Item 8.01 Other Events.
Net Asset Value
The NAV per share of each class of the Fund as of February 29, 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 February 29, 2024 |
| Class I | $ | 27.19 | |
| Class S | $ | 27.19 | |
| Class D | $ | 27.19 | |
As of February 29, 2024, the Fund’s aggregate NAV was approximately $2.1 billion, the fair value of its portfolio investments was approximately $3.2 billion, and it had approximately $895 million of debt outstanding. The Fund’s debt-to-equity leverage ratio as of February 29, 2024 was 0.42x.
March 2024 Distributions
As previously disclosed, on January 23, 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 | | | $ | 0.01958 | | | $ | 0.19472 | |
| Class D | $ | 0.21430 | | | $ | 0.00576 | | | $ | 0.20854 | |
The distributions for each class of Common Shares are payable to shareholders of record as of the open of business on March 29, 2024 and will be paid on or about April 24, 2024.
The March 2024 distributions will be paid in cash or reinvested in the Common Shares for shareholders participating in the Fund’s distribution reinvestment plan.
April, May and June 2024 Distributions
As previously disclosed, on March 14, 2024, the Fund announced the declaration of regular monthly gross distributions for April, May and June 2024, in each case for each class of the Fund’s 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 |
| | April 30, 2024 | | May 23, 2024 | | $ | 0.21430 | | | $ | 0.21430 | | | $ | 0.21430 | |
| | May 31, 2024 | | June 25, 2024 | | $ | 0.21430 | | | $ | 0.21430 | | | $ | 0.21430 | |
| | June 28, 2024 | | July 24, 2024 | | $ | 0.21430 | | | $ | 0.21430 | | | $ | 0.21430 | |
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(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 February 29, 2024, the Fund had investments in 297 portfolio companies with total fair value of approximately $3.2 billion. As of February 29, 2024, based on fair value, the Fund’s portfolio investments consisted of 92% in first lien senior secured loans, 2% in second lien senior secured loans, 2% in collateralized loan obligations, 2% in senior subordinated loans, 1% in preferred equity and 1% in other equity. As of February 29, 2024, 98% of the debt investments at fair value in the Fund’s portfolio were floating rate. As of February 29, 2024, the ten largest industries in which the Fund was invested, represented as a percentage of fair value, were as follows:
| | | | | |
| As of February 29, 2024 |
| Industry | |
| Software and Services | 20.4 | % |
| Health Care Services | 11.9 | % |
| Capital Goods | 10.1 | % |
| Consumer Services | 9.7 | % |
| Financial Services | 8.1 | % |
| Insurance Services | 6.7 | % |
| Media and Entertainment | 4.9 | % |
| Commercial and Professional Services | 4.7 | % |
| Pharmaceuticals, Biotechnology and Life Sciences | 3.2 | % |
| Automobiles and Components | 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 | 27,584,464 | | | $ | 747.5 | |
| Class S | 16,291,369 | | | $ | 441.1 | |
| Class D | 2,519,265 | | | $ | 68.2 | |
| Private Placements | | | |
| Class I | 39,473,787 | | | $ | 1,038.9 | |
| Class S | — | | | — | |
| Class D | — | | | — | |
| Total* | 85,868,884 | | | $ | 2,295.7 | |
*Amounts may not sum due to rounding.