.

 The industrial and geographic compositions of our portfolio at fair value as of December 31, 2023 were as follows:

 Industry

 Software and Services
 23.2
 %

 Health Care Services
 12.1

 Financial Services(1)
 11.5

 Commercial and Professional Services
 9.8

 Investment Funds and Vehicles(2)
 5.8

 Insurance Services
 5.1

 Consumer Services
 4.3

 Power Generation
 4.2

 Consumer Durables and Apparel
 3.1

 Media and Entertainment
 2.8

 Retailing and Distribution
 2.5

 Capital Goods
 2.4

 Energy
 2.2

 Food and Beverage
 2.1

 Consumer Staples Distribution and Retail
 1.8

 Other
 7.1

 Total
 100.0
 %

 (1)Includes our investment in IHAM.

 (2)Includes our investment in the SDLP, which had made first lien senior secured loans to 22 different borrowers as of December 31, 2023. The portfolio companies in the SDLP are in industries similar to the companies in our portfolio.

 Geographic Region

 Midwest
 24.7
 %

 West(1)
 24.3

 Southeast
 18.5

 Mid-Atlantic
 13.3

 Northeast(2)
 13.2

 International
 6.0

 Total
 100.0
 %

 (1)Includes our investment in the SDLP, which represented 5.6 % of the total investment portfolio at fair value as of December 31, 2023.

 (2)Includes our investment in IHAM, which represented 8.7 % of the total investment portfolio at fair value as of December 31, 2023.

 As of December 31, 2023, loans on non-accrual status represented 1.3 % of the total investments at amortized cost (or 0.6 % at fair value).

 Since our IPO on October 8, 2004 through December 31, 2023, our exited investments resulted in an asset level realized gross internal rate of return to us of approximately 13% (based on original cash invested, net of syndications, of approximately $42.1 billion and total proceeds from such exited investments of approximately $53.7 billion). Internal rate of return is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. Internal rate of return is gross of expenses related to investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized.

 Additionally, since our IPO on October 8, 2004 through December 31, 2023, our realized gains have exceeded our realized losses by approximately $0.9 billion (excluding a one-time gain on the acquisition of Allied Capital Corporation in April 2010 (the "Allied Acquisition") and realized gains/losses from the extinguishment of debt and other transactions). For the same time period, our average annualized net realized gain rate was approximately 0.9% (excluding a one-time gain on the Allied Acquisition and realized gains/losses from the extinguishment of debt and other transactions). Net realized gain/loss rates for a particular period are the amount of net realized gains/losses during such period divided by the average quarterly investments at amortized cost in such period.

 Information included herein regarding internal rates of return, realized gains and losses and annualized net realized gain rates are historical results relating to our past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.

 INVESTMENT SELECTION

 Ares' investment philosophy was developed over 25 years ago and has remained consistent and relevant throughout a number of economic cycles. We are managed using a similar investment philosophy used by the investment professionals of Ares in respect of its other investment funds.

 This investment philosophy involves, among other things:

 • an assessment of the overall macroeconomic environment and financial markets and how such assessment may impact industry and asset selection;

 • company-specific research and analysis; and

 • with respect to each individual company, an emphasis on capital preservation, low volatility and minimization of downside risk.

 The foundation of Ares' investment philosophy is intensive credit investment analysis, a portfolio management discipline based on both market technicals and fundamental value-oriented research, and diversification strategy. Ares also recognizes the importance of considering environmental, social and governance ("ESG") factors in the investment-decision making process in accordance with its ESG policy. We follow a rigorous investment process based on:

 • a comprehensive analysis of issuer creditworthiness, including a quantitative and qualitative assessment of the issuer's business;

 • an evaluation of management and its economic incentives;

 • an analysis of business strategy and industry trends; and

 • an in-depth examination of capital structure, financial results and projections.

 We seek to identify those companies exhibiting superior fundamental risk-reward profiles and strong defensible business franchises while focusing on the relative value of the investment across the industry as well as for the specific company.

 Intensive Due Diligence

 The process through which an investment decision is made involves extensive research into the target company, its industry, its growth prospects and its ability to withstand adverse conditions. If the senior investment professional responsible for the potential transaction determines that an investment opportunity should be pursued, we will engage in an intensive due diligence process. Approximately 40-50% of the investments initially reviewed by us proceed to this phase. Though each transaction will involve a somewhat different approach, the regular due diligence steps generally undertaken include:

 • meeting with the target company's management team to get a detailed review of the business, and to probe for potential weaknesses in business prospects;

 • checking management's backgrounds and references;

 • performing a detailed review of historical financial performance, including performance through various economic cycles, and the quality of earnings;

 • reviewing both short and long term projections of the business, and sensitizing them for both upside and downside risk;

 • visiting headquarters and company operations and meeting with top and middle-level executives;

 • contacting customers and vendors to assess both business prospects and standard practices;

 • conducting a competitive analysis, and comparing the issuer to its main competitors on an operating, financial, market share and valuation basis;

 • researching the industry for historic growth trends and future prospects as well as to identify future exit alternatives (including available Wall Street research, industry association literature and general news);

 • assessing asset value and the ability of physical infrastructure and information systems to handle anticipated growth; and

 • investigating legal risks and financial and accounting systems.

 Selective Investment Process

 After an investment has been identified and preliminary diligence has been completed, a credit research and analysis report is prepared. This report is reviewed by the senior investment professional in charge of the potential investment. If such senior and other investment professionals are in favor of the potential investment, then it is first presented to the investment committee on a preliminary basis.

 After the investment committee approves continued work on the potential investment, a more extensive due diligence process is employed by the transaction team. Additional due diligence with respect to any investment may be conducted on our behalf by attorneys, independent accountants, and other third party consultants and research firms prior to the closing of the investment, as appropriate on a case-by-case basis. Approximately 10-15% of all investments initially reviewed by us will be presented to the investment committee. Approval of an investment for funding requires the approval of the majority of the investment committee of our investment adviser, although unanimous consent is sought.

 Issuance of Formal Commitment

 Once we have determined that a prospective portfolio company is suitable for investment, we work with the management and/or sponsor of that company and its other capital providers, including senior, junior and equity capital providers, if any, to finalize the structure of the investment. Approximately 3-5% of the investments initially reviewed by us eventually result in the issuance of formal commitments and the closing of such transactions.

 Investments

 We invest in portfolio companies primarily in the form of first lien senior secured loans (including "unitranche" loans which are loans that combine both senior and subordinated debt, generally in a first lien position), second lien senior secured loans, subordinated debt and preferred equity. The first and second lien senior secured loans generally have terms of three to 10 years. In connection with our first and second lien senior secured loans, we generally receive security interests in certain assets of our portfolio companies that could serve as collateral in support of the repayment of such loans. First and second lien senior secured loans generally have floating interest rates, which may have interest rate floors, and also may provide for some amortization of principal and excess cash flow payments, with the remaining principal balance due at maturity.

 We structure our subordinated debt investments primarily as unsecured subordinated loans that provide for relatively higher fixed interest rates. The subordinated debt investments generally have terms of up to 10 years. These loans typically have interest-only payments, with amortization of principal, if any, deferred to the later years of the subordinated debt investment. In some cases, we may enter into loans that, by their terms, convert into equity or additional debt or defer payments of interest (or at least cash interest) for the first few years after our investment. Also, in some cases our subordinated debt will be secured by a subordinated lien on some or all of the assets of the borrower.

 In some cases, our debt and preferred equity investments may provide for a portion of the interest or dividends payable to be payment-in-kind ("PIK"). To the extent interest or dividends are PIK, they will be payable through the increase of the principal amount of the loan or preferred equity by the amount of interest or dividend due on the then-outstanding aggregate principal amount of such loan or preferred equity and is generally collected upon repayment of the outstanding principal or redemption of the equity, as applicable.

 In the case of our first and second lien senior secured loans, subordinated debt and preferred equity investments, we tailor the terms of the investment to the facts and circumstances of the transaction and the prospective portfolio company, negotiating a structure that aims to protect our rights and manage our risk while creating incentives for the portfolio company to achieve its business plan and improve its profitability. For example, in addition to generally seeking a senior position in the capital structure of our portfolio companies, we will seek, where appropriate, to limit the downside potential of our investments by:

 • targeting a total return on our investments (including from both interest and potential equity appreciation) that compensates us for credit risk;

 • incorporating call protection and interest rate floors for floating rate loans into the investment structure; and

 • negotiating covenants in connection with our investments that afford our portfolio companies as much flexibility in managing their businesses as possible, consistent with preservation of our capital. Such restrictions may include affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights, including either observation or participation rights.

 We generally require financial covenants and terms that require an issuer to reduce leverage, thereby enhancing credit quality. These methods include: (a) maintenance leverage covenants requiring a decreasing ratio of indebtedness to cash flow over time, (b) maintenance cash flow covenants requiring an increasing ratio of cash flow to the sum of interest expense and capital expenditures and (c) indebtedness incurrence prohibitions, limiting a company's ability to take on additional

 indebtedness. In addition, by including limitations on asset sales and capital expenditures we may be able to prevent a borrower from changing the nature of its business or capitalization without our consent.

 Structurally, subordinated debt usually ranks junior in priority of payment to senior secured loans and is often unsecured. However, subordinated debt ranks senior to preferred and common equity in a borrower's capital structure. Subordinated debt investments generally offer lenders fixed returns in the form of interest payments and will often provide lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of preferred equity, an equity co-investment and/or warrants. The preferred equity, equity co-investment and warrants (if any) associated with a subordinated debt investment typically allow lenders to receive repayment of their debt principal on an agreed upon amortization schedule or at maturity while retaining their equity interest in the borrower.

 We believe that our focus on generating proprietary deal flow and lead investing gives us greater control over the capital structures and investment terms described above and enables us to actively manage our investments. Moreover, by leading the investment process, we are often able to secure controlling positions in loan tranches, thereby providing additional control in investment outcomes.

 To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments.

 ACQUISITION OPPORTUNITIES

 We believe that there may be opportunity for further consolidation in our industry. From time to time, we evaluate potential strategic opportunities, including acquisitions of:

 • asset portfolios;

 • other private and public finance companies, business development companies and asset managers; and

 • selected secondary market assets.

 We have been in, and from time to time may engage in, discussions with counterparties in respect of various potential strategic acquisition and investment transactions, including potential acquisitions of other finance companies, business development companies and asset managers. Some of these transactions could be material to our business and, if completed, could be difficult to integrate, result in increased leverage or dilution and/or subject us to unexpected liabilities. However, none of these discussions has progressed to the point at which the completion of any such transaction could be deemed to be probable or reasonably certain as of the date of this Annual Report. Completion of any such transaction would be subject to completion of due diligence, finalization of key business and financial terms (including price) and negotiation of final definitive documentation as well as a number of other factors and conditions including, without limitation, the approval of our board of directors, any required third party consents and, in certain cases, the approval of our stockholders. We cannot predict how quickly the terms of any such transaction could be finalized, if at all. Accordingly, there can be no assurance that such transaction would be completed. In connection with evaluating potential strategic acquisition and investment transactions, we may incur significant expenses for the evaluation and due diligence investigation of these potential transactions.

 ON-GOING RELATIONSHIPS WITH AND MONITORING OF PORTFOLIO COMPANIES

 We closely monitor each investment we make, maintain a regular dialogue with both the management team and other stakeholders and seek specifically tailored financial reporting. In addition, senior investment professionals may take board seats or obtain board observation rights in connection with our portfolio companies. As of December 31, 2023, of our 505 portfolio companies, we were entitled to board seats or board observation rights on 17% of these companies and these companies represented approximately 33% of our portfolio at fair value.

 In addition to covenants and other contractual rights and through board participation, when appropriate, we seek to enhance portfolio company performance post-investment by actively working with management on strategic and operating initiatives where there is an opportunity to do so. We often introduce managers of companies in which we have invested to other portfolio companies to capitalize on complementary business activities and best practices.

 We believe that our focus on generating proprietary deal flow gives us greater control over capital structure and investment terms and lead investing enhances our ability to closely monitor each investment we make.

 Our investment adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors. The grade of a portfolio investment may be reduced or increased over time. The following is a description of each investment grade:

 Investment grade

 Involves the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit.

 Involves a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 3.

 Indicates that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. For investments graded 2, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company.

 Indicates that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 1, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 1, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit. For investments graded 1, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company.

 As of December 31, 2023, the weighted average grade of our portfolio at fair value was 3.1. For more information on our portfolio investment grades, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity."

 MANAGERIAL ASSISTANCE

 As a BDC, we must offer, and must provide upon request, significant managerial assistance to certain of our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. Ares Operations may provide all or a portion of this assistance pursuant to our administration agreement, the costs of which will be reimbursed by us. We may receive fees for these services.

 COMPETITION

 Our primary competitors include public and private funds, commercial and investment banks, commercial finance companies, other BDCs and private equity funds, each of which we compete with for financing opportunities. Some of our competitors are substantially larger and have considerably greater financial and marketing resources than we do. For example, some competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wide variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the Investment Company Act imposes on us as a BDC. In addition, new competitors frequently enter the financing markets in which we operate. For more information concerning the competitive risks we face, see "Risk Factors—Risks Relating to Our Business—We operate in a highly competitive market for investment opportunities."

 We believe that the relationships of the members of our investment adviser's investment committee and of the partners of Ares enable us to learn about, and compete effectively for, financing opportunities with attractive middle-market companies in the industries in which we seek to invest. We believe that Ares' professionals' deep and long-standing direct sponsor relationships and the resulting proprietary transaction opportunities that these relationships often present, provide valuable insight and access to transactions and information. We use the industry information of Ares' investment professionals to which we have access to assess investment risks and determine appropriate pricing for our investments in portfolio companies.

 STAFFING

 We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees or affiliates of our investment adviser, Ares Capital Management, and our administrator, Ares Operations, each of which is a subsidiary of Ares Management, pursuant to the terms of our investment advisory and management agreement and our administration agreement, respectively, each as described below. Each of our executive officers is an employee or affiliate of our investment adviser or our administrator. Our day-to-day investment activities are managed by our investment adviser. Most of the services necessary for the origination of our investment portfolio are provided by investment professionals employed by Ares Capital Management. Ares Capital Management had approximately 185 U.S.-based investment professionals as of December 31, 2023 who focus on origination, transaction development, investment and the ongoing monitoring of our investments. See "Investment Advisory and Management Agreement" below. We reimburse both our investment adviser and our administrator for a certain portion of expenses incurred in connection with such staffing, as described in more detail below. Because we have no employees, Ares Capital does not have a formal employee relations policy.

 INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT

 Management Services

 Ares Capital Management serves as our investment adviser and is registered as an investment adviser under the Advisers Act. Subject to the overall supervision of our board of directors, our investment adviser manages the day-to-day operations of, and provides investment advisory and management services to, Ares Capital. Under the terms of the investment advisory and management agreement, our investment adviser:

 • determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;

 • identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies);

 • closes and monitors the investments we make;

 • determines the investments and other assets that we purchase, retain or sell; and

 • provides us with such other investment advisory and research and related services as we may from time to time reasonably require, which may include, among other things, the determination of the fair value of debt and equity securities that are not publicly traded or whose market prices are not readily available, subject to the overall supervision of our board of directors.

 Ares Capital Management's services to us under the investment advisory and management agreement are not exclusive, and it is free to furnish similar services to other entities. Similarly, our investment adviser or its affiliates may directly or indirectly manage funds or other investment vehicles with an investment objective similar to ours, including other Ares funds such as Ares Strategic Income Fund ("ASIF"), a non-traded BDC managed by our investment adviser. Accordingly, we may compete with these Ares funds or other investment vehicles managed by our investment adviser and its affiliates for capital and investment opportunities. Ares Capital Management endeavors to allocate investment opportunities in a fair and equitable manner, and in any event consistent with any fiduciary duties owed to Ares Capital. Nevertheless, it is possible that we may not be given the opportunity to participate in certain investments made by investment funds or other investment vehicles managed by our investment adviser or its affiliates. See "Risk Factors—Risks Relating to Our Business—There are significant potential conflicts of interest that could impact our investment returns."

 Pursuant to the investment advisory and management agreement and subject to the overall supervision of our board of directors, our investment adviser provides investment advisory and management services to us. For providing these services, our investment adviser receives fees from us consisting of a base management fee, an income based fee and a capital gains incentive fee.
 Base Management Fee
 Effective June 21, 2019, in connection with our board of directors' approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150%, the investment advisory and management agreement was amended to reduce our annual base management fee rate from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt to equity. For all assets financed using leverage up to 1.0x debt to equity, the annual base management fee rate remains at 1.5%. The base management fee is based on the average value of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed calendar quarters and is calculated by applying the applicable fee rate. The base management fee is payable quarterly in arrears.
 Income Based Fee
 The income based fee is calculated and payable quarterly in arrears based on our pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the administration agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the income based fee and capital gains incentive fee accrued under U.S. generally accepted accounting principles ("GAAP")). Pre-incentive fee net investment income includes, in the case of investments with a deferred income feature (such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that we have not yet received in cash. Our investment adviser is not under any obligation to reimburse us for any part of the income based fees it received that were based on accrued income that we never actually received. See "Risk Factors—Risks Relating to Our Business—There are significant potential conflicts of interest that could impact our investment returns." and "Risk Factors—Risks Relating to Our Business—We may be obligated to pay our investment adviser certain fees even if we incur a loss."
 Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation, unrealized capital depreciation or income tax expense related to realized gains and losses. Because of the structure of the income based fee, it is possible that we may pay such fees in a quarter where we incur a loss. For example, if we earn pre-incentive fee net investment income in excess of the hurdle rate for a quarter, we will pay the applicable income based fee even if we have incurred a loss in that quarter due to realized and/or unrealized capital losses.
 Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed "hurdle rate" of 1.75% per quarter. If market credit spreads rise, we may be able to invest our funds in debt instruments that provide for a higher return, which may increase our pre-incentive fee net investment income and make it easier for our investment adviser to surpass the fixed hurdle rate and receive an income based fee based on such net investment income. To the extent we have retained pre-incentive fee net investment income that has been used to calculate the income based fee, it is also included in the amount of our total assets (other than cash and cash equivalents but including assets purchased with borrowed funds) used to calculate the base management fee.
 We pay our investment adviser an income based fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:
 • No income based fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate;

 •100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any calendar quarter. We refer to this portion of our pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 2.1875%) as the "catch-up" provision. The "catch-up" is meant to provide our investment adviser with 20% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeded 2.1875% in any calendar quarter; and

 •20% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875% in any calendar quarter.

 The following is a graphical representation of the calculation of the income based fee:
 Quarterly Income Based Fee Based on Net Investment Income

 Pre-incentive fee net investment income return
 (expressed as a percentage of the value of net assets)

 Percentage of pre-incentive fee net investment income
 allocated to income based fee

 These calculations are adjusted for any share issuances or repurchases during the quarter.

 Capital Gains Incentive Fee

 The capital gains incentive fee is determined and payable in arrears as of the end of each calendar year (or, upon termination of our investment advisory and management agreement, as of the termination date) and is calculated at the end of each applicable year by subtracting (a) the sum of our cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (b) our cumulative aggregate realized capital gains, in each case calculated from October 8, 2004, (the date we completed our IPO). Realized capital gains and losses include gains and losses on investments and foreign currencies, gains and losses on extinguishment of debt and from other assets, as well as any income tax and other expenses related to cumulative aggregate realized gains and losses. If such amount is positive at the end of such year, then the capital gains incentive fee for such year is equal to 20% of such amount, less the aggregate amount of capital gains incentive fees paid in all prior years. If such amount is negative, then there is no capital gains incentive fee for such year.

 The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in our portfolio when sold and (b) the accreted or amortized cost basis of such investment.
 The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in our portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
 The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in our portfolio as of the applicable capital gains incentive fee calculation date and (b) the accreted or amortized cost basis of such investment.
 Notwithstanding the foregoing, if we are required by GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment by us (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the capital gains incentive fee, the "accreted or amortized cost basis" of an investment shall be an amount (the "Contractual Cost Basis") equal to (1) (x) the actual amount paid by us for such investment plus (y) any amounts recorded in our financial statements as required by GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in our financial statements, including PIK interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in our financial statements as required by GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition.
 We defer cash payment of any income based fee and the capital gains incentive fee otherwise earned by our investment adviser if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to our stockholders and (b) the change in net assets (defined as total assets less

 indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) is less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. Any deferred income based fees and capital gains incentive fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under our investment advisory and management agreement.
 Payment of Our Expenses

 The services of all investment professionals and staff of our investment adviser, when and to the extent engaged in providing investment advisory and management services to us and compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by our investment adviser. Under the investment advisory and management agreement, we bear all other costs and expenses of our operations and transactions, including, but not limited to, those relating to: organization; calculation of our net asset value (including, but not limited to, the cost and expenses of any independent valuation firm); expenses incurred by our investment adviser payable to third parties, including agents, consultants or other advisers, in monitoring our financial and legal affairs and in monitoring our investments (including the cost of consultants hired to develop information technology systems designed to monitor our investments) and performing due diligence on our prospective portfolio companies; interest payable on indebtedness, if any, incurred to finance our investments (including, but not limited to, payments to third party vendors for financial information services); offerings of our common stock and other securities (including, but not limited to, costs of rating agencies); investment advisory and management fees; administration fees payable under the administration agreement; fees payable to third parties, including agents, attorneys, consultants or other advisers, relating to, or associated with, evaluating, negotiating with and making investments in portfolio companies, regardless of whether such transactions are ultimately consummated (including, but not limited to, payments to third party vendors for financial information services); transfer agent and custodial fees; registration fees; listing fees; taxes; independent directors' fees and expenses; costs of preparing and filing reports or other documents required by governmental bodies (including the SEC); the costs of any reports, proxy statements or other notices to stockholders, including printing costs; to the extent we are covered by any joint insurance policies, our allocable portion of the insurance premiums for such policies; direct costs and expenses of administration, including auditor and legal costs; and all other expenses incurred by us or our administrator in connection with administering our business as described in more detail under "—Administration Agreement" below.

 Duration, Termination and Amendment

 At an in-person meeting of our board of directors on May 17, 2023, our board of directors, including a majority of the directors who are not "interested persons" of the Company as defined in the Investment Company Act, voted to approve the continuation of our investment advisory and management agreement, which extended the terms of the agreement until June 6, 2024.

 Unless terminated earlier, our investment advisory and management agreement will renew for successive annual periods if approved annually by our board of directors or by the affirmative vote of the holders of a majority of our outstanding voting securities, and, in either case, approval by a majority of our directors who are not "interested persons" of the Company (as defined in the Investment Company Act). Our investment advisory and management agreement will automatically terminate in the event of its assignment (as defined in the Investment Company Act). The investment advisory and management agreement may be terminated by either party without penalty upon 60 days' written notice to the other party.

 In voting to approve the investment advisory and management agreement, our independent directors consulted in executive session with their independent legal counsel regarding the approval of such agreement. In reaching a decision to approve the investment advisory and management agreement, our board of directors reviewed a significant amount of information and considered, among other things:

 (i) the nature, extent and quality of the services provided to the Company by our investment adviser;

 (ii) the advisory fees paid by the Company under the investment advisory and management agreement as compared to the advisory fees paid by other funds and accounts managed by our investment adviser with similar investment strategies as well as the fees and expenses of comparable BDCs;

 (iii) the long- and short-term investment performance of the Company and our investment adviser;

 (iv) the costs of the services provided by our investment adviser (including the base management fee, the income based fee and the capital gains incentive fee (including the applicable hurdle rates and conditions for the

 deferral of fee payments) and expense ratios) under the investment advisory and management agreement and comparative data based on publicly available information;

 (v) the potential for, and sharing of, economies of scale in investment management given the directly originated nature of the Company's investment portfolio and resources dedicated by our investment adviser thereto;

 (vi) our investment adviser's pro forma profitability with respect to managing the Company based on financial information provided by our investment adviser;

 (vii) additional benefits to be derived by our investment adviser and its affiliates as a result of our relationship with our investment adviser; and

 (viii) various other matters, including the alignment of interests with our stockholders.

 In voting to approve the investment advisory and management agreement, our board of directors, including all of the directors who are not "interested persons," of the Company, made the following conclusions:

 • Nature, Extent and Quality of Services. Our board of directors considered the nature, extent and quality of the investment selection process employed by our investment adviser, including the flow of transaction opportunities resulting from Ares Capital Management's investment professionals' significant capital markets, trading and research expertise, the employment of Ares Capital Management's investment philosophy, diligence procedures, credit recommendation process, investment structuring, and ongoing relationships with and monitoring of portfolio companies, in light of the investment objective of the Company. Our board of directors also considered our investment adviser's personnel and their prior experience in connection with the types of investments made by us, including such personnel's network of relationships with intermediaries focused on U.S. middle-market companies and other companies in which we may make investments. Our board of directors also considered the benefit and increasing costs of our investment adviser continuing to be able to recruit and retain top talent. In addition, our board of directors considered the other terms and conditions of the investment advisory and management agreement, including that the substantive terms of the investment advisory and management agreement (other than the fees payable thereunder, which our board of directors reviewed separately) are generally the same as those of comparable BDCs described in the available market data and that it would be difficult to obtain similar services of similar quality on a comparable basis from other third party service providers or through an internally managed structure. In addition, our board of directors considered the fact that we have the ability to terminate the investment advisory and management agreement without penalty upon 60 days' written notice to our investment adviser. Our board of directors further determined that our investment adviser is served by a dedicated origination, transaction development and investment team of investment professionals, and that these investment professionals have historically focused on investments in U.S. middle-market companies and other companies in which we may make investments, which experience and relationships coincide with our investment objective and generally equal or exceed those of the management teams or investment advisers of other comparable BDCs described in the available market data.

 • Investment Performance. Our board of directors reviewed the long-term and short-term investment performance of the Company and our investment adviser, as well as comparative data based on publicly available information with respect to the long-term and short-term investment performance of other externally managed BDCs and their investment advisers. Our board of directors noted the longevity and consistency of the Company's investment performance and determined that our investment adviser was delivering results consistent with the investment objective of the Company and that the Company's investment performance was generally above average when compared to comparable BDCs, including based on one, three and five year time periods. Our board of directors further determined that in light of the performance history of the Company, our investment adviser's extensive experience with our particular investment objective and policies and our investment adviser's commitment to the Company, our investment adviser was well-positioned to manage our investment performance, including through volatile market conditions caused by inflationary pressures, with the approval of the investment advisory and management agreement.

 • Costs of the Services Provided to the Company. Our board of directors considered (i) comparative data based on publicly available information with respect to services rendered and the advisory fees (including the base management fee, income based fee and capital gains incentive fee or similar fees (including applicable hurdle rates, other payment conditions and/or fee waivers)) of other BDCs with a similar investment objective, our operating expenses and expense ratios compared to other BDCs of similar size and with a similar investment

 objective and (ii) the administrative services that our administrator will provide to us at cost. Further, our board of directors considered comparative information with respect to the advisory fees paid by the Company as compared to the advisory fees paid by other funds and accounts managed by our investment adviser with similar investment strategies, and considered the rationale for the differences in fees, including, but not limited to, differences in investment objective and investment strategies as well as the regulated nature of the Company.

 • Economies of Scale. Our board of directors considered information about the potential for our stockholders to experience economies of scale as we grow in size.

 In view of the wide variety of material factors that our board of directors considered in connection with its evaluation of the investment advisory and management agreement, it is not practical to quantify, rank or otherwise assign relative weights to the specific factors it considered in reaching its decision. Our board of directors did not undertake to make any specific determination as to whether any particular factor, or any aspect of any particular factor, was favorable or unfavorable to the ultimate determination of our board of directors. Rather, our board of directors based its approval on the totality of information presented to, and the investigation conducted by, it. In considering the factors discussed above, individual directors may have given different weights to different factors.

 Based on the information reviewed and the factors discussed above, our directors (including those directors who are not "interested persons" of the Company) concluded that the terms of the investment advisory and management agreement, including the fee rates thereunder, are fair and reasonable in relation to the services provided and approved the investment advisory and management agreement as being in the best interests of the Company and its stockholders.

 Conflicts of interest may arise if our investment adviser seeks to change the terms of our investment advisory and management agreement, including, for example, the amount of the base management fee, the income based fee, the capital gains incentive fee or other compensation terms. Material amendments to our investment advisory and management agreement must be approved by the affirmative vote of the holders of a majority of our outstanding voting securities and by a majority of our independent directors, and we may from time to time decide it is appropriate to seek the requisite approval to change the terms of the agreement.

 Indemnification

 The investment advisory and management agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, our investment adviser, its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other persons affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of our investment adviser's services under the investment advisory and management agreement or otherwise as our investment adviser.

 Organization of our Investment Adviser

 Our investment adviser is a Delaware limited liability company that is registered as an investment adviser under the Advisers Act. The principal executive offices of Ares Capital Management are located at 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067.

 ADMINISTRATION AGREEMENT

 We are also party to an administration agreement, referred to herein as the "administration agreement", with our administrator, Ares Operations. Our board of directors approved the continuation of our administration agreement on May 17, 2023, which extended the term of the agreement until June 1, 2024. Pursuant to the administration agreement, Ares Operations furnishes us with office equipment and clerical, bookkeeping and record keeping services at our office facilities. Under the administration agreement, Ares Operations also performs, or oversees the performance of, our required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial records that we are required to maintain and preparing reports to our stockholders and reports filed with the SEC. In addition, Ares Operations assists us in determining and publishing our net asset value, assists us in providing managerial assistance to our portfolio companies, oversees the preparation and filing of our tax returns and the printing and dissemination of reports to our stockholders, and generally oversees the payment of our expenses and the performance of administrative and professional services rendered to us by others. Payments under the administration agreement are equal to an amount based upon our allocable portion of Ares Operations' overhead and other expenses (including travel expenses) incurred by Ares Operations in performing its obligations under the administration agreement, including our

 allocable portion of the compensation, rent and other expenses of certain of our officers (including our chief compliance officer, chief financial officer, chief accounting officer, general counsel, secretary, treasurer and assistant treasurer) and their respective staffs. The administration agreement may be terminated by either party without penalty upon 60 days' written notice to the other party.

 For the year ended December 31, 2023, we incurred $ 13 million in administrative fees. As of December 31, 2023, $4 million of the administrative fees were unpaid and included in "accounts payable and other liabilities" in the accompanying consolidated balance sheets.

 Indemnification

 The administration agreement provides that, absent willful misfeasance, bad faith or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, Ares Operations, its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other persons or entities affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of Ares Operations' services under the administration agreement or otherwise as our administrator.

 LICENSE AGREEMENT

 Ares Management LLC, the sole member of Ares Capital Management, has granted us a non exclusive, royalty free license to use the name "Ares" pursuant to a license agreement. Under this agreement, we will have a right to use the Ares name for so long as Ares Capital Management remains our investment adviser. Other than with respect to this limited license, we have no legal right to the "Ares" name.

 LEVERAGE

 We may from time to time borrow funds to make investments, a practice known as "leverage," to attempt to increase returns to our stockholders. With certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, as calculated in accordance with the Investment Company Act, equals at least 150% after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

 The amount of leverage that we employ at any particular time will depend on our investment adviser's and our board of directors' assessments of market and other factors at the time of any proposed borrowing. As of February 1, 2024, we had $12.1 billion in total aggregate principal amount of debt outstanding under the various debt instruments. See "Risk Factors—Risks Relating to Our Business—We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us." For more information on our debt, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources" as well as Notes 5 and 15 to our consolidated financial statements for the year ended December 31, 2023.

 We may from time to time seek to retire or repurchase our common stock through cash purchases, as well as retire, cancel or purchase our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. The amounts involved may be material.

 REGULATION

 We have elected to be regulated as a BDC under the Investment Company Act and have elected to be treated as a RIC under the Code. As with other companies regulated by the Investment Company Act, a BDC must adhere to certain substantive regulatory requirements. The Investment Company Act contains prohibitions and restrictions relating to certain transactions between BDCs and certain affiliates (including any investment advisers or sub-advisers), principal underwriters and certain affiliates of those affiliates or underwriters. Among other things, we generally cannot co-invest in any portfolio company in which a fund managed by Ares or any of its downstream affiliates other than us and our downstream affiliates) is also co-investing. We, our investment adviser and certain of our affiliates have received the Co-Investment Exemptive Order from the SEC that permits us and other BDCs and registered closed-end management investment companies managed by Ares to co-invest in portfolio companies with each other and with affiliated investment funds. Co-investments made under the Co-Investment Exemptive Order are subject to compliance with certain conditions and other requirements, which could limit our ability to participate in co-investment transactions. We may also otherwise co-invest with funds managed by Ares or any of its

 downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and our investment adviser's allocation policy.

 The Investment Company Act contains certain restrictions on certain types of investments we may make. Specifically, we may only invest up to 30% of our portfolio in entities that are not considered "eligible portfolio companies" (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act.

 The Investment Company Act also requires that a majority of our directors be persons other than "interested persons," as that term is defined in Section 2(a)(19) of the Investment Company Act, referred to herein as "independent directors." In addition, the Investment Company Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless that change is approved by holders of at least a majority of our outstanding voting securities. Under the Investment Company Act, the vote of holders of at least a "majority of outstanding voting securities" means the vote of the holders of the lesser of: (a) 67% or more of the outstanding shares of our common stock present at a meeting or represented by proxy if holders of more than 50% of the shares of our common stock are present or represented by proxy or (b) more than 50% of the outstanding shares of our common stock.

 Under the Investment Company Act, we are generally not able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the current net asset value per share of our common stock if our board of directors determines that such sale is in our best interests and the best interests of our stockholders, and our stockholders approve such sale. Pursuant to approval granted at a special meeting of stockholders held on August 8, 2023, we currently are permitted to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations that must be made by our board of directors. Such stockholder approval expires on August 8, 2024. See "Risk Factors—Risks Relating to Our Business—Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital."

 We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. Our intention is to not write (sell) or buy put or call options to manage risks associated with the publicly traded securities of our portfolio companies. We may enter into hedging transactions to manage the risks associated with interest rate and currency fluctuations. We may purchase or otherwise receive warrants or options to purchase the common stock of our portfolio companies in connection with acquisition financings or other investments. In connection with such an acquisition, we may acquire rights to require the issuers of acquired securities or their affiliates to repurchase them under certain circumstances.

 We also do not intend to acquire securities issued by any investment company that exceed the limits imposed by the Investment Company Act. Under these limits, we generally cannot acquire more than 3% of the voting stock of any investment company (as defined in the Investment Company Act), invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the value of our total assets in the securities of investment companies in the aggregate unless certain conditions are met. With regard to that portion of our portfolio invested in securities issued by investment companies, it should be noted that such investments might subject our stockholders to additional expenses.

 We are currently allowed to borrow amounts or issue debt securities or preferred stock, which we refer to collectively as "senior securities," such that our asset coverage, as calculated pursuant to the Investment Company Act, equals at least 150% immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). See "Risk Factors—Risks Relating to Our Business—Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital."

 PRIVACY PRINCIPLES

 We endeavor to maintain the privacy of our recordholders and to safeguard their non-public personal information. The following information is provided to help our recordholders understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

 Generally, we will not receive any non-public personal information about recordholders of our common stock, although certain of our recordholders' non-public information may become available to us. The non-public personal information that we may receive falls into the following categories:

 • information we receive from recordholders, whether we receive it orally, in writing or electronically. This includes recordholders' communications to us concerning their investment;

 • information about recordholders' transactions and history with us; and

 • other general information that we may obtain about recordholders, such as demographic and contact information such as address.

 We disclose non-public personal information about recordholders:

 • to our affiliates (such as our investment adviser and administrator) and their employees for everyday business purposes;

 • to our service providers (such as our accountants, attorneys, custodians, transfer agent, underwriters and proxy solicitors) and their employees, as is necessary to service recordholder accounts or otherwise provide the applicable service;

 • to comply with court orders, subpoenas, lawful discovery requests or other legal or regulatory requirements; or

 • as allowed or required by applicable law or regulation.

 When we share non-public recordholder personal information referred to above, the information is made available for limited business purposes and under controlled circumstances designed to protect our recordholders' privacy. We do not permit use of recordholder information for any non-business or marketing purpose, nor do we permit third parties to rent, sell, trade or otherwise release or disclose information to any other party.

 Our service providers, such as our investment adviser, administrator and transfer agent, are required to maintain physical, electronic, and procedural safeguards to protect recordholder non-public personal information, to prevent unauthorized access or use and to dispose of such information when it is no longer required.

 Personnel of affiliates may access recordholder information only for business purposes. The degree of access is based on the sensitivity of the information and on personnel need for the information to service a recordholder's account or comply with legal requirements.

 If a recordholder ceases to be a recordholder, we will adhere to the privacy policies and practices as described above. We may choose to modify our privacy policies at any time. Before we do so, we will notify recordholders and provide a description of our privacy policy.

 In the event of a corporate change in control resulting from, for example, a sale to, or merger with, another entity, or in the event of a sale of assets, we reserve the right to transfer non-public personal information of holders of our securities to the new party in control or the party acquiring assets.

 AVAILABLE INFORMATION

 We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). This information is available free of charge by calling us collect at (310) 201-4200 or on our website at www.arescapitalcorp.com. Information contained on our website is not incorporated into this Annual Report and you should not consider such information to be part of this Annual Report. Such information is also available from the EDGAR database on the SEC's website at

 Item 1A. Risk Factors

 RISK FACTORS

 You should carefully consider the risk factors described below, together with all of the other information included in this Annual Report, including our consolidated financial statements and the related notes thereto, before you decide whether to make an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the following events occur, our business, financial condition and results of operations could be materially adversely affected. In such case, the net asset value of our common stock and the trading price, if any, of our securities could decline, and you may lose all or part of your investment.

 RISK FACTOR SUMMARY

 The following is a summary of the principal risks that you should carefully consider before investing in our securities.

 • The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business and operations.

 • Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.

 • A failure on our part to maintain our status as a BDC may significantly reduce our operating flexibility and a failure to maintain our status as a RIC may subject us to additional corporate-level income taxes and reduce earnings available from which to pay dividends.

 • We are dependent upon certain key systems and personnel of Ares for our success and upon their access to other Ares investment professionals.

 • We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

 • We operate in a highly competitive market for investment opportunities.

 • Our ability to enter into transactions with our affiliates is restricted.

 • There are significant potential conflicts of interest that could impact our investment returns.

 • Most of our portfolio investments are not publicly traded and, as a result, the fair value of these investments may not be readily determinable. Additionally, to the extent that we need liquidity and need to sell assets, the lack of liquidity in our investments may adversely affect our business.

 • Our financial condition and results of operations could be negatively affected if a significant investment fails to perform as expected.

 • Declines in market prices and liquidity in the corporate debt markets can result in significant net unrealized depreciation of our portfolio, which in turn would reduce our net asset value.

 • Economic recessions or downturns could impair our portfolio companies and harm our operating results.

 • Our investments, which are primarily in middle-market companies, may be risky and we could lose all or part of our investment.

 • Our portfolio companies may be highly leveraged.

 • Our shares of common stock may trade at a price above or below net asset value. If our common stock trades at a discount to net asset value, our ability to raise capital may be limited.

 • Our ability to grow depends on our ability to raise capital.

 • Our asset coverage requirement is 150%, which may increase the risk of investing in us.

 • We and our portfolio companies and service providers may be subject to cybersecurity risks and our business could be adversely affected by changes to data protection laws and regulations.

 RISKS RELATING TO OUR BUSINESS

 The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.

 From time to time, capital markets may experience periods of disruption and instability. Such disruptions may result in, amongst other things, write-offs, the re-pricing of credit risk, the failure of financial institutions or worsening general economic conditions, any of which could materially and adversely impact the broader financial and credit markets and reduce the availability of debt and equity capital for the market as a whole and financial services firms in particular. There can be no assurance these market conditions will not occur or worsen in the future, including as a result of the Russia-Ukraine war and more recently the Israel-Hamas war, health epidemics and pandemics, rising interest rates or renewed inflationary pressure.

 Equity capital may be difficult to raise during such periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than net asset value without first obtaining approval for such issuance from our stockholders and our independent directors. We generally seek approval from our stockholders so that we have the flexibility to issue up to 25% of our then outstanding shares of our common stock at a price below net asset value. Pursuant to approval granted at a special meeting of stockholders held on August 8, 2023, we are permitted to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations that must be made by our board of directors. Such stockholder approval expires on August 8, 2024.

 Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. Such conditions could make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that we have raised over the last year has been at higher rates than we have raised debt at in the past due to the higher interest rate environment we have been experiencing. The debt capital that will be available to us in the future, if at all, may continue to be at a higher cost, including as a result of the current interest rate environment, and on less favorable terms and conditions than what we have historically experienced. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies.

 Significant disruption or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant disruption or volatility in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations.

 We are exposed to risks associated with changes in interest rates, including the current rising interest rate environment.

 General interest rate fluctuations may have a negative impact on our investments and our investment returns and, accordingly, may have a material adverse effect on our investment objective and our net investment income.

 In an effort to combat inflation, the U.S. Federal Reserve ("Federal Reserve") increased the federal funds rate in 2023. Although the Federal Reserve left its benchmark rates steady in the fourth quarter of 2023, it has indicated that additional rate increases in the future may be necessary to mitigate inflationary pressures and there can be no assurance that the Federal Reserve will not make upwards adjustments to the federal funds rate in the future. However, there are reports that the Federal Reserve may begin to cut the benchmark rates in 2024. Because we borrow money and may issue debt securities or preferred stock to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds or pay interest or dividends on such debt securities or preferred stock and the rate at which we invest these funds. In this

 period of rising interest rates, our interest income will increase as the majority of our portfolio bears interest at variable rates while our cost of funds will also increase, to a lesser extent, given the majority of our indebtedness bears interest at fixed rates, with the net impact being an increase to our net investment income, see "Item 7A. Qualitative and Quantitative Disclosures About Market Risk." Conversely, if interest rates decrease, we may earn less interest income from investments and our cost of funds will also decrease, to a lesser extent, resulting in lower net investment income. From time to time, we may also enter into certain hedging transactions to mitigate our exposure to changes in interest rates. We have entered into certain hedging transactions, such as interest rate swap agreements, to mitigate our exposure to adverse fluctuations in interest rates, and we may do so again in the future. However, we cannot assure you that such transactions will be successful in mitigating our exposure to interest rate risk. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

 Our portfolio primarily consists of floating rate investments as opposed to fixed rate investments. Market prices tend to fluctuate more for fixed-rate securities that have longer maturities. Although we have no policy governing the maturities of our investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to 10 years. Market prices for debt that pays a fixed rate of return tend to decline as interest rates rise. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term, fixed-rate securities. Market prices for floating rate investments may also fluctuate in rising rate environments with prices tending to decline when credit spreads widen. A decline in the prices of the debt we own could adversely affect our net assets resulting from operations and the market price of our common stock.

 Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to us. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to pay dividends at a level that provides a similar return, which could reduce the value of our common stock.

 Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.

 Certain of our portfolio companies are in industries that have been impacted by inflation. Although the U.S. inflation rate has decreased in the fourth quarter, it remains well above the historic levels over the past several decades. Such inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies' operations. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations. Additionally, the Federal Reserve has raised certain benchmark interest rates in an effort to combat inflation. See "—We are exposed to risks associated with changes in interest rates, including the current rising interest rate environment."

 A failure on our part to maintain our status as a BDC may significantly reduce our operating flexibility.

 If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the Investment Company Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under our outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations.

 We are dependent upon certain key personnel of Ares for our future success and upon their access to other Ares investment professionals.

 We depend on the diligence, skill, judgment, network of business contacts and personal reputations of certain key personnel of the Ares Credit Group and our future success depends on their continued service. We also depend, to a significant extent, on access to the investment professionals of other groups within Ares, the information and deal flow generated by Ares' investment professionals in the course of their investment and portfolio management activities, as well as the support of senior business operations professionals of Ares.

 The departure or misconduct of any of these individuals, or of a significant number of the investment professionals or partners of Ares, could have a material adverse effect on our business, financial condition or results of operations. In addition,

 we cannot assure you that Ares Capital Management will remain our investment adviser or that we will continue to have access to Ares' investment professionals or its information and deal flow. Further, there can be no assurance that Ares Capital will replicate its own or Ares' historical success, and we caution you that our investment returns could be substantially lower than the returns achieved by other Ares funds.

 Our financial condition and results of operations depend on our ability to manage future growth effectively.

 Our ability to achieve our investment objective depends on our ability to acquire suitable investments and monitor and administer those investments, which depends, in turn, on our investment adviser's ability to identify, invest in and monitor companies that meet our investment criteria.

 Accomplishing this result on a cost-effective basis is largely a function of the structuring of our investment process and the ability of our investment adviser to provide competent, attentive and efficient services to us. Our executive officers and the members of our investment adviser's investment committee have substantial responsibilities in connection with their roles at Ares and with other Ares funds as well as responsibilities under the investment advisory and management agreement. They may also be called upon to provide significant managerial assistance to certain of our portfolio companies. These demands on their time, which will increase as the number of investments grow, may distract them or slow the rate of investment. In order for us to grow, Ares will need to hire, train, supervise, manage and retain new employees. However, we cannot assure you that Ares will be able to do so effectively. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

 Our ability to grow depends on our ability to raise capital.

 We will need to periodically access the capital markets to raise cash to fund new investments in excess of our repayments, and we may also need to access the capital markets to refinance existing debt obligations to the extent such maturing obligations are not repaid with availability under our revolving credit facilities, which includes the Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility (the "Facilities") or cash flows from operations. We have elected to be treated as a RIC and operate in a manner so as to qualify for the U.S. federal income tax treatment applicable to RICs. Among other things, in order to maintain our RIC status, we must distribute to our stockholders on a timely basis generally an amount equal to at least 90% of our investment company taxable income, and, as a result, such distributions will not be available to fund investment originations or repay maturing debt. We must continue to borrow from financial institutions and issue additional securities to fund our growth. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or could result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets may limit our ability to refinance our existing debt obligations as they come due and/or to fully execute our business strategy and could limit our ability to grow or cause us to have to shrink the size of our business, which could decrease our earnings, if any. See "—The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations."

 In addition, we are currently allowed to borrow amounts or issue debt securities or preferred stock, which we refer to collectively as "senior securities," such that our asset coverage, as calculated pursuant to the Investment Company Act, equals at least 150% immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). Such requirement, in certain circumstances, may restrict our ability to borrow or issue debt securities or preferred stock. The amount of leverage that we employ will depend on our investment adviser's and our board of directors' assessments of market and other factors at the time of any proposed borrowing or issuance of senior securities. We cannot assure you that we will be able to maintain or increase the amount available to us under our current Facilities, obtain other lines of credit or issue senior securities at all or on terms acceptable to us.
 Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.

 We may issue senior securities or borrow money from banks or other financial institutions, up to the maximum amount permitted by the Investment Company Act. As a BDC, we are currently permitted to incur indebtedness or issue senior securities only in amounts such that our asset coverage, as calculated pursuant to the Investment Company Act, equals at least 150% after each such incurrence or issuance (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). If the value of our assets declines, we may be unable to satisfy this test, which may prohibit us from paying dividends and could prevent us from maintaining our status as a RIC or may prohibit us from repurchasing shares of our common stock. In addition, our inability to satisfy this test could cause an event of default under our existing indebtedness. If we cannot satisfy this test, we may be required to sell a portion of our

 investments at a time when such sales may be disadvantageous and, depending on the nature of our leverage, repay a portion of our indebtedness. Accordingly, any failure to satisfy this test could have a material adverse effect on our business, financial condition or results of operations. As of December 31, 2023, our asset coverage calculated in accordance with the Investment Company Act was 194 %. Also, to generate cash for funding new investments, we may in the future seek to issue additional debt or to securitize certain of our loans. The Investment Company Act may impose restrictions on the structure of any such securitization.

 We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the current net asset value per share of our common stock if our board of directors determines that such sale is in our best interests and the best interests of our stockholders, and our stockholders approve such sale. Any such sale would be dilutive to the net asset value per share of our common stock. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our board of directors, closely approximates the market value of such securities (less any commission or discount). If our common stock trades at a discount to net asset value, this restriction could adversely affect our ability to raise capital.

 Pursuant to approval granted at a special meeting of stockholders held on August 8, 2023, we are permitted to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations that must be made by our board of directors. Such stockholder approval expires on August 8, 2024.
 We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

 Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. We currently borrow under the Facilities and have issued or assumed other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Lenders and holders of such senior securities have fixed dollar claims on our consolidated assets that are superior to the claims of our common stockholders or any preferred stockholders. If the value of our consolidated assets increases, then leveraging would cause the net asset value per share of our common stock to increase more sharply than it would have had we not incurred leverage.

 Conversely, if the value of our consolidated assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not incurred leverage. Similarly, any increase in our consolidated income in excess of consolidated interest payable on the borrowed funds would cause our net income to increase more than it would had we not incurred leverage, while any decrease in our consolidated income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make common stock dividend payments. There can be no assurance that a leveraging strategy will be successful.

 As of December 31, 2023, we had approximately $3.3 billion of outstanding borrowings under the Facilities, approximately $403 million in aggregate principal amount of unsecured convertible notes that mature on March 1, 2024 (the "2024 Convertible Notes") and approximately $8.3 billion in aggregate principal amount outstanding of senior unsecured notes comprised of $900 million in aggregate principal amount of senior unsecured notes that mature on June 10, 2024 and bear interest at a rate of 4.200% (the "2024 Notes"), $600 million in aggregate principal amount of senior unsecured notes that mature on March 1, 2025 and bear interest at a rate of 4.250% (the "March 2025 Notes"), $1,250 million in aggregate principal amount of senior unsecured notes that mature on July 15, 2025 and bear interest at a rate of 3.250% (the "July 2025 Notes"), $1,150 million in aggregate principal amount of senior unsecured notes that mature on January 15, 2026 and bear interest at a rate of 3.875% (the "January 2026 Notes"), $1,000 million in aggregate principal amount of senior unsecured notes that mature on July 15, 2026 and bear interest at a rate of 2.150% (the "July 2026 Notes"), $900 million in aggregate principal amount of senior unsecured notes that mature on January 15, 2027 and bear interest at a rate of 7.000% (the "January 2027 Notes") which was swapped from a fixed rate to a floating rate of one-month SOFR plus 2.581% under the interest rate swap agreements, $500 million in aggregate principal amount of senior unsecured notes that mature on June 15, 2027 and bear interest at a rate of 2.875% (the "June 2027 Notes"), $1,250 million in aggregate principal amount of senior unsecured notes that mature on June 15, 2028 and bear interest at a rate of 2.875% (the "2028 Notes") and $700 million in aggregate principal amount of senior unsecured notes that mature on November 15, 2031 and bear interest at a rate of 3.200% (the "2031 Notes" and together with the 2024 Notes, the March 2025 Notes, the July 2025 Notes, the January 2026 Notes, the July 2026 Notes, the January 2027 Notes, the June 2027 Notes and the 2028 Notes, the "Unsecured Notes"). In order for us to cover our annual interest payments on our outstanding indebtedness at December 31, 2023, we must achieve annual returns on our December 31, 2023 total assets of at least 2.4%. The weighted average stated interest rate charged on our principal amount of outstanding indebtedness as of December 31, 2023 was 4.8 %. We intend to continue borrowing under the Facilities in the future and we may increase the size

 of the Facilities or issue additional debt securities or other evidences of indebtedness (although there can be no assurance that we will be successful in doing so). See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments," as well as Note 15 to our consolidated financial statements for the year ended December 31, 2023 for a subsequent event relating to an additional issuance of unsecured notes and the BNP Funding Facility. For more information on our indebtedness, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources." Our ability to service our debt depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ at any particular time will depend on our investment adviser's and our board of directors' assessments of market and other factors at the time of any proposed borrowing and is subject to our compliance with our asset coverage requirement following any such borrowing.

 The Facilities, the 2024 Convertible Notes and the Unsecured Notes impose financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC. A failure to renew the Facilities or to add new or replacement debt facilities or to issue additional debt securities or other evidences of indebtedness could have a material adverse effect on our business, financial condition and results of operations.

 The following table illustrates the effect on return to a holder of our common stock of the leverage created by our use of borrowing at the weighted average stated interest rate of 4.8 % as of December 31, 2023, together with (a) our total value of net assets as of December 31, 2023; (b) approximately $11.9 billion in aggregate principal amount of indebtedness outstanding as of December 31, 2023 and (c) hypothetical annual returns on our portfolio of minus 10% to plus 10%.

 Assumed Return on Portfolio (Net of Expenses)(1)
 -10.00
 %
 -5.00
 %
 —
 %
 5.00
 %
 10.00
 %

 Corresponding Return to Common Stockholders(2)
 - 26.36
 %
 - 15.74
 %
 - 5.12
 %
 5.51
 %
 16.13
 %

 (1)The assumed portfolio return is required by SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. Actual returns may be greater or less than those appearing in the table. Pursuant to SEC regulations, this table is calculated as of December 31, 2023. As a result, it has not been updated to take into account any changes in assets or leverage since December 31, 2023.

 (2)In order to compute the "Corresponding Return to Common Stockholders," the "Assumed Return on Portfolio" is multiplied by the total value of our assets at December 31, 2023 to obtain an assumed return to us. From this amount, the interest expense (calculated by multiplying the weighted average stated interest rate of 4.8 % by the approximately $11.9 billion of principal debt outstanding as of December 31, 2023) is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets as of December 31, 2023 to determine the "Corresponding Return to Common Stockholders."

 In addition to regulatory requirements that restrict our ability to raise capital, the Facilities, the 2024 Convertible Notes and the Unsecured Notes contain various covenants that, if not complied with, could accelerate repayment under the Facilities, the 2024 Convertible Notes and the Unsecured Notes, thereby materially and adversely affecting our liquidity, financial condition and results of operations.
 The agreements governing the Facilities, the 2024 Convertible Notes and the Unsecured Notes require us to comply with certain financial and operational covenants. These covenants may include, among other things:

 • restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets;

 • restrictions on our ability to incur liens; and

 • maintenance of a minimum level of stockholders' equity.

 As of the date of this Annual Report, we are in compliance in all material respects with the covenants of the Facilities, the 2024 Convertible Notes and the Unsecured Notes. However, our continued compliance with these covenants depends on many factors, some of which are beyond our control. For example, depending on the condition of the public debt and equity markets and pricing levels, unrealized depreciation in our portfolio may increase in the future. Any such increase could result in

 our inability to comply with our obligation to restrict the level of indebtedness that we are able to incur in relation to the value of our assets or to maintain a minimum level of stockholders' equity.

 Accordingly, although we believe we will continue to be in compliance, there are no assurances that we will continue to comply with the covenants in the Facilities, the 2024 Convertible Notes and the Unsecured Notes. Failure to comply with these covenants could result in a default under the Facilities, the 2024 Convertible Notes or the Unsecured Notes, that, if we were unable to obtain a waiver from the lenders or holders of such indebtedness, as applicable, such lenders or holders could accelerate repayment under such indebtedness and thereby have a material adverse impact on our business, financial condition and results of operations.

 We operate in a highly competitive market for investment opportunities.

 A number of entities compete with us to make the types of investments that we make in middle-market companies. We compete with other BDCs, public and private funds, commercial and investment banks, commercial financing companies, insurance companies, hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. Some of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. Some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than we do. Furthermore, many of our competitors are not subject to the regulatory restrictions that the Investment Company Act imposes on us as a BDC and that the Code imposes on us as a RIC. In addition, new competitors frequently enter the financing markets in which we operate. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to pursue attractive investment opportunities from time to time.

 We do not seek to compete primarily based on the interest rates we offer and we believe that some of our competitors may make loans with interest rates that are comparable to or lower than the rates we offer. Rather, we compete with our competitors based on our existing investment platform, seasoned investment professionals, experience and focus on middle-market companies, disciplined investment philosophy, extensive industry focus and flexible transaction structuring. For a more detailed discussion of these competitive advantages, see "Item 1. Business—Competitive Advantages."

 We may lose investment opportunities if we do not match our competitors' pricing, terms and structure. The loss of such investment opportunities may limit our ability to grow or cause us to have to shrink the size of our portfolio, which could decrease our earnings. If we match our competitors' pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. As a result of operating in such a competitive environment, we may make investments that are on less favorable terms than what we may have originally anticipated, which may impact our return on these investments.

 Our ability to enter into transactions with our affiliates is restricted.

 As a BDC, we are prohibited under the Investment Company Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of our independent directors and, in some cases, of the SEC. Among other things, any person that, directly or indirectly, owns, controls or holds with the power to vote 5% or more of our outstanding voting securities is an affiliate of ours for the purposes of the Investment Company Act. We are generally prohibited from buying or selling any securities (other than our securities) from or to an affiliate. The Investment Company Act also prohibits us from participating in certain "joint" transactions with certain of our affiliates which could include investments in the same portfolio company (whether at the same or different times), without the prior approval of our independent directors and, in cases where the affiliate is presumed to control us (i.e., they own more than 25% of our voting securities), prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security (other than our securities) from or to any portfolio company of a fund managed by any affiliate of our investment adviser, or entering into joint arrangements, such as certain co-investments with these companies or funds, without the prior approval of the SEC, which may limit the scope of investment opportunities that may otherwise be available to us.

 We rely on the Co-Investment Exemptive Order granted to us, our investment adviser and certain of its affiliates by the SEC that allows us to engage in co-investment transactions with other affiliated funds managed by our investment adviser, subject to certain terms and conditions. However, while the terms of the Co-Investment Exemptive Order require that we be given the opportunity to participate in certain transactions originated by our investment adviser or its affiliates, we ultimately may not participate in those transactions. In addition, based on guidelines approved by our board of directors, we may not see

 certain transactions originated by our investment adviser or its affiliates. This also may limit the scope of investment opportunities that may otherwise be available to us.

 There are significant potential conflicts of interest that could impact our investment returns.

 Conflicts may arise in allocating and structuring investments, time, services, expenses or resources among the investment activities of Ares funds, Ares, other Ares-affiliated entities and the employees of Ares. Certain of our executive officers and directors, and members of the investment committee of our investment adviser, serve or may serve as officers, directors or principals of other entities, including other Ares funds. These officers and directors will devote such portion of their time to our affairs as is required for the performance of their duties, but they are not required to devote all of their time to us. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in our or our stockholders' best interests or may require them to devote time to services for other entities, which could interfere with the time available to provide services to us. Members of our investment adviser's investment committee may have significant responsibilities for other Ares funds. Similarly, although the professional staff of our investment adviser will devote as much time to the management of us as appropriate to enable our investment adviser to perform its duties in accordance with the investment advisory and management agreement, the investment professionals of our investment adviser may have conflicts in allocating their time and services among us, on the one hand, and investment vehicles managed by our investment adviser or one or more of its affiliates, on the other hand. These activities could be viewed as creating a conflict of interest insofar as the time and effort of the professional staff of our investment adviser and its officers and employees will not be devoted exclusively to our business but will instead be allocated between our business and the management of these other investment vehicles.

 In addition, certain Ares funds may have investment objectives that compete or overlap with, and may from time to time invest in asset classes similar to those targeted by, Ares Capital. Consequently, we, on the one hand, and these other entities, on the other hand, may from time to time pursue the same or similar capital and investment opportunities. Ares and our investment adviser endeavor to allocate investment opportunities in a fair and equitable manner, and in any event consistent with any fiduciary duties owed to Ares Capital. Nevertheless, it is possible that we may not be given the opportunity to participate in certain investments made by investment funds managed by investment managers affiliated with Ares (including our investment adviser) and, if given such opportunity, may not be allowed to participate in such investments without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. In addition, there may be conflicts in the allocation of investments among us and the funds managed by investment managers affiliated with Ares (including our investment adviser) or one or more of our controlled affiliates or among the funds they manage, including investments made pursuant to the Co-Investment Exemptive Order. Further, such other Ares funds may hold positions in portfolio companies in which Ares Capital has also invested. Such investments may raise potential conflicts of interest between Ares Capital and such other Ares funds, particularly if Ares Capital and such other Ares funds invest in different classes or types of securities or investments of the same underlying portfolio company. In that regard, actions may be taken by such other Ares funds that are adverse to Ares Capital's interests, including, but not limited to, during a restructuring, bankruptcy or other insolvency proceeding or similar matter occurring at the underlying portfolio company.

 We have from time to time sold assets to IHAM and certain of the IHAM Vehicles and, as part of our investment strategy, we may offer to sell additional assets to vehicles managed by one or more of our affiliates (including IHAM) or we may purchase assets from vehicles managed by one or more of our affiliates (including IHAM). In addition, vehicles managed by one or more of our affiliates (including IHAM) may offer assets to or may purchase assets from one another. While assets may be sold or purchased at prices that are consistent with those that could be obtained from third parties in the marketplace, and although these types of transactions generally require approval of one or more independent parties, there may be an inherent conflict of interest in such transactions between us and funds managed by one of our affiliates (including our investment adviser).

 We pay a base management fee, an income based fee and a capital gains incentive fee to our investment adviser, and reimburse our investment adviser for certain expenses it incurs. Ares, from time to time, incurs fees, costs, and expenses on behalf of more than one fund. To the extent such fees, costs, and expenses are incurred for the account or benefit of more than one fund, each such fund will typically bear an allocable portion of any such fees, costs, and expenses in proportion to the size of its investment in the activity or entity to which such expense relates (subject to the terms of each fund's governing documents) or in such other manner as Ares considers fair and equitable under the circumstances such as the relative fund size or capital available to be invested by such funds. Where a fund's governing documents do not permit the payment of a particular expense, Ares will generally pay such fund's allocable portion of such expense. In addition, investors in our common stock will invest on a gross basis and receive distributions on a net basis after expenses, resulting in, among other things, a lower rate of return than one might achieve if distributions were made on a gross basis.

 Our investment adviser's base management fee is based on a percentage of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) and, consequently, our investment adviser may have conflicts of interest in connection with decisions that could affect our total assets, such as decisions as to whether to incur indebtedness or to make future investments. We are currently allowed to borrow amounts subject to our compliance with our asset coverage requirement following any such borrowing. Accordingly, our investment adviser may have conflicts of interest in connection with decisions to use increased leverage permitted under our asset coverage requirement applicable to senior securities, as the incurrence of such additional indebtedness would result in an increase in the base management fees payable to our investment adviser and may also result in an increase in the income based fees and capital gains incentive fees payable to our investment adviser.

 The income based fees payable by us to our investment adviser that relate to our pre-incentive fee net investment income is computed and paid on income that may include interest that is accrued but not yet received in cash. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously used in the calculation of such fee will become uncollectible. Our investment adviser is not under any obligation to reimburse us for any part of the income based fees it received that were based on accrued interest that we never actually receive.

 Our investment advisory and management agreement renews for successive annual periods if approved by our board of directors or by the affirmative vote of the holders of a majority of our outstanding voting securities, including, in either case, approval by a majority of our directors who are not "interested persons" of us as defined in Section 2(a)(19) of the Investment Company Act. However, both we and our investment adviser have the right to terminate the agreement without penalty upon 60 days' written notice to the other party. Moreover, conflicts of interest may arise if our investment adviser seeks to change the terms of our investment advisory and management agreement, including, for example, the terms for compensation to our investment adviser. While any material change to the investment advisory and management agreement must be submitted to stockholders for approval under the Investment Company Act, we may from time to time decide it is appropriate to seek stockholder approval to change the terms of the agreement.

 We are party to an administration agreement with our administrator, Ares Operations, a subsidiary of Ares Management, pursuant to which our administrator furnishes us with administrative services and we pay our administrator at cost our allocable portion of overhead and other expenses (including travel expenses) incurred by our administrator in performing its obligations under our administration agreement, including our allocable portion of the compensation, rent, and other expenses of certain of our officers (including our chief compliance officer, chief financial officer, chief accounting officer, general counsel, secretary, treasurer and assistant treasurer) and their respective staffs, but not investment professionals.

 Our wholly owned portfolio company, IHAM, is party to an administration agreement, referred to herein as the "IHAM administration agreement," with Ares Operations. Pursuant to the IHAM administration agreement, our administrator provides IHAM with administrative services and IHAM reimburses our administrator for all of the actual costs associated with such services, including its allocable portion of our administrator's overhead and the cost of our administrator's officers and respective staff in performing its obligations under the IHAM administration agreement. Prior to entering into the IHAM administration agreement, IHAM was party to a services agreement with our investment adviser, pursuant to which our investment adviser provided similar services.

 As a result of the arrangements described above, there may be times when the management team of Ares Management (including those members of management focused primarily on managing Ares Capital) has interests that differ from those of our stockholders, giving rise to a conflict. Additionally, the members of management focused on managing us will also manage other Ares funds, and, consequently, will need to devote significant attention and time to managing other Ares funds, in addition to us.

 Our stockholders may have conflicting investment, tax and other objectives with respect to their investments in us. The conflicting interests of individual stockholders may relate to or arise from, among other things, the nature of our investments, the structure or the acquisition of our investments, and the timing of dispositions of our investments. As a consequence, conflicts of interest may arise in connection with decisions made by our investment adviser, including with respect to the nature or structuring of our investments, that may be more beneficial for one stockholder than for another stockholder, especially with respect to stockholders' individual tax situations. In selecting and structuring investments appropriate for us, our investment adviser will consider the investment and tax objectives of the Company and our stockholders, as a whole, not the investment, tax or other objectives of any stockholder individually.

 We may be subject to additional corporate-level income taxes if we fail to maintain our status as a RIC.

 We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the U.S. federal income tax treatment applicable to RICs. As a RIC, we generally will not pay U.S. federal corporate-level income taxes on our income and net capital gains that we distribute to our stockholders as dividends on a timely basis. We will be subject to U.S. federal corporate-level income tax on any undistributed income and/or gains. To maintain our status as a RIC, we must meet certain source of income, asset diversification and annual distribution requirements. We may also be subject to certain U.S. federal excise taxes, as well as state, local and foreign taxes.

 To maintain our RIC status, we must timely distribute an amount equal to at least 90% of our investment company taxable income (as defined by the Code, which generally includes net ordinary income and net short term capital gains) to our stockholders (the "Annual Distribution Requirement"). We have the ability to pay a large portion of our dividends in shares of our stock, and as long as a portion of such dividend is paid in cash and other requirements are met, such stock dividends will be taxable as a dividend for U.S. federal income tax purposes. This may result in our U.S. stockholders having to pay tax on such dividends, even if no cash is received, and may result in our non-U.S. stockholders being subject to withholding tax in respect of amounts distributed in our stock. Because we use debt financing, we are subject to certain asset coverage ratio requirements under the Investment Company Act and financial covenants under our indebtedness that could, under certain circumstances, restrict us from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to maintain our status as a RIC and, thus, may be subject to corporate-level income tax on all of our income and/or gains.

 To maintain our status as a RIC, in addition to the Annual Distribution Requirement, we must also meet certain annual source of income requirements at the end of each taxable year and asset diversification requirements at the end of each calendar quarter. Failure to meet these requirements may result in our having to (a) dispose of certain investments quickly or (b) raise additional capital to prevent the loss of RIC status. Because most of our investments are in private companies and are generally illiquid, any such dispositions may be at disadvantageous prices and may result in losses. Also, the rules applicable to our qualification as a RIC are complex with many areas of uncertainty. Accordingly, no assurance can be given that we have qualified or will continue to qualify as a RIC. If we fail to maintain our status as a RIC for any reason and become subject to regular "C" corporation income tax, the resulting corporate-level income taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and on any investment in us. Certain provisions of the Code provide some relief from RIC disqualification due to failures of the source of income and asset diversification requirements, although there may be additional taxes due in such cases. We cannot assure you that we would qualify for any such relief should we fail the source of income or asset diversification requirements.

 We may have difficulty paying our required distributions under applicable tax rules if we recognize income before or without receiving cash representing such income.

 For U.S. federal income tax purposes, we may be required to include in income certain amounts that we have not yet received in cash, such as original issue discount, which may arise, for example, if we receive warrants in connection with the making of a loan, or PIK interest representing contractual interest added to the loan principal balance and due at the end of the loan term. Such original issue discount or PIK interest is included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash, including, for example, amounts attributable to hedging and foreign currency transactions.

 Since, in certain cases, we may recognize income before or without receiving cash in respect of such income, we may have difficulty meeting the U.S. federal income tax requirement to distribute generally an amount equal to at least 90% of our investment company taxable income to maintain our status as a RIC. Accordingly, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain cash from other sources, we may fail to qualify as a RIC and thus be subject to additional corporate-level income taxes. Such a failure could have a material adverse effect on us and on any investment in us.

 Most of our portfolio investments are not publicly traded and, as a result, the fair value of these investments may not be readily determinable.

 A large percentage of our portfolio investments are not publicly traded. The fair value of investments that are not publicly traded may not be readily determinable. We value these investments quarterly at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors, based on, among other things, the input of independent third-party valuation firms that have been engaged to support the valuation of such portfolio

 investments at least once during a trailing 12-month period (with certain de minimis exceptions) and subject to a valuation policy and valuation procedures. The valuation process is conducted at the end of each fiscal quarter by our investment adviser, and a portion of our investment portfolio at fair value is subject to review by an independent third-party valuation firm each quarter. However, we may use these independent valuation firms to review the value of our investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment. In addition, our independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, our valuation process within the context of performing our integrated audit.

 The types of factors that may be considered in valuing our investments include the enterprise value of the portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to similar publicly traded securities, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate our valuation. Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed and may differ materially from the values that we may ultimately realize. Our net asset value per share could be adversely affected if our determinations regarding the fair value of these investments are higher than the values that we realize upon disposition of such investments.

 The lack of liquidity in our investments may adversely affect our business.

 As we generally make investments in private companies, substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we could realize significantly less than the value at which we have recorded our investments or could be unable to dispose of our investments in a timely manner. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we or an affiliated manager of Ares has material non-public information regarding such portfolio company.

 Our financial condition and results of operations could be negatively affected if a significant investment fails to perform as expected.

 Our investment portfolio includes investments that may be significant individually or in the aggregate. If a significant investment in one or more companies fails to perform as expected, such a failure could have a material adverse effect on our business, financial condition and operating results, and the magnitude of such effect could be more significant than if we had further diversified our portfolio.

 Our investment portfolio includes our investment in IHAM, a wholly owned portfolio company, which as of December 31, 2023, represented 8.7 % of our total portfolio at fair value. In addition, for the year ended December 31, 2023, approximately 10.4% of our total investment income was earned from our investment in IHAM. For more information, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity—Ivy Hill Asset Management, L.P." and Note 4 to our consolidated financial statements for the year ended December 31, 2023.

 Increasing scrutiny from stakeholders and regulators with respect to ESG matters may impose additional costs and expose us to additional risks.

 Our business (including that of our portfolio companies) faces increasing public scrutiny related to Environmental, Social and Governance ("ESG") activities, which are increasingly considered to contribute to reducing a company's operational risk, market risk and reputational risk, which may in turn impact the long-term sustainability of a company's performance. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG ratings and measures to their investment decisions.

 We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, including, but not limited to diversity, equity and inclusion, human rights, climate change and environmental stewardship, support for local communities, corporate governance, transparency and consideration of ESG factors in our investment processes. Adverse

 incidents with respect to ESG activities could impact the value of our brand, our relationship with existing and future portfolio companies, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations.

 However, regional and investor specific sentiment may differ in what constitutes a material positive or negative ESG corporate practice. There is no guarantee that Ares' ESG and sustainability practices will uniformly fit every investor's definition of best practices for all environmental, social and governance considerations across geographies and investor types. If we do not successfully manage expectations across varied stakeholder interests, it could erode stakeholder trust, impact our reputation and constrain our investment opportunities.

 Additionally, new regulatory initiatives related to ESG that are applicable to us and our portfolio companies could adversely affect our business. For example, in May 2018, the European Commission adopted an "action plan on financing sustainable growth." The action plan is, among other things, designed to define and reorient investment toward sustainability. The action plan contemplates: establishing European Union (the "EU") labels for green financial products; clarifying asset managers' and institutional investors' duties regarding sustainability in their investment decision-making processes; increasing disclosure requirements in the financial services sector around ESG and strengthening the transparency of companies on their ESG policies and introducing a 'green supporting factor' in the EU prudential rules for banks and insurance companies to incorporate climate risks into banks' and insurance companies' risk management policies. There is a risk that a significant reorientation in the market following the implementation of these and further measures could be adverse to our portfolio companies if they are perceived to be less valuable as a consequence of, e.g., their carbon footprint or "greenwashing" (i.e., the holding out of a product as having green or sustainable characteristics where this is not, in fact, the case). We and our portfolio companies are subject to the risk that similar measures might be introduced in other jurisdictions in the future.

 There is also a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors in order to allow investors to validate and better understand sustainability claims. In 2021, the SEC established an enforcement task force to look into ESG practices and disclosures by public companies and investment managers and has started to bring enforcement actions based on ESG disclosures not matching actual investment processes. Further, in 2022 the SEC issued a proposed rule regarding the enhancement and standardization of mandatory climate-related disclosures for investors that would mandate extensive disclosure of climate-related data, risks, and opportunities for certain public companies. In addition, the SEC has announced that it is working on proposals for mandatory disclosure of certain ESG-related matters, including with respect to board diversity and human capital management. At this time, there is uncertainty regarding the scope of such proposals or when they would become effective (if at all). Compliance with any new laws or regulations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability.

 We and/or our portfolio companies may be materially and adversely impacted by global climate change.

 Climate change is widely considered to be a significant threat to the global economy. Our business operations and our portfolio companies may face risks associated with climate change, including risks related to the impact of climate-related legislation and regulation (both domestically and internationally), risks related to climate-related business trends (such as the process of transitioning to a lower-carbon economy), and risks stemming from the physical impacts of climate change, such as the increasing frequency or severity of extreme weather events and rising sea levels and temperatures.

 We, our executive officers, directors, and our investment adviser, its affiliates and/or any of their respective principals and employees could be the target of litigation or regulatory investigations.

 We, as well as our investment adviser and its affiliates, participate in a highly regulated industry and are each subject to regulatory examinations in the ordinary course of business. There can be no assurance that we, our executive officers, directors, and our investment adviser, its affiliates and/or any of their respective principals and employees will avoid regulatory investigation and possible enforcement actions stemming therefrom. Our investment adviser is a registered investment adviser and, as such, is subject to the provisions of the Advisers Act. We and our investment adviser are each, from time to time, subject to formal and informal examinations, investigations, inquiries, audits and reviews from numerous regulatory authorities both in response to issues and questions raised in such examinations or investigations and in connection with the changing priorities of the applicable regulatory authorities across the market in general.

 We, our executive officers, directors, and our investment adviser, its affiliates and/or any of their respective principals and employees could also be named as defendants in, or otherwise become involved in, litigation. Litigation and regulatory actions can be time-consuming and expensive and can lead to unexpected losses, which expenses and losses are often subject to

 indemnification by us. Legal proceedings could continue without resolution for long periods of time and their outcomes, which could materially and adversely affect our value or the ability of our investment adviser to manage us, are often impossible to anticipate. our investment adviser would likely be required to expend significant resources responding to any litigation or regulatory action related to it, and these actions could be a distraction to the activities of our investment adviser.

 Our investment activities are subject to the normal risks of becoming involved in litigation by third parties. These risks would be somewhat greater if we were to exercise control or significant influence over a portfolio company's direction. The expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments would, absent willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved by our investment adviser, our administrator, or any of our officers, be borne by us and would reduce our net assets. Our investment adviser and others are indemnified by us in connection with such litigation, subject to certain conditions.

 Changes in laws or regulations governing our operations or the operations of our portfolio companies, changes in the interpretation thereof or enacted laws or regulations could require changes to certain business practices of us or our portfolio companies, negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies.

 We and our portfolio companies are subject to regulation by laws and regulations at the local, state, federal and, in some cases, foreign levels. These laws and regulations, as well as their interpretation, may be changed from time to time, and new laws and regulations may be enacted. Accordingly, any change in these laws or regulations, changes in their interpretation, or enacted laws or regulations could require changes to certain business practices of us or our portfolio companies, negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. Over the past several years, there also has been increasing regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector may be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank lending could be materially adverse to our business, financial conditions and results of operations.

 Regulators are also increasing scrutiny and considering regulation of the use of artificial intelligence technologies. We cannot predict what, if any, actions may be taken or the impact such actions may have on our business and results of operations.

 Additionally, legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by legislators and by the Internal Revenue Service ("IRS") and the U.S. Treasury Department. We cannot predict how future tax proposals and changes in U.S. tax laws, rates, regulations or other guidance issued under existing tax laws, might affect us, our business, our stockholders, or our portfolio companies in the long-term. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our business or the business of our portfolio companies or could have other adverse consequences. For example, such decisions and legislation may impact our ability to qualify for tax treatment as a RIC or negatively affect the U.S. federal income tax consequences applicable to us and our stockholders as a result of such qualification. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities.

