Ares Capital Corporation
Inside Ares Capital Corporation’s $34.4B private-credit portfolio — 1,458 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| Ivy Hill Asset Management, L.P. | — | $2,661,200,000 | ||||
| Ivy Hill Asset Management, L.P., Member interest | Equity | $1,700,500,000 | $1,899,000,000 | |||
| Senior Direct Lending Program, LLC, Subordinated certificates | Subordinated Certificates Subordinated | SOFR + 8.00% | $1,145,600,000 | $1,159,300,000 | ||
| Senior Direct Lending Program, LLC | SOFR (Q) + 8.00% | — | $1,159,300,000 | |||
| Ivy Hill Asset Management, L.P., Subordinated revolving loan | Subordinated Revolving Loan Subordinated | SOFR + 6.50% | $762,200,000 | $762,200,000 | ||
| Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | First Lien Senior Secured Loan Senior Secured | SOFR + 5.50% | $378,500,000 | $378,500,000 | ||
| AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Series A preferred stock | Equity | (PIK 10.75%) | $309,300,000 | $306,300,000 | ||
| FEH Group, LLC., Class A common interest | Equity | $180,500,000 | $266,500,000 | |||
| High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 1 | Equity | (PIK 10.00%) | $254,000,000 | $254,000,000 | ||
| Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC | First Lien Senior Secured Loan Senior Secured | SOFR + 8.00% (PIK 4.00%) | $266,100,000 | $252,800,000 | ||
| Apex Clean Energy TopCo, LLC | — | $245,200,000 | ||||
| Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | First Lien Senior Secured Loan Senior Secured | SOFR + 5.00% (PIK 2.25%) | $233,800,000 | $233,900,000 | ||
| Adonis Bidco Inc. | First Lien Senior Secured Loan Senior Secured | SOFR + 5.75% (PIK 2.88%) | $237,300,000 | $232,500,000 | ||
| Apex Clean Energy TopCo, LLC, Class A common units | Equity | $134,700,000 | $226,000,000 | |||
| Pike Corporation | First Lien Senior Secured Loan Senior Secured | SOFR + 4.50% | $212,200,000 | $210,100,000 | ||
| Creek Parent, Inc. and Creek Feeder, L.P. | First Lien Senior Secured Loan Senior Secured | SOFR + 5.00% | $206,600,000 | $206,600,000 | ||
| Apex Service Partners, LLC and Apex Service Partners Holdings, LLC | First Lien Senior Secured Loan Senior Secured | SOFR + 5.00% | $199,200,000 | $199,400,000 | ||
| Reddy Ice LLC | First Lien Senior Secured Loan Senior Secured | SOFR + 5.25% | $183,600,000 | $183,600,000 | ||
| DecoPac, Inc. and KCAKE Holdings Inc. | First Lien Senior Secured Loan Senior Secured | SOFR + 5.00% | $169,600,000 | $169,600,000 | ||
| LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC | First Lien Senior Secured Loan Senior Secured | SOFR + 5.25% | $172,000,000 | $168,600,000 | ||
| Covert HoldCo, LP | Senior Subordinated Loan Subordinated | SOFR + 5.75% | $163,700,000 | $160,400,000 | ||
| HighPeak Energy, Inc. | First Lien Senior Secured Loan Senior Secured | SOFR + 7.50% | $155,600,000 | $156,700,000 | ||
| Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A preferred shares | Equity | (PIK 10.50%) | $208,000,000 | $153,900,000 | ||
| U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. | Second Lien Senior Secured Loan Subordinated | SOFR + 7.50% | $147,800,000 | $147,800,000 | ||
| Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC | First Lien Senior Secured Loan Senior Secured | SOFR + 5.50% (PIK 2.75%) | $151,500,000 | $145,400,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2022-06-30 | 0 | — | — | — |
| 2022-09-30 | 0 | — | — | — |
| 2022-12-31 | 0 | — | — | — |
| 2023-03-31 | 0 | — | — | — |
| 2023-06-30 | 359 | 7.10 | 95.8 | $15.4B |
| 2023-09-30 | 374 | 6.99 | 96.3 | $15.8B |
| 2023-12-31 | 390 | 6.91 | 96.3 | $16.5B |
| 2024-03-31 | 394 | 6.86 | 97.4 | $16.5B |
| 2024-06-30 | 410 | 6.58 | 97.3 | $17.7B |
| 2024-09-30 | 421 | 6.24 | 97.7 | $18.5B |
| 2024-12-31 | 425 | 5.99 | 97.1 | $19.5B |
| 2025-03-31 | 439 | 5.90 | 97.7 | $20.5B |
| 2025-06-30 | 446 | 5.86 | 97.6 | $20.6B |
| 2025-09-30 | 454 | 5.81 | 97.4 | $21.0B |
| 2025-12-31 | 466 | 5.78 | 97.5 | $21.8B |
| 2026-03-31 | 875 | 5.68 | 96.5 | $27.6B |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About Ares Capital Corporation
Ares Capital Corporation (ARCC) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. Ares Capital Corporation discloses its full loan portfolio through SEC filings.
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