# EDGAR Filing Document

**Accession Number:** 0001918712
**File Stem:** 0001104659-26-033603
**Filing Date:** 2026-3
**Character Count:** 38599
**Document Hash:** 2157866eff91cade2c016ca99e9e5ea5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-033603.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0001104659-26-033603

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260324

**DATE AS OF CHANGE**: 20260324

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARES STRATEGIC INCOME FUND
- **CENTRAL INDEX KEY:** 0001918712

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93861
- **FILM NUMBER:** 26784234

**BUSINESS ADDRESS:**
- **STREET 1:** 245 PARK AVE
- **STREET 2:** 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10067
- **BUSINESS PHONE:** 212-710-2191

**MAIL ADDRESS:**
- **STREET 1:** 245 PARK AVE
- **STREET 2:** 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10067

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARES PRIVATE CREDIT FUND
- **DATE OF NAME CHANGE:** 20220322
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARES STRATEGIC INCOME FUND
- **CENTRAL INDEX KEY:** 0001918712

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**BUSINESS ADDRESS:**
- **STREET 1:** 245 PARK AVE
- **STREET 2:** 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10067
- **BUSINESS PHONE:** 212-710-2191

**MAIL ADDRESS:**
- **STREET 1:** 245 PARK AVE
- **STREET 2:** 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10067

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARES PRIVATE CREDIT FUND
- **DATE OF NAME CHANGE:** 20220322

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### SCHEDULE TO

#### (Rule 13e-4)

#### TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1) OR 13(E)(1) OF THE SECURITIES EXCHANGE ACT OF 1934

#### (Amendment No. 1)

### Ares Strategic Income Fund
(Name of Issuer)

(Name of Person(s) Filing Statement)

#### Class I Shares of Beneficial Interest
(Title of Class of Securities)

#### 04020E404, 04020E107 and U2225W101
(CUSIP Number of class of securities)

#### Class D Shares of Beneficial Interest
(Title of Class of Securities)

#### 04020E305
(CUSIP Number of class of securities)

#### Class S Shares of Beneficial Interest
(Title of Class of Securities)

#### 04020E206
(CUSIP Number of class of securities)

#### Ian Fitzgerald General Counsel Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 (212) 750-7300
(Name, Address and Telephone No. of Person Authorized to Receive

Notices and Communications on Behalf of the Person(s) Filing Statement)

#### COPIES TO:

---

| | |
|:---|:---|
| **Monica J. Shilling, P.C. <br> Van Whiting <br> Kirkland & Ellis LLP <br> 2049 Century Park East, 37th Floor <br> Los Angeles, California 90067 <br> (310) 552-4200**  | **Nicole M. Runyan, P.C. <br> Kirkland & Ellis LLP <br> 601 Lexington Avenue <br> New York, New York 10022 <br> (212) 446-4800**  |

---

#### February 20, 2026
(Date Tender Offer First Published, Sent or Given to Security Holders)

☐

Check the box if the filing relates solely to preliminary communications made before commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐

third-party tender offer subject to Rule 14d-1.

☒

issuer tender offer subject to Rule 13e-4.

☐

going-private transaction subject to Rule 13e-3.

☐

amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

------

This Amendment No. 1 amends and supplements the Issuer Tender Offer Statement on Schedule TO (the "<u>Statement</u>") originally filed on February 20, 2026 by Ares Strategic Income Fund (the "<u>Fund</u>") in connection with an offer by the Fund (the "<u>Offer</u>") to purchase up to 5% of its outstanding common shares of beneficial interest, par value $0.01 per share (including Class I common shares of beneficial interest, Class D common shares of beneficial interest, and Class S common shares of beneficial interest, collectively, the "<u>Shares</u>") as of January 31, 2026 at a price equal to the net asset value per Share of the applicable Class as of February 28, 2026 (the "<u>Valuation Date</u>"), upon the terms and subject to the conditions set forth in the Offer to Purchase filed as Exhibit (a)(1)(ii) to the Statement (the "<u>Offer to Purchase</u>").

This Amendment No. 1 to the Statement is being filed pursuant to Rule 13e-4 of the Securities Exchange Act of 1934, as amended, to include additional written communications relating to the Offer and report preliminary results of the Offer. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Offer to Purchase.

