# EDGAR Filing Document

**Accession Number:** 0001918712
**File Stem:** 0001628280-26-034166
**Filing Date:** 2026-5
**Character Count:** 858692
**Document Hash:** c9da6e57c40fd653b32b76e1ba33e8d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-034166.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001628280-26-034166

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**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:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286709
- **FILM NUMBER:** 26969408

**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 Pursuant to Rule 424(b)(3)**

**Registration No. 333-286709**

**ARES STRATEGIC INCOME FUND**

**SUPPLEMENT NO. 1 DATED MAY 12, 2026**

**TO THE PROSPECTUS DATED APRIL 24, 2026**

This prospectus supplement ("Supplement") contains information that amends, supplements or modifies certain information contained in the accompanying prospectus of Ares Strategic Income Fund, dated April 24, 2026 (as amended and supplemented to date, the "Prospectus"). This Supplement is part of and should be read in conjunction with the Prospectus. Unless otherwise indicated, all other information included in the Prospectus, or any previous supplements thereto, that is not inconsistent with the information set forth in this Supplement remains unchanged. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

Effective immediately, the Prospectus is updated to include the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the Securities and Exchange Commission on May 12, 2026 (the "Form 10-Q"). The Form 10-Q is attached to this Supplement as <u>Appendix A</u>.

**Please retain this Supplement with your Prospectus.** 

------

**<u>Appendix A</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**

□**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

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

**Commission File No. 814-01512**

**ARES STRATEGIC INCOME FUND**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **88-6432468** |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | 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)

____________________________________________________________________

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol** | **Name of each exchange on which registered** |

---

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, smaller reporting company, or an emerging growth company. See 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 Securities Act. □

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

The number of the Registrant's common shares, $0.01 par value per share, outstanding as of May 11, 2026 was 314,331,096, 49,162,632 and 31,819,221 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at this time.

------

**ARES STRATEGIC INCOME FUND**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Part I.** | **<u>[Financial Information](#i65838a846c0546dfbf4ea4361d776496_10)</u>** | |
| Item 1. | <u>[Financial Statements](#i65838a846c0546dfbf4ea4361d776496_10)</u> | |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025](#i65838a846c0546dfbf4ea4361d776496_16)</u> | <u>[3](#i65838a846c0546dfbf4ea4361d776496_16)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)](#i65838a846c0546dfbf4ea4361d776496_19)</u> | <u>[4](#i65838a846c0546dfbf4ea4361d776496_19)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025](#i65838a846c0546dfbf4ea4361d776496_22)</u> | <u>[5](#i65838a846c0546dfbf4ea4361d776496_22)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (unaudited)](#i65838a846c0546dfbf4ea4361d776496_34)</u> | <u>[122](#i65838a846c0546dfbf4ea4361d776496_34)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)](#i65838a846c0546dfbf4ea4361d776496_37)</u> | <u>[123](#i65838a846c0546dfbf4ea4361d776496_37)</u> |
| | <u>[Notes to Consolidated Financial Statements (unaudited)](#i65838a846c0546dfbf4ea4361d776496_40)</u> | <u>[124](#i65838a846c0546dfbf4ea4361d776496_40)</u> |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i65838a846c0546dfbf4ea4361d776496_100)</u>  | <u>[169](#i65838a846c0546dfbf4ea4361d776496_100)</u> |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i65838a846c0546dfbf4ea4361d776496_127)</u>  | <u>[195](#i65838a846c0546dfbf4ea4361d776496_127)</u> |
| Item 4. | <u>[Controls and Procedures](#i65838a846c0546dfbf4ea4361d776496_130)</u> | <u>[196](#i65838a846c0546dfbf4ea4361d776496_130)</u> |
| **Part II.** | **<u>[Other Information](#i65838a846c0546dfbf4ea4361d776496_133)</u>** | <u>[197](#i65838a846c0546dfbf4ea4361d776496_133)</u> |
| Item 1. | <u>[Legal Proceedings](#i65838a846c0546dfbf4ea4361d776496_136)</u> | <u>[197](#i65838a846c0546dfbf4ea4361d776496_136)</u> |
| Item 1A. | <u>[Risk Factors](#i65838a846c0546dfbf4ea4361d776496_139)</u> | <u>[197](#i65838a846c0546dfbf4ea4361d776496_139)</u> |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i65838a846c0546dfbf4ea4361d776496_142)</u> | <u>[197](#i65838a846c0546dfbf4ea4361d776496_142)</u> |
| Item 3. | <u>[Defaults Upon Senior Securities](#i65838a846c0546dfbf4ea4361d776496_145)</u> | <u>[197](#i65838a846c0546dfbf4ea4361d776496_145)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#i65838a846c0546dfbf4ea4361d776496_148)</u> | <u>[197](#i65838a846c0546dfbf4ea4361d776496_148)</u> |
| Item 5. | <u>[Other Information](#i65838a846c0546dfbf4ea4361d776496_151)</u> | <u>[197](#i65838a846c0546dfbf4ea4361d776496_151)</u> |
| Item 6. | <u>[Exhibits](#i65838a846c0546dfbf4ea4361d776496_154)</u> | <u>[199](#i65838a846c0546dfbf4ea4361d776496_154)</u> |
| | <u>[Signatures](#i65838a846c0546dfbf4ea4361d776496_157)</u> | <u>[200](#i65838a846c0546dfbf4ea4361d776496_157)</u> |

