DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
BDC portfolio
Ares Capital Corp
Fair value
$29B
as of Jun 30, 2026
Principal held
$23B
debt pieces, the filer's figure
Cost
$30B
99c on cost
Unfunded
$4.9B
commitments not yet drawn
Positions
1,922
612 borrowers
First lien
59%
77% debt by fair value
Quarters on the tape
17
since Dec 31, 2021
Facilities held
1,515
73 sponsors financed
Portfolio through time
Fair value by quarter end$29B as of Jun 30, 2026
Dec 31, 2021$20B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $29B | 612 | 97c | 192 | 529 bp |
| Mar 31, 2026 | $29B | 599 | 97c | 189 | 529 bp |
| Dec 31, 2025 | $30B | 599 | 98c | 173 | 532 bp |
| Sep 30, 2025 | $29B | 583 | 98c | 187 | 539 bp |
| Jun 30, 2025 | $28B | 558 | 98c | 187 | 550 bp |
| Mar 31, 2025 | $27B | 558 | 97c | 183 | 558 bp |
| Dec 31, 2024 | $27B | 543 | 97c | 192 | 570 bp |
| Sep 30, 2024 | $26B | 528 | 98c | 186 | 583 bp |
| Jun 30, 2024 | $25B | 516 | 97c | 168 | 595 bp |
| Mar 31, 2024 | $23B | 500 | 97c | 147 | 611 bp |
| Dec 31, 2023 | $26B | 493 | 97c | 161 | 618 bp |
| Sep 30, 2023 | $22B | 472 | 96c | 132 | 620 bp |
| Jun 30, 2023 | $21B | 459 | 95c | 122 | 614 bp |
| Mar 31, 2023 | $21B | 453 | 95c | 121 | 618 bp |
| Dec 31, 2022 | $26B | 453 | 96c | 141 | 620 bp |
| Sep 30, 2022 | $21B | 432 | 96c | 131 | 615 bp |
| Dec 31, 2021 | $20B | 399 | 99c | 121 | 629 bp |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Largest facilities held, with co-lenders
- Senior Direct Lending Program, LLC unsecured or subordinated subordinated debt1 BDC hold it · matures Dec 1, 2036$1.2B 101c
- Ivy Hill Asset Management, L.P unsecured or subordinated revolver1 BDC hold it · matures Jan 1, 2030$946M 100c
- Denali Midco 2, LLC first lien term loan29 BDCs hold it · matures Aug 26, 2032 · Clearlake Capital Group, L.P.$378M 95c
- Reddy Ice LLC first lien term loan2 BDCs hold it · matures Apr 1, 2029$309M 100c
- Adonis Acquisition Holdings LLC first lien term loan2 BDCs hold it · matures Feb 1, 2032$288M 95c
- Plaskolite PPC Intermediate II LLC first lien term loan5 BDCs hold it · matures May 9, 2030$268M 93c
- Himalaya Topco LLC first lien term loan5 BDCs hold it · matures Jun 1, 2032 · Recognize Partners LP$258M 98c
- Auctane Inc first lien term loan24 BDCs hold it · matures Jun 1, 2033$245M 98c
- eCapital Finance Corp unsecured or subordinated term loan1 BDC hold it · matures Sep 1, 2029$224M 100c
- Creek Parent, Inc first lien term loan19 BDCs hold it · matures Dec 18, 2031$206M 100c
- Apex Service Partners, LLC first lien term loan35 BDCs hold it · matures Oct 24, 2030 · Alpine Investors$199M 100c
- Retained Vantage Data Centers Intermediate Holdco, LP unsecured or subordinated term loan2 BDCs hold it · matures Dec 1, 2031$196M 100c
Schedule of investments at Jun 30, 2026
1,922 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| Ivy Hill Asset Management, L.P. | unstated lien unstated | n/a | $1.9B 112c | ||
| Senior Direct Lending Program, LLC | subordinated debt unsecured or subordinated | $1.2B | $1.2B 101c | S+800 bp | Dec 1, 2036 |
| Ivy Hill Asset Management, L.P. | revolver unsecured or subordinated | $946M | $946M 100c | S+650 bp | Jan 1, 2030 |
| Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | term loan first lien | $378M | $360M 95c | S+550 bp | Aug 1, 2032 |
| AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP | preferred equity equity | n/a | $318M 100c | PIK 10.75% | |
| FEH Group, LLC. | equity equity | n/a | $267M 148c | ||
| High Street Buyer, Inc. and High Street Holdco LLC | preferred equity equity | n/a | $260M 100c | PIK 10.00% | |
| Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC | term loan first lien | $268M | $249M 93c | S+800 bp PIK 4.00% | May 1, 2030 |
| Auctane, Inc. | term loan first lien | $245M | $242M 98c | S+575 bp | Jun 1, 2033 |
| Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | term loan first lien | $237M | $232M 98c | S+525 bp PIK 2.25% | Jun 1, 2032 |
| Adonis Bidco Inc. | term loan first lien | $239M | $227M 95c | S+575 bp PIK 2.88% | Feb 1, 2032 |
| Apex Clean Energy TopCo, LLC | equity equity | n/a | $213M 158c | ||
| Creek Parent, Inc. and Creek Feeder, L.P. | term loan first lien | $206M | $206M 100c | S+500 bp | Dec 1, 2031 |
| Apex Service Partners, LLC and Apex Service Partners Holdings, LLC | term loan first lien | $199M | $199M 100c | S+500 bp | Oct 1, 2030 |
| Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP | term loan unsecured or subordinated | $196M | $196M 100c | 9.50% | Dec 1, 2031 |
| Reddy Ice LLC | term loan first lien | $184M | $184M 100c | S+525 bp | Apr 1, 2029 |
| Invited, Inc. and KSL Longdrive Co-Invest, L.P. | term loan first lien | $181M | $180M 99c | S+525 bp | Jun 1, 2032 |
| Digicert, Inc., Dcert Buyer, DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. | preferred equity equity | n/a | $175M 80c | PIK 10.50% | |
| LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC | term loan first lien | $171M | $166M 97c | S+525 bp | Sep 1, 2031 |
| Covert HoldCo, LP | term loan unsecured or subordinated | $169M | $165M 98c | S+575 bp | Mar 1, 2031 |
| Pike Corporation | term loan first lien | $162M | $161M 99c | S+425 bp | Dec 1, 2032 |
| HighPeak Energy, Inc. | term loan first lien | $157M | $157M 101c | S+750 bp | Sep 1, 2028 |
| CoreLogic, Inc. and T-VIII Celestial Co-Invest LP. | term loan second lien | $156M | $153M 98c | S+650 bp | Jun 1, 2029 |
| U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. | term loan second lien | $148M | $148M 100c | S+750 bp | Oct 1, 2029 |
| Centralsquare Technologies, LLC and Supermoose Newco, Inc. | term loan first lien | $144M | $144M 100c | S+575 bp | Apr 1, 2030 |
| Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP | term loan first lien | $144M | $144M 100c | S+475 bp | Feb 1, 2032 |
| Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC | term loan first lien | $152M | $143M 94c | S+563 bp | Jun 1, 2031 |
| Severin Acquisition, LLC | term loan first lien | $146M | $142M 97c | S+500 bp PIK 2.25% | Oct 1, 2031 |
| WorkWave Intermediate II, LLC | term loan first lien | $144M | $141M 98c | S+575 bp | Sep 1, 2032 |
| Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | term loan first lien | $141M | $141M 100c | S+550 bp | Jan 1, 2031 |
| IRI Group Holdings, Inc. and Circana, LLC | term loan first lien | $140M | $140M 100c | S+425 bp | Dec 1, 2029 |
| AQ Sunshine, Inc. and BayPine Regal Co-Invest, LP | term loan first lien | $140M | $139M 99c | S+500 bp | Jul 1, 2033 |
| Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. | term loan first lien | $134M | $134M 100c | S+750 bp | Dec 1, 2030 |
| Carrera Bidco Limited | term loan unsecured or subordinated | $133M | $133M 98c | S+525 bp | Nov 1, 2032 |
| Miami Beckham United LLC | preferred equity equity | n/a | $131M 100c | PIK 9.50% | |
| Clearwater Analytics, LLC and Clearwater Analytics Holdings, Inc. | term loan first lien | $131M | $130M 99c | S+450 bp | Jun 1, 2033 |
| DecoPac, Inc. and KCAKE Holdings Inc. | term loan first lien | $130M | $130M 100c | S+500 bp | May 1, 2030 |
| SageSure Holdings, LLC and SageSure LLC | equity equity | n/a | $129M 184c | ||