Item 4 (a)(1)(ix) of the Statement is hereby amended and supplemented by adding the following:

The Fund estimates that 45,301,737 Shares, or 11.6% of Shares outstanding as of January 31, 2026, were duly tendered to the Fund before the expiration of the Offer at 11:59 p.m., Eastern Time, on March 20, 2026 and not withdrawn.

The Fund intends to accept repurchase requests for 5% of Shares outstanding as of January 31, 2026. Therefore the Fund intends to repurchase 43.1% of requested amounts. As described in the Offer to Purchase, the Fund will accept Shares tendered on or before the Expiration Date for payment on a pro rata basis based on the number of tendered Shares, and there is no repurchase priority for repurchase requests in the case of the death or disability of a shareholder.

Item 12 of the Statement is hereby amended and supplemented as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

Exhibit (a)(1)(iv) attached to the Statement is replaced by exhibit (a)(1)(iv) Form of Notice from the Fund to Shareholders in Connection with the Fund's Acceptance of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

The following exhibits are added to the Statement:

(a)(1)(vi) Q1 Tender Offer Update

(a)(1)(vii) Tender Offer Frequently Asked Questions

Except as specifically provided herein, the information contained in the Statement, as amended, and the Transmittal Letter remains unchanged and this Amendment does not modify any of the information previously reported on the Statement, as amended, or the Transmittal Letter.

------

#### SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### ARES STRATEGIC INCOME FUND
By:

/s/ Ian Fitzgerald

Name:

Ian Fitzgerald

Title:

General Counsel and Secretary

Dated: March 24, 2026

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **EXHIBIT**  | |
| (a)(1)(iv) | [Form of Notice from the Fund to Shareholders in Connection with the Fund's Acceptance of Shares](tm269475d1_exh-a1iv.htm)  |
| (a)(1)(vi) | [1Q26 Tender Update](tm269475d1_exh-a1vi.htm)  |
| (a)(1)(vii) | [1Q26 Tender Update — Shareholder Q&A](tm269475d1_exh-a1vii.htm) |
| EX-FILING FEES  | [Calculation of Filing Fee Tables](tm269475d1_ex-filingfees.htm)  |

---

------

## Ex-99.(A)(1)(Iv)

#### Exhibit (a)(1)(iv)

---

| | |
|:---|:---|
| ![[MISSING IMAGE: lg_arescapitalcorp-4c.jpg]](lg_arescapitalcorp-4c.jpg)  | Ares Strategic Income Fund <br> c/o Ares Capital Management LLC <br> 245 Park Ave \| 44<sup>th</sup> Floor \| New York, NY 10167 <br> (310) 201-4100  |

---

Dear Shareholder:

This notice serves to inform you that Ares Strategic Income Fund ("ASIF" or the "Fund") has received and accepted for purchase 43.1% of your tender of shares of beneficial interest in the Fund.

In accordance with the terms of the tender offer, you will be issued payment in cash in an aggregate amount equal to the net asset value of the shares accepted for purchase as of **February 28**<sup>th</sup>**, 2026** (or such later date as may be determined by the Fund if the tender offer is extended, the "Valuation Date") less the 2.0% "early repurchase deduction" (if applicable).

As described in ASIF's prospectus, unfulfilled repurchase requests do not carry over automatically to the next repurchase offer. You may elect to resubmit any unfulfilled portion of your repurchase request in any future quarterly repurchase offer. To the extent you participate in ASIF's distribution reinvestment plan ("DRIP"), any shares not submitted for repurchase will remain in the DRIP and any unfulfilled portion of your repurchase request will no longer participate in the DRIP. **<u>If you would like the unfulfilled portion of your repurchase request to remain in the DRIP, please contact your financial representative.</u>** 

If you have any questions, please contact the Fund's Transfer Agent, SS&C GIDS, Inc., at 1-866-324-7348.

