# EDGAR Filing Document

**Accession Number:** 0002031750
**File Stem:** 0002031750-26-000032
**Filing Date:** 2026-5
**Character Count:** 330482
**Document Hash:** af101e5c761bb85d9d716b77d1428aef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002031750-26-000032.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0002031750-26-000032

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 93

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ares Core Infrastructure Fund
- **CENTRAL INDEX KEY:** 0002031750

**ORGANIZATION NAME:**
- **EIN:** 996541890
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01811
- **FILM NUMBER:** 26980244

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ARES MANAGEMENT LLC
- **STREET 2:** 2000 AVENUE OF THE STARS, 12TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067
- **BUSINESS PHONE:** (310) 201-4100

**MAIL ADDRESS:**
- **STREET 1:** C/O ARES MANAGEMENT LLC
- **STREET 2:** 2000 AVENUE OF THE STARS, 12TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067

?xml version='1.0' encoding='ASCII'? aci-20260331

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission File No. 000-56695**

**ARES CORE INFRASTRUCTURE FUND**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **99-6541890** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification Number) |

---

**245 Park Avenue, 44th Floor, New York, NY 10167** 

(Address of principal executive office) (Zip Code)

**(212) 750-7300** 

(Registrant's telephone number, including area code)

**N/A**

(Former name, former address and former fiscal year, if changed since last report)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |

---

Securities registered pursuant to Section 12(g) of the Act:

**Common Shares of Beneficial Interest, Par Value $0.01 Per Share** 

(Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-Accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 11, 2026 there was no established public market for the registrant's common shares of beneficial interest, par value $0.01 per share (the "Shares"). The number of Shares outstanding as of May 11, 2026 was 138,486,201, consisting of 129,940,410, 20,810, 0, and 8,524,981 of Class I, Class D, Class N and Class S common shares, respectively. Common shares outstanding exclude May subscriptions since the issuance price is not yet finalized at this time.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**Quarterly Report on Form 10-Q**

**Table of Contents** 

---

| | |
|:---|:---|
| | **Page** |
| **<u>[PART I—FINANCIAL INFORMATION](#idf3b609489404420b232a27d66de562c_118)</u>** | |
| &nbsp;&nbsp;&nbsp;<u>[Item 1. Financial Statements](#idf3b609489404420b232a27d66de562c_121)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025](#idf3b609489404420b232a27d66de562c_124)</u>  | <u>[3](#idf3b609489404420b232a27d66de562c_124)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)](#idf3b609489404420b232a27d66de562c_130)</u> | <u>[5](#idf3b609489404420b232a27d66de562c_130)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Schedules of Investments as of](#idf3b609489404420b232a27d66de562c_133)[March 31](#idf3b609489404420b232a27d66de562c_133)[, 202](#idf3b609489404420b232a27d66de562c_133)[6](#idf3b609489404420b232a27d66de562c_133)[(unaudited) and December 31, 202](#idf3b609489404420b232a27d66de562c_133)[5](#idf3b609489404420b232a27d66de562c_133)</u> | <u>[6](#idf3b609489404420b232a27d66de562c_133)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Net Assets for the](#idf3b609489404420b232a27d66de562c_139)[three](#idf3b609489404420b232a27d66de562c_130)[months ended](#idf3b609489404420b232a27d66de562c_130)[March 31](#idf3b609489404420b232a27d66de562c_130)[, 202](#idf3b609489404420b232a27d66de562c_130)[6](#idf3b609489404420b232a27d66de562c_130)[and](#idf3b609489404420b232a27d66de562c_130)[2025](#idf3b609489404420b232a27d66de562c_130)[(unaudited)](#idf3b609489404420b232a27d66de562c_130)</u> | <u>[17](#idf3b609489404420b232a27d66de562c_139)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the](#idf3b609489404420b232a27d66de562c_142)[three](#idf3b609489404420b232a27d66de562c_142)[months ended](#idf3b609489404420b232a27d66de562c_142)[March](#idf3b609489404420b232a27d66de562c_142)[3](#idf3b609489404420b232a27d66de562c_142)[1](#idf3b609489404420b232a27d66de562c_142)[, 202](#idf3b609489404420b232a27d66de562c_142)[6](#idf3b609489404420b232a27d66de562c_142)[and](#idf3b609489404420b232a27d66de562c_142)[202](#idf3b609489404420b232a27d66de562c_142)[5](#idf3b609489404420b232a27d66de562c_142)[(unaudited)](#idf3b609489404420b232a27d66de562c_142)</u> | <u>[18](#idf3b609489404420b232a27d66de562c_142)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements (unaudited)](#idf3b609489404420b232a27d66de562c_148)</u> | <u>[19](#idf3b609489404420b232a27d66de562c_148)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#idf3b609489404420b232a27d66de562c_43)</u> | <u>[50](#idf3b609489404420b232a27d66de562c_43)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#idf3b609489404420b232a27d66de562c_64)</u> | <u>[68](#idf3b609489404420b232a27d66de562c_64)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#idf3b609489404420b232a27d66de562c_202)</u> | <u>[69](#idf3b609489404420b232a27d66de562c_202)</u> |
| **<u>[PART II—OTHER INFORMATION](#idf3b609489404420b232a27d66de562c_208)</u>** |  |
| &nbsp;&nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#idf3b609489404420b232a27d66de562c_28)</u> | <u>[70](#idf3b609489404420b232a27d66de562c_28)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 1A. Risk Factors](#idf3b609489404420b232a27d66de562c_211)</u> | <u>[70](#idf3b609489404420b232a27d66de562c_211)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#idf3b609489404420b232a27d66de562c_214)</u> | <u>[70](#idf3b609489404420b232a27d66de562c_214)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 3. Defaults Upon Senior Securities](#idf3b609489404420b232a27d66de562c_217)</u> | <u>[71](#idf3b609489404420b232a27d66de562c_217)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures](#idf3b609489404420b232a27d66de562c_31)</u> | <u>[71](#idf3b609489404420b232a27d66de562c_31)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 5. Other Information](#idf3b609489404420b232a27d66de562c_220)</u> | <u>[71](#idf3b609489404420b232a27d66de562c_31)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 6. Exhibits](#idf3b609489404420b232a27d66de562c_223)</u> | <u>[73](#idf3b609489404420b232a27d66de562c_223)</u> |
| <u>[Signatures](#idf3b609489404420b232a27d66de562c_226)</u> | <u>[74](#idf3b609489404420b232a27d66de562c_226)</u> |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_7)</u>

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES ($ in thousands, except share data)**

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| | **(unaudited)** | |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $3128225 | $2867841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled/affiliated investments | 338429 | 252545 |
| &nbsp;&nbsp;Total investments at fair value (amortized cost of $3,293,622 and $2,988,655, respectively)  | 3466654 | 3120386 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 865013 | 296512 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 17559 | 24290 |
| &nbsp;&nbsp;Derivative contracts, at fair value (Cost of $0 and $0, respectively) | 10059 | 9358 |
| &nbsp;&nbsp;&nbsp;Offering costs |  | 134 |
| &nbsp;&nbsp;&nbsp;Other assets | 6319 | 4349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**4365604** | $**3455029** |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;Term loans payable (net of deferred financing costs of $28,783 and $24,710, respectively) | $1032007 | $1038499 |
| &nbsp;&nbsp;&nbsp;Unsettled trades payable | 86097 | 235961 |
| &nbsp;&nbsp;&nbsp;Current tax liability | 359 |  |
| &nbsp;&nbsp;&nbsp;Deferred tax liability, net | 56584 | 35920 |
| &nbsp;&nbsp;&nbsp;Distributions payable | 26285 | 17432 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee payable | 12355 | 11344 |
| &nbsp;&nbsp;&nbsp;Income based incentive fee payable | 1983 | 2353 |
| &nbsp;&nbsp;Derivative contracts, at fair value (Cost of $0 and $0, respectively) | 4736 | 6274 |
| &nbsp;&nbsp;&nbsp;Interest payable | 11056 | 8906 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 743 | 1529 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 3402 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1235607** | **1360444** |
| Commitments and contingencies (Note 7) |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;Common shares, par value $0.01 per share, unlimited shares authorized; 125,613,848 and 83,633,744 shares issued and outstanding, respectively | 1257 | 836 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 2949479 | 1969450 |
| &nbsp;&nbsp;&nbsp;Accumulated undistributed earnings | 179261 | 124299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | **3129997** | **2094585** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $**4365604** | $**3455029** |
| **NET ASSET VALUE PER SHARE** |  |  |
| **Class I Shares** |  |  |
| Net assets | $2967947 | $2049085 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1) | 119110396 | 81816992 |
| Net asset value per share | $24.9176 | $25.0447 |
| **Class S Shares** |  |  |
| Net assets | $161635 | $44843 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1) | 6486791 | 1790507 |
| Net asset value per share | $24.9176 | $25.0447 |
| **Class D Shares** |  |  |
| Net assets | $415 | $657 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1) | 16661 | 26245 |
| Net asset value per share | $24.9176 | $25.0447 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**($ in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **Income** |  |  |
| &nbsp;&nbsp;From non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;Distribution income | $20583 | $— |
| &nbsp;&nbsp;Interest income | 22763 | 1064 |
| &nbsp;&nbsp;Other income | 15000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income from non-controlled/non-affiliated investments | **58346** | **1064** |
| &nbsp;&nbsp;From controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;Distribution income | 6673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income from controlled/affiliated investments | **6673** | **—** |
| **Total income** | **65019** | **1064** |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 16665 | 3968 |
| &nbsp;&nbsp;&nbsp;Management fees | 8476 | 882 |
| &nbsp;&nbsp;&nbsp;Income based incentive fee | 1983 |  |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee | 1011 | 2008 |
| &nbsp;&nbsp;&nbsp;Administration fees | 868 | 852 |
| &nbsp;&nbsp;&nbsp;Offering expenses | 502 | 1017 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing and distribution fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D | 1 |  |
| &nbsp;&nbsp;&nbsp;Legal expenses | 4175 | 768 |
| &nbsp;&nbsp;&nbsp;Other general and administrative | 1469 | 277 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | **35403** | **9772** |
| &nbsp;&nbsp;Less: Expense support (Note 3) | (2631) | (2908) |
| &nbsp;&nbsp;Less: Management fee waiver (Note 3) |  | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | **32772** | **6701** |
| **Net investment income/(loss) before income taxes** | **32247** | **(5637)** |
| &nbsp;&nbsp;Income tax benefit/(expense) | (3524) | (2354) |
| **Net investment income/(loss)** | **28723** | **(7991)** |
| **Net realized and unrealized gains/(losses) on investments and derivatives** |  |  |
| Net realized gains/(losses): |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | 83 |  |
| &nbsp;&nbsp;Derivatives | 112 | 919 |
| Net realized gains | 195 | 919 |
| Net unrealized gains/(losses): |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | 38484 | 20122 |
| &nbsp;&nbsp;Controlled/affiliated investments | 2820 |  |
| &nbsp;&nbsp;Derivatives | 2239 | (4978) |
| &nbsp;&nbsp;Income tax expense | (17499) |  |
| Net unrealized gains | 26044 | 15144 |
| **Net realized and unrealized gains on investments and derivatives** | **26239** | **16063** |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | $**54962** | $**8072** |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of March 31, 2026**

**($ in thousands)**

**(unaudited)**

**Non-controlled/non-affiliated investments**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | | **% of Net Assets** |
| **Debt investments** | | | | | | | | | | | |
| &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIH Salt Holdings Inc. | 6.35% | SOFR (Q) | 2.75% |  | 01/2029 |  | $7481 | $7481 | $7457 |  |  |
|  |  |  |  |  |  |  |  | 7481 | 7457 |  | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covanta Holding Corporation | 5.93 | SOFR (M) | 2.25 |  | 01/2031 |  | 4495 | 4487 | 4482 |  |  |
|  |  |  |  |  |  |  |  | 4487 | 4482 |  | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Data centers** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMH01 Holdings LP<sup>(5)(6)</sup> | 8.03 | SOFR (M) | 4.35 |  | 07/2028 |  | 113848 | 110333 | 109674 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CW Nest Property Owner LLC<sup>(5)(6)</sup> | 7.42 | SOFR (M) | 3.75 |  | 11/2028 |  | 52799 | 48876 | 49107 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Helios LLC<sup>(5)(6)</sup> | 8.43 | SOFR (M) | 4.75 |  | 08/2028 |  | 76402 | 72880 | 76259 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PowerHouse Data LCX, LLC<sup>(5)(6)</sup> | 8.62 | SOFR (M) | 4.95 |  | 05/2027 |  | 29358 | 28574 | 28565 |  |  |
|  |  |  |  |  |  |  |  | 260663 | 263605 |  | 8.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electric utilities** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC | 5.42 | SOFR (M) | 1.75 |  | 09/2031 |  | 14222 | 14225 | 14173 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astoria Energy LLC | 5.95 | SOFR (Q) | 2.25 |  | 06/2032 |  | 4783 | 4790 | 4783 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astoria Energy LLC | 5.92 | SOFR (M) | 2.25 |  | 06/2032 |  | 8874 | 8889 | 8876 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayonne Energy Center, LLC | 6.70 | SOFR (Q) | 3.00 |  | 10/2032 |  | 14078 | 14094 | 14078 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carroll County Energy LLC | 6.45 | SOFR (Q) | 2.75 |  | 06/2031 |  | 16201 | 16235 | 16261 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cogentrix Finance Holdco I, LLC | 5.92 | SOFR (M) | 2.25 |  | 02/2032 |  | 11242 | 11258 | 11236 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Generation, LLC | 5.92 | SOFR (Q) | 2.25 |  | 08/2032 |  | 18403 | 18435 | 18390 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPV Fairview, LLC | 6.20 | SOFR (Q) | 2.50 |  | 08/2031 |  | 4826 | 4835 | 4799 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Projects Acquiror, LLC | 6.17 | SOFR (M) | 2.50 |  | 05/2031 |  | 5217 | 5233 | 5222 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hill Top Energy Center, LLC | 6.92 | SOFR (Q) | 3.25 |  | 06/2032 |  | 13806 | 13856 | 13815 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invenergy Thermal Operating I LLC | 6.38 | SOFR (Q) | 2.75 |  | 05/2032 |  | 4682 | 4694 | 4684 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lackawanna Energy Center LLC | 6.42 | SOFR (M) | 2.75 |  | 08/2032 |  | 24098 | 24150 | 24088 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power, LLC | 5.92 | SOFR (M) | 2.25 |  | 08/2031 |  | 5899 | 5918 | 5906 | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Field Energy LLC | 6.70 | SOFR (Q) | 3.00 |  | 08/2031 |  | 12988 | 12989 | 12997 |  |  |
|  |  |  |  |  |  |  |  | 159601 | 159308 |  | 5.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electrical equipment** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resilience Parent, LLC | 6.13 | SOFR (Q) | 2.50 |  | 02/2033 |  | 4001 | 3999 | 3977 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC US Holdings Inc. | 5.67 | SOFR (M) | 2.00 |  | 01/2031 |  | 14158 | 14154 | 14127 |  |  |
|  |  |  |  |  |  |  |  | 18153 | 18104 |  | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Health care technology** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Ruby Ultimate Parent Corp. | 6.53 | SOFR (M) | 2.86 |  | 03/2028 |  | 6806 | 6820 | 6768 |  |  |
|  |  |  |  |  |  |  |  | 6820 | 6768 |  | 0.22% |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of March 31, 2026**

**($ in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | | **% of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine Construction Finance Company, L.P. | 5.42% | SOFR (M) | 1.75% |  | 07/2030 |  | $6354 | $6351 | $6353 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potomac Energy Center, LLC | 6.42 | SOFR (Q) | 2.75 |  | 08/2032 |  | 14873 | 14899 | 14873 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Supply LLC | 5.67 | SOFR (M) | 2.00 |  | 11/2032 |  | 11432 | 11412 | 11430 | (3) |  |
|  |  |  |  |  |  |  |  | 32662 | 32656 |  | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Machinery** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osmosis Buyer Limited | 6.41 | SOFR (Q) | 2.75 |  | 07/2028 |  | 2490 | 2489 | 2483 |  |  |
|  |  |  |  |  |  |  |  | 2489 | 2483 |  | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AL GCX Holdings, LLC | 5.92 | SOFR (M) | 2.25 |  | 12/2032 |  | 12000 | 11956 | 11989 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCP Renaissance Parent L.L.C. | 5.95 | SOFR (Q) | 2.25 |  | 10/2031 |  | 10845 | 10857 | 10791 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackfin Pipeline LLC | 6.69 | SOFR (M) | 3.00 |  | 09/2032 |  | 5985 | 5984 | 6009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP | 5.42 | SOFR (M) | 1.75 |  | 11/2032 |  | 3982 | 3989 | 3993 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colossus AcquireCo LLC | 5.38 | SOFR (Q) | 1.75 |  | 07/2032 |  | 8526 | 8503 | 8491 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPPIB OVM Member U.S. LLC | 5.95 | SOFR (Q) | 2.25 |  | 08/2031 |  | 5832 | 5829 | 5825 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport LNG investments, LLLP | 6.89 | SOFR (Q) | 3.25 |  | 02/2033 |  | 22600 | 22485 | 22581 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIP Pilot Acquisition Partners, L.P. | 5.65 | SOFR (Q) | 2.00 |  | 10/2030 |  | 5000 | 5013 | 4999 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT Holdings LLC | 5.64 | SOFR (M) | 1.98 |  | 10/2030 |  | 4987 | 4981 | 4967 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M6 ETX Holdings II Midco LLC | 6.17 | SOFR (M) | 2.50 |  | 04/2032 |  | 11071 | 11094 | 11100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oryx Midstream Services Permian Basin LLC | 5.93 | SOFR (M) | 2.25 |  | 10/2028 |  | 13379 | 13372 | 13383 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Petroleum LLC/Par Petroleum Finance Corp | 6.93 | SOFR (Q) | 3.25 |  | 02/2030 |  | 1990 | 1997 | 1988 | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pasadena Performance Products, LLC <sup>(5)</sup> | 6.95 | SOFR (Q) | 3.25 |  | 02/2032 |  | 3811 | 3820 | 3782 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie ECI Acquiror LP | 6.92 | SOFR (M) | 3.25 |  | 08/2029 |  | 8803 | 8810 | 8810 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMontaigne Operating Company L.P. | 5.92 | SOFR (M) | 2.25 |  | 03/2030 |  | 13507 | 13543 | 13477 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traverse Midstream Partners LLC | 6.17 | SOFR (Q) | 2.50 |  | 02/2028 |  | 8250 | 8287 | 8243 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global | 5.89 | SOFR (M) | 2.23 |  | 05/2029 |  | 1577 | 1581 | 1570 | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global <sup>(5)</sup> | 5.89 | SOFR (M) | 2.23 |  | 05/2029 |  | 197 | 198 | 197 | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WhiteWater Matterhorn Holdings, LLC | 5.45 | SOFR (Q) | 1.75 |  | 06/2032 |  | 4138 | 4123 | 4112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WhiteWater Whistler Holdings, LLC | 5.50 | SOFR (Q) | 1.75 |  | 02/2030 |  | 12021 | 12006 | 11986 |  |  |
|  |  |  |  |  |  |  |  | 158428 | 158293 |  | 5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. | 6.95 | SOFR (Q) | 3.25 |  | 03/2031 |  | 3975 | 3964 | 3629 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConnectWise, LLC | 7.46 | SOFR (Q) | 3.76 |  | 09/2028 |  | 4961 | 4970 | 4568 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellucian Holdings Inc. | 6.17 | SOFR (M) | 2.50 |  | 10/2029 |  | 7002 | 7024 | 6799 |  |  |
|  |  |  |  |  |  |  |  | 15958 | 14996 |  | 0.48% |
| **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | 666742 | 668152 |  | 21.35% |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of March 31, 2026**

**($ in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | | **% of Net Assets** |
| &nbsp;&nbsp;**Senior subordinated loans** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data centers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Intermediate Holdco, L.P.<sup>(5)(6)</sup> | 9.50% | N/A | 9.50% |  | 12/2031 |  | $63979 | $60915 | $60741 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stack SJ Holdings Parent A-I, LLC<sup>(5)(6)</sup> | 9.25 | N/A | 9.25 |  | 06/2030 |  | 83753 | 83149 | 80730 |  |  |
| &nbsp;&nbsp;**Total senior subordinated loans** |  |  |  |  |  |  |  | 144064 | 141471 |  | 4.52% |
| **Total debt investments** |  |  |  |  |  |  |  | $**810806** | $**809623** |  | 25.87% |
| **Equity investments** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Other equity** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Equity Holdings LLC <sup>(1)(5)</sup> |  |  |  | 03/2025 |  | 3749 |  | 330908 | 352185 | (2) |  |
| &nbsp;&nbsp;**Total other equity** |  |  |  |  |  |  |  | 330908 | 352185 |  | 11.25% |
| &nbsp;&nbsp;**Common equity** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Renewables Equity Holdings LLC <sup>(1)(5)</sup> |  |  |  | 09/2024 |  | 4900 |  | 431267 | 483667 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer JV Holdings LLC <sup>(1)(5)(6)</sup> |  |  |  | 10/2025 |  | 49 |  | 729355 | 761208 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Equity Holdings LLC <sup>(1)(5)(6)</sup> |  |  |  | 12/2025 |  | 4900 |  | 155589 | 164062 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tango Holdings, LLC <sup>(1)(5)(6)</sup> |  |  |  | 07/2025 |  | 511202 |  | 514285 | 557480 | (2) |  |
|  |  |  |  |  |  |  |  | 1830496 | 1966417 |  | 62.82% |
| &nbsp;&nbsp;**Total common equity** |  |  |  |  |  |  |  | 1830496 | 1966417 |  | 62.82% |
| **Total equity investments** |  |  |  |  |  |  |  | **2161404** | **2318602** |  | 74.08% |
| **Total non-controlled/non-affiliated investments** | **Total non-controlled/non-affiliated investments** | **Total non-controlled/non-affiliated investments** | **Total non-controlled/non-affiliated investments** | **Total non-controlled/non-affiliated investments** | **Total non-controlled/non-affiliated investments** | **Total non-controlled/non-affiliated investments** | **Total non-controlled/non-affiliated investments** | $**2972210** | $**3128225** |  | 99.94% |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of March 31, 2026**

**($ in thousands)**

**(unaudited)**

**Controlled/affiliated investments**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | | **% of Net Assets** |
| **Equity investments** | | | | | | | | | | | |
| &nbsp;&nbsp;**Common equity** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meade Pipeline Co LLC <sup>(1)(5)</sup> |  |  |  | 09/2025 |  | 43 |  | $201487 | $215952 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Meade Midstream MPC, LLC <sup>(1)(5)</sup> |  |  |  | 09/2025 |  | 50 |  | 35212 | 37764 | (2) |  |
|  |  |  |  |  |  |  |  | 236699 | 253716 |  | 8.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation infrastructure** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEJV SPV LP <sup>(1)(5)</sup> |  |  |  | 03/2026 |  | 84546000 |  | 84713 | 84713 | (2) |  |
|  |  |  |  |  |  |  |  | 84713 | 84713 |  | 2.70% |
| &nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;**Total common equity** | 321412 | 338429 |  | 10.81% |
| **Total equity investments** | **Total equity investments** | **Total equity investments** | **Total equity investments** | **Total equity investments** | **Total equity investments** | **Total equity investments** | **Total equity investments** | **321412** | **338429** |  | 10.81% |
| **Total controlled/affiliated investments** | **Total controlled/affiliated investments** | **Total controlled/affiliated investments** | **Total controlled/affiliated investments** | **Total controlled/affiliated investments** | **Total controlled/affiliated investments** | **Total controlled/affiliated investments** | **Total controlled/affiliated investments** | **321412** | **338429** |  | 10.81% |
| **Total investments** |  |  |  |  |  |  |  | $**3293622** | $**3466654** |  | 110.76% |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of March 31, 2026**

**($ in thousands)**

**(unaudited)**

**Cash Equivalents**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Acquisition Date** | **Maturity Date** | **Dividend Yield** | **Units** | **Cost** | **Fair Value** | **% of Net Assets** |
| Treasury Bill | 01/2026 | 04/2026 | 3.41% | 225000 | $224665 | $224660 |  |
| Treasury Bill | 03/2026 | 06/2026 | 3.58 | 200000 | 198434 | 198442 |  |
| First American U.S. Treasury Sweep (Y Shares) | 02/2025 | N/A | 3.24 | 165 | 165 | 165 |  |
| First American U.S. Treasury Sweep (Y Shares) | 07/2025 | N/A | 3.24 | 174 | 174 | 174 |  |
| **Total Cash Equivalents** |  |  |  |  | $**423438** | $**423441** | 13.53% |

---

(1) Securities exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and may be deemed "restricted securities" subject to legal restrictions on sales. As of March 31, 2026, the aggregate fair value of these securities is $2,657.0 million, which represents 84.89% of the Fund's (as defined below) net assets or 60.86% of the Fund's total assets.

(2) These assets are pledged as collateral under the Fund's or the Fund's consolidated subsidiaries' various credit facilities and, as a result, are not directly available to the creditors of the Fund to satisfy any obligations of the Fund other than the obligations under each of the respective credit facilities (see "Note 5. Debt to the unaudited consolidated financial statements for more information).