| ID.me, LLC and ID.me, Inc. | term loan first lien | $132M | $126M 101c | 10.25% PIK 5.25% | Jan 1, 2031 |
| Reddy Ice LLC | term loan first lien | $126M | $126M 100c | S+525 bp | Apr 1, 2029 |
| Digicert, Inc., Dcert Buyer, DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. | term loan first lien | $124M | $122M 99c | S+575 bp | Jul 1, 2030 |
| Nexus Buyer LLC | term loan second lien | $125M | $121M 98c | S+575 bp | Feb 1, 2032 |
| BVI Medical, Inc. and BVI Group Limited | term loan first lien | $144M | $121M 84c | S+625 bp PIK 5.00% | Mar 1, 2032 |
| Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP | term loan unsecured or subordinated | $141M | $121M 86c | PIK 10.00% | Nov 1, 2031 |
| Flexera Software LLC | term loan first lien | $120M | $118M 98c | S+475 bp | Aug 1, 2032 |
| Valcourt Holdings II, LLC and Jobs Holdings, Inc. | term loan first lien | $118M | $118M 100c | S+475 bp | May 1, 2033 |
| Centralsquare Technologies, LLC and Supermoose Newco, Inc. | preferred equity equity | n/a | $116M 100c | PIK 15.00% | |
| Quirch Foods Holdings, LLC | term loan first lien | $114M | $114M 100c | S+650 bp | Nov 1, 2030 |
| Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | preferred equity equity | n/a | $113M 60c | PIK 10.50% | |
| Elemica, Inc. and EZ Elemica Holdings, Inc. | term loan first lien | $113M | $111M 98c | S+475 bp | Feb 1, 2032 |
| FTAI Infrastructure Inc. and FIP RR Holdings LLC | term loan first lien | $111M | $111M 99c | 9.75% | Feb 1, 2028 |
| Moderna, Inc. | term loan first lien | $112M | $110M 98c | S+550 bp | Nov 1, 2030 |
| Werner Finco LP. | term loan first lien | $109M | $109M 100c | S+525 bp | Jun 1, 2031 |
| PetVet Care Centers, LLC | term loan first lien | $130M | $109M 84c | S+600 bp | Nov 1, 2030 |
| Hyland Software, Inc. | term loan first lien | $109M | $109M 101c | S+475 bp | Sep 1, 2030 |
| Aston Bidco (Holding) Limited | term loan first lien | $109M | $109M 100c | S+600 bp | Jul 1, 2032 |
| Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I | preferred equity equity | n/a | $107M 93c | PIK 13.75% | |
| SOC Telemed, Inc. and PSC Spark Holdings, LP | term loan first lien | $111M | $107M 98c | S+750 bp PIK 2.00% | Aug 1, 2027 |
| Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | preferred equity equity | n/a | $106M 100c | PIK 14.00% | |
| Datix Bidco Limited and RL Datix Holdings (USA), Inc. | term loan first lien | $105M | $104M 99c | S+500 bp | Apr 1, 2031 |
| Blazing Star Parent, LLC | term loan first lien | $98.9M | $98.9M 100c | S+700 bp | Aug 1, 2030 |
| Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP | term loan second lien | $92.7M | $92.7M 100c | S+850 bp | Nov 1, 2030 |
| GHX Ultimate Parent Corporation and Nexus TopCo LP | term loan first lien | $92.4M | $91.4M 99c | S+500 bp PIK 2.50% | Feb 1, 2033 |
| NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P. | term loan first lien | $91.0M | $90.1M 99c | S+475 bp | Mar 1, 2033 |
| Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC | term loan unsecured or subordinated | $89.5M | $89.5M 100c | S+690 bp PIK 6.63% | Jul 1, 2030 |
| Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | preferred equity equity | n/a | $88.5M 64c | PIK 11.00% | |
| Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | term loan second lien | $138M | $88.0M 64c | S+650 bp | Oct 1, 2029 |
| ML Holdco, Inc. | term loan first lien | $89.6M | $87.8M 98c | S+425 bp | Oct 1, 2032 |
| HPCC Parent, Inc. and Patriot Container Corp. | term loan first lien | $87.1M | $87.1M 100c | 13.00% PIK 7.00% | Sep 1, 2030 |