Sincerely,

Ares Strategic Income Fund

------

## Ex-99.(A)(1)(Vi)

#### Exhibit (a)(1)(vi)
March 24, 2026

#### Ares Strategic Income Fund
1Q26 Tender Update

Dear Shareholders,

The Ares Strategic Income Fund ("ASIF" or the "Fund") is designed to provide investors with access to consistent and durable current income, a yield premium relative to public markets, and downside protection across market environments.<sup>1</sup>

We believe ASIF has delivered performance consistent with these goals since inception. Through January 31, 2026, the Fund generated an annualized inception-to-date total return of 10.6% for Class I Common Shares,<sup>2</sup> which is one of the highest inception-to-date returns relative to the Fund's non-traded business development company peers.<sup>3</sup> The Fund has paid distributions for Class I common shares at an annualized rate of 9.43% based on net asset value ("NAV")<sup>4</sup> and the Fund's Board of Trustees has approved distributions consistent with prior periods through June 2026, reflecting continued confidence in the portfolio's earnings power.

We believe ASIF's intentionally designed liquidity framework is foundational to delivering these outcomes. The Fund has offered and intends to continue to offer quarterly share repurchases of up to 5% of common shares outstanding, aligning investor liquidity with the longer-duration nature of direct loans.<sup>5</sup> For the first quarter of 2026, repurchase requests totaled 11.6% of common shares outstanding as of January 31, 2026, exceeding the Fund's 5% framework. Notably, the majority of repurchase requests were made by a limited number of family offices and smaller institutions in select geographies who represent less than 1% of our over 20,000 shareholders. Consistent with the Fund's design, ASIF intends to fulfill repurchase requests for 5% of common shares outstanding, or $524.5 million.<sup>6</sup> As outlined in the Fund's prospectus, unfulfilled repurchase requests do not carry forward automatically but may be resubmitted in future periods.

We have made this decision, as with all capital allocation decisions, aligned with what we believe are the best interests of the Fund and all of our stakeholders, including the overwhelming majority of shareholders who remain invested as well as our lenders and bondholders. Since inception, ASIF has grown its capital base thoughtfully, balancing investor inflows with the forward investment opportunity set and thoughtful portfolio construction. Importantly, the Fund maintains significant liquidity, including approximately $5 billion of undrawn capacity across committed debt facilities as well as repayments from existing investments, strong monthly inflows and a performing liquid credit sleeve.<sup>7</sup> This disciplined approach has enabled us to maintain underwriting standards, preserve the integrity of the portfolio and avoid diluting returns.

Drawing on over two decades of experience investing through multiple cycles, we believe periods of market dislocation have historically created some of the most attractive opportunities in direct lending, in certain cases, such as during the COVID pandemic, driving nearly 300 basis points of incremental return.<sup>8</sup> We believe the current environment is increasingly supportive of managers that have flexible and scaled capital, extensive direct origination capabilities, robust diligence processes and experienced portfolio management teams. ASIF is well positioned to capitalize on these advantages while continuing to provide liquidity within its stated parameters.

We are operating from a position of strength. The Fund has grown to $22.7 billion in total assets across 854 portfolio companies, with an average position size of 0.1%.<sup>9</sup> As of December 31, 2025, substantially all ASIF portfolio companies performed in line with or exceeded underwriting expectations, with zero loans on non-accrual status,<sup>10</sup> and organic year-over-year EBITDA growth of 14%.<sup>11</sup> We believe these metrics underscore the durability and quality of the portfolio we have built over the last three years.

Looking ahead, we remain confident in ASIF's ability to continue delivering attractive risk-adjusted returns. Ares' leading global credit platform, combined with, Ares' U.S. Direct Lending's 0.01% average annualized realized loss rate on senior investments since 2004, all underscore our disciplined approach to underwriting and risk management.<sup>12</sup> We believe scale, experience and certainty of execution will continue to differentiate leading direct lending managers in the current market.

We thank you for your continued trust and partnership and remain confident in our ability to deliver value to our shareholders.

Sincerely,

Ares Strategic Income Fund

------

<sup>1</sup>

References to "risk mitigation," "downside protection" or similar language are not guarantees against loss of investment capital or value.