(3) This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"). Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. Pursuant to Section 55(a) of the 1940 Act, 0.48% of the Fund's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of March 31, 2026.

(4) Variable rate loans to the Fund's portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually (A), semiannually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Fund has provided the interest rate in effect on the date presented. Coupon rate represents the all-in rate as of March 31, 2026.

(5) These investments were valued using significant unobservable inputs and are considered Level 3 investments. See "Note 8. Fair Value of Financial Instruments" to the unaudited consolidated financial statements for more information regarding the fair value of the Fund's investment.

(6) As of March 31, 2026, the Fund had commitments to fund various delayed draw term loans and equity investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See "Note 7. Commitments and Contingencies" to the unaudited consolidated financial statements for more information on delayed draw term loan commitments related to certain portfolio companies. Principal reflects the funded principal as of March 31, 2026.

(7) As defined in the Investment Company Act, the Fund is deemed both to be an "Affiliated Person" and to "Control" this portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). For the three months ended March 31, 2026, the Fund's controlled/affiliated investments were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Fair value as of December 31, 2025** | **Gross Additions** | **Gross Reductions** | **Net realized gains/(losses)** | **Net unrealized gains/(losses)** | **Fair value as of March 31, 2026** | **Dividend and Interest Income** |
| Meade Pipeline Co LLC | $214956 | $— | $1401 | $— | $2397 | $215952 | $5672 |
| Redwood Meade Midstream MPC, LLC | 37589 |  | 248 |  | 423 | 37764 | 1001 |
| AEJV SPV LP |  | 84713 |  |  |  | 84713 |  |
|  | $**252545** | $**84713** | $**1649** | $**—** | $**2820** | $**338429** | $**6673** |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of March 31, 2026**

**($ in thousands)**

**(unaudited)**

**Derivative Instruments**

***Interest Rate Swaps***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fund Pays** | **Fund Receives** | **Counterparty** | **Corresponding Debt** | **Maturity Date** | **Payment Frequency** | **Notional Amount** | **Fair Value** | **Upfront Payments/Receipts** | **Unrealized Appreciation/(Depreciation)** |
| Interest rate swap | 2.525% | Daily SOFR | BNP Paribas | Denali Credit Agreement | 09/2029 | Quarterly | $39666 | $3880 | $— | $3880 |
| Interest rate swap | 2.530 | Daily SOFR | MUFG Bank, Ltd. | Denali Credit Agreement | 09/2029 | Quarterly | 39666 | 3867 |  | 3867 |
| Interest rate swap | 4.194 | Daily SOFR | NatWest Markets Plc | Denali Credit Agreement | 09/2029 | Quarterly | 19831 | (544) |  | (544) |
| Interest rate swap | 4.194 | Daily SOFR | Bayerische Landesbank | Denali Credit Agreement | 09/2029 | Quarterly | 15067 | (413) |  | (413) |
| Interest rate swap | 4.194 | Daily SOFR | PNC Bank, National Association | Denali Credit Agreement | 09/2029 | Quarterly | 15067 | (413) |  | (413) |
| Interest rate swap | 4.194 | Daily SOFR | Bank of China Limited New York Branch | Denali Credit Agreement | 09/2029 | Quarterly | 12821 | (351) |  | (351) |
| Interest rate swap | 4.194 | Daily SOFR | Canadian Imperial Bank of Commerce | Denali Credit Agreement | 09/2029 | Quarterly | 12053 | (330) |  | (330) |
| Interest rate swap | 4.059 | Daily SOFR | MUFG Bank, Ltd. | Aspen Credit Agreement | 03/2030 | Quarterly | 18750 | (127) |  | (127) |
| Interest rate swap | 4.058 | Daily SOFR | BNP Paribas | Aspen Credit Agreement | 03/2030 | Quarterly | 18750 | (125) |  | (125) |
| Interest rate swap | 3.757 | Daily SOFR | BNP Paribas | Aspen Credit Agreement | 03/2030 | Quarterly | 65430 | 152 |  | 152 |
| Interest rate swap | 3.759 | Daily SOFR | MUFG Bank, Ltd. | Aspen Credit Agreement | 03/2030 | Quarterly | 65430 | 143 |  | 143 |
| Interest rate swap | 4.158 | Daily SOFR | Canadian Imperial Bank of Commerce | Tango Credit Agreement | 07/2030 | Quarterly | 69281 | (1216) |  | (1216) |
| Interest rate swap | 4.158 | Daily SOFR | Societe Generale | Tango Credit Agreement | 07/2030 | Quarterly | 23094 | (406) |  | (406) |
| Interest rate swap | 4.158 | Daily SOFR | NatWest Markets Plc | Tango Credit Agreement | 07/2030 | Quarterly | 23094 | (405) |  | (405) |
| Interest rate swap | 4.158 | Daily SOFR | Sumitomo Bank | Tango Credit Agreement | 07/2030 | Quarterly | 23094 | (406) |  | (406) |
| Interest rate swap | 3.875 | Daily SOFR | Societe Generale | Pioneer Credit Agreement | 10/2030 | Quarterly | 84750 | 1054 |  | 1054 |
| Interest rate swap | 3.884 | Daily SOFR | Natixis Bank, New York Branch | Pioneer Credit Agreement | 10/2030 | Quarterly | 84750 | 963 |  | 963 |
| **Total** |  |  |  |  |  |  | $**630594** | $**5323** | $**—** | $**5323** |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of December 31, 2025**

**($ in thousands)**

**Non-controlled/non-affiliated investments**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | | **% of Net Assets** |
| **Debt investments** | | | | | | | | | | | |
| &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** | &nbsp;&nbsp;**First lien senior secured loans** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIH Salt Holdings Inc. | 6.52% | SOFR (Q) | 2.75% |  | 01/2029 |  | $7500 | $7500 | $7511 |  |  |
|  |  |  |  |  |  |  |  | 7500 | 7511 |  | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covanta Holding Corporation | 5.98 | SOFR (M) | 2.25 |  | 01/2031 |  | 4500 | 4492 | 4500 |  |  |
|  |  |  |  |  |  |  |  | 4492 | 4500 |  | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electric utilities** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC | 5.72 | SOFR (M) | 2.00 |  | 09/2031 |  | 10258 | 10271 | 10285 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astoria Energy LLC | 6.42 | SOFR (Q) | 2.75 |  | 06/2032 |  | 6989 | 6992 | 7035 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astoria Energy LLC | 6.47 | SOFR (M) | 2.75 |  | 06/2032 |  | 2121 | 2122 | 2135 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayonne Energy Center, LLC | 6.67 | SOFR (Q) | 3.00 |  | 10/2032 |  | 9113 | 9134 | 9165 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carroll County Energy LLC | 6.42 | SOFR (Q) | 2.75 |  | 06/2031 |  | 16958 | 16995 | 17021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cogentrix Finance Holdco I, LLC | 5.97 | SOFR (M) | 2.25 |  | 02/2032 |  | 11623 | 11640 | 11684 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Generation, LLC | 7.09 | SOFR (Q) | 3.25 |  | 08/2032 |  | 8738 | 8769 | 8807 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPV Fairview, LLC | 6.17 | SOFR (Q) | 2.50 |  | 08/2031 |  | 6000 | 6007 | 6021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFS Cogen Holdings I LLC | 6.67 | SOFR (Q) | 3.00 |  | 10/2031 |  | 4136 | 4149 | 4165 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hill Top Energy Center, LLC | 6.92 | SOFR (Q) | 3.25 |  | 06/2032 |  | 11842 | 11886 | 11945 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invenergy Thermal Operating I LLC | 6.41 | SOFR (Q) | 2.75 |  | 05/2032 |  | 4817 | 4830 | 4830 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lackawanna Energy Center LLC | 6.78 | SOFR (M) | 3.00 |  | 08/2032 |  | 12903 | 12943 | 12971 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power, LLC | 5.97 | SOFR (M) | 2.25 |  | 08/2031 |  | 2914 | 2926 | 2926 | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Field Energy LLC | 6.67 | SOFR (Q) | 3.00 |  | 08/2031 |  | 10937 | 10935 | 11006 |  |  |
|  |  |  |  |  |  |  |  | 119599 | 119996 |  | 5.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electrical equipment** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC US Holdings Inc. | 5.87 | SOFR (M) | 2.00 |  | 01/2031 |  | 6174 | 6178 | 6182 |  |  |
|  |  |  |  |  |  |  |  | 6178 | 6182 |  | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Health care technology** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Ruby Ultimate Parent Corp. | 6.58 | SOFR (M) | 2.86 |  | 03/2028 |  | 6823 | 6839 | 6839 |  |  |
|  |  |  |  |  |  |  |  | 6839 | 6839 |  | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine Construction Finance Company, L.P. | 5.47 | SOFR (M) | 1.75 |  | 07/2031 |  | 6354 | 6351 | 6357 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potomac Energy Center, LLC | 6.84 | SOFR (Q) | 3.00 |  | 08/2032 |  | 12356 | 12379 | 12449 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Supply LLC | 5.67 | SOFR (Q) | 2.00 |  | 11/2032 |  | 11461 | 11440 | 11454 | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TerraForm Power Operating, LLC | 5.67 | SOFR (Q) | 2.00 |  | 05/2029 |  | 3484 | 3469 | 3482 |  |  |
|  |  |  |  |  |  |  |  | 33639 | 33742 |  | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure, LLC | 6.72 | SOFR (M) | 3.00 |  | 11/2030 |  | 496 | 490 | 495 |  |  |
|  |  |  |  |  |  |  |  | 490 | 495 |  | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMH01 Holdings LP<sup>(5)(6)</sup> | 8.03 | SOFR (M) | 4.35 |  | 07/2028 |  | 80929 | 77179 | 77179 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CW Nest Property Owner LLC<sup>(5)(6)</sup> | 7.48 | SOFR (M) | 3.75 |  | 11/2028 |  | 18841 | 14591 | 14591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Helios LLC<sup>(5)(6)</sup> | 8.43 | SOFR (M) | 4.75 |  | 08/2028 |  | 62713 | 58963 | 58963 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PowerHouse Data LCX, LLC<sup>(5)(6)</sup> | 8.62 | SOFR (M) | 4.95 |  | 05/2027 |  | 15379 | 14440 | 14440 |  |  |
|  |  |  |  |  |  |  |  | 165173 | 165173 |  | 7.88% |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of December 31, 2025**

**($ in thousands)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | | **% of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Machinery** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Aqua Merger Sub, Inc. | 6.85% | SOFR (Q) | 3.00% |  | 07/2028 |  | $2490 | $2489 | $2494 | (3) |  |
|  |  |  |  |  |  |  |  | 2489 | 2494 |  | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Multi-utilities** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Projects Acquiror, LLC | 6.22 | SOFR (M) | 2.50 |  | 05/2031 |  | 5333 | 5350 | 5363 |  |  |
|  |  |  |  |  |  |  |  | 5350 | 5363 |  | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas and consumable fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AL GCX Holdings, LLC | 5.98 | SOFR (M) | 2.25 |  | 12/2032 |  | 12000 | 11955 | 12008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCP Renaissance Parent L.L.C. | 6.17 | SOFR (Q) | 2.50 |  | 10/2028 |  | 8865 | 8882 | 8909 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackfin Pipeline LLC | 6.75 | SOFR (M) | 3.00 |  | 09/2032 |  | 6000 | 5999 | 6005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP | 5.47 | SOFR (M) | 1.75 |  | 11/2032 |  | 3992 | 3999 | 4011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colossus AcquireCo LLC | 5.41 | SOFR (Q) | 1.75 |  | 07/2032 |  | 10548 | 10514 | 10535 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPPIB OVM Member U.S. LLC | 6.17 | SOFR (Q) | 2.50 |  | 08/2031 |  | 2282 | 2272 | 2295 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport LNG investments, LLLP | 7.15 | SOFR (Q) | 3.26 |  | 11/2026 |  | 3476 | 3465 | 3477 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport LNG investments, LLLP | 7.12 | SOFR (Q) | 3.25 |  | 12/2028 |  | 8161 | 8128 | 8185 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIP Pilot Acquisition Partners, L.P. | 5.94 | SOFR (Q) | 2.00 |  | 10/2030 |  | 5000 | 5013 | 5005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT Holdings LLC | 6.19 | SOFR (M) | 2.48 |  | 10/2030 |  | 1739 | 1740 | 1748 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M6 ETX Holdings II Midco LLC | 6.22 | SOFR (M) | 2.50 |  | 04/2032 |  | 11472 | 11496 | 11525 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oryx Midstream Services Permian Basin LLC | 5.98 | SOFR (M) | 2.25 |  | 10/2028 |  | 8413 | 8398 | 8446 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Petroleum LLC/Par Petroleum Finance Corp | 6.95 | SOFR (Q) | 3.25 |  | 02/2030 |  | 1995 | 2002 | 2001 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pasadena Performance Products, LLC | 6.92 | SOFR (Q) | 3.25 |  | 02/2032 |  | 3889 | 3899 | 3884 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie ECI Acquiror LP | 7.47 | SOFR (M) | 3.75 |  | 08/2029 |  | 8825 | 8832 | 8867 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMontaigne Operating Company L.P. | 6.22 | SOFR (M) | 2.50 |  | 11/2028 |  | 13507 | 13544 | 13591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traverse Midstream Partners LLC | 6.34 | SOFR (Q) | 2.50 |  | 02/2028 |  | 8250 | 8292 | 8258 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global | 5.94 | SOFR (M) | 2.23 |  | 05/2029 |  | 1577 | 1581 | 1568 | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global <sup>(5)</sup> | 5.94 | SOFR (M) | 2.23 |  | 05/2029 |  | 197 | 198 | 196 | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WhiteWater Matterhorn Holdings, LLC | 5.92 | SOFR (Q) | 2.25 |  | 06/2032 |  | 3550 | 3548 | 3560 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WhiteWater Whistler Holdings, LLC | 5.44 | SOFR (Q) | 1.75 |  | 02/2030 |  | 13487 | 13470 | 13431 |  |  |
|  |  |  |  |  |  |  |  | 137227 | 137505 |  | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Systems, Inc. | 6.17 | SOFR (Q) | 2.50 |  | 02/2031 |  | 2538 | 2538 | 2552 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. | 6.92 | SOFR (Q) | 3.25 |  | 03/2031 |  | 3985 | 3974 | 3988 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConnectWise, LLC | 7.43 | SOFR (Q) | 3.76 |  | 09/2028 |  | 4974 | 4984 | 4878 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellucian Holdings Inc. | 6.47 | SOFR (M) | 2.75 |  | 10/2029 |  | 7019 | 7043 | 7055 |  |  |
|  |  |  |  |  |  |  |  | 18539 | 18473 |  | 0.88% |
| **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | **Total first lien senior secured loans** | 507515 | 508273 |  | 24.27% |
| &nbsp;&nbsp;**Senior subordinated loans** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stack SJ Holdings Parent A-I, LLC<sup>(5)(6)</sup> | 9.25 | N/A | 9.25 |  | 06/2030 |  | 55742 | 55104 | 54314 | (2) |  |
|  |  |  |  |  |  |  |  | 55104 | 54314 |  | 2.59% |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of December 31, 2025**

**($ in thousands)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | | **% of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialized REITs** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Intermediate Holdco, L.P.<sup>(5)(6)</sup> | 9.50% | N/A | 9.50% |  | 12/2031 |  | $38542 | $35345 | $35304 | (2) |  |
|  |  |  |  |  |  |  |  | 35345 | 35304 |  | 1.69% |
| &nbsp;&nbsp;**Total senior subordinated loans** |  |  |  |  |  |  |  | 90449 | 89618 |  | 4.28% |
| **Total debt investments** |  |  |  |  |  |  |  | $**597964** | $**597891** |  | 28.54% |
| &nbsp;&nbsp;**Equity investments** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other equity** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Equity Holdings LLC <sup>(1)(5)</sup> |  |  |  | 09/2024 |  | 3749 |  | $340995 | $354399 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other equity** |  |  |  |  |  |  |  | 340995 | 354399 |  | 16.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Common equity** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent power and renewable electricity producers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Renewables Equity Holdings LLC <sup>(1)(5)</sup> |  |  |  | 03/2025 |  | 4900 |  | 431267 | 479667 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer JV Holdings LLC <sup>(1)(5)(6)</sup> |  |  |  | 10/2025 |  | 49 |  | 731872 | 753613 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Equity Holdings LLC <sup>(1)(5)(6)</sup> |  |  |  | 12/2025 |  | 4900 |  | 155587 | 155587 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tango Holdings, LLC <sup>(1)(5)(6)</sup> |  |  |  | 07/2025 |  | 488168 |  | 492623 | 526684 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total common equity** |  |  |  |  |  |  |  | 1811349 | 1915551 |  | 91.45% |
| &nbsp;&nbsp;**Total equity investments** |  |  |  |  |  |  |  | **2152344** | **2269950** |  | 108.37% |
| &nbsp;&nbsp;**Total non-controlled/non-affiliated investments** | &nbsp;&nbsp;**Total non-controlled/non-affiliated investments** | &nbsp;&nbsp;**Total non-controlled/non-affiliated investments** | &nbsp;&nbsp;**Total non-controlled/non-affiliated investments** | &nbsp;&nbsp;**Total non-controlled/non-affiliated investments** | &nbsp;&nbsp;**Total non-controlled/non-affiliated investments** | &nbsp;&nbsp;**Total non-controlled/non-affiliated investments** | &nbsp;&nbsp;**Total non-controlled/non-affiliated investments** | $**2750308** | $**2867841** |  | 136.91% |

---

**Controlled/affiliated investments**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | | **% of Net Assets** |
| &nbsp;&nbsp;**Equity investments** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Common equity** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, gas & consumable fuels** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meade Pipeline Co LLC <sup>(1)(5)</sup> |  |  |  | 09/2025 |  | 43 |  | $202888 | $214956 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Meade Midstream MPC, LLC <sup>(1)(5)</sup> |  |  |  | 09/2025 |  | 50 |  | 35459 | 37589 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;&nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;&nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;&nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;&nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;&nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;&nbsp;&nbsp;**Total common equity** | &nbsp;&nbsp;&nbsp;&nbsp;**Total common equity** | 238347 | 252545 |  | 12.07% |
| &nbsp;&nbsp;**Total equity investments** | &nbsp;&nbsp;**Total equity investments** | &nbsp;&nbsp;**Total equity investments** | &nbsp;&nbsp;**Total equity investments** | &nbsp;&nbsp;**Total equity investments** | &nbsp;&nbsp;**Total equity investments** | &nbsp;&nbsp;**Total equity investments** | &nbsp;&nbsp;**Total equity investments** | **238347** | **252545** |  | 12.07% |
| &nbsp;&nbsp;**Total controlled/affiliated investments** | &nbsp;&nbsp;**Total controlled/affiliated investments** | &nbsp;&nbsp;**Total controlled/affiliated investments** | &nbsp;&nbsp;**Total controlled/affiliated investments** | &nbsp;&nbsp;**Total controlled/affiliated investments** | &nbsp;&nbsp;**Total controlled/affiliated investments** | &nbsp;&nbsp;**Total controlled/affiliated investments** | &nbsp;&nbsp;**Total controlled/affiliated investments** | **238347** | **252545** |  | 12.07% |
| **Total investments** |  |  |  |  |  |  |  | $**2988655** | $**3120386** |  | 148.98% |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of December 31, 2025**

**($ in thousands)**

**Cash Equivalents**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Acquisition Date** | **Maturity Date** | **Dividend Yield** | **Units** | **Cost** | **Fair Value** | **% of Net Assets** |
| First American U.S. Treasury Sweep (Y Shares) | 02/2025 | N/A | 3.45% | 173 | $173 | $173 |  |
| First American U.S. Treasury Sweep (Y Shares) | 07/2025 | N/A | 3.46 | 174 | 174 | 174 |  |
| **Total Cash Equivalents** |  |  |  |  | $**347** | $**347** | 0.02% |

---

(1) Securities exempt from registration under the 1933 Act and may be deemed "restricted securities" subject to legal restrictions on sales. As of December 31, 2025, the aggregate fair value of these securities is $2,522.5 million, which represents 120.43% of the Fund's net assets or 73.01% of the Fund's total assets.

(2) These assets are pledged as collateral under the Fund's or the Fund's consolidated subsidiaries' various credit facilities and, as a result, are not directly available to the creditors of the Fund to satisfy any obligations of the Fund other than the obligations under each of the respective credit facilities (see "Note 5. Debt to the unaudited consolidated financial statements for more information).

(3) This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. Pursuant to Section 55(a) of the 1940 Act, 0.54% of the Fund's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of December 31, 2025.

(4) Variable rate loans to the Fund's portfolio companies bear interest at a rate that may be determined by reference to "SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually (A), semiannually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Fund has provided the interest rate in effect on the date presented. Coupon rate represents the all-in rate as of December 31, 2025.

(5) These investments were valued using significant unobservable inputs and are considered Level 3 investments. See "Note 8. Fair Value of Financial Instruments" to the unaudited consolidated financial statements for more information regarding the fair value of the Fund's investment.

(6) As of December 31, 2025, the Fund had commitments to fund various delayed draw term loans and equity investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See "Note 7. Commitments and Contingencies" to the unaudited consolidated financial statements for more information on delayed draw term loan commitments related to certain portfolio companies.

(7) As defined in the Investment Company Act, the Fund is deemed both to be an "Affiliated Person" and to "Control" this portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). For the year ended December 31, 2025, the Fund's controlled/affiliated investments were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Fair Value as of December 31, 2024** | **Gross Additions** | **Gross Reductions** | **Net realized gains/(losses)** | **Net unrealized gains/(losses)** | **Fair Value as of December 31, 2025** | **Dividend and Interest Income** |
| Meade Pipeline Co LLC | $— | $202888 | $— | $— | $12068 | $214956 | $— |
| Redwood Meade Midstream MPC, LLC |  | 35459 |  |  | 2130 | 37589 |  |
|  | $**—** | $**238347** | $**—** | $**—** | $**14198** | $**252545** | $**—** |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of December 31, 2025**

**($ in thousands)**

**Derivative Instruments**

***Interest Rate Swaps***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fund Pays** | **Fund Receives** | **Counterparty** | **Corresponding Debt** | **Maturity Date** | **Payment Frequency** | **Notional Amount** | **Fair Value** | **Upfront Payments/Receipts** | **Unrealized Appreciation/(Depreciation)** |
| Interest rate swap | 2.525% | Daily SOFR | BNP Paribas | Denali Credit Agreement | 09/2029 | Quarterly | $40132 | $3756 | $— | $3756 |
| Interest rate swap | 2.530 | Daily SOFR | MUFG Bank, Ltd. | Denali Credit Agreement | 09/2029 | Quarterly | 40132 | 3743 |  | 3743 |
| Interest rate swap | 4.194 | Daily SOFR | NatWest Markets Plc | Denali Credit Agreement | 09/2029 | Quarterly | 20064 | (684) |  | (684) |
| Interest rate swap | 4.194 | Daily SOFR | Bayerische Landesbank | Denali Credit Agreement | 09/2029 | Quarterly | 15244 | (519) |  | (519) |
| Interest rate swap | 4.194 | Daily SOFR | PNC Bank, National Association | Denali Credit Agreement | 09/2029 | Quarterly | 15244 | (519) |  | (519) |
| Interest rate swap | 4.194 | Daily SOFR | Bank of China Limited New York Branch | Denali Credit Agreement | 09/2029 | Quarterly | 12972 | (441) |  | (441) |
| Interest rate swap | 4.194 | Daily SOFR | Canadian Imperial Bank of Commerce | Denali Credit Agreement | 09/2029 | Quarterly | 12195 | (415) |  | (415) |
| Interest rate swap | 4.059 | Daily SOFR | MUFG Bank, Ltd. | Aspen Credit Agreement | 03/2030 | Quarterly | 18750 | (172) |  | (172) |
| Interest rate swap | 4.058 | Daily SOFR | BNP Paribas | Aspen Credit Agreement | 03/2030 | Quarterly | 18750 | (169) |  | (169) |
| Interest rate swap | 3.757 | Daily SOFR | BNP Paribas | Aspen Credit Agreement | 03/2030 | Quarterly | 65430 | (346) |  | (346) |
| Interest rate swap | 3.759 | Daily SOFR | MUFG Bank, Ltd. | Aspen Credit Agreement | 03/2030 | Quarterly | 65430 | (357) |  | (357) |
| Interest rate swap | 4.158 | Daily SOFR | Canadian Imperial Bank of Commerce | Tango Credit Agreement | 07/2030 | Quarterly | 69281 | (1323) |  | (1323) |
| Interest rate swap | 4.158 | Daily SOFR | Societe Generale | Tango Credit Agreement | 07/2030 | Quarterly | 23094 | (443) |  | (443) |
| Interest rate swap | 4.158 | Daily SOFR | NatWest Markets Plc | Tango Credit Agreement | 07/2030 | Quarterly | 23094 | (442) |  | (442) |
| Interest rate swap | 4.158 | Daily SOFR | Sumitomo Bank | Tango Credit Agreement | 07/2030 | Quarterly | 23094 | (444) |  | (444) |
| Interest rate swap | 3.875 | Daily SOFR | Societe Generale | Pioneer Credit Agreement | 10/2030 | Quarterly | 84750 | 975 |  | 975 |
| Interest rate swap | 3.884 | Daily SOFR | Natixis Bank, New York Branch | Pioneer Credit Agreement | 10/2030 | Quarterly | 84750 | 884 |  | 884 |
| **Total** |  |  |  |  |  |  | $**632406** | $**3084** | $**—** | $**3084** |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**($ in thousands, except share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $28723 | $(7991) |
| &nbsp;&nbsp;&nbsp;Net realized gains | 195 | 919 |
| &nbsp;&nbsp;&nbsp;Net unrealized gains | 26044 | 15144 |
| Net increase in net assets resulting from operations | 54962 | 8072 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributed capital in excess of par—Class I | (66221) | (11355) |
| &nbsp;&nbsp;&nbsp;Distributed capital in excess of par—Class S | (2767) |  |
| &nbsp;&nbsp;&nbsp;Distributed capital in excess of par—Class D | (14) |  |
| Net decrease in net assets from distributions | (69002) | (11355) |
| **Share transactions:** |  |  |
| **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 930749 | 412827 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | 249 |  |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 17694 | 2597 |
| &nbsp;&nbsp;Repurchased shares, net of early repurchase deduction of $35 | (16375) |  |
| Net increase in net assets from share transactions | 932317 | 415424 |
| **Class S:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 116553 |  |
| &nbsp;&nbsp;&nbsp;Share transfers between classes |  |  |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 821 |  |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction |  |  |
| Net increase in net assets from share transactions | 117374 |  |
| **Class D:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  | **—** |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | (249) | **—** |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 10 | **—** |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction |  |  |
| Net decrease in net assets from share transactions | (239) | **—** |
| Total increase in net assets | 1035412 | 412141 |
| Net assets, beginning of period | 2094585 | 156453 |
| **Net assets, end of period** | $**3129997** | $**568594** |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**($ in thousands) (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | $**54962** | $**8072** |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of investments | (1061) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (357812) | (430935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1625 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs | 173 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in deferred tax liability, net | 21023 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain)/loss on investments | (41304) | (20122) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain)/loss on derivatives | (2239) | 4978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on investments | (83) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital from investments | 13479 | 6407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repayments or sales of investments | 40513 |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 1176 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee payable | 1011 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee payable | (370) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (825) | (1355) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1970) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 2150 | (2048) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsettled trades payable | (149864) | 23536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(419416)** | **(404880)** |
| **FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from issuance of common stock | 1047302 | 412827 |
| &nbsp;&nbsp;&nbsp;Borrowings from term loans |  | 50000 |
| &nbsp;&nbsp;&nbsp;Repayments of term loans | (2419) |  |
| &nbsp;&nbsp;&nbsp;Payments for deferred financing costs | (5699) | (4934) |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (16375) |  |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | (41623) | (9368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **981186** | **448525** |
| Net change in cash, cash equivalents and restricted cash | 561770 | 43645 |
| Cash, cash equivalents and restricted cash, beginning of period | 320802 | 27317 |
| **Cash, cash equivalents and restricted cash, end of period** | $**882572** | $**70962** |
| Supplemental Information: |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid during the period | $12891 | $5687 |
| &nbsp;&nbsp;&nbsp;Non-cash financing activity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 39 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvested | 18525 | 2597 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

**1. ORGANIZATION**

Ares Core Infrastructure Fund (together with its consolidated subsidiaries, the "Fund") is a Delaware statutory trust that was formed on May 7, 2024. The Fund is an externally managed, closed-end management investment company. The Fund has elected to be regulated (the "BDC Election") as a business development company ("BDC") under the 1940 Act since December 2, 2024.