---

------

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(in thousands, except per 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;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | $20680064 | $21014437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliate company investments | 141640 | 103161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled affiliate company investments | 511200 | 391000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value (amortized cost of $21,446,648 and $21,360,914, respectively) | 21332904 | 21508598 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 395930 | 304711 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 26010 | 137150 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 166515 | 217678 |
| &nbsp;&nbsp;&nbsp;Receivable for open trades | 288827 | 375834 |
| &nbsp;&nbsp;&nbsp;Other assets | 140560 | 165189 |
| &nbsp;&nbsp;&nbsp;Total assets | $22350746 | $22709160 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Debt | $11021485 | $11160596 |
| &nbsp;&nbsp;&nbsp;Base management fee payable | 11602 | 11670 |
| &nbsp;&nbsp;&nbsp;Income based fee payable | 33777 | 33854 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee payable |  | 19145 |
| &nbsp;&nbsp;&nbsp;Interest and facility fees payable | 85482 | 138409 |
| &nbsp;&nbsp;&nbsp;Interest rate swap collateral payable | 26010 | 137150 |
| &nbsp;&nbsp;&nbsp;Payable for open trades | 221075 | 275498 |
| &nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 78992 | 69943 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 19839 | 5487 |
| &nbsp;&nbsp;&nbsp;Secured borrowing | 265097 | 269433 |
| &nbsp;&nbsp;&nbsp;Distribution payable | 82712 | 80819 |
| &nbsp;&nbsp;&nbsp;Distribution and servicing fees payable | 1125 | 1112 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 11847196 | 12203116 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 7) |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Common shares, par value $0.01 per share, unlimited common shares authorized; 391,206 and 382,315 common shares issued and outstanding, respectively | 3912 | 3823 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 10677077 | 10428747 |
| &nbsp;&nbsp;&nbsp;Accumulated undistributed earnings (loss) | (177439) | 73474 |
| &nbsp;&nbsp;&nbsp;Total net assets | 10503550 | 10506044 |
| &nbsp;&nbsp;&nbsp;Total liabilities and net assets | $22350746 | $22709160 |
| **NET ASSET VALUE PER SHARE** |  |  |
| **Class I Shares:** |  |  |
| Net assets | $8350694 | $8393572 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) | 311022 | 305450 |
| Net asset value per share | $26.85 | $27.48 |
| **Class S Shares:** |  |  |
| Net assets | $1308956 | $1304117 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) | 48755 | 47452 |
| Net asset value per share | $26.85 | $27.48 |
| **Class D Shares:** |  |  |
| Net assets | $843900 | $808355 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) | 31429 | 29413 |
| Net asset value per share | $26.85 | $27.48 |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;From non-controlled/non-affiliate company investments: |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (excluding payment-in-kind ("PIK") interest income) | $398173 | $242300 |
| &nbsp;&nbsp;&nbsp;PIK interest income | 21291 | 10906 |
| &nbsp;&nbsp;&nbsp;Dividend income (excluding PIK dividend income) | 2777 | 1889 |
| &nbsp;&nbsp;&nbsp;PIK dividend income | 7197 | 1306 |
| &nbsp;&nbsp;&nbsp;Other income | 15870 | 7016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/non-affiliate company investments | 445308 | 263417 |
| &nbsp;&nbsp;&nbsp;From non-controlled affiliate company investments: |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (excluding PIK interest income) | 1532 | 1318 |
| &nbsp;&nbsp;&nbsp;PIK interest income | 705 | 603 |
| &nbsp;&nbsp;&nbsp;Other income | 21 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled affiliate company investments | 2258 | 1958 |
| &nbsp;&nbsp;&nbsp;From controlled affiliate company investments: |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (excluding PIK interest income) | 14793 |  |
| &nbsp;&nbsp;&nbsp;Other income | 7171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from controlled affiliate company investments | 21964 |  |
| &nbsp;&nbsp;&nbsp;Total investment income | 469530 | 265375 |
| EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;Interest and credit facility fees | 157346 | 82945 |
| &nbsp;&nbsp;&nbsp;Base management fee | 33405 | 21409 |
| &nbsp;&nbsp;&nbsp;Income based fee | 33777 | 19486 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee | (19145) | (6749) |
| &nbsp;&nbsp;&nbsp;Offering expenses | 491 | 472 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing and distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 2778 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 520 | 276 |
| &nbsp;&nbsp;&nbsp;Administrative and other fees | 2335 | 1670 |
| &nbsp;&nbsp;&nbsp;Other general and administrative | 5721 | 2828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 217228 | 124272 |
| &nbsp;&nbsp;&nbsp;Expense support (Note 3) |  | (10436) |
| &nbsp;&nbsp;&nbsp;Expense support recoupment (Note 3) | 11144 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 228372 | 116720 |
| NET INVESTMENT INCOME BEFORE INCOME TAXES | 241158 | 148655 |
| Income tax expense, including excise taxes | 19 | 165 |
| NET INVESTMENT INCOME | 241139 | 148490 |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | 23839 | 4033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliate company investments | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 1466 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | 25306 | 5307 |
| &nbsp;&nbsp;&nbsp;Net unrealized gains (losses): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | (279391) | (33736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliate company investments | 2149 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 23699 | (27324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in deferred tax liabilities | (14352) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized losses | (267895) | (59269) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized losses on investments and foreign currency transactions | (242589) | (53962) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(1450) | $94528 |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| **Software and Services** | | | | | | | | | | | | |
| Access CIG, LLC | First lien senior secured loan | 7.70% | SOFR (Q) | 4.00% |  | 08/2030 |  | 21754.9 | $21737.5 | $19570.2 | (2)(8) |  |
| ACP Avenu Midco LLC (11) | First lien senior secured loan | 8.66% | SOFR (Q) | 5.00% |  | 10/2029 |  | 25276.8 | 24965.8 | 25276.8 | (2)(8)(13) |  |
| Actfy Buyer, Inc. (11) | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 05/2031 |  | 31438.4 | 30957.9 | 31438.4 | (2)(8)(13) |  |
| Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (11) | First lien senior secured loan | 8.95% | SOFR (Q) | 5.25% |  | 07/2030 |  | 17524.5 | 17264.1 | 17524.5 | (2)(6)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 10/2023 |  | 100000 |  | 110.5 | 138.6 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 17374.6 | 17663.1 |  |  |
| Adonis Bidco Inc. (11) | First lien senior secured loan | 9.45% (2.88% PIK) | SOFR (Q) | 5.75% |  | 02/2032 |  | 109740.7 | 107949.7 | 107545.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.20% | SOFR (Q) | 5.50% |  | 02/2032 |  | 5111.1 | 4843.0 | 4475.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 112792.7 | 112021.3 |  |  |
| AI Titan Parent, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 08/2031 |  | 55641.3 | 55188.5 | 55002.4 | (2)(8)(13) |  |
| Apple Bidco Holdings, Inc. (11) | First lien senior secured revolving loan | 8.20% | SOFR (Q) | 4.50% |  | 01/2033 |  | 952.9 | 925.1 | 781.4 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 01/2033 |  | 41525.0 | 41322.9 | 40279.2 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 42248.0 | 41060.6 |  |  |
| Applied Systems, Inc. | First lien senior secured loan | 5.95% | SOFR (Q) | 2.25% |  | 02/2031 |  | 26172.2 | 26195.1 | 25634.1 | (2) |  |
| Aptean, Inc. and Aptean Acquiror Inc. (11) | First lien senior secured revolving loan | 8.42% | SOFR (Q) | 4.75% |  | 01/2031 |  | 948.2 | 921.3 | 906.7 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 10.50% | Base Rate (Q) | 3.75% |  | 01/2031 |  | 135.5 | 131.6 | 129.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 01/2031 |  | 48341.7 | 48117.1 | 47858.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 49170.0 | 48894.6 |  |  |
| Archduke Buyer, Inc. (11) | First lien senior secured loan | 9.17% | SOFR (Q) | 5.50% |  | 12/2032 |  | 38211.5 | 37847.2 | 37829.4 | (2)(8)(13) |  |
| Arrow Borrower 2025, Inc. (11) | First lien senior secured loan | 7.95% | SOFR (Q) | 4.25% |  | 10/2032 |  | 85897.7 | 85496.4 | 85038.7 | (2)(8)(13) |  |
| Artifact Bidco, Inc. (11) | First lien senior secured loan | 7.85% | SOFR (Q) | 4.15% |  | 07/2031 |  | 21481.3 | 21318.1 | 21481.3 | (2)(8)(13) |  |
| Aston Bidco (Holding) Limited | First lien senior secured loan | 9.87% | SONIA (Q) | 6.00% |  | 07/2032 |  | 99033.3 | 96673.1 | 99033.3 | (2)(6)(8)(13) |  |
| Avalara, Inc. | First lien senior secured loan | 6.45% | SOFR (Q) | 2.75% |  | 03/2032 |  | 32882.6 | 32882.6 | 32089.8 | (2) |  |
| Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. (11)(12) | First lien senior secured loan | 8.92% | SOFR (M) | 5.25% |  | 01/2031 |  | 13543.9 | 13167.5 | 13543.9 | (2)(13) |  |
|  | Series A preferred shares | 14.00% PIK |  |  | 01/2025 |  | 45869 |  | 44785.1 | 47099.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 57952.6 | 60643.3 |  |  |
| BCTO Ignition Purchaser, Inc. | Senior subordinated loan | 11.17% PIK | SOFR (Q) | 7.50% |  | 10/2030 |  | 32558.9 | 32113.8 | 32558.9 | (2)(8)(13) |  |
| BEP Intermediate Holdco, LLC | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 04/2031 |  | 6380.1 | 6409.9 | 6364.1 | (2)(13) |  |
| Bizzdesign Holding BV | First lien senior secured loan | 8.63% | Euribor (Q) | 6.50% |  | 10/2031 |  | 3174.9 | 2831.7 | 3174.9 | (2)(6)(8)(13) |  |
| Bobcat Purchaser, LLC and Bobcat Topco, L.P. (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 06/2030 |  | 13069.1 | 12872.8 | 13069.1 | (2)(8)(13) |  |
|  | Class A-1 units |  |  |  | 06/2023 |  | 113541 |  | 113.5 | 95.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 12986.3 | 13164.1 |  |  |
| Businessolver.com, Inc. (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 12/2032 |  | 13309.7 | 13246.2 | 13176.6 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Calabrio, Inc. | First lien senior secured loan | 7.67% | SOFR (Q) | 4.00% |  | 11/2032 |  | 11616.8 | 11063.3 | 9032.1 | (2) |  |
| Capnor Connery Bidco A/S (11) | First lien senior secured loan | 8.20% | Euribor (Q) | 6.15% |  | 10/2030 |  | 74970.2 | 74887.3 | 74968.8 | (2)(6)(13) |  |
|  | First lien senior secured loan | 8.14% | CIBOR (Q) | 6.15% |  | 10/2030 |  | 4614.5 | 4609.4 | 4614.4 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 79496.7 | 79583.2 |  |  |
| Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. (11) | First lien senior secured loan | 9.42% | SOFR (M) | 5.75% |  | 09/2031 |  | 25039.0 | 24695.8 | 24788.6 | (2)(8)(13) |  |
|  | Senior subordinated loan | 13.00% PIK |  |  |  | 09/2033 |  | 21244.6 | 20864.7 | 20925.9 | (2)(13) |  |
|  | Limited partnership interests |  |  |  | 09/2025 |  | 4478000 |  | 4486.8 | 4426.7 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 50047.3 | 50141.2 |  |  |
| CBTS Borrower, LLC and CBTS TopCo, L.P. (11) | First lien senior secured loan | 14.50% PIK | SOFR (Q) | 10.00% |  | 12/2030 |  | 9222.0 | 8922.2 | 9867.6 | (2)(8)(13) |  |
|  | Series A-2 preferred shares | 8.00% PIK |  |  | 12/2024 |  | 1200000 |  | 1333.6 | 1348.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 10255.8 | 11215.6 |  |  |
| Central Parent Inc. | First lien senior secured loan | 6.95% | SOFR (Q) | 3.25% |  | 07/2029 |  | 16018.9 | 14953.7 | 11374.8 | (2) |  |
| Centralsquare Technologies, LLC and Supermoose Newco, Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 04/2030 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 9.42% | SOFR (M) | 5.75% |  | 04/2030 |  | 36609.8 | 36026.6 | 36609.8 | (2)(8)(13) |  |
|  | Series A preferred stock | 15.00% PIK |  |  | 04/2024 |  | 22759 |  | 29674.0 | 30356.7 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 65700.6 | 66966.5 |  |  |
| Cloud Software Group, Inc. and Picard Parent, Inc. | First lien senior secured loan | 6.95% | SOFR (Q) | 3.25% |  | 08/2032 |  | 66325.5 | 66325.5 | 60486.2 | (2) |  |
|  | First lien senior secured loan | 6.95% | SOFR (Q) | 3.25% |  | 03/2031 |  | 55921.0 | 55844.0 | 51055.9 | (2) |  |
|  | Second lien senior secured notes | 9.00% |  |  |  | 09/2029 |  | 1100.0 | 1100.0 | 1056.2 | (2) |  |
|  |  |  |  |  |  |  |  |  | 123269.5 | 112598.3 |  |  |
| Computer Services, Inc. (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 11/2031 |  | 57776.1 | 57519.6 | 56620.5 | (2)(8)(13) |  |
| Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 11/2032 |  | 34289.4 | 34127.4 | 33260.7 | (2)(6)(8)(13) |  |
| Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | First lien senior secured loan | 7.53% | SOFR (M) | 3.75% |  | 10/2028 |  | 108239.2 | 103794.4 | 78473.4 | (2)(8) |  |
|  | Second lien senior secured loan | 10.28% | SOFR (M) | 6.50% |  | 10/2029 |  | 77782.3 | 72072.6 | 58336.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 175867.0 | 136810.1 |  |  |
| Coupa Holdings, LLC and Coupa Software Incorporated (11) | First lien senior secured loan | 8.92% | SOFR (Q) | 5.25% |  | 02/2030 |  | 4509.8 | 4446.8 | 4352.0 | (2)(8)(13) |  |
| Cyber US Bidco LLC, Cyber Bidco Limited, and Cyber Midco Limited (11) | First lien senior secured loan | 8.69% | SOFR (Q) | 5.00% |  | 12/2032 |  | 11202.1 | 11094.1 | 11202.1 | (2)(6)(8)(13) |  |
| Databricks, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 01/2032 |  | 2541.9 | 2541.6 | 2541.9 | (2)(13) |  |
| Dedomena Bidco Limited (11) | First lien senior secured loan | 9.25% | SONIA (Q) | 5.50% |  | 06/2032 |  | 933.9 | 938.4 | 933.9 | (2)(6)(8)(13) |  |
| Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. (11) | First lien senior secured loan | 9.42% | SOFR (M) | 5.75% |  | 07/2030 |  | 46181.8 | 45582.6 | 45258.2 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Second lien senior secured loan | 10.67% | SOFR (M) | 7.00% |  | 02/2029 |  | 31816.7 | 29645.9 | 24101.1 | (2) |  |
|  |  |  |  |  |  |  |  |  | 75228.5 | 69359.3 |  |  |
| Diligent Corporation (11) | First lien senior secured revolving loan | 8.67% | SOFR (Q) | 5.00% |  | 08/2030 |  | 1134.9 | 1108.1 | 980.1 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 08/2030 |  | 19938.3 | 19834.6 | 19340.2 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 20942.7 | 20320.3 |  |  |
| Doxim Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 11/2027 |  |  |  |  | (2)(6)(9)(13) |  |
|  | First lien senior secured loan | 10.17% | SOFR (M) | 6.50% |  | 11/2027 |  | 95800.6 | 95108.7 | 95800.6 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 95108.7 | 95800.6 |  |  |
| DriveCentric Holdings, LLC (11) | First lien senior secured loan | 8.19% | SOFR (Q) | 4.50% |  | 08/2031 |  | 25659.6 | 25449.3 | 25659.6 | (2)(8)(13) |  |
| Echo Purchaser, Inc. (11) | First lien senior secured loan | 9.17% | SOFR (M) | 5.50% |  | 11/2029 |  | 27858.8 | 27533.6 | 27858.8 | (2)(8)(13) |  |
| ECi Macola/MAX Holding, LLC | First lien senior secured loan | 6.45% | SOFR (Q) | 2.75% |  | 05/2030 |  | 21326.2 | 21325.8 | 20808.2 | (2)(8) |  |
| Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (11) | First lien senior secured loan | 8.18% | SOFR (M) | 4.50% |  | 09/2031 |  | 107819.5 | 106982.3 | 106741.3 | (2)(8)(13) |  |
|  | Preferred units | 12.50% PIK |  |  | 09/2024 |  | 304 |  | 3506.3 | 3567.0 | (2)(13) |  |
|  | Class A common units |  |  |  | 09/2024 |  | 261 |  | 261.0 | 232.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 110749.6 | 110541.2 |  |  |
| Edition Holdings, Inc. and Enverus, Inc. (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 12/2032 |  | 81212.2 | 80940.0 | 79588.0 | (2)(8)(13) |  |
| Edmunds Govtech, Inc. (11) | First lien senior secured revolving loan | 7.45% | SOFR (Q) | 3.75% |  | 02/2030 |  | 301.4 | 297.5 | 301.4 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 02/2031 |  | 6308.0 | 6244.8 | 6308.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 6542.3 | 6609.4 |  |  |
| EG Midco Aps (11) | First lien senior secured loan | 7.29% | Euribor (Q) | 5.25% |  | 01/2033 |  | 23269.0 | 23244.6 | 23269.0 | (2)(6)(13) |  |
| Einstein Parent, Inc. (11) | First lien senior secured loan | 8.92% | SOFR (Q) | 5.25% |  | 01/2031 |  | 16100.7 | 15842.5 | 15778.7 | (2)(8)(13) |  |
| Elemica, Inc. and EZ Elemica Holdings, Inc. (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 02/2032 |  | 5673.8 | 5618.5 | 5560.4 | (2)(8)(13) |  |
| Ensono, Inc. | First lien senior secured loan | 7.78% | SOFR (M) | 4.00% |  | 05/2028 |  | 31742.3 | 31595.1 | 29423.2 | (2)(8) |  |
| Epicor Software Corporation | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 05/2031 |  | 40980.7 | 40995.3 | 40150.8 | (2)(8) |  |
| ESHA Intermediate, LLC (11) | First lien senior secured loan | 8.43% | SOFR (S) | 4.75% |  | 12/2032 |  | 13959.5 | 13825.4 | 13819.9 | (2)(8)(13) |  |
| Everest Bidco I, Inc. (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 01/2033 |  | 23247.3 | 23021.3 | 23247.3 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.13% | Euribor (Q) | 5.00% |  | 01/2033 |  | 2731.1 | 2729.1 | 2731.1 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 25750.4 | 25978.4 |  |  |
| Flexera Software LLC (11) | First lien senior secured loan | 8.15% | SOFR (Q) | 4.50% |  | 08/2032 |  | 110869.8 | 109961.6 | 108652.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 6.45% | Euribor (M) | 4.50% |  | 08/2032 |  | 7760.3 | 7848.5 | 7605.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 117810.1 | 116257.5 |  |  |
| GHP-VGS Purchaser LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 04/2032 |  | 11943.3 | 11839.6 | 11943.3 | (2)(8)(13) |  |
| Goldeneye Parent, LLC (11) | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 03/2032 |  | 18293.1 | 18214.8 | 18293.1 | (2)(8)(13) |  |
| Goose Borrower, L.P. (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 03/2033 |  | 88989.1 | 88107.6 | 88099.2 | (2)(8)(13) |  |
| Guidepoint Security Holdings, LLC (11) | First lien senior secured loan | 8.92% | SOFR (M) | 5.25% |  | 10/2029 |  | 16151.8 | 15981.4 | 16151.8 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Hakken Midco B.V. (11) | First lien senior secured loan | 9.29% | Euribor (Q) | 7.25% |  | 07/2030 |  | 5276.4 | 4929.7 | 5276.4 | (2)(6)(8)(13) |  |
| HS Purchaser, LLC, and Help/Systems Holdings, Inc. | First lien senior secured loan | 10.16% (3.25% PIK) | SOFR (Q) | 6.50% |  | 05/2029 |  | 53725.8 | 51127.0 | 50803.2 | (2)(8)(13) |  |
| Hyland Software, Inc. (11) | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 09/2030 |  | 24629.4 | 24401.8 | 24629.4 | (2)(8)(13) |  |
| iCapital, Inc. | Common stock |  |  |  | 04/2025 |  | 1776038 |  | 24864.0 | 28166.9 | (2)(13) |  |
| Icefall Parent, Inc. (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 01/2030 |  | 10790.7 | 10652.5 | 10790.7 | (2)(8)(13) |  |
| ID.me, LLC and ID.me, Inc. (11) | First lien senior secured loan | 10.25% (5.25% PIK) |  |  |  | 01/2031 |  | 81547.6 | 75524.2 | 77335.6 | (2)(13) |  |
|  | Series E preferred units |  |  |  | 08/2025 |  | 6769397 |  | 10016.0 | 10669.1 | (2)(13) |  |
|  | Warrant to purchase common stock |  |  |  | 01/2025 | 01/2035 | 4329474 |  | 6009.0 | 6823.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 91549.2 | 94828.3 |  |  |
| Imprivata, Inc. | First lien senior secured loan | 6.70% | SOFR (Q) | 3.00% |  | 12/2027 |  | 2773.5 | 2778.3 | 2747.8 | (2)(8) |  |
| Internet Truckstop Group LLC (11) | First lien senior secured loan | 9.10% | SOFR (Q) | 5.25% |  | 04/2027 |  | 33285.0 | 33164.4 | 33285.0 | (2)(8)(13) |  |
| JAMS Holdings LP and Jams Buyer LLC (11) | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 06/2032 |  | 14063.0 | 13877.0 | 14063.0 | (2)(8)(13) |  |
|  | Preferred units | 8.00% PIK |  |  | 06/2025 |  | 982000 |  | 1048.6 | 1275.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 14925.6 | 15338.3 |  |  |
| Jeppesen Holdings, LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 11/2032 |  | 18757.3 | 18625.0 | 18569.7 | (2)(8)(13) |  |
| Kairos Bidco Limited (11) | First lien senior secured revolving loan | 8.45% | SOFR (Q) | 4.75% |  | 07/2032 |  | 314.1 | 285.8 | 251.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 07/2032 |  | 26111.2 | 26111.2 | 25589.0 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 26397.0 | 25840.2 |  |  |
| Kaseya Inc. and Knockout Intermediate Holdings I Inc. | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 03/2032 |  | 19010.2 | 19055.5 | 17703.2 | (2) |  |
|  | Second lien senior secured loan | 8.67% | SOFR (M) | 5.00% |  | 03/2033 |  | 32984.3 | 33024.3 | 26085.0 | (2) |  |
|  |  |  |  |  |  |  |  |  | 52079.8 | 43788.2 |  |  |
| Magellan Topco | First lien senior secured loan | 8.38% | Euribor (S) | 6.25% |  | 10/2031 |  | 1154.5 | 1074.0 | 1154.5 | (2)(6)(8)(13) |  |
| Marcel Bidco LLC | First lien senior secured loan | 6.41% | SOFR (M) | 2.75% |  | 11/2030 |  | 9977.9 | 9984.0 | 9865.6 | (2)(6)(8) |  |
| McAfee Corp. | First lien senior secured loan | 6.67% | SOFR (M) | 3.00% |  | 03/2029 |  | 27008.5 | 26755.2 | 24037.6 | (2)(8) |  |
| Merit Software Finance Holdings, LLC (11) | First lien senior secured loan | 8.94% | SOFR (Q) | 5.25% |  | 12/2032 |  | 9491.1 | 9379.5 | 9369.6 | (2)(8)(13) |  |
| Mermaid Bidco Inc. | First lien senior secured loan | 6.91% | SOFR (Q) | 3.25% |  | 07/2031 |  | 34333.4 | 34289.0 | 33560.9 | (2) |  |
| Metatiedot Bidco OY and Metatiedot US, LLC (11) | First lien senior secured revolving loan | 7.16% | Euribor (Q) | 5.00% |  | 11/2030 |  | 352.4 | 342.7 | 337.8 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.02% | Euribor (Q) | 5.00% |  | 11/2031 |  | 7843.7 | 7153.0 | 7765.3 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 11/2031 |  | 4671.9 | 4615.2 | 4625.1 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 12110.9 | 12728.2 |  |  |
| Mitchell International, Inc. | First lien senior secured loan | 6.66% | SOFR (S) | 3.00% |  | 06/2031 |  | 1500.0 | 1489.8 | 1427.6 | (8) |  |
|  | First lien senior secured loan | 6.66% | SOFR (S) | 3.00% |  | 06/2031 |  | 604.4 | 600.3 | 575.3 | (2)(8) |  |
|  | Second lien senior secured loan | 8.92% | SOFR (M) | 5.25% |  | 06/2032 |  | 32717.0 | 32493.9 | 29271.6 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 34584.0 | 31274.5 |  |  |
| ML Holdco, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 10/2032 |  | 95121.2 | 94675.2 | 93218.8 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 04/2032 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 04/2032 |  | 48094.2 | 47685.8 | 48094.2 | (2)(8)(13) |  |
|  | Series A preferred stock | 13.00% PIK |  |  | 04/2025 |  | 26000 |  | 27655.8 | 28305.8 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 75341.6 | 76400.0 |  |  |
| MS Buyer, Inc. | First lien senior secured loan | 8.95% | SOFR (Q) | 5.25% |  | 07/2031 |  | 2553.2 | 2528.7 | 2527.6 | (2)(8)(13) |  |
| Netsmart, Inc. and Netsmart Technologies, Inc. (11) | First lien senior secured loan | 8.87% (2.70% PIK) | SOFR (M) | 5.20% |  | 08/2031 |  | 92810.0 | 92180.3 | 92810.0 | (2)(8)(13) |  |
| North Star Acquisitionco, LLC and Toucan Bidco Limited (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 05/2029 |  | 8793.7 | 8767.0 | 8716.3 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.21% | SONIA (Q) | 4.50% |  | 05/2029 |  | 707.0 | 704.9 | 704.0 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 9471.9 | 9420.3 |  |  |
| OID-OL Intermediate I, LLC | First lien senior secured loan | 9.67% | SOFR (Q) | 6.00% |  | 02/2029 |  | 23135.2 | 23746.5 | 22903.8 | (2) |  |
| Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. (11) | First lien senior secured loan | 8.67% | SOFR (M) | 5.00% |  | 12/2030 |  | 4663.4 | 4641.4 | 4616.7 | (2)(8)(13) |  |
| PCMI Parent, LLC and PCMI Ultimate Holdings, LP (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 03/2032 |  | 36586.1 | 36330.4 | 36586.1 | (2)(8)(13) |  |
|  | Class A units | 9.00% PIK |  |  | 03/2025 |  | 1063 |  | 1166.8 | 1625.7 | (2)(13) |  |
|  | Class B units |  |  |  | 03/2025 |  | 253114 |  |  |  | (13) |  |
|  |  |  |  |  |  |  |  |  | 37497.2 | 38211.8 |  |  |
| PDDS HoldCo, Inc. (11) | First lien senior secured loan | 9.63% | SOFR (S) | 6.00% |  | 09/2031 |  | 14055.1 | 13925.9 | 13914.5 | (2)(8)(13) |  |
| Polaris Newco, LLC | First lien senior secured loan | 7.93% | SOFR (Q) | 4.00% |  | 06/2028 |  | 66769.2 | 65397.1 | 58590.0 | (2)(8) |  |
| Poseidon IntermediateCo, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 06/2032 |  | 27194.8 | 26953.6 | 27194.8 | (2)(8)(13) |  |
| Project Boost Purchaser, LLC | First lien senior secured loan | 6.45% | SOFR (Q) | 2.75% |  | 07/2031 |  | 29345.8 | 29271.7 | 28241.8 | (2) |  |
| Proofpoint, Inc. (11) | Second lien senior secured loan | 7.77% | Euribor (M) | 5.75% |  | 12/2033 |  | 26128.2 | 26087.7 | 25083.2 | (2)(13) |  |
|  | Second lien senior secured loan | 9.45% | SOFR (Q) | 5.75% |  | 12/2033 |  | 25870.5 | 25621.9 | 24835.6 | (2)(13) |  |
|  | First lien senior secured loan | 6.70% | SOFR (Q) | 3.00% |  | 08/2028 |  | 77585.1 | 77671.9 | 74999.2 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 129381.5 | 124918.0 |  |  |
| Property Finder Mercury Ltd (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 12/2032 |  | 43767.1 | 42705.4 | 43767.1 | (2)(6)(8)(13) |  |
| PushPay USA Inc. | First lien senior secured loan | 7.45% | SOFR (Q) | 3.75% |  | 08/2031 |  | 39277.0 | 39282.6 | 38098.7 | (2)(13) |  |
| QBS Parent, Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 06/2032 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 06/2032 |  | 14600.0 | 14540.4 | 14308.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14540.4 | 14308.0 |  |  |
| QF Holdings, Inc. (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 12/2032 |  | 88024.3 | 87600.3 | 85383.6 | (2)(8)(13) |  |
| RealPage, Inc. | First lien senior secured loan | 7.45% | SOFR (Q) | 3.75% |  | 04/2028 |  | 36615.1 | 36521.8 | 35475.7 | (2)(8) |  |
|  | First lien senior secured loan | 6.93% | SOFR (Q) | 3.00% |  | 04/2028 |  | 1861.8 | 1778.0 | 1780.5 | (8) |  |
|  |  |  |  |  |  |  |  |  | 38299.8 | 37256.2 |  |  |
| Runway Bidco, LLC (11) | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 12/2031 |  | 1927.0 | 1911.3 | 1888.5 | (2)(8)(13) |  |
| Sapphire Software Buyer, Inc. (11) | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 09/2031 |  | 40463.7 | 40150.5 | 39654.4 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Sedgwick Claims Management Services, Inc. | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 07/2031 |  | 40509.6 | 40509.1 | 39721.3 | (2) |  |
| Severin Acquisition, LLC (11) | First lien senior secured revolving loan | 8.18% | SOFR (M) | 4.50% |  | 10/2031 |  | 3949.9 | 3833.5 | 3653.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% (2.25% PIK) | SOFR (M) | 4.75% |  | 10/2031 |  | 111215.5 | 110321.3 | 108633.3 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 114154.8 | 112287.0 |  |  |
| Sophia, L.P. | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 10/2029 |  | 62166.2 | 62161.5 | 60365.9 | (2)(8) |  |
|  | Second lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 11/2032 |  | 7276.1 | 7278.8 | 6942.6 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 69440.3 | 67308.5 |  |  |
| Spaceship Purchaser, Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 10/2031 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 7.45% | SOFR (Q) | 3.75% |  | 10/2031 |  | 77294.2 | 76682.0 | 77294.2 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 76682.0 | 77294.2 |  |  |
| Spark Purchaser, Inc. (11) | First lien senior secured loan | 8.95% | SOFR (Q) | 5.25% |  | 04/2031 |  | 15253.7 | 15035.7 | 15253.7 | (2)(8)(13) |  |
| Sundance Group Holdings, Inc. (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 07/2029 |  | 4092.0 | 4076.9 | 4051.1 | (2)(8)(13) |  |
| Superman Holdings, LLC (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 08/2031 |  | 51843.0 | 51682.6 | 51324.5 | (2)(8)(13) |  |
| Switch BBF, LLC | Private asset-backed investment | 10.84% | SOFR (S) | 7.17% |  | 08/2027 |  | 1957.2 | 1957.2 | 1957.2 | (2)(13) |  |
| Three Rivers Buyer, Inc. (11) | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 11/2031 |  | 5857.5 | 5789.3 | 5784.3 | (2)(8)(13) |  |
| Trading Technologies International, Inc. (11) | First lien senior secured loan | 7.91% | SOFR (Q) | 4.25% |  | 11/2032 |  | 18210.2 | 18178.5 | 17845.9 | (2)(8)(13) |  |
| Transit Technologies LLC (11) | First lien senior secured revolving loan |  |  |  |  | 08/2030 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.70% | SOFR (S) | 5.00% |  | 08/2031 |  | 11991.6 | 11917.9 | 11919.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.23% | SOFR (S) | 4.50% |  | 08/2031 |  | 6741.0 | 6679.6 | 6606.2 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 18597.5 | 18525.2 |  |  |
| UFS, LLC and BV-UFS Aggregator, LLC (11) | First lien senior secured revolving loan | 8.43% | SOFR (M) | 4.75% |  | 10/2031 |  | 651.5 | 627.5 | 625.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.43% | SOFR (M) | 4.75% |  | 10/2031 |  | 34682.9 | 34362.8 | 34336.1 | (2)(8)(13) |  |
|  | Membership interests |  |  |  | 12/2025 |  | 485589 |  | 485.6 | 811.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 35475.9 | 35772.6 |  |  |
| UKG Inc. and H&F Unite Partners, L.P. | First lien senior secured loan | 6.17% | SOFR (Q) | 2.50% |  | 02/2031 |  | 25423.0 | 25424.2 | 24256.9 | (2) |  |
| Unicorn Holdco Intermediate II LLC (11) | First lien senior secured loan | 8.19% | SOFR (Q) | 4.50% |  | 03/2033 |  | 13910.9 | 13772.3 | 13771.8 | (2)(8)(13) |  |
| UserZoom Technologies, Inc. | First lien senior secured loan | 11.17% (1.75% PIK) | SOFR (Q) | 7.50% |  | 04/2029 |  | 693.9 | 683.1 | 624.5 | (2)(8)(13) |  |
| Vamos Bidco, Inc. (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 01/2032 |  | 14996.3 | 14871.3 | 14846.3 | (2)(8)(13) |  |
| Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 12/2032 |  | 67024.3 | 66621.5 | 66354.1 | (2)(8)(13) |  |
|  | Partnership units |  |  |  | 08/2024 |  | 3544085 |  | 3547.9 | 8307.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 70169.4 | 74661.1 |  |  |
| Viper Bidco, Inc. (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 11/2031 |  | 16034.6 | 15914.3 | 15874.3 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.48% | SONIA (Q) | 4.75% |  | 11/2031 |  | 9017.2 | 8521.5 | 8927.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 24435.8 | 24801.3 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Wellington Bidco Inc. and Wellington TopCo LP (11) | First lien senior secured revolving loan | 8.45% | SOFR (Q) | 4.75% |  | 06/2030 |  | 1189.7 | 1129.2 | 1102.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 06/2030 |  | 54984.2 | 54633.1 | 54394.4 | (2)(8)(13) |  |
|  | Class A-2 preferred units |  |  |  | 06/2024 |  | 2106000 |  | 2203.3 | 2492.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 57965.6 | 57989.9 |  |  |
| WorkWave Intermediate II, LLC (11) | First lien senior secured revolving loan | 9.46% | SOFR (Q) | 5.75% |  | 09/2032 |  | 3089.9 | 2860.4 | 2595.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.44% | SOFR (Q) | 5.75% |  | 09/2032 |  | 180118.2 | 178457.9 | 176515.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 181318.3 | 179111.4 |  |  |
|  |  |  |  |  |  |  |  |  | 4487749.2 | 4395587.8 |  | 41.85% |
| **Health Care Equipment and Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| Aerin Medical Inc. (11) | First lien senior secured loan | 10.95% (3.88% PIK) | SOFR (Q) | 7.25% |  | 12/2030 |  | 17162.6 | 16841.5 | 16991.0 | (2)(8)(13) |  |
|  | Series G preferred shares |  |  |  | 12/2024 |  | 943034 |  | 1106.0 | 912.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 17947.5 | 17903.5 |  |  |
| Agiliti Health, Inc. | First lien senior secured loan | 6.86% | SOFR (S) | 3.00% |  | 05/2030 |  | 29951.1 | 29334.8 | 29052.5 | (2) |  |
| Alcresta Therapeutics, Inc. (11) | First lien senior secured revolving loan | 9.17% | SOFR (Q) | 5.50% |  | 03/2031 |  | 302.8 | 290.6 | 289.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.17% | SOFR (Q) | 5.50% |  | 03/2031 |  | 9041.1 | 8956.3 | 8950.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 9246.9 | 9240.5 |  |  |
| Aledade, Inc. (11) | First lien senior secured revolving loan | 9.42% | SOFR (M) | 5.75% |  | 11/2028 |  | 13464.2 | 13125.5 | 13079.5 | (2)(8)(13) |  |
| Amerivet Partners Management, Inc. and AVE Holdings LP | Subordinated loan | 8.25% PIK |  |  |  | 12/2030 |  | 43747.0 | 40855.8 | 35435.1 | (2)(13) |  |
|  | Class A units |  |  |  | 03/2024 |  | 1575 |  | 1575.0 |  | (13) |  |
|  | Class C units |  |  |  | 11/2023 |  | 3849 |  | 768.4 |  | (13) |  |
|  |  |  |  |  |  |  |  |  | 43199.2 | 35435.1 |  |  |
| Artivion, Inc. (11) | First lien senior secured revolving loan | 7.16% | SOFR (Q) | 3.50% |  | 01/2031 |  | 1983.0 | 1915.0 | 1983.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.41% | SOFR (Q) | 4.75% |  | 01/2031 |  | 26884.3 | 26432.1 | 26884.3 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 28347.1 | 28867.3 |  |  |
| athenahealth Group Inc. | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 02/2029 |  | 91499.0 | 91073.4 | 89669.0 | (2)(8) |  |
| Avalign Holdings, Inc. and Avalign Technologies, Inc. | First lien senior secured revolving loan |  |  |  |  | 12/2028 |  | 2344.9 | 2283.2 | 1373.3 | (2)(13)(16) |  |
|  | First lien senior secured loan |  |  |  |  | 12/2028 |  | 16873.3 | 16684.3 | 12108.3 | (2)(13)(16) |  |
|  | First lien senior secured loan |  |  |  |  | 12/2028 |  | 10956.8 | 10834.1 | 7862.6 | (13)(16) |  |
|  |  |  |  |  |  |  |  |  | 29801.6 | 21344.2 |  |  |
| Aveanna Healthcare LLC | First lien senior secured loan | 7.42% | SOFR (M) | 3.75% |  | 09/2032 |  | 30850.0 | 30895.6 | 30792.3 | (2)(6) |  |
| AX VI VET Holding I ApS (11) | First lien senior secured loan | 7.00% (2.45% PIK) | Euribor (S) | 4.50% |  | 01/2029 |  | 3740.6 | 3632.4 | 3770.1 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.97% (2.45% PIK) | Euribor (M) | 6.90% |  | 01/2029 |  | 6706.2 | 6512.2 | 6759.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 11.55% (2.45% PIK) | NIBOR (S) | 6.90% |  | 01/2029 |  | 2013.0 | 1954.7 | 2028.9 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.84% (2.45% PIK) | STIBOR (S) | 6.90% |  | 01/2029 |  | 908.1 | 881.8 | 915.3 | (2)(6)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 7.65% (2.45% PIK) | SARON (Q) | 6.90% |  | 01/2029 |  | 1231.7 | 1196.1 | 1241.5 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.15% (2.45% PIK) | NIBOR (S) | 4.50% |  | 01/2029 |  | 307.5 | 298.6 | 310.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.48% (2.45% PIK) | CIBOR (S) | 6.90% |  | 01/2029 |  | 68.1 | 66.2 | 68.7 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14542.0 | 15093.7 |  |  |
| Bausch + Lomb Corporation | First lien senior secured loan | 7.42% | SOFR (M) | 3.75% |  | 01/2031 |  | 24384.7 | 24346.4 | 24415.1 | (2)(6) |  |
| Bayou Intermediate II, LLC (11) | First lien senior secured revolving loan | 8.44% | SOFR (Q) | 4.75% |  | 09/2032 |  | 1654.7 | 1618.5 | 1615.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 09/2032 |  | 28318.4 | 28058.8 | 28005.2 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 29677.3 | 29621.0 |  |  |
| BrightStar Group Holdings, Inc. (11) | First lien senior secured loan | 8.38% | SOFR (S) | 4.75% |  | 03/2032 |  | 28376.5 | 28148.1 | 28376.5 | (2)(8)(13) |  |
| BVI Medical, Inc. and BVI Group Limited (11) | First lien senior secured loan | 9.92% (5.00% PIK) | SOFR (M) | 6.25% |  | 03/2032 |  | 143111.6 | 141387.7 | 131662.7 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.66% | SOFR (Q) | 6.00% |  | 03/2032 |  | 4467.1 | 4429.6 | 3995.1 | (2)(6)(8)(13) |  |
|  | Ordinary shares |  |  |  | 03/2025 |  | 2249 |  | 3000.4 | 1447.6 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 148817.7 | 137105.4 |  |  |
| CMI Parent, Inc. (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 01/2033 |  | 1834.2 | 1825.3 | 1806.7 | (2)(8)(13) |  |
| CNT Holdings I Corp | First lien senior secured loan | 6.17% | SOFR (Q) | 2.50% |  | 11/2032 |  | 59983.4 | 60092.4 | 59914.4 | (2)(8) |  |
| Confluent Medical Technologies, Inc. | First lien senior secured loan | 6.70% | SOFR (Q) | 3.00% |  | 02/2029 |  | 27584.3 | 27632.5 | 27532.7 | (2)(8) |  |
| Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. (11) | First lien senior secured loan | 7.26% | Euribor (Q) | 5.25% |  | 11/2031 |  | 13543.6 | 12499.4 | 13629.6 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.92% | SOFR (Q) | 5.25% |  | 11/2031 |  | 3267.1 | 3214.3 | 3267.1 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 15713.7 | 16896.7 |  |  |
| Electron Bidco Inc. | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 02/2033 |  | 35030.8 | 35030.8 | 34965.3 | (2)(8) |  |
| Empower Payments Investor, LLC (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 03/2031 |  | 25736.5 | 25468.3 | 25736.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.40% | SOFR (Q) | 4.75% |  | 03/2031 |  | 6779.6 | 6746.5 | 6779.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 32214.8 | 32516.2 |  |  |
| Ensemble RCM, LLC | First lien senior secured loan | 6.66% | SOFR (Q) | 3.00% |  | 02/2033 |  | 28691.9 | 28473.2 | 28327.2 | (2) |  |
| Envisage Management Ltd (11) | First lien senior secured loan | 8.75% (2.19% PIK) | SONIA (Q) | 5.00% |  | 04/2031 |  | 5886.8 | 5558.5 | 5886.8 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 10.24% | SONIA (Q) | 6.50% |  | 04/2031 |  | 2667.9 | 2603.8 | 2667.9 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 8162.3 | 8554.7 |  |  |
| Gainwell Acquisition Corp. | First lien senior secured loan | 7.80% | SOFR (Q) | 4.00% |  | 10/2027 |  | 64913.6 | 63779.4 | 62912.3 | (2)(8) |  |
| Galaxy Buyer, Inc. and Galaxy Topco I, L.P. (11) | First lien senior secured loan | 8.40% | SOFR (Q) | 4.75% |  | 01/2033 |  | 1205.9 | 1194.2 | 1193.8 | (2)(8)(13) |  |
|  | Class A-1 units |  |  |  | 01/2026 |  | 132000 |  | 132.0 | 132.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 1326.2 | 1325.8 |  |  |
| GHX Ultimate Parent Corporation and Nexus TopCo LP (11) | First lien senior secured loan | 8.70% (2.50% PIK) | SOFR (Q) | 5.00% |  | 02/2033 |  | 96176.2 | 95707.4 | 94252.7 | (2)(8)(13) |  |
| Global Medical Response, Inc. and GMR Buyer Corp. | First lien senior secured loan | 7.17% | SOFR (Q) | 3.50% |  | 10/2032 |  | 133244.3 | 132935.0 | 132672.7 | (2) |  |
| Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP (11) | First lien senior secured revolving loan | 8.44% | SOFR (Q) | 4.75% |  | 06/2032 |  | 4133.2 | 3664.6 | 4133.2 | (2)(8)(10)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 8.70% (2.25% PIK) | SOFR (Q) | 5.00% |  | 06/2032 |  | 160658.7 | 157945.3 | 160658.7 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 09/2025 |  | 214626 |  | 2146.3 | 2519.8 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 163756.2 | 167311.7 |  |  |
| Hologic Inc | First lien senior secured loan | 6.67% | SOFR (M) | 3.00% |  | 01/2033 |  | 67000.0 | 66828.9 | 66162.5 |  |  |
|  | First lien senior secured loan | 6.67% | SOFR (M) | 3.00% |  | 01/2033 |  | 2000.0 | 1994.9 | 1975.0 | (2) |  |
|  |  |  |  |  |  |  |  |  | 68823.8 | 68137.5 |  |  |
| HuFriedy Group Acquisition LLC (11) | First lien senior secured revolving loan |  |  |  |  | 05/2030 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 9.18% | SOFR (Q) | 5.50% |  | 05/2031 |  | 55368.2 | 54628.9 | 55368.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.18% | SOFR (Q) | 5.50% |  | 06/2031 |  | 5137.7 | 5042.0 | 5137.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 59670.9 | 60505.9 |  |  |
| LivTech Purchaser, Inc. (11) | First lien senior secured loan | 8.68% | SOFR (Q) | 5.00% |  | 11/2031 |  | 7358.3 | 7309.7 | 7276.1 | (2)(8)(13) |  |
| Mamba Purchaser, Inc. | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 10/2031 |  | 44828.2 | 44812.8 | 44837.6 | (2)(8) |  |
| MPH Acquisition Holdings LLC | First lien senior secured notes | 6.00% (0.75% PIK) |  |  |  | 03/2031 |  | 10754.2 | 9502.0 | 7205.3 | (2)(6) |  |
| Next Holdco, LLC (11) | First lien senior secured loan | 8.89% | SOFR (Q) | 5.25% |  | 11/2030 |  | 5670.4 | 5614.2 | 5670.4 | (2)(8)(13) |  |
| NMN Holdings III Corp. and NMN Holdings LP | First lien senior secured loan | 7.28% | CORRA (M) | 5.00% |  | 07/2031 |  | 12832.1 | 12848.0 | 12832.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 07/2031 |  | 6943.8 | 6881.2 | 6943.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 19729.2 | 19775.9 |  |  |
| Nomi Health, Inc. | Warrant to purchase Series B preferred stock |  |  |  | 07/2023 | 07/2033 | 10142 |  |  | 0.6 | (2)(13) |  |
|  | Warrant to purchase Class A common stock |  |  |  | 06/2024 | 06/2034 | 22661 |  |  | 23.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  |  | 23.9 |  |  |
| PointClickCare Technologies Inc. | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 11/2031 |  | 39762.3 | 39842.4 | 39513.7 | (2)(6) |  |
| Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (11) | First lien senior secured revolving loan |  |  |  |  | 11/2031 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.44% | SOFR (Q) | 4.75% |  | 11/2032 |  | 25468.9 | 25232.3 | 25468.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 25232.3 | 25468.9 |  |  |
| Project Alliance Buyer, LLC (11) | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 08/2031 |  | 9080.7 | 8957.9 | 9080.7 | (2)(8)(13) |  |
| Project Ruby Ultimate Parent Corp. | First lien senior secured loan | 6.53% | SOFR (M) | 2.75% |  | 03/2028 |  | 102192.9 | 102260.7 | 101618.5 | (2) |  |
| Raven Acquisition Holdings, LLC (11) | First lien senior secured loan | 6.67% | SOFR (M) | 3.00% |  | 11/2031 |  | 38722.4 | 38733.6 | 37941.0 | (2) |  |
| RegionalCare Hospital Partners Holdings, Inc. | First lien senior secured loan | 7.15% | SOFR (Q) | 3.50% |  | 05/2031 |  | 3176.7 | 3184.9 | 3171.6 | (2) |  |
| Resonetics, LLC | First lien senior secured loan | 6.42% | SOFR (Q) | 2.75% |  | 06/2031 |  | 49266.8 | 49249.1 | 49005.2 | (2)(8) |  |
| Revival Animal Health, LLC (11) | First lien senior secured revolving loan | 9.70% | SOFR (Q) | 6.00% |  | 01/2028 |  | 1902.6 | 1891.5 | 1788.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.69% | SOFR (Q) | 6.00% |  | 01/2028 |  | 30905.8 | 30744.7 | 29051.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 32636.2 | 30839.9 |  |  |
| Sharp Midco LLC | First lien senior secured loan | 6.70% | SOFR (Q) | 3.00% |  | 09/2032 |  | 35555.9 | 35599.9 | 35533.9 | (2) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Signant Finance One Limited and Bracket Intermediate Holding Corp. (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 10/2031 |  | 22093.6 | 21885.8 | 21872.7 | (2)(6)(8)(13) |  |
| Silver Midco 1 GmbH and Silver Bidco GmbH (11) | First lien senior secured loan | 7.38% | Euribor (Q) | 5.25% |  | 06/2031 |  | 10184.8 | 10184.3 | 9981.1 | (2)(6)(13) |  |
|  | Senior subordinated loan | 12.50% |  |  |  | 06/2031 |  | 31352.2 | 31348.1 | 30725.2 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 41532.4 | 40706.3 |  |  |
| Spruce Bidco II Inc. (11) | First lien senior secured revolving loan | 8.37% | SOFR (S) | 4.75% |  | 01/2032 |  | 5487.2 | 5127.0 | 5487.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (S) | 4.75% |  | 01/2032 |  | 97181.5 | 95763.6 | 97181.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 5.75% | TONA (Q) | 5.00% |  | 01/2032 |  | 13251.7 | 13368.4 | 13251.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 7.00% | CORRA (Q) | 4.75% |  | 01/2032 |  | 14129.6 | 13369.2 | 14129.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 127628.2 | 130050.0 |  |  |
| Surescripts, LLC (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 11/2031 |  | 100949.3 | 100477.4 | 100949.3 | (2)(8)(13) |  |
| Surgery Center Holdings, Inc. | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 12/2030 |  | 21271.2 | 21324.6 | 21261.0 | (2)(6) |  |
| Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | First lien senior secured loan | 8.27% | SOFR (Q) | 4.50% |  | 12/2027 |  | 832.1 | 749.5 | 582.5 | (2)(8) |  |
|  | Second lien senior secured loan | 11.64% | SOFR (Q) | 7.88% |  | 12/2028 |  | 17013.5 | 13987.5 | 12249.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14737.0 | 12832.2 |  |  |
| Team Health Holdings, Inc. | First lien senior secured loan | 8.17% | SOFR (S) | 4.50% |  | 06/2028 |  | 74438.4 | 74438.4 | 74066.2 | (2) |  |
|  | First lien senior secured notes | 8.38% |  |  |  | 06/2028 |  | 25000.0 | 25000.0 | 24685.2 | (2) |  |
|  |  |  |  |  |  |  |  |  | 99438.4 | 98751.4 |  |  |
| U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 04/2032 |  | 3825.9 | 3781.4 | 3825.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 04/2032 |  | 11197.7 | 11091.0 | 11197.7 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 04/2025 |  | 2152000 |  | 2152.0 | 3695.7 | (2)(13) |  |
|  | Common units |  |  |  | 10/2025 |  | 435004 |  | 448.2 | 463.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 17472.6 | 19183.2 |  |  |
| United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (11) | First lien senior secured loan | 9.43% | SOFR (Q) | 5.75% |  | 03/2029 |  | 15185.8 | 15001.5 | 15185.8 | (2)(8)(13) |  |
|  | Class A interests |  |  |  | 03/2023 |  | 100 |  | 100.0 | 178.6 | (13) |  |
|  |  |  |  |  |  |  |  |  | 15101.5 | 15364.4 |  |  |
| VetPartners Group Limited (11) | First lien senior secured loan | 9.78% (1.90% PIK) | SONIA (S) | 5.78% |  | 09/2032 |  | 48511.0 | 48652.7 | 48529.6 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.18% (1.90% PIK) | Euribor (S) | 5.78% |  | 09/2032 |  | 3108.7 | 3117.7 | 3109.9 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 14.00% | SONIA (S) | 10.15% |  | 09/2032 |  | 3683.3 | 3555.7 | 3683.3 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.23% | SONIA (S) | 5.50% |  | 09/2032 |  | 1064.2 | 741.7 | 1064.2 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 56067.8 | 56387.0 |  |  |
| Waystar Technologies, Inc. | First lien senior secured loan | 5.67% | SOFR (M) | 2.00% |  | 10/2029 |  | 28198.4 | 28169.4 | 28092.6 | (2)(13) |  |
| ZocDoc, Inc. (11) | First lien senior secured loan | 8.91% | SOFR (Q) | 5.25% |  | 07/2030 |  | 30146.4 | 29911.6 | 30146.4 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 7.16% | SOFR (Q) | 3.50% |  | 07/2030 |  | 1.0 | 1.0 | 1.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 29912.6 | 30147.4 |  |  |
|  |  |  |  |  |  |  |  |  | 2330059.6 | 2300188.2 |  | 21.90% |
| **Commercial and Professional Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| Accommodations Plus Technologies LLC (11) | First lien senior secured loan | 8.94% | SOFR (Q) | 5.25% |  | 05/2032 |  | 16369.6 | 16150.5 | 16369.6 | (2)(8)(13) |  |
| Aldinger Company Inc (11) | First lien senior secured revolving loan | 8.45% | SOFR (Q) | 4.75% |  | 10/2030 |  | 709.0 | 670.2 | 709.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.43% | SOFR (Q) | 4.75% |  | 10/2030 |  | 37388.5 | 37166.4 | 37388.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 53987.1 | 54467.1 |  |  |
| AlixPartners, LLP | First lien senior secured loan | 5.67% | SOFR (M) | 2.00% |  | 08/2032 |  | 57578.2 | 57632.4 | 56978.2 | (2) |  |
| AMCP Clean Acquisition Company, LLC | First lien senior secured loan | 7.95% | SOFR (Q) | 4.25% |  | 06/2030 |  | 7661.9 | 7625.9 | 7661.9 | (2)(8)(13) |  |
| Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC (11) | First lien senior secured revolving loan | 8.43% | SOFR (M) | 4.75% |  | 01/2031 |  | 615.6 | 598.5 | 615.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.43% | SOFR (M) | 4.75% |  | 01/2031 |  | 5705.8 | 5648.5 | 5705.8 | (2)(8)(13) |  |
|  | Class A-1 units |  |  |  | 01/2025 |  | 1134 |  | 1134.0 | 1070.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 7381.0 | 7392.3 |  |  |
| Bobtail AcquisitionCo, LLC (11) | First lien senior secured revolving loan | 8.44% | SOFR (Q) | 4.75% |  | 09/2031 |  | 961.5 | 885.6 | 961.5 | (2)(10)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 09/2031 |  | 35112.5 | 34753.6 | 35112.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 35639.2 | 36074.0 |  |  |
| Cards-Live Oak Holdings, Inc. (11) | First lien senior secured revolving loan | 8.45% | SOFR (Q) | 4.75% |  | 10/2032 |  | 1740.9 | 1697.4 | 1694.5 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 10.50% | Base Rate (Q) | 3.75% |  | 10/2032 |  | 870.4 | 848.7 | 847.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 10/2032 |  | 35859.0 | 35506.2 | 35460.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 38052.3 | 38002.2 |  |  |
| Celnor Group Limited (11) | First lien senior secured loan | 9.65% | SONIA (Q) | 5.92% |  | 08/2031 |  | 5440.3 | 5258.5 | 5427.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.29% | SONIA (Q) | 5.54% |  | 08/2031 |  | 2714.4 | 2662.1 | 2717.1 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.55% | SOFR (Q) | 5.92% |  | 08/2031 |  | 574.0 | 539.7 | 565.9 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.67% | Euribor (Q) | 5.54% |  | 08/2031 |  | 555.4 | 544.7 | 555.9 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 9005.0 | 9266.1 |  |  |
| Corporation Service Company | First lien senior secured loan | 5.67% | SOFR (M) | 2.00% |  | 11/2029 |  | 28526.1 | 28518.9 | 28294.5 | (2)(8) |  |
| Covanta Holding Corporation | First lien senior secured loan | 5.93% | SOFR (M) | 2.25% |  | 01/2031 |  | 5985.0 | 5971.5 | 5966.3 | (2)(8) |  |
| Covert HoldCo, LP | Senior subordinated loan | 9.42% | SOFR (Q) | 5.75% |  | 03/2031 |  | 217683.0 | 213367.7 | 213329.3 | (2)(8)(13) |  |
| Dayforce, Inc. | First lien senior secured loan | 6.66% | SOFR (Q) | 3.00% |  | 02/2033 |  | 66614.0 | 66292.0 | 62931.6 | (2) |  |
| Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. (11) | First lien senior secured revolving loan |  |  |  |  | 08/2032 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 9.18% | SOFR (M) | 5.50% |  | 08/2032 |  | 228624.0 | 226528.2 | 228624.0 | (2)(8)(13) |  |
|  | Series A units | 8.00% PIK |  |  | 08/2025 |  | 319400 |  | 3348.9 | 3743.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 229877.1 | 232367.4 |  |  |
| Dorado Bidco, Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 09/2031 |  |  |  |  | (2)(9)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 09/2031 |  | 6906.8 | 6862.8 | 6906.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 6862.8 | 6906.8 |  |  |
| DP Flores Holdings, LLC (11) | First lien senior secured loan | 10.17% (3.25% PIK) | SOFR (M) | 6.50% |  | 09/2030 |  | 49617.0 | 48766.9 | 49120.8 | (2)(8)(13) |  |
| Drogon Bidco Inc. & Drogon Aggregator LP (11) | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 08/2031 |  | 36511.8 | 36287.8 | 36511.8 | (2)(8)(13) |  |
|  | Class A-2 common units |  |  |  | 08/2024 |  | 2662000 |  | 2662.0 | 3677.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 38949.8 | 40189.2 |  |  |
| Duraserv LLC (11) | First lien senior secured revolving loan | 8.42% | SOFR (M) | 4.75% |  | 06/2030 |  | 1511.8 | 1482.4 | 1469.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 06/2031 |  | 35733.0 | 35500.5 | 35339.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 36982.9 | 36809.5 |  |  |
| Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC (11) | First lien senior secured revolving loan | 8.35% | SOFR (S) | 4.75% |  | 07/2031 |  | 2050.6 | 1990.6 | 2050.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.33% | SOFR (S) | 4.75% |  | 07/2031 |  | 30861.2 | 30603.7 | 30861.2 | (2)(8)(13) |  |
|  | Common stock |  |  |  | 07/2025 |  | 5162000 |  | 5162.0 | 5023.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 37756.3 | 37934.8 |  |  |
| EMB Purchaser, Inc. (11) | First lien senior secured revolving loan | 8.17% | SOFR (Q) | 4.50% |  | 03/2032 |  | 4711.9 | 4591.8 | 4570.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.18% | SOFR (Q) | 4.50% |  | 03/2032 |  | 127001.1 | 126031.6 | 125596.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 130623.4 | 130167.1 |  |  |
| Firebird Acquisition Corp, Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 02/2032 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.67% (2.75% PIK) | SOFR (Q) | 5.00% |  | 02/2032 |  | 17682.8 | 17611.1 | 17682.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 02/2032 |  | 5335.8 | 5315.9 | 5335.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 22927.0 | 23018.6 |  |  |
| FlyWheel Acquireco, Inc. (11) | First lien senior secured loan | 10.17% | SOFR (M) | 6.50% |  | 05/2030 |  | 13058.0 | 12827.8 | 13058.0 | (2)(8)(13) |  |
| Frontline Road Safety Operations, LLC (11) | First lien senior secured revolving loan |  |  |  |  | 03/2032 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.67% (2.00% PIK) | SOFR (M) | 5.00% |  | 03/2032 |  | 85664.9 | 85030.3 | 84771.8 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 85030.3 | 84771.8 |  |  |
| G702 Buyer, Inc. (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 07/2031 |  | 10176.3 | 10042.6 | 10176.3 | (2)(8)(13) |  |
| GCM HVAC Holdco, LLC and GCM HVAC Topco, LLC | First lien senior secured loan | 14.00% PIK |  |  |  | 09/2031 |  | 3349.2 | 3300.2 | 3349.2 | (2)(13) |  |
|  | Class A common units |  |  |  | 09/2024 |  | 1513394 |  | 1526.6 | 1779.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 4826.8 | 5128.2 |  |  |
| GFL Environmental Inc. | First lien senior secured loan | 6.17% | SOFR (Q) | 2.50% |  | 03/2032 |  | 26887.7 | 26873.0 | 26871.1 | (2) |  |
| Grant Thornton Advisors LLC | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 06/2031 |  | 2896.4 | 2902.5 | 2692.1 | (2) |  |
| HP RSS Buyer, Inc. (11) | First lien senior secured loan | 8.44% | SOFR (Q) | 4.75% |  | 12/2029 |  | 30444.4 | 30249.1 | 30444.4 | (2)(8)(13) |  |
| Intero Integrity Services Group B.V. (11) | First lien senior secured loan | 9.97% (2.45% PIK) | Euribor (S) | 7.47% |  | 09/2031 |  | 3659.1 | 3421.4 | 3659.1 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 11.21% (2.45% PIK) | SOFR (S) | 7.47% |  | 09/2031 |  | 2373.2 | 2225.5 | 2275.7 | (2)(6)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 9.97% (3.25% PIK) | Euribor (S) | 7.47% |  | 09/2031 |  | 173.5 | 143.6 | 173.5 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 5790.5 | 6108.3 |  |  |
| Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC (11) | First lien senior secured loan | 7.90% | SOFR (Q) | 4.25% |  | 11/2032 |  | 11356.0 | 11197.0 | 11187.4 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 11/2025 |  | 18870 |  | 1887.0 | 1887.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 13084.0 | 13074.4 |  |  |
| Kings Buyer, LLC (11) | First lien senior secured revolving loan | 11.00% | Base Rate (Q) | 4.25% |  | 10/2027 |  | 1736.4 | 1719.7 | 1564.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.05% | SOFR (Q) | 5.25% |  | 10/2027 |  | 18009.0 | 17902.8 | 16748.3 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 19622.5 | 18313.1 |  |  |
| KPS Global LLC and Cool Group LLC (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 09/2030 |  | 4410.8 | 4344.0 | 4410.8 | (2)(8)(13) |  |
| LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (11) | First lien senior secured revolving loan | 8.67% | SOFR (Q) | 5.00% |  | 07/2030 |  | 387.0 | 334.8 | 241.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 07/2031 |  | 20417.6 | 20145.2 | 19556.1 | (2)(8)(13) |  |
|  | Class A common units |  |  |  | 07/2024 |  | 1409000 |  | 1409.0 | 914.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 21889.0 | 20712.5 |  |  |
| Lightbeam Bidco, Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 05/2029 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 05/2030 |  | 28978.3 | 28687.6 | 28978.3 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 05/2030 |  | 1003.9 | 1000.7 | 1003.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 29688.3 | 29982.2 |  |  |
| LJP Purchaser, Inc. and LJP Topco, LP (11) | First lien senior secured revolving loan | 7.41% | SOFR (Q) | 3.75% |  | 09/2028 |  | 0.6 | 0.6 | 0.6 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 10.04% | SOFR (Q) | 6.25% |  | 09/2030 |  | 9076.4 | 8986.0 | 8985.6 | (2)(8)(13) |  |
|  | Class A units | 8.00% PIK |  |  | 09/2022 |  | 407020 |  | 570.0 | 570.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 9556.6 | 9556.2 |  |  |
| MSIS Holdings, Inc. and MS Precision Parent, LP (11) | First lien senior secured revolving loan |  |  |  |  | 03/2031 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 03/2031 |  | 26926.4 | 26622.2 | 26926.4 | (2)(8)(13) |  |
|  | Class A-1 units |  |  |  | 03/2025 |  | 1359000 |  | 1359.0 | 1536.7 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 27981.2 | 28463.1 |  |  |
| Multi-Color Corporation and LABL, Inc. | First lien senior secured loan | 10.41% | SOFR (M) | 6.75% |  | 12/2026 |  | 4594.5 | 4331.4 | 4583.0 | (2)(8) |  |
|  | First lien senior secured loan | 10.42% | SOFR (S) | 6.75% |  | 12/2026 |  | 4559.5 | 4304.4 | 3784.4 | (2)(8)(13) |  |
|  | First lien senior secured loan |  |  |  |  | 10/2028 |  | 77243.7 | 72887.3 | 40166.7 | (2)(13)(16) |  |
|  |  |  |  |  |  |  |  |  | 81523.1 | 48534.1 |  |  |
| Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | First lien senior secured loan | 8.76% | SOFR (Q) | 5.00% |  | 02/2033 |  | 148188.2 | 146703.1 | 141223.4 | (2) |  |
| Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC | First lien senior secured revolving loan | 9.16% | SOFR (Q) | 5.50% |  | 08/2029 |  | 1.9 | 1.8 | 1.9 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 11.25% | Base Rate (Q) | 4.50% |  | 08/2029 |  | 0.1 | 0.1 | 0.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 11.66% | SOFR (Q) | 8.00% |  | 08/2029 |  | 41437.9 | 39668.2 | 38122.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 14.66% PIK | SOFR (M) | 11.00% |  | 08/2029 |  | 2492.6 | 2492.6 | 2243.3 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Warrant to purchase Class A common units |  |  |  | 08/2023 | 08/2036 | 27163 |  | 449.6 |  | (13) |  |
|  | Warrant to purchase Class A common units |  |  |  | 06/2024 | 06/2036 | 8780 |  | 1223.9 |  | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 43836.2 | 40368.2 |  |  |
| PSC Parent, Inc. (11) | First lien senior secured revolving loan | 8.92% | SOFR (Q) | 5.25% |  | 04/2030 |  | 4599.8 | 4545.6 | 4599.8 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.91% | SOFR (Q) | 5.25% |  | 04/2031 |  | 55012.0 | 54672.6 | 55012.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 59218.2 | 59611.8 |  |  |
| PYE-Barker Fire & Safety, LLC (11) | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 12/2032 |  | 32211.5 | 32239.4 | 32240.1 | (2) |  |
| Rocket Buyer, LLC (11) | First lien senior secured revolving loan | 8.16% | SOFR (Q) | 4.50% |  | 02/2033 |  | 86.8 | 83.3 | 82.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.15% | SOFR (Q) | 4.50% |  | 02/2033 |  | 1188.9 | 1177.1 | 1168.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 33499.8 | 33490.6 |  |  |
| Saturn Purchaser Corp. (11) | First lien senior secured loan | 8.52% | SOFR (Q) | 4.75% |  | 07/2030 |  | 7505.7 | 7483.4 | 7505.7 | (2)(8)(13) |  |
| SGM Acquisition Sub, LLC and Schill Holdings, LP (11) | First lien senior secured revolving loan | 8.42% | SOFR (M) | 4.75% |  | 12/2031 |  | 695.6 | 654.3 | 652.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 12/2031 |  | 17682.7 | 17514.5 | 17506.0 | (2)(8)(13) |  |
|  | Common units |  |  |  | 12/2025 |  | 1010000 |  | 1010.0 | 1010.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 19178.8 | 19168.1 |  |  |
| SV Newco 2, Inc. and Site 2020 Incorporated (11) | First lien senior secured revolving loan | 11.50% | Base Rate (Q) | 4.75% |  | 06/2031 |  | 647.3 | 579.8 | 647.3 | (2)(6)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 06/2031 |  | 27046.1 | 26803.2 | 27046.1 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 10.50% | Base rate (Q) | 3.75% |  | 06/2031 |  | 1911.5 | 1901.0 | 1911.5 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 29284.0 | 29604.9 |  |  |
| Talon Buyer Inc. and Talon Holdings SCSP (11) | First lien senior secured loan | 7.92% | SOFR (Q) | 4.25% |  | 07/2032 |  | 22207.6 | 21881.8 | 21862.4 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 07/2025 |  | 7785000 |  | 7785.0 | 9103.1 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 29666.8 | 30965.5 |  |  |
| TSS Buyer, LLC (11) | First lien senior secured loan | 8.69% | SOFR (Q) | 5.00% |  | 06/2029 |  | 10179.3 | 10023.0 | 10179.3 | (2)(8)(13) |  |
| TVG-MGT Upper Intermediate Holdings, LLC | Senior subordinated loan | 14.00% PIK |  |  |  | 08/2031 |  | 22679.8 | 22116.0 | 21999.5 | (2)(13) |  |
|  | Class A common units |  |  |  | 08/2025 |  | 2281 |  | 3478.6 | 3057.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 25594.6 | 25056.5 |  |  |
| Unity Purchaser, LLC and Unity Ultimate Holdings, LP (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 01/2031 |  | 13794.1 | 13621.3 | 13794.1 | (2)(8)(13) |  |
|  | Class A-1 units |  |  |  | 01/2025 |  | 2271000 |  | 2271.0 | 2261.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 15892.3 | 16055.4 |  |  |
| UP Intermediate II LLC and UPBW Blocker LLC (11) | First lien senior secured revolving loan |  |  |  |  | 03/2031 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 03/2032 |  | 13457.6 | 13314.4 | 13457.6 | (2)(8)(13) |  |
|  | Senior preferred units | 15.00% PIK |  |  | 07/2025 |  | 10858 |  | 1201.7 | 1201.7 | (2)(13) |  |
|  | Common units |  |  |  | 03/2024 |  | 31790 |  | 3179.0 | 3873.1 | (2)(13) |  |
|  | Common units |  |  |  | 09/2024 |  | 2060 |  | 173.0 | 250.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 17868.1 | 18783.3 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (11) | First lien senior secured revolving loan | 7.70% | SOFR (Q) | 4.00% |  | 05/2030 |  | 5982.4 | 5899.7 | 5982.4 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 9.75% | Base Rate (Q) | 3.00% |  | 05/2030 |  | 1994.1 | 1883.9 | 1994.1 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 05/2030 |  | 32942.9 | 32602.3 | 32942.9 | (2)(8)(13) |  |
|  | Class A preferred units | 10.00% PIK |  |  | 05/2024 |  | 11930 |  | 1432.3 | 1432.3 | (13) |  |
|  | Class A common units |  |  |  | 05/2024 |  | 1111 |  |  | 532.1 | (13) |  |
|  |  |  |  |  |  |  |  |  | 41818.2 | 42883.8 |  |  |
| Xplor T1, LLC | First lien senior secured loan | 7.17% | SOFR (Q) | 3.50% |  | 12/2032 |  | 38823.6 | 38623.5 | 36008.9 | (2)(13) |  |
| Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 07/2031 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 07/2031 |  | 52598.8 | 52234.3 | 52598.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 52234.3 | 52598.8 |  |  |
|  |  |  |  |  |  |  |  |  | 2033374.8 | 1992678.5 |  | 18.97% |
| **Capital Goods** |  |  |  |  |  |  |  |  |  |  |  |  |
| AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. (11) | First lien senior secured revolving loan | 10.17% | SOFR (Q) | 6.50% |  | 08/2030 |  | 1772.1 | 1650.7 | 1772.1 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 10.17% | SOFR (Q) | 6.50% |  | 08/2030 |  | 105794.2 | 104363.1 | 105794.2 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 106013.8 | 107566.3 |  |  |
| AI Aqua Merger Sub, Inc. | First lien senior secured loan | 6.41% | SOFR (M) | 2.75% |  | 07/2028 |  | 79522.6 | 79425.9 | 79286.4 | (2)(6)(8) |  |
|  | First lien senior secured loan | 6.16% | SOFR (M) | 2.50% |  | 07/2028 |  | 29604.7 | 29568.7 | 29516.8 | (2)(6)(8) |  |
|  |  |  |  |  |  |  |  |  | 108994.6 | 108803.2 |  |  |
| Airx Climate Solutions, Inc. (11) | First lien senior secured revolving loan | 9.41% | SOFR (Q) | 5.75% |  | 11/2029 |  | 433.4 | 372.1 | 433.4 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.42% | SOFR (Q) | 5.75% |  | 11/2029 |  | 23034.6 | 22688.0 | 23034.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.68% | SOFR (Q) | 5.00% |  | 11/2029 |  | 16265.8 | 16099.1 | 16044.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 39159.2 | 39512.7 |  |  |