<sup>2</sup>

Inception date for Class I common shares is December 5, 2022 and August 1, 2023 for Class S common shares and Class D common shares. Annualized inception-to-date total return through January 31, 2026 is 9.92% for Class I common shares with Upfront Placement Fees and Brokerage Commissions, 9.85% for Class D common shares, 8.97% for Class D common shares with Upfront Placement Fees and Brokerage Commissions, 9.20% for Class S common shares, and 7.66% for Class S common shares with Upfront Placement Fees and Brokerage Commissions. Total return is calculated as the change in monthly NAV per share during the period plus distributions per share (assuming any distributions, net of distribution and/or shareholder servicing fees, are reinvested in accordance with the Fund's distribution reinvestment plan) divided by the beginning NAV per share, which is calculated after the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, distribution and/or shareholder fees, interest expense, offering costs, professional fees, trustee fees and other general and administrative expenses. Inception-to-date figures use the initial offering price of $25.00 per share as the beginning NAV. There can be no assurance that ASIF will achieve its investment objective or avoid substantial losses. The information presented is for a limited amount of time and is not representative of the long-term performance of the Fund. Total return and annualized distribution rates for the Fund's other classes of common shares are lower than those presented with respect to Class I common shares, due to differing fees and commissions.

<sup>3</sup>

As of January 31, 2026, measured by comparing the ITD return of the Class I common shares reported in SEC filings made by the ten largest non-traded BDC peers as identified by assets under management data reported by Robert A. Stanger & Company, Inc.

<sup>4</sup>

The annualized distribution rate since inception is 8.58% for Class S common shares and 9.18% for Class D common shares.

<sup>5</sup>

Quarterly repurchases are expected but not guaranteed. The Fund's board of trustees may amend, suspend or terminate these share repurchases in its discretion if it deems such action to be in the best interest of shareholders.

<sup>6</sup>

The final aggregate repurchase amount is calculated as the NAV of the total amount of Common Shares tendered by shareholders, less the early repurchase deduction, as applicable.

<sup>7</sup>

As of February 28, 2026.

<sup>8</sup>

Returns calculated as annualized average change in net asset value of Ares Capital Corporation, a publicly traded business development company managed by affiliates of Ares Management, since inception on October 6, 2004 through December 31, 2025. Period of volatility measured as annualized average change in net asset value of Ares Capital Corporation during COVID or March 31, 2020 through December 31, 2021. There can be no assurances that ASIF will realize similar returns.

<sup>9</sup>

In each case as of January 31, 2026. Average position size is determined by the average of the amortized cost divided by total portfolio at amortized cost for each portfolio company. Diversification does not assure profit or protect against market loss.

<sup>10</sup>

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or where there is reasonable doubt that principal or interest will be collected in full.

<sup>11</sup>

EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is typically defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by the investment adviser or the Fund, and may reflect a normalized or adjusted amount. Excluded from the data above is information in respect of the following: (i) portfolio companies that do not report EBITDA and (ii) portfolio companies with negative or de minimis EBITDA. Accordingly, neither the investment adviser nor the Fund makes any representation or warranty in respect of this information.

<sup>12</sup>

Average annualized realized loss rate is defined as total gains/(losses) on assets with a payment default as a % of total invested capital since inception, divided by number of years since inception, for Ares U.S. Direct Lending Senior investments. An investment that has experienced a payment default is placed

------

on non-accrual unless a waiver or amendment related to such default has been granted. The average annualized realized loss rate of 0.01% includes all senior secured debt investments of the U.S. Direct Lending Team from October 8, 2004 through June 30, 2025 (excluding venture investments, oil & gas investments, private asset backed securities, investments warehoused or held for seasoning and syndication purposes (including investments held for less than 30 days and other investments determined to be temporarily held by Ares in conjunction with syndication processes)).

#### Forward-Looking Statement Disclosure
This letter may contain words such as "anticipates," "believes," "expects," "intends," "projects," "estimates," "will," "should," "could," "would," "likely," "may" and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should not place undue reliance on these forward-looking statements, which are based on information available to the Fund as of the date of this letter. Except as required by the federal securities laws, the Fund undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements in this letter are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The Fund's actual results and condition could differ materially from those implied or expressed in the forward-looking statements or from the Fund's historical performance for any reason, including the factors set forth in "Summary of Risk Factors" and the other information included in this content and in the Fund's prospectus, as amended or supplemented from time to time, including the documents incorporated by reference therein.