The Fund is party to an investment advisory and management agreement (the "Investment Advisory Agreement") with Ares Capital Management II LLC (the Fund's "Adviser"), a subsidiary of Ares Management Corporation ("Ares Management"), a publicly traded, leading global alternative investment manager. In addition, the Fund is party to an administration agreement with Ares Operations LLC ("Ares Operations" or the Fund's "Administrator"), a subsidiary of Ares Management, pursuant to which the Administrator will provide administrative and other services necessary for the Fund to operate.

The Fund's investment objective is to generate attractive risk-adjusted total returns consisting primarily of current income. The Fund focuses on equity, and to a lesser extent, debt, investments in infrastructure companies and assets ("Infrastructure Assets"), with a primary focus on Infrastructure Assets believed to potentially: (i) possess a higher degree of cash flow predictability; (ii) produce returns that are derived primarily from income, with limited upside through capital gains and assets that are commonly held for longer terms (more than five years); and (iii) produce revenues and cash flows that are generally governed by either rate regulation or long-term contracts with creditworthy counterparties, such as governments, municipalities and major industrial companies, with allocations in both controlling (majority) and non-controlling (minority) equity investments, as deemed appropriate by the Adviser. The Fund's investments may include common or preferred stock, other equity investments structured with downside protection, warrants or options, first lien senior secured loans, second lien senior secured loans, subordinated secured and unsecured loans, subordinated debt, distressed securities and convertible securities. For cash management and other purposes, the Fund may also invest in broadly syndicated loans and other more liquid credit investments, including in publicly traded debt instruments and other instruments that are not directly originated, as well as equity investments and other investment companies such as exchange-traded funds. Under normal circumstances, the Fund expects to invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Infrastructure Assets.

On August 9, 2024, Ares Management LLC, a subsidiary of Ares Management, purchased 1,000 shares of the Fund's common shares of beneficial interest (the "Shares") at $25.00 per Share as the Fund's sole initial shareholder. The Fund commenced operations on August 28, 2024.

Following the BDC Election, the Fund commenced holding monthly closings for its continuous private offering of securities (the "Private Offering"), in connection with which the Fund issues Shares to investors for a purchase price per Share equal to the Fund's net asset value ("NAV") as of the last calendar day of the previous month. NAV is generally expected to be available within 20 business days after the effective date of the monthly closing, at which time the number of Shares issued to each investor based on the applicable NAV will be determined and such Shares, as applicable, will be credited to the investor's account as of the effective date of the monthly closing. Each of the Fund's closings in connection with the Private Offering will be conducted in reliance on exemptions from the registration requirements of the 1933 Act, including the exemption provided by Section 4(a)(2) of the 1933 Act and Regulation D promulgated thereunder. The Fund reserves the right to conduct additional offerings of securities in the future in addition to the Private Offering. In addition, although the Fund intends to issue Shares on a monthly basis, the Fund retains the right, if determined by it in its sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by the Fund, more or less frequently to one or more investors for regulatory, tax or other reasons.

On April 8, 2025, the Fund received exemptive relief from the Securities and Exchange Commission (the "SEC") that permits the Fund to offer to sell multiple classes of the Fund's Shares with varying sales loads and to impose asset-based and/or distribution fees and early withdrawal fees, as applicable.

On May 14, 2025, in reliance on such exemptive relief, the Fund's Board of Trustees (the "Board") adopted a Multi-Class Plan (the "Multi-Class Plan") in accordance with Rule 18f-3 under the 1940 Act and a distribution and shareholder servicing plan (the "Distribution and Shareholder Servicing Plan"). In connection with the approval of the Multi-Class Plan, on May 14, 2025, the Board established four classes of Shares of the Fund: Class D common shares of beneficial interest ("Class D Shares"), Class N common shares of beneficial interest ("Class N Shares"), Class S common shares of beneficial interest

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

("Class S Shares") and Class I common shares of beneficial interest ("Class I Shares"), and reclassified all existing Shares as Class I Shares. Other than the differences in ongoing shareholder servicing and/or distribution fees, each class of Shares has the same economics and voting rights. While an investment in any Share class of the Fund represents an investment in the same assets of the Fund, the purchase restrictions and ongoing fees and expenses for each Share class are different.

No underwriting discounts or commissions have been or will be paid in connection with the sale of such Shares. Although the Fund does not charge investors an upfront sales load (an "Upfront Sales Load") with respect to its Shares, if Class D Shares, Class N Shares or Class S Shares are purchased through certain selling agents, shareholders may be charged an Upfront Sales Load or transaction or other fees, including brokerage commissions, in such amount as such selling agents may determine, provided that such charges are subject to a 2.0% cap on NAV for Class D Shares, a 2.0% cap on NAV for Class N Shares and a 3.5% cap on NAV for Class S Shares. To the extent any such Upfront Sales Load or other fees are received by the Placement Agent, such amounts will be reallowed to the applicable selling agent. No Upfront Sales Loads may be charged on Class I Shares.

**2. SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles ("GAAP"), and include the accounts of the Fund and its consolidated subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") 946, Financial Services—Investment Companies. The unaudited consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented.

***Basis of Consolidation***

The Fund will generally not consolidate its investment in a company other than a substantially wholly-owned or wholly-owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the Fund consolidates the results of its subsidiaries that meet this criteria. All intercompany balances and transactions have been eliminated in consolidation.

***Cash, Cash Equivalents and Restricted Cash***

Cash and cash equivalents include funds from time to time deposited with financial institutions, short-term, liquid investments in money market funds and/or Treasury Bills with maturity dates of 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. The following table provides a reconciliation of cash and cash equivalents reported within the statement of assets and liabilities:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Cash | $441572 | $296165 |
| Cash equivalents | 423441 | 347 |
| &nbsp;&nbsp;&nbsp;**Total cash and cash equivalents** | $**865013** | $**296512** |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

Restricted cash primarily relates to cash held as a requirement for the Denali Credit Agreement, Tango Credit Agreement and Pioneer Credit Agreement (see "Note 5. Debt" to the unaudited consolidated financial statements for more information).

The Fund deposits its cash and cash equivalents with financial institutions and, at times, cash held in depository or money market funds may exceed the Federal Deposit Insurance Corporation insured limit.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the statement of assets and liabilities that sum to the total of the same such amounts shown in the statement of cash flows:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $865013 | $296512 |
| Restricted cash | 17559 | 24290 |
| &nbsp;&nbsp;&nbsp;**Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows** | $**882572** | $**320802** |

---

***Offering Expenses***

Offering costs include costs associated with the Private Offering. Offering costs may be reimbursed by the Adviser, subject to potential repayment. For continuous offerings, offering costs are then amortized over the twelve months following the expense being incurred on a straight-line basis.

Refer to "Note 3. Agreements and Organizational Documents" and "Note 7. Commitments and Contingencies" to the unaudited consolidated financial statements for more information.

***Investments***

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the Fund's valuation designee (the "Valuation Designee") to perform fair value determinations for investments held by the Fund without readily available market quotations, subject to the oversight of the Board. All investments are recorded at fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Board, based on, among other things, the input of the Fund's independent third-party valuation providers ("IVPs") that have been engaged to support the valuation of such portfolio investments. However, the Valuation Designee may use these independent valuation firms to review the value of the Fund's investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment.

Investments in the Fund's portfolio that do not have readily available market quotations (i.e., substantially all of the Fund's investments) are valued at fair value as determined in good faith by our Valuation Designee, as described herein. As part of the valuation process for investments that do not have readily available market prices, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of the Fund's investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate its valuation.

Due to the inherent uncertainty of determining the fair value of investments that do not have readily available market quotations, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of the Fund's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, the Fund could realize significantly less than the value at which the Fund has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

The Valuation Designee, subject to the oversight of the Board, undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with the Fund's portfolio management team and valuation team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary valuations are reviewed and discussed by the valuation committee of the Valuation Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Valuation Designee will provide all relevant information related to the portfolio investments for the IVP to independently provide positive assurance on the valuation approach and inputs (monthly), provide positive assurance on the valuation of all positions (quarterly), and estimate a range of fair values (at least semiannually) for each investment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Monthly, the IVP reviews and analyzes the data provided by the Valuation Designee, including the reasonableness of the valuation approach, as well as the mathematical accuracy and the appropriateness and supportability of inputs and assumptions, and provides positive assurance on the valuation approach and inputs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Quarterly, the IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and provides positive assurance on the valuation of all positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ At least semiannually, the IVP independently determines a range of fair values for each of the portfolio investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ the IVP provides a report for all investments reviewed to the Valuation Designee containing the IVP's conclusions from the positive assurance procedures or the independent range of value analysis, whichever is applicable for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The valuation committee of the Valuation Designee determines the fair value of each investment in the Fund's portfolio without a readily available market quotation in good faith based on, among other things, the input of the IVPs, where applicable.

When the Valuation Designee determines the fair value of each investment as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Valuation Designee will generally update the value of such assets using the same set of information that was used in performing the most recent quarterly valuation. Should the Valuation Designee determine that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in public equity valuations, secondary market transaction in the securities of an investment, comparable transactions, or otherwise), the Valuation Designee will determine whether to determine the fair value for each relevant investment using data that has been updated for the impact of the significant observable change. See "Note 8. Fair

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

Value of Financial Instruments" to the unaudited consolidated financial statements for more information on the Fund's valuation process.

***Interest Income Recognition***

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Fund's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Fund's judgment, are likely to remain current. The Fund may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.

Interest income from funds deposited with financial institutions is recorded as income when received.

***Distribution Income Recognition***

Distribution income on common and other equity is recorded on the date it is declared by private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Because we hold mostly private portfolio companies, distributions on equity investments are typically declared and paid to the Fund in the quarter subsequent to when the associated income is generated by the respective portfolio company. Distributions of return of capital by portfolio investments are recorded as a reduction in the cost of the portfolio investment. For the three months ended March 31, 2026 and 2025, the Fund received $40.7 million and $6.3 million of distributions from investments, of which $13.5 million and $6.3 million, respectively, were classified as a return of capital.

***Other Income***

Other income is recorded on an accrual basis to the extent that such amounts are payable and are expected to be collected. For the three months ended March 31, 2026, other income relates to deal termination fees.

***Derivative Instruments***

The Fund follows the guidance in ASC Topic 815—Derivatives and Hedging ("ASC 815"), when accounting for derivative instruments. The Fund values its derivatives at fair value with the unrealized gains or losses recorded in "derivatives" under the "net realized and unrealized gains on investments and derivatives" section in the Fund's consolidated statements of operations. The Fund does not utilize hedge accounting under ASC 815 for any of its derivatives.

***Deferred Financing Costs***

Deferred financing costs are amortized over the life of the related loan using the effective interest method.

***Income Taxes***

The Fund has elected to be treated as an association taxable as a corporation for U.S. federal, state and local income tax purposes. Accordingly, the Fund will be subject to U.S. federal income tax on its net income at the rates applicable to corporations without deduction for any distributions to the investors.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

***Distributions***

The Fund intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the sole discretion of the Board and will depend on the Fund's earnings, financial condition, tax considerations, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

***Concentration Risk***

The Fund invests a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund's investments may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and which may result in increased volatility of the Fund's investment balances as a result. As of March 31, 2026 and December 31, 2025, the majority of the Fund's portfolio was concentrated in four investments.

***Segment Reporting***

In accordance with ASC Topic 280—Segment Reporting ("ASC 280"), the Fund has determined that it has a single operating and reporting segment. As a result, the Fund's segment accounting policies are the same as described herein and the Fund does not have any intra-segment sales and transfers of assets.

***Use of Estimates in the Preparation of the Financial Statements***

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the financial statements and the reported amounts of income or loss and expenses during the reporting period. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ.

***Related Party Transactions***

As of March 31, 2026 and December 31, 2025, the Fund had received aggregate capital contributions totaling approximately $52.0 million and $47.3 million, respectively, from affiliates of the Adviser.

***Recent Accounting Pronouncements***

The Fund considers the applicability and impact of all accounting standard updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). Recently issued ASUs not listed were assessed by the Fund and either determined to be not applicable or expected to have minimal impact on its unaudited consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"),*"* which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Fund is currently assessing the impact of this guidance.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

**3. AGREEMENTS AND ORGANIZATIONAL DOCUMENTS** 

***Investment Advisory and Management Agreement***

The Fund is party to the Investment Advisory Agreement with the Adviser. Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser provides investment advisory and management services to the Fund. For providing these services, the Adviser receives fees from the Fund consisting of a base management fee and an incentive fee. The cost of the base management fee and the incentive fee will ultimately be borne by the shareholders. No base management fee or incentive fee was payable to the Adviser until the commencement of investment activities. Both the Fund and Adviser have the right to terminate the Investment Advisory Agreement without penalty upon 60 days' written notice to the other party.

On September 29, 2025, the Investment Advisory Agreement was amended and restated to clarify certain language related to the treatment of distributions received when calculating incentive fees payable under the Investment Advisory Agreement. The terms of the Investment Advisory Agreement were otherwise unchanged.

Under the Investment Advisory Agreement, the base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Fund's net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, net assets means the Fund's total assets less liabilities, determined on a consolidated basis in accordance with GAAP. The Adviser waived its right to receive its management fee for the period prior to the BDC Election. The Adviser extended the waiver until the Fund's first monthly closing as a BDC. The Fund incurred $8.5 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively, in management fees under the Investment Advisory Agreement. The Adviser did not voluntarily waive any management fees earned in accordance with the Investment Advisory Agreement for the three months ended March 31, 2026. The Adviser voluntarily waived $0.2 million of management fees earned for the three months ended March 31, 2025. This waiver is not subject to recoupment.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Fund's income and a portion is based on a percentage of the Fund's capital gains, each as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)&nbsp;&nbsp;&nbsp;&nbsp;Income Based Fee*

The portion of the incentive fee based on the Fund's income is based on pre-incentive fee net investment income, as defined in the Investment Advisory Agreement, for the quarter. Pre-incentive fee net investment income means either the dollar value of, or percentage rate of return on the value of the Fund's net assets in accordance with GAAP at the end of the immediately preceding quarter from, interest income, distribution income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund's operating expenses accrued for the quarter (including the base management fee, expenses payable under the Administration Agreement (defined below) and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-incentive fee net investment income includes, in the case of investments with a deferred income feature (such as market discount or original issue discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based fees it receives that are based on accrued interest income that the Fund never actually receives. Accordingly, pre-incentive fee net investment income may be calculated on higher amounts of income than the Fund may ultimately realize and that may ultimately be distributed to shareholders.

Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from pre-incentive fee net investment income. Because of the structure of the income based fee, it is possible that the Fund may pay such fees in a quarter where it incurs a loss. For example, if the Fund receives pre-incentive fee net investment income in excess of the hurdle rate for a quarter, the Fund will pay the applicable income based fee even if the Fund has incurred a loss in that quarter due to realized and/or unrealized losses.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Fund's net assets at the end of the immediately preceding quarter, is compared to a "hurdle rate" of 1.25% per quarter (5.0% annualized).

The Fund will pay its Adviser an income based fee quarterly in arrears with respect to the Fund's pre-incentive fee net investment income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Fund's pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.00% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the dollar amount of the Fund's pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than a rate of return of 1.4286% (5.7144% annualized). This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.4286%) is referred to as the "catch-up". The "catch-up" is meant to provide the Fund's Adviser with 12.5% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of the dollar amount of the Fund's pre-incentive fee net investment income, if any, that exceeds a rate of return of 1.4286% (5.7144% annualized).

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated and adjusted for any Share issuances or repurchases during the relevant quarter. Fees payable for any full period are not prorated or adjusted for share issuances or repurchases during the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)&nbsp;&nbsp;&nbsp;&nbsp;Capital Gains Incentive Fee* 

The second component of the incentive fee, the capital gains incentive fee, is payable in arrears at the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, as calculated in accordance with GAAP, less the aggregate amount of any previously paid capital gains incentive fee.

GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee that would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisers Act of 1940 or the Investment Advisory Agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee actually payable under the Investment Advisory Agreement plus the aggregate cumulative unrealized capital appreciation. If such amount is positive at the end of a period, then GAAP requires the Fund to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future or that the amount accrued for will ultimately be paid.

Notwithstanding the foregoing, if the Fund is required by GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment by the Fund (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the capital gains incentive fee, the "accreted or amortized cost basis" of an investment shall be an amount (the "Contractual Cost Basis") equal to (1) (x) the actual amount paid by the Fund for such investment plus (y) any amounts recorded in the Fund's consolidated financial statements as required by GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Fund's consolidated financial statements, including PIK interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Fund's consolidated financial statements as required by GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Investment Advisers Act of 1940 including Section 205 thereof. If the Investment Advisory Agreement shall terminate as of a date that is not a calendar year end, the termination shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains incentive fee. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated and adjusted for any Share issuances or repurchases during the relevant quarter. Fees payable for any full period are not prorated or adjusted for share issuances or repurchases during the relevant period.

Notwithstanding anything to the contrary in the Investment Advisory Agreement, and other than the repayment of principal in respect of a loan, distributions received by the Fund in respect of its investments that are treated as a return of capital for GAAP purposes will, without duplication, (i) be treated as income for the purpose of calculating the income portion of the Incentive Fee and (ii) not be taken into account to the extent they would increase the capital gain or decrease the capital loss related to a particular investment for the purposes of calculating the capital gains portion of the Incentive Fee.

The base management fee, income based fee and capital gains incentive fee for the three months ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| Base management fee | $8476 | $882 |
| Income based incentive fee | 1983 |  |
| Capital gains incentive fee <sup>(1)</sup> | 1011 | 2008 |

---

(1) Accrued in accordance with GAAP as discussed above.

There was no capital gains incentive fee actually payable to the Fund's Adviser as calculated under the Investment Advisory Agreement for the three months ended March 31, 2026 and 2025. In addition, in accordance with GAAP, the Fund had cumulatively accrued a capital gains incentive fee of $12.4 million and $11.3 million, respectively, as of March 31, 2026 and December 31, 2025. As of March 31, 2026, the Fund has not paid any capital gains incentive fee since inception.

***Administration Agreement***

The Fund is party to an administration agreement with its administrator, Ares Operations (the "Administration Agreement"). Pursuant to the Administration Agreement, the Fund's Administrator furnishes the Fund with office equipment and clerical, bookkeeping and record keeping services at the Fund's office facilities. Under the Administration Agreement, the Fund's Administrator also arranges for the services of, and oversees sub-administrators, custodians, depositories, transfer agents, escrow agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Fund's Administrator also performs, or oversees the performance of, the Fund's required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial and other records that the Fund is required to maintain and preparing reports to its shareholders and reports and other materials required to be filed with the SEC or any other regulatory authority.

In addition, the Fund's Administrator assists the Fund in determining and publishing its NAV, assists the Fund in providing managerial assistance to its portfolio companies, oversees the preparation and filing of the Fund's tax returns and the printing and dissemination of reports to the Fund's shareholders, and generally oversees the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others. Payments under the Administration Agreement equal to an amount based upon the Fund's allocable portion of the Fund's Administrators' overhead and other expenses (including travel expenses) incurred by the Fund's Administrator in performing its obligations under the Administration Agreement, including the Fund's allocable portion of the compensation, rent and other expenses of certain of its officers and their respective staffs. The Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other party.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

The Fund incurred $0.3 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively, in administrative fees allocated to the Fund from the Administrator, which are included in "Administration fees" in the Fund's consolidated statements of operations, including certain costs that are reimbursable under the Administration Agreement, all of which have been supported by the Fund's Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement (as defined below).

***Expense Support and Conditional Reimbursement Agreement***

The Fund is party to an amended and restated expense support and conditional reimbursement agreement (as such may be further amended from time to time, the "Expense Support and Conditional Reimbursement Agreement") with the Fund's Adviser pursuant to which, among other things, the Fund's Adviser may advance a portion of the Fund's organization and initial offering expenses, which includes the Fund's organization and initial offering expenses incurred in connection with the Private Offering through the date of the BDC Election. The Fund's Adviser may elect to pay certain of the Fund's other expenses on the Fund's behalf (collectively with the organization and initial offering expenses, each, an "Expense Payment"), provided that no portion of the Expense Payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Fund. Any Expense Payment that the Fund's Adviser has committed to pay must be paid by the Fund's Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Fund's Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Fund shall pay such Excess Operating Funds, or a portion thereof, to the Fund's Adviser until such time as all Expense Payments made by the Fund's Adviser to the Fund within three years prior to the last business day of the applicable calendar month in which such reimbursement payment obligation is accrued. Any such payments required to be made by the Fund shall be referred to herein as a "Reimbursement Payment." Reimbursement Payments are conditioned on (i) an expense ratio (excluding any management or incentive fee) that, after giving effect to the recoupment, is lower than the expense ratio (excluding any management or incentive fee) at the time of the fee waiver or expense reimbursement and (ii) a distribution rate (exclusive of return of capital, if any) equal to, or greater than, the rate at the time of the waiver or reimbursement. "Available Operating Funds" means the sum of (i) net investment income or loss, (ii) net realized gains or losses on investments, derivatives and foreign currency transactions and (iii) other dividends and distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Fund's Adviser has waived its right to receive such payment for the applicable month. Reimbursement Payments for a given Expense Payment must be made within three years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued.