 Our investment adviser's liability is limited under the investment advisory and management agreement, and we are required to indemnify our investment adviser against certain liabilities, which may lead our investment adviser to act in a riskier manner on our behalf than it would when acting for its own account.

 Our investment adviser has not assumed any responsibility to us other than to render the services described in the investment advisory and management agreement, and it will not be responsible for any action of our board of directors in declining to follow our investment adviser's advice or recommendations. Pursuant to the investment advisory and management agreement, our investment adviser and its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other persons affiliated with it will not be liable to us for their acts under the investment advisory and management agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. We have agreed to indemnify, defend and protect our investment adviser and its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other persons or entities affiliated with it with respect to all damages, liabilities, costs and expenses arising out of or otherwise based upon the performance of any of our investment adviser's duties or obligations under the investment advisory and management agreement or otherwise as an investment adviser for us, and not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the investment advisory and management agreement. These protections may

 lead our investment adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. See "Risk Factors—Risks Relating to Our Investments—Our investment adviser's fee structure may induce it to make certain investments on our behalf, including speculative investments."

 We may be obligated to pay our investment adviser certain fees even if we incur a loss.

 Our investment adviser is entitled to income based fees for each fiscal quarter in an amount equal to a percentage of the excess of our pre-incentive fee net investment income for that quarter (before deducting any income based fee and capital gains incentive fees and certain other items) above a threshold return for that quarter. Our pre-incentive fee net investment income for income based fee purposes excludes realized and unrealized capital losses or depreciation and income taxes related to realized gains that we may incur in the fiscal quarter, even if such capital losses or depreciation and income taxes related to realized gains result in a net loss on our statement of operations for that quarter. Thus, we may be required to pay our investment adviser income based fees for a fiscal quarter even if there is a decline in the value of our portfolio or the net asset value of our common stock or we incur a net loss for that quarter.

 Under the investment advisory and management agreement, we will defer cash payment of any income based fee and the capital gains incentive fee otherwise earned by our investment adviser if, during the most recent four full calendar quarter periods ending on or prior to the date such payment is to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined as total assets less indebtedness and before taking into account any income based fees or capital gains incentive fees accrued during the period) is less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any such deferred fees will be carried over for payment in subsequent calculation periods to the extent such payment can then be made under the investment advisory and management agreement.

 If a portfolio company defaults on a loan that is structured to provide interest, it is possible that accrued and unpaid interest previously used in the calculation of income based fees will become uncollectible. Our investment adviser is not under any obligation to reimburse us for any part of income based fees it received that was based on accrued income that we never receive.

 We are highly dependent on the information systems of Ares Management and operational risks including systems failures could significantly disrupt our business, result in losses or limit our growth, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.

 Our business is highly dependent on communications and information systems of Ares Management, the parent of our investment adviser and our administrator. In this Annual Report, we sometimes refer to hardware, software, information and communications systems maintained by Ares Management and used by us, our investment adviser and our administrator as "our" systems. We also face operational risk from transactions and key data not being properly recorded, evaluated or accounted for with respect to our portfolio companies. In addition, we face operational risk from errors made in the execution, confirmation or settlement of transactions. In particular, our investment adviser is highly dependent on its ability to process and evaluate, on a daily basis, transactions across markets and geographies in a time-sensitive, efficient and accurate manner. Consequently, we and our investment adviser and administrator rely heavily on Ares Management's financial, accounting and other data processing systems.

 In addition, we operate in a business that is highly dependent on information systems and technology. Ares Management's and our information systems and technology may not continue to be able to accommodate our growth, and the cost of maintaining the information systems and technology, which may be partially allocated to or borne by us, may increase from its current level. Such a failure to accommodate growth, or an increase in costs related to the information systems and technology, could have a material adverse effect on our business and results of operations.

 Furthermore, a disaster or a disruption in the infrastructure that supports our businesses, including a disruption involving electronic communications, human resources systems or other services used by us, our investment adviser, our administrator or third parties with whom we conduct business could have a material adverse effect on our ability to continue to operate our businesses without interruption. Although we and Ares Management have disaster recovery programs in place, these may not be sufficient to mitigate the harm that may result from such a disaster or disruption. In addition, insurance and other safeguards might only partially reimburse us for any losses as a result of such a disaster or disruption, if at all.

 We and Ares Management also rely on third-party service providers for certain aspects of our respective businesses, including for certain information systems, technology and administration of our portfolio company investments and compliance

 matters. Operational risks could increase as vendors increasingly offer mobile and cloud-based software services rather than software services that can be operated within Ares Management's own data centers, as certain aspects of the security of such technologies may be complex, unpredictable or beyond our or Ares Management's control, and any failure by mobile technology or cloud service providers to adequately safeguard their systems and prevent cyber-attacks could disrupt our operations and result in misappropriation, corruption or loss of confidential, proprietary or personal information. In addition, our counterparties' information systems, technology or accounts may be the target of cyber-attacks. Any interruption or deterioration in the performance of these third parties or the service providers of our counterparties or failures or vulnerabilities of their respective information systems or technology could impair the quality of our funds' operations and could impact our reputation, adversely affect our businesses and limit our ability to grow.

 Finally, there has been significant evolution and developments in the use of artificial intelligence technologies, such as ChatGPT. We cannot fully determine the impact of such evolving technology to our business at this time.

 RISKS RELATING TO OUR INVESTMENTS

 Declines in market prices and liquidity in the corporate debt markets can result in significant net unrealized depreciation of our portfolio, which in turn would reduce our net asset value.

 As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. We may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to similar publicly traded securities, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). As a result, volatility in the capital markets can also adversely affect our investment valuations. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. The effect of all of these factors on our portfolio can reduce our net asset value (and, as a result our asset coverage calculation) by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized and/or unrealized losses, which could have a material adverse effect on our business, financial condition or results of operations.

 Economic recessions or downturns could impair our portfolio companies and harm our operating results.

 The current macroeconomic environment is characterized by labor shortages, high interest rates, persistent inflation, foreign currency exchange volatility, volatility in global capital markets and growing recession risk. The risks associated with our and our portfolio companies' businesses are more severe during periods of economic slowdown or recession.

 Many of our portfolio companies may be susceptible to economic downturns or recessions and may be unable to repay our loans during these periods. Therefore, during these periods our non-performing assets may increase and the value of our portfolio may decrease if we are required to write down the values of our investments. Adverse economic conditions may also decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. We experienced to some extent such effects as a result of the economic downturn that occurred throughout portions of the past four fiscal years and from 2008 through 2009 and may experience such effects again in any future downturn or recession.

 A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its assets representing collateral for its obligations, which could trigger cross defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations under the debt investments that we hold and the value of any equity securities we own. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company.

 Investments in privately held middle-market companies involve significant risks.

 We primarily invest in privately held U.S. middle-market companies. Investments in privately held middle-market companies involve a number of significant risks, including the following:

 • these companies may have limited financial resources and may be unable to meet their obligations, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing our investment;

 • they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

 • they typically depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse effect on such portfolio company and, in turn, on us;

 • there is generally little public information about these companies. These companies and their financial information are generally not subject to the Exchange Act and other regulations that govern public companies, and we may be unable to uncover all material information about these companies, which may prevent us from making a fully informed investment decision and cause us to lose money on our investments;

 • they generally have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

 • we, our executive officers, directors and our investment adviser, its affiliates and/or any of their respective principals and employees may, in the ordinary course of business, be named as defendants in litigation arising from our investments in our portfolio companies and may, as a result, incur significant costs and expenses in connection with such litigation;

 • changes in laws and regulations (including the tax laws), as well as their interpretations, may adversely affect their business, financial structure or prospects; and

 • they may have difficulty accessing the capital markets to meet future capital needs.

 Our debt investments may be risky and we could lose all or part of our investment.

 The debt that we invest in is typically not initially rated by any rating agency, but we believe that if such investments were rated, they would be below investment grade (rated lower than "Baa3" by Moody's Investors Service, lower than "BBB-" by Fitch Ratings or lower than "BBB-" by Standard & Poor's Ratings Services), which under the guidelines established by these entities is an indication of having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Bonds that are rated below investment grade are sometimes referred to as "high yield bonds" or "junk bonds." Therefore, our investments may result in an above average amount of risk and volatility or loss of principal. While the debt we invest in is often secured, such security does not guarantee that we will receive principal and interest payments according to the terms of the loan, or that the value of any collateral will be sufficient to allow us to recover all or a portion of the outstanding amount of the loan should we be forced to enforce our remedies.

 Some of the loans in which we may invest may be "covenant-lite" loans, which means the loans contain fewer covenants than other loans (in some cases, none) and may not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. An investment by us in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. We may also experience delays in enforcing our rights under covenant-lite loans. As a result of these risks, our exposure to losses may be increased, which could result in an adverse impact on our net income and net asset value.

 We also may invest in assets other than first and second lien and subordinated debt investments, including high-yield securities, U.S. government securities, credit derivatives and other structured securities and certain direct equity investments. These investments entail additional risks that could adversely affect our investment returns.

 Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.

 We may purchase common and other equity securities. Although common stock has historically generated higher average total returns than fixed income securities over the long-term, common stock also has experienced significantly more volatility in those returns. The equity securities we acquire may fail to appreciate and may decline in value or become worthless and our ability to recover our investment will depend on the underlying portfolio company's success. Investments in equity securities involve a number of significant risks, including:

 • any equity investment we make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness (including trade creditors) or senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process;

 • to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment; and

 • in some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of the portfolio company. Even if the portfolio company is successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can otherwise sell our investment. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell them.

 There are special risks associated with investing in preferred securities, including:

 • preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes before we receive such distributions;

 • preferred securities are subordinated to debt in terms of priority to income and liquidation payments, and therefore will be subject to greater credit risk than debt;

 • preferred securities may be substantially less liquid than many other securities, such as common stock or U.S. government securities; and

 • generally, preferred security holders have no voting rights with respect to the issuing company, subject to limited exceptions.

 Additionally, when we invest 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), second lien senior secured loans or subordinated debt, we may acquire warrants or other equity securities as well. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

 We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the Investment Company Act and in advisers to similar investment funds and, to the extent we so invest, will bear our ratable share of any such company's expenses, including management and performance fees. We will also remain obligated to pay the base management fee, income based fee and capital gains incentive fee to our investment adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our common stockholders will bear his or her share of the base management fee, income based fee and capital gains incentive fee due to our investment adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers.

 There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

 If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize our debt holding as an equity investment and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower's business or exercise control over the borrower. For example, we could become subject to a lender's liability claim, if, among other things, we actually render significant managerial assistance.

 Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.

 Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities, that rank equally with, or senior to, our investments. By their terms, such instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically are entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

 The rights we may have with respect to the collateral securing any junior priority loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements (including agreements governing "first out" and "last out" structures) that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that senior obligations are outstanding, we may forfeit certain rights with respect to the collateral to the holders of the senior obligations. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of such enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if as a result our rights as junior lenders are adversely affected.

 When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other equity holders and management of the company may make decisions that could decrease the value of our investment in such portfolio company.

 When we make debt or minority equity investments, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the other equity holders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our investment.

 Our portfolio companies may be highly leveraged.

 Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies' ability to finance their future operations and capital needs. As a result, these companies' flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

 Our investment adviser's fee structure may induce it to make certain investments on our behalf, including speculative investments.

 The fees payable by us to our investment adviser may create an incentive for our investment adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which income based fees payable to our investment adviser are determined, which are calculated as a percentage of the return on invested capital, may encourage our investment adviser to use leverage to increase the return on our investments. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor the holders of our common stock and the holders of securities convertible into our common stock. In addition, our investment

 adviser will receive the capital gains incentive fee based, in part, upon net capital gains realized on our investments. Unlike income based fees, there is no hurdle rate applicable to the capital gains incentive fee. As a result, our investment adviser may have a tendency to invest more in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

 The income based fees are computed and paid on income that has been accrued but not yet received in cash, including as a result of investments with a deferred interest feature such as debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously used in the calculation of the income based fee will become uncollectible. Our investment adviser is not under any obligation to reimburse us for any part of the fees it received that were based on such accrued interest that we never actually received.

 Because of the structure of the income based fees, it is possible that we may have to pay income based fees in a quarter during which we incur a loss. For example, if we receive pre-incentive fee net investment income in excess of the hurdle rate for a quarter, we will pay the applicable income based fees even if we have incurred a loss in that quarter due to realized and/or unrealized capital losses. In addition, if market interest rates rise, our investment adviser may be able to invest our funds in debt instruments that provide for a higher return, which would increase our pre-incentive fee net investment income and make it easier for our investment adviser to surpass the fixed hurdle rate and receive income based fees.

 Our investments in foreign companies or investments denominated in foreign currencies may involve significant risks in addition to the risks inherent in U.S. and U.S. dollar denominated investments.

 Our investment strategy contemplates potential investments in foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

 Although we expect most of our investments will be U.S. dollar denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us.

 We may expose ourselves to risks if we engage in hedging transactions.

 We have and may in the future enter into hedging transactions, which may expose us to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Use of these hedging instruments may include counter-party credit risk.

 Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

 The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and

 expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. See also "Risk Factors—Risks Relating to Our Business—We are exposed to risks associated with changes in interest rates, including the current rising interest rate environment."

 As a BDC, we are permitted to enter into unfunded commitment agreements, and, if we fail to meet certain requirements, we will be required to treat such unfunded commitments as derivative transactions, subject to leverage limitations, which may limit our ability to use derivatives and/or enter into certain other financial contracts.

 Under Rule 18f-4 under the Investment Company Act, BDCs that make significant use of derivatives are required to operate subject to a value-at-risk leverage limit, adopt a derivatives risk management program and appoint a derivatives risk manager, and comply with various testing and board reporting requirements. These requirements apply unless the BDC qualifies as a "limited derivatives user," as defined under the rule. We currently operate as a "limited derivatives user" which may limit our ability to use derivatives and/or enter into certain other financial contracts.

 In addition, under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Unfunded commitment agreements entered into by a BDC in compliance with this condition will not be considered for purposes of computing asset coverage for purposes of compliance with the Investment Company Act with respect to our use of leverage as well as derivatives and/or other financial contracts.

 Certain of our portfolio companies' businesses could be adversely affected by the effects of health pandemics or epidemics, which could have a negative impact on our and our portfolio companies' businesses and operations.

 Certain of our portfolio companies' businesses could be adversely affected by the effects of health pandemics or epidemics. Another severe outbreak of COVID-19 or another pandemic can disrupt our and our portfolio companies' businesses and materially and adversely impact our and/or their financial results. The COVID-19 pandemic contributed to certain conditions associated with the current macroeconomic environment and caused significant disruptions and instabilities in the global and U.S. financial markets or deteriorations in credit and financing conditions. A resurgence of COVID-19 or another pandemic with effects similar to those of COVID-19 may adversely affect our and our portfolio companies' liquidity positions.

 RISKS RELATING TO OUR COMMON STOCK AND PUBLICLY TRADED NOTES
 Our shares of common stock have traded at a discount from net asset value and may do so again, which could limit our ability to raise additional equity capital.

 Shares of closed end investment companies frequently trade at a market price that is less than the net asset value that is attributable to those shares. This characteristic of closed end investment companies is separate and distinct from the risk that our net asset value per share may decline. It is not possible to accurately predict whether any shares of our common stock will trade at, above, or below net asset value. In the past five years, the stocks of BDCs as an industry, including at times shares of our common stock, have traded below net asset value and during much of 2009 traded at near historic lows as a result of concerns over liquidity, leverage restrictions and distribution requirements. See "Risk Factors—Risks Relating to Our Business—The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations." When our common stock is trading below its net asset value per share, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining approval for such issuance from our stockholders and our independent directors. Pursuant to approval granted at a special meeting of stockholders held on August 8, 2023, we currently are permitted to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations that must be made by our board of directors. Such stockholder approval expires on August 8, 2024.

 There is a risk that investors in our common stock may not receive dividends or that our dividends may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.

 We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we declare a dividend and if more stockholders opt to receive cash

 distributions rather than participate in our dividend reinvestment plan, we may be forced to sell some of our investments in order to make cash dividend payments.

 In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. Certain of the Facilities may also limit our ability to declare dividends if we default under certain provisions. Further, if we invest a greater amount of assets in non-income producing securities, it could reduce the amount available for distribution and may also inhibit our ability to make required interest payments to holders of our debt, which may cause a default under the terms of our debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of our debt agreements.

 Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.

 The Maryland General Corporation Law (the "MGCL"), our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control of Ares Capital or the removal of our directors. We are subject to the Maryland Business Combination Act (the "Business Combination Act"), subject to any applicable requirements of the Investment Company Act. Our board of directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board, including approval by a majority of our independent directors. If the resolution exempting business combinations is repealed or our board or independent directors do not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and may increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act (the "Control Share Acquisition Act") acquisitions of our stock by any person. If we amend our bylaws to repeal the exemption from the Control Share Acquisition Act, subject to any applicable requirements of the Investment Company Act, the Control Share Acquisition Act also may make it more difficult for a third party to obtain control of us and may increase the difficulty of consummating such an offer.

 We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our charter classifying our board of directors into three classes serving staggered three-year terms, and provisions of our charter authorizing our board of directors to classify or reclassify shares of our stock into one or more classes or series, to cause the issuance of additional shares of our stock, and to amend our charter from time to time, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may discourage, delay, defer, make more difficult or prevent a transaction or a change in control that might otherwise be in stockholders' best interest.

 Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.

 Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the U.S. District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf, (ii) any Internal Corporate Claim, as such term is defined in Section 1-101(p) of the MGCL, including, without limitation, (a) any action asserting a claim of breach of any duty owed by any of our directors or officers or other employees to us or to our stockholders or (b) any action asserting a claim against us or any of our directors or officers or other employees arising pursuant to any provision of the MGCL or our charter or bylaws or (iii) any action asserting a claim against us or any of our directors or officers or other employees that is governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of our common stock shall be deemed to have notice of and to have consented and waived any objection to this exclusive forum provision of our bylaws, as the same may be amended from time to time. Our board of directors, without stockholder approval, adopted this exclusive forum provision so that we can respond to such litigation more efficiently, reduce the costs associated with our responses to such litigation, particularly litigation that might otherwise be brought in multiple forums, and make it less likely that plaintiffs' attorneys will be able to employ such litigation to coerce us into otherwise unjustified settlements. However, this exclusive forum provision may limit a stockholder's ability to bring a claim in a judicial forum that such stockholder believes is favorable for disputes with us or our directors, officers or other employees, if any, and may discourage lawsuits against us and our directors, officers or other employees, if any. We believe the risk of a court declining to enforce this exclusive forum provision is remote, as the General Assembly of Maryland has specifically amended the MGCL to authorize the adoption of such provision. However, if a court were to find such provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings notwithstanding that the MGCL expressly provides that the charter or bylaws of a Maryland corporation may require that any Internal Corporate Claim be brought only in courts sitting in one or more specified jurisdictions, we may incur additional costs

 that we do not currently anticipate associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition and results of operations.

 Investing in our common stock may involve an above average degree of risk.

 The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our securities may not be suitable for someone with lower risk tolerance.

 The market price of our common stock may fluctuate significantly.

 The capital and credit markets have experienced periods of extreme volatility and disruption over the past several years (including throughout portions of the past four fiscal years). The market price and liquidity of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

 • significant volatility in the market price and trading volume of securities of publicly traded RICs, BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies;

 • price and volume fluctuations in the overall stock market from time to time;

 • the inclusion or exclusion of our common stock from certain indices;

 • changes in law, regulatory policies or tax guidelines, or interpretations thereof, particularly with respect to RICs or BDCs;

 • changes in accounting guidelines governing valuation of our investments;

 • loss of our RIC status;

 • our ability to manage our capital resources effectively;

 • changes in our earnings or variations in our operating results;

 • changes in the value of our portfolio of investments;

 • any shortfall in investment income or net investment income or any increase in losses from levels expected by investors or securities analysts;

 • departure of Ares' key personnel;

 • short-selling pressure with respect to shares of our common stock or BDCs generally;

 • future sales of our securities convertible into or exchangeable or exercisable for our common stock or the conversion of such securities, including the 2024 Convertible Notes;

 • uncertainty surrounding the strength of the U.S. economy;

 • uncertainty between the U.S. and other countries with respect to trade policies, treaties, and tariffs; and

 • general economic trends and other external factors.

 In the past, following periods of volatility in the market price of a company's securities, securities class action litigation has often been brought against that company. If our stock price fluctuates significantly, we may be the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management's attention and resources from our business.

 We may in the future determine to issue preferred stock, which could adversely affect the market value of our common stock.

 The issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could adversely affect the market price for our common stock by making an investment in the common stock less attractive. In addition, the dividends on any preferred stock we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred stock must take preference over any dividends or other payments to our common stockholders, and holders of preferred stock are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred stock that converts into common stock). In addition, under the Investment Company Act, preferred stock constitutes a "senior security" for purposes of the asset coverage test.

 The net asset value per share of our common stock may be diluted if we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock or securities to subscribe for or convertible into shares of our common stock.
 At a special meeting of stockholders held on August 8, 2023, subject to certain determinations required to be made by our board of directors, our stockholders approved our ability to sell or otherwise issue shares of our common stock, in an amount not exceeding 25% of our then outstanding common stock, at a price below the then current net asset value per share during a period that began on August 8, 2023 and expires on August 8, 2024.
 In addition, at our 2009 annual stockholders meeting, our stockholders approved a proposal authorizing us to sell or otherwise issue warrants or securities to subscribe for or convertible into shares of our common stock subject to certain limitations (including, without limitation, that the number of shares issuable does not exceed 25% of our then outstanding common stock and that the exercise or conversion price thereof is not, at the date of issuance, less than the greater of the market value per share and the net asset value per share of our common stock). The authorization granted to sell or issue warrants or securities to subscribe for or convertible into shares of our common stock has no expiration.
 Any decision to sell shares of our common stock below its then current net asset value per share or securities to subscribe for or convertible into shares of our common stock would be subject to the determination by our board of directors that such issuance is in our and our stockholders' best interests.
 If we were to sell shares of our common stock below its then current net asset value per share, such sales would result in an immediate dilution to the net asset value per share of our common stock. This dilution would occur as a result of the sale of shares at a price below the then current net asset value per share of our common stock and a proportionately greater decrease in the stockholders' interest in our earnings and assets and their voting interest in us than the increase in our assets resulting from such issuance. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted.
 In addition, if we issue warrants or securities to subscribe for or convertible into shares of our common stock, subject to certain limitations, the exercise or conversion price per share could be less than net asset value per share at the time of exercise or conversion (including through the operation of anti dilution protections). Because we would incur expenses in connection with any issuance of such securities, such issuance could result in a dilution of the net asset value per share at the time of exercise or conversion. This dilution would include reduction in net asset value per share as a result of the proportionately greater decrease in the stockholders' interest in our earnings and assets and their voting interest than the increase in our assets resulting from such issuance.
 Further, if our current stockholders do not purchase any shares to maintain their percentage interest when we issue new shares, regardless of whether such offering is above or below the then current net asset value per share, their voting power will be diluted.
 Our stockholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.

 All dividends declared in cash payable to stockholders that are participants in our dividend reinvestment plan are automatically reinvested in shares of our common stock. As a result, our stockholders that opt out of our dividend reinvestment plan will experience dilution in their ownership percentage of our common stock over time.

 Our stockholders may experience dilution upon the conversion of the 2024 Convertible Notes.
 As of December 31, 2023, the 2024 Convertible Notes are convertible into shares of our common stock. As of December 31, 2023, the conversion price of the 2024 Convertible Notes was effectively $ 19.43 per share, taking into account certain de minimis adjustments that will be made on the conversion date and subject to further adjustment in certain circumstances. We have elected to settle our conversion obligations in connection with the 2024 Convertible Notes with a combination of cash and shares of our common stock. If we deliver shares of common stock upon a conversion at the time our tangible book value per share exceeds the conversion price in effect at such time, our stockholders may incur dilution. In addition, our stockholders will experience dilution in their ownership percentage of common stock upon our issuance of common stock in connection with the conversion of the 2024 Convertible Notes and any dividends paid on our common stock will also be paid on shares issued in connection with such conversion after such issuance.

 Our stockholders may receive shares of our common stock as dividends, which could result in adverse cash flow consequences to them.

 In order to satisfy the Annual Distribution Requirement applicable to RICs, we have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion could be as low as 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder would be taxed on 100% of the fair market value of the shares received as part of the dividend on the date a stockholder received it in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.

 Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.

 Sales of substantial amounts of our common stock, or the availability of such common stock for sale (including as a result of the conversion of our 2024 Convertible Notes into common stock), could adversely affect the prevailing market prices for our common stock. If this occurs and continues, it could impair our ability to raise additional capital through the sale of securities should we desire to do so.

 The trading market or market value of our publicly issued debt securities may fluctuate.

 Our publicly issued debt securities may or may not have an established trading market. We cannot assure holders of our debt securities that a trading market for our publicly issued debt securities will ever develop or be maintained if developed. In addition to our creditworthiness, many factors may materially adversely affect the trading market for, and market value of, our publicly issued debt securities. These factors include, but are not limited to, the following:

 • the time remaining to the maturity of these debt securities;

 • the outstanding principal amount of debt securities with terms identical to these debt securities;

 • the ratings assigned by national statistical ratings agencies;

 • the general economic environment;

 • the supply of such debt securities trading in the secondary market, if any;

 • the redemption or repayment features, if any, of these debt securities;

 • the level, direction and volatility of market interest rates generally; and

 • market rates of interest higher or lower than rates borne by the debt securities.

 Holders of our debt securities should also be aware that there may be a limited number of buyers if and when they decide to sell their debt securities. This too may materially adversely affect the market value of the debt securities or the trading market for the debt securities.

 Terms relating to redemption may materially adversely affect our noteholders' return on any debt securities that we may issue.

 If our noteholders' debt securities are redeemable at our option, we may choose to redeem their debt securities at times when prevailing interest rates are lower than the interest rate paid on their debt securities. In addition, if our noteholders' debt securities are subject to mandatory redemption, we may be required to redeem their debt securities also at times when prevailing interest rates are lower than the interest rate paid on their debt securities. In this circumstance, our noteholders may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as their debt securities being redeemed.

 Our credit ratings may not reflect all risks of an investment in our debt securities.

 Our credit ratings are an assessment by third parties of our ability to pay our obligations. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our debt securities. Our credit ratings, however, may not reflect the potential impact of risks related to market conditions generally or other factors discussed above on the market value of or trading market for the publicly issued debt securities.

 GENERAL RISK FACTORS

 Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.

 Concerns over the United States' debt ceiling and budget-deficit have driven downgrades by rating agencies to the U.S. government's credit rating. Downgrades by rating agencies to the U.S. government's credit rating or concerns about its credit and deficit levels in general could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms. In addition, a decreased U.S. government credit rating, any default by the U.S. government on its obligations, or any prolonged U.S. government shutdown, could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common stock. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns or a recession in the United States.

 Deterioration in the economic conditions in the Eurozone and other regions or countries globally and the resulting instability in global financial markets may pose a risk to our business. Financial markets have been affected at times by a number of global macroeconomic events, including the following: large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non performing loans on the balance sheets of European banks, instability in the Chinese capital markets and the COVID-19 pandemic. Global market and economic disruptions have affected, and may in the future affect, the U.S. capital markets, which could adversely affect our business, financial condition or results of operations. We cannot assure you that market disruptions in Europe and other regions or countries, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe or elsewhere negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. Moreover, there is a risk of both sector-specific and broad-based corrections and/or downturns in the equity and credit markets. Any of the foregoing could have a significant impact on the markets in which we operate and could have a material adverse impact on our business prospects and financial condition.

 Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics or outbreaks of infectious diseases), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Such events, including trade tensions between the United States and China, other uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies with other countries, the Russia-Ukraine war and more recently the Israel-Hamas war and health epidemics and pandemics, could adversely affect our business, financial condition or results of operations. These market and economic disruptions could negatively impact the operating results of our portfolio companies.

 We may experience fluctuations in our quarterly results.

 We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rates payable on the debt investments we make, the default rates on such investments, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

 Cybersecurity failures and data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential, personal or other sensitive information and/or damage to our business relationships or reputation, any of which could negatively impact our business, financial condition and operating results.

 The efficient operation of our business is dependent on computer hardware and software systems, as well as data processing systems and the secure processing, storage and transmission of information, all of which are potentially vulnerable to security breaches and cyber-attacks or other security breaches, which may include intentional attacks or accidental losses, either of which may result in unauthorized access to, or corruption of, our hardware, software, or data processing systems, or to our confidential, personal, or other sensitive information. In addition, we, our investment adviser, our administrator, or their employees may be the target of fraudulent emails or other targeted attempts to gain unauthorized access to confidential, personal, or other sensitive information. The result of any cyber-attack or other security incidents may include disrupted operations, misstated or unreliable financial data, fraudulent transfers or requests for transfers of money, liability for stolen assets or information (including personal information), fines or penalties, investigations, increased cybersecurity protection and insurance costs, litigation, or damage to our business relationships and reputation, in each case, causing our business and results of operations to suffer. The rapid evolution and increasing prevalence of artificial intelligence technologies may also increase our cybersecurity risks.

 Although we are not currently aware of any cyber-attacks or other incidents that, individually or in the aggregate, have materially affected, or would reasonably be expected to materially affect, our operations or financial condition, there has been an increase in the frequency and sophistication of the cyber and security threats that we face, with attacks ranging from those common to businesses generally to more advanced and persistent attacks. Cyber-attacks and other security threats could originate from a wide variety of sources, including cyber criminals, nation state hackers, hacktivists and other outside or inside parties. We or our third-party providers may face a heightened risk of a security breach or disruption with respect to confidential, personal or other sensitive information resulting from an attack by foreign governments or cyber terrorists. We may be a target for attacks because, as a specialty finance company, we hold confidential and other sensitive information, including price information, about existing and potential investments. Further, we are dependent on third-party vendors for hosting hardware, software and data processing systems that we do not control. We also rely on third-party service providers for certain aspects of our businesses, including for certain information systems, technology and administration of our funds and compliance matters. While we rely on the cybersecurity strategy and policies implemented by Ares Management, which includes the performance of risk assessments on third-party providers, our reliance on them and their potential reliance on third-party providers removes certain cybersecurity functions from outside of our immediate control, and cyber-attacks on Ares Management, on us or on our third-party service providers could adversely affect us, our business and our reputation. The costs related to cyber-attacks or other security threats or disruptions may not be fully insured or indemnified by others, including by our third-party providers.

 As our reliance on computer hardware and software systems, data processing systems, and other technology has increased, so have the risks posed to such systems, both those we or Ares Management control and those provided by third-party vendors. Cyber-attacks may originate from a wide variety of sources, and while Ares Management has implemented processes, procedures and internal controls designed to mitigate cybersecurity risks and cyber-attacks, these measures do not guarantee that a cyber-attack will not occur or that our financial results, operations or confidential information, personal or other sensitive information will not be negatively impacted by such an incident, especially because the techniques of threat actors change frequently and are often not recognized until launched. Ares Management relies on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on their information systems, as well as on policies and procedures to protect against the unauthorized or unlawful disclosure of confidential, personal or other sensitive information. Although Ares Management takes protective measures and endeavors to strengthen its computer systems, software, technology assets and networks to prevent and address potential cyber-attacks, there can be no assurance that any of these measures prove effective. Ares Management expects to be required to devote increasing levels of funding and resources, which may in part be allocated to us, to comply with evolving cybersecurity and privacy laws and regulations and to continually monitor and enhance its cybersecurity procedures and controls.

 Cybersecurity risks are exacerbated by the rapidly increasing volume of highly sensitive data, including our proprietary business information and intellectual property, personal information of our investment adviser's and administrator's employees, our investors and others and other sensitive information that Ares Management collects, processes and stores in its data centers and on its networks or those of its third-party service providers. The secure processing, maintenance and transmission of this information are critical to our operations. A significant actual or potential theft, loss, corruption, exposure, fraudulent use or misuse of investor, employee or other personal information, proprietary business data or other sensitive information, whether by third parties or as a result of employee malfeasance or otherwise, non-compliance with applicable contractual or other legal obligations regarding such data or intellectual property or a violation of applicable privacy and security policies with respect to such data could result in significant investigation, remediation and other costs, fines, penalties, litigation or regulatory actions against us and significant reputational harm, any of which could harm our business and results of operations.

 Our portfolio companies also rely on similar systems and face similar risks. A disruption or compromise of these systems could have a material adverse effect on the value of these businesses. We may invest in strategic assets having a national or regional profile or in infrastructure assets, the nature of which could expose them to a greater risk of being subject to a terrorist attack or cyber-attack than other assets or businesses. Such an event may have material adverse consequences on our investments or may require portfolio companies to increase preventative security measures or expand insurance coverage.

 In addition, we operate in businesses that are highly dependent on information systems and technology. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Cybersecurity has become a priority for regulators in the U.S. and around the world. In the latter half of 2021, the SEC brought three charges, sanctioning eight companies, all of which were registered as broker dealers, investment advisory firms or both, for deficient cybersecurity policies and procedures, and settled charges in two separate actions against public companies for deficient disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information. More recently, the SEC proposed new rules related to cybersecurity risk management for registered investment advisers, registered investment companies and business development companies, as well as amendments to certain rules that govern investment adviser and fund disclosures. In July 2023, the SEC also adopted rules requiring public companies to disclose material cybersecurity incidents on Form 8-K and periodic disclosure of a registrant's cybersecurity risk management, strategy, and governance in annual reports. The rules became effective beginning with annual reports for fiscal years ending on or after December 15, 2023 and beginning with Form 8-Ks on December 18, 2023. With the SEC particularly focused on cybersecurity, we expect increased scrutiny of our and Ares Management's policies and systems designed to manage cybersecurity risks and related disclosures. We also may face increased costs to comply with the new SEC rules, including Ares Management's increased costs for cybersecurity training and management, a portion of which may be allocated to us. Many jurisdictions in which we operate have laws and regulations relating to data privacy, cybersecurity and protection of personal information, including, the CCPA, the New York SHIELD Act, the General Data Protection Regulation ("GDPR") and the U.K. GDPR. In addition, the SEC has indicated in recent periods that one of its examination priorities for the Office of Compliance Inspections and Examinations is to continue to examine cybersecurity procedures and controls, including testing the implementation of these procedures and controls.

 There may be substantial financial penalties or fines for breach of privacy laws (which may include insufficient security for personal or other sensitive information). For example, the maximum penalty for breach of the GDPR is the greater of 20 million Euros and 4% of group annual worldwide turnover, and fines for each violation of the CCPA are $2,500, or $7,500 per violation for intentional violations. Non-compliance with any applicable privacy or data security laws represents a serious risk to our business. Some jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal information. Breaches in security could potentially jeopardize our, our investment adviser's or administrator's employees' or our investors' or counterparties' confidential or other information processed and stored in, or transmitted through, our or Ares Management's computer systems and networks (or those of our third-party service providers), or otherwise cause interruptions or malfunctions in our, our investment adviser's or administrator's employees', our investors', our portfolio companies, our counterparties' or third parties' operations, which could result in significant losses, increased costs, disruption of our business, liability to our investors, our portfolio companies and other counterparties, fines or penalties, litigation, regulatory intervention or reputational damage, which could also lead to loss of investors.

 Ineffective internal controls could impact our business and operating results.

 Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial

 statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial reporting obligations.

 Item 1B. Unresolved Staff Comments

 None.

 Item 1C. Cybersecurity

 Assessment, Identification and Management of Material Risks from Cybersecurity

 We rely on the cybersecurity strategy and policies implemented by Ares Management, the parent of both our investment adviser and our administrator. Ares Management's cybersecurity strategy prioritizes detection and analysis of and response to known, anticipated or unexpected threats, effective management of security risks and resilience against cyber incidents. Ares Management's enterprise-wide cybersecurity program is aligned to the National Institute of Standards and Technology Cybersecurity Framework. Ares Management's cybersecurity risk management processes include technical security controls, policy enforcement mechanisms, monitoring systems, tools and related services, which include tools and services from third-party providers, and management oversight to assess, identify and manage risks from cybersecurity threats. Ares Management has implemented and continues to implement risk-based controls designed to prevent, detect and respond to information security threats and we rely on those controls to help us protect our information, our information systems, and the information of our investors and other third parties who entrust us with their sensitive information.

 Ares Management's cybersecurity program includes physical, administrative and technical safeguards, as well as plans and procedures designed to help Ares prevent and timely and effectively respond to cybersecurity threats and incidents, including threats or incidents that may impact us, our investment adviser or our administrator. Ares Management's cybersecurity risk management process seeks to monitor cybersecurity vulnerabilities and potential attack vectors, evaluate the potential operational and financial effects of any threat and mitigate such threats. The assessment of cybersecurity risks, including those which may impact us, our investment adviser or our administrator, is integrated into Ares Management's Enterprise Risk Management program, which is overseen by the Ares Enterprise Risk Committee (the "Ares Management ERC"), as discussed below. In addition, Ares Management periodically engages with third-party consultants and key vendors to assist it in assessing, enhancing, implementing and monitoring its cybersecurity risk management programs and responding to incidents.

 The Ares Management cybersecurity risk management and awareness programs include periodic identification and testing of vulnerabilities, regular phishing simulations and annual general cybersecurity awareness and data protection training including for employees of our investment adviser and our administrator. Ares Management also has annual certification requirements for employees, including employees who provide services to us pursuant to our investment advisory and management agreement and our administration agreement with respect to certain policies supporting the cybersecurity program including Ares Management's Information Security and Electronic Communications policy, Data Protection policy and Privacy Policy. Ares Management undertakes periodic internal security reviews of our information systems and related controls, including systems affecting personal data and the cybersecurity risks of Ares Management's and our critical third-party vendors and other partners. Ares Management also completes periodic external reviews of its cybersecurity program and practices, which include assessments of relevant data protection practices and targeted attack simulations.

 In the event of a cybersecurity incident impacting us, our investment adviser, or our administrator, Ares Management has developed an incident response plan that provides guidelines for responding to such an incident and facilitates coordination across multiple operational functions of Ares Management, including coordinating with the relevant employees of our investment adviser and our administrator. The incident response plan includes notification to the applicable members of cybersecurity leadership, including Ares Management's Chief Information Security Officer ("CISO"), and, as appropriate, escalation to the full Ares Management ERC and/or an internal ad-hoc group of senior employees, tasked with helping to manage the cybersecurity incident. Depending on their nature, incidents may also be reported to the audit committee or full board of directors of Ares Management, as well as to the Audit Committee (the "Audit Committee") of our Board of Directors (the "Board") and to our full Board, if appropriate.

 Material Impact of Cybersecurity Risks

 In the last three fiscal years, we have not experienced a material information security breach incident and the expenses we have incurred from information security breach incidents have been immaterial, and we are not aware of any cybersecurity

 risks that are reasonably likely to materially affect our business. However, future incidents could have a material impact on our business strategy, results of operations or financial condition. For additional discussion of the risks posed by cybersecurity threats, see "Item 1A. Risk Factors— General Risk Factors— Cybersecurity failures and data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential, personal or other sensitive information and/or damage to our business relationships or reputation, any of which could negatively impact our business, financial condition and operating results."

 Oversight of Cybersecurity Risks

 Our cybersecurity program is managed by Ares Management's dedicated internal cybersecurity team, which is responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes. The team is led by Ares Management's CISO who has a Master's degree in Cybersecurity from Brown University and over 25 years of experience advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures. The Ares Management CISO is also a member of the Ares Management ERC. The Ares Management ERC is a cross-functional committee that governs and oversees the Ares Management Enterprise Risk Program, including cybersecurity. The Ares Management ERC includes members of Ares Management's senior executive management, including its CEO, CFO, General Counsel, Global Chief Compliance Officer, Chief Information Officer, CISO, and Head of Enterprise Risk, who acts as chairperson of the Ares Management ERC. The Ares Management ERC, through regular consultation with the Ares Management internal cybersecurity team and employees of our investment adviser and administrator, assesses, discusses, and prioritizes Ares Management's approach to high-level risks, mitigative controls and ongoing cybersecurity efforts.

 The Audit Committee has primary responsibility for oversight and review of guidelines and policies with respect to risk assessment and risk management, including cybersecurity. Certain members of the Ares Management ERC periodically report to our Audit Committee as well as our full Board, as appropriate, on cybersecurity matters, primarily through presentations by the CISO and the Ares Management Head of Enterprise Risk. Such reporting includes updates on Ares Management's cybersecurity program as it impacts us, the external threat environment, and Ares Management's programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on Ares Management's preparedness, prevention, detection, responsiveness and recovery with respect to cyber incidents.

 Item 2. Properties

 We do not own any real estate or other physical properties materially important to our operation. Our headquarters are currently located at 245 Park Avenue, 44th Floor, New York, New York 10167. We are party to office leases pursuant to which we are leasing office facilities from third parties.

 Item 3. Legal Proceedings

 From time to time, we, our executive officers, directors and our investment adviser, its affiliates and/or any of their respective principals and employees are subject to legal proceedings in the ordinary course of business, including those arising from our investments in our portfolio companies, and we may, as a result, incur significant costs and expenses in connection with such legal proceedings. Legal proceedings may increase to the extent we find it necessary to foreclose or otherwise enforce remedies with respect to loans that are in default, which borrowers may seek to resist by asserting counterclaims and defenses against us or our investment adviser. As of December 31, 2023, we were not subject to any material pending legal proceedings.

 We and our investment adviser are also subject to extensive regulation, which, from time to time, results in requests for information from us or our investment adviser or regulatory proceedings or investigations against us or our investment adviser. We may incur significant costs and expenses in connection with any such information requests, proceedings or investigations.

 Item 4. Mine Safety Disclosures

 Not applicable.

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS

 Our common stock is traded on The NASDAQ Global Select Market under the symbol "ARCC." Our common stock has historically traded at prices both above and below our net asset value per share. It is not possible to predict whether our common stock will trade at, above or below net asset value. See "Risk Factors—Risks Relating to Our Common Stock and Publicly Traded Notes—Our shares of common stock have traded at a discount from net asset value and may do so again, which could limit our ability to raise additional equity capital."
 The following table sets forth, for each fiscal quarter for the fiscal years ended December 31, 2023 and 2022, the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock, the closing sales price as a premium (discount) to net asset value and the dividends or distributions declared by us.

 Net
Asset

 Price Range

 High
Sales Price
Premium
(Discount)
to Net Asset

 Low
Sales Price
Premium
(Discount)
to Net Asset

 Cash
Dividend
Per

 Value(1)

 High

 Low

 Value(2)

 Value(2)

 Share(3)

 Year ended December 31, 2022

 First Quarter

 $
 19.03
 $
 22.58
 $
 19.70
 18.65
 %
 3.52
 %
 $
 0.54
 (4)

 Second Quarter

 $
 18.81
 $
 22.44
 $
 17.12
 19.30
 %
 ( 8.98)
 %
 $
 0.42

 Third Quarter

 $
 18.56
 $
 20.70
 $
 16.84
 11.53
 %
 ( 9.27)
 %
 $
 0.43

 Fourth Quarter

 $
 18.40
 $
 19.76
 $
 17.30
 7.39
 %
 ( 5.98)
 %
 $
 0.48

 Year ended December 31, 2023

 First Quarter

 $
 18.45
 $
 20.04
 $
 17.19
 8.62
 %
 ( 6.83)
 %
 $
 0.48

 Second Quarter

 $
 18.58
 $
 19.11
 $
 17.65
 2.85
 %
 ( 5.01)
 %
 $
 0.48

 Third Quarter

 $
 18.99
 $
 19.81
 $
 18.86
 4.32
 %
 ( 0.68)
 %
 $
 0.48

 Fourth Quarter

 $
 19.24
 $
 20.21
 $
 18.66
 5.04
 %
 ( 3.01)
 %
 $
 0.48

 (1)Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.

 (2)Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).

 (3)Represents the dividend or distribution declared in the relevant quarter.
 (4)Consists of a quarterly dividend of $0.42 per share and additional quarterly dividends totaling $0.12 per share, all of which were declared in the first quarter of 2022 and paid on March 31, 2022, June 30, 2022, September 30, 2022 and December 29, 2022.

 On February 1, 2024, the last reported closing sales price of our common stock on The NASDAQ Global Select Market was $20.08 per share, which represented a premium of approximately 4.37% to the net asset value per share reported by us as of December 31, 2023.

 HOLDERS

 As of February 1, 2024, there were 1,053 holders of record of our common stock (including Cede & Co.).

 DIVIDEND/DISTRIBUTION POLICY

 We currently intend to distribute dividends or make distributions to our stockholders on a quarterly basis out of assets legally available for distribution. We may also distribute additional dividends or make additional distributions to our stockholders from time to time. Our quarterly and additional dividends or distributions, if any, will be determined by our board of directors.

 To maintain our RIC status under the Code, we must timely distribute an amount equal to at least 90% of our investment company taxable income (as defined by the Code, which generally includes net ordinary income and net short term capital gains) to our stockholders. In addition, we generally will be required to pay an excise tax equal to 4% on certain undistributed taxable income unless we distribute in a timely manner an amount at least equal to the sum of (i) 98% of our ordinary income recognized during a calendar year and (ii) 98.2% of our capital gain net income, as defined by the Code, recognized during a calendar year and (iii) any income recognized, but not distributed, in preceding years. The taxable income on which we pay excise tax is generally distributed to our stockholders in the next tax year. Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income for distribution in the following year, and pay any applicable excise tax. For the years ended December 31, 2023, 2022 and 2021, we recorded a net excise tax expense of $ 23 million, $30 million and $24 million, respectively. We cannot assure you that we will achieve results that will permit the payment of any cash distributions. We maintain an "opt out" dividend reinvestment plan for our common stockholders. As a result, if we declare a cash dividend, stockholders' cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically opt out of the dividend reinvestment plan so as to receive cash dividends. See "Dividend Reinvestment Plan."

 RECENT SALES OF UNREGISTERED EQUITY SECURITIES

 We did not sell any securities during the period covered by this Annual Report that were not registered under the Securities Act of 1933, as amended.

 ISSUER PURCHASES OF EQUITY SECURITIES

 Dividend Reinvestment Plan

 During the quarter ended December 31, 2023, as a part of our dividend reinvestment plan for our common stockholders, we did not purchase shares of our common stock in the open market in order to satisfy the reinvestment portion of our dividends.

 Stock Repurchase Program

 In February 2023, our board of directors authorized an amendment to our stock repurchase program to extend the expiration date of the program from February 15, 2023 to February 15, 2024. In April 2023, our board of directors authorized an amendment to increase the amount of the stock repurchase program from $500 million to $1.0 billion. Under our stock repurchase program, we may repurchase up to $1.0 billion in the aggregate of our outstanding common stock in the open market at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program will be in effect through February 15, 2024, unless extended or until the approved dollar amount has been used to repurchase shares. The stock repurchase program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, we cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. As of December 31, 2023, the expiration date of our stock repurchase program was February 15, 2024. The stock repurchase program may be suspended, extended, modified or discontinued at any time. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments," as well as Note 15 to our consolidated financial statements for the year ended December 31, 2023 for a subsequent event relating to our stock repurchase program.

 During the year ended December 31, 2023, there were no repurchases of our common stock under our stock repurchase program. As of December 31, 2023, the approximate dollar value of shares that may yet be purchased under the program was $1.0 billion.

 COMPARISON OF CUMULATIVE TOTAL RETURN AMONG ARES CAPITAL
 CORPORATION, S&P 500 INDEX AND S&P BDC INDEX

 Total Return Performance

 SOURCE: Bloomberg
 NOTES: Assumes $100 invested on December 31, 2018 in Ares Capital, the S&P 500 Index and the S&P BDC Index. Assumes all dividends are reinvested on the respective dividend payment dates without commissions.

 Dec-18
 Dec-19
 Dec-20
 Dec-21
 Dec-22
 Dec-23

 Ares Capital
 100.00
 131.25
 132.09
 179.87
 172.99
 207.48

 S&P 500 Index
 100.00
 131.49
 155.68
 200.37
 164.08
 207.21

 S&P BDC Index
 100.00
 128.16
 116.83
 160.54
 145.47
 185.58

 The stock performance graph and other information above shall not be deemed to be "soliciting material" or to be "filed" with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the Exchange Act, as amended. The stock price performance included in the above graph is not necessarily indicative of future stock performance.

 FEES AND EXPENSES

 The following table is intended to assist you in understanding the costs and expenses that an investor in our common stock will bear, directly or indirectly, based on the assumptions set forth below. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Form 10-K contains a reference to our fees or expenses, we will pay such fees and expenses out of our net assets and, consequently, stockholders will indirectly bear such fees or expenses as investors in us.

 Stockholder transaction expenses (as a percentage of offering price):

 Sales load

 —
 (1)

 Offering expenses

 —
 (2)

 Dividend reinvestment plan expenses

 Up to $15
 Transaction Fee

 (3)

 Total stockholder transaction expenses paid

 —
 (4)

 Annual expenses (as a percentage of consolidated net assets attributable to common
stock)(5):

 3.18
 %
 (6)

 Income based fees and capital gains incentive fees

 3.66
 %
 (7)

 Interest payments on borrowed funds

 5.60
 %
 (8)

 Other expenses

 0.60
 %
 (9)

 Acquired fund fees and expenses

 2.98
 %
 (10)

 Total annual expenses

 16.02
 %
 (11)

 (1)If shares of our common stock are sold to or through underwriters, the applicable prospectus or prospectus supplement will disclose the applicable sales load (underwriting discount or commission). Purchases of shares of our common stock on the secondary market are not subject to sales charges but may be subject to brokerage commissions or other charges. The table does not include any sales load that stockholders may have paid in connection with their purchase of shares of our common stock.

 (2)The applicable prospectus or prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price.

 (3) The expenses of the dividend reinvestment plan are included in "Other expenses." The plan administrator's fees under the plan are paid by us. If a participant elects by notice to the plan administrator in advance of termination to have the plan administrator sell part or all of the shares held by the plan administrator in the participant's account and remit the proceeds to the participant, the plan administrator is authorized to deduct a transaction fee of up to $15 plus a $0.12 per share fee from the proceeds. See "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Issuer Purchases of Equity Securities—Dividend Reinvestment Plan" for more information.

 (4)The applicable prospectus or prospectus supplement will disclose the offering price and the total stockholder transaction expenses as a percentage of the offering price.

 (5)The "consolidated net assets attributable to common stock" used to calculate the percentages in this table is our average net assets of $10.4 billion for the year ended December 31, 2023.

 (6) Our base management fee is calculated at an annual rate of 1.5% based on the average value of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed calendar quarters; provided, however, the base management fee is calculated at an annual rate of 1.0% on the average value of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) that exceeds the product of (A) 200% and (B) our net asset value at the end of the most recently completed calendar quarter. The 3.18 % reflected on the table is higher than 1.5% because it is calculated on our average net assets (rather than our average total assets) for the year ended December 31, 2023. See "Business—Investment Advisory and Management Agreement."

 (7)This item represents our investment adviser's income based fees and capital gains incentive fees based on actual income based fees for the year ended December 31, 2023, and adding the capital gains incentive fee expense accrued

 in accordance with GAAP for the year ended December 31, 2023, even though there was no capital gains incentive fee actually payable under the investment advisory and management agreement as of December 31, 2023.

 GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Company Act or the investment advisory and management agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee actually payable under the investment advisory and management agreement plus the aggregate cumulative unrealized capital appreciation. If such amount is positive at the end of a period, then GAAP requires us to record a capital gains incentive fee equal to 20% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under GAAP in all prior periods. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future or that the amount accrued for will ultimately be paid.

 For purposes of this table, we have assumed that these fees will be payable (in the case of the capital gains incentive fee) and that they will remain constant, although they are based on our performance and will not be paid unless we achieve certain goals. We expect to invest or otherwise utilize all of the net proceeds from securities registered under our registration statement pursuant to a particular prospectus supplement within three months of the date of the offering pursuant to such prospectus supplement and may have capital gains and interest income that could result in the payment of these fees to our investment adviser in the first year after completion of such offerings. Since our IPO through December 31, 2023, the average quarterly fees accrued related to income based fees and capital gains incentive fees (including capital gains incentive fees accrued under GAAP even though they may not be payable) have been approximately 0.66% of our weighted average net assets for such period (2.65% on an annualized basis). For more detailed information about income based fees and capital gains incentive fees previously incurred by us, please see Note 3 to our consolidated financial statements for the year ended December 31, 2023.

 Income based fees are payable quarterly in arrears in an amount equal to 20% of our pre incentive fee net investment income (including interest that is accrued but not yet received in cash), subject to a 1.75% quarterly (7.0% annualized) hurdle rate and a "catch up" provision measured as of the end of each calendar quarter. Under this provision, in any calendar quarter, our investment adviser receives no income based fees until our net investment income equals the hurdle rate of 1.75% but then receives, as a "catch up," 100% of our pre incentive fee net investment income with respect to that portion of such pre incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875%. The effect of this provision is that, if pre incentive fee net investment income exceeds 2.1875% in any calendar quarter, our investment adviser will receive 20% of our pre incentive fee net investment income as if a hurdle rate did not apply.

 Capital gains incentive fees are payable annually in arrears in an amount equal to 20% of our realized capital gains on a cumulative basis from inception through the end of the year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of capital gains incentive fees paid in all prior years.

 We will defer cash payment of any income based fees and capital gains incentive fees otherwise earned by our investment adviser if, during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined as total assets less indebtedness and before taking into account any income based fees or capital gains incentive fees accrued during the period) is less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. Any deferred income based fees and capital gains incentive fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under the investment advisory and management agreement.

 These calculations will be adjusted for any share issuances or repurchases.

 See "Business—Investment Advisory and Management Agreement."

 (8)"Interest payments on borrowed funds" represents our interest expenses estimated based on our actual interest and credit facility expenses incurred for the year ended December 31, 2023, which includes the impact of interest rate swaps. During the year ended December 31, 2023, our average outstanding borrowings were approximately $11.5

 billion and cash paid for interest expense was $ 524 million. We had outstanding borrowings of approximately $11.9 billion (with a carrying value of approximately $11.9 billion) as of December 31, 2023. This item is based on the assumption that our borrowings and interest costs after an offering will remain similar to those prior to such offering. The amount of leverage that we may employ at any particular time will depend on, among other things, our investment adviser's and our board of directors' assessment of market and other factors at the time of any proposed borrowing. See "Risk Factors—Risks Relating to Our Business—We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us." We are currently allowed to borrow amounts such that our asset coverage, as calculated pursuant to the Investment Company Act, equals at least 150% after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources."

 (9) Includes our overhead expenses, including payments under our administration agreement based on our allocable portion of overhead and other expenses incurred by Ares Operations in performing its obligations under the administration agreement, and income taxes. Such expenses are estimated based on actual "Other expenses" for the year ended December 31, 2023. The holders of shares of our common stock (and not the holders of our debt securities or preferred stock, if any) indirectly bear the cost associated with our annual expenses. See "Business—Administration Agreement."

 (10) Our stockholders indirectly bear the expenses of underlying funds or other investment vehicles that would be investment companies under section 3(a) of the Investment Company Act but for the exceptions to that definition provided for in sections 3(c)(1) and 3(c)(7) of the Investment Company Act ("Acquired Funds") in which we invest. This amount is estimated based on the estimated annual fees and operating expenses of Acquired Funds in which the Company is invested as of December 31, 2023. Certain of these Acquired Funds are subject to management fees, which generally range from 1% to 2.5% of total net assets, or incentive fees, which generally range between 15% and 25% of net profits. When applicable, fees and operating expenses estimates are based on historic fees and operating expenses for the Acquired Funds. For those Acquired Funds with little or no operating history, fees and operating expenses are estimates based on expected fees and operating expenses stated in the Acquired Funds' offering memorandum, private placement memorandum or other similar communication without giving effect to any performance. Future fees and operating expenses for these Acquired Funds may be substantially higher or lower because certain fees and operating expenses are based on the performance of the Acquired Funds, which may fluctuate over time. Also included with the amount is an estimate of the annual fees and operating expenses of the SDLP. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity—Senior Direct Lending Program" and Note 4 to our consolidated financial statements for the year ended December 31, 2023 for more information on the SDLP. The annual fees and operating expenses of the SDLP were estimated based on the funded portfolio of the SDLP as of December 31, 2023 and include interest payments on the senior notes and intermediate funding notes provided by Varagon and its clients, which represent 92% of such expenses.

 (11)Total annual expenses as a percentage of consolidated net assets attributable to common stock are higher than the total annual expenses percentage would be for a company that is not leveraged. We borrow money to leverage and increase our total assets. The SEC requires that the "Total annual expenses" percentage be calculated as a percentage of net assets (defined as total assets less indebtedness and before taking into account any income based fees or capital gains incentive fees accrued during the period), rather than the total assets, including assets that have been funded with borrowed monies.

 Example
 The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that we would have no additional leverage, that none of our assets are cash or cash equivalents and that our annual operating expenses would remain at the levels set forth in the table above. Income based fees and the capital gains incentive fees under the investment advisory and management agreement, which, assuming a 5% annual return, would either not be payable or have an insignificant impact on the expense amounts shown below, are not included in the example, except as specifically set forth below. Transaction expenses are not included in the following example.

 1 year

 3 years

 5 years

 10 years

 You would pay the following expenses on a $1,000 common stock investment, assuming a 5% annual return (none of which is subject to the capital gains incentive fee)(1)

 $
 ( 127)
 $
 ( 352)
 $
 ( 543)
 $
 ( 908)

 You would pay the following expenses on a $1,000 common stock investment, assuming a 5% annual return resulting entirely from net realized capital gains (all of which is subject to the capital gains incentive fee)(2)

 $
 (137)
 $
 (378)
 $
 (582)
 $
 (964)

 (1)Assumes that we will not realize any capital gains computed net of all realized capital losses and unrealized capital depreciation.
 (2)Assumes no unrealized capital depreciation and a 5% annual return resulting entirely from net realized capital gains and not otherwise deferrable under the terms of the investment advisory and management agreement and therefore subject to the capital gains incentive fee.
 The foregoing table is to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. If we were to achieve sufficient returns on our investments, including through the realization of capital gains, to trigger income based fees or capital gains incentive fees of a material amount, our expenses, and returns to our investors, would be higher. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, if our board of directors authorizes and we declare a cash dividend, participants in our dividend reinvestment plan who have not otherwise elected to receive cash will receive a number of shares of our common stock determined by dividing the total dollar amount of the dividend payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the dividend. See "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Issuer Purchases of Equity Securities—Dividend Reinvestment Plan" for additional information regarding our dividend reinvestment plan.

 This example and the expenses in the table above should not be considered a representation of our future expenses as actual expenses (including the cost of debt, if any, and other expenses) that we may incur in the future and such actual expenses may be greater or less than those shown.

 SENIOR SECURITIES
 (dollar amounts in millions, except per unit data)
 Information about our senior securities (including preferred stock, debt securities and other indebtedness) is shown in the following tables as of the end of the last ten fiscal years. The report of our independent registered public accounting firm, KPMG LLP, on the senior securities table as of December 31, 2023, is attached as an exhibit to this annual report on Form 10-K. The "-" indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

Class and Year
 Total Amount Outstanding Exclusive of Treasury Securities(1)
 Asset Coverage Per Unit(2)
 Involuntary Liquidating Preference Per Unit(3)
 Average Market Value Per Unit(4)

 $
 1,413
 $
 1,937
 $
 —
 N/A

 2,246
 1,772
 —
 N/A

 1,507
 1,792
 —
 N/A

 1,180
 1,824
 —
 N/A

 2,250
 2,042
 —
 N/A

 1,064
 2,362
 —
 N/A

 2,415
 —
 N/A

 2,296
 —
 N/A

 2,213
 —
 N/A

 2,292
 —
 N/A

 $
 $
 1,937
 $
 —
 N/A

 1,772
 —
 N/A

 1,792
 —
 N/A

 1,027
 1,824
 —
 N/A

 2,042
 —
 N/A

 2,362
 —
 N/A

 2,415
 —
 N/A

 2,296
 —
 N/A

 2,213
 —
 N/A

 2,292
 —
 N/A

 $
 $
 1,937
 $
 —
 N/A

 1,772
 —
 N/A

 1,792
 —
 N/A

 1,824
 —
 N/A

 2,042
 —
 N/A

 2,362
 —
 N/A

 2,415
 —
 N/A

 2,296
 —
 N/A

 2,213
 —
 N/A

 2,292
 —
 N/A

 $
 $
 1,937
 $
 —
 N/A

 1,772
 —
 N/A

 —
 1,792
 —
 N/A

 1,824
 —
 N/A

 SBA Debentures

Class and Year
 Total Amount Outstanding Exclusive of Treasury Securities(1)
 Asset Coverage Per Unit(2)
 Involuntary Liquidating Preference Per Unit(3)
 Average Market Value Per Unit(4)

 $
 —
 $
 —
 $
 —
 N/A

 2,296
 —
 N/A

 2,213
 —
 N/A

 February 2016 Convertible Notes

 $
 $
 2,213
 $
 —
 N/A

 2,292
 —
 N/A

 June 2016 Convertible Notes

 $
 $
 2,213
 $
 —
 N/A

 2,292
 —
 N/A

 2017 Convertible Notes

 $
 $
 2,296
 $
 —
 N/A

 2,213
 —
 N/A

 2,292
 —
 N/A

 2018 Convertible Notes

 $
 $
 2,415
 $
 —
 N/A

 2,296
 —
 N/A

 2,213
 —
 N/A

 2,292
 —
 N/A

 2019 Convertible Notes

 $
 $
 2,362
 $
 —
 N/A

 2,415
 —
 N/A

 2,296
 —
 N/A

 2,213
 —
 N/A

 2,292
 —
 N/A

 2022 Convertible Notes

 $
 $
 1,792
 $
 —
 N/A

 1,824
 —
 N/A

 2,042
 —
 N/A

 2,362
 —
 N/A

 2,415
 —
 N/A

 $
 $
 1,937
 $
 —
 N/A

 1,772
 —
 N/A

 1,792
 —
 N/A

 1,824
 —
 N/A

 2,042
 —
 N/A

 2018 Notes

 $
 $
 2,415
 $
 —
 N/A

 2,296
 —
 N/A

 2,213
 —
 N/A

 2,292
 —
 N/A

 2020 Notes

 $
 $
 2,362
 $
 —
 N/A

 2,415
 —
 N/A

 2,296
 —
 N/A

Class and Year
 Total Amount Outstanding Exclusive of Treasury Securities(1)
 Asset Coverage Per Unit(2)
 Involuntary Liquidating Preference Per Unit(3)
 Average Market Value Per Unit(4)

 2,213
 —
 N/A

 2,292
 —
 N/A

 2022 Notes

 $
 $
 1,824
 $
 —
 N/A

 2,042
 —
 N/A

 2,362
 —
 N/A

 2,415
 —
 N/A

 2,296
 —
 N/A

 February 2022 Notes

 $
 $
 2,292
 $
 —
 $
 1,024

 October 2022 Notes

 $
 $
 2,296
 $
 —
 $
 1,017

 2,213
 —
 1,011

 2,292
 —
 1,013

 2040 Notes

 $
 $
 2,292
 $
 —
 $
 1,040

 2023 Notes

 $
 $
 1,772
 $
 —
 N/A

 1,792
 —
 N/A

 1,824
 —
 N/A

 2,042
 —
 N/A

 2,362
 —
 N/A

 2,415
 —
 N/A

 $
 $
 1,937
 $
 —
 N/A

 1,772
 —
 N/A

 1,792
 —
 N/A

 1,824
 —
 N/A

 2,042
 —
 N/A

 $
 $
 1,937
 $
 —
 N/A

 1,772
 —
 N/A

 1,792
 —
 N/A

 1,824
 —
 N/A

 2,042
 —
 N/A

 2,362
 —
 N/A

 $
 1,250
 $
 1,937
 $
 —
 N/A

 1,250
 1,772
 —
 N/A

 1,250
 1,792
 —
 N/A

 1,824
 —
 N/A

 $
 1,150
 $
 1,937
 $
 —
 N/A

 1,150
 1,772
 —
 N/A

 1,150
 1,792
 —
 N/A

Class and Year
 Total Amount Outstanding Exclusive of Treasury Securities(1)
 Asset Coverage Per Unit(2)
 Involuntary Liquidating Preference Per Unit(3)
 Average Market Value Per Unit(4)

 1,150
 1,824
 —
 N/A

 $
 1,000
 $
 1,937
 $
 —
 N/A

 1,000
 1,772
 —
 N/A

 1,000
 1,792
 —
 N/A

 $
 $
 1,937
 $
 —
 N/A

 $
 $
 1,937
 $
 —
 N/A

 1,772
 —
 N/A

 $
 1,250
 $
 1,937
 $
 —
 N/A

 1,250
 1,772
 —
 N/A

 1,250
 1,792
 —
 N/A

 $
 $
 1.937
 $
 —
 N/A

 1,772
 —
 N/A

 1,792
 —
 N/A

 2047 Notes

 $
 $
 1,824
 $
 —
 $
 1,013

 2,042
 —
 1,033

 2,362
 —
 1,013

 2,415
 —
 1,021

 2,296
 —
 1,015

 2,213
 —
 1,011

 2,292
 —

 (1) Total amount of each class of senior securities outstanding at principal value at the end of the period presented.

 (2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the "Asset Coverage Per Unit" (including for the February 2022 Notes, the October 2022 Notes, the 2040 Notes and the 2047 Notes, which were issued in $25 increments). In June 2016, we received exemptive relief from the SEC allowing us to modify the asset coverage requirements to exclude debentures issued by Ares Venture Finance, L.P. and guaranteed by the Small Business Administration (the "SBA"), subject to the issuance of a capital commitment by the SBA and other customary procedures (the "SBA Debentures"), from this calculation. As such, the asset coverage ratio beginning with Fiscal 2016 excludes the SBA Debentures. Certain prior year amounts have been reclassified to conform to the 2016 and 2017 presentation. In particular, unamortized debt issuance costs were previously included in other assets and were reclassified to long term debt as a result of the adoption of Accounting Standards Update 2015 03, Interest-Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs during the first quarter of 2016.

 (3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it.

 (4) Not applicable, except for with respect to the February 2022 Notes, the October 2022 Notes, the 2040 Notes and the 2047 Notes, as other senior securities are not registered for public trading on a stock exchange. The average market

 value per unit for each of the February 2022 Notes, the October 2022 Notes, the 2040 Notes and the 2047 Notes is based on the average daily prices of such notes and is expressed per $1,000 of indebtedness (including for the February 2022 Notes, the October 2022 Notes, the 2040 Notes and the 2047 Notes, which were issued in $25 increments).

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Annual Report. In addition, some of the statements in this Annual Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Ares Capital Corporation (the "Company," "Ares Capital," "we," "us," or "our"). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

 • our, or our portfolio companies', future business, operations, operating results or prospects;

 • the return or impact of current and future investments;

 • the impact of global health crises on our or our portfolio companies' business and the U.S. and global economy;

 • the impact of a protracted decline in the liquidity of credit markets on our business;

 • changes in the general economy, slowing economy, rising inflation and risk of recession;

 • the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

 • the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

 • our ability to recover unrealized losses;

 • market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively;

 • our contractual arrangements and relationships with third parties;

 • the state of the general economy;

 • the impact of supply chain constraints on our portfolio companies and the global economy;

 • uncertainty surrounding global financial stability;

 • the Israel-Hamas war;

 • the Russia-Ukraine war and the potential for volatility in energy prices and other commodities and their impact on the industries in which we invest;

 • the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives;

 • the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

 • our ability to raise capital in the private and public debt and equity markets;

 • our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies' supply chain and operations;

 • our ability to successfully complete and integrate any acquisitions;

 • the outcome and impact of any litigation or regulatory proceeding;

 • the adequacy of our cash resources and working capital;

 • the timing, form and amount of any dividend distributions;

 • the timing of cash flows, if any, from the operations of our portfolio companies; and

 • the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments.

 We use words such as "anticipates," "believes," "expects," "intends," "project," "estimates," "will," "should," "could," "would," "may" and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Risk Factors" and the other information included in this Annual Report.

 We have based the forward-looking statements included in this Annual Report on information available to us on the filing date of this Annual Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission ("SEC"), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

 OVERVIEW

 We are a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. We have elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "Investment Company Act").

 We are externally managed by Ares Capital Management LLC ("Ares Capital Management" or our "investment adviser"), a subsidiary of Ares Management Corporation (NYSE: ARES) ("Ares Management"), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement. Ares Operations LLC ("Ares Operations" or our "administrator"), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.

 Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily 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. In addition to senior secured loans, we also invest in subordinated loans (sometimes referred to as mezzanine debt), which in some cases includes an equity component and preferred equity.

 To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments.

 Since our initial public offering ("IPO") on October 8, 2004 through December 31, 2023, our exited investments resulted in an asset level realized gross internal rate of return to us of approximately 13% (based on original cash invested, net of syndications, of approximately $42.1 billion and total proceeds from such exited investments of approximately $53.7 billion). Internal rate of return is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. Internal rate of return is gross of expenses related to investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized.

 Additionally, since our IPO on October 8, 2004 through December 31, 2023, our realized gains have exceeded our realized losses by approximately $0.9 billion (excluding a one-time gain on the acquisition of Allied Capital Corporation in April 2010 (the "Allied Acquisition") and realized gains/losses from the extinguishment of debt and other transactions). For the same time period, our average annualized net realized gain rate was approximately 0.9% (excluding a one-time gain on the Allied Acquisition and realized gains/losses from the extinguishment of debt and other transactions). Net realized gain/loss rates for a particular period are the amount of net realized gains/losses during such period divided by the average quarterly investments at amortized cost in such period.

 Information included herein regarding internal rates of return, realized gains and losses and annualized net realized gain rates are historical results relating to our past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.

 As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in "qualifying assets," including securities and indebtedness of private U.S. companies and certain public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered "eligible portfolio companies" (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act.

 We have elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders generally at least 90% of our investment company taxable income, as defined by the Code, for each year. Pursuant to this election, we generally will not have to pay U.S. federal corporate-level taxes on any income that we distribute to our stockholders provided that we satisfy those requirements.

 MACROECONOMIC ENVIRONMENT

 Credit markets continued to be under pressure during 2023 amid a risk-off environment and sustained macro-economic uncertainty due to rising Treasury yields, record-high inflation, tighter financial conditions, financial market instability and growing recession risk. Central banks have remained focused on restoring price stability by raising interest rates and have signaled that growth may be hindered until inflation comes under control.

 PORTFOLIO AND INVESTMENT ACTIVITY

 Our investment activity for the years ended December 31, 2023 and 2022 is presented below.

 2023
 2022

 New investment commitments(1):

 New portfolio companies
 $
 2,061
 $
 4,629

 Existing portfolio companies
 3,905
 5,241

 Total new investment commitments(2)
 $
 5,966
 $
 9,870

 Less:

 Investment commitments exited(3)
 (5,729)
 (7,953)

 Net investment commitments
 $
 $
 1,917

 Principal amount of investments funded:

 First lien senior secured loans(4)
 $
 4,344
 $
 6,141

 Subordinated certificates of the SDLP(5)

 Ivy Hill Asset Management, L.P.(6)
 1,544

 Total
 $
 5,820
 $
 9,722

 Principal amount of investments sold or repaid:

 First lien senior secured loans(4)
 $
 3,782
 $
 6,014

 Subordinated certificates of the SDLP(5)

 Ivy Hill Asset Management, L.P.(6)

 Total
 $
 5,569
 $
 7,780

 Number of new investment commitments(7)

 Average new investment commitment amount
 $
 $

 Weighted average term for new investment commitments (in months)

 Percentage of new investment commitments at floating rates
 %
 %

 Percentage of new investment commitments at fixed rates
 %
 %

 Weighted average yield of debt and other income producing securities(8):

 Funded during the period at amortized cost
 12.1
 %
 9.7
 %

 Funded during the period at fair value(9)
 12.2
 %
 9.7
 %

 Exited or repaid during the period at amortized cost
 11.9
 %
 8.4
 %

 Exited or repaid during the period at fair value(9)
 12.2
 %
 8.4
 %

 (1)New investment commitments include new agreements to fund revolving loans or delayed draw loans. See Note 7 to our consolidated financial statements for the year ended December 31, 2023 for more information on our commitments to fund revolving loans or delayed draw loans.

 (2)Includes both funded and unfunded commitments. Of these new investment commitments, we funded $4.6 billion and $8.7 billion for the years ended December 31, 2023 and 2022, respectively.

 (3)Includes both funded and unfunded commitments. For the years ended December 31, 2023 and 2022, investment commitments exited included exits of unfunded commitments of $779 million and $757 million, respectively.

 (4)For the year ended December 31, 2023, net repayments of first lien secured revolving loans were $327 million. For the year ended December 31, 2022, net fundings of first lien secured revolving loans were $275 million.

 (5)See "Senior Direct Lending Program" below and Note 4 to our consolidated financial statements for the year ended December 31, 2023 for more information on the SDLP (as defined below).

 (6)Includes our subordinated loan and equity investments in IHAM (as defined below), as applicable. See "Ivy Hill Asset Management, L.P." below and Note 4 to our consolidated financial statements for the year ended December 31, 2023 for more information on IHAM.

 (7)Number of new investment commitments represents each commitment to a particular portfolio company or a commitment to multiple companies as part of an individual transaction (e.g., the purchase of a portfolio of investments).

 (8)"Weighted average yield of debt and other income producing securities" is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end, as applicable), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of our equity investment in IHAM as applicable), as applicable.

 (9)Represents fair value for investments in the portfolio as of the most recent prior quarter end, if applicable.

 As of December 31, 2023 and 2022, our investments consisted of the following:

 2023
 2022

 Amortized Cost(1)
 Amortized Cost(1)

 First lien senior secured loans(2)
 $
 10,313
 $
 10,081
 $
 9,684
 $
 9,373

 3,980
 3,753
 4,218
 3,934

 Subordinated certificates of the SDLP(3)
 1,316
 1,288
 1,274
 1,249

 1,150
 1,096
 1,163
 1,079

 2,457
 2,460
 2,095
 2,027

 Ivy Hill Asset Management, L.P.(4)
 1,763
 1,987
 2,048
 2,201

 1,689
 2,209
 1,561
 1,917

 Total
 $
 22,668
 $
 $
 22,043
 $

 (1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest or dividends.

 (2)First lien senior secured loans include certain loans that we classify as "unitranche" loans. The total amortized cost and fair value of the loans that we classified as "unitranche" loans were $5.8 billion and $5.7 billion, respectively, as of December 31, 2023, and $5.0 billion and $4.8 billion, respectively, as of December 31, 2022.

 (3)The proceeds from these certificates were applied to co-investments with Varagon Capital Partners ("Varagon") and its clients to fund first lien senior secured loans to 22 and 22 different borrowers as of December 31, 2023 and 2022, respectively.

 (4)Includes our subordinated loan and equity investments in IHAM, as applicable.

 We have commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) our discretion. Our commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the

 use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels). We are also party to subscription agreements to fund equity investments. See Note 7 to our consolidated financial statements for the year ended December 31, 2023 for more information on our unfunded commitments, including commitments to issue letters of credit, related to certain of our portfolio companies.

 The weighted average yields at amortized cost and fair value of the following portions of our portfolio as of December 31, 2023 and 2022 were as follows:

 2023
 2022

 Debt and other income producing securities(1)
 12.5
 %
 12.5
 %
 11.6
 %
 11.9
 %

 Total portfolio(2)
 11.3
 %
 11.2
 %
 10.5
 %
 10.6
 %

 First lien senior secured loans(3)
 11.7
 %
 11.9
 %
 10.7
 %
 11.1
 %

 Second lien senior secured loans(3)
 12.7
 %
 13.4
 %
 11.6
 %
 12.5
 %

 Subordinated certificates of the SDLP(3)(6)
 13.6
 %
 13.9
 %
 13.5
 %
 13.8
 %

 Senior subordinated loans(3)
 12.5
 %
 13.1
 %
 10.8
 %
 11.3
 %

 Ivy Hill Asset Management L.P.(4)
 15.1
 %
 13.3
 %
 14.2
 %
 12.9
 %

 Other income producing equity securities(5)
 11.3
 %
 11.2
 %
 11.4
 %
 11.4
 %

 (1)"Weighted average yields on debt and other income producing securities" are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of our equity investment in IHAM as applicable), as applicable.

 (2)"Weighted average yields on total portfolio" are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end), divided by (b) total investments at amortized cost or at fair value, as applicable.

 (3)"Weighted average yields" of investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing investments, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable.

 (4)Represents the yield on our equity investment in IHAM, which is computed as (a) the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of our equity investment in IHAM, as applicable.

 (5)"Weighted average yield on other income producing equity securities" is computed as (a) the yield earned on the relevant income producing equity securities, divided by (b) the total relevant income producing equity securities at amortized cost or fair value, as applicable.

 (6)The proceeds from these certificates were applied to co-investments with Varagon and its clients to fund first lien senior secured loans.