| Alliance Laundry Systems LLC | First lien senior secured loan | 5.92% | SOFR (Q) | 2.25% |  | 08/2031 |  | 18560.9 | 18533.4 | 18535.7 | (2) |  |
| Arcline FM Holdings, LLC | First lien senior secured loan | 6.45% | SOFR (Q) | 2.75% |  | 06/2030 |  | 14550.8 | 14591.4 | 14554.9 | (2)(8) |  |
| Artera Services, LLC | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 02/2031 |  | 26688.4 | 23661.1 | 22685.2 | (2) |  |
| BCPE Empire Holdings, Inc. | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 12/2030 |  | 8408.8 | 8421.2 | 8272.2 | (2)(8) |  |
|  | First lien senior secured loan | 7.19% | SOFR (S) | 3.50% |  | 12/2032 |  | 5226.7 | 5151.1 | 5138.5 | (2) |  |
|  |  |  |  |  |  |  |  |  | 13572.3 | 13410.7 |  |  |
| BGIF IV Fearless Utility Services, Inc. (11) | First lien senior secured revolving loan | 8.68% | SOFR (M) | 5.00% |  | 06/2030 |  | 613.2 | 561.9 | 613.2 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.68% | SOFR (M) | 5.00% |  | 06/2031 |  | 53879.5 | 53514.1 | 53879.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 54076.0 | 54492.7 |  |  |
| Blue Raven Solutions, LLC, Triman Industries, Inc., and Crestwood Technology Group, LLC (11) | First lien senior secured revolving loan | 9.66% | SOFR (Q) | 6.00% |  | 01/2032 |  | 286.2 | 275.1 | 274.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.70% | SOFR (Q) | 6.00% |  | 01/2032 |  | 3554.1 | 3485.4 | 3483.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 3760.5 | 3757.8 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Brown Group Holding, LLC | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 07/2031 |  | 32703.5 | 32688.1 | 32725.9 | (2)(8) |  |
| Burgess Point Purchaser Corporation (11) | First lien senior secured loan | 9.02% | SOFR (Q) | 5.25% |  | 07/2029 |  | 68907.3 | 66805.3 | 59777.1 | (2)(8) |  |
|  | First lien senior secured loan | 9.67% | SOFR (Q) | 6.00% |  | 07/2029 |  | 29832.3 | 28986.8 | 25954.1 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 95792.1 | 85731.2 |  |  |
| Chillaton Bidco Limited | First lien senior secured loan | 10.32% | SONIA (S) | 6.50% |  | 05/2031 |  | 6911.5 | 6551.1 | 6911.5 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 10.48% | SONIA (S) | 6.75% |  | 05/2031 |  | 1165.5 | 1137.5 | 1165.5 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 7688.6 | 8077.0 |  |  |
| CoorsTek, inc | First lien senior secured loan | 6.67% | SOFR (Q) | 3.00% |  | 10/2032 |  | 11970.0 | 11913.6 | 12014.9 | (2) |  |
| CPIG Holdco Inc. (11) | First lien senior secured revolving loan | 8.51% | SOFR (Q) | 4.75% |  | 04/2028 |  | 0.5 | 0.5 | 0.5 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 10.76% | SOFR (Q) | 7.00% |  | 04/2028 |  | 14625.0 | 14442.8 | 14625.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14443.3 | 14625.5 |  |  |
| EC Partners Spanish BidCo, S.L.U. (11) | First lien senior secured loan | 7.78% | Euribor (Q) | 5.75% |  | 01/2032 |  | 744.0 | 655.9 | 744.0 | (2)(6)(13) |  |
| ELM DebtCo, LLC (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 11/2031 |  | 3284.5 | 3253.7 | 3251.6 | (2)(8)(13) |  |
| Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC (11) | First lien senior secured revolving loan | 10.20% | SOFR (Q) | 6.50% |  | 10/2031 |  | 2346.1 | 2209.8 | 2316.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.20% | SOFR (Q) | 6.50% |  | 10/2031 |  | 64854.1 | 63347.4 | 64529.8 | (2)(8)(13) |  |
|  | Preferred units | 8.00% PIK |  |  | 10/2025 |  | 9461 |  | 9595.6 | 9595.6 | (2)(13) |  |
|  | Common units |  |  |  | 10/2025 |  | 10512 |  | 1051.2 | 1164.2 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 76204.0 | 77606.4 |  |  |
| FCG Acquisitions, Inc. | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 03/2033 |  | 49204.3 | 49275.3 | 49142.8 | (2) |  |
| Generator US Buyer, Inc. and Total Power Limited (11) | First lien senior secured loan | 6.81% | CORRA (Q) | 4.50% |  | 07/2030 |  | 7720.4 | 7691.9 | 7720.4 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 07/2030 |  | 985.0 | 972.2 | 985.0 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 8664.1 | 8705.4 |  |  |
| Green Infrastructure Partners Inc. | First lien senior secured loan | 6.45% | SOFR (Q) | 2.75% |  | 09/2032 |  | 15000.0 | 14991.4 | 14962.5 | (2)(6)(13) |  |
| GSV Purchaser, Inc. (11) | First lien senior secured loan | 8.15% | SOFR (Q) | 4.50% |  | 08/2031 |  | 41303.8 | 40948.4 | 41303.8 | (2)(8)(13) |  |
| Harvey Tool Company, LLC | First lien senior secured loan | 6.64% | Euribor (M) | 4.75% |  | 08/2032 |  | 8643.7 | 8691.6 | 8643.7 | (2)(8)(13) |  |
| Helix Acquisition Holdings, Inc. | First lien senior secured loan | 10.77% | SOFR (M) | 7.00% |  | 03/2030 |  | 14188.7 | 13945.6 | 14188.7 | (2)(8)(13) |  |
| Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC (11) | First lien senior secured revolving loan | 8.45% | SOFR (Q) | 4.75% |  | 03/2032 |  | 3454.7 | 3331.5 | 3454.7 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 03/2032 |  | 75468.1 | 74946.3 | 75468.1 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 78277.8 | 78922.8 |  |  |
| HPCC Parent, Inc. and Patriot Container Corp. | First lien senior secured loan | 13.00% (7.00% PIK) |  |  |  | 09/2030 |  | 75963.3 | 74573.0 | 75963.3 | (2)(13) |  |
|  | First lien senior secured loan | 11.50% |  |  |  | 09/2030 |  | 3571.3 | 3473.5 | 3571.3 | (2)(13) |  |
|  | Common stock |  |  |  | 09/2024 |  | 455086 |  | 4314.2 | 4314.2 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 82360.7 | 83848.8 |  |  |
| JSG II, Inc. and Checkers USA, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 09/2032 |  | 2865.8 | 2852.5 | 2837.1 | (2)(8)(13) |  |
| KKR Apple Bidco, LLC | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 09/2031 |  | 35938.8 | 36005.9 | 35938.8 | (2) |  |
| LEG Purchaser Inc. (11) | First lien senior secured loan | 9.15% | SOFR (Q) | 5.50% |  | 01/2032 |  | 7520.3 | 7411.6 | 7407.5 | (2)(6)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP (11) | First lien senior secured revolving loan | 7.94% | SOFR (Q) | 4.25% |  | 12/2032 |  | 12096.7 | 11880.5 | 11872.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 7.95% | SOFR (Q) | 4.25% |  | 12/2032 |  | 65910.8 | 65274.7 | 65251.7 | (2)(8)(13) |  |
|  | Common units |  |  |  | 01/2026 |  | 782 |  | 782.4 | 782.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 77937.6 | 77906.8 |  |  |
| Madison IAQ LLC | First lien senior secured loan | 6.13% | SOFR (S) | 2.50% |  | 06/2028 |  | 87349.0 | 87285.4 | 87256.4 | (2)(8) |  |
| OPH NEP Investment, LLC (4) | Senior subordinated loan | 10.00% (7.00% PIK) |  |  |  | 05/2032 |  | 40969.4 | 38611.9 | 39740.3 | (2)(13) |  |
|  | Class B common units |  |  |  | 05/2024 |  | 9 |  | 2083.7 | 3141.8 | (13) |  |
|  |  |  |  |  |  |  |  |  | 40695.6 | 42882.1 |  |  |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc. (11) | First lien senior secured revolving loan | 8.42% | SOFR (M) | 4.75% |  | 12/2031 |  | 633.2 | 564.8 | 633.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 12/2031 |  | 52375.4 | 51950.9 | 52375.4 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 52515.7 | 53008.6 |  |  |
| Pave America Holding, LLC (11) | First lien senior secured revolving loan | 8.45% | SOFR (M) | 4.75% |  | 08/2032 |  | 2017.9 | 1965.6 | 2017.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.95% (2.88% PIK) | SOFR (Q) | 5.25% |  | 08/2032 |  | 21066.5 | 20864.3 | 21066.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 22829.9 | 23084.4 |  |  |
| Pike Corporation (11) | First lien senior secured loan | 8.18% | SOFR (M) | 4.50% |  | 12/2032 |  | 175185.1 | 174344.5 | 173433.3 | (2)(8)(13) |  |
| Pinnacle Buyer, LLC (11) | First lien senior secured loan | 6.16% | SOFR (Q) | 2.50% |  | 10/2032 |  | 41723.6 | 41811.3 | 41736.6 | (2) |  |
| Project Castle, Inc. | First lien senior secured loan | 9.36% | SOFR (S) | 5.50% |  | 06/2029 |  | 27978.8 | 23127.0 | 14921.9 | (2)(8) |  |
| PumpTech, LLC and Impel CV-B, LP (11)(12) | First lien senior secured revolving loan | 8.42% | SOFR (M) | 4.75% |  | 01/2031 |  | 577.2 | 548.3 | 461.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 01/2031 |  | 15345.0 | 15199.0 | 14694.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.50% | Base Rate (Q) | 3.75% |  | 01/2031 |  | 4254.0 | 4224.9 | 4022.1 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 03/2025 |  | 958338 |  | 979.6 | 747.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 20951.8 | 19925.9 |  |  |
| Radwell Parent, LLC (11) | First lien senior secured revolving loan | 9.20% | SOFR (Q) | 5.50% |  | 04/2029 |  | 132.6 | 131.2 | 132.6 | (8)(13) |  |
|  | First lien senior secured loan | 9.20% | SOFR (Q) | 5.50% |  | 04/2029 |  | 17864.4 | 17819.7 | 17864.4 | (8)(13) |  |
|  |  |  |  |  |  |  |  |  | 17950.9 | 17997.0 |  |  |
| Signia Aerospace, LLC (11) | First lien senior secured loan | 6.42% | SOFR (Q) | 2.75% |  | 12/2031 |  | 5287.1 | 5276.3 | 5293.7 | (2)(8) |  |
| Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (11) | First lien senior secured revolving loan | 8.67% | SOFR (Q) | 5.00% |  | 05/2031 |  | 983.3 | 901.7 | 983.3 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.69% | SOFR (Q) | 5.00% |  | 05/2031 |  | 44487.1 | 43964.7 | 44487.1 | (2)(8)(13) |  |
|  | Series A common units |  |  |  | 05/2024 |  | 996 |  | 996.0 | 1946.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 45862.4 | 47416.4 |  |  |
| Titan BW Borrower L.P. (11) | First lien senior secured loan | 9.04% (2.88% PIK) | SOFR (Q) | 5.38% |  | 07/2032 |  | 62359.7 | 61806.9 | 61736.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 07/2032 |  | 3116.6 | 3093.2 | 3064.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 64900.1 | 64800.8 |  |  |
| WEC US Holdings Ltd. | First lien senior secured loan | 5.67% | SOFR (M) | 2.00% |  | 01/2031 |  | 69908.4 | 69761.9 | 69755.3 | (2) |  |
| Werner Finco LP | First lien senior secured loan | 9.17% | SOFR (Q) | 5.50% |  | 06/2031 |  | 92541.7 | 91327.6 | 92541.7 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Zenith AcquisitionCo, LLC (11) | First lien senior secured loan | 8.15% | SOFR (Q) | 4.50% |  | 01/2033 |  | 70601.7 | 70182.2 | 69560.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 1875186.7 | 1865519.1 |  | 17.76% |
| **Investment Funds and Vehicles** |  |  |  |  |  |  |  |  |  |  |  |  |
| A8 - A (Feeder) L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.44% |  | 1000.3 | 716.1 | (6) |  |
| ABPCI 2017-1 | Collaterized loan obligation | 11.17% | SOFR (Q) | 7.50% |  | 07/2037 |  | 965.0 | 969.6 | 950.7 | (6)(13) |  |
| ABPCI 2019-5A | Collaterized loan obligation | 9.42% | SOFR (Q) | 5.75% |  | 01/2036 |  | 1100.0 | 1100.0 | 1087.1 | (6)(13) |  |
| ABPCI 2022-11 | Collaterized loan obligation | 10.67% | SOFR (Q) | 7.00% |  | 01/2038 |  | 7000.0 | 7000.0 | 6725.0 | (6)(13) |  |
| ABPCI 2023-12 | Collaterized loan obligation | 11.92% | SOFR (Q) | 8.25% |  | 07/2037 |  | 4800.0 | 4800.0 | 4732.1 | (6)(13) |  |
| ABPCI 2024-17 | Collaterized loan obligation | 11.66% | SOFR (Q) | 8.00% |  | 08/2036 |  | 3000.0 | 3000.0 | 2963.2 | (6)(13) |  |
| ABPCI 2025-20A | Collaterized loan obligation | 9.92% | SOFR (Q) | 6.25% |  | 04/2037 |  | 1450.0 | 1450.0 | 1415.3 | (6)(13) |  |
| ABPCI 2025-21 | Collaterized loan obligation | 10.67% | SOFR (Q) | 7.00% |  | 07/2037 |  | 11000.0 | 11000.0 | 10662.2 | (6)(13) |  |
| ABPF 2025-2 | Collaterized loan obligation | 7.57% | SOFR (Q) | 3.90% |  | 10/2037 |  | 17000.0 | 17000.0 | 16854.4 | (6)(13) |  |
|  | Collaterized loan obligation | 10.92% | SOFR (Q) | 7.25% |  | 10/2037 |  | 3600.0 | 3600.0 | 3556.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 20600.0 | 20410.6 |  |  |
| ADLP LLC (5)(14) | Subordinated certificates | 10.00% |  |  |  | 10/2035 |  | 511200.0 | 511200.0 | 511200.0 | (6)(13)(15) |  |
|  | Membership interest |  |  |  |  |  | 80.00% |  |  |  | (6) |  |
|  |  |  |  |  |  |  |  |  | 511200.0 | 511200.0 |  |  |
| Advent International GPE VII-E Limited Partnership (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.69% |  | 941.0 | 1060.3 | (6) |  |
| AIMCO 2024-22 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 04/2037 |  | 3125.0 | 3156.9 | 3119.3 | (6)(13) |  |
| AIMCO 2025-23 | Collaterized loan obligation | 14.86% |  |  |  | 04/2038 |  | 10245.0 | 8659.7 | 7840.6 | (6)(13) |  |
| AIMCO 2025-24 | Collaterized loan obligation | 12.88% |  |  |  | 04/2038 |  | 8380.0 | 6671.2 | 5204.0 | (6)(13) |  |
| AIMCO 2025-28 | Collaterized loan obligation | 11.50% |  |  |  | 01/2039 |  | 15965.0 | 14718.3 | 12532.5 | (6)(13) |  |
| AIMCO CLO 30, LTD. | Collaterized loan obligation | 21.00% |  |  |  | 11/2030 |  | 2217.3 | 2217.3 | 2217.3 | (6)(13) |  |
| Alp CFO 2025, L.P. and Alp CFO 2025 (Offshore Feeder) A, L.P. (12) | Private asset-backed investment | 12.24% |  |  |  | 07/2037 |  | 9770.0 | 9770.0 | 9770.0 | (6)(13) |  |
|  | Private asset-backed investment |  |  |  | 08/2025 |  | 11666532 |  | 11666.5 | 12529.9 | (6)(13) |  |
|  | Private asset-backed investment |  |  |  | 08/2025 |  | 5523000 |  | 5523.0 | 6036.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 26959.5 | 28336.5 |  |  |
| ANCHC 2019-13 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 04/2038 |  | 5000.0 | 5000.0 | 4845.3 | (6)(13) |  |
| ANCHC 2021-19 | Collaterized loan obligation | 13.96% |  |  |  | 10/2038 |  | 1830.1 | 1211.1 | 985.1 | (6)(13) |  |
| ANCHC 2023-26 | Collaterized loan obligation | 9.92% | SOFR (Q) | 6.25% |  | 03/2038 |  | 1350.0 | 1350.0 | 1346.9 | (6)(13) |  |
| ANCHC 2025-33 | Collaterized loan obligation | 9.77% | SOFR (Q) | 6.10% |  | 10/2038 |  | 550.0 | 550.0 | 548.6 | (6)(13) |  |
| ANCHF 2025-18 | Collaterized loan obligation | 9.10% |  |  |  | 10/2040 |  | 32376.0 | 30842.1 | 28455.0 | (6)(13) |  |
| ANCHF 2025-19 | Collaterized loan obligation | 15.80% |  |  |  | 10/2040 |  | 37070.0 | 37070.0 | 29174.0 | (6)(13) |  |
| ANCHF 2026-20 | Collaterized loan obligation | 8.30% |  |  |  | 04/2042 |  | 9080.0 | 9080.0 | 9080.0 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Anchorage Credit Funding 20, Ltd. | Collaterized loan obligation | 8.30% |  |  |  | 06/2026 |  | 9080.0 | 9080.0 | 9080.0 | (6)(13) |  |
| Apax Europe VI - A, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.39% |  | 612.5 | 617.9 | (6) |  |
| Apax Europe VII - B, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.39% |  | 341.4 | 82.2 | (6) |  |
| Apax VIII - B, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.14% |  | 382.1 | 265.1 | (6) |  |
| Aquiline Financial Services Fund LP. | Limited partnership interests |  |  |  | 03/2025 |  | 0.18% |  | 453.8 | 546.2 | (6) |  |
| ATRM 14 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 10/2037 |  | 5600.0 | 5600.0 | 4505.8 | (6)(13) |  |
|  | Collaterized loan obligation | 8.97% |  |  |  | 10/2037 |  | 8171.4 | 4228.0 | 2530.4 | (6)(13) |  |
|  | Collaterized loan obligation | 6.77% |  |  |  | 10/2037 |  | 639.5 | 353.7 | 198.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 10181.7 | 7234.2 |  |  |
| ATRM 15 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 07/2037 |  | 1637.5 | 1668.4 | 1429.5 | (6)(13) |  |
| AUDAX 2024-9 | Collaterized loan obligation | 8.87% | SOFR (Q) | 5.20% |  | 04/2036 |  | 2000.0 | 2000.0 | 1976.1 | (6)(13) |  |
| BABSN 2023-1 | Collaterized loan obligation | 10.37% | SOFR (Q) | 6.70% |  | 04/2038 |  | 2700.0 | 2700.0 | 2647.9 | (6)(13) |  |
| Bain Capital Europe Fund IV, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.04% |  | 483.4 | 518.6 | (6) |  |
| Bain Capital Europe V, SCSp (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.01% |  | 603.7 | 798.9 | (6) |  |
| Bain Capital Fund XI, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.11% |  | 1885.9 | 2079.1 | (6) |  |
| Bain Capital Fund XII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.01% |  | 349.0 | 695.6 | (6) |  |
| BALLY 2022-21 | Collaterized loan obligation | 9.42% |  |  |  | 10/2037 |  | 2520.0 | 2157.8 | 1512.0 | (6)(13) |  |
| BALLY 2024-26 | Collaterized loan obligation | 9.77% | SOFR (Q) | 6.10% |  | 07/2037 |  | 1500.0 | 1500.0 | 1471.7 | (6)(13) |  |
|  | Collaterized loan obligation | 11.64% |  |  |  | 07/2037 |  | 4980.0 | 3208.2 | 2415.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4708.2 | 3887.0 |  |  |
| BC European Capital IX - 2 LP (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.06% |  | 735.8 | 972.7 | (6) |  |
|  | Limited partnership interests |  |  |  | 03/2025 |  | 0.05% |  | 660.8 | 876.3 | (6) |  |
|  |  |  |  |  |  |  |  |  | 1396.6 | 1849.0 |  |  |
| BC European Capital X - 2 LP (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.03% |  | 1262.6 | 1516.2 | (6) |  |
| BC Partners Galileo (2) L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.52% |  | 644.7 | 609.9 | (6) |  |
| BCC 2022-1 | Collaterized loan obligation | 20.18% |  |  |  | 10/2038 |  | 10978.5 | 3220.2 | 2616.2 | (6)(13) |  |
| BERRY 2024-1 | Collaterized loan obligation | 12.42% |  |  |  | 10/2037 |  | 2610.0 | 2049.6 | 1346.5 | (6)(13) |  |
|  | Collaterized loan obligation |  |  |  |  | 10/2037 |  | 2610.0 |  | 141.1 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 2049.6 | 1487.6 |  |  |
| BGCLO 2023-6 | Collaterized loan obligation | 9.32% | SOFR (Q) | 5.65% |  | 07/2038 |  | 1250.0 | 1262.5 | 1223.8 | (6)(13) |  |
| Blackstone Capital Partners VI L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.05% |  | 939.5 | 1148.5 | (6) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Limited partnership interests |  |  |  | 09/2025 |  | 0.03% |  | 597.4 | 678.2 | (6) |  |
|  |  |  |  |  |  |  |  |  | 1536.9 | 1826.7 |  |  |
| Bridgepoint Europe VI 'E' LP (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.01% |  | 486.0 | 775.8 | (6) |  |
| BROOKP 2024-1 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 04/2037 |  | 1000.0 | 1000.0 | 894.8 | (6)(13) |  |
| BSP 2016-9 | Collaterized loan obligation | 9.57% | SOFR (Q) | 5.90% |  | 10/2037 |  | 3125.0 | 3125.0 | 3062.1 | (6)(13) |  |
| BSP 2018-14 | Collaterized loan obligation | 9.82% | SOFR (Q) | 6.15% |  | 10/2037 |  | 5500.0 | 5500.0 | 5424.1 | (6)(13) |  |
| BSP 2021-25 | Collaterized loan obligation | 8.27% | SOFR (Q) | 4.60% |  | 01/2035 |  | 990.0 | 984.1 | 971.3 | (6)(13) |  |
| BSP 2022-28 | Collaterized loan obligation | 9.07% | SOFR (Q) | 5.40% |  | 10/2037 |  | 500.0 | 500.0 | 490.0 | (6)(13) |  |
| BSP 2023-30 | Collaterized loan obligation | 9.12% | SOFR (Q) | 5.45% |  | 04/2038 |  | 2000.0 | 2000.0 | 1958.3 | (6)(13) |  |
| BSP 2023-31 | Collaterized loan obligation | 10.84% | SOFR (Q) | 7.17% |  | 04/2038 |  | 625.0 | 612.8 | 613.2 | (6)(13) |  |
| BSP 2023-32 | Collaterized loan obligation | 17.45% |  |  |  | 10/2038 |  | 1050.0 | 872.6 | 799.2 | (6)(13) |  |
| BSP 2024-35 | Collaterized loan obligation | 9.77% | SOFR (Q) | 6.10% |  | 04/2037 |  | 1250.0 | 1250.0 | 1227.4 | (6)(13) |  |
| BSP 2024-37 | Collaterized loan obligation | 14.77% |  |  |  | 01/2038 |  | 8430.0 | 7964.0 | 6328.8 | (6)(13) |  |
| BSP 2024-38 | Collaterized loan obligation | 8.67% | SOFR (Q) | 5.00% |  | 01/2038 |  | 3750.0 | 3750.0 | 3671.9 | (6)(13) |  |
| BSP 2025-40 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 07/2038 |  | 1000.0 | 1000.0 | 978.4 | (6)(13) |  |
|  | Collaterized loan obligation | 13.28% |  |  |  | 07/2038 |  | 11290.0 | 10162.4 | 8102.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 11162.4 | 9080.4 |  |  |
| BYRDPK 2025-1 | Collaterized loan obligation | 16.37% |  |  |  | 07/2038 |  | 1310.0 | 944.4 | 761.5 | (6)(13) |  |
|  | Collaterized loan obligation |  |  |  |  | 07/2038 |  | 1310.0 |  | 26.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 944.4 | 787.8 |  |  |
| CAIF 1 | Commercial mortgage-backed security | 9.49% | SONIA (Q) | 5.75% |  | 08/2035 |  | 26378.0 | 26131.8 | 26221.5 | (6)(13) |  |
|  | Commercial mortgage-backed security | 10.89% | SONIA (Q) | 7.15% |  | 08/2035 |  | 13396.7 | 13053.5 | 13133.8 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 39185.3 | 39355.3 |  |  |
| Catterton Partners VII, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.32% |  | 1421.8 | 1582.2 | (6) |  |
| CAVU 2021-1 | Collaterized loan obligation | 10.67% | SOFR (Q) | 7.00% |  | 07/2037 |  | 1000.0 | 1000.0 | 929.3 | (6)(13) |  |
| CAVU 2022-2 | Collaterized loan obligation | 10.12% | SOFR (Q) | 6.45% |  | 03/2038 |  | 2950.0 | 2950.0 | 2943.2 | (6)(13) |  |
|  | Collaterized loan obligation | 8.34% |  |  |  | 03/2038 |  | 2575.0 | 2575.0 | 2585.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 5525.0 | 5528.8 |  |  |
| CAVU 2025-2 | Collaterized loan obligation | 9.42% | SOFR (Q) | 5.75% |  | 03/2038 |  | 4500.0 | 4500.0 | 4406.7 | (6)(13) |  |
| CEDF 2021-14 | Collaterized loan obligation | 15.29% |  |  |  | 07/2033 |  | 1840.0 | 969.7 | 543.4 | (6)(13) |  |
| CGMS 2018-4 | Collaterized loan obligation | 11.53% | SOFR (Q) | 7.86% |  | 10/2037 |  | 250.0 | 257.8 | 250.7 | (6)(13) |  |
| CGMS 2019-2 | Collaterized loan obligation | 10.67% | SOFR (Q) | 7.00% |  | 10/2037 |  | 4387.5 | 4387.5 | 4316.6 | (6)(13) |  |
| CGMS 2021-5 | Collaterized loan obligation | 9.57% | SOFR (Q) | 5.90% |  | 03/2038 |  | 2500.0 | 2500.0 | 2359.6 | (6)(13) |  |
| CGMS 2021-8 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 10/2038 |  | 6900.0 | 6900.0 | 6801.1 | (6)(13) |  |
| CGMS 2022-2 | Collaterized loan obligation | 10.62% | SOFR (Q) | 6.95% |  | 01/2038 |  | 2850.0 | 2850.0 | 2794.9 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| CGMS 2022-5 | Collaterized loan obligation | 10.77% | SOFR (Q) | 7.10% |  | 10/2037 |  | 4190.0 | 4190.0 | 4100.0 | (6)(13) |  |
| CGMS 2022-6 | Collaterized loan obligation | 18.74% |  |  |  | 10/2038 |  | 1173.5 | 996.4 | 777.1 | (6)(13) |  |
| CGMS 2023-1 | Collaterized loan obligation | 9.42% | SOFR (Q) | 5.75% |  | 07/2037 |  | 3700.0 | 3700.0 | 3568.2 | (6)(13) |  |
|  | Collaterized loan obligation | 15.00% |  |  |  | 07/2037 |  | 14886.3 | 11450.7 | 7718.5 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 15150.7 | 11286.7 |  |  |
| CGMS 2023-2 | Collaterized loan obligation | 17.17% |  |  |  | 07/2038 |  | 15070.7 | 11948.4 | 8422.6 | (6)(13) |  |
| CGMS 2024-1 | Collaterized loan obligation | 10.59% | SOFR (Q) | 6.92% |  | 04/2037 |  | 1096.0 | 1118.8 | 1096.1 | (6)(13) |  |
| CGMS 2024-2 | Collaterized loan obligation | 10.52% | SOFR (Q) | 6.85% |  | 04/2037 |  | 1500.0 | 1500.0 | 1476.3 | (6)(13) |  |
| CGMS 2024-3 | Collaterized loan obligation | 10.07% | SOFR (Q) | 6.40% |  | 07/2036 |  | 2600.0 | 2600.0 | 2552.6 | (6)(13) |  |
| CGMS 2024-5 | Collaterized loan obligation | 9.32% | SOFR (Q) | 5.65% |  | 10/2036 |  | 1500.0 | 1500.0 | 1470.8 | (6)(13) |  |
|  | Collaterized loan obligation | 12.35% |  |  |  | 10/2036 |  | 2700.0 | 2218.3 | 1607.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3718.3 | 3077.8 |  |  |
| CGMS 2025-3 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 07/2038 |  | 3275.0 | 3275.0 | 3205.1 | (6)(13) |  |
| CGMS 2025-5 | Collaterized loan obligation | 12.10% |  |  |  | 01/2039 |  | 14325.0 | 12767.2 | 12513.4 | (6)(13) |  |
| CIFC 2018-1 | Collaterized loan obligation | 10.50% |  |  |  | 01/2038 |  | 5018.1 | 2029.8 | 1424.5 | (6)(13) |  |
| CIFC 2018-5 | Collaterized loan obligation | 10.27% | SOFR (Q) | 6.60% |  | 07/2038 |  | 1200.0 | 1176.8 | 1171.7 | (6)(13) |  |
| CIFC 2019-1 | Collaterized loan obligation | 11.40% |  |  |  | 10/2037 |  | 4117.4 | 2106.5 | 1825.5 | (6)(13) |  |
| CIFC 2019-4 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 07/2038 |  | 2750.0 | 2750.0 | 2728.7 | (6)(13) |  |
| CIFC 2019-5 | Collaterized loan obligation | 17.99% |  |  |  | 10/2038 |  | 2574.4 | 1547.7 | 1478.4 | (6)(13) |  |
| CIFC 2021-1 | Collaterized loan obligation | 9.67% | SOFR (Q) | 6.00% |  | 07/2037 |  | 1820.0 | 1820.0 | 1783.6 | (6)(13) |  |
| CIFC 2021-4 | Collaterized loan obligation | 9.87% | SOFR (Q) | 6.20% |  | 07/2037 |  | 1000.0 | 1000.6 | 985.1 | (6)(13) |  |
| CIFC 2021-5 | Collaterized loan obligation | 8.77% | SOFR (Q) | 5.10% |  | 01/2038 |  | 3450.0 | 3432.0 | 3399.4 | (6)(13) |  |
|  | Collaterized loan obligation | 12.69% |  |  |  | 01/2038 |  | 640.0 | 399.0 | 320.1 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3831.0 | 3719.5 |  |  |
| CIFC 2022-5 | Collaterized loan obligation | 12.80% |  |  |  | 03/2038 |  | 19367.1 | 14546.0 | 11014.0 | (6)(13) |  |
| CIFC 2022-6 | Collaterized loan obligation | 9.42% | SOFR (Q) | 5.75% |  | 10/2038 |  | 437.5 | 437.5 | 430.2 | (6)(13) |  |
| CIFC 2022-7 | Collaterized loan obligation | 9.02% | SOFR (Q) | 5.35% |  | 01/2038 |  | 687.5 | 687.5 | 673.5 | (6)(13) |  |
| CIFC 2024-1 | Collaterized loan obligation | 10.27% | SOFR (Q) | 6.60% |  | 04/2037 |  | 375.0 | 383.9 | 368.5 | (6)(13) |  |
| CIFC 2024-2 | Collaterized loan obligation | 10.07% | SOFR (Q) | 6.40% |  | 04/2037 |  | 2000.0 | 2000.0 | 1969.8 | (6)(13) |  |
| CIFC 2024-4 | Collaterized loan obligation | 11.82% |  |  |  | 10/2037 |  | 2600.0 | 2208.7 | 1780.9 | (6)(13) |  |
| CIFC 2024-5 | Collaterized loan obligation | 8.82% | SOFR (Q) | 5.15% |  | 01/2038 |  | 4000.0 | 4000.0 | 3969.5 | (6)(13) |  |
| CIFC 2025-3 | Collaterized loan obligation | 13.34% |  |  |  | 07/2038 |  | 9717.5 | 7974.8 | 7532.9 | (6)(13) |  |
| CIFC 2025-4 | Collaterized loan obligation | 12.10% |  |  |  | 10/2038 |  | 14820.0 | 13099.4 | 11079.2 | (6)(13) |  |
| CIFC 2025-7 | Collaterized loan obligation | 12.00% |  |  |  | 01/2039 |  | 17020.0 | 15275.5 | 14884.2 | (6)(13) |  |
| Clayton, Dubilier & Rice Fund IX, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.03% |  | 750.9 | 910.0 | (6) |  |
| CLRMPK 2025-1 | Collaterized loan obligation | 9.17% | SOFR (Q) | 5.50% |  | 04/2038 |  | 1802.0 | 1802.0 | 1764.7 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Collaterized loan obligation | 13.70% |  |  |  | 04/2038 |  | 15725.0 | 12721.0 | 8915.9 | (6)(13) |  |
|  | Collaterized loan obligation |  |  |  |  | 04/2038 |  | 15725.0 |  | 460.5 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 14523.0 | 11141.1 |  |  |
| Constellation Wealth Capital Fund, L.P. (12) | Limited partner interests |  |  |  | 01/2024 |  | 3112834 |  | 2871.3 | 3083.2 | (6) |  |
| CPFTR 2025-1 | Residential mortgage-backed security | 8.38% |  |  |  | 07/2026 |  | 27865.7 | 27865.7 | 27941.7 | (6)(13) |  |
| CPTPK 2024-1 | Collaterized loan obligation | 9.67% | SOFR (Q) | 6.00% |  | 07/2037 |  | 1400.0 | 1400.0 | 1333.5 | (6)(13) |  |
| CVC Capital Partners VI (B) L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.04% |  | 3334.2 | 3199.9 | (6) |  |
| CVC Capital Partners VII (A) L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | —% |  | 403.7 | 559.9 | (6) |  |
| CWC Fund I Co-Invest (ALTI) LP | Limited partnership interest |  |  |  | 03/2024 |  | 6653000 |  | 6700.2 | 8098.9 | (2)(6)(13) |  |
| DCLO 2021-1 | Collaterized loan obligation | 15.44% |  |  |  | 10/2037 |  | 2439.0 | 1981.7 | 1695.1 | (6)(13) |  |
| DCLO 2022-3 | Collaterized loan obligation | 15.67% |  |  |  | 01/2038 |  | 5784.0 | 4408.1 | 3902.8 | (6)(13) |  |
| DCLO 2025-9 | Collaterized loan obligation | 14.90% |  |  |  | 04/2038 |  | 4385.0 | 3389.9 | 3273.4 | (6)(13) |  |
| DRSLF 2022-104 | Collaterized loan obligation | 11.06% | SOFR (Q) | 7.40% |  | 08/2034 |  | 5756.0 | 5756.0 | 5469.4 | (6)(13) |  |
| ELM12 2021-5 | Collaterized loan obligation | 9.57% | SOFR (Q) | 5.90% |  | 10/2037 |  | 1475.0 | 1475.0 | 1379.9 | (6)(13) |  |
| ELM24 2023-3 | Collaterized loan obligation | 8.77% | SOFR (Q) | 5.10% |  | 01/2038 |  | 2000.0 | 2000.0 | 1972.1 | (6)(13) |  |
| ELM27 2024-3 | Collaterized loan obligation | 9.92% | SOFR (Q) | 6.25% |  | 04/2037 |  | 2000.0 | 2000.0 | 1964.1 | (6)(13) |  |
| ELM29 2024-5 | Collaterized loan obligation | 10.07% | SOFR (Q) | 6.40% |  | 04/2037 |  | 3500.0 | 3519.7 | 3285.0 | (6)(13) |  |
| ELM30 2024-6 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 07/2037 |  | 1585.0 | 1604.2 | 1554.1 | (6)(13) |  |
| ELM32 2024-8 | Collaterized loan obligation | 11.65% |  |  |  | 10/2037 |  | 2520.0 | 2145.3 | 1385.1 | (6)(13) |  |
| ELM35 2024-11 | Collaterized loan obligation | 11.18% |  |  |  | 10/2037 |  | 1740.0 | 1490.4 | 1144.3 | (6)(13) |  |
| ELM40 2025-3 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 03/2038 |  | 1750.0 | 1750.0 | 1732.4 | (6)(13) |  |
| ELM42 2025-5 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 03/2038 |  | 400.0 | 400.0 | 399.1 | (6)(13) |  |
| ELM44 2025-7 | Collaterized loan obligation | 10.50% |  |  |  | 10/2038 |  | 24550.0 | 21666.6 | 18601.1 | (6)(13) |  |
| ELMW2 2019-2 | Collaterized loan obligation | 9.42% | SOFR (Q) | 5.75% |  | 10/2037 |  | 4920.0 | 4883.0 | 4751.8 | (6)(13) |  |
| ELMW4 2020-1 | Collaterized loan obligation | 9.82% | SOFR (Q) | 6.15% |  | 04/2037 |  | 2738.0 | 2761.9 | 2563.8 | (6)(13) |  |
| GCBSL 2022-60 | Collaterized loan obligation | 9.67% | SOFR (Q) | 6.00% |  | 10/2034 |  | 1275.0 | 1275.0 | 1207.0 | (6)(13) |  |
| GNRT 2024-20 | Collaterized loan obligation | 13.93% |  |  |  | 01/2038 |  | 13950.0 | 11162.7 | 8714.5 | (6)(13) |  |
| GNRT 9 | Collaterized loan obligation | 10.02% | SOFR (Q) | 6.35% |  | 01/2038 |  | 2000.0 | 2000.0 | 1759.2 | (6)(13) |  |
| HAMLN 2024-1 | Collaterized loan obligation | 9.07% | SOFR (Q) | 5.40% |  | 10/2037 |  | 2017.5 | 2017.5 | 1929.3 | (6)(13) |  |
| HarbourVest Structured Solutions 2025 L.P. and HarbourVest Structured Solutions 2025 Feeder L.P. (11)(12) | Private asset-backed investment | 12.25% |  |  |  | 03/2041 |  | 3489.9 | 3421.2 | 3420.1 | (6)(13) |  |
|  | Private asset-backed investment | 7.96% |  |  |  | 03/2041 |  | 3420.1 | 3352.7 | 3351.7 | (6)(13) |  |
|  | Private asset-backed investment |  |  |  |  | 03/2041 | 3489933 |  | 3350.3 | 3410.6 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 10124.2 | 10182.4 |  |  |
| Hellman & Friedman Capital Partners VIII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.02% |  | 1639.8 | 1790.2 | (6) |  |
| HgCapital 8 A L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.05% |  | 994.9 | 944.5 | (6) |  |
| HPPK 2024-1 | Collaterized loan obligation | 13.51% |  |  |  | 10/2037 |  | 3360.0 | 2668.3 | 1786.2 | (6)(13) |  |
| Insight Venture Partners (Cayman) VII, LP (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.29% |  | 2418.0 | 2272.7 | (6) |  |
| Insight Venture Partners (Delaware) VIII, LP (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.10% |  | 1905.2 | 2243.9 | (6) |  |
| Insight Venture Partners Coinvestment Fund II, LP | Limited partnership interests |  |  |  | 03/2025 |  | 0.41% |  | 2175.4 | 2291.2 | (6) |  |
| INVCO 2023-2 | Collaterized loan obligation | 11.55% | SOFR (Q) | 7.88% |  | 04/2038 |  | 2730.0 | 2650.0 | 2650.8 | (6)(13) |  |
| JPMMT 2026-ACES1 | Residential mortgage-backed security | 4.66% |  |  |  | 04/2066 | 1405613866 |  | 75618.2 | 75244.4 | (6)(13) |  |
| Kelso Investment Associates IX, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.11% |  | 1485.4 | 1270.2 | (6) |  |
| KKR 2024-53 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 01/2038 |  | 2235.0 | 2235.0 | 2233.7 | (6)(13) |  |
|  | Collaterized loan obligation | 10.98% |  |  |  | 01/2038 |  | 6100.0 | 4926.7 | 3851.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 7161.7 | 6085.0 |  |  |
| KKR 2024-56 | Collaterized loan obligation | 13.56% |  |  |  | 10/2037 |  | 4910.0 | 3752.3 | 3131.4 | (6)(13) |  |
| KKR 32 | Collaterized loan obligation | 11.50% |  |  |  | 04/2037 |  | 1110.0 | 473.4 | 382.4 | (6)(13) |  |
| KKR North America Fund XI, L.P. | Limited partnership interests |  |  |  | 09/2025 |  | 0.22% |  | 974.9 | 1364.7 | (6) |  |
| KLLM 2 | Collaterized loan obligation | 11.02% | SOFR (Q) | 7.35% |  | 10/2037 |  | 250.0 | 251.1 | 229.7 | (6)(13) |  |
| KLLM 2022-10 | Collaterized loan obligation | 8.57% | SOFR (Q) | 4.90% |  | 01/2038 |  | 2750.0 | 2750.0 | 2527.2 | (6)(13) |  |
| KLLM 2024-15 | Collaterized loan obligation | 10.37% | SOFR (Q) | 6.70% |  | 07/2037 |  | 1900.0 | 1878.4 | 1776.0 | (6)(13) |  |
| KLLM 2024-17 | Collaterized loan obligation | 9.82% | SOFR (Q) | 6.15% |  | 10/2037 |  | 930.0 | 935.4 | 901.5 | (6)(13) |  |
| KLLM 2024-18 | Collaterized loan obligation | 13.46% |  |  |  | 01/2038 |  | 7160.0 | 5711.7 | 3975.6 | (6)(13) |  |
| KLLM 6 | Collaterized loan obligation | 10.92% | SOFR (Q) | 7.25% |  | 10/2037 |  | 1820.0 | 1820.0 | 1683.7 | (6)(13) |  |
| Linden Structured Capital Fund II-A LP (12) | Limited partnership interest |  |  |  | 07/2024 |  | 2466564 |  | 1814.6 | 2939.5 | (2)(6) |  |
| MAGNE 2019-24 | Collaterized loan obligation | 10.07% | SOFR (Q) | 6.40% |  | 04/2035 |  | 500.0 | 500.1 | 473.6 | (6)(13) |  |
| MAGNE 2020-28 | Collaterized loan obligation | 13.81% |  |  |  | 01/2035 |  | 6789.8 | 4899.6 | 3617.9 | (6)(13) |  |
| MAGNE 2022-33 | Collaterized loan obligation | 9.22% | SOFR (Q) | 5.55% |  | 10/2037 |  | 5875.0 | 5875.0 | 5842.6 | (6)(13) |  |
| MAGNE 2023-36 | Collaterized loan obligation | 8.67% | SOFR (Q) | 5.00% |  | 07/2038 |  | 5900.0 | 5900.0 | 5888.5 | (6)(13) |  |
| MAGNE 2024-42 | Collaterized loan obligation | 8.67% | SOFR (Q) | 5.00% |  | 01/2038 |  | 2125.0 | 2100.5 | 2093.7 | (6)(13) |  |
|  | Collaterized loan obligation | 14.38% |  |  |  | 01/2038 |  | 920.0 | 645.1 | 581.1 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 2745.6 | 2674.8 |  |  |
| MAGNE 2024-44 | Collaterized loan obligation | 10.94% |  |  |  | 10/2037 |  | 4100.0 | 3316.4 | 2762.3 | (6)(13) |  |
| MAGNE 2025-43 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 07/2038 |  | 425.0 | 425.0 | 424.0 | (6)(13) |  |
|  | Collaterized loan obligation | 13.70% |  |  |  | 07/2038 |  | 1970.0 | 1316.4 | 1324.7 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 1741.4 | 1748.7 |  |  |
| MAGNE 2025-48 | Collaterized loan obligation | 10.31% |  |  |  | 10/2038 |  | 17210.0 | 15241.7 | 12250.0 | (6)(13) |  |
| MAGNE 2025-51 | Collaterized loan obligation | 12.00% |  |  |  | 10/2038 |  | 19791.0 | 18095.8 | 15273.8 | (6)(13) |  |
| MAGNE 2026-55 | Collaterized loan obligation | 12.10% |  |  |  | 04/2039 |  | 17215.0 | 15493.5 | 15493.5 | (6)(13) |  |
| Magnetite LV, Limited | Collaterized loan obligation | 22.00% |  |  |  | 11/2026 |  | 10046.7 | 10046.7 | 10046.7 | (6)(13) |  |
| MCF CLO 12 LLC | Private asset-backed investment | 7.72% | SOFR (Q) | 4.05% |  | 02/2034 |  | 19900.0 | 19900.0 | 19820.4 | (6)(13) |  |
| MDPK 2015-17 | Collaterized loan obligation | 10.33% |  |  |  | 07/2045 |  | 59391.7 | 7620.2 | 4104.0 | (6)(13) |  |
|  | Collaterized loan obligation | 10.33% |  |  |  | 07/2030 |  | 6173.4 | 792.1 | 426.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 8412.3 | 4530.6 |  |  |
| MDPK 2016-20 | Collaterized loan obligation | 10.07% | SOFR (Q) | 6.40% |  | 10/2037 |  | 2727.5 | 2727.5 | 2330.1 | (6)(13) |  |
| MDPK 2016-22 | Collaterized loan obligation | 14.19% |  |  |  | 01/2033 |  | 3140.0 | 1525.3 | 1088.0 | (6)(13) |  |
| MDPK 2018-30 | Collaterized loan obligation | 11.22% |  |  |  | 07/2027 |  | 14921.4 | 7768.0 | 4494.8 | (6)(13) |  |
|  | Collaterized loan obligation | 8.50% |  |  |  | 07/2037 |  | 750.0 | 750.0 | 748.8 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 8518.0 | 5243.6 |  |  |
| MDPK 2018-31 | Collaterized loan obligation | 10.07% | SOFR (Q) | 6.40% |  | 07/2037 |  | 1100.0 | 1102.0 | 976.9 | (6)(13) |  |
| MDPK 2018-32 | Collaterized loan obligation | 10.07% | SOFR (Q) | 6.40% |  | 07/2037 |  | 4850.0 | 4850.0 | 4215.0 | (6)(13) |  |
|  | Collaterized loan obligation | 9.00% |  |  |  | 01/2048 |  | 2360.0 | 1059.8 | 648.7 | (6)(13) |  |
|  | Collaterized loan obligation | 9.00% |  |  |  | 01/2048 |  | 744.0 | 334.1 | 204.5 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 6243.9 | 5068.2 |  |  |
| MDPK 2019-34 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 10/2037 |  | 1700.0 | 1700.0 | 1481.3 | (6)(13) |  |
| MDPK 2019-37 | Collaterized loan obligation | 10.27% | SOFR (Q) | 6.60% |  | 04/2037 |  | 1000.0 | 1000.0 | 816.2 | (6)(13) |  |
|  | Collaterized loan obligation | 13.01% |  |  |  | 04/2037 |  | 1600.0 | 814.6 | 510.1 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 1814.6 | 1326.3 |  |  |
| MDPK 2020-46 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 10/2034 |  | 2000.0 | 1967.9 | 1758.2 | (6)(13) |  |
| MDPK 2021-59 | Collaterized loan obligation | 10.07% | SOFR (Q) | 6.40% |  | 04/2037 |  | 2890.0 | 2883.9 | 2499.6 | (6)(13) |  |
| MDPK 2022-60 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 10/2037 |  | 5625.0 | 5625.0 | 5149.2 | (6)(13) |  |
|  | Collaterized loan obligation | 7.49% |  |  |  | 10/2037 |  | 1081.5 | 850.8 | 519.1 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 6475.8 | 5668.3 |  |  |
| MDPK 2023-63 | Collaterized loan obligation | 9.67% | SOFR (Q) | 6.00% |  | 07/2038 |  | 4750.0 | 4750.0 | 4373.8 | (6)(13) |  |
| MDPK 2023-63A | Collaterized loan obligation | 14.77% |  |  |  | 07/2038 |  | 1702.6 | 1069.4 | 939.0 | (6)(13) |  |
| MDPK 2024-66 | Collaterized loan obligation | 9.17% | SOFR (Q) | 5.50% |  | 10/2037 |  | 2500.0 | 2500.0 | 2356.5 | (6)(13) |  |
|  | Collaterized loan obligation | 12.84% |  |  |  | 10/2037 |  | 2410.0 | 2165.2 | 1560.5 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4665.2 | 3917.0 |  |  |
| MDPK 2024-67 | Collaterized loan obligation | 10.47% | SOFR (Q) | 6.80% |  | 04/2037 |  | 2500.0 | 2500.0 | 2322.7 | (6)(13) |  |
| MDPK 2024-68 | Collaterized loan obligation | 8.77% | SOFR (Q) | 5.10% |  | 01/2038 |  | 2375.0 | 2375.0 | 2212.2 | (6)(13) |  |
| MDPK 2024-69 | Collaterized loan obligation | 9.92% | SOFR (Q) | 6.25% |  | 07/2037 |  | 1500.0 | 1500.0 | 1393.1 | (6)(13) |  |
| MDPK 2025-65 | Collaterized loan obligation | 8.67% | SOFR (Q) | 5.00% |  | 07/2038 |  | 2400.0 | 2400.0 | 2347.7 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| MDPK 2025-71 | Collaterized loan obligation | 17.05% |  |  |  | 04/2038 |  | 4120.0 | 3365.1 | 2495.0 | (6)(13) |  |
| MDPK 2025-72 | Collaterized loan obligation | 13.19% |  |  |  | 07/2038 |  | 10470.0 | 9806.7 | 7986.9 | (6)(13) |  |
| MDPK 2025-75 | Collaterized loan obligation | 11.70% |  |  |  | 01/2039 |  | 21935.0 | 21935.0 | 18178.4 | (6)(13) |  |
| MidOcean CLO Equity Fund I, LP | Private asset-backed investment | 9.00% |  |  | 10/2024 |  | 35996269 |  | 35966.6 | 35996.3 | (6)(13) |  |
| Montagu V (US) L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.57% |  | 1340.5 | 1803.6 | (6) |  |
| Montagu VII (B) SCSp (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.02% |  | 12.4 | 26.4 | (6) |  |
| NEUB 2025-60 | Collaterized loan obligation | 10.15% | SOFR (Q) | 6.48% |  | 04/2039 |  | 1700.0 | 1684.0 | 1696.2 | (6)(13) |  |
| New Mountain Partners III, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.20% |  | 320.9 | 393.0 | (6) |  |
| New Mountain Partners IV, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.20% |  | 938.2 | 853.1 | (6) |  |
| NMC CLO-2 | Collaterized loan obligation | 9.37% | SOFR (Q) | 5.70% |  | 01/2038 |  | 937.5 | 937.5 | 910.4 | (6)(13) |  |
| OAKC 2012-7 | Collaterized loan obligation | 8.87% |  |  |  | 02/2038 |  | 480.0 | 275.2 | 201.5 | (6)(13) |  |
| OAKC 2015-12 | Collaterized loan obligation | 6.49% |  |  |  | 04/2037 |  | 14541.0 | 8139.0 | 5998.1 | (6)(13) |  |
| OAKC 2016-13 | Collaterized loan obligation | 9.42% | SOFR (Q) | 5.75% |  | 10/2037 |  | 1220.0 | 1220.0 | 1196.1 | (6)(13) |  |
|  | Collaterized loan obligation | 8.00% |  |  |  | 10/2037 |  | 2920.0 | 2242.1 | 1340.3 | (6)(13) |  |
|  | Collaterized loan obligation | 8.00% |  |  |  | 01/2030 |  | 1400.0 | 1075.0 | 581.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4537.1 | 3118.0 |  |  |
| OAKC 2017-15 | Collaterized loan obligation | 7.17% |  |  |  | 01/2030 |  | 3441.5 | 1789.3 | 1101.3 | (6)(13) |  |
| OAKC 2019-2 | Collaterized loan obligation | 11.30% |  |  |  | 01/2038 |  | 3330.0 | 2944.1 | 2009.7 | (6)(13) |  |
| OAKC 2019-3 | Collaterized loan obligation | 9.67% |  |  |  | 07/2032 |  | 3590.0 | 2923.2 | 2028.4 | (6)(13) |  |
| OAKC 2019-4 | Collaterized loan obligation | 8.62% | SOFR (Q) | 4.95% |  | 01/2038 |  | 3640.0 | 3640.0 | 3584.7 | (6)(13) |  |
| OAKC 2020-5 | Collaterized loan obligation | 8.87% |  |  |  | 10/2037 |  | 3130.0 | 2885.7 | 2091.5 | (6)(13) |  |
| OAKC 2020-6 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 10/2037 |  | 1100.0 | 1100.0 | 1081.7 | (6)(13) |  |
|  | Collaterized loan obligation | 9.24% |  |  |  | 10/2037 |  | 2966.0 | 3038.0 | 2264.4 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4138.0 | 3346.1 |  |  |
| OAKC 2021-16 | Collaterized loan obligation | 8.14% |  |  |  | 10/2034 |  | 1210.0 | 973.5 | 693.8 | (6)(13) |  |
| OAKC 2021-8 | Collaterized loan obligation | 11.39% |  |  |  | 01/2038 |  | 3190.0 | 2686.6 | 1829.1 | (6)(13) |  |
| OAKC 2021-9 | Collaterized loan obligation | 9.17% | SOFR (Q) | 5.50% |  | 10/2037 |  | 2050.0 | 2050.0 | 2038.0 | (6)(13) |  |
|  | Collaterized loan obligation | 9.86% |  |  |  | 10/2037 |  | 1500.0 | 1382.4 | 1046.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3432.4 | 3084.3 |  |  |
| OAKC 2022-12R | Collaterized loan obligation | 8.52% | SOFR (Q) | 4.85% |  | 07/2037 |  | 6700.0 | 6700.0 | 6519.0 | (6)(13) |  |
| OAKC 2023-15RA | Collaterized loan obligation | 8.52% | SOFR (Q) | 4.85% |  | 07/2038 |  | 3000.0 | 3000.0 | 2927.0 | (6)(13) |  |
| OAKCL 2023-1 | Collaterized loan obligation | 11.17% | SOFR (Q) | 7.50% |  | 04/2038 |  | 1500.0 | 1553.7 | 1472.3 | (6)(13) |  |
| OAKCL 2025-32 | Collaterized loan obligation | 9.02% | SOFR (Q) | 5.35% |  | 07/2038 |  | 1750.0 | 1750.0 | 1712.7 | (6)(13) |  |
| OCP 2015-10 | Collaterized loan obligation | 9.02% | SOFR (Q) | 5.35% |  | 01/2038 |  | 1000.0 | 994.0 | 979.4 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Collaterized loan obligation | 17.03% |  |  |  | 01/2038 |  | 20760.0 | 7959.8 | 7162.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 8953.8 | 8141.6 |  |  |
| OCP 2016-11 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 07/2038 |  | 5080.0 | 5080.0 | 4970.5 | (6)(13) |  |
| OCP 2018-15 | Collaterized loan obligation | 12.20% |  |  |  | 07/2031 |  | 13282.0 | 5918.8 | 4804.0 | (6)(13) |  |
| OCP 2021-21 | Collaterized loan obligation | 14.25% |  |  |  | 01/2038 |  | 20007.0 | 12157.8 | 10067.3 | (6)(13) |  |
| OCP 2022-24 | Collaterized loan obligation | 9.92% | SOFR (Q) | 6.25% |  | 10/2037 |  | 1550.0 | 1562.6 | 1550.4 | (6)(13) |  |
|  | Collaterized loan obligation | 20.62% |  |  |  | 10/2037 |  | 3060.0 | 1601.9 | 1356.7 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3164.5 | 2907.1 |  |  |
| OCP 2025-48 | Collaterized loan obligation | 10.70% |  |  |  | 12/2038 |  | 15450.0 | 13602.2 | 12553.7 | (6)(13) |  |
| OCPA 2023-29 | Collaterized loan obligation | 8.67% | SOFR (Q) | 5.00% |  | 01/2036 |  | 1000.0 | 1000.0 | 950.4 | (6)(13) |  |
| OCPA 2025-41 | Collaterized loan obligation | 8.00% |  |  |  | 04/2037 |  | 1500.0 | 1500.0 | 1500.2 | (6)(13) |  |
| OCT 61 2023-2 | Collaterized loan obligation | 11.56% | SOFR (Q) | 7.89% |  | 04/2038 |  | 1500.0 | 1456.2 | 1473.0 | (6)(13) |  |
| OCT 63 2024-2 | Collaterized loan obligation | 10.17% | SOFR (Q) | 6.50% |  | 07/2037 |  | 1166.7 | 1127.4 | 1145.5 | (6)(13) |  |
| OCT 67 2023-1 | Collaterized loan obligation | 12.00% |  |  |  | 07/2038 |  | 1510.2 | 1510.2 | 1286.9 | (6)(13) |  |
| OHACP 2024-17 | Collaterized loan obligation | 8.67% | SOFR (Q) | 5.00% |  | 01/2038 |  | 3000.0 | 3000.0 | 2938.5 | (6)(13) |  |
|  | Collaterized loan obligation | 11.52% |  |  |  | 01/2038 |  | 2610.0 | 2275.5 | 1783.4 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 5275.5 | 4721.9 |  |  |
| OHALF 2016-1 | Collaterized loan obligation | 10.03% |  |  |  | 07/2037 |  | 2375.0 | 1396.0 | 1094.5 | (6)(13) |  |
| OKANAGAN 2024-1 | Private asset-backed investment | 10.80% | SOFR (M) | 8.25% |  | 12/2032 |  | 17856.5 | 17886.5 | 17231.5 | (6)(13) |  |
| One Equity Partners VI, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.89% |  | 733.9 | 813.2 | (6) |  |
| One Equity Partners VII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.14% |  | 2254.3 | 2513.3 | (6) |  |
| Onex Partners III LP (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.20% |  | 852.9 | 1037.4 | (6) |  |
| Onex Partners IV LP (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.14% |  | 2268.1 | 2258.7 | (6) |  |
| Permira IV L.P. 2 | Limited partnership interests |  |  |  | 03/2025 |  | 0.07% |  | 1249.7 | 1423.5 | (6) |  |
| Permira V G.P. L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.02% |  | 205.0 | 263.0 | (6) |  |
| Permira VI L.P.1 (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.01% |  | 344.8 | 468.0 | (6) |  |
| PIPK 2025-18 | Collaterized loan obligation | 9.42% | SOFR (Q) | 5.75% |  | 04/2038 |  | 1250.0 | 1250.0 | 1224.7 | (6)(13) |  |
| PNTPK 2019-1 | Collaterized loan obligation | 7.97% | SOFR (Q) | 4.30% |  | 07/2036 |  | 8075.0 | 8146.2 | 7969.0 | (6)(13) |  |
| Providence Equity Partners (Midsummer) L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.06% |  | 615.4 | 783.3 | (6) |  |
| Providence Equity Partners VII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.07% |  | 326.2 | 479.9 | (6) |  |
| Providence Equity Partners VII-A L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.20% |  | 1352.7 | 1418.2 | (6) |  |
| Providence Equity Partners VIII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.06% |  | 2776.2 | 3697.5 | (6) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Purple Garden Invest (D) AB (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.21% |  | 1043.7 | 1199.2 | (6) |  |
| PXLY 2024-1 | Collaterized loan obligation | 8.67% | SOFR (Q) | 5.00% |  | 01/2037 |  | 4050.0 | 4050.0 | 3741.2 | (6)(13) |  |
| Red Garden Invest (D) AB (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.21% |  | 1379.3 | 1594.6 | (6) |  |
| RRAM 2022-21 | Collaterized loan obligation | 10.46% | SOFR (Q) | 6.79% |  | 07/2039 |  | 250.0 | 249.1 | 217.8 | (6)(13) |  |
|  | Collaterized loan obligation | 9.48% |  |  |  | 07/2039 |  | 13070.0 | 8501.0 | 5950.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 8750.1 | 6168.0 |  |  |
| RRAM 2022-23 | Collaterized loan obligation | 8.67% | SOFR (Q) | 5.00% |  | 07/2037 |  | 4390.0 | 4390.0 | 4295.1 | (6)(13) |  |
| RRAM 2022-24 | Collaterized loan obligation | 10.45% | SOFR (Q) | 6.78% |  | 01/2037 |  | 700.0 | 698.1 | 624.5 | (6)(13) |  |
| RRAM 2023-27 | Collaterized loan obligation | 14.64% |  |  |  | 10/2035 |  | 5580.0 | 4603.5 | 4209.1 | (6)(13) |  |
| RRAM 2024-29R | Collaterized loan obligation | 14.13% |  |  |  | 07/2039 |  | 5205.0 | 3005.1 | 2675.7 | (6)(13) |  |
| RRAM 2024-30 | Collaterized loan obligation | 9.99% | SOFR (Q) | 6.32% |  | 07/2036 |  | 400.0 | 394.8 | 355.3 | (6)(13) |  |
|  | Collaterized loan obligation | 11.87% |  |  |  | 07/2036 |  | 7000.0 | 5957.6 | 4873.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 6352.4 | 5228.9 |  |  |
| RRAM 2024-31 | Collaterized loan obligation | 10.54% | SOFR (Q) | 6.87% |  | 10/2039 |  | 450.0 | 450.5 | 413.2 | (6)(13) |  |
|  | Collaterized loan obligation | 14.25% |  |  |  | 10/2039 |  | 11200.0 | 8873.3 | 7815.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 9323.8 | 8228.8 |  |  |
| RRAM 2024-33 | Collaterized loan obligation | 10.48% | SOFR (Q) | 6.81% |  | 10/2039 |  | 500.0 | 498.7 | 449.5 | (6)(13) |  |
| RRAM 2024-35 | Collaterized loan obligation | 10.48% | SOFR (Q) | 6.81% |  | 01/2040 |  | 500.0 | 498.8 | 458.3 | (6)(13) |  |
| RRAM 2025-38 | Collaterized loan obligation | 12.99% |  |  |  | 04/2040 |  | 2580.0 | 2281.5 | 1782.8 | (6)(13) |  |
| RRAM 2025-40 | Collaterized loan obligation | 9.42% | SOFR (Q) | 5.75% |  | 07/2038 |  | 8750.0 | 8750.0 | 8570.2 | (6)(13) |  |
| Silver Lake Partners IV, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.02% |  | 1444.4 | 1812.2 | (6) |  |
| SIXST 2020-16 | Collaterized loan obligation | 9.24% |  |  |  | 10/2032 |  | 1604.3 | 910.9 | 952.8 | (6)(13) |  |
| SIXST 2021-17 | Collaterized loan obligation | 17.20% |  |  |  | 04/2038 |  | 5550.0 | 3686.4 | 2907.6 | (6)(13) |  |
| SIXST 2021-20 | Collaterized loan obligation | 9.17% | SOFR (Q) | 5.50% |  | 07/2038 |  | 3250.0 | 3250.0 | 3141.0 | (6)(13) |  |
| SIXST 2022-21 | Collaterized loan obligation | 9.42% | SOFR (Q) | 5.75% |  | 10/2037 |  | 2025.0 | 2025.0 | 1961.7 | (6)(13) |  |
|  | Collaterized loan obligation | 14.43% |  |  |  | 10/2037 |  | 5242.0 | 3408.1 | 2449.9 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 5433.1 | 4411.6 |  |  |
| SIXST 2024-26 | Collaterized loan obligation | 9.32% | SOFR (Q) | 5.65% |  | 10/2037 |  | 650.0 | 653.7 | 637.3 | (6)(13) |  |
| SIXST 2024-27 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 01/2038 |  | 1750.0 | 1750.0 | 1694.3 | (6)(13) |  |
| SIXST 2025-28 | Collaterized loan obligation | 9.12% | SOFR (Q) | 5.45% |  | 04/2038 |  | 725.0 | 725.0 | 710.0 | (6)(13) |  |
|  | Collaterized loan obligation | 11.22% |  |  |  | 04/2038 |  | 2873.0 | 2256.2 | 1618.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 2981.2 | 2328.3 |  |  |
| SIXST 2025-29 | Collaterized loan obligation | 12.11% |  |  |  | 07/2038 |  | 4870.0 | 4105.0 | 3421.2 | (6)(13) |  |
| SIXST 2025-30 | Collaterized loan obligation | 11.64% |  |  |  | 07/2038 |  | 6315.0 | 5280.3 | 4334.9 | (6)(13) |  |
| SIXST 2025-31 | Collaterized loan obligation | 11.50% |  |  |  | 01/2039 |  | 20105.0 | 17083.8 | 17189.9 | (6)(13) |  |
| SPEAK 2024-11 | Collaterized loan obligation | 16.55% |  |  |  | 07/2037 |  | 4000.0 | 3069.9 | 2827.0 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| StepStone Boulder II, L.P. and StepStone Boulder II Equity, L.P. (11)(12) | Private asset-backed investment | 12.08% | SOFR (S) | 8.38% |  | 04/2041 |  | 7976.4 | 7976.4 | 7976.4 | (6)(13) |  |
|  | Private asset-backed investment | 8.55% | SOFR (S) | 4.85% |  | 04/2041 |  | 0.4 | 0.4 | 0.4 | (6)(13) |  |
|  | Private asset-backed investment |  |  |  |  | 04/2041 | 10918800 |  | 10918.8 | 10918.8 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 18895.6 | 18895.6 |  |  |
| STKPK 2022-1 | Collaterized loan obligation | 9.82% | SOFR (Q) | 6.15% |  | 10/2037 |  | 1687.5 | 1687.5 | 1459.4 | (6)(13) |  |
|  | Collaterized loan obligation | 12.13% |  |  |  | 10/2037 |  | 20240.0 | 15689.2 | 8900.2 | (6)(13) |  |
|  | Collaterized loan obligation |  |  |  |  | 10/2037 |  | 20240.0 | 185.3 | 593.4 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 17562.0 | 10953.0 |  |  |
| SYMP 2022-33 | Collaterized loan obligation | 9.02% | SOFR (Q) | 5.35% |  | 01/2038 |  | 1250.0 | 1250.0 | 1154.5 | (6)(13) |  |
| SYMP 2023-40 | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 01/2038 |  | 1500.0 | 1500.0 | 1469.5 | (6)(13) |  |
| TCIFC 2023-1 | Collaterized loan obligation | 8.62% | SOFR (Q) | 4.95% |  | 07/2038 |  | 1800.0 | 1800.0 | 1784.6 | (6)(13) |  |
| Texas Debt Capital CLO 2024-II Ltd | Collaterized loan obligation | 8.92% | SOFR (Q) | 5.25% |  | 01/2037 |  | 4100.0 | 4100.0 | 4089.8 | (6)(13) |  |
| Thoma Bravo Fund XI-A, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.16% |  | 791.1 | 980.8 | (6) |  |
| Thoma Bravo Special Opportunities Fund II-A, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.57% |  | 1133.3 | 1412.5 | (6) |  |
| THPT 2023-THL | Commercial mortgage-backed security | 10.40% |  |  |  | 12/2034 |  | 5000.0 | 4990.2 | 5045.1 | (6)(13) |  |
| Tikehau Green Diamond II CFO Equity LP (12) | Private asset-backed investment | 9.77% | Euribor (Q) | 7.75% | 12/2024 | 12/2030 | 3405672 |  | 2419.3 | 2865.6 | (6)(13) |  |
| Tikehau Ruby CLO Equity LP (12) | Private asset-backed investment | 12.02% | Euribor (Q) | 10.00% | 03/2024 |  | 1815364 |  | 424.6 | 491.0 | (6)(8)(13) |  |
| Tikehau Topaz LP (12) | Private asset-backed investment | 12.67% | SOFR (Q) | 9.00% | 06/2024 |  | 3314856 |  | 2240.3 | 2278.6 | (6)(8)(13) |  |
| TPG Partners VI, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.21% |  | 132.2 | 221.8 | (6) |  |
| TPG Partners VIII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.01% |  | 1565.6 | 1644.2 | (6) |  |
| Trident VI Parallel Fund, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.22% |  | 1259.5 | 1619.0 | (6) |  |
| TriplePoint Venture Growth BDC Corp | Senior subordinated loan | 9.11% |  |  |  | 02/2028 |  | 32900.0 | 32900.0 | 32659.0 | (2)(6)(13) |  |
| Vector Capital IV, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.08% |  | 177.7 | 248.5 | (6) |  |
| Vector Capital VI, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.02% |  | 49.5 | 47.7 | (6) |  |
| Vestar Capital Partners VII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.26% |  | 1903.9 | 1960.3 | (6) |  |
| Vista Equity Partners Fund V-A, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.02% |  | 772.4 | 860.8 | (6) |  |
| VOYA 2021-3 | Collaterized loan obligation | 9.57% | SOFR (Q) | 5.90% |  | 04/2038 |  | 2500.0 | 2500.0 | 2449.8 | (6)(13) |  |
|  | Collaterized loan obligation | 8.15% |  |  |  | 04/2038 |  | 1875.0 | 1875.0 | 1879.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4375.0 | 4329.1 |  |  |
| VOYA 2024-1 | Collaterized loan obligation | 10.32% | SOFR (Q) | 6.65% |  | 04/2037 |  | 1681.9 | 1741.2 | 1678.9 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| VOYA 2024-2 | Collaterized loan obligation | 9.72% | SOFR (Q) | 6.05% |  | 07/2037 |  | 2500.0 | 2415.9 | 2503.7 | (6)(13) |  |
| VOYA 2025-2 | Collaterized loan obligation | 9.92% | SOFR (Q) | 6.25% |  | 07/2038 |  | 3497.7 | 3442.8 | 3495.8 | (6)(13) |  |
|  | Collaterized loan obligation | 14.62% |  |  |  | 07/2038 |  | 11976.0 | 10562.0 | 9615.9 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 14004.8 | 13111.7 |  |  |
| VOYA 2025-3 | Collaterized loan obligation | 9.07% | SOFR (Q) | 5.40% |  | 07/2038 |  | 3000.0 | 3000.0 | 2958.9 | (6)(13) |  |
| VOYA 2025-4 | Collaterized loan obligation | 8.77% | SOFR (Q) | 5.10% |  | 10/2038 |  | 6800.0 | 6800.0 | 6649.8 | (6)(13) |  |
| WCAS XIII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.05% |  | 898.2 | 1767.7 | (6) |  |
| WCP Bridge Fund, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.15% |  | 147.5 | 407.9 | (6) |  |
| WEHPK 2022-1 | Collaterized loan obligation | 9.07% | SOFR (Q) | 5.40% |  | 10/2038 |  | 5300.0 | 5300.0 | 4829.4 | (6)(13) |  |
| Wellspring Capital Partners VI (Onshore), L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.12% |  | 1869.2 | 1514.2 | (6) |  |
| WILDPK 2024-1 | Collaterized loan obligation | 9.42% | SOFR (Q) | 5.75% |  | 10/2037 |  | 1117.5 | 1117.5 | 1066.5 | (6)(13) |  |
| Wind Point Partners VIII-A, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.14% |  | 702.6 | 568.2 | (6) |  |
|  |  |  |  |  |  |  |  |  | 1908034.2 | 1794589.3 |  | 17.09% |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| Aduro Advisors, LLC (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 07/2030 |  | 18531.1 | 18399.0 | 18531.1 | (2)(8)(13) |  |
| AL GCX Holdings, LLC | First lien senior secured loan | 5.92% | SOFR (M) | 2.25% |  | 12/2032 |  | 10000.0 | 9963.7 | 9990.6 | (2)(8) |  |
| AL NGPL Holdings, LLC | First lien senior secured loan | 5.65% | SOFR (Q) | 2.00% |  | 12/2030 |  | 4000.0 | 3990.1 | 3990.0 | (2)(8) |  |
| ASP CFO 2026, L.P. (11) | Private asset-backed investment | 9.00% |  |  |  | 03/2041 |  | 2540.0 | 2540.0 | 2540.0 | (6)(13) |  |
|  | Private asset-backed investment | 12.09% |  |  |  | 03/2041 |  | 2272.0 | 2272.0 | 2272.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4812.0 | 4812.0 |  |  |
| BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC | Senior subordinated loan | 10.45% | SOFR (Q) | 6.75% |  | 12/2031 |  | 16250.0 | 15978.5 | 16250.0 | (2)(8)(13) |  |
| BCP Renaissance Parent L.L.C. | First lien senior secured loan | 5.95% | SOFR (Q) | 2.25% |  | 10/2031 |  | 25428.9 | 25461.1 | 25301.7 | (2)(8) |  |
| Beacon Pointe Harmony, LLC (11) | First lien senior secured loan | 8.18% | SOFR (M) | 4.50% |  | 12/2028 |  | 1042.2 | 1014.6 | 1042.2 | (2)(6)(8)(13) |  |
| Cannon Bridge Designated Activity Company (11) | Private asset-backed investment | 14.10% | Euribor (Q) | 12.00% |  | 07/2027 |  | 2449.1 | 2483.4 | 2374.4 | (6)(13) |  |
|  | Private asset-backed investment | 8.00% | Euribor (S) | 6.00% |  | 07/2027 |  | 915.2 | 934.1 | 920.0 | (6)(13) |  |
|  | Private asset-backed investment | 9.66% | SOFR (S) | 6.00% |  | 07/2027 |  | 322.8 | 329.4 | 324.5 | (6)(13) |  |
|  | Private asset-backed investment | 15.64% | SOFR (S) | 12.00% |  | 07/2027 |  | 92.5 | 93.8 | 89.7 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3840.7 | 3708.6 |  |  |
| Cezanne Bidco (11) | First lien senior secured loan | 7.05% | Euribor (Q) | 5.00% |  | 10/2031 |  | 14042.6 | 12858.9 | 14042.6 | (2)(6)(13) |  |
| CFC Bidco 2022 Limited | First lien senior secured loan | 7.16% | SOFR (Q) | 3.50% |  | 07/2032 |  | 56364.2 | 55134.7 | 53686.9 | (2)(6) |  |
| Clearstead Advisors, LLC (11) | First lien senior secured revolving loan | 8.17% | SOFR (M) | 4.50% |  | 02/2029 |  | 459.6 | 454.9 | 459.6 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.23% | SOFR (Q) | 4.50% |  | 02/2028 |  | 8438.6 | 8409.6 | 8438.6 | (2)(6)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 8.12% | SOFR (S) | 4.50% |  | 02/2029 |  | 1557.6 | 1548.8 | 1557.6 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 10413.3 | 10455.8 |  |  |
| Convera International Holdings Limited and Convera International Financial S.A R.L. (11) | First lien senior secured loan | 8.58% | SOFR (Q) | 4.75% |  | 03/2030 |  | 17099.4 | 16995.0 | 17099.4 | (2)(6)(8)(13) |  |
| Endeavor Bidco LLC and Endeavor TopCo, Inc. | First lien senior secured loan | 7.92% | SOFR (Q) | 4.25% |  | 08/2029 |  | 13196.0 | 13045.2 | 13196.0 | (2)(8)(13) |  |
|  | Class A common units |  |  |  | 08/2024 |  | 2540 |  | 2540.0 | 4128.9 | (13) |  |
|  |  |  |  |  |  |  |  |  | 15585.2 | 17324.9 |  |  |
| Focus Financial Partners, LLC | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 09/2031 |  | 53420.7 | 53232.7 | 51623.1 | (2) |  |
| GAPCO AIV Interholdco (CP), L.P. | Senior subordinated loan | 10.45% PIK | SOFR (Q) | 6.75% |  | 03/2033 |  | 67035.5 | 65345.3 | 67035.5 | (2)(6)(8)(13) |  |
| GC Waves Holdings, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 10/2030 |  | 26294.8 | 26138.8 | 26294.8 | (2)(6)(8)(13) |  |
| Gen II Fund Services, LLC | First lien senior secured loan | 6.45% | SOFR (Q) | 2.75% |  | 11/2031 |  | 36184.9 | 36348.9 | 35702.6 | (2) |  |
| Grit Buyer, Inc. and Integrum Grit Co-Invest LP (11)(12) | First lien senior secured revolving loan |  |  |  |  | 07/2031 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 07/2032 |  | 64002.0 | 63071.9 | 64002.1 | (2)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 07/2025 |  | 4643250 |  | 3740.9 | 4331.5 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 66812.8 | 68333.6 |  |  |
| GTCR F Buyer Corp. and GTCR (D) Investors LP (11)(12) | First lien senior secured revolving loan | 8.67% | SOFR (M) | 5.00% |  | 09/2029 |  | 125.0 | 95.4 | 125.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 09/2030 |  | 14265.8 | 14067.8 | 14265.8 | (2)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 09/2023 |  | 78677 |  | 79.3 | 181.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 14242.5 | 14571.9 |  |  |
| Harbourvest Global Private Equity Limited (11) | Private asset-backed investment | 7.26% | SOFR (Q) | 3.50% |  | 06/2029 |  | 30875.0 | 30255.1 | 30875.0 | (13) |  |
| HighTower Holding, LLC | First lien senior secured loan | 6.41% | SOFR (Q) | 2.75% |  | 02/2032 |  | 38360.4 | 38363.8 | 37905.0 | (2)(6) |  |
| Icon Parent I Inc. | First lien senior secured loan | 6.44% | SOFR (Q) | 2.75% |  | 11/2031 |  | 30574.4 | 30563.8 | 29281.4 | (2) |  |
| Isthmus Capital LLC | Private asset-backed investment | 9.50% |  |  |  | 06/2030 |  | 965.8 | 958.5 | 965.8 | (6)(13) |  |
|  | Private asset-backed investment |  |  |  | 06/2023 |  | 4 |  |  | 22.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 958.5 | 988.4 |  |  |
| Kohlberg Private Credit Investors Rated Feeder-L, L.L.C. (11)(12) | Private asset-backed investment | 13.02% | SOFR (S) | 9.25% |  | 12/2036 |  | 3966.2 | 3870.0 | 3867.1 | (6)(13) |  |
|  | Private asset-backed investment |  |  |  |  | 12/2036 |  | 513.8 | 513.8 | 513.8 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4383.8 | 4380.9 |  |  |
| Mai Capital Management Intermediate LLC (11) | First lien senior secured revolving loan | 8.45% | SOFR (Q) | 4.75% |  | 08/2031 |  | 726.3 | 710.9 | 726.3 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 08/2031 |  | 13848.8 | 13761.1 | 13848.8 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14472.0 | 14575.1 |  |  |
| Mariner Wealth Advisors, LLC | First lien senior secured loan | 5.95% | SOFR (Q) | 2.25% |  | 12/2030 |  | 5823.2 | 5810.5 | 5800.1 | (2) |  |
| Mars Downstop Loan Purchaser Trust | Private asset-backed investment | 11.00% |  |  | 02/2024 |  | 29990339 |  | 10145.4 | 10145.4 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. | Z1 preferred shares | 12.00% PIK |  |  | 08/2025 | 08/2031 | 15586 |  | 16641.5 | 16797.4 | (2)(6)(13) |  |
|  | Z2 preferred shares | 12.00% (6.00% PIK) |  |  | 08/2025 | 08/2031 | 15586 |  | 16030.4 | 16186.3 | (2)(6)(13) |  |
|  | Membership interest |  |  |  | 08/2025 |  | 1000 |  | 1.0 | 1.0 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 32672.9 | 32984.7 |  |  |
| Medlar Bidco Limited (11) | First lien senior secured loan | 8.73% | SONIA (Q) | 5.00% |  | 05/2032 |  | 31910.9 | 31724.9 | 31910.9 | (2)(6)(13) |  |
|  | First lien senior secured loan | 6.52% | Euribor (Q) | 4.50% |  | 05/2032 |  | 14779.8 | 14320.0 | 14779.8 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 46044.9 | 46690.7 |  |  |
| Mercury Borrower, Inc. | First lien senior secured loan | 6.67% | SOFR (M) | 3.00% |  | 11/2032 |  | 43001.6 | 42833.3 | 42262.4 | (2)(8) |  |
| Merit Financial Group, LLC and CWC Fund I (MFA) LP (11) | First lien senior secured revolving loan | 8.42% | SOFR (Q) | 4.75% |  | 08/2032 |  | 750.0 | 740.4 | 750.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured revolving loan | 10.50% | Base Rate (Q) | 3.75% |  | 08/2032 |  | 500.0 | 493.6 | 500.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.44% | SOFR (Q) | 4.75% |  | 08/2032 |  | 15203.6 | 15061.2 | 15203.6 | (2)(6)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 08/2025 |  | 5086230 |  | 5099.5 | 5072.9 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 21394.7 | 21526.5 |  |  |
| Monica Holdco (US), Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 07/2030 |  |  |  |  | (2)(6)(9)(13) |  |
|  | First lien senior secured loan | 9.10% | SOFR (Q) | 5.25% |  | 07/2030 |  | 10971.5 | 10830.4 | 10971.5 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 10830.4 | 10971.5 |  |  |
| Monroe Capital Income Plus Corporation | Corporate bond | 9.42% |  |  |  | 11/2028 |  | 10000.0 | 10000.0 | 10494.3 | (2)(6)(13) |  |
| MSD Investment Corp. | Corporate bond | 6.87% | SOFR (Q) | 3.00% |  | 05/2028 |  | 25000.0 | 25000.0 | 24695.9 | (2)(6)(13) |  |
| Nexus Buyer LLC | Second lien senior secured loan | 9.42% | SOFR (M) | 5.75% |  | 02/2032 |  | 105678.8 | 104780.9 | 101942.0 | (2) |  |
| Oak Funding LLC (11) | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 12/2032 |  | 88833.3 | 87985.0 | 87945.0 | (2)(6)(8)(13) |  |
| Osttra Group Ltd. | First lien senior secured loan | 7.15% | SOFR (Q) | 3.50% |  | 10/2032 |  | 3395.9 | 3399.9 | 3358.4 | (2) |  |
| Parexel International Inc. | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 12/2031 |  | 54539.8 | 54489.2 | 54312.4 | (2)(8) |  |
| Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (11)(12) | First lien senior secured revolving loan | 8.27% | SOFR (M) | 4.50% |  | 05/2028 |  | 509.2 | 490.5 | 509.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.27% | SOFR (M) | 4.50% |  | 05/2029 |  | 27245.2 | 26965.3 | 27245.2 | (2)(6)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 09/2023 |  | 96046 |  | 96.4 | 172.8 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 27552.2 | 27927.2 |  |  |
| PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 08/2029 |  | 12045.8 | 11875.6 | 12045.8 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.92% | SOFR (Q) | 5.25% |  | 08/2029 |  | 605.1 | 600.1 | 605.1 | (2)(6)(8)(13) |  |
|  | Preferred units |  |  |  | 07/2023 |  | 1333333 |  | 1315.5 | 1792.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 13791.2 | 14443.2 |  |  |