On January 13, 2025, the Fund and the Adviser entered into an amended and restated Expense Support and Conditional Reimbursement Agreement (the "A&R Expense Support and Conditional Reimbursement Agreement"). The A&R Expense Support and Conditional Reimbursement Agreement amends and restates in its entirety the Expense Support and Conditional Reimbursement Agreement, dated August 12, 2024, by and between the Fund and the Adviser. Pursuant to the A&R Expense Support and Conditional Reimbursement Agreement, the Fund clarified the definition of "Available Operating Funds," from which the Fund is expected to reimburse the Adviser for expense payment made on the Fund's behalf, to better align with the line items reported in the Fund's financial statements. The Board determined that the A&R Expense Support and Conditional Reimbursement Agreement was in the best interest of the Fund.

***Declaration of Trust and Bylaws***

On January 14, 2025, the Fund amended and restated the Declaration of Trust of the Fund (the "Declaration of Trust") in its entirety (the "A&R Declaration of Trust") to, among other things, clarify that any action of the Board or any committee thereof may be taken by unanimous written consent and any action that requires the separate vote of independent trustees may be taken by the unanimous written consent of such independent trustees. In addition, the provision relating to agreements with shareholders previously contained in Article XI of the Declaration of Trust was deleted in its entirety. Finally, certain

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

provisions of the Declaration of Trust were clarified to reference relevant limitations applicable pursuant to federal securities laws.

On January 14, 2025, the Fund amended and restated its bylaws (the "A&R Bylaws") to make changes that conform with the A&R Declaration of Trust. The A&R Bylaws became effective concurrently with the A&R Declaration of Trust.

On March 12, 2025, the Fund amended and restated the A&R Declaration of Trust in its entirety. The A&R Declaration of Trust was amended to comply with Japanese regulations relating to marketing the Fund to Japanese investors.

***Placement Agent Agreement***

On May 14, 2025, the Fund and Ares Wealth Management Services, LLC ("AWMS") as placement agent ("Placement Agent") for the Shares, entered into an Amended and Restated Placement Agent Agreement (as further amended, restated or amended and restated from time to time, the "Placement Agent Agreement").

The Fund will indemnify the Placement Agent in connection with its activities. Pursuant to the Placement Agent Agreement, the Placement Agent has access to the officers and employees of the Adviser and its affiliates, to conduct private placement activities. The Placement Agent may retain affiliated and unaffiliated broker-dealers to act as selling agents in the private offering.

The Placement Agent Agreement may be terminated at any time, without the payment of any penalty, by (i) the vote of a majority of the Independent Trustees of the Fund, or by vote of a majority of the outstanding voting securities of the Fund, or (ii) by the Placement Agent, in each case on 60 days' written notice to the other party. The Placement Agent Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act. Effective January 2, 2026, AWMS, was consolidated with and into Ares Management Capital Markets LLC ("AMCM"), and AMCM became the Placement Agent; in connection with such consolidation, the Placement Agent Agreement was amended to reflect that, effective as of January 2, 2026, AMCM is the Placement Agent. Like AWMS, AMCM is a broker-dealer registered with the SEC, a member of FINRA, an affiliate of the Adviser and an indirect subsidiary of Ares.

***Distribution and Shareholder Servicing Plan***

On May 14, 2025, the Fund adopted a Distribution and Shareholder Servicing Plan (the "Distribution and Shareholder Servicing Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to the Class D Shares, Class N Shares and Class S Shares. Pursuant to the Distribution and Shareholder Servicing Plan, the Fund may pay to the Placement Agent for the Shares, a fee for distribution and/or shareholder services with respect to Class D Shares, Class N Shares and Class S Shares. Pursuant to the Distribution and Shareholder Servicing Plan, the Placement Agent is entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.25%, 0.50% and 0.85% of the value of the Fund's net assets attributable to Class D Shares, Class N Shares and Class S Shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees are paid with respect to Class I shares. The shareholder servicing and/or distribution fees are payable to the Placement Agent, but the Placement Agent anticipates that all or a portion of the shareholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating broker dealers.

***Selected Dealer Agreement***

On May 14, 2025, the Board approved a form of Selected Dealer Agreement, to be entered into by and between AWMS and any dealers party thereto, pursuant to which such dealers will sell various classes of the Fund's Shares.

The Fund does not charge investors an Upfront Sales Load with respect to Class D Shares, Class N Shares, Class S Shares or Class I Shares. However, pursuant to the Selected Dealer Agreement, if a shareholder buys Class D Shares, Class N Shares or Class S Shares through certain selling agents, such shareholders may be charged an Upfront Sales Load (as defined below) or transaction or other fees, including brokerage commissions, in such amount as such selling agents may determine, provided that such charges are subject to a 2.0% cap on NAV for Class D Shares, a 2.0% cap on NAV for Class N Shares and a 3.5% cap on NAV for Class S Shares. To the extent any such Upfront Sales Load or other fees are received by the Placement Agent, such amounts will be reallowed to the applicable selling agent.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

**4. INVESTMENTS**

As of March 31, 2026 and December 31, 2025, investments consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| Common equity | $2151908 | $2304846 | $2049696 | $2168096 |
| Other equity | 330908 | 352185 | 340995 | 354399 |
| First lien senior secured loans | 666742 | 668152 | 507515 | 508273 |
| Senior subordinated loans | 144064 | 141471 | 90449 | 89618 |
| **Total investments** | $**3293622** | $**3466654** | $**2988655** | $**3120386** |
| Derivative contracts, at fair value (asset) | $— | $10059 | $— | $9358 |
| Derivative contracts, at fair value (liability) |  | (4736) |  | (6274) |
| **Total derivative contracts** | $**—** | $**5323** | $**—** | $**3084** |

---

The Fund generally uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions as a percentage of the Fund's portfolio at fair value as of March 31, 2026 and December 31, 2025 were as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| **Industry** | | |
| Independent power and renewable electricity producers | 67.8% | 73.8% |
| Oil, gas and consumable fuels | 11.9 | 12.5 |
| Data centers <sup>(1)</sup> | 11.7 |  |
| Electric utilities | 4.6 | 3.9 |
| Transportation infrastructure | 2.5 |  |
| Electrical equipment | 0.5 | 0.2 |
| Software | 0.4 | 0.6 |
| Chemicals | 0.2 | 0.2 |
| Health care technology | 0.2 | 0.2 |
| Commercial services and supplies | 0.1 | 0.2 |
| Machinery | 0.1 | 0.1 |
| IT services |  | 7.0 |
| Multi-utilities |  | 0.2 |
| Specialized REITs |  | 1.1 |
| **Total** | **100.0%** | **100.0%** |
| <sup>(1)</sup> As of March 31, 2026, the Fund reclassified the industry classifications of certain investments from IT services and specialized REITs to data centers. The reclassification had no impact on the consolidated statement of assets and liabilities as of December 31, 2025. | <sup>(1)</sup> As of March 31, 2026, the Fund reclassified the industry classifications of certain investments from IT services and specialized REITs to data centers. The reclassification had no impact on the consolidated statement of assets and liabilities as of December 31, 2025. | <sup>(1)</sup> As of March 31, 2026, the Fund reclassified the industry classifications of certain investments from IT services and specialized REITs to data centers. The reclassification had no impact on the consolidated statement of assets and liabilities as of December 31, 2025. |
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **Geographic region** |  |  |
| United States | 100.0% | 100.0% |
| **Total** | **100.0%** | **100.0%** |

---

As of March 31, 2026 and December 31, 2025, there were no investments on non-accrual status.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

**5. DEBT**

The Fund's average outstanding debt and weighted average interest rate for the three months ended March 31, 2026 and 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | | **2026** | **2026** | **2025** | **2025** |
| |<br>**Maturity Date** | **Average Outstanding Amount** | **Weighted Average Rate** | **Average Outstanding Amount** | **Weighted Average Rate** |
| Denali Credit Agreement | 09/2029 | $206527 | 5.69% | $212504 | 6.36% |
| Aspen Credit Agreement | 03/2030 | 224481 | 5.39 | 10000 | 6.07 |
| ACI Portfolio Aggregator Credit Agreement | 04/2027 | 20000 | 6.29 |  |  |
| Tango Credit Agreement | 07/2030 | 184750 | 5.18 |  |  |
| BNP Funding Facility | 03/2028 | 200000 | 4.93 |  |  |
| Pioneer Credit Agreement | 10/2030 | 226000 | 5.18 |  |  |
| **Total** |  | $**1061758** | **5.30%** | $**222504** | **6.35%** |

---

*Denali Credit Agreement*

The Fund's indirect and direct wholly-owned subsidiaries ACI Denali Member, LLC and ACI Denali Holdings, LLC (together, "ACI Denali"), and Ares Denali Member, LLC (together with ACI Denali, the "Denali Co-Borrowers"), an affiliated entity managed by an affiliate of the Adviser, are party to a Credit Agreement (the "Denali Credit Agreement"), dated as of September 11, 2024, with MUFG Bank, LTD, as Administrative Agent ("MUFG"), and BNP Paribas, as Collateral Agent, the lenders from time to time party to the Denali Credit Agreement and certain other signatories thereto. The Denali Credit Agreement is related to ACI Denali's investment in a portfolio company and ACI Denali's portion includes a $205.6 million term loan (the "Denali Term Loan"), of which $205.6 million was drawn as of March 31, 2026, and a $10.2 million debt service letters of credit facility ("Denali DSR LC Facility"), of which nothing was drawn as of March 31, 2026. As of December 31, 2025, $208.0 million was drawn on the Denali Term Loan and nothing was drawn on the Denali DSR LC Facility. The remaining portion of the Denali Credit Agreement and Denali DSR LC Facility are with Ares Denali Member, LLC. Outstanding borrowings under the Denali Term Loan bear interest annually at SOFR plus 2.00%, with a 0.125% step-up after three years. ACI Denali will make interest payments quarterly, which payments began in February 2025. The Denali DSR LC Facility is to provide letters of credit ("Denali LC") or loans for draws under such Denali LC to support contractual obligations related to the minimum debt service reserve amount under the Denali Credit Agreement. Denali LC fees are payable quarterly in arrears, at an amount equal to 0.5% multiplied by the stated amount of the Denali LC.

The Denali Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Denali Co-Borrowers, and (b) all tangible and intangible assets of the Denali Co-Borrowers. Under the Denali Credit Agreement, the Denali Co-Borrowers have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The Denali Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Denali Co-Borrowers, the Denali Credit Agreement is non-recourse to any upstream affiliate of the Denali Co-Borrowers, including the Fund.

*Aspen Credit Agreement*

On March 14, 2025, Ares Aspen Member LLC as borrower (the "Aspen Borrower") and Ares Aspen Holdings LLC as pledgor (the "Aspen Pledgor"), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (as amended, the "Aspen Credit Agreement") with MUFG, as Administrative Agent, and BNP Paribas, as Collateral Agent, the lenders from time to time party to the Aspen Credit Agreement and certain other signatories thereto. The Aspen Credit Agreement is related to the Aspen Borrower's investment in two portfolio companies of the Fund.

On March 13, 2026 (the "Aspen Amendment Effective Date"), the Aspen Borrower and the Aspen Pledgor entered into the First Amendment to the Aspen Credit Agreement (the "First Aspen Amendment").

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

The First Aspen Amendment, among other things, provides for an additional (a) $249.9 million delayed draw term loan, and (b) $16.1 million debt service letters of credit facility. After giving effect to the First Aspen Amendment, the Aspen Credit Agreement provides for an aggregate term loan facility of approximately $478.0 million (the "Aspen Term Loan"), of which $224.5 million was drawn as of March 31, 2026, and debt service letters of credit facility of $31.7 million ("Aspen DSR LC Facility"), of which nothing was drawn as of March 31, 2026. As of December 31, 2025, $224.5 million was drawn on the Aspen Term Loan and nothing was drawn on the Aspen DSR LC Facility. Pursuant to the terms of the First Aspen Amendment, the interest rate charged on outstanding borrowings under the Aspen Credit Agreement for the period from the Aspen Amendment Effective Date until March 14, 2028, decreased from SOFR plus 1.75% to SOFR plus 1.625%, with a 0.125% step-up after March 14, 2028 and outstanding undrawn commitments under the Aspen Term Loan have a commitment fee of 0.60% annually. In addition, pursuant to the terms of the First Aspen Amendment, the rate for Aspen DSR LC Facility fees under the Aspen Credit Agreement decreased from 1.725% to 1.625%, in each case multiplied by the stated amount of the applicable letter of credit and with a 0.125% step-up after March 14, 2028.

The Aspen Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Aspen Borrower, and (b) all tangible and intangible assets of the Aspen Borrower. Under the Aspen Credit Agreement, the Aspen Borrower and the Aspen Pledgor, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The Aspen Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Aspen Borrower, the Aspen Credit Agreement is non-recourse to any upstream affiliate of the Aspen Borrower, including the Fund.

*ACI Portfolio Aggregator Credit Agreement*

On April 14, 2025, ACI Portfolio Aggregator SPV LLC, as borrower ("ACI Portfolio Aggregator"), a wholly-owned subsidiary of the Fund, entered into a Revolving Credit Agreement that provides a revolving line of credit (as amended, the "ACI Portfolio Aggregator Credit Agreement") by and among ACI Portfolio Aggregator, NatWest Markets Plc ("NatWest"), as administrative agent, and the lenders from time to time party thereto. On March 25, 2026 ACI Portfolio Aggregator increased the aggregate amount of total commitments available under the ACI Portfolio Aggregator Credit Agreement from $50.0 million to $200.0 million. There were $20.0 million in borrowings drawn on the ACI Portfolio Aggregator Credit Agreement as of March 31, 2026 and December 31, 2025.

Borrowings under the ACI Portfolio Aggregator Credit Agreement may take the form of base rate loans or SOFR loans, at the option of the ACI Portfolio Aggregator. Base rate loans will bear interest at a rate per annum equal to (a) the Base Rate (as defined in the ACI Portfolio Aggregator Credit Agreement), which is subject to a floor of 0.00% per annum, plus (b) an applicable margin of 1.60% per annum. SOFR loans will bear interest at a rate per annum equal to (a) Term SOFR (as defined in the ACI Portfolio Aggregator Credit Agreement) for a period of one, three or six months (as selected by ACI Portfolio Aggregator), subject to a floor of 0.00% per annum, plus (b) an applicable margin of 2.60% per annum. The $20.0 million amount outstanding was drawn as a SOFR loan.

The ACI Portfolio Aggregator Credit Agreement contains various representations and warranties, affirmative covenants, and negative covenants, which are typical for this type of revolving facility.

All obligations under the ACI Portfolio Aggregator Credit Agreement and the other loan documents are secured by a first priority perfected lien on, and security interest in, (i) all membership interests of ACI Portfolio Aggregator owned by the Fund, including all proceeds thereof, and (ii) a certain collateral account of ACI Portfolio Aggregator, and all sums or other property now or at any time hereafter on deposit therein, subject to certain exceptions. Other than with respect to the pledge of the equity interests of the ACI Portfolio Aggregator, the ACI Portfolio Aggregator Credit Agreement is otherwise non-recourse to any upstream affiliate of ACI Portfolio Aggregator, including the Fund.

*Tango Credit Agreement* 

On July 28, 2025, ACI Tango Member, LLC, as borrower ("ACI Tango"), and ACI Tango Holdings, LLC, as pledgor ("ACI Tango Holdings"), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (the "Tango Credit Agreement") with Canadian Imperial Bank of Commerce, New York Branch, as Administrative Agent ("CIBC"), U.S. Bank National Association, as Collateral Agent, the lenders from time to time party to the Tango Credit Agreement and certain other

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

signatories thereto. The Tango Credit Agreement is related to ACI Tango's investment in a portfolio company of the Fund and includes a $334.8 million delayed draw term loan (the "Tango Term Loan"), of which $184.8 million was drawn as of March 31, 2026, and a $18.8 million debt service letters of credit facility ("Tango DSR LC Facility"), of which nothing was drawn as of March 31, 2026. As of December 31, 2025, $184.8 million was drawn on the Tango Term Loan and nothing was drawn on the Tango DSR LC Facility. Borrowings under the Tango Credit Agreement may take the form of Base Rate Loans (as defined in the Tango Credit Agreement) or SOFR loans, at the option of ACI Tango. Outstanding borrowings under the Tango Term Loan Facility bear interest annually at (i) for SOFR loans, the SOFR plus 1.50%, and (ii) for the Base Rate Loans, a fluctuating rate determined by reference to the Adjusted Base Rate (as defined in the Tango Credit Agreement) plus 0.50%, each with a 0.125% step-up after three years. The $184.8 million amount outstanding was drawn as a SOFR loan. Outstanding undrawn commitments under the Tango Term Loan Facility have a commitment fee of 0.50% annually. ACI Tango will make interest payments quarterly, which payments began in November 2025. The Tango DSR LC Facility provides letters of credit ("LC") or loans for draws under such LC to support contractual obligations related to the minimum debt service reserve amount under the Tango Credit Agreement. LC fees are payable quarterly in arrears, at an amount equal to 1.50% multiplied by the stated amount of the LC, with a 0.125% step-up after three years.

The Tango Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of ACI Tango, (b) all of the equity interests of Tango Holdings, LLC owned by ACI Tango and (c) all tangible and intangible assets of ACI Tango and the equity interests of ACI Tango owned by the ACI Tango Holdings. Under the Tango Credit Agreement, ACI Tango and ACI Tango Holdings, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The Tango Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of ACI Tango, the Tango Credit Agreement is non-recourse to any upstream affiliate of ACI Tango, including the Fund.

*BNP Funding Facility and Contribution Agreement*

On September 23, 2025, the Fund entered into a Revolving Credit and Security Agreement (the "BNP Funding Facility") with ACI Liquid Aggregator SPV, LLC, a wholly owned subsidiary of the Fund, as borrower (the "BNP Borrower"), the Fund, as equityholder and servicer, the lenders from time to time party thereto, BNP Paribas, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent, that (i) provides a facility amount of $200.0 million and (ii) has a reinvestment period ending on September 23, 2027. In addition, on September 23, 2025, the Fund, as transferor, and the BNP Borrower, as transferee, entered into a Contribution Agreement, pursuant to which the Fund will transfer to the BNP Borrower certain originated or acquired loans and related assets (collectively, the "BNP Loans") from time to time.

The obligations of the BNP Borrower under the BNP Funding Facility are secured by substantially all assets held by the BNP Borrower, including the BNP Loans. The interest rate charged on the BNP Funding Facility is based on SOFR plus an applicable margin of 1.25%. In addition, the BNP Borrower is required to pay, among other fees, a commitment fee of up to 0.50% per annum on any excess unused portion of the BNP Funding Facility and, subject to certain exceptions, a one-time facility reduction fee if the BNP Funding Facility is terminated or there are certain reductions in commitments under the BNP Funding Facility, which facility reduction fee would be equal to the cumulative amount of the commitment fee that would have otherwise been payable from the date of any such termination or reduction through the end of the reinvestment period. Under the BNP Funding Facility, the Fund and the BNP Borrower, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The BNP Funding Facility includes usual and customary events of default for facilities of this nature. There were $200.0 million in borrowings drawn on the BNP Funding Facility as of March 31, 2026 and December 31, 2025.

Proceeds from the BNP Funding Facility must be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans, pay certain fees and expenses and make permitted distributions. Other than with respect to the pledge of the equity interests of the BNP Borrower, the BNP Funding Facility is non-recourse to any upstream affiliates of the BNP Borrower, including the Fund.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

*Pioneer Credit Agreement* 

On October 3, 2025, ACI Pioneer Member, LLC as borrower (the "Pioneer Borrower") and ACI Pioneer Holdings, LLC as pledgor (the "Pioneer Pledgor"), each a wholly-owned subsidiary of the Fund, entered into a credit agreement (the "Pioneer Credit Agreement") with Natixis, New York Branch as administrative agent and collateral agent ("Natixis") and Société Générale as coordinating lead arranger and bookrunner (together with Natixis in the same roles). The Pioneer Credit Agreement is related to Pioneer Borrower's investment in a portfolio investment of the Fund and includes a $542.2 million delayed draw term loan facility (the "Pioneer Term Loan"), of which $226.0 million was drawn as of March 31, 2026, and a $23.5 million debt service reserve letter of credit facility (the "Pioneer DSR LC Facility"), of which nothing was drawn as of March 31, 2026. As of December 31, 2025, $226.0 million was drawn on the Pioneer Term Loan and nothing was drawn on the Pioneer DSR LC Facility.

Borrowings under the Pioneer Term Loan bear interest annually at a rate equal to daily compounded SOFR plus 1.50% per annum, with a step up of 0.125% after three years and outstanding undrawn commitments under the Pioneer Term Loan facility have a commitment fee of 0.50% annually on the average daily unused amount. The Pioneer Borrower began making interest payments quarterly in January 2026, and ending on the maturity date in accordance with an amortization schedule attached to the Pioneer Credit Agreement.

The Pioneer DSR LC Facility provides letters of credit or loans for draws under such LC to support contractual obligations related to the minimum debt service reserve amount under the Pioneer Credit Agreement. An LC commitment fee is due in respect of unused LC commitments in an amount of 0.50% multiplied by the average unused daily LC commitments. LC fees follow the applicable margin of the Pioneer Term Loan, payable quarterly in arrears, at an amount equal to 1.50% annually multiplied by the stated amount of the LC, with a 0.125% step up after three years.

The Pioneer Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Pioneer Borrower, (b) all of the equity interests of Pioneer JV Holdings, LLC, a portfolio investment of the Fund, owned by the Pioneer Borrower and (c) all tangible and intangible assets of the Pioneer Borrower and the equity interests of the Pioneer Borrower owned by the Pioneer Pledgor. Under the Pioneer Credit Agreement, the Pioneer Borrower and the Pioneer Pledgor, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The Pioneer Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Pioneer Borrower, the Pioneer Credit Agreement is non-recourse to any upstream affiliate of the Pioneer Borrower, including the Fund.

*Rover Credit Agreement*

See "Note 13. Subsequent Events" for a subsequent event relating to the Fund's acquisition of two wholly owned indirect subsidiaries who are parties to the Rover Credit Agreement (as defined below).

**6. DERIVATIVE INSTRUMENTS**

***Interest Rate Swaps***

The Fund entered into interest rate swaps to reduce the Fund's exposure to interest rate volatility in relation to the Denali Credit Agreement, the Aspen Credit Agreement, the Tango Credit Agreement and the Pioneer Credit Agreement. Under the interest rate swap agreements, the Fund pays a fixed interest rate and receives a floating interest rate of SOFR. The interest rate swaps of the Fund are not hedging instruments in accordance with ASC 815.

As of March 31, 2026 and December 31, 2025, the counterparties to the Fund's interest rate swap agreements and certain information related to the Fund's interest rate swap instruments are presented on the consolidated schedules of investments.

The net change in unrealized appreciation (depreciation) related to the interest rate swaps was approximately $2.2 million and $(5.0) million for the three months ended March 31, 2026 and 2025, respectively, which is included in "derivatives" under "net unrealized gains/(losses)" in the Fund's consolidated statements of operations. The net swap amounts

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

are settled quarterly, which began in February 2025, and are recorded as net realized gains/(losses) in "net realized and unrealized gains on investments and derivatives" in the Fund's consolidated statements of operations. For the three months ended March 31, 2026 and 2025, there were net interest rate swap payments received resulting in a realized gain of $0.1 million and $0.9 million, respectively.