 Ares Capital Management employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors. The grade of a portfolio investment may be reduced or increased over time. The following is a description of each investment grade:

 Investment grade

 Involves the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit.

 Involves a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 3.

 Indicates that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. For investments graded 2, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company.

 Indicates that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 1, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 1, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit. For investments graded 1, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company.

 Set forth below is the grade distribution of our portfolio companies as of December 31, 2023 and 2022:

 2023
 2022

 %
 Number of
Companies
 %
 %
 Number of
Companies
 %

 Grade 4
 $
 4,222
 18.5
 %
 12.7
 %
 $
 5,051
 23.2
 %
 17.1
 %

 Grade 3
 17,174
 75.1
 76.4
 15,279
 70.1
 70.2

 Grade 2
 1,333
 5.8
 6.9
 1,342
 6.2
 8.6

 Grade 1
 0.6
 4.0
 0.5
 4.1

 Total
 $
 100.0
 %
 100.0
 %
 $
 100.0
 %
 100.0
 %

 As of December 31, 2023 and 2022, the weighted average grade of the investments in our portfolio at fair value was 3.1 and 3.2, respectively.

 As of December 31, 2023 and 2022, loans on non-accrual status represented 1.3% of the total investments at amortized cost (or 0.6% at fair value) and 1.7% at amortized cost (or 1.1% at fair value), respectively.

 Ivy Hill Asset Management, L.P. ("IHAM"), our wholly owned portfolio company, is an asset manager and an SEC-registered investment adviser. As of December 31, 2023, IHAM had assets under management of approximately $13.5 billion. As of December 31, 2023, IHAM managed 20 vehicles (the "IHAM Vehicles"). IHAM earns fee income from managing the IHAM Vehicles and has also invested in certain of these vehicles as part of its business strategy. The amortized cost of IHAM's total investments as of December 31, 2023 and 2022 was $2,288 million and $2,370 million, respectively. For the years ended December 31, 2023 and 2022, IHAM had management and incentive fee income of $56 million and $49 million, respectively, and other investment-related income of $328 million and $188 million, respectively, which included net realized gains or losses on investments and other transactions.

 The amortized cost and fair value of our investments in IHAM as of December 31, 2023 and 2022 were as follows:

 2023
 2022

 $
 $
 $
 $

 1,701
 1,925
 1,548
 1,701

 Total investment in IHAM
 $
 1,763
 $
 1,987
 $
 2,048
 $
 2,201

 The interest income and dividend income that we earned from IHAM for the years ended December 31, 2023 and 2022 were as follows:

 2023
 2022

 $
 $

 $
 $

 From time to time, IHAM or certain IHAM Vehicles may purchase investments from, or sell investments to, us. For any such sales or purchases by the IHAM Vehicles to or from us, the IHAM Vehicle must obtain approval from third parties unaffiliated with us or IHAM, as applicable. During the years ended December 31, 2023 and 2022, IHAM or certain of the IHAM Vehicles purchased $1.2 billion and $3.4 billion, respectively, of loans from us. For the years ended December 31, 2023 and 2022, we recognized $13 million and $20 million, respectively, of net realized losses from these sales. During the years ended December 31, 2023 and 2022, we purchased $85 million and $27 million, respectively, of investments from IHAM or certain IHAM Vehicles.

 The yields at amortized cost and fair value of our investments in IHAM as of December 31, 2023 and 2022 were as follows:

 2023
 2022

 12.0
 %
 12.0
 %
 11.0
 %
 11.0
 %

 Equity(1)

 15.1
 %
 13.3
 %
 14.2
 %
 12.9
 %

 (1)Represents the yield on our equity investment in IHAM, which is computed as (a) the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of our equity investment in IHAM, as applicable.

 Selected Financial Information

 Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of IHAM, in conformity with U.S. generally accepted accounting principles ("GAAP"), as of and for the years ended December 31, 2023 and 2022 are presented below.

 In conformity with GAAP, IHAM is required to consolidate entities in which IHAM has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model, which include certain of the IHAM Vehicles (the "Consolidated IHAM Vehicles"). As such, for GAAP purposes only, IHAM consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that it concludes are variable interest entities in which IHAM has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which IHAM is deemed to be the primary beneficiary.

 When IHAM consolidates an IHAM Vehicle for GAAP purposes only, IHAM reflects the assets, liabilities, revenues and expenses of the Consolidated IHAM Vehicles on a gross basis, including the economic interests held by third-party investors in the Consolidated IHAM Vehicles as debt obligations, subordinated notes or non-controlling interests, in the consolidated IHAM financials below. All of the revenues earned by IHAM as the investment manager of the Consolidated IHAM Vehicles are eliminated in GAAP consolidation. However, because the eliminated amounts are earned from and funded

 by third-party investors, the GAAP consolidation of an IHAM Vehicle does not impact the net income or loss attributable to IHAM. As a result, we believe an assessment of IHAM's business and the impact to our investment in IHAM is best viewed on a stand-alone basis as reflected in the first column in the tables below.

 IHAM

 Assets

 Investments at fair value(2)
 $
 2,274
 $
 9,392
 $
 (2,265)
 $
 9,401

 —

 (68)

 $
 2,353
 $
 10,199
 $
 (2,333)
 $
 10,219

 Liabilities

 Debt
 $
 $
 7,459
 $
 —
 $
 7,921

 Subordinated note from ARCC
 —
 —

 Subordinated notes(3)
 —
 1,280
 (992)

 (16)

 8,928
 (1,008)
 8,461

 Contributed capital
 1,701
 —
 —
 1,701

 Accumulated earnings
 —
 —

 Net unrealized losses on investments and foreign currency transactions
 (15)
 —
 —
 (15)

 Non-controlling interests in Consolidated IHAM Vehicles(4)

 —
 1,271
 (1,325)
 (54)

 Total equity
 1,812
 1,271
 (1,325)
 1,758

 Total liabilities and equity
 $
 2,353
 $
 10,199
 $
 (2,333)
 $
 10,219

 IHAM

 Assets

 Investments at fair value(2)
 $
 2,340
 $
 8,973
 $
 (2,315)
 $
 8,998

 —

 (51)

 $
 2,401
 $
 9,566
 $
 (2,366)
 $
 9,601

 Liabilities

 Debt
 $
 $
 6,968
 $
 —
 $
 7,276

 Subordinated note from ARCC
 —
 —

 Subordinated notes(3)
 —
 1,374
 (1,093)

 (15)

 8,471
 (1,108)
 8,189

 Contributed capital
 1,547
 —
 —
 1,547

 Accumulated earnings
 —
 —

 Net unrealized losses on investments and foreign currency transactions
 (33)
 —
 —
 (33)

 Non-controlling interests in Consolidated IHAM Vehicles(4)

 —
 1,095
 (1,258)
 (163)

 Total equity
 1,575
 1,095
 (1,258)
 1,412

 Total liabilities and equity
 $
 2,401
 $
 9,566
 $
 (2,366)
 $
 9,601

 (1)Consolidated for GAAP purposes only.

 (2)The determination of such fair value is determined in accordance with IHAM's valuation procedures (separate and apart from our valuation process described elsewhere herein). The amortized cost of IHAM's total investments as of December 31, 2023 and 2022 was $2,288 million and $2,370 million, respectively. The amortized cost of the total investments of IHAM on a consolidated basis as of December 31, 2023 and 2022 was $9,619 million and $9,306 million, respectively.

 (3)Subordinated notes generally represent the most junior capital in certain of the Consolidated IHAM Vehicles and effectively represent equity in such vehicles.

 (4)Non-controlling interests in Consolidated IHAM Vehicles includes net unrealized depreciation in the Consolidated IHAM Vehicles of $221 million and $309 million as of December 31, 2023 and 2022, respectively.

 For the Year Ended December 31, 2023

 IHAM

 $
 $
 1,097
 $
 (343)
 $
 1,101

 (54)

 1,105
 (397)
 1,111

 —

 —
 (150)

 (54)

 (204)

 (193)

 Net realized (losses) gains on investments and other transactions
 (19)
 (29)
 (46)

 Net unrealized gains on investments and other transactions
 (18)

 Total net realized and unrealized (losses) gains on investments and other transactions
 (1)
 (47)

 Net income
 (240)

 Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles
 —
 (240)

 $
 $
 —
 $
 —
 $

 For the Year Ended December 31, 2022

 IHAM

 $
 $
 $
 (185)
 $

 (46)

 (231)

 —

 —
 (95)

 (46)

 (141)

 (90)

 Net realized losses on investments and other transactions
 —
 (12)
 —
 (12)

 Net unrealized loss on investments and other transactions
 (33)
 (279)
 (281)

 Total net realized and unrealized losses on investments and other transactions
 (33)
 (291)
 (293)

 Net income (loss)
 (137)
 (59)
 (41)

 Less: Net loss attributable to non-controlling interests in Consolidated IHAM Vehicles
 —
 (137)
 (59)
 (196)

 $
 $
 —
 $
 —
 $

 ____________________________________
 (1)Consolidated for GAAP purposes only.

 Senior Direct Lending Program

 We have established a joint venture with Varagon to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. The joint venture is called the Senior Direct Lending Program, LLC (d/b/a the "Senior Direct Lending Program" or the "SDLP"). In July 2016, we and Varagon and its clients completed the initial funding of the SDLP. The SDLP may generally commit and hold individual loans of up to $450 million. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of ours and Varagon (with approval from a representative of each required).

 We provide capital to the SDLP in the form of subordinated certificates (the "SDLP Certificates"), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. As of December 31, 2023, we and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates.

 As of December 31, 2023 and 2022, we and Varagon and its clients had agreed to make capital available to the SDLP of $6.2 billion and $6.2 billion, respectively, in the aggregate, of which $1.4 billion and $1.4 billion, respectively, is to be made available from us. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP. Below is a summary of the funded capital and unfunded capital commitments of the SDLP.

 2023
 2022

 Total capital funded to the SDLP(1)
 $
 5,361
 $
 5,127

 Total capital funded to the SDLP by the Company(1)
 $
 1,328
 $
 1,274

 Total unfunded capital commitments to the SDLP(2)
 $
 $

 Total unfunded capital commitments to the SDLP by the Company(2)
 $
 $

 (1) At principal amount.

 (2)These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met.

 The SDLP Certificates pay a coupon equal to SOFR plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes.

 The amortized cost and fair value of our SDLP Certificates and our yield on our investment in the SDLP Certificates at amortized cost and fair value as of December 31, 2023 and 2022 were as follows:

 2023
 2022

 Investment in the SDLP Certificates
 $
 1,316
 $
 1,288
 $
 1,274
 $
 1,249

 Yield on the investment in the SDLP Certificates
 13.6
 %
 13.9
 %
 13.5
 %
 13.8
 %

 The interest income from our investment in the SDLP Certificates and capital structuring service and other fees earned for the years ended December 31, 2023 and 2022 were as follows:

 2023
 2022

 $
 $

 Capital structuring service and other fees

 $
 $

 As of December 31, 2023 and 2022, the SDLP portfolio was comprised entirely of first lien senior secured loans primarily to U.S. middle-market companies and were in industries similar to the companies in our portfolio. As of December

 31, 2023 and 2022, one of the loans was on non-accrual status. Below is a summary of the SDLP's portfolio as of December 31, 2023 and 2022:

 As of

 2023
 2022

 Total first lien senior secured loans(1)(2)
 $
 5,431
 $
 5,174

 Weighted average yield on first lien senior secured loans(3)
 10.4
 %
 10.1
 %

 Largest loan to a single borrower(1)
 $
 $

 Total of five largest loans to borrowers(1)
 $
 1,650
 $
 1,631

 Number of borrowers in the SDLP

 Commitments to fund delayed draw loans(4)
 $
 $

 (1)At principal amount.

 (2)First lien senior secured loans include certain loans that the SDLP classifies as "unitranche" loans. As of December 31, 2023 and 2022, the total principal amount of loans in the SDLP portfolio that the SDLP classified as "unitranche" loans was $4,558 million and $4,108 million, respectively.

 (3) Computed as (a) the annual stated interest rate on accruing first lien senior secured loans, divided by (b) total first lien senior secured loans at principal amount.

 (4)As discussed above, these commitments have been approved by the investment committee of the SDLP.

 Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of the SDLP, in conformity with GAAP, as of and for the years ended December 31, 2023 and 2022 are presented below:

 2023
 2022

 Investments at fair value (amortized cost of $5,267 and $5,166, respectively)

 $
 5,129
 $
 4,958

 $
 5,321
 $
 5,108

 Senior notes
 $
 3,705
 $
 3,538

 Intermediate funding notes

 3,980
 3,780

 Subordinated certificates and members' capital
 1,341
 1,328

 Total liabilities and members' capital
 $
 5,321
 $
 5,108

 2023
 2022

 $
 $

 Other expenses

 Net realized and unrealized losses on investments
 (73)
 (147)

 Net increase in members' capital resulting from operations
 $
 $

 SDLP Loan Portfolio as of December 31, 2023

 Stated Interest Rate(1)
 Principal Amount
 Fair
Value(2)

 Arrowhead Holdco Company (3)(4)
 Distributor of non-discretionary, mission-critical aftermarket replacement parts
 10.0
 %
 $
 271.6
 $
 244.4

 Benecon Midco II LLC (3)(4)
 Employee benefits provider for small and mid-size employers
 10.7
 %
 170.2
 170.2

 Center for Autism and Related Disorders, LLC (3)(5)
 Autism treatment and services provider specializing in applied behavior analysis therapy
 164.3
 —

 Concert Golf Partners Holdco LLC (3)
 Golf club owner and operator
 11.2
 %
 273.5
 273.5

 Emergency Communications Network, LLC (3)
 Provider of mission critical emergency mass notification solutions
 14.1
 %
 252.3
 219.5

 Excelligence Holdings Corp. (3)
 Developer, manufacturer and retailer of educational products
 01/2024
 11.5
 %
 145.4
 145.4

 FS Squared Holding Corp. (3)(4)
 Provider of on-site vending and micro market solutions
 10.8
 %
 323.3
 323.3

 Harvey Tool Company, LLC (3)
 Manufacturer of cutting tools used in the metalworking industry
 11.0
 %
 256.6
 254.0

 HGC Holdings, LLC (3)
 Operator of golf facilities
 11.2
 %
 232.0
 232.0

 ISQ Hawkeye Holdco, Inc. (3)(4)
 Provider of commercial and industrial waste processing and disposal services
 11.4
 %
 295.6
 295.6

 Manna Pro Products, LLC (3)
 Manufacturer and supplier of specialty nutrition and care products for animals
 11.5
 %
 267.5
 251.5

 NCWS Intermediate, Inc. (3)(4)
 Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market
 11.6
 %
 279.7
 279.7

 North Haven Falcon Buyer, LLC (3)(4)
 Manufacturer of aftermarket golf cart parts and accessories
 13.5
 %
 224.5
 181.8

 Pegasus Global Enterprise Holdings, LLC (3)(4)
 Provider of plant maintenance and scheduling software
 10.7
 %
 334.9
 334.9

 Penn Detroit Diesel Allison, LLC
 Distributor of aftermarket parts to the heavy-duty truck industry
 11.7
 %
 32.9
 32.9

 Precinmac (US) Holdings Inc. and Trimaster Manufacturing Inc. (3)(4)
 Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry
 11.5
 %
 256.1
 253.5

 Pritchard Industries, LLC (3)(4)
 11.0
 %
 245.2
 240.3

 Qnnect, LLC (3)(4)
 Manufacturer of highly engineered hermetic packaging products
 12.4
 %
 278.3
 278.3

 THG Acquisition, LLC (3)
 Multi-line insurance broker
 11.2
 %
 325.5
 325.3

 Triwizard Holdings, Inc. (4)
 Hotel, gaming, restaurants and leisure
 11.7
 %
 169.2
 169.2

 Valcourt Holdings II, LLC and Jobs Holdings, Inc. (3)
 Provider of window cleaning and building facade maintenance and restoration services
 11.3
 %
 262.5
 257.3

 Walnut Parent, Inc. (3)
 Manufacturer of natural solution pest and animal control products
 11.0
 %
 370.2
 366.5

 $
 5,431.3
 $
 5,129.1

 ____________________________________________________________________________

 (1)Represents the weighted average annual stated interest rate as of December 31, 2023. All interest rates are payable in cash, except for portions of the stated interest rates which are PIK for investments in Emergency Communications Network, LLC and North Haven Falcon Buyer, LLC.

 (2)Represents the fair value in accordance with Accounting Standards Codification 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"). The determination of such fair value is not included in our valuation process described elsewhere herein.

 (3)We also hold a portion of this company's first lien senior secured loan.

 (4)We hold an equity investment in this company.

 (5)Loan was on non-accrual status as of December 31, 2023.

 SDLP Loan Portfolio as of December 31, 2022

 Stated Interest Rate(1)
 Principal Amount
 Fair
Value(2)

 Arrowhead Holdco Company (3)(4)
 Distributor of non-discretionary, mission-critical aftermarket replacement parts
 8/2028
 8.9
 %
 $
 274.3
 $
 260.6

 Benecon Midco II LLC (3)(4)
 Employee benefits provider for small and mid-size employers
 10.0
 %
 171.9
 171.9

 Center for Autism and Related Disorders, LLC (3)(5)
 Autism treatment and services provider specializing in applied behavior analysis therapy
 155.2
 65.2

 Concert Golf Partners Holdco LLC (3)
 Golf club owner and operator
 4/2029
 10.2
 %
 255.3
 255.3

 Emergency Communications Network, LLC (3)
 Provider of mission critical emergency mass notification solutions
 6/2024
 11.8
 %
 238.8
 214.9

 Excelligence Holdings Corp. (3)
 Developer, manufacturer and retailer of educational products
 1/2024
 10.7
 %
 146.3
 146.3

 FS Squared Holding Corp. (3)(4)
 Provider of on-site vending and micro market solutions
 3/2025
 9.6
 %
 308.0
 308.0

 Harvey Tool Company, LLC (3)
 Manufacturer of cutting tools used in the metalworking industry
 10.2
 %
 233.6
 231.3

 HGC Holdings, LLC (3)
 Operator of golf facilities
 6/2026
 9.5
 %
 141.4
 141.4

 ISQ Hawkeye Holdco, Inc. (3)(4)
 Provider of commercial and industrial waste processing and disposal services
 8/2029
 10.6
 %
 286.5
 280.8

 Manna Pro Products, LLC (3)
 Manufacturer and supplier of specialty nutrition and care products for animals
 10.4
 %
 270.3
 251.4

 n2y Holding, LLC (3)
 Developer of cloud-based special education platform
 10.1
 %
 193.5
 191.5

 NCWS Intermediate, Inc. (3)(4)
 Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market
 10.4
 %
 269.8
 264.5

 North Haven Falcon Buyer, LLC (3)(4)
 Manufacturer of aftermarket golf cart parts and accessories
 5/2027
 11.2
 %
 217.2
 202.0

 Pegasus Global Enterprise Holdings, LLC (3)(4)
 Provider of plant maintenance and scheduling software
 5/2025
 10.0
 %
 338.4
 338.4

 Penn Detroit Diesel Allison, LLC
 Distributor of aftermarket parts to the heavy-duty truck industry
 11.4
 %
 49.6
 49.6

 Precinmac (US) Holdings Inc. and Trimaster Manufacturing Inc. (3)(4)
 Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry
 8/2027
 10.4
 %
 258.7
 253.5

 Pritchard Industries, LLC (3)(4)
 10.5
 %
 242.3
 235.0

 Qnnect, LLC (3)(4)
 Manufacturer of highly engineered hermetic packaging products
 11.1
 %
 277.3
 268.9

 THG Acquisition, LLC (3)
 Multi-line insurance broker
 10.1
 %
 321.2
 317.9

 Towne Holdings, Inc.
 Parking management and hospitality services provider
 8/2023
 13.8
 %
 146.9
 143.9

 Walnut Parent, Inc. (3)
 Manufacturer of natural solution pest and animal control products
 10.2
 %
 377.0
 365.8

 $
 5,173.5
 $
 4,958.1

 ____________________________________________________________________________

 (1)Represents the weighted average annual stated interest rate as of December 31, 2022. All interest rates are payable in cash, except for portions of the stated interest rates which are PIK for investments in Emergency Communications Network, LLC and Towne Holdings, Inc.

 (2)Represents the fair value in accordance with ASC 820-10. The determination of such fair value is not included in our valuation process described elsewhere herein.

 (3)We also hold a portion of this company's first lien senior secured loan.

 (4)We hold an equity investment in this company.

 (5)Loan was on non-accrual status as of December 31, 2022.

 RESULTS OF OPERATIONS

 For the years ended December 31, 2023 and 2022

 Operating results for the years ended December 31, 2023 and 2022 were as follows:

 2023
 2022

 $
 2,614
 $
 2,096

 1,328

 Net investment income before income taxes
 1,286
 1,147

 Income tax expense, including excise tax

 1,266
 1,092

 Net realized (losses) gains on investments, foreign currency and other transactions
 (179)

 Net unrealized gains (losses) on investments, foreign currency and other transactions
 (525)

 Realized loss on extinguishment of debt
 —
 (48)

 Net increase in stockholders' equity resulting from operations
 $
 1,522
 $

 Net income can vary substantially from period to period due to various factors, including acquisitions, the level of new investment commitments, the level of base interest rates and the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net increase in stockholders' equity resulting from operations may not be meaningful.

 Investment Income

 2023
 2022

 Interest income from investments
 $
 1,962
 $
 1,470

 Capital structuring service fees

 $
 2,614
 $
 2,096

 Interest income from investments for the year ended December 31, 2023 increased from the comparable period in 2022 primarily as a result of the impact of rising interest rates as well as an increase in the average size of our portfolio. The average size and weighted average yield of our portfolio at amortized cost for the years ended December 31, 2023 and 2022 were as follows:

 2023
 2022

 Average size of portfolio(1)
 $
 21,834
 $
 20,704

 Weighted average yield on portfolio
 11.2
 %
 9.0
 %

 (1) Includes non-interest earning investments.

 Capital structuring service fees for the year ended December 31, 2023 decreased from the comparable period in 2022 primarily due to a decrease in new investment commitments. The lower weighted average capital structuring service fee percentage during the year ended December 31, 2023 was primarily due to lower fee opportunities as compared to the comparable period in 2022. The new investment commitments and weighted average capital structuring service fee percentages for the years ended December 31, 2023 and 2022 were as follows:

 2023
 2022

 New investment commitments(1)
 $
 5,496
 $
 8,326

 Weighted average capital structuring service fee percentages(1)
 1.7
 %
 1.8
 %

 (1)Excludes $470 million and $1,544 million of investment commitments to IHAM for the years ended December 31, 2023 and 2022, respectively.

 Dividend income for the years ended December 31, 2023 and 2022 were as follows:

 2023
 2022

 Dividend income received from IHAM
 $
 $

 Recurring dividend income

 Non-recurring dividend income

 Total dividend income
 $
 $

 Dividend income received from IHAM for the year ended December 31, 2023 increased from the comparable period in 2022 primarily due to the continued increase in IHAM's earnings given the increase in its assets under management, which generally has been supported by our additional investments in IHAM. Recurring dividend income for the year ended December 31, 2023 increased from the comparable period in 2022 primarily due to an increase in yielding preferred equity investments.

 Operating Expenses

 2023
 2022

 Interest and credit facility fees
 $
 $

 Income based fees

 Capital gains incentive fees(1)
 (101)

 Administrative and other fees

 Other general and administrative

 $
 1,328
 $

 (1)Calculated in accordance with GAAP as discussed below.

 Interest and credit facility fees for the years ended December 31, 2023 and 2022, were comprised of the following:

 2023
 2022

 Stated interest expense(1)
 $
 $

 Net amortization of premium on notes payable
 (5)
 (4)

 Total interest and credit facility fees
 $
 $

 (1)Includes the net interest expense related to the interest rate swaps for the year ended December 31, 2023.

 Stated interest expense for the year ended December 31, 2023 increased from the comparable period in 2022 primarily due to the impact of rising interest rates on our floating rate revolving facilities. Our weighted average stated interest rate on debt outstanding for the year ended December 31, 2023 increased from the comparable period in 2022 due to the impact of

 rising interest rates and higher utilization of our floating rate revolving facilities. Average debt outstanding and weighted average stated interest rate on our debt outstanding for the years ended December 31, 2023 and 2022 were as follows:

 2023
 2022

 Average debt outstanding
 $
 11,537
 $
 11,530

 Weighted average stated interest rate on debt(1)
 4.8
 %
 3.6
 %

 (1)The weighted average stated interest rate on our debt outstanding for the year ended December 31, 2023 includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the year ended December 31, 2023, for more information on the interest rate swaps.

 Base management fees for the year ended December 31, 2023 increased from the comparable period in 2022 primarily due to the increase in the average size of our portfolio.

 Income based fees for the year ended December 31, 2023 increased from the comparable period in 2022 primarily due to the pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the year ended December 31, 2023 being higher than in the comparable period in 2022.

 For the year ended December 31, 2023, the capital gains incentive fee calculated in accordance with GAAP was $53 million. For the year ended December 31, 2022, the reduction in the capital gains incentive fee calculated in accordance with GAAP was $101 million. The capital gains incentive fee accrual for the year ended December 31, 2023 changed from the comparable period in 2022 primarily due to net gains on investments, foreign currency, other transactions and the extinguishment of debt of $256 million compared to net losses of $492 million for the year ended December 31, 2022. The capital gains incentive fee accrued under GAAP includes an accrual related to unrealized capital appreciation, whereas the capital gains incentive fee actually payable under our investment advisory and management agreement does not. There can be no assurance that such unrealized capital appreciation will be realized in the future. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. As of December 31, 2023, there was $88 million of capital gains incentive fees accrued in accordance with GAAP. As of December 31, 2023, there was no capital gains incentive fee actually payable under our investment advisory and management agreement. See Note 3 to our consolidated financial statements for the year ended December 31, 2023, for more information on the base management fees, income based fees and capital gains incentive fees.

 Cash payment of any income based fees and capital gains incentive fees otherwise earned by our investment adviser is deferred if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to our stockholders and (b) the change in net assets (defined as total assets less indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) is less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any income based fees and capital gains incentive fees deferred for payment are carried over for payment in subsequent calculation periods to the extent such fees are payable under the terms of the investment advisory and management agreement. Pursuant to the terms of the investment advisory and management agreement, payment of $81 million of the income based fees earned by our investment adviser for the fourth quarter of 2022 had been previously deferred. The deferred income based fees were paid in the second quarter of 2023 pursuant to the terms of the investment advisory and management agreement. See Note 3 to our consolidated financial statements for the year ended December 31, 2023, for more information on the related deferral terms.

 Administrative and other fees represent fees paid to Ares Operations and our investment adviser for our allocable portion of overhead and other expenses incurred by Ares Operations and our investment adviser in performing their obligations under the administration agreement and the investment advisory and management agreement, respectively, including our allocable portion of the compensation, rent and other expenses of certain of our corporate officers and their respective staffs. See Note 3 to our consolidated financial statements for the year ended December 31, 2023, for more information on the administrative and other fees.

 Other general and administrative expenses include, among other costs, professional fees, insurance, fees and expenses related to evaluating and making investments in portfolio companies and independent directors' fees.

 Income Tax Expense, Including Excise Tax

 We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders at least 90% of our investment company taxable income, as defined by the Code, for each year. We have made and intend to continue to make the requisite distributions to our stockholders which will generally relieve us from U.S. federal corporate-level income taxes.

 Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the years ended December 31, 2023 and 2022, we recorded a net expense of $23 million and $30 million, respectively, for U.S. federal excise tax.

 Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes. For the years ended December 31, 2023 and 2022, we recorded a net tax (benefit) expense of $(3) million and $25 million, respectively, for these subsidiaries. The income tax expense for our taxable consolidated subsidiaries will vary depending on the level of realized gains from the exits of investments held by such taxable subsidiaries during the respective periods.

 Net Realized Gains/Losses

 The net realized gains (losses) from the sales, repayments or exits of investments during the years ended December 31, 2023 and 2022 were comprised of the following:

 2023
 2022

 Sales, repayments or exits of investments(1)
 $
 5,354
 $
 7,757

 Net realized gains (losses) on investments:

 Gross realized gains
 $
 $

 Gross realized losses
 (262)
 (211)

 Total net realized (losses) gains on investments
 $
 (155)
 $

 (1)Includes $1.2 billion and $3.4 billion of loans sold to IHAM and certain vehicles managed by IHAM during the years ended December 31, 2023 and 2022, respectively. Net realized losses of $13 million and $20 million, respectively, were recorded on these transactions with IHAM during the years ended December 31, 2023 and 2022. See Note 4 to our consolidated financial statements for the year ended December 31, 2023 for more information on IHAM and its managed vehicles.

 The net realized losses on investments during the year ended December 31, 2023 consisted of the following:

 Net Realized Gains (Losses)

 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L.
 $

 DFC Global Facility Borrower III LLC
 (12)

 Benefytt Technologies, Inc.
 (17)

 JDC Healthcare Management, LLC
 (19)

 (48)

 National College of Business and Technology Inc. & Leeds IV Advisors, Inc.
 (48)

 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC
 (82)

 Other, net

 Total
 $
 (155)

 During the year ended December 31, 2023, we also recognized net realized losses on foreign currency and other transactions of $24 million.

 The net realized gains on investments during the year ended December 31, 2022 consisted of the following:

 Net Realized Gains (Losses)

 Alcami Corporation and ACM Note Holdings, LLC
 $

 Athenahealth, Inc., VVC Holding Corp., Virence Intermediate Holding Corp., and Virence Holdings LLC

 Primrose Holding Corporation

 IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.

 Navisun LLC and Navisun Holdings LLC

 Bearcat Buyer, Inc. and Bearcat Parent, Inc.

 Sundance Energy Inc.
 (23)

 Teligent, Inc
 (30)

 PhyMED Management LLC
 (55)

 Eckler Industries, Inc. and Eckler Purchaser LLC
 (57)

 Other, net
 (1)

 Total
 $

 During the year ended December 31, 2022, we also recognized net realized gains on foreign currency and other transactions of $57 million.

 During the year ended December 31, 2022, we repaid in full the $388 million in aggregate principal amount of unsecured convertible notes (the "2022 Convertible Notes") upon their maturity at a premium in accordance with the terms of the indenture governing the 2022 Convertible Notes, resulting in a realized loss on the extinguishment of debt of $48 million.

 Net Unrealized Gains/Losses

 We value our portfolio investments quarterly and the changes in value are recorded as unrealized gains or losses in our consolidated statement of operations. Net unrealized gains and losses on investments for the years ended December 31, 2023 and 2022, were comprised of the following:

 2023
 2022

 Unrealized appreciation
 $
 $

 Unrealized depreciation
 (506)
 (997)

 Net unrealized depreciation reversed related to net realized gains or losses(1)

 Total net unrealized gains (losses) on investments
 $
 $
 (513)

 (1)The net unrealized depreciation reversed related to net realized gains or losses represents the unrealized appreciation or depreciation recorded on the related asset at the end of the prior period.

 For the year ended December 31, 2023, the net unrealized gains recorded on investments were largely due to
 the reversal of net unrealized depreciation recorded during 2022, as well as an increase in the fair value of certain of our portfolio company investments. For the year ended December 31, 2022, the net unrealized losses recorded on investments were largely due to declining prices in the credit and equity markets as market participants expected a higher return on similar investments as a result of the higher rate environment.

 The changes in net unrealized appreciation and depreciation on investments during the year ended December 31, 2023 consisted of the following:
 Net Unrealized Appreciation (Depreciation)

 $

 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC

 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.

 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation

 Storm Investment S.a.r.l.

 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC

 Benecon Midco II LLC and Locutus Holdco LLC

 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.

 Mitchell International, Inc.

 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.
 (50)

 Potomac Intermediate Holdings II LLC
 (68)

 Other, net

 Total
 $

 During the year ended December 31, 2023, we also recognized net unrealized gains on foreign currency and other transactions of $6 million.

 The changes in net unrealized appreciation and depreciation on investments during the year ended December 31, 2022 consisted of the following:

 Net Unrealized Appreciation (Depreciation)

 Apex Clean Energy TopCo, LLC
 $

 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC

 Production Resource Group, L.L.C. and PRG III, LLC

 VPROP Operating, LLC and V SandCo, LLC

 Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP

 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L.

 Mitchell International, Inc.
 (16)

 (17)

 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.
 (18)

 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.
 (19)

 SHO Holding I Corporation
 (21)

 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP
 (21)

 (22)

 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP
 (23)

 Senior Direct Lending Program, LLC
 (25)

 SVP-Singer Holdings Inc. and SVP-Singer Holdings LP
 (26)

 TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co- Investor Aggregator L.P.
 (32)

 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.
 (32)

 Global Medical Response, Inc. and GMR Buyer Corp.
 (33)

 (34)

 Potomac Intermediate Holdings II LLC
 (43)

 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.
 (51)

 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP
 (62)

 Other, net
 (237)

 Total
 $
 (537)

 During the year ended December 31, 2022, we also recognized net unrealized losses on foreign currency and other transactions of $12 million.

 For the years ended December 31, 2022 and 2021

 The comparison of the fiscal years ended December 31, 2022 and 2021 can be found in our annual report on Form 10-
 K for the fiscal year ended December 31, 2022 located within Part II, Item 7. Management's Discussion and Analysis of
 Financial Condition and Results of Operations, which is incorporated herein by reference.

 FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

 Our liquidity and capital resources are generated primarily from the net proceeds of public offerings of equity and debt securities, advances from the Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility (each as defined below, and together, the "Facilities"), net proceeds from the issuance of other securities, including unsecured notes, as well as cash flows from operations.

 In accordance with the Investment Company Act, we are allowed to borrow amounts such that our asset coverage, calculated pursuant to the Investment Company Act, is at least 150% after such borrowings (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). As of December 31, 2023, we had $ 535 million in cash and cash equivalents and $11.9 billion in total aggregate principal amount of debt outstanding ($11.9 billion at carrying value) and our asset coverage was 194 %. Subject to borrowing base and other restrictions, we had approximately $4.9 billion available for additional borrowings under the Facilities as of December 31, 2023.

 We may from time to time seek to retire or repurchase our common stock through cash purchases, as well as retire, cancel or purchase our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of common stock or outstanding debt, or incurrence or issuance of additional debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

 Equity Capital Activities

 As of December 31, 2023 and 2022, our total equity market capitalization was $11.7 billion and $9.6 billion, respectively.

 We may from time to time issue and sell shares of our common stock through public or "at the market" offerings. In connection with the issuance of our common stock, we issued and sold the following shares of common stock during the year ended December 31, 2023:

 (in millions, except per share amount)
Issuances of Common Stock
 Number of Shares Issued
 Gross Proceeds
 Underwriting Fees/Offering Expenses
 Net Proceeds
 Average Offering Price Per Share(1)

 Public offerings
 12.1
 $
 236.8
 $
 13.4
 $
 223.4
 $
 19.61
 (2)

 "At the market" offerings
 48.4
 941.6
 10.7
 930.9
 $
 19.44

 Total
 60.5
 $
 1,178.4
 $
 24.1
 $
 1,154.3

 (1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses.

 (2) 12.1 million of the shares were sold to the underwriters for a price of $ 18.53 per share, which the underwriters were then permitted to sell at variable prices to the public.

 "At the Market" Offerings

 We are a party to equity distribution agreements with several banks (the "Equity Distribution Agreements"). The Equity Distribution Agreements provide that we may from time to time issue and sell, by means of "at the market" offerings, up to $1.0 billion of our common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be "at the market" offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the "Securities Act"). Under the currently effective Equity Distribution Agreements, common stock with an aggregate offering amount of $316 million remained available for issuance as of December 31, 2023.

 Stock Repurchase Program

 We are authorized under our stock repurchase program to purchase up to $1.0 billion in the aggregate of our outstanding common stock in the open market at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, we cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. As of December 31, 2023, the expiration date of the stock repurchase program was February 15, 2024. The program may be suspended, extended, modified or discontinued at any time. As of December 31, 2023, there was $1.0 billion available for additional repurchases under the program.

 During the years ended December 31, 2023 and 2022, we did not repurchase any shares of our common stock in the open market under the stock repurchase program.

 See "Recent Developments," as well as Note 15 to our consolidated financial statements for the year ended December 31, 2023 for a subsequent event relating to our stock repurchase program.

 Debt Capital Activities

 Our debt obligations consisted of the following as of December 31, 2023 and 2022:

 2023
 2022

 Total
Aggregate
Available/
Outstanding(1)

 Principal Amount Outstanding
 Carrying
Value

 Total
Aggregate
Available/
Outstanding(1)

 Principal Amount Outstanding
 Carrying
Value

 $
 4,758
 (2)
 $
 1,413
 $
 1,413
 $
 4,843
 (2)
 $
 2,246
 $
 2,246

 1,775
 1,775

 (3)
 (3)

 (4)
 (4)

 2023 Notes
 —
 —
 —
 (4)

 (4)
 (4)

 (4)
 (4)

 1,250
 1,250
 1,255
 (4)
 1,250
 1,250
 1,258
 (4)

 1,150
 1,150
 1,146
 (4)
 1,150
 1,150
 1,144
 (4)

 1,000
 1,000
 (4)
 1,000
 1,000
 (4)

 (4)(5)
 —
 —
 —

 (4)
 (4)

 1,250
 1,250
 1,247
 (4)
 1,250
 1,250
 1,247
 (4)

 (4)
 (4)

 Total
 $
 16,851
 $
 11,905
 $
 11,884
 $
 16,221
 $
 12,245
 $
 12,210

 (1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

 (2)Provides for a feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $7.1 billion and $7.3 billion, as of December 31, 2023 and 2022, respectively.

 (3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $ 1.0 billion.

 (4)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In February 2023, we repaid in full the 2023 Notes (as defined below) upon their maturity.

 (5)The carrying value of the January 2027 Notes (as defined below) as of December 31, 2023 includes a $15 million increase as a result of an effective hedge accounting relationship. See Note 6 to our consolidated financial statements for the year ended December 31, 2023 for more information.

 The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all our debt outstanding as of December 31, 2023 were 4.8 % and 3.0 years, respectively, and as of December 31, 2022 were 4.2% and 3.6 years, respectively. The weighted average stated interest rate of all our debt outstanding as of December 31, 2023 includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the year ended December 31, 2023 for more information on the interest rate swaps.

 The ratio of total principal amount of debt outstanding to stockholders' equity as of December 31, 2023 was 1.07:1.00 compared to 1.29:1.00 as of December 31, 2022.

 We are party to a senior secured revolving credit facility (as amended and restated, the " Revolving Credit Facility "), that allows us to borrow up to $4.8 billion at any one time outstanding. The Revolving Credit Facility consists of a $3.7 billion revolving tranche and a $1.1 billion term loan tranche. As of December 31, 2023, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows:

 Total Aggregate Principal Amount Committed/ Outstanding
 End of Revolving Period

 Revolving tranche
 $
 2,905
 April 19, 2027
 April 19, 2028

 March 31, 2027

 March 31, 2025

 March 30, 2024
 March 30, 2025

 3,656

 Term loan tranche
 April 19, 2028

 March 31, 2027

 March 30, 2025

 1,102

 $
 4,758

 The Revolving Credit Facility also provides for a feature that allows us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $7.1 billion. The interest rate charged on the Revolving Credit Facility is based on SOFR (or an alternative rate of interest for certain loans, commitments and/or other extensions of credit denominated in Sterling, Canadian Dollars, Euros and certain other foreign currencies) plus a credit spread adjustment of 0.10% and an applicable spread of either 1.75% or 1.875% or an "alternate base rate" (as defined in the agreements governing the Revolving Credit Facility) plus a credit spread adjustment of 0.10% and an applicable spread of either 0.75% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of December 31, 2023, the applicable spread in effect was 1.75 %. We are also required to pay a letter of credit fee of either 2.00% or 2.125% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. Additionally, we are required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. As of December 31, 2023, there was $1.4 billion outstanding under the Revolving Credit Facility and we were in compliance in all material respects with the terms of the Revolving Credit Facility.

 We and our consolidated subsidiary, Ares Capital CP Funding LLC ("Ares Capital CP"), are party to a revolving funding facility (as amended, the " Revolving Funding Facility "), that allows Ares Capital CP to borrow up to $1.8 billion at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and the membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are December 29, 2024 and December 29, 2026, respectively. The interest rate charged on the Revolving Funding Facility is based on SOFR plus a credit spread adjustment of 0.10% or a "base rate" (as defined in the agreements governing the Revolving Funding Facility) plus an applicable spread of 1.90% per annum. Ares Capital CP is also required to pay a commitment fee of between 0.50% and 1.25% per annum depending on the size of the unused portion of the Revolving Funding Facility. As of December 31, 2023, there was $ 863 million outstanding under the Revolving Funding Facility and we and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility.

 We and our consolidated subsidiary, Ares Capital JB Funding LLC ("ACJB"), are party to a revolving funding facility (as amended, the " SMBC Funding Facility "), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent and collateral agent, that allows ACJB to borrow up to $ 800 million at any one time outstanding. The SMBC Funding Facility also provides for a feature that allows ACJB, subject to receiving certain consents, to increase the overall size of the SMBC Funding Facility to $ 1.0 billion. The SMBC Funding Facility is secured by all of the assets held by ACJB. The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility are May 28, 2024 and May 28, 2026, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement. The interest rate charged on the SMBC Funding Facility is based on an applicable spread of either 1.75% or 2.00% over one month SOFR plus a credit spread adjustment of 0.10%, or 0.75% or 1.00% over a "base rate" (as defined in the agreements governing the SMBC Funding Facility), in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. As of December 31, 2023, the applicable spread in effect was 1.75 %. ACJB is also required to pay a commitment fee of between 0.50% and 1.00% per annum depending on the size of the unused portion of the SMBC Funding Facility. As of December 31, 2023, there was $ 401 million outstanding under the SMBC Funding Facility and we and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility.

 We and our consolidated subsidiary, ARCC FB Funding LLC ("AFB"), are party to a revolving funding facility (as amended, the " BNP Funding Facility ") with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to borrow up to $ 865 million at any one time outstanding. The BNP Funding Facility is secured by all of the assets held by AFB. The end of the reinvestment period and the stated maturity date for the BNP Funding Facility are April 20, 2026 and April 20, 2028, respectively. The reinvestment period and the stated maturity date are both subject to a one-year extension by mutual agreement. As of December 31, 2023, the interest rate charged on the BNP Funding Facility was based on three month SOFR, or a "base rate" (as defined in the agreements governing the BNP Funding Facility) plus a margin of (i) 2.80% during the reinvestment period and (ii) 3.30% following the reinvestment period. AFB is required to pay a commitment fee of between 0.00% and 1.25% per annum depending on the size of the unused portion of the BNP Funding Facility. As of December 31, 2023, there was $ 575 million outstanding under the BNP Funding Facility and we and AFB were in compliance in all material respects with the terms of the BNP Funding Facility. See "Recent Developments," as well as Note 15 to our consolidated financial statements for the year ended December 31, 2023 for a subsequent event relating to the BNP Funding Facility.

 Convertible Unsecured Notes

 We have issued $403 million in aggregate principal amount of unsecured convertible notes that mature on March 1, 2024 (the " 2024 Convertible Notes ") unless previously converted or repurchased in accordance with its terms. We do not have the right to redeem the 2024 Convertible Notes prior to maturity. The 2024 Convertible Notes bear interest at a rate of 4.625% per annum, payable semi-annually.

 In certain circumstances, the 2024 Convertible Notes will be convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, at the conversion rate (listed below as of December 31, 2023) subject to customary anti-dilution adjustments and the requirements of the indenture (the "2024 Convertible Notes Indenture"). We have elected to settle our conversion obligations in connection with the 2024 Convertible Notes submitted for conversion on or after December 1, 2023 with a combination of cash and shares of our common stock. In accordance with the 2024 Convertible Notes Indenture, we notified the holders of the 2024 Convertible Notes and the trustee that all 2024 Convertible Notes submitted for conversion on or after December 1, 2023 shall be settled with a specified cash amount (as defined in the 2024 Convertible Notes Indenture) of $1 per $1,000 principal amount of the 2024 Convertible Notes and any additional amounts in stock based on the applicable conversion rate as described in the 2024 Convertible Notes Indenture. In addition, if we engage in certain corporate events as described in the 2024 Convertible Notes Indenture, holders of the 2024 Convertible Notes may require us to repurchase for cash all or part of the 2024 Convertible Notes at a repurchase price equal to 100% of the principal amount of the 2024 Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the required repurchase date.

 Certain key terms related to the convertible features for the 2024 Convertible Notes as of December 31, 2023 are listed below.

 Conversion premium
 15.0
 %

 Closing stock price at issuance
 $
 17.29

 Closing stock price date
 March 5, 2019

 Conversion price(1)
 $
 19.43

 Conversion rate (shares per one thousand dollar principal amount)(1)
 51.4589

 Conversion date
 December 1, 2023

 (1)Represents conversion price and conversion rate, as applicable, as of December 31, 2023, taking into account any applicable de minimis adjustments that will be made on the conversion date.

 Unsecured Notes

 We issued certain unsecured notes (each issuance of which is referred to herein using the "defined term" set forth under the "Unsecured Notes" column of the table below and collectively referred to as the " Unsecured Notes "), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a "make whole" premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of December 31, 2023 are listed below.

Unsecured Notes
 Aggregate Principal Amount Issued
 Effective Stated Interest Rate
 Original Issuance Date

 $
 4.200 %
 June 10, 2019
 June 10, 2024

 $
 4.250 %
 January 11, 2018
 March 1, 2025

 $
 1,250
 3.250 %
 January 15, 2020
 July 15, 2025

 $
 1,150
 3.875 %
 July 15, 2020
 January 15, 2026

 $
 1,000
 2.150 %
 January 13, 2021
 July 15, 2026

 January 2027 Notes(1)
 $
 7.943 %
 August 3, 2023
 January 15, 2027

 $
 2.875 %
 January 13, 2022
 June 15, 2027

 $
 1,250
 2.875 %
 June 10, 2021
 June 15, 2028

 $
 3.200 %
 November 4, 2021
 November 15, 2031

 (1)The effective stated interest rate of the January 2027 Notes includes the impact of interest rate swaps.

 In February 2023, we repaid in full the $750 million in aggregate principal amount of unsecured notes (the "2023 Notes") upon their maturity. The 2023 Notes bore interest at a rate of 3.500% per annum, payable semi-annually.

 In connection with the January 2027 Notes, we entered into interest rate swaps for a total notional amount of $900 million that mature on January 15, 2027 to more closely align the interest rate of such liability with our investment portfolio, which consists of primarily floating rate loans. Under the interest rate swap agreements, we receive a fixed interest rate of 7.000% and pay a floating interest rate of one-month SOFR plus 2.581%. We designated these interest rate swaps and the related January 2027 Notes as a qualifying hedge accounting relationship. See Note 6 to our consolidated financial statements for the year ended December 31, 2023 for more information on the interest rate swaps.

 See Note 5 to our consolidated financial statements for the year ended December 31, 2023 for more information on our debt obligations.

 See "Recent Developments," as well as Note 15 to our consolidated financial statements for the year ended December 31, 2023 for a subsequent event relating to an additional issuance of unsecured notes.

 As of December 31, 2023, we were in compliance in all material respects with the terms of the 2024 Convertible Notes Indenture and the indentures governing the Unsecured Notes.

 The 2024 Convertible Notes and the Unsecured Notes are our senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the 2024 Convertible Notes and the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

 RECENT DEVELOPMENTS

 In January 2024, our board of directors appointed Paul Cho as our Chief Accounting Officer, effective as of February 15, 2024. As previously announced, our Chief Accounting Officer, Vice President and Treasurer, Scott Lem, has been appointed as our new Chief Financial Officer, also effective February 15, 2024. Scott Lem will succeed Penni Roll, our current Chief Financial Officer, effective the same date. Penni Roll will remain at Ares Management in a senior leadership capacity as well as an officer of Ares Capital.

 In January 2024, we issued $1.0 billion in aggregate principal amount of unsecured notes that mature on March 1, 2029 and bear interest at a rate of 5.875% per annum (the "2029 Notes"). The 2029 Notes pay interest semi-annually and all principal is due upon maturity. The 2029 Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a "make whole" premium, if applicable, as determined pursuant to the indenture governing the 2029 Notes, and any accrued and unpaid interest. The 2029 Notes were issued at a discount to the principal amount. In connection with the 2029 Notes, we entered into an interest rate swap agreement for a total notional amount of $1.0 billion that matures on March 1, 2029. Under the interest rate swap agreement, we receive a fixed interest rate of 5.875% and pay a floating interest rate of one-month SOFR plus 2.026%.

 In January 2024, our board of directors authorized an amendment to our existing stock repurchase program to extend the expiration date of the program from February 15, 2024 to February 15, 2025. Under the program, we may repurchase up to $1.0 billion in the aggregate of our outstanding common stock in the open market at a price per share that meets certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors.

 In February 2024, we and our consolidated subsidiary, AFB, entered into an amendment to the BNP Funding Facility. The amendment, among other things, adjusted the interest rate charged on the BNP Funding Facility from an applicable SOFR or a "base rate" (as defined in the BNP Funding Facility) plus a margin of (i) 2.80% during the reinvestment period and (ii) 3.30% following the reinvestment period to an applicable SOFR or a "base rate" plus a margin of (i) 2.65% during the reinvestment period and (ii) 3.15% following the reinvestment period.

 From January 1, 2024 through February 1, 2024, we made new investment commitments of approximately $705 million, of which $478 million were funded. Of these new investment commitments, 89% were in first lien senior secured loans, 3% were in second lien senior secured loans, 2% were in our subordinated loan investment in IHAM, 1% was in preferred equity and 5% were in other equity. Of the approximately $705 million of new investment commitments, 94% were floating rate, 1% was fixed rate and 5% was non-income producing. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 11.3% and the weighted average yield on total investments funded during the period at amortized cost was 10.7%. We may seek to sell all or a portion of these new investment commitments, although there can be no assurance that we will be able to do so.

 From January 1, 2024 through February 1, 2024, we exited approximately $695 million of investment commitments, including $12 million of loans sold to IHAM or certain vehicles managed by IHAM. Of these investment commitments exited, 30% were first lien senior secured loans, 45% were second lien senior secured loans, 13% were subordinated certificates of the SDLP, 11% were our subordinated loan investment in IHAM and 1% was other equity. Of the approximately $695 million of exited investment commitments, 99% were floating rate and 1% were non-income producing. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 12.6% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 12.5%. Of the approximately $695 million of investment commitments exited from January 1, 2024 through February 1, 2024, we recognized total net realized gains of approximately $19 million, with no realized gains or losses recognized from the sale of loans to IHAM or certain vehicles managed by IHAM.

 In addition, as of February 1, 2024, we had an investment backlog and pipeline of approximately $770 million and $340 million, respectively. Investment backlog includes transactions approved by our investment adviser's investment committee and/or for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore we believe are likely to close. Investment pipeline includes transactions where due diligence and analysis are in process, but no formal mandate, letter of intent or signed commitment have been issued. The consummation of any of the investments in this backlog and pipeline depends upon, among other things, one or more of the following: satisfactory completion of our due diligence investigation of the prospective portfolio company, our acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, we may sell all or a portion of these

 investments and certain of these investments may result in the repayment of existing investments. We cannot assure you that we will make any of these investments or that we will sell all or any portion of these investments.

 CRITICAL ACCOUNTING ESTIMATES

 The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in "Item 1A. Risk Factors." See Note 2 to our consolidated financial statements for the year ended December 31, 2023 for more information on our critical accounting policies.

 Investments

 Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

 Pursuant to Rule 2a-5 under the Investment Company Act, our board of directors designated our investment adviser as our valuation designee to perform the fair value determinations for investments held by us without readily available market quotations, subject to the oversight of our board of directors.

 Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, our investment adviser, as the valuation designee, looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available (i.e., substantially all of our investments) are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors, based on, among other things, the input of independent third party valuation firms that have been engaged to support the valuation of such portfolio investments at least once during a trailing 12 month period (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. The valuation process is conducted at the end of each fiscal quarter by our investment adviser, and a portion of our investment portfolio at fair value is subject to review by an independent third-party valuation firm each quarter. In addition, our independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, our valuation process within the context of performing our integrated audit.

 As part of the valuation process, our investment adviser may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, our investment adviser considers the pricing indicated by the external event to corroborate the valuation.

 Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.

 In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

 Our investment adviser, as the valuation designee, subject to the oversight of our board of directors, undertakes a multi step valuation process each quarter, as described below:

 • Our quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with our portfolio management and valuation team.

 • Preliminary valuations are reviewed and discussed by our investment adviser's valuation committee.

 • Our investment adviser's valuation committee determines the fair value of each investment in our portfolio without a readily available market quotation in good faith based on, among other things, the input of the independent third party valuation firms, where applicable.

 Fair Value of Financial Instruments

 We follow ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASC 825-10"), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of the company's choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. We have not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled "other assets" and "debt," which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

 We also follow ASC 820-10, which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires us to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, we have considered its principal market as the market in which we exit our portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

 • Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

 • Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

 • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

 In addition to using the above inputs in investment valuations, our investment adviser continues to employ the net asset valuation policy and procedures that have been reviewed by our board of directors in connection with their designation of our investment adviser as our valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10. Consistent with its valuation policies and procedures, our investment adviser evaluates the source of inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in our portfolio, the fair value of the investments must typically be determined using unobservable inputs.

 Our portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. Enterprise value means the entire value of the portfolio company to a market participant, including the sum of the

 values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company's EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. Our investment adviser may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where we have control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where we do not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, our investment adviser considers the current contractual interest rate, the maturity and other terms of the investment relative to the risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, our investment adviser, as the valuation designee, depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

 For other portfolio investments such as investments in the SDLP Certificates and IHAM, discounted cash flow analysis is the primary technique utilized to determine fair value. Expected future cash flows associated with the investment are discounted to determine a present value using a discount rate that reflects estimated market return requirements.

 See Note 8 to our consolidated financial statements for the year ended December 31, 2023 for more information on our valuation process.

 Item 7A. Quantitative and Qualitative Disclosures About Market Risk

 We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the rising interest rates, inflationary pressures, the Russia-Ukraine war and more recently the Israel-Hamas war and the failure of financial institutions introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below. For additional information concerning these risks and their potential impact on our business and our operating results, see "Risk Factors—General Risk Factors—Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations", "Risk Factors—Risks Relating to Our Investments—Economic recessions or downturns could impair our portfolio companies and harm our operating results" and "Risk Factors—Risks Relating to Our Business—Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies."

 Investment Valuation Risk

 Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors based on, among other things, the input of the independent third-party valuation firms that have been engaged to support the valuation of each portfolio investment without a readily available market quotation at least once during a trailing 12-month period (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates" as well as Notes 2 and 8 to our consolidated financial statements for the year ended December 31, 2023 for more information relating to our investment valuation.

 Interest Rate Risk

 Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. See "Risk Factors—Risks Relating to Our Business—We are exposed to risks associated with changes in interest rates, including the current rising interest rate environment."

 In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

 As of December 31, 2023, 69% of the investments at fair value in our portfolio bore interest and dividends at variable rates (including our investment in the SDLP Certificates which accounted for 6% of our total investments at fair value), 12% bore interest at fixed rates, 10% were non-income producing, 1% were on non-accrual status and 8% was our equity investment in IHAM which generally pays a quarterly dividend. Additionally, excluding our investment in the SDLP Certificates, 96% of the remaining variable rate investments at fair value contained interest rate floors. The Facilities bear interest at variable rates with no interest rate floors. The Unsecured Notes and the 2024 Convertible Notes bear interest at fixed rates, except that the January 2027 Notes have been swapped from a fixed rate to a floating rate through interest rate swaps. See Notes 5 and 6 to our consolidated financial statements for the year ended December 31, 2023 for more information on the January 2027 Notes and the interest rate swaps, respectively.

 We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

 Based on our December 31, 2023 balance sheet, the following table shows the annualized impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

Basis Point Change
 Interest and Dividend
Income
 Interest
Expense
 Net
Income(1)

 Up 300 basis points
 $
 $
 $

 Up 200 basis points
 $
 $
 $

 Up 100 basis points
 $
 $
 $

 Down 100 basis points
 $
 (158)
 $
 (39)
 $
 (119)

 Down 200 basis points
 $
 (316)
 $
 (77)
 $
 (239)

 Down 300 basis points
 $
 (474)
 $
 (116)
 $
 (358)

 (1)Excludes the impact of income based fees. See Note 3 to our consolidated financial statements for the year ended December 31, 2023 for more information on the income based fees.

 Item 8. Financial Statements and Supplementary Data

 See the Index to Consolidated Financial Statements.

 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

 None.

 Item 9A. Controls and Procedures

 (a) Evaluation of Disclosure Controls and Procedures. We maintain disclosure controls and procedures (as that term is defined in Rules 13a 15(e) and 15d 15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2023. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of December 31, 2023, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

 (b) Management's Report on Internal Control over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of company assets that could have a material effect on our consolidated financial statements would be prevented or detected on a timely basis. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a material misstatement of our consolidated financial statements would be prevented or detected.

 Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company's internal control over financial reporting was effective as of December 31, 2023. The Company's independent registered public accounting firm, KPMG LLP, has issued an audit report on the effectiveness of the Company's internal control over financial reporting.

 (c) Attestation Report of the Registered Public Accounting Firm. Our independent registered public accounting firm, KPMG LLP, has issued an attestation report on the effectiveness of our internal control over financial reporting which is set forth under the heading "Report of Independent Registered Public Accounting Firm" on page F-2.

 (d) Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended December 31, 2023, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

 Item 9B. Other Information

 In February 2024, we and our consolidated subsidiary, AFB, entered into an amendment to the BNP Funding Facility. The amendment, among other things, adjusted the interest rate charged on the BNP Funding Facility from an applicable SOFR or a "base rate" (as defined in the BNP Funding Facility) plus a margin of (i) 2.80% during the reinvestment period and (ii) 3.30% following the reinvestment period to an applicable SOFR or a "base rate" plus a margin of (i) 2.65% during the reinvestment period and (ii) 3.15% following the reinvestment period.

 Rule 10b5-1 Trading Plans

 During the fiscal quarter ended December 31, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Not applicable.

 Item 10. Directors, Executive Officers and Corporate Governance

 The information required by this item will be contained in the Company's definitive Proxy Statement for its 2024 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2023, and is incorporated herein by reference.

 Item 11. Executive Compensation

 The information required by this item will be contained in the Company's definitive Proxy Statement for its 2024 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2023, and is incorporated herein by reference.

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 The information required by this item will be contained in the Company's definitive Proxy Statement for its 2024 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2023, and is incorporated herein by reference.

 Item 13. Certain Relationships and Related Transactions, and Director Independence

 The information required by this item will be contained in the Company's definitive Proxy Statement for its 2024 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2023, and is incorporated herein by reference.

 Item 14. Principal Accountant Fees and Services

 The information required by this item will be contained in the Company's definitive Proxy Statement for its 2024 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2023, and is incorporated herein by reference.

 Item 15. Exhibits, Financial Statement Schedules

 The following documents are filed as part of this Annual Report:

 1. Financial Statements—See the Index to Consolidated Financial Statements on Page F-1.

 2. Financial Statement Schedules—None. We have omitted financial statement schedules because they are not required or are not applicable, or the required information is shown in the financial statements or notes to the financial statements.

 3. Exhibits.

 3.1

 Articles of Amendment and Restatement, as amended(1)

 3.2

 Third Amended and Restated Bylaws, as amended(2)

 4.1

 Form of Stock Certificate(3)

 4.2

 Form of Subscription Certificate(4)

 4.3

 Indenture, dated as of October 21, 2010, between Ares Capital Corporation and U.S. Bank National Association, as trustee(5)

 4.4

 Eighth Supplemental Indenture, dated as of January 11, 2018, relating to the 4.250% Notes due 2025, between Ares Capital Corporation and U.S. Bank National Association, as trustee(6)

 4.5

 Form of 4.250% Notes due 2025(6)

 4.6

 Ninth Supplemental Indenture, dated as of March 8, 2019, relating to the 4.625% Convertible Notes due 2024, between Ares Capital Corporation and U.S. Bank National Association, as trustee(7)

 4.7

 Form of 4.625% Convertible Senior Notes due 2024(7)

 4.8

 Tenth Supplemental Indenture, dated as of June 10, 2019, relating to the 4.200% Notes due 2024, between Ares Capital Corporation and U.S. Bank National Association, as trustee(8)

 4.9

 Form of 4.200% Notes due 2024(8)

 4.10

 Eleventh Supplemental Indenture, dated as of January 15, 2020, relating to the 3.250% Notes due 2025, between the Company and U.S. Bank National Association, as trustee(9)

 4.11

 Form of 3.250% Notes due 2025(9)

 4.12

 Twelfth Supplemental Indenture, dated as of July 15, 2020, relating to the 3.875% Notes due 2026, between the Company and U.S. Bank National Association, as trustee(10)

 4.13

 Form of 3.875% Notes due 2026 (10)

 4.14

 Thirteenth Supplemental Indenture, dated as of January 13, 2021, relating to the 2.150% Notes due 2026, between the Company and U.S. Bank National Association, as trustee(11)

 4.15

 Form of 2.150% Notes due 2026(11)

 4.16

 Fourteenth Supplemental Indenture, dated as of June 10, 2021, relating to the 2.875% Notes due 2028, between the Company and U.S. Bank National Association, as trustee(12)

 4.17

 Form of 2.875% Notes due 2028(12)

 4.18

 Fifteenth Supplemental Indenture, dated as of November 4, 2021, relating to the 3.200% Notes due 2031, between the Company and U.S. Bank National Association, as trustee(13)

 4.19

 Form of 3.200% Notes due 2031(13)

 4.20

 Sixteenth Supplemental Indenture, dated as of January 13, 2022, relating to the 2.875% Notes due 2027, between the Company and U.S. Bank National Association, as trustee (14)

 4.21

 Form of 2.875% due 2027(14)

 4.22

 Seventeenth Supplemental Indenture, dated as of August 3, 2023, relating to the 7.000% Notes due 2027, between Ares Capital Corporation and U.S. Bank Trust Company, National Association, as trustee(15)

 4.23

 Form of 7.000% Notes due 2027(15)

 4.24

 Description of Securities(16)

 10.1

 Dividend Reinvestment Plan of Ares Capital Corporation(17)

 10.2

 Second Amended and Restated Investment Advisory and Management Agreement between Ares Capital Corporation and Ares Capital Management LLC, dated as of June 6, 2019(18)

 10.3

 Amended and Restated Administration Agreement, dated as of June 1, 2007, between Ares Capital Corporation and Ares Operations LLC(19)

 10.4

 Amended and Restated Custodian Agreement, dated as of May 15, 2009, between Ares Capital Corporation and U.S. Bank National Association(20)

 10.5

 Amendment No. 1, dated as of December 19, 2014, to the Amended and Restated Custodian Agreement dated as of May 15, 2009, by and among Ares Capital Corporation and U.S. Bank National Association(21)

 10.6

 Trademark License Agreement between Ares Capital Corporation and Ares Management LLC(22)

 10.7

 Form of Indemnification Agreement between Ares Capital Corporation and directors and certain officers(23)

 10.8

 Form of Indemnification Agreement between Ares Capital Corporation and members of Ares Capital Management LLC investment committee(23)

 10.9

 Amended and Restated Purchase and Sale Agreement, dated as of January 22, 2010, among Ares Capital Corporation, as seller, and Ares Capital CP Funding Holdings LLC, as purchaser(24)

 10.10

 Amendment No. 1 to Amended and Restated Purchase and Sale Agreement, dated as of June 7, 2012, among Ares Capital Corporation, as seller, and Ares Capital CP Funding Holdings LLC, as purchaser(25)

 10.11

 Second Tier Purchase and Sale Agreement, dated as of January 22, 2010, among Ares Capital CP Funding Holdings LLC, as seller, and Ares Capital CP Funding LLC, as purchaser(24)

 10.12

 Amendment No. 1 to Second Tier Purchase and Sale Agreement, dated as of June 7, 2012, among Ares Capital CP Funding Holdings LLC, as seller, and Ares Capital CP Funding LLC, as purchaser(25)

 10.13

 Amended and Restated Sale and Servicing Agreement, dated as of January 22, 2010, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer, Wachovia Bank, National Association, as note purchaser, U.S. Bank National Association, as trustee and collateral custodian, and Wells Fargo Securities, LLC, as agent(24)

 10.14

 Amendment No. 1 to the Amended and Restated Sale and Servicing Agreement, dated as of May 6, 2010, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer, Wells Fargo Bank, National Association, as successor by merger to Wachovia Bank as note purchaser, U.S. Bank, National Association, as trustee and collateral custodian, and Wells Fargo Securities LLC, as agent(26)

 10.15

 Amendment No. 2 to the Amended and Restated Sale and Servicing Agreement, dated as of January 18, 2011, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer, Wells Fargo Bank, National Association, as successor by merger to Wachovia Bank as note purchaser, U.S. Bank National Association, as trustee and collateral custodian, and Wells Fargo Securities, LLC, as agent(27)

 10.16

 Amendment No. 3 to the Amended and Restated Sale and Servicing Agreement, dated as of October 13, 2011, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and as transferor, Wells Fargo Bank, National Association (as successor by merger to Wachovia Bank, National Association), as note purchaser, U.S. Bank National Association, as trustee, collateral custodian and bank and Wells Fargo Securities, LLC, as agent(28)

 10.17

 Amendment No. 4 to the Amended and Restated Sale and Servicing Agreement, dated as of January 18, 2012, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Bank, National Association (as successor by merger to Wachovia Bank, National Association), as note purchaser, Wells Fargo Securities, LLC, as agent, and U.S. Bank National Association, as collateral custodian, trustee and bank(29)

 10.18

 Amendment No. 5 to the Amended and Restated Sale and Servicing Agreement, dated as of June 7, 2012, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Bank, National Association (as successor by merger to Wachovia Bank, National Association), as note purchaser, Wells Fargo Securities, LLC, as agent, and U.S. Bank National Association, as collateral custodian, trustee and bank(25)

 10.19

 Amendment No. 6 to Loan and Servicing Agreement, dated as of January 25, 2013, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Securities, LLC, as agent, Wells Fargo Bank, National Association, as swingline lender, and the other lenders party thereto(30)

 10.20

 Omnibus Amendment, dated as of May 14, 2014, among Ares Capital CP Funding LLC, Ares Capital CP Funding Holdings LLC, Ares Capital Corporation, Wells Fargo Bank, National Association, as swingline lender and as a lender, Wells Fargo Securities, LLC, as agent, and U.S. Bank National Association, as trustee, bank and collateral custodian (amending the Loan and Servicing Agreement, dated as of January 22, 2010, the Amended and Restated Purchase and Sale Agreement, dated as of January 22, 2010, and the Second Tier Purchase and Sale Agreement, dated as of January 22, 2010)(31)

 10.21

 Amendment No. 8 to the Loan and Servicing Agreement, dated as of January 3, 2017, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Securities, LLC, as agent, and Wells Fargo Bank, National Association, as swingline lender, and the other lenders party thereto(32)

 10.22

 Amendment No. 9 to Loan and Servicing Agreement, dated as of October 2, 2017, among Ares Capital CP Funding LLC, as borrower, the Company, as servicer, Wells Fargo Bank, National Association, as swingline lender, as a lender and as a successor agent, Wells Fargo Securities, LLC, as the resigning agent, Bank of America, N.A. as a lender, U.S. Bank National Association as collateral custodian, trustee and bank, and the other lenders party thereto(33)

 10.23

 Amendment No. 10 to Loan and Servicing Agreement, dated as of October 2, 2018, among Ares Capital CP Funding LLC, Ares Capital Corporation, Wells Fargo Bank National Association, as the agent and Wells Fargo Bank, National Association, as a lender and Bank of America, N.A.(34)

 10.24

 Amendment No. 11 to Loan and Servicing Agreement, dated as of December 14, 2018, among Ares Capital CP Funding LLC, Ares Capital Corporation, Wells Fargo Bank National Association, as the agent and Wells Fargo Bank, National Association, as a lender and Bank of America, N.A.(35)

 10.25

 Amendment No. 12 to Loan and Servicing Agreement, dated as of June 18, 2019, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender and U.S. Bank National Association, as trustee, bank and collateral custodian(36)

 10.26

 Amendment No. 13 to Loan and Servicing Agreement, dated as of January 31, 2020, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender, TIAA, FSB, as a lender, Sampension Livsforsikring A/S, as a lender, Arkitekternes Pensionskasse, as a lender, Pensionskassen for Jordbrugsakademikere og Dyrl ger, as a lender and U.S. Bank National Association, as trustee, bank and collateral custodian(37)

 10.27

 Amendment No. 14 to Loan and Servicing Agreement, dated as of November 13, 2020, among Ares Capital CP Funding LLC, as borrower, the Company, as servicer, Wells Fargo Bank, National Association, as agent, Wells Fargo Bank, National Association, as a lender, and Bank of America, N.A., as a lender, and U.S. Bank National Association, as trustee, bank and collateral custodian(33)

 10.28

 Amendment No. 15 to Loan and Servicing Agreement, dated as of December 29, 2021, among Ares Capital CP Funding LLC, as borrower, the Company as servicer, Wells Fargo Bank, National Association, as agent, the lenders named therein, and U.S. Bank National Association, as trustee, bank and collateral custodian(38)

 10.29

 Amendment No. 16 to Loan and Servicing Agreement, dated as of June 30, 2022, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender, Sampension Livsforsikring A/S, as a lender, Arkitekternes Pensionskasse, as a lender, Pensionskassen for Jordbrugsakademikere og Dyrl ger, as a lender, Canadian Imperial Bank of Commerce, as a lender, U.S. Bank Trust Company, National Association, as trustee and U.S. Bank National Association, as bank and collateral custodian(39)

 10.30

 Fourteenth Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 19, 2023, among Ares Capital Corporation, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent(1)

 10.31

 Loan and Servicing Agreement, dated as of January 20, 2012, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender, and U.S. Bank National Association, as collateral custodian and bank(40)

 10.32

 Purchase and Sale Agreement, dated as of January 20, 2012, between Ares Capital JB Funding LLC, as purchaser, and Ares Capital Corporation, as seller(40)

 10.33

 Revolving Credit and Security Agreement, dated as of June 11, 2020, among ARCC FB Funding LLC, as the borrower, BNP Paribas, as the administrative agent, Ares Capital Corporation as equity holder and servicer, and U.S. Bank National Association as collateral agent(41)

 10.34

 Purchase and Sale Agreement, dated as of June 11, 2020, between ARCC FB Funding LLC, as the purchaser and Ares Capital Corporation, as the seller(41)

 10.35

 First Amendment to the Revolving Credit and Security Agreement, dated as of December 21, 2020, among ARCC FB Funding LLC, as the borrower, BNP Paribas, as the administrative agent, Ares Capital Corporation as equity holder and servicer, and U.S. Bank National Association as collateral agent(42)

 10.36

 Second Amendment to the Revolving Credit and Security Agreement, dated as of June 29, 2021, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent(43)

 10.37

 Third Amendment to the Revolving Credit and Security Agreement, dated as of August 17, 2022, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank Trust Company, National Association, as collateral agent(44)

 10.38

 Fourth Amendment to the Revolving Credit and Security Agreement, dated as of January 9, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent(44)

 10.39

 Fifth Amendment to the Revolving Credit and Security Agreement, dated as of April 20, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent(1)

 10.40

 Sixth Amendment to the Revolving Credit and Security Agreement, dated as of December 14, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, the Company, as equityholder and servicer, and U.S. Bank National Association, as collateral agent(45)

 10.41

 Omnibus Amendment No. 1, dated as of September 14, 2012, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012, and the Purchase and Sale Agreement, dated as of January 20, 2012)(46)

 10.42

 Omnibus Amendment No. 2, dated as of December 20, 2013, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012, and the Purchase and Sale Agreement, dated as of January 20, 2012)(47)

 10.43

 Omnibus Amendment No. 3, dated as of June 30, 2015, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012, and the Purchase and Sale Agreement, dated as of January 20, 2012)(48)

 10.44

 Omnibus Amendment No. 4, dated as of August 24, 2017, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012)(49)

 10.45

 Omnibus Amendment No. 5, dated as of September 12, 2018, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012)(50)

 10.46

 Omnibus Amendment No. 6, dated as of September 10, 2019, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012 and the Purchase and Sale Agreement, dated as of January 20, 2012)(51)

 10.47

 Omnibus Amendment No. 7, dated as of December 31, 2019, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012 and the Purchase and Sale Agreement, dated as of January 20, 2012)(52)

 10.48

 Amendment No. 8, dated as of May 28, 2021, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012)(53)

 10.49

 Amendment No. 9, dated as of April 28, 2023, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012)(54)

 10.50

 Uncommitted Continuing Agreement for Standby Letters of Credit and Demand Guarantees, dated as of May 11, 2023, between Ares Capital Corporation and Deutsche Bank AG New York Branch, as the issuer(55)

 10.51

 Equity Distribution Agreement, dated as of April 25, 2023, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Regions Securities LLC(56)

 10.52

 Equity Distribution Agreement, dated as of April 25, 2023, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Truist Securities, Inc.(56)

 10.53

 Equity Distribution Agreement, dated as of July 25, 2023, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Jefferies LLC(57)

 10.54

 Equity Distribution Agreement, dated as of July 25, 2023, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Mizuho Securities USA LLC(57)

 11.1

 Statement of Computation of Per Share Earnings(58)

 21.1

 Subsidiaries of Ares Capital Corporation*

 23.1

 Consent of Independent Registered Public Accounting Firm*

 31.1

 Certification by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section
302 of the Sarbanes-Oxley Act of 2002*

 31.2

 Certification by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section
302 of the Sarbanes-Oxley Act of 2002*

 32.1

 Certification by Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

 97.1

 Clawback Policy*

 99.1

 Report of Independent Registered Public Accounting Firm on Supplemental Information*

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 *
 Filed herewith

 **
 Furnished herewith

 (1)
 Incorporated by reference to Exhibits 3.1, 10.1 and 10.3, as applicable, to the Company's Form 10-Q (File No. 814-00663) for the quarter ended March 31, 2023 filed on April 25, 2023.

 (2)
 Incorporated by reference to Exhibit 3.2 to the Company's Form 10-K (File No. 814-00663) for the year ended December 31, 2018, filed on February 12, 2019.

 (3)
 Incorporated by reference to Exhibit (d) to the Company's pre effective Amendment No. 2 to the Registration Statement under the Securities Act of 1933, as amended, on Form N 2 (File No. 333 114656), filed on September 28, 2004.

 (4)
 Incorporated by reference to Exhibit (d)(4) to the Company's pre effective Amendment No. 2 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-2 (File No. 333-149139), filed on April 9, 2008.

 (5)
 Incorporated by reference to Exhibit 4.1 to the Company's Form 8 K (File No. 814 00663), filed on October 22, 2010.

 (6)
 Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company's Form 8-K (File No. 814-00663), filed on January 11, 2018.

 (7)
 Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company's Form 8 K (File No. 814 00663), filed on March 8, 2019.

 (8)
 Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company's Form 8 K (File No. 814 00663), filed on June 10, 2019.

 (9)
 Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company's Form 8 K (File No. 814 00663), filed on January 15, 2020.

 (10)
 Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company's Form 8-K (File No. 814-00663), filed July 15, 2020.

 (11)
 Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company's Form 8 K (File No. 814-00663), filed on January 13, 2021.

 (12)
 Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company's Form 8-K (File No. 814-00663), filed on June 10, 2021.

 (13)
 Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company's Form 8-K (File No. 814-00663), filed on November 4, 2021.

 (14)
 Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company's Form 8-K (File No. 814-00663), filed on January 13, 2022.

 (15)
 Incorporated by reference to Exhibits 4.1 and 4.2, as applicable, to the Company's Form 8-K (File No. 814-00663), filed on August 3, 2023.

 (16)
 Incorporated by reference to Exhibit 4.23 to the Company's Form 10-K (File No. 814-00663) for the year ended December 31, 2019, filed on February 12, 2020.

 (17)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 10-K (File No. 814-00663) for the year ended December 31, 2018, filed on February 12, 2019.

 (18)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on June 7, 2019.

 (19)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q (File No. 814-00663) for the quarter ended June 30, 2007, filed on August 9, 2007.

 (20)
 Incorporated by reference to Exhibit (j) to the Company's pre-effective Amendment No. 1 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-2 (File No. 333-158211), filed on May 28, 2009.

 (21)
 Incorporated by reference to Exhibit 10.5 to the Company's Form 10-K (File No. 814-00663) for the year ended December 31, 2014, filed on February 26, 2015.

 (22)
 Incorporated by reference to Exhibit 99(k)(3) to the Company's pre-effective Amendment No. 1 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-2 (File No. 333-114656), filed on September 17, 2004.

