Ares Capital (ARCC) is the largest BDC by size and operates principally in the the U.S. large cap borrower market. As of the IIIQ 2022, ARCC reported having an AUM of $21.339bn and 458 portfolio companies with $1.025bn in underperforming assets, or 4.8% of the total portfolio. Our own analysis shows 35 underperforming companies with a Cost of $1.745bn and a FMV of $1.325bn , or 6.2% of the total, including 10 companies on non accrual.(11/16/2022)