Item 8.01 Other Events.
Net Asset Value
The NAV per share of each class of the Fund as of July 31, 2024, as determined in accordance with the valuation policies and procedures of Ares Capital Management LLC, the Fund’s investment adviser, was as follows:
| | | | | |
| NAV as of July 31, 2024 |
| Class I | $ | 27.44 | |
| Class S | $ | 27.44 | |
| Class D | $ | 27.44 | |
As of July 31, 2024, the Fund’s aggregate NAV was approximately $3.9 billion, the fair value of its portfolio investments was approximately $5.6 billion, and it had approximately $1.5 billion of debt outstanding. The Fund’s debt-to-equity ratio as of July 31, 2024 was 0.40x.
August 2024 Distributions
As previously disclosed, on May 10, 2024, the Fund announced the declaration of regular monthly distributions for each class of the Fund’s common shares of beneficial interest, including Class I shares, Class S shares and Class D shares (the “Common Shares”) in the amounts per share set forth below:
| | | | | | | | | | | | | | | | | |
| Gross Distribution | | Shareholder Servicing and/or Distribution Fee | | Net Distribution |
| Class I | $ | 0.21430 | | | $ | 0.00000 | | | $ | 0.21430 | |
| Class S | $ | 0.21430 | | | $ | 0.01976 | | | $ | 0.19454 | |
| Class D | $ | 0.21430 | | | $ | 0.00581 | | | $ | 0.20849 | |
The distributions for each class of Common Shares are payable to shareholders of record as of the open of business on August 30, 2024 and will be paid on or about September 23, 2024.
The August 2024 distributions will be paid in cash or reinvested in the Common Shares for shareholders participating in the Fund’s distribution reinvestment plan.
October, November and December 2024 Distributions
As previously disclosed, on August 13, 2024, the Fund announced the declaration of regular monthly distributions for October, November and December 2024, in each case for each class of its Common Shares in the amounts per share
set forth below:
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| | | | | | Gross Distribution Per Share |
| | Record Date | | Payment Date(1) | | Class I | | Class S | | Class D |
| | October 31, 2024 | | November 22, 2024 | | $ | 0.21430 | | | $ | 0.21430 | | | $ | 0.21430 | |
| | November 29, 2024 | | December 26, 2024 | | $ | 0.21430 | | | $ | 0.21430 | | | $ | 0.21430 | |
| | December 31, 2024 | | January 23, 2025 | | $ | 0.21430 | | | $ | 0.21430 | | | $ | 0.21430 | |
(1)The distributions for each class of the Fund’s Common Shares will be paid on or about the payment dates above.
These distributions will be paid in cash or reinvested in the Common Shares for shareholders participating in the Fund’s distribution reinvestment plan. The net distributions received by shareholders of each of the Class S and Class D shares will be equal to the gross distribution in the table above, less specific shareholder servicing and/or distribution fees applicable to such class of the Fund’s Common Shares as of their respective record dates. Class I shares have no shareholder servicing and/or distribution fees.
Portfolio and Business Commentary
As of July 31, 2024, the Fund had investments in 396 portfolio companies with total fair value of approximately $5.6 billion. As of July 31, 2024, 97% of the debt investments at fair value in the Fund’s portfolio were floating rate. As of July 31, 2024, based on fair value, the Fund’s portfolio investments consisted of the following:
| | | | | |
| As of July 31, 2024 |
| Portfolio Investments | |
| First lien senior secured loans | 89.8 | % |
| Second lien senior secured loans | 2.9 | |
| Senior subordinated loans | 1.4 | |
| Corporate bonds | 0.2 | |
| Collateralized loan obligations | 1.7 | |
| Commercial mortgage-backed securities | 0.1 | |
| Private asset-backed investments | 1.4 | |
| Preferred equity | 1.3 | |
| Other equity | 1.2 | |
| Total | 100.0 | % |
As of July 31, 2024, the ten largest industries in which the Fund was invested, represented as a percentage of fair value, were as follows:
| | | | | |
| As of July 31, 2024 |
| Industry | |
| Software and Services | 22.0 | % |
| Health Care Services | 10.8 | % |
| Capital Goods | 10.2 | % |
| Commercial and Professional Services | 9.3 | % |
| Consumer Services | 9.1 | % |
| Financial Services | 5.6 | % |
| Insurance Services | 5.2 | % |
| Media and Entertainment | 4.8 | % |
| Materials | 3.0 | % |
| Retailing and Distribution | 2.8 | % |
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Status of Offering
The Fund is currently publicly offering on a continuous basis up to $7.5 billion of its Common Shares, pursuant to a registered offering (the “Offering”). Additionally, the Fund has sold unregistered shares as part of private offerings (the “Private Placements”). The following table lists the Common Shares issued and total consideration for both the Offering and
the Private Placements as of the date of this filing. The table below does not include Common Shares issued through the Fund’s distribution reinvestment plan. The Fund intends to continue selling Common Shares in the Offering on a monthly basis.
| | | | | | | | | | | |
| (dollar amounts in millions) | Common Shares Issued | | Total Consideration |
| Registered Offering: | | | |
| Class I | 43,058,129 | | | $ | 1,170.8 | |
| Class S | 23,925,153 | | | $ | 650.0 | |
| Class D | 4,876,711 | | | $ | 132.8 | |
| Private Placements | | | |
| Class I | 80,400,728 | | | $ | 2,159.4 | |
| Class S | — | | | — | |
| Class D | — | | | — | |
| Total Registered Offering and Private Placements* | 152,260,721 | | | $ | 4,113.0 | |
*Amounts may not sum due to rounding.