 (23)
 Incorporated by reference to Exhibits (k)(3) and (k)(4), as applicable, to the Company's Registration Statement under the Securities Act of 1933, as amended, on Form N-2 (File No. 333-188175), filed on April 26, 2013.

 (24)
 Incorporated by reference to Exhibits 10.2 through 10.4, as applicable, to the Company's Form 8-K (File No. 814-00663), filed on January 25, 2010.

 (25)
 Incorporated by reference to Exhibits 10.1 through 10.3, as applicable, to the Company's Form 8-K (File No. 814-0663), filed on June 8, 2012.

 (26)
 Incorporated by reference to Exhibit 10.5 to the Company's Form 10-Q (File No. 814-00663) for the quarter ended March 30, 2010, filed on May 10, 2010.

 (27)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on January 19, 2011.

 (28)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on October 14, 2011.

 (29)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on January 19, 2012.

 (30)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on January 28, 2013.

 (31)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on May 15, 2014.

 (32)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on January 4, 2017.

 (33)
 Incorporated by reference to Exhibits 10.22 and 10.27, as applicable, to the Company's Form 10-K (File No. 814-00663) for the year ended December 31, 2021, filed on February 9, 2022.

 (34)
 Incorporated by reference to Exhibit 10.2 to the Company's Form 8-K (File No. 814-00663), filed on October 3, 2018.

 (35)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on December 17, 2018.

 (36)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on June 19, 2019.

 (37)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on February 3, 2020.

 (38)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8 K (File No. 814 00663), filed on January 3, 2022.

 (39)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8 K (File No. 814 00663), filed on July 1, 2022.

 (40)
 Incorporated by reference to Exhibits 10.1 and 10.2, as applicable, to the Company's Form 8-K (File No. 814-00663), filed on January 24, 2012.

 (41)
 Incorporated by reference to Exhibits 10.1 and 10.2, as applicable, to the Company's Form 8-K (File No. 814-00663), filed on June 16, 2020.

 (42)
 Incorporated by reference to Exhibit 10.31 to the Company's Form 10-K (File No. 814-00663), for the year ended December 30, 2020, filed on February 10, 2021.

 (43)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on July 1, 2021.

 (44)
 Incorporated by reference to Exhibits 10.37 and 10.38, as applicable, to the Company's Form 10-K (File No. 814-00663) for the year ended December 31, 2022, filed on February 7, 2023.

 (45)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on December 19, 2023.

 (46)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on September 17, 2012.

 (47)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on December 23, 2013.

 (48)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on July 1, 2015.

 (49)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on August 28, 2017.

 (50)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on September 13, 2018.

 (51)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on September 10, 2019.

 (52)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on January 2, 2020.

 (53)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on May 28, 2021.

 (54)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on May 4, 2023.

 (55)
 Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 814-00663), filed on May 17, 2023.

 (56)
 Incorporated by reference to Exhibits 10.1 and 10.2, as applicable, to the Company's Form 8-K (File No. 814-00663), filed on April 25, 2023.

 (57)
 Incorporated by reference to Exhibits 10.1 and 10.2, as applicable, to the Company's Form 8-K (File No. 814-00663), filed on July 25, 2023.

 (58)
 Included in Note 10 to the Company's Notes to Consolidated Financial Statements filed herewith.

 Item 16. Form 10-K Summary

 None.

 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 Reports of Independent Registered Public Accounting Firm ( KPMG LLP, Los Angeles, California, PCAOB ID 185)

 F- 2

 Consolidated Balance Sheet as of December 31, 2023 and 2022

 F- 5

 Consolidated Statement of Operations for the years ended December 31, 2023, 2022 and 2021

 F- 6

 Consolidated Schedules of Investments as of December 31, 2023 and 2022

 F- 7

 Consolidated Statement of Stockholders' Equity for the years ended December 31, 2023, 2022 and 2021

 F- 129

 Consolidated Statement of Cash Flows for the years ended December 31, 2023, 2022 and 2021

 F- 130

 Notes to Consolidated Financial Statements

 F- 131

 Report of Independent Registered Public Accounting Firm
 To the Stockholders and Board of Directors
 Ares Capital Corporation:
 Opinion on the Consolidated Financial Statements
 We have audited the accompanying consolidated balance sheets of Ares Capital Corporation and subsidiaries (the Company), including the consolidated schedules of investments, as of December 31, 2023 and 2022, the related consolidated statements of operations, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.
 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 7, 2024 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

 Basis for Opinion

 These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Such procedures also included confirmation of securities owned as of December 31, 2023 and 2022, by correspondence with the custodian or other appropriate audit procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matter

 The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

 Fair value of investments

 As discussed in Notes 2 and 4 to the consolidated financial statements, consistent with the Company's valuation policy and in consideration of the fact that there is not a readily available market value for most of the investments in the Company's portfolio, the Company measures substantially all of its investments at fair value using unobservable inputs and assumptions.

 We identified the evaluation of the fair value of investments as a critical audit matter. Due to inherent estimation uncertainty, assessment of the Company's judgments regarding the use of specific valuation assumptions involved a high degree of subjective auditor judgment. Changes in these assumptions could have a significant impact on the fair value of investments. In particular, the Company made judgments relating to market yields used in yield analyses for debt and other

 interest-bearing investments, market multiples used in determining enterprise values, and discount rates used in discounted cash flow analyses. Additionally, specialized skills and knowledge were required to evaluate these assumptions.

 The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's process to measure the fair value of its investments. These included controls related to the development of the market yield, market multiples, and discount rate assumptions used in the Company's valuations. We also evaluated the Company's ability to estimate fair value by comparing a selection of prior period fair values to transaction prices of transactions occurring subsequent to the prior period valuation date. To assess management's use of the market yield, market multiples, and discount rate assumptions to measure fair value of its investments, for a selection of investments, we assessed these assumptions by using third-party market and industry data. For a selection of the Company's investments, we involved valuation professionals with specialized skills and knowledge, who assisted in:

 • developing a range of market yields, market multiples, and discount rate assumptions using market information and comparing them to the assumptions used by the Company.

 • evaluating the Company's estimate of fair value by developing an independent estimate of fair value based upon independently developed ranges for market yields, market multiples, and discount rate assumptions.

 /s/ KPMG LLP

 We have served as the Company's auditor since 2004.
 Los Angeles, California
 February 7, 2024

 Report of Independent Registered Public Accounting Firm
 To the Stockholders and Board of Directors
 Ares Capital Corporation:
 Opinion on Internal Control Over Financial Reporting
 We have audited Ares Capital Corporation and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company, including the consolidated schedules of investments, as of December 31, 2023 and 2022, the related consolidated statements of operations, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes (collectively, the consolidated financial statements), and our report dated February 7, 2024 expressed an unqualified opinion on those consolidated financial statements.

 Basis for Opinion

 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 Definition and Limitations of Internal Control Over Financial Reporting

 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 /s/ KPMG LLP

 Los Angeles, California
 February 7, 2024

 CONSOLIDATED BALANCE SHEET
 (in millions, except per share data)

 2023
 2022

 ASSETS

 Investments at fair value

 Non-controlled/non-affiliate company investments
 $
 18,283
 $
 17,296

 Non-controlled affiliate company investments

 Controlled affiliate company investments
 4,167
 4,120

 Total investments at fair value (amortized cost of $ 22,668 and $ 22,043, respectively)

 Restricted cash

 Interest receivable

 Receivable for open trades

 Operating lease right-of-use asset

 $
 23,800
 $
 22,398

 LIABILITIES

 Debt
 $
 11,884
 $
 12,210

 Base management fees payable

 Income based fees payable

 Capital gains incentive fees payable

 Interest and facility fees payable

 Payable to participants

 Payable for open trades

 Secured borrowings

 Operating lease liabilities

 12,599
 12,843

 Commitments and contingencies (Note 7)

 STOCKHOLDERS' EQUITY

 Common stock, par value $ 0.001 per share, 1,000 and 700 common shares authorized, respectively; 582 and 519 common shares issued and outstanding, respectively

 Capital in excess of par value
 10,738
 9,556

 Accumulated undistributed (overdistributed) earnings
 ( 2)

 Total stockholders' equity
 11,201
 9,555

 Total liabilities and stockholders' equity
 $
 23,800
 $
 22,398

 NET ASSETS PER SHARE
 $
 19.24
 $
 18.40

 See accompanying notes to consolidated financial statements.

 CONSOLIDATED STATEMENT OF OPERATIONS
 (in millions, except per share data)

 2023
 2022
 2021

 INVESTMENT INCOME:

 From non-controlled/non-affiliate company investments:

 Interest income (excluding payment-in-kind ("PIK") interest income)
 $
 1,564
 $
 1,141
 $

 PIK interest income

 Capital structuring service fees

 Total investment income from non-controlled/non-affiliate company investments
 2,085
 1,632
 1,491

 From non-controlled affiliate company investments:

 Interest income (excluding PIK interest income)

 PIK interest income

 —

 —
 —

 Total investment income from non-controlled affiliate company investments

 From controlled affiliate company investments:

 Interest income (excluding PIK interest income)

 PIK interest income

 Capital structuring service fees

 Total investment income from controlled affiliate company investments

 2,614
 2,096
 1,820

 EXPENSES:

 Interest and credit facility fees

 Income based fees

 Capital gains incentive fees
 ( 101)

 Administrative and other fees

 Other general and administrative

 1,328
 1,050

 NET INVESTMENT INCOME BEFORE INCOME TAXES
 1,286
 1,147

 Income tax expense, including excise tax

 NET INVESTMENT INCOME
 1,266
 1,092

 REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:

 Net realized gains (losses):

 Non-controlled/non-affiliate company investments
 ( 146)

 Non-controlled affiliate company investments
 ( 10)

 Controlled affiliate company investments
 ( 38)

 Foreign currency and other transactions
 ( 24)

 Net realized (losses) gains
 ( 179)

 Net unrealized gains (losses):

 Non-controlled/non-affiliate company investments
 ( 585)

 Non-controlled affiliate company investments
 ( 16)

 Controlled affiliate company investments

 Foreign currency and other transactions
 ( 12)
 ( 16)

 Net unrealized gains (losses)
 ( 525)

 Net realized and unrealized gains (losses) on investments, foreign currency and other transactions
 ( 444)

 REALIZED LOSS ON EXTINGUISHMENT OF DEBT
 —
 ( 48)
 ( 43)

 NET INCREASE IN STOCKHOLDERS' EQUITY RESULTING FROM OPERATIONS
 $
 1,522
 $
 $
 1,567

 NET INCOME PER COMMON SHARE (see Note 10)

 Basic
 $
 2.75
 $
 1.21
 $
 3.51

 Diluted
 $
 2.68
 $
 1.19
 $
 3.51

 WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)

 Basic

 Diluted

 See accompanying notes to consolidated financial statements.

 Software and Services

 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (15)
 Payment processing solution provider
 $
 62.7
 $
 62.7
 $
 62.7

 99.5
 98.2
 99.5

 2.2
 2.2
 2.2

 15.39 % PIK

 06/2030
 65.7
 65.7
 65.7

 228.8
 230.1

 Anaplan, Inc. (15)
 Provider of cloud-based connected planning platforms for business analytics
 11.85 %
 1.8
 1.8
 1.8

 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (15)
 Provider of intellectual property management lifecycle software
 9.45 %
 4.4
 4.5
 4.4
 (2)

 2.3
 2.3
 2.3

 4,400,000
 4.2
 10.6

 11.0
 17.3

 APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15)
 Aircraft performance software provider
 10.76 %
 13.2
 13.2
 13.2

 Class A membership units
 9,750,000
 9.8
 10.5
 (2)

 23.0
 23.7

 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (15)
 Software platform for identification, prevention and management of substance use disorder
 12.32 %
 5.6
 5.6
 5.6

 32,236
 43.2
 39.7
 (2)

 48.8
 45.3

 Aptean, Inc. and Aptean Acquiror Inc.
 Provider of CRM, ERP and supply chain software application
 7.1
 7.0
 7.1

 Auctane, Inc.
 Provider of mailing and shipping solutions
 145.3
 145.3
 138.0

 Avalara, Inc. (15)
 Provider of cloud-based solutions for transaction tax compliance worldwide
 12.60 %
 72.2
 72.2
 72.2

 Avetta, LLC (15)
 Supply chain risk management SaaS platform for global enterprise clients
 11.15 %
 33.0
 33.0
 32.3

 Banyan Software Holdings, LLC and Banyan Software, LP (15)
 Vertical software businesses holding company
 1.4
 1.4
 1.4

 1.0
 1.0
 1.0

 0.2
 0.2
 0.2

 12.71 %
 5.2
 5.2
 5.2

 120,999
 4.1
 8.7

 11.9
 16.5

 BCTO Ignition Purchaser, Inc.
 Enterprise software provider
 14.40 % PIK

 3.5
 3.5
 3.4

 Bobcat Purchaser, LLC and Bobcat Topco, L.P. (15)
 Healthcare software provider
 11.59 %
 06/2030
 15.8
 15.8
 15.8

 1,523,000
 1.5
 1.5

 17.3
 17.3

 Borrower R365 Holdings LLC (15)
 Provider of restaurant enterprise resource planning systems
 16.0
 15.9
 16.0

 2.0
 1.9
 2.0

 17.8
 18.0

 Bottomline Technologies, Inc. and Legal Spend Holdings, LLC (15)
 Provider of payment automation solutions
 10.61 %
 8.1
 8.1
 8.1

 4.2
 4.2
 4.2

 12.3
 12.3

 Businessolver.com, Inc. (15)
 Provider of SaaS-based benefits solutions for employers and employees
 10.93 %
 0.4
 0.4
 0.4

 CallMiner, Inc.
 Provider of cloud-based conversational analytics solutions
 Warrant to purchase shares of Series 1 preferred stock
 07/2014
 2,350,636
 —
 —

 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (15)
 Provider of software and technology-enabled content and analytical solutions to insurance brokers
 2.6
 2.6
 2.6

 9.96 %
 1.4
 1.4
 1.4

 64.3
 64.3
 63.0

 24,898
 35.2
 30.9
 (2)

 Series A-2 preferred shares

 8,963
 12.5
 10.7
 (2)

 Series A-3 preferred shares

 11,952
 15.1
 13.3
 (2)

 131.1
 121.9

 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (15)
 Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies
 First lien senior secured notes
 88.9
 86.8
 84.7

 9.99 %
 15.7
 15.1
 15.3

 Second lien senior secured notes
 121.0
 112.5
 115.2

 17.35 % PIK

 117,813
 123.5
 127.6

 12,250,000
 12.3
 18.7
 (2)

 350.2
 361.5

 Community Brands ParentCo, LLC (15)
 Software and payment services provider to non-profit institutions
 10.5
 10.5
 10.3

 500,000
 5.0
 6.1
 (2)

 15.5
 16.4

 Computer Services, Inc.
 Infrastructure software provider to community banks
 12.13 %
 33.8
 33.8
 33.8

 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. (15)
 Provider of sales software for the interior design industry
 3.9
 3.9
 3.9

 10.15 %
 0.9
 0.9
 0.9

 0.3
 0.3
 0.3

 74.1
 74.1
 72.6

 0.5
 0.4
 0.5

 30.0
 30.1
 29.7

 11.6
 11.6
 11.4

 483,584
 4.8
 9.0

 Series A common units
 23,340
 0.2
 0.4

 126.3
 128.7

 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (15)
 Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors
 155.7
 155.7
 143.2

 59,665,989
 59.7
 36.2
 (2)

 215.4
 179.4

 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (15)
 Provider of environmental, health and safety software to track compliance data
 6.2
 6.2
 6.2

 4.3
 4.3
 4.3

 12.39 %
 0.1
 0.1
 0.1

 10.83 %
 0.1
 0.1
 0.1

 11.39 %
 0.1
 0.1
 0.1

 11.39 %
 7.7
 7.7
 7.7

 0.3
 0.8

 Common equity
 190,143
 —
 —

 18.8
 19.3

 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (15)
 Provider of a cloud-based, SaaS platform for talent management
 —
 —
 —

 137.5
 137.5
 132.0

 116,413
 146.0
 127.1
 (2)

 Class A-1 common stock
 1,360,100
 13.6
 16.2
 (2)

 297.1
 275.3

 Coupa Holdings, LLC and Coupa Software Incorporated (15)
 Provider of Business Spend Management software
 12.86 %
 02/2030
 9.0
 9.0
 9.0

 Crosspoint Capital AS SPV, LP (15)
 Provider of software services that support the management and security of computing devices, applications, data, and networks
 0.7
 0.7
 0.7

 07/2030
 42.9
 42.9
 42.5

 9,249,000
 9.5
 9.0

 53.1
 52.2

 Datix Bidco Limited
 Global healthcare software company that provides software solutions for patient safety and risk management
 9.94 %
 4.4
 4.2
 4.4

 0.7
 0.7
 0.7

 4.9
 5.1

 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.
 Provider of internet security tools and solutions
 12.36 %
 11.0
 10.4
 10.9
 (2)

 129,822
 169.5
 150.8
 (2)

 817,194
 13.3
 9.1
 (2)

 193.2
 170.8

 Denali Holdco LLC and Denali Apexco LP (15)
 Provider of cybersecurity audit and assessment services
 0.1
 0.1
 0.1

 1.1
 1.1
 1.1

 2,549,000
 2.5
 3.2
 (2)

 3.7
 4.4

 Diligent Corporation and Diligent Preferred Issuer, Inc. (15)
 Provider of secure SaaS solutions for board and leadership team documents
 11.76 %
 1.2
 1.2
 1.2

 11.78 %
 14.6
 14.5
 14.6

 11.78 %
 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 11.78 %
 0.1
 0.1
 0.1

 13,140
 16.7
 15.6
 (2)

 32.8
 31.8

 DS Admiral Bidco, LLC (15)
 Tax return software provider for government institutions
 11.85 %
 0.1
 0.1
 0.1

 Dye & Durham Corporation (15)
 Provider of cloud-based software and technology solutions for the legal industry
 3.8
 3.8
 3.8

 8.7
 8.6
 8.7

 12.4
 12.5

 Echo Purchaser, Inc. (15)
 Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets
 0.1
 0.1
 0.1

 10.7
 10.7
 10.4

 10.8
 10.5

 Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (15)
 SaaS based supply chain management software provider focused on chemical markets
 11.02 %
 4.1
 4.1
 4.0

 60.7
 60.7
 58.9

 5.7
 5.7
 5.5

 4,599
 4.6
 5.8
 (2)

 75.1
 74.2

 Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. (15)
 SaaS based business analytics company focused on oil and gas industry
 134.9
 134.9
 132.2

 13.50 % PIK

 48.5
 48.5
 (2)

 183.4
 180.7

 EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P.
 Provider of entertainment workforce and production management solutions
 10.11 %
 8.4
 8.1
 8.4

 177.9
 177.9
 172.6

 Partnership units
 5,034,483
 3.2
 12.1

 189.2
 193.1

 EpiServer Inc. and Episerver Sweden Holdings AB (15)
 Provider of web content management and digital commerce solutions
 0.1
 0.1
 0.1

 9.43 %
 5.7
 5.8
 5.7

 0.1
 0.1
 0.1

 6.0
 5.9

 eResearch Technology, Inc. and Astorg VII Co-Invest ERT
 Provider of mission-critical, software-enabled clinical research solutions
 9.97 %
 1.0
 1.0
 1.0

 13.46 %
 17.2
 16.9
 17.2
 (2)

 13.46 %
 30.6
 29.9
 30.6
 (2)

 3,988,000
 4.5
 5.5

 52.3
 54.3

 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (15)
 Provider of nutritional information and software as a services (SaaS) compliance solutions
 11.74 %
 0.8
 0.8
 0.7

 11.76 %
 6.8
 6.8
 6.6

 6,246,801
 6.2
 5.5

 13.8
 12.8

 Extrahop Networks, Inc. (15)
 Provider of real-time wire data analytics solutions for application and infrastructure monitoring
 22.9
 22.9
 22.9

 3.9
 3.9
 3.9

 26.8
 26.8

 Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (15)
 Provider of back-office software services for the banking sector
 12.71 %
 190.5
 186.8
 188.6

 First Insight, Inc.
 Software company providing merchandising and pricing solutions to companies worldwide
 03/2014
 122,827
 —
 —

 Forescout Technologies, Inc. (15)
 Network access control solutions provider
 13.45 %
 9.6
 9.5
 9.6

 13.45 %
 13.8
 13.8
 13.8

 23.3
 23.4

 Genesis Acquisition Co. and Genesis Ultimate Holding Co. (15)
 Child care management software and services provider
 1.5
 1.5
 1.5

 0.2
 0.2
 0.2

 10.35 %
 0.1
 0.1
 0.1

 14.47 %
 32.4
 32.4
 32.4

 14.47 %
 7.5
 7.5
 7.5

 14.47 %
 21.1
 21.1
 21.1

 0.8
 2.4
 (2)

 63.6
 65.2

 GI Ranger Intermediate LLC (15)
 Provider of payment processing services and software to healthcare providers
 2.2
 2.2
 2.1

 10.1
 10.1
 10.0

 1.8
 1.8
 1.7

 14.1
 13.8

 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (15)
 Provider of data analysis, statistics, and visualization software solutions for scientific research applications
 13.50 %
 0.6
 0.6
 0.6

 11.72 %
 0.2
 0.2
 0.2

 11.19 %
 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 3.9
 3.9
 3.9

 04/2032
 48.3
 48.3
 44.9
 (2)

 14.00 % PIK

 1,828,645
 65.6
 65.6

 118.8
 115.4

 Guidepoint Security Holdings, LLC (15)
 6.8
 6.8
 6.6

 Heavy Construction Systems Specialists, LLC (15)
 Provider of construction software
 0.1
 0.1
 0.1

 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (15)
 Insurance software provider
 13.3
 13.3
 12.1

 59.8
 59.8
 54.4

 11/2031
 109.8
 109.8
 89.0
 (2)

 Company units
 4,246,457
 8.8
 4.7
 (2)

 191.7
 160.2

 Hyland Software, Inc. (15)
 Enterprise content management software provider
 09/2030
 97.5
 96.2
 96.1

 Imprivata, Inc.
 Provider of identity and access management solutions to the healthcare industry
 16.1
 16.0
 15.8

 Inmar, Inc.
 Technology-driven solutions provider for retailers, wholesalers and manufacturers
 10.85 %
 13.4
 12.9
 13.2

 IQN Holding Corp. (15)
 Provider of extended workforce management software
 1.4
 1.4
 1.4

 IV Rollover Holdings, LLC
 Provider of cloud based IT solutions, infrastructure and services
 170,490
 —
 —
 (2)

 Class X units
 5,000,000
 1.9
 2.1
 (2)

 1.9
 2.1

 Kaseya Inc. and Knockout Intermediate Holdings I Inc. (15)
 Provider of cloud-based software and technology solutions for small and medium sized businesses
 11.36 % ( 2.50 % PIK)

 4.9
 4.9
 4.9

 11.38 % ( 2.50 % PIK)

 169.1
 168.9
 169.1

 11.75 % PIK

 38,798
 46.2
 45.7
 (2)

 220.0
 219.7

 LeanTaaS Holdings, Inc. (15)
 Provider of SaaS tools to optimize healthcare asset utilization
 12.86 %
 42.3
 42.3
 42.3

 Majesco and Magic Topco, L.P. (15)
 Insurance software provider
 12.60 %
 0.1
 0.1
 0.1

 2,539
 3.4
 5.9
 (2)

 570,625
 —
 —
 (2)

 3.5
 6.0

 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp (15)(16)
 SONIA (Q)
 36.3
 35.2
 36.3

 79.2
 79.2
 79.2

 3,975
 38.8
 43.6

 153.2
 159.1

 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (15)
 Software and payment services provider to faith-based institutions
 0.7
 0.7
 0.6

 3.6
 3.6
 3.4

 39.4
 39.4
 37.4

 9,574,000
 9.6
 7.8
 (2)

 53.3
 49.2

 Mitchell International, Inc.
 Provider of technology, connectivity, and information solutions to the property and casualty insurance industry
 9.40 %
 0.1
 0.1
 0.1

 12.15 %
 98.1
 96.4
 96.1

 96.5
 96.2

 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (15)
 Leading technology solution provider for casing and auditioning to the entertainment industry
 0.1
 0.1
 0.1

 24.9
 24.9
 24.9

 45,320
 4.9
 3.9

 29.9
 28.9

 MRI Software LLC (15)
 Provider of real estate and investment management software
 51.0
 51.0
 50.5

 24.2
 24.2
 23.9

 75.2
 74.4

 Netsmart, Inc. and Netsmart Technologies, Inc.
 Developer and operator of health care software and technology solutions
 9.22 %
 0.2
 0.2
 0.2

 OpenMarket Inc.
 Provider of cloud-based mobile engagement platform
 14.8
 14.8
 14.8

 PDDS HoldCo, Inc. (15)
 Provider of cloud-based dental practice management software
 13.10 %
 0.2
 0.2
 0.2

 10.8
 10.8
 10.8

 11.0
 11.0

 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (15)
 Provider of enterprise management software for the convenience retail and petroleum wholesale market
 7.6
 7.6
 7.5

 10.07 %
 52.4
 52.4
 51.8

 14.02 %
 70.1
 70.1
 70.1

 14.02 %
 8.3
 8.3
 8.3

 14.05 %
 8.53 %
 8.7
 8.7
 8.7

 14.23 %
 8.71 %
 7.2
 7.2
 7.2

 14.02 %
 6.9
 6.9
 6.9

 13.25 % PIK

 13,656
 25.4
 24.2
 (2)

 2,062,493
 2.1
 3.4
 (2)

 188.7
 188.1

 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (15)
 Provider of plant maintenance and scheduling software
 0.2
 0.2
 0.2

 0.1
 0.1
 0.1

 0.3
 0.3
 0.3

 5,000
 5.0
 12.3

 5.6
 12.9

 Perforce Software, Inc. (15)
 Developer of software used for application development
 9.86 %
 1.0
 1.0
 1.0

 Petvisor Holdings, LLC (15)
 Provider of veterinarian-focused SaaS solutions
 6.0
 6.0
 6.0

 11.02 %
 3.7
 3.7
 3.7

 9.7
 9.7

 Ping Identity Holding Corp. (15)
 Provider of identity and access management solutions
 12.36 %
 11.3
 11.3
 11.3

 Pluralsight, Inc. (15)
 Online education learning platform
 13.52 %
 0.2
 0.2
 0.2

 13.56 %
 106.2
 106.2
 94.5

 106.4
 94.7

 Poplicus Incorporated
 Business intelligence and market analytics platform for companies that sell to the public sector
 06/2025
 2,402,991
 0.1
 —

 PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (15)
 Software provider for medical practitioners
 9.86 %
 0.5
 0.5
 0.5

 36.4
 36.4
 35.5

 14.00 % PIK

 08/2030
 40.6
 40.6
 39.4
 (2)

 33,220,282
 23.5
 33.1
 (2)

 101.0
 108.5

 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (15)
 Provider of practice management software to law firms
 9.8
 9.8
 9.8

 1,624,000
 1.6
 2.1
 (2)

 11.4
 11.9

 Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc.
 Provider of data visualization software for data analytics
 7,445
 7.4
 17.5
 (2)

 1,841,609
 0.1
 0.2
 (2)

 7.5
 17.7

 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (15)
 Saas provider of automated crew callout and scheduling software for the utility industry
 11.78 % ( 3.25 % PIK)

 36.6
 36.6
 33.7

 14.85 % PIK

 26,436
 37.0
 34.0

 73.6
 67.7

 Project Potter Buyer, LLC and Project Potter Parent, L.P. (15)
 Software solutions provider to the ready-mix concrete industry
 2.1
 2.0
 2.1

 43.2
 43.2
 43.2

 0.1
 0.1
 0.1

 11.9
 11.9
 11.9

 588,636
 —
 3.5
 (2)

 57.2
 60.8

 Proofpoint, Inc. (15)
 8.72 %
 1.0
 0.9
 1.0

 11.72 %
 34.6
 34.5
 34.6

 35.4
 35.6

 PushPay USA Inc. (15)
 Provider of software and integrated payment solutions
 12.28 %
 05/2030
 12.7
 12.7
 12.6

 QF Holdings, Inc. (15)
 SaaS based electronic health record software provider
 6.8
 6.8
 6.8

 4.9
 4.9
 4.9

 8.1
 8.1
 8.1

 5.1
 5.1
 5.1

 24.9
 24.9

 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (15)
 Provider of SaaS-based safety and security software to the K-12 school market
 5.63 %
 8.5
 8.5
 8.5

 5.63 %
 0.1
 0.1
 0.1

 2,880,582
 3.5
 10.0

 12.1
 18.6

 RealPage, Inc.
 Provider of enterprise software solutions to the residential real estate industry
 84.1
 83.2
 84.1

 Regent Education, Inc.
 Provider of software solutions designed to optimize the financial aid and enrollment processes
 5,393,194
 —
 —

 —
 —

 —
 —

 Relativity ODA LLC (15)
 Electronic discovery document review software platform for use in litigations and investigations
 11.96 %
 23.0
 23.0
 23.0

 Revalize, Inc. (15)
 Developer and operator of software providing configuration, price and quote capabilities
 0.2
 0.2
 0.2

 0.7
 0.7
 0.7

 0.9
 0.9

 RMS HoldCo II, LLC & RMS Group Holdings, Inc. (15)
 Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry
 0.1
 0.1
 0.1

 0.2
 0.2
 0.2

 4.6
 4.8
 (2)

 4.9
 5.1

 Smarsh Inc. and Skywalker TopCo, LLC (15)
 SaaS based communication archival service provider
 1.4
 1.4
 1.4

 1,742,623
 6.3
 10.5
 (2)

 7.7
 11.9

 SocialFlow, Inc.
 Social media optimization platform provider
 01/2016
 215,331
 —
 —

 Sophia, L.P.
 Provider of ERP software and services for higher education institutions
 13.46 %
 105.9
 105.9
 105.9

 SoundCloud Limited
 Platform for receiving, sending, and distributing music
 73,422
 0.4
 0.7

 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (15)
 Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space
 10.71 %
 0.2
 0.2
 0.2

 2.5
 2.5
 2.5

 1,010
 10.2
 13.2
 (2)

 12.9
 15.9

 Storable, Inc. and EQT IX Co-Investment (E) SCSP
 Payment management system solutions and web services for the self-storage industry
 11.93 %
 42.8
 42.8
 42.4

 11.93 %
 10.3
 10.3
 10.2

 614,950
 6.2
 9.0

 59.3
 61.6

 Sundance Group Holdings, Inc. (15)
 Provider of cloud-based document management and collaboration solutions
 1.5
 1.4
 1.5

 20.1
 19.9
 20.1

 11.74 %
 0.8
 0.8
 0.8

 22.1
 22.4

 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (15)
 Provider of environment, health, safety, and sustainability software
 34.8
 34.8
 34.4

 11.27 %
 5.0
 5.0
 4.9

 5,057
 5.1
 4.6

 44.9
 43.9

 TCP Hawker Intermediate LLC (15)
 Workforce management solutions provider
 34.1
 34.1
 34.1

 6.5
 6.5
 6.5

 0.1
 0.1
 0.1

 7.3
 7.3
 7.3

 48.0
 48.0

 UKG Inc. and H&F Unite Partners, L.P. (15)
 Provider of cloud based HCM solutions for businesses
 9.11 %
 1.4
 1.4
 1.4
 (2)(6)(14)

 12,583,556
 12.6
 19.3

 14.0
 20.7

 UserZoom Technologies, Inc.
 User experience research automation software
 12.99 %
 5.8
 5.7
 5.8

 WebPT, Inc. (15)
 Electronic medical record software provider
 0.2
 0.2
 0.2

 12.24 %
 0.1
 0.1
 0.1

 0.3
 0.3

 Wellness AcquisitionCo, Inc. (15)
 Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry
 10.99 %
 0.1
 0.1
 0.1

 WorkWave Intermediate II, LLC (15)
 Provider of cloud-based field services and fleet management solutions
 51.6
 51.6
 51.6

 18.8
 18.8
 18.8

 70.4
 70.4

 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (15)
 Provider of cloud-based customer support solutions
 11.61 % ( 2.75 % PIK)

 43.6
 43.6
 43.6

 12.50 % PIK

 27,226
 31.2
 30.6
 (2)

 269,100
 2.7
 2.8
 (2)

 77.5
 77.0

 5,362.2
 5,293.6
 47.26 %

 Health Care Services

 Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15)
 16.50 % ( 7.00 % PIK)

 0.8
 0.8
 0.8

 14.61 % ( 7.00 % PIK)

 8.7
 8.7
 8.7

 14.61 % ( 7.00 % PIK)

 54.9
 54.9
 54.9

 6,580,219
 4.7
 7.6
 (2)

 69.1
 72.0

 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(15)
 9.50 % ( 3.00 % PIK)

 15.0
 15.0
 15.0

 32.0
 32.0
 32.0
 (2)

 —
 —
 (2)

 10,000,000
 29.4
 18.6
 (2)

 76.4
 65.6

 Advarra Holdings, Inc. (15)
 Provider of central institutional review boards over clinical trials
 10.61 %
 4.0
 4.0
 4.0

 AHR Funding Holdings, Inc. and AHR Parent Holdings, LP
 Provider of revenue cycle management solutions to hospitals
 12.75 % PIK

 35,000
 42.0
 42.0
 (2)

 9,900
 11.1
 13.3
 (2)

 100,000
 0.1
 0.1
 (2)

 53.2
 55.4

 Amerivet Partners Management, Inc. and AVE Holdings LP (15)
 Veterinary practice management platform
 16.50 % PIK

 12/2030
 48.4
 46.9
 45.5
 (2)

 Class C units
 7,144
 1.4
 1.4
 (2)

 48.3
 46.9

 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (15)(16)
 Revenue cycle management provider to the physician practices and acute care hospitals
 8.61 %
 0.1
 0.1
 0.1

 10.75 % PIK

 198,505
 242.8
 233.1
 (2)

 10,487,951
 10.5
 12.8
 (2)

 253.4
 246.0

 BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP
 Opiod treatment provider
 10.61 %
 5.9
 6.0
 5.8

 Bambino Group Holdings, LLC
 1,000,000
 1.0
 0.9
 (2)

 Center for Autism and Related Disorders, LLC (15)
 Autism treatment and services provider specializing in applied behavior analysis therapy
 6.8
 —
 —
 (2)(10)(14)

 1.0
 —
 —
 (2)(10)(14)

 2.4
 —
 —

 —
 —

 Color Intermediate, LLC
 Provider of pre-payment integrity software solution
 20.2
 20.2
 20.2

 Comprehensive EyeCare Partners, LLC (15)
 Vision care practice management company
 12.11 % ( 2.50 % PIK)

 1.9
 1.9
 1.7

 12.11 % ( 2.50 % PIK)

 0.3
 0.3
 0.3

 2.2
 2.0

 Convey Health Solutions, Inc.
 Healthcare workforce management software provider
 2.7
 2.7
 2.3

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 2.9
 2.5

 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (15)
 Provider of medical devices and services for the treatment of positional plagiocephaly
 24.3
 24.3
 23.1

 Class A shares
 1.9
 1.2
 (2)

 0.3
 0.2
 (2)

 26.5
 24.5

 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15)
 11.85 %
 6.40 %
 32.1
 32.1
 32.1

 5.90 %
 0.1
 0.1
 0.1

 5.90 %
 40.1
 40.1
 40.1

 9.5
 9.5
 9.5

 1,508
 0.9
 0.9
 (2)

 41,443
 14.5
 24.4
 (2)

 97.2
 107.1

 Evolent Health LLC and Evolent Health, Inc.
 Medical technology company focused on value based care services and payment solutions
 3,834
 3.8
 4.3

 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC
 On-demand supply chain automation solutions provider to the healthcare industry
 114.0
 114.0
 112.9

 15,706,534
 17.4
 31.1
 (2)

 131.4
 144.0

 Global Medical Response, Inc. and GMR Buyer Corp.
 Emergency air medical services provider
 28.7
 26.7
 22.4

 9.89 %
 12.4
 11.9
 9.6

 95.4
 95.4
 74.4

 115,733
 0.9
 1.1
 (2)

 12/2031
 1,927
 0.1
 —
 (2)

 135.0
 107.5

 Hanger, Inc. (15)
 Provider of orthotic and prosthetic equipment and services
 11.61 %
 53.7
 53.7
 53.7

 11.61 %
 0.1
 0.1
 0.1
 (11)

 11.61 %
 16.7
 16.7
 16.7

 15.11 %
 110.6
 110.6
 110.6

 15.11 %
 15.4
 15.4
 15.4

 196.5
 196.5

 HealthEdge Software, Inc. (15)
 Provider of financial, administrative and clinical software platforms to the healthcare industry
 —
 —
 —

 95.5
 95.5
 95.5

 6.2
 6.2
 6.2

 101.7
 101.7

 Honor Technology, Inc.
 Nursing and home care provider
 15.46 %
 2.5
 2.4
 2.3

 Warrant to purchase shares of Series D-2 preferred stock
 08/2031
 133,333
 0.1
 —
 (2)

 2.5
 2.3

 JDC Healthcare Management, LLC
 12.2
 0.7
 0.4

 KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (15)
 Provider of behavioral health services
 12.02 % ( 1.50 % PIK)

 3.2
 3.2
 2.9

 Lifescan Global Corporation
 Provider of blood glucose monitoring systems for home and hospital use
 11.98 %
 12.6
 12.0
 9.3

 0.2
 0.2
 0.1
 (2)(10)(18)

 12.2
 9.4

 Medline Borrower, LP (15)
 Manufacturer and distributor of medical supplies
 —
 —
 —

 Napa Management Services Corporation and ASP NAPA Holdings, LLC
 Anesthesia management services provider

 1,842
 0.2
 0.2
 (2)

 Senior preferred units

 5,320
 0.4
 0.4
 (2)

 04/2016
 25,277
 2.5
 3.5
 (2)

 3.1
 4.1

 Next Holdco, LLC (15)
 Provider of electronic medical record and practice management software
 11.37 %
 6.5
 6.5
 6.4

 NMN Holdings III Corp. and NMN Holdings LP (15)
 Provider of complex rehabilitation technology solutions for patients with mobility loss
 Base Rate (S)
 2.75 %
 1.0
 1.0
 1.0

 Partnership units
 30,000
 3.0
 5.3
 (2)

 4.0
 6.3

 Nomi Health, Inc.
 Provider of software payment services for healthcare industry
 13.64 %
 11.4
 11.4
 11.1

 Warrant to purchase shares of Series B preferred stock
 07/2033
 9,941
 —
 —
 (2)

 11.4
 11.1

 NSPC Intermediate Corp. and NSPC Holdings, LLC
 Acute and chronic pain treatment provider
 1,182
 —
 —
 (2)

 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(15)
 Behavioral health and special education platform provider
 56.9
 49.3
 33.0

 11.6
 10.2
 6.7

 15.02 % PIK

 3.2
 3.1
 3.2

 417,189
 0.3
 —
 (2)

 7,983
 3.1
 —
 (2)

 9,549,000
 9.5
 —
 (2)

 7,584
 —
 —
 (2)

 75.5
 42.9

 OMH-HealthEdge Holdings, LLC (15)
 Revenue cycle management provider to the healthcare industry
 97.6
 97.6
 95.2

 Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (15)
 Medical device company
 0.1
 0.1
 0.1

 12.13 % ( 3.38 % PIK)

 24.0
 24.0
 23.4

 24.1
 23.5

 Pathway Vet Alliance LLC and Jedi Group Holdings LLC (15)
 —
 —
 —

 13.22 %
 76.3
 76.3
 67.9

 Class R common units
 6,004,768
 6.0
 2.7
 (2)

 82.3
 70.6

 PetVet Care Centers, LLC (15)
 132.8
 132.8
 130.1

 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (15)
 Provider of employer-sponsored onsite health and wellness clinics and pharmacies
 —
 —
 —

 9.25 %
 8.5
 8.5
 8.3

 67.1
 66.9
 65.8
 (2)

 9,775
 9.8
 15.1
 (2)

 85.2
 89.2

 Project Ruby Ultimate Parent Corp.
 Provider of care coordination and transition management software solutions
 10.22 %
 17.2
 17.2
 17.2

 193.1
 193.1
 191.1

 210.3
 208.3

 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (15)
 Manufacturer of biologic, metal and synthetic implants/devices
 12.4
 12.4
 12.4

 12.40 %
 22.3
 22.3
 22.3

 34.7
 34.7

 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (15)
 Outsourced anesthesia provider
 8.2
 8.2
 8.2

 684,854
 4.8
 1.3
 (2)

 13.0
 9.5

 SM Wellness Holdings, Inc. and SM Holdco, LLC (15)
 Breast cancer screening provider
 Series D units

 1,127
 1.2
 1.4
 (2)

 8,041
 8.0
 9.9
 (2)

 Series B units
 916,795
 —
 —
 (2)

 9.2
 11.3

 SOC Telemed, Inc. and PSC Spark Holdings, LP
 Provider of acute care telemedicine
 13.85 % PIK

 96.0
 92.6
 92.2

 4,812
 4.9
 4.6
 (2)

 6,118
 4.7
 3.3
 (2)

 102.2
 100.1

 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15)
 SaaS based healthcare compliance platform provider
 9.11 %
 2.7
 2.7
 2.3
 (2)

 12.5
 12.5
 11.2

 13.36 %
 76.2
 76.2
 67.9

 Series C-1 preferred shares

 75,939
 105.9
 84.8
 (2)

 Series C-2 preferred shares

 40,115
 53.0
 42.4
 (2)

 Series C-3 preferred shares

 16,201
 20.7
 16.5
 (2)

 271.0
 225.1

 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15)
 Franchisor of private-pay home care for the elderly
 13.1
 13.1
 13.1

 0.5
 1.2

 13.6
 14.3

 Tempus Labs, Inc.
 Provider of technology enabled precision medicine solutions
 13.65 % ( 3.25 % PIK)

 72.6
 72.6
 72.6

 13.64 % ( 3.25 % PIK)

 21.1
 21.1
 21.1

 13.66 % ( 3.25 % PIK)

 9.0
 9.0
 9.0

 Series G-4 preferred stock
 32,282
 1.8
 1.8
 (2)

 104.5
 104.5

 Therapy Brands Holdings LLC
 Provider of software solutions for the mental and behavioral health market segments
 29.1
 28.9
 27.6

 Touchstone Acquisition, Inc. and Touchstone Holding, L.P.
 Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-markets

 2,149
 3.2
 4.3
 (2)

 U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.
 Anesthesiology service provider
 147.8
 147.8
 133.0

 3,671,429
 12.9
 9.6
 (2)

 160.7
 142.6

 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (15)
 Gastroenterology physician group
 10.3
 10.3
 10.3

 Class A interests
 4,623
 4.6
 4.5

 14.9
 14.8

 Viant Medical Holdings, Inc.
 Manufacturer of plastic and rubber components for health care equipment
 9.22 %
 3.9
 3.8
 3.9

 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (15)
 6.1
 6.1
 6.1

 11.96 %
 9.2
 9.2
 9.2

 3.0
 3.0
 3.0

 7,524
 7.5
 10.8
 (2)

 0.1
 0.1
 (2)

 25.9
 29.2

 Wellpath Holdings, Inc. (15)
 Correctional facility healthcare operator
 11.07 %
 6.2
 6.2
 5.2

 11.32 %
 30.3
 30.2
 25.4

 36.4
 30.6

 WSHP FC Acquisition LLC and WSHP FC Holdings LLC (15)
 Provider of biospecimen products for pharma research
 15.3
 15.3
 14.5

 32.7
 32.7
 31.1

 4.4
 4.4
 4.2

 13.7
 13.7
 13.0

 10.6
 10.6
 10.1

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 30.8
 30.8
 29.2

 34,163
 4.9
 4.5

 112.6
 106.8

 2,914.8
 2,768.9
 24.72 %

 Financial Services

 AQ Sage Buyer, LLC (15)
 Provider of actuarial consulting and comprehensive wealth management services
 11.52 %
 3.0
 3.0
 2.9

 BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC
 Provider of comprehensive suite of investment management and wealth planning solutions
 12.28 %
 0.2
 0.2
 0.2

 9.30 % PIK

 5.5
 5.5
 5.5
 (2)

 5,503,959
 5.5
 4.5
 (2)

 11.2
 10.2

 Beacon Pointe Harmony, LLC (15)
 19.8
 19.8
 19.8

 1.0
 1.0
 1.0

 0.1
 0.1
 0.1

 20.9
 20.9

 Cliffwater LLC (15)
 Provider of alternative investment advisory services
 4.1
 4.1
 4.0

 Convera International Holdings Limited and Convera International Financial S.A R.L. (15)
 Provider of B2B international payment and FX risk management solutions
 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.2
 0.2

 Corient Holdings, Inc.
 Global wealth management firm
 41,427
 41.4
 45.4
 (2)

 CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC
 Mortgage company originating loans in the retail and consumer direct channels
 Series D preferred units
 90,577
 24.9
 24.9

 DFC Global Facility Borrower III LLC (15)
 Non-bank provider of alternative financial services
 12.94 %
 99.2
 98.3
 99.2
 (2)(6)(9)(11)

 eCapital Finance Corp.
 Consolidator of commercial finance businesses
 56.0
 56.0
 56.0

 5.4
 5.4
 5.4

 24.3
 24.3
 24.3

 55.8
 55.8
 55.8

 12.3
 12.3
 12.3

 153.8
 153.8

 EP Wealth Advisors, LLC (15)
 0.4
 0.4
 0.4

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.4
 0.4
 0.4

 11.26 %
 5.7
 5.7
 5.7

 6.7
 6.7

 GTCR F Buyer Corp. and GTCR (D) Investors LP (15)(16)
 Provider of end-to-end tech-enabled administrative services to private foundations
 09/2030
 4.3
 4.3
 4.2

 4,588,148
 4.6
 4.8
 (2)

 8.9
 9.0

 HighTower Holding, LLC
 Provider of investment, financial and retirement planning services
 8.1
 6.9
 7.3

 Ivy Hill Asset Management, L.P. (5)
 Asset management services
 Subordinated revolving loan
 12.01 %
 01/2030
 62.0
 62.0
 62.0
 (6)(11)

 Member interest (100.00% interest)
 06/2009
 1,700.5
 1,924.6
 (6)

 1,762.5
 1,986.6

 Lido Advisors, LLC (15)
 0.6
 0.6
 0.6

 1.6
 1.6
 1.6

 2.2
 2.2

 LS DE LLC and LM LSQ Investors LLC
 Asset based lender
 12.00 % ( 0.50 % PIK)

 37.1
 37.1
 36.4

 12.00 % ( 0.50 % PIK)

 3.0
 3.0
 3.0

 3,275,000
 3.3
 2.0
 (6)

 43.4
 41.4

 Monica Holdco (US) Inc. (15)
 Investment technology and advisory firm
 12.28 %
 3.6
 3.6
 3.6

 2.5
 2.5
 2.5

 6.1
 6.1

 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (15)(16)
 Provider of comprehensive wealth management services and registered investment advisor
 3.9
 3.9
 3.9

 8.0
 8.0
 8.0

 1,644,799
 1.6
 1.6
 (6)

 13.5
 13.5

 PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (15)
 6.7
 6.7
 6.7

 6,431,667
 6.5
 6.4
 (6)

 13.2
 13.1

 Petrus Buyer, Inc. (15)
 Provider of REIT research data and analytics
 11.99 %
 5.0
 5.0
 5.0

 Priority Holdings, LLC and Priority Technology Holdings, Inc.
 Provider of merchant acquiring and payment processing solutions
 9.0
 9.0
 9.0

 Senior preferred stock
 17.59 % ( 7.00 % PIK)

 65,761
 74.5
 78.5

 04/2031
 527,226
 4.0
 1.9

 87.5
 89.4

 Rialto Management Group, LLC (15)
 Investment and asset management platform focused on real estate
 —
 —
 —
 (2)(6)(13)

 0.3
 0.3
 0.3

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.5
 0.5

 Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (15)
 Wealth management platform
 10.78 %
 2.0
 1.9
 1.9

 TA/WEG Holdings, LLC (15)
 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 11.12 %
 0.1
 0.1
 0.1

 0.4
 0.4

 The Edelman Financial Center, LLC
 Provider of investment, financial and retirement planning services
 19.3
 17.9
 19.3

 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (15)
 13.50 %
 0.2
 0.2
 0.2

 3.9
 3.9
 3.8

 12.00 % PIK

 3.4
 3.4
 3.2

 7,199
 7.2
 4.0

 7,199
 —
 —

 14.7
 11.2

 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (15)
 Provider of asset-servicing capabilities for fund managers
 0.8
 0.8
 0.8

 9.95 %
 37.0
 37.0
 36.6

 1,443
 2.1
 2.8

 0.2
 —

 2,167,424
 —
 —

 245,194
 —
 —

 40.1
 40.2

 Waverly Advisors, LLC and WAAM Topco, LLC (15)
 0.7
 0.7
 0.7

 1,432,867
 1.7
 1.8
 (6)

 2.4
 2.5

 2,391.6
 2,617.8
 23.37 %

 Commercial and Professional Services

 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (15)
 Provider of outsourced crew accommodations and logistics management solutions to the airline industry
 4.1
 4.1
 4.1

 236,358
 4.3
 35.5

 8.4
 39.6

 Aero Operating LLC
 Provider of snow removal and melting service for airports and marine terminals
 14.54 %
 35.8
 35.8
 30.4

 14.54 %
 1.1
 1.1
 1.0

 36.9
 31.4

 AI Fire Buyer, Inc. and AI Fire Parent LLC (15)
 Provider of fire safety and life safety services
 11.15 %
 3.9
 3.9
 3.9

 0.1
 0.1
 0.1

 11.14 %
 2.8
 2.8
 2.8

 16.18 % PIK

 53.5
 53.5
 53.5

 16.18 % PIK

 12.1
 12.1
 12.1

 16.18 % PIK

 11.7
 11.7
 11.7

 46,990
 4.7
 9.7
 (2)

 88.8
 93.8

 Applied Technical Services, LLC (15)
 Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers
 2.1
 2.0
 2.1

 1.0
 1.0
 1.0

 11.52 %
 2.8
 2.7
 2.8

 5.7
 5.9

 Argenbright Holdings V, LLC and Amberstone Security Group Limited (15)
 Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services
 12.78 %
 0.1
 0.1
 0.1

 12.78 %
 6.1
 5.9
 6.2

 6.0
 6.3

 BH-Sharp Holdings LP
 Provider of commercial knife sharpening and cutlery services in the restaurant industry
 2,950,000
 3.0
 4.6
 (2)

 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP (15)
 Outsourced supply chain solutions provider to operators of distribution centers
 —
 —
 —

 10.21 %
 0.2
 0.2
 0.2

 14.21 %
 68.3
 68.3
 68.3

 10,581
 10.6
 19.0
 (2)

 79.1
 87.5

 Compex Legal Services, Inc. (15)
 Provider of outsourced litgated and non-litigated medical records retrieval services
 5.45 %
 1.1
 1.0
 1.1

 2.0
 2.0
 2.0

 3.0
 3.1

 DTI Holdco, Inc. and OPE DTI Holdings, Inc.
 Provider of legal process outsourcing and managed services
 08/2014
 7,500
 7.5
 8.6
 (2)

 08/2014
 7,500
 —
 —
 (2)

 7.5
 8.6

 Elevation Services Parent Holdings, LLC (15)
 Elevator service platform
 2.6
 2.6
 2.5

 10.1
 10.1
 9.9

 9.1
 9.1
 8.9

 21.8
 21.3

 FlyWheel Acquireco, Inc. (15)
 Professional employer organization offering human resources, compliance and risk management services
 5.5
 5.5
 5.4

 05/2030
 52.5
 52.5
 52.0

 58.0
 57.4

 HH-Stella, Inc. and Bedrock Parent Holdings, LP (15)
 Provider of municipal solid waste transfer management services
 —
 —
 —

 8.9
 8.9
 8.9

 13.9
 13.9
 13.9

 32,982
 3.3
 3.2
 (2)

 26.1
 26.0

 HP RSS Buyer, Inc. (15)
 Provider of road striping, and road safety related services
 10.37 %
 12.0
 12.0
 11.7

 IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P. (15)
 Market research company focused on the consumer packaged goods industry
 1.7
 1.7
 1.7

 0.9
 0.9
 0.9

 11.61 % ( 2.75 % PIK)

 217.6
 217.6
 217.6

 11,242
 11.6
 18.7
 (2)

 231.8
 238.9

 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (15)
 Provider of commercial and industrial waste processing and disposal services
 —
 —
 —

 4.1
 4.1
 4.1

 12,501
 12.5
 20.6
 (2)

 16.6
 24.7

 Kellermeyer Bergensons Services, LLC
 11.59 %
 25.5
 25.4
 25.5

 30.9
 30.9
 20.9

 56.3
 46.4

 Kings Buyer, LLC (15)
 Provider of comprehensive outsourced waste management consolidation services
 11.99 %
 16.4
 16.4
 16.2

 KPS Global LLC and Cool Group LLC
 Manufacturer of walk-in cooler and freezer systems
 5.99 %
 5.2
 5.2
 5.2

 5.99 %
 1.4
 1.4
 1.4

 13,292
 1.1
 5.7

 7.7
 12.3

 Laboratories Bidco LLC and Laboratories Topco LLC (15)
 Lab testing services for nicotine containing products
 12.29 % ( 2.75 % PIK)

 0.6
 0.6
 0.5

 14.25 % ( 2.75 % PIK)

 7.6
 7.6
 6.6

 12.27 % ( 2.75 % PIK)

 24.0
 23.9
 20.9

 12.31 % ( 2.75 % PIK)

 16.6
 16.6
 14.4

 12.31 % ( 2.75 % PIK)

 0.1
 0.1
 0.1

 12.28 % ( 2.75 % PIK)

 4.4
 4.4
 3.8

 3,099,335
 4.6
 0.9
 (2)

 57.8
 47.2

 Lightbeam Bidco, Inc. (15)
 Provider of yard management services

 —
 —
 —

 05/2030
 5.3
 5.3
 5.3

 05/2030
 1.8
 1.8
 1.8

 7.1
 7.1

 LJP Purchaser, Inc. and LJP Topco, LP (15)
 Provider of non-hazardous solid waste and recycling services
 9.7
 9.7
 9.7

 5,098,000
 5.6
 7.1
 (2)

 15.3
 16.8

 Marmic Purchaser, LLC and Marmic Topco, L.P. (15)
 Provider of recurring fire protection services
 0.2
 0.2
 0.2

 2.3
 2.3
 2.3

 11.26 %
 2.5
 2.5
 2.5

 1,929,237
 2.5
 4.6
 (2)

 7.5
 9.6

 Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.
 Keg management solutions provider
 14.35 %
 168.3
 168.3
 168.3

 14.35 %
 8.6
 8.6
 8.6

 20.00 % PIK

 1,507
 1.5
 3.3
 (2)

 Series B preferred stock
 19.00 % PIK

 12,000
 12.0
 12.0
 (2)

 12/2012
 54,710
 4.9
 6.3
 (2)

 195.3
 198.5

 NAS, LLC and Nationwide Marketing Group, LLC (15)
 Buying and marketing services organization for appliance, furniture and consumer electronics dealers
 0.6
 0.6
 0.6

 6.2
 6.2
 6.2

 2.3
 2.3
 2.3

 1.3
 1.3
 1.3

 10.4
 10.4

 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (15)
 Provider of audience insights, data and analytics to entertainment industry
 —
 —
 —

 10.26 %
 81.5
 76.0
 74.1

 10.51 %
 98.8
 91.5
 90.0

 First lien senior secured note
 9.29 %
 52.8
 51.6
 49.2

 15.26 %
 221.3
 221.3
 210.2

 4,040,000
 4.1
 5.0
 (2)

 444.5
 428.5

 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
 16.00 %
 119.1
 119.1
 119.1

 Limited partner interest
 9,725,000
 9.7
 10.5
 (2)

 128.8
 129.6

 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC (15)
 Provider of fire safety and life safety services
 11.27 %
 1.2
 1.2
 1.2

 19.8
 19.8
 19.8

 11.27 %
 6.8
 6.8
 6.8

 884,916
 0.9
 3.9
 (2)

 28.7
 31.7

 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15)
 Provider of lawncare services
 14.7
 14.6
 14.7

 North Haven Stack Buyer, LLC (15)
 Provider of environmental testing services
 1.3
 1.2
 1.3

 0.1
 0.1
 0.1

 9.8
 9.8
 9.8

 11.01 %
 1.8
 1.6
 1.8

 12.7
 13.0

 Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC (15)
 Solid waste services provider
 13.39 % ( 4.00 % PIK)

 25.6
 25.1
 25.1

 Warrant to purchase units of Class A common units
 08/2036
 35,347
 0.6
 1.1
 (2)

 25.7
 26.2

 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (15)
 67.7
 67.7
 66.3

 7,900,000
 7.9
 6.3
 (2)

 75.6
 72.6

 PS Operating Company LLC and PS Op Holdings LLC (5)(15)
 Specialty distributor and solutions provider to the swine and poultry markets
 11.61 % PIK

 4.5
 4.5
 4.5

 11.61 % PIK

 15.3
 15.3
 15.3

 Common unit
 279,200
 7.4
 2.1
 (2)

 27.2
 21.9

 PSC Group LLC (15)
 Provider of operational services for US petrochemical and refining companies
 —
 —
 —

 34.2
 34.2
 34.2

 0.2
 0.2
 0.2

 11.41 %
 11.3
 11.3
 11.3

 2.4
 2.4
 2.4

 6.6
 6.6
 6.6

 54.7
 54.7

 R2 Acquisition Corp.
 Marketing services
 05/2007
 250,000
 0.2
 0.3
 (2)

 RC V Tecmo Investor LLC
 Technology based aggregator for facility maintenance services
 Common member units
 9,624,000
 8.3
 19.4
 (2)

 RE Community Holdings GP, LLC and RE Community Holdings, LP
 Operator of municipal recycling facilities
 03/2011
 2.49 %
 —
 —
 (2)

 03/2011
 2.86 %
 —
 —
 (2)

 —
 —

 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (15)
 Provider of FDA registration and consulting services
 2.7
 2.7
 2.6

 1.13 %
 2.7
 2.9
 (2)

 5.4
 5.5

 Rodeo AcquisitionCo LLC (15)
 Provider of food inspection and recovery services
 1.7
 1.7
 1.7

 16.8
 16.8
 16.4

 18.5
 18.1

 Saturn Purchaser Corp.
 Private aviation management company
 10.71 %
 0.1
 0.1
 0.1

 11.01 %
 1.7
 1.7
 1.7

 1.8
 1.8

 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (15)
 Provider of landscape design and planning, and snow removal services
 0.6
 0.6
 0.6

 3.5
 3.5
 3.4

 5,868
 14.8
 16.8
 (2)

 18.9
 20.8

 Shermco Intermediate Holdings, Inc. (15)
 Provider of electrician services
 0.1
 —
 0.1
 (2)

 5.2
 5.2
 5.2

 0.4
 0.4
 0.4

 5.6
 5.7

 SSE Buyer, Inc.,
Supply Source
Enterprises, Inc.,
Impact Products
LLC, The Safety
Zone, LLC and SSE
Parent, LP
 Manufacturer and
distributor of
personal protection
equipment,
commercial
cleaning,
maintenance and
safety products
 24.3
 21.0
 0.7

 Limited partnership class A-1 units
 2,173
 1.1
 —
 (2)

 Limited partnership class A-2 units
 2,173
 1.1
 —
 (2)

 23.2
 0.7

 Startec Equity, LLC (5)
 Communication services
 190,581
 —
 —

 Stealth Holding LLC and UCIT Online Security Inc.
 Live video monitoring solutions provider
 12.29 %
 52.4
 52.4
 52.4

 14.25 %
 0.8
 0.8
 0.8

 12.29 %
 5.1
 5.1
 5.1

 12.28 %
 12.4
 12.4
 12.4

 70.7
 70.7

 Systems Planning and Analysis, Inc. (15)
 Provider of systems engineering and technical assistance to the US DoD
 11.33 %
 1.0
 1.0
 1.0

 Thermostat Purchaser III, Inc. (15)
 Provider of commercial HVAC equipment maintenance and repair services
 —
 —
 —

 12.79 %
 23.0
 23.0
 22.3

 23.0
 22.3

 Valcourt Holdings II, LLC and Jobs Holdings, Inc. (15)
 Provider of window cleaning and building facade maintenance and restoration services
 —
 —
 —

 11.27 %
 45.0
 45.0
 44.1

 45.0
 44.1

 Visual Edge Technology, Inc. (5)(15)
 Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies
 12.50 % ( 1.25 % PIK)

 33.5
 32.9
 33.5

 Senior preferred stock

 4,737
 42.1
 44.1
 (2)

 Junior preferred stock
 6,600
 —
 —
 (2)

 08/2030
 10,358,572
 3.9
 —
 (2)

 78.9
 77.6

 VRC Companies, LLC (15)
 Provider of records and information management services
 12.00 % ( 2.00 % PIK)

 5.1
 5.2
 4.9
 (2)

 Wash Encore Holdings, LLC
 Provider of outsourced healthcare linen management solutions
 97.5
 97.5
 97.5

 XIFIN, Inc. and ACP Charger Co-Invest LLC (15)
 Revenue cycle management provider to labs
 5.6
 5.6
 5.3

 0.1
 0.1
 0.1

 36.5
 36.5
 34.7

 180,000
 1.8
 2.4
 (2)

 46,363
 0.9
 0.6
 (2)

 44.9
 43.1

 2,239.1
 2,251.7
 20.10 %

 Investment Funds and Vehicles

 ACAS Equity Holdings Corporation (5)
 0.4
 0.4
 (6)

 ARES 2007-3R
 Subordinated notes
 20,000,000
 —
 0.1
 (6)

 Blue Wolf Capital Fund II, L.P. (4)
 Limited partnership interest (8.50% interest)
 —
 —

 CoLTs 2005-1 Ltd. (5)
 03/2015
 —
 —
 (6)

 CREST Exeter Street Solar 2004-1
 06/2039
 3,500,000
 —
 —
 (6)

 European Capital UK SME Debt LP (4)(16)
 45.00 %
 8.2
 16.4
 (6)

 HCI Equity, LLC (5)
 —
 —

 Partnership Capital Growth Investors III, L.P.
 10/2011
 2.50 %
 1.8
 4.8

 PCG-Ares Sidecar Investment II, L.P. (4)(16)
 7.2
 18.1

 PCG-Ares Sidecar Investment, L.P. (4)(16)
 05/2014
 4.3
 0.8
 (6)

 Piper Jaffray Merchant Banking Fund I, L.P.
 08/2012
 2.00 %
 0.1
 0.5

 Senior Direct Lending Program, LLC (5)(17)
 Co-investment vehicle
 Subordinated certificates
 13.33 %
 07/2016
 12/2036
 1,327.9
 1,316.3
 1,288.1
 (6)(12)

 87.50 %
 —
 —
 (6)

 1,316.3
 1,288.1

 1,338.3
 1,329.2
 11.87 %

 Insurance Services

 Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (15)
 Insurance broker
 38.0
 37.9
 37.2

 0.6
 0.6
 0.6

 11.41 %
 1.3
 1.3
 1.3

 11.01 %
 0.3
 0.3
 0.3

 40.1
 39.4

 Acrisure, LLC
 Independent property and casualty insurance brokerage
 9.89 %
 0.2
 0.2
 0.2

 Alera Group, Inc. (15)
 46.5
 46.5
 46.5

 Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc.
 9.61 %
 1.0
 1.0
 1.0

 AQ Sunshine, Inc. (15)
 Specialized insurance broker
 8.4
 8.4
 8.2

 5.5
 5.5
 5.4

 0.1
 0.1
 0.1

 8.9
 8.9
 8.7

 1.2
 1.2
 1.2

 6.5
 6.5
 6.3

 30.6
 29.9

 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc (15)
 Insurance broker and underwriting servicer
 12.81 %
 SONIA (S)
 79.2
 79.5
 79.2

 Euribor (S)
 7.2
 7.5
 7.2

 11.90 %
 90.0
 90.0
 90.0

 12.57 %
 15.6
 15.6
 15.6

 Euribor (S)
 68.9
 64.5
 68.9

 1.4
 1.4
 1.4

 258.5
 262.3

 Benecon Midco II LLC and Locutus Holdco LLC (15)
 Employee benefits provider for small and mid-size employers
 9,803,682
 10.0
 52.2

 Captive Resources Midco, LLC (15)
 Provider of independent consulting services to member-owned group captives
 10.61 % ( 2.63 % PIK)

 0.1
 0.1
 0.1

 Daylight Beta Parent LLC and CFCo, LLC (4)
 Health insurance sales platform provider

 09/2033
 12.0
 12.0
 12.0
 (2)

 09/2038
 20.8
 0.5
 0.1
 (2)

 32,391,330
 —
 —
 (2)

 12.5
 12.1

 DOXA Insurance Holdings LLC (15)
 Managing general agent insurance distribution platform
 12/2030
 9.0
 9.0
 8.8

 Foundation Risk Partners, Corp. (15)
 Full service independent insurance agency
 11.45 %
 79.5
 79.5
 79.5

 11.45 %
 42.8
 42.8
 42.8

 122.3
 122.3

 Galway Borrower LLC (15)
 —
 —
 —

 34.8
 34.8
 34.2

 34.8
 34.2

 Higginbotham Insurance Agency, Inc. (15)
 Independent retail insurance broker
 3.6
 3.6
 3.5

 High Street Buyer, Inc. and High Street Holdco LLC (15)(16)
 Insurance brokerage platform
 22.6
 22.6
 22.6

 0.1
 0.1
 0.1

 18.5
 18.5
 18.5

 172,211,694
 203.7
 187.3
 (2)

 20,106,667
 20.3
 18.7
 (2)

 Series A common units

 4,649,000
 6.0
 11.9
 (2)

 Series C common units

 9,748,701
 1.6
 24.9
 (2)

 272.8
 284.0

 Inszone Mid, LLC and INSZ Holdings, LLC (15)
 Insurance brokerage firm
 14.7
 14.7
 14.4

 2,146,088
 1.7
 2.1

 8,473,000
 8.5
 8.5

 24.9
 25.0

 Keystone Agency Partners LLC (15)
 Insurance brokerage platform
 2.8
 2.7
 2.7

 OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (15)
 Insurance brokerage platform
 11.09 %
 7.5
 7.5
 7.3

 Class A2 units
 115,928
 2.3
 2.3
 (2)

 9.8
 9.6

 OneDigital Borrower LLC (15)
 Benefits broker and outsourced workflow automation platform provider for brokers
 —
 —
 —

 Patriot Growth Insurance Services, LLC (15)
 National retail insurance agency
 15.8
 15.6
 15.5

 People Corporation (15)
 Provider of group benefits, group retirement and human resources services
 11.74 %
 5.2
 5.0
 5.2

 39.4
 41.5
 39.4

 22.8
 22.7
 22.8

 1.0
 1.0
 1.0

 70.2
 68.4

 Riser Interco, LLC (15)
 Insurance program administrator
 11.19 %
 SONIA (Q)
 1.1
 1.0
 1.1

 7.6
 7.6
 7.4

 8.6
 8.5

 SageSure Holdings, LLC and SageSure LLC (15)
 0.3
 0.3
 0.3

 19.6
 34.2

 19.9
 34.5

 SCM Insurance Services Inc. (15)
 Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry
 0.1
 0.1
 0.1

 SelectQuote, Inc.
 Direct to consumer insurance distribution platform
 14.96 % ( 3.00 % PIK)

 22.0
 22.0
 20.3

 SG Acquisition, Inc.
 Provider of insurance solutions for car sales
 33.8
 33.8
 33.8

 Spring Insurance Solutions, LLC
 Technology-based direct to consumer sales and marketing platform for insurance products
 12.72 %
 21.8
 21.8
 19.4

 THG Acquisition, LLC (15)
 Multi-line insurance broker
 1.3
 1.3
 1.3

 0.1
 0.1
 0.1

 14.7
 14.7
 14.7

 25.9
 25.9
 25.6

 42.0
 41.7

 1,113.4
 1,176.0

 Consumer Services

 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (5)
 Restaurant owner and operator
 10.4
 —
 —

 Aimbridge Acquisition Co., Inc.
 Hotel operator
 22.5
 22.3
 21.4
 (2)

 American Residential Services L.L.C. and Aragorn Parent Holdings LP (15)
 Heating, ventilation and air conditioning services provider
 8.71 %
 0.4
 0.4
 0.4
 (2)

 2.25 %
 1.6
 1.6
 1.6
 (2)

 14.11 %
 56.4
 56.4
 56.4

 2,531,500
 3.4
 5.5
 (2)

 61.8
 63.9

 Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (15)
 Provider of residential HVAC, plumbing, and electrical maintenance and repair services
 14.00 %
 0.3
 0.3
 0.3

 11.87 %
 0.4
 0.4
 0.4

 12.40 % ( 2.00 % PIK)

 148.5
 148.5
 144.8

 Series B common units
 262,165
 7.2
 7.2

 156.4
 152.7

 ATI Restoration, LLC (15)
 Provider of disaster recovery services
 12.50 %
 2.3
 2.3
 2.3

 5.0
 5.0
 5.0

 32.7
 32.7
 32.7

 48.4
 48.4
 48.4

 10.54 %
 2.3
 2.3
 2.3

 90.7
 90.7

 Belfor Holdings, Inc. (15)
 Disaster recovery services provider
 —
 —
 —

 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC (15)
 Provider of HVAC and plumbing services to residential and commercial customers
 1.4
 1.4
 1.2

 11.99 %
 3.1
 3.1
 2.9

 6.1
 6.1
 5.6

 4,296
 4.3
 3.8

 14.9
 13.5

 CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (15)
 Provider of commercial HVAC equipment maintenance and repair services
 10.37 %
 28.0
 28.0
 28.0

 2.9
 7.7
 (2)

 30.9
 35.7

 CST Holding Company (15)
 Provider of ignition interlock devices
 11.96 %
 0.2
 0.2
 0.2

 11.96 %
 11.6
 11.6
 11.6

 11.8
 11.8

 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (15)
 Provider of plumbing and HVAC services
 11.2
 11.2
 11.2

 47.7
 47.7
 47.7

 77.3
 77.3
 77.3

 24.9
 24.9
 24.9

 2.7
 2.7
 (2)

 6,447
 22.9
 43.0
 (2)

 186.7
 206.8

 Eternal Aus Bidco Pty Ltd (15)
 Operator of cemetery, crematoria and funeral services
 10.70 % ( 2.50 % PIK)

 BBSY (Q)
 7.4
 7.1
 7.4

 Excel Fitness Consolidator LLC (15)
 Fitness facility operator
 3.6
 3.5
 3.5

 Flint OpCo, LLC (15)
 10.60 %
 08/2030
 5.5
 5.5
 5.4

 GroundWorks, LLC (15)
 Provider of residential foundation repair and water management services
 11.90 %
 03/2030
 11.3
 11.0
 11.3

 GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (15)
 Provider of commercial and residential HVAC, electrical, and plumbing services
 04/2030
 19.4
 19.4
 19.4

 4,424
 4.4
 4.0
 (2)

 23.8
 23.4

 Helios Service Partners, LLC and Astra Service Partners, LLC (15)
 Critical HVAC, refrigeration, and plumbing services for commercial businesses
 0.2
 0.2
 0.2

 11.87 %
 7.6
 7.6
 7.4

 7.8
 7.6

 Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. (15)
 Provider of residential roofing and exterior repair and replacement services
 12.20 %
 13.8
 13.8
 13.8

 1.1
 1.1
 1.2

 9,524,000
 9.5
 12.4
 (2)

 24.4
 27.4

 Jenny C Acquisition, Inc.
 Health club franchisor

 1.7
 1.7
 1.7
 (2)

 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (15)
 Franchising platform offering adolescent development programs
 16.0
 16.0
 16.0

 1,972,732
 2.0
 1.9

 18.0
 17.9

 ME Equity LLC
 Franchisor in the massage industry
 09/2012
 3.0
 4.5
 (2)

 Modigent, LLC and OMERS PMC Investment Holdings LLC (15)
 Provider of commercial HVAC services
 13.75 %
 2.2
 2.2
 2.2

 11.63 %
 3.5
 3.5
 3.5

 11.64 %
 2.9
 2.9
 2.9

 1,001
 9.7
 13.5
 (2)

 18.3
 22.1

 Movati Athletic (Group) Inc.
 Premier health club operator
 11.51 %
 10/2017
 4.7
 4.9
 4.7

 Northwinds Holding, Inc. and Northwinds Services Group LLC (15)
 Provider of HVAC and plumbing services
 12.18 %
 25.1
 25.1
 25.1

 1,845,385
 2.4
 2.6
 (2)

 27.5
 27.7

 OTG Management, LLC
 Airport restaurant operator
 25.3
 2.0
 (2)

 01/2011
 3.0
 —
 (2)

 Warrant to purchase common units
 06/2008
 7.73 %
 0.1
 —
 (2)

 28.4
 2.0

 PestCo Holdings, LLC and PestCo, LLC (15)
 Provider of pest control services to the residential and commercial markets
 1.7
 1.7
 1.7

 1.7
 2.2

 3.4
 3.9

 Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (15)
 Hotel operator
 12.41 %
 7.7
 7.7
 7.7

 Preferred membership units
 07/2016
 996,833
 1.0
 1.0

 8.7
 8.7

 Radiant Intermediate Holding, LLC
 Provider of HVAC, plumbing and electrical services
 11.24 %
 2.0
 2.0
 2.0

 Redwood Services, LLC and Redwood Services Holdco, LLC (15)
 12.14 %
 0.2
 0.2
 0.2

 12.14 %
 0.1
 0.1
 0.1

 12.06 %
 5.1
 5.1
 5.1

 2.1
 2.1
 2.1

 Series D units

 19,592,999
 22.1
 52.5

 29.6
 60.0

 Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc.
 Provider of safety systems for business and residential customers
 12.72 %
 47.0
 47.4
 47.4

 Service Logic Acquisition, Inc. and MSHC, Inc.
 Provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipments
 11.14 %
 10/1/2027
 3.4
 3.4
 3.4

 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (15)
 Planet Fitness franchisee
 10.81 %
 7/1/2025
 0.6
 0.6
 0.6

 0.5
 0.5
 0.5

 10.83 %
 5.33 %
 1.4
 1.4
 1.4

 37,020
 3.8
 7.7

 6.3
 10.2

 The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. (15)
 Premier health club operator
 12.3
 12.3
 12.3

 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (15)
 Refrigeration, heating, ventilation and air conditioning services provider
 11.78 %
 5.9
 5.9
 5.9

 11.82 %
 0.2
 0.2
 0.2

 11.93 %
 0.2
 0.2
 0.2

 12.31 %
 1.6
 1.6
 1.6

 11.77 %
 5.3
 5.3
 5.3

 7,765,119
 7.8
 13.4

 Class C units
 333,510
 —
 0.6

 21.0
 27.2

 Triwizard Holdings, Inc. and Triwizard Parent, LP (15)
 Parking management and hospitality services provider
 Class A-2 common units
 30,000
 3.0
 3.2
 (2)

 TSS Buyer, LLC (15)
 Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets
 1.8
 1.8
 1.8

 Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (15)
 Provider of residential roofing repair & replacement
 10.89 %
 7.8
 7.8
 7.6

 0.2
 0.2

 8.0
 7.8

 YE Brands Holdings, LLC (15)
 Sports camp operator
 1.2
 1.2
 1.2

 0.1
 0.1
 0.1

 8.1
 8.1
 8.1

 3.7
 3.7
 3.7

 13.1
 13.1

 ZBS Mechanical Group Co-Invest Fund 2, LLC
 2,771,000
 1.4
 11.0

 921.8
 975.1
 8.71 %

 Power Generation

 Apex Clean Energy TopCo, LLC (4)(16)
 Developer, builder and owner of utility-scale wind and solar power facilities
 1,335,610
 131.6
 188.0

 Ferrellgas, L.P. and Ferrellgas Partners, L.P.
 Distributor of propane and related accessories
 Senior preferred units
 8.96 %
 59,422
 59.5
 60.0

 59,428
 12.6
 12.6
 (2)

 72.1
 72.6

 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC (5)
 Developer of utility scale solar systems

 88.5
 88.5
 88.5
 (2)

 Class A1 units
 80,518,630
 80.9
 216.9

 169.4
 305.4

 Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc. (15)
 Owner of natural gas facilities
 3,059,533
 23.3
 16.9

 PosiGen, Inc.
 Seller and leaser of solar power systems for residential and commercial customers
 Warrant to purchase shares of series D-1 preferred stock
 101,555
 —
 —
 (2)

 1,112,022
 —
 —
 (2)

 —
 —

 Potomac Intermediate Holdings II LLC (5)
 Gas turbine power generation facilities operator
 226,884,442
 185.7
 75.2

 Riverview Power LLC
 Operator of natural gas and oil fired power generation facilities
 14.50 %
 32.5
 32.3
 32.5

 Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC
 3.61 %
 02/2055
 0.1
 0.1
 0.1
 (2)