| Accommodations Plus Technologies LLC | term loan first lien | $87.0M | $87.0M 100c | S+525 bp | May 1, 2032 |
| Imaging Business Machines, L.L.C. and Scanner Holdings Corporation | equity equity | n/a | $84.5M 571c | ||
| Doxim Inc. | term loan first lien | $84.3M | $84.3M 100c | S+650 bp | Nov 1, 2027 |
| EdgeConneX MCN US Finance Co 1, LLC | term loan unsecured or subordinated | $85.4M | $83.7M 98c | S+600 bp | Jun 1, 2032 |
| Goose Borrower, L.P. | term loan first lien | $83.9M | $83.1M 99c | S+475 bp | Mar 1, 2033 |
| Sunrun Luna Holdco 2021, LLC | term loan unsecured or subordinated | $85.5M | $82.9M 97c | S+675 bp | Apr 1, 2027 |
| Silk Holdings III LLC and Silk Holdings I Corp. | term loan first lien | $81.4M | $80.6M 99c | S+450 bp | Dec 1, 2032 |
| Edition Holdings, Inc. and Enverus, Inc. | term loan first lien | $80.9M | $79.2M 98c | S+450 bp | Dec 1, 2032 |
| WSHP FC Acquisition LLC and WSHP FC Holdings LLC | term loan first lien | $77.7M | $77.7M 100c | S+800 bp PIK 5.00% | Apr 1, 2030 |
| HuFriedy Group Acquisition LLC | term loan first lien | $75.7M | $75.7M 100c | S+550 bp | May 1, 2031 |
| Spaceship Purchaser, Inc. | term loan first lien | $74.4M | $74.4M 100c | S+375 bp | Oct 1, 2031 |
| PLZ Corp. | term loan second lien | $76.4M | $74.1M 97c | 14.25% PIK 7.25% | Mar 1, 2033 |
| Ferrellgas, L.P. and Ferrellgas Partners, L.P. | preferred equity equity | n/a | $73.4M 114c | 9.71% | |
| LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC | unstated lien unstated | n/a | $73.0M 108c | ||
| Global Music Rights, LLC | term loan first lien | $72.0M | $72.7M 101c | S+425 bp | Dec 1, 2031 |
| 22 HoldCo Limited | term loan unsecured or subordinated | $72.1M | $72.1M 104c | S+750 bp PIK 11.55% | Aug 1, 2033 |
| LeanTaaS Holdings, Inc. | term loan first lien | $73.2M | $71.8M 98c | S+775 bp | Jul 1, 2028 |
| NMN Holdings III Corp. and NMN Holdings LP | term loan first lien | $69.9M | $69.9M 100c | S+450 bp | Jul 1, 2031 |
| Production Resource Group, L.L.C. and PRG III, LLC | term loan first lien | $69.0M | $69.0M 100c | S+750 bp PIK 11.17% | Oct 1, 2030 |
| 365RM Holdco, LLC | term loan first lien | $67.8M | $67.1M 99c | S+475 bp | May 1, 2033 |
| Cards-Live Oak Holdings, Inc. | term loan first lien | $66.4M | $66.4M 100c | S+475 bp | Oct 1, 2032 |
| Foundation Risk Partners, Corp. | term loan first lien | $66.3M | $66.3M 100c | S+475 bp | Oct 1, 2030 |
| Zenith AcquisitionCo, LLC. | term loan first lien | $67.0M | $66.3M 99c | S+450 bp | Jan 1, 2033 |
| ZocDoc, Inc. | term loan first lien | $64.9M | $64.9M 100c | S+525 bp | Jul 1, 2030 |
| DRS Holdings III, Inc. and DRS Holdings I, Inc. | term loan first lien | $64.5M | $64.5M 100c | S+525 bp | Nov 1, 2028 |
| WebPT, Inc. and WPT Intermediate Holdco, Inc. | term loan unsecured or subordinated | $79.4M | $64.3M 81c | PIK 13.25% | May 1, 2029 |
| Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. | term loan second lien | $71.6M | $63.8M 89c | S+775 bp | Nov 1, 2028 |
| ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. | term loan first lien | $63.3M | $63.3M 100c | S+400 bp | Aug 1, 2031 |
| Inszone Mid, LLC and INSZ Holdings, LLC | term loan first lien | $63.0M | $63.0M 100c | S+525 bp | Nov 1, 2029 |
| Teasdale Foods, Inc. and Familia Group Holdings Inc. | term loan first lien | $83.2M | $62.4M 82c | Mar 1, 2029 | |
| Signant Finance One Limited and Bracket Intermediate Holding Corp. | term loan first lien | $63.5M | $62.3M 99c | S+500 bp | Oct 1, 2031 |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2012 to 2025reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001628280-26-050307reported