| PCS MidCo, Inc. and PCS Parent, L.P. (11) | First lien senior secured loan | 9.45% | SOFR (Q) | 5.75% |  | 03/2030 |  | 10969.2 | 10827.8 | 10969.2 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 03/2024 |  | 806000 |  | 806.0 | 801.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 11633.8 | 11771.1 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Perigon Wealth Management, LLC and Perigon Wealth Advisors Holdings Company, LLC (11) | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 03/2031 |  | 822.0 | 779.4 | 822.0 | (2)(6)(8)(13) |  |
| RWA Wealth Partners, LLC (11) | First lien senior secured revolving loan | 8.45% | SOFR (Q) | 4.75% |  | 11/2030 |  | 50.0 | 36.5 | 50.0 | (2)(6)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.40% | SOFR (Q) | 4.75% |  | 11/2030 |  | 9142.6 | 9059.4 | 9142.6 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 9095.9 | 9192.6 |  |  |
| Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC (11) | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 10/2028 |  | 14131.7 | 14031.1 | 14131.7 | (2)(6)(8)(13) |  |
|  | Senior subordinated loan | 11.00% PIK |  |  |  | 12/2032 |  | 26142.6 | 23120.7 | 23528.4 | (2)(6)(13) |  |
|  | Warrant to purchase common stock |  |  |  | 12/2025 | 12/2032 | 138674 |  | 2644.6 | 2727.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 39796.4 | 40387.4 |  |  |
| Sunbit Receivables Trust IV (11) | Private asset-backed investment | 10.67% | SOFR (M) | 7.00% |  | 04/2029 |  | 1677.9 | 1662.3 | 1677.9 | (8)(13) |  |
| The Edelman Financial Center, LLC | First lien senior secured loan | 6.67% | SOFR (M) | 3.00% |  | 04/2028 |  | 41762.9 | 41758.4 | 41694.8 | (2)(6) |  |
|  | Second lien senior secured loan | 8.92% | SOFR (M) | 5.25% |  | 10/2028 |  | 59285.0 | 59229.7 | 58603.2 | (2)(6) |  |
|  |  |  |  |  |  |  |  |  | 100988.1 | 100298.0 |  |  |
| The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (11) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 07/2032 |  | 28215.0 | 27963.1 | 28215.0 | (2)(8)(13) |  |
| TI VI Holdings 1, L.P. (12) | Private asset-backed investment | 9.31% PIK |  |  | 06/2025 |  | 4145 |  | 4336.8 | 4406.5 | (6)(13) |  |
| TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P. | First lien senior secured loan | 10.15% PIK | SOFR (Q) | 6.50% |  | 01/2033 |  | 9587.9 | 9351.2 | 9587.9 | (2)(6)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 11/2024 |  | 4814025 |  | 4850.1 | 6094.5 | (2)(6)(13) |  |
|  | Limited partnership interest |  |  |  | 12/2025 |  | 535542 |  | 535.9 | 678.0 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 14737.2 | 16360.4 |  |  |
| Trinity Capital Inc | Corporate bond | 7.54% |  |  |  | 10/2027 |  | 29700.0 | 29700.0 | 29668.8 | (2)(6)(13) |  |
| Wellington-Altus Financial Inc. (11)(12) | First lien senior secured revolving loan |  |  |  |  | 08/2030 |  |  |  |  | (2)(6)(9)(13) |  |
|  | First lien senior secured loan | 7.60% | CORRA (Q) | 5.00% |  | 08/2030 |  | 810.0 | 815.5 | 810.0 | (2)(6)(8)(13) |  |
|  | Common stock |  |  |  | 08/2024 |  | 74003 |  | 2614.2 | 4312.5 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3429.7 | 5122.5 |  |  |
| Wharf Street Ratings Acquisition LLC (11) | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 09/2032 |  | 25074.3 | 24856.0 | 25074.3 | (2)(8)(13) |  |
| WPCG Aspire Holdings, LLC (11) | Private asset-backed investment | 11.50% |  |  |  | 07/2033 |  | 25178.9 | 24567.8 | 24841.6 | (2)(6)(13) |  |
| Zelis Payments Buyer, Inc. | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 11/2031 |  | 5352.9 | 5333.3 | 5170.9 | (2) |  |
|  |  |  |  |  |  |  |  |  | 1371175.1 | 1376311.8 |  | 13.10% |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| **Consumer Services** | | | | | | | | | | | | |
| Alterra Mountain Company | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 08/2028 |  | 48861.7 | 48978.7 | 48770.4 | (2) |  |
|  | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 05/2030 |  | 11126.6 | 11141.4 | 11112.7 | (2) |  |
|  |  |  |  |  |  |  |  |  | 60120.1 | 59883.1 |  |  |
| AP Rainbow Co-Invest L.P. | Limited partnership interest |  |  |  | 03/2026 |  | 7321000 |  | 7350.3 | 7321.0 | (2)(6)(13) |  |
| Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (11) | First lien senior secured revolving loan | 8.69% | SOFR (Q) | 5.00% |  | 10/2029 |  | 936.2 | 905.9 | 936.2 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.68% | SOFR (Q) | 5.00% |  | 10/2030 |  | 73818.7 | 73006.0 | 73818.7 | (2)(8)(13) |  |
|  | Series B common units |  |  |  | 10/2023 |  | 45351 |  | 1250.0 | 2067.8 | (13) |  |
|  |  |  |  |  |  |  |  |  | 75161.9 | 76822.7 |  |  |
| Birdie Bidco, Inc. (11) | First lien senior secured loan | 8.45% (2.25% PIK) | SOFR (Q) | 4.75% |  | 11/2032 |  | 74702.6 | 74109.7 | 73762.5 | (2)(8)(13) |  |
| Bulldog Purchaser Inc. | First lien senior secured loan | 6.91% | SOFR (Q) | 3.25% |  | 02/2033 |  | 9000.0 | 8970.5 | 8977.5 | (2)(8) |  |
| Bumble Bidco Limited (11) | First lien senior secured loan | 10.50% | SONIA (Q) | 6.75% |  | 10/2030 |  | 7648.6 | 7255.9 | 7648.6 | (2)(6)(8)(13) |  |
| Calera XXVIII, LLC (12) | Limited liability company interests |  |  |  | 12/2025 |  | 1845252 |  | 1845.3 | 1952.1 | (2)(6)(13) |  |
| Century De Buyer LLC | First lien senior secured loan | 6.67% | SOFR (Q) | 3.00% |  | 10/2030 |  | 36271.0 | 36287.6 | 35190.5 | (2) |  |
| ClubCorp Holdings, Inc. (11) | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 07/2032 |  | 39357.3 | 38826.8 | 39357.3 | (2)(8)(13) |  |
| CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (11) | First lien senior secured revolving loan | 8.10% | SOFR (Q) | 4.50% |  | 11/2030 |  | 437.0 | 416.8 | 413.7 | (2)(8)(13) |  |
| Davidson Hotel Company LLC (11) | First lien senior secured loan | 8.67% | SOFR (M) | 5.00% |  | 10/2031 |  | 7126.7 | 7027.7 | 7126.7 | (2)(8)(13) |  |
| Equinox Holdings, Inc. | First lien senior secured loan | 10.95% | SOFR (Q) | 7.25% |  | 03/2029 |  | 42795.0 | 41941.7 | 42795.0 | (2)(8)(13) |  |
|  | Second lien senior secured loan | 16.00% PIK |  |  |  | 06/2027 |  | 4625.1 | 4587.2 | 4625.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 46528.9 | 47420.1 |  |  |
| Eternal Aus Bidco Pty Ltd (11) | First lien senior secured loan | 9.04% | BBSY (Q) | 5.00% |  | 10/2029 |  | 2305.7 | 2185.6 | 2305.7 | (2)(6)(8)(13) |  |
| Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (11) | First lien senior secured revolving loan | 8.42% | SOFR (M) | 4.75% |  | 04/2030 |  | 276.2 | 276.2 | 276.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 04/2030 |  | 10957.6 | 10844.1 | 10957.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 11120.3 | 11233.8 |  |  |
| Fertitta Entertainment, LLC | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 01/2029 |  | 14331.1 | 14340.0 | 14032.0 | (2)(8) |  |
| Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)(11) | First lien senior secured revolving loan | 7.68% | SOFR (M) | 4.00% |  | 08/2030 |  | 1202.5 | 1189.5 | 1202.5 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 7.68% | SOFR (M) | 4.00% |  | 08/2030 |  | 1045.1 | 1032.1 | 1045.1 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (M) | 5.00% |  | 08/2031 |  | 48312.2 | 47799.8 | 48312.2 | (2)(8)(13) |  |
|  | Common units |  |  |  | 07/2024 |  | 11704000 |  | 11736.8 | 13938.8 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 61758.2 | 64498.6 |  |  |
| Flint OpCo, LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 08/2030 |  | 15496.6 | 15344.2 | 15496.6 | (2)(8)(13) |  |
| Golden State Foods LLC | First lien senior secured loan | 7.20% | SOFR (Q) | 3.50% |  | 12/2031 |  | 10039.6 | 10087.9 | 10039.6 | (2) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (11) | First lien senior secured revolving loan | 10.42% | SOFR (M) | 6.75% |  | 04/2029 |  | 440.4 | 423.4 | 363.3 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 10.45% | SOFR (Q) | 6.75% |  | 04/2030 |  | 12980.2 | 12743.2 | 12030.4 | (2)(8)(13) |  |
|  | Class A common units |  |  |  | 04/2023 |  | 100 |  | 100.0 | 32.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 13266.6 | 12425.7 |  |  |
| Helios Service Partners, LLC and Astra Service Partners, LLC (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 11/2032 |  | 29027.3 | 28801.1 | 28665.2 | (2)(8)(13) |  |
| IFH Franchisee Holdings, LLC (11) | First lien senior secured revolving loan | 7.66% | SOFR (Q) | 4.00% |  | 12/2029 |  | 11194.0 | 11006.6 | 11194.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.16% | SOFR (Q) | 5.50% |  | 12/2029 |  | 46892.7 | 46369.0 | 46892.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 57375.6 | 58086.7 |  |  |
| Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. (11) | First lien senior secured revolving loan | 11.75% | Base Rate (Q) | 5.00% |  | 12/2028 |  | 113.6 | 107.4 | 113.6 | (2)(6)(8)(10)(13) |  |
|  | First lien senior secured revolving loan | 7.33% | CORRA (Q) | 5.00% |  | 12/2028 |  | 0.1 | 0.1 | 0.1 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.70% | SOFR (Q) | 6.00% |  | 12/2028 |  | 9908.5 | 9774.7 | 10196.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.20% | SOFR (Q) | 5.50% |  | 12/2028 |  | 5239.9 | 5165.0 | 5239.9 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.33% | CORRA (Q) | 6.00% |  | 12/2028 |  | 836.6 | 825.5 | 879.7 | (2)(6)(8)(13) |  |
|  | Class A units |  |  |  | 12/2022 |  | 50000 |  | 50.0 | 54.2 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 15922.7 | 16483.5 |  |  |
| IRB Holding Corp. | First lien senior secured loan | 6.18% | SOFR (M) | 2.50% |  | 12/2030 |  | 83234.1 | 83290.9 | 82982.7 | (2)(8) |  |
| Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (11) | First lien senior secured loan | 9.70% | SOFR (Q) | 6.00% |  | 12/2027 |  | 16012.2 | 15858.4 | 16012.2 | (2)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 12/2022 |  | 133000 |  | 133.0 | 179.2 | (13) |  |
|  |  |  |  |  |  |  |  |  | 15991.4 | 16191.4 |  |  |
| LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC (11) | First lien senior secured revolving loan | 8.92% | SOFR (M) | 5.25% |  | 09/2031 |  | 1745.5 | 1654.4 | 1611.3 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.92% | SOFR (M) | 5.25% |  | 09/2031 |  | 62525.4 | 61677.0 | 61274.9 | (2)(8)(13) |  |
|  | Limited partnership units |  |  |  | 09/2025 |  | 30788 |  | 30788.3 | 34001.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 94119.7 | 96887.7 |  |  |
| Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC (11) | First lien senior secured loan | 8.94% | SOFR (Q) | 5.25% |  | 06/2031 |  | 28061.9 | 27864.6 | 28061.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.68% | SOFR (M) | 5.00% |  | 06/2031 |  | 7320.8 | 7291.6 | 7320.8 | (2)(8)(13) |  |
|  | Class A preferred units |  |  |  | 09/2024 |  | 883 |  | 883.4 | 902.3 | (13) |  |
|  | Class B common units |  |  |  | 09/2024 |  | 883420 |  | 380.1 | 379.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 36419.7 | 36664.0 |  |  |
| North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (11) | First lien senior secured revolving loan | 8.69% | SOFR (Q) | 5.00% |  | 05/2028 |  | 635.5 | 609.7 | 635.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 05/2028 |  | 16005.9 | 15860.4 | 16005.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 16470.1 | 16641.4 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Northwinds Holding, Inc. and Northwinds Services Group LLC (11) | First lien senior secured loan | 9.06% | SOFR (Q) | 5.25% |  | 05/2029 |  | 21983.6 | 21721.3 | 21983.6 | (2)(8)(13) |  |
|  | Common units |  |  |  | 05/2023 |  | 121368 |  | 166.7 | 173.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 21888.0 | 22156.6 |  |  |
| PestCo Holdings, LLC and PestCo, LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 08/2030 |  | 23130.1 | 23018.3 | 23130.1 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 01/2023 |  | 8 |  | 106.0 | 182.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 23124.3 | 23312.1 |  |  |
| Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (11) | First lien senior secured revolving loan | 10.44% (1.50% PIK) | SOFR (Q) | 6.75% |  | 10/2030 |  | 955.2 | 928.5 | 764.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.45% (1.50% PIK) | SOFR (Q) | 6.75% |  | 10/2030 |  | 8589.6 | 8496.6 | 7471.6 | (2)(8)(13) |  |
|  | Preferred units |  |  |  | 01/2026 | 01/2028 | 109 |  | 109.0 | 109.0 | (2)(13) |  |
|  | Common stock |  |  |  | 10/2024 |  | 866 |  | 866.0 | 54.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 10400.1 | 8399.9 |  |  |
| Premiere Buyer, LLC (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 05/2031 |  | 27288.2 | 27001.9 | 27288.2 | (2)(8)(13) |  |
| Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (11) | First lien senior secured loan | 8.67% | SOFR (M) | 5.00% |  | 06/2031 |  | 70336.9 | 69753.5 | 70336.9 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 06/2024 |  | 12049000 |  | 12049.0 | 14456.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 81802.5 | 84793.4 |  |  |
| Radiant Intermediate Holding, LLC | First lien senior secured loan | 9.52% | SOFR (Q) | 5.75% |  | 11/2026 |  | 914.8 | 910.4 | 905.6 | (2)(8)(13) |  |
| Raising Cane's Restaurants LLC | First lien senior secured loan | 5.67% | SOFR (M) | 2.00% |  | 11/2032 |  | 3692.5 | 3696.9 | 3667.1 | (2) |  |
| Redwood Services LP (11) | First lien senior secured revolving loan |  |  |  |  | 06/2032 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 7.95% | SOFR (Q) | 4.25% |  | 06/2032 |  | 39341.2 | 38976.1 | 39341.2 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 42673.0 | 43008.3 |  |  |
| Saber Parent Holdings Corp. and MSHC, Inc. (11) | First lien senior secured revolving loan | 10.25% | Base Rate (Q) | 3.50% |  | 12/2032 |  | 706.3 | 694.7 | 682.2 | (2)(13) |  |
|  | First lien senior secured loan | 8.42% (2.25% PIK) | SOFR (Q) | 4.75% |  | 12/2032 |  | 14372.1 | 14303.6 | 14228.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 14998.3 | 14910.5 |  |  |
| SGP Shaka HoldCo, LLC and SGP Shaka JV, LLC (11) | First lien senior secured loan | 9.92% | SOFR (Q) | 6.25% |  | 01/2031 |  | 1993.7 | 1955.2 | 1953.8 | (2)(8)(13) |  |
|  | Series A preferred units | 13.25% PIK |  |  | 01/2026 |  | 2488 |  | 2472.0 | 2470.2 | (13) |  |
|  | Warrant to purchase common units |  |  |  | 01/2026 | 01/2036 | 311000 |  |  |  | (13) |  |
|  |  |  |  |  |  |  |  |  | 4427.2 | 4424.0 |  |  |
| TopGolf International, LLC and TopGolf Topco, LLC (11) | First lien senior secured loan | 8.16% | SOFR (Q) | 4.50% |  | 01/2033 |  | 29615.5 | 29329.7 | 29319.4 | (2)(8)(13) |  |
|  | Common units |  |  |  | 01/2026 |  | 94680 |  | 9468.0 | 8782.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 38797.7 | 38101.4 |  |  |
| Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC (4)(11) | First lien senior secured revolving loan | 9.67% | SOFR (Q) | 6.00% |  | 01/2032 |  | 132.1 | 68.0 | 132.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.67% | SOFR (Q) | 6.00% |  | 01/2032 |  | 17647.6 | 17305.1 | 17647.6 | (2)(8)(13) |  |
|  | Class A preferred units |  |  |  | 01/2026 |  | 16480 |  | 16480.0 | 16480.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 33853.1 | 34259.7 |  |  |
| TSWT Acquisition, Inc. and TSWT Holdings, LLC (11) | First lien senior secured revolving loan | 8.68% | SOFR (M) | 5.00% |  | 11/2031 |  | 620.5 | 596.7 | 595.2 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 8.67% | SOFR (M) | 5.00% |  | 11/2031 |  | 13647.5 | 13509.1 | 13500.3 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 11/2025 |  | 35 |  | 768.0 | 823.7 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 14873.8 | 14919.2 |  |  |
| University Support Services LLC | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 02/2029 |  | 16090.8 | 16069.1 | 15752.2 | (2)(6)(8) |  |
| Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (11) | First lien senior secured revolving loan | 9.70% | SOFR (Q) | 6.00% |  | 11/2030 |  | 2265.6 | 2217.0 | 1999.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.70% (5.50% PIK) | SOFR (Q) | 6.00% |  | 11/2030 |  | 31686.4 | 31394.3 | 28834.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.70% (4.14% PIK) | SOFR (Q) | 6.00% |  | 11/2030 |  | 2.5 | 2455.3 | 1337.7 | (2)(8)(13) |  |
|  | Class B common units |  |  |  | 11/2023 |  | 351 |  | 351.0 | 268.9 | (13) |  |
|  |  |  |  |  |  |  |  |  | 36417.6 | 32441.0 |  |  |
| Vista Higher Learning, LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 09/2031 |  | 27636.4 | 27384.9 | 27083.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 7.17% | SOFR (Q) | 3.50% |  | 09/2031 |  | 1.0 | 1.0 | 1.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 27385.9 | 27084.7 |  |  |
| Wash Multifamily Parent Inc | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 09/2032 |  | 2012.5 | 2024.4 | 2015.9 | (2) |  |
| Whatabrands LLC | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 08/2028 |  | 61637.2 | 61506.6 | 61494.2 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 1298549.4 | 1303777.3 |  | 12.41% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |
| 15484880 Canada Inc. and 15484910 Canada Inc. (11) | First lien senior secured loan | 7.82% | CORRA (Q) | 5.25% |  | 04/2031 |  | 12258.8 | 12052.5 | 12258.8 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.44% | Euribor (M) | 5.25% |  | 04/2031 |  | 10258.7 | 10202.3 | 10258.7 | (2)(6)(8)(13) |  |
|  | Senior subordinated loan | 14.00% PIK |  |  |  | 04/2035 |  | 13773.5 | 13202.2 | 13773.6 | (2)(6)(13) |  |
|  | Class A2 shares |  |  |  | 04/2025 |  | 18195524 |  | 12703.7 | 12674.9 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 48160.7 | 48966.0 |  |  |
| Acrisure, LLC | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 06/2032 |  | 36483.2 | 36413.4 | 35297.5 | (2) |  |
|  | First lien senior secured loan | 6.67% | SOFR (M) | 3.00% |  | 11/2030 |  | 15785.8 | 15769.3 | 15268.8 | (2) |  |
|  |  |  |  |  |  |  |  |  | 52182.7 | 50566.3 |  |  |
| Alera Group, Inc. | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 05/2032 |  | 38410.2 | 38550.3 | 37201.0 | (2) |  |
| Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 09/2031 |  | 38934.7 | 38805.7 | 38598.3 | (2) |  |
|  | First lien senior secured notes | 6.75% |  |  |  | 04/2028 |  | 2000.0 | 2032.5 | 2010.1 | (2) |  |
|  | Senior subordinated notes | 5.88% |  |  |  | 11/2029 |  | 2000.0 | 1995.5 | 1934.1 | (2) |  |
|  |  |  |  |  |  |  |  |  | 42833.7 | 42542.5 |  |  |
| AMWINS Group, Inc. | First lien senior secured loan | 5.67% | SOFR (M) | 2.00% |  | 01/2032 |  | 33730.6 | 33710.7 | 33471.6 | (2)(8) |  |
| Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc. | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 12/2031 |  | 11039.9 | 11051.4 | 10864.5 | (2) |  |
| Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. (11) | First lien senior secured revolving loan | 8.18% | SOFR (M) | 4.50% |  | 04/2032 |  | 880.2 | 865.6 | 880.2 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 04/2032 |  | 14330.7 | 14268.9 | 14330.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 15134.5 | 15210.9 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Broadstreet Partners, Inc. | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 06/2031 |  | 40795.6 | 40807.8 | 39740.3 | (2) |  |
| Diamond Mezzanine 24 LLC | First lien senior secured revolving loan | 8.17% | SOFR (M) | 4.50% |  | 10/2030 |  | 3750.0 | 3721.3 | 3750.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 10/2030 |  | 81974.6 | 81345.4 | 81974.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 85066.7 | 85724.6 |  |  |
| DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (11)(12) | First lien senior secured revolving loan | 8.20% | SOFR (Q) | 4.50% |  | 12/2029 |  | 1327.5 | 1272.3 | 1327.5 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 12/2030 |  | 53736.0 | 53062.2 | 53736.0 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 03/2024 |  | 3417348 |  | 3417.3 | 4630.0 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 57751.8 | 59693.5 |  |  |
| Forza Insurance Holdings, LLC | First lien senior secured loan | 9.45% | SOFR (Q) | 5.75% |  | 02/2030 |  | 40490.0 | 40014.9 | 40490.0 | (2)(8)(13) |  |
| Galway Borrower LLC (11) | First lien senior secured revolving loan | 8.20% | SOFR (Q) | 4.50% |  | 09/2028 |  | 113.7 | 112.2 | 110.7 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 09/2028 |  | 2924.9 | 2910.8 | 2895.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 43037.9 | 43496.4 |  |  |
| Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (11) | First lien senior secured loan | 7.31% | CORRA (Q) | 5.00% |  | 03/2031 |  | 13336.7 | 13520.5 | 13336.7 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.30% | CDOR (Q) | 5.00% |  | 03/2031 |  | 649.8 | 636.7 | 649.8 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14157.2 | 13986.5 |  |  |
| HIG Finance 2 Limited | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 02/2031 |  | 22187.2 | 22149.0 | 21458.6 | (2)(6)(8) |  |
|  | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 04/2030 |  | 19707.4 | 19706.9 | 19197.1 | (2)(6)(8) |  |
|  |  |  |  |  |  |  |  |  | 41855.9 | 40655.7 |  |  |
| Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 06/2031 |  | 5872.4 | 5855.7 | 5872.4 | (2)(8)(13) |  |
|  | Series A preferred shares | 10.50% |  |  | 12/2024 |  | 33710 |  | 33204.4 | 33710.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 39060.1 | 39582.4 |  |  |
| High Street Buyer, Inc. and High Street Holdco LLC (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 04/2028 |  | 6624.6 | 6501.8 | 6624.6 | (2)(8)(13) |  |
| Hub International Limited | First lien senior secured loan | 5.92% | SOFR (Q) | 2.25% |  | 06/2030 |  | 16933.4 | 16943.3 | 16884.8 | (2)(8) |  |
| Inszone Mid, LLC and INSZ Holdings, LLC (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 11/2029 |  | 4690.2 | 4365.4 | 3960.1 | (2)(8)(13) |  |
| King Risk Partners, LLC (11) | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 04/2031 |  | 13229.5 | 13128.1 | 13229.5 | (2)(8)(13) |  |
| Knight AcquireCo, LLC and Knight Holdings, LP (11) | First lien senior secured loan | 8.16% | SOFR (Q) | 4.50% |  | 11/2032 |  | 79910.6 | 79533.7 | 79111.5 | (2)(8)(13) |  |
|  | Class A-1 common units |  |  |  | 11/2025 |  | 243153 |  | 2431.5 | 2431.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 81965.2 | 81543.0 |  |  |
| Koala Investment Holdings, Inc. (11) | First lien senior secured loan | 7.95% | SOFR (Q) | 4.25% |  | 08/2032 |  | 25482.0 | 25248.6 | 24972.4 | (2)(8)(13) |  |
| OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (11) | First lien senior secured revolving loan | 8.42% | SOFR (M) | 4.75% |  | 11/2029 |  | 303.6 | 287.6 | 303.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 11/2029 |  | 13364.6 | 13230.4 | 13364.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (M) | 5.00% |  | 11/2029 |  | 3561.6 | 3543.3 | 3561.6 | (2)(8)(13) |  |
|  | Class A2 units |  |  |  | 11/2023 |  | 102501 |  | 2050.0 | 2416.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 19111.3 | 19645.9 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| OneDigital Borrower LLC | First lien senior secured loan | 6.67% | SOFR (M) | 3.00% |  | 07/2031 |  | 50755.2 | 50713.5 | 48963.0 | (2)(8) |  |
| People Corporation (11) | First lien senior secured revolving loan | 7.57% | CORRA (Q) | 5.00% |  | 02/2031 |  | 2652.7 | 2629.5 | 2652.7 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.57% | CORRA (Q) | 5.00% |  | 02/2031 |  | 28221.9 | 28224.7 | 28221.9 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 30854.2 | 30874.6 |  |  |
| Sabseg Group, S.L. (11) | First lien senior secured loan | 8.64% | Euribor (Q) | 6.50% |  | 04/2029 |  | 7717.8 | 7254.4 | 7717.8 | (2)(6)(13) |  |
| SageSure Holdings, LLC and SageSure LLC (11) | First lien senior secured loan | 8.53% | SOFR (M) | 4.75% |  | 01/2030 |  | 66683.9 | 66058.2 | 66683.9 | (2)(8)(13) |  |
| SIG Parent Holdings, LLC (11) | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 08/2031 |  | 32794.1 | 32546.5 | 32794.1 | (2)(8)(13) |  |
| Slaine Holdings LLC (11) | Senior subordinated loan | 10.17% | SOFR (M) | 6.50% |  | 05/2030 |  | 64445.2 | 63377.3 | 64445.2 | (2)(8)(13) |  |
| Trucordia Insurance Holdings, LLC | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 06/2032 |  | 6856.9 | 6911.1 | 6308.4 | (2)(13) |  |
| Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (11) | First lien senior secured revolving loan | 6.67% | SOFR (Q) | 3.00% |  | 05/2029 |  | 2243.2 | 2178.7 | 2150.7 | (2)(13) |  |
|  | First lien senior secured revolving loan | 6.93% | SOFR (Q) | 3.25% |  | 05/2029 |  | 81.6 | 79.2 | 78.2 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 2257.9 | 2228.9 |  |  |
| USI, Inc. | First lien senior secured loan | 5.94% | SOFR (Q) | 2.25% |  | 11/2029 |  | 54621.1 | 54620.7 | 54450.7 | (2) |  |
|  | First lien senior secured loan | 5.92% | SOFR (Q) | 2.25% |  | 09/2030 |  | 14197.6 | 14205.0 | 14144.4 | (2) |  |
|  |  |  |  |  |  |  |  |  | 68825.7 | 68595.1 |  |  |
| World Insurance Associates, LLC and World Associates Holdings, LLC (11) | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 04/2030 |  | 15884.0 | 15782.0 | 15698.2 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 1075205.9 | 1072871.7 |  | 10.21% |
| **Sports, Media and Entertainment** |  |  |  |  |  |  |  |  |  |  |  |  |
| 22 HoldCo Limited | Senior subordinated loan | 11.55% PIK | SONIA (S) | 7.50% |  | 08/2033 |  | 27295.1 | 26020.5 | 27295.1 | (2)(6)(8)(13) |  |
| 3 Step Sports LLC (11) | First lien senior secured revolving loan | 10.17% | SOFR (M) | 6.50% |  | 10/2028 |  | 736.8 | 694.7 | 736.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.20% | SOFR (Q) | 6.50% |  | 10/2029 |  | 20587.4 | 19909.2 | 20587.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 20603.9 | 21324.3 |  |  |
| Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC | First lien senior secured loan | 9.10% | SOFR (S) | 5.50% |  | 06/2032 |  | 18667.1 | 18417.5 | 18667.1 | (2)(8)(13) |  |
| CFC Funding LLC | Loan instrument units | 9.75% PIK |  |  | 07/2023 |  | 5300 |  | 6462.1 | 6726.7 | (6)(13) |  |
| Create Music Holdings, LLC (11) | Second lien senior secured loan | 9.67% | SOFR (Q) | 6.00% |  | 02/2033 |  | 9983.4 | 9838.1 | 9808.7 | (2)(8)(13) |  |
|  | Class A common stock |  |  |  | 02/2026 |  | 221384 |  | 2464.0 | 2464.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 12302.1 | 12272.7 |  |  |
| Creative Artists Agency, LLC | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 10/2031 |  | 41567.7 | 41612.7 | 41496.2 | (2) |  |
| Dundee Eros, LP | Limited partnership interest |  |  |  | 11/2024 |  | 4859032 |  | 4859.0 | 5211.6 | (2)(13) |  |
| Endeavor Group Holdings, Inc. and EOC Borrower, LLC | First lien senior secured loan | 7.42% | SOFR (M) | 3.75% |  | 03/2028 |  | 20996.7 | 20996.7 | 20926.8 | (2) |  |
|  | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 03/2032 |  | 8262.0 | 8265.9 | 8222.7 | (2) |  |
|  |  |  |  |  |  |  |  |  | 29262.6 | 29149.5 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| FEH Group, LLC. | Class A common interest |  |  |  | 12/2024 |  | 20 |  | 137744.5 | 203408.6 | (13) |  |
|  | Class A common interest |  |  |  | 12/2024 |  | 20 |  | 4067.9 | 5932.7 | (13) |  |
|  | Class A common interest |  |  |  | 12/2024 |  | 20 |  | 1003.3 | 1463.3 | (13) |  |
|  |  |  |  |  |  |  |  |  | 142815.7 | 210804.6 |  |  |
| Fever Labs, Inc. (11) | First lien senior secured revolving loan | 11.00% |  |  |  | 11/2028 |  | 12167.8 | 11942.6 | 12167.8 | (2)(13) |  |
|  | First lien senior secured loan | 11.00% |  |  |  | 11/2028 |  | 24857.6 | 23562.9 | 24857.6 | (2)(13) |  |
|  | First lien senior secured loan | 10.50% |  |  |  | 11/2028 |  | 1197.0 | 1186.3 | 1197.0 | (2)(13) |  |
|  | Series B redeemable preferred stock | 13.50% PIK |  |  | 06/2025 |  | 11786 |  | 12857.2 | 13122.4 | (2)(13) |  |
|  | Series E-5 convertible shares |  |  |  | 08/2024 |  | 318631 |  | 1381.9 | 1677.1 | (2)(13) |  |
|  | Warrant to purchase common stock |  |  |  | 06/2025 | 06/2035 | 235740 |  |  |  | (13) |  |
|  |  |  |  |  |  |  |  |  | 50930.9 | 53021.9 |  |  |
| Global Music Rights, LLC (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 12/2031 |  | 136354.2 | 134413.8 | 136354.2 | (2)(8)(13) |  |
| GSM Rights Fund II LP (12) | Class B interest |  |  |  | 03/2025 | 03/2031 | 4590187 |  | 4590.2 | 4668.2 | (6)(13) |  |
| League One Volleyball Clubs, LLC and League One Volleyball, Inc. (11) | First lien senior secured loan | 10.20% | SOFR (Q) | 6.50% |  | 01/2030 |  | 1.1 | 1.1 | 1.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 12.25% | Base Rate (Q) | 5.50% |  | 01/2030 |  | 0.3 | 0.2 | 0.3 | (2)(8)(13) |  |
|  | Series B preferred stock |  |  |  | 07/2023 |  | 194 |  | 1.0 | 3.6 | (2)(13) |  |
|  | Series C preferred stock |  |  |  | 09/2024 |  | 67 |  | 0.6 | 1.0 | (2)(13) |  |
|  | Warrant to purchase common stock |  |  |  | 01/2025 | 01/2030 | 8 |  |  | 0.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 2.9 | 6.1 |  |  |
| Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P. (11) | First lien senior secured revolving loan | 8.67% | SOFR (M) | 5.00% |  | 08/2030 |  | 1681.2 | 1634.3 | 1649.2 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 9.17% (2.75% PIK) | SOFR (M) | 5.50% |  | 08/2031 |  | 27990.3 | 27576.1 | 27710.4 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.66% | SOFR (Q) | 5.00% |  | 08/2031 |  | 1591.3 | 1579.1 | 1575.4 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 02/2025 |  | 2977000 |  | 3041.0 | 3429.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 33830.5 | 34364.1 |  |  |
| LiveBarn Inc., LiveBarn US, LLC, LiveBarn Canada I, ULC, and Royal Topco Holdings, LLC (11) | First lien senior secured loan | 8.19% | SOFR (Q) | 4.50% |  | 03/2033 |  | 4814.5 | 4766.6 | 4766.4 | (2)(6)(8)(13) |  |
|  | Class A units | 8.00% PIK |  |  | 03/2026 |  | 2454 |  | 2454.0 | 2454.0 | (2)(6)(13) |  |
|  | Vested Class B units |  |  |  | 03/2026 |  | 2454000 |  |  |  | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 7220.6 | 7220.4 |  |  |
| Mari Events Midco LLC and AE EventsCo Holdings LLC (11) | First lien senior secured loan | 7.70% | SOFR (Q) | 4.00% |  | 10/2032 |  | 6128.5 | 6063.0 | 5988.3 | (2)(8)(13) |  |
|  | Class A-1 units |  |  |  | 10/2025 |  | 520 |  | 5199.2 | 5455.6 | (13) |  |
|  | Class A-2 units |  |  |  | 10/2025 |  | 728 |  | 7282.7 | 7641.8 | (2)(13) |  |
|  | Class A-3 units |  |  |  | 10/2025 |  | 340 |  | 3399.7 | 3567.4 | (2)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 21944.6 | 22653.1 |  |  |
| Mari Miami II LLC and South Florida Tennis, LLC | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 10/2032 |  | 6724.3 | 6678.5 | 6724.3 | (2)(8)(13) |  |
|  | Class A common interests |  |  |  | 10/2025 |  | 20 |  | 1745.0 | 5764.1 | (13) |  |
|  |  |  |  |  |  |  |  |  | 8423.5 | 12488.4 |  |  |
| Melody TopCo LP and Melody Holdings LP | Class A-1 preferred units | 11.00% PIK |  |  | 07/2025 |  | 18204 |  | 34364.5 | 34692.7 | (2)(13) |  |
|  | Class A-2 preferred units | 11.00% PIK |  |  | 07/2025 |  | 18204 |  | 3860.2 | 3896.7 | (13) |  |
|  | Class A-1 common units |  |  |  | 07/2025 |  | 7354 |  | 13123.9 | 13071.9 | (2)(13) |  |
|  | Class A-2 common units |  |  |  | 07/2025 |  | 7354 |  | 1470.6 | 1452.4 | (13) |  |
|  |  |  |  |  |  |  |  |  | 52819.2 | 53113.7 |  |  |
| NEP Group, Inc. | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 10/2031 |  | 27541.4 | 26857.6 | 24840.4 | (2) |  |
| Orange Barrel Media, LLC/IKE Smart City, LLC (11) | Private asset-backed investment | 9.42% | SOFR (M) | 5.75% |  | 10/2027 |  | 3908.0 | 3887.3 | 3908.0 | (2)(8)(13) |  |
|  | Private asset-backed investment | 9.42% | SOFR (M) | 5.75% |  | 03/2027 |  | 2951.2 | 2935.0 | 2951.2 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 6822.3 | 6859.2 |  |  |
| OVG Business Services, LLC | First lien senior secured loan | 6.67% | SOFR (M) | 3.00% |  | 06/2031 |  | 47184.8 | 47117.6 | 47066.9 | (2) |  |
| Propagate Content LLC (12) | Preferred units | 8.00% PIK |  |  | 10/2025 |  | 4 |  | 4158.9 | 4161.7 | (13) |  |
| Quartz Holding Company | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 10/2028 |  | 4006.5 | 4001.9 | 3746.1 | (2)(8)(13) |  |
| Radiate Holdco LLC (11) | First lien senior secured loan | 7.67% | SOFR (M) | 4.00% |  | 06/2029 |  | 12344.6 | 12118.1 | 12303.4 | (2)(8) |  |
| Sandlot Action Sports, LLC | Common units |  |  |  | 05/2024 |  | 3384 |  | 25.0 | 33.7 | (13) |  |
| Shout! Factory, LLC (11) | First lien senior secured revolving loan | 8.92% | SOFR (Q) | 5.25% |  | 06/2031 |  | 827.9 | 799.0 | 783.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.95% | SOFR (Q) | 5.25% |  | 06/2031 |  | 17542.1 | 17311.9 | 17191.2 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 18110.9 | 17975.0 |  |  |
| South Florida Motorsports, LLC | Class A common interest |  |  |  | 12/2024 |  | 20 |  | 4225.0 | 19488.8 | (13) |  |
| United Talent Agency LLC | First lien senior secured loan | 6.68% | SOFR (M) | 3.00% |  | 06/2032 |  | 7084.9 | 7099.7 | 7084.9 | (2)(13) |  |
| Voldex Entertainment Limited | First lien senior secured loan | 10.95% | SOFR (Q) | 7.25% |  | 01/2029 |  | 13.6 | 13.4 | 13.6 | (2)(6)(13) |  |
| WRE Sports Investments LLC | First lien senior secured loan | 11.00% (5.50% PIK) |  |  |  | 07/2031 |  | 39275.5 | 38642.3 | 39275.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 785725.0 | 879687.1 |  | 8.38% |
| **Consumer Distribution and Retail** |  |  |  |  |  |  |  |  |  |  |  |  |
| Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. | First lien senior secured loan | 7.78% | SOFR (M) | 4.00% |  | 09/2028 |  | 7041.0 | 4930.2 | 4940.5 |  |  |
|  | First lien senior secured loan | 8.28% | SOFR (M) | 4.50% |  | 09/2028 |  | 2286.7 | 1612.1 | 1604.5 | (8) |  |
|  |  |  |  |  |  |  |  |  | 6542.3 | 6545.0 |  |  |
| BGI Purchaser, Inc. (11) | First lien senior secured revolving loan | 7.42% | SOFR (Q) | 3.75% |  | 05/2030 |  | 11109.8 | 10994.1 | 11109.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 05/2031 |  | 31599.1 | 31275.5 | 31599.1 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 42269.6 | 42708.9 |  |  |
| Blazing Star Parent, LLC | First lien senior secured loan | 10.67% | SOFR (Q) | 7.00% |  | 08/2030 |  | 68562.4 | 67051.1 | 68562.4 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| BR PJK Produce, LLC | First lien senior secured loan | 10.06% | SOFR (Q) | 6.25% |  | 11/2027 |  | 2205.1 | 2188.8 | 2205.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.05% | SOFR (Q) | 6.25% |  | 12/2027 |  | 274.1 | 264.5 | 274.1 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 2453.3 | 2479.2 |  |  |
| Carrera Bidco Limited | Senior subordinated loan | 7.75% | Euribor (S) | 5.25% |  | 11/2032 |  | 102822.8 | 101393.0 | 100766.3 | (2)(6)(13) |  |
| City Line Distributors LLC and City Line Investments LLC (11) | First lien senior secured loan | 9.93% | SOFR (Q) | 6.00% |  | 08/2028 |  | 2732.2 | 2698.9 | 2732.2 | (2)(8)(13) |  |
|  | Class A units | 8.00% PIK |  |  | 08/2023 |  | 120151 |  | 145.8 | 117.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 2844.7 | 2849.7 |  |  |
| Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (11) | First lien senior secured loan | 9.02% | SOFR (M) | 5.25% |  | 03/2028 |  | 11030.6 | 10984.8 | 11030.6 | (2)(8)(13) |  |
| GMF Parent, Inc. and GMF Group Holdings, LP (11) | First lien senior secured revolving loan | 8.19% | SOFR (Q) | 4.50% |  | 12/2032 |  | 105.8 | 77.9 | 76.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.19% | SOFR (Q) | 4.50% |  | 12/2032 |  | 13977.2 | 13843.1 | 13837.5 | (2)(8)(13) |  |
|  | Class A2 units |  |  |  | 12/2025 |  | 2414 |  | 2414.0 | 2414.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 16335.0 | 16328.2 |  |  |
| Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (11) | First lien senior secured revolving loan | 7.69% | SOFR (Q) | 4.00% |  | 11/2029 |  | 3026.9 | 2980.6 | 3026.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.19% | SOFR (Q) | 5.50% |  | 11/2029 |  | 6987.3 | 6920.7 | 6987.3 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 11/2023 |  | 3544000 |  | 3827.5 | 5342.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 13728.8 | 15356.7 |  |  |
| Madison Safety & Flow LLC | First lien senior secured loan | 6.18% | SOFR (M) | 2.50% |  | 09/2031 |  | 19765.6 | 19741.5 | 19753.3 | (2) |  |
| Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP | First lien senior secured loan | 6.67% | SOFR (M) | 3.00% |  | 05/2028 |  | 80395.5 | 80115.6 | 80265.2 | (2)(8) |  |
| Mountaineer Merger Corporation (11) | First lien senior secured revolving loan | 8.66% | SOFR (Q) | 5.00% |  | 10/2027 |  | 6082.8 | 5991.3 | 5520.1 | (2)(13) |  |
| Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (11) | First lien senior secured revolving loan | 9.52% | SOFR (Q) | 5.75% |  | 05/2031 |  | 808.0 | 772.2 | 808.0 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 9.52% | SOFR (Q) | 5.75% |  | 05/2031 |  | 12366.9 | 12099.1 | 12366.9 | (2)(8)(13) |  |
|  | Class B limited liability company interest |  |  |  | 05/2023 |  | 0.04% |  | 100.0 | 81.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 12971.3 | 13256.5 |  |  |
| Project Cardinal Acquisition, LLC (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 10/2032 |  | 18057.0 | 17889.3 | 17876.5 | (2)(8)(13) |  |
| Quirch Foods Holdings, LLC (11) | First lien senior secured loan | 10.20% | SOFR (Q) | 6.50% |  | 11/2030 |  | 102670.7 | 101718.9 | 101644.0 | (2)(8)(13) |  |
| Reddy Ice LLC (11) | First lien senior secured revolving loan | 8.91% | SOFR (Q) | 5.25% |  | 04/2029 |  | 2658.3 | 2420.5 | 2658.3 | (2)(8)(10)(13) |  |
|  | First lien senior secured revolving loan | 11.00% | Base Rate (Q) | 4.25% |  | 04/2029 |  | 1595.0 | 1452.3 | 1595.0 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.92% | SOFR (Q) | 5.25% |  | 04/2029 |  | 155702.8 | 155702.9 | 155702.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 159575.7 | 159956.2 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Royal Borrower, LLC and Royal Parent, LP (11) | First lien senior secured revolving loan |  |  |  |  | 07/2030 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 9.43% | SOFR (M) | 5.75% |  | 07/2030 |  | 22449.3 | 22199.7 | 22449.3 | (2)(8)(13) |  |
|  | Class A preferred units | 10.00% PIK |  |  | 07/2024 |  | 2124000 |  | 2523.9 | 2205.7 | (13) |  |
|  |  |  |  |  |  |  |  |  | 24723.6 | 24655.0 |  |  |
| SCIH Salt Holdings Inc. | First lien senior secured loan | 6.35% | SOFR (Q) | 2.75% |  | 01/2029 |  | 71620.8 | 71614.0 | 71384.4 | (2)(8) |  |
| Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (11)(12) | First lien senior secured revolving loan | 10.39% | SOFR (Q) | 6.75% |  | 01/2029 |  | 127.1 | 115.3 | 16.9 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 10.42% | SOFR (Q) | 6.75% |  | 01/2029 |  | 7986.5 | 7879.1 | 6948.3 | (2)(8)(13) |  |
|  | Common units |  |  |  | 01/2023 |  | 50000 |  | 50.3 |  | (13) |  |
|  |  |  |  |  |  |  |  |  | 8044.7 | 6965.2 |  |  |
|  |  |  |  |  |  |  |  |  | 765988.5 | 767903.4 |  | 7.31% |
| **Pharmaceuticals, Biotechnology and Life Sciences** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1261229 B.C. LTD. | First lien senior secured loan | 9.92% | SOFR (M) | 6.25% |  | 10/2030 |  | 67019.9 | 65658.0 | 64581.0 | (2)(6) |  |
| Alcami Corporation (11) | First lien senior secured revolving loan | 10.78% | SOFR (M) | 7.00% |  | 12/2028 |  | 171.2 | 157.6 | 171.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.82% | SOFR (Q) | 7.00% |  | 12/2028 |  | 4268.7 | 4162.0 | 4268.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 4319.6 | 4439.9 |  |  |
| Artemis BidCo 2 LLC (11) | First lien senior secured revolving loan | 7.45% | SOFR (Q) | 3.75% |  | 10/2031 |  | 0.8 | 0.7 | 0.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 10/2031 |  | 32205.5 | 31906.4 | 31883.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 31907.1 | 31884.1 |  |  |
| Bamboo US BidCo LLC (11) | First lien senior secured revolving loan |  |  |  |  | 10/2029 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 09/2030 |  | 20524.8 | 20257.5 | 20524.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 7.03% | Euribor (Q) | 5.00% |  | 09/2030 |  | 9145.3 | 8297.4 | 9145.3 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 28554.9 | 29670.1 |  |  |
| Cambrex Corporation (11) | First lien senior secured revolving loan | 8.17% | SOFR (M) | 4.50% |  | 03/2032 |  | 3626.7 | 3492.3 | 3626.7 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 03/2032 |  | 139019.8 | 137919.0 | 139019.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 141411.3 | 142646.5 |  |  |
| CoreRx, Inc. (11) | First lien senior secured revolving loan | 7.70% | SOFR (Q) | 4.00% |  | 12/2030 |  | 0.6 | 0.6 | 0.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.95% | SOFR (Q) | 7.25% |  | 12/2030 |  | 5092.9 | 4996.9 | 4991.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 4997.5 | 4991.6 |  |  |
| Creek Parent, Inc. and Creek Feeder, L.P. (11) | First lien senior secured loan | 8.67% | SOFR (M) | 5.00% |  | 12/2031 |  | 122586.9 | 120835.2 | 122586.9 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 12/2024 |  | 4209000 |  | 4209.0 | 5952.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 125044.2 | 128539.0 |  |  |
| Curium BidCo S.a r.l. | First lien senior secured loan | 6.70% | SOFR (Q) | 3.00% |  | 08/2031 |  | 13568.9 | 13604.3 | 13534.9 | (2)(6) |  |
| Gula Buyer Inc. and Gula Co-Invest II, L.P. | First lien senior secured loan | 8.18% | SOFR (M) | 4.50% |  | 10/2031 |  | 148500.0 | 147038.7 | 148500.0 | (2)(8)(13) |  |
|  | Common units |  |  |  | 03/2025 |  | 538 |  | 560.6 | 719.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 147599.3 | 149219.0 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Igea Bidco S.p.A. and Masco Group S.p.A. (11) | First lien senior secured notes | 7.75% |  |  |  | 09/2031 |  | 4214.8 | 3895.3 | 4214.8 | (2)(6)(13) |  |
|  | First lien senior secured notes | 8.73% |  |  |  | 12/2031 |  | 2381.3 | 2356.7 | 2381.3 | (2)(6)(13) |  |
|  | First lien senior secured notes | 8.73% |  |  |  | 09/2031 |  | 874.4 | 857.9 | 874.4 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 7109.9 | 7470.5 |  |  |
| Moderna, Inc. (11) | First lien senior secured loan | 9.20% | SOFR (Q) | 5.50% |  | 11/2030 |  | 85238.0 | 84049.0 | 84385.6 | (2)(6)(8)(13) |  |
| NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P. (11) | First lien senior secured revolving loan | 6.92% | SOFR (Q) | 3.25% |  | 03/2033 |  | 0.6 | 0.6 | 0.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.38% | SOFR (Q) | 4.75% |  | 03/2033 |  | 62966.0 | 62342.0 | 62336.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 62342.6 | 62337.0 |  |  |
| Solar Bidco Limited (11) | First lien senior secured loan | 8.63% | Euribor (Q) | 6.50% |  | 11/2029 |  | 5545.5 | 5210.2 | 5624.3 | (2)(6)(8)(13) |  |
| WCG Purchaser Corp. | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 02/2032 |  | 14875.3 | 14815.5 | 14472.5 | (2) |  |
| WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. | Limited partnership interest |  |  |  | 11/2023 |  | 731000 |  | 731.6 | 635.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 737355.0 | 744431.5 |  | 7.09% |
| **Independent Power and Renewable Electricity Producers** |  |  |  |  |  |  |  |  |  |  |  |  |
| BIP PipeCo Holdings LLC | First lien senior secured loan | 5.90% | SOFR (Q) | 2.25% |  | 12/2030 |  | 4000.0 | 3990.0 | 4001.7 |  |  |
| BNZ TopCo B.V. (11) | Senior subordinated loan | 8.88% | Euribor (Q) | 6.75% |  | 10/2030 |  | 13269.6 | 11561.6 | 12555.1 | (2)(6)(8)(13) |  |
| Calpine Construction Finance Company, L.P. | First lien senior secured loan | 5.42% | SOFR (M) | 1.75% |  | 07/2030 |  | 20048.3 | 20064.2 | 20045.1 | (2) |  |
| Cogentrix Finance Holdco I, LLC | First lien senior secured loan | 5.92% | SOFR (M) | 2.25% |  | 02/2032 |  | 11299.5 | 11310.7 | 11293.9 | (2) |  |
| CPV Fairview, LLC | First lien senior secured loan | 6.20% | SOFR (Q) | 2.50% |  | 08/2031 |  | 13629.4 | 13630.0 | 13555.5 | (2) |  |
| Dino BidCo S.p.A. | Senior subordinated loan | 5.53% | Euribor (Q) | 3.50% |  | 03/2032 |  | 371089.3 | 330897.8 | 371089.3 | (6)(13)(17) |  |
| Hamilton Projects Acquiror, LLC | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 05/2031 |  | 7505.5 | 7505.5 | 7512.2 | (2) |  |
| Watt Holdco Limited (11) | First lien senior secured loan | 7.41% | Euribor (Q) | 5.25% |  | 09/2031 |  | 3206.8 | 3015.4 | 3169.5 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.98% | SONIA (Q) | 5.25% |  | 09/2031 |  | 1693.6 | 1595.6 | 1675.3 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 4611.0 | 4844.8 |  |  |
| WIN Waste Innovations Holdings Inc. | First lien senior secured loan | 6.53% | SOFR (M) | 2.75% |  | 03/2028 |  | 30584.8 | 30615.0 | 30565.8 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 434185.8 | 475463.4 |  | 4.53% |
| **Energy** |  |  |  |  |  |  |  |  |  |  |  |  |
| CPPIB OVM Member U.S. LLC | First lien senior secured loan | 5.92% | SOFR (Q) | 2.25% |  | 08/2031 |  | 35535.5 | 35431.0 | 35491.1 | (2) |  |
| Enviva Inc. | First lien senior secured loan | 10.54% | SOFR (Q) | 6.88% |  | 12/2029 |  | 21092.3 | 21362.8 | 21197.7 | (2)(8) |  |
| Freeport LNG investments, LLLP | First lien senior secured loan | 6.89% | SOFR (Q) | 3.25% |  | 02/2033 |  | 53455.0 | 53060.9 | 53410.6 | (2) |  |
| HighPeak Energy, Inc. | First lien senior secured loan | 11.35% | SOFR (Q) | 7.50% |  | 09/2028 |  | 107196.6 | 106744.2 | 107196.6 | (2)(6)(8)(13) |  |
| Oryx Midstream Services Permian Basin LLC | First lien senior secured loan | 5.93% | SOFR (M) | 2.25% |  | 10/2028 |  | 41606.9 | 41639.6 | 41618.5 | (2)(8) |  |
| Pasadena Performance Products, LLC | First lien senior secured loan | 6.95% | SOFR (Q) | 3.25% |  | 02/2032 |  | 28042.5 | 27979.1 | 27832.2 | (2)(13) |  |
| Pelican Pipeline, LLC | First lien senior secured loan | 6.47% | SOFR (S) | 2.75% |  | 03/2033 |  | 7500.0 | 7462.5 | 7500.0 | (2) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Phoenix Operating LLC | First lien senior secured loan | 10.80% | SOFR (Q) | 7.00% |  | 10/2028 |  | 88956.9 | 85236.3 | 87028.8 | (2)(8)(13) |  |
| Prairie ECI Acquiror LP | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 08/2029 |  | 8630.2 | 8624.5 | 8636.6 | (2) |  |
| TransMontaigne Operating Company L.P. | First lien senior secured loan | 5.92% | SOFR (M) | 2.25% |  | 03/2030 |  | 24394.2 | 24402.0 | 24339.3 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 411942.9 | 414251.4 |  | 3.94% |
| **Materials** |  |  |  |  |  |  |  |  |  |  |  |  |
| Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC (11) | First lien senior secured revolving loan | 8.77% | SOFR (Q) | 5.00% |  | 08/2028 |  | 0.6 | 0.6 | 0.6 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 9.29% PIK | SOFR (Q) | 5.50% |  | 02/2030 |  | 1690.8 | 1690.6 | 1690.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 11.25% PIK | Base Rate (Q) | 4.50% |  | 02/2030 |  | 0.5 | 0.5 | 0.5 | (2)(8)(13) |  |
|  | Common units |  |  |  | 02/2025 |  | 24390 |  | 1600.5 | 592.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 3292.2 | 2284.2 |  |  |
| AP Adhesives Holdings, LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 04/2032 |  | 27762.6 | 27523.5 | 27484.9 | (2)(8)(13) |  |
| Bulab Holdings, Inc. and Buckman PPC Co-Invest LP (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 07/2032 |  | 43123.4 | 42734.8 | 43123.4 | (2)(8)(13) |  |
|  | First lien senior secured loan | 6.64% | Euribor (M) | 4.75% |  | 07/2032 |  | 8630.3 | 8723.5 | 8630.3 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 06/2025 |  | 1873000 |  | 1879.4 | 2153.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 53337.7 | 53906.8 |  |  |
| BW Holding, Inc. | First lien senior secured loan | 8.29% | SOFR (Q) | 4.50% |  | 12/2030 |  | 16894.1 | 15709.7 | 8169.5 | (2)(8) |  |
| Charter Next Generation, Inc. | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 11/2030 |  | 35947.9 | 36025.5 | 35693.4 | (2)(8) |  |
| Flexsys Cayman Holdings, LP | First lien senior secured loan | 9.92% | SOFR (M) | 6.25% |  | 08/2029 |  | 3802.6 | 3802.6 | 2043.9 | (2)(8) |  |
|  | First lien senior secured loan | 9.17% | SOFR (M) | 5.25% |  | 08/2029 |  | 8306.3 | 7793.8 | 505.3 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 11596.4 | 2549.2 |  |  |
| Meyer Laboratory, LLC and Meyer Parent, LLC (11) | First lien senior secured revolving loan | 10.45% (3.75% PIK) | SOFR (Q) | 6.75% |  | 02/2030 |  | 392.4 | 370.5 | 307.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.45% (3.75% PIK) | SOFR (Q) | 6.75% |  | 02/2030 |  | 11789.4 | 11644.4 | 11200.0 | (2)(8)(13) |  |
|  | Common units |  |  |  | 02/2024 |  | 169000 |  | 169.0 | 102.3 | (13) |  |
|  |  |  |  |  |  |  |  |  | 12183.9 | 11610.1 |  |  |
| NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP (11)(12) | First lien senior secured revolving loan | 7.45% | SOFR (Q) | 3.75% |  | 03/2031 |  | 2710.9 | 2682.8 | 2710.9 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 7.45% | SOFR (Q) | 3.75% |  | 03/2031 |  | 1730.6 | 1694.5 | 1730.6 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 03/2031 |  | 30090.6 | 29777.1 | 30090.7 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 03/2025 |  | 781332 |  | 784.2 | 765.8 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 34938.6 | 35298.0 |  |  |
| PLZ Corp. | Second lien senior secured loan | 14.25% (7.25% PIK) |  |  |  | 03/2033 |  | 25000.0 | 24250.3 | 24250.0 | (2)(13) |  |
| Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation (11) | First lien senior secured revolving loan | 8.42% | SOFR (Q) | 4.75% |  | 08/2032 |  | 1261.6 | 1209.5 | 1204.8 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 08/2032 |  | 33565.1 | 33288.8 | 33229.4 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 34498.3 | 34434.2 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Reagent Chemical & Research, LLC (11) | First lien senior secured revolving loan |  |  |  |  | 04/2030 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.92% | SOFR (M) | 5.25% |  | 04/2031 |  | 50530.6 | 49805.7 | 50530.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 49805.7 | 50530.6 |  |  |
| Sterilex LLC (11) | First lien senior secured revolving loan | 7.44% | SOFR (Q) | 3.75% |  | 09/2030 |  | 0.6 | 0.6 | 0.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.94% | SOFR (Q) | 5.25% |  | 09/2030 |  | 5366.3 | 5306.3 | 5366.3 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 5306.9 | 5366.9 |  |  |
| Trident TPI Holdings, Inc. | First lien senior secured loan | 7.45% | SOFR (Q) | 3.75% |  | 09/2028 |  | 28685.0 | 28678.1 | 27120.8 | (2)(8) |  |
| USALCO, LLC | First lien senior secured loan | 7.17% | SOFR (M) | 3.50% |  | 09/2031 |  | 8239.7 | 8281.9 | 8207.8 | (2)(8) |  |
|  | First lien senior secured loan | 7.18% | SOFR (M) | 3.50% |  | 09/2031 |  | 859.6 | 863.8 | 856.3 | (2) |  |
|  |  |  |  |  |  |  |  |  | 9145.7 | 9064.1 |  |  |
|  |  |  |  |  |  |  |  |  | 346292.5 | 327762.7 |  | 3.12% |
| **Food and Beverage** |  |  |  |  |  |  |  |  |  |  |  |  |
| Badia Spices, LLC (11) | First lien senior secured loan | 7.92% | SOFR (Q) | 4.25% |  | 11/2030 |  | 117642.9 | 116051.4 | 117642.9 | (2)(8)(13) |  |
| Chobani, LLC | First lien senior secured loan | 5.92% | SOFR (M) | 2.25% |  | 10/2032 |  | 40450.6 | 40456.2 | 40433.6 | (2) |  |
| Demakes Enterprises, LLC | First lien senior secured loan | 9.70% | SOFR (Q) | 6.00% |  | 12/2029 |  | 11443.9 | 11266.8 | 11443.9 | (2)(8)(13) |  |
| Forward Keystone Holdings, LP (11) | Senior subordinated loan | 15.00% (8.00% PIK) |  |  |  | 03/2029 |  | 25241.0 | 24687.1 | 25241.0 | (2)(13) |  |
|  | Common units |  |  |  | 03/2025 |  | 3532000 |  | 3532.0 | 3664.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 28219.1 | 28905.5 |  |  |
| Froneri International Limited | First lien senior secured loan | 5.88% | SOFR (S) | 2.25% |  | 09/2032 |  | 28064.7 | 28022.7 | 27495.5 | (2)(6) |  |
| HBH Buyer, LLC (11) | First lien senior secured revolving loan | 7.20% | SOFR (Q) | 3.50% |  | 09/2031 |  | 3887.8 | 3843.3 | 3887.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.95% | SOFR (Q) | 5.25% |  | 09/2031 |  | 24304.9 | 24026.6 | 24304.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 27869.9 | 28192.7 |  |  |
| Spindrift Beverage Co., Inc. and SBC Aggregator LP (11)(12) | First lien senior secured revolving loan | 8.67% | SOFR (Q) | 5.00% |  | 02/2032 |  | 335.5 | 314.1 | 335.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.65% | SOFR (Q) | 5.00% |  | 02/2032 |  | 10096.6 | 9990.5 | 10096.7 | (2)(8)(13) |  |
|  | Limited partnership units |  |  |  | 02/2025 |  | 7249 |  | 7249.4 | 9817.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 17554.0 | 20250.1 |  |  |
| Sugar PPC Buyer LLC (11) | First lien senior secured loan | 8.41% | SOFR (S) | 4.75% |  | 10/2031 |  | 26082.4 | 25724.6 | 26082.4 | (2)(8)(13) |  |
| Supplying Demand, Inc. (11) | First lien senior secured revolving loan | 7.67% | SOFR (Q) | 4.00% |  | 11/2027 |  | 1398.2 | 1307.7 | 1398.2 | (2)(8)(13) |  |
| Wilbur-Ellis Holdings II LLC (11) | First lien senior secured revolving loan | 8.17% | SOFR (Q) | 4.50% |  | 06/2030 |  | 5184.3 | 4939.8 | 4798.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 301412.2 | 306643.6 |  | 2.92% |
| **Transportation** |  |  |  |  |  |  |  |  |  |  |  |  |
| First Student Bidco Inc. | First lien senior secured loan | 5.95% | SOFR (Q) | 2.25% |  | 08/2030 |  | 81540.0 | 81591.6 | 81234.2 | (2) |  |
| FTAI Infrastructure Inc. and FIP RR Holdings LLC | First lien senior secured loan | 9.75% |  |  |  | 02/2028 |  | 8631.7 | 8385.6 | 8372.7 | (2)(6)(13) |  |
|  | Series A preferred shares | 10.00% PIK |  |  | 08/2025 | 08/2035 | 37809 |  | 37873.6 | 41732.5 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Warrant to purchase common units |  |  |  | 08/2025 | 08/2035 | 6522 |  | 2268.5 | 4591.5 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 48527.7 | 54696.7 |  |  |
| Marco Polo Fund SCSp-RAIF (12) | Limited partnership interest |  |  |  | 02/2026 |  | 8636479 |  | 10260.1 | 9970.8 | (6)(13) |  |
| Nordic Ferry Infrastructure AS | Senior subordinated loan | 9.16% | NIBOR (Q) | 5.00% |  | 11/2031 |  | 68432.4 | 59245.0 | 68432.4 | (2)(6)(13) |  |
|  | Senior subordinated loan | 7.01% | Euribor (Q) | 5.00% |  | 11/2031 |  | 64503.2 | 58139.6 | 64503.2 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 117384.6 | 132935.6 |  |  |
| Student Transportation Of America Holdings, Inc (11) | First lien senior secured loan | 6.40% | SOFR (S) | 2.75% |  | 06/2032 |  | 8573.1 | 8554.4 | 8589.2 | (2) |  |
| Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. (11)(12) | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 08/2032 |  | 10690.1 | 10593.3 | 10690.1 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 07/2025 |  | 1379436 |  | 1392.8 | 1611.8 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 11986.1 | 12301.9 |  |  |
|  |  |  |  |  |  |  |  |  | 278304.5 | 299728.4 |  | 2.85% |
| **Automobiles and Components** |  |  |  |  |  |  |  |  |  |  |  |  |
| Churchill OpCo Holdings LLC and Victory Topco, LP (11) | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 11/2029 |  | 31101.7 | 30784.9 | 31101.7 | (2)(8)(13) |  |
|  | Class A-2 common units |  |  |  | 11/2023 |  | 23290 |  | 2329.0 | 6416.2 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 33113.9 | 37517.9 |  |  |
| Collision SP Subco, LLC (11) | First lien senior secured revolving loan | 8.42% | SOFR (Q) | 4.75% |  | 01/2030 |  | 59.9 | 54.9 | 59.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.43% | SOFR (Q) | 4.75% |  | 01/2030 |  | 7155.6 | 7073.9 | 7155.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 7128.8 | 7215.5 |  |  |
| Dynamo Midco B.V. | First lien senior secured loan | 6.92% | SOFR (M) | 3.25% |  | 09/2031 |  | 18384.4 | 18416.1 | 15971.5 | (2)(6) |  |
| Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP (11) | First lien senior secured revolving loan | 8.38% | SOFR (S) | 4.75% |  | 03/2031 |  | 245.5 | 241.1 | 245.5 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 10.50% | Base Rate (Q) | 3.75% |  | 03/2031 |  | 103.2 | 101.3 | 103.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (S) | 4.75% |  | 03/2031 |  | 13759.2 | 13623.2 | 13759.2 | (2)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 03/2025 |  | 344000 |  | 344.0 | 434.8 | (13) |  |
|  |  |  |  |  |  |  |  |  | 14309.6 | 14542.7 |  |  |
| Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP (11) | First lien senior secured revolving loan |  |  |  |  | 02/2031 |  |  |  |  | (2)(9)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 02/2032 |  | 97563.7 | 96263.2 | 97563.7 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 09/2025 |  | 40239 |  | 4023.9 | 3796.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 100287.1 | 101360.1 |  |  |
| Wand Newco 3, Inc. | First lien senior secured loan | 6.17% | SOFR (M) | 2.50% |  | 01/2031 |  | 62933.6 | 62948.0 | 62343.9 | (2) |  |
|  |  |  |  |  |  |  |  |  | 236203.5 | 238951.6 |  | 2.27% |
| **Household and Personal Products** |  |  |  |  |  |  |  |  |  |  |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Opal Bidco SAS | First lien senior secured loan | 6.70% | SOFR (Q) | 3.00% |  | 04/2032 |  | 37431.4 | 37440.8 | 37392.5 | (2) |  |
| pH Beauty Holdings III, Inc. (11) | First lien senior secured loan | 8.65% | SOFR (Q) | 5.00% |  | 09/2027 |  | 12743.8 | 12674.0 | 12743.8 | (2)(13) |  |
| Silk Holdings III LLC and Silk Holdings I Corp. (11) | First lien senior secured loan | 8.17% | SOFR (M) | 4.50% |  | 12/2032 |  | 141245.3 | 140048.6 | 139832.8 | (2)(8)(13) |  |
|  | Common stock |  |  |  | 05/2023 |  | 1646 |  | 3917.1 | 4363.8 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 143965.7 | 144196.6 |  |  |
| TCI Buyer LLC and TCI Holdings, LP (11) | First lien senior secured loan | 8.42% | SOFR (M) | 4.75% |  | 11/2030 |  | 23236.8 | 22905.1 | 23236.8 | (2)(8)(13) |  |
|  | Common stock |  |  |  | 11/2024 |  | 16940 |  | 1694.0 | 1740.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 24599.1 | 24977.7 |  |  |
| WU Holdco, Inc. (11) | First lien senior secured revolving loan | 8.45% | SOFR (Q) | 4.75% |  | 04/2032 |  | 199.2 | 195.2 | 199.2 | (2)(10)(13) |  |
|  | First lien senior secured loan | 8.45% | SOFR (Q) | 4.75% |  | 04/2032 |  | 9771.1 | 9728.9 | 9771.1 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 9924.1 | 9970.3 |  |  |
|  |  |  |  |  |  |  |  |  | 228603.7 | 229280.9 |  | 2.18% |
| **Technology Hardware and Equipment** |  |  |  |  |  |  |  |  |  |  |  |  |
| Chariot Buyer LLC | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 09/2032 |  | 10578.5 | 10578.5 | 10468.9 | (2) |  |
| ConnectWise, LLC | First lien senior secured loan | 7.46% | SOFR (Q) | 3.50% |  | 09/2028 |  | 70241.5 | 70259.9 | 64680.5 | (2)(8) |  |
| Cotiviti Holdings, Inc. | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 03/2032 |  | 14773.0 | 14622.4 | 13569.0 | (2) |  |
|  | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 05/2031 |  | 3967.3 | 3898.4 | 3647.4 | (2) |  |
|  |  |  |  |  |  |  |  |  | 18520.8 | 17216.4 |  |  |
| Emerald Debt Merger Sub LLC | First lien senior secured loan | 5.95% | SOFR (Q) | 2.25% |  | 08/2031 |  | 7947.9 | 7928.2 | 7928.0 | (2) |  |
|  | First lien senior secured loan | 5.92% | SOFR (Q) | 2.25% |  | 05/2030 |  | 13722.3 | 13712.6 | 13698.3 | (2) |  |
|  |  |  |  |  |  |  |  |  | 21640.8 | 21626.3 |  |  |
| Excelitas Technologies Corp. (11) | First lien senior secured loan | 8.92% | SOFR (M) | 5.25% |  | 08/2029 |  | 32500.0 | 32500.0 | 32500.0 | (2)(8)(13) |  |
| FL Hawk Intermediate Holdings, Inc. (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 02/2030 |  | 8134.3 | 8091.4 | 8134.3 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 161591.4 | 154626.4 |  | 1.47% |
| **Consumer Durables and Apparel** |  |  |  |  |  |  |  |  |  |  |  |  |
| Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. (11) | First lien senior secured revolving loan | 8.93% | SOFR (M) | 5.00% |  | 08/2030 |  | 3791.1 | 3361.3 | 3791.1 | (2)(6)(8)(13) |  |
| Sport Maska Inc. (11) | First lien senior secured revolving loan | 8.92% | SOFR (M) | 5.25% |  | 12/2030 |  | 961.5 | 923.1 | 1041.6 | (2)(6)(8)(10)(13) |  |
|  | First lien senior secured revolving loan | 7.52% | CORRA (M) | 5.25% |  | 12/2030 |  | 294.3 | 282.6 | 318.8 | (2)(6)(8)(10)(13) |  |
|  | First lien senior secured loan | 7.78% | CDOR (M) | 5.50% |  | 12/2030 |  | 20768.9 | 19720.9 | 20768.9 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 20926.6 | 22129.3 |  |  |
| St Athena Global LLC and St Athena Global Holdings Limited (11) | First lien senior secured revolving loan | 8.92% | SOFR (Q) | 5.25% |  | 06/2029 |  | 480.1 | 437.1 | 391.5 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.98% | SONIA (M) | 5.25% |  | 06/2030 |  | 19087.1 | 18020.9 | 18705.3 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.93% | SOFR (Q) | 5.25% |  | 06/2030 |  | 31880.1 | 31530.2 | 31242.5 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 49988.2 | 50339.3 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP | First lien senior secured loan | 6.45% | SOFR (Q) | 2.75% |  | 08/2031 |  | 38660.0 | 38618.9 | 38454.7 | (2) |  |
|  |  |  |  |  |  |  |  |  | 112895.0 | 114714.4 |  | 1.09% |
| **Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| Dobson Ventures, LLC | Private asset-backed investment | 11.50% |  |  |  | 03/2029 |  | 4960.0 | 4935.8 | 4935.2 | (6)(13) |  |
| Expereo USA, Inc. and Ristretto Bidco B.V. (11) | First lien senior secured loan | 10.17% (3.50% PIK) | SOFR (Q) | 6.50% |  | 12/2030 |  | 61339.9 | 60862.4 | 59948.4 | (2)(6)(8)(13) |  |
| Infoblox Inc | First lien senior secured loan | 6.42% | SOFR (M) | 2.75% |  | 11/2029 |  | 35228.3 | 34949.5 | 34022.8 | (2) |  |
| Zayo Group Holdings, Inc. | First lien senior secured loan | 6.78% (0.50% PIK) | SOFR (M) | 3.00% |  | 03/2030 |  | 12270.0 | 11814.5 | 12028.8 | (2) |  |
|  |  |  |  |  |  |  |  |  | 112562.2 | 110935.2 |  | 1.06% |
| **Data Centers** |  |  |  |  |  |  |  |  |  |  |  |  |
| Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP (11) | Senior subordinated loan | 9.50% |  |  |  | 12/2031 |  | 70394.0 | 67022.1 | 66831.9 | (2)(13) |  |
| Vantage Data Centers Europe S.a r.l. (11) | Private asset-backed investment | 8.64% | Euribor (M) | 6.75% |  | 05/2029 |  | 2225.0 | 2059.8 | 2225.0 | (2)(6)(13) |  |
|  | Private asset-backed investment | 8.74% | Euribor (M) | 6.85% |  | 05/2029 |  | 255.0 | 236.0 | 255.0 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 2295.8 | 2480.0 |  |  |
|  |  |  |  |  |  |  |  |  | 69317.9 | 69311.9 |  | 0.66% |
| **Real Estate Management and Development** |  |  |  |  |  |  |  |  |  |  |  |  |
| Odevo AB (11) | First lien senior secured loan | 8.49% | SONIA (M) | 4.75% |  | 12/2030 |  | 2685.8 | 2530.5 | 2680.3 | (2)(6)(13) |  |
| Pallas Australia Feeder Trust | Private asset-backed investment | 10.03% | BBSY (M) | 6.46% |  | 01/2028 |  | 2844.9 | 2706.3 | 2844.9 | (6)(13) |  |
| Pallas NZ Funding Trust No. 1 | Private asset-backed investment | 9.36% | BBSY (M) | 6.15% |  | 07/2026 |  | 2150.0 | 2232.9 | 2150.0 | (6)(13) |  |
| Quintain Investments Holdings Limited (12) | Private asset-backed investment |  |  |  | 08/2024 | 08/2031 | 38801830 |  | 50541.2 | 59636.3 | (6)(13) |  |
|  | Private asset-backed investment |  |  |  | 08/2024 |  | 54289 |  |  |  | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 50541.2 | 59636.3 |  |  |
|  |  |  |  |  |  |  |  |  | 58010.9 | 67311.5 |  | 0.64% |
| **Gas Utilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| WhiteWater Matterhorn Holdings, LLC, FIC Matterhorn CF, LP and FIC Matterhorn CF Feeder, LP (12) | First lien senior secured loan | 5.45% | SOFR (Q) | 1.75% |  | 06/2032 |  | 6982.5 | 6989.0 | 6938.9 | (2) |  |
|  | Limited partnership interests |  |  |  | 06/2025 |  | 19931957 |  | 19932.0 | 23437.1 | (6) |  |
|  | Limited partnership interests |  |  |  | 06/2025 |  | 692 |  | 0.7 | 0.8 | (6) |  |
|  |  |  |  |  |  |  |  |  | 26921.7 | 30376.8 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (6)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 26921.7 | 30376.8 |  | 0.29% |
| **Total Investments** |  |  |  |  |  |  |  |  | $21446647.6 | $21332903.9 | (18) | 203.10% |