 12.29 % ( 7.89 % PIK)

 6.90 %
 159.2
 159.2
 159.2

 159.3
 159.3

 Sunrun Luna Holdco 2021, LLC (15)
 Senior subordinated revolving loan
 8.92 %
 30.0
 30.0
 28.2

 Senior subordinated revolving loan
 13.51 %
 20.0
 20.0
 18.8

 50.0
 47.0

 Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC
 3.98 %
 06/2054
 0.3
 0.3
 0.3
 (2)

 10.00 % ( 6.00 % PIK)

 6.90 %
 07/2030
 75.4
 75.4
 73.2

 75.7
 73.5

 899.4
 970.4
 8.66 %

 Consumer Durables and Apparel

 Badger Sportswear Acquisition, LLC
 Provider of team uniforms and athletic wear
 14.54 %
 56.8
 56.8
 54.0

 Bowhunter Holdings, LLC
 Provider of branded archery and bowhunting accessories
 04/2014
 4.2
 —

 Centric Brands LLC and Centric Brands GP LLC (15)
 Designer, marketer and distributor of licensed and owned apparel
 7.37 %
 2.00 %
 80.6
 76.6
 79.0

 Membership interests
 279,392
 2.9
 —
 (2)

 79.5
 79.0

 DRS Holdings III, Inc. and DRS Holdings I, Inc. (15)
 Footwear and orthopedic foot-care brand
 27.1
 27.1
 26.5

 24.9
 24.9
 24.5

 8,549
 8.5
 8.3
 (2)

 60.5
 59.3

 Implus Footcare, LLC
 Provider of footwear and other accessories
 06/2016
 1.3
 1.3
 1.2

 117.1
 116.0
 106.6

 5.0
 5.0
 4.6

 122.3
 112.4

 Johnnie-O Inc. and Johnnie-O Holdings Inc.
 Apparel retailer
 11.79 %
 19.0
 18.4
 19.0

 11.79 %
 4.0
 3.6
 4.0

 Series A convertible preferred stock
 144,210
 4.2
 4.5
 (2)

 03/2032
 93,577
 1.5
 2.9
 (2)

 27.7
 30.4

 Lew's Intermediate Holdings, LLC (15)
 Outdoor brand holding company
 1.0
 1.0
 0.9

 Pelican Products, Inc. (15)
 Flashlights manufacturer
 0.9
 0.9
 0.8

 13.36 %
 60.0
 60.0
 55.2

 60.9
 56.0

 Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC
 Sports equipment manufacturing company
 49.2
 49.2
 49.2

 0.1
 0.1
 0.1

 49.3
 49.3

 Reef Lifestyle, LLC (15)
 Apparel retailer
 15.38 % ( 4.25 % PIK)

 23.6
 23.6
 20.3

 15.39 % ( 4.25 % PIK)

 2.6
 2.6
 2.2

 15.39 % ( 4.25 % PIK)

 22.4
 22.4
 19.2

 15.39 % ( 4.25 % PIK)

 2.4
 2.4
 2.1

 51.0
 43.8

 S Toys Holdings LLC (fka The Step2 Company, LLC) (5)
 Toy manufacturer
 04/2011
 1,116,879
 —
 —

 126,278,000
 —
 —

 Warrant to purchase units
 12/2050
 3,157,895
 —
 —

 —
 —

 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. (5)
 Manufacturer and distributor of slip resistant footwear
 10.78 % PIK

 19.2
 19.2
 15.5

 10.89 % PIK

 11.9
 8.5
 9.7

 10/2015
 135.5
 112.5
 27.1

 9,800
 —
 —
 (2)

 481,918
 —
 —
 (2)

 9,800
 —
 —
 (2)

 140.2
 52.3

 SVP-Singer Holdings Inc. and SVP-Singer Holdings LP
 Manufacturer of consumer sewing machines
 44.0
 39.0
 27.7

 6,264,706
 26.1
 —
 (2)

 65.1
 27.7

 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. (4)
 Designer, marketer, and distributor of rain and cold weather products
 9.47 %
 1.6
 1.6
 1.6

 11.47 %
 2.2
 2.2
 2.1

 861,000
 6.0
 —
 (2)

 9.8
 3.7

 Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP
 Leading manufacturer and distributor of textiles, apparel & luxury goods
 2.0
 1.9
 2.0

 15.72 % ( 2.00 % PIK)

 10.25 %
 146.3
 146.3
 146.3

 1,400
 1.4
 1.5
 (2)

 149.6
 149.8

 877.9
 718.6
 6.42 %

 Media and Entertainment

 22 HoldCo Limited (15)
 Sports and entertainment platform
 12.96 % PIK

 SONIA (S)
 08/2033
 38.8
 38.4
 37.6

 3 Step Sports LLC and 3 Step Holdings, LLC (15)
 Provider of integrated youth sports solutions
 13.33 %
 0.4
 0.4
 0.4

 13.46 % ( 1.50 % PIK)

 12.4
 12.4
 11.9

 Series D preferred units
 226,110
 3.7
 3.7

 16.5
 16.0

 Aventine Intermediate LLC & Aventine Holdings II LLC
 Media and production company
 11.47 % ( 4.00 % PIK)

 10.0
 10.0
 9.4

 10.25 % PIK

 12/2030
 43.5
 43.5
 34.8
 (2)

 53.5
 44.2

 Axiomatic, LLC
 Premiere e-sports and video game investment platform
 500,000
 5.0
 5.7

 CFC Funding LLC
 SME-related SPV
 Loan instrument units
 9.75 % PIK

 16,680
 16.7
 16.2
 (6)

 CMW Parent LLC (fka Black Arrow, Inc.)
 Multiplatform media firm
 09/2015
 —
 —

 Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited
 Multi-club sports platform
 16.00 % PIK

 0.5
 0.5
 0.5

 16.00 % PIK

 24.3
 24.3
 24.0

 13.33 % ( 8.00 % PIK)

 47.3
 47.3
 45.0

 Ordinary shares
 4.4
 3.3

 Warrant to purchase shares of ordinary shares
 —
 3.9

 Warrant to purchase shares of ordinary shares
 —
 1.4

 76.5
 78.1

 Global Music Rights, LLC (15)
 Music right management company
 0.1
 0.1
 0.1

 League One Volleyball, Inc.
 Operator of youth volleyball clubs
 Series B preferred stock
 —
 —
 (2)

 LiveBarn Inc.
 Provider of Live & On Demand broadcasting of amateur and youth sporting events
 Middle preferred shares
 4,902,988
 17.3
 17.3

 MailSouth, Inc.
 Provider of shared mail marketing services
 8.7
 5.8
 1.0

 Miami Beckham United LLC
 American professional soccer club
 9.50 % PIK

 85,000
 103.2
 103.2

 Class B preferred units
 9.50 % PIK

 42,500
 44.6
 44.6

 147.8
 147.8

 OUTFRONT Media Inc.
 Provider of out-of-home advertising
 Series A convertible perpetual preferred stock
 25,000
 25.0
 29.6

 Production Resource Group, L.L.C. and PRG III, LLC (4)
 Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets
 13.96 % ( 5.50 % PIK)

 43.2
 43.2
 43.2

 12.96 % ( 2.50 % PIK)

 15.3
 15.3
 15.3

 12.96 % ( 2.50 % PIK)

 0.8
 0.8
 0.8

 12.96 % ( 2.50 % PIK)

 7.5
 7.5
 7.5

 113,617
 4.9
 46.1
 (2)

 71.7
 112.9

 Professional Fighters League, LLC and PFL MMA, Inc.
 Mixed martial arts league
 12.00 % PIK

 19.3
 18.6
 19.3
 (2)

 14.00 % PIK

 0.2
 0.1
 0.2
 (2)

 Series E preferred stock
 219,035
 0.7
 0.7
 (2)

 3,223,122
 1.7
 1.7
 (2)

 68,787
 0.2
 0.2
 (2)

 21.3
 22.1

 Storm Investment S.a.r.l.
 Spanish futbol club
 68.1
 73.6
 68.1

 Ordinary shares
 3,958
 —
 0.2

 Class A redeemable shares
 1.6
 5.6

 Class B redeemable shares
 1.6
 5.6

 Class C redeemable shares
 1.6
 5.6

 Class D redeemable shares
 1.6
 5.6

 Class E redeemable shares
 1.6
 5.6

 Class F redeemable shares
 1.6
 5.6

 Class G redeemable shares
 1.6
 5.6

 Class H redeemable shares
 1.6
 5.6

 Class I redeemable shares
 1.6
 5.6

 88.0
 118.7

 The Teaching Company Holdings, Inc.
 Education publications provider
 09/2006
 10,663
 1.1
 2.3
 (2)

 09/2006
 15,393
 —
 0.1
 (2)

 1.1
 2.4

 584.7
 649.7
 5.80 %

 Retailing and Distribution

 Bamboo Purchaser, Inc.
 Provider of nursery, garden, and greenhouse products
 17.8
 17.8
 16.9

 BradyIFS Holdings, LLC (15)
 Distributor of foodservice disposables and janitorial sanitation products
 123.0
 123.0
 120.5

 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15)
 Provider of visual communications solutions
 15.5
 15.5
 15.5

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.6
 1.7
 (2)

 16.3
 17.4

 GPM Investments, LLC and ARKO Corp.
 Convenience store operator
 2,088,478
 19.8
 17.2

 Warrant to purchase common stock
 1,088,780
 1.6
 1.2

 21.4
 18.4

 Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (15)
 Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures
 9.87 %
 0.1
 0.1
 0.1

 11.37 %
 3.5
 3.5
 3.4

 5,441,000
 5.4
 5.4
 (2)

 9.0
 8.9

 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC
 Distributor of OEM appliance aftermarket parts
 0.4
 0.4
 0.4

 0.2
 0.2
 0.2

 5,796
 6.1
 6.8
 (2)

 6.7
 7.4

 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP (15)
 Auto parts retailer
 8.87 %
 11.2
 11.2
 11.2

 7.00 % PIK

 68,601
 82.5
 82.5
 (2)

 24,586
 24.6
 34.3
 (2)

 118.3
 128.0

 McKenzie Creative Brands, LLC (15)
 Designer, manufacturer and distributor of hunting-related supplies
 1.6
 1.6
 1.6

 12.29 %
 84.5
 84.5
 84.5
 (2)(8)(11)

 12.29 %
 5.5
 5.5
 5.5

 91.6
 91.6

 Monolith Brands Group, Inc.
 E-commerce platform focused on consolidating DTC branded businesses
 Series A-1 preferred stock
 701,255
 15.5
 10.2
 (2)

 Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP
 Operator of retail and wholesale tree and plant nurseries
 21,939,152
 20.8
 27.6

 North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC
 Manufacturer of aftermarket golf cart parts and accessories
 13.52 % ( 3.75 % PIK)

 26.2
 26.2
 21.2

 50,000
 5.0
 —

 31.2
 21.2

 Reddy Ice LLC (15)
 Packaged ice manufacturer and distributor
 —
 —
 —

 10.57 %
 60.6
 60.6
 60.6

 10.57 %
 4.2
 4.2
 4.2

 10.57 %
 0.9
 0.9
 0.9

 2.5
 2.5
 2.5

 1.5
 1.5
 1.5

 69.7
 69.7

 SCIH Salt Holdings Inc. (15)
 Salt and packaged ice melt manufacturer and distributor
 9.46 %
 3.7
 3.6
 3.7

 Trader Corporation and Project Auto Finco Corp. (15)
 Digital automotive marketplace and software solution provider to automotive industry
 12.19 %
 CDOR (M)
 12.4
 12.1
 12.4

 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (15)
 Producer and packager of compressed, household, and packaged salt
 26.1
 26.1
 26.1

 0.40 %
 0.8
 0.7
 (2)

 26.9
 26.8

 583.9
 580.7
 5.18 %

 Capital Goods

 AI Aqua Merger Sub, Inc.
 End to end provider of water solutions to a wide range of customer bases
 9.09 %
 1.0
 1.0
 1.0

 Airx Climate Solutions, Inc. (15)
 Provider of commercial HVAC equipment and services
 11.68 %
 9.9
 9.9
 9.7

 API Commercial Inc., API Military Inc., and API Space Intermediate, Inc.
 Provider of military aircraft aftermarket parts and distribution, repair and logistics services
 6.8
 2.5
 3.9

 Arrowhead Holdco Company and Arrowhead GS Holdings, Inc.
 Distributor of non-discretionary, mission-critical aftermarket replacement parts
 10.05 %
 0.1
 0.1
 0.1

 5,054
 5.1
 —
 (2)

 5.2
 0.1

 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC (15)
 Provides products and services to the Department of Defense and Intelligence Community
 1.8
 1.7
 1.7

 12.01 %
 1.0
 1.0
 1.0

 2.7
 2.7

 Burgess Point Purchaser Corporation
 Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts
 10.71 %
 22.1
 20.7
 20.8

 CPIG Holdco Inc.
 Distributor of engineered fluid power and complex machined solutions
 12.49 %
 14.7
 14.7
 14.7

 Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc. (15)
 Manufacturer of pumps, valves, and fluid control components for industrial markets
 —
 —
 —

 11.40 %
 38.8
 38.8
 37.8

 38.8
 37.8

 DFS Holding Company, Inc. (15)
 Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry
 2.1
 2.0
 2.1

 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (15)
 Provider of aerospace technology and equipment
 12.53 %
 3.7
 3.7
 3.7

 12.54 %
 21.4
 21.4
 21.4

 9,773,000
 9.8
 8.7

 34.9
 33.8

 EPS NASS Parent, Inc. (15)
 Provider of maintenance and engineering services for electrical infrastructure
 1.2
 1.2
 1.2

 0.2
 0.2
 0.2

 1.4
 1.4

 ESCP PPG Holdings, LLC (4)
 Distributor of new equipment and aftermarket parts to the heavy-duty truck industry
 96,897
 2.3
 4.4
 (2)

 3,500
 3.5
 —
 (2)

 5.8
 4.4

 Harvey Tool Company, LLC (15)
 Manufacturer of cutting tools used in the metalworking industry
 11.12 %
 3.6
 3.6
 3.6

 Helix Acquisition Holdings, Inc.
 Manufacturer of springs, fasteners and custom components
 12.45 %
 03/2030
 11.9
 11.9
 11.9

 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5)
 Provider of high-speed intelligent document scanning hardware and software
 14.00 % ( 7.00 % PIK)

 17.2
 17.0
 17.2
 (2)

 48,544
 13.5
 48.2

 30.5
 65.4

 Kene Acquisition, Inc. and Kene Holdings, L.P. (15)
 National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets
 —
 —
 —

 40.2
 40.2
 40.2

 4,549,000
 0.5
 8.5
 (2)

 40.7
 48.7

 LTG Acquisition, Inc.
 Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets
 Class A membership units
 5,000
 5.1
 —

 Maverick Acquisition, Inc.
 Manufacturer of precision machined components for defense and high-tech industrial platforms
 27.3
 27.3
 22.1

 NCWS Intermediate, Inc. and NCWS Holdings LP
 Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market
 0.2
 0.2
 0.2

 0.1
 0.1
 0.1

 96.3
 96.3
 96.3

 13.9
 13.9
 13.9

 Class A-2 common units
 12,296,000
 12.9
 28.0
 (2)

 123.4
 138.5

 Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC
 Provider of structural integrity management services to transmission and distribution infrastructure
 55.3
 55.3
 54.7

 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
 11.5
 11.5
 11.4

 3.9
 3.9
 3.9

 88,420
 13.4
 24.8
 (2)

 28.8
 40.1

 Qnnect, LLC and Connector TopCo, LP (15)
 Manufacturer of highly engineered hermetic packaging products
 12.38 %
 10.7
 10.7
 10.7

 992,500
 9.9
 11.4
 (2)

 20.6
 22.1

 Radius Aerospace, Inc. and Radius Aerospace Europe Limited (15)
 Metal fabricator in the aerospace industry
 0.5
 0.5
 0.5

 SONIA (M)
 0.8
 0.8
 0.8

 1.3
 1.3

 Radwell Parent, LLC (15)
 Distributor of maintenance, repair, and operations parts
 0.9
 0.8
 0.9

 0.1
 0.1
 0.1

 0.9
 1.0

 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon (15)
 Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets
 10/2017
 —
 —
 —
 (2)(11)(13)

 Two Six Labs, LLC (15)

 Provider of information operations, cyber, and data analytics products and services for government and defense contracts
 8.6
 8.6
 8.6

 497.6
 550.4
 4.91 %

 Energy

 Calyx Energy III, LLC
 Oil and gas exploration company
 13.47 %
 43.3
 43.3
 43.3

 16.47 %
 5.0
 4.9
 5.0

 16.46 %
 10.1
 9.8
 10.1

 58.0
 58.4

 Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC (15)
 Private oil exploration and production company
 14.45 %
 49.3
 49.3
 49.3

 GNZ Energy Bidco Limited and Galileo Co-investment Trust I (15)
 Independent fuel provider in New Zealand
 11.69 %
 BKBM (Q)
 30.7
 30.5
 30.7

 17,616,667
 5.9
 10.0

 36.4
 40.7

 Halcon Holdings, LLC
 Operator of development, exploration, and production oil company
 12.94 %
 11.4
 11.3
 11.4
 (2)

 HighPeak Energy, Inc.
 Oil and gas exploration and production company
 91.9
 89.8
 91.9

 Murchison Oil and Gas, LLC and Murchison Holdings, LLC
 Exploration and production company
 14.00 %
 78.3
 78.3
 78.3

 41,000
 41.0
 52.0

 119.3
 130.3

 Offen, Inc.
 Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives
 0.1
 0.1
 0.1
 (2)

 SilverBow Resources, Inc.
 Oil and gas producer
 369,760
 10.1
 10.8

 VPROP Operating, LLC and V SandCo, LLC (5)
 Sand-based proppant producer and distributor to the oil and natural gas industry
 15.10 %
 27.3
 27.3
 27.3

 15.10 %
 6.0
 6.0
 6.0

 15.10 %
 5.0
 4.9
 5.0

 347,900
 32.8
 61.1
 (2)

 71.0
 99.4

 445.3
 492.3
 4.40 %

 Food and Beverage

 American Seafoods Group LLC and American Seafoods Partners LLC
 Harvester and processor of seafood
 08/2015
 77,922
 0.1
 0.2
 (2)

 Warrant to purchase units of Class A units
 08/2015
 08/2035
 7,422,078
 7.4
 15.4
 (2)

 7.5
 15.6

 Berner Food & Beverage, LLC (15)
 Supplier of dairy-based food and beverage products
 0.5
 0.5
 0.5

 0.3
 0.3
 0.3

 0.8
 0.8

 Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(15)
 Health food company
 26.6
 26.6
 26.6

 14,850
 11.5
 17.3
 (2)

 38.1
 43.9

 CHG PPC Parent LLC & PPC CHG Blocker LLC
 Diversified food products manufacturer
 94.6
 94.6
 94.6

 3.0
 3.8
 (2)

 97.6
 98.4

 Demakes Borrower, LLC (15)
 Value-added protein manufacturer
 6.3
 6.3
 6.1

 Florida Food Products, LLC
 Provider of plant extracts and juices
 0.5
 0.4
 0.4

 10.36 %
 0.4
 0.4
 0.4

 13.47 %
 71.8
 71.8
 66.0

 72.6
 66.8

 GF Parent LLC
 Producer of low-acid, aseptic food and beverage products
 2,940
 2.9
 —
 (2)

 60,000
 0.1
 —
 (2)

 3.0
 —

 Gotham Greens Holdings, PBC (15)
 Producer of vegetables and culinary herbs for restaurants and retailers
 14.33 % ( 2.00 % PIK)

 8.88 %
 37.5
 37.5
 37.5

 Series E-1 preferred stock
 6.00 % PIK

 177,332
 14.2
 15.2
 (2)

 Series E-1 preferred stock
 11,273
 —
 —
 (2)

 Warrant to purchase shares of Series E-1 preferred stock
 06/2032
 78,216
 —
 —
 (2)

 51.7
 52.7

 KNPC HoldCo, LLC
 Producer of trail mix and mixed nut snack products
 5.6
 5.6
 5.6

 1.3
 1.3
 1.3

 2.8
 2.8
 2.8

 9.7
 9.7

 Manna Pro Products, LLC (15)
 Manufacturer and supplier of specialty nutrition and care products for animals
 5.1
 5.1
 4.8

 Max US Bidco Inc.
 Manufacturer of premium dry dog food
 10.35 %
 1.0
 0.9
 0.9

 RB Holdings InterCo, LLC (15)
 Manufacturer of pet food and treats
 10.53 %
 1.8
 1.8
 1.8

 11.4
 11.4
 11.3

 13.2
 13.1

 RF HP SCF Investor, LLC
 Branded specialty food company
 12.5
 29.5

 Sugar PPC Buyer LLC (15)
 Manufacturer and distributor of food products
 11.34 %
 12.4
 12.4
 12.1

 Teasdale Foods, Inc. and Familia Group Holdings Inc.
 Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels
 12.68 % ( 1.00 % PIK)

 76.1
 76.1
 69.3

 02/2034
 57,827
 —
 —
 (2)

 76.1
 69.3

 Triton Water Holdings, Inc.
 Producer and provider of bottled water brands
 8.86 %
 1.0
 1.0
 1.0

 0.1
 0.1
 0.1

 1.1
 1.1

 Watermill Express, LLC and Watermill Express Holdings, LLC
 Owner and operator of self-service water and ice stations
 20.9
 20.9
 20.9

 282,200
 3.5
 4.5

 24.4
 25.4

 Winebow Holdings, Inc. and The Vintner Group, Inc.
 Importer and distributor of wine
 27.7
 27.7
 26.6

 460.7
 476.8
 4.26 %

 Consumer Staples Distribution and Retail

 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P.
 Manufacturer and distributor of specialty bakery ingredients
 9.97 %
 16.4
 16.4
 16.4

 12.47 %
 29.5
 29.5
 29.5

 08/2051
 5,484
 6.6
 12.9
 (2)

 08/2051
 21,921
 28.3
 28.3
 (2)

 80.8
 87.1

 BR PJK Produce, LLC (15)
 Specialty produce distributor
 1.4
 1.3
 1.4

 City Line Distributors LLC and City Line Investments LLC (15)
 Specialty food distributor
 3.2
 3.2
 3.1

 3,473,000
 3.5
 3.8
 (2)

 6.7
 6.9

 Continental Caf, LLC and Infinity Ovation Yacht Charters, LLC (15)
 Diversified contract food service provider
 11.45 %
 1.1
 1.1
 1.1

 6.3
 6.3
 6.3

 1.3
 1.3
 1.3

 1.6
 1.6
 1.6

 10.3
 10.3

 DecoPac, Inc. and KCAKE Holdings Inc. (15)
 Supplier of cake decorating solutions and products to in-store bakeries
 11.49 %
 4.9
 4.9
 4.9

 147.1
 147.1
 147.1

 9,599
 9.6
 10.2
 (2)

 161.6
 162.2

 FS Squared Holding Corp. and FS Squared, LLC (15)
 Provider of on-site vending and micro market solutions
 —
 —
 —

 10.71 %
 0.1
 0.1
 0.1

 113,219
 11.1
 33.1
 (2)

 11.2
 33.2

 JWC/KI Holdings, LLC
 Foodservice sales and marketing agency
 11/2015
 5,000
 5.0
 11.4
 (2)

 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (15)(16)
 Distributor of specialty foods
 39.9
 39.9
 39.6

 9,683,991
 9.7
 9.8
 (2)

 49.6
 49.4

 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (15)
 Produce distribution platform
 —
 —
 —

 9.7
 9.7
 9.7

 Class B limited liability company interest
 17.71 %
 9.6
 10.0
 (2)

 19.3
 19.7

 SFE Intermediate Holdco LLC
 Provider of outsourced foodservice to K-12 school districts
 6.2
 6.2
 6.2

 9.9
 9.9
 9.9

 0.4
 0.4
 0.4

 16.5
 16.5

 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (15)(16)
 Fresh and specialty food distributor
 0.8
 0.8
 0.8

 7.4
 7.4
 7.3

 1,673,000
 1.7
 1.8

 9.9
 9.9

 ZB Holdco LLC and ZB TopCo LLC (15)
 Distributor of Mediterranean food and beverages
 —
 —
 —

 0.2
 0.2
 0.2

 3.9
 3.9
 3.9

 4,699
 4.0
 5.1
 (2)

 8.1
 9.2

 380.3
 417.2
 3.72 %

 Automobiles and Components

 Automotive Keys Group, LLC and Automotive Keys Investor, LLC
 Provider of replacement wireless keys for automotive market
 0.1
 0.1
 0.1

 5.1
 5.1
 4.9

 4,113,113
 5.1
 1.8
 (2)

 1,095,046
 1.1
 0.5
 (2)

 5,208,159
 —
 —
 (2)

 11.4
 7.3

 Continental Acquisition Holdings, Inc.
 Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets
 12.50 % ( 5.50 % PIK)

 36.2
 36.2
 31.2

 12.50 % PIK

 5.4
 5.4
 4.6

 41.6
 35.8

 Eckler Purchaser LLC (5)
 Restoration parts and accessories provider for classic automobiles
 07/2012
 67,972
 —
 —
 (2)

 Faraday Buyer, LLC (15)
 Manufacturer and supplier for the power utility and automotive markets worldwide
 63.3
 63.3
 62.1

 Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc.
 Electric vehicle manufacturer
 Warrant to purchase shares of Class A common stock
 27,824,527
 2.3
 —
 (2)

 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (15)
 Manufacturer and distributor of automotive fluids
 —
 —
 —

 13.52 %
 70.4
 70.4
 70.4

 Co-invest units
 59,230
 5.9
 5.6
 (2)

 76.3
 76.0

 New ChurcHill HoldCo LLC and Victory Topco, LP (15)
 Operator of collision repair centers
 0.3
 0.3
 0.3

 9.1
 9.1
 8.9

 Class A-2 common units
 20,170
 2.0
 2.0
 (2)

 11.4
 11.2

 Sun Acquirer Corp. and Sun TopCo, LP (15)
 Automotive parts and repair services retailer
 1.7
 1.7
 1.7

 51.8
 51.8
 51.3

 5.3
 5.3
 5.2

 79,688
 8.0
 9.1
 (2)

 66.8
 67.3

 Wand Newco 3, Inc.
 Collision repair company
 12.71 %
 121.8
 120.8
 121.8
 (2)

 393.9
 381.5
 3.41 %

 Pharmaceuticals, Biotechnology and Life Sciences

 Abzena Holdings, Inc. and Astro Group Holdings Ltd.
 Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries
 A ordinary shares
 2,476,744
 5.7
 4.5

 ADMA Biologics Inc.
 Biopharmaceutical company
 11.88 %
 6.5
 6.4
 6.4

 Alcami Corporation and ACM Note Holdings, LLC (15)
 Outsourced drug development services provider
 9.4
 9.4
 9.4

 21.0
 21.0
 21.0
 (2)

 30.4
 30.4

 Athyrium Buffalo LP
 Biotechnology company engaging in the development, manufacture, and commercialization of novel neuromodulators
 7,628,966
 7.6
 7.4

 3,756,395
 3.8
 3.6

 11.4
 11.0

 Bamboo US BidCo LLC (15)
 Biopharmaceutical company
 09/2030
 29.4
 29.4
 28.5

 Caerus Midco 3 S. r.l. (15)
 Provider of market intelligence and analysis for the pharmaceutical industry
 0.1
 0.1
 0.1

 7.1
 7.0
 7.1

 7.1
 7.2

 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (15)
 Provider of biological products to life science and pharmaceutical companies
 11.47 %
 2.7
 2.7
 2.7

 11.47 %
 31.5
 31.5
 31.2

 11.47 %
 11.5
 11.5
 11.4

 15.59 % PIK

 60,236
 81.1
 81.1

 10/2051
 3,020
 3.6
 4.1
 (2)

 30,500
 —
 0.1
 (2)

 130.4
 130.6

 NMC Skincare Intermediate Holdings II, LLC (15)
 Developer, manufacturer and marketer of skincare products
 11.46 % ( 1.00 % PIK)

 1.0
 1.0
 0.9

 11.44 % ( 1.00 % PIK)

 30.5
 30.5
 29.0

 11.44 % ( 1.00 % PIK)

 4.6
 4.6
 4.4

 36.1
 34.3

 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
 47.1
 47.1
 47.1

 0.1
 0.1
 0.1

 2.5
 2.5
 2.5

 0.1
 0.1
 0.1

 1.5
 1.5
 1.5
 (2)

 13,528
 17.5
 41.1
 (2)

 68.8
 92.4

 Verista, Inc. (15)
 Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector
 1.3
 1.1
 1.3

 11.39 %
 0.8
 0.8
 0.8

 1.9
 2.1

 Vertice Pharma UK Parent Limited
 Manufacturer and distributor of generic pharmaceutical products
 12/2015
 40,662
 —
 —
 (6)

 WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (15)
 Manufacturer of monoclonal antibodies
 11.64 %
 5.0
 5.0
 4.9

 1,529,000
 1.5
 1.5
 (2)

 6.5
 6.4

 334.1
 353.8
 3.16 %

 Materials

 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP (15)
 Manufacturer and supplier of printed packaging and trimmings
 11.64 %
 0.1
 0.1
 0.1

 195,990
 19.6
 8.7
 (2)

 19.7
 8.8

 Halex Holdings, Inc. (5)
 Manufacturer of flooring installation products
 51,853
 —
 —

 H-Food Holdings, LLC and Matterhorn Parent, LLC
 Food contract manufacturer
 10.65 %
 0.1
 0.1
 0.1

 9.34 %
 3.69 %
 26.1
 24.6
 20.8

 9.65 %
 3.3
 3.1
 2.6

 12.54 %
 73.0
 73.0
 58.4
 (2)

 5,827
 5.8
 —

 106.6
 81.9

 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (15)
 Manufacturer of thermoformed packaging for medical devices
 1.4
 1.4
 1.4

 8.33 %
 Euribor (M)
 1.2
 1.2
 1.2

 8.45 %
 4.9
 5.0
 4.9

 9.78 %
 14.7
 14.7
 14.7

 8.45 %
 1.5
 1.5
 1.5

 6,762,668
 6.8
 9.4

 30.6
 33.1

 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.
 Developer and manufacturer of absorbent pads for food products
 22.8
 22.8
 21.9

 0.3
 0.3
 0.3

 4,772
 4.6
 3.3
 (2)

 Class C units
 4,772
 —
 —
 (2)

 27.7
 25.5

 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC
 Manufacturer of specialized acrylic and polycarbonate sheets
 9.64 %
 22.4
 21.6
 21.3

 12.89 %
 55.0
 55.0
 52.2

 0.1
 —
 (2)

 Co-Invest units
 5,969
 0.6
 0.3
 (2)

 77.3
 73.8

 Precision Concepts International LLC and Precision Concepts Canada Corporation (15)
 Manufacturer of diversified packaging solutions and plastic injection molded products
 11.6
 11.6
 11.5

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 11.8
 11.7

 SCI PH Parent, Inc.
 Industrial container manufacturer, reconditioner and servicer
 Series B shares
 1.1
 1.9
 (2)

 Vobev, LLC and Vobev Holdings, LLC (15)
 Producer and filler of aluminum beverage cans
 12.48 %
 8.9
 8.9
 7.3

 13.23 % ( 4.00 % PIK)

 50.7
 50.7
 41.6

 Warrant to purchase shares of ordinary shares
 11/2033
 4,378
 —
 —
 (2)

 Warrant to purchase units of class B units
 49,344
 —
 3.2
 (2)

 59.6
 52.1

 334.4
 288.8
 2.58 %

 Technology Hardware and Equipment

 Chariot Buyer LLC (15)
 Provider of smart access solutions across residential and commercial properties
 135.5
 135.4
 134.1

 Everspin Technologies, Inc.
 Designer and manufacturer of computer memory solutions
 10/2016
 18,461
 0.4
 —

 ITI Holdings, Inc. (15)
 Provider of innovative software and equipment for motor vehicle agencies
 1.5
 1.5
 1.5
 (11)

 2.0
 2.0
 1.9

 2.3
 2.3
 2.3

 34.7
 34.7
 33.6

 40.5
 39.3

 Micromeritics Instrument Corp. (15)
 Scientific instrument manufacturer
 18.4
 18.4
 18.4

 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P.
 Provider of analytical instrumentation and testing equipment and services
 12.13 %
 17.4
 17.4
 17.4

 2.8
 2.8
 2.8

 0.62 %
 9.9
 12.6
 (2)

 34,832
 4.8
 4.5

 34.9
 37.3

 Repairify, Inc. and Repairify Holdings, LLC (15)
 Provider of automotive diagnostics scans and solutions
 4.8
 4.8
 4.7

 163,820
 4.9
 4.4
 (2)

 9.7
 9.1

 Wildcat BuyerCo, Inc. and Wildcat Parent, LP (15)
 Provider and supplier of electrical components for commercial and industrial applications
 —
 —
 —

 18.5
 18.5
 18.5

 2.5
 2.5
 2.5

 0.2
 0.2
 0.2

 5.5
 5.5
 5.5

 17,655
 1.5
 5.7
 (2)

 28.2
 32.4

 267.5
 270.6
 2.42 %

 Household and Personal Products

 Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (15)
 Provider of personal care appliances
 3.7
 3.7
 3.6

 6,149
 6.1
 4.0
 (2)

 9.8
 7.6

 Foundation Consumer Brands, LLC
 Pharmaceutical holding company of over the counter brands
 11.79 %
 13.5
 13.2
 13.5

 0.2
 0.2
 0.2

 13.4
 13.7

 LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P.
 Provider of intimate wellness products
 18.5
 18.5
 18.5

 11.89 %
 8.9
 8.9
 8.9

 3,178
 3.5
 3.5

 32,105
 —
 1.8

 30.9
 32.7

 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (15)
 Manufacturer and supplier of natural fragrance materials and cosmeceuticals
 0.7
 0.7
 0.6

 12.46 % ( 3.50 % PIK)

 27.3
 27.3
 24.3

 4.58 %
 5.0
 1.0
 (2)

 33.0
 25.9

 RD Holdco Inc. (5)
 Manufacturer and marketer of carpet cleaning machines
 28.0
 22.0
 13.4

 1.0
 0.9
 0.5

 458,596
 14.0
 —

 36.9
 13.9

 Silk Holdings III Corp. and Silk Holdings I Corp. (15)
 Producer of personal care products
 0.1
 0.1
 0.1

 13.10 %
 16.7
 16.7
 16.7

 14,199
 14.2
 26.7
 (2)

 31.0
 43.5

 Walnut Parent, Inc.
 Manufacturer of natural solution pest and animal control products
 14.4
 14.4
 14.3

 0.1
 0.1
 0.1

 14.5
 14.4

 169.5
 151.7
 1.35 %

 Telecommunication Services

 Aventiv Technologies, LLC and Securus Technologies Holdings, Inc.
 Provider of inmate telecom solutions to corrections and law enforcement agencies
 4.89 %
 9.1
 8.9
 7.0

 0.2
 0.2
 0.1

 9.1
 7.1

 Emergency Communications Network, LLC (15)
 Provider of mission critical emergency mass notification solutions
 14.13 % ( 6.25 % PIK)

 7.2
 7.2
 6.3

 14.13 % ( 6.25 % PIK)

 51.1
 51.1
 44.5

 58.3
 50.8

 67.4
 57.9
 0.52 %

 Transportation

 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc.
 Provider of tarp systems and accessories for trucks, trailers, carts, and specialty equipment used in the agriculture, construction and flatbed markets
 6.05 %
 26.5
 26.5
 26.5

 6.05 %
 0.1
 0.1
 0.1

 6.05 %
 6.2
 6.2
 6.2

 75,990
 7.6
 18.3
 (2)

 40.4
 51.1

 40.4
 51.1
 0.46 %

 Education

 Excelligence Holdings Corp.
 Developer, manufacturer and retailer of educational products
 01/2024
 9.1
 9.1
 9.1

 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15)
 Distributor of instructional products, services and resources
 3.6
 3.6
 3.6

 5.6
 5.6
 5.6

 29.3
 29.3
 29.3

 1.1
 1.1
 1.1

 1,272
 0.7
 1.2
 (2)

 40.3
 40.8

 49.4
 49.9
 0.45 %

 Total Investments
 $
 22,667.6
 $
 22,873.7
 204.23 %

 Derivative Instruments

 Forward currency contracts

 Notional Amount to be Purchased
 Notional Amount to be Sold
 Counterparty
 Settlement Date
 Unrealized Appreciation / (Depreciation)

 $

 $
 ( 7)

 $

 ( 7)

 $
 CAD
 ( 4)

 $
 CAD
 January 18, 2024
 ( 1)

 $

 August 21, 2026
 ( 1)

 $
 NZD
 ( 4)

 $
 USD
 —

 $
 AUD
 November 17, 2026
 —

 $
 CAD
 CIBC - TORONTO
 —

 Total
 $
 ( 24)

 Interest rate swaps

 Hedged Item
 Company Receives
 Company Pays
 Counterparty
 Notional Amount
 Upfront Payments/Receipts
 Change in Unrealized Appreciation / (Depreciation)

 Interest rate swap
 7.000
 %
 SOFR + 2.585 %

 Wells Fargo Bank, N.A.
 1/15/2027
 $
 $
 $
 —
 $

 Interest rate swap
 7.000
 %
 SOFR + 2.573 %

 Wells Fargo Bank, N.A.
 1/15/2027
 —

 Total
 $
 $
 $
 —
 $

 ______________________________________________

 (1)Other than the Company's investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not "Control" any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "Investment Company Act"). In general, under the Investment Company Act, the Company would "Control" a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company's portfolio company investments, which as of December 31, 2023 represented 204 % of the Company's net assets or 96 % of the Company's total assets, are subject to legal restrictions on sales.

 (2) These assets are pledged as collateral under the Company's or the Company's consolidated subsidiaries' various revolving credit facilities and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective facilities (see Note 5).

 (3) Investments without an interest rate are non-income producing.

 (4)As defined in the Investment Company Act, the Company is deemed to be an "Affiliated Person" because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2023 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:

 For the Year Ended December 31, 2023

 Purchases (cost)
 Redemptions (cost)
 Sales (cost)
 Capital
structuring service fees
 Net realized gains (losses)
 Net
unrealized gains (losses)

 Apex Clean Energy TopCo, LLC
 $
 33.1
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 4.5
 $
 188.0

 APG Intermediate Holdings Corporation and APG Holdings, LLC
 —
 0.1
 —
 1.4
 —
 —
 —
 —
 2.0
 23.7

 Blue Wolf Capital Fund II, L.P.
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Bragg Live Food Products, LLC and SPC Investment Co., L.P.
 1.6
 3.9
 —
 3.4
 —
 —
 0.1
 —
 7.2
 43.9

 Daylight Beta Parent LLC and CFCo, LLC
 —
 —
 —
 0.4
 —
 —
 —
 —
 12.1

 ESCP PPG Holdings, LLC
 —
 —
 —
 —
 —
 —
 —
 —
 1.3
 4.4

 European Capital UK SME Debt LP
 —
 9.8
 —
 —
 —
 7.4
 —
 —
 16.4

 PCG-Ares Sidecar Investment, L.P.
 —
 —
 —
 —
 —
 —
 —
 —
 —
 0.8

 PCG-Ares Sidecar Investment II, L.P.
 0.1
 —
 —
 —
 —
 —
 —
 —
 2.5
 18.1

 Production Resource Group, L.L.C. and PRG III, LLC
 —
 1.3
 —
 10.9
 —
 —
 —
 —
 11.7
 112.9

 Shock Doctor, Inc. and Shock Doctor Holdings, LLC
 3.3
 3.4
 11.6
 0.2
 —
 —
 —
 ( 10.2)
 5.7
 —

 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.
 —
 —
 —
 0.4
 —
 —
 —
 —
 —
 3.7

 $
 38.1
 $
 18.5
 $
 11.6
 $
 16.7
 $
 —
 $
 7.4
 $
 0.1
 $
 ( 10.2)
 $
 34.3
 $
 424.0

 (5)As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" and "Control" this portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2023 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

 For the Year Ended December 31, 2023

 Purchases (cost)
 Redemptions (cost)
 Sales (cost)
 Capital
structuring service fees
 Net realized gains (losses)
 Net
unrealized gains (losses)

 Absolute Dental Group LLC and Absolute Dental Equity, LLC
 $
 22.1
 $
 16.0
 $
 —
 $
 8.6
 $
 —
 $
 —
 $
 0.2
 $
 —
 $
 ( 7.4)
 $
 72.0

 ACAS Equity Holdings Corporation
 —
 —
 —
 —
 —
 —
 —
 —
 —
 0.4

 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC
 25.3
 0.1
 —
 2.2
 —
 —
 0.1
 —
 ( 10.7)
 65.6

 CoLTs 2005-1 Ltd.
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Eckler Industries, Inc. and Eckler Purchaser LLC
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Halex Holdings, Inc.
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 HCI Equity, LLC
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC
 —
 —
 —
 9.2
 —
 —
 —
 —
 86.6
 305.4

 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation
 11.5
 —
 —
 2.2
 —
 0.3
 0.7
 —
 5.3
 65.4

 470.2
 755.1
 —
 29.3
 —
 243.0
 —
 —
 70.4
 1,986.6

 4.9
 0.1
 —
 —
 —
 —
 0.1
 —
 ( 6.5)
 42.9

 Potomac Intermediate Holdings II LLC
 —
 —
 —
 —
 —
 —
 —
 —
 ( 68.0)
 75.2

 PS Operating Company LLC and PS Op Holdings LLC
 —
 0.2
 —
 2.2
 —
 —
 0.1
 —
 ( 6.2)
 21.9

 RD Holdco Inc.
 0.9
 —
 —
 —
 —
 —
 —
 —
 2.7
 13.9

 S Toys Holdings LLC (fka The Step2 Company, LLC)
 —
 —
 —
 —
 —
 —
 —
 0.5
 —

 Senior Direct Lending Program, LLC
 178.9
 136.7
 —
 173.8
 8.8
 —
 4.5
 0.1
 1,288.1

 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.
 25.6
 7.9
 —
 2.4
 —
 —
 —
 —
 ( 38.2)
 52.3

 Startec Equity, LLC
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 0.1
 —
 2.2
 —
 2.2
 —
 —
 2.6
 77.6

 VPROP Operating, LLC and V SandCo, LLC
 —
 4.5
 —
 6.2
 —
 6.7
 —
 —
 ( 12.2)
 99.4

 $
 739.4
 $
 920.7
 $
 —
 $
 238.3
 $
 8.8
 $
 252.2
 $
 5.7
 $
 0.6
 $
 15.6
 $
 4,166.7

 ______________________________________________________________________

 * Together with Varagon Capital Partners ("Varagon") and its clients, the Company has co-invested through the Senior Direct Lending Program LLC (d/b/a the "Senior Direct Lending Program" or the "SDLP"). The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25 % of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these "voting securities" do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4 to the consolidated financial statements).

 (6) This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Pursuant to Section 55(a) of the Investment Company Act, 23 % of the Company's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of December 31, 2023.

 (7)Variable rate loans to the Company's portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR"), the London Interbank Offered Rate ("LIBOR"), or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

 (8) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00 % on $ 40.2 in aggregate principal amount of a "first out" tranche of the portfolio company's senior term debt previously syndicated by the Company into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

 (9) The Company sold a participating interest of approximately $ 34.4 in aggregate principal amount outstanding of the portfolio company's first lien senior secured revolving loan. As the transaction did not qualify as a "true sale" in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company recorded a corresponding $ 34.4 secured borrowing, at fair value, included in "secured borrowings" in the accompanying consolidated balance sheet. As of December 31, 2023, the interest rate in effect for the secured borrowing was 12.94 %.

 (10) Loan was on non-accrual status as of December 31, 2023.

 (11) Loan includes interest rate floor feature.

 (12) In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP's loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.

 (13) As of December 31, 2023, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

 (14) As of December 31, 2023, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

 (15) As of December 31, 2023, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 22 HoldCo Limited
 $
 14.0
 $
 —
 $
 14.0
 $
 —
 $
 —
 $
 14.0

 3 Step Sports LLC
 10.4
 10.0
 —
 —
 10.0

 Absolute Dental Group LLC and Absolute Dental Equity, LLC
 12.1
 ( 9.5)
 2.6
 —
 —
 2.6

 Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.
 9.6
 —
 9.6
 —
 —
 9.6

 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC
 4.1
 ( 4.1)
 —
 —
 —
 —

 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC
 20.0
 —
 20.0
 —
 —
 20.0

 Advarra Holdings, Inc.
 0.4
 —
 0.4
 —
 —
 0.4

 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC
 24.5
 —
 24.5
 —
 —
 24.5

 AI Fire Buyer, Inc. and AI Fire Parent LLC
 12.9
 —
 12.9
 —
 —
 12.9

 AIM Acquisition, LLC
 1.8
 —
 1.8
 —
 —
 1.8

 Airx Climate Solutions, Inc.
 5.2
 —
 5.2
 —
 —
 5.2

 Alcami Corporation and ACM Note Holdings, LLC
 2.6
 —
 2.6
 —
 —
 2.6

 Alera Group, Inc.
 12.0
 —
 12.0
 —
 —
 12.0

 American Residential Services L.L.C. and Aragorn Parent Holdings LP
 4.5
 ( 2.0)
 2.5
 —
 —
 2.5

 AmeriVet Partners Management, Inc.
 14.3
 —
 14.3
 —
 —
 14.3

 Anaplan, Inc.
 1.4
 —
 1.4
 —
 —
 1.4

 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua
 0.1
 —
 0.1
 —
 —
 0.1

 Apex Service Partners, LLC and Apex Service Partners Holdings, LLC
 34.8
 34.1
 —
 —
 34.1

 APG Intermediate Holdings Corporation and APG Holdings, LLC
 0.1
 —
 0.1
 —
 —
 0.1

 Applied Technical Services, LLC
 3.6
 1.5
 —
 —
 1.5

 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.
 0.1
 —
 0.1
 —
 —
 0.1

 AQ Sage Buyer, LLC
 5.2
 —
 5.2
 —
 —
 5.2

 AQ Sunshine, Inc.
 12.8
 —
 12.8
 —
 —
 12.8

 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc
 15.6
 —
 15.6
 —
 —
 15.6

 Argenbright Holdings V, LLC and Amberstone Security Group Limited
 2.5
 —
 2.5
 —
 —
 2.5

 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP
 6.2
 —
 6.2
 —
 —
 6.2

 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP
 9.0
 —
 9.0
 —
 —
 9.0

 ATI Restoration, LLC
 53.7
 ( 8.5)
 45.2
 —
 —
 45.2

 Avalara, Inc.
 2.7
 —
 2.7
 —
 —
 2.7

 Avetta, LLC
 3.9
 —
 3.9
 —
 —
 3.9

 Bamboo US BidCo LLC
 14.4
 —
 14.4
 —
 —
 14.4

 Banyan Software Holdings, LLC and Banyan Software, LP
 7.3
 ( 1.4)
 5.9
 —
 —
 5.9

 Beacon Pointe Harmony, LLC
 4.9
 —
 4.9
 —
 —
 4.9

 Beacon Wellness Brands, Inc. and CDI Holdings I Corp.
 0.9
 —
 0.9
 —
 —
 0.9

 Belfor Holdings, Inc.
 58.5
 ( 6.2)
 52.3
 —
 —
 52.3

 Benecon Midco II LLC and Locutus Holdco LLC
 4.5
 —
 4.5
 —
 —
 4.5

 Berner Food & Beverage, LLC
 1.7
 0.9
 —
 —
 0.9

 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC
 3.0
 ( 1.9)
 1.1
 —
 —
 1.1

 Bobcat Purchaser, LLC and Bobcat Topco, L.P.
 2.5
 —
 2.5
 —
 —
 2.5

 Borrower R365 Holdings LLC
 2.3
 —
 2.3
 —
 —
 2.3

 Bottomline Technologies, Inc. and Legal Spend Holdings, LLC
 2.3
 —
 2.3
 —
 —
 2.3

 BR PJK Produce, LLC
 2.7
 —
 2.7
 —
 —
 2.7

 BradyIFS Holdings, LLC
 17.7
 —
 17.7
 —
 —
 17.7

 Bragg Live Food Products, LLC and SPC Investment Co., L.P.
 4.4
 —
 4.4
 —
 —
 4.4

 Businessolver.com, Inc.
 1.4
 —
 1.4
 —
 —
 1.4

 Caerus Midco 3 S. r.l.
 2.3
 2.2
 —
 —
 2.2

 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP
 15.3
 ( 7.6)
 7.7
 —
 —
 7.7

 Captive Resources Midco, LLC
 1.2
 —
 1.2
 —
 —
 1.2

 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.
 5.0
 ( 4.0)
 1.0
 —
 —
 1.0

 Center for Autism and Related Disorders, LLC
 9.5
 ( 9.5)
 —
 —
 —
 —

 Centric Brands LLC and Centric Brands GP LLC
 8.6
 —
 8.6
 —
 —
 8.6

 Chariot Buyer LLC
 12.3
 —
 12.3
 —
 —
 12.3

 Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC
 9.5
 —
 9.5
 —
 —
 9.5

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 City Line Distributors LLC and City Line Investments LLC
 1.7
 —
 1.7
 —
 —
 1.7

 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC
 8.0
 ( 1.4)
 6.6
 —
 —
 6.6

 Cliffwater LLC
 1.0
 —
 1.0
 —
 —
 1.0

 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.
 19.0
 —
 19.0
 —
 —
 19.0

 CMG HoldCo, LLC and CMG Buyer Holdings, Inc.
 24.4
 —
 24.4
 —
 —
 24.4

 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.
 6.3
 3.6
 —
 —
 3.6

 Community Brands ParentCo, LLC
 7.2
 —
 7.2
 —
 —
 7.2

 Compex Legal Services, Inc.
 3.6
 2.5
 —
 —
 2.5

 Comprehensive EyeCare Partners, LLC
 1.9
 ( 1.9)
 —
 —
 —
 —

 Concert Golf Partners Holdco LLC
 3.1
 —
 3.1
 —
 —
 3.1

 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P.
 11.3
 ( 5.1)
 6.2
 —
 —
 6.2

 Continental Caf, LLC and Infinity Ovation Yacht Charters, LLC
 1.8
 0.7
 —
 —
 0.7

 Convera International Holdings Limited and Convera International Financial S.A R.L.
 2.3
 —
 2.3
 —
 —
 2.3

 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP
 38.9
 —
 38.9
 —
 —
 38.9

 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.
 0.1
 —
 0.1
 —
 —
 0.1

 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.
 38.7
 38.2
 —
 —
 38.2

 Coupa Holdings, LLC and Coupa Software Incorporated
 0.9
 —
 0.9
 —
 —
 0.9

 Coyote Buyer, LLC
 5.8
 —
 5.8
 —
 —
 5.8

 Crosspoint Capital AS SPV, LP
 3.6
 2.9
 —
 —
 2.9

 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC
 3.2
 —
 3.2
 —
 —
 3.2

 CST Holding Company
 1.9
 1.7
 —
 —
 1.7

 Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc.
 5.1
 4.0
 —
 —
 4.0

 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC
 18.0
 —
 18.0
 —
 —
 18.0

 DecoPac, Inc. and KCAKE Holdings Inc.
 16.5
 ( 4.9)
 11.6
 —
 —
 11.6

 Demakes Borrower, LLC
 1.8
 —
 1.8
 —
 —
 1.8

 Denali Holdco LLC and Denali Apexco LP
 10.5
 —
 10.5
 —
 —
 10.5

 DFC Global Facility Borrower III LLC
 76.1
 ( 64.5)
 11.6
 —
 —
 11.6

 DFS Holding Company, Inc.
 0.3
 —
 0.3
 —
 —
 0.3

 Diligent Corporation and Diligent Preferred Issuer, Inc.
 2.2
 1.0
 —
 —
 1.0

 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.
 2.3
 —
 2.3
 —
 —
 2.3

 DOXA Insurance Holdings, LLC
 14.0
 —
 14.0
 —
 —
 14.0

 DRS Holdings III, Inc. and DRS Holdings I, Inc.
 10.8
 —
 10.8
 —
 —
 10.8

 DS Admiral Bidco, LLC
 0.1
 —
 0.1
 —
 —
 0.1

 Dye & Durham Corporation
 9.6
 ( 3.8)
 5.8
 —
 —
 5.8

 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP
 7.1
 ( 3.7)
 3.4
 —
 —
 3.4

 Echo Purchaser, Inc.
 3.9
 3.8
 —
 —
 3.8

 Elemica Parent, Inc. & EZ Elemica Holdings, Inc.
 4.1
 ( 4.1)
 —
 —
 —
 —

 Elevation Services Parent Holdings, LLC
 17.1
 14.4
 —
 —
 14.4

 Emergency Communications Network, LLC
 7.2
 ( 7.2)
 —
 —
 —
 —

 Enverus Holdings, Inc.
 17.8
 —
 17.8
 —
 —
 17.8

 EP Wealth Advisors, LLC
 8.3
 7.9
 —
 —
 7.9

 EpiServer Inc. and Episerver Sweden Holdings AB
 9.5
 —
 9.5
 —
 —
 9.5

 EPS NASS Parent, Inc.
 1.4
 0.2
 —
 —
 0.2

 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P.
 1.1
 0.3
 —
 —
 0.3

 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC
 28.0
 ( 22.3)
 5.7
 —
 —
 5.7

 Eternal Aus Bidco Pty Ltd
 1.4
 —
 1.4
 —
 —
 1.4

 Excel Fitness Consolidator LLC
 1.8
 —
 1.8
 —
 —
 1.8

 Extrahop Networks, Inc.
 11.0
 —
 11.0
 —
 —
 11.0

 Faraday Buyer, LLC
 5.1
 —
 5.1
 —
 —
 5.1

 Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.
 17.9
 —
 17.9
 —
 —
 17.9

 FL Hawk Intermediate Holdings, Inc.
 0.5
 —
 0.5
 —
 —
 0.5

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.
 14.5
 ( 9.2)
 5.3
 —
 —
 5.3

 Flint OpCo, LLC
 3.5
 —
 3.5
 —
 —
 3.5

 FlyWheel Acquireco, Inc.
 8.2
 ( 5.5)
 2.7
 —
 —
 2.7

 Forescout Technologies, Inc.
 16.0
 —
 16.0
 —
 —
 16.0

 Foundation Risk Partners, Corp.
 45.2
 —
 45.2
 —
 —
 45.2

 FS Squared Holding Corp. and FS Squared, LLC
 9.6
 9.1
 —
 —
 9.1

 Galway Borrower LLC
 8.8
 8.4
 —
 —
 8.4

 GC Waves Holdings, Inc.
 0.1
 —
 0.1
 —
 —
 0.1

 Genesis Acquisition Co. and Genesis Ultimate Holding Co.
 1.5
 —
 —
 —
 —

 GI Ranger Intermediate LLC
 9.2
 ( 2.2)
 7.0
 —
 —
 7.0

 Global Music Rights, LLC
 4.3
 —
 4.3
 —
 —
 4.3

 GNZ Energy Bidco Limited and Galileo Co-investment Trust I
 3.1
 —
 3.1
 —
 —
 3.1

 Gotham Greens Holdings, PBC
 12.9
 —
 12.9
 —
 ( 12.9)
 —

 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC
 1.2
 0.6
 —
 —
 0.6

 GroundWorks, LLC
 0.6
 —
 0.6
 —
 —
 0.6

 GS SEER Group Borrower LLC and GS SEER Group Holdings LLC
 9.6
 —
 9.6
 —
 —
 9.6

 GTCR F Buyer Corp. and GTCR (D) Investors LP
 1.6
 —
 1.6
 —
 —
 1.6

 Guidepoint Security Holdings, LLC
 3.4
 —
 3.4
 —
 —
 3.4

 Hanger, Inc.
 27.1
 —
 27.1
 —
 —
 27.1

 Harvey Tool Company, LLC
 24.5
 —
 24.5
 —
 —
 24.5

 HealthEdge Software, Inc.
 7.2
 6.9
 —
 —
 6.9

 Heavy Construction Systems Specialists, LLC
 4.0
 —
 4.0
 —
 —
 4.0

 Helios Service Partners, LLC and Astra Service Partners, LLC
 3.5
 3.3
 —
 —
 3.3

 Help/Systems Holdings, Inc.
 15.0
 —
 15.0
 —
 —
 15.0

 HGC Holdings, LLC
 7.5
 —
 7.5
 —
 —
 7.5

 HH-Stella, Inc. and Bedrock Parent Holdings, LP
 12.4
 12.1
 —
 —
 12.1

 Higginbotham Insurance Agency, Inc.
 1.8
 —
 1.8
 —
 —
 1.8

 21.5
 —
 21.5
 —
 —
 21.5

 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC
 9.5
 9.3
 —
 —
 9.3

 Hills Distribution, Inc.
 2.2
 2.1
 —
 —
 2.1

 HP RSS Buyer, Inc.
 5.1
 —
 5.1
 —
 —
 5.1

 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP
 13.3
 ( 13.3)
 —
 —
 —
 —

 Hyland Software, Inc.
 2.0
 —
 2.0
 —
 —
 2.0

 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P.
 16.3
 —
 16.3
 —
 —
 16.3

 Inszone Mid, LLC and INSZ Holdings, LLC
 18.9
 —
 18.9
 —
 —
 18.9

 IQN Holding Corp.
 4.8
 —
 4.8
 —
 —
 4.8

 IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.
 14.4
 11.7
 —
 —
 11.7

 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P.
 9.1
 8.8
 —
 —
 8.8

 ITI Holdings, Inc.
 5.7
 ( 4.3)
 1.4
 —
 —
 1.4

 Kaseya Inc. and Knockout Intermediate Holdings I Inc.
 30.5
 ( 6.9)
 23.6
 —
 —
 23.6

 KBHS Acquisition, LLC (d/b/a Alita Care, LLC)
 5.0
 ( 3.2)
 1.8
 —
 —
 1.8

 Kene Acquisition, Inc. and Kene Holdings, L.P.
 18.9
 18.5
 —
 —
 18.5

 Keystone Agency Partners LLC
 10.4
 —
 10.4
 —
 —
 10.4

 Kings Buyer, LLC
 1.6
 —
 1.6
 —
 —
 1.6

 Laboratories Bidco LLC and Laboratories Topco LLC
 19.6
 ( 8.2)
 11.4
 —
 —
 11.4

 LeanTaaS Holdings, Inc.
 43.5
 —
 43.5
 —
 —
 43.5

 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.
 1.5
 —
 1.5
 —
 —
 1.5

 Lew's Intermediate Holdings, LLC
 2.3
 —
 2.3
 —
 —
 2.3

 Lido Advisors, LLC
 5.2
 4.6
 —
 —
 4.6

 Lightbeam Bidco, Inc.
 5.2
 5.0
 —
 —
 5.0

 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.
 5.6
 —
 5.6
 —
 —
 5.6

 LJP Purchaser, Inc. and LJP Topco, LP
 3.1
 —
 3.1
 —
 —
 3.1

 Majesco and Magic Topco, L.P.
 2.0
 —
 2.0
 —
 —
 2.0

 Manna Pro Products, LLC
 7.0
 ( 5.1)
 1.9
 —
 —
 1.9

 Marmic Purchaser, LLC and Marmic Topco, L.P.
 2.7
 —
 2.7
 —
 —
 2.7

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP
 32.9
 ( 14.8)
 18.1
 —
 —
 18.1

 McKenzie Creative Brands, LLC
 4.5
 ( 1.6)
 2.9
 —
 —
 2.9

 Medline Borrower, LP
 6.9
 6.7
 —
 —
 6.7

 Micromeritics Instrument Corp.
 4.1
 —
 4.1
 —
 —
 4.1

 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp
 15.1
 —
 15.1
 —
 —
 15.1

 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.
 8.0
 ( 4.3)
 3.7
 —
 —
 3.7

 Modigent, LLC and OMERS PMC Investment Holdings LLC
 12.6
 ( 2.2)
 10.4
 —
 —
 10.4

 Monica Holdco (US) Inc.
 3.6
 ( 3.6)
 —
 —
 —
 —

 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC
 10.1
 10.0
 —
 —
 10.0

 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC
 6.3
 6.1
 —
 —
 6.1

 MRI Software LLC
 6.1
 —
 6.1
 —
 —
 6.1

 NAS, LLC and Nationwide Marketing Group, LLC
 3.0
 2.4
 —
 —
 2.4

 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.
 10.4
 ( 2.6)
 7.8
 —
 —
 7.8

 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.
 12.6
 12.4
 —
 —
 12.4

 New Churchill Holdco LLC
 15.2
 14.9
 —
 —
 14.9

 Next Holdco, LLC
 2.4
 —
 2.4
 —
 —
 2.4

 NMC Skincare Intermediate Holdings II, LLC
 12.7
 ( 1.0)
 11.7
 —
 —
 11.7

 NMN Holdings III Corp. and NMN Holdings LP
 12.5
 10.4
 —
 —
 10.4

 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC
 2.7
 1.5
 —
 —
 1.5

 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC
 8.6
 —
 8.6
 —
 —
 8.6

 North Haven Stack Buyer, LLC
 6.6
 5.3
 —
 —
 5.3

 Northwinds Holding, Inc. and Northwinds Services Group LLC
 9.1
 —
 9.1
 —
 —
 9.1

 OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP
 4.8
 —
 4.8
 —
 —
 4.8

 0.9
 —
 0.9
 —
 —
 0.9

 OMH-HealthEdge Holdings, LLC
 7.2
 —
 7.2
 —
 —
 7.2

 OneDigital Borrower LLC
 16.4
 15.7
 —
 —
 15.7

 Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc.
 0.1
 —
 0.1
 —
 —
 0.1

 Paragon 28, Inc.
 8.1
 8.0
 —
 —
 8.0

 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.
 1.2
 —
 1.2
 —
 —
 1.2

 Pathway Vet Alliance LLC and Jedi Group Holdings LLC
 1.9
 1.7
 —
 —
 1.7

 Patriot Growth Insurance Services, LLC
 2.2
 —
 2.2
 —
 —
 2.2

 PCIA SPV-3, LLC and ASE Royal Aggregator, LLC
 2.7
 —
 2.7
 —
 —
 2.7

 PDDS HoldCo, Inc.
 1.6
 1.4
 —
 —
 1.4

 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC
 7.6
 ( 7.6)
 —
 —
 —
 —

 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC
 11.6
 —
 11.6
 —
 —
 11.6

 Pelican Products, Inc.
 2.3
 ( 0.9)
 1.4
 —
 —
 1.4

 People Corporation
 19.3
 ( 5.2)
 14.1
 —
 —
 14.1

 Perforce Software, Inc.
 7.5
 6.4
 —
 —
 6.4

 PestCo Holdings, LLC and PestCo, LLC
 0.9
 —
 0.9
 —
 —
 0.9

 Petrus Buyer, Inc.
 2.7
 —
 2.7
 —
 —
 2.7

 PetVet Care Centers, LLC
 49.4
 —
 49.4
 —
 —
 49.4

 Petvisor Holdings, LLC
 57.5
 —
 57.5
 —
 —
 57.5

 Ping Identity Holding Corp.
 0.2
 —
 0.2
 —
 —
 0.2

 Pluralsight, Inc.
 0.3
 0.1
 —
 —
 0.1

 PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC
 12.3
 11.8
 —
 —
 11.8

 Precision Concepts International LLC and Precision Concepts Canada Corporation
 14.4
 —
 14.4
 —
 —
 14.4

 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.
 3.5
 2.8
 —
 —
 2.8

 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP
 36.0
 35.4
 —
 —
 35.4

 Prime Buyer, L.L.C.
 15.9
 —
 15.9
 —
 —
 15.9

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC
 8.0
 —
 8.0
 —
 —
 8.0

 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC
 32.4
 —
 32.4
 —
 —
 32.4

 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.
 0.1
 —
 0.1
 —
 —
 0.1

 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.
 1.1
 —
 1.1
 —
 —
 1.1

 Project Potter Buyer, LLC and Project Potter Parent, L.P.
 5.5
 3.4
 —
 —
 3.4

 Proofpoint, Inc.
 3.1
 —
 3.1
 —
 —
 3.1

 PS Operating Company LLC and PS Op Holdings LLC
 6.0
 ( 4.4)
 1.6
 —
 —
 1.6

 PSC Group LLC
 14.8
 ( 2.4)
 12.4
 —
 —
 12.4

 PushPay USA Inc.
 3.6
 —
 3.6
 —
 —
 3.6

 PYE-Barker Fire & Safety, LLC
 14.9
 —
 14.9
 —
 —
 14.9

 Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC
 1.6
 —
 1.6
 —
 —
 1.6

 QF Holdings, Inc.
 1.1
 —
 1.1
 —
 —
 1.1

 Qnnect, LLC and Connector TopCo, LP
 2.7
 —
 2.7
 —
 —
 2.7

 Radius Aerospace, Inc. and Radius Aerospace Europe Limited
 2.8
 1.5
 —
 —
 1.5

 Radwell Parent, LLC
 4.4
 ( 0.9)
 3.5
 —
 —
 3.5

 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC
 4.4
 —
 4.4
 —
 —
 4.4

 RB Holdings InterCo, LLC
 2.1
 0.3
 —
 —
 0.3

 Reddy Ice LLC
 8.7
 7.2
 —
 —
 7.2

 Redwood Services, LLC and Redwood Services Holdco, LLC
 6.7
 —
 6.7
 —
 —
 6.7

 Reef Lifestyle, LLC
 32.1
 ( 28.1)
 4.0
 —
 —
 4.0

 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.
 6.9
 —
 6.9
 —
 —
 6.9

 Relativity ODA LLC
 3.8
 —
 3.8
 —
 —
 3.8

 Repairify, Inc. and Repairify Holdings, LLC
 7.3
 ( 4.8)
 2.5
 —
 —
 2.5

 Revalize, Inc.
 0.9
 0.7
 —
 —
 0.7

 Rialto Management Group, LLC
 1.3
 1.0
 —
 —
 1.0

 Riser Merger Sub, Inc.
 4.6
 —
 4.6
 —
 —
 4.6

 RMS HoldCo II, LLC & RMS Group Holdings, Inc.
 2.9
 —
 2.9
 —
 —
 2.9

 Rodeo AcquisitionCo LLC
 2.5
 ( 1.7)
 0.8
 —
 —
 0.8

 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc.
 15.9
 ( 12.4)
 3.5
 —
 —
 3.5

 SageSure Holdings, LLC and SageSure LLC
 3.1
 —
 3.1
 —
 —
 3.1

 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P.
 1.6
 1.0
 —
 —
 1.0

 SCIH Salt Holdings Inc.
 22.5
 ( 4.0)
 18.5
 —
 —
 18.5

 SCM Insurance Services Inc.
 4.1
 —
 4.1
 —
 —
 4.1

 Shermco Intermediate Holdings, Inc.
 6.5
 6.4
 —
 —
 6.4

 Silk Holdings III Corp. and Silk Holdings I Corp.
 0.1
 —
 —
 —
 —

 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC
 2.1
 —
 2.1
 —
 —
 2.1

 SM Wellness Holdings, Inc. and SM Holdco, LLC
 3.8
 —
 3.8
 —
 —
 3.8

 Smarsh Inc. and Skywalker TopCo, LLC
 2.0
 —
 2.0
 —
 —
 2.0

 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp
 3.3
 3.1
 —
 —
 3.1

 Star US Bidco LLC
 15.5
 —
 15.5
 —
 —
 15.5

 Steward Partners Global Advisory, LLC
 2.9
 —
 2.9
 —
 —
 2.9

 Sugar PPC Buyer LLC
 3.4
 —
 3.4
 —
 —
 3.4

 Sun Acquirer Corp. and Sun TopCo, LP
 19.6
 17.5
 —
 —
 17.5

 Sundance Group Holdings, Inc.
 3.0
 1.5
 —
 —
 1.5

 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon
 6.0
 5.5
 —
 —
 5.5

 Sunrun Luna Holdco 2021, LLC
 75.0
 ( 50.0)
 25.0
 —
 —
 25.0

 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.
 7.0
 ( 2.6)
 4.4
 —
 —
 4.4

 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC
 4.2
 —
 4.2
 —
 —
 4.2

 Systems Planning and Analysis, Inc.
 4.0
 —
 4.0
 —
 —
 4.0

 TA/WEG Holdings, LLC
 2.0
 —
 2.0
 —
 —
 2.0

 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C.
 13.5
 —
 13.5
 —
 —
 13.5

 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P.
 1.7
 0.6
 —
 —
 0.6

 TCP Hawker Intermediate LLC
 16.0
 —
 16.0
 —
 —
 16.0

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc.
 1.1
 —
 1.1
 —
 —
 1.1

 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP
 13.7
 ( 5.9)
 7.8
 —
 —
 7.8

 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC
 1.3
 1.1
 —
 —
 1.1

 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP
 6.9
 6.1
 —
 —
 6.1

 Thermostat Purchaser III, Inc.
 7.7
 7.4
 —
 —
 7.4

 THG Acquisition, LLC
 9.2
 7.9
 —
 —
 7.9

 Trader Corporation and Project Auto Finco Corp.
 0.6
 —
 0.6
 —
 —
 0.6

 Triwizard Holdings, Inc. and Triwizard Parent, LP
 11.0
 —
 11.0
 —
 —
 11.0

 TSS Buyer, LLC
 0.8
 —
 0.8
 —
 —
 0.8

 Two Six Labs, LLC
 10.2
 —
 10.2
 —
 —
 10.2

 UKG Inc. and H&F Unite Partners, L.P.
 25.0
 23.5
 —
 —
 23.5

 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP
 4.6
 —
 4.6
 —
 —
 4.6

 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.
 9.9
 —
 9.9
 —
 —
 9.9

 Valcourt Holdings II, LLC
 31.8
 31.1
 —
 —
 31.1

 Verista, Inc.
 8.0
 6.7
 —
 —
 6.7

 Verscend Holding Corp.
 22.5
 —
 22.5
 —
 —
 22.5

 Vertex Service Partners, LLC
 9.1
 —
 9.1
 —
 —
 9.1

 18.9
 —
 18.9
 —
 —
 18.9

 Vobev, LLC and Vobev Holdings, LLC
 1.8
 —
 1.8
 —
 —
 1.8

 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.
 11.9
 —
 11.9
 —
 —
 11.9

 VRC Companies, LLC
 5.4
 —
 5.4
 —
 —
 5.4

 VS Buyer, LLC
 8.1
 —
 8.1
 —
 —
 8.1

 Waverly Advisors, LLC and WAAM Topco, LLC
 0.1
 —
 0.1
 —
 —
 0.1

 WCI-BXC Purchaser, LLC
 0.7
 —
 0.7
 —
 —
 0.7

 WebPT, Inc.
 0.9
 0.7
 —
 —
 0.7

 Wellness AcquisitionCo, Inc.
 3.9
 —
 3.9
 —
 —
 3.9

 Wellpath Holdings, Inc.
 12.0
 ( 7.5)
 4.5
 —
 —
 4.5

 Wildcat BuyerCo, Inc. and Wildcat Parent, LP
 6.3
 6.1
 —
 —
 6.1

 WorkWave Intermediate II, LLC
 5.2
 —
 5.2
 —
 —
 5.2

 World Insurance Associates, LLC
 13.3
 —
 13.3
 —
 —
 13.3

 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.
 4.0
 ( 1.0)
 3.0
 —
 —
 3.0

 WSHP FC Acquisition LLC and WSHP FC Holdings LLC
 16.3
 ( 16.3)
 —
 —
 —
 —

 XIFIN, Inc. and ACP Charger Co-Invest LLC
 5.6
 ( 5.6)
 —
 —
 —
 —

 YE Brands Holdings, LLC
 2.3
 1.1
 —
 —
 1.1

 ZB Holdco LLC and ZB TopCo LLC
 13.1
 ( 1.4)
 11.7
 —
 —
 11.7

 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP
 12.8
 —
 12.8
 —
 —
 12.8

 $
 2,766.3
 $
 ( 482.1)
 $
 2,284.2
 $
 —
 $
 ( 12.9)
 $
 2,271.3

 (16)As of December 31, 2023, the Company was party to agreements to fund equity investment commitments as follows:

 Total equity commitments
 Less: funded equity commitments
 Total unfunded equity commitments
 Less: equity commitments substantially at the discretion of the Company
 Total net unfunded equity commitments

 Apex Clean Energy TopCo, LLC
 $
 3.2
 $
 —
 $
 3.2
 $
 —
 $
 3.2

 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP
 1.2
 —
 1.2
 —
 1.2

 European Capital UK SME Debt LP
 57.4
 ( 51.9)
 5.5
 ( 5.4)
 0.1

 GTCR F Buyer Corp. and GTCR (D) Investors LP
 1.6
 —
 1.6
 —
 1.6

 HFCP XI (Parallel - A), L.P.
 7.5
 —
 7.5
 —
 7.5

 44.5
 —
 44.5
 —
 44.5

 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.
 1.9
 —
 1.9
 —
 1.9

 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp
 1.0
 —
 1.0
 —
 1.0

 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.
 0.4
 —
 0.4
 —
 0.4

 PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P.
 50.0
 ( 12.4)
 37.6
 ( 37.6)
 —

 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.
 0.2
 —
 0.2
 —
 0.2

 $
 168.9
 $
 ( 64.3)
 $
 104.6
 $
 ( 43.0)
 $
 61.6

 (17)As of December 31, 2023, the Company had commitments to co-invest in the SDLP for its portion of the SDLP's commitment to fund delayed draw loans of up to $ 60. See Note 4 to the consolidated financial statements for more information on the SDLP.

 (18) Other than the investments noted by this footnote, the fair value of the Company's investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Company's investments.

 (19) As of December 31, 2023, the estimated net unrealized loss for federal tax purposes was $ 0.4 billion based on a tax cost basis of $ 22.5 billion. As of December 31, 2023, the estimated aggregate gross unrealized loss for federal income tax purposes was $ 1.7 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was $ 1.3 billion.