#### Additional Important Disclosures
**Past performance is not a guarantee of future results.** An investment in the Fund involves a high degree of risk and therefore should only be undertaken by qualified investors whose financial resources are sufficient to enable them to assume these risks and to bear the loss of all or part of their investment. The Fund and Ares do not guarantee any level of return or risk on investments and there can be no assurance that the Fund's investment objective will be achieved. **This letter shall not constitute an offer to sell or a solicitation of an offer to buy any security, the offer and/or sale of which can only be made by definitive offering documentation.**

------

## Ex-99.(A)(1)(Vii)

#### Exhibit (a)(1)(vii)
March 24, 2026

#### Ares Strategic Income Fund
1Q26 Tender Update — Shareholder Q&A

1. What is ASIF and what is the Fund designed to do?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Launched in 2022, Ares designed Ares Strategic Income Fund ("ASIF" or the "Fund") to offer investors an income solution with downside protection,<sup>1</sup> meant to serve as a core, long-term allocation in an investor's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ASIF's investment adviser sits within the Ares Credit Group, which we believe is one of the most experienced managers in the credit market and a leader in the direct lending space with over 85 partners with an average of over 26 years' experience and $406.9 billion in AUM as of December 31, 2025.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Consistent with Ares' broader U.S. Direct Lending strategy, the Fund seeks to provide shareholders with income stability, a yield premium relative to traditional public fixed income, and downside protection through market cycles.<sup>1</sup>

2. What happened in ASIF's Q1 Tender Offer?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Consistent with the terms described in the Fund's tender offer filing and prospectus, ASIF conducted its scheduled quarterly tender offer for up to **5% of the Fund's outstanding common shares as of January 31, 2026**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Fund received **11.6%** in total repurchase requests.<sup>3</sup> Therefore, all repurchase requests were satisfied on a **pro-rata basis of 43.1%**, consistent with the mechanics outlined in the Fund's tender offer filing and prospectus.

3. Why did we repurchase 5% of the Fund's outstanding common shares?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ASIF's performance is driven by its focus on illiquid private credit investments. To provide access to this asset class's attractive risk/return characteristics while offering shareholder-friendly features such as monthly subscriptions, monthly distributions and simplified tax reporting, the Fund was carefully designed with a specific liquidity framework. As such, the Fund has offered and intends to continue offering to repurchase up to 5% of common shares per quarter.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • This framework is designed to enable ASIF to maintain sufficient capital for deployment into new opportunities, which have historically been at some of their most attractive during periods of uncertainty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Notably, the majority of repurchase requests were made by a limited number of family offices and smaller institutions in select geographies who represent less than 1% of our over 20,000 shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We believe that this decision is aligned with the best interests of the Fund and all of our stakeholders, including the overwhelming majority of shareholders who remain invested as well as our lenders and bondholders.

4. Is this activity indicative of underperformance or stress in the portfolio?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • No. The tender activity is **not** indicative of any underperformance or stress within the ASIF portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Through January 31, 2026, the Fund generated an annualized inception-to-date total return of **10.6%** for Class I common shares,<sup>5</sup> which is one of the highest inception-to-date returns relative to the Fund's non-traded business development company peers.<sup>6</sup> The Fund has paid distributions for Class I common shares at an annualized rate of 9.43% based on net asset value ("NAV")<sup>7</sup> and the Fund's Board of Trustees has approved distributions consistent with prior periods through June 2026, reflecting continued confidence in the portfolio's earnings power.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Fund has continued to demonstrate sound and defensive credit performance, with substantially all ASIF portfolio companies performing in line with or exceeding underwriting expectations as of December 31, 2025. Key metrics reflecting the health of the portfolio as of December 31, 2025 include: 14% year-over-year EBITDA growth<sup>8</sup> and **no loans on non-accrual**<sup>9</sup>, meaning all portfolio companies were current on interest payments and management currently has no reasonable expectation of loss of principal or interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The portfolio has been constructed to prioritize downside protection.<sup>1</sup> Key metrics that reflect the defensive nature of the Fund's portfolio as of January 31, 2026 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 84% senior secured exposure, 854 portfolio companies, 0.1% average position size,<sup>10</sup> and 38% loan-to-value ("LTV"). <sup>11</sup> The significant diversification is intentionally designed to prevent any single investment from materially impacting the Fund's performance.<sup>12</sup>