---

See accompanying notes to consolidated financial statements.

------

**Derivative Instruments**

***Foreign currency forward contracts***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation / (Depreciation)** |
| Foreign currency forward contract | $196207 | 170027 | Canadian Imperial Bank of Commerce | April 24, 2026 | $3123 |
| Foreign currency forward contract | $166385 | 156600 | Wells Fargo Bank, N.A. | April 24, 2026 | 1046 |
| Foreign currency forward contract | $119097 | £104582 | Canadian Imperial Bank of Commerce | June 11, 2027 | (706) |
| Foreign currency forward contract | $77740 | 64937 | Wells Fargo Bank, N.A. | September 08, 2027 | 1442 |
| Foreign currency forward contract | $66532 | 663462 | Wells Fargo Bank, N.A. | April 24, 2026 | (1874) |
| Foreign currency forward contract | $62149 | £48509 | Canadian Imperial Bank of Commerce | August 16, 2027 | (1591) |
| Foreign currency forward contract | $61809 | 60251 | Canadian Imperial Bank of Commerce | June 11, 2027 | (645) |
| Foreign currency forward contract | $57178 | 62492 | Canadian Imperial Bank of Commerce | March 31, 2028 | (646) |
| Foreign currency forward contract | $51457 | 46454 | Wells Fargo Bank, N.A. | February 28, 2028 | (3373) |
| Foreign currency forward contract | $49969 | £37427 | Canadian Imperial Bank of Commerce | July 28, 2028 | 1073 |
| Foreign currency forward contract | $49964 | £37427 | Wells Fargo Bank, N.A. | July 28, 2028 | 1067 |
| Foreign currency forward contract | $49860 | 45000 | Canadian Imperial Bank of Commerce | February 28, 2028 | (3254) |
| Foreign currency forward contract | $49790 | £37090 | SMBC Capital Markets, Inc. | August 14, 2028 | 1347 |
| Foreign currency forward contract | $43601 | 60012 | Canadian Imperial Bank of Commerce | April 24, 2026 | 487 |
| Foreign currency forward contract | $42707 | 58530 | Wells Fargo Bank, N.A. | April 24, 2026 | 658 |
| Foreign currency forward contract | $39901 | £29645 | Wells Fargo Bank, N.A. | August 02, 2027 | 935 |
| Foreign currency forward contract | $25800 | ¥2121143 | Canadian Imperial Bank of Commerce | January 31, 2028 | 1184 |
| Foreign currency forward contract | $25450 | 35597 | Canadian Imperial Bank of Commerce | March 31, 2027 | (426) |
| Foreign currency forward contract | $21805 | 19538 | Wells Fargo Bank, N.A. | March 30, 2027 | (1049) |
| Foreign currency forward contract | $20769 | 27895 | Canadian Imperial Bank of Commerce | November 16, 2026 | 568 |
| Foreign currency forward contract | $20176 | £15069 | Canadian Imperial Bank of Commerce | April 24, 2026 | 240 |
| Foreign currency forward contract | $19025 | £16273 | Wells Fargo Bank, N.A. | April 24, 2026 | 146 |
| Foreign currency forward contract | $18890 | £15184 | Wells Fargo Bank, N.A. | August 21, 2026 | (1181) |
| Foreign currency forward contract | $16255 | 13416 | SMBC Capital Markets, Inc. | August 14, 2028 | 351 |
| Foreign currency forward contract | $14323 | 19837 | Canadian Imperial Bank of Commerce | January 31, 2028 | (182) |
| Foreign currency forward contract | $13073 | 14240 | Wells Fargo Bank, N.A. | November 17, 2026 | (347) |
| Foreign currency forward contract | $9097 | 7487 | Wells Fargo Bank, N.A. | August 14, 2028 | 221 |
| Foreign currency forward contract | $8132 | 6722 | Canadian Imperial Bank of Commerce | August 14, 2028 | 163 |
| Foreign currency forward contract | $5483 | 5451 | Canadian Imperial Bank of Commerce | April 02, 2026 | 32 |
| Foreign currency forward contract | $4983 | 6713 | Canadian Imperial Bank of Commerce | June 11, 2027 | 96 |
| Foreign currency forward contract | $4773 | 29850 | Wells Fargo Bank, N.A. | September 08, 2027 | 60 |
| Foreign currency forward contract | $4217 | £3347 | Canadian Imperial Bank of Commerce | August 21, 2026 | (208) |
| Foreign currency forward contract | $3651 | £2784 | Wells Fargo Bank, N.A. | August 16, 2027 | (7) |
| Foreign currency forward contract | $3491 | 2942 | Wells Fargo Bank, N.A. | August 02, 2027 | 39 |
| Foreign currency forward contract | $3243 | 2879 | Canadian Imperial Bank of Commerce | March 30, 2027 | (126) |
| Foreign currency forward contract | $2927 | £2210 | Wells Fargo Bank, N.A. | August 14, 2028 | 40 |
| Foreign currency forward contract | $2555 | 4070 | Canadian Imperial Bank of Commerce | July 17, 2026 | 107 |
| Foreign currency forward contract | $2525 | 2251 | Canadian Imperial Bank of Commerce | May 22, 2026 | (76) |
| Foreign currency forward contract | $2354 | 23505 | Canadian Imperial Bank of Commerce | April 24, 2026 | (70) |
| Foreign currency forward contract | $2012 | 1737 | Canadian Imperial Bank of Commerce | April 10, 2026 | 6 |
| Foreign currency forward contract | $1957 | 1737 | Canadian Imperial Bank of Commerce | March 27, 2028 | (95) |
| Foreign currency forward contract | $1906 | 1713 | Wells Fargo Bank, N.A. | December 17, 2027 | (112) |
| Foreign currency forward contract | $1873 | 1713 | Wells Fargo Bank, N.A. | December 17, 2026 | (125) |
| Foreign currency forward contract | $1439 | 2061 | Canadian Imperial Bank of Commerce | June 09, 2026 | 20 |
| Foreign currency forward contract | $1294 | 1960 | Canadian Imperial Bank of Commerce | September 30, 2026 | (52) |
| Foreign currency forward contract | $1257 | 994 | Canadian Imperial Bank of Commerce | April 24, 2026 | 12 |
| Foreign currency forward contract | $1238 | £960 | Wells Fargo Bank, N.A. | November 02, 2026 | (14) |
| Foreign currency forward contract | $1017 | 1391 | Wells Fargo Bank, N.A. | November 16, 2026 | 10 |
| Foreign currency forward contract | $923 | 8462 | Canadian Imperial Bank of Commerce | April 24, 2026 | 29 |
| Foreign currency forward contract | $607 | 932 | Canadian Imperial Bank of Commerce | September 30, 2027 | (27) |
| Foreign currency forward contract | $561 | £419 | Wells Fargo Bank, N.A. | June 11, 2027 | 11 |
| Foreign currency forward contract | $498 | 736 | Canadian Imperial Bank of Commerce | April 24, 2026 | (9) |
| Foreign currency forward contract | $69 | 439 | Canadian Imperial Bank of Commerce | April 24, 2026 | 1 |
| Foreign currency forward contract | $33 | 52 | Canadian Imperial Bank of Commerce | April 17, 2026 | 2 |
| **Total** |  |  |  |  | $(1679) |

---

See accompanying notes to consolidated financial statements.

------

***Interest rate swaps***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Hedged Item** | **Company Receives** | **Company Pays** | **Counterparty** | **Maturity Date** | **Notional Amount** | **Fair Value** | **Upfront Payments/Receipts** | **Change in Unrealized Appreciation / (Depreciation)** |
| Interest rate swap | March 2028 Notes | 5.700% | SOFR +1.6485% | Wells Fargo Bank, N.A. | 03/15/2028 | $1000000 | $6921 | $— | $(7540) |
| Interest rate swap | September 2028 Notes | 5.450% | SOFR +1.7465% | Wells Fargo Bank, N.A. | 09/09/2028 | 600000 | 414 |  | (4263) |
| Interest rate swap | January 2029 Notes | 4.850% | SOFR +1.6220% | Wells Fargo Bank, N.A. | 01/15/2029 | 600000 | (6683) |  | (3662) |
| Interest rate swap | August 2029 Notes | 6.350% | SOFR +2.2080% | Wells Fargo Bank, N.A. | 08/15/2029 | 700000 | 10886 |  | (5699) |
| Interest rate swap | February 2030 Notes | 5.600% | SOFR +2.3020% | Wells Fargo Bank, N.A. | 02/15/2030 | 750000 | (9767) |  | (4568) |
| Interest rate swap | September 2030 Notes | 5.800% | SOFR +2.0490% | Wells Fargo Bank, N.A. | 09/09/2030 | 500000 | 1710 |  | (3529) |
| Interest rate swap | January 2031 Notes | 5.150% | SOFR +1.9460% | Wells Fargo Bank, N.A. | 01/15/2031 | 500000 | (9531) |  | (3151) |
| Interest rate swap | April 2031 Notes | 5.550% | SOFR +1.8750% | Wells Fargo Bank, N.A. | 04/15/2031 | 700000 | (244) |  | (244) |
| Interest rate swap | March 2032 Notes | 6.200% | SOFR +1.8290% | Wells Fargo Bank, N.A. | 03/21/2032 | 750000 | 25594 |  | (6052) |
| **Total** |  |  |  |  |  | $6100000 | $19300 | $— | $(38708) |

---

________________________________________

(1)Ares Strategic Income Fund's (together with its consolidated wholly owned subsidiaries, the "Fund") portfolio company investments, which as of March 31, 2026 represented 203% of the Fund's net assets or 95% of the Fund's total assets, may be subject to legal restrictions on sales.

(2)These assets are pledged as collateral under the Fund's or the Fund's consolidated subsidiaries' various revolving credit facilities and debt securitizations 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 facilities and debt securitizations (see Note 5).

(3)Investments without an interest rate are non-income producing.

(4)As defined in the Investment Company Act, the Fund is deemed to be an "Affiliated Person" because it owns 5% or more 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). Transactions as of and during the three months ended March 31, 2026 in which the issuer was an Affiliated Person of the Fund (but not a portfolio company that the Fund is deemed to Control) are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **As of March 31, 2026** |
| **(in thousands)<br>Company** | **Purchases (cost)** | **Redemptions (cost)** | **Sales (cost)** | **Interest income** | **Dividend income** | **Other income** | **Net realized gains (losses)** | **Net <br>unrealized gains (losses)** | **Fair Value** |
| Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP | $2090.5 | $438.9 | $— | $1134.9 | $— | $18.6 | $1.2 | $1873.8 | $64498.5 |
| OPH NEP Investment, LLC |  |  |  | 1102.2 |  |  |  | (131.4) | 42882.1 |
| Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC | 34724.4 | 883.7 |  |  |  | 2.4 |  | 406.6 | 34259.7 |
|  | $36814.9 | $1322.6 | $— | $2237.1 | $— | $21.0 | $1.2 | $2149.0 | $141640.3 |

---

(5)As defined in the Investment Company Act, the Fund is deemed to be both an "Affiliated Person" and "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). Transactions as of and during the three months ended March 31, 2026 in which the issuer was both an Affiliated Person and a portfolio company that the Fund is deemed to Control are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **As of March 31, 2026** |
| **(in thousands)<br>Company** | **Purchases (cost)** | **Redemptions (cost)** | **Sales (cost)** | **Interest income** | **Dividend income** | **Other income** | **Net realized gains (losses)** | **Net <br>unrealized gains (losses)** | **Fair Value** |
| ADLP LLC | $120200.0 | $— | $— | $14793.1 | $— | $7170.6 | $— | $— | $511200.0 |
|  | $120200.0 | $— | $— | $14793.1 | $— | $7170.6 | $— | $— | $511200.0 |

---

See accompanying notes to consolidated financial statements.

------

(6)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 "Investment Company Act"). Under the Investment Company 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 Investment Company Act, approximately 25% 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.

(7)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), semi-annually (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.

(8)Loan includes interest rate floor feature.

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

(9)As of March 31, 2026, no amounts were funded by the Fund under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(10)As of March 31, 2026, in addition to the amounts funded by the Fund under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(11)As of March 31, 2026, the Fund had the following commitments to fund various revolving and delayed draw senior secured loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments related to certain portfolio companies.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| 15484880 Canada Inc. and 15484910 Canada Inc. | $11827.4 | $— | $11827.4 | $— | $— | $11827.4 |
| 3 Step Sports LLC | 13384.9 | (736.8) | 12648.1 |  |  | 12648.1 |
| Accommodations Plus Technologies LLC | 1666.7 |  | 1666.7 |  |  | 1666.7 |
| ACP Avenu Midco LLC | 12009.7 |  | 12009.7 |  |  | 12009.7 |
| Actfy Buyer, Inc. | 11739.1 |  | 11739.1 |  |  | 11739.1 |
| Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP | 1056.3 |  | 1056.3 |  |  | 1056.3 |
| Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC | 159.4 | (1.0) | 158.4 |  |  | 158.4 |
| Adonis Bidco Inc. | 38724.4 |  | 38724.4 |  |  | 38724.4 |
| Aduro Advisors, LLC | 11758.3 |  | 11758.3 |  |  | 11758.3 |
| Aerin Medical Inc. | 4681.4 |  | 4681.4 |  |  | 4681.4 |
| AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. | 9179.7 | (1772.1) | 7407.6 |  |  | 7407.6 |
| AI Titan Parent, Inc. | 14908.7 |  | 14908.7 |  |  | 14908.7 |
| Airx Climate Solutions, Inc. | 10396.6 | (433.4) | 9963.2 |  |  | 9963.2 |
| Alcami Corporation and ACM Note Holdings, LLC | 547.9 | (171.2) | 376.7 |  |  | 376.7 |
| Alcresta Therapeutics, Inc. | 11166.6 | (302.8) | 10863.8 |  |  | 10863.8 |
| Aldinger Company Inc | 12835.2 | (709.0) | 12126.2 |  |  | 12126.2 |
| Aledade, Inc. | 38469.2 | (13464.2) | 25005.0 |  |  | 25005.0 |
| AP Adhesives Holdings, LLC | 15030.3 |  | 15030.3 |  |  | 15030.3 |
| Apex Service Partners, LLC and Apex Service Partners Holdings, LLC | 2039.6 | (1119.9) | 919.7 |  |  | 919.7 |
| Apple Bidco Holdings, Inc. | 18139.5 | (952.9) | 17186.6 |  |  | 17186.6 |
| Aptean, Inc. and Aptean Acquiror Inc. | 8787.0 | (1083.7) | 7703.3 |  |  | 7703.3 |
| Archduke Buyer, Inc. | 2980.3 |  | 2980.3 |  |  | 2980.3 |
| Arrow Borrower 2025, Inc. | 15876.8 |  | 15876.8 |  |  | 15876.8 |
| Artemis BidCo 2 LLC | 8946.8 | (0.8) | 8946.0 |  |  | 8946.0 |
| Artifact Bidco, Inc. | 10426.1 |  | 10426.1 |  |  | 10426.1 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| Artivion, Inc. | 21803.5 | (1983.0) | 19820.5 |  |  | 19820.5 |
| ASP CFO 2026, L.P. | 7218.0 |  | 7218.0 |  |  | 7218.0 |
| Avalign Holdings, Inc. and Avalign Technologies, Inc. | 3440.4 | (2344.9) | 1095.5 |  | (1095.5) |  |
| AX VI VET HOLDING I APS | 21265.6 |  | 21265.6 |  |  | 21265.6 |
| Badia Spices, LLC | 8571.4 |  | 8571.4 |  |  | 8571.4 |
| Bamboo US BidCo LLC | 2621.9 | (161.3) | 2460.6 |  |  | 2460.6 |
| Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | 69330.5 |  | 69330.5 |  |  | 69330.5 |
| Bayou Intermediate II, LLC | 6890.8 | (1654.7) | 5236.1 |  |  | 5236.1 |
| BCPE Pequod Buyer, Inc. | 8673.6 |  | 8673.6 |  |  | 8673.6 |
| Beacon Pointe Harmony, LLC | 24439.2 |  | 24439.2 |  |  | 24439.2 |
| Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. | 11525.4 | (978.4) | 10547.0 |  |  | 10547.0 |
| BGI Purchaser, Inc. | 33329.5 | (11109.8) | 22219.7 |  |  | 22219.7 |
| BGIF IV Fearless Utility Services, Inc. | 10424.5 | (1424.9) | 8999.6 |  |  | 8999.6 |
| Birdie Bidco, Inc. | 32253.0 |  | 32253.0 |  |  | 32253.0 |
| Blue Raven Solutions, LLC, Triman Industries, Inc., and Crestwood Technology Group, LLC | 572.4 | (286.2) | 286.2 |  |  | 286.2 |
| Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC | 9943.6 | (615.6) | 9328.0 |  |  | 9328.0 |
| BNZ TopCo B.V. | 22456.2 |  | 22456.2 |  |  | 22456.2 |
| Bobcat Purchaser, LLC and Bobcat Topco, L.P. | 1595.7 |  | 1595.7 |  |  | 1595.7 |
| Bobtail AcquisitionCo, LLC | 22932.5 | (1096.1) | 21836.4 |  |  | 21836.4 |
| BrightStar Group Holdings, Inc. | 3766.9 |  | 3766.9 |  |  | 3766.9 |
| Bulab Holdings, Inc. and Buckman PPC Co-Invest LP | 22933.6 |  | 22933.6 |  |  | 22933.6 |
| Bumble Bidco Limited | 2687.3 |  | 2687.3 |  |  | 2687.3 |
| Burgess Point Purchaser Corporation | 29832.3 |  | 29832.3 |  |  | 29832.3 |
| Businessolver.com, Inc. | 3889.4 |  | 3889.4 |  |  | 3889.4 |
| BVI Medical, Inc. and BVI Group Limited | 12432.9 |  | 12432.9 |  |  | 12432.9 |
| C Block Development LLC | 53273.8 |  | 53273.8 |  |  | 53273.8 |
| Cambrex Corporation | 15866.7 | (3882.4) | 11984.3 |  |  | 11984.3 |
| Cannon Bridge Designated Activity Company | 5431.5 | (3779.6) | 1651.9 |  |  | 1651.9 |
| Capnor Connery Bidco A/S | 1431.5 |  | 1431.5 |  |  | 1431.5 |
| Cards-Live Oak Holdings, Inc. | 14949.7 | (2611.3) | 12338.4 |  |  | 12338.4 |
| Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. | 2389.6 |  | 2389.6 |  |  | 2389.6 |
| CBTS Borrower, LLC and CBTS TopCo, L.P. | 6646.2 |  | 6646.2 |  |  | 6646.2 |
| Celnor Group Limited | 3651.0 |  | 3651.0 |  |  | 3651.0 |
| Centralsquare Technologies, LLC and Supermoose Newco, Inc. | 4310.3 | (97.1) | 4213.2 |  |  | 4213.2 |
| Cezanne Bidco | 4460.8 |  | 4460.8 |  |  | 4460.8 |
| Churchill OpCo Holdings LLC and Victory Topco, LP | 20553.6 |  | 20553.6 |  |  | 20553.6 |
| City Line Distributors LLC and City Line Investments LLC | 1.5 |  | 1.5 |  |  | 1.5 |
| Clearstead Advisors, LLC | 2971.8 | (459.6) | 2512.2 |  |  | 2512.2 |
| ClubCorp Holdings, Inc. | 7070.4 |  | 7070.4 |  |  | 7070.4 |
| CMG HoldCo, LLC and CMG Buyer Holdings, Inc. | 20950.7 | (437.0) | 20513.7 |  |  | 20513.7 |
| CMI Parent, Inc. | 856.3 |  | 856.3 |  |  | 856.3 |
| Collision SP Subco, LLC | 3511.3 | (59.9) | 3451.4 |  |  | 3451.4 |
| Computer Services, Inc. | 12629.6 |  | 12629.6 |  |  | 12629.6 |
| Convera International Holdings Limited and Convera International Financial S.A R.L. | 1110.5 |  | 1110.5 |  |  | 1110.5 |
| CoreRx, Inc. | 1.0 | (0.6) | 0.4 |  |  | 0.4 |
| Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. | 7060.6 |  | 7060.6 |  |  | 7060.6 |
| Coupa Holdings, LLC and Coupa Software Incorporated | 410.8 |  | 410.8 |  |  | 410.8 |
| CPIG Holdco Inc. | 1.0 | (0.5) | 0.5 |  |  | 0.5 |
| Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. | 4461.7 |  | 4461.7 |  |  | 4461.7 |
| Create Music Holdings, LLC | 5990.0 |  | 5990.0 |  |  | 5990.0 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| Creek Parent, Inc. and Creek Feeder, L.P. | 21965.8 |  | 21965.8 |  |  | 21965.8 |
| Cyber US Bidco LLC, Cyber Bidco Limited, and Cyber Midco Limited | 3082.8 |  | 3082.8 |  |  | 3082.8 |
| Databricks, Inc. | 20391.8 |  | 20391.8 |  |  | 20391.8 |
| Davidson Hotel Company LLC | 3251.8 |  | 3251.8 |  |  | 3251.8 |
| Dedomena Bidco Limited | 389.1 |  | 389.1 |  |  | 389.1 |
| Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | 25163.5 | (1333.8) | 23829.7 |  |  | 23829.7 |
| Diamond Mezzanine 24 LLC | 3750.0 | (3750.0) |  |  |  |  |
| Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. | 4645.3 |  | 4645.3 |  |  | 4645.3 |
| Diligent Corporation and Diligent Preferred Issuer, Inc. | 12896.5 | (1176.1) | 11720.4 |  |  | 11720.4 |
| Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. | 505.8 |  | 505.8 |  |  | 505.8 |
| Dorado Bidco, Inc. | 6628.8 | (9.5) | 6619.3 |  |  | 6619.3 |
| DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP | 11993.8 | (1383.8) | 10610.0 |  |  | 10610.0 |
| Doxim Inc. | 5733.8 | (1129.7) | 4604.1 |  |  | 4604.1 |
| DP Flores Holdings, LLC | 22210.7 |  | 22210.7 |  |  | 22210.7 |
| DriveCentric Holdings, LLC | 13632.3 |  | 13632.3 |  |  | 13632.3 |
| Drogon Bidco Inc. & Drogon Aggregator LP | 10599.5 |  | 10599.5 |  |  | 10599.5 |
| Duraserv LLC | 16748.1 | (1511.8) | 15236.3 |  |  | 15236.3 |
| EC Partners Spanish BidCo, S.L.U. | 962.1 |  | 962.1 |  |  | 962.1 |
| Echo Purchaser, Inc. | 3977.3 |  | 3977.3 |  |  | 3977.3 |
| Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. | 30382.5 |  | 30382.5 |  |  | 30382.5 |
| Edition Holdings, Inc. and Enverus, Inc. | 23910.1 |  | 23910.1 |  |  | 23910.1 |
| Edmunds Govtech, Inc. | 602.9 | (301.4) | 301.5 |  |  | 301.5 |
| EG Midco Aps | 5593.5 |  | 5593.5 |  |  | 5593.5 |
| Einstein Parent, Inc. | 1719.9 |  | 1719.9 |  |  | 1719.9 |
| Elemica, Inc. and EZ Elemica Holdings, Inc. | 1190.9 |  | 1190.9 |  |  | 1190.9 |
| Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC | 10734.0 | (2050.6) | 8683.4 |  |  | 8683.4 |
| ELM DebtCo, LLC | 1590.1 |  | 1590.1 |  |  | 1590.1 |
| EMB Purchaser, Inc. | 40200.7 | (4711.9) | 35488.8 |  |  | 35488.8 |
| Empower Payments Investor, LLC | 2429.5 |  | 2429.5 |  |  | 2429.5 |
| Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC | 5865.3 | (2346.1) | 3519.2 |  |  | 3519.2 |
| Envisage Management Ltd | 1007.5 |  | 1007.5 |  |  | 1007.5 |
| ESHA Intermediate, LLC | 5129.4 |  | 5129.4 |  |  | 5129.4 |
| Eternal Aus Bidco Pty Ltd | 524.1 |  | 524.1 |  |  | 524.1 |
| Everest Bidco I, Inc. | 8532.3 |  | 8532.3 |  |  | 8532.3 |
| Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. | 1645.9 | (276.2) | 1369.7 |  |  | 1369.7 |
| Excelitas Technologies Corp. | 32500.0 |  | 32500.0 |  |  | 32500.0 |
| Expereo USA, Inc. and Ristretto Bidco B.V. | 15713.5 |  | 15713.5 |  |  | 15713.5 |
| Fever Labs, Inc. | 26113.1 | (12167.8) | 13945.3 |  | (4091.1) | 9854.2 |
| Firebird Acquisition Corp, Inc. | 7241.3 | (173.9) | 7067.4 |  |  | 7067.4 |
| Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP | 9635.8 | (2347.7) | 7288.1 |  |  | 7288.1 |
| FL Hawk Intermediate Holdings, Inc. | 1158.7 |  | 1158.7 |  |  | 1158.7 |
| Flexera Software LLC | 1737.4 |  | 1737.4 |  |  | 1737.4 |
| Flint OpCo, LLC | 8007.4 |  | 8007.4 |  |  | 8007.4 |
| FlyWheel Acquireco, Inc. | 1607.1 |  | 1607.1 |  |  | 1607.1 |
| Forward Keystone Holdings, LP | 6574.2 |  | 6574.2 |  |  | 6574.2 |
| Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. | 21871.7 | (3791.1) | 18080.6 |  |  | 18080.6 |
| Frontline Road Safety Operations, LLC | 15326.6 | (1884.6) | 13442.0 |  |  | 13442.0 |
| G702 Buyer, Inc. | 1890.5 |  | 1890.5 |  |  | 1890.5 |
| Galaxy Buyer, Inc. and Galaxy Topco I, L.P. | 1103.8 |  | 1103.8 |  |  | 1103.8 |
| Galway Borrower LLC | 1749.8 | (134.4) | 1615.4 |  |  | 1615.4 |
| GC Waves Holdings, Inc. | 7626.3 |  | 7626.3 |  |  | 7626.3 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| Generator US Buyer, Inc. and Total Power Limited | 5433.5 |  | 5433.5 |  |  | 5433.5 |
| Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. | 7411.6 |  | 7411.6 |  |  | 7411.6 |
| GHP-VGS Purchaser LLC | 8554.0 |  | 8554.0 |  |  | 8554.0 |
| GHX Ultimate Parent Corporation and Nexus TopCo LP | 23512.1 |  | 23512.1 |  |  | 23512.1 |
| Global Music Rights, LLC | 13645.8 |  | 13645.8 |  |  | 13645.8 |
| GMF Parent, Inc. and GMF Group Holdings, LP | 10390.4 | (105.8) | 10284.6 |  |  | 10284.6 |
| Goldeneye Parent, LLC | 2778.9 |  | 2778.9 |  |  | 2778.9 |
| Goose Borrower, L.P. | 20384.1 |  | 20384.1 |  |  | 20384.1 |
| Grit Buyer, Inc. and Integrum Grit Co-Invest LP | 25127.7 | (158.0) | 24969.7 |  |  | 24969.7 |
| GS SEER Group Borrower LLC and GS SEER Group Holdings LLC | 1688.4 | (476.5) | 1211.9 |  |  | 1211.9 |
| GSV Purchaser, Inc. | 22267.7 |  | 22267.7 |  |  | 22267.7 |
| GTCR Everest Borrower, LLC | 1659.6 |  | 1659.6 |  |  | 1659.6 |
| GTCR F Buyer Corp. and GTCR (D) Investors LP | 3423.1 | (125.0) | 3298.1 |  |  | 3298.1 |
| Guidepoint Security Holdings, LLC | 4332.6 |  | 4332.6 |  |  | 4332.6 |
| Hakken Midco B.V. | 905.9 |  | 905.9 |  |  | 905.9 |
| Harbourvest Global Private Equity Limited | 65000.0 | (30875.0) | 34125.0 |  |  | 34125.0 |
| HarbourVest Structured Solutions 2025 L.P. and HarbourVest Structured Solutions 2025 Feeder L.P. | 20730.2 |  | 20730.2 |  |  | 20730.2 |
| HBH Buyer, LLC | 17301.8 | (3887.8) | 13414.0 |  |  | 13414.0 |
| Helios Service Partners, LLC and Astra Service Partners, LLC | 7175.6 |  | 7175.6 |  |  | 7175.6 |
| Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. | 3325.1 |  | 3325.1 |  |  | 3325.1 |
| High Street Buyer, Inc. and High Street Holdco LLC | 37441.7 |  | 37441.7 |  |  | 37441.7 |
| Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP | 10763.4 | (3026.9) | 7736.5 |  |  | 7736.5 |
| Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | 67383.0 | (4184.2) | 63198.8 |  |  | 63198.8 |
| Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC | 26429.8 | (3700.6) | 22729.2 |  |  | 22729.2 |
| HP RSS Buyer, Inc. | 10738.7 |  | 10738.7 |  |  | 10738.7 |
| HuFriedy Group Acquisition LLC | 17625.8 | (213.1) | 17412.7 |  |  | 17412.7 |
| Hyland Software, Inc. | 1161.8 |  | 1161.8 |  |  | 1161.8 |
| Icefall Parent, Inc. | 735.5 |  | 735.5 |  |  | 735.5 |
| ID.me, LLC and ID.me, Inc. | 13855.9 |  | 13855.9 |  |  | 13855.9 |
| IFH Franchisee Holdings, LLC | 27513.7 | (11194.0) | 16319.7 |  |  | 16319.7 |
| Igea Bidco S.p.A. and Masco Group S.p.A. | 1713.8 |  | 1713.8 |  |  | 1713.8 |
| Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. | 12586.7 | (140.2) | 12446.5 |  |  | 12446.5 |
| Inszone Mid, LLC and INSZ Holdings, LLC | 73768.3 |  | 73768.3 |  |  | 73768.3 |
| Internet Truckstop Group LLC | 1990.0 |  | 1990.0 |  |  | 1990.0 |
| Intero Integrity Services Group B.V. | 904.4 |  | 904.4 |  |  | 904.4 |
| JAMS Holdings LP and Jams Buyer LLC | 6884.9 |  | 6884.9 |  |  | 6884.9 |
| Jeppesen Holdings, LLC | 997.3 |  | 997.3 |  |  | 997.3 |
| Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC | 14047.7 |  | 14047.7 |  |  | 14047.7 |
| JSG II, Inc. and Checkers USA, Inc. | 1186.9 |  | 1186.9 |  |  | 1186.9 |
| Kairos Bidco Limited | 3140.6 | (314.1) | 2826.5 |  |  | 2826.5 |
| King Risk Partners, LLC | 9786.8 |  | 9786.8 |  |  | 9786.8 |
| Kings Buyer, LLC | 2451.4 | (1736.4) | 715.0 |  |  | 715.0 |
| Knight AcquireCo, LLC and Knight Holdings, LP | 26636.9 |  | 26636.9 |  |  | 26636.9 |
| Koala Investment Holdings, Inc. | 7218.8 |  | 7218.8 |  |  | 7218.8 |
| Kohlberg Private Credit Investors Rated Feeder-L, L.L.C. | 5949.3 |  | 5949.3 |  |  | 5949.3 |
| KPS Global LLC and Cool Group LLC | 3073.6 |  | 3073.6 |  |  | 3073.6 |
| LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP | 13139.0 | (387.0) | 12752.0 |  |  | 12752.0 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| League One Volleyball Clubs, LLC and League One Volleyball, Inc. | 1.7 |  | 1.7 |  |  | 1.7 |
| LEG Purchaser Inc. | 937.6 |  | 937.6 |  |  | 937.6 |
| Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. | 3202.3 | (2177.9) | 1024.4 |  |  | 1024.4 |
| Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. | 182.2 |  | 182.2 |  |  | 182.2 |
| LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC | 6713.6 | (1964.4) | 4749.2 |  |  | 4749.2 |
| Lightbeam Bidco, Inc. | 5591.5 | (0.3) | 5591.2 |  |  | 5591.2 |
| LiveBarn Inc., LiveBarn US, LLC, LiveBarn Canada I, ULC, and Royal Topco Holdings, LLC | 6023.1 |  | 6023.1 |  |  | 6023.1 |
| Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP | 53418.2 | (12096.7) | 41321.5 |  |  | 41321.5 |
| LivTech Purchaser, Inc. | 2005.8 |  | 2005.8 |  |  | 2005.8 |
| LJP Purchaser, Inc. and LJP Topco, LP | 2956.7 | (0.6) | 2956.1 |  |  | 2956.1 |
| Mai Capital Management Intermediate LLC | 3082.4 | (726.3) | 2356.1 |  |  | 2356.1 |
| Mari Events Midco LLC and AE EventsCo Holdings LLC | 877.7 |  | 877.7 |  |  | 877.7 |
| Medlar Bidco Limited | 10202.5 |  | 10202.5 |  |  | 10202.5 |
| Merit Financial Group, LLC and CWC Fund I (MFA) LP | 5227.0 | (1250.0) | 3977.0 |  |  | 3977.0 |
| Merit Software Finance Holdings, LLC | 6932.3 |  | 6932.3 |  |  | 6932.3 |
| Metatiedot Bidco OY and Metatiedot US, LLC | 1468.5 | (352.4) | 1116.1 |  |  | 1116.1 |
| Meyer Laboratory, LLC and Meyer Parent, LLC | 1691.3 | (392.4) | 1298.9 |  |  | 1298.9 |
| ML Holdco, Inc. | 24745.4 |  | 24745.4 |  |  | 24745.4 |
| Moderna, Inc. | 127857.0 |  | 127857.0 |  |  | 127857.0 |
| Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. | 4809.3 | (17.6) | 4791.7 |  |  | 4791.7 |
| Monica Holdco (US), Inc. | 8223.4 | (7.1) | 8216.3 |  |  | 8216.3 |
| Mountaineer Merger Corporation | 11254.0 | (6082.8) | 5171.2 |  |  | 5171.2 |
| Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC | 5157.3 | (1538.1) | 3619.2 |  |  | 3619.2 |
| MSIS Holdings, Inc. and MS Precision Parent, LP | 15155.6 | (229.5) | 14926.1 |  |  | 14926.1 |
| Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC | 8118.1 |  | 8118.1 |  |  | 8118.1 |
| NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P. | 8746.1 | (0.6) | 8745.5 |  |  | 8745.5 |
| NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP | 11529.4 | (4500.1) | 7029.3 |  |  | 7029.3 |
| Netsmart, Inc. and Netsmart Technologies, Inc. | 22120.1 |  | 22120.1 |  |  | 22120.1 |
| Next Holdco, LLC | 214.0 |  | 214.0 |  |  | 214.0 |
| North Haven Fairway Buyer, LLC and Fairway Lawns, LLC | 16482.3 | (635.5) | 15846.8 |  |  | 15846.8 |
| North Star Acquisitionco, LLC and Toucan Bidco Limited | 2408.8 |  | 2408.8 |  |  | 2408.8 |
| Northwinds Holding, Inc. and Northwinds Services Group LLC | 16892.7 |  | 16892.7 |  |  | 16892.7 |
| Oak Funding LLC | 8666.7 |  | 8666.7 |  |  | 8666.7 |
| OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP | 6731.2 | (303.6) | 6427.6 |  |  | 6427.6 |
| Odevo AB | 19438.9 |  | 19438.9 |  |  | 19438.9 |
| Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. | 765.1 |  | 765.1 |  |  | 765.1 |
| Orange Barrel Media, LLC/IKE Smart City, LLC | 1240.0 | (99.2) | 1140.8 |  |  | 1140.8 |
| Pallas NZ Funding Trust No. 1 | 2150.0 | (2150.0) |  |  |  |  |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc. | 22095.5 | (633.2) | 21462.3 |  |  | 21462.3 |
| Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. | 4084.8 | (509.2) | 3575.6 |  |  | 3575.6 |
| Pave America Holding, LLC | 10344.0 | (2017.9) | 8326.1 |  |  | 8326.1 |
| PCIA SPV-3, LLC and ASE Royal Aggregator, LLC | 2344.9 |  | 2344.9 |  |  | 2344.9 |
| PCMI Parent, LLC and PCMI Ultimate Holdings, LP | 6474.2 |  | 6474.2 |  |  | 6474.2 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| PCS MidCo, Inc. and PCS Parent, L.P. | 7428.6 |  | 7428.6 |  |  | 7428.6 |
| PDDS HoldCo, Inc. | 2158.3 |  | 2158.3 |  |  | 2158.3 |
| People Corporation | 17955.3 | (2652.7) | 15302.6 |  |  | 15302.6 |
| Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP | 8775.6 |  | 8775.6 |  |  | 8775.6 |
| PestCo Holdings, LLC and PestCo, LLC | 4122.6 |  | 4122.6 |  |  | 4122.6 |
| pH Beauty Holdings III, Inc. | 1663.3 |  | 1663.3 |  |  | 1663.3 |
| Pike Corporation | 63472.9 |  | 63472.9 |  |  | 63472.9 |
| Pinnacle Buyer, LLC | 8043.9 |  | 8043.9 |  |  | 8043.9 |
| Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. | 7768.2 | (955.2) | 6813.0 |  |  | 6813.0 |
| Poseidon IntermediateCo, Inc. | 9212.0 |  | 9212.0 |  |  | 9212.0 |
| Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation | 5686.2 | (1261.6) | 4424.6 |  |  | 4424.6 |
| Premiere Buyer, LLC | 8541.0 |  | 8541.0 |  |  | 8541.0 |
| Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP | 4655.7 | (17.9) | 4637.8 |  |  | 4637.8 |
| Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC | 2.0 | (2.0) |  |  |  |  |
| Project Alliance Buyer, LLC | 1879.2 |  | 1879.2 |  |  | 1879.2 |
| Project Cardinal Acquisition, LLC | 7981.3 |  | 7981.3 |  |  | 7981.3 |
| Proofpoint, Inc. | 165.2 |  | 165.2 |  |  | 165.2 |
| Property Finder Mercury Ltd | 17506.8 |  | 17506.8 |  |  | 17506.8 |
| PSC Parent, Inc. | 8117.3 | (6244.2) | 1873.1 |  |  | 1873.1 |
| PumpTech, LLC and Impel CV-B, LP | 5346.0 | (577.2) | 4768.8 |  |  | 4768.8 |
| PYE-Barker Fire & Safety, LLC | 4813.2 |  | 4813.2 |  |  | 4813.2 |
| QBS Parent, Inc. | 1490.5 | (6.7) | 1483.8 |  |  | 1483.8 |
| QF Holdings, Inc. | 31304.7 |  | 31304.7 |  |  | 31304.7 |
| Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. | 12004.3 |  | 12004.3 |  |  | 12004.3 |
| Quirch Foods Holdings, LLC | 10545.7 |  | 10545.7 |  |  | 10545.7 |
| Radiate Holdco LLC | 12344.6 |  | 12344.6 |  |  | 12344.6 |
| Radwell Parent, LLC | 568.5 | (132.6) | 435.9 |  |  | 435.9 |
| Raven Acquisition Holdings, LLC | 7349.6 |  | 7349.6 |  |  | 7349.6 |
| Reagent Chemical & Research, LLC | 8783.8 | (739.7) | 8044.1 |  |  | 8044.1 |
| Reddy Ice LLC | 15564.8 | (5138.3) | 10426.5 |  |  | 10426.5 |
| Redwood Services LP | 12267.6 | (309.1) | 11958.5 |  |  | 11958.5 |
| Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP | 133155.3 |  | 133155.3 |  |  | 133155.3 |
| Revival Animal Health, LLC | 3554.4 | (1902.6) | 1651.8 |  |  | 1651.8 |
| Rocket Buyer, LLC | 1332.6 | (86.8) | 1245.8 |  |  | 1245.8 |
| Royal Borrower, LLC and Royal Parent, LP | 10362.0 | (343.2) | 10018.8 |  |  | 10018.8 |
| Runway Bidco, LLC | 699.8 |  | 699.8 |  |  | 699.8 |
| RWA Wealth Partners, LLC | 6520.0 | (83.2) | 6436.8 |  |  | 6436.8 |
| Saber Parent Holdings Corp. and MSHC, Inc. | 6350.3 | (706.3) | 5644.0 |  |  | 5644.0 |
| Sabseg Group, S.L. | 15728.6 |  | 15728.6 |  |  | 15728.6 |
| SageSure Holdings, LLC and SageSure LLC | 52645.1 |  | 52645.1 |  |  | 52645.1 |
| Sapphire Software Buyer, Inc. | 6818.3 |  | 6818.3 |  |  | 6818.3 |
| Saturn Purchaser Corp. | 2240.4 |  | 2240.4 |  |  | 2240.4 |
| Severin Acquisition, LLC | 32704.1 | (3949.9) | 28754.2 |  |  | 28754.2 |
| SGM Acquisition Sub, LLC and Schill Holdings, LP | 16679.5 | (695.6) | 15983.9 |  |  | 15983.9 |
| SGP Shaka HoldCo, LLC and SGP Shaka JV, LLC | 1400.2 |  | 1400.2 |  |  | 1400.2 |
| Shout! Factory, LLC | 2207.8 | (827.9) | 1379.9 |  |  | 1379.9 |
| SIG Parent Holdings, LLC | 51408.0 |  | 51408.0 |  |  | 51408.0 |
| Signant Finance One Limited and Bracket Intermediate Holding Corp. | 8971.4 |  | 8971.4 |  |  | 8971.4 |
| Signia Aerospace, LLC | 258.4 |  | 258.4 |  |  | 258.4 |
| Silk Holdings III LLC and Silk Holdings I Corp. | 10266.3 |  | 10266.3 |  |  | 10266.3 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| Silver Midco 1 GmbH and Silver Bidco GmbH | 7053.7 |  | 7053.7 |  |  | 7053.7 |
| Slaine Holdings LLC | 30434.6 |  | 30434.6 |  |  | 30434.6 |
| Solar Bidco Limited | 1053.0 |  | 1053.0 |  |  | 1053.0 |
| Spaceship Purchaser, Inc. | 13913.9 | (317.6) | 13596.3 |  |  | 13596.3 |
| Spark Purchaser, Inc. | 2702.7 |  | 2702.7 |  |  | 2702.7 |
| Spindrift Beverage Co., Inc. and SBC Aggregator LP | 3172.3 | (335.5) | 2836.8 |  |  | 2836.8 |
| Sport Maska Inc. | 7357.3 | (1562.9) | 5794.4 |  |  | 5794.4 |
| Spruce Bidco II Inc. | 24692.5 | (5487.2) | 19205.3 |  |  | 19205.3 |
| St Athena Global LLC and St Athena Global Holdings Limited | 5783.6 | (480.1) | 5303.5 |  |  | 5303.5 |
| StepStone Boulder II, L.P. and StepStone Boulder II Equity, L.P. | 11965.2 |  | 11965.2 |  |  | 11965.2 |
| Sterilex LLC | 1328.4 | (0.6) | 1327.8 |  |  | 1327.8 |
| Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC | 10046.6 |  | 10046.6 |  |  | 10046.6 |
| Student Transportation Of America Holdings, Inc | 1076.5 |  | 1076.5 |  |  | 1076.5 |
| Sugar PPC Buyer LLC | 3720.1 |  | 3720.1 |  |  | 3720.1 |
| Sunbit Receivables Trust IV | 2730.0 | (1677.9) | 1052.1 |  |  | 1052.1 |
| Sundance Group Holdings, Inc. | 246.0 |  | 246.0 |  |  | 246.0 |
| Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. | 25442.2 | (983.3) | 24458.9 |  |  | 24458.9 |
| Superman Holdings, LLC | 5705.4 |  | 5705.4 |  |  | 5705.4 |
| Supplying Demand, Inc. | 18643.7 | (1398.2) | 17245.5 |  |  | 17245.5 |
| Surescripts, LLC | 5919.5 |  | 5919.5 |  |  | 5919.5 |
| SV Newco 2, Inc. and Site 2020 Incorporated | 10396.2 | (1552.5) | 8843.7 |  |  | 8843.7 |
| Talon Buyer Inc. and Talon Holdings SCSP | 17776.8 |  | 17776.8 |  |  | 17776.8 |
| TCI Buyer LLC and TCI Holdings, LP | 17033.0 |  | 17033.0 |  |  | 17033.0 |
| Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP | 6183.2 | (348.7) | 5834.5 |  |  | 5834.5 |
| The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP | 12964.3 |  | 12964.3 |  |  | 12964.3 |
| Three Rivers Buyer, Inc. | 1930.6 |  | 1930.6 |  |  | 1930.6 |
| Titan BW Borrower L.P. | 13174.8 |  | 13174.8 |  |  | 13174.8 |
| TopGolf International, LLC and TopGolf Topco, LLC | 10171.7 |  | 10171.7 |  |  | 10171.7 |
| Trading Technologies International, Inc. | 1976.4 |  | 1976.4 |  |  | 1976.4 |
| Transit Technologies LLC | 6459.8 | (9.2) | 6450.6 |  |  | 6450.6 |
| Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC | 3301.4 | (132.1) | 3169.3 |  |  | 3169.3 |
| Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP | 62893.7 | (199.0) | 62694.7 |  |  | 62694.7 |
| Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC | 4792.2 | (2324.7) | 2467.5 |  |  | 2467.5 |
| TSS Buyer, LLC | 3706.1 |  | 3706.1 |  |  | 3706.1 |
| TSWT Acquisition, Inc. and TSWT Holdings, LLC | 6370.1 | (620.5) | 5749.6 |  |  | 5749.6 |
| U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. | 1311.3 |  | 1311.3 |  |  | 1311.3 |
| UFS, LLC and BV-UFS Aggregator, LLC | 2606.1 | (651.5) | 1954.6 |  |  | 1954.6 |
| Unicorn Holdco Intermediate II LLC | 2535.3 |  | 2535.3 |  |  | 2535.3 |
| United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP | 1963.1 |  | 1963.1 |  |  | 1963.1 |
| Unity Purchaser, LLC and Unity Ultimate Holdings, LP | 9674.6 |  | 9674.6 |  |  | 9674.6 |
| UP Intermediate II LLC and UPBW Blocker LLC | 3993.9 | (159.8) | 3834.1 |  |  | 3834.1 |
| Vamos Bidco, Inc. | 8234.9 |  | 8234.9 |  |  | 8234.9 |
| Vantage Data Centers Europe S.a r.l. | 1595.4 |  | 1595.4 |  |  | 1595.4 |
| Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC | 13092.5 | (2265.6) | 10826.9 |  | (10138.8) | 688.1 |
| VetPartners Group Limited | 7485.0 |  | 7485.0 |  |  | 7485.0 |
| Victors Purchaser, LLC and WP Victors Co-Investment, L.P. | 22541.6 |  | 22541.6 |  |  | 22541.6 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| Viper Bidco, Inc. | 8632.9 |  | 8632.9 |  |  | 8632.9 |
| Vista Higher Learning, LLC | 1.0 |  | 1.0 |  |  | 1.0 |
| W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC | 16003.6 | (8036.3) | 7967.3 |  |  | 7967.3 |
| Watt Holdco Limited | 394.2 |  | 394.2 |  |  | 394.2 |
| Waverly Advisors, LLC and WAAM Topco, LLC | 20829.0 |  | 20829.0 |  |  | 20829.0 |
| Wellington Bidco Inc. and Wellington TopCo LP | 12679.2 | (1189.7) | 11489.5 |  |  | 11489.5 |
| Wellington-Altus Financial Inc. | 1151.3 | (246.7) | 904.6 |  |  | 904.6 |
| Wharf Street Ratings Acquisition LLC | 6069.2 |  | 6069.2 |  |  | 6069.2 |
| Wilbur-Ellis Holdings II LLC | 19274.3 | (5184.3) | 14090.0 |  |  | 14090.0 |
| WorkWave Intermediate II, LLC | 24719.2 | (3089.9) | 21629.3 |  |  | 21629.3 |
| World Insurance Associates, LLC and World Associates Holdings, LLC | 2869.3 |  | 2869.3 |  |  | 2869.3 |
| Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. | 847.5 | (221.0) | 626.5 |  |  | 626.5 |
| WPCG Aspire Holdings, LLC | 19797.0 |  | 19797.0 |  |  | 19797.0 |
| WRE Sports Investments LLC | 6469.2 |  | 6469.2 |  | (6469.2) |  |
| WU Holdco, Inc. | 3449.8 | (210.5) | 3239.3 |  |  | 3239.3 |
| Zenith AcquisitionCo, LLC | 48727.3 |  | 48727.3 |  |  | 48727.3 |
| Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. | 4958.7 |  | 4958.7 |  |  | 4958.7 |
| Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. | 11704.1 | (349.6) | 11354.5 |  |  | 11354.5 |
| ZocDoc, Inc. | 12914.8 |  | 12914.8 |  |  | 12914.8 |
|  | $3843205.5 | $(258088.7) | $3585116.8 | $— | $(21794.6) | $3563322.2 |

---

(12)As of March 31, 2026, the Fund was party to agreements to fund equity investment commitments as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total equity commitments** | **Less: funded equity commitments** | **Total unfunded equity commitments** | **Less: equity commitments substantially at discretion of the Fund** | **Total net unfunded equity commitments** |
| A8 - A (Feeder) L.P. | $1115.5 | $(716.1) | $399.4 | $— | $399.4 |
| Advent International GPE VII-E Limited Partnership | 1700.3 | (1060.3) | 640.0 |  | 640.0 |
| Alp CFO 2025, L.P. and Alp CFO 2025 (Offshore Feeder) A, L.P. | 125.6 |  | 125.6 |  | 125.6 |
| Apax Europe VI - A, L.P. | 946.0 | (617.9) | 328.1 |  | 328.1 |
| Apax Europe VII - B, L.P. | 389.8 | (82.2) | 307.6 |  | 307.6 |
| Apax VIII - B, L.P. | 476.1 | (265.1) | 211.0 |  | 211.0 |
| Aquiline Financial Services Fund LP. | 546.2 | (546.2) |  |  |  |
| Bain Capital Europe Fund IV, L.P. | 763.4 | (518.6) | 244.8 |  | 244.8 |
| Bain Capital Europe V, SCSp | 855.9 | (798.9) | 57.0 |  | 57.0 |
| Bain Capital Fund XI, L.P. | 3156.4 | (2079.1) | 1077.3 |  | 1077.3 |
| Bain Capital Fund XII, L.P. | 902.2 | (695.6) | 206.6 |  | 206.6 |
| Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | 75394.2 |  | 75394.2 |  | 75394.2 |
| BC European Capital IX - 2 LP | 2034.6 | (1848.9) | 185.7 |  | 185.7 |
| BC European Capital X - 2 LP | 2025.6 | (1516.2) | 509.4 |  | 509.4 |
| BC Partners Galileo (2) L.P. | 646.6 | (609.9) | 36.7 |  | 36.7 |
| BC Partners XII | 1250.0 |  | 1250.0 |  | 1250.0 |
| Blackstone Capital Partners VI L.P. | 3528.5 | (1826.7) | 1701.8 |  | 1701.8 |
| Bridgepoint Europe VI 'E' LP | 843.7 | (775.8) | 67.9 |  | 67.9 |
| Calera XXVIII, LLC | 325.6 |  | 325.6 |  | 325.6 |
| Catterton Partners VII, L.P. | 2118.5 | (1582.2) | 536.3 |  | 536.3 |
| Clayton, Dubilier & Rice Fund IX, L.P. | 1158.8 | (910.0) | 248.8 |  | 248.8 |
| Constellation Wealth Capital Fund, L.P. | 4039.7 | (3112.8) | 926.9 |  | 926.9 |
| CVC Capital Partners VI (B) L.P. | 3644.3 | (3199.9) | 444.4 |  | 444.4 |
| CVC Capital Partners VII (A) L.P. | 705.2 | (559.9) | 145.3 |  | 145.3 |
| DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP | 213.5 |  | 213.5 |  | 213.5 |
| Grit Buyer, Inc. and Integrum Grit Co-Invest LP | 2466.3 |  | 2466.3 |  | 2466.3 |
| GSM Rights Fund II LP | 6712.8 |  | 6712.8 |  | 6712.8 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total equity commitments** | **Less: funded equity commitments** | **Total unfunded equity commitments** | **Less: equity commitments substantially at discretion of the Fund** | **Total net unfunded equity commitments** |
| GTCR F Buyer Corp. and GTCR (D) Investors LP | 21.3 |  | 21.3 |  | 21.3 |
| HarbourVest Structured Solutions 2025 L.P. and HarbourVest Structured Solutions 2025 Feeder L.P. | 10469.8 |  | 10469.8 |  | 10469.8 |
| Hellman & Friedman Capital Partners VIII, L.P. | 2004.3 | (1790.2) | 214.1 |  | 214.1 |
| HgCapital 8 A L.P. | 1000.1 | (944.5) | 55.6 |  | 55.6 |
| Insight Venture Partners (Cayman) VII, LP | 2282.1 | (2272.7) | 9.4 |  | 9.4 |
| Insight Venture Partners (Delaware) VIII, LP | 2381.2 | (2243.9) | 137.3 |  | 137.3 |
| Insight Venture Partners Coinvestment Fund II, LP | 2291.2 | (2291.2) |  |  |  |
| Kelso Investment Associates IX, L.P. | 1953.9 | (1270.2) | 683.7 |  | 683.7 |
| KKR North America Fund XI, L.P. | 1364.7 | (1364.7) |  |  |  |
| Kohlberg Private Credit Investors Rated Feeder-L, L.L.C. | 770.7 |  | 770.7 |  | 770.7 |
| Linden Structured Capital Fund II-A LP | 3394.9 | (2466.6) | 928.3 |  | 928.3 |
| Marco Polo Fund SCSp-RAIF | 22841.0 | (8636.5) | 14204.5 |  | 14204.5 |
| Montagu V (US) L.P. | 2035.6 | (1803.6) | 232.0 |  | 232.0 |
| Montagu VII (B) SCSp | 715.9 | (26.4) | 689.5 |  | 689.5 |
| NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP | 1172.0 | (781.3) | 390.7 |  | 390.7 |
| New Mountain Partners III, L.P. | 759.6 | (393.0) | 366.6 |  | 366.6 |
| New Mountain Partners IV, L.P. | 1808.6 | (853.1) | 955.5 |  | 955.5 |
| One Equity Partners VI, L.P. | 2219.6 | (813.2) | 1406.4 |  | 1406.4 |
| One Equity Partners VII, L.P. | 2837.7 | (2513.3) | 324.4 |  | 324.4 |
| Onex Partners III LP | 1869.2 | (1037.4) | 831.8 |  | 831.8 |
| Onex Partners IV LP | 2453.7 | (2258.7) | 195.0 |  | 195.0 |
| Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. | 4.0 |  | 4.0 |  | 4.0 |
| Permira IV L.P. 2 | 1423.5 | (1423.5) |  |  |  |
| Permira V G.P. L.P. | 290.6 | (263.0) | 27.6 |  | 27.6 |
| Permira VI L.P.1 | 715.6 | (468.0) | 247.6 |  | 247.6 |
| Propagate Content LLC | 9351.6 |  | 9351.6 |  | 9351.6 |
| Providence Equity Partners (Midsummer) L.P. | 963.6 | (783.3) | 180.3 |  | 180.3 |
| Providence Equity Partners VII, L.P. | 941.2 | (479.9) | 461.3 |  | 461.3 |
| Providence Equity Partners VII-A L.P. | 2101.4 | (1418.2) | 683.2 |  | 683.2 |
| Providence Equity Partners VIII, L.P. | 4626.0 | (3697.5) | 928.5 |  | 928.5 |
| PumpTech, LLC and Impel CV-B, LP | 321.4 |  | 321.4 |  | 321.4 |
| Purple Garden Invest (D) AB | 1441.2 | (1199.2) | 242.0 |  | 242.0 |
| Quintain Investments Holdings Limited | 2578.7 |  | 2578.7 |  | 2578.7 |
| Red Garden Invest (D) AB | 1770.9 | (1594.6) | 176.3 |  | 176.3 |
| Silver Lake Partners IV, L.P. | 1859.3 | (1812.2) | 47.1 |  | 47.1 |
| Spindrift Beverage Co., Inc. and SBC Aggregator LP | 1035.6 |  | 1035.6 |  | 1035.6 |
| StepStone Boulder II, L.P. and StepStone Boulder II Equity, L.P. | 16378.2 |  | 16378.2 |  | 16378.2 |
| Thoma Bravo Fund XI-A, L.P. | 1200.7 | (980.8) | 219.9 |  | 219.9 |
| Thoma Bravo Special Opportunities Fund II-A, L.P. | 1584.1 | (1412.5) | 171.6 |  | 171.6 |
| TI VI Holdings 1, L.P. | 3580.0 |  | 3580.0 |  | 3580.0 |
| Tikehau Green Diamond II CFO Equity LP | 1834.3 |  | 1834.3 |  | 1834.3 |
| Tikehau Ruby CLO Equity LP | 579.2 |  | 579.2 |  | 579.2 |
| Tikehau Topaz LP | 225.1 |  | 225.1 |  | 225.1 |
| TPG Partners VI, L.P. | 947.0 | (221.8) | 725.2 |  | 725.2 |
| TPG Partners VIII, L.P. (Pool A) | 1008.7 | (929.3) | 79.4 |  | 79.4 |
| TPG Partners VIII, L.P. (Pool B) | 776.7 | (714.9) | 61.8 |  | 61.8 |
| Trident VI Parallel Fund, L.P. | 1873.6 | (1619.0) | 254.6 |  | 254.6 |
| Vector Capital IV, L.P. | 283.6 | (248.5) | 35.1 |  | 35.1 |
| Vector Capital VI, L.P. | 98.1 | (47.7) | 50.4 |  | 50.4 |
| Vestar Capital Partners VII, L.P. | 2976.0 | (1960.3) | 1015.7 |  | 1015.7 |
| Vista Equity Partners Fund V-A, L.P. | 1108.8 | (860.8) | 248.0 |  | 248.0 |
| WCAS XIII, L.P. | 2131.9 | (1767.7) | 364.2 |  | 364.2 |
| WCP Bridge Fund, L.P. | 778.7 | (407.9) | 370.8 |  | 370.8 |
| Wellington-Altus Financial Inc. | 1308.4 |  | 1308.4 |  | 1308.4 |
| Wellspring Capital Partners VI (Onshore), L.P. | 1874.6 | (1514.2) | 360.4 |  | 360.4 |
| WhiteWater Matterhorn Holdings, LLC, FIC Matterhorn CF, LP and FIC Matterhorn CF Feeder, LP | 28819.0 | (19932.6) | 8886.4 |  | 8886.4 |
| Wind Point Partners VIII-A, L.P. | 982.1 | (568.2) | 413.9 |  | 413.9 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total equity commitments** | **Less: funded equity commitments** | **Total unfunded equity commitments** | **Less: equity commitments substantially at discretion of the Fund** | **Total net unfunded equity commitments** |
| Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. | 5.6 |  | 5.6 |  | 5.6 |
| Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. | 312.6 |  | 312.6 |  | 312.6 |
|  | $284824.0 | $(103408.4) | $181415.6 | $— | $181415.6 |

---

(13)These investments were valued using unobservable inputs and are considered Level 3 investments. See Note 8 for more information regarding the fair value of the Fund's investments.

(14)As of March 31, 2026, the Fund had committed $2.0 billion of subordinated certificates to the ADLP, of which $511.2 million was funded. See Note 4 for more information on the ADLP.

(15)In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from ADLP's loan portfolio, after expenses, which may result in a return to the Fund greater than the contractual stated interest rate.

(16)Loan was on non-accrual status as of March 31, 2026.

(17)In connection with the Fund's investment in this portfolio company's senior subordinated loan, the Fund entered into a secured borrowing arrangement. As a result, the Fund recorded a $265.1 million liability, included in "secured borrowing" in the accompanying consolidated statement of assets and liabilities. As of March 31, 2026, the interest rate in effect for the secured borrowing was 4.17%, or Euribor + 2.10%.

(18)As of March 31, 2026, the estimated net unrealized loss for federal tax purposes was approximately $38.9 million based on a tax cost basis of approximately $21.4 billion. As of March 31, 2026, the estimated aggregate gross unrealized loss for federal income tax purposes was $432.6 million and the estimated aggregate gross unrealized gain for federal income tax purposes was $393.7 million.