 Software and Services

 2U, Inc.
 Provider of course design and learning management system to educational institutions
 10.16 %
 $
 14.6
 $
 14.4
 $
 14.3

 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (15)
 Payment processing solution provider
 120.6
 118.4
 115.7

 10.45 %
 63.3
 63.3
 60.8

 14.70 % PIK

 06/2030
 56.8
 56.8
 54.4

 238.5
 230.9

 Anaplan, Inc. (15)
 Provider of cloud-based connected planning platforms for business analytics
 10.82 %
 1.8
 1.8
 1.7

 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (15)
 Provider of intellectual property management lifecycle software
 7.52 %
 Euribor (S)
 4.4
 4.6
 4.4
 (2)

 9.11 %
 1.0
 1.0
 1.0

 4,400,000
 4.2
 8.3

 9.8
 13.7

 APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15)
 Aircraft performance software provider
 10.36 %
 13.3
 13.3
 13.2

 Class A membership Units
 9,750,000
 9.8
 8.6
 (2)

 23.1
 21.8

 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (15)
 Software platform for identification, prevention and management of substance use disorder
 5.7
 5.7
 5.7

 32,236
 38.7
 35.6
 (2)

 44.4
 41.3

 Apptio, Inc. (15)
 Provider of cloud-based technology business management solutions
 2.5
 2.5
 2.5

 9.94 %
 15.1
 15.1
 15.1

 17.6
 17.6

 Avalara, Inc. (15)
 Provider of cloud-based solutions for transaction tax compliance worldwide
 11.83 %
 72.2
 72.2
 70.4

 Avetta, LLC (15)
 Supply chain risk management SaaS platform for global enterprise clients
 10.16 %
 0.2
 0.2
 0.1

 AxiomSL Group, Inc. and Calypso Group, Inc. (15)
 Provider of risk data management and regulatory reporting software
 21.2
 20.8
 21.2

 Banyan Software Holdings, LLC and Banyan Software, LP (15)
 Vertical software businesses holding company
 0.9
 0.9
 0.9

 20.3
 20.3
 20.3

 1.0
 1.0
 1.0

 120,999
 4.1
 5.4
 (2)

 26.3
 27.6

 Borrower R365 Holdings LLC (15)
 Provider of restaurant enterprise resource planning systems
 8.23 % ( 3.00 % PIK)

 15.9
 15.7
 15.9

 8.23 % ( 3.00 % PIK)

 1.4
 1.4
 1.4

 17.1
 17.3

 Bottomline Technologies, Inc. (15)
 Provider of payment automation solutions
 9.82 %
 18.0
 18.0
 17.6

 Businessolver.com, Inc. (15)
 Provider of SaaS-based benefits solutions for employers and employees
 9.67 %
 14.7
 14.7
 14.5

 CallMiner, Inc.
 Provider of cloud-based conversational analytics solutions
 Warrant to purchase shares of Series 1 preferred stock
 07/2014
 2,350,636
 —
 —

 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (15)
 Provider of software and technology-enabled content and analytical solutions to insurance brokers
 3.4
 3.4
 3.0

 64.3
 64.3
 57.8

 24,898
 32.1
 26.3
 (2)

 Series A-2 preferred shares

 8,963
 11.4
 9.4
 (2)

 Series A-3 preferred shares

 11,952
 13.5
 11.1
 (2)

 124.7
 107.6

 Community Brands ParentCo, LLC (15)
 Software and payment services provider to non-profit institutions
 10.17 %
 10.6
 10.6
 10.4

 500,000
 5.0
 6.4
 (2)

 15.6
 16.8

 Computer Services, Inc.
 Infrastructure software provider to community banks
 11.15 %
 34.1
 34.1
 33.0

 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. (15)
 Provider of sales software for the interior design industry
 8.32 %
 EURIBOR (Q)
 0.8
 0.8
 0.8

 11.7
 11.7
 11.4

 74.8
 74.8
 72.6

 8.39 %
 26.9
 28.3
 26.1

 4,799,000
 4.8
 6.5

 Series A common units
 23,340
 0.2
 —

 120.6
 117.4

 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (15)
 Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors
 155.7
 155.7
 129.2

 59,665,989
 59.7
 48.8
 (2)

 215.4
 178.0

 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (15)
 Provider of environmental, health and safety software to track compliance data
 10.31 %
 6.2
 6.2
 6.2

 9.06 %
 4.4
 4.4
 4.3

 11.06 %
 0.1
 0.1
 0.1

 9.06 %
 6.3
 6.3
 6.2

 0.3
 0.7

 Common equity
 190,143
 —
 —

 17.3
 17.5

 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (15)
 Provider of a cloud-based, SaaS platform for talent management
 7.51 %
 21.9
 21.9
 19.7

 137.5
 137.5
 123.7

 116,413
 131.8
 109.4
 (2)

 Class A-1 common stock
 1,360,100
 13.6
 15.2
 (2)

 304.8
 268.0

 Datix Bidco Limited
 Global healthcare software company that provides software solutions for patient safety and risk management
 8.95 %
 4.3
 4.2
 4.2

 12.20 %
 0.7
 0.7
 0.7

 4.9
 4.9

 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.
 Provider of internet security tools and solutions
 8.70 %
 1.0
 1.0
 0.9
 (2)

 11.0
 10.3
 10.7
 (2)

 129,822
 153.0
 134.6
 (2)

 817,194
 13.3
 12.5
 (2)

 177.6
 158.7

 Denali Holdco LLC and Denali Apexco LP (15)
 Provider of cybersecurity audit and assessment services
 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 2,549,000
 2.5
 2.4
 (2)

 2.7
 2.6

 Diligent Corporation and Diligent Preferred Issuer, Inc. (15)
 Provider of secure SaaS solutions for board and leadership team documents
 0.7
 0.6
 0.7

 35.9
 35.4
 35.2

 2.0
 2.0
 2.0

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 13,140
 15.0
 13.8
 (2)

 53.2
 51.9

 Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc.
 SaaS based business analytics company focused on oil and gas industry
 12.63 %
 25.0
 25.0
 24.8
 (2)

 13.50 % PIK

 29.53
 42.4
 41.6
 (2)

 67.4
 66.4

 DS Admiral Bidco, LLC (15)
 Tax return software provider for government institutions
 10.16 %
 0.1
 0.1
 0.1

 Dye & Durham Corporation (15)
 Provider of cloud-based software and technology solutions for the legal industry
 CDOR (M)
 5.0
 5.0
 5.0

 10.69 %
 40.0
 42.2
 40.0

 47.2
 45.0

 Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (15)
 SaaS based supply chain management software provider focused on chemical markets
 10.51 %
 4.1
 4.1
 4.0

 10.74 %
 50.0
 50.0
 48.5

 11.3
 11.3
 11.0

 5.7
 5.7
 5.6

 4,599
 4.6
 5.3
 (2)

 75.7
 74.4

 EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P.
 Provider of entertainment workforce and production management solutions
 177.9
 177.9
 176.1

 Partnership units
 5,034,483
 3.2
 11.7

 181.1
 187.8

 EpiServer Inc. and Episerver Sweden Holdings AB (15)
 Provider of web content management and digital commerce solutions
 6.69 %
 5.6
 5.9
 5.5

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 6.1
 5.7

 eResearch Technology, Inc. and Astorg VII Co-Invest ERT (15)
 Provider of mission-critical, software-enabled clinical research solutions
 30.6
 29.8
 27.2

 12.38 %
 17.2
 16.9
 15.3

 3,988,000
 4.5
 3.7

 51.2
 46.2

 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (15)
 Provider of nutritional information and software as a services (SaaS) compliance solutions
 10.07 %
 6.8
 6.8
 6.7

 6,046,628
 6.0
 6.0

 12.8
 12.7

 Extrahop Networks, Inc. (15)
 Provider of real-time wire data analytics solutions for application and infrastructure monitoring
 12.23 %
 20.2
 20.2
 20.2

 First Insight, Inc.
 Software company providing merchandising and pricing solutions to companies worldwide
 Warrant to purchase units of Series C preferred stock
 03/2014
 122,827
 —
 —

 FM:Systems Group, LLC (15)
 Provider of facilities and space management software solutions
 9.13 %
 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.2
 0.2

 Forescout Technologies, Inc. (15)
 Network access control solutions provider
 14.23 % ( 9.50 % PIK)

 23.8
 23.5
 23.8

 13.73 % PIK

 12.6
 12.6
 12.6

 36.1
 36.4

 Genesis Acquisition Co. and Genesis Ultimate Holding Co. (15)
 Child care management software and services provider
 7.92 %
 1.5
 1.5
 1.5
 (2)

 7.92 %
 0.2
 0.2
 0.2
 (2)

 8.42 %
 0.1
 0.1
 0.1

 11.24 %
 32.4
 32.4
 31.7
 (2)

 11.24 %
 21.1
 21.1
 20.7

 11.24 %
 7.5
 7.5
 7.4
 (2)

 8.39
 0.8
 1.4
 (2)

 63.6
 63.0

 GI Ranger Intermediate LLC (15)
 Provider of payment processing services and software to healthcare providers
 0.4
 0.4
 0.4

 10.2
 10.2
 10.0

 1.8
 1.8
 1.7

 12.4
 12.1

 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (15)
 Provider of data analysis, statistics, and visualization software solutions for scientific research applications
 0.2
 0.2
 0.2

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 10.43 %
 0.1
 0.1
 0.1

 04/2032
 43.5
 43.5
 40.0
 (2)

 14.00 % PIK

 1,828,644
 57.5
 57.5

 101.5
 98.0

 GSV PracticeTek Holdings, LLC
 Software provider for medical practitioners

 12,827,482
 1.1
 14.0
 (2)

 Heavy Construction Systems Specialists, LLC (15)
 Provider of construction software
 0.1
 0.1
 0.1

 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (15)
 Insurance software provider
 9.4
 9.4
 8.7

 60.4
 60.4
 56.1

 11/2031
 99.5
 99.5
 82.6
 (2)

 4,243,657
 8.8
 5.5
 (2)

 178.1
 152.9

 Imprivata, Inc.
 Provider of identity and access management solutions to the healthcare industry
 10.57 %
 16.1
 15.9
 15.1

 Inmar, Inc.
 Technology-driven solutions provider for retailers, wholesalers and manufacturers
 12.38 %
 28.3
 28.2
 26.6

 IQN Holding Corp. (15)
 Provider of extended workforce management software
 9.65 %
 23.5
 23.5
 23.3

 0.4
 0.4
 0.4

 23.9
 23.7

 IV Rollover Holdings, LLC
 Provider of cloud based IT solutions, infrastructure and services
 170,490
 —
 —

 Class X units
 5,000,000
 2.0
 2.1
 (2)

 2.0
 2.1

 Kaseya Inc. and Knockout Intermediate Holdings I Inc. (15)
 Provider of cloud-based software and technology solutions for small and medium sized businesses
 10.33 %
 167.0
 167.0
 162.0

 11.75 % PIK

 38,797
 41.2
 40.0
 (2)

 208.2
 202.0

 LeanTaaS Holdings, Inc. (15)
 Provider of SaaS tools to optimize healthcare asset utilization
 12.08 %
 31.8
 31.8
 31.2

 Majesco and Magic Topco, L.P. (15)
 Insurance software provider
 11.98 %
 30.3
 30.3
 30.3

 2,539
 3.1
 3.6
 (2)

 570,625
 —
 —

 33.4
 33.9

 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp (15)
 10.17 %
 102.1
 102.1
 99.1

 9.18 %
 SONIA (Q)
 34.8
 35.6
 33.7

 3,974
 38.8
 39.4

 176.5
 172.2

 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (15)
 Software and payment services provider to faith-based institutions
 4.0
 4.0
 3.8

 32.5
 32.5
 30.9

 9,574,000
 9.6
 8.8
 (2)

 46.1
 43.5

 Mitchell International, Inc.
 Provider of technology, connectivity, and information solutions to the property and casualty insurance industry
 98.1
 96.1
 81.0

 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (15)
 Leading technology solution provider for casing and auditioning to the entertainment industry
 10.32 %
 25.1
 25.1
 24.6

 45,320
 4.5
 4.5

 29.6
 29.1

 MRI Software LLC (15)
 Provider of real estate and investment management software
 47.1
 47.1
 45.6
 (11)

 17.4
 17.4
 16.8

 64.5
 62.4

 OpenMarket Inc.
 Provider of cloud-based mobile engagement platform
 51.6
 51.6
 51.1

 Paya, Inc and GTCR-Ultra Holdings LLC (15)
 Provider of payment processing and merchant acquiring solutions
 2,878,372
 —
 2.6
 (2)

 PayNearMe, Inc.
 Electronic cash payment system provider
 Warrant to purchase shares of Series E preferred stock
 03/2016
 195,726
 0.2
 —

 PDDS HoldCo, Inc. (15)
 Provider of cloud-based dental practice management software
 12.30 %
 9.4
 9.4
 9.2

 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (15)
 Provider of enterprise management software for the convenience retail and petroleum wholesale market
 8.82 %
 6.1
 6.1
 6.0

 8.73 %
 52.9
 52.9
 51.9

 13.18 %
 70.1
 70.1
 68.7

 13.18 %
 8.7
 8.7
 8.6

 13.18 %
 8.3
 8.3
 8.1

 13.18 %
 7.2
 7.2
 7.1

 13.25 % PIK

 13,656
 22.3
 21.2
 (2)

 2,062,493
 2.1
 2.7
 (2)

 177.7
 174.3

 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (15)
 Provider of plant maintenance and scheduling software
 13.7
 13.7
 13.7

 0.1
 0.1
 0.1

 0.2
 0.2
 0.2

 5,000
 5.0
 14.3

 19.0
 28.3

 Petvisor Holdings, LLC (15)
 Provider of veterinarian-focused SaaS solutions
 10.21 %
 21.5
 21.5
 21.5

 Ping Identity Holding Corp. (15)
 Provider of identity and access management solutions
 11.32 %
 11.3
 11.3
 11.0

 Pluralsight, Inc. (15)
 Online education learning platform
 12.36 %
 0.2
 0.2
 0.1

 11.83 %
 106.2
 106.2
 104.0

 106.4
 104.1

 Poplicus Incorporated
 Business intelligence and market analytics platform for companies that sell to the public sector
 06/2025
 2,402,991
 0.1
 —

 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (15)
 Provider of practice management software to law firms
 5.5
 5.5
 5.4

 1,624,000
 1.6
 1.5
 (2)

 7.1
 6.9

 Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc.
 Provider of data visualization software for data analytics
 8.39 %
 2.8
 2.8
 2.8

 7,445
 7.4
 14.4
 (2)

 1,841,609
 0.1
 0.1
 (2)

 10.3
 17.3

 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (15)
 Saas provider of automated crew callout and scheduling software for the utility industry
 9.99 %
 36.2
 36.2
 34.7

 14.23 % PIK

 26,436
 31.9
 30.2
 (2)

 68.1
 64.9

 Project Potter Buyer, LLC and Project Potter Parent, L.P. (15)
 Software solutions provider to the ready-mix concrete industry
 2.1
 2.0
 2.1

 43.6
 43.6
 43.6

 14.3
 14.3
 14.3

 12.8
 12.8
 12.8

 4.9
 4.9
 4.9

 588,636
 —
 9.3
 (2)

 77.6
 87.0

 Proofpoint, Inc. (15)
 7.98 %
 1.0
 0.9
 0.9

 34.6
 34.4
 34.6

 35.3
 35.5

 QF Holdings, Inc. (15)
 SaaS based electronic health record software provider
 11.02 %
 8.1
 8.1
 8.1

 10.43 %
 6.8
 6.8
 6.8

 3.7
 3.7
 3.7

 18.6
 18.6

 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (15)
 Provider of SaaS-based safety and security software to the K-12 school market
 8.5
 8.5
 8.2

 2,880,582
 3.5
 5.9

 12.0
 14.1

 RealPage, Inc.
 Provider of enterprise software solutions to the residential real estate industry
 84.1
 83.1
 82.4

 Regent Education, Inc.
 Provider of software solutions designed to optimize the financial aid and enrollment processes
 5,393,194
 —
 —

 —
 —

 —
 —

 Relativity ODA LLC (15)
 Electronic discovery document review software platform for use in litigations and investigations
 11.89 % PIK

 22.5
 22.5
 22.5

 Revalize, Inc. (15)
 Develops and operates software providing configuration, price and quote capabilities for sales teams
 0.7
 0.7
 0.6

 0.1
 0.1
 —
 (2)

 0.8
 0.6

 RMS HoldCo II, LLC & RMS Group Holdings, Inc. (15)
 Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry
 0.2
 0.2
 0.2

 0.1
 0.1
 0.1

 464.90
 4.6
 5.5
 (2)

 4.9
 5.8

 Smarsh Inc. and Skywalker TopCo, LLC (15)
 SaaS based communication archival service provider
 11.9
 11.9
 11.9

 1,742,623
 6.3
 8.6
 (2)

 18.2
 20.5

 SocialFlow, Inc.
 Social media optimization platform provider
 01/2016
 215,331
 —
 —

 Sophia, L.P.
 Provider of ERP software and services for higher education institutions
 12.73 %
 105.9
 105.9
 103.8

 SoundCloud Limited
 Platform for receiving, sending, and distributing music
 73,422
 0.4
 0.7

 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (15)
 Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space
 11.18 %
 2.6
 2.6
 2.5

 1,010
 10.2
 10.5
 (2)

 12.8
 13.0

 Stamps.com Inc.
 Provider of mailing and shipping solutions
 146.8
 146.8
 140.9

 Storable, Inc. and EQT IX Co-Investment (E) SCSP
 PMS solutions and web services for the self-storage industry
 42.8
 42.8
 41.1

 10.3
 10.3
 9.9

 614,950
 6.2
 7.0

 59.3
 58.0

 Sundance Group Holdings, Inc. (15)
 Provider of cloud-based document management and collaboration solutions
 20.1
 19.8
 19.9

 10.93 %
 0.8
 0.8
 0.8

 20.6
 20.7

 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (15)
 Provider of environment, health, safety, and sustainability software
 10.17 %
 1.3
 1.3
 1.3

 35.1
 35.1
 35.1
 (11)

 4,849
 4.8
 5.9

 41.2
 42.3

 TCP Hawker Intermediate LLC (15)
 Workforce management solutions provider
 9.57 %
 0.1
 0.1
 0.1

 34.4
 34.4
 34.4

 6.5
 6.5
 6.5

 41.0
 41.0

 TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (15)
 Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies
 First lien senior secured notes
 88.9
 86.5
 74.9

 9.18 %
 10.9
 10.4
 9.7

 85.3
 83.9
 69.9

 16.59 % PIK

 141,928
 143.4
 143.1
 (2)

 12,250,000
 12.3
 10.7
 (2)

 336.5
 308.3

 UKG Inc. and H&F Unite Partners, L.P. (15)
 Provider of cloud based HCM solutions for businesses
 8.06 %
 10.6
 10.6
 10.6
 (2)(6)(14)

 12,583,556
 12.6
 14.4

 23.2
 25.0

 WebPT, Inc. (15)
 Electronic medical record software provider
 11.26 %
 0.3
 0.3
 0.3

 48.1
 48.1
 48.1

 48.4
 48.4

 Wellness AcquisitionCo, Inc. (15)
 Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry
 9.91 %
 0.1
 0.1
 0.1

 WorkWave Intermediate II, LLC (15)
 Provider of cloud-based field services and fleet management solutions
 11.93 % PIK

 67.4
 67.4
 67.4

 17.3
 17.3
 17.3

 84.7
 84.7

 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (15)
 Provider of cloud-based customer support solutions
 11.04 %
 42.4
 42.4
 41.6

 12.50 % PIK

 27,226
 27.6
 26.8
 (2)

 269,100
 2.7
 2.7
 (2)

 72.7
 71.1

 4,950.2
 4,760.6
 49.83 %

 Financial Services

 AQ Sage Buyer, LLC (15)
 Provider of actuarial consulting and comprehensive wealth management services
 1.9
 1.9
 1.8

 BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC
 Provider of comprehensive suite of investment management and wealth planning solutions
 11.02 %
 0.2
 0.2
 0.2

 9.30 % PIK

 5.0
 5.0
 4.9
 (2)

 4,666,301
 4.7
 3.9
 (2)

 9.9
 9.0

 Beacon Pointe Harmony, LLC (15)
 9.39 %
 17.9
 17.9
 17.7

 Convera International Holdings Limited and Convera International Financial S.A R.L. (15)
 Provider of B2B international payment and FX risk management solutions
 10.33 %
 62.8
 62.8
 62.8

 CrossCountry Mortgage, LLC (15)
 Mortgage company originating loans in the retail and consumer direct channels
 93.8
 93.8
 92.8

 DFC Global Facility Borrower III LLC (15)
 Non-bank provider of alternative financial services
 158.6
 172.8
 158.6
 (2)(6)(9)(11)

 eCapital Finance Corp.
 Consolidator of commercial finance businesses
 55.8
 55.8
 55.2

 56.0
 56.0
 55.4

 24.3
 24.3
 24.1

 5.4
 5.4
 5.3

 141.5
 140.0

 EP Wealth Advisors, LLC (15)
 10.01 %
 5.6
 5.6
 5.6

 0.4
 0.4
 0.4

 0.1
 0.1
 0.1

 10.11 %
 0.1
 0.1
 0.1

 6.2
 6.2

 HighTower Holding, LLC
 Provider of investment, financial and retirement planning services
 8.1
 6.7
 6.7

 Ivy Hill Asset Management, L.P. (5)
 Asset management services
 Subordinated revolving loan
 11.01 %
 01/2030
 500.0
 500.0
 500.0
 (6)(11)

 06/2009
 1,547.5
 1,701.1
 (6)

 2,047.5
 2,201.1

 Lido Advisors, LLC (15)
 9.05 %
 0.4
 0.4
 0.4

 LS DE LLC and LM LSQ Investors LLC
 Asset based lender
 3.0
 3.0
 3.0

 37.0
 37.0
 36.6

 3,275,000
 3.3
 3.0
 (6)

 43.3
 42.6

 Monica Holdco (US) Inc. (15)
 Investment technology and advisory firm
 10.99 %
 2.4
 2.4
 2.3

 2.6
 2.6
 2.5

 5.0
 4.8

 Petrus Buyer, Inc. (15)
 Provider of REIT research data and analytics
 5.1
 5.1
 4.9

 Priority Holdings, LLC and Priority Technology Holdings, Inc.
 Provider of merchant acquiring and payment processing solutions
 0.7
 0.7
 0.7

 Senior preferred stock
 16.73 % ( 7.00 % PIK)

 12.00
 %
 65,761
 69.2
 73.2

 04/2031
 527,226
 4.0
 2.8

 73.9
 76.7

 Rialto Management Group, LLC (15)
 Investment and asset management platform focused on real estate
 —
 —
 —
 (6)(13)

 0.3
 0.3
 0.3

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.5
 0.5

 TA/WEG Holdings, LLC (15)
 0.1
 0.1
 0.1

 9.41 %
 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.4
 0.4

 The Edelman Financial Center, LLC
 Provider of investment, financial and retirement planning services
 13.4
 11.8
 12.0

 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (15)
 0.1
 0.1
 0.1

 10.51 %
 3.5
 3.5
 3.4

 12.00 % PIK

 3.0
 3.0
 2.9

 7,199
 7.2
 4.8

 7,199
 —
 —
 (6)

 13.8
 11.2

 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (15)
 Provider of asset-servicing capabilities for fund managers
 9.23 %
 37.4
 37.4
 36.7

 1,443
 1.9
 3.1

 0.2
 —

 245,194
 —
 —

 2,167,424
 —
 —

 39.5
 39.8

 Waverly Advisors, LLC (15)
 0.6
 0.6
 0.6

 2,755.3
 2,890.6
 30.26 %

 Health Care Services

 Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15)
 15.50 % ( 5.00 % PIK)

 2.2
 2.2
 2.2

 13.77 % ( 5.00 % PIK)

 1.0
 1.0
 1.0

 13.73 % ( 5.41 % PIK)

 52.1
 52.1
 52.1

 7,617,280
 4.7
 14.9
 (2)

 60.0
 70.2

 ADG, LLC and RC IV GEDC Investor LLC (15)
 9.19 % ( 0.52 % PIK)

 9.8
 9.8
 9.3

 11.25 % ( 0.52 % PIK)

 4.3
 4.3
 4.1

 7.19 % PIK

 2.80 %
 130.0
 105.8
 104.0

 3.0
 —

 122.9
 117.4

 Advarra Holdings, Inc. (15)
 Provider of central institutional review boards over clinical trials
 10.15 %
 4.1
 4.1
 3.9

 AHR Funding Holdings, Inc. and AHR Parent Holdings, LP
 Provider of revenue cycle management solutions to hospitals
 12.75 % PIK

 35,000
 36.9
 35.8
 (2)

 9,900
 10.2
 10.2
 (2)

 100,000
 0.1
 0.1
 (2)

 47.2
 46.1

 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (15)
 Revenue cycle management provider to the physician practices and acute care hospitals
 10.75 % PIK

 198,504
 218.1
 198.5
 (2)

 10,487,950
 10.5
 9.5
 (2)

 228.6
 208.0

 BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP (15)
 Opiod treatment provider
 9.73 %
 6.0
 6.1
 5.9

 Bambino Group Holdings, LLC
 1,000,000
 1.0
 0.9
 (2)

 CCS-CMGC Holdings, Inc. (15)
 Correctional facility healthcare operator
 —
 —
 —
 (13)

 9.91 %
 33.6
 33.5
 26.2

 33.5
 26.2

 Center for Autism and Related Disorders, LLC (15)
 Autism treatment and services provider specializing in applied behavior analysis therapy
 6.8
 6.8
 2.9
 (2)(10)(14)

 0.6
 0.2
 0.2
 (2)(10)(14)

 9.5
 9.3
 4.0

 2.1
 2.7
 0.9

 19.0
 8.0

 Color Intermediate, LLC
 Provider of pre-payment integrity software solution
 20.3
 20.3
 19.5

 Comprehensive EyeCare Partners, LLC (15)
 Vision care practice management company
 10.58 %
 02/2024
 0.8
 0.8
 0.7

 10.59 %
 02/2024
 0.3
 0.3
 0.3

 1.1
 1.0

 Convey Health Solutions, Inc.
 Healthcare workforce management software provider
 2.7
 2.7
 2.6

 9.83 %
 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 2.9
 2.8

 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (15)
 Provider of medical devices and services for the treatment of positional plagiocephaly
 10.11 %
 24.5
 24.5
 24.5

 Class A shares
 1.8
 1.9
 (2)

 0.3
 0.3
 (2)

 26.6
 26.7

 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15)
 6.40 %
 49.5
 49.5
 49.0

 6.40 %
 38.9
 38.9
 38.5

 1.7
 1.7
 1.6

 6.40 %
 0.1
 0.1
 0.1

 41,443
 14.5
 22.7
 (2)

 104.7
 111.9

 Ensemble RCM, LLC
 Provider of technology-enabled revenue cycle management services to the health care industry
 9.19 %
 2.5
 2.5
 2.5

 Evolent Health LLC
 Medical technology company focused on value based care services and payment solutions
 7.8
 7.8
 7.7

 Explorer Investor, Inc (15)
 Provider of outsourced employee staffing services to the life sciences and healthcare industries
 10.15 %
 1.0
 1.0
 0.9

 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (15)
 On-demand supply chain automation solutions provider to the healthcare industry
 114.0
 114.0
 111.8

 14,853,569
 15.7
 27.8
 (2)

 129.7
 139.6

 Global Medical Response, Inc. and GMR Buyer Corp.
 Emergency air medical services provider
 8.63 %
 12.1
 11.3
 8.5

 8.42 %
 25.7
 23.8
 17.9

 95.4
 95.4
 71.6

 115,733
 0.9
 1.8
 (2)

 12/2031
 1,927
 0.1
 —
 (2)

 131.5
 99.8

 Hanger, Inc.
 Provider of orthotic and prosthetic equipment and services
 10.43 %
 54.2
 54.2
 53.2

 13.93 %
 110.6
 110.6
 106.8

 164.8
 160.0

 HealthEdge Software, Inc. (15)
 Provider of financial, administrative and clinical software platforms to the healthcare industry
 —
 —
 —
 (13)

 11.74 %
 87.2
 87.2
 87.2

 87.2
 87.2

 Honor Technology, Inc.
 Nursing and home care provider
 14.38 %
 2.5
 2.4
 2.3

 Warrant to purchase shares of series D-2 preferred stock
 08/2031
 133,333
 0.1
 —
 (2)

 2.5
 2.3

 JDC Healthcare Management, LLC (15)
 4.8
 3.7
 2.6

 40.9
 31.4
 22.1

 35.1
 24.7

 KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (15)
 Provider of behavioral health services
 9.72 % ( 1.00 % PIK)

 3.2
 3.2
 3.1

 Lifescan Global Corporation
 Provider of blood glucose monitoring systems for home and hospital use
 9.74 %
 14.3
 13.7
 10.3
 (2)

 13.24 %
 0.2
 0.2
 0.2
 (2)

 13.9
 10.5

 Medline Borrower, LP (15)
 Manufacturer and distributor of medical supplies
 —
 —
 —
 (13)

 Napa Management Services Corporation and ASP NAPA Holdings, LLC
 Anesthesia management services provider
 Senior preferred units

 5,320
 0.3
 0.3
 (2)

 1,842
 0.2
 0.2
 (2)

 04/2016
 25,277
 2.5
 3.6
 (2)

 3.0
 4.1

 NMN Holdings III Corp. and NMN Holdings LP (15)
 Provider of complex rehabilitation technology solutions for patients with mobility loss
 8.13 %
 2.3
 2.3
 2.1

 Partnership units
 30,000
 3.0
 2.0
 (2)

 5.3
 4.1

 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(15)
 Behavioral health and special education platform provider
 50.9
 49.3
 38.1
 (10)

 8.7
 8.5
 6.6

 7,983
 3.1
 —

 417,189
 0.3
 —

 7,584
 —
 —

 9,549,000
 9.5
 —

 70.7
 44.7

 OMH-HealthEdge Holdings, LLC
 Revenue cycle management provider to the healthcare industry
 25.9
 25.9
 25.9

 15.2
 15.2
 15.2

 0.1
 0.1
 0.1

 41.2
 41.2

 Pathway Vet Alliance LLC and Jedi Group Holdings LLC (15)
 12.13 %
 76.3
 76.3
 65.6

 Class R common units
 6,004,768
 6.0
 5.5
 (2)

 82.3
 71.1

 PetVet Care Centers, LLC
 5.3
 5.1
 5.0

 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (15)
 Provider of employer-sponsored onsite health and wellness clinics and pharmacies
 —
 —
 —
 (13)

 7.92 %
 8.6
 8.5
 8.1

 11.67 %
 67.1
 66.8
 64.4
 (2)

 9,775
 9.8
 12.8
 (2)

 85.1
 85.3

 Project Ruby Ultimate Parent Corp.
 Provider of care coordination and transition management software solutions
 193.1
 193.1
 181.5

 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (15)
 Manufacturer of biologic, metal and synthetic implants/devices
 11.09 %
 9.8
 9.8
 9.7

 22.5
 22.5
 22.3

 32.3
 32.0

 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (15)
 Outsourced anesthesia provider
 10.3
 10.3
 10.3

 684,854
 4.8
 1.2
 (2)

 15.1
 11.5

 SM Wellness Holdings, Inc. and SM Holdco, Inc. (15)
 Breast cancer screening provider
 8,041
 8.0
 0.1
 (2)

 Series B units
 804,142
 —
 9.3
 (2)

 8.0
 9.4

 SOC Telemed, Inc. and PSC Spark Holdings, LP
 Provider of acute care telemedicine
 12.34 % PIK

 61.1
 56.7
 56.2

 12.19 %
 22.7
 22.7
 20.9

 4,812
 4.9
 4.8
 (2)

 Warrant to purchase Class A-2 units
 6,118
 4.7
 4.7
 (2)

 89.0
 86.6

 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15)
 SaaS based healthcare compliance platform provider
 10.25 %
 2.75 %
 3.1
 3.1
 2.6
 (2)

 8.69 %
 12.4
 12.4
 10.5

 76.2
 76.2
 64.8

 Series C-1 preferred shares

 75,939
 94.9
 73.1
 (2)

 Series C-2 preferred shares

 40,115
 47.5
 36.6
 (2)

 Series C-3 preferred shares

 16,201
 18.5
 14.3
 (2)

 252.6
 201.9

 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15)
 Franchisor of private-pay home care for the elderly
 13.1
 13.1
 13.1

 0.5
 1.0

 13.6
 14.1

 Tempus Labs, Inc.
 Provider of technology enabled precision medicine solutions
 10.49 %
 71.4
 71.4
 69.6

 Therapy Brands Holdings LLC
 Provider of software solutions for the mental and behavioral health market segments
 29.1
 28.9
 27.9

 Touchstone Acquisition, Inc. and Touchstone Holding, L.P.
 Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-markets

 2,149
 3.0
 2.1
 (2)

 U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.
 Anesthesiology service provider
 147.8
 147.8
 143.3

 3,671,429
 12.9
 12.7
 (2)

 160.7
 156.0

 United Digestive MSO Parent, LLC (15)
 Gastroenterology physician group
 1.0
 1.0
 1.0

 Viant Medical Holdings, Inc.
 Manufacturer of plastic and rubber components for health care equipment
 8.13 %
 3.2
 2.9
 2.8

 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (15)
 10.60 %
 6.2
 6.2
 6.0

 3.1
 3.1
 3.1

 7,524
 7.5
 8.6
 (2)

 16.8
 17.7

 WSHP FC Acquisition LLC and WSHP FC Holdings LLC (15)
 Provider of biospecimen products for pharma research
 10.32 %
 8.6
 8.6
 8.4

 33.1
 33.1
 32.4

 14.5
 14.5
 14.2

 11.3
 11.3
 11.0

 10.7
 10.7
 10.5

 4.5
 4.5
 4.4

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 33,293
 4.7
 4.4

 87.6
 85.5

 2,525.9
 2,341.9
 24.51 %

 Commercial and Professional Services

 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (15)
 Provider of outsourced crew accommodations and logistics management solutions to the airline industry
 12.48 % ( 0.60 % PIK)

 05/2024
 4.1
 4.1
 4.1

 236,358
 4.3
 6.6

 8.4
 10.7

 Aero Operating LLC
 Provider of snow removal and melting service for airports and marine terminals
 13.24 %
 36.2
 36.2
 35.1

 13.24 %
 1.1
 1.1
 1.1

 37.3
 36.2

 AI Fire Buyer, Inc. and AI Fire Parent LLC (15)
 Provider of fire safety and life safety services
 10.61 %
 0.4
 0.4
 0.4

 10.22 %
 26.8
 26.8
 26.8

 45.6
 45.6
 45.6

 10.3
 10.3
 10.3

 10.0
 10.0
 10.0

 46,990
 4.7
 5.7
 (2)

 97.8
 98.8

 Applied Technical Services, LLC (15)
 Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers
 1.1
 0.9
 1.1

 0.8
 0.8
 0.8

 1.7
 1.9

 Argenbright Holdings V, LLC and Amberstone Security Group Limited (15)
 Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services
 11.49 %
 20.9
 20.9
 20.7

 5.9
 5.9
 5.8

 26.8
 26.5

 BH-Sharp Holdings LP
 Provider of commercial knife sharpening and cutlery services in the restaurant industry
 2,950,000
 3.0
 2.3
 (2)

 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP (15)
 Outsourced supply chain solutions provider to operators of distribution centers
 —
 —
 —
 (13)

 9.13 %
 0.2
 0.2
 0.2

 13.13 %
 68.3
 68.3
 68.3

 10,581
 10.6
 20.1
 (2)

 79.1
 88.6

 Compex Legal Services, Inc. (15)
 Provider of outsourced litigated and non-litigated medical records retrieval services
 9.51 %
 1.8
 1.7
 1.8

 DTI Holdco, Inc. and OPE DTI Holdings, Inc.
 Provider of legal process outsourcing and managed services
 08/2014
 7,500
 7.5
 6.3
 (2)

 08/2014
 7,500
 —
 —
 (2)

 7.5
 6.3

 Elevation Services Parent Holdings, LLC (15)
 Elevator service platform
 10.36 %
 1.4
 1.4
 1.4

 10.2
 10.2
 10.0

 9.47 %
 9.1
 9.1
 9.0

 20.7
 20.4

 HAI Acquisition Corporation and Aloha Topco, LLC (15)
 Professional employer organization offering human resources, compliance and risk management services
 11/2017
 60.5
 60.5
 60.5

 11.41 %
 7.8
 7.8
 7.8

 0.1
 0.1
 0.1

 11/2017
 16,980
 1.7
 3.1
 (2)

 70.1
 71.5

 HH-Stella, Inc. and Bedrock Parent Holdings, LP (15)
 Provider of municipal solid waste transfer management services
 9.94 %
 2.8
 2.8
 2.7

 5.8
 5.8
 5.7

 25,490
 2.5
 2.2
 (2)

 11.1
 10.6

 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (15)
 Provider of commercial and industrial waste processing and disposal services
 —
 —
 —
 (13)

 3.5
 3.5
 3.5

 10,000
 10.0
 12.5
 (2)

 13.5
 16.0

 Kellermeyer Bergensons Services, LLC
 10.41 %
 56.8
 56.6
 51.1

 10.41 %
 0.1
 0.1
 0.1

 56.7
 51.2

 KPS Global LLC and Cool Group LLC
 Manufacturer of walk-in cooler and freezer systems
 9.92 %
 12.6
 12.6
 12.6

 9.92 %
 3.3
 3.3
 3.3

 13,292
 1.1
 5.2

 17.0
 21.1

 Laboratories Bidco LLC and Laboratories Topco LLC (15)
 Lab testing services for nicotine containing products
 8.8
 8.8
 8.4

 23.6
 24.1
 22.7

 8.73 %
 16.7
 16.7
 16.0
 (11)

 9.55 %
 4.4
 4.4
 4.2

 8.73 %
 0.1
 0.1
 0.1

 3,099,335
 4.6
 4.5
 (2)

 58.7
 55.9

 LJP Purchaser, Inc. and LJP Topco, LP (15)
 Provider of non-hazardous solid waste and recycling services
 10.44 %
 8.5
 8.5
 8.3

 5,098,000
 5.2
 5.4
 (2)

 13.7
 13.7

 Management Consulting & Research LLC (15)
 Provider of systems engineering and technical assistance to the US DoD
 1.0
 1.0
 1.0

 Marmic Purchaser, LLC and Marmic Topco, L.P. (15)
 Provider of recurring fire protection services
 10.80 %
 0.7
 0.7
 0.7

 11.04 %
 0.2
 0.2
 0.2

 1,929,237
 2.3
 2.6
 (2)

 3.2
 3.5

 Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.
 Keg management solutions provider
 15.58 % ( 11.00 % PIK)

 159.3
 159.3
 159.3
 (11)

 1,507
 1.5
 2.6
 (2)

 12/2012
 54,710
 4.9
 6.6
 (2)

 165.7
 168.5

 NAS, LLC and Nationwide Marketing Group, LLC (15)
 Buying and marketing services organization for appliance, furniture and consumer electronics dealers
 0.6
 0.6
 0.6

 6.3
 6.3
 6.3

 2.3
 2.3
 2.3

 1.3
 1.3
 1.3

 10.5
 10.5

 National Intergovernmental Purchasing Alliance Company (15)
 Leading group purchasing organization ("GPO") for public agencies and educational institutions in the U.S
 7.12 %
 3.00 %
 1.2
 1.2
 1.2
 (2)

 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (15)
 Provider of audience insights, data and analytics to entertainment industry
 8.82 %
 99.3
 90.4
 88.4

 8.57 %
 74.0
 68.5
 65.9

 First lien senior secured notes
 9.29 %
 52.8
 51.4
 49.8

 16.2
 13.5
 14.4
 (2)

 13.57 %
 221.3
 221.3
 214.7

 4,040,000
 4.0
 4.0
 (2)

 449.1
 437.2

 Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 (15)
 Operator of multiple franchise concepts primarily related to home maintenance or repairs
 13.26 %
 119.1
 119.1
 117.9

 Limited partner interest
 9,725,000
 9.7
 10.2
 (2)

 128.8
 128.1

 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC (15)
 Provider of fire safety and life safety services
 20.0
 20.0
 20.0

 2.9
 2.9
 2.9

 884,916
 0.9
 2.9
 (2)

 23.8
 25.8

 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15)
 Provider of lawncare services
 11.05 %
 6.4
 6.3
 6.2

 North Haven Stack Buyer, LLC (15)
 Provider of environmental testing services
 9.92 %
 0.8
 0.8
 0.8

 9.90 %
 6.9
 6.8
 6.7

 7.6
 7.5

 Petroleum Service Group LLC (15)
 Provider of operational services for US petrochemical and refining companies
 2.5
 2.5
 2.5

 34.5
 34.5
 34.5

 10.72 %
 11.6
 11.6
 11.6

 48.6
 48.6

 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (15)
 65.0
 65.0
 63.1

 7,900,000
 7.9
 8.4
 (2)

 72.9
 71.5

 PS Operating Company LLC and PS Op Holdings LLC (5)(15)
 Specialty distributor and solutions provider to the swine and poultry markets
 4.5
 4.5
 4.5

 14.9
 14.9
 14.9

 Common unit
 279,199
 7.4
 8.3
 (2)

 26.8
 27.7

 R2 Acquisition Corp.
 Marketing services
 05/2007
 250,000
 0.2
 0.1
 (2)

 RC V Tecmo Investor LLC
 Technology based aggregator for facility maintenance services
 Common member units
 9,624,000
 8.3
 22.9
 (2)

 RE Community Holdings GP, LLC and RE Community Holdings, LP
 Operator of municipal recycling facilities
 03/2011
 2.86 %
 —
 —

 03/2011
 2.49 %
 —
 —

 —
 —

 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (15)
 Provider of FDA registration and consulting services
 2.7
 2.7
 2.7

 1.13 %
 2.7
 2.6
 (2)

 5.4
 5.3

 Rodeo AcquisitionCo LLC (15)
 Provider of food inspection and recovery services
 1.3
 1.3
 1.2

 16.9
 16.9
 16.1

 18.2
 17.3

 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (15)
 Provider of landscape design and planning, and snow removal services
 0.2
 0.2
 0.2

 0.6
 0.6
 0.6

 4,502
 11.1
 14.7
 (2)

 11.9
 15.5

 Shermco Intermediate Holdings, Inc. (15)
 Provider of electrician services
 10.82 %
 2.7
 2.6
 2.7
 (2)

 SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP
 Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products
 06/2030
 21.0
 21.0
 14.3

 Limited partnership class A-1 units
 2,173
 1.1
 —
 (2)

 Limited partnership class A-2 units
 2,173
 1.1
 —
 (2)

 23.2
 14.3

 Startec Equity, LLC (5)
 Communication services
 —
 —

 Stealth Holding LLC and UCIT Online Security Inc.
 Live video monitoring solutions provider
 10.54 %
 51.3
 51.3
 50.3

 11.08 %
 5.2
 5.2
 5.1

 13.75 %
 2.5
 2.5
 2.4

 59.0
 57.8

 The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P. (15)
 Market research company focused on the consumer packaged goods industry
 10.07 %
 1.7
 1.7
 1.7

 10.43 % ( 2.75 % PIK)

 213.5
 213.5
 209.3

 10,744
 11.3
 15.7
 (2)

 226.5
 226.7

 Thermostat Purchaser III, Inc. (15)
 Provider of commercial HVAC equipment maintenance and repair services
 11.98 %
 23.0
 23.0
 22.1

 Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies
 11.74 % ( 1.25 % PIK)

 32.6
 32.6
 29.3

 09/2024
 103.8
 87.5
 48.8

 10,358,572
 3.9
 —

 124.0
 78.1

 VRC Companies, LLC (15)
 Provider of records and information management services
 —
 0.1
 —

 12.00 % ( 2.00 % PIK)

 5.0
 5.1
 4.7
 (2)

 5.2
 4.7

 Wash Encore Holdings, LLC
 Provider of outsourced healthcare linen management solutions
 9.12 %
 98.5
 98.5
 96.5

 XIFIN, Inc. and ACP Charger Co-Invest LLC (15)
 Revenue cycle management provider to labs
 0.2
 0.2
 0.2

 37.0
 37.0
 36.6
 (11)

 0.1
 0.1
 0.1

 180,000
 1.8
 4.2
 (2)

 46,363
 0.9
 1.1
 (2)

 40.0
 42.2

 2116.3
 2077.0
 21.74 %

 Investment Funds and Vehicles

 ACAS Equity Holdings Corporation (5)
 0.4
 0.4
 (6)

 ARES 2007-3R
 Subordinated notes
 20.0
 —
 0.1
 (6)

 Blue Wolf Capital Fund II, L.P. (4)
 —
 0.1

 CoLTs 2005-1 Ltd. (5)
 —
 —
 (6)

 CREST Exeter Street Solar 2004-1
 3,500,000
 —
 —
 (6)

 European Capital UK SME Debt LP (4)(16)
 45.00 %
 18.0
 26.5
 (6)

 HCI Equity, LLC (5)
 —
 —

 Partnership Capital Growth Investors III, L.P.
 10/2011
 2.50 %
 1.8
 3.9

 PCG-Ares Sidecar Investment II, L.P. (4)(16)
 7.1
 15.5

 PCG-Ares Sidecar Investment, L.P. (4)
 05/2014
 4.3
 0.7
 (6)

 Piper Jaffray Merchant Banking Fund I, L.P.
 08/2012
 2.00 %
 0.1
 0.5

 Senior Direct Lending Program, LLC (5)(17)
 Co-investment vehicle
 Subordinated certificates
 12.77 %
 07/2016
 12/2036
 1,274.1
 1,274.1
 1,248.6
 (6)(12)

 87.50 %
 —
 —
 (6)

 1,274.1
 1,248.6

 VSC Investors LLC
 01/2008
 1.95 %
 —
 0.5

 1,305.8
 1,296.8
 13.57 %

 Insurance Services

 Acrisure, LLC and Acrisure Finance, Inc.
 Independent property and casualty insurance brokerage
 0.5
 0.5
 0.5

 Alera Group, Inc.
 60.6
 60.6
 58.8

 Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc.
 9.58 %
 14.6
 13.9
 14.0
 (2)

 8.88 %
 2.3
 2.3
 2.2
 (2)

 16.2
 16.2

 AQ Sunshine, Inc. (15)
 Specialized insurance broker
 1.4
 1.4
 1.4

 8.9
 8.9
 8.8

 8.5
 8.5
 8.3

 5.6
 5.6
 5.5

 1.0
 1.0
 1.0

 0.1
 0.1
 0.1

 25.5
 25.1

 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc
 Insurance broker and underwriting servicer
 8.81 %
 90.0
 90.0
 89.1

 8.19 %
 66.8
 64.5
 66.8

 8.19 %
 SONIA (S)
 75.0
 79.4
 75.0

 Euribor (S)
 7.0
 7.5
 7.0

 11.50 % PIK

 1.4
 1.4
 1.4

 242.8
 239.3

 Benecon Midco II LLC and Locutus Holdco LLC (15)
 Employee benefits provider for small and mid-size employers
 9,803,682
 10.0
 22.1

 Benefytt Technologies, Inc. (15)
 Health insurance sales platform provider
 13.16 % ( 9.18 % PIK)

 29.1
 29.1
 23.9

 Captive Resources Midco, LLC (15)
 Provider of independent consulting services to member-owned group captives
 7.20 %
 2.88 %
 0.1
 0.1
 0.1

 Foundation Risk Partners, Corp. (15)
 Full service independent insurance agency
 10.32 %
 8.6
 8.6
 8.5

 112.6
 112.6
 111.5

 30.3
 30.3
 30.0

 1.1
 1.1
 1.1

 152.6
 151.1

 Galway Borrower LLC (15)
 —
 —
 —
 (13)

 34.2
 34.2
 32.8

 34.2
 32.8

 High Street Buyer, Inc. and High Street Holdco LLC (15)
 Insurance brokerage platform
 22.8
 22.8
 22.6

 9.99 %
 14.7
 14.7
 14.4

 12.3
 12.3
 12.1

 110,561,971
 125.5
 112.9
 (2)

 Series A common units

 4,649,000
 5.5
 7.1
 (2)

 Series C common units

 5,666,050
 0.7
 8.6
 (2)

 181.5
 177.7

 Inszone Mid, LLC and INSZ Holdings, LLC (15)
 Insurance brokerage firm
 11.33 %
 17.6
 17.6
 17.1

 246,143
 1.7
 1.7

 19.3
 18.8

 K2 Insurance Services, LLC and K2 Holdco LP (15)
 Specialty insurance and managing general agency
 9.73 %
 50.4
 50.4
 50.4

 9.73 %
 2.3
 2.3
 2.3

 9.54 %
 0.2
 0.2
 0.2

 799,000
 0.8
 2.3
 (2)

 53.7
 55.2

 OneDigital Borrower LLC (15)
 Benefits broker and outsourced workflow automation platform provider for brokers
 —
 —
 —
 (13)

 Patriot Growth Insurance Services, LLC (15)
 National retail insurance agency
 8.87 %
 16.0
 15.8
 15.5

 People Corporation (15)
 Provider of group benefits, group retirement and human resources services
 10.99 %
 1.3
 1.3
 1.3

 10.91 %
 40.9
 43.7
 40.5

 10.91 %
 12.8
 14.0
 12.6

 10.17 %
 8.1
 8.4
 7.8

 67.4
 62.2

 Riser Merger Sub, Inc. (15)
 Insurance program administrator
 9.33 %
 0.7
 0.8
 0.7

 RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc. (15)
 Insurance broker
 9.79 %
 32.8
 32.8
 31.8

 SageSure Holdings, LLC & Insight Catastrophe Group, LLC (15)
 5.9
 5.9
 5.9

 10.13 % ( 1.63 % PIK)

 14.0
 14.0
 13.9

 15.6
 16.0

 35.5
 35.8

 SCM Insurance Services Inc. (15)
 Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry
 11.16 %
 61.1
 64.2
 61.1

 SelectQuote, Inc.
 Direct to consumer insurance distribution platform
 12.42 % ( 2.00 % PIK)

 22.2
 22.2
 19.5

 SG Acquisition, Inc.
 Provider of insurance solutions for car sales
 9.17 %
 33.8
 33.8
 33.5

 Spring Insurance Solutions, LLC
 Technology-based direct to consumer sales and marketing platform for insurance products
 22.0
 22.0
 19.6

 THG Acquisition, LLC (15)
 Multi-line insurance broker
 17.0
 17.0
 16.7

 14.9
 14.9
 14.7

 0.1
 0.1
 0.1

 32.0
 31.5

 1,152.6
 1,132.8

 Power Generation

 Apex Clean Energy TopCo, LLC (4)
 Developer, builder and owner of utility-scale wind and solar power facilities
 1,335,610
 98.7
 150.6

 Ferrellgas, L.P. and Ferrellgas Partners, L.P.
 Distributor of propane and related accessories
 Senior preferred units
 8.96 %
 59,422
 59.5
 60.0

 59,428
 14.9
 14.9

 74.4
 74.9

 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC (5)
 Developer of utility scale solar systems
 11.00 % ( 8.54 % PIK)

 79.3
 79.3
 79.3
 (2)

 Class A1 units
 76,446,352
 77.1
 124.0

 Class A2 units
 4,072,278
 3.8
 6.3

 160.2
 209.6

 Opal Fuels LLC and Opal Fuels Inc.
 Owner of natural gas facilities

 28.5
 24.8
 28.5
 (6)

 3,059,533
 23.3
 22.3

 48.1
 50.8

 PosiGen, Inc.
 Seller and leaser of solar power systems for residential and commercial customers
 Warrant to purchase shares of series D-1 preferred stock
 101,555
 —
 —

 1,112,022
 —
 —

 —
 —

 Potomac Intermediate Holdings II LLC (5)
 Gas turbine power generation facilities operator
 226,884,442
 185.7
 143.2

 Riverview Power LLC (15)
 Operator of natural gas and oil fired power generation facilities
 13.73 %
 57.6
 56.7
 57.6

 SE1 Generation, LLC
 Solar power developer
 12.25 % ( 5.50 % PIK)

 57.5
 57.5
 57.5
 (2)

 Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC
 3.61 %
 02/2055
 0.1
 0.1
 0.1
 (2)

 11.16 % ( 5.01 % PIK)

 147.9
 147.9
 136.1

 148.0
 136.2

 Sunrun Luna Holdco 2021, LLC (15)
 Senior subordinated revolving loan
 7.86 %
 24.4
 24.4
 24.2

 Senior subordinated revolving loan
 8.95 %
 16.3
 16.3
 16.1

 40.7
 40.3

 Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC
 3.98 %
 06/2054
 0.3
 0.3
 0.3
 (2)

 10.00 % ( 6.00 % PIK)

 07/2030
 72.5
 72.5
 67.3

 72.8
 67.6

 942.8
 988.3
 10.34 %

 Consumer Services

 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (5)
 Restaurant owner and operator
 8.3
 —
 —

 Aimbridge Acquisition Co., Inc.
 Hotel operator
 22.5
 22.3
 21.8
 (2)

 American Residential Services L.L.C. and Aragorn Parent Holdings LP (15)
 Heating, ventilation and air conditioning services provider
 7.14 %
 2.75 %
 0.6
 0.6
 0.6
 (2)

 9.25 %
 1.75 %
 0.3
 0.3
 0.3
 (2)

 13.23 %
 56.4
 56.4
 56.4

 2,531,500
 3.2
 6.5
 (2)

 60.5
 63.8

 ATI Restoration, LLC (15)
 Provider of disaster recovery services
 4.7
 4.7
 4.7

 9.36 %
 33.0
 33.0
 33.0

 9.65 %
 8.2
 8.2
 8.2

 45.9
 45.9

 Belfor Holdings, Inc. (15)
 Disaster recovery services provider
 11.6
 12.1
 12.1

 10.25 %
 2.75 %
 1.4
 1.5
 1.4

 13.6
 13.5

 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L.
 Manager and operator of banquet facilities, restaurants, hotels and other leisure properties
 68.2
 68.0
 66.9

 30.0
 29.7
 29.4

 20.0
 19.7
 19.6

 15.5
 15.4
 15.2

 15.23 %
 12.2
 12.2
 11.9

 4.9
 4.9
 4.8

 3.0
 3.0
 3.0

 3.0
 3.0
 3.0

 Warrant to purchase units of shares
 03/2041
 718.66
 2.1
 8.8

 158.0
 162.6

 CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (15)
 Provider of commercial HVAC equipment maintenance and repair services
 9.47 %
 0.4
 0.4
 0.4

 9.52 %
 21.8
 21.8
 21.4

 9.40 %
 3.8
 3.8
 3.7

 2.9
 4.6
 (2)

 28.9
 30.1

 CST Holding Company (15)
 Provider of ignition interlock devices
 0.2
 0.2
 0.2

 11.8
 11.8
 11.4

 12.0
 11.6

 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (15)
 Provider of plumbing and HVAC services
 —
 —
 —
 (13)

 9.49 %
 78.1
 78.1
 76.5

 9.49 %
 48.2
 48.2
 47.2

 19.6
 19.6
 19.2

 14.94 %
 5.6
 5.6
 5.5

 6,447
 22.9
 42.0
 (2)

 174.4
 190.4

 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P. (15)
 Provider of residential roofing and exterior repair and replacement services
 11.40 %
 11.4
 11.4
 11.1

 9,524,000
 9.5
 9.5
 (2)

 20.9
 20.6

 Jenny C Acquisition, Inc.
 Health club franchisor

 1.6
 1.6
 1.6
 (2)

 KeyStone Sub-debt HoldCo, LLC
 Planet Fitness franchisee

 60.0
 57.6
 58.8
 (2)

 8.0
 8.0
 7.8
 (2)

 Warrant to purchase Class C interests
 24.7581
 3.6
 8.3
 (2)

 69.2
 74.9

 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (15)
 Franchising platform offering adolescent development programs
 12.54 %
 0.7
 0.7
 0.7

 12.54 %
 16.2
 16.2
 15.8

 1,972,732
 2.0
 2.0

 18.9
 18.5

 LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC (15)
 10.59 %
 6.38 %
 21.2
 21.2
 21.6

 10.89 %
 6.38 %
 6.7
 6.7
 6.8

 6.38 %
 6.1
 6.1
 6.2

 2,771,000
 2.8
 15.5

 36.8
 50.1

 ME Equity LLC
 Franchisor in the massage industry
 09/2012
 3.0
 4.5
 (2)

 Movati Athletic (Group) Inc.
 Premier health club operator
 10.18 % ( 0.50 % PIK)

 10/2017
 4.7
 4.9
 4.6

 OTG Management, LLC
 Airport restaurant operator
 25.3
 13.1
 (2)

 01/2011
 3.0
 —

 Warrant to purchase of common units
 06/2008
 7.73 %
 0.1
 —

 28.4
 13.1

 Pueblo Mechanical and Controls, LLC and OMERS PMC Investment Holdings LLC (15)
 Provider of commercial HVAC services
 1.4
 1.4
 1.4

 1,001
 9.7
 11.0
 (2)

 11.1
 12.4

 Pyramid Management Advisors, LLC and Pyramid Investors, LLC (15)
 Hotel operator
 11.60 % ( 1.25 % PIK)

 9.7
 9.7
 9.7

 11.63 % ( 1.25 % PIK)

 16.9
 16.9
 16.9

 11.63 % ( 1.25 % PIK)

 0.1
 0.1
 0.1

 Preferred membership units
 07/2016
 996,833
 1.0
 0.9

 27.7
 27.6

 Redwood Services, LLC and Redwood Services Holdco, LLC (15)
 0.8
 0.8
 0.8

 0.1
 0.1
 0.1

 0.2
 0.2
 0.2

 Series D units

 19,592,999
 20.5
 33.9

 21.6
 35.0

 Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc.
 Provider of safety systems for business and residential customers
 11.63 %
 47.9
 47.9
 47.9

 Service Logic Acquisition, Inc. and MSHC, Inc.
 Heating, ventilation and air conditioning services provider
 9.59 %
 0.1
 0.1
 0.1

 SV-Burton Holdings, LLC and LBC Breeze Holdings LLC (15)
 Provider of HVAC and plumbing services to residential and commercial customers
 1.3
 1.3
 1.3

 4,296
 4.3
 4.8

 5.6
 6.1

 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (15)
 Planet Fitness franchisee
 9.51 % ( 0.50 % PIK)

 0.4
 0.4
 0.4

 10.05 % ( 0.50 % PIK)

 5.63 %
 0.4
 0.4
 0.4

 8.92 % ( 0.50 % PIK)

 1.4
 1.4
 1.4

 37,020
 3.8
 4.6

 6.0
 6.8

 The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. (15)
 Premier health club operator
 14.00 % ( 2.00 % PIK)

 12.5
 12.5
 12.5

 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (15)
 Refrigeration, heating, ventilation and air conditioning services provider
 10.10 %
 8.9
 8.9
 8.8

 12.50 %
 2.5
 2.5
 2.5

 9.57 %
 0.2
 0.2
 0.2

 11.08 %
 0.2
 0.2
 0.2

 5,667,160
 5.7
 8.5

 17.5
 20.2

 YE Brands Holdings, LLC (15)
 Sports camp operator
 9.47 %
 1.5
 1.5
 1.5

 8.2
 8.2
 8.2

 9.68 %
 0.1
 0.1
 0.1

 9.8
 9.8

 859.1
 906.0

 Consumer Durables and Apparel

 Badger Sportswear Acquisition, Inc.
 Provider of team uniforms and athletic wear
 13.57 %
 56.8
 56.8
 56.8

 Bowhunter Holdings, LLC
 Provider of branded archery and bowhunting accessories
 04/2014
 4.2
 —

 Centric Brands LLC and Centric Brands GP LLC (15)
 Designer, marketer and distributor of licensed and owned apparel
 9.70 %
 05/2020
 5.0
 5.0
 4.7

 13.30 % ( 7.33 % PIK)

 75.4
 75.3
 70.9

 Membership interests
 279,392
 2.9
 2.9
 (2)

 83.2
 78.5

 DRS Holdings III, Inc. and DRS Holdings I, Inc. (15)
 Footwear and orthopedic foot-care brand
 28.0
 28.0
 26.8

 25.8
 25.8
 24.8
 (11)

 8,549
 8.5
 7.2
 (2)

 62.3
 58.8

 Implus Footcare, LLC
 Provider of footwear and other accessories
 13.98 % ( 1.50 % PIK)

 9.25 %
 102.7
 102.7
 92.4

 12.48 % ( 0.27 % PIK)

 14.1
 14.1
 12.6

 12.48 % ( 0.27 % PIK)

 5.0
 5.0
 4.5

 13.98 % ( 0.30 % PIK)

 9.25 %
 06/2016
 1.3
 1.3
 1.1

 123.1
 110.6

 Johnnie-O Inc. and Johnnie-O Holdings Inc.
 Apparel retailer
 10.65 % ( 4.50 % PIK)

 19.2
 18.3
 18.8

 Series A convertible preferred stock
 144,211
 4.3
 5.5
 (2)

 03/2032
 76,491
 1.0
 1.3
 (2)

 23.6
 25.6

 Lew's Intermediate Holdings, LLC (15)
 Outdoor brand holding company
 9.40 %
 1.0
 1.0
 0.9

 New Era Cap, LLC
 Sports apparel manufacturing company
 9.94 %
 27.8
 27.8
 27.8

 Pelican Products, Inc. (15)
 Flashlights manufacturer
 12.20 %
 60.0
 60.0
 55.8

 Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC
 Sports equipment manufacturing company
 49.7
 49.7
 49.7

 0.1
 0.1
 0.1

 49.8
 49.8

 Reef Lifestyle, LLC (15)
 Apparel retailer
 14.50 % ( 2.00 % PIK)

 35.5
 35.5
 34.4

 14.32 % ( 4.96 % PIK)

 1.0
 0.9
 1.0

 12.74 % ( 2.00 % PIK)

 23.7
 23.7
 22.9

 10.15 % ( 2.00 % PIK)

 1.3
 1.3
 1.3

 61.4
 59.6

 S Toys Holdings LLC (fka The Step2 Company, LLC) (5)
 Toy manufacturer
 126,278,000
 —
 —

 04/2011
 1,116,879
 —
 —

 Warrant to purchase units
 3,157,895
 —
 —

 —
 —

 SHO Holding I Corporation
 Manufacturer and distributor of slip resistant footwear
 10/2015
 124.9
 120.4
 82.4

 Shock Doctor, Inc. and Shock Doctor Holdings, LLC (4)(15)
 Developer, marketer and distributor of sports protection equipment and accessories
 9.84 %
 05/2024
 0.1
 0.1
 0.1

 03/2014
 50,000
 5.0
 1.8
 (2)

 Class C preferred units
 04/2015
 50,000
 5.0
 1.8
 (2)

 14,591
 1.6
 2.3
 (2)

 11.7
 6.0

 SVP-Singer Holdings Inc. and SVP-Singer Holdings LP
 Manufacturer of consumer sewing machines
 44.4
 43.5
 36.4

 6,264,706
 26.1
 4.0
 (2)

 69.6
 40.4

 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. (4)
 Designer, marketer, and distributor of rain and cold weather products
 2.2
 2.2
 1.9

 8.38 %
 1.6
 1.6
 1.6

 861,000
 6.0
 0.2
 (2)

 9.8
 3.7

 Varsity Brands Holding Co., Inc. and BCPE Hercules Holdings, LP
 Leading manufacturer and distributor of textiles, apparel & luxury goods
 14.8
 14.0
 14.2

 12.63 %
 122.7
 122.7
 121.5

 12.63 %
 21.1
 21.1
 20.9

 Class A Units
 1,400
 1.4
 1.0
 (2)

 159.2
 157.6

 923.9
 814.3
 8.52 %

 Capital Goods

 AI Aqua Merger Sub, Inc.
 End to end provider of water solutions to a wide range of customer bases
 7.97 %
 1.0
 1.0
 0.9

 API Commercial Inc., API Military Inc., and API Space Intermediate, Inc.
 Provider of military aircraft aftermarket parts and distribution, repair and logistics services
 7.3
 3.6
 3.6

 Arrowhead Holdco Company and Arrowhead GS Holdings, Inc.
 Distributor of non-discretionary, mission-critical aftermarket replacement parts
 8.68 %
 0.1
 0.1
 0.1

 5,054
 5.1
 6.4
 (2)

 5.2
 6.5

 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC (15)
 Provides products and services to the Department of Defense and Intelligence Community
 10.72 %
 2.8
 2.7
 2.7

 1.0
 1.0
 1.0

 3.7
 3.7

 Burgess Point Purchaser Corporation
 Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts
 9.67 %
 4.8
 4.4
 4.3

 Cadence Aerospace, LLC (15)
 Aerospace precision components manufacturer

 11/2017
 13.7
 13.7
 13.4

 1.0
 1.0
 1.0

 11/2017
 31.1
 31.1
 30.5

 11.9
 11.9
 11.6

 9.7
 9.7
 9.5

 13.23 % ( 2.00 % PIK)

 7.8
 7.8
 7.6

 5.3
 5.2
 5.2

 80.4
 78.8

 DFS Holding Company, Inc.
 Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry
 9.44 %
 164.9
 164.9
 164.9

 05/2020
 6.5
 6.5
 6.5

 4.3
 4.3
 4.3

 175.7
 175.7

 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (15)
 Provider of aerospace technology and equipment
 11.65 %
 23.2
 23.2
 23.2

 9,773,000
 9.8
 9.0

 33.0
 32.2

 EPS NASS Parent, Inc. (15)
 Provider of maintenance and engineering services for electrical infrastructure
 0.8
 0.8
 0.8

 0.2
 0.2
 0.2

 1.0
 1.0

 ESCP PPG Holdings, LLC (4)
 Distributor of new equipment and aftermarket parts to the heavy-duty truck industry
 96,897
 2.3
 3.0
 (2)

 3,500
 3.5
 0.1
 (2)

 5.8
 3.1

 Harvey Tool Company, LLC (15)
 Manufacturer of cutting tools used in the metalworking industry
 1.1
 1.1
 1.1

 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5)
 Provider of high-speed intelligent document scanning hardware and software
 14.00 %
 16.6
 16.5
 16.6
 (2)

 73,804,135
 1.5
 29.8

 48,082
 —
 0.1

 431,055
 0.1
 1.3

 18.1
 47.8

 Kene Acquisition, Inc. and Kene Holdings, L.P. (15)
 National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets
 —
 —
 —
 (13)

 8.98 %
 40.6
 40.6
 39.8

 4,549,000
 4.5
 7.0
 (2)

 45.1
 46.8

 Lower ACS, Inc. (15)
 Provider of commercial HVAC equipment and services
 5.4
 5.4
 5.4

 LTG Acquisition, Inc.
 Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets
 Class A membership units
 5,000
 5.1
 —

 Maverick Acquisition, Inc.
 Manufacturer of precision machined components for defense and high-tech industrial platforms
 27.6
 27.6
 25.4

 MB Aerospace Holdings II Corp.
 Aerospace engine components manufacturer
 8.23 %
 14.3
 13.4
 12.5

 13.73 %
 01/2018
 68.4
 68.4
 63.6

 13.73 %
 23.6
 23.6
 22.0

 105.4
 98.1

 NCWS Intermediate, Inc. and NCWS Holdings LP (15)
 Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market
 97.0
 97.0
 95.1

 0.2
 0.2
 0.2

 Class A-2 common units
 12,296,000
 12.9
 18.5
 (2)

 110.1
 113.8

 Noble Aerospace, LLC (15)
 Provider of metal finishing services to the aerospace, military and defense sectors
 —
 —
 —
 (13)

 Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC
 Provider of structural integrity management services to transmission and distribution infrastructure
 55.3
 55.3
 51.4

 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
 11.7
 11.7
 11.4

 4.0
 4.0
 3.9

 88,420
 13.4
 26.5
 (2)

 29.1
 41.8

 Prime Buyer, L.L.C. (15)
 Provider of track systems, cabs, hulls, doors, and various armored components for defense/military vehicle applications
 2.7
 2.0
 2.6

 Qnnect, LLC and Connector TopCo, LP (15)
 Manufacturer of highly engineered hermetic packaging products
 10.6
 10.6
 10.3

 992,500
 9.9
 9.9
 (2)

 20.5
 20.2

 Radius Aerospace, Inc. and Radius Aerospace Europe Limited (15)
 Metal fabricator in the aerospace industry
 8.68 %
 SONIA (M)
 0.4
 0.4
 0.4

 0.4
 0.4
 0.4

 0.8
 0.8

 Radwell Parent, LLC (15)
 Distributor of maintenance, repair, and operations parts
 11.33 %
 19.5
 18.9
 18.9

 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon (15)
 Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets
 10/2017
 —
 —
 —
 (13)

 758.3
 783.9
 8.21 %

 Automobiles and Components

 Automotive Keys Group, LLC and Automotive Keys Investor, LLC
 Provider of replacement wireless keys for automotive market
 10.93 %
 5.3
 5.3
 5.3

 9.73 %
 0.1
 0.1
 0.1

 5,208,159
 6.1
 5.2
 (2)

 5,208,159
 —
 —

 11.5
 10.6

 Continental Acquisition Holdings, Inc.
 Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets
 36.2
 36.2
 33.3

 5.4
 5.4
 4.9

 41.6
 38.2

 Eckler Purchaser LLC (5)
 Restoration parts and accessories provider for classic automobiles
 07/2012
 67,972
 —
 —

 Faraday Buyer, LLC (15)
 Manufacturer and supplier for the power utility and automotive markets worldwide
 11.32 %
 52.2
 52.2
 50.6

 Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc.
 Electric vehicle manufacturer
 Warrant to purchase shares of Class A common stock
 633,008
 2.3
 —
 (2)

 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (15)
 Manufacturer and distributor of automotive fluids
 8.13 %
 1.0
 1.0
 0.9

 8.88 %
 11.9
 11.3
 10.9

 12.72 %
 70.4
 70.4
 64.0

 Co-invest units
 59,230
 5.9
 3.8
 (2)

 88.6
 79.6

 McLaren Group Limited
 Automobile manufacturer and retailer
 Senior preference shares
 12.50 % PIK

 200,000
 23.7
 26.2

 Warrant to purchase units of ordinary shares
 08/2100
 49,181
 5.5
 2.8

 Warrant to purchase units of ordinary shares
 08/2100
 13,776
 1.6
 0.8

 30.8
 29.8

 Sun Acquirer Corp. and Sun TopCo, LP (15)
 Automotive parts and repair services retailer
 —
 —
 —
 (13)

 52.0
 52.0
 50.4

 5.3
 5.3
 5.2

 79,687
 8.0
 9.3
 (2)

 65.3
 64.9

 Wand Newco 3, Inc.
 Collision repair company
 11.63 %
 182.6
 180.9
 178.9
 (2)

 473.2
 452.6
 4.74 %

 Media and Entertainment

 Aventine Intermediate LLC & Aventine Holdings II LLC (15)
 Media and production company
 10.38 % ( 4.12 % PIK)

 9.4
 9.4
 9.3

 10.25 % PIK

 12/2030
 39.4
 39.4
 36.2
 (2)

 48.8
 45.5

 Axiomatic, LLC
 Premiere e-sports and video game investment platform
 500,000
 5.0
 5.3

 CMW Parent LLC (fka Black Arrow, Inc.)
 Multiplatform media firm
 09/2015
 —
 —

 Eagle Football Holdings BidCo Limited
 Multi-club sports platform

 25.5
 25.5
 23.9

 12.30 %
 41.7
 41.7
 40.5

 67.2
 64.4

 Global Music Rights, LLC (15)
 Music right management company
 0.1
 0.1
 0.1

 MailSouth, Inc.
 Provider of shared mail marketing services
 8.7
 5.8
 3.9

 Miami Beckham United LLC
 American professional soccer club
 8.50 % PIK

 85,000
 94.7
 94.7

 OUTFRONT Media Inc.
 Provider of out-of-home advertising
 Series A convertible perpetual preferred stock
 25,000
 25.0
 33.6

 Production Resource Group, L.L.C. and PRG III, LLC (4)
 Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets
 12.85 % ( 9.85 % PIK)

 39.1
 39.1
 39.1

 11.85 % ( 2.59 % PIK)

 15.4
 15.4
 15.4

 11.88 % ( 2.57 % PIK)

 7.6
 7.6
 7.6

 11.88 % ( 2.57 % PIK)

 0.9
 0.9
 0.9

 113,617
 4.9
 34.3
 (2)

 67.9
 97.3

 Professional Fighters League, LLC and PFL MMA, Inc. (15)
 Mixed martial arts league
 12.00 % PIK

 17.1
 16.1
 17.1
 (2)

 14.00 %
 0.1
 —
 0.1
 (2)

 Series E preferred stock
 219,035
 0.7
 0.6
 (2)

 3,223,122
 1.7
 0.8
 (2)

 57,322
 0.2
 0.2
 (2)

 18.7
 18.8

 Storm Investment S.a.r.l.
 Spanish futbol club
 66.0
 73.6
 66.0

 Class A redeemable shares
 1.6
 2.2

 Class B redeemable shares
 1.6
 2.2

 Class C redeemable shares
 1.6
 2.2

 Class D redeemable shares
 1.6
 2.2

 Class E redeemable shares
 1.6
 2.2

 Class F redeemable shares
 1.6
 2.2

 Class G redeemable shares
 1.6
 2.2

 Class H redeemable shares
 1.6
 2.2

 Class I redeemable shares
 1.6
 2.2

 Ordinary shares
 3,958
 —
 0.2

 88.0
 86.0

 The Teaching Company Holdings, Inc.
 Education publications provider
 09/2006
 10,663
 1.1
 2.5
 (2)

 09/2006
 15,393
 —
 —

 1.1
 2.5

 422.3
 452.1
 4.73 %

 Food and Beverage

 American Seafoods Group LLC and American Seafoods Partners LLC
 Harvester and processor of seafood
 08/2015
 77,922
 0.1
 0.3
 (2)

 Warrant to purchase Class A units
 08/2015
 08/2035
 7,422,078
 7.4
 28.0
 (2)

 7.5
 28.3

 Berner Food & Beverage, LLC (15)
 Supplier of dairy-based food and beverage products
 0.4
 0.4
 0.4

 9.91 %
 0.1
 0.1
 0.1

 0.5
 0.5

 Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(15)
 Health food company
 11.58 %
 28.9
 28.9
 28.3

 14,850
 11.5
 10.8
 (2)

 40.4
 39.1

 CHG PPC Parent LLC & PPC CHG Blocker LLC
 Diversified food products manufacturer
 94.6
 94.6
 89.9

 3.0
 2.9
 (2)

 97.6
 92.8

 Florida Food Products, LLC
 Provider of plant extracts and juices
 9.32 %
 0.4
 0.4
 0.4

 0.1
 0.1
 0.1

 12.38 %
 71.8
 71.8
 70.4

 72.3
 70.9

 GF Parent LLC
 Producer of low-acid, aseptic food and beverage products
 2,940
 2.9
 —

 60,000
 0.1
 —

 0.26
 —
 —

 3.0
 —

 Gotham Greens Holdings, PBC (15)
 Producer of vegetables and culinary herbs for restaurants and retailers
 11.80 %
 7.38 %
 17.7
 17.7
 17.4

 Series E-1 preferred stock
 6.00 % PIK

 166,059
 14.2
 14.2
 (2)

 Warrant to purchase shares of Series E-1 preferred stock
 06/2032
 43,154
 —
 —

 31.9
 31.6

 Hometown Food Company (15)
 Food distributor
 9.39 %
 0.8
 0.8
 0.8

 KNPC HoldCo, LLC
 Producer of trail mix and mixed nut snack products
 9.92 %
 5.6
 5.6
 5.5
 (11)

 11.42 %
 1.3
 1.3
 1.3

 6.9
 6.8

 Manna Pro Products, LLC (15)
 Manufacturer and supplier of specialty nutrition and care products for animals
 5.1
 5.1
 4.7

 RB Holdings InterCo, LLC (15)
 Manufacturer of pet food and treats
 9.28 %
 1.8
 1.8
 1.7

 9.32 %
 11.5
 11.5
 11.2

 13.3
 12.9

 RF HP SCF Investor, LLC
 Branded specialty food company
 12.5
 25.9

 Teasdale Foods, Inc. and Familia Group Holdings Inc.
 Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels
 12.29 % ( 1.00 % PIK)

 75.9
 75.9
 65.3

 02/2034
 57,827
 —
 —

 75.9
 65.3

 Triton Water Holdings, Inc.
 Producer and provider of bottled water brands
 8.23 %
 1.0
 1.0
 0.9

 0.1
 0.1
 0.1

 1.1
 1.0

 Watermill Express, LLC and Watermill Express Holdings, LLC (15)
 Owner and operator of self-service water and ice stations
 20.4
 20.4
 20.4

 282,200
 3.2
 3.2

 23.6
 23.6

 Winebow Holdings, Inc. and The Vintner Group, Inc.
 Importer and distributor of wine
 28.0
 28.0
 27.5

 420.4
 431.7
 4.52 %

 Energy

 Calyx Energy III, LLC
 Oil and gas exploration company
 12.37 %
 57.0
 57.0
 57.0

 Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC (15)
 Private oil exploration and production company
 13.69 %
 49.3
 49.3
 47.8

 GNZ Energy Bidco Limited and Galileo Co-investment Trust I (15)
 Independent fuel provider in New Zealand
 10.65 %
 BBSY (M)
 30.8
 30.5
 30.8

 13,736,365
 8.3
 8.7

 38.8
 39.5

 Halcon Holdings, LLC
 Operator of development, exploration, and production oil company
 12.20 %
 13.4
 13.2
 13.4
 (2)

 Murchison Oil and Gas, LLC and Murchison Holdings, LLC (15)
 Exploration and production company
 13.08 %
 75.5
 75.5
 75.5

 41,000
 41.0
 45.9

 116.5
 121.4

 Offen, Inc. (15)
 Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives
 8.51 %
 1.4
 1.5
 1.4
 (2)

 SilverBow Resources, Inc.
 Oil and gas producer
 1,015,215
 28.8
 28.7

 VPROP Operating, LLC and V SandCo, LLC (5)
 Sand-based proppant producer and distributor to the oil and natural gas industry
 13.62 %
 27.3
 27.3
 27.3

 13.62 %
 9.4
 9.4
 9.4

 13.62 %
 6.0
 6.0
 6.0

 347,900
 32.8
 73.4
 (2)

 75.5
 116.1

 380.6
 425.3
 4.45 %

 Pharmaceuticals, Biotechnology and Life Sciences

 Abzena Holdings, Inc. and Astro Group Holdings Ltd. (15)
 Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries
 14.54 % ( 6.97 % PIK)

 61.0
 61.0
 59.8

 A ordinary shares
 2,476,744
 5.7
 6.5

 66.7
 66.3

 Alcami Corporation and ACM Note Holdings, LLC (15)
 Outsourced drug development services provider
 11.42 %
 9.5
 9.5
 9.0

 19.5
 19.5
 19.5
 (2)

 29.0
 28.5

 Amryt Pharmaceuticals, Inc.
 Biopharmaceutical company dedicated to acquiring, developing and commercializing novel therapeutics
 12.7
 12.7
 12.7

 Athyrium Buffalo LP (16)
 Biotechnology company engaging in the development, manufacture, and commercialization of novel neuromodulators
 7,628,966
 7.6
 7.5

 Caerus Midco 3 S. r.l.
 Provider of market intelligence and analysis for the pharmaceutical industry
 9.83 %
 5.4
 5.3
 5.3

 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (15)
 Provider of biological products to life science and pharmaceutical companies
 9.63 %
 2.5
 2.5
 2.4

 9.63 %
 30.2
 30.2
 29.0

 10/2051
 3,020
 3.3
 4.0
 (2)

 14.73 % PIK

 60,236
 69.7
 69.7
 (2)

 30,500
 —
 —
 (2)