The balance sheet impact of fair valuing the interest rate swaps as of March 31, 2026 is presented below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount** | **Maturity Date** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized<br>Liabilities** | **Collateral (Received) Pledged** | **Net Amount** | **Consolidated Statements of Assets and Liabilities** |
| Interest rate swap | $39666 | 09/2029 | $3880 | $— | $— | $3880 | Derivative contracts, at fair value |
| Interest rate swap | 39666 | 09/2029 | 3867 |  |  | 3867 | Derivative contracts, at fair value |
| Interest rate swap | 19831 | 09/2029 |  | (544) |  | (544) | Derivative contracts, at fair value |
| Interest rate swap | 15067 | 09/2029 |  | (413) |  | (413) | Derivative contracts, at fair value |
| Interest rate swap | 15067 | 09/2029 |  | (413) |  | (413) | Derivative contracts, at fair value |
| Interest rate swap | 12821 | 09/2029 |  | (351) |  | (351) | Derivative contracts, at fair value |
| Interest rate swap | 12053 | 09/2029 |  | (330) |  | (330) | Derivative contracts, at fair value |
| Interest rate swap | 18750 | 03/2030 |  | (127) |  | (127) | Derivative contracts, at fair value |
| Interest rate swap | 18750 | 03/2030 |  | (125) |  | (125) | Derivative contracts, at fair value |
| Interest rate swap | 65430 | 03/2030 | 152 |  |  | 152 | Derivative contracts, at fair value |
| Interest rate swap | 65430 | 03/2030 | 143 |  |  | 143 | Derivative contracts, at fair value |
| Interest rate swap | 69281 | 07/2030 |  | (1216) |  | (1216) | Derivative contracts, at fair value |
| Interest rate swap | 23094 | 07/2030 |  | (406) |  | (406) | Derivative contracts, at fair value |
| Interest rate swap | 23094 | 07/2030 |  | (405) |  | (405) | Derivative contracts, at fair value |
| Interest rate swap | 23094 | 07/2030 |  | (406) |  | (406) | Derivative contracts, at fair value |
| Interest rate swap | 84750 | 10/2030 | 1054 |  |  | 1054 | Derivative contracts, at fair value |
| Interest rate swap | 84750 | 10/2030 | 963 |  |  | 963 | Derivative contracts, at fair value |
| **Total** |  |  | $**10059** | $**(4736)** | $**—** | $**5323** |  |

---

The balance sheet impact of fair valuing the interest rate swaps as of December 31, 2025 is presented below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount** | **Maturity Date** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized<br>Liabilities** | **Collateral (Received) Pledged** | **Net Amount** | **Consolidated Statements of Assets and Liabilities** |
| Interest rate swap | $40132 | 09/2029 | $3756 | $— | $— | $3756 | Derivative contracts, at fair value |
| Interest rate swap | 40132 | 09/2029 | 3743 |  |  | 3743 | Derivative contracts, at fair value |
| Interest rate swap | 20064 | 09/2029 |  | (684) |  | (684) | Derivative contracts, at fair value |
| Interest rate swap | 15244 | 09/2029 |  | (519) |  | (519) | Derivative contracts, at fair value |
| Interest rate swap | 15244 | 09/2029 |  | (519) |  | (519) | Derivative contracts, at fair value |
| Interest rate swap | 12972 | 09/2029 |  | (441) |  | (441) | Derivative contracts, at fair value |
| Interest rate swap | 12195 | 09/2029 |  | (415) |  | (415) | Derivative contracts, at fair value |
| Interest rate swap | 18750 | 03/2030 |  | (172) |  | (172) | Derivative contracts, at fair value |
| Interest rate swap | 18750 | 03/2030 |  | (169) |  | (169) | Derivative contracts, at fair value |
| Interest rate swap | 65430 | 03/2030 |  | (346) |  | (346) | Derivative contracts, at fair value |
| Interest rate swap | 65430 | 03/2030 |  | (357) |  | (357) | Derivative contracts, at fair value |
| Interest rate swap | 69281 | 07/2030 |  | (1323) |  | (1323) | Derivative contracts, at fair value |
| Interest rate swap | 23094 | 07/2030 |  | (443) |  | (443) | Derivative contracts, at fair value |
| Interest rate swap | 23094 | 07/2030 |  | (442) |  | (442) | Derivative contracts, at fair value |
| Interest rate swap | 23094 | 07/2030 |  | (444) |  | (444) | Derivative contracts, at fair value |
| Interest rate swap | 84750 | 10/2030 | 975 |  |  | 975 | Derivative contracts, at fair value |
| Interest rate swap | 84750 | 10/2030 | 884 |  |  | 884 | Derivative contracts, at fair value |
| **Total** |  |  | $**9358** | $**(6274)** | $**—** | $**3084** |  |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

For the three months ended March 31, 2026 and 2025, the average outstanding notional value of interest rate swaps was $631.3 million and $166.9 million, respectively.

**7. COMMITMENTS AND CONTINGENCIES**

In the normal course of business and related to its investments in Infrastructure Assets, the Fund may from time to time enter into customary guarantee arrangements related to portfolio companies. As of March 31, 2026, the Fund has guaranteed obligations under certain portfolio-company agreements with a maximum risk of loss of $93.3 million. The Fund has also entered into certain separate back-to-back indemnification agreements which, subject to certain conditions, indemnify the Fund from most payments that would otherwise need to be made under the related guarantee arrangement. As of March 31, 2026, the Fund has not been required to make payments under the guarantee arrangements and believes the credit risks to be remote and the fair value of this guarantee arrangement to be immaterial.

*Expense Support and Conditional Reimbursement Agreement* 

The Fund's Adviser may elect to pay certain of the Expense Payments on the Fund's behalf, provided that no portion of an Expense Payment will be used to pay any interest expense or distributions and/or servicing fees of the Fund. Any Expense Payment that the Fund's Adviser has committed to pay must be paid by the Fund's Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Fund's Adviser or its affiliates. The Fund will be obligated to reimburse the Fund's Adviser for such advanced expenses within three years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued. As of March 31, 2026 and December 31, 2025, the total amount of advanced expenses subject to recoupment by the Adviser was $17.6 million and $14.9 million, respectively, with expirations as follows:

---

| | | |
|:---|:---|:---|
| **For the Quarter Ended** | **Amount** | **Eligible for Reimbursement through** <sup>(1)</sup> |
| June 30, 2024 | $2050 | June 30, 2027 |
| September 30, 2024 | 1231 | September 30, 2027 |
| December 31, 2024 | 493 | December 31, 2027 |
| March 31, 2025 | 2908 | March 31, 2028 |
| June 30, 2025 | 2668 | June 30, 2028 |
| September 30, 2025 | 3007 | September 30, 2028 |
| December 31, 2025 | 2564 | December 31, 2028 |
| March 31, 2026 | 2631 | March 31, 2029 |

---

(1) Individual expenses are only eligible for reimbursement within three years prior to the last business day of the applicable month in which they were incurred, which may be prior to the end of the respective quarter noted.

As of March 31, 2026 and December 31, 2025, Available Operating Funds did not exceed the cumulative distributions accrued to the Fund's shareholders and, therefore, a Reimbursement Payment obligation was not deemed probable and was not recorded.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

*Investment Commitments*

As of March 31, 2026, the Fund had unfunded commitments on delayed draw term loans and equity investments of $301.6 million and $323.4 million, respectively. As of December 31, 2025, the Fund had unfunded commitments on delayed draw term loans and equity investments of $450.4 million and $344.2 million, respectively. As of March 31, 2026 and December 31, 2025, the Fund's unfunded commitments consisted of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **As of** | **As of** | **As of** | **As of** |
| | | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<br>**Company** |<br>**Commitment Type**<sup>(1)(2)</sup> | **Total Commitment** | **Unfunded Amount** | **Total Commitment** | **Unfunded Amount** |
| Stack SJ Holdings Parent A-I, LLC | Delayed Draw Term Loan | $137500 | $53747 | $137500 | $81758 |
| Retained Vantage Data Centers Intermediate Holdco, L.P. | Delayed Draw Term Loan | 185000 | 121021 | 185000 | 146458 |
| CMH01 Holdings LP | Delayed Draw Term Loan | 125000 | 11152 | 125000 | 44071 |
| PowerHouse Data LCX, LLC | Delayed Draw Term Loan | 75000 | 45642 | 75000 | 59622 |
| Galaxy Helios LLC | Delayed Draw Term Loan | 100000 | 23598 | 100000 | 37287 |
| CW Nest Property Owner LLC | Delayed Draw Term Loan | 99222 | 46423 | 100000 | 81159 |
| Tango Holdings, LLC | Equity | 517419 | 6216 | 517419 | 29250 |
| Pioneer JV Holdings LLC | Equity | 770725 | 45145 | 768580 | 43000 |
| Sierra Equity Holdings LLC | Equity | 425424 | 271994 | 425424 | 271994 |

---

(1) The unfunded debt/delayed draw term loan obligations may or may not be funded to the borrowing party in the future. The Fund's commitment to fund delayed draw term loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. Total commitment is net of paydowns for delayed draw term loans.

(2) The Fund's equity commitments are based on either a pre-agreed funding schedule, performance milestones, or completion of assets that move into the investment portfolio. Certain terms of these investments are not finalized at the time of the commitment and the Fund's allocation may change prior to the date of funding. In this regard, the Fund may have to fund additional commitments in the future that it is currently not obligated to but may be at a future point in time.

**8. FAIR VALUE OF FINANCIAL INSTRUMENTS**

The Fund follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASC 825-10"), which provides funds the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between funds that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the Fund's choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Fund has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value.

The Fund also follows ASC 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ the net asset valuation policy and procedures that have been reviewed by the Board and are consistent with the provisions of Rule 2a-5 under the 1940 Act and ASC 820-10 (see "Note 2. Significant Accounting Policies" to the unaudited consolidated financial statements for more information). Consistent with its valuation policies and procedures, the Valuation Designee will evaluate the source of inputs, including any markets in which the Fund's investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Where there may not be a readily available market value for some of the investments in the Fund's portfolio, the fair value of a portion of the Fund's investments may be determined using unobservable inputs.

The Fund's portfolio investments classified as Level 3 are typically valued using an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary technique for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions).

The following table presents fair value measurements of investments, cash equivalents and derivatives as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments and cash equivalents** | | | | |
| &nbsp;&nbsp;Common equity | $— | $— | $2304846 | $2304846 |
| &nbsp;&nbsp;Other equity |  |  | 352185 | 352185 |
| &nbsp;&nbsp;First lien senior secured loans |  | 400568 | 267584 | 668152 |
| &nbsp;&nbsp;Senior subordinated loans |  |  | 141471 | 141471 |
| &nbsp;&nbsp;Treasury bills | 423102 |  |  | 423102 |
| &nbsp;&nbsp;Money market funds | 339 |  |  | 339 |
| **Derivative contracts, at fair value** |  |  |  |  |
| &nbsp;&nbsp;Interest rate swap contracts (asset) |  | 10059 |  | 10059 |
| &nbsp;&nbsp;Interest rate swap contracts (liability) |  | (4736) |  | (4736) |
| **Total** | $**423441** | $**405891** | $**3066086** | $**3895418** |

---

The following table presents fair value measurements of investments, cash equivalents and derivatives as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** | | | | |
| &nbsp;&nbsp;Common equity | $— | $— | $2168096 | $2168096 |
| &nbsp;&nbsp;Other equity |  |  | 354399 | 354399 |
| &nbsp;&nbsp;First lien senior secured loans |  | 342904 | 165369 | 508273 |
| &nbsp;&nbsp;Senior subordinated loans |  |  | 89618 | 89618 |
| &nbsp;&nbsp;Money market funds | 347 |  |  | 347 |
| **Derivative contracts, at fair value** |  |  |  |  |
| &nbsp;&nbsp;Interest rate swap contracts (asset) |  | 9358 |  | 9358 |
| &nbsp;&nbsp;Interest rate swap contracts (liability) |  | (6274) |  | (6274) |
| **Total** | $**347** | $**345988** | $**2777482** | $**3123817** |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the Fund's investments categorized within Level 3 as of March 31, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Fair Value** | **Primary Valuation Techniques** | **Unobservable Input** | **Unobservable Input** | **Unobservable Input** |
|<br>**Asset Category** | **Fair Value** | **Primary Valuation Techniques** | **Input** | **Estimated Range**<sup>(1)</sup> | **Weighted Average**<sup>(2)</sup> |
| Common equity | $2220133 | Discounted cash flow | Discount rate | 9.41% - 11.05% | 9.70% |
| Other equity | 352185 | Discounted cash flow | Discount rate | 9.02% | 9.02% |
| Common equity | 84713 | Recent transaction price | N/A | N/A | N/A |
| Senior subordinated loans | 141471 | Discounted cash flow | Discount rate | 10.18% - 10.30% | 10.25% |
| First lien senior secured loans | 263605 | Discounted cash flow | Discount rate | 9.95% - 12.95% | 10.88% |
| First lien senior secured loans | 3979 | Broker quotes | N/A | N/A | N/A |
| **Total Level 3 investments** | $**3066086** |  |  |  |  |

---

(1) No range indicates a single investment in the asset category

(2) Weighted average based on relative fair values as of period end

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Fair Value** | **Primary Valuation Techniques** | **Unobservable Input** | **Unobservable Input** | **Unobservable Input** |
|<br>**Asset Category** | **Fair Value** | **Primary Valuation Techniques** | **Input** | **Estimated Range**<sup>(1)</sup> | **Weighted Average**<sup>(2)</sup> |
| Common equity | $2012509 | Discounted cash flow | Discount rate | 9.36% - 9.77% | 9.57% |
| Other equity | 354399 | Discounted cash flow | Discount rate | 8.98% | 8.98% |
| Common equity | 155587 | Recent transaction price | N/A | N/A | N/A |
| Senior subordinated loans | 35304 | Recent transaction price | N/A | N/A | N/A |
| Senior subordinated loans | 54314 | Discounted cash flow | Discount rate | 9.91% | 9.91% |
| First lien senior secured loans | 165173 | Recent transaction price | N/A | N/A | N/A |
| First lien senior secured loans | 196 | Broker quotes | N/A | N/A | N/A |
| **Total Level 3 investments** | $**2777482** |  |  |  |  |

---

(1) No range indicates a single investment in the asset category

(2) Weighted average based on relative fair values as of period end

Changes in market yields and discount rates, each in isolation, may change the fair value of certain of the Fund's investments. Generally, a material increase in market yields or discount rates may result in a decrease in the fair value of certain of the Fund's investments.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of the Fund's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Fund has recorded it.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

The following tables present changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2026 and 2025:

---

| | |
|:---|:---|
| | **As of and for the three months ended March 31, 2026** |
| **Balance as of December 31, 2025** | $2777482 |
| Purchases | 255452 |
| Net unrealized gains on investments | 43569 |
| Return of capital | (13479) |
| Proceeds from repayments or sales of investments | (822) |
| Transfers in to/(out of) Level 3 | 3884 |
| **Balance as of March 31, 2026** | $**3066086** |
|  | **As of and for the three months ended March 31, 2025** |
| **Balance as of December 31, 2024** | $339136 |
| Purchases | 409348 |
| Net unrealized gains on investments | 20240 |
| Return of capital | (6349) |
| **Balance as of March 31, 2025** | $**762375** |

---

There were no investment transfers into or out of Level 3 for the three months ended March 31, 2025.

The net change in unrealized appreciation/(depreciation) on the investments that use Level 3 inputs was $43.6 million and $20.2 million for the three months ended March 31, 2026 and 2025, respectively.

The following are the carrying and fair values of the Fund's debt obligations as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying Value**<sup>(1)(2)</sup> | **Fair Value**<sup>(1)</sup> | **Carrying Value**<sup>(1)(2)</sup> | **Fair Value**<sup>(1)</sup> |
| Denali Credit Agreement | $205559 | $205559 | $207978 | $207978 |
| Aspen Credit Agreement | 224481 | 224481 | 224481 | 224481 |
| ACI Portfolio Aggregator Credit Agreement | 20000 | 20000 | 20000 | 20000 |
| Tango Credit Agreement | 184750 | 184750 | 184750 | 184750 |
| BNP Funding Facility | 200000 | 200000 | 200000 | 200000 |
| Pioneer Credit Agreement | 226000 | 226000 | 226000 | 226000 |
| **Total** | $**1060790** | $**1060790** | $**1063209** | $**1063209** |

---

(1)The fair value of the debt obligations would be categorized as Level 2 under ASC 820-10. The fair value of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

(2)Represents the aggregate principal amount outstanding.

**9. INCOME TAXES**

The Fund generates all of its income within the U.S. The Fund has elected to be treated as a corporation for U.S. federal and state income tax purposes. As a result, U.S. federal and state tax will be assessed on the Fund's net income.

For federal income tax purposes, the estimated cost of investments held on March 31, 2026 was $3,383.4 million. The estimated gross unrealized appreciation was $252.7 million and estimated gross unrealized depreciation was $6.0 million resulting in net unrealized appreciation in value of investments of $246.7 million based on cost for U.S. federal income tax purposes.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

Income taxes are accounted for using the liability method of accounting. Under such method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized as income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reflected on a net basis in the financial statements.

The provision for income taxes consists of the following for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **Current** |  |  |
| U.S. federal income tax (expense)/benefit | $(359) | $— |
| State and local income tax (expense)/benefit |  |  |
|  | **(359)** | **—** |
| **Deferred** |  |  |
| U.S. federal income tax (expense)/benefit | (14260) | (2146) |
| State and local income tax (expense)/benefit | (6404) | (208) |
|  | **(20664)** | **(2354)** |
| **Total** |  |  |
| U.S. federal income tax (expense)/benefit | (14619) | (2146) |
| State and local income tax (expense)/benefit | (6404) | (208) |
| **Income tax (expense)/benefit** | $**(21023)** | $**(2354)** |

---

The reconciliation of taxes from the statutory tax rate to the Fund's effective tax rate as calculated in accordance with ASU 2023-09 for the three months ended March 31, 2026 is presented below:

---

| | |
|:---|:---|
| | **Three months ended March 31, 2026** |
| U.S. federal statutory tax rate | 21.0% |
| State and local income taxes, net of federal income tax effect | 3.1 |
| Effect of changes in state tax laws or rates enacted in the current period | 3.6 |
| **Income tax expense** | **27.7%** |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

The reconciliation of the statutory tax rate to the Fund's effective tax rate for the period prior to the adoption of ASU 2023-09 for the three months ended March 31, 2025 is as follows:

---

| | |
|:---|:---|
| | **Three months ended March 31, 2025** |
| Income tax expense at federal statutory rate | 21.0% |
| State income tax (net of federal benefit) | 1.6 |
| **Total effective rate** | **22.6%** |

---

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| **Deferred tax assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating loss | $182 | $1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 871 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 2971 | 2544 |
| **Total gross deferred tax assets** | **4024** | **7189** |
| Valuation allowance |  |  |
| **Total deferred tax assets** | **4024** | **7189** |
| **Deferred tax liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(1)</sup> | 59327 | 42417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps<sup>(1)</sup> | 1281 | 692 |
| **Total deferred tax liabilities** | **60608** | **43109** |
| **Net deferred tax (liabilities) assets** | $**(56584)** | $**(35920)** |

---

(1)Represents the tax impact of the difference in book and tax basis for investments and interest rate swaps.

In assessing the realizability of deferred tax assets, the Fund considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred taxes are realizable, the Fund considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. Valuation allowances are provided to reduce the amounts of deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts.

The Fund analyzes its tax filing positions in all U.S. federal, state and local tax jurisdictions where it is required to file income tax returns for all open tax years (2024 - 2026). The Fund recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits ("UTBs") is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. The Fund recognizes both accrued interest and penalties, where appropriate, related to UTBs in general, administrative and other expenses.

Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Fund reviews its tax positions monthly and adjusts its tax balances as new information becomes available.

As of March 31, 2026 and December 31, 2025, the Fund had no significant uncertain tax positions.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

The Fund files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal, state and local tax regulators. As of March 31, 2026, the Fund is subject to potential examination by federal, state and tax regulators for returns filed since the Fund's inception in 2024.

**10. NET ASSETS**

The Fund has the authority to issue an unlimited number of Shares.

The following table reflects the net assets activity for the three months ended March 31, 2026 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Shares** | **Common Shares** | **Capital in Excess of Par Value** | **Accumulated Undistributed Earnings** | **Net Assets** |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Undistributed Earnings** | **Net Assets** |
| **Balance at December 31, 2025** | **83633744** | $**836** | $**1969450** | $**124299** | $**2094585** |
| Issuances of common shares | 41897277 | 419 | 1046883 |  | 1047302 |
| Shares issued in connection with distribution reinvestment plan | 741183 | 7 | 18518 |  | 18525 |
| Distributions declared and payable ($0.6249, $0.5725 and $0.6095 per Class I Share, Class S Share and Class D Share, respectively) as return of capital |  |  | (69002) |  | (69002) |
| Repurchased shares, net of early repurchase deduction | (658356) | (5) | (16370) |  | (16375) |
| Net investment income |  |  |  | 28723 | 28723 |
| Net realized gains on investments and derivatives |  |  |  | 195 | 195 |
| Net unrealized gains on investments and derivatives |  |  |  | 26044 | 26044 |
| **Balance at March 31, 2026** | **125613848** | $**1257** | $**2949479** | $**179261** | $**3129997** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Shares** | **Common Shares** | **Capital in Excess of Par Value** | **Accumulated Undistributed Earnings** | **Net Assets** |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Undistributed Earnings** | **Net Assets** |
| **Balance at December 31, 2024** | **6226600** | $**62** | $**149861** | $**6530** | $**156453** |
| Issuances of common shares | 16479636 | 165 | 412662 |  | 412827 |
| Shares issued in connection with dividend reinvestment plan | 103669 | 1 | 2596 |  | 2597 |
| Dividends declared and payable ($0.6750 per share) as return of capital |  |  | (11355) |  | (11355) |
| Net investment loss |  |  |  | (7991) | (7991) |
| Net realized gains on investments and derivatives |  |  |  | 919 | 919 |
| Net unrealized gains on investments and derivatives |  |  |  | 15144 | 15144 |
| **Balance at March 31, 2025** | **22809905** | $**228** | $**553764** | $**14602** | $**568594** |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

The following tables summarize transactions in Shares during the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026**<sup>(1)</sup> | **2026**<sup>(1)</sup> | **2025**<sup>(2)</sup> | **2025**<sup>(2)</sup> |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class I** |  |  |  |  |
| Subscriptions | 37233870 | $930749 | 16479636 | $412827 |
| Distributions reinvested | 707906 | 17694 | 103669 | 2597 |
| Share transfers between classes | 9984 | 249 |  |  |
| Repurchased shares, net of early repurchase deductions | (658356) | (16375) |  |  |
| Dividends declared and payable |  | (66221) |  |  |
| Net increase | **37293404** | **866096** | **16583305** | **415424** |
| **Class S** |  |  |  |  |
| Subscriptions | 4663407 | 116553 |  |  |
| Distributions reinvested | 32877 | 821 |  |  |
| Repurchased shares, net of early repurchase deductions |  |  |  |  |
| Dividends declared and payable |  | (2767) |  |  |
| Net increase | **4696284** | **114607** | **—** | **—** |
| **Class D** |  |  |  |  |
| Subscriptions |  |  |  |  |
| Distributions reinvested | 400 | 10 |  |  |
| Share transfers between classes | (9984) | (249) |  |  |
| Repurchased shares, net of early repurchase deductions |  |  |  |  |
| Dividends declared and payable |  | (14) |  |  |
| Net decrease | **(9584)** | **(253)** | **—** | **—** |
| **Total net increase** | **41980104** | $**980450** | **16583305** | $**415424** |

---

(1) As of March 31, 2026, the Fund had no Class N Shares outstanding.

(2) As of March 31, 2025, the Fund had no Class D Shares, Class N Shares or Class S Shares outstanding.

*NAV Per Share and Offering Price*

The Fund determines NAV for the Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions will be effective the first business day of each month. The NAV per Share is determined by dividing the value of total assets minus liabilities by the total number of Shares outstanding at the date as of which the determination is made. The following tables summarize each month-end NAV per Share for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share**<sup>(1)</sup> | **NAV Per Share**<sup>(1)</sup> | **NAV Per Share**<sup>(1)</sup> |
| | **Class I** | **Class S** | **Class D** |
| January 31, 2026 | $25.0263 | $25.0263 | $25.0263 |
| February 28, 2026 | 24.9252 | 24.9252 | 24.9252 |
| March 31, 2026 | 24.9176 | 24.9176 | 24.9176 |

---

(1) As of March 31, 2026, the Fund had no Class N Shares outstanding.

---

| | |
|:---|:---|
| | **NAV per Share** <sup>(1)</sup> |
| | **Class I** |
| January 31, 2025 | $25.0625 |
| February 28, 2025 | 24.9241 |
| March 31, 2025 | 24.9275 |

---

(1) On May 14, 2025, the Board established four classes of Shares of the Fund and all issued and outstanding shares were reclassified as Class I Shares. As of March 31, 2025, the Fund had no Class D Shares, Class N Shares or Class S Shares outstanding.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

*Distribution Reinvestment Plan*

The Fund has adopted a distribution reinvestment plan that provides for reinvestment of any distributions the Fund declares in cash on behalf of its shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes, and the Fund declares, a cash distribution, then the shareholders who have not "opted out" of the Fund's distribution reinvestment plan will have their cash distributions automatically reinvested in additional Shares rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder's account. The purchase price for shares issued under the Fund's distribution reinvestment plan will be equal to the most recent available NAV per Share for such shares at the time the distribution is payable.

*Share Repurchase Program*

The Fund has commenced a Share repurchase program (the "Share Repurchase Program") pursuant to which the Fund intends to offer to repurchase, at the discretion of the Fund's Board, up to 5% of its Shares outstanding as of the close of the previous calendar quarter. The Fund may from time to time seek to retire or repurchase its Shares through cash purchases, as well as retire, cancel or purchase any of the Fund's outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material.

In accordance with the Share Repurchase Program, Shares repurchased in the Fund's tender offer completed during the three months ended March 31, 2026 were repurchased using a purchase price equal to the NAV per Share as of the last calendar day of the applicable month designated by the Board, except that the Fund deducted 2.00% from such NAV for Shares that were not outstanding for at least one year (the "Early Repurchase Deduction"). For the three months ended March 31, 2026, the Fund repurchased and retired 658,356 Shares for a total price of $16.4 million.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

**11. FINANCIAL HIGHLIGHTS**

The following is a schedule of financial highlights as of and for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
| | **Class I** | **Class S** | **Class D** |
| **Per share data:** | | | |
| Net asset value at the beginning of period | $25.0447 | $25.0447 | $25.0447 |
| Net investment income (loss) for period<sup>(1)</sup> | 0.2966 | 0.2442 | 0.2812 |
| Net realized and unrealized gain (loss)<sup>(1)</sup> | 0.2012 | 0.2012 | 0.2012 |
| **Net increase (decrease) in net assets from operations** | **0.4978** | **0.4454** | **0.4824** |
| Distributions as a return of capital | (0.6249) | (0.5725) | (0.6095) |
| **Total increase (decrease) in net assets** | **(0.1271)** | **(0.1271)** | **(0.1271)** |
| **Net asset value at the end of period** | $**24.9176** | $**24.9176** | $**24.9176** |
| Total return based on net asset value<sup>(2)</sup> | 1.99% | 1.78% | 1.93% |
| Shares outstanding, end of period | 119110396 | 6486791 | 16661 |
| **Ratio/Supplemental Data:** |  |  |  |
| Net assets at end of period (in thousands) | $2967947 | $161635 | $415 |
| Ratio of operating expenses (excluding expense support and management fee waiver) to average net assets<sup>(3)(5)(6)</sup> | 4.82% | 5.54% | 5.17% |
| Ratio of expense support to average net assets<sup>(3)</sup> | (0.37) | (0.37) | (0.37) |
| Ratio of management fee waiver to average net assets<sup>(3)</sup> |  |  |  |
| Ratio of operating expenses (including expense support and management fee waiver) to average net assets<sup>(3)(5)</sup> | 4.45 | 5.17 | 4.80 |
| Ratio of net investment income (loss) to average net assets<sup>(3)(5)</sup> | 4.85 | 3.34 | 5.63 |
| Portfolio turnover rate<sup>(4)</sup> | 2.04 | 2.04 | 2.04 |

---

(1)Weighted average basic per Share data.