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| **Software and Services** | | | | | | | | | | | | |
| Access CIG, LLC | First lien senior secured loan | 7.72% | SOFR (M) | 4.00% |  | 08/2030 |  | $21809.6 | $21791.2 | $20991.8 | (2)(8) |  |
| ACP Avenu Midco LLC (11) | First lien senior secured loan | 8.74% | SOFR (Q) | 4.75% |  | 10/2029 |  | 25340.3 | 25006.6 | 25340.3 | (2)(8)(13) |  |
| Actfy Buyer, Inc. (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 05/2031 |  | 31518.2 | 31013.2 | 31518.2 | (2)(8)(13) |  |
| Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (11) | First lien senior secured loan | 8.92% | SOFR (Q) | 5.25% |  | 07/2030 |  | 17569.5 | 17293.5 | 17569.5 | (2)(6)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 10/2023 |  | 100000 |  | 110.5 | 136.4 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 17404.0 | 17705.9 |  |  |
| Adonis Bidco Inc. (11) | First lien senior secured loan | 9.42% (3.00% PIK) | SOFR (Q) | 5.75% |  | 02/2032 |  | 108923.7 | 107058.0 | 108923.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.17% | SOFR (Q) | 5.50% |  | 02/2032 |  | 5111.1 | 4831.8 | 5111.1 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 111889.8 | 114034.8 |  |  |
| AI Titan Parent, Inc. (11) | First lien senior secured loan | 8.22% | SOFR (M) | 4.50% |  | 08/2031 |  | 55641.3 | 55167.9 | 55641.3 | (2)(8)(13) |  |
| Applied Systems, Inc. | First lien senior secured loan | 6.17% | SOFR (Q) | 2.50% |  | 02/2031 |  | 50023.1 | 49970.8 | 50283.8 | (2) |  |
| Aptean, Inc. and Aptean Acquiror Inc. (11) | First lien senior secured revolving loan | 8.49% | SOFR (M) | 4.75% |  | 01/2031 |  | 1219.1 | 1190.0 | 1219.1 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 10.50% | Base Rate (Q) | 3.75% |  | 01/2031 |  | 135.5 | 132.2 | 135.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.57% | SOFR (Q) | 4.75% |  | 01/2031 |  | 48166.6 | 47931.1 | 48166.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 49253.3 | 49521.2 |  |  |
| Archduke Buyer, Inc. (11) | First lien senior secured loan | 9.27% | SOFR (Q) | 5.50% |  | 12/2032 |  | 38211.5 | 37833.8 | 37829.4 | (2)(8)(13) |  |
| Arrow Borrower 2025, Inc. (11) | First lien senior secured loan | 8.15% | SOFR (Q) | 4.25% |  | 10/2032 |  | 85897.7 | 85481.3 | 85468.2 | (2)(8)(13) |  |
| Artifact Bidco, Inc. (11) | First lien senior secured loan | 7.82% | SOFR (Q) | 4.15% |  | 07/2031 |  | 21481.3 | 21310.5 | 21481.3 | (2)(8)(13) |  |
| Aston Bidco (Holding) Limited | First lien senior secured loan | 9.97% | SONIA (Q) | 6.00% |  | 07/2032 |  | 100728.8 | 96588.5 | 100728.8 | (2)(6)(8)(13) |  |
| Avalara, Inc. | First lien senior secured loan | 6.42% | SOFR (Q) | 2.75% |  | 03/2032 |  | 42965.2 | 42965.2 | 43120.3 | (2) |  |
| Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. (11)(12) | First lien senior secured loan | 8.98% | SOFR (M) | 5.25% |  | 01/2031 |  | 9818.9 | 9422.8 | 9818.9 | (2)(6)(13) |  |
|  | Series A preferred shares | 14.00% PIK |  |  | 01/2025 |  | 30578 |  | 28618.6 | 33723.6 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 38041.4 | 43542.5 |  |  |
| BCTO Ignition Purchaser, Inc. | Senior subordinated loan | 11.37% PIK | SOFR (Q) | 7.50% |  | 10/2030 |  | 31639.5 | 31170.4 | 31639.5 | (2)(8)(13) |  |
| BEP Intermediate Holdco, LLC | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 04/2031 |  | 16158.2 | 16216.8 | 16279.4 | (2) |  |
| Bizzdesign Holding BV | First lien senior secured loan | 8.52% | Euribor (Q) | 6.50% |  | 10/2031 |  | 3228.5 | 2828.5 | 3228.5 | (2)(6)(8)(13) |  |
| Bobcat Purchaser, LLC and Bobcat Topco, L.P. (11) | First lien senior secured loan | 8.44% | SOFR (Q) | 4.75% |  | 06/2030 |  | 13102.7 | 12894.3 | 13102.7 | (2)(8)(13) |  |
|  | Class A-1 units |  |  |  | 06/2023 |  | 113541 |  | 113.5 | 120.8 | (13) |  |
|  |  |  |  |  |  |  |  |  | 13007.8 | 13223.5 |  |  |
| Boost Newco Borrower, LLC | First lien senior secured loan | 5.67% | SOFR (Q) | 2.00% |  | 01/2031 |  | 118836.3 | 118971.0 | 118911.2 | (2) |  |
|  | First lien senior secured loan | 4.27% | Euribor (Q) | 2.25% |  | 01/2031 |  | 11859.0 | 11817.0 | 11867.9 | (2) |  |
|  |  |  |  |  |  |  |  |  | 130788.0 | 130779.1 |  |  |
| Businessolver.com, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 12/2032 |  | 13309.7 | 13243.9 | 13276.4 | (2)(8)(13) |  |
| Calabrio, Inc. | First lien senior secured loan | 7.84% | SOFR (Q) | 4.00% |  | 11/2032 |  | 12400.0 | 11787.4 | 11656.0 | (2) |  |
| Capnor Connery Bidco A/S (11) | First lien senior secured loan | 8.31% | Euribor (Q) | 6.25% |  | 10/2030 |  | 76236.5 | 74814.9 | 76236.1 | (2)(6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 7.74% | Euribor (Q) | 5.75% |  | 10/2030 |  | 4692.4 | 4604.9 | 4692.4 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 79419.8 | 80928.5 |  |  |
| Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. (11) | First lien senior secured loan | 9.47% | SOFR (M) | 5.75% |  | 09/2031 |  | 25101.7 | 24742.2 | 24725.2 | (2)(8)(13) |  |
|  | Senior subordinated loan | 13.00% PIK |  |  |  | 09/2033 |  | 20577.6 | 20185.2 | 20166.1 | (2)(13) |  |
|  | Limited partnership interests |  |  |  | 09/2025 |  | 4478000 |  | 4486.8 | 4478.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 49414.2 | 49369.3 |  |  |
| CBTS Borrower, LLC and CBTS TopCo, L.P. (11) | First lien senior secured loan | 14.50% PIK | SOFR (Q) | 10.00% |  | 12/2030 |  | 8899.4 | 8583.8 | 9287.9 | (2)(8)(13) |  |
|  | Series A-2 preferred shares | 8.00% PIK |  |  | 12/2024 |  | 1200000 |  | 1307.6 | 1310.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 9891.4 | 10598.3 |  |  |
| Central Parent Inc. | First lien senior secured loan | 6.92% | SOFR (Q) | 3.25% |  | 07/2029 |  | 16059.5 | 14911.0 | 13563.5 | (2) |  |
| Centralsquare Technologies, LLC and Supermoose Newco, Inc. (11) | First lien senior secured loan | 9.47% | SOFR (M) | 5.75% |  | 04/2030 |  | 36697.8 | 36077.5 | 36697.8 | (2)(8)(13) |  |
|  | Series A preferred stock | 15.00% PIK |  |  | 04/2024 |  | 22759 |  | 28600.2 | 29283.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 64677.7 | 65980.8 |  |  |
| Cloud Software Group, Inc. and Picard Parent, Inc. | First lien senior secured loan | 6.92% | SOFR (Q) | 3.25% |  | 08/2032 |  | 66492.2 | 66492.2 | 66534.0 | (2) |  |
|  | First lien senior secured loan | 6.92% | SOFR (Q) | 3.25% |  | 03/2031 |  | 64061.5 | 63963.4 | 64111.5 | (2) |  |
|  | First lien senior secured notes | 8.25% |  |  |  | 06/2032 |  | 100.0 | 100.0 | 104.5 | (2) |  |
|  | Second lien senior secured notes | 9.00% |  |  |  | 09/2029 |  | 13100.0 | 13100.0 | 13639.6 | (2) |  |
|  |  |  |  |  |  |  |  |  | 143655.6 | 144389.6 |  |  |
| Computer Services, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 11/2031 |  | 57920.9 | 57637.9 | 57920.9 | (2)(8)(13) |  |
| Conservice Midco, LLC | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 05/2030 |  | 78664.5 | 78733.5 | 78738.5 | (2) |  |
| Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (11) | First lien senior secured loan | 8.34% | SOFR (Q) | 4.50% |  | 11/2032 |  | 34289.4 | 34121.4 | 34117.9 | (2)(6)(8)(13) |  |
| Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | First lien senior secured loan | 7.58% | SOFR (M) | 3.75% |  | 10/2028 |  | 108522.3 | 103634.1 | 99297.9 | (2)(8) |  |
|  | Second lien senior secured loan | 10.33% | SOFR (M) | 6.50% |  | 10/2029 |  | 77782.3 | 71675.1 | 70781.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 175309.2 | 170079.8 |  |  |
| Coupa Holdings, LLC and Coupa Software Incorporated (11) | First lien senior secured loan | 9.09% | SOFR (Q) | 5.25% |  | 02/2030 |  | 4521.3 | 4454.1 | 4521.3 | (2)(8)(13) |  |
| Cyber US Bidco LLC, Cyber Bidco Limited, and Cyber Midco Limited (11) | First lien senior secured loan | 8.69% | SOFR (S) | 5.00% |  | 12/2032 |  | 11230.2 | 11117.9 | 11230.2 | (2)(6)(8)(13) |  |
| Databricks, Inc. (11) | First lien senior secured loan | 8.27% | SOFR (M) | 4.50% |  | 01/2031 |  | 87.8 | 87.4 | 87.8 | (2)(13) |  |
| Dedomena Bidco Limited (11) | First lien senior secured loan | 9.24% | SONIA (Q) | 5.50% |  | 06/2032 |  | 949.9 | 937.5 | 949.9 | (2)(6)(8)(13) |  |
| Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. (11) | First lien senior secured loan | 9.47% | SOFR (M) | 5.75% |  | 07/2030 |  | 46297.9 | 45662.5 | 45603.4 | (2)(8)(13) |  |
|  | Second lien senior secured loan | 10.72% | SOFR (M) | 7.00% |  | 02/2029 |  | 31816.7 | 29460.8 | 28496.0 | (2) |  |
|  |  |  |  |  |  |  |  |  | 75123.3 | 74099.4 |  |  |
| Diligent Corporation (11) | First lien senior secured revolving loan | 8.75% | SOFR (Q) | 5.00% |  | 08/2030 |  | 1212.3 | 1183.9 | 1160.7 | (2)(8)(10)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 8.82% | SOFR (Q) | 5.00% |  | 08/2030 |  | 19938.3 | 19828.7 | 19738.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 21012.6 | 20899.6 |  |  |
| Disco Parent, Inc. | First lien senior secured loan | 7.07% | SOFR (Q) | 3.25% |  | 08/2032 |  | 3246.3 | 3262.2 | 3262.5 | (2)(13) |  |
| Doxim Inc. (11) | First lien senior secured loan | 10.22% | SOFR (M) | 6.50% |  | 11/2027 |  | 96040.7 | 95200.7 | 95080.3 | (2)(6)(8)(13) |  |
| DriveCentric Holdings, LLC (11) | First lien senior secured loan | 8.18% | SOFR (Q) | 4.50% |  | 08/2031 |  | 25659.6 | 25439.6 | 25659.6 | (2)(8)(13) |  |
| Echo Purchaser, Inc. (11) | First lien senior secured loan | 9.22% | SOFR (M) | 5.50% |  | 11/2029 |  | 27930.0 | 27581.8 | 27930.0 | (2)(8)(13) |  |
| ECi Macola/MAX Holding, LLC | First lien senior secured loan | 6.42% | SOFR (Q) | 2.75% |  | 05/2030 |  | 27870.7 | 27916.2 | 27988.3 | (2)(8) |  |
| Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (11) | First lien senior secured loan | 8.25% | SOFR (M) | 4.50% |  | 09/2031 |  | 107819.5 | 106944.4 | 107819.5 | (2)(8)(13) |  |
|  | Preferred units | 12.50% PIK |  |  | 09/2024 |  | 304 |  | 3506.3 | 3567.0 | (2)(13) |  |
|  | Class A common units |  |  |  | 09/2024 |  | 261 |  | 261.0 | 279.7 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 110711.7 | 111666.2 |  |  |
| Edition Holdings, Inc. and Enverus, Inc. (11) | First lien senior secured loan | 8.20% | SOFR (M) | 4.50% |  | 12/2032 |  | 70105.0 | 69843.6 | 69842.1 | (2)(8)(13) |  |
| Edmunds Govtech, Inc. (11) | First lien senior secured revolving loan | 7.42% | SOFR (Q) | 3.75% |  | 02/2030 |  | 301.4 | 297.3 | 301.4 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 02/2031 |  | 3257.8 | 3191.3 | 3257.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 3488.6 | 3559.2 |  |  |
| Einstein Parent, Inc. (11) | First lien senior secured loan | 10.36% | SOFR (Q) | 6.50% |  | 01/2031 |  | 16100.7 | 15829.3 | 16100.7 | (2)(8)(13) |  |
| Ensono, Inc. | First lien senior secured loan | 7.83% | SOFR (M) | 4.00% |  | 05/2028 |  | 31825.4 | 31660.9 | 31782.1 | (2)(8) |  |
| Entrata Inc | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 09/2032 |  | 3571.9 | 3582.0 | 3589.8 | (2)(13) |  |
| Epicor Software Corporation | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 05/2031 |  | 46725.1 | 46722.6 | 46850.8 | (2)(8) |  |
| eResearchTechnology, Inc. and Astorg VII Co-Invest ERT (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 01/2032 |  | 77899.0 | 77234.8 | 77899.0 | (2)(8)(13) |  |
| ESHA Intermediate, LLC (11) | First lien senior secured loan | 8.44% | SOFR (Q) | 4.75% |  | 12/2032 |  | 13959.5 | 13820.5 | 13889.7 | (2)(8)(13) |  |
| Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. | First lien senior secured loan | 10.97% | SOFR (Q) | 7.25% |  | 09/2029 |  | 6193.4 | 6116.7 | 6255.3 | (2)(6)(8)(13) |  |
| Flexera Software LLC (11) | First lien senior secured loan | 8.47% | SOFR (Q) | 4.75% |  | 08/2032 |  | 110869.9 | 109926.5 | 110592.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 6.43% | Euribor (M) | 4.50% |  | 08/2032 |  | 7891.3 | 7847.9 | 7871.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 117774.4 | 118464.3 |  |  |
| GHP-VGS Purchaser LLC (11) | First lien senior secured loan | 8.59% | SOFR (Q) | 4.75% |  | 04/2032 |  | 11943.3 | 11835.4 | 11943.3 | (2)(8)(13) |  |
| Goldeneye Parent, LLC (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 03/2032 |  | 18339.2 | 18257.4 | 18339.2 | (2)(8)(13) |  |
| Guidepoint Security Holdings, LLC (11) | First lien senior secured loan | 8.97% | SOFR (M) | 5.25% |  | 10/2029 |  | 15795.2 | 15622.3 | 15795.2 | (2)(8)(13) |  |
| Hakken Midco B.V. (11) | First lien senior secured loan | 9.30% | Euribor (S) | 7.25% |  | 07/2030 |  | 5365.6 | 4923.8 | 5239.8 | (2)(6)(8)(13) |  |
| HS Purchaser, LLC, and Help/Systems Holdings, Inc. | First lien senior secured loan | 10.37% | SOFR (Q) | 6.50% |  | 05/2029 |  | 53273.8 | 50470.3 | 50375.7 | (2)(8)(13) |  |
| Hyland Software, Inc. (11) | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 09/2030 |  | 23419.1 | 23181.6 | 23419.1 | (2)(8)(13) |  |
| iCapital, Inc. | Common stock |  |  |  | 04/2025 |  | 1776038 |  | 24864.0 | 26157.0 | (2)(13) |  |
| Icefall Parent, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 01/2030 |  | 10790.7 | 10643.5 | 10790.7 | (2)(8)(13) |  |
| ID.me, LLC and ID.me, Inc. (11) | First lien senior secured loan | 10.25% (5.25% PIK) |  |  |  | 01/2031 |  | 78996.2 | 72664.2 | 74840.6 | (2)(13) |  |
|  | Series E preferred units |  |  |  | 08/2025 |  | 6769397 |  | 10016.0 | 10364.9 | (2)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Warrant to purchase common stock |  |  |  | 01/2025 | 01/2035 | 4329474 |  | 6009.0 | 6629.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 88689.2 | 91834.5 |  |  |
| Idera, Inc. | First lien senior secured loan | 7.35% | SOFR (Q) | 3.50% |  | 03/2028 |  | 5951.7 | 5888.3 | 5533.4 | (2)(8) |  |
| Imprivata, Inc. | First lien senior secured loan | 6.67% | SOFR (Q) | 3.00% |  | 12/2027 |  | 22100.5 | 22147.0 | 22166.1 | (2)(8) |  |
| Internet Truckstop Group LLC (11) | First lien senior secured loan | 9.07% | SOFR (Q) | 5.25% |  | 04/2027 |  | 33285.0 | 33134.8 | 33285.0 | (2)(8)(13) |  |
| Ivanti Security Holdings LLC | First lien senior secured loan | 9.64% | SOFR (Q) | 5.75% |  | 06/2029 |  | 7979.9 | 8247.0 | 8232.7 | (2)(8) |  |
| JAMS Holdings LP and Jams Buyer LLC (11) | First lien senior secured loan | 9.17% | SOFR (Q) | 5.50% |  | 06/2032 |  | 14098.3 | 13904.4 | 14098.3 | (2)(8)(13) |  |
|  | Preferred units | 8.00% PIK |  |  | 06/2025 |  | 982000 |  | 1028.3 | 1342.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 14932.7 | 15440.7 |  |  |
| Jeppesen Holdings, LLC (11) | First lien senior secured loan | 8.59% | SOFR (Q) | 4.75% |  | 11/2032 |  | 18757.3 | 18620.0 | 18616.6 | (2)(8)(13) |  |
| Kairos Bidco Limited (11) | First lien senior secured revolving loan | 8.42% | SOFR (Q) | 4.75% |  | 07/2032 |  | 314.1 | 284.7 | 282.7 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 07/2032 |  | 26111.2 | 26111.2 | 25850.1 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 26395.9 | 26132.8 |  |  |
| Kaseya Inc. and Knockout Intermediate Holdings I Inc. | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 03/2032 |  | 19058.2 | 19105.5 | 19060.8 | (2) |  |
|  | Second lien senior secured loan | 8.72% | SOFR (M) | 5.00% |  | 03/2033 |  | 32984.3 | 33025.7 | 32207.9 | (2) |  |
|  |  |  |  |  |  |  |  |  | 52131.2 | 51268.7 |  |  |
| Leia Finco US LLC | First lien senior secured loan | 7.19% | SOFR (Q) | 3.25% |  | 10/2031 |  | 4488.7 | 4499.9 | 4502.3 | (2)(6) |  |
|  | Second lien senior secured loan | 9.19% | SOFR (Q) | 5.25% |  | 10/2032 |  | 4577.2 | 4477.1 | 4525.0 | (2)(6) |  |
|  |  |  |  |  |  |  |  |  | 8977.0 | 9027.3 |  |  |
| Magellan Topco | First lien senior secured loan | 8.38% | Euribor (S) | 6.25% |  | 10/2031 |  | 1174.0 | 1072.9 | 1174.0 | (2)(6)(8)(13) |  |
| Marcel Bidco LLC | First lien senior secured loan | 7.05% | SOFR (M) | 3.00% |  | 11/2030 |  | 12955.3 | 12941.3 | 13003.9 | (2)(6)(8)(13) |  |
| McAfee Corp. | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 03/2029 |  | 27076.9 | 26801.5 | 24902.4 | (2)(8) |  |
| Merit Software Finance Holdings, LLC (11) | First lien senior secured loan | 8.94% | SOFR (Q) | 5.25% |  | 12/2032 |  | 8352.1 | 8268.7 | 8268.6 | (2)(8)(13) |  |
| Mermaid Bidco Inc. | First lien senior secured loan | 7.15% | SOFR (Q) | 3.25% |  | 07/2031 |  | 34420.6 | 34373.9 | 34506.6 | (2) |  |
| Metatiedot Bidco OY and Metatiedot US, LLC (11) | First lien senior secured revolving loan | 7.06% | Euribor (Q) | 5.00% |  | 11/2030 |  | 1493.3 | 1475.2 | 1493.3 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.07% | Euribor (Q) | 5.00% |  | 11/2031 |  | 7976.2 | 7139.9 | 7976.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.82% | SOFR (Q) | 5.00% |  | 11/2031 |  | 4671.9 | 4612.8 | 4671.9 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 13227.9 | 14141.4 |  |  |
| Mitchell International, Inc. | Second lien senior secured loan | 8.97% | SOFR (M) | 5.25% |  | 06/2032 |  | 37447.0 | 37195.9 | 37035.1 | (2)(8) |  |
| ML Holdco, Inc. (11) | First lien senior secured loan | 8.37% | SOFR (Q) | 4.50% |  | 10/2032 |  | 95121.2 | 94658.5 | 94645.6 | (2)(8)(13) |  |
| Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. (11) | First lien senior secured loan | 8.42% (2.25% PIK) | SOFR (Q) | 4.75% |  | 04/2032 |  | 47825.2 | 47400.3 | 47825.2 | (2)(8)(13) |  |
|  | Series A preferred stock | 13.00% PIK |  |  | 04/2025 |  | 26000 |  | 27655.8 | 28305.8 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 75056.1 | 76131.0 |  |  |
| Netsmart, Inc. and Netsmart Technologies, Inc. (11) | First lien senior secured loan | 8.92% (2.70% PIK) | SOFR (M) | 5.20% |  | 08/2031 |  | 92186.3 | 91527.3 | 92186.3 | (2)(8)(13) |  |
| North Star Acquisitionco, LLC and Toucan Bidco Limited (11) | First lien senior secured loan | 8.22% | SOFR (M) | 4.50% |  | 05/2029 |  | 8652.5 | 8623.7 | 8671.5 | (2)(6)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 8.37% | SONIA (Q) | 4.50% |  | 05/2029 |  | 707.0 | 704.6 | 714.9 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 9328.3 | 9386.4 |  |  |
| OID-OL Intermediate I, LLC | First lien senior secured loan | 9.84% | SOFR (Q) | 6.00% |  | 02/2029 |  | 23135.2 | 23799.6 | 23703.9 | (2) |  |
| Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. (11) | First lien senior secured loan | 8.70% | SOFR (Q) | 5.00% |  | 12/2030 |  | 4675.1 | 4651.9 | 4651.7 | (2)(8)(13) |  |
| PCMI Parent, LLC and PCMI Ultimate Holdings, LP (11) | First lien senior secured loan | 9.21% | SOFR (Q) | 5.50% |  | 03/2032 |  | 36678.2 | 36411.2 | 36678.2 | (2)(8)(13) |  |
|  | Class A units | 9.00% PIK |  |  | 03/2025 |  | 1063 |  | 1141.5 | 1367.8 | (2)(13) |  |
|  | Class B units |  |  |  | 03/2025 |  | 253114 |  |  |  | (13) |  |
|  |  |  |  |  |  |  |  |  | 37552.7 | 38046.0 |  |  |
| PDDS HoldCo, Inc. (11) | First lien senior secured loan | 9.72% | SOFR (M) | 6.00% |  | 09/2031 |  | 14055.1 | 13920.1 | 13914.5 | (2)(8)(13) |  |
| Ping Identity Corp | First lien senior secured loan | 6.59% | SOFR (Q) | 2.75% |  | 11/2032 |  | 2000.0 | 1995.1 | 2002.5 | (2) |  |
| Planview Parent, Inc. | First lien senior secured loan | 7.17% | SOFR (Q) | 3.50% |  | 12/2027 |  | 2280.9 | 2283.1 | 2181.9 | (2) |  |
| Polaris Newco, LLC | First lien senior secured loan | 7.85% | SOFR (Q) | 3.75% |  | 06/2028 |  | 65944.0 | 64569.0 | 63496.2 | (2)(8) |  |
| Poseidon IntermediateCo, Inc. (11) | First lien senior secured loan | 8.23% | SOFR (M) | 4.50% |  | 06/2032 |  | 27263.3 | 27011.9 | 27263.3 | (2)(8)(13) |  |
| Project Boost Purchaser, LLC | First lien senior secured loan | 6.42% | SOFR (Q) | 2.75% |  | 07/2031 |  | 36772.6 | 36702.9 | 36849.1 | (2) |  |
| Proofpoint, Inc. (11) | First lien senior secured loan | 6.92% | SOFR (M) | 3.00% |  | 08/2028 |  | 105783.1 | 105794.7 | 106230.5 | (2)(8) |  |
|  | Second lien senior secured loan | 7.66% | Euribor (M) | 5.75% |  | 12/2033 |  | 26569.5 | 26079.7 | 26303.8 | (2)(13) |  |
|  | Second lien senior secured loan | 9.53% | SOFR (M) | 5.75% |  | 12/2033 |  | 25870.5 | 25613.9 | 25611.8 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 157488.3 | 158146.1 |  |  |
| PushPay USA Inc. | First lien senior secured loan | 7.62% | SOFR (Q) | 3.75% |  | 08/2031 |  | 39376.0 | 39381.8 | 39228.3 | (2) |  |
| QBS Parent, Inc. (11) | First lien senior secured revolving loan | 8.22% | SOFR (M) | 4.50% |  | 06/2032 |  | 135.5 | 129.2 | 135.5 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 06/2032 |  | 14636.7 | 14574.5 | 14636.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14703.7 | 14772.2 |  |  |
| QF Holdings, Inc. (11) | First lien senior secured loan | 8.19% | SOFR (A) | 4.50% |  | 12/2032 |  | 88024.3 | 87584.7 | 87584.2 | (2)(8)(13) |  |
| RealPage, Inc. | First lien senior secured loan | 7.42% | SOFR (Q) | 3.75% |  | 04/2028 |  | 36707.5 | 36602.9 | 36787.9 | (2)(8) |  |
|  | First lien senior secured loan | 7.18% | SOFR (Q) | 3.00% |  | 04/2028 |  | 17117.7 | 17019.1 | 17095.1 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 53622.0 | 53883.0 |  |  |
| Runway Bidco, LLC (11) | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 12/2031 |  | 1931.9 | 1915.4 | 1912.6 | (2)(8)(13) |  |
| Sapphire Software Buyer, Inc. (11) | First lien senior secured loan | 8.87% | SOFR (S) | 5.00% |  | 09/2031 |  | 40564.3 | 40236.3 | 40564.3 | (2)(8)(13) |  |
| Sedgwick Claims Management Services, Inc. | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 07/2031 |  | 56633.8 | 56562.0 | 56799.2 | (2) |  |
| Severin Acquisition, LLC (11) | First lien senior secured loan | 8.47% (2.25% PIK) | SOFR (M) | 4.75% |  | 10/2031 |  | 110169.0 | 109232.7 | 108881.5 | (2)(8)(13) |  |
| Sophia, L.P. | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 10/2029 |  | 62323.2 | 62318.2 | 62634.8 | (2)(8) |  |
|  | Second lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 11/2032 |  | 5764.7 | 5752.2 | 5802.5 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 68070.4 | 68437.3 |  |  |
| Spaceship Purchaser, Inc. (11) | First lien senior secured loan | 7.92% | SOFR (Q) | 4.25% |  | 10/2031 |  | 77489.5 | 76848.5 | 77489.5 | (2)(8)(13) |  |
| Spark Purchaser, Inc. (11) | First lien senior secured loan | 9.17% | SOFR (Q) | 5.50% |  | 04/2031 |  | 15292.5 | 15063.1 | 15292.5 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Superman Holdings, LLC (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 08/2031 |  | 51974.1 | 51806.0 | 51974.1 | (2)(8)(13) |  |
| Switch BBF, LLC | Private asset-backed investment | 11.37% | SOFR (S) | 7.17% |  | 08/2027 |  | 1957.2 | 1957.2 | 1957.2 | (2)(13) |  |
| Three Rivers Buyer, Inc. (11) | First lien senior secured loan | 8.60% | SOFR (S) | 4.75% |  | 11/2031 |  | 5872.2 | 5800.8 | 5798.8 | (2)(8)(13) |  |
| Trading Technologies International, Inc. (11) | First lien senior secured loan | 8.04% | SOFR (Q) | 4.25% |  | 11/2032 |  | 18210.2 | 18177.3 | 18187.4 | (2)(8)(13) |  |
| Transit Technologies LLC (11) | First lien senior secured loan | 8.72% | SOFR (S) | 5.00% |  | 08/2031 |  | 11995.1 | 11918.0 | 11995.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.23% | SOFR (S) | 4.50% |  | 08/2031 |  | 6741.0 | 6676.8 | 6673.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 18594.8 | 18668.7 |  |  |
| UFS, LLC and BV-UFS Aggregator, LLC (11) | First lien senior secured revolving loan | 8.50% | SOFR (M) | 4.75% |  | 10/2031 |  | 651.5 | 626.4 | 625.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.50% | SOFR (M) | 4.75% |  | 10/2031 |  | 34769.8 | 34434.7 | 34422.1 | (2)(8)(13) |  |
|  | Membership interests |  |  |  | 12/2025 |  | 485589 |  | 485.6 | 485.6 | (13) |  |
|  |  |  |  |  |  |  |  |  | 35546.7 | 35533.2 |  |  |
| UKG Inc. and H&F Unite Partners, L.P. | First lien senior secured loan | 6.34% | SOFR (Q) | 2.50% |  | 02/2031 |  | 49101.6 | 49119.7 | 49121.3 | (2) |  |
| UserZoom Technologies, Inc. | First lien senior secured loan | 11.63% | SOFR (Q) | 7.50% |  | 04/2029 |  | 634.4 | 624.4 | 621.7 | (2)(8)(13) |  |
| Vamos Bidco, Inc. (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 01/2032 |  | 15034.0 | 14903.5 | 14883.7 | (2)(8)(13) |  |
| Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (11) | First lien senior secured revolving loan | 8.23% | SOFR (Q) | 4.50% |  | 12/2032 |  | 966.2 | 898.1 | 909.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.19% | SOFR (Q) | 4.50% |  | 12/2032 |  | 67024.3 | 66606.7 | 66856.7 | (2)(8)(13) |  |
|  | Partnership units |  |  |  | 08/2024 |  | 3544085 |  | 3547.9 | 8212.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 71052.7 | 75978.6 |  |  |
| Viper Bidco, Inc. (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 11/2031 |  | 16075.2 | 15949.3 | 16075.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.47% | SONIA (Q) | 4.75% |  | 11/2031 |  | 9194.8 | 8540.1 | 9194.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 24489.4 | 25270.0 |  |  |
| Wellington Bidco Inc. and Wellington TopCo LP (11) | First lien senior secured revolving loan | 8.42% | SOFR (Q) | 4.75% |  | 06/2030 |  | 1189.7 | 1125.7 | 1189.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 06/2030 |  | 45452.1 | 45092.9 | 45452.1 | (2)(8)(13) |  |
|  | Class A-2 preferred units |  |  |  | 06/2024 |  | 2106000 |  | 2203.3 | 2518.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 48421.9 | 49160.3 |  |  |
| WorkWave Intermediate II, LLC (11) | First lien senior secured revolving loan | 9.44% | SOFR (Q) | 5.75% |  | 09/2032 |  | 1545.0 | 1306.8 | 1297.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.94% (3.13% PIK) | SOFR (Q) | 6.25% |  | 09/2032 |  | 180118.2 | 178394.9 | 178317.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 179701.7 | 179614.8 |  |  |
|  |  |  |  |  |  |  |  |  | 4696255.4 | 4725434.1 |  | 44.98% |
| **Health Care Equipment and Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| Aerin Medical Inc. (11) | First lien senior secured loan | 10.92% (3.88% PIK) | SOFR (Q) | 7.25% |  | 12/2030 |  | 16998.0 | 16660.9 | 16998.0 | (2)(8)(13) |  |
|  | Series G preferred shares |  |  |  | 12/2024 |  | 943034 |  | 1106.0 | 1089.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 17766.9 | 18087.9 |  |  |
| Agiliti Health, Inc. | First lien senior secured loan | 6.86% | SOFR (S) | 3.00% |  | 05/2030 |  | 31942.6 | 31210.1 | 31223.9 | (2) |  |
| Alcresta Therapeutics, Inc. (11) | First lien senior secured revolving loan | 9.24% | SOFR (Q) | 5.50% |  | 03/2031 |  | 86.5 | 73.7 | 73.5 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 9.27% | SOFR (Q) | 5.50% |  | 03/2031 |  | 9063.8 | 8974.5 | 8973.2 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 9048.2 | 9046.7 |  |  |
| Aledade, Inc. (11) | First lien senior secured revolving loan | 9.64% | SOFR (A) | 5.75% |  | 11/2028 |  | 11940.4 | 11570.1 | 11555.7 | (2)(8)(13) |  |
| Amerivet Partners Management, Inc. and AVE Holdings LP | Subordinated loan | 8.25% PIK |  |  |  | 12/2030 |  | 42014.0 | 39930.2 | 34871.6 | (2)(13) |  |
|  | Class A units |  |  |  | 03/2024 |  | 1575 |  | 1575.0 |  | (13) |  |
|  | Class C units |  |  |  | 11/2023 |  | 3849 |  | 768.4 |  | (13) |  |
|  |  |  |  |  |  |  |  |  | 42273.6 | 34871.6 |  |  |
| Artivion, Inc. (11) | First lien senior secured revolving loan | 7.49% | SOFR (Q) | 3.50% |  | 01/2031 |  | 1983.0 | 1911.5 | 1983.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.74% | SOFR (Q) | 4.75% |  | 01/2031 |  | 26884.3 | 26408.9 | 26884.3 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 28320.4 | 28867.3 |  |  |
| athenahealth Group Inc. | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 02/2029 |  | 91730.0 | 91266.9 | 91825.4 | (2)(8) |  |
| Avalign Holdings, Inc. and Avalign Technologies, Inc. (11) | First lien senior secured revolving loan | 10.22% | SOFR (M) | 6.50% |  | 12/2028 |  | 1720.2 | 1677.7 | 1135.3 | (2)(8)(13) |  |
|  | First lien senior secured loan | 11.07% (3.63% PIK) | SOFR (Q) | 7.25% |  | 12/2028 |  | 27577.2 | 27247.9 | 22889.1 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 28925.6 | 24024.4 |  |  |
| Aveanna Healthcare LLC | First lien senior secured loan | 7.47% | SOFR (M) | 3.75% |  | 09/2032 |  | 30927.5 | 30975.0 | 31089.2 | (2)(6) |  |
| AX VI VET Holding I ApS (11) | First lien senior secured loan | 11.03% | NIBOR (Q) | 6.90% |  | 01/2029 |  | 2032.9 | 1528.1 | 2023.8 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.65% | SARON (Q) | 6.90% |  | 01/2029 |  | 469.9 | 353.2 | 467.8 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.99% | Euribor (Q) | 6.90% |  | 01/2029 |  | 433.3 | 325.7 | 431.4 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 2207.0 | 2923.0 |  |  |
| Bausch + Lomb Corporation | First lien senior secured loan | 7.72% | SOFR (M) | 4.00% |  | 09/2028 |  | 18325.3 | 18328.7 | 18325.3 | (2)(6) |  |
|  | First lien senior secured loan | 7.97% | SOFR (M) | 4.25% |  | 01/2031 |  | 16159.4 | 16085.9 | 16304.8 | (2)(6) |  |
|  | First lien senior secured loan | 7.42% | SOFR (S) | 3.75% |  | 01/2031 |  | 1400.0 | 1400.0 | 1412.6 | (6) |  |
|  |  |  |  |  |  |  |  |  | 35814.6 | 36042.7 |  |  |
| Bayou Intermediate II, LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 09/2032 |  | 27267.1 | 26997.6 | 26976.4 | (2)(8)(13) |  |
| BrightStar Group Holdings, Inc. (11) | First lien senior secured loan | 8.80% | SOFR (Q) | 4.75% |  | 03/2032 |  | 28448.1 | 28209.6 | 28448.1 | (2)(8)(13) |  |
| BVI Medical, Inc. and BVI Group Limited (11) | First lien senior secured loan | 9.97% (5.00% PIK) | SOFR (M) | 6.25% |  | 03/2032 |  | 141337.5 | 139542.0 | 135684.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.88% | SOFR (Q) | 6.00% |  | 03/2032 |  | 2107.1 | 2068.1 | 1871.1 | (2)(6)(8)(13) |  |
|  | Ordinary shares |  |  |  | 03/2025 |  | 2249 |  | 3000.4 | 2556.7 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 144610.5 | 140111.8 |  |  |
| CNT Holdings I Corp | First lien senior secured loan | 6.34% | SOFR (Q) | 2.50% |  | 11/2032 |  | 91434.8 | 91497.3 | 91611.3 | (2)(8) |  |
| Confluent Medical Technologies, Inc. | First lien senior secured loan | 6.67% | SOFR (Q) | 3.00% |  | 02/2029 |  | 30174.2 | 30203.8 | 30362.8 | (2)(8)(13) |  |
| Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. (11) | First lien senior secured loan | 7.32% | Euribor (Q) | 5.25% |  | 11/2031 |  | 13716.6 | 12491.2 | 13859.8 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.04% | SOFR (Q) | 5.25% |  | 11/2031 |  | 3267.1 | 3212.0 | 3267.1 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 15703.2 | 17126.9 |  |  |
| Electron Bidco Inc. | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 11/2028 |  | 68402.4 | 68390.0 | 68717.1 | (2)(8) |  |
| Empower Payments Investor, LLC (11) | First lien senior secured loan | 8.23% | SOFR (Q) | 4.50% |  | 03/2031 |  | 22155.0 | 21889.8 | 22155.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.62% | SOFR (Q) | 4.75% |  | 03/2031 |  | 1713.1 | 1705.3 | 1713.1 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 23595.1 | 23868.1 |  |  |
| Ensemble RCM, LLC | First lien senior secured loan | 6.84% | SOFR (Q) | 3.00% |  | 08/2029 |  | 59040.6 | 59038.9 | 59296.3 | (2) |  |
| Envisage Management Ltd (11) | First lien senior secured loan | 10.96% (2.19% PIK) | SONIA (Q) | 7.19% |  | 04/2031 |  | 5955.0 | 5520.3 | 5955.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 10.24% | SONIA (S) | 6.50% |  | 04/2031 |  | 821.1 | 705.3 | 821.1 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 6225.6 | 6776.1 |  |  |
| Gainwell Acquisition Corp. | First lien senior secured loan | 7.77% | SOFR (Q) | 4.00% |  | 10/2027 |  | 74084.9 | 72493.9 | 72658.8 | (2)(8) |  |
| Global Medical Response, Inc. and GMR Buyer Corp. | First lien senior secured loan | 7.38% | SOFR (Q) | 3.50% |  | 10/2032 |  | 143703.3 | 143357.0 | 144518.1 | (2) |  |
| Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP (11) | First lien senior secured loan | 8.72% (2.25% PIK) | SOFR (M) | 5.00% |  | 06/2032 |  | 159758.4 | 156936.8 | 158160.8 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 09/2025 |  | 214626 |  | 2146.3 | 2146.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 159083.1 | 160307.1 |  |  |
| HuFriedy Group Acquisition LLC (11) | First lien senior secured loan | 9.30% | SOFR (Q) | 5.50% |  | 05/2031 |  | 55505.9 | 54729.2 | 55505.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.26% | SOFR (S) | 5.50% |  | 06/2031 |  | 5145.9 | 5045.7 | 5145.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 59774.9 | 60651.8 |  |  |
| LivTech Purchaser, Inc. (11) | First lien senior secured loan | 8.76% | SOFR (Q) | 5.00% |  | 11/2031 |  | 7376.8 | 7325.9 | 7376.8 | (2)(8)(13) |  |
| Mamba Purchaser, Inc. | First lien senior secured loan | 6.73% | SOFR (M) | 3.00% |  | 10/2031 |  | 47940.5 | 47919.5 | 48024.4 | (2)(8) |  |
| Medline Borrower, LP | First lien senior secured loan | 5.47% | SOFR (M) | 1.75% |  | 10/2030 |  | 94551.8 | 94552.0 | 94857.2 | (2)(8) |  |
|  | First lien senior secured loan | 5.47% | SOFR (M) | 1.75% |  | 10/2028 |  | 3517.6 | 3526.4 | 3527.0 | (8) |  |
|  |  |  |  |  |  |  |  |  | 98078.4 | 98384.2 |  |  |
| MPH Acquisition Holdings LLC | First lien senior secured notes | 6.00% |  |  |  | 03/2031 |  | 10714.0 | 9411.8 | 9214.0 | (2)(6) |  |
| Next Holdco, LLC (11) | First lien senior secured loan | 9.09% | SOFR (Q) | 5.25% |  | 11/2030 |  | 5684.9 | 5625.5 | 5684.9 | (2)(8)(13) |  |
| NMN Holdings III Corp. and NMN Holdings LP | First lien senior secured loan | 7.27% | CORRA (M) | 5.00% |  | 07/2031 |  | 13063.5 | 12875.0 | 13063.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 07/2031 |  | 6961.3 | 6895.5 | 6961.3 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 19770.5 | 20024.8 |  |  |
| Nomi Health, Inc. | Warrant to purchase Series B preferred stock |  |  |  | 07/2023 | 07/2033 | 10142 |  |  |  | (13) |  |
|  | Warrant to purchase Class A common stock |  |  |  | 06/2024 | 06/2034 | 22661 |  |  | 0.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  |  | 0.9 |  |  |
| PointClickCare Technologies Inc. | First lien senior secured loan | 6.42% | SOFR (Q) | 2.75% |  | 11/2031 |  | 39862.2 | 39946.1 | 39878.9 | (2)(6) |  |
| Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 11/2032 |  | 15921.1 | 15765.4 | 15921.1 | (2)(8)(13) |  |
| Project Alliance Buyer, LLC (11) | First lien senior secured loan | 8.82% | SOFR (Q) | 5.00% |  | 08/2031 |  | 9103.5 | 8974.8 | 8966.9 | (2)(8)(13) |  |
| Project Ruby Ultimate Parent Corp. | First lien senior secured loan | 6.74% | SOFR (M) | 2.75% |  | 03/2028 |  | 110578.0 | 110613.7 | 110834.5 | (2) |  |
| Radnet Management, Inc. | First lien senior secured loan | 6.07% | SOFR (Q) | 2.25% |  | 04/2031 |  | 5174.0 | 5184.6 | 5188.2 | (2)(6) |  |
| Raven Acquisition Holdings, LLC (11) | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 11/2031 |  | 38820.2 | 38831.9 | 38929.2 | (2) |  |
| RegionalCare Hospital Partners Holdings, Inc. | First lien senior secured loan | 7.33% | SOFR (M) | 3.50% |  | 05/2031 |  | 3184.8 | 3193.4 | 3186.6 | (2) |  |
| Resonetics, LLC | First lien senior secured loan | 6.59% | SOFR (Q) | 2.75% |  | 06/2031 |  | 49390.9 | 49372.3 | 49440.3 | (2)(8) |  |
| Revival Animal Health, LLC (11) | First lien senior secured revolving loan | 9.73% | SOFR (Q) | 6.00% |  | 01/2028 |  | 1902.6 | 1889.9 | 1826.5 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 9.72% | SOFR (Q) | 6.00% |  | 01/2028 |  | 30984.0 | 30799.9 | 29744.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 32689.8 | 31571.2 |  |  |
| Sharp Midco LLC | First lien senior secured loan | 6.67% | SOFR (Q) | 3.00% |  | 09/2032 |  | 44729.5 | 44760.7 | 44841.4 | (2) |  |
| Signant Finance One Limited and Bracket Intermediate Holding Corp. (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 10/2031 |  | 22093.6 | 21876.5 | 21872.7 | (2)(6)(8)(13) |  |
| Silver Midco 1 GmbH and Silver Bidco GmbH (11) | First lien senior secured loan | 7.27% | Euribor (Q) | 5.25% |  | 06/2031 |  | 10356.8 | 10175.2 | 10149.7 | (2)(6)(13) |  |
|  | Senior subordinated loan | 12.50% |  |  |  | 12/2031 |  | 31881.8 | 31322.4 | 31244.2 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 41497.6 | 41393.9 |  |  |
| Spruce Bidco II Inc. (11) | First lien senior secured loan | 8.45% | SOFR (S) | 4.75% |  | 01/2032 |  | 97426.3 | 95944.8 | 97426.3 | (2)(8)(13) |  |
|  | First lien senior secured loan | 6.00% | TONA (Q) | 5.25% |  | 01/2032 |  | 13464.7 | 13394.3 | 13464.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 7.25% | CORRA (Q) | 5.00% |  | 01/2032 |  | 14384.6 | 13394.6 | 14384.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 122733.7 | 125275.6 |  |  |
| Surescripts, LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 11/2031 |  | 101202.3 | 100708.3 | 100696.3 | (2)(8)(13) |  |
| Surgery Center Holdings, Inc. | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 12/2030 |  | 26996.3 | 27048.7 | 27085.4 | (2)(6) |  |
| Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | First lien senior secured loan | 8.44% | SOFR (Q) | 4.50% |  | 12/2027 |  | 834.3 | 739.6 | 706.3 | (2)(8) |  |
|  | Second lien senior secured loan | 11.82% | SOFR (Q) | 7.88% |  | 12/2028 |  | 17013.5 | 13714.1 | 14801.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14453.7 | 15508.1 |  |  |
| Team Health Holdings, Inc. | First lien senior secured loan | 8.34% | SOFR (Q) | 4.50% |  | 06/2028 |  | 74625.0 | 74625.0 | 74811.6 | (2) |  |
|  | First lien senior secured notes | 8.38% |  |  |  | 06/2028 |  | 25000.0 | 25000.0 | 25301.3 | (2) |  |
|  |  |  |  |  |  |  |  |  | 99625.0 | 100112.9 |  |  |
| U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 04/2032 |  | 3825.9 | 3779.6 | 3825.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 04/2032 |  | 11225.8 | 11114.4 | 11225.8 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 04/2025 |  | 2152000 |  | 2152.0 | 3465.4 | (2)(13) |  |
|  | Common units |  |  |  | 10/2025 |  | 435004 |  | 448.2 | 435.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 17494.2 | 18952.1 |  |  |
| United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (11) | First lien senior secured loan | 9.51% | SOFR (Q) | 5.75% |  | 03/2029 |  | 15224.7 | 15024.6 | 15224.7 | (2)(8)(13) |  |
|  | Class A interests |  |  |  | 03/2023 |  | 100 |  | 100.0 | 169.4 | (13) |  |
|  |  |  |  |  |  |  |  |  | 15124.6 | 15394.1 |  |  |
| VetPartners Group Limited (11) | First lien senior secured loan | 9.54% | SONIA (S) | 5.50% |  | 09/2032 |  | 48886.9 | 48175.6 | 48905.1 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.61% | Euribor (Q) | 5.50% |  | 09/2032 |  | 3132.4 | 3086.8 | 3133.5 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 14.22% | SONIA (S) | 10.25% |  | 09/2032 |  | 2576.8 | 2421.9 | 2576.8 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 53684.3 | 54615.4 |  |  |
| Waystar Technologies, Inc. | First lien senior secured loan | 5.72% | SOFR (M) | 2.00% |  | 10/2029 |  | 28680.4 | 28648.9 | 28823.8 | (2)(13) |  |
| ZocDoc, Inc. (11) | First lien senior secured loan | 9.12% | SOFR (Q) | 5.25% |  | 07/2030 |  | 30146.4 | 29898.2 | 30146.4 | (2)(8)(13) |  |
|  | First lien senior secured loan | 7.37% | SOFR (Q) | 3.50% |  | 07/2030 |  | 1.0 | 1.0 | 1.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 29899.2 | 30147.4 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 2368817.9 | 2368334.5 |  | 22.54% |
| **Commercial and Professional Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| Accommodations Plus Technologies LLC (11) | First lien senior secured loan | 8.94% | SOFR (Q) | 5.25% |  | 05/2032 |  | 16410.6 | 16182.2 | 16410.6 | (2)(8)(13) |  |
| Aldinger Company Inc (11) | First lien senior secured revolving loan | 8.44% | SOFR (Q) | 4.75% |  | 10/2030 |  | 236.3 | 195.4 | 236.3 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 10/2030 |  | 36670.6 | 36435.9 | 36670.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 36631.3 | 36906.9 |  |  |
| AlixPartners, LLP | First lien senior secured loan | 5.72% | SOFR (M) | 2.00% |  | 08/2032 |  | 75722.5 | 75728.8 | 75802.8 | (2) |  |
| AMCP Clean Acquisition Company, LLC | First lien senior secured loan | 7.94% | SOFR (Q) | 4.25% |  | 06/2030 |  | 7681.1 | 7642.9 | 7643.5 | (2)(8)(13) |  |
| Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC (11) | First lien senior secured revolving loan | 8.50% | SOFR (M) | 4.75% |  | 01/2031 |  | 359.1 | 341.1 | 359.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 01/2031 |  | 5720.2 | 5659.9 | 5720.2 | (2)(8)(13) |  |
|  | Class A-1 units |  |  |  | 01/2025 |  | 1134 |  | 1134.0 | 1079.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 7135.0 | 7159.2 |  |  |
| Bobtail AcquisitionCo, LLC (11) | First lien senior secured revolving loan | 8.44% | SOFR (Q) | 4.75% |  | 09/2031 |  | 751.4 | 671.9 | 667.3 | (2)(10)(13) |  |
|  | First lien senior secured loan | 8.54% | SOFR (Q) | 4.75% |  | 09/2031 |  | 32630.6 | 32255.3 | 32233.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 32927.2 | 32900.8 |  |  |
| Cards-Live Oak Holdings, Inc. (11) | First lien senior secured revolving loan | 10.50% | Base rate (Q) | 3.75% |  | 10/2032 |  | 2321.2 | 2253.5 | 2251.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 10/2032 |  | 31445.4 | 31139.8 | 31130.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 33393.3 | 33382.4 |  |  |
| Celnor Group Limited (11) | First lien senior secured loan | 9.39% | SONIA (Q) | 5.67% |  | 08/2031 |  | 5533.4 | 5253.0 | 5514.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.01% | SONIA (Q) | 5.29% |  | 08/2031 |  | 1634.6 | 1529.5 | 1637.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.40% | SOFR (Q) | 5.67% |  | 08/2031 |  | 583.8 | 539.1 | 572.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.31% | Euribor (Q) | 5.29% |  | 08/2031 |  | 564.9 | 528.6 | 565.7 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 7850.2 | 8288.9 |  |  |
| Corporation Service Company | First lien senior secured loan | 5.72% | SOFR (M) | 2.00% |  | 11/2029 |  | 40527.6 | 40498.0 | 40494.0 | (2)(8) |  |
| Covanta Holding Corporation | First lien senior secured loan | 5.98% | SOFR (M) | 2.25% |  | 01/2031 |  | 6000.0 | 5985.7 | 6000.0 | (2)(8) |  |
| Dayforce, Inc. | First lien senior secured loan | 6.84% | SOFR (Q) | 3.00% |  | 08/2032 |  | 67975.0 | 67812.6 | 67732.3 |  |  |
|  | First lien senior secured loan | 5.84% | SOFR (Q) | 2.00% |  | 03/2031 |  | 0.3 | 0.3 | 0.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 67812.9 | 67732.6 |  |  |
| Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. (11) | First lien senior secured loan | 9.23% | SOFR (M) | 5.50% |  | 08/2032 |  | 229197.0 | 227016.7 | 226905.0 | (2)(8)(13) |  |
|  | Series A units | 8.00% PIK |  |  | 08/2025 |  | 319400 |  | 3283.2 | 3194.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 230299.9 | 230099.0 |  |  |
| Dorado Bidco, Inc. (11) | First lien senior secured loan | 8.22% | SOFR (M) | 4.50% |  | 09/2031 |  | 6924.3 | 6878.2 | 6924.3 | (2)(8)(13) |  |
| DP Flores Holdings, LLC (11) | First lien senior secured loan | 10.22% (3.25% PIK) | SOFR (M) | 6.50% |  | 09/2030 |  | 49334.8 | 48436.0 | 49334.8 | (2)(8)(13) |  |
| Drogon Bidco Inc. & Drogon Aggregator LP (11) | First lien senior secured loan | 8.47% | SOFR (B) | 4.75% |  | 08/2031 |  | 33125.6 | 32914.8 | 33125.6 | (2)(8)(13) |  |
|  | Class A-2 common units |  |  |  | 08/2024 |  | 2662000 |  | 2662.0 | 2912.2 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 35576.8 | 36037.8 |  |  |
| Duraserv LLC (11) | First lien senior secured revolving loan | 8.57% | SOFR (M) | 4.75% |  | 06/2030 |  | 559.9 | 528.9 | 559.9 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | First lien senior secured loan | 8.48% | SOFR (M) | 4.75% |  | 06/2031 |  | 35823.6 | 35579.4 | 35823.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 36108.3 | 36383.5 |  |  |
| Eagle Parent Corp. | First lien senior secured loan | 7.92% | SOFR (Q) | 4.25% |  | 04/2029 |  | 4221.1 | 4218.5 | 4224.9 | (2)(8) |  |
| Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC (11) | First lien senior secured revolving loan | 8.73% | SOFR (Q) | 4.75% |  | 07/2031 |  | 2441.2 | 2378.3 | 2372.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.87% | SOFR (S) | 4.75% |  | 07/2031 |  | 30062.7 | 29783.2 | 29762.1 | (2)(8)(13) |  |
|  | Common stock |  |  |  | 07/2025 |  | 5162000 |  | 5162.0 | 5162.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 37323.5 | 37296.9 |  |  |
| EMB Purchaser, Inc. (11) | First lien senior secured loan | 8.25% | SOFR (Q) | 4.50% |  | 03/2032 |  | 119277.5 | 118265.6 | 119277.5 | (2)(8)(13) |  |
| Firebird Acquisition Corp, Inc. (11) | First lien senior secured loan | 8.84% (2.75% PIK) | SOFR (Q) | 5.00% |  | 02/2032 |  | 17603.5 | 17528.6 | 17603.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.34% | SOFR (Q) | 4.50% |  | 02/2032 |  | 3885.6 | 3864.8 | 3885.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 21393.4 | 21489.1 |  |  |
| FlyWheel Acquireco, Inc. (11) | First lien senior secured revolving loan | 10.22% | SOFR (M) | 6.50% |  | 05/2028 |  | 160.7 | 138.0 | 160.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.22% | SOFR (M) | 6.50% |  | 05/2030 |  | 13091.5 | 12846.9 | 13091.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 12984.9 | 13252.2 |  |  |
| Frontline Road Safety Operations, LLC (11) | First lien senior secured loan | 8.72% (2.00% PIK) | SOFR (M) | 5.00% |  | 03/2032 |  | 76692.7 | 76119.7 | 76692.7 | (2)(13) |  |
|  | First lien senior secured loan | 8.72% (2.00% PIK) | SOFR (M) | 5.00% |  | 03/2032 |  | 7580.3 | 7504.5 | 7580.3 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 83624.2 | 84273.0 |  |  |
| G702 Buyer, Inc. (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 07/2031 |  | 10201.8 | 10061.6 | 10048.8 | (2)(8)(13) |  |
| GCM HVAC Holdco, LLC and GCM HVAC Topco, LLC | First lien senior secured loan | 14.00% PIK |  |  |  | 09/2031 |  | 3235.9 | 3184.7 | 3235.9 | (2)(13) |  |
|  | Class A common units |  |  |  | 09/2024 |  | 1513394 |  | 1526.6 | 2101.1 | (13) |  |
|  |  |  |  |  |  |  |  |  | 4711.3 | 5337.0 |  |  |
| GFL Environmental Inc. | First lien senior secured loan | 6.27% | SOFR (Q) | 2.50% |  | 03/2032 |  | 21605.3 | 21592.9 | 21670.1 | (2) |  |
| Grant Thornton Advisors LLC | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 06/2031 |  | 2903.7 | 2911.2 | 2906.0 | (2) |  |
| HP RSS Buyer, Inc. (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 12/2029 |  | 17773.7 | 17681.3 | 17773.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 12/2029 |  | 11428.8 | 11312.5 | 11428.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 28993.8 | 29202.5 |  |  |
| Intero Integrity Services Group B.V. (11) | First lien senior secured loan | 9.27% (2.45% PIK) | Euribor (Q) | 7.25% |  | 09/2031 |  | 3694.7 | 3392.2 | 3694.7 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 10.92% (2.45% PIK) | SOFR (Q) | 7.25% |  | 09/2031 |  | 2396.3 | 2207.3 | 2259.6 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.72% | Euribor (Q) | 6.70% |  | 09/2031 |  | 175.2 | 141.0 | 175.2 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 5740.5 | 6129.5 |  |  |
| Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC (11) | First lien senior secured loan | 8.13% | SOFR (Q) | 4.25% |  | 11/2032 |  | 11187.4 | 11077.4 | 11075.5 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 11/2025 |  | 18870 |  | 1887.0 | 1887.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 12964.4 | 12962.5 |  |  |