 105.7
 105.1

 Covaris Intermediate 3, LLC & Covaris Parent, LLC (15)
 Provider of advanced pre-analytical sample preparation technologies for life and analytical science
 9.66 %
 1.5
 1.5
 1.5

 9.16 %
 0.1
 0.1
 0.1

 4,772
 4.8
 5.5

 6.4
 7.1

 NMC Skincare Intermediate Holdings II, LLC (15)
 Developer, manufacturer and marketer of skincare products
 32.0
 32.0
 30.7

 4.7
 4.7
 4.5

 36.7
 35.2

 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
 47.5
 47.5
 47.5

 2.6
 2.6
 2.6

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 13,528
 16.2
 38.8
 (2)

 66.5
 89.1

 TerSera Therapeutics LLC (15)
 Acquirer and developer of specialty therapeutic pharmaceutical products
 5.60 %
 5.0
 5.0
 5.0

 5.60 %
 2.0
 2.0
 2.0

 5.60 %
 1.8
 1.8
 1.8

 8.8
 8.8

 Verista, Inc. (15)
 Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector
 10.27 %
 1.1
 0.7
 1.1

 0.8
 0.8
 0.8

 1.5
 1.9

 Vertice Pharma UK Parent Limited
 Manufacturer and distributor of generic pharmaceutical products
 12/2015
 40,662
 —
 —
 (6)

 346.9
 367.5
 3.85 %

 Retailing and Distribution

 Atlas Intermediate III, L.L.C. (15)
 Specialty chemicals distributor
 10.10 %
 0.2
 0.2
 0.2

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 0.2
 0.2
 0.2

 0.7
 0.7

 Bamboo Purchaser, Inc.
 Provider of nursery, garden, and greenhouse products
 17.9
 17.9
 17.4

 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15)
 Provider of visual communications solutions
 10.03 %
 15.8
 15.8
 15.8

 10.03 %
 0.1
 0.1
 0.1

 10.03 %
 0.1
 0.1
 0.1

 0.6
 1.2
 (2)

 16.6
 17.2

 GPM Investments, LLC and ARKO Corp.
 Convenience store operator
 2,088,478
 19.8
 26.1

 1,088,780
 1.6
 1.9
 (2)

 21.4
 28.0

 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC
 Distributor of OEM appliance aftermarket parts
 6.5
 6.5
 6.5

 10.91 %
 2.6
 2.6
 2.5

 2.1
 2.1
 2.1

 0.3
 0.3
 0.3

 5,578
 6.1
 10.2
 (2)

 17.6
 21.6

 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP (15)
 Auto parts retailer
 —
 —
 —
 (13)

 7.00 % PIK

 68,601
 77.0
 76.6
 (2)

 24,586
 24.6
 33.1
 (2)

 101.6
 109.7

 McKenzie Creative Brands, LLC (15)
 Designer, manufacturer and distributor of hunting-related supplies
 10.12 %
 1.9
 1.9
 1.9

 9.43 %
 84.5
 84.5
 84.5
 (2)(8)(11)

 5.5
 5.5
 5.5

 91.9
 91.9

 Monolith Brands Group, Inc.
 E-commerce platform focused on consolidating DTC branded businesses
 Series A-1 preferred stock
 701,255
 15.5
 15.5
 (2)

 Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP
 Operator of retail and wholesale tree and plant nurseries
 21,939,151
 20.8
 42.9

 North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC (15)
 Manufacturer of aftermarket golf cart parts and accessories
 11.19 %
 25.3
 25.3
 23.5

 50,000
 5.0
 1.8

 30.3
 25.3

 Reddy Ice LLC (15)
 Packaged ice manufacturer and distributor
 61.3
 61.3
 60.0

 4.2
 4.2
 4.2

 0.9
 0.9
 0.9

 66.4
 65.1

 SCIH Salt Holdings Inc. (15)
 Salt and packaged ice melt manufacturer and distributor
 8.15 %
 2.3
 2.2
 2.2

 Trader Corporation and Project Auto Finco Corp. (15)
 Digital Automotive marketplace and software solution provider to automotive industry
 11.40 %
 CDOR (M)
 12.2
 12.2
 11.9

 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (15)
 Producer and packager of compressed, household, and packaged salt
 26.4
 26.4
 25.3

 0.40 %
 0.8
 0.5
 (2)

 27.2
 25.8

 442.3
 475.2
 4.98 %

 Consumer Staples Distribution and Retail

 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P.
 Manufacturer and distributor of specialty bakery ingredients
 29.5
 29.5
 29.5

 5,484
 6.1
 10.5
 (2)

 21,921
 25.4
 25.4
 (2)

 61.0
 65.4

 Continental Caf, LLC and Infinity Ovation Yacht Charters, LLC (15)
 Diversified contract food service provider
 13.50 %
 0.7
 0.7
 0.7

 0.1
 0.1
 0.1

 0.8
 0.8

 DecoPac, Inc. and KCAKE Holdings Inc. (15)
 Supplier of cake decorating solutions and products to in-store bakeries
 6.6
 6.6
 6.5

 10.73 % ( 0.27 % PIK)

 148.6
 148.6
 145.6

 9,599
 9.6
 9.4
 (2)

 164.8
 161.5

 FS Squared Holding Corp. and FS Squared, LLC (15)
 Provider of on-site vending and micro market solutions
 —
 —
 —
 (13)

 9.49 %
 0.1
 0.1
 0.1

 113,219
 11.1
 31.2
 (2)

 11.2
 31.3

 JWC/KI Holdings, LLC
 Foodservice sales and marketing agency
 11/2015
 5,000
 5.0
 9.0
 (2)

 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (15)
 Distributor of specialty foods
 35.7
 35.7
 34.6

 9,674,000
 9.7
 9.7
 (2)

 45.4
 44.3

 SFE Intermediate Holdco LLC (15)
 Provider of outsourced foodservice to K-12 school districts
 8.3
 8.3
 8.1

 10.0
 10.0
 9.8

 6.2
 6.2
 6.1

 0.4
 0.4
 0.4

 24.9
 24.4

 VCP-EDC Co-Invest, LLC
 Distributor of foodservice equipment and supplies
 2,970,000
 2.8
 4.2

 ZB Holdco LLC & ZB Parent LLC (15)
 Distributor of Mediterranean food and beverages
 —
 —
 —
 (13)

 0.1
 0.1
 0.1

 4,699
 4.7
 5.5

 4.8
 5.6

 320.7
 346.5
 3.63 %

 Materials

 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP (15)
 Manufacturer and supplier of printed packaging and trimmings
 0.1
 0.1
 0.1

 195,990
 19.6
 19.2
 (2)

 19.7
 19.3

 Genomatica, Inc.
 Developer of a biotechnology platform for the production of chemical products
 Warrant to purchase shares of Series D preferred stock
 03/2013
 322,422
 —
 —

 Halex Holdings, Inc. (5)
 Manufacturer of flooring installation products
 51,853
 —
 —

 H-Food Holdings, LLC and Matterhorn Parent, LLC
 Food contract manufacturer
 8.07 %
 3.69 %
 26.4
 23.8
 23.3

 8.38 %
 3.3
 3.1
 3.0

 0.1
 0.1
 0.1

 73.0
 73.0
 62.8
 (2)

 5,827
 5.8
 3.5

 105.8
 92.7

 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (15)
 Manufacturer of thermoformed packaging for medical devices
 8.66 %
 0.1
 0.1
 0.1

 8.66 %
 14.9
 14.9
 14.6

 6.11 %
 4.8
 5.1
 4.7

 6.11 %
 1.5
 1.6
 1.5

 6,762,668
 6.8
 7.5

 28.5
 28.4

 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.
 Developer and manufacturer of absorbent pads for food products
 23.5
 23.5
 23.5

 6.3
 6.3
 6.3

 4,772
 4.2
 9.2
 (2)

 Class C units
 4,772
 —
 —

 34.0
 39.0

 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC
 Manufacturer of specialized acrylic and polycarbonate sheets
 8.41 %
 22.6
 21.5
 20.1

 11.98 %
 55.0
 55.0
 48.9

 Co-Invest units
 5,969
 0.6
 0.5
 (2)

 77.1
 69.5

 Polymer Solutions Group, LLC
 Manufacturer of chemical formulations that improve the processing and efficacy of rubber, resin, and engineered wood based end-products
 8.92 %
 —
 —
 —

 Precision Concepts International LLC and Precision Concepts Canada Corporation (15)
 Manufacturer of diversified packaging solutions and plastic injection molded products
 6.2
 6.2
 6.2

 14.7
 14.7
 14.7

 10.43 %
 0.1
 0.1
 0.1

 0.1
 0.1
 0.1

 21.1
 21.1

 SCI PH Parent, Inc.
 Industrial container manufacturer, reconditioner and servicer
 Series B shares
 11.4764
 1.1
 4.2
 (2)

 287.3
 274.2
 2.87 %

 Technology Hardware and Equipment

 Chariot Buyer LLC (15)
 Provider of smart access solutions across residential and commercial properties
 7.38 %
 3.00 %
 3.5
 3.5
 3.2
 (2)

 134.4
 134.4
 126.3

 137.9
 129.5

 Everspin Technologies, Inc.
 Designer and manufacturer of computer memory solutions
 10/2016
 18,461
 0.4
 —

 ITI Holdings, Inc. (15)
 Provider of innovative software and equipment for motor vehicle agencies
 3.0
 3.0
 2.9

 1.1
 1.1
 1.1

 0.8
 0.8
 0.8

 35.0
 35.0
 34.7

 39.9
 39.5

 Micromeritics Instrument Corp. (15)
 Scientific instrument manufacturer
 9.65 %
 20.7
 20.7
 20.7

 Repairify, Inc. and Repairify Holdings, LLC (15)
 Provider of automotive diagnostics scans and solutions
 163,820
 4.9
 4.4
 (2)

 Wildcat BuyerCo, Inc. and Wildcat Parent, LP (15)
 Provider and supplier of electrical components for commercial and industrial applications
 10.09 %
 0.8
 0.8
 0.8

 18.0
 18.0
 17.8

 0.2
 0.2
 0.2

 0.2
 0.2
 0.2

 17,655
 1.8
 5.1
 (2)

 21.0
 24.1

 224.8
 218.2
 2.28 %

 Household and Personal Products

 CDI Holdings III Corp. and CDI Holdings I Corp. (15)
 Provider of personal care appliances
 3.8
 3.8
 3.6

 6,149
 6.1
 4.4
 (2)

 9.9
 8.0

 Foundation Consumer Brands, LLC
 Pharmaceutical holding company of over the counter brands
 10.15 %
 12.8
 12.6
 12.8

 LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P.
 Provider of intimate wellness products
 11.15 %
 18.6
 18.6
 18.2

 3,178
 3.2
 3.2

 32,105
 —
 —

 21.8
 21.4

 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (15)
 Manufacturer and supplier of natural fragrance materials and cosmeceuticals
 2.3
 2.3
 2.2

 27.3
 27.3
 25.6

 4.58 %
 4.7
 2.8
 (2)

 34.3
 30.6

 RD Holdco Inc. (5)
 Manufacturer and marketer of carpet cleaning machines
 24.2
 22.0
 10.2

 458,596
 14.0
 —

 56,372
 —
 —

 36.0
 10.2

 Walnut Parent, Inc.
 Manufacturer of natural solution pest and animal control products
 14.7
 14.7
 14.2

 0.1
 0.1
 0.1

 14.8
 14.3

 129.4
 97.3
 1.02 %

 Transportation

 Commercial Trailer Leasing, Inc. (15)
 Trailer leasing company
 10.33 %
 33.3
 33.3
 33.3

 19.9
 19.9
 19.5
 (2)

 53.2
 52.8

 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. (15)
 Provider of tarp systems and accessories for trucks, trailers, carts, and specialty equipment used in the agriculture, construction and flatbed markets
 10.59 %
 1.8
 1.8
 1.8

 10.90 %
 26.8
 26.8
 26.8

 10.90 %
 0.1
 0.1
 0.1

 7,599,000
 7.6
 13.9
 (2)

 36.3
 42.6

 89.5
 95.4
 1.00 %

 Education

 Excelligence Holdings Corp.
 Developer, manufacturer and retailer of educational products
 01/2024
 9.2
 9.2
 9.2

 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15)
 Distributor of instructional products, services and resources
 6.5
 6.5
 6.5

 0.5
 0.5
 0.5

 29.6
 29.6
 29.6

 1.1
 1.1
 1.1

 1,272
 0.7
 1.5
 (2)

 38.4
 39.2

 National College of Business and Technology Inc. & Leeds IV Advisors, Inc.
 Private school operator
 Senior preferred series A-1 shares
 10/2015
 151,056
 98.1
 46.5
 (2)

 Series B preferred stock
 08/2010
 348,615
 1.0
 —

 Series B preferred stock
 08/2010
 757,505
 4.0
 —

 Series C preferred stock
 06/2010
 517,942
 0.1
 —

 Series C preferred stock
 06/2010
 1,994,644
 0.5
 —

 06/2010
 —
 —

 06/2010
 —
 —

 103.7
 46.5

 151.3
 94.9
 0.99 %

 Telecommunication Services

 Aventiv Technologies, LLC and Securus Technologies Holdings, Inc.
 Provider of inmate telecom solutions to corrections and law enforcement agencies
 9.23 %
 9.1
 8.8
 6.8

 12.66 %
 0.2
 0.2
 0.2

 9.0
 7.0

 Emergency Communications Network, LLC (15)
 Provider of mission critical emergency mass notification solutions
 12.15 % ( 5.97 % PIK)

 6.8
 6.8
 6.1

 11.84 % ( 6.02 % PIK)

 48.4
 48.3
 43.6

 55.1
 49.7

 64.1
 56.7
 0.59 %

 Total Investments
 $
 22,043.0
 $
 21,779.8
 (19)
 227.97 %

 Derivative Instruments

 Forward currency contracts

 Notional Amount to be Purchased
 Notional Amount to be sold
 Counterparty
 Settlement Date
 Unrealized Appreciation / (Depreciation)

 $
 CAD
 $
 ( 1)

 $
 CAD
 January 18, 2023
 ( 1)

 $

 ( 10)

 $

 ( 6)

 $
 NZD
 ( 3)

 $
 CAD
 —

 Total
 $
 ( 21)

 ______________________________________________

 (1)Other than the Company's investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not "Control" any of its portfolio companies, for the purposes of the Investment Company Act. In general, under the Investment Company Act, the Company would "Control" a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company's portfolio company investments, which as of December 31, 2022 represented 228 % of the Company's net assets or 97 % of the Company's total assets, are subject to legal restrictions on sales.

 (2) These assets are pledged as collateral under the Company's or the Company's consolidated subsidiaries' various revolving credit facilities and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective facilities (see Note 5).

 (3) Investments without an interest rate are non-income producing.

 (4) As defined in the Investment Company Act, the Company is deemed to be an "Affiliated Person" because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2022 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:

 For the Year Ended December 31, 2022

 Purchases (cost)
 Redemptions (cost)
 Sales (cost)
 Capital
structuring service fees
 Net realized gains (losses)
 Net
unrealized gains (losses)

 Apex Clean Energy TopCo, LLC
 $
 18.1
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 53.4
 $
 150.6

 APG Intermediate Holdings Corporation and APG Holdings, LLC
 —
 0.1
 —
 1.0
 —
 —
 —
 —
 ( 3.0)
 21.8

 Blue Wolf Capital Fund II, L.P.
 —
 —
 —
 —
 —
 —
 —
 —
 0.1

 Bragg Live Food Products, LLC and SPC Investment Co., L.P.
 3.3
 5.7
 9.8
 3.4
 —
 —
 0.2
 3.5
 39.1

 ESCP PPG Holdings, LLC
 2.3
 —
 —
 —
 —
 —
 —
 —
 ( 1.9)
 3.1

 European Capital UK SME Debt LP
 —
 0.8
 —
 —
 —
 2.0
 —
 —
 0.4
 26.5

 PCG-Ares Sidecar Investment, L.P.
 —
 —
 —
 —
 —
 —
 —
 —
 0.7

 PCG-Ares Sidecar Investment II, L.P.
 0.1
 —
 —
 —
 —
 —
 —
 —
 4.2
 15.5

 Primrose Holding Corporation
 —
 —
 4.6
 —
 —
 —
 —
 28.9
 ( 22.4)
 —

 Production Resource Group, L.L.C. and PRG III, LLC
 2.5
 0.3
 —
 7.0
 0.1
 —
 —
 —
 33.6
 97.3

 Shock Doctor, Inc. and Shock Doctor Holdings, LLC
 3.2
 4.5
 18.9
 0.8
 —
 —
 0.1
 —
 3.0
 6.0

 Sundance Energy Inc.
 —
 41.0
 —
 —
 —
 —
 —
 ( 22.6)
 1.2
 —

 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.
 —
 —
 —
 0.3
 —
 —
 —
 —
 3.7

 $
 29.5
 $
 52.4
 $
 33.3
 $
 12.5
 $
 0.1
 $
 2.0
 $
 0.3
 $
 6.1
 $
 71.0
 $
 364.4

 (5) As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" and "Control" this portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2022 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

 For the Year Ended December 31, 2022

 Purchases (cost)
 Redemptions (cost)
 Sales (cost)
 Capital
structuring service fees
 Net realized gains (losses)
 Net
unrealized gains (losses)

 Absolute Dental Group LLC and Absolute Dental Equity, LLC
 $
 2.0
 $
 3.0
 $
 —
 $
 6.0
 $
 —
 $
 —
 $
 —
 $
 —
 $
 4.6
 $
 70.2

 ACAS Equity Holdings Corporation
 —
 —
 —
 —
 —
 —
 —
 —
 —
 0.4

 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 CoLTs 2005-1 Ltd.
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Eckler Industries, Inc. and Eckler Purchaser LLC
 8.8
 57.0
 —
 —
 —
 —
 —
 ( 57.0)
 25.1
 —

 Halex Holdings, Inc.
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 HCI Equity, LLC
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC
 95.4
 —
 —
 7.1
 1.9
 —
 —
 —
 42.6
 209.6

 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation
 —
 3.9
 —
 2.4
 0.7
 23.1
 0.5
 —
 ( 5.4)
 47.8

 1,544.2
 277.6
 —
 22.5
 —
 205.0
 —
 —
 ( 1.0)
 2,201.1

 Joyce Lane Capital LLC and Joyce Lane Financing SPV LLC (fka Ciena Capital LLC)
 —
 0.3
 —
 0.1
 —
 —
 —
 0.5
 0.1
 —

 Navisun LLC and Navisun Holdings LLC
 —
 131.0
 —
 0.4
 —
 0.1
 —
 19.0
 ( 9.4)
 —

 8.3
 —
 —
 3.2
 0.3
 —
 —
 —
 ( 11.7)
 44.7

 Potomac Intermediate Holdings II LLC
 6.0
 —
 —
 —
 —
 —
 —
 —
 ( 42.4)
 143.2

 PS Operating Company LLC and PS Op Holdings LLC
 6.3
 4.6
 —
 1.5
 —
 —
 —
 —
 1.0
 27.7

 RD Holdco Inc.
 —
 0.1
 —
 —
 —
 —
 —
 —
 ( 10.6)
 10.3

 S Toys Holdings LLC (fka The Step2 Company, LLC)
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Senior Direct Lending Program, LLC
 317.8
 31.1
 —
 146.3
 16.9
 —
 5.5
 —
 ( 25.3)
 1,248.6

 Startec Equity, LLC
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 VPROP Operating, LLC and V SandCo, LLC
 6.0
 4.5
 —
 5.0
 0.2
 —
 —
 —
 33.5
 116.1

 $
 1,994.8
 $
 513.1
 $
 —
 $
 194.5
 $
 20.0
 $
 228.2
 $
 6.0
 $
 ( 37.5)
 $
 1.0
 $
 4,119.7

 ______________________________________________________________________

 * Together with Varagon and its clients, the Company has co-invested through the SDLP. The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25 % of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these "voting securities" do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4 to the consolidated financial statements).

 (6) This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such

 acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Pursuant to Section 55(a) of the Investment Company Act, 25 % of the Company's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of December 31, 2022.

 (7)Variable rate loans to the Company's portfolio companies bear interest at a rate that may be determined by reference to SOFR, LIBOR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

 (8) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00 % on $ 40.9 in aggregate principal amount of a "first out" tranche of the portfolio company's senior term debt previously syndicated by the Company into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

 (9) The Company sold a participating interest of approximately $ 79.0 in aggregate principal amount outstanding of the portfolio company's first lien senior secured revolving loan. As the transaction did not qualify as a "true sale" in accordance with GAAP, the Company recorded a corresponding $ 79.0 secured borrowing, at fair value, included in "secured borrowings" in the accompanying consolidated balance sheet. As of December 31, 2022, the interest rate in effect for the secured borrowing was 11.62 %.

 (10) Loan was on non-accrual status as of December 31, 2022.

 (11) Loan includes interest rate floor feature.

 (12) In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP's loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.

 (13) As of December 31, 2022, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

 (14) As of December 31, 2022, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

 (15) As of December 31, 2022, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 Absolute Dental Group LLC and Absolute Dental Equity, LLC
 $
 7.1
 $
 ( 3.2)
 $
 3.9
 $
 —
 $
 —
 $
 3.9

 Abzena Holdings, Inc. and Astro Group Holdings Ltd.
 0.1
 —
 0.1
 —
 —
 0.1

 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC
 4.1
 ( 4.1)
 —
 —
 —
 —

 ADG, LLC and RC IV GEDC Investor LLC
 14.1
 ( 14.1)
 —
 —
 —
 —

 Advarra Holdings, Inc.
 0.4
 —
 0.4
 —
 —
 0.4

 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC
 45.6
 —
 45.6
 —
 —
 45.6

 AI Fire Buyer, Inc. and AI Fire Parent LLC
 28.9
 28.5
 —
 —
 28.5

 AIM Acquisition, LLC
 1.8
 —
 1.8
 —
 —
 1.8

 Alcami Corporation and ACM Note Holdings, LLC
 6.6
 —
 6.6
 —
 —
 6.6

 American Residential Services L.L.C. and Aragorn Parent Holdings LP
 4.5
 ( 0.9)
 3.6
 —
 —
 3.6

 Anaplan, Inc.
 1.4
 —
 1.4
 —
 —
 1.4

 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua
 3.4
 —
 3.4
 —
 —
 3.4

 APG Intermediate Holdings Corporation and APG Holdings, LLC
 0.1
 —
 0.1
 —
 —
 0.1

 Applied Technical Services, LLC
 3.8
 2.7
 —
 —
 2.7

 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.
 0.1
 —
 0.1
 —
 —
 0.1

 Apptio, Inc.
 4.2
 ( 2.5)
 1.7
 —
 —
 1.7

 AQ Sage Buyer, LLC
 6.4
 —
 6.4
 —
 —
 6.4

 AQ Sunshine, Inc.
 12.4
 ( 1.4)
 11.0
 —
 —
 11.0

 Argenbright Holdings V, LLC and Amberstone Security Group Limited
 2.5
 —
 2.5
 —
 —
 2.5

 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP
 6.2
 —
 6.2
 —
 —
 6.2

 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP
 9.0
 —
 9.0
 —
 —
 9.0

 ATI Restoration, LLC
 83.7
 ( 5.8)
 77.9
 —
 —
 77.9

 Atlas Intermediate III, L.L.C.
 0.8
 0.6
 —
 —
 0.6

 Avalara, Inc.
 2.7
 —
 2.7
 —
 —
 2.7

 Aventine Intermediate LLC & Aventine Holdings II LLC
 0.2
 —
 0.2
 —
 —
 0.2

 Avetta, LLC
 4.2
 —
 4.2
 —
 —
 4.2

 AxiomSL Group, Inc. and Calypso Group, Inc.
 3.9
 —
 3.9
 —
 —
 3.9

 BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP
 2.0
 —
 2.0
 —
 —
 2.0

 Banyan Software Holdings, LLC and Banyan Software, LP
 8.0
 ( 0.9)
 7.1
 —
 —
 7.1

 Beacon Pointe Harmony, LLC
 5.5
 —
 5.5
 —
 —
 5.5

 Belfor Holdings, Inc.
 25.0
 ( 17.0)
 8.0
 —
 —
 8.0

 Benecon Midco II LLC and Locutus Holdco LLC
 4.5
 —
 4.5
 —
 —
 4.5

 Benefytt Technologies, Inc.
 0.9
 —
 0.9
 —
 —
 0.9

 Berner Food & Beverage, LLC
 1.7
 1.2
 —
 —
 1.2

 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC
 3.0
 ( 2.8)
 0.2
 —
 —
 0.2

 Borrower R365 Holdings LLC
 2.9
 —
 2.9
 —
 —
 2.9

 Bottomline Technologies, Inc.
 2.3
 —
 2.3
 —
 —
 2.3

 Bragg Live Food Products, LLC and SPC Investment Co., L.P.
 4.4
 —
 4.4
 —
 —
 4.4

 Businessolver.com, Inc.
 3.6
 —
 3.6
 —
 —
 3.6

 Cadence Aerospace, LLC
 15.3
 ( 14.8)
 0.5
 —
 —
 0.5

 Caerus Midco 3 S. r.l.
 4.1
 —
 4.1
 —
 —
 4.1

 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP
 15.3
 ( 8.8)
 6.5
 —
 —
 6.5

 Captive Resources Midco, LLC
 1.2
 —
 1.2
 —
 —
 1.2

 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.
 5.0
 ( 3.4)
 1.6
 —
 —
 1.6

 CCS-CMGC Holdings, Inc.
 12.0
 ( 3.7)
 8.3
 —
 —
 8.3

 CDI Holdings III Corp. and CDI Holdings I Corp.
 0.9
 —
 0.9
 —
 —
 0.9

 Center for Autism and Related Disorders, LLC
 20.4
 ( 9.0)
 11.4
 —
 ( 11.4)
 —

 Centric Brands LLC and Centric Brands GP LLC
 8.6
 ( 5.0)
 3.6
 —
 —
 3.6

 Chariot Buyer LLC
 12.3
 ( 3.5)
 8.8
 —
 —
 8.8

 Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC
 9.5
 —
 9.5
 —
 —
 9.5

 CMG HoldCo, LLC and CMG Buyer Holdings, Inc.
 10.2
 9.8
 —
 —
 9.8

 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.
 7.8
 ( 2.5)
 5.3
 —
 —
 5.3

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 Commercial Trailer Leasing, Inc.
 0.6
 —
 0.6
 —
 —
 0.6

 Community Brands ParentCo, LLC
 7.2
 —
 7.2
 —
 —
 7.2

 Compex Legal Services, Inc.
 3.6
 1.8
 —
 —
 1.8

 Comprehensive EyeCare Partners, LLC
 1.9
 1.1
 —
 —
 1.1

 Concert Golf Partners Holdco LLC
 3.1
 —
 3.1
 —
 —
 3.1

 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P.
 14.2
 13.4
 —
 —
 13.4

 Continental Caf, LLC and Infinity Ovation Yacht Charters, LLC
 8.0
 7.3
 —
 —
 7.3

 Convera International Holdings Limited and Convera International Financial S.A R.L.
 2.3
 —
 2.3
 —
 —
 2.3

 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP
 38.9
 —
 38.9
 —
 —
 38.9

 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.
 0.1
 —
 0.1
 —
 —
 0.1

 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.
 38.7
 ( 22.7)
 16.0
 —
 —
 16.0

 Covaris Intermediate 3, LLC & Covaris Parent, LLC
 22.2
 20.7
 —
 —
 20.7

 Coyote Buyer, LLC
 5.8
 —
 5.8
 —
 —
 5.8

 CrossCountry Mortgage, LLC
 56.3
 —
 56.3
 —
 —
 56.3

 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC
 3.2
 —
 3.2
 —
 —
 3.2

 CST Holding Company
 1.9
 1.7
 —
 —
 1.7

 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC
 25.8
 —
 25.8
 —
 —
 25.8

 DecoPac, Inc. and KCAKE Holdings Inc.
 16.5
 ( 6.6)
 9.9
 —
 —
 9.9

 Denali Holdco LLC and Denali Apexco LP
 11.4
 —
 11.4
 —
 —
 11.4

 DFC Global Facility Borrower III LLC
 96.7
 ( 79.3)
 17.4
 —
 —
 17.4

 Diligent Corporation and Diligent Preferred Issuer, Inc.
 2.2
 1.5
 —
 —
 1.5

 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.
 2.3
 —
 2.3
 —
 —
 2.3

 DRS Holdings III, Inc. and DRS Holdings I, Inc.
 10.8
 —
 10.8
 —
 —
 10.8

 DS Admiral Bidco, LLC
 0.1
 —
 0.1
 —
 —
 0.1

 Dye & Durham Corporation
 18.2
 ( 5.0)
 13.2
 —
 —
 13.2

 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP
 7.1
 —
 7.1
 —
 —
 7.1

 Elemica Parent, Inc. & EZ Elemica Holdings, Inc.
 4.1
 ( 4.1)
 —
 —
 —
 —

 Elevation Services Parent Holdings, LLC
 17.1
 15.6
 —
 —
 15.6

 Emergency Communications Network, LLC
 6.8
 ( 6.8)
 —
 —
 —
 —

 EP Wealth Advisors, LLC
 14.1
 —
 14.1
 —
 —
 14.1

 EpiServer Inc. and Episerver Sweden Holdings AB
 14.5
 —
 14.5
 —
 —
 14.5

 EPS NASS Parent, Inc.
 1.5
 0.7
 —
 —
 0.7

 eResearch Technology, Inc. and Astorg VII Co-Invest ERT
 2.5
 —
 2.5
 —
 —
 2.5

 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P.
 1.1
 —
 1.1
 —
 —
 1.1

 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC
 28.0
 ( 6.2)
 21.8
 —
 —
 21.8

 Explorer Investor, Inc
 0.2
 —
 0.2
 —
 —
 0.2

 Extrahop Networks, Inc.
 5.9
 —
 5.9
 —
 —
 5.9

 Faraday Buyer, LLC
 4.7
 —
 4.7
 —
 —
 4.7

 FL Hawk Intermediate Holdings, Inc.
 0.5
 —
 0.5
 —
 —
 0.5

 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.
 14.5
 ( 7.1)
 7.4
 —
 —
 7.4

 FM:Systems Group, LLC
 1.5
 —
 1.5
 —
 —
 1.5

 Forescout Technologies, Inc.
 14.2
 —
 14.2
 —
 —
 14.2

 Foundation Risk Partners, Corp.
 40.5
 ( 8.6)
 31.9
 —
 —
 31.9

 FS Squared Holding Corp. and FS Squared, LLC
 9.6
 9.1
 —
 —
 9.1

 Galway Borrower LLC
 9.8
 9.4
 —
 —
 9.4

 Genesis Acquisition Co. and Genesis Ultimate Holding Co.
 1.5
 —
 —
 —
 —

 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC
 47.5
 —
 47.5
 —
 —
 47.5

 GI Ranger Intermediate LLC
 9.2
 8.8
 —
 —
 8.8

 Global Music Rights, LLC
 4.3
 —
 4.3
 —
 —
 4.3

 GNZ Energy Bidco Limited and Galileo Co-investment Trust I
 3.1
 —
 3.1
 —
 —
 3.1

 Gotham Greens Holdings, PBC
 33.8
 —
 33.8
 —
 —
 33.8

 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC
 5.0
 —
 5.0
 —
 —
 5.0

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 HAI Acquisition Corporation and Aloha Topco, LLC
 19.0
 —
 19.0
 —
 —
 19.0

 Harvey Tool Company, LLC
 28.5
 —
 28.5
 —
 —
 28.5

 HealthEdge Software, Inc.
 36.2
 35.9
 —
 —
 35.9

 Heavy Construction Systems Specialists, LLC
 4.0
 —
 4.0
 —
 —
 4.0

 Help/Systems Holdings, Inc.
 7.5
 —
 7.5
 —
 —
 7.5

 HGC Holdings, LLC
 7.5
 —
 7.5
 —
 —
 7.5

 HH-Stella, Inc. and Bedrock Parent Holdings, LP
 14.8
 ( 2.8)
 12.0
 —
 —
 12.0

 25.5
 —
 25.5
 —
 —
 25.5

 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC
 9.5
 8.4
 —
 —
 8.4

 Hometown Food Company
 3.9
 3.1
 —
 —
 3.1

 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP
 22.6
 ( 9.4)
 13.2
 —
 —
 13.2

 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P.
 13.0
 —
 13.0
 —
 —
 13.0

 Inszone Mid, LLC and INSZ Holdings, LLC
 17.2
 —
 17.2
 —
 —
 17.2

 IQN Holding Corp.
 6.8
 —
 6.8
 —
 —
 6.8

 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, LLC
 9.8
 9.6
 —
 —
 9.6

 ITI Holdings, Inc.
 5.7
 ( 2.0)
 3.7
 —
 —
 3.7

 JDC Healthcare Management, LLC
 4.8
 ( 4.8)
 —
 —
 —
 —

 K2 Insurance Services, LLC and K2 Holdco LP
 9.1
 —
 9.1
 —
 —
 9.1

 Kaseya Inc. and Knockout Intermediate Holdings I Inc.
 31.2
 —
 31.2
 —
 —
 31.2

 KBHS Acquisition, LLC (d/b/a Alita Care, LLC)
 5.0
 ( 3.2)
 1.8
 —
 —
 1.8

 Kene Acquisition, Inc. and Kene Holdings, L.P.
 8.9
 8.7
 —
 —
 8.7

 Laboratories Bidco LLC and Laboratories Topco LLC
 41.3
 ( 8.8)
 32.5
 —
 —
 32.5

 LeanTaaS Holdings, Inc.
 54.0
 —
 54.0
 —
 —
 54.0

 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.
 5.5
 4.8
 —
 —
 4.8

 Lew's Intermediate Holdings, LLC
 2.3
 —
 2.3
 —
 —
 2.3

 Lido Advisors, LLC
 0.8
 0.4
 —
 —
 0.4

 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.
 10.1
 —
 10.1
 —
 —
 10.1

 LJP Purchaser, Inc. and LJP Topco, LP
 4.4
 —
 4.4
 —
 —
 4.4

 Lower ACS, Inc.
 25.9
 —
 25.9
 —
 —
 25.9

 LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC
 3.9
 —
 3.9
 —
 —
 3.9

 Majesco and Magic Topco, L.P.
 2.0
 —
 2.0
 —
 —
 2.0

 Management Consulting & Research LLC
 4.0
 —
 4.0
 —
 —
 4.0

 Manna Pro Products, LLC
 7.0
 ( 5.1)
 1.9
 —
 —
 1.9

 Marmic Purchaser, LLC and Marmic Topco, L.P.
 6.9
 —
 6.9
 —
 —
 6.9

 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP
 32.9
 ( 7.3)
 25.6
 —
 —
 25.6

 McKenzie Creative Brands, LLC
 4.5
 ( 1.9)
 2.6
 —
 —
 2.6

 Medline Borrower, LP
 6.9
 6.7
 —
 —
 6.7

 Micromeritics Instrument Corp.
 4.1
 —
 4.1
 —
 —
 4.1

 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp
 15.1
 —
 15.1
 —
 —
 15.1

 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.
 31.3
 ( 4.0)
 27.3
 —
 —
 27.3

 Monica Holdco (US) Inc.
 3.6
 ( 2.4)
 1.2
 —
 —
 1.2

 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC
 19.0
 —
 19.0
 —
 —
 19.0

 MRI Software LLC
 10.6
 —
 10.6
 —
 —
 10.6

 Murchison Oil and Gas, LLC and Murchison Holdings, LLC
 27.5
 —
 27.5
 —
 —
 27.5

 n2y Holding, LLC
 0.1
 —
 0.1
 —
 —
 0.1

 NAS, LLC and Nationwide Marketing Group, LLC
 3.0
 2.4
 —
 —
 2.4

 National Intergovernmental Purchasing Alliance Company
 9.0
 7.8
 —
 —
 7.8

 NCWS Intermediate, Inc. and NCWS Holdings LP
 28.1
 —
 28.1
 —
 —
 28.1

 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.
 0.6
 0.5
 —
 —
 0.5

 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.
 12.6
 —
 12.6
 —
 —
 12.6

 Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1
 119.1
 —
 119.1
 —
 —
 119.1

 NMC Skincare Intermediate Holdings II, LLC
 12.7
 —
 12.7
 —
 —
 12.7

 NMN Holdings III Corp. and NMN Holdings LP
 12.5
 ( 3.1)
 9.4
 —
 —
 9.4

 Noble Aerospace, LLC
 5.6
 ( 2.2)
 3.4
 —
 —
 3.4

 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC
 8.1
 —
 8.1
 —
 —
 8.1

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC
 22.5
 —
 22.5
 —
 —
 22.5

 North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC
 3.5
 —
 3.5
 —
 —
 3.5

 North Haven Stack Buyer, LLC
 5.1
 4.3
 —
 —
 4.3

 Offen, Inc.
 5.6
 —
 5.6
 —
 —
 5.6

 1.6
 —
 1.6
 —
 ( 1.6)
 —

 OneDigital Borrower LLC
 7.5
 7.1
 —
 —
 7.1

 Pathway Vet Alliance LLC and Jedi Group Holdings LLC
 1.9
 —
 1.9
 —
 —
 1.9

 Patriot Growth Insurance Services, LLC
 2.2
 —
 2.2
 —
 —
 2.2

 Paya, Inc and GTCR-Ultra Holdings LLC
 4.5
 —
 4.5
 —
 —
 4.5

 PDDS HoldCo, Inc.
 2.1
 —
 2.1
 —
 —
 2.1

 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC
 7.6
 ( 6.1)
 1.5
 —
 —
 1.5

 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC
 20.6
 —
 20.6
 —
 —
 20.6

 Pelican Products, Inc.
 2.3
 —
 2.3
 —
 —
 2.3

 People Corporation
 20.6
 19.3
 —
 —
 19.3

 Perforce Software, Inc.
 0.5
 —
 0.5
 —
 —
 0.5

 Petroleum Service Group LLC
 17.5
 ( 4.4)
 13.1
 —
 —
 13.1

 Petrus Buyer, Inc.
 2.7
 —
 2.7
 —
 —
 2.7

 Petvisor Holdings, LLC
 37.6
 —
 37.6
 —
 —
 37.6

 Ping Identity Holding Corp.
 0.2
 —
 0.2
 —
 —
 0.2

 Pluralsight, Inc.
 0.3
 0.1
 —
 —
 0.1

 Precision Concepts International LLC and Precision Concepts Canada Corporation
 19.2
 ( 6.2)
 13.0
 —
 —
 13.0

 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.
 11.0
 ( 2.3)
 8.7
 —
 —
 8.7

 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP
 36.0
 35.4
 —
 —
 35.4

 Prime Buyer, L.L.C.
 15.9
 13.2
 —
 —
 13.2

 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC
 3.3
 —
 3.3
 —
 —
 3.3

 Professional Fighters League, LLC and PFL MMA, Inc.
 0.1
 —
 0.1
 —
 —
 0.1

 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.
 13.3
 —
 13.3
 —
 —
 13.3

 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.
 1.1
 —
 1.1
 —
 —
 1.1

 Project Potter Buyer, LLC and Project Potter Parent, L.P.
 5.5
 3.4
 —
 —
 3.4

 Proofpoint, Inc.
 3.1
 —
 3.1
 —
 —
 3.1

 PS Operating Company LLC and PS Op Holdings LLC
 5.9
 ( 4.5)
 1.4
 —
 —
 1.4

 Pueblo Mechanical and Controls, LLC and OMERS PMC Investment Holdings LLC
 3.6
 —
 3.6
 —
 —
 3.6

 Pyramid Management Advisors, LLC and Pyramid Investors, LLC
 9.8
 ( 9.8)
 —
 —
 —
 —

 QF Holdings, Inc.
 2.3
 —
 2.3
 —
 —
 2.3

 Qnnect, LLC and Connector TopCo, LP
 2.8
 —
 2.8
 —
 —
 2.8

 Radius Aerospace, Inc. and Radius Aerospace Europe Limited
 2.8
 2.1
 —
 —
 2.1

 Radwell Parent, LLC
 4.4
 —
 4.4
 —
 —
 4.4

 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC
 4.4
 —
 4.4
 —
 —
 4.4

 RB Holdings InterCo, LLC
 5.6
 3.8
 —
 —
 3.8

 Reddy Ice LLC
 0.2
 —
 0.2
 —
 —
 0.2

 Redwood Services, LLC and Redwood Services Holdco, LLC
 4.5
 —
 4.5
 —
 —
 4.5

 Reef Lifestyle, LLC
 37.7
 ( 37.7)
 —
 —
 —
 —

 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.
 28.0
 —
 28.0
 —
 —
 28.0

 Relativity ODA LLC
 3.8
 —
 3.8
 —
 —
 3.8

 Repairify, Inc. and Repairify Holdings, LLC
 7.3
 —
 7.3
 —
 —
 7.3

 Revalize, Inc.
 0.9
 —
 0.9
 —
 —
 0.9

 Rialto Management Group, LLC
 1.3
 1.1
 —
 —
 1.1

 Riser Merger Sub, Inc.
 2.8
 —
 2.8
 —
 —
 2.8

 Riverview Power LLC
 8.9
 —
 8.9
 —
 —
 8.9

 RMS HoldCo II, LLC & RMS Group Holdings, Inc.
 2.9
 —
 2.9
 —
 —
 2.9

 Rodeo AcquisitionCo LLC
 6.2
 4.9
 —
 —
 4.9

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc.
 0.6
 —
 0.6
 —
 —
 0.6

 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc.
 15.9
 ( 9.8)
 6.1
 —
 —
 6.1

 SageSure Holdings, LLC & Insight Catastrophe Group, LLC
 10.5
 ( 5.9)
 4.6
 —
 —
 4.6

 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P.
 4.6
 4.4
 —
 —
 4.4

 SCIH Salt Holdings Inc.
 7.5
 ( 2.6)
 4.9
 —
 —
 4.9

 SCM Insurance Services Inc.
 4.0
 —
 4.0
 —
 —
 4.0

 SFE Intermediate Holdco LLC
 15.2
 ( 8.3)
 6.9
 —
 —
 6.9

 Shermco Intermediate Holdings, Inc.
 4.0
 1.3
 —
 —
 1.3

 Shock Doctor, Inc. and Shock Doctor Holdings, LLC
 2.5
 —
 2.5
 —
 —
 2.5

 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc.
 5.0
 3.2
 —
 —
 3.2

 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC
 7.1
 —
 7.1
 —
 —
 7.1

 SM Wellness Holdings, Inc. and SM Holdco, Inc.
 3.8
 —
 3.8
 —
 —
 3.8

 Smarsh Inc. and Skywalker TopCo, LLC
 2.0
 —
 2.0
 —
 —
 2.0

 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp
 1.7
 —
 1.7
 —
 —
 1.7

 Star US Bidco LLC
 8.5
 —
 8.5
 —
 —
 8.5

 Sun Acquirer Corp. and Sun TopCo, LP
 21.6
 21.2
 —
 —
 21.2

 Sundance Group Holdings, Inc.
 3.0
 —
 3.0
 —
 —
 3.0

 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon
 6.0
 5.4
 —
 —
 5.4

 Sunrun Luna Holdco 2021, LLC
 75.0
 ( 40.7)
 34.3
 —
 —
 34.3

 SV-Burton Holdings, LLC and LBC Breeze Holdings LLC
 3.3
 —
 3.3
 —
 —
 3.3

 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.
 7.0
 ( 3.1)
 3.9
 —
 —
 3.9

 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC
 4.2
 —
 4.2
 —
 —
 4.2

 TA/WEG Holdings, LLC
 2.0
 —
 2.0
 —
 —
 2.0

 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C.
 7.5
 6.2
 —
 —
 6.2

 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P.
 1.7
 0.9
 —
 —
 0.9

 TCP Hawker Intermediate LLC
 0.3
 0.2
 —
 —
 0.2

 TerSera Therapeutics LLC
 0.1
 —
 0.1
 —
 —
 0.1

 The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc.
 1.1
 —
 1.1
 —
 —
 1.1

 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP
 12.6
 ( 11.5)
 1.1
 —
 —
 1.1

 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC
 1.7
 1.6
 —
 —
 1.6

 The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P.
 14.4
 12.6
 —
 —
 12.6

 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP
 6.9
 —
 6.9
 —
 —
 6.9

 Thermostat Purchaser III, Inc.
 11.7
 —
 11.7
 —
 —
 11.7

 THG Acquisition, LLC
 18.2
 —
 18.2
 —
 —
 18.2

 TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.
 19.0
 —
 19.0
 —
 —
 19.0

 Trader Corporation and Project Auto Finco Corp.
 3.6
 —
 3.6
 —
 —
 3.6

 Two Six Labs, LLC
 10.3
 —
 10.3
 —
 —
 10.3

 UKG Inc. and H&F Unite Partners, L.P.
 25.0
 ( 10.8)
 14.2
 —
 —
 14.2

 United Digestive MSO Parent, LLC
 18.4
 —
 18.4
 —
 —
 18.4

 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.
 9.9
 —
 9.9
 —
 —
 9.9

 Verista, Inc.
 8.2
 7.1
 —
 —
 7.1

 Verscend Holding Corp.
 22.5
 —
 22.5
 —
 —
 22.5

 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.
 8.7
 —
 8.7
 —
 —
 8.7

 VRC Companies, LLC
 5.4
 —
 5.4
 —
 —
 5.4

 VS Buyer, LLC
 8.1
 —
 8.1
 —
 —
 8.1

 Watermill Express, LLC and Watermill Express Holdings, LLC
 0.7
 —
 0.7
 —
 —
 0.7

 Waverly Advisors, LLC
 0.2
 —
 0.2
 —
 —
 0.2

 WebPT, Inc.
 0.9
 0.6
 —
 —
 0.6

 Wellness AcquisitionCo, Inc.
 3.9
 —
 3.9
 —
 —
 3.9

 Wildcat BuyerCo, Inc. and Wildcat Parent, LP
 4.1
 ( 1.0)
 3.1
 —
 —
 3.1

 WorkWave Intermediate II, LLC
 5.2
 —
 5.2
 —
 —
 5.2

 WSHP FC Acquisition LLC and WSHP FC Holdings LLC
 35.4
 ( 9.6)
 25.8
 —
 —
 25.8

 Less: unavailable commitments due to borrowing base or other covenant restrictions

 XIFIN, Inc. and ACP Charger Co-Invest LLC
 8.9
 8.7
 —
 —
 8.7

 YE Brands Holdings, LLC
 2.2
 0.7
 —
 —
 0.7

 ZB Holdco LLC & ZB Parent LLC
 21.5
 21.4
 —
 —
 21.4

 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP
 16.8
 —
 16.8
 —
 —
 16.8

 $
 2,915.8
 $
 ( 526.2)
 $
 2,389.6
 $
 —
 $
 ( 13.0)
 $
 2,376.6

 (16)As of December 31, 2022, the Company was party to agreements to fund equity investments as follows:

 Total equity commitments
 Less: funded equity commitments
 Total unfunded equity commitments
 Less: equity commitments substantially at the discretion of the Company
 Total net adjusted unfunded equity commitments

 PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P.
 $
 50.0
 $
 ( 12.5)
 $
 37.5
 $
 ( 37.5)
 $
 —

 Athyrium Buffalo LP
 15.5
 ( 7.6)
 7.9
 ( 7.9)
 —

 European Capital UK SME Debt LP
 54.3
 ( 49.1)
 5.2
 ( 5.2)
 —

 $
 119.8
 $
 ( 69.2)
 $
 50.6
 $
 ( 50.6)
 $
 —

 (17)As of December 31, 2022, the Company had commitments to co-invest in the SDLP for its portion of the SDLP's commitment to fund delayed draw loans of up to $ 68. See Note 4 to the consolidated financial statements for more information on the SDLP.

 (18) Other than the investments noted by this footnote, the fair value of the Company's investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Company's investments.

 (19) As of December 31, 2022, the estimated net unrealized loss for federal tax purposes was $ 0.2 billion based on a tax cost basis of $ 22.0 billion. As of December 31, 2022, the estimated aggregate gross unrealized loss for federal income tax purposes was $ 1.2 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was $ 1.0 billion.

 CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
 (in millions, except per share data)

 Common Stock
 Capital in
Excess of
Par Value
 Accumulated Undistributed (Overdistributed) Earnings
 Total
Stockholders'

 Shares

 Balance at December 31, 2020
 $
 —
 $
 7,656
 $
 ( 480)
 $
 7,176

 Issuance of common stock, net of offering and underwriting costs
 —
 —

 Shares issued in connection with dividend reinvestment plan
 —
 —

 —
 —
 —

 Net realized gains on investments, foreign currency, extinguishment of debt and other transactions
 —
 —
 —

 Net unrealized gains on investments, foreign currency and other transactions
 —
 —
 —

 Dividends declared and payable ($ 1.62 per share)

 —
 —
 —
 ( 732)
 ( 732)

 Tax reclassification of stockholders' equity in accordance with GAAP
 —
 —
 ( 40)
 —

 Balance at December 31, 2021
 $
 —
 $
 8,553
 $
 $
 8,868

 Issuance of common stock, net of offering and underwriting costs
 1,000
 —
 1,001

 Shares issued in connection with dividend reinvestment plan
 —
 —

 —
 —
 —
 1,092
 1,092

 Net realized gains on investments, foreign currency, extinguishment of debt and other transactions
 —
 —
 —

 Net unrealized losses on investments, foreign currency and other transactions
 —
 —
 —
 ( 525)
 ( 525)

 Dividends declared and payable ($ 1.87 per share)

 —
 —
 —
 ( 941)
 ( 941)

 Cumulative effect of adjustment for the adoption of ASU 2020-06 (Note 2)
 —
 —
 ( 4)
 ( 2)

 Tax reclassification of stockholders' equity in accordance with GAAP
 —
 —
 ( 22)
 —

 Balance at December 31, 2022
 $
 $
 9,556
 $
 ( 2)
 $
 9,555

 Issuance of common stock, net of offering and underwriting costs
 —
 1,155
 —
 1,155

 Shares issued in connection with dividend reinvestment plan
 —
 —

 —
 —
 —
 1,266
 1,266

 Net realized losses on investments, foreign currency and other transactions
 —
 —
 —
 ( 179)
 ( 179)

 Net unrealized gains on investments, foreign currency and other transactions
 —
 —
 —

 Dividends declared and payable ($ 1.92 per share)

 —
 —
 —
 ( 1,078)
 ( 1,078)

 Tax reclassification of stockholders' equity in accordance with GAAP
 —
 —
 ( 20)
 —

 Balance at December 31, 2023

 $
 $
 10,738
 $
 $
 11,201

 See accompanying notes to consolidated financial statements.

 CONSOLIDATED STATEMENT OF CASH FLOWS

 2023
 2022
 2021

 OPERATING ACTIVITIES:

 Net increase in stockholders' equity resulting from operations
 $
 1,522
 $
 $
 1,567

 Adjustments to reconcile net increase in stockholders' equity resulting from operations:

 Net realized losses (gains) on investments, foreign currency and other transactions
 ( 81)
 ( 283)

 Net unrealized (gains) losses on investments, foreign currency and other transactions
 ( 435)
 ( 586)

 Realized loss on extinguishment of debt
 —

 Net accretion of discount on investments
 ( 18)
 ( 13)
 ( 16)

 PIK interest
 ( 166)
 ( 138)
 ( 164)

 Collections of PIK interest

 PIK dividends
 ( 198)
 ( 175)
 ( 91)

 Collections of PIK dividends

 Net amortization of premium on notes payable
 ( 5)
 ( 4)

 Proceeds from sales and repayments of investments and other transactions
 5,315
 7,747
 10,250

 Purchases of investments
 ( 5,804)
 ( 9,852)
 ( 13,644)

 Changes in operating assets and liabilities:

 Interest receivable
 ( 60)
 ( 34)
 ( 24)

 Receivable from participants
 —
 —

 ( 18)

 Operating lease right-of-use asset

 Base management fees payable

 Income based fees payable
 ( 72)

 Capital gains incentive fees payable
 ( 126)

 Interest and facility fees payable

 Payable to participants
 ( 5)
 ( 80)

 Operating lease liabilities
 ( 14)
 ( 12)
 ( 16)

 Net cash provided by (used in) operating activities
 ( 1,359)
 ( 2,459)

 FINANCING ACTIVITIES:

 Borrowings on debt
 5,215
 7,950
 19,336

 Repayments and repurchases of debt
 ( 5,558)
 ( 6,818)
 ( 16,829)

 Debt issuance costs
 ( 20)
 ( 16)
 ( 64)

 Net proceeds from issuance of common stock
 1,155
 1,001

 Dividends paid
 ( 1,031)
 ( 912)
 ( 694)

 Secured borrowings, net
 ( 45)

 Net cash (used in) provided by financing activities
 ( 284)
 1,210
 2,619

 CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
 ( 149)

 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD

 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
 $
 $
 $

 Supplemental Information:

 Interest paid during the period
 $
 $
 $

 Taxes, including excise tax, paid during the period
 $
 $
 $

 Dividends declared and payable during the period
 $
 1,078
 $
 $

 See accompanying notes to consolidated financial statements.

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in millions, except per share data, percentages and as otherwise indicated;
 for example, with the word "billion" or otherwise)

 1. ORGANIZATION

 Ares Capital Corporation (the "Company") is a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "Investment Company Act"). The Company has elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), and operates in a manner so as to qualify for the tax treatment applicable to RICs.

 The Company's investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily 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. In addition to senior secured loans, the Company also invests in subordinated loans (sometimes referred to as mezzanine debt), which in some cases includes an equity component, and preferred equity. To a lesser extent, the Company also makes common equity investments.

 The Company is externally managed by Ares Capital Management LLC ("Ares Capital Management" or the Company's "investment adviser"), a subsidiary of Ares Management Corporation ("Ares Management"), a publicly traded, leading global alternative investment manager, pursuant to an investment advisory and management agreement. Ares Operations LLC ("Ares Operations" or the Company's "administrator"), a subsidiary of Ares Management, provides certain administrative and other services necessary for the Company to operate.

 2. SIGNIFICANT ACCOUNTING POLICIES

 Basis of Presentation

 The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles ("GAAP"), and include the accounts of the Company and its consolidated subsidiaries. The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") 946, Financial Services—Investment Companies. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated.

 The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the updated Global Industry Classification Standards ("GICS"), where applicable. These reclassifications had no impact on the prior period's consolidated balance sheet.

 Cash, Cash Equivalents and Restricted Cash

 Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. Cash and cash equivalents are carried at cost which approximates fair value. As of December 31, 2023 and 2022, there was $ 36 and $ 12, respectively, of cash denominated in foreign currencies included within "cash and cash equivalents" or "restricted cash" in the accompanying consolidated balance sheet.

 Restricted cash primarily relates to cash received by the Company on behalf of participating lenders as a result of the Company's role as administrative agent for certain loans. The cash received is generally distributed to participating lenders shortly after the receipt of such cash.

 The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheet to the total amount shown at the end of the applicable period in the consolidated statement of cash flows:

 2023
 2022

 $
 $

 Restricted cash

 Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
 $
 $

 Concentration of Credit Risk

 The Company places its cash and cash equivalents with financial institutions and, at times, cash held in depository or money market accounts may exceed the Federal Deposit Insurance Corporation insured limits.

 Investments

 Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

 Pursuant to Rule 2a-5 under the Investment Company Act, the Company's board of directors designated the Company's investment adviser as the Company's valuation designee to perform the fair value determinations for investments held by the Company without readily available market quotations, subject to the oversight of the Company's board of directors. All investments are recorded at their fair value.

 Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Company's investment adviser, as the valuation designee, looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available (i.e., substantially all of the Company's investments) are valued quarterly at fair value as determined in good faith by the Company's investment adviser, as the valuation designee, subject to the oversight of the Company's board of directors, based on, among other things, the input of the Company's independent third-party valuation firms that have been engaged to support the valuation of such portfolio investments at least once during a trailing 12-month period (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. The valuation process is conducted at the end of each fiscal quarter by the Company's investment adviser, and a portion of the Company's investment portfolio at fair value is subject to review by an independent third-party valuation firm each quarter. However, we may use these independent valuation firms to review the value of our investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment. In addition, the Company's independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, the Company's valuation process within the context of performing the Company's integrated audit.

 As part of the valuation process, the Company's investment adviser may take into account the following types of factors, if relevant, in determining the fair value of the Company's investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company's investment adviser considers the pricing indicated by the external event to corroborate the valuation.

 Because there is not a readily available market value for most of the investments in the Company's portfolio, substantially all of the Company's portfolio investments are valued at fair value as determined in good faith by its investment adviser, as the valuation designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are

 less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded it.

 In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

 The Company's investment adviser, as the valuation designee, subject to the oversight of the Company's board of directors, undertakes a multi-step valuation process each quarter, as described below:

 • The Company's quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with the Company's portfolio management and valuation team.

 • Preliminary valuations are reviewed and discussed by the valuation committee of the Company's investment adviser.

 • The valuation committee of the Company's investment adviser determines the fair value of each investment in the Company's portfolio without a readily available market quotation in good faith based on, among other things, the input of the independent third-party valuation firms, where applicable.

 See Note 8 for more information on the Company's valuation process.

 Interest Income Recognition

 Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Company's tax status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.

 Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company's judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.

 Dividend Income Recognition

 Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.

 Capital Structuring Service Fees and Other Income

 In pursuit of the Company's investment objective, the Company's investment adviser seeks to provide assistance to its portfolio companies and in return the Company may receive fees for capital structuring services. These fees are fixed based on contractual terms, are generally only available to the Company as a result of the Company's underlying investments, are normally paid at the closing of the investments, are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the investment. The services that the Company's investment adviser provides vary by investment, but generally include reviewing existing credit facilities, arranging bank financing, arranging equity financing, structuring financing from multiple lenders, structuring financing from multiple equity investors, restructuring existing loans, raising equity and debt capital, and providing general financial advice, which concludes upon closing of the investment. Any services of the above nature subsequent to the closing would generally generate a separate fee payable to the Company. In certain instances where the Company is invited to participate as a co-lender in a transaction and does not provide significant services in connection with the investment, a portion of loan fees paid to the Company in such situations will be deferred and amortized over the contractual life of the loan.

 Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and
 non-refundable and are recognized as revenue when earned upon closing of the related transaction. Other income also includes fees for management and consulting services, agency services, loan guarantees, commitments, and other services rendered by the Company to portfolio companies. Such fees are fixed based on contractual terms and are recognized as income as services are rendered.

 Foreign Currency Translation

 The Company's books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

 (1)Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the period.

 (2)Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses.

 Results of operations based on changes in foreign exchange rates are separately disclosed in the statement of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

 Derivative Instruments

 The Company follows the guidance in ASC Topic 815, Derivatives and Hedging ("ASC Topic 815"), when accounting for derivative instruments. The Company designated certain interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of "interest and credit facility fees" in the Company's consolidated statement of operations. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the corresponding fixed rate debt. For all other derivatives, the Company does not utilize hedge accounting and values such derivatives at fair value with the unrealized gains or losses recorded in "net unrealized gains (losses) from foreign currency and other transactions" in the Company's consolidated statement of operations.

 Equity Offering Expenses

 The Company's offering costs are charged against the proceeds from equity offerings when proceeds are received.

 Debt Issuance Costs

 Debt issuance costs are amortized over the life of the related debt instrument using the straight line method or the effective yield method, depending on the type of debt instrument.

 Secured Borrowings

 The Company follows the guidance in ASC Topic 860, Transfers and Servicing ("ASC Topic 860"), when accounting for participations and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a "participating interest," as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest or which are not eligible for sale accounting remain as an investment on the consolidated balance sheet as required under GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value.

 Leases

 The Company is obligated under a number of operating leases pursuant to which it is leasing office facilities from third parties with remaining terms ranging from approximately one to four years. Such operating leases are included in operating lease right-of-use ("ROU") assets and operating lease liabilities in the accompanying consolidated balance sheets. The Company does not have any finance leases.

 The ROU asset represents the Company's right to use an underlying asset for the lease term and the operating lease liability represents the Company's obligation to make lease payments arising from such lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the remaining lease term. The Company's leases do not provide an implicit discount rate, and as such the Company uses its weighted average borrowing rate based on the information available at the commencement date in determining the present value of the remaining lease payments. Lease expense is recognized on a straight-line basis over the remaining lease term. The Company has elected as a practical expedient to treat non-lease components as part of the lease as these components are not significant when compared to the lease component.

 Income Taxes

 The Company has elected to be treated as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal corporate-level income taxes.

 Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, the Company accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned.

 The Company may hold certain portfolio company investments through consolidated taxable subsidiaries. Such subsidiaries may be subject to U.S. federal and state corporate-level income taxes. These consolidated subsidiaries recognize deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between the tax basis of certain assets and liabilities and the reported amounts included in the accompanying consolidated balance sheet using the applicable statutory tax rates in effect for the year in which any such temporary differences are expected to reverse. As of December 31, 2023 and 2022, the Company recorded deferred tax liabilities of $ 87 and $ 22, respectively, included within "accounts payable and other liabilities" in the accompanying consolidated balance sheet, for certain of the Company's taxable consolidated subsidiaries.

 Dividends to Common Stockholders

 Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Company's board of directors each quarter and is generally based upon the earnings estimated by management and considers the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such capital gains for investment.

 The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the

 Company's board of directors authorizes, and the Company declares, a cash dividend, then the Company's stockholders who have not "opted out" of the Company's dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of the Company's common stock, rather than receiving the cash dividend. The Company may use newly issued shares to implement the dividend reinvestment plan or, if the Company is otherwise permitted under applicable law to purchase such shares, the Company may purchase shares in the open market in connection with the Company's obligations under the dividend reinvestment plan.

 Use of Estimates in the Preparation of Consolidated Financial Statements

 The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the valuation of investments.

 Recent Accounting Pronouncements

 The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board. ASUs were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

 In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03")," which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements.

 3. AGREEMENTS

 Investment Advisory and Management Agreement

 The Company is party to an investment advisory and management agreement (the "investment advisory and management agreement"), with its investment adviser, Ares Capital Management. Subject to the overall supervision of the Company's board of directors and in accordance with the Investment Company Act, Ares Capital Management provides investment advisory and management services to the Company. For providing these services, Ares Capital Management receives fees from the Company consisting of a base management fee, a fee based on the Company's net investment income ("income based fee") and a fee based on the Company's net capital gains ("capital gains incentive fee"). The investment advisory and management agreement may be terminated by either party without penalty upon 60 days' written notice to the other party.

 Effective June 21, 2019, in connection with the Company's board of directors' approval of the modification of the asset coverage requirement applicable to senior securities from 200 % to 150 %, the investment advisory and management agreement was amended to reduce the Company's annual base management fee rate from 1.5 % to 1.0 % on all assets financed using leverage over 1.0 x debt to equity. For all assets financed using leverage up to 1.0 x debt to equity, the annual base management fee rate remains at 1.5 %. The base management fee is based on the average value of the Company's total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed calendar quarters and is calculated by applying the applicable fee rate. The base management fee is payable quarterly in arrears. See Note 5 for additional information.

 The income based fee is calculated and payable quarterly in arrears based on the Company's pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the administration agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the income based fee and capital gains incentive fee accrued under GAAP). Pre-incentive fee net investment income includes, in the case of investments with a deferred income feature (such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Company has not yet received in cash. The Company's investment adviser is

 not under any obligation to reimburse the Company for any part of the income based fees it received that were based on accrued income that the Company never actually received.

 Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation, unrealized capital depreciation or income tax expense related to realized gains and losses. Because of the structure of the income based fee, it is possible that the Company may pay such fees in a quarter where the Company incurs a loss. For example, if the Company earns pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable income based fee even if the Company has incurred a loss in that quarter due to realized and/or unrealized capital losses.

 Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets (defined as total assets less indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed "hurdle rate" of 1.75 % per quarter. If market credit spreads rise, the Company may be able to invest its funds in debt instruments that provide for a higher return, which may increase the Company's pre-incentive fee net investment income and make it easier for the Company's investment adviser to surpass the fixed hurdle rate and receive an income based fee based on such net investment income. To the extent the Company has retained pre-incentive fee net investment income that has been used to calculate the income based fee, it is also included in the amount of the Company's total assets (other than cash and cash equivalents but including assets purchased with borrowed funds) used to calculate the base management fee.

 The Company pays its investment adviser an income based fee with respect to the Company's pre-incentive fee net investment income in each calendar quarter as follows:

 • No income based fee in any calendar quarter in which the Company's pre-incentive fee net investment income does not exceed the hurdle rate;

 • 100 % of the Company's pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875 % in any calendar quarter. The Company refers to this portion of its pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 2.1875 %) as the "catch-up" provision. The "catch-up" is meant to provide the Company's investment adviser with 20 % of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeded 2.1875 % in any calendar quarter; and

 • 20 % of the amount of the Company's pre-incentive fee net investment income, if any, that exceeds 2.1875 % in any calendar quarter.

 These calculations are adjusted for any share issuances or repurchases during the quarter.

 The capital gains incentive fee is determined and payable in arrears as of the end of each calendar year (or, upon termination of the investment advisory and management agreement, as of the termination date) and is calculated at the end of each applicable year by subtracting (a) the sum of the Company's cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (b) the Company's cumulative aggregate realized capital gains, in each case calculated from October 8, 2004 (the date the Company completed its initial public offering). Realized capital gains and losses include gains and losses on investments and foreign currencies, gains and losses on extinguishment of debt and from other assets, as well as any income tax and other expenses related to cumulative aggregate realized gains and losses. If such amount is positive at the end of such year, then the capital gains incentive fee for such year is equal to 20 % of such amount, less the aggregate amount of capital gains incentive fees paid in all prior years. If such amount is negative, then there is no capital gains incentive fee for such year.

 The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company's portfolio when sold and (b) the accreted or amortized cost basis of such investment.

 The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company's portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.

 The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company's portfolio as of the applicable capital gains incentive fee calculation date and (b) the accreted or amortized cost basis of such investment.

 Notwithstanding the foregoing, if the Company is required by GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment by the Company (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the capital gains incentive fee, the "accreted or amortized cost basis" of an investment shall be an amount (the "Contractual Cost Basis") equal to (1) (x) the actual amount paid by the Company for such investment plus (y) any amounts recorded in the Company's financial statements as required by GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Company's financial statements, including PIK interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Company's financial statements as required by GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition.

 The base management fees, income based fees and capital gains incentive fees for the years ended December 31, 2023, 2022 and 2021 were as follows:

 2023
 2022
 2021

 $
 $
 $

 Income based fees
 $
 $
 $

 Capital gains incentive fees(1)
 $
 $
 ( 101)
 $

 (1)Calculated in accordance with GAAP as discussed below.

 There was no capital gains incentive fee payable to the Company's investment adviser as calculated under the investment advisory and management agreement for the years ended December 31, 2023 and 2022. The capital gains incentive fee payable to the Company's investment adviser as calculated under the investment advisory and management agreement for the year ended December 31, 2021 was $ 26. In addition, in accordance with GAAP, the Company had cumulatively accrued a capital gains incentive fee of $ 88 as of December 31, 2023. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory and management agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then GAAP requires the Company to record a capital gains incentive fee equal to 20 % of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under GAAP in all prior periods. As of December 31, 2023, the Company has paid capital gains incentive fees since inception totaling $ 133. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.

 Cash payment of any income based fees and capital gains incentive fees otherwise earned by the Company's investment adviser is deferred if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to the Company's stockholders and (b) the change in net assets (defined as total assets less indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) is less than 7.0 % of the Company's net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any income based fees and capital gains incentive fees deferred for payment are carried over for payment in subsequent calculation periods to the extent such fees are payable under the terms of the investment advisory and management agreement. Pursuant to the terms of the investment advisory and management agreement, payment of $ 81 of the income based fees earned by the Company's investment adviser for the fourth quarter of 2022 had been previously deferred. The deferred income based fees were paid in the second quarter of 2023 pursuant to the terms of the investment advisory and management agreement.

 The services of all investment professionals and staff of the Company's investment adviser, when and to the extent engaged in providing investment advisory and management services to the Company and compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Company's investment adviser. Under the investment advisory and management agreement, the Company bears all other costs and expenses of its operations and transactions, including, but not limited to, those relating to: organization; calculation of the Company's net asset value (including, but not limited to, the cost and expenses of any independent third-party valuation firm); expenses incurred by the Company's investment adviser payable to third parties, including agents, consultants or other advisers, in monitoring the Company's financial and legal affairs and in monitoring the Company's investments (including the cost of consultants hired to develop information technology systems designed to monitor the Company's investments) and performing due diligence on the Company's prospective portfolio companies; interest payable on indebtedness, if any, incurred to finance the Company's investments (including, but not limited to, payments to third party vendors for financial information services); offerings of the Company's common stock and other securities (including, but not limited to, costs of rating agencies); investment advisory and management fees; administration fees payable under the administration agreement; fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments in portfolio companies, regardless of whether such transactions are ultimately consummated (including, but not limited to, payments to third party vendors for financial information services); transfer agent and custodial fees; registration fees; listing fees; taxes; independent directors' fees and expenses; costs of preparing and filing reports or other documents required by governmental bodies (including the Securities and Exchange Commission (the "SEC")); the costs of any reports, proxy statements or other notices to stockholders, including printing costs; to the extent the Company is covered by any joint insurance policies, the Company's allocable portion of the insurance premiums for such policies; direct costs and expenses of administration, including auditor and legal costs; and all other expenses incurred by the Company or its administrator in connection with administering the Company's business as described in more detail under "Administration Agreement" below.

 Administration Agreement

 The Company is party to an administration agreement (the "administration agreement") with its administrator, Ares Operations. Pursuant to the administration agreement, Ares Operations furnishes the Company with office equipment and clerical, bookkeeping and record keeping services at the Company's office facilities. Under the administration agreement, Ares Operations also performs, or oversees the performance of, the Company's required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial records that the Company is required to maintain and preparing reports to its stockholders and reports filed with the SEC. In addition, Ares Operations assists the Company in determining and publishing its net asset value, assists the Company in providing managerial assistance to its portfolio companies, oversees the preparation and filing of the Company's tax returns and the printing and dissemination of reports to its stockholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Company by others. Payments under the administration agreement are equal to an amount based upon its allocable portion of Ares Operations' overhead and other expenses (including travel expenses) incurred by Ares Operations in performing its obligations under the administration agreement, including the Company's allocable portion of the compensation, rent and other expenses of certain of its officers (including the Company's chief compliance officer, chief financial officer, chief accounting officer, general counsel, secretary, treasurer and assistant treasurer) and their respective staffs. The administration agreement may be terminated by either party without penalty upon 60 days' written notice to the other party.

 For the years ended December 2023, 2022 and 2021, the Company incurred $ 13, $ 11, and $ 15 respectively, in administrative and other fees, including certain costs that are reimbursable under the investment advisory and management agreement or the administration agreement. As of December 31, 2023 and 2022, $ 4 and $ 2, respectively, in administrative and other fees were unpaid and included in "accounts payable and other liabilities" in the accompanying consolidated balance sheet.

 4. INVESTMENTS

 As of December 31, 2023 and 2022, investments consisted of the following:

 2023
 2022

 Amortized Cost(1)
 Amortized Cost(1)

 First lien senior secured loans(2)
 $
 10,313
 $
 10,081
 $
 9,684
 $
 9,373

 3,980
 3,753
 4,218
 3,934

 Subordinated certificates of the SDLP(3)
 1,316
 1,288
 1,274
 1,249

 1,150
 1,096
 1,163
 1,079

 2,457
 2,460
 2,095
 2,027

 Ivy Hill Asset Management, L.P.(4)
 1,763
 1,987
 2,048
 2,201

 1,689
 2,209
 1,561
 1,917

 Total
 $
 22,668
 $
 $
 22,043
 $

 (1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

 (2)First lien senior secured loans include certain loans that the Company classifies as "unitranche" loans. The total amortized cost and fair value of the loans that the Company classified as "unitranche" loans were $ 5,786 and $ 5,667 respectively, as of December 31, 2023, and $ 4,983 and $ 4,841, respectively, as of December 31, 2022.

 (3)The proceeds from these certificates were applied to co-investments with Varagon Capital Partners ("Varagon") and its clients to fund first lien senior secured loans to 22 and 22 different borrowers as of December 31, 2023 and 2022, respectively.

 (4)Includes the Company's subordinated loan and equity investments in IHAM (as defined below), as applicable.

 The Company uses GICS for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions of the Company's portfolio at fair value as of December 31, 2023 and 2022 were as follows:

 2023
 2022

 Industry

 Software and Services
 23.2
 %
 21.9
 %

 Health Care Services
 12.1
 10.8

 Financial Services(1)
 11.5
 13.3

 Commercial and Professional Services
 9.8
 9.5

 Investment Funds and Vehicles(2)
 5.8
 6.0

 Insurance Services
 5.1
 5.2

 Consumer Services
 4.3
 4.2

 Power Generation
 4.2
 4.5

 Consumer Durables and Apparel
 3.1
 3.7

 Media and Entertainment
 2.8
 2.1

 Retailing and Distribution
 2.5
 2.2

 Capital Goods
 2.4
 3.6

 Energy
 2.2
 2.0

 Food and Beverage
 2.1
 2.0

 Consumer Staples Distribution and Retail
 1.8
 1.6

 Other
 7.1
 7.4

 Total
 100.0
 %
 100.0
 %

 (1)Includes the Company's investment in IHAM.

 (2)Includes the Company's investment in the SDLP (as defined below), which had made first lien senior secured loans to 22 and 22 different borrowers as of December 31, 2023 and 2022, respectively. The portfolio companies in the SDLP are in industries similar to the companies in the Company's portfolio.

 2023
 2022

 Geographic Region

 Midwest
 24.7
 %
 23.9
 %

 West(1)
 24.3
 24.5

 Southeast
 18.5
 17.1

 Mid-Atlantic
 13.3
 14.9

 Northeast(2)
 13.2
 14.0

 International
 6.0
 5.6

 Total
 100.0
 %
 100.0
 %

 (1)Includes the Company's investment in the SDLP, which represented 5.6 % and 5.7 % of the total investment portfolio at fair value as of December 31, 2023 and 2022, respectively.

 (2)Includes the Company's investment in IHAM, which represented 8.7 % and 10.1 % of the total investment portfolio at fair value as of December 31, 2023 and 2022, respectively.

 As of December 31, 2023 and 2022, loans on non-accrual status represented 1.3 % of the total investments at amortized cost (or 0.6 % at fair value) and 1.7 % at amortized cost (or 1.1 % at fair value), respectively.

 Ivy Hill Asset Management, L.P. ("IHAM"), a wholly owned portfolio company of the Company, is an asset manager and an SEC-registered investment adviser. As of December 31, 2023, IHAM had assets under management of approximately $ 13.5 billion. As of December 31, 2023, IHAM managed 20 vehicles (the "IHAM Vehicles"). IHAM earns fee income from managing the IHAM Vehicles and has also invested in certain of these vehicles as part of its business strategy. The amortized cost of IHAM's total investments as of December 31, 2023 and 2022 was $ 2,288 and $ 2,370, respectively. For the years ended December 2023, 2022 and 2021, IHAM had management and incentive fee income of $ 56, $ 49 and $ 31, respectively, and investment-related income of $ 328, $ 188 and $ 91, respectively, which included net realized gains or losses on investments and other transactions.

 The amortized cost and fair value of the Company's investment in IHAM as of December 31, 2023 and 2022 were as follows:

 2023
 2022

 $
 $
 $
 $

 1,701
 1,925
 1,548
 1,701

 Total investment in IHAM
 $
 1,763
 $
 1,987
 $
 2,048
 $
 2,201

 The interest income and dividend income that the Company earned from IHAM for the years ended December 31, 2023, 2022 and 2021 were as follows:

 2023
 2022
 2021

 $
 $
 $

 $
 $
 $

 From time to time, IHAM or certain IHAM Vehicles may purchase investments from, or sell investments to, the Company. For any such sales or purchases by the IHAM Vehicles to or from the Company, the IHAM Vehicle must obtain approval from third parties unaffiliated with the Company or IHAM, as applicable. During the years ended December 31, 2023, 2022 and 2021, IHAM or certain of the IHAM Vehicles purchased $ 1,193, $ 3,358 and $ 2,407, respectively, of loans from the Company. For the years ended December 31, 2023, 2022 and 2021, the Company recognized $ 13, $ 20 and $ 7, respectively, of net realized losses from these sales. During the years ended December 31, 2023 and 2022, the Company purchased $ 85 and $ 27, respectively, of investments from IHAM or certain IHAM Vehicles. During the year ended December 31, 2021, the Company did not purchase any investments from IHAM or certain IHAM Vehicles.

 The yields at amortized cost and fair value of the Company's investments in IHAM as of December 31, 2023 and 2022 were as follows:

 2023
 2022

 12.0
 %
 12.0
 %
 11.0
 %
 11.0
 %

 Equity(1)

 15.1
 %
 13.3
 %
 14.2
 %
 12.9
 %

 (1)Represents the yield on the Company's equity investment in IHAM, which is computed as (a) the annualized amount of the dividend received by the Company related to the Company's equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of the Company's equity investment in IHAM, as applicable.