(2)For the three months ended March 31, 2026, the total return based on NAV equaled the change in NAV during the year plus distributions declared and payable divided by the beginning NAV for the year. The Fund's performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results. Total return is not annualized.

(3)Expenses are allocated to the Classes outstanding each month. The ratios reflect an annualized amount based on all expenses other than income based fee and capital gains incentive fee.

(4)Portfolio turnover is calculated using the lesser of the year-to-date sales or year-to-date purchases over the monthly average net assets for the period reported and has not been annualized.

(5)The ratio of net investment income to average net assets excludes income taxes related to net unrealized gains and losses. The ratio of operating expenses excludes income tax benefit/(expense). For the three months ended March 31, 2026, the ratio of income tax benefit related to net investment income to average net assets was (0.47)%, (0.44)% and (0.48)% for Class I, Class S and Class D, respectively, and the ratio of income tax expense related to unrealized gain and loss to average net assets was (2.62)%, (2.69)% and (2.57)% for Class I, Class S and Class D, respectively.

(6)For the three months ended March 31, 2026, the ratio of operating expenses to average net assets consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
| | **Class I** | **Class S** | **Class D** |
| Management fees<sup>(3)</sup> | 1.23% | 1.24% | 1.21% |
| Income based fee and capital gains incentive fee<sup>(3)</sup> | 0.11 | 0.12 | 0.09 |
| Interest expense<sup>(3)</sup> | 2.45 | 2.43 | 2.50 |
| Organizational and offering expenses<sup>(3)</sup> | 0.07 | 0.02 | 0.01 |
| Other operating expenses | 0.96 | 1.73 | 1.36 |
| &nbsp;&nbsp;**Total operating expenses** | **4.82%** | **5.54%** | **5.17%** |

---

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

---

| | |
|:---|:---|
| | **Three months ended March 31, 2025** |
| | **Class I**<sup>(4)</sup> |
| **Per share data:** | |
| Net asset value at the beginning of period | $25.1266 |
| Net investment income (loss) for period<sup>(1)</sup> | (0.5360) |
| Net realized and unrealized gain (loss)<sup>(1)</sup> | 1.0119 |
| **Net increase in net assets from operations** | **0.4759** |
| Distributions as a return of capital | (0.6750) |
| **Total increase in net assets** | **(0.1991)** |
| **Net asset value at the end of period** | $**24.9275** |
| Total return based on net asset value<sup>(2)</sup> | 1.89% |
| Shares outstanding, end of period | 22809905 |
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (in thousands) | $568594 |
| Ratio of operating expenses (excluding expense support and management fee waiver) to average net assets<sup>(3)(5)</sup> | 8.05% |
| Ratio of expense support to average net assets<sup>(3)</sup> | (2.88) |
| Ratio of management fee waiver to average net assets<sup>(3)</sup> | (0.04) |
| Ratio of incentive fee waiver to average net assets<sup>(3)</sup> |  |
| Ratio of operating expenses (including expense support and management fee waiver) to average net assets<sup>(3)</sup> | 5.13 |
| Ratio of net investment income (loss) to average net assets<sup>(3)</sup> | (4.07) |
| Portfolio turnover rate | 0.00 |

---

(1)Weighted average basic per Share data.

(2)For the three months ended March 31, 2025, the total return based on NAV equaled the change in NAV during the period plus dividends declared and payable divided by the beginning NAV for the period. The Fund's performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results. Total return is not annualized.

(3)The ratios reflect an annualized amount based on all expenses other than organizational expenses, management fee, management fee waiver, income based fee and capital gains incentive fee, incentive fee waiver, income tax expense, audit and tax expense.

(4)On May 14, 2025, the Board established four classes of Shares of the Fund and all issued and outstanding shares were reclassified as Class I Shares.

(5)For the three months ended March 31, 2025, the ratio of operating expenses to average net assets consisted of the following:

---

| | |
|:---|:---|
| | **Three months ended March 31, 2025** |
| | **Class I** |
| Management fees<sup>(3)</sup> | 0.87% |
| Income based fee and capital gains incentive fee<sup>(3)</sup> | 0.53 |
| Income tax expense<sup>(3)</sup> | 0.58 |
| Interest expense <sup>(3)</sup> | 3.95 |
| Organizational and offering expenses<sup>(3)</sup> | 0.26 |
| Other operating expenses<sup>(3)</sup> | 1.86 |
| &nbsp;&nbsp;**Total operating expenses** | **8.05%** |

---

**12. SEGMENT REPORTING** 

The Fund operates through a single operating and reporting segment with an investment objective to generate attractive risk-adjusted total returns consisting primarily of current income. The chief operating decision maker (the "CODM") is comprised of the Fund's Co-Chief Executive Officers and Chief Financial Officer and the CODM assesses the performance and makes operating decisions of the Fund on a consolidated basis primarily based on the Fund's net investment income. In addition to numerous other factors and metrics, the CODM utilizes consolidated net investment income as a key metric in determining the amount of distributions to be paid to the Fund's shareholders. As the Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as "total assets" and the significant segment expenses are listed on the accompanying consolidated statement of operations.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

**13. SUBSEQUENT EVENTS**

The Fund's management has evaluated subsequent events through the date of the issued unaudited consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the unaudited consolidated financial statements or accompanying notes as of and for the three months ended March 31, 2026, except as discussed below.

***April Capital Raise***

In its monthly closing for April 2026, the Fund issued and sold 12,564,204 Shares (consisting of 10,534,472 Class I Shares, 4,013 Class D Shares and 2,025,719 Class S Shares at an offering price of $24.9176 per Share for each class), and received approximately $313.1 million as payment for such Shares.

***May Capital Raise***

The Fund received approximately $712.6 million of net proceeds relating to the issuance of Class I Shares, Class D Shares, Class N Shares and Class S Shares for its May closing. The purchase price per Class I Share, Class D Share, Class N Share and Class S Share will equal the Fund's NAV per Class I Share, Class D Share, Class N Share and Class S Share, respectively, as of the last calendar day of April 2026 (the "April NAV"), which is generally expected to be available within 20 business days after May 1, 2026. At that time, the number of Class I Shares, Class D Shares, Class N Shares and Class S Shares issued to each investor based on the April NAV and such investor's subscription amount will be determined and Class I Shares, Class D Shares, Class N Shares and Class S Shares, as applicable, will be credited to the investor's account as of the effective date of the Share purchase.

***Rover Credit Agreement***

On April 28, 2026, in connection with its investment in a portfolio company, the Fund acquired two wholly owned indirect subsidiaries, BCP Renaissance Parent L.L.C. (the "Rover Borrower") and BCP Renaissance, L.L.C. (the "Rover Borrower Subsidiary"), who are parties to a Credit Agreement, dated as of October 31, 2017 (as amended, the "Rover Credit Agreement"). The Rover Credit Agreement includes a senior secured term loan B facility (the "Rover Term Loans"), with an aggregate outstanding principal amount of approximately $1.09 billion as of March 31, 2026. Outstanding borrowings under the Rover Credit Agreement bear interest annually at (i) for SOFR loans, the SOFR plus 2.25%, subject to a 1.00% floor, and (ii) for Base Rate Loans (as defined in the Rover Credit Agreement), a fluctuating rate determined by reference to the Base Rate (as defined in the Rover Credit Agreement) plus 1.25%, subject to a 2.00% floor. The Rover Borrower is required to repay the Rover Term Loans in quarterly installments of 0.25% of the aggregate outstanding principal amount, with the remaining balance due on the maturity date of October 31, 2031.

The Rover Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Rover Borrower Subsidiary and 49.9% of the equity interests of ET Rover Pipeline LLC ("Rover Pipeline"), and (b) all tangible and intangible assets of the Rover Borrower and Rover Borrower Subsidiary. Under the Rover Credit Agreement, the Rover Borrower and the Rover Borrower Subsidiary, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The Rover Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Rover Borrower Subsidiary and Rover Pipeline, the Rover Credit Agreement is non-recourse to any upstream affiliate of the Rover Borrower, including the Fund.

In connection with the Rover Credit Agreement, the Rover Borrower entered into an interest rate swap with Morgan Stanley Capital Services LLC ("Morgan Stanley") to exchange the SOFR rate in the Term Loans with a fixed rate for $750.0 million of the outstanding borrowings under the Term Loans. The all-in fixed rate for Morgan Stanley is 3.7566%. The interest rate swap has a termination date on June 30, 2026.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026 ($ in thousands, except share data, percentages and as otherwise indicated)**

***Distributions***

The Fund has announced the declaration of regular monthly distributions for April, May, June, July, August and September 2026, in each case for its Class I Shares, Class D Shares, Class N Shares and Class S Shares in the amounts per Share set forth below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross Distribution Per Common Share** | **Gross Distribution Per Common Share** | **Gross Distribution Per Common Share** | **Gross Distribution Per Common Share** |
|<br>**Record Date** |<br>**Payment Date**<sup>(1)</sup> | **Class I** | **Class S** | **Class D** | **Class N** |
| April 30, 2026 | May 21, 2026 | $0.20830 | $0.20830 | $0.20830 | $0.20830 |
| May 29, 2026 | June 24, 2026 | 0.20830 | 0.20830 | 0.20830 | 0.20830 |
| June 30, 2026 | July 23, 2026 | 0.20830 | 0.20830 | 0.20830 | 0.20830 |
| July 31, 2026 | August 21, 2026 | 0.20830 | 0.20830 | 0.20830 | 0.20830 |
| August 31, 2026 | September 23, 2026 | 0.20830 | 0.20830 | 0.20830 | 0.20830 |
| September 30, 2026 | October 23, 2026 | 0.20830 | 0.20830 | 0.20830 | 0.20830 |

---

(1) The distributions on the Fund's Shares will be paid on or about the payment dates set above.

These distributions will be paid in cash or reinvested in the Shares for shareholders participating in the Fund's distribution reinvestment plan. The net distributions to be received by shareholders of the Class D Shares, Class N Shares and Class S Shares will be equal to the gross distribution in the table above, less specific shareholder servicing and/or distribution fees applicable to such class as of their respective record dates. Class I Shares have no shareholder servicing and/or distribution fees. As of April 30, 2026, there were no Class N Shares outstanding.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Ares Core Infrastructure Fund (together with its consolidated subsidiaries, where applicable, the "Fund," "we," "us," or "our"). The forward-looking statements contained in this Quarterly Report involve a number of risks and uncertainties, including statements concerning:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our, or our portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the general economy, including those caused by tariffs and trade disputes with other countries, changes in inflation and risk of recession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in global interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to recover unrealized losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to deploy any capital raised in our continuous private offering of securities (the "Private Offering");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political and regulatory conditions that contribute to uncertainty and market volatility including the impact of any prolonged U.S. government shutdown as well as the legislative, regulatory, trade, immigration and other policies associated with the current U.S. presidential administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of supply chain constraints on our portfolio companies and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty surrounding global financial stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing conflicts in the Middle East and the Russia-Ukraine war, including the potential for volatility in energy prices and other commodities and their impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in negative global media coverage relating to the private credit industry and investment funds that conduct periodic repurchase offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of global health crises on our or our portfolio companies' business and the U.S. and global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies' supply chain and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully complete and integrate any acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome and impact of any litigation or regulatory proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources and working capital;

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing, form and amount of any distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows, if any, from the operations of our portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our Adviser (as defined below) to locate suitable investments for us and to monitor and administer our investments.

We use words such as "anticipates," "believes," "expects," "intends," "project," "estimates," "will," "should," "could," "would," "may" and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Risk Factors" and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the "SEC") on March 5, 2026 (the "Annual Report") and in this Quarterly Report.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the filing date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

**Overview**

We are an externally managed, closed-end management investment company, formed as a Delaware statutory trust on May 7, 2024; we have elected to be regulated (the "BDC Election") as a business development company ("BDC") under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act") on December 2, 2024.

We elected to be treated as an association taxable as a corporation for U.S. federal income tax purposes. Accordingly, we are subject to U.S. federal income tax on our net income (regardless of whether such income is U.S. source) at the rates applicable to corporations without deduction for any distributions to the investors.

We hold monthly closings for our Private Offering, in connection with which we issue Shares to our investors for immediate cash investment in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "1933 Act"). We reserve the right to conduct additional offerings of securities in the future in addition to the Private Offering. In addition, although we intend to issue Shares on a monthly basis, we also retain the right, if determined by us in our sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by us, more or less frequently to one or more investors for regulatory, tax or other reasons.

Subject to the overall supervision of the Board of Trustees (the "Board"), we are externally managed by Ares Capital Management II LLC (our "Adviser"), a subsidiary of Ares Management Corporation ("Ares Management" or "Ares"), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement (the "Investment Advisory Agreement"). Our Adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the SEC. Our administrator, Ares Operations LLC ("Ares Operations" or the Fund's "Administrator"), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.

Our investment objective is to generate attractive risk-adjusted total returns consisting primarily of current income and secondarily of capital appreciation. We invest in infrastructure companies and assets ("Infrastructure Assets"). We define Infrastructure Assets as investments in equity and debt interests in infrastructure-related assets or businesses, including investments in the power generation (such as renewable energy and thermal power plants), renewable natural gas, liquified natural gas, transportation, telecommunications, digital infrastructure (such as data centers, fiber optic cables and cell phone towers), midstream and energy infrastructure, regulated utilities, social infrastructure (such as water treatment and management, waste management and recycling) and environmental services (such as carbon capture and storage, soil and air remediation and climate change mitigation) sectors. Within Infrastructure Assets, we focus primarily on investing in Core Infrastructure Assets, which are Infrastructure Assets that we believe could: (i) possess a higher degree of cash flow predictability; (ii) produce returns that are derived primarily from income, with limited upside through capital gains and assets that are commonly held for longer terms (more than five years); and (iii) produce revenues and cash flows that are generally predictable as a result of being

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

governed by either rate regulation by governmental agencies or by long-term contractual arrangements with creditworthy counterparties, such as governments, municipalities and major companies, which can shield these assets from near-term economic and market trends ("Core Infrastructure Assets").

We focus on equity, and to a lesser extent, debt, investments with allocations in both controlling (majority) and non-controlling (minority) equity investments, as deemed appropriate by our Adviser. Our investments may include common or preferred stock, warrants or options, first lien senior secured loans, second lien senior secured loans, subordinated secured and unsecured loans, subordinated debt, distressed securities and convertible securities. For cash management and other purposes, we may also invest in broadly syndicated loans and other more liquid credit investments, including in publicly traded debt instruments and other instruments that are not directly originated, as well as equity investments and other investment companies such as exchange-traded funds. Under normal circumstances, we intend to invest at least 80% of our net assets, plus the amount of any borrowings for investment purposes, in assets and companies that derive at least 50% of their revenue from Infrastructure Assets and/or devote at least 50% of their assets to Infrastructure Assets (the "Investment Policy"). Shareholders will be provided with 60 days' notice in the manner prescribed by the SEC in the event of any change to the Investment Policy.

To seek to enhance our returns, we employ leverage as market conditions permit and at the discretion of our Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act. Effective December 2, 2024, our initial shareholders and the Board have approved a proposal that allows us to reduce our minimum asset coverage ratio to 150%. We have used and intend to continue to use leverage in the form of borrowings, including loans from certain financial institutions, including the Revolving Credit Facilities (as defined herein) and the Investment Credit Facilities (as defined herein) and any potential borrowings under any future credit facilities and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by us.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in "qualifying assets," including securities and indebtedness of private U.S. companies and certain public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the 1940 Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered "eligible portfolio companies" (as defined in the 1940 Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the 1940 Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the 1940 Act. In addition, our Adviser and certain of our affiliates have received the Co-Investment Exemptive Order from the SEC permits us and other BDCs and registered closed-end management investment companies managed by Ares Management and its affiliates to co-invest in portfolio companies with each other and with affiliated investment entities (the "Co-Investment Exemptive Order"). As required by the Co-Investment Exemptive Order, we have adopted, and our Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Co-Investment Exemptive Order, and our Adviser and our Chief Compliance Officer will provide reporting to our Board. Co-investments made under the Co-Investment Exemptive Order are subject to compliance with certain conditions and other requirements, which could limit our ability to participate in a co-investment transaction. As a result of investments permitted by the Co-Investment Exemptive Order, there could be significant overlap in our investment portfolio and the investment portfolio of affiliated Ares Management entities that can rely on the Co-Investment Exemptive Order and have an investment objective similar to ours. We may also otherwise co-invest with funds managed by Ares Management or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and our Adviser's allocation policy.

**Trends Affecting Our Business**

Infrastructure investment opportunities in the Core Infrastructure Sector continue to be supported by demand catalysts. Growing AI adoption and digitalization is driving accelerated demand for digital infrastructure such as data centers and the corresponding power infrastructure needed to power them. Re-industrialization and electrification are further fueling power demand growth, and the resurgence in power demand growth has supported elevated contract prices for power generation resources and continued deployment of power generation assets. This dynamic has also benefited existing generation assets, which have generally increased in value. The deployment of new power generation assets is increasingly focused on reliable, baseload generation such as thermal generation and nuclear as part of an "all-of-the-above" power solution. Renewable energy assets continue to represent the majority of new generation supply additions and renewable energy transaction volumes have remained strong. Midstream transaction activity has increased, driven by structural demand growth from expanding LNG export capacity and rapidly increasing power demand. These dynamics have tightened takeaway capacity from core gas production

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

zones, supporting improved fundamentals for natural gas gathering, processing and transmission infrastructure, and are underpinning new infrastructure investment.

**Portfolio and Investment Activity**

Our investment activity is presented below ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **New investment commitments:** |  |  |
| &nbsp;&nbsp;Common equity | $86961 | $— |
| &nbsp;&nbsp;Other equity |  |  |
| &nbsp;&nbsp;First lien senior secured loans | 103544 |  |
| &nbsp;&nbsp;Treasuries | 421374 |  |
| &nbsp;&nbsp;Senior subordinated loans |  |  |
| **Total new investment commitments** | $**611879** | $**—** |
| **Amount of investments funded:** <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Common equity | $105435 | $407340 |
| &nbsp;&nbsp;Other equity |  |  |
| &nbsp;&nbsp;First lien senior secured loans | 372208 | 23413 |
| &nbsp;&nbsp;Treasuries | 421374 |  |
| &nbsp;&nbsp;Senior subordinated loans | 53448 |  |
| **Total amount of investments funded** | $**952465** | $**430753** |
| **Principal amount of investments sold or repaid:** |  |  |
| &nbsp;&nbsp;Common equity | $(3392) | $— |
| &nbsp;&nbsp;Other equity | (10086) |  |
| &nbsp;&nbsp;First lien senior secured loans | (18870) |  |
| &nbsp;&nbsp;Treasuries |  |  |
| &nbsp;&nbsp;Senior subordinated loans |  |  |
| **Total principal amount of investment sold or repaid** | $**(32348)** | $**—** |

---

(1)The amount of investments funded in the table excludes purchases of investments during the respective period that had not settled as of the end of the period.

For the three months ended March 31, 2026, we committed to and closed one equity investment.

Our investments consisted of the following ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **As of** | **As of** | **As of** | **As of** |
| | | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Total Underlying Projects** <sup>(8)</sup> | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;Denali Equity Holdings, LLC <sup>(1)</sup> | 15 | $330908 | $352185 | $340995 | $354399 |
| &nbsp;&nbsp;Aspen Renewables Equity Holdings, LLC <sup>(2)</sup> | 4 | 431267 | 483667 | 431267 | 479667 |
| &nbsp;&nbsp;Tango Holdings, LLC <sup>(3)</sup> | 5 | 514285 | 557480 | 492623 | 526684 |
| &nbsp;&nbsp;Meade Pipeline Co LLC <sup>(4)</sup> | 1 | 201487 | 215952 | 202888 | 214956 |
| &nbsp;&nbsp;Redwood Meade Midstream MPC, LLC <sup>(4)</sup> | 1 | 35212 | 37764 | 35459 | 37589 |
| &nbsp;&nbsp;Pioneer JV Holdings LLC <sup>(5)</sup> | 9 | 729355 | 761208 | 731872 | 753613 |
| &nbsp;&nbsp;Sierra Equity Holdings LLC <sup>(6)</sup> | 1 | 155589 | 164062 | 155587 | 155587 |
| &nbsp;&nbsp;AEJV SPV LP <sup>(7)</sup> | 1 | 84713 | 84713 |  |  |
| &nbsp;&nbsp;Senior subordinated loans | N/A | 144064 | 141471 | 90449 | 89618 |
| &nbsp;&nbsp;First lien senior secured loans | N/A | 666742 | 668152 | 507515 | 508273 |
| **Total** |  | $**3293622** | $**3466654** | $**2988655** | $**3120386** |

---

(1)The underlying 2.6 gigawatt portfolio consists of 15 projects in operation across Electric Reliability Council of Texas, Midcontinent Independent System Operator, PJM and Southwest Power Pool, of which 53% is solar, 25% is wind and 22% is co-located battery storage capacity.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

(2)The underlying 0.9 gigawatt portfolio consists of 4 projects in the Electric Reliability Council of Texas and the Midcontinent Independent System Operator, of which 83% is solar and 17% is co-located battery storage capacity.

(3)The underlying 0.5 gigawatt portfolio consists of 5 projects across the Pennsylvania–New Jersey–Maryland Interconnection and the Southwest Power Pool regions, of which 100% is solar capacity.

(4)Represents common equity investment in an entity holding a ~40% interest in the Central Penn Line, a fully contracted natural gas pipeline transporting gas from Northeast to Southeastern Pennsylvania via the Transco system. The pipeline spans 178 miles and has a total capacity of 3,380 MMcf/d, with ~1,332 MMcf/d net to Meade, under long-term triple net leases through 2042. Redwood Meade Midstream MPC, LLC is a holding company that structurally owns a minority interest in Meade Pipeline Co LLC.

(5)The underlying 1.5 gigawatt portfolio consists of 9 projects in operation across the Midcontinent Independent System Operator, Electric Reliability Council of Texas, Western Electricity Coordinating Council, and Pennsylvania-New Jersey-Maryland Interconnection (PJM), of which 61% is solar, 26% is wind, and 13% is battery storage capacity.

(6)The project is a 270 MW wind project in the Electric Reliability Council of Texas.

(7)An entity holding, directly or indirectly, a 99% stake in seven aircraft engines, each on multi-year leases to a North American airline.

(8)Represents the number of infrastructure projects undertaken by each entity in which we have an equity investment as of March 31, 2026.

**Components of our Results of Operations**

***Revenues***

We generate revenue in the form of interest income, from bank interest or interest from loans, and distribution income, by investing primarily in Core Infrastructure Assets, including investments in the power generation (such as renewable energy and thermal power plants), renewable natural gas, liquified natural gas, transportation, telecommunications, digital infrastructure (such as data centers, fiber optic cables and cell phone towers), midstream and energy infrastructure, regulated utilities, social infrastructure (such as water treatment and management, waste management and recycling) and environmental services (such as carbon capture and storage, soil and air remediation and climate change mitigation) sectors.

***Expenses***

The services of all investment professionals of our Adviser and its staff, when and to the extent engaged in providing investment advisory services to us and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by our Adviser. Under the Investment Advisory Agreement, we bear all other costs and expenses of our operations and transactions. See "Note 3. Agreements and Organizational Documents" to our unaudited consolidated financial statements for more information on fees and expenses.

From time to time, our Adviser, our Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse our Adviser, our Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, our Adviser or our Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

***Expense Support and Conditional Reimbursement Agreement***

We have entered into an amended and restated expense support and conditional reimbursement agreement (the "Expense Support and Conditional Reimbursement Agreement"), with our Adviser, pursuant to which our Adviser may elect to pay certain of our expenses on our behalf. The Adviser has agreed to advance a portion of our organization, initial offering and operational expense, which includes our organization and initial offering expenses incurred in connection with the Private Offering through the date of the BDC Election. See "Note 3. Agreements and Organizational Documents" and "Note 7. Commitments and Contingencies" to our unaudited consolidated financial statements for more information on the Expense Support and Conditional Reimbursement Agreement.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**Results of Operations**

Operating results for the three months ended March 31, 2026 and 2025 were as follows ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| Total income | $65019 | $1064 |
| Net expenses | 32772 | 6701 |
| **Net investment income/(loss) before income taxes** | **32247** | **(5637)** |
| Income tax benefit/(expense) | (3524) | (2354) |
| **Net investment income/(loss)** | **28723** | **(7991)** |
| Net realized and unrealized gains on investments and derivatives | 26239 | 16063 |
| **Net increase in stockholders' equity resulting from operations** | $**54962** | $**8072** |

---

Net income can vary substantially from period to period due to various factors, including but not limited to the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation.

