Item 8.01 Other Events.
Net Asset Value
The NAV per share of each class of the Fund as of January 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 January 31, 2024 |
Class I | $ | 27.17 | |
Class S | $ | 27.17 | |
Class D | $ | 27.17 | |
As of January 31, 2024, the Fund’s aggregate NAV was approximately $1,935 million, the fair value of its portfolio investments was approximately $2.8 billion, and it had approximately $670 million of debt outstanding. The Fund’s debt-to-equity leverage ratio as of January 31, 2024 was 0.35x.
February 2024 Distributions
As previously disclosed, on January 23, 2024, the Fund’s board of trustees declared 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 | | | $ | 0.01830 | | | $ | 0.19600 | |
Class D | $ | 0.21430 | | | $ | 0.00538 | | | $ | 0.20892 | |
The distributions for each class of Common Shares are payable to shareholders of record as of the open of business on February 29, 2024 and will be paid on or about March 25, 2024.
The February 2024 distributions will be paid in cash or reinvested in the Common Shares for shareholders participating in the Fund’s distribution reinvestment plan.
Portfolio and Business Commentary
As of January 31, 2024, the Fund had investments in 275 portfolio companies with total fair value of approximately $2.8 billion. As of January 31, 2024, based on fair value, the Fund’s portfolio investments consisted of 92% in first lien senior secured loans, 3% in second lien senior secured loans, 1% in collateralized loan obligations, 2% in senior subordinated loans and 2% in preferred equity. As of January 31, 2024, 99% of the debt investments at fair value in the Fund’s portfolio were floating rate. As of January 31, 2024, the ten largest industries in which the Fund was invested, represented as a percentage of fair value, were as follows:
| | | | | |
| As of January 31, 2024 |
Industry | |
Software and Services | 21.8 | % |
Health Care Services | 12.8 | % |
Capital Goods | 10.5 | % |
Consumer Services | 10.2 | % |
Financial Services | 7.1 | % |
Insurance Services | 6.6 | % |
Commercial and Professional Services | 4.8 | % |
Media and Entertainment | 4.4 | % |
Pharmaceuticals, Biotechnology and Life Sciences | 3.3 | % |
Retailing and Distribution | 3.0 | % |
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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 an 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 |
Offering: | | | |
Class I | 22,727,635 | | | $ | 615.4 | |
Class S | 14,136,775 | | | $ | 382.5 | |
Class D | 2,371,905 | | | $ | 64.2 | |
Private Placements | | | |
Class I | 38,478,742 | | | $ | 1,011.8 | |
Class S | — | | | — | |
Class D | — | | | — | |
Total* | 77,715,058 | | | $ | 2,074.0 | |
*Amounts may not sum due to rounding.