5. What sources of liquidity will be used to fund repurchases?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Fund is designed to maintain **sufficient liquidity** to meet repurchase requests of up to 5% of common shares in **any given** quarterly repurchase offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Furthermore, the Fund is designed to maintain a diversified base of liquidity mechanisms, as repurchases can be funded through a combination of **monthly inflows, repayments from existing investments,** significant capacity on the Fund's **leverage facilities**, and **liquid securities.** 

6. When and how do I tender more of my common shares if I choose to do so?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As described in ASIF's prospectus, unfulfilled repurchase requests do not carry over automatically to the next repurchase offer. Shareholders with unfulfilled repurchase requests may elect to resubmit in any future repurchase offer. The Fund intends to continue to offer to repurchase up to 5% of common shares per quarter.<sup>4</sup>

7. What is the outlook for the Fund?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Ares Credit platform benefits from a more than 20-year, cycle-tested track record in global direct lending, and a 0.01% average annualized realized loss rate on senior investments since 2004, underscoring Ares' disciplined approach to credit underwriting and risk management.<sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Drawing on more than two decades of experience across credit cycles, we remain confident in the Fund's ability to deliver durable income, yield premium relative to traditional public fixed income and credit markets, and downside protection.<sup>1</sup>

<sup>1</sup>

References to "risk mitigation," "downside protection" or similar language are not guarantees against loss of investment capital or value.

<sup>2</sup>

As of December 31, 2025, such assets under management included approximately $14.6 billion managed by Ivy Hill Asset Management, L.P., an SEC-registered investment adviser and a wholly owned portfolio company of Ares Capital Corporation, a publicly traded BDC managed by ASIF's investment adviser.

<sup>3</sup>

The final aggregate repurchase amount is calculated as the net asset value of the total amount of common shares tendered by shareholders, less the early repurchase deduction, as applicable.

<sup>4</sup>

Quarterly repurchases are expected but not guaranteed. The Fund's board of trustees may amend, suspend or terminate these share repurchases in its discretion if it deems such action to be in the best interest of shareholders.

<sup>5</sup>

Inception date for Class I common shares is December 5, 2022 and August 1, 2023 for Class S common shares and Class D common shares. Annualized inception-to-date total return through January 31, 2026 is 9.92% for Class I common shares with Upfront Placement Fees and Brokerage Commissions, 9.85% for Class D common shares, 8.97% for Class D common shares with Upfront Placement Fees and Brokerage Commissions, 9.20% for Class S common shares, and 7.66% for Class S common shares

------

with Upfront Placement Fees and Brokerage Commissions. Total return is calculated as the change in monthly NAV per share during the period plus distributions per share (assuming any distributions, net of distribution and/or shareholder servicing fees, are reinvested in accordance with the Fund's distribution reinvestment plan) divided by the beginning NAV per share, which is calculated after the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, distribution and/or shareholder fees, interest expense, offering costs, professional fees, trustee fees and other general and administrative expenses. Inception-to-date figures use the initial offering price of $25.00 per share as the beginning NAV. There can be no assurance that ASIF will achieve its investment objective or avoid substantial losses. The information presented is for a limited amount of time and is not representative of the long-term performance of the Fund. Total return and annualized distribution rates for the Fund's other classes of common shares are lower than those presented with respect to Class I common shares, due to differing fees and commissions.

<sup>6</sup>

As of January 31, 2026, measured by comparing the ITD return of the Class I common shares reported in SEC filings made by the ten largest non-traded BDC peers as identified by assets under management data reported by Robert A. Stanger & Company, Inc.

<sup>7</sup>

The annualized distribution rate since inception is 8.58% for Class S common shares and 9.18% for Class D common shares.

<sup>8</sup>

EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is typically defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by the investment adviser or the Fund, and may reflect a normalized or adjusted amount. Excluded from the data above is information in respect of the following: (i) portfolio companies that do not report EBITDA and (ii) portfolio companies with negative or de minimis EBITDA. Accordingly, neither the investment adviser nor the Fund makes any representation or warranty in respect of this information.