*Income*

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **Income** |  |  |
| &nbsp;&nbsp;Distribution income | $27256 | $— |
| &nbsp;&nbsp;Interest income | 22763 | 1064 |
| &nbsp;&nbsp;Other income | 15000 |  |
| **Total income** | $**65019** | $**1064** |

---

For the three months ended March 31, 2026, distribution income was $27.3 million, an increase of $27.3 million from $0.0 million for the comparable period in 2025 due to the increase in the portfolio of cash yielding investments. For the three months ended March 31, 2026 and 2025, we received $40.7 million and $6.3 million, respectively, of distributions from investments, of which $13.5 million and $6.3 million, respectively, was classified as a return of capital. Because our equity investments are in private portfolio companies, there is no recognition of distribution income by us for the income generated by the portfolio companies during the quarter, with such income typically recognized by us in the following quarter when the distribution is declared by the portfolio company.

For the three months ended March 31, 2026, interest income was $22.8 million, an increase of $21.7 million from $1.1 million in the comparable period in 2025 due to the increase in the average bank balances and building a liquid credit portfolio during 2025 and 2026.

For the three months ended March 31, 2026, other income was $15.0 million, an increase of $15.0 million from $0.0 million for the comparable period in 2025 due to receipt of a deal termination fee in 2026.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

*Operating Expenses*

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | $16665 | $3968 |
| &nbsp;&nbsp;&nbsp;Management fees | 8476 | 882 |
| &nbsp;&nbsp;&nbsp;Income based fee | 1983 |  |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee | 1011 | 2008 |
| &nbsp;&nbsp;&nbsp;Administration fees | 868 | 852 |
| &nbsp;&nbsp;&nbsp;Offering expense | 502 | 1017 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing and distribution fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D | 1 |  |
| &nbsp;&nbsp;&nbsp;Legal expenses | 4175 | 768 |
| &nbsp;&nbsp;&nbsp;Other general and administrative | 1469 | 277 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | **35403** | **9772** |
| &nbsp;&nbsp;&nbsp;Less: Expense support | (2631) | (2908) |
| &nbsp;&nbsp;&nbsp;Less: Management fee waiver |  | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | **32772** | **6701** |
| **Net investment income/(loss) before income taxes** | **32247** | **(5637)** |
| &nbsp;&nbsp;Income tax benefit/(expense) | (3524) | (2354) |
| **Net investment income/(loss)** | $**28723** | $**(7991)** |

---

For the three months ended March 31, 2026, interest expense was $16.7 million, an increase of $12.7 million from $4.0 million for the comparable period in 2025 due to the addition of the Aspen Credit Agreement, ACI Portfolio Aggregator Credit Agreement, Tango Credit Agreement, BNP Funding Facility and Pioneer Credit Agreement.

For the three months ended March 31, 2026, management fees were $8.5 million, an increase of $7.6 million from $0.9 million for the comparable period in 2025 due to the increase in equity, mainly driven by Shareholder capital contributed during 2025 and 2026.

For the three months ended March 31, 2026, legal expenses were $4.2 million, an increase of $3.4 million from $0.8 million for the comparable period in 2025 primarily due to costs incurred in connection with transactions that were terminated during the quarter. These expenses were more than offset by $15.0 million of deal termination fee income recognized in other income, resulting in a net positive impact on net investment income for the period. Such deal-related costs and fees may vary significantly from period to period and are dependent on transaction activity and outcomes.

For the three months ended March 31, 2026, the capital gains incentive fee accrued in accordance with GAAP was $1.0 million, a decrease of $1.0 million from $2.0 million for the comparable period in 2025 primarily due to the increase in the deferred tax liability, net in 2026. The capital gains incentive fee accrued under GAAP includes an accrual related to unrealized capital appreciation, whereas the capital gains incentive fee actually payable under our Investment Advisory Agreement does not. There can be no assurance that such unrealized capital appreciation will be realized in the future. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. As of March 31, 2026, there was $12.4 million of capital gains incentive fee accrued in accordance with GAAP. As of March 31, 2026, there was no capital gains incentive fee actually payable under our Investment Advisory Agreement. See Note 3. Agreements and Organizational Documents to our consolidated financial statements for the three months ended March 31, 2026 and 2025, for more information on the base management fee, income-based fee and capital gains incentive fee.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

*Realized and Unrealized Gains/(Losses) on Investments and Derivatives*

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **Realized and unrealized gains/(losses) on investment and derivatives** |  |  |
| Net realized gains/(losses): |  |  |
| &nbsp;&nbsp;Investments | $83 | $— |
| &nbsp;&nbsp;Derivatives | 112 | 919 |
| Net realized gains | **195** | **919** |
| Net unrealized gains/(losses): |  |  |
| &nbsp;&nbsp;Investments | 41304 | 20122 |
| &nbsp;&nbsp;Derivatives | 2239 | (4978) |
| &nbsp;&nbsp;Income tax expense | (17499) |  |
| Net unrealized gains | **26044** | **15144** |
| **Net realized and unrealized gains on investments and derivatives** | $**26239** | $**16063** |

---

For the three months ended March 31, 2026, unrealized gains on investments were $41.3 million, an increase of $21.2 million from $20.1 million for the comparable period in 2025 due to the net increase in fair value of the portfolio's investments. For the three months ended March 31, 2026, the cost basis of investments increased from $2,988.7 million to $3,293.6 million and the number of equity investments increased from seven to eight.

For the three months ended March 31, 2026, unrealized gains on derivatives were $2.2 million, an increase of $7.2 million from a loss of $5.0 million for the comparable period in 2025 due to the fluctuations in market interest rates which impacted the value of the interest rate swaps. For the three months ended March 31, 2026, income tax expense was $17.5 million, an increase of $17.5 million from $0.0 million for the comparable period in 2025 due to the deferred tax liability on investments and interest rates swaps.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**Financial Condition, Liquidity and Capital Resources**

Our current liquidity and capital resources are generated primarily from the proceeds received from the sale of our Shares pursuant to our Private Offering at a price per Share equal to the then-current NAV per Share and cash flows from our operations. Further, we expect to generate additional liquidity and capital resources from the net proceeds of the Private Offering and, any future offerings of our debt or equity securities, and any financing arrangements we may enter into in the future. We believe we have sufficient liquidity to operate our business, with $865.0 million of immediate liquidity as of March 31, 2026, comprised of cash and cash equivalents. In addition to our immediate liquidity, as of March 31, 2026, we had approximately $899.7 million available for borrowing through our credit arrangements which are subject to various draw covenants.

Our primary uses of cash and cash equivalents are for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying our Adviser and our Administrator), (iii) cost of any borrowings or other financing arrangements, if any and (iv) cash distributions to the holders of our Shares.

In accordance with the 1940 Act, we may borrow amounts such that our asset coverage calculated pursuant to the 1940 Act, is at least 150% (or 200% if certain requirements under the 1940 Act are not met) immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). As of March 31, 2026, we had $1,060.8 million in total aggregate principal debt outstanding, $4,365.6 million of total assets, $0.2 million of liabilities (other than indebtedness) and our asset coverage ratio was 395%.

We have commenced a Share repurchase program, pursuant to which we intend to offer to repurchase, at the discretion of our Board, up to 5% of our Shares outstanding in each quarter. We may from time to time seek to retire or repurchase our Shares through cash purchases, as well as retire, cancel or purchase any of our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. In addition, we may from time to time enter into new debt facilities, increase the size of existing facilities or issue debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of our Shares or outstanding debt, or incurrence or issuance of additional debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

**Equity Capital Activities**

We hold monthly closings for our Private Offering, in connection with which we will issue Shares to investors for immediate cash investment. Each of our closings in connection with the Private Offering will be conducted in reliance on exemptions from the registration requirements of the 1933 Act, including the exemption provided by Section 4(a)(2) of the 1933 Act and Regulation D promulgated thereunder, and other exemptions from the registration requirements of the 1933 Act. We reserve the right to conduct additional offerings of securities in the future in addition to the Private Offering. In addition, although we intend to issue Shares on a monthly basis, we also retain the right, if determined in our sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by us, more or less frequently to one or more investors for regulatory, tax or other reasons.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

The following table summarizes transactions in Shares during the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
| | **Shares** | **Amount** |
| **Class I** | | |
| Subscriptions | 37233870 | $930749 |
| Distributions reinvested | 707906 | 17694 |
| Share transfers between classes | 9984 | 249 |
| Repurchased shares, net of early repurchase deductions | (658356) | (16375) |
| Dividends declared and payable |  | (66221) |
| Net increase | **37293404** | **866096** |
| **Class S** |  |  |
| Subscriptions | 4663407 | 116553 |
| Distributions reinvested | 32877 | 821 |
| Repurchased shares, net of early repurchase deductions |  |  |
| Dividends declared and payable |  | (2767) |
| Net increase | **4696284** | **114607** |
| **Class D** |  |  |
| Subscriptions |  |  |
| Distributions reinvested | 400 | 10 |
| Share transfers between classes | (9984) | (249) |
| Repurchased shares, net of early repurchase deductions |  |  |
| Dividends declared and payable |  | (14) |
| Net decrease | **(9584)** | **(253)** |
| **Total net increase** | **41980104** | $**980450** |

---

<sup>(1)</sup> See "Recent Developments" as well as "Note 13. Subsequent Events" to our unaudited consolidated financial statements for subsequent events relating to subscription activities.

<sup>(2)</sup> As of March 31, 2026, there have been no Class N Shares sold.

***NAV Per Share and Offering Price***

We determine NAV for our Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first business day of each month. The following table summarizes each month-end NAV per Share for the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| | **Class I** | **Class S** | **Class D** | **Class N** |
| January 31, 2026 | $25.0263 | $25.0263 | $25.0263 | $— |
| February 28, 2026 | 24.9252 | 24.9252 | 24.9252 |  |
| March 31, 2026 | 24.9176 | 24.9176 | 24.9176 |  |

---

***Distributions***

We have declared distributions each month beginning December 2024 and, to the extent that we have excess cash flows, we intend to continue making monthly distributions to our shareholders. Distributions to our shareholders are recorded on the record date. All distributions will be paid at the sole discretion of the Board and will depend on our earnings, financial condition, tax considerations, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

The following tables present our distributions that were declared and payable for the three months ended March 31, 2026 ($ in thousands, except per Share amount):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution per Share** | **Distribution Amount** |
| November 07, 2025 | January 30, 2026 | February 23, 2026 | $0.20830 | $19140 |
| November 07, 2025 | February 27, 2026 | March 25, 2026 | 0.20830 | 22271 |
| November 07, 2025 | March 31, 2026 | April 23, 2026 | 0.20830 | 24810 |
|  |  |  | $**0.62490** | $**66221** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution per Share** | **Distribution Amount** |
| November 07, 2025 | January 30, 2026 | February 23, 2026 | $0.19022 | $635 |
| November 07, 2025 | February 27, 2026 | March 25, 2026 | 0.19198 | 898 |
| November 07, 2025 | March 31, 2026 | April 23, 2026 | 0.19031 | 1234 |
|  |  |  | $**0.57251** | $**2767** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution per Share** | **Distribution Amount** |
| November 07, 2025 | January 30, 2026 | February 23, 2026 | $0.20298 | $5 |
| November 07, 2025 | February 27, 2026 | March 25, 2026 | 0.20350 | 5 |
| November 07, 2025 | March 31, 2026 | April 23, 2026 | 0.20301 | 4 |
|  |  |  | $**0.60949** | $**14** |

---

<sup>(1)</sup> See "Recent Developments" as well as "Note 13. Subsequent Events" to our unaudited consolidated financial statements for a subsequent event relating to regular distributions declared by our Board.

***Distribution Reinvestment Plan***

We have adopted a distribution reinvestment plan, pursuant to which we reinvest cash distributions declared by us on behalf of our shareholders unless such shareholders elect for their distributions not to be automatically reinvested. As a result, if the Board authorizes, and we declare, a cash distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash distribution. Distributions on fractional Shares will be credited to each participating shareholder's account. The purchase price for Shares issued under our distribution reinvestment plan will be equal to the most recent available NAV per Share for such Shares at the time the distribution is payable.

***Share Repurchase Program***

We have commenced a Share Repurchase Program pursuant to which we intend to offer to repurchase, at the discretion of our Board, up to 5% of our Shares outstanding (either by number of Shares or aggregate NAV) as of the close of the previous calendar quarter. We may from time to time seek to retire or repurchase our Shares through cash purchases, as well as retire, cancel or purchase any of our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material.

In accordance with the Share Repurchase Program, Shares repurchased in our tender offer completed during the three months ended March 31, 2026 were repurchased using a purchase price equal to the NAV per Share as of the last calendar day of the applicable month designated by the Board, except that we deducted 2.00% from such NAV for Shares that were not outstanding for at least one year.

We adopted a plan pursuant to Rule 18f-3 under the Investment Company Act so that we may issue multiple classes of Shares (the "Multiple Class Plan"), which provides that the Early Repurchase Deduction holding period ends on the one-year anniversary of the subscription closing date and the Early Repurchase Deduction will not apply to Shares acquired through our distribution reinvestment plan. The Early Repurchase Deduction may be waived in the case of repurchase requests: (i) arising from the death or qualified disability of the holder; (ii) due to trade or operational errors; (iii) submitted by discretionary model portfolio management programs (and similar arrangements); (iv) from feeder funds (or similar vehicles) primarily created to hold our Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; and (v) in the event that a shareholder's Shares are repurchased because the shareholder has failed to maintain a minimum account balance. The Early Repurchase Deduction is retained by us for the benefit of remaining shareholders.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

The following table presents the Share repurchases completed during the three months ended March 31, 2026 (dollar amounts in thousands except per Share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Pricing Date** | **Total Number of Shares Repurchased** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Repurchase Request Deadline** | **Purchase Price Per Share** | **Amount Repurchased (All Classes)** <sup>(2)</sup> | **Maximum number of shares that may yet be purchased under the repurchase program** <sup>(3)</sup> |
| February 27, 2026 | 658356 | 0.59% | March 20, 2026 | $24.9252 | $16375 |  |

---

(1) Percentage is based on total Shares outstanding as of the close of business on the last calendar day of the month preceding the applicable repurchase pricing date.

(2) Amount shown net of the Early Repurchase Deduction.

(3) All repurchase requests were satisfied in full.

**Credit Agreements**

The following table summarizes the average outstanding amount and rate for each of our credit agreements for the three months ended March 31, 2026 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | | **2026** | **2026** | **2025** | **2025** |
| |<br>**Maturity Date** | **Average Outstanding Amount** | **Average Rate** | **Average Outstanding Amount** | **Average Rate** |
| Denali Credit Agreement | 09/2029 | $206527 | 5.69% | $212504 | 6.36% |
| Aspen Credit Agreement | 03/2030 | 224481 | 5.39 | 10000 | 6.07 |
| ACI Portfolio Aggregator Credit Agreement | 04/2027 | 20000 | 6.29 |  |  |
| Tango Credit Agreement | 07/2030 | 184750 | 5.18 |  |  |
| BNP Funding Facility | 03/2028 | 200000 | 4.93 |  |  |
| Pioneer Credit Agreement | 10/2030 | 226000 | 5.18 |  |  |
| **Total** |  | $**1061758** | **5.30%** | $**222504** | **6.35%** |

---

**Denali Credit Agreement**

Our indirect and direct wholly-owned subsidiaries ACI Denali Member, LLC and ACI Denali Holdings, LLC (together, "ACI Denali"), and Ares Denali Member, LLC (together with ACI Denali, the "Denali Co-Borrowers"), an affiliated entity managed by an affiliate of the Adviser, are party to a Credit Agreement (the "Denali Credit Agreement"), dated as of September 11, 2024, with MUFG Bank, LTD, as Administrative Agent ("MUFG"), and BNP Paribas, as Collateral Agent, the lenders from time to time party to the Denali Credit Agreement and certain other signatories thereto. The Denali Credit Agreement is related to ACI Denali's investment in a portfolio company and ACI Denali's portion includes a $205.6 million term loan (the "Denali Term Loan"), of which $205.6 million was drawn as of March 31, 2026, and a $10.2 million debt service letters of credit facility ("Denali DSR LC Facility"), of which nothing was drawn as of March 31, 2026. As of December 31, 2025, $208.0 million was drawn on the Denali Term Loan and nothing was drawn on the Denali DSR LC Facility. The remaining portion of the Denali Credit Agreement and Denali DSR LC Facility are with Ares Denali Member, LLC. Outstanding borrowings under the Denali Term Loan bear interest annually at the Daily Compounded Secured Overnight Financing Rate ("SOFR") plus 2.00%, with a 0.125% step-up after three years. ACI Denali will make interest payments quarterly, which payments began in February 2025. The Denali DSR LC Facility is to provide letters of credit ("Denali LC") or loans for draws under such Denali LC to support contractual obligations related to the minimum debt service reserve amount under the Denali Credit Agreement. Denali LC fees are payable quarterly in arrears, at an amount equal to 0.5% multiplied by the stated amount of the Denali LC.

The Denali Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Denali Co-Borrowers, and (b) all tangible and intangible assets of the Denali Co-Borrowers. Under the Denali Credit Agreement, the Denali Co-Borrowers have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The Denali Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Denali Co-Borrowers, the Denali Credit Agreement is non-recourse to any upstream affiliate of the Denali Co-Borrowers, including to us.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**Aspen Credit Agreement**

On March 14, 2025, Ares Aspen Member LLC as borrower (the "Aspen Borrower") and Ares Aspen Holdings LLC as pledgor (the "Aspen Pledgor"), each our wholly-owned subsidiary, entered into a Credit Agreement (as amended, the "Aspen Credit Agreement") with MUFG, as Administrative Agent, and BNP Paribas, as Collateral Agent, the lenders from time to time party to the Aspen Credit Agreement and certain other signatories thereto. The Aspen Credit Agreement is related to the Aspen Borrower's investment in two portfolio companies of the Fund.

On March 13, 2026 (the "Aspen Amendment Effective Date"), the Aspen Borrower and the Aspen Pledgor entered into the First Amendment to the Aspen Credit Agreement (the "First Aspen Amendment").

The First Aspen Amendment, among other things, provides for an additional (a) $249.9 million delayed draw term loan, and (b) $16.1 million debt service letters of credit facility. After giving effect to the First Aspen Amendment, the Aspen Credit Agreement provides for an aggregate term loan facility of approximately $478.0 million (the "Aspen Term Loan"), of which $224.5 million was drawn as of March 31, 2026, and debt service letters of credit facility of $31.7 million ("Aspen DSR LC Facility"), of which nothing was drawn as of March 31, 2026. As of December 31, 2025, $224.5 million was drawn on the Aspen Term Loan and nothing was drawn on the Aspen DSR LC Facility. Pursuant to the terms of the First Aspen Amendment, the interest rate charged on outstanding borrowings under the Aspen Credit Agreement for the period from the Aspen Amendment Effective Date until March 14, 2028 decreased from SOFR plus 1.75% to SOFR plus 1.625%, with a 0.125% step-up after March 14, 2028 and outstanding undrawn commitments under the Aspen Term Loan have a commitment fee of 0.60% annually. In addition, pursuant to the terms of the First Aspen Amendment, the rate for Aspen DSR LC Facility fees under the Aspen Credit Agreement decreased from 1.725% to 1.625%, in each case multiplied by the stated amount of the applicable letter of credit and with a 0.125% step-up after March 14, 2028.

The Aspen Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Aspen Borrower, and (b) all tangible and intangible assets of the Aspen Borrower. Under the Aspen Credit Agreement, the Aspen Borrower and the Aspen Pledgor, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The Aspen Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Aspen Borrower, the Aspen Credit Agreement is non-recourse to any upstream affiliate of the Aspen Borrower, including to us.

**ACI Portfolio Aggregator Credit Agreement**

On April 14, 2025, ACI Portfolio Aggregator SPV LLC, as borrower ("ACI Portfolio Aggregator"), our wholly-owned subsidiary, entered into a Revolving Credit Agreement that provides a revolving line of credit (as amended, the "ACI Portfolio Aggregator Credit Agreement") by and among ACI Portfolio Aggregator, NatWest Markets Plc ("NatWest"), as administrative agent, and the lenders from time to time party thereto. On March 25, 2026 ACI Portfolio Aggregator increased the aggregate amount of total commitments available under the ACI Portfolio Aggregator Credit Agreement from $50.0 million to $200.0 million. There were $20.0 million in borrowings drawn on the ACI Portfolio Aggregator Credit Agreement as of March 31, 2026 and December 31, 2025.

Borrowings under the ACI Portfolio Aggregator Credit Agreement may take the form of base rate loans or SOFR loans, at the option of the ACI Portfolio Aggregator. Base rate loans will bear interest at a rate per annum equal to (a) the Base Rate (as defined in the ACI Portfolio Aggregator Credit Agreement), which is subject to a floor of 0.00% per annum, plus (b) an applicable margin of 1.60% per annum. SOFR loans will bear interest at a rate per annum equal to (a) Term SOFR (as defined in the ACI Portfolio Aggregator Credit Agreement) for a period of one, three or six months (as selected by ACI Portfolio Aggregator), subject to a floor of 0.00% per annum, plus (b) an applicable margin of 2.60% per annum. The $20.0 million amount outstanding was drawn as a SOFR loan.

The ACI Portfolio Aggregator Credit Agreement contains various representations and warranties, affirmative covenants, and negative covenants, which are typical for this type of revolving facility.

All obligations under the ACI Portfolio Aggregator Credit Agreement and the other loan documents are secured by a first priority perfected lien on, and security interest in, (i) all membership interests of ACI Portfolio Aggregator owned by us, including all proceeds thereof, and (ii) a certain collateral account of ACI Portfolio Aggregator, and all sums or other property now or at any time hereafter on deposit therein, subject to certain exceptions. Other than with respect to the pledge of the equity interests of the ACI Portfolio Aggregator, the ACI Portfolio Aggregator Credit Agreement is otherwise non-recourse to any upstream affiliate of ACI Portfolio Aggregator, including to us.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**Tango Credit Agreement** 

On July 28, 2025, ACI Tango Member, LLC, as borrower ("ACI Tango"), and ACI Tango Holdings, LLC, as pledgor ("ACI Tango Holdings"), each our wholly-owned subsidiary, entered into a Credit Agreement (the "Tango Credit Agreement", with Canadian Imperial Bank of Commerce, New York Branch, as Administrative Agent ("CIBC"), U.S. Bank National Association, as Collateral Agent, the lenders from time to time party to the Tango Credit Agreement and certain other signatories thereto. The Tango Credit Agreement is related to ACI Tango's investment in one of our portfolio companies and includes a $334.8 million delayed draw term loan (the "Tango Term Loan"), of which $184.8 million was drawn as of March 31, 2026, and a $18.8 million debt service letters of credit facility ("Tango DSR LC Facility"), of which nothing was drawn as of March 31, 2026. As of December 31, 2025, $184.8 million was drawn on the Tango Term Loan and nothing was drawn on the Tango DSR LC Facility. Borrowings under the Tango Credit Agreement may take the form of Base Rate Loans (as defined in the Tango Credit Agreement) or SOFR loans, at the option of ACI Tango. Outstanding borrowings under the Tango Term Loan Facility bear interest annually at (i) for SOFR loans, the SOFR plus 1.50%, and (ii) for the Base Rate Loans, a fluctuating rate determined by reference to the Adjusted Base Rate (as defined in the Tango Credit Agreement) plus 0.50%, each with a 0.125% step-up after three years. The $184.8 million amount outstanding was drawn as a SOFR loan. Outstanding undrawn commitments under the Tango Term Loan Facility have a commitment fee of 0.50% annually. ACI Tango will make interest payments quarterly, which payments began in November 2025. The Tango DSR LC Facility provides letters of credit ("LC") or loans for draws under such LC to support contractual obligations related to the minimum debt service reserve amount under the Tango Credit Agreement. LC fees are payable quarterly in arrears, at an amount equal to 1.50% multiplied by the stated amount of the LC, with a 0.125% step-up after three years.

The Tango Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of ACI Tango, (b) all of the equity interests of Tango Holdings, LLC owned by ACI Tango and (c) all tangible and intangible assets of ACI Tango and the equity interests of ACI Tango owned by the ACI Tango Holdings. Under the Tango Credit Agreement, ACI Tango and ACI Tango Holdings, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The Tango Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of ACI Tango, the Tango Credit Agreement is non-recourse to any upstream affiliate of ACI Tango, including to us.

