BDC Quick Recap: Ares Capital (ARCC)
BDC Quick Recap: Ares Capital (ARCC) Credit as of March 31st, 2023
BDC filing season for Q1 is upon us. Ares Capital (ARCC) filed its earnings Tuesday and data was available in SOLVE’s BDC workstation within minutes. Here is a quick recap of the credit stats for Ares Capital (ARCC) for the three-month period ended March 31st, 2023.
Portfolio Stats
| FMV | $21.15B |
| # of Investments | 1,032 |
| Total unused commitments to extend financing | $1.95B |
| Portfolio Companies | 443 |
Portfolio Composition
| First Lien | 44.40% |
| Second Lien | 19.70% |
| Equity and Other | 35.90% |
Source: SOLVE Fixed Income, Ares Capital (ARCC)
Portfolio Credit Quality
| Non-Accruals Cost | $496.2M |
| # of Non-Accruals | 15 |
| # of Portfolio at Cost | 2.32% |
| New Non-Accruals | ADG LLC, Benefytt Technologies Inc. |
Source: SOLVE Fixed Income, Ares Capital (ARCC)
Select New Originations
| Company | Investment Type | Industry | Cost | Maturity | Coupon |
|---|---|---|---|---|---|
| Apex Service Partners LLC | First Lien Senior Secured Loan | Consumer Services | $22.8M | 7/31/2025 | S+550 |
| PerkinElmer US LLC and NM Polaris Co-Invest LP | First Lien Senior Secured Loan | Technology Hardware and Equipment | $17.5M | 3/31/2029 | S+675 |
Source: SOLVE Fixed Income, Ares Capital (ARCC)
Exits & Sales
| Company | Investment Type | Industry | Net Proceeds | Maturity | Coupon |
|---|---|---|---|---|---|
| Cipriani USA Inc and Cipriani Group Holding SARL | First Lien Senior Secured Loan | Consumer Services | $68.0M | 5/31/2023 | L+1075 |
| KeyStone Sub-debt HoldCo LLC | Senior Subordinated Loan | Consumer Services | $57.6M | 1/31/2027 | – |
| SCIH Salt Holdings Inc | First Lien Senior Secured Revolving Loan | Retailing and Distribution | $2.2M | 3/31/2025 | L+400 |
Source: SOLVE Fixed Income, Ares Capital (ARCC)
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