| Kings Buyer, LLC (11) | First lien senior secured revolving loan | 11.00% | Base Rate (Q) | 4.25% |  | 10/2027 |  | 898.8 | 879.5 | 776.3 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.35% | SOFR (Q) | 5.25% |  | 10/2027 |  | 18055.2 | 17932.1 | 17152.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 18811.6 | 17928.7 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| KPS Global LLC and Cool Group LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 09/2030 |  | 4422.0 | 4351.3 | 4422.0 | (2)(8)(13) |  |
| LABL, Inc. | First lien senior secured loan | 8.94% | SOFR (Q) | 5.00% |  | 10/2028 |  | 81803.2 | 77402.7 | 51521.3 | (2)(8) |  |
| LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (11) | First lien senior secured revolving loan | 8.72% | SOFR (M) | 5.00% |  | 07/2030 |  | 387.0 | 331.8 | 338.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.84% | SOFR (Q) | 5.00% |  | 07/2031 |  | 20469.4 | 20183.8 | 20181.7 | (2)(8)(13) |  |
|  | Class A common units |  |  |  | 07/2024 |  | 1409000 |  | 1409.0 | 1030.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 21924.6 | 21550.3 |  |  |
| Lightbeam Bidco, Inc. (11) | First lien senior secured loan | 8.56% | SOFR (Q) | 4.75% |  | 05/2030 |  | 23447.2 | 23138.4 | 23447.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.84% | SOFR (Q) | 5.00% |  | 05/2030 |  | 1006.4 | 1003.1 | 1006.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 24141.5 | 24453.6 |  |  |
| Motus LLC | First lien senior secured loan | 7.42% | SOFR (Q) | 3.75% |  | 12/2028 |  | 10.0 | 10.0 | 9.9 | (2)(8) |  |
| MSIS Holdings, Inc. and MS Precision Parent, LP (11) | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 03/2031 |  | 26994.4 | 26674.2 | 26994.4 | (2)(8)(13) |  |
|  | Class A-1 units |  |  |  | 03/2025 |  | 1359000 |  | 1359.0 | 1491.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 28033.2 | 28486.0 |  |  |
| Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | First lien senior secured loan | 9.01% | SOFR (Q) | 5.00% |  | 04/2029 |  | 143288.4 | 137360.6 | 141533.2 | (2)(8) |  |
|  | First lien senior secured loan | 8.76% | SOFR (Q) | 4.75% |  | 10/2028 |  | 51517.3 | 49530.2 | 50785.7 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 186890.8 | 192318.9 |  |  |
| Omnia Partners, LLC | First lien senior secured loan | 6.45% | SOFR (B) | 2.75% |  | 12/2032 |  | 7981.4 | 7968.6 | 8005.6 | (2) |  |
| Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC (11) | First lien senior secured revolving loan | 9.49% | SOFR (Q) | 5.50% |  | 08/2029 |  | 1.9 | 1.8 | 1.9 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 11.25% | Base Rate (Q) | 4.50% |  | 08/2029 |  | 0.1 | 0.1 | 0.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 11.99% | SOFR (Q) | 8.00% |  | 08/2029 |  | 41338.1 | 39444.0 | 34724.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 14.73% PIK | SOFR (M) | 11.00% |  | 08/2029 |  | 2282.7 | 2282.7 | 2054.5 | (2)(8)(13) |  |
|  | Warrant to purchase Class A common units |  |  |  | 08/2023 | 08/2036 | 27163 |  | 449.6 |  | (13) |  |
|  | Warrant to purchase Class A common units |  |  |  | 06/2024 | 06/2036 | 8780 |  | 1223.9 |  | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 43402.1 | 36780.5 |  |  |
| PSC Parent, Inc. (11) | First lien senior secured revolving loan | 8.97% | SOFR (M) | 5.25% |  | 04/2030 |  | 3463.4 | 3405.9 | 3463.4 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.98% | SOFR (M) | 5.25% |  | 04/2031 |  | 50575.7 | 50218.7 | 50575.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 53624.6 | 54039.1 |  |  |
| PYE-Barker Fire & Safety, LLC (11) | First lien senior secured loan | 6.21% | SOFR (Q) | 2.50% |  | 12/2032 |  | 29797.6 | 29815.2 | 29971.3 | (2) |  |
| Saturn Purchaser Corp. (11) | First lien senior secured loan | 8.71% | SOFR (Q) | 4.85% |  | 07/2030 |  | 7505.7 | 7482.1 | 7505.7 | (2)(8)(13) |  |
| SGM Acquisition Sub, LLC and Schill Holdings, LP (11) | First lien senior secured loan | 8.72% | SOFR (Q) | 5.00% |  | 12/2031 |  | 17727.1 | 17551.2 | 17638.4 | (2)(8)(13) |  |
|  | Common units |  |  |  | 12/2025 |  | 1010000 |  | 1010.0 | 1010.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 18561.2 | 18648.4 |  |  |
| SV Newco 2, Inc. and Site 2020 Incorporated (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 06/2031 |  | 27107.3 | 26852.3 | 27107.3 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 10.50% | Base rate (Q) | 3.75% |  | 06/2031 |  | 1916.4 | 1905.2 | 1916.4 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 28757.5 | 29023.7 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Talon Buyer Inc. and Talon Holdings SCSP (11) | First lien senior secured loan | 8.39% | SOFR (Q) | 4.50% |  | 07/2032 |  | 22263.3 | 21927.3 | 21908.0 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 07/2025 |  | 7785000 |  | 7785.0 | 9712.3 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 29712.3 | 31620.3 |  |  |
| The Hiller Companies, LLC (11) | First lien senior secured loan | 8.72% | SOFR (M) | 5.00% |  | 06/2030 |  | 30327.2 | 30123.5 | 30327.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.54% | SOFR (M) | 4.75% |  | 06/2030 |  | 2563.5 | 2546.4 | 2563.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 32669.9 | 32890.7 |  |  |
| TSS Buyer, LLC | First lien senior secured loan | 9.34% | SOFR (Q) | 5.50% |  | 06/2029 |  | 9818.4 | 9673.7 | 9818.4 | (2)(8)(13) |  |
| TVG-MGT Upper Intermediate Holdings, LLC | Senior subordinated loan | 14.00% PIK |  |  |  | 08/2031 |  | 21912.9 | 21323.3 | 21255.5 | (2)(13) |  |
|  | Class A common units |  |  |  | 08/2025 |  | 2281 |  | 3478.6 | 3478.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 24801.9 | 24734.1 |  |  |
| Unity Purchaser, LLC and Unity Ultimate Holdings, LP (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 01/2031 |  | 13828.9 | 13646.9 | 13828.9 | (2)(8)(13) |  |
|  | Class A-1 units |  |  |  | 01/2025 |  | 2271000 |  | 2271.0 | 2198.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 15917.9 | 16027.5 |  |  |
| UP Intermediate II LLC and UPBW Blocker LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 03/2032 |  | 13491.5 | 13342.0 | 13491.5 | (2)(8)(13) |  |
|  | Senior preferred units | 15.00% PIK |  |  | 07/2025 |  | 10858 |  | 1158.8 | 1158.8 | (2)(13) |  |
|  | Common units |  |  |  | 03/2024 |  | 31790 |  | 3179.0 | 3767.2 | (2)(13) |  |
|  | Common units |  |  |  | 09/2024 |  | 2060 |  | 173.0 | 244.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 17852.8 | 18661.6 |  |  |
| W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (11) | First lien senior secured revolving loan | 7.67% | SOFR (Q) | 4.00% |  | 05/2030 |  | 5982.4 | 5894.8 | 5982.4 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 9.75% | Base Rate (Q) | 3.00% |  | 05/2030 |  | 1994.1 | 1877.3 | 1994.1 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 05/2030 |  | 30915.3 | 30553.4 | 30915.3 | (2)(8)(13) |  |
|  | Class A preferred units | 10.00% PIK |  |  | 05/2024 |  | 11930 |  | 1397.9 | 1397.9 | (13) |  |
|  | Class A common units |  |  |  | 05/2024 |  | 1111 |  |  | 539.9 | (13) |  |
|  |  |  |  |  |  |  |  |  | 39723.4 | 40829.6 |  |  |
| Xplor T1, LLC | First lien senior secured loan | 7.29% | SOFR (Q) | 3.50% |  | 12/2032 |  | 38921.2 | 38713.2 | 38823.9 | (2)(13) |  |
| Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 07/2031 |  | 51880.4 | 51505.9 | 51880.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 1865620.5 | 1849522.6 |  | 17.60% |
| **Investment Funds and Vehicles** |  |  |  |  |  |  |  |  |  |  |  |  |
| A8 - A (Feeder) L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.44% |  | 1000.3 | 718.3 | (6) |  |
| ABPCI 2017-1 | Collaterized loan obligation | 11.38% | SOFR (Q) | 7.50% |  | 07/2037 |  | 965.0 | 969.4 | 980.7 | (6)(13) |  |
| ABPCI 2019-5A | Collaterized loan obligation | 9.63% | SOFR (Q) | 5.75% |  | 01/2036 |  | 1100.0 | 1100.0 | 1106.2 | (6)(13) |  |
| ABPCI 2022-11 | Collaterized loan obligation | 10.86% | SOFR (Q) | 7.00% |  | 01/2038 |  | 7000.0 | 7000.0 | 6889.0 | (6)(13) |  |
| ABPCI 2023-12 | Collaterized loan obligation | 12.09% | SOFR (Q) | 8.25% |  | 07/2037 |  | 4800.0 | 4800.0 | 4824.1 | (6)(13) |  |
| ABPCI 2024-17 | Collaterized loan obligation | 11.85% | SOFR (Q) | 8.00% |  | 08/2036 |  | 3000.0 | 3000.0 | 3022.2 | (6)(13) |  |
| ABPCI 2025-20A | Collaterized loan obligation | 10.09% | SOFR (Q) | 6.25% |  | 04/2037 |  | 1450.0 | 1450.0 | 1443.2 | (6)(13) |  |
| ABPCI 2025-21 | Collaterized loan obligation | 11.11% | SOFR (Q) | 7.00% |  | 07/2037 |  | 11000.0 | 11000.0 | 11116.7 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| ABPF 2025-2 | Collaterized loan obligation | 7.85% | SOFR (Q) | 3.90% |  | 10/2037 |  | 17000.0 | 17000.0 | 17021.4 | (6)(13) |  |
|  | Collaterized loan obligation | 11.20% | SOFR (Q) | 7.25% |  | 10/2037 |  | 3600.0 | 3600.0 | 3605.4 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 20600.0 | 20626.8 |  |  |
| ADLP LLC (5)(14) | Subordinated certificates | 10.00% |  |  |  | 10/2035 |  | 391000.0 | 391000.0 | 391000.0 | (6)(13)(15) |  |
|  | Membership interest |  |  |  |  |  | 80.00% |  |  |  | (6) |  |
|  |  |  |  |  |  |  |  |  | 391000.0 | 391000.0 |  |  |
| Advent International GPE VII-E Limited Partnership (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.69% |  | 941.0 | 1137.4 | (6) |  |
| AIMCO 2024-22 | Collaterized loan obligation | 10.38% | SOFR (Q) | 6.50% |  | 04/2037 |  | 5000.0 | 5050.4 | 5059.3 | (6)(13) |  |
| AIMCO 2025-23 | Collaterized loan obligation | 14.86% |  |  |  | 04/2038 |  | 10245.0 | 8736.7 | 9015.6 | (6)(13) |  |
| AIMCO 2025-24 | Collaterized loan obligation | 12.88% |  |  |  | 04/2038 |  | 8380.0 | 6997.3 | 6653.8 | (6)(13) |  |
| AIMCO 2025-28 | Collaterized loan obligation | 11.50% |  |  |  | 01/2039 |  | 15965.0 | 14718.3 | 14852.9 | (6)(13) |  |
| AIMCO CLO 30, LTD. | Collaterized loan obligation | 21.00% |  |  |  | 11/2030 |  | 1478.2 | 1478.2 | 1478.2 | (6)(13) |  |
| Alp CFO 2025, L.P. and Alp CFO 2025 (Offshore Feeder) A, L.P. (11)(12) | Private asset-backed investment | 12.24% |  |  |  | 07/2037 |  | 9770.0 | 9770.0 | 9770.0 | (6)(13) |  |
|  | Private asset-backed investment |  |  |  | 08/2025 |  | 11666532 |  | 11666.5 | 12343.2 | (6)(13) |  |
|  | Private asset-backed investment |  |  |  | 08/2025 |  | 5523000 |  | 5523.0 | 5721.8 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 26959.5 | 27835.0 |  |  |
| ANCHC 2019-13 | Collaterized loan obligation | 10.40% | SOFR (Q) | 6.50% |  | 04/2038 |  | 5000.0 | 5000.0 | 5028.7 | (6)(13) |  |
| ANCHC 2020-15 | Collaterized loan obligation | 10.26% | SOFR (Q) | 6.05% |  | 07/2038 |  | 2900.0 | 2900.0 | 2923.1 | (6)(13) |  |
| ANCHC 2021-19 | Collaterized loan obligation | 13.96% |  |  |  | 10/2038 |  | 1830.1 | 1230.7 | 1230.6 | (6)(13) |  |
| ANCHC 2023-26 | Collaterized loan obligation | 10.13% | SOFR (Q) | 6.25% |  | 03/2038 |  | 1350.0 | 1350.0 | 1365.3 | (6)(13) |  |
| ANCHC 2025-32 | Collaterized loan obligation | 11.12% | SOFR (Q) | 7.00% |  | 07/2037 |  | 1650.0 | 1650.0 | 1659.8 | (6)(13) |  |
| ANCHC 2025-33 | Collaterized loan obligation | 10.37% | SOFR (Q) | 6.10% |  | 10/2038 |  | 550.0 | 550.0 | 557.7 | (6)(13) |  |
| ANCHF 2025-18 | Collaterized loan obligation | 9.10% |  |  |  | 10/2040 |  | 32376.0 | 32376.0 | 30992.3 | (6)(13) |  |
| ANCHF 2025-19 | Collaterized loan obligation | 15.80% |  |  |  | 10/2040 |  | 37070.0 | 37070.0 | 34926.2 | (6)(13) |  |
| Apax Europe VI - A, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.39% |  | 612.5 | 680.3 | (6) |  |
| Apax Europe VII - B, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.39% |  | 341.4 | 68.2 | (6) |  |
| Apax VIII - B, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.14% |  | 382.1 | 260.2 | (6) |  |
| Aquiline Financial Services Fund LP. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.18% |  | 453.8 | 546.2 | (6) |  |
| ATRM 14 | Collaterized loan obligation | 10.39% | SOFR (Q) | 6.50% |  | 10/2037 |  | 5600.0 | 5600.0 | 5651.6 | (6)(13) |  |
|  | Collaterized loan obligation | 8.97% |  |  |  | 10/2037 |  | 8171.4 | 4363.7 | 3342.1 | (6)(13) |  |
|  | Collaterized loan obligation | 6.77% |  |  |  | 10/2037 |  | 639.5 | 365.6 | 289.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 10329.3 | 9282.9 |  |  |
| ATRM 15 | Collaterized loan obligation | 10.39% | SOFR (Q) | 6.50% |  | 07/2037 |  | 1637.5 | 1668.5 | 1626.2 | (6)(13) |  |
| AUDAX 2024-9 | Collaterized loan obligation | 9.08% | SOFR (Q) | 5.20% |  | 04/2036 |  | 2000.0 | 2000.0 | 2017.9 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| BABSN 2023-1 | Collaterized loan obligation | 10.58% | SOFR (Q) | 6.70% |  | 04/2038 |  | 2700.0 | 2700.0 | 2739.3 | (6)(13) |  |
| Bain Capital Europe Fund IV, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.04% |  | 483.4 | 541.1 | (6) |  |
| Bain Capital Europe V, SCSp (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.01% |  | 595.6 | 812.4 | (6) |  |
| Bain Capital Fund XI, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.11% |  | 1885.9 | 2331.1 | (6) |  |
| Bain Capital Fund XII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.01% |  | 459.4 | 719.5 | (6) |  |
| BALLY 2022-21 | Collaterized loan obligation | 9.42% |  |  |  | 10/2037 |  | 2520.0 | 2216.9 | 1815.5 | (6)(13) |  |
| BALLY 2024-26 | Collaterized loan obligation | 9.96% | SOFR (Q) | 6.10% |  | 07/2037 |  | 1500.0 | 1500.0 | 1512.8 | (6)(13) |  |
|  | Collaterized loan obligation | 11.64% |  |  |  | 07/2037 |  | 4980.0 | 3293.1 | 2784.8 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4793.1 | 4297.6 |  |  |
| BALLY 2025-30 | Collaterized loan obligation | 8.89% | SOFR (Q) | 4.90% |  | 10/2038 |  | 5600.0 | 5600.0 | 5572.7 | (6)(13) |  |
| BC European Capital IX - 2 LP (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.06% |  | 735.8 | 1128.2 | (6) |  |
|  | Limited partnership interests |  |  |  | 03/2025 |  | 0.05% |  | 660.8 | 1016.4 | (6) |  |
|  |  |  |  |  |  |  |  |  | 1396.6 | 2144.6 |  |  |
| BC European Capital X - 2 LP (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.03% |  | 1262.6 | 1409.3 | (6) |  |
| BC Partners Galileo (2) L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.52% |  | 644.7 | 924.0 | (6) |  |
| BCC 2022-1 | Collaterized loan obligation | 20.18% |  |  |  | 10/2038 |  | 10978.5 | 3306.2 | 3474.0 | (6)(13) |  |
| BERRY 2024-1 | Collaterized loan obligation | 12.42% |  |  |  | 10/2037 |  | 2610.0 | 2055.0 | 1766.0 | (6)(13) |  |
|  | Collaterized loan obligation |  |  |  |  | 10/2037 |  | 2610.0 |  | 146.1 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 2055.0 | 1912.1 |  |  |
| BGCLO 2023-6 | Collaterized loan obligation | 10.02% | SOFR (Q) | 5.65% |  | 07/2038 |  | 1250.0 | 1262.5 | 1239.6 | (6)(13) |  |
| Blackstone Capital Partners VI L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.05% |  | 1044.8 | 1277.1 | (6) |  |
|  | Limited partnership interests |  |  |  | 09/2025 |  | 0.03% |  | 668.5 | 710.6 | (6) |  |
|  |  |  |  |  |  |  |  |  | 1713.3 | 1987.7 |  |  |
| Bridgepoint Europe VI 'E' LP (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.01% |  | 505.0 | 793.1 | (6) |  |
| BROOKP 2024-1 | Collaterized loan obligation | 10.38% | SOFR (Q) | 6.50% |  | 04/2037 |  | 1000.0 | 1000.0 | 1008.1 | (6)(13) |  |
| BSP 2016-9 | Collaterized loan obligation | 9.78% | SOFR (Q) | 5.90% |  | 10/2037 |  | 3125.0 | 3125.0 | 3093.1 | (6)(13) |  |
| BSP 2016-10 | Collaterized loan obligation | 8.88% | SOFR (Q) | 5.00% |  | 07/2038 |  | 2820.0 | 2820.0 | 2831.5 | (6)(13) |  |
| BSP 2018-14 | Collaterized loan obligation | 10.03% | SOFR (Q) | 6.15% |  | 10/2037 |  | 5500.0 | 5500.0 | 5503.7 | (6)(13) |  |
| BSP 2020-22 | Collaterized loan obligation | 8.78% | SOFR (Q) | 4.90% |  | 04/2035 |  | 2400.0 | 2400.0 | 2370.9 | (6)(13) |  |
| BSP 2021-25 | Collaterized loan obligation | 8.50% | SOFR (Q) | 4.60% |  | 01/2035 |  | 990.0 | 983.8 | 992.5 | (6)(13) |  |
| BSP 2022-28 | Collaterized loan obligation | 9.28% | SOFR (Q) | 5.40% |  | 10/2037 |  | 500.0 | 500.0 | 501.4 | (6)(13) |  |
| BSP 2022-29 | Collaterized loan obligation | 8.46% | SOFR (Q) | 4.60% |  | 01/2038 |  | 3350.0 | 3350.0 | 3344.7 | (6)(13) |  |
| BSP 2023-30 | Collaterized loan obligation | 9.31% | SOFR (Q) | 5.45% |  | 04/2038 |  | 2000.0 | 2000.0 | 2012.1 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| BSP 2023-31 | Collaterized loan obligation | 11.03% | SOFR (Q) | 7.17% |  | 04/2038 |  | 625.0 | 612.6 | 646.4 | (6)(13) |  |
| BSP 2023-32 | Collaterized loan obligation | 17.45% |  |  |  | 10/2038 |  | 1050.0 | 872.6 | 885.2 | (6)(13) |  |
| BSP 2024-35 | Collaterized loan obligation | 9.96% | SOFR (Q) | 6.10% |  | 04/2037 |  | 1250.0 | 1250.0 | 1268.4 | (6)(13) |  |
| BSP 2024-37 | Collaterized loan obligation | 14.77% |  |  |  | 01/2038 |  | 8430.0 | 8015.9 | 7513.6 | (6)(13) |  |
| BSP 2024-38 | Collaterized loan obligation | 8.86% | SOFR (Q) | 5.00% |  | 01/2038 |  | 3750.0 | 3750.0 | 3754.0 | (6)(13) |  |
| BSP 2025-39 | Collaterized loan obligation | 8.40% | SOFR (Q) | 4.50% |  | 04/2038 |  | 1825.0 | 1825.0 | 1819.5 | (6)(13) |  |
| BSP 2025-40 | Collaterized loan obligation | 9.50% | SOFR (Q) | 5.25% |  | 07/2038 |  | 1000.0 | 1000.0 | 1003.7 | (6)(13) |  |
|  | Collaterized loan obligation | 13.28% |  |  |  | 07/2038 |  | 11290.0 | 10443.3 | 8999.9 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 11443.3 | 10003.6 |  |  |
| BSP 2025-41 | Collaterized loan obligation | 9.22% | SOFR (Q) | 4.90% |  | 07/2038 |  | 2800.0 | 2800.0 | 2814.8 | (6)(13) |  |
| BSP 2025-42 | Collaterized loan obligation | 8.92% | SOFR (Q) | 4.85% |  | 10/2038 |  | 6600.0 | 6600.0 | 6556.0 | (6)(13) |  |
| BTCP 2023-1 | Collaterized loan obligation | 10.40% | SOFR (M) | 6.50% |  | 09/2030 |  | 1746.6 | 1748.3 | 1746.6 | (6)(13) |  |
| BX 2024-SLCT | Commercial mortgage-backed security | 7.14% | SOFR (M) | 3.39% |  | 01/2042 |  | 24185.0 | 24126.1 | 24128.8 | (6)(13) |  |
| BYRDPK 2025-1 | Collaterized loan obligation | 10.22% | SOFR (Q) | 6.35% |  | 07/2038 |  | 2200.0 | 2178.7 | 2262.1 | (6)(13) |  |
|  | Collaterized loan obligation | 16.37% |  |  |  | 07/2038 |  | 1310.0 | 946.7 | 916.2 | (6)(13) |  |
|  | Collaterized loan obligation |  |  |  |  | 07/2038 |  | 1310.0 |  | 26.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3125.4 | 3204.9 |  |  |
| CAIF 1 | Commercial mortgage-backed security | 9.48% | SONIA (Q) | 5.75% |  | 08/2035 |  | 26829.6 | 26125.1 | 26781.1 | (6)(13) |  |
|  | Commercial mortgage-backed security | 10.88% | SONIA (Q) | 7.15% |  | 08/2035 |  | 9656.4 | 9199.2 | 9500.7 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 35324.3 | 36281.8 |  |  |
| Catterton Partners VII, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.32% |  | 1421.8 | 1561.9 | (6) |  |
| CAVU 2021-1 | Collaterized loan obligation | 10.86% | SOFR (Q) | 7.00% |  | 07/2037 |  | 1000.0 | 1000.0 | 1003.0 | (6)(13) |  |
| CAVU 2022-2 | Collaterized loan obligation | 10.33% | SOFR (Q) | 6.45% |  | 03/2038 |  | 2950.0 | 2950.0 | 3011.3 | (6)(13) |  |
|  | Collaterized loan obligation | 8.34% |  |  |  | 03/2038 |  | 2575.0 | 2575.0 | 2618.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 5525.0 | 5629.5 |  |  |
| CAVU 2025-2 | Collaterized loan obligation | 10.00% | SOFR (Q) | 5.75% |  | 03/2038 |  | 4500.0 | 4500.0 | 4544.7 | (6)(13) |  |
| CEDF 2021-14 | Collaterized loan obligation | 15.29% |  |  |  | 07/2033 |  | 1840.0 | 971.6 | 616.4 | (6)(13) |  |
| CGMS 2018-4 | Collaterized loan obligation | 11.74% | SOFR (Q) | 7.86% |  | 10/2037 |  | 250.0 | 257.8 | 256.0 | (6)(13) |  |
| CGMS 2019-2 | Collaterized loan obligation | 10.90% | SOFR (Q) | 7.00% |  | 10/2037 |  | 4387.5 | 4387.5 | 4470.0 | (6)(13) |  |
| CGMS 2021-5 | Collaterized loan obligation | 9.78% | SOFR (Q) | 5.90% |  | 03/2038 |  | 2500.0 | 2500.0 | 2515.2 | (6)(13) |  |
| CGMS 2021-8 | Collaterized loan obligation | 9.23% | SOFR (Q) | 5.25% |  | 10/2038 |  | 6900.0 | 6900.0 | 6927.7 | (6)(13) |  |
| CGMS 2022-2 | Collaterized loan obligation | 10.83% | SOFR (Q) | 6.95% |  | 01/2038 |  | 2850.0 | 2850.0 | 2898.8 | (6)(13) |  |
| CGMS 2022-5 | Collaterized loan obligation | 11.00% | SOFR (Q) | 7.10% |  | 10/2037 |  | 4190.0 | 4190.0 | 4249.2 | (6)(13) |  |
| CGMS 2022-6 | Collaterized loan obligation | 18.74% |  |  |  | 10/2038 |  | 1173.5 | 996.5 | 1030.9 | (6)(13) |  |
| CGMS 2023-1 | Collaterized loan obligation | 9.63% | SOFR (Q) | 5.75% |  | 07/2037 |  | 3700.0 | 3700.0 | 3732.6 | (6)(13) |  |
|  | Collaterized loan obligation | 15.00% |  |  |  | 07/2037 |  | 14886.3 | 11462.4 | 11070.2 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 15162.4 | 14802.8 |  |  |
| CGMS 2023-2 | Collaterized loan obligation | 17.17% |  |  |  | 07/2038 |  | 15070.7 | 11948.4 | 11532.1 | (6)(13) |  |
| CGMS 2024-1 | Collaterized loan obligation | 10.82% | SOFR (Q) | 6.92% |  | 04/2037 |  | 1096.0 | 1118.7 | 1109.7 | (6)(13) |  |
| CGMS 2024-2 | Collaterized loan obligation | 10.71% | SOFR (Q) | 6.85% |  | 04/2037 |  | 1500.0 | 1500.0 | 1516.5 | (6)(13) |  |
| CGMS 2024-3 | Collaterized loan obligation | 10.26% | SOFR (Q) | 6.40% |  | 07/2036 |  | 2600.0 | 2600.0 | 2645.2 | (6)(13) |  |
| CGMS 2024-5 | Collaterized loan obligation | 9.51% | SOFR (Q) | 5.65% |  | 10/2036 |  | 1500.0 | 1500.0 | 1518.2 | (6)(13) |  |
|  | Collaterized loan obligation | 12.35% |  |  |  | 10/2036 |  | 2700.0 | 2240.0 | 2164.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3740.0 | 3682.5 |  |  |
| CGMS 2025-3 | Collaterized loan obligation | 9.33% | SOFR (Q) | 5.25% |  | 07/2038 |  | 3275.0 | 3275.0 | 3311.9 | (6)(13) |  |
| CGMS 2025-5 | Collaterized loan obligation | 12.10% |  |  |  | 01/2039 |  | 14325.0 | 12767.2 | 12768.5 | (6)(13) |  |
| CIFC 2018-1 | Collaterized loan obligation | 10.50% |  |  |  | 01/2038 |  | 5018.1 | 2052.6 | 1662.4 | (6)(13) |  |
| CIFC 2018-5 | Collaterized loan obligation | 10.50% | SOFR (Q) | 6.60% |  | 07/2038 |  | 1200.0 | 1176.3 | 1212.1 | (6)(13) |  |
| CIFC 2019-1 | Collaterized loan obligation | 11.40% |  |  |  | 10/2037 |  | 1450.0 | 890.4 | 754.0 | (6)(13) |  |
| CIFC 2019-4 | Collaterized loan obligation | 9.15% | SOFR (Q) | 5.25% |  | 07/2038 |  | 2750.0 | 2750.0 | 2766.6 | (6)(13) |  |
| CIFC 2019-5 | Collaterized loan obligation | 17.99% |  |  |  | 10/2038 |  | 2304.4 | 1385.4 | 1418.7 | (6)(13) |  |
|  | Collaterized loan obligation | 17.99% |  |  |  | 10/2038 |  | 270.0 | 162.3 | 166.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 1547.7 | 1584.9 |  |  |
| CIFC 2021-1 | Collaterized loan obligation | 9.86% | SOFR (Q) | 6.00% |  | 07/2037 |  | 1820.0 | 1820.0 | 1836.0 | (6)(13) |  |
| CIFC 2021-4 | Collaterized loan obligation | 10.06% | SOFR (Q) | 6.20% |  | 07/2037 |  | 1000.0 | 1000.6 | 1014.1 | (6)(13) |  |
| CIFC 2021-5 | Collaterized loan obligation | 9.00% | SOFR (Q) | 5.10% |  | 01/2038 |  | 3450.0 | 3431.7 | 3471.5 | (6)(13) |  |
|  | Collaterized loan obligation | 12.69% |  |  |  | 01/2038 |  | 640.0 | 404.0 | 367.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3835.7 | 3839.1 |  |  |
| CIFC 2022-5 | Collaterized loan obligation | 7.79% | SOFR (Q) | 3.90% |  | 01/2037 |  | 6000.0 | 6000.0 | 6009.0 | (6)(13) |  |
| CIFC 2022-6 | Collaterized loan obligation | 9.64% | SOFR (Q) | 5.75% |  | 10/2038 |  | 437.5 | 437.5 | 442.0 | (6)(13) |  |
| CIFC 2022-7 | Collaterized loan obligation | 9.21% | SOFR (Q) | 5.35% |  | 01/2038 |  | 687.5 | 687.5 | 692.5 | (6)(13) |  |
| CIFC 2024-1 | Collaterized loan obligation | 10.48% | SOFR (Q) | 6.60% |  | 04/2037 |  | 375.0 | 384.0 | 379.2 | (6)(13) |  |
| CIFC 2024-2 | Collaterized loan obligation | 10.26% | SOFR (Q) | 6.40% |  | 04/2037 |  | 2000.0 | 2000.0 | 2024.7 | (6)(13) |  |
| CIFC 2024-4 | Collaterized loan obligation | 11.82% |  |  |  | 10/2037 |  | 2600.0 | 2232.6 | 2022.3 | (6)(13) |  |
| CIFC 2024-5 | Collaterized loan obligation | 9.01% | SOFR (Q) | 5.15% |  | 01/2038 |  | 4000.0 | 4000.0 | 4040.5 | (6)(13) |  |
| CIFC 2025-3 | Collaterized loan obligation | 13.34% |  |  |  | 07/2038 |  | 9717.5 | 8083.0 | 8183.8 | (6)(13) |  |
| CIFC 2025-4 | Collaterized loan obligation | 9.06% | SOFR (Q) | 4.95% |  | 10/2038 |  | 2180.0 | 2180.0 | 2191.7 | (6)(13) |  |
|  | Collaterized loan obligation | 12.10% |  |  |  | 10/2038 |  | 14820.0 | 13099.4 | 12866.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 15279.4 | 15057.9 |  |  |
| CIFC 2025-7 | Collaterized loan obligation | 12.00% |  |  |  | 01/2039 |  | 17020.0 | 15275.5 | 15522.1 | (6)(13) |  |
| CIFC Funding 2025-VI Ltd | Collaterized loan obligation | 8.61% | SOFR (Q) | 4.75% |  | 10/2038 |  | 2150.0 | 2150.0 | 2175.1 | (6)(13) |  |
| Clayton, Dubilier & Rice Fund IX, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.03% |  | 750.9 | 918.6 | (6) |  |
| CLRMPK 2025-1 | Collaterized loan obligation | 9.37% | SOFR (Q) | 5.50% |  | 04/2038 |  | 1802.0 | 1802.0 | 1833.0 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Collaterized loan obligation | 13.70% |  |  |  | 04/2038 |  | 15725.0 | 12721.0 | 11516.4 | (6)(13) |  |
|  | Collaterized loan obligation |  |  |  |  | 04/2038 |  | 15725.0 |  | 507.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 14523.0 | 13856.4 |  |  |
| Constellation Wealth Capital Fund, L.P. (12) | Limited partner interests |  |  |  | 01/2024 |  | 3005760 |  | 2764.2 | 3020.1 | (6) |  |
| CPFTR 2025-1 | Commercial mortgage-backed security | 8.38% |  |  |  | 07/2026 |  | 34411.8 | 34411.8 | 34506.1 | (6)(13) |  |
| CPTPK 2024-1 | Collaterized loan obligation | 9.88% | SOFR (Q) | 6.00% |  | 07/2037 |  | 1400.0 | 1400.0 | 1411.0 | (6)(13) |  |
| CVC Capital Partners VI (B) L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.04% |  | 3631.8 | 3250.1 | (6) |  |
| CVC Capital Partners VII (A) L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | —% |  | 420.4 | 492.9 | (6) |  |
| CWC Fund I Co-Invest (ALTI) LP | Limited partnership interest |  |  |  | 03/2024 |  | 6653000 |  | 6700.2 | 7909.4 | (2)(6)(13) |  |
| DCLO 2021-1 | Collaterized loan obligation | 15.44% |  |  |  | 10/2037 |  | 2439.0 | 1981.7 | 2008.6 | (6)(13) |  |
| DCLO 2022-3 | Collaterized loan obligation | 15.67% |  |  |  | 01/2038 |  | 3184.0 | 2643.4 | 2559.1 | (6)(13) |  |
| DRSLF 2022-104 | Collaterized loan obligation | 11.29% | SOFR (Q) | 7.40% |  | 08/2034 |  | 5756.0 | 5756.0 | 5784.1 | (6)(13) |  |
| ELM12 2021-5 | Collaterized loan obligation | 9.80% | SOFR (Q) | 5.90% |  | 10/2037 |  | 1475.0 | 1475.0 | 1462.4 | (6)(13) |  |
| ELM24 2023-3 | Collaterized loan obligation | 8.98% | SOFR (Q) | 5.10% |  | 01/2038 |  | 2000.0 | 2000.0 | 2011.6 | (6)(13) |  |
| ELM27 2024-3 | Collaterized loan obligation | 10.13% | SOFR (Q) | 6.25% |  | 04/2037 |  | 2000.0 | 2000.0 | 2021.0 | (6)(13) |  |
| ELM29 2024-5 | Collaterized loan obligation | 10.28% | SOFR (Q) | 6.40% |  | 04/2037 |  | 3500.0 | 3519.7 | 3517.5 | (6)(13) |  |
| ELM30 2024-6 | Collaterized loan obligation | 9.13% | SOFR (Q) | 5.25% |  | 07/2037 |  | 1585.0 | 1604.1 | 1592.5 | (6)(13) |  |
| ELM32 2024-8 | Collaterized loan obligation | 11.65% |  |  |  | 10/2037 |  | 2520.0 | 2148.2 | 1730.9 | (6)(13) |  |
| ELM35 2024-11 | Collaterized loan obligation | 11.18% |  |  |  | 10/2037 |  | 1740.0 | 1490.6 | 1264.4 | (6)(13) |  |
| ELM38 2025-1 | Collaterized loan obligation | 8.36% | SOFR (Q) | 4.50% |  | 04/2038 |  | 1500.0 | 1500.0 | 1507.4 | (6)(13) |  |
| ELM39 2025-2 | Collaterized loan obligation | 8.28% | SOFR (Q) | 4.40% |  | 04/2038 |  | 1150.0 | 1150.0 | 1146.5 | (6)(13) |  |
| ELM40 2025-3 | Collaterized loan obligation | 9.13% | SOFR (Q) | 5.25% |  | 03/2038 |  | 1750.0 | 1750.0 | 1771.3 | (6)(13) |  |
| ELM42 2025-5 | Collaterized loan obligation | 10.78% | SOFR (Q) | 6.50% |  | 03/2038 |  | 2200.0 | 2200.0 | 2278.6 | (6)(13) |  |
| ELM44 2025-7 | Collaterized loan obligation | 10.50% |  |  |  | 10/2038 |  | 24550.0 | 21666.6 | 20816.6 | (6)(13) |  |
| ELMW2 2019-2 | Collaterized loan obligation | 9.63% | SOFR (Q) | 5.75% |  | 10/2037 |  | 4920.0 | 4881.5 | 4859.5 | (6)(13) |  |
| ELMW4 2020-1 | Collaterized loan obligation | 10.03% | SOFR (Q) | 6.15% |  | 04/2037 |  | 2738.0 | 2762.2 | 2730.4 | (6)(13) |  |
| GCBSL 2022-60 | Collaterized loan obligation | 9.86% | SOFR (Q) | 6.00% |  | 10/2034 |  | 2375.0 | 2375.0 | 2371.4 | (6)(13) |  |
| GCBSL 2024-77 | Collaterized loan obligation | 8.71% | SOFR (Q) | 4.85% |  | 01/2038 |  | 1500.0 | 1500.0 | 1505.4 | (6)(13) |  |
| GCBSL 2025-79 | Collaterized loan obligation | 8.53% | SOFR (Q) | 4.65% |  | 04/2038 |  | 1500.0 | 1500.0 | 1504.4 | (6)(13) |  |
| GCBSL 2025-82 | Collaterized loan obligation | 8.72% | SOFR (Q) | 4.75% |  | 10/2038 |  | 4000.0 | 4000.0 | 4014.4 | (6)(13) |  |
| GLM 2022-12 | Collaterized loan obligation | 9.58% | SOFR (Q) | 5.70% |  | 07/2037 |  | 2100.0 | 2109.1 | 2128.7 | (6)(13) |  |
| GNRT 2023-12 | Collaterized loan obligation | 7.91% |  |  |  | 07/2038 |  | 650.0 | 650.0 | 659.0 | (6)(13) |  |
| GNRT 2024-20 | Collaterized loan obligation | 13.93% |  |  |  | 01/2038 |  | 13950.0 | 11211.1 | 9826.8 | (6)(13) |  |
| GNRT 9 | Collaterized loan obligation | 10.23% | SOFR (Q) | 6.35% |  | 01/2038 |  | 2000.0 | 2000.0 | 1947.7 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| GOCAP 2024-71 | Collaterized loan obligation | 8.96% | SOFR (Q) | 5.10% |  | 02/2037 |  | 4500.0 | 4500.0 | 4519.2 | (6)(13) |  |
| HAMLN 2024-1 | Collaterized loan obligation | 9.28% | SOFR (Q) | 5.40% |  | 10/2037 |  | 2017.5 | 2017.5 | 2026.4 | (6)(13) |  |
| Hellman & Friedman Capital Partners VIII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.02% |  | 1650.2 | 1874.1 | (6) |  |
| HgCapital 8 A L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.05% |  | 1022.6 | 987.4 | (6) |  |
| HIGPK 2025-1 | Collaterized loan obligation | 8.77% | SOFR (Q) | 4.90% |  | 07/2038 |  | 6050.0 | 6050.0 | 6089.7 | (6)(13) |  |
| HPPK 2024-1 | Collaterized loan obligation | 13.51% |  |  |  | 10/2037 |  | 3360.0 | 2668.3 | 2369.4 | (6)(13) |  |
| Insight Venture Partners (Cayman) VII, LP (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.29% |  | 2418.0 | 2281.9 | (6) |  |
| Insight Venture Partners (Delaware) VIII, LP (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.10% |  | 1905.2 | 2238.7 | (6) |  |
| Insight Venture Partners Coinvestment Fund II, LP (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.41% |  | 2175.4 | 2290.6 | (6) |  |
| INVCO 2023-2 | Collaterized loan obligation | 11.75% | SOFR (Q) | 7.88% |  | 04/2038 |  | 2730.0 | 2648.6 | 2829.4 | (6)(13) |  |
| Kelso Investment Associates IX, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.11% |  | 1477.8 | 1288.6 | (6) |  |
| KKR 2024-53 | Collaterized loan obligation | 10.40% | SOFR (Q) | 6.50% |  | 01/2038 |  | 2235.0 | 2235.0 | 2257.8 | (6)(13) |  |
|  | Collaterized loan obligation | 10.98% |  |  |  | 01/2038 |  | 6100.0 | 4962.1 | 4166.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 7197.1 | 6424.1 |  |  |
| KKR 2024-56 | Collaterized loan obligation | 13.56% |  |  |  | 10/2037 |  | 4910.0 | 3772.7 | 3367.7 | (6)(13) |  |
| KKR North America Fund XI, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.22% |  | 2245.4 | 3059.0 | (6) |  |
| KLLM 2 | Collaterized loan obligation | 11.21% | SOFR (Q) | 7.35% |  | 10/2037 |  | 250.0 | 251.0 | 242.2 | (6)(13) |  |
| KLLM 2022-10 | Collaterized loan obligation | 8.76% | SOFR (Q) | 4.90% |  | 01/2038 |  | 2750.0 | 2750.0 | 2602.9 | (6)(13) |  |
| KLLM 2024-15 | Collaterized loan obligation | 10.58% | SOFR (Q) | 6.70% |  | 07/2037 |  | 1900.0 | 1877.8 | 1889.3 | (6)(13) |  |
| KLLM 2024-17 | Collaterized loan obligation | 10.01% | SOFR (Q) | 6.15% |  | 10/2037 |  | 930.0 | 935.3 | 920.5 | (6)(13) |  |
| KLLM 2024-18 | Collaterized loan obligation | 13.46% |  |  |  | 01/2038 |  | 7160.0 | 5735.1 | 4794.0 | (6)(13) |  |
| KLLM 6 | Collaterized loan obligation | 11.11% | SOFR (Q) | 7.25% |  | 10/2037 |  | 1820.0 | 1820.0 | 1796.7 | (6)(13) |  |
| Linden Structured Capital Fund II-A LP (12) | Limited partnership interest |  |  |  | 07/2024 |  | 2229231 |  | 1854.5 | 2694.9 | (2)(6) |  |
| MAGNE 2019-24 | Collaterized loan obligation | 10.30% | SOFR (Q) | 6.40% |  | 04/2035 |  | 500.0 | 500.1 | 502.8 | (6)(13) |  |
| MAGNE 2020-28 | Collaterized loan obligation | 13.81% |  |  |  | 01/2035 |  | 6789.8 | 4948.9 | 4924.8 | (6)(13) |  |
| MAGNE 2022-33 | Collaterized loan obligation | 9.43% | SOFR (Q) | 5.55% |  | 10/2037 |  | 5875.0 | 5875.0 | 5968.3 | (6)(13) |  |
| MAGNE 2023-34 | Collaterized loan obligation | 8.40% | SOFR (Q) | 4.50% |  | 01/2038 |  | 2330.2 | 2330.2 | 2337.6 | (6)(13) |  |
| MAGNE 2023-36 | Collaterized loan obligation | 8.86% | SOFR (Q) | 5.00% |  | 07/2038 |  | 5900.0 | 5900.0 | 5958.5 | (6)(13) |  |
| MAGNE 2023-39 | Collaterized loan obligation | 8.76% | SOFR (Q) | 4.90% |  | 01/2037 |  | 637.5 | 637.5 | 638.6 | (6)(13) |  |
| MAGNE 2024-41 | Collaterized loan obligation | 8.76% | SOFR (Q) | 4.90% |  | 01/2038 |  | 2312.5 | 2312.5 | 2329.3 | (6)(13) |  |
| MAGNE 2024-42 | Collaterized loan obligation | 8.86% | SOFR (Q) | 5.00% |  | 01/2038 |  | 2125.0 | 2099.8 | 2144.5 | (6)(13) |  |
|  | Collaterized loan obligation | 14.38% |  |  |  | 01/2038 |  | 920.0 | 646.5 | 656.9 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 2746.3 | 2801.4 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| MAGNE 2024-44 | Collaterized loan obligation | 10.94% |  |  |  | 10/2037 |  | 4100.0 | 3357.3 | 3061.5 | (6)(13) |  |
| MAGNE 2025-43 | Collaterized loan obligation | 10.63% | SOFR (Q) | 6.50% |  | 07/2038 |  | 2300.0 | 2300.0 | 2363.9 | (6)(13) |  |
| MAGNE 2025-48 | Collaterized loan obligation | 9.14% | SOFR (Q) | 4.85% |  | 10/2038 |  | 2800.0 | 2800.0 | 2827.7 | (6)(13) |  |
|  | Collaterized loan obligation | 10.31% |  |  |  | 10/2038 |  | 17210.0 | 15489.0 | 14766.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 18289.0 | 17593.9 |  |  |
| MAGNE 2025-50 | Collaterized loan obligation | 9.11% | SOFR (Q) | 4.80% |  | 07/2038 |  | 8960.0 | 8960.0 | 9053.6 | (6)(13) |  |
| MAGNE 2025-51 | Collaterized loan obligation | 12.00% |  |  |  | 10/2038 |  | 19791.0 | 18095.8 | 18338.5 | (6)(13) |  |
| Magnetite LV, Limited | Collaterized loan obligation | 22.00% |  |  |  | 11/2026 |  | 2511.7 | 2511.7 | 2511.7 | (6)(13) |  |
| MCF CLO 12 LLC | Private asset-backed investment | 7.93% | SOFR (Q) | 4.05% |  | 02/2034 |  | 19900.0 | 19900.0 | 19900.0 | (6)(13) |  |
| MDPK 2015-17 | Collaterized loan obligation | 10.33% |  |  |  | 07/2045 |  | 59391.7 | 7690.6 | 6700.5 | (6)(13) |  |
|  | Collaterized loan obligation | 10.33% |  |  |  | 07/2030 |  | 6173.4 | 799.4 | 696.5 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 8490.0 | 7397.0 |  |  |
| MDPK 2016-20 | Collaterized loan obligation | 10.26% | SOFR (Q) | 6.40% |  | 10/2037 |  | 2727.5 | 2727.5 | 2613.8 | (6)(13) |  |
| MDPK 2016-22 | Collaterized loan obligation | 14.19% |  |  |  | 01/2033 |  | 3140.0 | 1554.5 | 1302.2 | (6)(13) |  |
| MDPK 2018-30 | Collaterized loan obligation | 11.22% |  |  |  | 07/2027 |  | 14921.4 | 7768.0 | 5506.0 | (6)(13) |  |
|  | Collaterized loan obligation | 8.50% |  |  |  | 07/2037 |  | 750.0 | 750.0 | 755.7 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 8518.0 | 6261.7 |  |  |
| MDPK 2018-31 | Collaterized loan obligation | 10.26% | SOFR (Q) | 6.40% |  | 07/2037 |  | 1100.0 | 1101.8 | 1088.2 | (6)(13) |  |
| MDPK 2018-32 | Collaterized loan obligation | 10.26% | SOFR (Q) | 6.40% |  | 07/2037 |  | 4850.0 | 4850.0 | 4758.7 | (6)(13) |  |
|  | Collaterized loan obligation | 9.00% |  |  |  | 01/2048 |  | 2360.0 | 1100.5 | 886.9 | (6)(13) |  |
|  | Collaterized loan obligation | 9.00% |  |  |  | 01/2048 |  | 744.0 | 346.9 | 279.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 6297.4 | 5925.2 |  |  |
| MDPK 2019-34 | Collaterized loan obligation | 10.39% | SOFR (Q) | 6.50% |  | 10/2037 |  | 1700.0 | 1700.0 | 1659.0 | (6)(13) |  |
| MDPK 2019-37 | Collaterized loan obligation | 10.50% | SOFR (Q) | 6.60% |  | 04/2037 |  | 1000.0 | 1000.0 | 1006.1 | (6)(13) |  |
|  | Collaterized loan obligation | 13.01% |  |  |  | 04/2037 |  | 1600.0 | 832.2 | 676.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 1832.2 | 1682.4 |  |  |
| MDPK 2020-46 | Collaterized loan obligation | 9.15% | SOFR (Q) | 5.25% |  | 10/2034 |  | 2000.0 | 1966.8 | 1937.9 | (6)(13) |  |
| MDPK 2021-59 | Collaterized loan obligation | 10.28% | SOFR (Q) | 6.40% |  | 04/2037 |  | 2890.0 | 2883.8 | 2836.8 | (6)(13) |  |
| MDPK 2022-60 | Collaterized loan obligation | 10.36% | SOFR (Q) | 6.50% |  | 10/2037 |  | 5625.0 | 5625.0 | 5585.1 | (6)(13) |  |
|  | Collaterized loan obligation | 7.49% |  |  |  | 10/2037 |  | 1081.5 | 863.5 | 677.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 6488.5 | 6262.3 |  |  |
| MDPK 2023-63 | Collaterized loan obligation | 9.87% | SOFR (Q) | 6.00% |  | 07/2038 |  | 4750.0 | 4750.0 | 4762.1 | (6)(13) |  |
| MDPK 2023-63A | Collaterized loan obligation | 14.77% |  |  |  | 07/2038 |  | 1702.6 | 1117.3 | 1061.7 | (6)(13) |  |
| MDPK 2024-66 | Collaterized loan obligation | 9.37% | SOFR (Q) | 5.50% |  | 10/2037 |  | 2500.0 | 2500.0 | 2519.0 | (6)(13) |  |
|  | Collaterized loan obligation | 12.84% |  |  |  | 10/2037 |  | 2410.0 | 2186.7 | 1805.1 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4686.7 | 4324.1 |  |  |
| MDPK 2024-67 | Collaterized loan obligation | 10.66% | SOFR (Q) | 6.80% |  | 04/2037 |  | 2500.0 | 2500.0 | 2520.4 | (6)(13) |  |
| MDPK 2024-68 | Collaterized loan obligation | 8.98% | SOFR (Q) | 5.10% |  | 01/2038 |  | 2375.0 | 2375.0 | 2385.4 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| MDPK 2024-69 | Collaterized loan obligation | 10.11% | SOFR (Q) | 6.25% |  | 07/2037 |  | 1500.0 | 1500.0 | 1504.2 | (6)(13) |  |
| MDPK 2025-65 | Collaterized loan obligation | 9.32% | SOFR (Q) | 5.00% |  | 07/2038 |  | 2400.0 | 2400.0 | 2409.6 | (6)(13) |  |
| MDPK 2025-71 | Collaterized loan obligation | 17.05% |  |  |  | 04/2038 |  | 4120.0 | 3436.6 | 3637.6 | (6)(13) |  |
| MDPK 2025-72 | Collaterized loan obligation | 13.19% |  |  |  | 07/2038 |  | 10470.0 | 10470.0 | 10214.4 | (6)(13) |  |
| MDPK 2025-75 | Collaterized loan obligation | 11.70% |  |  |  | 01/2039 |  | 21935.0 | 21935.0 | 22160.5 | (6)(13) |  |
| MidOcean CLO Equity Fund I, LP | Limited partnership interest | 9.00% |  |  | 10/2024 |  | 35996269 |  | 35966.6 | 35996.3 | (6)(13) |  |
| Montagu V (US) L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.57% |  | 1353.4 | 1737.7 | (6) |  |
| NCMF 2025-MFS | Private asset-backed investment | 7.53% |  |  |  | 06/2033 |  | 24530.0 | 24257.0 | 24915.3 | (6)(13) |  |
| NEUB 2018-28 | Collaterized loan obligation | 10.83% | SOFR (Q) | 6.95% |  | 10/2038 |  | 700.0 | 718.7 | 712.1 | (6)(13) |  |
| NEUB 2025-60 | Collaterized loan obligation | 10.34% | SOFR (Q) | 6.48% |  | 04/2039 |  | 3700.0 | 3664.0 | 3787.4 | (6)(13) |  |
| NEUB 2025-61 | Collaterized loan obligation | 8.99% | SOFR (Q) | 4.90% |  | 07/2039 |  | 2950.0 | 2950.0 | 2967.8 | (6)(13) |  |
| New Mountain Partners III, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.20% |  | 320.9 | 393.3 | (6) |  |
| New Mountain Partners IV, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.20% |  | 914.2 | 872.0 | (6) |  |
| NMC CLO-2 | Collaterized loan obligation | 9.60% | SOFR (Q) | 5.70% |  | 01/2038 |  | 937.5 | 937.5 | 928.2 | (6)(13) |  |
| OAKC 2012-7 | Collaterized loan obligation | 8.39% | SOFR (Q) | 4.50% |  | 02/2038 |  | 5000.0 | 4948.0 | 4982.0 | (6)(13) |  |
|  | Collaterized loan obligation | 8.87% |  |  |  | 02/2038 |  | 480.0 | 277.9 | 232.8 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 5225.9 | 5214.8 |  |  |
| OAKC 2014-10R | Collaterized loan obligation | 8.28% | SOFR (Q) | 4.40% |  | 04/2038 |  | 2000.0 | 2000.0 | 1992.6 | (6)(13) |  |
| OAKC 2015-12 | Collaterized loan obligation | 6.49% |  |  |  | 04/2037 |  | 14541.0 | 8279.8 | 7174.3 | (6)(13) |  |
| OAKC 2016-13 | Collaterized loan obligation | 9.62% | SOFR (Q) | 5.75% |  | 10/2037 |  | 1220.0 | 1220.0 | 1229.6 | (6)(13) |  |
|  | Collaterized loan obligation | 8.00% |  |  |  | 10/2037 |  | 2920.0 | 2267.9 | 1759.0 | (6)(13) |  |
|  | Collaterized loan obligation | 8.00% |  |  |  | 01/2030 |  | 1400.0 | 1087.4 | 843.4 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4575.3 | 3832.0 |  |  |
| OAKC 2017-15 | Collaterized loan obligation | 7.17% |  |  |  | 01/2030 |  | 3441.5 | 1821.4 | 1516.7 | (6)(13) |  |
| OAKC 2019-2 | Collaterized loan obligation | 11.30% |  |  |  | 01/2038 |  | 3330.0 | 2972.9 | 2679.8 | (6)(13) |  |
| OAKC 2019-3 | Collaterized loan obligation | 9.67% |  |  |  | 07/2032 |  | 3590.0 | 2955.1 | 2483.1 | (6)(13) |  |
| OAKC 2019-4 | Collaterized loan obligation | 8.81% | SOFR (Q) | 4.95% |  | 01/2038 |  | 3640.0 | 3640.0 | 3649.2 | (6)(13) |  |
| OAKC 2020-5 | Collaterized loan obligation | 8.87% |  |  |  | 10/2037 |  | 3130.0 | 2932.6 | 2411.3 | (6)(13) |  |
| OAKC 2020-6 | Collaterized loan obligation | 9.13% | SOFR (Q) | 5.25% |  | 10/2037 |  | 1100.0 | 1100.0 | 1108.1 | (6)(13) |  |
|  | Collaterized loan obligation | 9.24% |  |  |  | 10/2037 |  | 2966.0 | 3077.9 | 2609.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4177.9 | 3717.3 |  |  |
| OAKC 2020-7 | Collaterized loan obligation | 8.78% | SOFR (Q) | 4.90% |  | 07/2038 |  | 6370.0 | 6370.0 | 6388.5 | (6)(13) |  |
| OAKC 2021-16 | Collaterized loan obligation | 8.14% |  |  |  | 10/2034 |  | 1210.0 | 986.0 | 786.5 | (6)(13) |  |
| OAKC 2021-8 | Collaterized loan obligation | 8.73% | SOFR (Q) | 4.85% |  | 01/2038 |  | 525.0 | 525.4 | 526.3 | (6)(13) |  |
|  | Collaterized loan obligation | 11.39% |  |  |  | 01/2038 |  | 3190.0 | 2712.8 | 2438.0 | (6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 3238.2 | 2964.3 |  |  |
| OAKC 2021-9 | Collaterized loan obligation | 9.38% | SOFR (Q) | 5.50% |  | 10/2037 |  | 2050.0 | 2050.0 | 2063.9 | (6)(13) |  |
|  | Collaterized loan obligation | 9.86% |  |  |  | 10/2037 |  | 1500.0 | 1401.0 | 1193.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3451.0 | 3256.9 |  |  |
| OAKC 2022-12R | Collaterized loan obligation | 9.18% | SOFR (Q) | 4.85% |  | 07/2037 |  | 6700.0 | 6700.0 | 6740.2 | (6)(13) |  |
| OAKC 2023-15RA | Collaterized loan obligation | 8.73% | SOFR (Q) | 4.85% |  | 07/2038 |  | 3000.0 | 3000.0 | 3020.9 | (6)(13) |  |
| OAKCL 2023-1 | Collaterized loan obligation | 11.40% | SOFR (Q) | 7.50% |  | 04/2038 |  | 1500.0 | 1553.8 | 1532.2 | (6)(13) |  |
| OAKCL 2025-32 | Collaterized loan obligation | 9.46% | SOFR (Q) | 5.35% |  | 07/2038 |  | 1750.0 | 1750.0 | 1741.1 | (6)(13) |  |
| OCP 2015-10 | Collaterized loan obligation | 9.21% | SOFR (Q) | 5.35% |  | 01/2038 |  | 1000.0 | 993.8 | 1004.5 | (6)(13) |  |
|  | Collaterized loan obligation | 17.03% |  |  |  | 01/2038 |  | 20760.0 | 8018.6 | 8217.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 9012.4 | 9222.1 |  |  |
| OCP 2016-11 | Collaterized loan obligation | 9.11% | SOFR (Q) | 5.25% |  | 07/2038 |  | 5080.0 | 5080.0 | 5114.9 | (6)(13) |  |
| OCP 2018-15 | Collaterized loan obligation | 12.20% |  |  |  | 07/2031 |  | 13282.0 | 5945.8 | 5173.6 | (6)(13) |  |
| OCP 2021-21 | Collaterized loan obligation | 14.25% |  |  |  | 01/2038 |  | 20007.0 | 12268.3 | 11297.7 | (6)(13) |  |
| OCP 2022-24 | Collaterized loan obligation | 10.13% | SOFR (Q) | 6.25% |  | 10/2037 |  | 1550.0 | 1562.4 | 1574.0 | (6)(13) |  |
|  | Collaterized loan obligation | 20.62% |  |  |  | 10/2037 |  | 3060.0 | 1601.9 | 1599.9 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3164.3 | 3173.9 |  |  |
| OCP 2025-43 | Collaterized loan obligation | 10.79% | SOFR (Q) | 6.50% |  | 07/2038 |  | 2100.0 | 2100.0 | 2164.2 | (6)(13) |  |
| OCP 2025-44 | Collaterized loan obligation | 9.06% | SOFR (Q) | 4.80% |  | 10/2038 |  | 1800.0 | 1800.0 | 1808.1 | (6)(13) |  |
| OCP 2025-48 | Collaterized loan obligation | 10.70% |  |  |  | 12/2038 |  | 15450.0 | 13602.2 | 13602.8 | (6)(13) |  |
| OCPA 2023-29 | Collaterized loan obligation | 8.88% | SOFR (Q) | 5.00% |  | 01/2036 |  | 1000.0 | 1000.0 | 973.9 | (6)(13) |  |
| OCPA 2025-41 | Collaterized loan obligation | 8.00% |  |  |  | 04/2037 |  | 1500.0 | 1500.0 | 1505.9 | (6)(13) |  |
| OCT 61 2023-2 | Collaterized loan obligation | 11.77% | SOFR (Q) | 7.89% |  | 04/2038 |  | 1500.0 | 1455.4 | 1535.8 | (6)(13) |  |
| OCT 63 2024-2 | Collaterized loan obligation | 10.38% | SOFR (Q) | 6.50% |  | 07/2037 |  | 1166.7 | 1126.7 | 1181.4 | (6)(13) |  |
| OCT 67 2023-1 | Collaterized loan obligation | 12.00% |  |  |  | 07/2038 |  | 1590.1 | 1590.1 | 1591.0 | (6)(13) |  |
| OHACP 2024-17 | Collaterized loan obligation | 8.88% | SOFR (Q) | 5.00% |  | 01/2038 |  | 3000.0 | 3000.0 | 3022.5 | (6)(13) |  |
|  | Collaterized loan obligation | 11.52% |  |  |  | 01/2038 |  | 2610.0 | 2288.3 | 2044.9 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 5288.3 | 5067.4 |  |  |
| OHALF 2016-1 | Collaterized loan obligation | 10.03% |  |  |  | 07/2037 |  | 2375.0 | 1406.3 | 1303.0 | (6)(13) |  |
| OKANAGAN 2024-1 | Private asset-backed investment | 11.74% | SOFR (M) | 8.25% |  | 12/2032 |  | 20343.7 | 20377.9 | 19936.8 | (6)(13) |  |
| One Equity Partners VI, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.89% |  | 3147.2 | 3692.2 | (6) |  |
| One Equity Partners VII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.14% |  | 2307.6 | 2494.2 | (6) |  |
| Onex Partners III LP (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.20% |  | 1001.4 | 1297.3 | (6) |  |
| Onex Partners IV LP (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.14% |  | 2649.5 | 2695.0 | (6) |  |
| Permira IV L.P. 2 (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.07% |  | 1249.7 | 1505.2 | (6) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Permira V G.P. L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.02% |  | 205.0 | 283.3 | (6) |  |
| Permira VI L.P.1 (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.01% |  | 349.3 | 503.9 | (6) |  |
| PIPK 2025-18 | Collaterized loan obligation | 9.63% | SOFR (Q) | 5.75% |  | 04/2038 |  | 1250.0 | 1250.0 | 1268.4 | (6)(13) |  |
| PLMRS 2025-3 | Collaterized loan obligation | 9.23% | SOFR (Q) | 4.95% |  | 07/2038 |  | 3600.0 | 3600.0 | 3637.4 | (6)(13) |  |
| PNTPK 2019-1 | Collaterized loan obligation | 8.16% | SOFR (Q) | 4.30% |  | 07/2036 |  | 8075.0 | 8146.0 | 8099.3 | (6)(13) |  |
| PROSE 2024-3 | Private asset-backed investment | 8.85% |  |  |  | 10/2054 |  | 25000.0 | 25000.0 | 25834.4 | (6)(13) |  |
| Providence Equity Partners (Midsummer) L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.06% |  | 613.6 | 836.3 | (6) |  |
| Providence Equity Partners VII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.07% |  | 385.5 | 582.7 | (6) |  |
| Providence Equity Partners VII-A L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.20% |  | 1598.2 | 1675.5 | (6) |  |
| Providence Equity Partners VIII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.06% |  | 2826.5 | 3641.4 | (6) |  |
| Purple Garden Invest (D) AB (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.21% |  | 1043.7 | 1203.8 | (6) |  |
| PXLY 2024-1 | Collaterized loan obligation | 8.90% | SOFR (Q) | 5.00% |  | 01/2037 |  | 6050.0 | 6050.0 | 6077.3 | (6)(13) |  |
| Red Garden Invest (D) AB (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.21% |  | 1379.3 | 1599.9 | (6) |  |
| RRAM 2022-21 | Collaterized loan obligation | 10.69% | SOFR (Q) | 6.79% |  | 07/2039 |  | 250.0 | 249.0 | 227.8 | (6)(13) |  |