**BNP Funding Facility and Contribution Agreement**

On September 23, 2025, we entered into a Revolving Credit and Security Agreement (the "BNP Funding Facility", and together with the ACI Portfolio Aggregator Credit Agreement, the "Revolving Credit Facilities") with ACI Liquid Aggregator SPV, LLC, our wholly owned subsidiary, as borrower (the "BNP Borrower"), us, as equityholder and servicer, the lenders from time to time party thereto, BNP Paribas, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent, that (i) provides a facility amount of $200.0 million and (ii) has a reinvestment period ending on September 23, 2027. In addition, on September 23, 2025, the Fund, as transferor, and the BNP Borrower, as transferee, entered into a Contribution Agreement, pursuant to which we will transfer to the BNP Borrower certain originated or acquired loans and related assets (collectively, the "BNP Loans") from time to time.

The obligations of the BNP Borrower under the BNP Funding Facility are secured by substantially all assets held by the BNP Borrower, including the BNP Loans. The interest rate charged on the BNP Funding Facility is based on SOFR plus an applicable margin of 1.25%. In addition, the BNP Borrower is required to pay, among other fees, a commitment fee of up to 0.50% per annum on any excess unused portion of the BNP Funding Facility and, subject to certain exceptions, a one-time facility reduction fee if the BNP Funding Facility is terminated or there are certain reductions in commitments under the BNP Funding Facility, which facility reduction fee would be equal to the cumulative amount of the commitment fee that would have otherwise been payable from the date of any such termination or reduction through the end of the reinvestment period. Under the BNP Funding Facility, we and the BNP Borrower, as applicable, have made representations and warranties regarding our and their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The BNP Funding Facility includes usual and customary events of default for facilities of this nature. There were $200.0 million in borrowings drawn on the BNP Funding Facility as of March 31, 2026 and December 31, 2025.

Proceeds from the BNP Funding Facility must be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans, pay certain fees and expenses and make permitted distributions. Other than with respect to the pledge of the equity interests of the BNP Borrower, the BNP Funding Facility is non-recourse to any upstream affiliates of the BNP Borrower, including to us.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**Pioneer Credit Agreement** 

On October 3, 2025, ACI Pioneer Member, LLC as borrower (the "Pioneer Borrower") and ACI Pioneer Holdings, LLC as pledgor (the "Pioneer Pledgor"), each our wholly-owned subsidiary, entered into a credit agreement (the "Pioneer Credit Agreement") and together with the Denali Credit Agreement, the Aspen Credit Agreement and the Tango Credit Agreement, the "Investment Credit Facilities") with Natixis, New York Branch as administrative agent and collateral agent ("Natixis") and Société Générale as coordinating lead arranger and bookrunner (together with Natixis in the same roles). The Pioneer Credit Agreement is related to Pioneer Borrower's investment in one of our portfolio investments and includes a $542.2 million delayed draw term loan facility (the "Pioneer Term Loan"), of which $226.0 million was drawn as of March 31, 2026, and a $23.5 million debt service reserve letter of credit facility (the "Pioneer DSR LC Facility"), of which nothing was drawn as of March 31, 2026. As of December 31, 2025, $226.0 million was drawn on the Pioneer Term Loan and nothing was drawn on the Pioneer DSR LC Facility.

Borrowings under the Pioneer Term Loan bear interest annually at a rate equal to daily compounded SOFR plus 1.50% per annum, with a step up of 0.125% after three years and outstanding undrawn commitments under the Pioneer Term Loan facility have a commitment fee of 0.50% annually on the average daily unused amount. The Pioneer Borrower began making interest payments quarterly in January 2026, and ending on the maturity date in accordance with an amortization schedule attached to the Pioneer Credit Agreement.

The Pioneer DSR LC Facility provides letters of credit or loans for draws under such LC to support contractual obligations related to the minimum debt service reserve amount under the Pioneer Credit Agreement. An LC commitment fee is due in respect of unused LC commitments in an amount of 0.50% multiplied by the average unused daily LC commitments. LC fees follow the applicable margin of the Pioneer Term Loan, payable quarterly in arrears, at an amount equal to 1.50% annually multiplied by the stated amount of the LC, with a 0.125% step up after three years.

The Pioneer Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Pioneer Borrower, (b) all of the equity interests of Pioneer JV Holdings, LLC, one of our portfolio investments, owned by the Pioneer Borrower and (c) all tangible and intangible assets of the Pioneer Borrower and the equity interests of the Pioneer Borrower owned by the Pioneer Pledgor. Under the Pioneer Credit Agreement, the Pioneer Borrower and the Pioneer Pledgor, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The Pioneer Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Pioneer Borrower, the Pioneer Credit Agreement is non-recourse to any upstream affiliate of the Pioneer Borrower, including to us.

**Rover Credit Agreement**

See "Recent Developments" for a subsequent event relating to the acquisition of two wholly owned indirect subsidiaries who are parties to the Rover Credit Agreement (as defined below).

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**Critical Accounting Estimates**

Our discussion and analysis of our financial condition and results of operations are based on our unaudited consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The preparation of these unaudited consolidated financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. The critical accounting estimates should be read in conjunction with the risk factors elsewhere in this Quarterly Report. See "Note 2. Significant Accounting Policies" to our unaudited consolidated financial statements for more information on our critical accounting policies.

***Investments***

We value our investments in accordance with Section 2(a)(41) of the 1940 Act and Rule 2a-5 thereunder, which sets forth requirements for determining fair value in good faith. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Adviser as its "Valuation Designee" to perform fair value determinations for investments held by us without readily available market quotations, subject to the oversight by our Board. Investments for which market quotations are readily available will typically be valued at such market quotations. In order to validate market quotations, the Valuation Designee, will review a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity investments that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined in good faith by the Adviser, as our Valuation Designee, subject to the Board's oversight, based on, among other things, the input of the Fund's independent third-party valuation firm that has been engaged to support the valuation of such portfolio investments by providing positive assurance monthly and an independent valuation at least semiannually (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. However, we may use these independent valuation firms to review the value of our investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment.

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as our Valuation Designee to perform fair value determinations for investments held by us without readily available market quotations, subject to the oversight of the Board. All investments are recorded at fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our Board, based on, among other things, the input of our independent third-party valuation providers ("IVPs") that have been engaged to support the valuation of such portfolio investments. However, the Valuation Designee may use these independent valuation firms to review the value of our investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment.

Investments in our portfolio that do not have readily available market quotations (i.e., substantially all of our investments) are valued at fair value as determined in good faith by our Valuation Designee, as described herein. As part of the valuation process for investments that do not have readily available market prices, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate its valuation.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotations, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

The Valuation Designee, subject to the oversight of the Board, undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with our portfolio management team and valuation team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary valuations are reviewed and discussed by the valuation committee of the Valuation Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Valuation Designee will provide all relevant information related to the portfolio investments for the IVP to independently provide positive assurance on the valuation approach and inputs (monthly), provide positive assurance on the valuation of all positions (quarterly), and estimate a range of fair values (at least semiannually) for each investment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Monthly, the IVP reviews and analyzes the data provided by the Valuation Designee, including the reasonableness of the valuation approach, as well as the mathematical accuracy and the appropriateness and supportability of inputs and assumptions, and provides positive assurance on the valuation approach and inputs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Quarterly, the IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and provides positive assurance on the valuation of all positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ At least semiannually, the IVP independently determines a range of fair values for each of the portfolio investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ the IVP provides a report for all investments reviewed to the Valuation Designee containing the IVP's conclusions from the positive assurance procedures or the independent range of value analysis, whichever is applicable for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The valuation committee of the Valuation Designee determines the fair value of each investment in our portfolio without a readily available market quotation in good faith based on, among other things, the input of the IVPs, where applicable.

When the Valuation Designee determines the fair value of each investment as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Valuation Designee will generally update the value of such assets using the same set of information that was used in performing the most recent quarterly valuation. Should the Valuation Designee determine that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in public equity valuations, secondary market transaction in the securities of an investment, comparable transactions, or otherwise), the Valuation Designee will determine whether to determine the fair value for each relevant investment using data that has been updated for the impact of the significant observable change.

***Fair Value of Financial Instruments***

We follow ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASC 825-10"), which provides funds the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between funds that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of our choice to use fair value on its

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. We have not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value.

Investments held by us are valued in accordance with Section 2(a)(41) of the 1940 Act and Rule 2a-5 thereunder and the provisions of ASC 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires us to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, we have considered its principal market as the market in which we exit our portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ the net asset valuation policy and procedures that have been reviewed by the Board and are consistent with the provisions of Rule 2a-5 under the 1940 Act and ASC 820-10. Consistent with its valuation policies and procedures, the Valuation Designee will evaluate the source of inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Where there may not be a readily available market value for some of the investments in our portfolio, the fair value of a portion of our investments may be determined using unobservable inputs.

Our portfolio investments classified as Level 3 are typically valued using an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary technique for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions).

See "Note 8. Fair Value of Financial Instruments" to our unaudited consolidated financial statements for more information on our valuation process.

**Recent Developments**

*April Capital Raise*

In our monthly closing for April 2026, we issued and sold 12,564,204 Shares (consisting of 10,534,472 Class I Shares, 4,013 Class D Shares and 2,025,719 Class S Shares at an offering price of $24.9176 per Share for each class), and received approximately $313.1 million as payment for such Shares.

*May Capital Raise*

We received approximately $712.6 of net proceeds relating to the issuance of Class I Shares, Class D Shares, Class N Shares and Class S Shares for our May closing. The purchase price per Class I Share, Class D Share, Class N Share and Class S Share will equal the NAV per Class I Share, Class D Share, Class N Share and Class S Share, respectively, as of the last calendar day of April 2026 (the "April NAV"), which is generally expected to be available within 20 business days after May 1, 2026. At that time, the number of Class I Shares, Class D Shares, Class N Shares and Class S Shares issued to each investor based on the April NAV and such investor's subscription amount will be determined and Class I Shares, Class D Shares, Class

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

N Shares and Class S Shares as applicable, will be credited to the investor's account as of the effective date of the share purchase.

*Rover Credit Agreement*

On April 28, 2026, in connection with our investment in a portfolio company, we acquired two wholly owned indirect subsidiaries, BCP Renaissance Parent L.L.C. (the "Rover Borrower") and BCP Renaissance, L.L.C. (the "Rover Borrower Subsidiary"), who are parties to a Credit Agreement, dated as of October 31, 2017 (as amended, the "Rover Credit Agreement"). The Rover Credit Agreement includes a senior secured term loan B facility (the "Rover Term Loans"), with an aggregate outstanding principal amount of approximately $1.09 billion as of March 31, 2026. Outstanding borrowings under the Rover Credit Agreement bear interest annually at (i) for SOFR loans, the SOFR plus 2.25%, subject to a 1.00% floor, and (ii) for Base Rate Loans (as defined in the Rover Credit Agreement), a fluctuating rate determined by reference to the Base Rate (as defined in the Rover Credit Agreement) plus 1.25%, subject to a 2.00% floor. The Rover Borrower is required to repay the Term Loans in quarterly installments of 0.25% of the aggregate outstanding principal amount, with the remaining balance due on the maturity date of October 31, 2031.

The Rover Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Rover Borrower Subsidiary and 49.9% of the equity interests of ET Rover Pipeline LLC ("Rover Pipeline"), and (b) all tangible and intangible assets of the Rover Borrower and Rover Borrower Subsidiary. Under the Rover Credit Agreement, the Rover Borrower and the Rover Borrower Subsidiary, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The Rover Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Rover Borrower Subsidiary and Rover Pipeline, the Rover Credit Agreement is non-recourse to any upstream affiliate of the Rover Borrower, including us.

In connection with the Rover Credit Agreement, the Rover Borrower entered into an interest rate swap with Morgan Stanley Capital Services LLC ("Morgan Stanley") to exchange the SOFR rate in the Term Loans with a fixed rate for $750.0 million of the outstanding borrowings under the Term Loans. The all-in fixed rate for Morgan Stanley is 3.7566%. The interest rate swap has a termination date on June 30, 2026.

*Distributions*

We have announced the declaration of regular monthly gross distributions for April, May, June, July, August and September 2026, in each case for our Class I Shares, Class D Shares, Class N Shares and Class S Shares in the amounts per Share set forth below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross Distribution Per Common Share** | **Gross Distribution Per Common Share** | **Gross Distribution Per Common Share** | **Gross Distribution Per Common Share** |
|<br>**Record Date** |<br>**Payment Date**<sup>(1)</sup> | **Class I** | **Class S** | **Class D** | **Class N** |
| April 30, 2026 | May 21, 2026 | $0.20830 | $0.20830 | $0.20830 | $0.20830 |
| May 29, 2026 | June 24, 2026 | 0.20830 | 0.20830 | 0.20830 | 0.20830 |
| June 30, 2026 | July 23, 2026 | 0.20830 | 0.20830 | 0.20830 | 0.20830 |
| July 31, 2026 | August 21, 2026 | 0.20830 | 0.20830 | 0.20830 | 0.20830 |
| August 31, 2026 | September 23, 2026 | 0.20830 | 0.20830 | 0.20830 | 0.20830 |
| September 30, 2026 | October 23, 2026 | 0.20830 | 0.20830 | 0.20830 | 0.20830 |

---

<sup>(1)</sup> The distributions on our Shares will be paid on or about the payment dates set above.

These distributions will be paid in cash or reinvested in the Shares for shareholders participating in our distribution reinvestment plan. The net distributions to be received by shareholders of the Class D Shares, Class N Shares and Class S Shares will be equal to the gross distribution in the table above, less specific shareholder servicing and/or distribution fees applicable to such class as of their respective record dates. Class I Shares have no shareholder servicing and/or distribution fees. As of April 30, 2026, there were no Class N Shares outstanding.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, the conflicts in the Middle East and concerns over future increases in inflation or adverse investor sentiment generally introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below. For more information concerning these risks and their potential impact on our business and our operating results, see "Item 1A. Risk Factors—General Risk Factors—Difficult market and political conditions may adversely affect our businesses in many ways, including by reducing the value or hampering the performance of our investments or reducing our ability to raise or deploy capital, each of which could have a significant adverse effect on our business, financial condition and results of operations," "Item 1A. Risk Factors—Risks Relating to Our Investments—Economic recessions or downturns could impair our portfolio companies and harm our operating results" and "Risk Factors—Risks Relating to Our Business and Structure—Inflation may adversely affect our business, results of operations and financial condition of our portfolio companies." in our <u>[Annual](https://www.sec.gov/Archives/edgar/data/2031750/000203175026000015/aci-20251231.htm)[Report](https://www.sec.gov/Archives/edgar/data/2031750/000203175026000015/aci-20251231.htm)</u>.

*Investment Valuation Risk*

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by the Adviser, as our Valuation Designee, subject to the oversight of our Board, based on, among other things, the input of the independent third-party valuation firms that have been engaged to support the valuation of each portfolio investment without a readily available market quotation by providing positive assurance monthly and an independent valuation at least semiannually (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations*—*Critical Accounting Estimates" as well as "Note 2. Significant Accounting Policies" and "Note 8. Fair Value of Financial Instruments" to our unaudited consolidated financial statements for more information relating to our investment valuation.

*Interest Rate Risk*

In addition to other sources of financings, we use variable rate debt to finance our operations which exposes us to fluctuations in interest rates. Interest rate changes on the variable portion of our consolidated variable-rate debt could impact our future earnings and cash flows, but would not necessarily affect the fair value of such debt. We manage our exposure to interest rate fluctuations by entering into derivative instruments such as interest rate swaps. These contracts reduce exposure to interest rate volatility and result in primarily fixed rate debt obligations when taking into account the combination of the variable rate debt and the interest rate derivative instrument. See "Note 6. Derivative Instruments" to our unaudited consolidated financial statements for more information relating to our derivative instruments. A hypothetical 25 basis points increase in the all-in rate on the outstanding balance of our consolidated variable interest rate debt as of March 31, 2026, would increase our annual interest expense by approximately $2.7 million. In addition, we have invested in debt securities with a total fair value of approximately $809.6 million, which can offset the interest rate risk associated with our variable interest rate borrowings.

**Item 4. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "1934 Act")) that are designed to ensure that information required to be disclosed in our reports under the 1934 Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officers and principal financial officer, as appropriate, to allow timely decisions regarding required

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based upon that evaluation and subject to the foregoing, our principal executive officers and principal financial officer concluded that, as of March 31, 2026, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

***Changes in Internal Control over Financial Reporting***

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the 1934 Act) during the quarter ended March 31, 2026 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings**

From time to time, we, our executive officers, trustees and our Adviser, its affiliates and/or any of their respective principals and employees are subject to legal proceedings, including those arising from our investments in our portfolio companies, and, as a result, incur significant costs and expenses in connection with such legal proceedings.

We and our Adviser are also subject to extensive regulation, which, from time to time, results in requests for information from us or our Adviser or legal or regulatory proceedings or investigations against us or our Adviser, respectively. We incur significant costs and expenses in connection with any such proceedings, information requests and investigations.

**Item 1A. Risk Factors**

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors described under the caption "Risk Factors" in our Annual Report, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

***If we have been, are, or become, a U.S. real property holding corporation, non-U.S. holders of our Shares could be subject to U.S. federal income tax on the gain from the sale, exchange or other disposition of such Shares.***

If we are, become or, in the preceding five year period, have been a U.S. real property holding corporation ("USRPHC") under the Foreign Investment in Real Property Tax Act of 1980 and applicable United States Treasury regulations (the "FIRPTA Rules"), unless an exception applies, certain non-U.S. investors in our Shares would be subject to U.S. federal income tax on the gain from the sale, exchange or other disposition of such Shares, which includes gain from any liquidating distributions or from any non-liquidating distributions in excess of our accumulated earnings and profits and in excess of any such non-U.S. investor's basis in its Shares. In such an instance, a non-U.S. shareholder would be required to file a United States federal income tax return. In addition, a purchaser of such Shares or, with respect to liquidating or non-liquidating distributions described above, we would be required to withhold a portion of the purchase price (or distribution, as applicable) and remit such amount to the U.S. Internal Revenue Service.

In general, under the FIRPTA Rules, a company is a USRPHC if its interests in U.S. real property comprise, or have ever comprised in the last five years, at least 50% of the fair market value of its assets. Although we do not currently believe that we are (or for the past five years, have been) a USRPHC, we are not able to predict with certainty whether or not we will become (or remain) a USRPHC. Any of our shareholders that are non-U.S. persons should consult their tax advisors to determine the consequences of investing in our Shares.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

***Share Repurchase Program***

The following information is incorporated by reference into this Item 2: The information set forth in Note 9 to our consolidated financial statements for the three months ended March 31, 2026 included in Part I, Item 1 of this Form 10-Q as

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

well as Part I, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources" regarding our share repurchase program.

***Share Issuances***

Refer to Item 3.02 in our Current Reports on Form 8-K filed with the SEC on January 8, 2026, January 21, 2026, February 6, 2026, February 19, 2026, March 23, 2026 and our Annual Report on Form 10-K filed with the SEC on March 5, 2026 for information about unregistered sales of our equity securities during the quarter.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**Item 5. Other Information**

**Rule 10b5-1 Trading Plans**

During the three months ended March 31, 2026, no director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

**May Subscriptions**

In our monthly closing for May 2026, we agreed to sell Class I Shares, Class D Shares, Class N Shares and Class S Shares for an aggregate purchase price of $712.6 million. The purchase price per Share will equal the Fund's NAV per Share of such class as of the last calendar day of April 2026, which is generally expected to be available within 20 business days after May 1, 2026. See "Recent Developments" in Item 2 for more information.

**July, August, and September 2026 Distributions**

The following table presents the regular monthly gross distributions per share that were declared:

---

| | | |
|:---|:---|:---|
| **Record Date** | **Payment Date**<sup>(1)</sup> | **Gross Distribution Per Common Share** |
| July 31, 2026 | August 22, 2026 | $0.2083 |
| August 31, 2026 | September 24, 2026 | 0.2083 |
| September 30, 2026 | October 23, 2026 | 0.2083 |

---

(1) The distributions on the Fund's Shares will be paid on or about the payment dates set above.

These distributions will be paid in cash or reinvested in the Fund's Shares for shareholders participating in the Fund's distribution reinvestment plan.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**Item 6. Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/2031750/000162828025012670/aciq42024exhibit31.htm)</u> | Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund's Form 10-K, filed with the SEC on March 13, 2025). |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/2031750/000162828025001722/exhibit32arbylaws.htm)</u> | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Fund's Form 10-K, filed with the SEC on March 13, 2025). |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/2031750/000110465926032067/tm269215d1_ex10-1.htm)</u> | First Amendment to Credit Agreement and First Amendment to Pledge and Security Agreement, dated as of March 13, 2026, among Ares Aspen Member LLC, as borrower, Ares Aspen Holdings LLC as pledgor, the lenders from time to time parties thereto, the DSR LC issuers from time to time party thereto, MUFG Bank, LTD. as administrative agent, coordinating lead arranger, bookrunner, and co-green loan coordinator and BNP Paribas, as collateral agent, coordinating lead arranger, bookrunner, and co-green loan coordinator (incorporated by reference to Exhibit 10.1 to the Fund's Form 8-K, filed with the SEC on March 19, 2026). |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/2031750/000162828026029840/exhibit101bcprenaissancecr.htm)</u> | Conformed copy of the Credit Agreement through Amendment No.7 of the Credit Agreement, dated as of October 31, 2017, by and among BCP Renaissance Parent L.L.C., as borrower, BCP Renaissance, L.L.C., as guarantor, Jefferies Finance LLC, as administrative agent, the lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as sole lead arranger and sole bookrunner and Blackstone Holdings finance Co. L.L.C., as co-manager, as amended by Amendment No. 1 to Credit Agreement and Guarantee and Security Agreement, dated as of May 2, 2018, Refinancing Amendment and Amendment No. 2 to Credit Agreement, dated as of February 17, 2022, Refinancing Amendment, dated as of August 17, 2022, Refinancing Amendment and Amendment No. 3 to Credit Agreement, dated as of September 22, 2023, Successor Agent Agreement and Amendment, dated as of October 31, 2023, and Refinancing Amendment, dated as of May 15, 2024, Refinancing Amendment and Amendment No. 5 to Credit Agreement, dated as of November 20, 2024, Amendment No. 6 to Credit Agreement, dated as of August 6, 2025 and Amendment No. 7 to Credit Agreement, dated as of February 9, 2026 (incorporated by reference to Exhibit 10.1 to the Fund's Form 8-K, filed with the SEC on May 4, 2026). |
| <u>[31.1\*](exhibit311aciq12026.htm)</u> | Certification of Co-Chief Executive Officers pursuant to Rule 13a-14(a) under the 1934 Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[31.2\*](exhibit312aciq12026.htm)</u> | Certification of Co-Chief Executive Officers pursuant to Rule 13a-14(a) under the 1934 Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[31.3\*](exhibit313aciq12026.htm)</u> | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the 1934 Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[32.1\*\*](exhibit321aciq12026.htm)</u> | Certification of Co-Chief Executive Officers and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |

---

\* Filed herewith.

\*\* This certification is not deemed filed by the SEC and is not to be incorporated by reference in any filing we make under the Securities Act of 1933 or the Securities Exchange Act of 1934, irrespective of any general incorporation language in any filings.

------

<u>[**Table of Contents**](#idf3b609489404420b232a27d66de562c_235)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | ARES CORE INFRASTRUCTURE FUND | ARES CORE INFRASTRUCTURE FUND |
| Dated: May 14, 2026 | By: | /s/ Keith Derman |
|  | Name: | Keith Derman |
|  | Title: | Co-Chief Executive Officer and Trustee |
| Dated: May 14, 2026 | By: | /s/ Steven Porto |
|  | Name: | Steven Porto |
|  | Title: | Co-Chief Executive Officer |
| Dated: May 14, 2026 | By: | /s/ Christina Oh |
|  | Name: | Christina Oh |
|  | Title: | Chief Financial Officer and Treasurer |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

**PURSUANT TO RULES 13a-14(a) AND 15d-14(a)**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Keith Derman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of Ares Core Infrastructure Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Dated: May 14, 2026 | By: | /s/ Keith Derman |
|  | Name: | Keith Derman |
|  | Title: | Co-Chief Executive Officer and Trustee |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

**PURSUANT TO RULES 13a-14(a) AND 15d-14(a)**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Steven Porto, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of Ares Core Infrastructure Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Dated: May 14, 2026 | By: | /s/ Steven Porto |
|  | Name: | Steven Porto |
|  | Title: | Co-Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.3

**Exhibit 31.3**

**CERTIFICATION**

**PURSUANT TO RULES 13a-14(a) AND 15d-14(a)**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Christina Oh, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of Ares Core Infrastructure Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Dated: May 14, 2026 | By: | /s/ Christina Oh |
|  | Name: | Christina Oh |
|  | Title: | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Ares Core Infrastructure Fund (the "Fund") on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Keith Derman and Steven Porto, as Co-Chief Executive Officers of the Fund, and Christina Oh, as Chief Financial Officer of the Fund, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Dated: May 14, 2026 | By: | /s/ Keith Derman |
|  | Name: | Keith Derman |
|  | Title: | Co-Chief Executive Officer and Trustee |
|  |  | (Principal Executive Officer) |
| Dated: May 14, 2026 | By: | /s/ Steven Porto |
|  | Name: | Steven Porto |
|  | Title: | Co-Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Dated: May 14, 2026 | By: | /s/ Christina Oh |
|  | Name: | Christina Oh |
|  | Title: | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer) |

---

<br>