 IHAM is party to an administration agreement, referred to herein as the "IHAM administration agreement," with Ares Operations. Pursuant to the IHAM administration agreement, Ares Operations provides IHAM with, among other things, office facilities, equipment, clerical, bookkeeping and record keeping services, services relating to the marketing and sale of interests in vehicles managed by IHAM, services of, and oversight of, custodians, depositories, accountants,

 attorneys, underwriters and such other persons in any other capacity deemed to be necessary. Under the IHAM administration agreement, IHAM reimburses Ares Operations for all of the actual costs associated with such services, including Ares Operations' allocable portion of the compensation, rent and other expenses of its officers, employees and respective staff in performing its obligations under the IHAM administration agreement.

 Selected Financial Information

 Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of IHAM, in conformity with GAAP, as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 are presented below.

 In conformity with GAAP, IHAM is required to consolidate entities in which IHAM has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model, which include certain of the IHAM Vehicles (the "Consolidated IHAM Vehicles"). As such, for GAAP purposes only, IHAM consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that it concludes are variable interest entities in which IHAM has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which IHAM is deemed to be the primary beneficiary.

 When IHAM consolidates an IHAM Vehicle for GAAP purposes only, IHAM reflects the assets, liabilities, revenues and expenses of the Consolidated IHAM Vehicles on a gross basis, including the economic interests held by third-party investors in the Consolidated IHAM Vehicles as debt obligations, subordinated notes or non-controlling interests, in the consolidated IHAM financials below. All of the revenues earned by IHAM as the investment manager of the Consolidated IHAM Vehicles are eliminated in GAAP consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the GAAP consolidation of an IHAM Vehicle does not impact the net income or loss attributable to IHAM. As a result, the Company believes an assessment of IHAM's business and the impact to the Company's investment in IHAM is best viewed on a stand-alone basis as reflected in the first column in the tables below.

 IHAM

 Assets

 Investments at fair value(2)
 $
 2,274
 $
 9,392
 $
 ( 2,265)
 $
 9,401

 —

 ( 68)

 $
 2,353
 $
 10,199
 $
 ( 2,333)
 $
 10,219

 Liabilities

 Debt
 $
 $
 7,459
 $
 —
 $
 7,921

 Subordinated note from ARCC
 —
 —

 Subordinated notes(3)
 —
 1,280
 ( 992)

 ( 16)

 8,928
 ( 1,008)
 8,461

 Contributed capital
 1,701
 —
 —
 1,701

 Accumulated earnings
 —
 —

 Net unrealized losses on investments and foreign currency transactions
 ( 15)
 —
 —
 ( 15)

 Non-controlling interests in Consolidated IHAM Vehicles(4)

 —
 1,271
 ( 1,325)
 ( 54)

 Total equity
 1,812
 1,271
 ( 1,325)
 1,758

 Total liabilities and equity
 $
 2,353
 $
 10,199
 $
 ( 2,333)
 $
 10,219

 IHAM

 Assets

 Investments at fair value(2)
 $
 2,340
 $
 8,973
 $
 ( 2,315)
 $
 8,998

 —

 ( 51)

 $
 2,401
 $
 9,566
 $
 ( 2,366)
 $
 9,601

 Liabilities

 Debt
 $
 $
 6,968
 $
 —
 $
 7,276

 Subordinated note from ARCC
 —
 —

 Subordinated notes(3)
 —
 1,374
 ( 1,093)

 ( 15)

 8,471
 ( 1,108)
 8,189

 Contributed capital
 1,547
 —
 —
 1,547

 Accumulated earnings
 —
 —

 Net unrealized losses on investments and foreign currency transactions
 ( 33)
 —
 —
 ( 33)

 Non-controlling interests in Consolidated IHAM Vehicles(4)

 —
 1,095
 ( 1,258)
 ( 163)

 Total equity
 1,575
 1,095
 ( 1,258)
 1,412

 Total liabilities and equity
 $
 2,401
 $
 9,566
 $
 ( 2,366)
 $
 9,601

 (1)Consolidated for GAAP purposes only.

 (2)The determination of such fair value is determined in accordance with IHAM's valuation procedures (separate and apart from the Company's valuation process described elsewhere herein). The amortized cost of IHAM's total investments as of December 31, 2023 and 2022 was $ 2,288 and $ 2,370, respectively. The amortized cost of the total investments of IHAM on a consolidated basis as of December 31, 2023 and 2022 was $ 9,619 and $ 9,306, respectively.

 (3)Subordinated notes generally represent the most junior capital in certain of the Consolidated IHAM Vehicles and effectively represent equity in such vehicles.

 (4)Non-controlling interests in Consolidated IHAM Vehicles includes net unrealized depreciation in the Consolidated IHAM Vehicles of $ 221 and $ 309 as of December 31, 2023 and 2022, respectively.

 For the Year Ended December 31, 2023

 IHAM

 $
 $
 1,097
 $
 ( 343)
 $
 1,101

 ( 54)

 1,105
 ( 397)
 1,111

 —

 —
 ( 150)

 ( 54)

 ( 204)

 ( 193)

 Net realized (losses) gains on investments and other transactions
 ( 19)
 ( 29)
 ( 46)

 Net unrealized gains on investments and other transactions
 ( 18)

 Total net realized and unrealized (losses) gains on investments and other transactions
 ( 1)
 ( 47)

 Net income
 ( 240)

 Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles
 —
 ( 240)

 $
 $
 —
 $
 —
 $

 For the Year Ended December 31, 2022

 IHAM

 $
 $
 $
 ( 185)
 $

 ( 46)

 ( 231)

 —

 —
 ( 95)

 ( 46)

 ( 141)

 ( 90)

 Net realized losses on investments and other transactions
 —
 ( 12)
 —
 ( 12)

 Net unrealized losses on investments and other transactions
 ( 33)
 ( 279)
 ( 281)

 Total net realized and unrealized losses on investments and other transactions
 ( 33)
 ( 291)
 ( 293)

 Net income (loss)
 ( 137)
 ( 59)
 ( 41)

 Less: Net loss attributable to non-controlling interests in Consolidated IHAM Vehicles
 —
 ( 137)
 ( 59)
 ( 196)

 $
 $
 —
 $
 —
 $

 For the Year Ended December 31, 2021

 IHAM

 $
 $
 $
 ( 93)
 $

 ( 27)

 ( 120)

 —

 —
 ( 101)

 ( 27)

 ( 128)

 Net realized (losses) gains on investments and other transactions
 ( 6)
 ( 28)

 Net unrealized gains on investments and other transactions
 ( 15)

 Total net realized and unrealized gains on investments and other transactions
 ( 43)

 Net income
 ( 35)

 Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles
 —
 ( 35)

 $
 $
 —
 $
 —
 $

 ____________________________________

 (1)Consolidated for GAAP purposes only.

 Senior Direct Lending Program

 The Company has established a joint venture with Varagon, to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. The joint venture is called the Senior Direct Lending Program, LLC (the "Senior Direct Lending Program" or the "SDLP"). In July 2016, the Company and Varagon and its clients completed the initial funding of the SDLP. The SDLP may generally commit and hold individual loans of up to $ 450. The Company may directly co-invest with the SDLP to accommodate larger transactions. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required).

 The Company provides capital to the SDLP in the form of subordinated certificates (the "SDLP Certificates"), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. As of December 31, 2023 and 2022, the Company and a client of Varagon owned 87.5 % and 12.5 %, respectively, of the outstanding SDLP Certificates.

 As of December 31, 2023 and 2022, the Company and Varagon and its clients had agreed to make capital available to the SDLP of $ 6,150 and $ 6,150, respectively, in the aggregate, of which $ 1,444 and $ 1,444, respectively, is to be made available from the Company. The Company will continue to provide capital to the SDLP in the form of the SDLP Certificates, and Varagon and its clients will provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP as discussed above. Below is a summary of the funded capital and unfunded capital commitments of the SDLP.

 2023
 2022

 Total capital funded to the SDLP(1)
 $
 5,361
 $
 5,127

 Total capital funded to the SDLP by the Company(1)
 $
 1,328
 $
 1,274

 Total unfunded capital commitments to the SDLP(2)
 $
 $

 Total unfunded capital commitments to the SDLP by the Company(2)
 $
 $

 (1)At principal amount.

 (2)These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met.

 The SDLP Certificates pay a coupon equal to Secured Overnight Financing Rate ("SOFR") plus 8.0 % and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes.

 The amortized cost and fair value of the SDLP Certificates held by the Company and the Company's yield on its investment in the SDLP Certificates at amortized cost and fair value as of December 31, 2023 and 2022 were as follows:

 2023
 2022

 Investment in the SDLP Certificates
 $
 1,316
 $
 1,288
 $
 1,274
 $
 1,249

 Yield on the investment in the SDLP Certificates
 13.6
 %
 13.9
 %
 13.5
 %
 13.8
 %

 The interest income from the Company's investment in the SDLP Certificates and capital structuring service and other fees earned for the years ended December 31, 2023, 2022 and 2021 were as follows:

 2023
 2022
 2021

 $
 $
 $

 Capital structuring service and other fees

 $
 $
 $

 As of December 31, 2023 and 2022, the SDLP's portfolio was comprised entirely of first lien senior secured loans to U.S. middle-market companies and were in industries similar to the companies in the Company's portfolio. As of December 31, 2023 and 2022, one of the loans was on non-accrual status. Below is a summary of the SDLP's portfolio.

 2023
 2022

 Total first lien senior secured loans(1)(2)
 $
 5,431
 $
 5,174

 Largest loan to a single borrower(1)
 $
 $

 Total of five largest loans to borrowers(1)
 $
 1,650
 $
 1,631

 Number of borrowers in the SDLP

 Commitments to fund delayed draw loans(3)
 $
 $

 (1)At principal amount.

 (2)First lien senior secured loans include certain loans that the SDLP classifies as "unitranche" loans. As of December 31, 2023 and 2022, the total principal amount of loans in the SDLP portfolio that the SDLP classified as "unitranche" loans was $ 4,558 and $ 4,108, respectively.

 (3)As discussed above, these commitments have been approved by the investment committee of the SDLP.

 Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of the SDLP, in conformity with GAAP, as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 are presented below:

 2023
 2022

 Investments at fair value (amortized cost of $ 5,267 and $ 5,166, respectively)

 $
 5,129
 $
 4,958

 $
 5,321
 $
 5,108

 Senior notes
 $
 3,705
 $
 3,538

 Intermediate funding notes

 3,980
 3,780

 Subordinated certificates and members' capital
 1,341
 1,328

 Total liabilities and members' capital
 $
 5,321
 $
 5,108

 2023
 2022
 2021

 $
 $
 $

 Other expenses

 Net realized and unrealized (losses) gains on investments
 ( 73)
 ( 147)

 Net increase in members' capital resulting from operations
 $
 $
 $

 5. DEBT

 In accordance with the Investment Company Act, the Company is allowed to borrow amounts such that its asset coverage, calculated pursuant to the Investment Company Act, is at least 150% after such borrowing. The Company's asset coverage requirement applicable to senior securities was reduced from 200 % to 150 % effective June 21, 2019. As of December 31, 2023, the aggregate principal amount outstanding of the senior securities issued by the Company was $ 11,905 and the Company's asset coverage was 194 %.

 The Company's outstanding debt as of December 31, 2023 and 2022 was as follows:

 2023
 2022

 Total Aggregate Principal Amount Committed/ Outstanding (1)
 Principal Amount Outstanding
 Carrying Value
 Total Aggregate Principal Amount Committed/ Outstanding (1)
 Principal Amount Outstanding
 Carrying Value

 $
 4,758
 (2)
 $
 1,413
 $
 1,413
 $
 4,843
 (2)
 $
 2,246
 $
 2,246

 1,775
 1,775

 (3)
 (3)

 (4)
 (4)

 2023 Notes
 —
 —
 —
 (4)

 (4)
 (4)

 (4)
 (4)

 1,250
 1,250
 1,255
 (4)
 1,250
 1,250
 1,258
 (4)

 1,150
 1,150
 1,146
 (4)
 1,150
 1,150
 1,144
 (4)

 1,000
 1,000
 (4)
 1,000
 1,000
 (4)

 (4)(5)
 —
 —
 —

 (4)
 (4)

 1,250
 1,250
 1,247
 (4)
 1,250
 1,250
 1,247
 (4)

 (4)
 (4)

 Total
 $
 16,851
 $
 11,905
 $
 11,884
 $
 16,221
 $
 12,245
 $
 12,210

 (1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

 (2)Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $ 7,137 and $ 7,265, as of December 31, 2023 and 2022, respectively.

 (3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $ 1,000.

 (4)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In February 2023, the Company repaid in full the 2023 Notes (as defined below) upon their maturity.

 (5)The carrying value of the January 2027 Notes as of December 31, 2023 includes a $ 15 increase as a result of an effective hedge accounting relationship. See Note 6 for additional information.

 The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all the Company's outstanding debt as of December 31, 2023 were 4.8 % and 3.0 years, respectively, and as of December 31, 2022 were 4.2 % and 3.6 years, respectively. The weighted average stated interest rate of all the Company's debt outstanding as of December 31, 2023 includes the impact of interest rate swaps. See Note 6 for additional information on the interest rate swaps.

 The Company is party to a senior secured revolving credit facility (as amended and restated, the "Revolving Credit Facility"), that allows the Company to borrow up to $ 4,758 at any one time outstanding. The Revolving Credit Facility consists of a $ 3,656 revolving tranche and a $ 1,102 term loan tranche. As of December 31, 2023, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows:

 Total Aggregate Principal Amount Committed/ Outstanding
 End of Revolving Period

 Revolving tranche
 $
 2,905
 April 19, 2027
 April 19, 2028

 March 31, 2027

 March 31, 2025

 March 30, 2024
 March 30, 2025

 3,656

 Term loan tranche
 April 19, 2028

 March 31, 2027

 March 30, 2025

 1,102

 $
 4,758

 The Revolving Credit Facility also provides for a feature that allows the Company, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $ 7,137. The Revolving Credit Facility generally requires payments of interest at the end of each SOFR interest period, but no less frequently than quarterly, on SOFR based loans, and monthly payments of interest on other loans. Subsequent to the end of the respective revolving periods and prior to the respective stated maturity dates, the Company is required to repay the relevant outstanding principal amounts under both the term loan tranche and revolving tranche on a monthly basis in an amount equal to 1/12th of the outstanding principal amount at the end of the respective revolving periods.

 Under the Revolving Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders' equity, (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Company and its consolidated subsidiaries (subject to certain exceptions) of not less than 1.5:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the documents governing the Revolving Credit Facility. Amounts available to borrow under the Revolving Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Revolving Credit Facility) that are pledged as collateral. As of December 31, 2023, the Company was in compliance in all material respects with the terms of the Revolving Credit Facility.

 As of December 31, 2023 and 2022, there was $ 1,413 and $ 2,246 outstanding, respectively, under the Revolving Credit Facility. The Revolving Credit Facility also provides for a sub-limit for the issuance of letters of credit for up to an aggregate amount of $ 250 with the ability to increase by an incremental $ 50 on an uncommitted basis. As of December 31, 2023 and 2022, the Company had $ 60 and $ 86, respectively, in letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit issued. As of December 31, 2023, there was $ 3,285, available for borrowing (net of letters of credit issued) under the Revolving Credit Facility, subject to borrowing base restrictions.

 Since March 31, 2022, the interest rate charged on the Revolving Credit Facility is based on SOFR plus a credit spread adjustment of 0.10 % (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in Sterling, Canadian Dollars, Euros and certain other foreign currencies plus a spread adjustment, if applicable) and an applicable spread of either 1.75 % or 1.875 % or an "alternate base rate" (as defined in the agreements governing the Revolving Credit Facility) plus an applicable spread of 0.75 % or 0.875 %, in each case, determined monthly based on the total

 amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure and term loans outstanding under the Revolving Credit Facility and (b) 85 % of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. The Revolving Credit Facility allows for borrowings to be made using one, three or six month SOFR. Prior to March 31, 2022, the interest rate charged on the Revolving Credit Facility was based on London Interbank Offered Rate ("LIBOR") (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in Sterling, Canadian Dollars, Euros and certain other foreign currencies) plus an applicable spread of either 1.75 % or 1.875 % or an "alternate base rate" (as defined in the agreements governing the Revolving Credit Facility) plus an applicable spread of 0.75 % or 0.875 %, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure and term loans outstanding under the Revolving Credit Facility and (b) 85 % of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of December 31, 2023, the one, three and six month SOFR was 5.35%, 5.33% and 5.16%, respectively. As of December 31, 2023, the applicable spread in effect was 1.75 %. In addition to the stated interest expense on the Revolving Credit Facility, the Company is required to pay a commitment fee of 0.375 % per annum on any unused portion of the Revolving Credit Facility. The Company is also required to pay a letter of credit fee of either 2.00 % or 2.125 % per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility.

 The Revolving Credit Facility is secured by certain assets in the Company's portfolio and excludes investments held by Ares Capital CP under the Revolving Funding Facility, those held by ACJB under the SMBC Funding Facility and those held by AFB under the BNP Funding Facility, each as described below, and certain other investments.

 For the years ended December 31, 2023, 2022 and 2021, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:

 2023
 2022
 2021

 $
 $
 $

 Total interest and credit facility fees expense
 $
 $
 $

 $
 $
 $

 Average stated interest rate
 6.80
 %
 4.11
 %
 2.14
 %

 Average outstanding balance
 $
 1,795
 $
 1,701
 $
 1,014

 Letter of Credit Facility

 In May 2023, the Company and Deutsche Bank AG New York Branch (the "DB Issuer") entered into an uncommitted continuing agreement (the "Letter of Credit Facility"), which allows the DB Issuer to issue letters of credit or demand guarantees, at the request of the Company, on behalf of certain portfolio companies. The Company is required to make payments to the DB Issuer if the portfolio companies were to default on their related payment obligations. The Letter of Credit Facility is secured on a pari passu basis with the Revolving Credit Facility and pursuant to substantially the same collateral as the Revolving Credit Facility. As of December 31, 2023, the DB Issuer had $ 69 in letters of credit issued under the Letter of Credit Facility.

 The Company and the Company's consolidated subsidiary, Ares Capital CP Funding LLC ("Ares Capital CP"), are party to a revolving funding facility (as amended, the "Revolving Funding Facility"), that allows Ares Capital CP to borrow up to $ 1,775 at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and the membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are December 29, 2024 and December 29, 2026, respectively.

 Amounts available to borrow under the Revolving Funding Facility are subject to a borrowing base that applies different advance rates to different types of assets held by Ares Capital CP. Ares Capital CP is also subject to limitations with

 respect to the loans securing the Revolving Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and Ares Capital CP are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility. As of December 31, 2023, the Company and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility.

 As of December 31, 2023 and 2022, there was $ 863 and $ 800 outstanding, respectively, under the Revolving Funding Facility. Since June 30, 2022, the interest rate charged on the Revolving Funding Facility is based on SOFR plus a credit spread adjustment of 0.10 % or a "base rate" (as defined in the agreements governing the Revolving Funding Facility) plus an applicable spread of 1.90 % per annum. From December 29, 2021 to June 29, 2022, the interest rate charged on the Revolving Funding Facility was based on one month LIBOR plus 1.90 % per annum or a "base rate" (as defined in the agreements governing the Revolving Funding Facility) plus 1.00 % per annum. Prior to December 29, 2021, the interest rate charged on the Revolving Funding Facility was based on one month LIBOR plus 2.00 % per annum or a "base rate" plus 1.00 % per annum. Since December 29, 2021, Ares Capital CP is also required to pay a commitment fee of between 0.50 % and 1.25 % per annum depending on the size of the unused portion of the Revolving Funding Facility. Prior to and including December 29, 2021, Ares Capital CP was required to pay a commitment fee of between 0.50 % and 1.50 % per annum depending on the size of the unused portion of the Revolving Funding Facility.

 For the years ended December 31, 2023, 2022 and 2021, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Funding Facility were as follows:

 2023
 2022
 2021

 $
 $
 $

 Total interest and credit facility fees expense
 $
 $
 $

 $
 $
 $

 Average stated interest rate
 7.10
 %
 3.81
 %
 2.33
 %

 Average outstanding balance
 $
 $
 $

 The Company and the Company's consolidated subsidiary, Ares Capital JB Funding LLC ("ACJB"), are party to a revolving funding facility (as amended, the "SMBC Funding Facility"), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent and collateral agent, that allows ACJB to borrow up to $ 800 at any one time outstanding. The SMBC Funding Facility also provides for a feature that allows ACJB, subject to receiving certain consents, to increase the overall size of the SMBC Funding Facility to $ 1,000. The SMBC Funding Facility is secured by all of the assets held by ACJB. The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility are May 28, 2024 and May 28, 2026, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement.

 Amounts available to borrow under the SMBC Funding Facility are subject to a borrowing base that applies an advance rate to assets held by ACJB. ACJB is also subject to limitations with respect to the loans securing the SMBC Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and ACJB are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the SMBC Funding Facility. As of December 31, 2023, the Company and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility.

 As of December 31, 2023 and 2022, there was $ 401 and $ 451 outstanding, respectively, under the SMBC Funding Facility. Since April 28, 2023, the interest rate charged on the SMBC Funding Facility is based on an applicable spread of either (i) 1.75 % or 2.00 % over one month SOFR plus a credit spread adjustment of 0.10 % or (ii) 0.75 % or 1.00 % over a "base

 rate" (as defined in the agreements governing the SMBC Funding Facility), in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. Prior to April 28, 2023, the interest rate charged on the SMBC Funding Facility was based on an applicable spread of either (i) 1.75 % or 2.00 % over one month LIBOR or (ii) 0.75 % or 1.00 % over a "base rate" (as defined in the agreements governing the SMBC Funding Facility), in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. As of December 31, 2023, the applicable spread in effect was 1.75 %. ACJB is required to pay a commitment fee of between 0.50 % and 1.00 % per annum depending on the size of the unused portion of the SMBC Funding Facility.

 For the years ended December 31, 2023, 2022 and 2021, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SMBC Funding Facility were as follows:

 2023
 2022
 2021

 $
 $
 $

 Total interest and credit facility fees expense
 $
 $
 $

 $
 $
 $

 Average stated interest rate
 6.92
 %
 3.58
 %
 2.05
 %

 Average outstanding balance
 $
 $
 $

 The Company and the Company's consolidated subsidiary, ARCC FB Funding LLC ("AFB"), are party to a revolving funding facility (as amended, the "BNP Funding Facility") with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to borrow up to $ 865 at any one time outstanding. The BNP Funding Facility is secured by all of the assets held by AFB. The end of the reinvestment period and the stated maturity date for the BNP Funding Facility are April 20, 2026 and April 20, 2028, respectively. The reinvestment period and the stated maturity date are both subject to a one-year extension by mutual agreement.

 Amounts available to borrow under the BNP Funding Facility are subject to a borrowing base that applies an advance rate to assets held by AFB. AFB is also subject to limitations with respect to the loans securing the BNP Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and AFB are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the BNP Funding Facility. As of December 31, 2023, the Company and AFB were in compliance in all material respects with the terms of the BNP Funding Facility.

 As of December 31, 2023 and December 31, 2022, there was $ 575 and $ 245, respectively, outstanding under the BNP Funding Facility. Since April 20, 2023, the interest rate charged on the BNP Funding Facility is based on an applicable SOFR or a "base rate" (as defined in the agreements governing the BNP Funding Facility) plus a margin of (i) 2.80 % during the reinvestment period and (ii) 3.30 % following the reinvestment period. From January 9, 2023 to April 19, 2023, the interest rate charged on the BNP Funding Facility was based on an applicable SOFR or a "base rate" plus a margin of (i) 2.30 % during the reinvestment period and (ii) 2.80 % following the reinvestment period. From June 29, 2021 to January 8, 2023, the interest rate charged on the BNP Funding Facility was based on three month LIBOR or a "base rate" (as defined in the agreements governing the BNP Funding Facility) plus a margin of (i) 1.80 % during the reinvestment period and (ii) 2.30 % following the reinvestment period. Prior to June 29, 2021, the interest rate charged on the BNP Funding Facility was based on three month LIBOR (subject to a floor of 0.45 %), or a "base rate" (as defined in the agreements governing the BNP Funding Facility) plus a margin that generally ranged between 2.65 % and 3.15 % (depending on the types of assets such advances relate to), with a weighted average margin floor for all classes of advances of (i) 2.75 % during the reinvestment period and (ii) 3.25 % following the reinvestment period. As of December 31, 2023, the applicable spread in effect was 2.80 %. AFB is required to pay a commitment fee of between 0.00 % and 1.25 % per annum depending on the size of the unused portion of the BNP Funding Facility. See Note 15 for a subsequent event relating to the BNP Funding Facility.

 For the years ended December 31, 2023, 2022 and 2021, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the BNP Funding Facility were as follows:

 2023
 2022
 2021

 $
 $
 $

 Total interest and credit facility fees expense
 $
 $
 $

 $
 $
 $

 Average stated interest rate
 7.90
 %
 4.71
 %
 3.46
 %

 Average outstanding balance
 $
 $
 $

 Convertible Unsecured Notes

 The Company has issued $ 403 in aggregate principal amount of unsecured convertible notes that mature on March 1, 2024 (the "2024 Convertible Notes") unless previously converted or repurchased in accordance with its terms. The Company does not have the right to redeem the 2024 Convertible Notes prior to maturity. The 2024 Convertible Notes bear interest at a rate of 4.625 % per annum, payable semi-annually.

 In certain circumstances, the 2024 Convertible Notes will be convertible into cash, shares of the Company's common stock or a combination of cash and shares of its common stock, at the Company's election, at the conversion rate (listed below as of December 31, 2023) subject to customary anti-dilution adjustments and the requirements of the indenture (the "2024 Convertible Notes Indenture"). The Company has elected to settle its conversion obligations in connection with the 2024 Convertible Notes submitted for conversion on or after December 1, 2023 with a combination of cash and shares of the Company's common stock. In accordance with the 2024 Convertible Notes Indenture, the Company notified the holders of the 2024 Convertible Notes and the trustee that all 2024 Convertible Notes submitted for conversion on or after December 1, 2023 shall be settled with a specified cash amount (as defined in the 2024 Convertible Notes Indenture) of $1 per $1,000 principal amount of the 2024 Convertible Notes and any additional amounts in stock based on the applicable conversion rate as described in the 2024 Convertible Notes Indenture. In addition, if the Company engages in certain corporate events as described in the 2024 Convertible Notes Indenture, holders of the 2024 Convertible Notes may require the Company to repurchase for cash all or part of the 2024 Convertible Notes at a repurchase price equal to 100 % of the principal amount of the 2024 Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the required repurchase date.

 Certain key terms related to the convertible features for the 2024 Convertible Notes as of December 31, 2023 are listed below.

 Conversion premium
 15.0
 %

 Closing stock price at issuance
 $
 17.29

 Closing stock price date
 March 5, 2019

 Conversion price(1)
 $
 19.43

 Conversion rate (shares per one thousand dollar principal amount)(1)
 51.4589

 Conversion date
 December 1, 2023

 (1)Represents conversion price and conversion rate, as applicable, as of December 31, 2023, taking into account any applicable de minimis adjustments that will be made on the conversion date.

 As of December 31, 2023, the principal amount of the 2024 Convertible Notes exceeded the value of the underlying shares multiplied by the per share closing price of the Company's common stock.

 The 2024 Convertible Notes Indenture contains certain covenants, including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act, or any successor provisions, and to provide financial information to the holders of the 2024 Convertible Notes under certain circumstances. These covenants are subject to important limitations and exceptions that are described in the 2024 Convertible Notes Indenture. As of

 December 31, 2023, the Company was in compliance in all material respects with the terms of the 2024 Convertible Notes Indenture.

 The 2024 Convertible Notes, as well as any other convertible notes outstanding during the periods presented (collectively referred to as the "Convertible Unsecured Notes") are accounted for in accordance with ASC 470-20, Debt. Upon conversion of the 2024 Convertible Notes, the Company has elected to pay with a combination of cash and shares of the Company's common stock. The Company has determined that the embedded conversion options in the 2024 Convertible Notes are not required to be separately accounted for as a derivative under GAAP.

 In connection with the issuance of the 2024 Convertible Notes, the Company incurred debt issuance costs of $ 4. The 2024 Convertible Notes were issued at a discount. The Company records interest expense comprised of both stated interest expense as well as accretion of any original issue discount or debt issuance costs.

 As of December 31, 2023, the components of the carrying value of the 2024 Convertible Notes, the stated interest rate and the effective interest rate were as follows:

 Principal amount of debt
 $

 Original issue discount, net of accretion

 Debt issuance costs, net of amortization
 ( 3)

 Carrying value of debt
 $

 Stated interest rate
 4.625
 %

 Effective interest rate(1)
 5.10
 %

 (1)The effective interest rate of the 2024 Convertible Notes is equal to the stated interest rate plus the accretion of original issue discount and amortization of debt issuance costs.

 For the years ended December 31, 2023, 2022 and 2021, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes, as well as any other convertible notes outstanding during the periods presented were as follows.

 2023
 2022
 2021

 $
 $
 $

 Accretion of original issue discount

 Total interest expense
 $
 $
 $

 $
 $
 $

 Unsecured Notes

 The Company has issued certain unsecured notes (each issuance of which is referred to herein using the "defined term" set forth under the "Unsecured Notes" column of the table below and collectively referred to as the "Unsecured Notes"), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at the Company's option at a redemption price equal to par plus a "make whole" premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of December 31, 2023 are listed below.

Unsecured Notes
 Aggregate Principal Amount Issued
 Effective Stated Interest Rate
 Original Issuance Date

 $
 4.200 %
 June 10, 2019
 June 10, 2024

 $
 4.250 %
 January 11, 2018
 March 1, 2025

 $
 1,250
 3.250 %
 January 15, 2020
 July 15, 2025

 $
 1,150
 3.875 %
 July 15, 2020
 January 15, 2026

 $
 1,000
 2.150 %
 January 13, 2021
 July 15, 2026

 January 2027 Notes(1)
 $
 7.943 %
 August 3, 2023
 January 15, 2027

 $
 2.875 %
 January 13, 2022
 June 15, 2027

 $
 1,250
 2.875 %
 June 10, 2021
 June 15, 2028

 $
 3.200 %
 November 4, 2021
 November 15, 2031

 (1)The effective stated interest rate for the January 2027 Notes includes the impact of interest rate swaps.

 In February 2023, the Company repaid in full the $ 750 in aggregate principal amount outstanding of unsecured notes (the "2023 Notes") upon their maturity. The 2023 Notes bore interest at a rate of 3.500 % per annum, payable semi-annually.

 In connection with the January 2027 Notes, the Company entered into interest rate swap agreements for a total notional amount of $ 900 that mature on January 15, 2027 to more closely align the interest rate of such liability with its investment portfolio, which consists of primarily floating rate loans. Under the interest rate swap agreements, the Company receives a fixed interest rate of 7.000 % and pays a floating interest rate of one-month SOFR plus 2.581 %. The Company designated these interest rate swaps and the January 2027 Notes as a qualifying hedge accounting relationship. See Note 6 for more information on the interest rate swaps.

 See Note 15 for a subsequent event relating to an additional issuance of unsecured notes.

 For the years ended December 31, 2023, 2022 and 2021, the components of interest expense and cash paid for interest expense for the Unsecured Notes, as well as any other unsecured notes outstanding during the periods presented are listed below.

 2023
 2022
 2021

 Stated interest expense(1)
 $
 $
 $

 Net amortization of original issue premium/discount
 ( 7)
 ( 6)
 ( 4)

 Total interest expense
 $
 $
 $

 $
 $
 $

 (1)Includes the net interest expense related to the interest rate swaps for the year ended December 31, 2023.

 The Unsecured Notes contain certain covenants, including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act, or any successor provisions, and to provide financial information to the holders of such notes under certain circumstances. These covenants are subject to important limitations and exceptions set forth in the indentures governing such notes. As of December 31, 2023, the Company was in compliance in all material respects with the terms of the respective indentures governing each of the Unsecured Notes.

 The 2024 Convertible Notes and the Unsecured Notes are the Company's senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the 2024 Convertible Notes and the Unsecured Notes; equal in right of payment to the Company's existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

 6. DERIVATIVE INSTRUMENTS

 The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures.

 Foreign Currency Forward Contracts

 Certain information related to the Company's foreign currency forward derivative instruments as of December 31, 2023 and 2022 is presented below.

 Derivative Instrument
 Notional
 Gross Amount of Recognized Assets
 Gross Amount of Recognized Liabilities
 Balance Sheet
Location of Net Amounts

 $
 $
 ( 207)

 CAD
 ( 124)

 CAD
 1/18/2024
 ( 115)

 ( 147)

 NZD
 ( 45)

 8/21/2026
 ( 70)

 USD
 ( 9)

 AUD
 11/17/2026
 ( 7)

 CAD
 ( 3)

 Total
 $
 $
 ( 727)

 Derivative Instrument
 Notional
 Gross Amount of Recognized Assets
 Gross Amount of Recognized Liabilities
 Balance Sheet
Location of Net Amounts

 CAD
 $
 $
 ( 196)

 CAD
 1/18/2023
 ( 179)

 ( 169)

 ( 151)

 NZD
 ( 37)

 CAD
 ( 12)

 Total
 $
 $
 ( 744)

 As of December 31, 2023, the counterparties to the Company's foreign currency forward contracts were Canadian Imperial Bank of Commerce and Royal Bank of Canada. As of December 31, 2022, the counterparty to the Company's foreign currency forward contracts was Royal Bank of Canada.

 Net realized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the years ended December 31, 2023, 2022 and 2021 is in the following location in the consolidated statements of operations:

 Derivative Instrument
 Statement Location
 2023
 2022
 2021

 Net realized gains (losses) from foreign currency and other transactions
 $
 ( 13)
 $
 $

 Total
 $
 ( 13)
 $
 $

 Net unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the years ended December 31, 2023, 2022 and 2021 is in the following location in the consolidated statements of operations:

 Derivative Instrument
 Statement Location
 2023
 2022
 2021

 Net unrealized gains (losses) from foreign currency and other transactions
 $
 ( 5)
 $
 ( 9)
 $
 ( 14)

 Total
 $
 ( 5)
 $
 ( 9)
 $
 ( 14)

 Interest Rate Swaps

 In connection with the January 2027 Notes, the Company entered into interest rate swap agreements for a total notional amount of $ 900 that mature on January 15, 2027 to more closely align the interest rate of such liability with its investment portfolio, which consists of primarily floating rate loans. Under the interest rate swap agreements, the Company receives a fixed interest rate of 7.000 % and pays a floating interest rate of one-month SOFR plus 2.581 %. The Company designated these interest rate swaps and the January 2027 Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information on the January 2027 Notes.

 As of December 31, 2023, the counterparty to the Company's interest rate swap agreements was Wells Fargo Bank, N.A.

 As a result of the Company's designation of the interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net gain related to the fair value hedge was $ 0 for the year ended December 31, 2023, which is included in "interest and credit facility fees" in the Company's consolidated statement of operations. The balance sheet impact of fair valuing the interest rate swaps as of December 31, 2023 is presented below:

 Derivative Instrument(1)
 Notional Amount
 Gross Amount of Recognized Assets
 Gross Amount of Recognized Liabilities
 Balance Sheet Location of Amounts

 Interest rate swap
 $
 1/15/2027
 $
 $
 —

 Interest rate swap
 $
 1/15/2027
 —

 Total
 $
 $
 —

 (1)The asset related to the fair value of the interest rate swaps is offset by a $ 15 increase to the carrying value of the January 2027 Notes.

 7. COMMITMENTS AND CONTINGENCIES

 Investment Commitments

 The Company has various commitments to fund investments in its portfolio as described below. As of December 31, 2023 and 2022, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) the Company's discretion:

 2023
 2022

 Total revolving loan commitments
 $
 1,814
 $
 1,687

 ( 482)
 ( 526)

 Total net unfunded revolving loan commitments
 1,332
 1,161

 Total delayed draw loan commitments
 1,229

 Less: unavailable delayed draw loan commitments due to borrowing base or other covenant restrictions
 ( 13)
 ( 13)

 Total net unfunded delayed draw loan commitments
 1,216

 Total net unfunded revolving and delayed draw loan commitments
 $
 2,271
 $
 2,377

 The Company's commitment to fund delayed draw loans is generally triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels).

 Also included within the total revolving loan commitments as of December 31, 2023 were commitments to issue up to $ 369 in letters of credit through a financial intermediary on behalf of certain portfolio companies. As of December 31, 2023, the Company had $ 54 in letters of credit issued and outstanding under these commitments on behalf of the portfolio companies. For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $ 52 expire in 2024 and $ 2 expire in 2025 and thereafter.

 The Company also has commitments to co-invest in the SDLP for the Company's portion of the SDLP's commitments to fund delayed draw loans to certain portfolio companies of the SDLP. See Note 4 for more information.

 As of December 31, 2023 and 2022, the Company was party to agreements to fund equity investment commitments as follows:

 2023
 2022

 Total equity commitments
 $
 $

 Less: funded equity commitments
 ( 64)
 ( 69)

 Total unfunded equity commitments

 Less: equity commitments substantially at discretion of the Company
 ( 43)
 ( 51)

 Total net unfunded equity commitments
 $
 $
 —

 In the ordinary course of business, the Company may sell certain of its investments to third party purchasers. In particular, in connection with the sale of certain controlled portfolio company equity investments (as well as certain other sales) the Company has, and may continue to do so in the future, agreed to indemnify such purchasers for future liabilities arising from the investments and the related sale transaction. Such indemnification provisions have given rise to liabilities in the past and may do so in the future.

 In addition, in the ordinary course of business, the Company may guarantee certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may

 be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable.

 Lease Commitments

 The Company is obligated under a number of operating leases pursuant to which it is leasing office facilities from third parties with remaining terms ranging from approximately one to four years. For certain of its operating leases, the Company had previously entered into subleases. The components of operating lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows:

 2023
 2022
 2021

 Operating lease costs
 $
 $
 $

 Less: sublease income
 ( 9)
 ( 9)
 ( 9)

 Total operating lease costs(1)
 $
 —
 $
 —
 $

 (1)Total operating lease costs are incurred from office leases assumed as part of the Company's acquisition of American Capital, Ltd. ("American Capital") (the "American Capital Acquisition").

 Supplemental cash flow information related to operating leases for the years ended December 31, 2023, 2022 and 2021 were as follows:

 2023
 2022
 2021

 Cash paid for amounts included in the measurement of operating lease liabilities
 $
 $
 $

 Operating ROU assets obtained in exchange for operating lease liabilities
 $
 $
 $

 Supplemental balance sheet information as of December 31, 2023 and 2022 related to operating leases were as follows:

 2023
 2022

 Operating lease ROU assets
 $
 $

 Operating lease liabilities
 $
 $

 Weighted average remaining lease term (in years)
 2.9
 3.1

 Weighted average discount rate
 4.8
 %
 4.2
 %

 The following table shows future minimum lease payments under the Company's operating leases and a reconciliation to the operating lease liability as of December 31, 2023:

 2024
 $

 2025

 2026

 Total lease payments

 Less imputed interest
 ( 1)

 Total operating lease liabilities
 $

 The following table shows future expected rental payments to be received under the Company's subleases where the Company is the sublessor as of December 31, 2023:

 2024
 $

 2025

 2026

 Total
 $

 8. FAIR VALUE OF FINANCIAL INSTRUMENTS

 The Company follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASC 825-10"), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of the company's choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Company has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled "other assets" and "debt," which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

 The Company also follows ASC 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Company to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Company has considered its principal market as the market in which the Company exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

 • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

 • Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

 • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

 In addition to using the above inputs in investment valuations, the Company's investment adviser, as its valuation designee, continues to employ the net asset valuation policy and procedures that have been reviewed by the Company's board of directors in connection with their designation of our investment adviser as our valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policies and procedures, the Company's investment adviser evaluates the source of inputs, including any markets in which the Company's investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in the Company's portfolio, the fair value of the investments must typically be determined using unobservable inputs.

 The Company's portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. Enterprise value means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company's EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Company's investment adviser may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method

 for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Company has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Company does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Company's investment adviser considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company's investment adviser depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

 For other portfolio investments such as investments in the SDLP Certificates and IHAM, discounted cash flow analysis is the primary technique utilized to determine fair value. Expected future cash flows associated with the investment are discounted to determine a present value using a discount rate that reflects estimated market return requirements.

 The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and unfunded revolving and delayed draw loan commitments as of December 31, 2023:

 Fair Value Measurements Using

 Total
 Level 1
 Level 2
 Level 3

 $
 $
 $
 —
 $
 —

 Restricted cash
 $
 $
 $
 —
 $
 —

 Investments not measured at net asset value
 $
 22,868
 $
 $
 $
 22,084

 Investments measured at net asset value(1)

 Total investments
 $

 Derivatives:

 Foreign currency forward contracts
 $
 ( 24)
 $
 —
 $
 ( 24)
 $
 —

 Interest rate swaps
 $
 $
 —
 $
 $
 —

 Unfunded revolving and delayed draw loan commitments(2)
 $
 ( 32)
 $
 —
 $
 —
 $
 ( 32)

 (1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

 (2)The fair value of unfunded revolving and delayed draw loan commitments is included in "accounts payable and other liabilities" in the accompanying consolidated balance sheet.

 The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and unfunded revolving and delayed draw loan commitments as of December 31, 2022:

 Fair Value Measurements Using

 Total
 Level 1
 Level 2
 Level 3

 $
 $
 $
 —
 $
 —

 Restricted cash
 $
 $
 $
 —
 $
 —

 Investments not measured at net asset value
 $
 21,775
 $
 $
 $
 21,361

 Investments measured at net asset value(1)

 Total investments
 $

 Derivatives - Foreign currency forward contracts
 $
 ( 21)
 $
 —
 $
 ( 21)
 $
 —

 Unfunded revolving and delayed draw loan commitments(2)
 $
 ( 57)
 $
 —
 $
 —
 $
 ( 57)

 (1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

 (2) The fair value of unfunded revolving and delayed draw loan commitments is included in "accounts payable and other liabilities" in the accompanying consolidated balance sheet.

 The following tables summarize the significant unobservable inputs the Company's investment adviser used to value the majority of the Company's investments categorized within Level 3 as of December 31, 2023 and 2022. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Company's investment adviser's determination of fair values.

 Unobservable Input

 Asset Category
 Primary Valuation Techniques
 Input
 Estimated Range
 Weighted Average(1)

 First lien senior secured loans
 $
 9,584
 6.4 % - 35.0 %

 12.7 %

 3,536
 10.0 % - 37.3 %

 14.8 %

 Subordinated certificates of the SDLP
 1,288
 Discounted cash flow analysis
 Discount rate
 12.3 % - 14.6 %

 13.3 %

 1,073
 8.0 % - 19.2 %

 14.6 %

 2,456
 EV market multiple analysis
 EBITDA multiple
 4.3 x - 35.0 x

 16.4
 x

 Ivy Hill Asset Management, L.P.(2)
 1,987
 Discounted cash flow analysis
 Discount rate
 11.6 % - 32.6 %

 14.2 %

 2,160
 EV market multiple analysis
 EBITDA multiple
 5.3 x - 33.8 x

 14.8 x

 Total investments
 $
 22,084

 (1)Unobservable inputs were weighted by the relative fair value of the investments.

 (2)Includes the Company's subordinated loan and equity investments in IHAM, as applicable.

 Unobservable Input

 Asset Category
 Primary Valuation Techniques
 Input
 Estimated Range
 Weighted Average(1)

 First lien senior secured loans
 $
 9,165
 7.6 % - 26.1 %

 12.3 %

 3,841
 11.0 % - 32.4 %

 14.9 %

 Subordinated certificates of the SDLP
 1,249
 Discounted cash flow analysis
 Discount rate
 12.4 % - 14.8 %

 13.5 %

 1,021
 8.0 % - 16.3 %

 12.9 %

 2,023
 EV market multiple analysis
 EBITDA multiple
 2.6 x - 40.6 x

 15.7 x

 Ivy Hill Asset Management, L.P.(2)
 2,201
 Discounted cash flow analysis
 Discount rate
 12.9 % - 25.7 %

 14.2 %

 1,861
 EV market multiple analysis
 EBITDA multiple
 2.1 x - 52.1 x

 15.6 x

 Total investments
 $
 21,361

 (1)Unobservable inputs were weighted by the relative fair value of the investments.

 (2)Includes the Company's subordinated loan and equity investments in IHAM, as applicable.

 Changes in market yields, discount rates or EBITDA multiples, each in isolation, may change the fair value of certain of the Company's investments. Generally, an increase in market yields or discount rates or a decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Company's investments.

 Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it.

 In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

 The following tables present changes in investments that use Level 3 inputs as of and for the year ended December 31, 2023:

 As of and For the Year Ended December 31, 2023

 Balance as of December 31, 2022
 $
 21,361

 Net realized losses
 ( 173)

 Net unrealized gains

 Purchases
 5,585

 Sales
 ( 1,532)

 Repayments
 ( 3,707)

 PIK interest and dividends

 Net accretion of discount on securities

 Net transfers in and/or out of Level 3
 ( 271)

 Balance as of December 31, 2023
 $
 22,084

 Investments were transferred into and out of Level 3 during the year ended December 31, 2023. Transfers into and out of Level 3 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

 As of December 31, 2023, the net unrealized appreciation on the investments that use Level 3 inputs was $ 238.

 For the year ended December 31, 2023, the total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the Company's Level 3 assets still held as of December 31, 2023, and reported within the net unrealized gains (losses) on investments, foreign currency and other transactions in the Company's consolidated statement of operations was $ 282.

 The following tables present changes in investments that use Level 3 inputs as of and for the year ended December 31, 2022:

 As of and For the Year Ended December 31, 2022

 Balance as of December 31, 2021
 $
 19,908

 Net realized gains

 Net unrealized losses
 ( 461)

 Purchases
 9,341

 Sales
 ( 4,685)

 Repayments
 ( 3,009)

 PIK interest and dividends

 Net accretion of discount on securities

 Net transfers in and/or out of Level 3
 ( 81)

 Balance as of December 31, 2022
 $
 21,361

 Investments were transferred into and out of Level 3 during the year ended December 31, 2022. Transfers into and out of Level 3 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

 As of December 31, 2022, the net unrealized depreciation on the investments that use Level 3 inputs was $ 216.

 For the year ended December 31, 2022, the total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the Company's Level 3 assets still held as of December 31, 2022, and reported within the net unrealized gains (losses) on investments, foreign currency and other transactions in the Company's consolidated statement of operations was $( 471).

 The following are the carrying and fair values of the Company's debt obligations as of December 31, 2023 and 2022. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, or market quotes, if available.

 December 31, 2023
 December 31, 2022

 Carrying Value(1)
 Fair Value(5)
 Carrying Value(1)
 Fair Value(5)

 $
 1,413
 $
 1,413
 $
 2,246
 $
 2,246

 2024 Convertible Notes (principal amount outstanding of $ 403)

 (2)
 (2)

 2023 Notes (principal amount outstanding of $ 0 and $ 750, respectively)

 —
 —
 (2)

 2024 Notes (principal amount outstanding of $ 900)

 (2)
 (2)

 March 2025 Notes (principal amount outstanding of $ 600)

 (2)
 (2)

 July 2025 Notes (principal amount outstanding of $ 1,250)

 1,255
 (2)
 1,198
 1,258
 (2)
 1,157

 January 2026 Notes (principal amount outstanding of $ 1,150)

 1,146
 (2)
 1,107
 1,144
 (2)
 1,059

 July 2026 Notes (principal amount outstanding of $ 1,000)

 (2)
 (2)

 January 2027 Notes (principal amount outstanding of $ 900 and $ 0, respectively)

 (2)(3)
 —
 —

 June 2027 Notes (principal amount outstanding of $ 500)

 (2)
 (2)

 2028 Notes (principal amount outstanding of $ 1,250)

 1,247
 (2)
 1,109
 1,247
 (2)
 1,007

 2031 Notes (principal amount outstanding of $ 700)

 (2)
 (2)

 Total
 $
 11,884
 (4)
 $
 11,447
 $
 12,210
 (4)
 $
 11,378

 (1)The Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding.

 (2)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance.

 (3)The carrying value of the January 2027 Notes as of December 31, 2023 includes a $ 15 increase as a result of an effective hedge accounting relationship. See Note 6 for additional information.

 (4)Total principal amount of debt outstanding totaled $ 11,905 and $ 12,245 as of December 31, 2023 and 2022, respectively.

 (5) The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

 9. STOCKHOLDERS' EQUITY

 The Company may from time to time issue and sell shares of its common stock through public or "at the market" offerings. In connection with the issuance of its common stock, the Company issued and sold the following shares of common stock during the year ended December 31, 2023:

Issuances of Common Stock
 Number of Shares Issued
 Gross Proceeds
 Underwriting Fees/Offering Expenses
 Net Proceeds
 Average Offering Price Per Share(1)

 Public offerings
 12.1
 $
 236.8
 $
 13.4
 $
 223.4
 $
 19.61
 (2)

 "At the market" offerings
 48.4
 941.6
 10.7
 930.9
 $
 19.44

 Total
 60.5
 $
 1,178.4
 $
 24.1
 $
 1,154.3

 (1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses.

 (2) 12.1 of the shares were sold to the underwriters for a price of $ 18.53 per share, which the underwriters were then permitted to sell at variable prices to the public.

 "At the Market" Offerings

 The Company is party to equity distribution agreements with several banks (the "Equity Distribution Agreements"). The Equity Distribution Agreements provide that the Company may from time to time issue and sell, by means of "at the market" offerings, up to $ 1,000 of its common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be "at the market" offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. Under the Equity Distribution Agreements, common stock with an aggregate offering amount of $ 316 remained available for issuance as of December 31, 2023.

 See Note 12 for information regarding shares of common stock issued or purchased in accordance with the Company's dividend reinvestment plan.

 Stock Repurchase Program

 The Company is authorized under its stock repurchase program to purchase up to $ 1,000 in the aggregate of its outstanding common stock in the open market at certain thresholds below its net asset value per share, in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The timing, manner, price and amount of any share repurchases will be determined by the Company, in its sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program does not require the Company to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, the Company cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. As of December 31, 2023, the expiration date of the stock repurchase program was February 15, 2024. The program may be suspended, extended, modified or discontinued at any time. As of December 31, 2023, there was $ 1,000 available for repurchases under the stock repurchase program.

 During the years ended December 31, 2023, 2022 and 2021, the Company did not repurchase any shares of the Company's common stock under the stock repurchase program.

 See Note 15 for a subsequent event relating to the Company's stock repurchase program.

 10. EARNINGS PER SHARE

 The following information sets forth the computations of basic and diluted net increase in stockholders' equity resulting from operations per share for the years ended December 31, 2023, 2022 and 2021:

 For the Year Ended December 31,

 2023
 2022
 2021

 Net increase in stockholders' equity resulting from operations—basic
 $
 1,522
 $
 $
 1,567

 Adjustment for interest expense on 2024 Convertible Notes(1)
 —

 Net increase in stockholders' equity resulting from operations—diluted
 $
 1,539
 $
 $
 1,567

 Weighted average shares of common stock outstanding—basic

 Assumed conversion of 2024 Convertible Notes
 —

 Weighted average shares of common stock outstanding—diluted

 Net increase in stockholders' equity resulting from operations per share—basic
 $
 2.75
 $
 1.21
 $
 3.51

 Net increase in stockholders' equity resulting from operations per share—diluted
 $
 2.68
 $
 1.19
 $
 3.51

 (1) Includes the impact of income based fees.

 Subsequent to the adoption of ASU 2020-06 on January 1, 2022, for the purpose of calculating diluted net increase in stockholders' equity resulting from operations per share for the years ended December 31, 2023 and 2022, the Company utilized the if-converted method which assumes full share settlement for the aggregate value of the 2024 Convertible Notes. Under the allowed modified retrospective method, diluted net increase in stockholders' equity resulting from operations per share for prior period was not restated to reflect the impact of ASU 2020-06. Prior to the adoption of ASU 2020-06, for the purpose of calculating diluted net increase in stockholders' equity resulting from operations per share, the average closing price of the Company's common stock for the year ended December 31, 2021 was less than the conversion price for the 2024 Convertible Notes outstanding as of December 31, 2021 and more than the conversion price for any other convertible unsecured notes outstanding as of December 31, 2021. Therefore, the underlying shares for the intrinsic value of the embedded options in the Convertible Unsecured Notes outstanding during the year ended December 31, 2021 had no impact on the computation of diluted net increase in stockholders' equity resulting from operations per share.

 11. INCOME AND EXCISE TAXES

 For U.S. federal income tax purposes, amounts distributed to the Company's stockholders as dividends are reported as ordinary income, capital gains, or a combination thereof. Dividends paid per common share for the years ended December 31, 2023, 2022 and 2021 were taxable as follows (unaudited):

 2023
 2022
 2021

 Ordinary income(1)
 $
 1.92
 $
 1.80
 $
 1.62

 Capital gains
 —
 0.07
 —

 Total(2)
 $
 1.92
 $
 1.87
 $
 1.62

 (1)For the years ended December 31, 2023, 2022 and 2021, ordinary income included dividend income of approximately $ 0.0296, $ 0.0582 and $ 0.0461 per share, respectively, that qualified to be taxed at the maximum capital gains rate and, in the case of certain eligible corporate shareholders, dividends that were eligible for the dividends received deduction.

 (2)For the years ended December 31, 2023, 2022 and 2021, the percentage of total dividends paid that constituted interest-related dividends were 80.5 %, 76.6 % and 84.6 %, respectively.

 The following reconciles net increase in stockholders' equity resulting from operations to taxable income for the years ended December 31, 2023, 2022 and 2021:

 2023
 2022
 2021

 (Estimated)(1)

 Net increase in stockholders' equity resulting from operations
 $
 1,522
 $
 $
 1,567

 Adjustments:

 Net unrealized losses (gains) on investments, foreign currency and other transactions
 ( 440)
 ( 586)

 Income not currently taxable(2)
 ( 157)
 ( 232)
 ( 223)

 Income for tax but not book

 Expenses not currently deductible

 Realized gain/loss differences(3)
 ( 101)
 ( 199)

 Taxable income
 $
 1,066
 $
 $

 (1)The calculation of estimated 2023 U.S. federal taxable income is based on certain estimated amounts, including information received from third parties and, as a result, actual 2023 U.S. federal taxable income will not be finally determined until the Company's 2023 U.S. federal tax return is filed in 2024 (and, therefore, such estimate is subject to change).

 (2)Includes a reduction for dividend income from preferred equity that is not taxable until collected totaling $ 198, $ 175 and $ 91, respectively, net of dividend income collected of $ 11, $ 71 and $ 122, respectively, for the years ended December 31, 2023, 2022 and 2021, respectively.

 (3) Certain realized gain/loss differences are the result of the realization of certain tax only capital losses on the investments and liabilities acquired in the acquisition of Allied Capital Corporation in April 2010 (the "Allied Acquisition"). Because the Allied Acquisition was a "tax-free" reorganization under the Code, realized losses for tax purposes can differ from GAAP. Note that unlike the Allied Acquisition, the American Capital Acquisition was treated as a taxable purchase of the American Capital assets for purposes of the Company's taxable income calculations; therefore, realized gains or losses for tax purposes are generally consistent with realized gains or losses under GAAP.

 Taxable income generally differs from net increase in stockholders' equity resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. In addition, on April 1, 2010, the Company acquired Allied Capital Corporation in a "tax-free" merger under the Code, which has caused certain merger-related items to vary in their deductibility for GAAP and tax purposes.

 Capital losses in excess of capital gains earned in a tax year may generally be carried forward and used to offset capital gains, subject to certain limitations. As of December 31, 2023, the Company estimates that it will have a capital loss carryforward of approximately $ 152 available for use in later tax years. While the Company's ability to utilize losses in the future depends on a variety of factors that cannot be known in advance, approximately $ 92 of the capital loss carryforwards will be subject to limitations under Section 382 of the Code. The unused balance will be carried forward and utilized as gains are realized, subject to such limitations.

 For the year ended December 31, 2023, the Company estimated U.S. federal taxable income exceeded its distributions made from such taxable income during the year; consequently, the Company has elected to carry forward the excess for distribution to shareholders in 2024. The amount carried forward to 2024 is estimated to be approximately $ 635, substantially all of which is expected to be ordinary income, although these amounts will not be finalized until the 2023 tax returns are filed in 2024. For the years ended December 31, 2022 and 2021, the Company had taxable income in excess of the distributions made from such taxable income during the year, and therefore, the Company elected to carry forward the excess for distribution to shareholders in 2023 and 2022, respectively. The amounts carried forward to 2023 and 2022 were $ 646 and $ 679, respectively. To the extent that the Company determines that its estimated current year annual taxable income will exceed its estimated current year dividends from such taxable income, the Company accrues excise tax on estimated excess taxable income. For the years ended December 31, 2023, 2022 and 2021, a net expense of $ 23, $ 30 and $ 24, respectively, was recorded for U.S. federal excise tax. The net expense for the years ended December 31, 2023 and 2021 each included a reduction in

 expense related to an expected refund request arising from the overpayment of the prior year's excise tax of $ 2 and $ 1, respectively.

 As of December 31, 2023, the estimated cost basis of investments for U.S. federal tax purposes was $ 22.5 billion resulting in estimated gross unrealized gains and losses of $ 1.3 billion and $ 1.7 billion, respectively. As of December 31, 2022, the estimated cost basis of investments for U.S. federal tax purposes was $ 22.0 billion resulting in estimated gross unrealized gains and losses of $ 1.0 billion and $ 1.2 billion, respectively. As of December 31, 2023, the cost of investments for U.S. federal tax purposes was less than the amortized cost of investments for book purposes of $ 22.7 billion. As of December 31, 2022, the cost of investments for U.S. federal tax purposes was less than the amortized cost of investments for book purposes of $ 22.0 billion.

 The Company may adjust the classification of stockholders' equity as a result of permanent book-to-tax differences, which may include merger-related items, differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes (including excise taxes), among other items. These adjustments are reclassifications among the individual components of stockholders' equity and have no effect on total stockholders' equity. For the year ended December 31, 2023, the Company decreased capital in excess of par value by $ 20 and increased accumulated undistributed/ (overdistributed) earnings by $ 20 in the consolidated statement of stockholders' equity. After adjusting for these reclassifications, the capital in excess of par value, accumulated undistributed net investment income, accumulated net realized losses and accumulated net unrealized gains were $ 10,738, $ 659, $( 256) and $ 59, respectively. The adjustments made for the year ended December 31, 2023 are based on certain estimated amounts and assumptions and, as a result, such adjustments are subject to change until the Company's 2023 U.S. federal tax return is filed in 2024. For the year ended December 31, 2022, the Company decreased capital in excess of par value by $ 22 and increased accumulated undistributed/(overdistributed) earnings by $ 22 in the consolidated statement of stockholders' equity. After adjusting for these reclassifications, the capital in excess of par value, accumulated undistributed net investment income, accumulated net realized losses and accumulated net unrealized losses were $ 9,556, $ 519, $( 146) and $( 375), respectively.

 Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state income taxes. For the years ended December 31, 2023, 2022 and 2021, the Company recorded a net tax expense (benefit) of approximately $( 3), $ 25 and $ 6, respectively, for these subsidiaries.

 12. DIVIDENDS AND DISTRIBUTIONS

 The following table summarizes the Company's dividends declared and payable during the years ended December 31, 2023, 2022 and 2021:

 Date declared
 Record date
 Payment date
 Per share
amount
 Total amount

 October 24, 2023
 December 15, 2023
 December 28, 2023
 $
 0.48
 $

 July 25, 2023
 September 15, 2023
 September 29, 2023
 0.48

 April 25, 2023
 June 15, 2023
 June 30, 2023
 0.48

 February 7, 2023
 March 15, 2023
 March 31, 2023
 0.48

 Total dividends declared and payable for the year ended December 31, 2023

 $
 1.92
 $
 1,078

 October 25, 2022
 December 15, 2022
 December 29, 2022
 $
 0.48
 $

 December 15, 2022
 December 29, 2022
 0.03
 (1)

 July 26, 2022
 September 15, 2022
 September 30, 2022
 0.43

 September 15, 2022
 September 30, 2022
 0.03
 (1)

 April 26, 2022
 June 15, 2022
 June 30, 2022
 0.42

 June 15, 2022
 June 30, 2022
 0.03
 (1)

 March 15, 2022
 March 31, 2022
 0.42

 March 15, 2022
 March 31, 2022
 0.03
 (1)

 Total dividends declared and payable for the year ended December 31, 2022

 $
 1.87
 $

 October 26, 2021
 December 15, 2021
 December 30, 2021
 $
 0.41
 $

 July 28, 2021
 September 15, 2021
 September 30, 2021
 0.41

 April 28, 2021
 June 15, 2021
 June 30, 2021
 0.40

 February 10, 2021
 March 15, 2021
 March 31, 2021
 0.40

 Total dividends declared and payable for the year ended December 31, 2021

 $
 1.62
 $

 (1)Represents an additional dividend.

 The Company has a dividend reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend payment date. Dividend reinvestment plan activity for the years ended December 31, 2023, 2022 and 2021, was as follows:

 2023
 2022
 2021

 Shares issued
 2.5
 1.5
 1.9

 Average issue price per share
 $
 19.48
 $
 19.58
 $
 19.86

 Shares purchased by plan agent to satisfy dividends declared and payable during the period for stockholders
 0.8
 (1)
 1.6
 (2)
 —

 Average purchase price per share
 $
 18.35
 $
 17.85
 $
 —

 (1)Shares were purchased in April 2023.

 (2)Shares were purchased in July 2022 and October 2022.

 13. RELATED PARTY TRANSACTIONS

 In accordance with the investment advisory and management agreement, the Company bears all costs and expenses of the operation of the Company and reimburses its investment adviser or its affiliates for certain of such costs and expenses paid for by the investment adviser or its affiliates on behalf of the Company. For the years ended December 2023, 2022 and 2021, the Company's investment adviser or its affiliates incurred and the Company reimbursed such expenses totaling $ 9, $ 5 and $ 5, respectively.

 The Company has entered into agreements with Ares Management LLC and IHAM, pursuant to which Ares Management LLC and IHAM are entitled to use the Company's proprietary portfolio management software. For the years ended December 2023, 2022 and 2021, amounts payable to the Company under these agreements totaled $ 0, $ 0 and $ 0, respectively.

 In November 2022, the Company completed a public underwritten equity offering. In connection with this offering, Ares Capital Management LLC paid the underwriters approximately $ 2, or $ 0.24 per share. This payment is not subject to reimbursement by the Company.

 See Notes 3, 4 and 5 for descriptions of other related party transactions.

 14. FINANCIAL HIGHLIGHTS

 The following is a schedule of financial highlights as of and for the years ended December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014:

 As of and For the Year Ended December 31,

 Per Share Data:
 2023
 2022
 2021
 2020
 2019

 Net asset value, beginning of period(1)
 $
 18.40
 $
 18.96
 $
 16.97
 $
 17.32
 $
 17.12

 Issuances of common stock
 0.01
 0.10
 0.11
 —
 0.02

 Repurchases of common stock
 —
 —
 —
 0.11
 —

 Net investment income for period(2)
 2.28
 2.19
 1.66
 1.87
 1.90

 Net realized and unrealized gains (losses) for period(2)
 0.47
 ( 0.98)
 1.84
 ( 0.73)
 ( 0.04)

 Net increase in stockholders' equity
 2.76
 1.31
 3.61
 1.25
 1.88

 Total distributions to stockholders(3)
 ( 1.92)
 ( 1.87)
 ( 1.62)
 ( 1.60)
 ( 1.68)

 Net asset value at end of period(1)
 $
 19.24
 $
 18.40
 $
 18.96
 $
 16.97
 $
 17.32

 Per share market value at end of period
 $
 20.03
 $
 18.47
 $
 21.19
 $
 16.89
 $
 18.65

 Total return based on market value(4)
 19.94
 %
 ( 3.83)
 %
 36.18
 %
 ( 0.86)
 %
 30.49
 %

 Total return based on net asset value(5)
 15.65
 %
 7.13
 %
 21.97
 %
 5.20
 %
 12.14
 %

 Shares outstanding at end of period

 Ratio/Supplemental Data:

 Net assets at end of period
 $
 11,201
 $
 9,555
 $
 8,868
 $
 7,176
 $
 7,467

 Ratio of operating expenses to average net assets(6)(7)
 12.78
 %
 10.19
 %
 13.05
 %
 10.27
 %
 9.92
 %

 Ratio of net investment income to average net assets(6)(8)
 12.10
 %
 11.73
 %
 9.19
 %
 11.39
 %
 11.01
 %

 Portfolio turnover rate(6)
 %
 %
 %
 %
 %

 As of and For the Years Ended December 31,

 Per Share Data:
 2018
 2017
 2016
 2015
 2014

 Net asset value, beginning of period(1)
 $
 16.65
 $
 16.45
 $
 16.46
 $
 16.82
 $
 16.46

 Issuances of common stock
 —
 ( 0.01)
 —
 0.01
 —

 Repurchases of common stock
 —
 —
 —
 ( 0.01)
 —

 Deemed contribution from Ares Capital Management
 —
 0.13
 —
 —
 —

 Issuances of convertible notes
 —
 0.04
 —
 —
 —

 Net investment income for period(2)
 1.63
 1.20
 1.57
 1.62
 1.43

 Net realized and unrealized gains (losses) for period(2)
 0.38
 0.36
 ( 0.06)
 ( 0.41)
 0.50

 Net increase in stockholders' equity
 2.01
 1.72
 1.51
 1.21
 1.93

 Total distributions to stockholders(3)
 ( 1.54)
 ( 1.52)
 ( 1.52)
 ( 1.57)
 ( 1.57)

 Net asset value at end of period(1)
 $
 17.12
 $
 16.65
 $
 16.45
 $
 16.46
 $
 16.82

 Per share market value at end of period
 $
 15.58
 $
 15.72
 $
 16.49
 $
 14.25
 $
 15.61

 Total return based on market value(4)
 8.91
 %
 4.55
 %
 26.39
 %
 1.35
 %
 ( 3.32)
 %

 Total return based on net asset value(5)
 12.10
 %
 10.53
 %
 9.15
 %
 7.16
 %
 11.79
 %

 Shares outstanding at end of period

 Ratio/Supplemental Data:

 Net assets at end of period
 $
 7,300
 $
 7,098
 $
 5,165
 $
 5,173
 $
 5,284

 Ratio of operating expenses to average net assets(6)(7)
 8.63
 %
 9.45
 %
 9.59
 %
 9.51
 %
 10.46
 %

 Ratio of net investment income to average net assets(6)(8)
 9.60
 %
 7.65
 %
 9.58
 %
 9.75
 %
 8.71
 %

 Portfolio turnover rate(6)
 %
 %
 %
 %
 %

 _________________________________________________________________________________

 (1)The net assets used equals the total stockholders' equity on the consolidated balance sheet.

 (2)Weighted average basic per share data.

 (3)Includes additional dividend of (a) $ 0.12 per share for the year ended December 31, 2022, (b) $ 0.08 per share for the year ended December 31, 2019, (c) $ 0.05 per share for the year ended December 31, 2015 and (d) $ 0.05 per
 share for the year ended December 31, 2014.

 (4)For the year ended December 31, 2023, the total return based on market value equaled the increase of the ending market value at December 31, 2023 of $ 20.03 per share from the ending market value at December 31, 2022 of $ 18.47 per share plus the declared and payable dividends of $ 1.92 per share for the year ended December 31, 2023, divided by the market value at December 31, 2022. For the year ended December 31, 2022, the total return based on market value equaled the decrease of the ending market value at December 31, 2022 of $ 18.47 per share from the ending market value at December 31, 2021 of $ 21.19 per share plus the declared and payable dividends of $ 1.87 per share for the year ended December 31, 2022, divided by the market value at December 31, 2021. For the year ended December 31, 2021, the total return based on market value equaled the increase of the ending market value at December 31, 2021 of $ 21.19 per share from the ending market value at December 31, 2020 of $ 16.89 per share plus the declared and payable dividends of $ 1.62 per share for the year ended December 31, 2021, divided by the market value at December 31, 2020. For the year ended December 31, 2020, the total return based on market value equaled the decrease of the ending market value at December 31, 2020 of $ 16.89 per share from the ending market value at December 31, 2019 of $ 18.65 per share plus the declared and payable dividends of $ 1.60 per share for the year ended December 31, 2020, divided by the market value at December 31, 2019. For the year ended December 31, 2019, the total return based on market value equaled the increase of the ending market value at December 31, 2019 of $ 18.65 per share from the ending market value at December 31, 2018 of $ 15.58 per share plus the declared and payable dividends of $ 1.68 per share for the year ended December 31, 2019, divided by the market value at December 31, 2018. For the year ended December 31, 2018, the total return based on market value equaled the decrease of the ending market value at December 31, 2018 of $ 15.58 per share from the ending market value at December 31, 2017 of $ 15.72 per share plus the declared and payable dividends of $ 1.54 per share for the year ended December 31, 2018, divided by the market value at December 31, 2017. For the year ended December 31, 2017, the total return based on market value equaled the decrease of the ending market value at December 31, 2017 of $ 15.72 per share from the ending market value at

 December 31, 2016 of $ 16.49 per share plus the declared and payable dividends of $ 1.52 per share for the year ended December 31, 2017, divided by the market value at December 31, 2016. For the year ended December 31, 2016, the total return based on market value equaled the increase of the ending market value at December 31, 2016 of $ 16.49 per share from the ending market value at December 31, 2015 of $ 14.25 per share plus the declared and payable dividends of $ 1.52 per share for the year ended December 31, 2016, divided by the market value at December 31, 2015. For the year ended December 31, 2015, the total return based on market value equaled the decrease of the ending market value at December 31, 2015 of $ 14.25 per share from the ending market value at December 31, 2014 of $ 15.61 per share plus the declared and payable dividends of $ 1.57 per share for the year ended December 31, 2015, divided by the market value at December 31, 2014. For the year ended December 31, 2014, the total return based on market value equaled the decrease of the ending market value at December 31, 2014 of $ 15.61 per share from the ending market value at December 31, 2013 of $ 17.77 per share plus the declared and payable dividends of $ 1.57 per share for the year ended December 31, 2014, divided by the market value at December 31, 2013. The Company's performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.

 (5)For the year ended December 31, 2023, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $ 1.92 per share for the year ended December 31, 2023, divided by the beginning net asset value for the period. For the year ended December 31, 2022, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $ 1.87 per share for the year ended December 31, 2022, divided by the beginning net asset value for the period. For the year ended December 31, 2021, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $ 1.62 per share for the year ended December 31, 2021, divided by the beginning net asset value for the period. For the year ended December 31, 2020, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $ 1.60 per share for the year ended December 31, 2020, divided by the beginning net asset value for the period. For the year ended December 31, 2019, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $ 1.68 per share for the year ended December 31, 2019, divided by the beginning net asset value for the period. For the year ended December 31, 2018, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $ 1.54 per share for the year ended December 31, 2018, divided by the beginning net asset value for the period. For the year ended December 31, 2017, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $ 1.52 per share for the year ended December 31, 2017, divided by the beginning net asset value for the period. These calculations are adjusted for shares issued in connection with the dividend reinvestment plan, the issuance of common stock in connection with any equity offerings and the equity components of any convertible notes issued during the period. For the year ended December 31, 2016, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $ 1.52 per share for the year ended December 31, 2016, divided by the beginning net asset value for the period. For the year ended December 31, 2015, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $ 1.57 per share for the year ended December 31, 2015, divided by the beginning net asset value for the period. For the year ended December 31, 2014, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $ 1.57 per share for the year ended December 31, 2014, divided by the beginning net asset value for the period. The Company's performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.

 (6)The ratios reflect an annualized amount.

 (7)For the years ended December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014, the ratio of operating expenses to average net assets consisted of the following:

 2023
 2022
 2021
 2020
 2019

 3.11
 %
 3.27
 %
 3.14
 %
 3.10
 %
 2.78
 %

 Income based fees and capital gains incentive fees, net of the fee waiver
 3.66
 %
 1.61
 %
 4.80
 %
 1.80
 %
 2.23
 %

 Income based fees and capital gains incentive fees excluding the fee waiver
 3.66
 %
 1.61
 %
 4.80
 %
 1.80
 %
 2.64
 %

 Cost of borrowing
 5.60
 %
 4.89
 %
 4.61
 %
 4.54
 %
 3.94
 %

 Other operating expenses
 0.41
 %
 0.42
 %
 0.50
 %
 0.83
 %
 0.97
 %

 2018
 2017
 2016
 2015
 2014

 2.49
 %
 2.57
 %
 2.64
 %
 2.55
 %
 2.51
 %

 Income based fees and capital gains incentive fees, net of the fee waiver
 2.24
 %
 2.18
 %
 2.29
 %
 2.31
 %
 2.90
 %

 Income based fees and capital gains incentive fees excluding the fee waiver
 2.79
 %
 2.32
 %
 2.29
 %
 2.31
 %
 2.90
 %

 Cost of borrowing
 3.33
 %
 3.37
 %
 3.58
 %
 4.32
 %
 4.24
 %

 Other operating expenses
 0.57
 %
 1.33
 %
 1.08
 %
 0.33
 %
 0.81
 %

 (8)The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses.

 15. SUBSEQUENT EVENTS

 The Company's management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2023, except as discussed below.

 In January 2024, the Company's board of directors appointed Paul Cho as Chief Accounting Officer of the Company, effective as of February 15, 2024. As previously announced, the Company's Chief Accounting Officer, Vice President and Treasurer, Scott Lem, has been appointed as its new Chief Financial Officer, also effective February 15, 2024. Scott Lem will succeed Penni Roll, the Company's current Chief Financial Officer, effective the same date. Penni Roll will remain at Ares Management in a senior leadership capacity as well as an officer of the Company.

 In January 2024, the Company issued $ 1,000 in aggregate principal amount of unsecured notes that mature on March 1, 2029 and bear interest at a rate of 5.875 % per annum (the "2029 Notes"). The 2029 Notes pay interest semi-annually and all principal is due upon maturity. The 2029 Notes may be redeemed in whole or in part at any time at the Company's option at a redemption price equal to par plus a "make whole" premium, if applicable, as determined pursuant to the indenture governing the 2029 Notes, and any accrued and unpaid interest. The 2029 Notes were issued at a discount to the principal amount. In connection with the 2029 Notes, the Company entered into an interest rate swap agreement for a total notional amount of $ 1,000 that matures on March 1, 2029. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.875 % and pays a floating interest rate of one-month SOFR plus 2.026 %.

 In January 2024, the Company's board of directors authorized an amendment to the Company's existing stock repurchase program to extend the expiration date of the program from February 15, 2024 to February 15, 2025. Under the program, the Company may repurchase up to $ 1,000 in the aggregate of its outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors.

 In February 2024, the Company and the Company's consolidated subsidiary, AFB, entered into an agreement to amend the BNP Funding Facility. The amendment, among other things, adjusted the interest rate charged on the BNP Funding Facility from an applicable SOFR or a "base rate" (as defined in the BNP Funding Facility) plus a margin of (i) 2.80 % during the

 reinvestment period and (ii) 3.30 % following the reinvestment period to an applicable SOFR or a "base rate" plus a margin of (i) 2.65 % during the reinvestment period and (ii) 3.15 % following the reinvestment period.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 ARES CAPITAL CORPORATION

 By:
 /s/ R. KIPP DEVEER

 R. Kipp deVeer
 Chief Executive Officer and Director

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 By:
 /s/ R. KIPP DEVEER

 R. Kipp deVeer
Chief Executive Officer (principal executive officer) and

 By:
 /s/ PENNI F. ROLL

 Penni F. Roll
 Chief Financial Officer (principal financial officer)

 By:
 /s/ SCOTT C. LEM

 Scott C. Lem
 Chief Accounting Officer (principal accounting officer)

 By:
 /s/ MICHAEL J AROUGHETI

 Michael J Arougheti

 By:
 /s/ ANN TORRE BATES

 Ann Torre Bates

 By:
 /s/ MARY BETH HENSON

 Mary Beth Henson

 By:
 /s/ DANIEL KELLY, JR.

 Daniel Kelly, Jr.

 By:
 /s/ STEVEN B. MCKEEVER

 Steven B. McKeever

 By:
 /s/ MICHAEL PARKS

 Michael Parks

 By:
 /s/ ROBERT L. ROSEN

 Robert L. Rosen

 By:
 /s/ BENNETT ROSENTHAL

 Bennett Rosenthal

 By:
 /s/ ERIC B. SIEGEL

 Eric B. Siegel

 By:
 /s/ MICHAEL SMITH

 Michael Smith