ARCC

Ares Capital

Ares Management · Period ending 2025-12-31

SEC EDGAR ↗

$16.8BPortfolio FV

2674Positions(1902 debt, 755 equity)

98.8¢Avg Mark

211Stressed

Portfolio Quality

Portfolio Health

A100/ 100

Non-accrual: 0.0%

Stressed: 5.8%

Avg mark: 98.8¢

Avg Spread

560bps

Fair-value weighted

Avg Mark

98.8¢

111 stressed (<90¢)

First Lien

91%

Senior secured positions

PIK Income

12%

Deferred interest yield

Non-Accrual

0.0%

Of portfolio FV

Portfolio Mix

1902debt

772 equity positions

Key Financials

NAV / Share

19.94$

↓

Net Asset Value per share

Dividend Coverage

—

NII per share ÷ Dividend per share

Leverage

1.05x

Debt ÷ Equity

Total Assets

31.2B

Total portfolio value

NII / Share

—

Annual

Net Investment Income per share

Dividend / Share

—

Quarterly

Most recent quarterly dividend

Est. Div Yield

—

Annualized

Estimated annual dividend yield

Total Debt

16.0B

Total debt outstanding

Equity

15.2B

Total assets - Total debt

Historical Trends

NAV Per Share — 8 Quarters

+2.1% over period

NAVAnnualized Div

NII vs Dividend Coverage

NII/shareCoverage

Portfolio Composition

Investment Type

2674positions

First Lien1738

Equity755

Subordinated91

Second Lien64

+2 more

Rate Type

SOFR1572

Fixed975

Base/Prime39

CORRA29

+12 more

Top Sectors

Top Borrowers by FV

Include equity

Excluding 772 equity/SPV positions

Fair Value Mark Distribution

1.1% stressed(<80¢, $64M)5.3% watchlist(80–95¢, $300M)93.6% healthy(≥95¢, $5321M)

Weighted median mark: 100.0¢

Fair value mark — cents on dollar (debt positions only, weighted by fair value)

Schedule of Investments2674 positions

PIK onlyStressed only

Company	#	Sector	Total FV ▼	Avg Mark	Status
▶Ivy Hill Asset Management, L.P.	5	Financials	$4353549k	100.0¢
▶Senior Direct Lending Program, LLC	6	Financials	$2311309k	97.7¢
▶Apex Clean Energy TopCo, LLC	5	Utilities	$467767k	—
▶Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC	8	Industrials	$381900k	98.0¢
▶High Street Buyer, Inc. and High Street Holdco LLC	19	Financials	$372845k	100.0¢
▶Potomac Intermediate Holdings II LLC	2	Utilities	$350951k	—
▶Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC	9	Materials	$336400k	97.8¢	PIK: 1⚠ 1
▶Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP	4	Health Care	$253300k	99.0¢	PIK: 2
▶Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.	4	Information Technology	$252000k	100.0¢
▶Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.	4	Information Technology	$246500k	104.8¢
▶Visual Edge Technology, Inc.	6	Information Technology	$229300k	100.9¢	PIK: 1
▶Creek Parent, Inc. and Creek Feeder, L.P.	5	Health Care	$217412k	100.0¢
▶Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp	7	Information Technology	$209900k	102.3¢
▶CoreLogic, Inc. and T-VIII Celestial Co-Invest LP	2	Information Technology	$190500k	97.0¢	⚠ 1
▶Production Resource Group, L.L.C. and PRG III, LLC	9	Industrials	$188973k	100.3¢	PIK: 5
▶Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.	10	Consumer Discretionary	$187788k	106.5¢	PIK: 2
▶Imaging Business Machines, L.L.C. and Scanner Holdings Corporation	6	Information Technology	$165666k	100.8¢	PIK: 2
▶GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC	3	Health Care	$162741k	100.0¢
▶Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.	10	Information Technology	$160934k	99.7¢	⚠ 3
▶IRI Group Holdings, Inc. and Circana, LLC	2	Communication Services	$159900k	100.1¢

Page 1 of 36 (707 companies, 2674 positions)

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