As of December 31, 2016, Ares Capital Corporation's ("Ares Capital" or "ARCC") portfolio had a fair value of approximately $8.8 billion, and consisted of 218 portfolio companies backed by 148 different private equity sponsors.(1) Ares Capital has a diversified portfolio in terms of issuer concentration, asset class, industry sector and geographic representation.
(1) On January 3, 2017, ARCC closed its acquisition of American Capital, Ltd. (NASDAQ:ACAS). ARCC will begin reporting combined financial results in its public filings for the quarter ending March 31, 2017. In the meantime, website information, including the portfolio information provided here, reflects stand alone ARCC information for the quarter ended December 31, 2016 unless otherwise noted. For reference, on a pro forma unaudited basis, as of September 30, 2016, the combined company has approximately $11.8 billion in investments at fair value.
(2) At fair value.
(3) Represents ARCC's portion of its co-investments with GE Global Sponsor Finance LLC and General Electric Capital Corporation in first lien senior secured loans to middle market companies. As of December 31, 2016, the Senior Secured Loan Program ("SSLP") had loans to 19 different borrowers. The portfolio companies in the SSLP are in industries similar to companies in ARCC's portfolio.
(4) Represents ARCC's portion of its co-investments with Varagon Capital Partners in first lien senior secured loans to U.S. middle-market companies. As of December 31, 2016, the Senior Direct Lending Program's (the "SDLP") had loans to 14 different borrowers. The portfolio companies in the SDLP are in industries similar to companies in ARCC's portfolio.
(5) Includes ARCC's investment in the SSLP, which represented 22% of the total investment portfolio at fair value as of December 31, 2016, and ARCC's investment in the SDLP, which represented 3% of the total investment portfolio at fair value as of December 31, 2016.