<sup>9</sup>

As of December 31, 2025 at amortized cost. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or where there is reasonable doubt that principal or interest will be collected in full.

<sup>10</sup>

As of January 31, 2026. Average position size is determined by the average of the amortized cost divided by total portfolio at amortized cost for each portfolio company. Diversification does not assure profit or protect against market loss.

<sup>11</sup>

As of December 31, 2025. Weighted average LTV includes all private debt investments for which fair value is determined in good faith by the investment adviser, subject to oversight by the Fund's board of trustees and excludes quoted assets. Weighted average LTV is calculated as the net ratio of LTV for each portfolio company, weighted based on the fair value of total applicable ASIF private debt investments. LTV is calculated as the current total net debt through each respective loan tranche held by ASIF divided by the estimated value of the portfolio company as of the most recent quarter end.

<sup>12</sup>

Diversification does not assure profit or protect against market loss.

<sup>13</sup>

Average annualized realized loss rate is defined as total gains/(losses) on assets with a payment default as a % of total invested capital since inception, divided by number of years since inception, for Ares U.S. Direct Lending Senior investments. An investment that has experienced a payment default is placed on non-accrual unless a waiver or amendment related to such default has been granted. The average annualized realized loss rate of 0.01% includes all senior secured debt investments of the U.S. Direct Lending Team from October 8, 2004 through June 30, 2025 (excluding venture investments, oil & gas investments, private asset backed securities, investments warehoused or held for seasoning and syndication purposes (including investments held for less than 30 days and other investments determined to be temporarily held by Ares in conjunction with syndication processes)).

#### Forward-Looking Statement Disclosure
This letter may contain words such as "anticipates," "believes," "expects," "intends," "projects," "seeks," "estimates," "will," "should," "could," "would," "likely," "may" and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should not place undue reliance on these forward-looking statements, which are based on information available to the Fund as of the date of this letter. Except as required by the federal securities laws, the

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Fund undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements in this letter are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The Fund's actual results and condition could differ materially from those implied or expressed in the forward-looking statements or from the Fund's historical performance for any reason, including the factors set forth in "Summary of Risk Factors" and the other information included in this content and in the Fund's prospectus, as amended or supplemented from time to time, including the documents incorporated by reference therein.

#### Additional Important Disclosures
**Past performance is not a guarantee of future results.** An investment in the Fund involves a high degree of risk and therefore should only be undertaken by qualified investors whose financial resources are sufficient to enable them to assume these risks and to bear the loss of all or part of their investment. The Fund and Ares do not guarantee any level of return or risk on investments and there can be no assurance that the Fund's investment objective will be achieved. **This letter shall not constitute an offer to sell or a solicitation of an offer to buy any security, the offer and/or sale of which can only be made by definitive offering documentation.** 

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables** <br>

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| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transaction Valuation**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Filing Fee**  |
| Fees to be Paid |  |  |  |
| Fees Previously Paid | 1 | $532280341.08 | $73507.92 |
|  | Total Transaction Valuation: | $532280341.08  |  |
|  | Total Fees Due for Filing: |  | $73507.92  |
|  | Total Fees Previously Paid:  |  | $73507.92  |
|  | Total Fee Offsets:  |  | $0.00  |
|  | Net Fee Due:  |  | $0.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> The transaction value was calculated as the aggregate maximum purchase price for common shares of beneficial interest, par value $0.01 per share (the "Shares"), of Ares Strategic Income Fund ("ASIF"), based upon the net asset value per share as of January 31, 2026, of $27.26. This amount was based upon the offer to purchase up to 19,526,058 Shares of ASIF. The fee of $73,507.92 was paid in connection with the filing of the Schedule TO-I by ASIF (File No. 005-93861) on February 20, 2026. The amount of filing fee was calculated at $138.10 per $1,000,000.00 of the transaction value in accordance with Rule 0-11 under the Securities Exchange Act of 1934, as amended, as modified by Section 6(b) Filing Fee Rate Advisory for Fiscal Year 2026.

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| |
|:---|
| |
| Fee Offset Claims |
| Fee Offset Sources |

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