|  | Collaterized loan obligation | 9.48% |  |  |  | 07/2039 |  | 13070.0 | 8651.2 | 7076.4 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 8900.2 | 7304.2 |  |  |
| RRAM 2022-23 | Collaterized loan obligation | 8.90% | SOFR (Q) | 5.00% |  | 07/2037 |  | 4390.0 | 4390.0 | 4414.2 | (6)(13) |  |
| RRAM 2022-24 | Collaterized loan obligation | 10.68% | SOFR (Q) | 6.78% |  | 01/2037 |  | 700.0 | 697.8 | 689.5 | (6)(13) |  |
| RRAM 2023-25 | Collaterized loan obligation | 11.15% | SOFR (Q) | 7.25% |  | 10/2037 |  | 800.0 | 806.2 | 778.4 | (6)(13) |  |
| RRAM 2023-27 | Collaterized loan obligation | 14.64% |  |  |  | 10/2035 |  | 5580.0 | 4603.5 | 4644.8 | (6)(13) |  |
| RRAM 2024-29R | Collaterized loan obligation | 14.13% |  |  |  | 07/2039 |  | 5205.0 | 3023.6 | 3041.7 | (6)(13) |  |
| RRAM 2024-30 | Collaterized loan obligation | 10.22% | SOFR (Q) | 6.32% |  | 07/2036 |  | 400.0 | 394.7 | 394.1 | (6)(13) |  |
|  | Collaterized loan obligation | 11.87% |  |  |  | 07/2036 |  | 7000.0 | 6029.3 | 5569.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 6424.0 | 5963.1 |  |  |
| RRAM 2024-31 | Collaterized loan obligation | 10.77% | SOFR (Q) | 6.87% |  | 10/2039 |  | 450.0 | 450.5 | 445.0 | (6)(13) |  |
|  | Collaterized loan obligation | 14.25% |  |  |  | 10/2039 |  | 11200.0 | 8933.0 | 8951.2 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 9383.5 | 9396.2 |  |  |
| RRAM 2024-33 | Collaterized loan obligation | 10.71% | SOFR (Q) | 6.81% |  | 10/2039 |  | 500.0 | 498.5 | 494.7 | (6)(13) |  |
| RRAM 2024-35 | Collaterized loan obligation | 10.71% | SOFR (Q) | 6.81% |  | 01/2040 |  | 500.0 | 498.7 | 493.9 | (6)(13) |  |
| RRAM 2025-37 | Collaterized loan obligation | 8.55% | SOFR (Q) | 4.65% |  | 04/2038 |  | 1062.5 | 1062.5 | 1060.8 | (6)(13) |  |
| RRAM 2025-38 | Collaterized loan obligation | 12.99% |  |  |  | 04/2040 |  | 2580.0 | 2301.0 | 2114.6 | (6)(13) |  |
| RRAM 2025-40 | Collaterized loan obligation | 10.05% | SOFR (Q) | 5.75% |  | 07/2038 |  | 8750.0 | 8750.0 | 8842.9 | (6)(13) |  |
| Silver Lake Partners IV, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.02% |  | 1467.2 | 1918.6 | (6) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| SIXST 2020-16 | Collaterized loan obligation | 9.24% |  |  |  | 10/2032 |  | 1400.0 | 796.5 | 821.3 | (6)(13) |  |
| SIXST 2021-17 | Collaterized loan obligation | 17.20% |  |  |  | 04/2038 |  | 5550.0 | 3686.4 | 3690.4 | (6)(13) |  |
| SIXST 2021-20 | Collaterized loan obligation | 9.38% | SOFR (Q) | 5.50% |  | 07/2038 |  | 3250.0 | 3250.0 | 3253.3 | (6)(13) |  |
| SIXST 2022-21 | Collaterized loan obligation | 9.62% | SOFR (Q) | 5.75% |  | 10/2037 |  | 2025.0 | 2025.0 | 2048.0 | (6)(13) |  |
|  | Collaterized loan obligation | 14.43% |  |  |  | 10/2037 |  | 5242.0 | 3415.4 | 3124.5 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 5440.4 | 5172.5 |  |  |
| SIXST 2024-26 | Collaterized loan obligation | 9.53% | SOFR (Q) | 5.65% |  | 10/2037 |  | 650.0 | 653.6 | 655.2 | (6)(13) |  |
| SIXST 2024-27 | Collaterized loan obligation | 9.13% | SOFR (Q) | 5.25% |  | 01/2038 |  | 1750.0 | 1750.0 | 1762.4 | (6)(13) |  |
| SIXST 2025-28 | Collaterized loan obligation | 9.32% | SOFR (Q) | 5.45% |  | 04/2038 |  | 725.0 | 725.0 | 739.5 | (6)(13) |  |
|  | Collaterized loan obligation | 11.22% |  |  |  | 04/2038 |  | 2873.0 | 2292.9 | 2118.9 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3017.9 | 2858.4 |  |  |
| SIXST 2025-29 | Collaterized loan obligation | 12.11% |  |  |  | 07/2038 |  | 4870.0 | 4392.7 | 4273.9 | (6)(13) |  |
| SIXST 2025-30 | Collaterized loan obligation | 9.14% | SOFR (Q) | 4.85% |  | 07/2038 |  | 2300.0 | 2300.0 | 2328.8 | (6)(13) |  |
|  | Collaterized loan obligation | 11.64% |  |  |  | 07/2038 |  | 6315.0 | 5516.2 | 5325.1 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 7816.2 | 7653.9 |  |  |
| SIXST 2025-31 | Collaterized loan obligation | 11.50% |  |  |  | 01/2039 |  | 20105.0 | 17083.8 | 17086.2 | (6)(13) |  |
| SPEAK 2024-11 | Collaterized loan obligation | 16.55% |  |  |  | 07/2037 |  | 4000.0 | 3090.8 | 3206.8 | (6)(13) |  |
| STKPK 2022-1 | Collaterized loan obligation | 10.05% | SOFR (Q) | 6.15% |  | 10/2037 |  | 1687.5 | 1687.5 | 1674.4 | (6)(13) |  |
|  | Collaterized loan obligation | 12.13% |  |  |  | 10/2037 |  | 20240.0 | 15815.8 | 13079.6 | (6)(13) |  |
|  | Collaterized loan obligation |  |  |  |  | 10/2037 |  | 20240.0 | 185.3 | 597.7 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 17688.6 | 15351.7 |  |  |
| SYMP 2022-33 | Collaterized loan obligation | 9.22% | SOFR (Q) | 5.35% |  | 01/2038 |  | 1250.0 | 1250.0 | 1195.1 | (6)(13) |  |
| SYMP 2023-40 | Collaterized loan obligation | 9.16% | SOFR (Q) | 5.25% |  | 01/2038 |  | 1500.0 | 1500.0 | 1507.3 | (6)(13) |  |
| TCIFC 2023-1 | Collaterized loan obligation | 8.83% | SOFR (Q) | 4.95% |  | 07/2038 |  | 1800.0 | 1800.0 | 1819.6 | (6)(13) |  |
| Texas Debt Capital CLO 2024-II Ltd | Collaterized loan obligation | 9.12% | SOFR (Q) | 5.25% |  | 01/2037 |  | 4100.0 | 4100.0 | 4134.4 | (6)(13) |  |
| Thoma Bravo Fund XI-A, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.16% |  | 791.1 | 1010.6 | (6) |  |
| Thoma Bravo Special Opportunities Fund II-A, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.57% |  | 1133.3 | 1452.1 | (6) |  |
| THPT 2023-THL | Commercial mortgage-backed security | 10.40% |  |  |  | 12/2034 |  | 5000.0 | 4988.2 | 5045.2 | (6)(13) |  |
| Tikehau Green Diamond II CFO Equity LP (12) | Preferred shares | 9.77% | Euribor (Q) | 7.75% | 12/2024 | 12/2030 | 3405672 |  | 2419.3 | 2914.1 | (6)(13) |  |
| Tikehau Ruby CLO Equity LP (12) | Preferred shares | 12.02% | Euribor (Q) | 10.00% | 03/2024 |  | 1815364 |  | 514.6 | 588.9 | (6)(8)(13) |  |
| Tikehau Topaz LP (12) | Preferred shares | 12.67% | SOFR (Q) | 9.00% | 06/2024 |  | 3314856 |  | 2436.9 | 2474.2 | (6)(8)(13) |  |
| TPG Partners VI, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.21% |  | 190.1 | 325.3 | (6) |  |
| TPG Partners VIII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.01% |  | 1562.9 | 1640.3 | (6) |  |
| Trident VI Parallel Fund, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.22% |  | 1323.8 | 1672.6 | (6) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| TriplePoint Venture Growth BDC Corp | Senior subordinated loan | 8.11% |  |  |  | 02/2028 |  | 32900.0 | 32900.0 | 33309.3 | (2)(6)(13) |  |
| Vector Capital IV, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.08% |  | 198.7 | 256.4 | (6) |  |
| Vector Capital VI, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.02% |  | 49.5 | 47.9 | (6) |  |
| Vestar Capital Partners VII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.26% |  | 1889.7 | 1960.3 | (6) |  |
| Vista Equity Partners Fund V-A, L.P. (12) | Limited partnership interests |  |  |  | 03/2025 |  | 0.02% |  | 768.5 | 883.2 | (6) |  |
| VOYA 2021-3 | Collaterized loan obligation | 9.80% | SOFR (Q) | 5.90% |  | 04/2038 |  | 2500.0 | 2500.0 | 2536.1 | (6)(13) |  |
|  | Collaterized loan obligation | 8.15% |  |  |  | 04/2038 |  | 1875.0 | 1875.0 | 1907.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4375.0 | 4443.1 |  |  |
| VOYA 2024-1 | Collaterized loan obligation | 10.55% | SOFR (Q) | 6.65% |  | 04/2037 |  | 1681.9 | 1741.4 | 1697.8 | (6)(13) |  |
| VOYA 2024-2 | Collaterized loan obligation | 9.93% | SOFR (Q) | 6.05% |  | 07/2037 |  | 2500.0 | 2414.4 | 2524.4 | (6)(13) |  |
| VOYA 2025-1 | Collaterized loan obligation | 8.48% | SOFR (Q) | 4.60% |  | 04/2038 |  | 5215.0 | 5192.9 | 5127.6 | (6)(13) |  |
| VOYA 2025-2 | Collaterized loan obligation | 10.15% | SOFR (Q) | 6.25% |  | 07/2038 |  | 3497.7 | 3441.3 | 3561.1 | (6)(13) |  |
|  | Collaterized loan obligation | 14.62% |  |  |  | 07/2038 |  | 11976.0 | 10666.9 | 10346.3 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 14108.2 | 13907.4 |  |  |
| VOYA 2025-3 | Collaterized loan obligation | 9.73% | SOFR (Q) | 5.40% |  | 07/2038 |  | 3000.0 | 3000.0 | 3014.6 | (6)(13) |  |
| VOYA 2025-4 | Collaterized loan obligation | 9.00% | SOFR (Q) | 5.10% |  | 10/2038 |  | 6800.0 | 6800.0 | 6826.8 | (6)(13) |  |
| WCAS XIII, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.05% |  | 874.1 | 1740.2 | (6) |  |
| WCP Bridge Fund, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.15% |  | 87.6 | 347.9 | (6) |  |
| WEHPK 2022-1 | Collaterized loan obligation | 9.35% | SOFR (Q) | 5.40% |  | 10/2038 |  | 5300.0 | 5300.0 | 5177.0 | (6)(13) |  |
| Wellspring Capital Partners VI (Onshore), L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.12% |  | 1869.2 | 1514.2 | (6) |  |
| WILDPK 2024-1 | Collaterized loan obligation | 9.63% | SOFR (Q) | 5.75% |  | 10/2037 |  | 1117.5 | 1117.5 | 1127.9 | (6)(13) |  |
| Wind Point Partners VIII-A, L.P. (12) | Limited partnership interests |  |  |  | 09/2025 |  | 0.14% |  | 702.6 | 568.2 | (6) |  |
| WONPK 2025-1 | Collaterized loan obligation | 9.22% | SOFR (Q) | 4.90% |  | 07/2038 |  | 3350.0 | 3350.0 | 3367.7 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 1841282.5 | 1826970.4 |  | 17.39% |
| **Capital Goods** |  |  |  |  |  |  |  |  |  |  |  |  |
| AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. (11) | First lien senior secured revolving loan | 10.34% | SOFR (Q) | 6.50% |  | 08/2030 |  | 3592.0 | 3463.9 | 3454.3 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 10.32% | SOFR (Q) | 6.50% |  | 08/2030 |  | 92363.4 | 91067.9 | 90977.9 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 94531.8 | 94432.2 |  |  |
| AI Aqua Merger Sub, Inc. | First lien senior secured loan | 6.86% | SOFR (Q) | 3.00% |  | 07/2028 |  | 116127.3 | 115978.3 | 116339.8 | (2)(6)(8) |  |
| Airx Climate Solutions, Inc. (11) | First lien senior secured loan | 9.57% | SOFR (Q) | 5.75% |  | 11/2029 |  | 23093.5 | 22722.2 | 23093.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.82% | SOFR (Q) | 5.00% |  | 11/2029 |  | 12351.8 | 12226.2 | 12228.3 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 34948.4 | 35321.8 |  |  |
| Alliance Laundry Systems LLC | First lien senior secured loan | 6.07% | SOFR (Q) | 2.25% |  | 08/2031 |  | 25114.8 | 25061.7 | 25209.0 | (2) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Arcline FM Holdings, LLC | First lien senior secured loan | 6.42% | SOFR (Q) | 2.75% |  | 06/2030 |  | 14587.4 | 14630.5 | 14628.3 | (2)(8) |  |
| Artera Services, LLC | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 02/2031 |  | 26756.5 | 23581.2 | 21522.4 | (2) |  |
| BCPE Empire Holdings, Inc. | First lien senior secured loan | 6.97% | SOFR (M) | 3.25% |  | 12/2030 |  | 8430.1 | 8443.2 | 8328.3 | (2)(8) |  |
| BGIF IV Fearless Utility Services, Inc. (11) | First lien senior secured loan | 8.73% | SOFR (M) | 5.00% |  | 06/2031 |  | 54015.9 | 53632.2 | 54015.9 | (2)(8)(13) |  |
| Brown Group Holding, LLC | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 07/2031 |  | 25494.1 | 25502.7 | 25610.1 | (2)(8) |  |
|  | First lien senior secured loan | 6.56% | SOFR (Q) | 2.75% |  | 07/2031 |  | 10878.8 | 10849.5 | 10927.5 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 36352.2 | 36537.6 |  |  |
| Burgess Point Purchaser Corporation | First lien senior secured loan | 9.19% | SOFR (Q) | 5.25% |  | 07/2029 |  | 69085.4 | 66821.3 | 58328.1 | (2)(8) |  |
| Chillaton Bidco Limited (11) | First lien senior secured loan | 10.30% | SONIA (S) | 6.50% |  | 05/2031 |  | 7029.8 | 6515.1 | 7029.8 | (2)(6)(8)(13) |  |
| CoorsTek, inc | First lien senior secured loan | 6.86% | SOFR (Q) | 3.00% |  | 10/2032 |  | 12000.0 | 11941.3 | 12082.6 | (2) |  |
| CPIG Holdco Inc. (11) | First lien senior secured revolving loan | 8.84% | SOFR (Q) | 4.75% |  | 04/2028 |  | 0.5 | 0.5 | 0.5 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 11.09% | SOFR (Q) | 7.00% |  | 04/2028 |  | 14662.5 | 14458.2 | 14662.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14458.7 | 14663.0 |  |  |
| EC Partners Spanish BidCo, S.L.U. (11) | First lien senior secured loan | 7.85% | Euribor (S) | 5.75% |  | 01/2032 |  | 756.6 | 655.2 | 756.6 | (2)(6)(13) |  |
| ELM DebtCo, LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 11/2031 |  | 3292.7 | 3260.5 | 3259.8 | (2)(8)(13) |  |
| Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC (11) | First lien senior secured revolving loan | 10.17% | SOFR (Q) | 6.50% |  | 10/2031 |  | 2346.1 | 2203.8 | 2316.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.17% | SOFR (Q) | 6.50% |  | 10/2031 |  | 65016.6 | 63439.4 | 64691.5 | (2)(8)(13) |  |
|  | Preferred equity | 8.00% PIK |  |  | 10/2025 |  | 9461 |  | 9460.8 | 9460.8 | (2)(13) |  |
|  | Common units |  |  |  | 10/2025 |  | 10512 |  | 1051.2 | 1051.2 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 76155.2 | 77520.3 |  |  |
| FCG Acquisitions, Inc. | First lien senior secured loan | 6.97% | SOFR (M) | 3.25% |  | 03/2028 |  | 51193.5 | 51266.5 | 51361.4 | (2)(8) |  |
| Generator US Buyer, Inc. and Total Power Limited (11) | First lien senior secured loan | 6.76% | CORRA (Q) | 4.50% |  | 07/2030 |  | 7859.8 | 7706.5 | 7859.8 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 07/2030 |  | 987.5 | 973.9 | 987.5 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 8680.4 | 8847.3 |  |  |
| Green Infrastructure Partners Inc. | First lien senior secured loan | 6.42% | SOFR (Q) | 2.75% |  | 09/2032 |  | 18000.0 | 17983.9 | 18000.0 | (2)(6) |  |
| GSV Purchaser, Inc. (11) | First lien senior secured loan | 8.28% | SOFR (M) | 4.50% |  | 08/2031 |  | 39723.4 | 39350.9 | 39723.4 | (2)(8)(13) |  |
| Harvey Tool Company, LLC | First lien senior secured loan | 6.90% | Euribor (M) | 5.00% |  | 08/2032 |  | 8789.7 | 8690.2 | 8745.7 | (2)(8)(13) |  |
| Helix Acquisition Holdings, Inc. | First lien senior secured loan | 10.82% | SOFR (M) | 7.00% |  | 03/2030 |  | 14188.7 | 13930.6 | 14188.7 | (2)(8)(13) |  |
| Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC (11) | First lien senior secured revolving loan | 8.17% | SOFR (Q) | 4.50% |  | 03/2032 |  | 1896.7 | 1815.1 | 1896.7 | (2)(8)(10)(13) |  |
|  | First lien senior secured revolving loan | 10.25% | Base Rate (S) | 3.50% |  | 03/2032 |  | 1083.8 | 1037.2 | 1083.8 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 03/2032 |  | 75600.7 | 75056.4 | 75600.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 77908.7 | 78581.2 |  |  |
| HPCC Parent, Inc. and Patriot Container Corp. (11) | First lien senior secured loan | 13.00% (7.00% PIK) |  |  |  | 09/2030 |  | 74826.5 | 73245.7 | 74826.5 | (2)(13) |  |
|  | Common stock |  |  |  | 09/2024 |  | 406680 |  | 3855.3 | 4077.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 77101.0 | 78903.8 |  |  |
| INNIO Group Holding GmbH | First lien senior secured loan | 6.13% | SOFR (S) | 2.25% |  | 11/2028 |  | 10000.0 | 10000.0 | 10025.0 | (2)(6) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| JSG II, Inc. and Checkers USA, Inc. (11) | First lien senior secured loan | 8.23% | SOFR (M) | 4.50% |  | 09/2032 |  | 2873.0 | 2859.1 | 2858.6 | (2)(8)(13) |  |
| KKR Apple Bidco, LLC | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 09/2031 |  | 38029.8 | 38095.7 | 38214.6 | (2) |  |
| Madison IAQ LLC | First lien senior secured loan | 6.70% | SOFR (S) | 2.50% |  | 06/2028 |  | 81508.1 | 81371.5 | 81856.9 | (2)(8) |  |
| OPH NEP Investment, LLC (4) | Senior subordinated loan | 10.00% (7.00% PIK) |  |  |  | 05/2032 |  | 40264.8 | 37811.9 | 39459.5 | (2)(13) |  |
|  | Class B common units |  |  |  | 05/2024 |  | 9 |  | 2083.7 | 2754.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 39895.6 | 42213.5 |  |  |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc. (11) | First lien senior secured revolving loan | 8.47% | SOFR (M) | 4.75% |  | 12/2031 |  | 633.2 | 561.8 | 633.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 12/2031 |  | 52507.7 | 52063.6 | 52507.7 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 52625.4 | 53140.9 |  |  |
| Pave America Holding, LLC (11) | First lien senior secured revolving loan | 8.42% | SOFR (Q) | 4.75% |  | 08/2032 |  | 1713.3 | 1659.0 | 1656.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.94% (2.88% PIK) | SOFR (Q) | 5.25% |  | 08/2032 |  | 20967.5 | 20757.1 | 20734.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 22416.1 | 22390.9 |  |  |
| Pike Corporation (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 12/2032 |  | 175185.1 | 174313.7 | 174309.2 | (2)(8)(13) |  |
| Pinnacle Buyer, LLC (11) | First lien senior secured loan | 6.49% | SOFR (Q) | 2.50% |  | 10/2032 |  | 41723.6 | 41814.6 | 41854.2 | (2) |  |
| Project Castle, Inc. | First lien senior secured loan | 9.36% | SOFR (S) | 5.50% |  | 06/2029 |  | 28051.3 | 22808.5 | 18058.0 | (2)(8) |  |
| PumpTech, LLC and Impel CV-B, LP (11)(12) | First lien senior secured revolving loan | 8.47% | SOFR (M) | 4.75% |  | 01/2031 |  | 384.8 | 369.6 | 370.4 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 10.50% | Base Rate (Q) | 3.75% |  | 01/2031 |  | 384.8 | 369.6 | 370.4 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 01/2031 |  | 15383.7 | 15199.3 | 15162.7 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 03/2025 |  | 958338 |  | 979.6 | 942.2 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 16918.1 | 16845.7 |  |  |
| Signia Aerospace, LLC (11) | First lien senior secured loan | 6.57% | SOFR (Q) | 2.75% |  | 12/2031 |  | 7207.4 | 7192.1 | 7225.5 | (2)(8) |  |
| SPX Flow, Inc. | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 04/2029 |  | 15601.1 | 15645.2 | 15631.8 | (2)(8) |  |
| Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (11) | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 05/2031 |  | 34767.1 | 34218.7 | 34767.1 | (2)(8)(13) |  |
|  | Series A common units |  |  |  | 05/2024 |  | 996 |  | 996.0 | 1676.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 35214.7 | 36443.5 |  |  |
| Titan BW Borrower L.P. (11) | First lien senior secured loan | 9.25% (2.88% PIK) | SOFR (Q) | 5.38% |  | 07/2032 |  | 62057.4 | 61481.5 | 61436.8 | (2)(8)(13) |  |
| WEC US Holdings Ltd. | First lien senior secured loan | 5.87% | SOFR (M) | 2.00% |  | 01/2031 |  | 68027.3 | 67872.8 | 68117.1 | (2) |  |
| Werner Finco LP | First lien senior secured loan | 9.21% | SOFR (Q) | 5.50% |  | 06/2031 |  | 92774.8 | 91500.0 | 92774.8 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 1663903.6 | 1661724.0 |  | 15.82% |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| Aduro Advisors, LLC (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 07/2030 |  | 18531.1 | 18391.4 | 18531.1 | (2)(8)(13) |  |
| AL GCX Holdings, LLC | First lien senior secured loan | 5.92% | SOFR (M) | 2.25% |  | 12/2032 |  | 10000.0 | 9962.5 | 10006.3 | (8) |  |
| BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC | Senior subordinated loan | 10.44% | SOFR (Q) | 6.75% |  | 12/2031 |  | 16250.0 | 15966.8 | 16250.0 | (2)(8)(13) |  |
| BCP Renaissance Parent L.L.C. | First lien senior secured loan | 6.17% | SOFR (Q) | 2.50% |  | 10/2028 |  | 20783.9 | 20828.2 | 20887.8 | (2)(8) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Cannon Bridge Designated Activity Company (11) | First lien senior secured revolving loan | 8.02% | Euribor (S) | 6.00% |  | 07/2027 |  | 2336.6 | 2338.3 | 2242.3 | (6)(13) |  |
|  | First lien senior secured revolving loan | 14.02% | Euribor (S) | 12.00% |  | 07/2027 |  | 916.0 | 894.6 | 891.4 | (6)(13) |  |
|  | First lien senior secured revolving loan | 15.67% | SOFR (S) | 12.00% |  | 07/2027 |  | 202.5 | 197.8 | 197.1 | (6)(13) |  |
|  | First lien senior secured revolving loan | 9.67% | SOFR (S) | 6.00% |  | 07/2027 |  | 55.2 | 55.3 | 53.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3486.0 | 3383.8 |  |  |
| Cezanne Bidco (11) | First lien senior secured loan | 8.27% | Euribor (Q) | 6.25% |  | 10/2031 |  | 12640.3 | 11339.9 | 12640.3 | (2)(6)(13) |  |
| CFC Bidco 2022 Limited | First lien senior secured loan | 7.74% | SOFR (Q) | 3.75% |  | 07/2032 |  | 47927.3 | 46927.1 | 46549.4 | (2)(6) |  |
| Chicago US Midco III, LP (11) | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 11/2032 |  | 14267.2 | 14232.2 | 14285.1 | (2)(6)(13) |  |
| Clearstead Advisors, LLC (11) | First lien senior secured revolving loan | 8.22% | SOFR (M) | 4.50% |  | 02/2028 |  | 271.4 | 268.2 | 271.4 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.23% | SOFR (Q) | 4.50% |  | 02/2028 |  | 8438.6 | 8405.8 | 8438.6 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 8674.0 | 8710.0 |  |  |
| Convera International Holdings Limited and Convera International Financial S.A R.L. (11) | First lien senior secured loan | 8.44% | SOFR (Q) | 4.75% |  | 03/2030 |  | 17143.7 | 17032.4 | 17143.7 | (2)(6)(8)(13) |  |
| Endeavor Bidco LLC and Endeavor TopCo, Inc. | First lien senior secured loan | 7.92% | SOFR (Q) | 4.25% |  | 08/2029 |  | 13196.0 | 13034.2 | 13196.0 | (2)(8)(13) |  |
|  | Class A common units |  |  |  | 08/2024 |  | 2540 |  | 2540.0 | 3897.4 | (13) |  |
|  |  |  |  |  |  |  |  |  | 15574.2 | 17093.4 |  |  |
| Focus Financial Partners, LLC | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 09/2031 |  | 55554.9 | 55410.2 | 55633.8 | (2) |  |
| GAPCO AIV Interholdco (CP), L.P. (11) | Senior subordinated loan | 10.42% PIK | SOFR (Q) | 6.75% |  | 03/2033 |  | 52451.0 | 51217.1 | 52451.0 | (2)(6)(8)(13) |  |
| GC Waves Holdings, Inc. (11) | First lien senior secured loan | 8.22% | SOFR (M) | 4.50% |  | 10/2030 |  | 23394.1 | 23229.3 | 23394.1 | (2)(6)(8)(13) |  |
| Gen II Fund Services, LLC | First lien senior secured loan | 6.42% | SOFR (Q) | 2.75% |  | 11/2031 |  | 58776.3 | 58915.0 | 58751.6 | (2) |  |
| Grit Buyer, Inc. and Integrum Grit Co-Invest LP (11)(12) | First lien senior secured loan | 8.37% | SOFR (Q) | 4.50% |  | 07/2032 |  | 64162.5 | 63193.8 | 63110.8 | (2)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 07/2025 |  | 4643250 |  | 3740.9 | 3981.6 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 66934.7 | 67092.4 |  |  |
| GTCR F Buyer Corp. and GTCR (D) Investors LP (11)(12) | First lien senior secured revolving loan | 8.73% | SOFR (M) | 5.00% |  | 09/2029 |  | 187.5 | 158.8 | 187.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 09/2030 |  | 14302.2 | 14092.6 | 14302.2 | (2)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 09/2023 |  | 78677 |  | 79.3 | 166.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 14330.7 | 14656.1 |  |  |
| Harbourvest Global Private Equity Limited (11) | Private asset-backed investment | 7.65% | SOFR (Q) | 3.50% |  | 06/2029 |  | 30875.0 | 30207.0 | 30875.0 | (13) |  |
| HighTower Holding, LLC | First lien senior secured loan | 6.65% | SOFR (Q) | 2.75% |  | 02/2032 |  | 41457.0 | 41458.0 | 41483.1 | (2)(6) |  |
| Icon Parent I Inc. | First lien senior secured loan | 6.44% | SOFR (Q) | 2.75% |  | 11/2031 |  | 43651.2 | 43574.6 | 43700.5 | (2) |  |
| Isthmus Capital LLC | Private asset-backed investment | 9.50% |  |  |  | 06/2030 |  | 1076.4 | 1067.9 | 1076.4 | (6)(13) |  |
|  | Private asset-backed investment |  |  |  | 06/2023 |  | 4 |  |  | 21.9 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 1067.9 | 1098.3 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Kohlberg Private Credit Investors Rated Feeder-L, L.L.C. (11)(12) | Senior subordinated loan | 13.02% | SOFR (S) | 9.25% |  | 12/2036 |  | 2478.9 | 2380.4 | 2379.7 | (6)(13) |  |
|  | Common stock |  |  |  | 12/2025 |  | 390942 |  | 390.9 | 390.9 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 2771.3 | 2770.6 |  |  |
| Mai Capital Management Intermediate LLC (11) | First lien senior secured revolving loan | 8.43% | SOFR (Q) | 4.75% |  | 08/2031 |  | 363.2 | 347.0 | 363.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 08/2031 |  | 13422.1 | 13330.2 | 13422.1 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 13677.2 | 13785.3 |  |  |
| Mariner Wealth Advisors, LLC | First lien senior secured loan | 6.50% | SOFR (Q) | 2.50% |  | 12/2030 |  | 16353.5 | 16339.9 | 16425.9 | (2)(8) |  |
|  | First lien senior secured loan | 5.92% | SOFR (S) | 2.25% |  | 12/2030 |  | 2002.3 | 2002.3 | 2011.2 |  |  |
|  |  |  |  |  |  |  |  |  | 18342.2 | 18437.1 |  |  |
| Mars Downstop Loan Purchaser Trust | Private asset-backed investment | 11.00% |  |  | 02/2024 |  | 29990339 |  | 11827.8 | 11827.9 | (6)(13) |  |
| MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. | Z1 preferred shares | 12.00% PIK |  |  | 08/2025 | 08/2031 | 15586 |  | 16157.5 | 16150.2 | (2)(6)(13) |  |
|  | Z2 preferred shares | 12.00% (6.00% PIK) |  |  | 08/2025 | 08/2031 | 15586 |  | 15791.2 | 15790.2 | (2)(6)(13) |  |
|  | Membership interest |  |  |  | 08/2025 |  | 1000 |  | 1.0 | 1.0 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 31949.7 | 31941.4 |  |  |
| Medlar Bidco Limited (11) | First lien senior secured loan | 8.74% | SONIA (Q) | 5.00% |  | 05/2032 |  | 32457.2 | 31708.8 | 31970.3 | (2)(6)(13) |  |
|  | First lien senior secured loan | 6.99% | Euribor (Q) | 5.00% |  | 05/2032 |  | 15029.5 | 14312.5 | 14804.0 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 46021.3 | 46774.3 |  |  |
| Mercury Borrower, Inc. | First lien senior secured loan | 6.95% | SOFR (M) | 3.00% |  | 11/2032 |  | 48001.6 | 47779.1 | 47917.6 | (2)(8) |  |
| Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP (11) | First lien senior secured revolving loan | 8.67% | SOFR (Q) | 5.00% |  | 08/2032 |  | 1250.0 | 1238.1 | 1237.5 | (2)(6)(8)(13) |  |
|  | First lien senior secured revolving loan | 10.75% | Base Rate (Q) | 4.00% |  | 08/2032 |  | 500.0 | 495.2 | 495.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 08/2032 |  | 12468.8 | 12350.2 | 12344.1 | (2)(6)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 08/2025 |  | 4655000 |  | 4666.8 | 4655.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 18750.3 | 18731.6 |  |  |
| Monica Holdco (US), Inc. (11) | First lien senior secured loan | 9.07% | SOFR (Q) | 5.25% |  | 07/2030 |  | 10999.1 | 10849.5 | 10999.1 | (2)(6)(8)(13) |  |
| Monroe Capital Income Plus Corporation | Corporate bond | 9.42% |  |  |  | 11/2028 |  | 10000.0 | 10000.0 | 10779.9 | (2)(6)(13) |  |
| MSD Investment Corp. | Corporate bond | 7.24% |  |  |  | 05/2028 |  | 25000.0 | 25000.0 | 24906.8 | (2)(6)(13) |  |
| Nexus Buyer LLC | Second lien senior secured loan | 9.47% | SOFR (M) | 5.75% |  | 02/2032 |  | 105678.8 | 104743.3 | 104424.4 | (2) |  |
| Oak Funding LLC (11) | First lien senior secured loan | 8.29% | SOFR (Q) | 4.50% |  | 12/2032 |  | 88833.3 | 87955.4 | 87945.0 | (2)(6)(8)(13) |  |
| Osttra Group Ltd. | First lien senior secured loan | 7.43% | SOFR (Q) | 3.50% |  | 10/2032 |  | 26897.2 | 26839.5 | 27006.4 | (2) |  |
| Parexel International Inc. | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 12/2031 |  | 64374.4 | 64324.4 | 64548.9 | (2)(8) |  |
| Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (11)(12) | First lien senior secured revolving loan | **8.82%** | **SOFR (M)** | **5.00%** |  | **05/2028** |  | **509.2** | **488.3** | **509.2** | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.82% | SOFR (M) | 5.00% |  | 05/2029 |  | 26614.2 | 26325.2 | 26614.2 | (2)(6)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 09/2023 |  | 96046 |  | 96.4 | 137.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 26909.9 | 27261.0 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (11) | First lien senior secured loan | 8.92% | SOFR (Q) | 5.25% |  | 08/2029 |  | 11850.7 | 11668.3 | 11850.7 | (2)(6)(8)(13) |  |
|  | Preferred units |  |  |  | 07/2023 |  | 1333333 |  | 1315.5 | 1744.0 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 12983.8 | 13594.7 |  |  |
| PCS MidCo, Inc. and PCS Parent, L.P. (11) | First lien senior secured loan | 9.42% | SOFR (Q) | 5.75% |  | 03/2030 |  | 11833.2 | 11668.5 | 11833.2 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 03/2024 |  | 806000 |  | 806.0 | 892.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 12474.5 | 12725.2 |  |  |
| Perigon Wealth Management, LLC and Perigon Wealth Advisors Holdings Company, LLC (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 03/2031 |  | 133.9 | 89.2 | 133.9 | (2)(6)(8)(13) |  |
| Pioneer AcquisitionCo, LLC | First lien senior secured loan | 6.94% | SOFR (Q) | 3.25% |  | 10/2032 |  | 12500.0 | 12469.4 | 12546.9 | (2) |  |
| RWA Wealth Partners, LLC (11) | First lien senior secured loan | 8.61% | SOFR (Q) | 4.75% |  | 11/2030 |  | 9165.7 | 9077.9 | 9165.7 | (2)(6)(8)(13) |  |
| Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC and Steward Partners New Holdings, LLC (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 10/2028 |  | 6887.2 | 6777.4 | 6887.2 | (2)(6)(8)(13) |  |
|  | Senior subordinated loan | 11.00% PIK |  |  |  | 12/2032 |  | 25443.0 | 22310.1 | 22278.2 | (2)(6)(13) |  |
|  | Warrant to purchase Class W units |  |  |  | 12/2025 | 12/2032 | 138674 |  | 2644.6 | 2644.6 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 31732.1 | 31810.0 |  |  |
| Sunbit Receivables Trust IV (11) | Private asset-backed investment | 10.79% | SOFR (M) | 7.00% |  | 04/2029 |  | 1364.6 | 1347.7 | 1364.6 | (8)(13) |  |
| The Edelman Financial Center, LLC | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 04/2028 |  | 43448.9 | 43444.8 | 43635.3 | (2)(6) |  |
|  | Second lien senior secured loan | 8.97% | SOFR (M) | 5.25% |  | 10/2028 |  | 61285.0 | 61221.1 | 61080.9 | (2)(6) |  |
|  |  |  |  |  |  |  |  |  | 104665.9 | 104716.2 |  |  |
| The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 07/2032 |  | 28285.7 | 28023.2 | 28144.3 | (2)(8)(13) |  |
| TI VI Holdings 1, L.P. (12) | Preferred shares | 9.31% PIK |  |  | 06/2025 |  | 3292 |  | 3387.2 | 3450.6 | (6)(13) |  |
| TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P. | First lien senior secured loan | 9.96% | SOFR (Q) | 6.00% |  | 01/2033 |  | 9587.9 | 9342.6 | 9587.9 | (2)(6)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 11/2024 |  | 4814025 |  | 4850.1 | 6102.3 | (2)(6)(13) |  |
|  | Limited partnership interest |  |  |  | 12/2025 |  | 535870 |  | 535.9 | 535.9 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 14728.6 | 16226.1 |  |  |
| Trinity Capital Inc | Corporate bond | 7.54% |  |  |  | 10/2027 |  | 29700.0 | 29700.0 | 30066.6 | (2)(6)(13) |  |
| Wellington-Altus Financial Inc. (11)(12) | First lien senior secured loan | 7.55% | CORRA (Q) | 5.00% |  | 08/2030 |  | 824.6 | 817.1 | 824.6 | (2)(6)(8)(13) |  |
|  | Common stock |  |  |  | 08/2024 |  | 74003 |  | 2614.2 | 3883.1 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 3431.3 | 4707.7 |  |  |
| Wharf Street Ratings Acquisition LLC (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 09/2032 |  | 25137.2 | 24909.9 | 24948.7 | (2)(8)(13) |  |
| WPCG Aspire Holdings, LLC (11) | Private asset-backed investment | 11.50% PIK |  |  |  | 07/2033 |  | 11638.5 | 11006.8 | 10963.8 | (2)(6)(13) |  |
| Zelis Payments Buyer, Inc. | First lien senior secured loan | 7.08% | SOFR (M) | 3.25% |  | 11/2031 |  | 11366.5 | 11345.9 | 11267.0 | (2) |  |
|  |  |  |  |  |  |  |  |  | 1427873.5 | 1440506.1 |  | 13.71% |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| **Consumer Services** | | | | | | | | | | | | |
| Alterra Mountain Company (11) | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 08/2028 |  | 48984.5 | 49113.9 | 49107.0 | (2) |  |
|  | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 05/2030 |  | 11154.6 | 11170.3 | 11196.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 60284.2 | 60303.4 |  |  |
| Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (11) | First lien senior secured revolving loan | 8.71% | SOFR (Q) | 5.00% |  | 10/2029 |  | 535.0 | 502.6 | 535.0 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.80% | SOFR (Q) | 5.00% |  | 10/2030 |  | 74005.3 | 73146.7 | 74005.3 | (2)(8)(13) |  |
|  | Series B common units |  |  |  | 10/2023 |  | 45351 |  | 1250.0 | 1967.8 | (13) |  |
|  |  |  |  |  |  |  |  |  | 74899.3 | 76508.1 |  |  |
| Birdie Bidco, Inc. (11) | First lien senior secured revolving loan | 8.17% | SOFR (Q) | 4.50% |  | 11/2032 |  | 932.0 | 870.7 | 890.4 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 10.25% | Base Rate (Q) | 3.50% |  | 11/2032 |  | 517.8 | 483.7 | 494.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.42% (2.25% PIK) | SOFR (Q) | 6.75% |  | 11/2032 |  | 72741.4 | 72204.4 | 72377.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 73558.8 | 73762.8 |  |  |
| Bumble Bidco Limited (11) | First lien senior secured loan | 10.50% | SONIA (Q) | 6.75% |  | 10/2030 |  | 7779.5 | 7243.2 | 7779.5 | (2)(6)(8)(13) |  |
| Calera XXVIII, LLC (12) | Limited liability company interests |  |  |  | 12/2025 |  | 1845252 |  | 1845.3 | 1845.3 | (2)(6)(13) |  |
| Century De Buyer LLC | First lien senior secured loan | 6.84% | SOFR (Q) | 3.00% |  | 10/2030 |  | 36362.1 | 36379.7 | 36259.9 | (2) |  |
| ClubCorp Holdings, Inc. (11) | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 07/2032 |  | 39456.2 | 38904.8 | 39456.2 | (2)(8)(13) |  |
| Davidson Hotel Company LLC (11) | First lien senior secured loan | 8.72% | SOFR (M) | 5.00% |  | 10/2031 |  | 7013.2 | 6909.9 | 7013.2 | (2)(8)(13) |  |
| Equinox Holdings, Inc. | First lien senior secured loan | 11.92% (4.13% PIK) | SOFR (Q) | 8.25% |  | 03/2029 |  | 42468.9 | 41544.1 | 42468.9 | (2)(8)(13) |  |
|  | Second lien senior secured loan | 16.00% PIK |  |  |  | 06/2027 |  | 4449.6 | 4404.1 | 4449.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 45948.2 | 46918.5 |  |  |
| Eternal Aus Bidco Pty Ltd (11) | First lien senior secured loan | 8.71% | BBSY (S) | 5.00% |  | 10/2029 |  | 2232.1 | 2182.0 | 2232.1 | (2)(6)(8)(13) |  |
| Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (11) | First lien senior secured revolving loan | 8.48% | SOFR (M) | 4.75% |  | 04/2030 |  | 202.6 | 202.6 | 202.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 04/2030 |  | 10985.1 | 10864.5 | 10985.1 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 11067.1 | 11187.7 |  |  |
| Fertitta Entertainment, LLC | First lien senior secured loan | 6.97% | SOFR (M) | 3.25% |  | 01/2029 |  | 17919.0 | 17926.8 | 17909.9 | (2)(8) |  |
| Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)(11) | First lien senior secured revolving loan | 7.73% | SOFR (M) | 4.00% |  | 08/2030 |  | 2405.0 | 2377.4 | 2405.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.99% | SOFR (M) | 5.25% |  | 08/2031 |  | 46504.4 | 45967.2 | 46504.4 | (2)(8)(13) |  |
|  | Common units |  |  |  | 07/2024 |  | 11704000 |  | 11736.8 | 12038.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 60081.4 | 60947.9 |  |  |
| Flint OpCo, LLC (11) | First lien senior secured loan | 8.58% | SOFR (Q) | 4.75% |  | 08/2030 |  | 14905.3 | 14743.5 | 14905.3 | (2)(8)(13) |  |
| Golden State Foods LLC | First lien senior secured loan | 7.67% | SOFR (Q) | 4.00% |  | 12/2031 |  | 13039.6 | 13084.2 | 13103.4 | (2) |  |
| GroundWorks, LLC | First lien senior secured loan | 6.93% | SOFR (M) | 3.00% |  | 03/2031 |  | 3750.0 | 3750.0 | 3765.6 |  |  |
| GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (11) | First lien senior secured revolving loan | 10.52% | SOFR (M) | 6.75% |  | 04/2029 |  | 275.2 | 256.9 | 242.2 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 10.42% | SOFR (Q) | 6.75% |  | 04/2030 |  | 13013.4 | 12761.5 | 12605.4 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Class A common units |  |  |  | 04/2023 |  | 100 |  | 100.0 | 47.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 13118.4 | 12895.2 |  |  |
| Helios Service Partners, LLC and Astra Service Partners, LLC (11) | First lien senior secured loan | 8.34% | SOFR (Q) | 4.50% |  | 11/2032 |  | 27241.8 | 27040.3 | 27037.4 | (2)(8)(13) |  |
| HGC Holdings, LLC (11) | First lien senior secured loan | 8.24% | SOFR (M) | 4.50% |  | 06/2029 |  | 64490.4 | 64059.5 | 64490.4 | (2)(8)(13) |  |
| IFH Franchisee Holdings, LLC (11) | First lien senior secured revolving loan | 7.87% | SOFR (Q) | 4.00% |  | 12/2029 |  | 11194.0 | 10994.2 | 11194.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.37% | SOFR (Q) | 5.50% |  | 12/2029 |  | 47011.4 | 46451.7 | 47011.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 57445.9 | 58205.4 |  |  |
| Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. (11) | First lien senior secured loan | 9.67% | SOFR (Q) | 6.00% |  | 12/2028 |  | 9933.8 | 9787.3 | 9949.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.17% | SOFR (Q) | 5.50% |  | 12/2028 |  | 5253.2 | 5171.4 | 5253.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.26% | CORRA (Q) | 6.00% |  | 12/2028 |  | 1169.8 | 1152.7 | 1173.0 | (2)(6)(8)(13) |  |
|  | Class A units |  |  |  | 12/2022 |  | 50000 |  | 50.0 | 57.8 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 16161.4 | 16433.2 |  |  |
| IRB Holding Corp. | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 12/2030 |  | 92529.4 | 92553.4 | 92707.1 | (2)(8) |  |
| Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (11) | First lien senior secured loan | 9.67% | SOFR (Q) | 6.00% |  | 12/2027 |  | 16053.6 | 15877.4 | 16053.6 | (2)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 12/2022 |  | 133000 |  | 133.0 | 176.1 | (13) |  |
|  |  |  |  |  |  |  |  |  | 16010.4 | 16229.7 |  |  |
| LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC (11) | First lien senior secured revolving loan | 11.00% | Base rate (Q) | 4.25% |  | 09/2031 |  | 805.6 | 710.4 | 738.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.97% | SOFR (M) | 5.25% |  | 09/2031 |  | 62761.6 | 61871.3 | 62134.0 | (2)(8)(13) |  |
|  | Limited partnership units |  |  |  | 09/2025 |  | 30788 |  | 30788.3 | 32148.7 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 93370.0 | 95021.2 |  |  |
| Merlin Buyer Inc. | First lien senior secured loan | 7.67% | SOFR (Q) | 4.00% |  | 12/2028 |  | 2228.2 | 2240.2 | 2247.0 | (2)(6)(8) |  |
| Mister Car Wash Holdings, Inc. | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 03/2031 |  | 2026.4 | 2029.2 | 2032.1 | (2)(6) |  |
| Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC (11) | First lien senior secured revolving loan | 8.72% | SOFR (M) | 5.00% |  | 06/2031 |  | 643.2 | 618.1 | 643.2 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.69% | SOFR (Q) | 5.00% |  | 06/2031 |  | 33325.3 | 33104.5 | 33325.3 | (2)(8)(13) |  |
|  | Class A preferred units |  |  |  | 09/2024 |  | 883 |  | 883.4 | 842.1 | (13) |  |
|  | Class B common units |  |  |  | 09/2024 |  | 883420 |  | 380.1 | 353.7 | (13) |  |
|  |  |  |  |  |  |  |  |  | 34986.1 | 35164.3 |  |  |
| North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (11) | First lien senior secured revolving loan | 8.73% | SOFR (Q) | 5.00% |  | 05/2028 |  | 330.6 | 324.6 | 330.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.83% | SOFR (Q) | 5.00% |  | 05/2028 |  | 14569.4 | 14406.7 | 14569.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14731.3 | 14900.0 |  |  |
| Northwinds Holding, Inc. and Northwinds Services Group LLC (11) | First lien senior secured loan | 9.28% | SOFR (Q) | 5.25% |  | 05/2029 |  | 22039.5 | 21755.7 | 22039.5 | (2)(8)(13) |  |
|  | Common units |  |  |  | 05/2023 |  | 121368 |  | 166.7 | 201.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 21922.4 | 22240.8 |  |  |
| PestCo Holdings, LLC and PestCo, LLC (11) | First lien senior secured loan | 8.59% | SOFR (Q) | 4.75% |  | 08/2030 |  | 21998.7 | 21880.5 | 21871.8 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Class A units |  |  |  | 01/2023 |  | 8 |  | 106.0 | 163.7 | (13) |  |
|  |  |  |  |  |  |  |  |  | 21986.5 | 22035.5 |  |  |
| PG Investment Company 59 S.a r.l. | First lien senior secured loan | 5.92% | SOFR (Q) | 2.25% |  | 03/2031 |  | 5708.4 | 5726.6 | 5720.0 | (2)(6) |  |
| Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (11) | First lien senior secured revolving loan | 10.50% (1.50% PIK) | SOFR (Q) | 6.75% |  | 10/2030 |  | 952.2 | 924.0 | 761.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.68% (1.50% PIK) | SOFR (Q) | 6.75% |  | 10/2030 |  | 8555.1 | 8456.8 | 7439.8 | (2)(8)(13) |  |
|  | Common stock |  |  |  | 10/2024 |  | 866 |  | 866.0 | 88.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 10246.8 | 8290.0 |  |  |
| Premiere Buyer, LLC (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 05/2031 |  | 27357.5 | 27056.6 | 27357.5 | (2)(8)(13) |  |
| Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 06/2031 |  | 67925.2 | 67313.2 | 67925.2 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 06/2024 |  | 12049000 |  | 12049.0 | 14878.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 79362.2 | 82803.2 |  |  |
| Radiant Intermediate Holding, LLC | First lien senior secured loan | 9.92% | SOFR (Q) | 6.00% |  | 11/2026 |  | 917.1 | 911.0 | 862.0 | (2)(8)(13) |  |
| Raising Cane's Restaurants LLC | First lien senior secured loan | 5.84% | SOFR (M) | 2.00% |  | 11/2032 |  | 23579.0 | 23558.1 | 23623.3 | (2) |  |
| Redwood Services LP (11) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 06/2032 |  | 36347.4 | 35967.7 | 36347.4 | (2)(8)(13) |  |
| Saber Parent Holdings Corp. and MSHC, Inc. (11) | First lien senior secured loan | 8.23% | SOFR (Q) | 4.50% |  | 12/2032 |  | 14291.7 | 14220.7 | 14220.2 | (2)(13) |  |
| TSWT Acquisition, Inc. and TSWT Holdings, LLC (11) | First lien senior secured revolving loan | 8.73% | SOFR (M) | 5.00% |  | 11/2031 |  | 113.3 | 88.4 | 87.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.73% | SOFR (M) | 5.00% |  | 11/2031 |  | 13677.5 | 13532.8 | 13521.5 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 11/2025 |  | 35 |  | 768.0 | 768.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 14389.2 | 14377.5 |  |  |
| University Support Services LLC | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 02/2029 |  | 16135.0 | 16111.4 | 15563.5 | (2)(6)(8) |  |
| Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (11) | First lien senior secured revolving loan | 9.67% | SOFR (Q) | 6.00% |  | 11/2030 |  | 821.6 | 770.4 | 585.3 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.67% (4.14% PIK) | SOFR (Q) | 6.00% |  | 11/2030 |  | 33921.9 | 33562.3 | 30370.5 | (2)(8)(13) |  |
|  | Class B common units |  |  |  | 11/2023 |  | 351 |  | 351.0 | 227.0 | (13) |  |
|  |  |  |  |  |  |  |  |  | 34683.7 | 31182.8 |  |  |
| Vista Higher Learning, LLC (11) | First lien senior secured loan | 8.46% | SOFR (Q) | 4.75% |  | 09/2031 |  | 27724.4 | 27460.7 | 27447.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 7.21% | SOFR (Q) | 3.50% |  | 09/2031 |  | 1.0 | 1.0 | 1.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 27461.7 | 27448.2 |  |  |
| Wash Multifamily Parent Inc | First lien senior secured loan | 6.97% | SOFR (M) | 3.25% |  | 09/2032 |  | 2012.5 | 2024.9 | 2027.6 | (2) |  |
| Whatabrands LLC | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 08/2028 |  | 55716.3 | 55566.0 | 55847.8 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 1293750.0 | 1301209.1 |  | 12.39% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |
| 15484880 Canada Inc. and 15484910 Canada Inc. (11) | First lien senior secured revolving loan | 7.82% | CORRA (Q) | 5.25% |  | 04/2031 |  | 370.1 | 337.6 | 370.1 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.82% | CORRA (Q) | 5.25% |  | 04/2031 |  | 7992.3 | 7571.8 | 7992.3 | (2)(6)(8)(13) |  |
|  | Senior subordinated loan | 14.00% PIK |  |  |  | 04/2035 |  | 13520.1 | 12735.5 | 13520.1 | (2)(6)(13) |  |
|  | Class A2 shares |  |  |  | 04/2025 |  | 18195524 |  | 12703.7 | 12655.5 | (2)(6)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 33348.6 | 34538.0 |  |  |
| Acrisure, LLC | First lien senior secured loan | 6.97% | SOFR (M) | 3.25% |  | 06/2032 |  | 36575.1 | 36502.3 | 36559.7 | (2) |  |
|  | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 11/2030 |  | 18078.0 | 18009.9 | 18044.1 | (2) |  |
|  |  |  |  |  |  |  |  |  | 54512.2 | 54603.8 |  |  |
| Alera Group, Inc. | First lien senior secured loan | 6.97% | SOFR (M) | 3.25% |  | 05/2032 |  | 31559.2 | 31705.3 | 31693.3 | (2)(8) |  |
| Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 09/2031 |  | 53704.0 | 53528.6 | 53810.4 | (2) |  |
|  | First lien senior secured notes | 6.75% |  |  |  | 04/2028 |  | 2000.0 | 2036.2 | 2038.5 | (2) |  |
|  | Senior subordinated notes | 5.88% |  |  |  | 11/2029 |  | 2000.0 | 1995.2 | 1999.5 | (2) |  |
|  |  |  |  |  |  |  |  |  | 57560.0 | 57848.4 |  |  |
| AMWINS Group, LLC | First lien senior secured loan | 5.97% | SOFR (M) | 2.25% |  | 01/2032 |  | 47813.5 | 47742.4 | 47933.0 | (2)(8) |  |
| Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc. | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 12/2031 |  | 9426.4 | 9427.6 | 9441.1 | (2) |  |
| Baldwin Risk Partners, LLC | First lien senior secured loan | 6.64% | SOFR (S) | 2.50% |  | 05/2031 |  | 4218.8 | 4197.7 | 4204.7 | (6) |  |
| Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. (11) | First lien senior secured revolving loan |  |  |  |  | 04/2032 |  |  |  |  | (2)(8)(9)(13) |  |
|  | First lien senior secured loan | 8.23% | SOFR (M) | 4.50% |  | 04/2032 |  | 14330.7 | 14266.4 | 14330.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 14266.4 | 14330.7 |  |  |
| Broadstreet Partners, Inc. | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 06/2031 |  | 38267.5 | 38277.9 | 38378.1 | (2) |  |
| Cross Financial Corp. | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 10/2031 |  | 4406.3 | 4399.2 | 4417.3 | (2) |  |
| Diamond Mezzanine 24 LLC (11) | First lien senior secured revolving loan | 8.84% | SOFR (Q) | 5.00% |  | 10/2030 |  | 1200.0 | 1169.8 | 1200.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.84% | SOFR (Q) | 5.00% |  | 10/2030 |  | 78036.3 | 77436.9 | 78036.3 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 78606.7 | 79236.3 |  |  |
| DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (11)(12) | First lien senior secured revolving loan | 8.17% | SOFR (Q) | 4.50% |  | 12/2029 |  | 562.3 | 503.4 | 562.3 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.19% | SOFR (Q) | 4.50% |  | 12/2030 |  | 45113.2 | 44406.1 | 45113.2 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 03/2024 |  | 3417348 |  | 3417.3 | 4744.7 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 48326.8 | 50420.2 |  |  |
| Forza Insurance Holdings, LLC | First lien senior secured loan | 9.42% | SOFR (Q) | 5.75% |  | 02/2030 |  | 40592.2 | 40085.9 | 40592.2 | (2)(8)(13) |  |
| Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (11) | First lien senior secured loan | 7.25% | CORRA (M) | 5.00% |  | 03/2031 |  | 13153.4 | 13139.5 | 13153.4 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 7.27% | CDOR (Q) | 5.00% |  | 03/2031 |  | 396.5 | 351.5 | 396.5 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 13491.0 | 13549.9 |  |  |
| HIG Finance 2 Limited | First lien senior secured loan | 6.49% | SOFR (M) | 2.75% |  | 04/2030 |  | 21756.7 | 21752.0 | 21797.7 | (2)(6)(8) |  |
|  | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 02/2031 |  | 22243.1 | 22202.8 | 22279.4 | (2)(6)(8) |  |
|  |  |  |  |  |  |  |  |  | 43954.8 | 44077.1 |  |  |
| Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. (11) | First lien senior secured loan | 8.22% | SOFR (M) | 4.50% |  | 06/2031 |  | 5887.2 | 5869.6 | 5887.2 | (2)(8)(13) |  |
|  | Series A preferred shares | 10.50% |  |  | 12/2024 |  | 33710 |  | 33204.4 | 33710.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 39074.0 | 39597.2 |  |  |
| High Street Buyer, Inc. and High Street Holdco LLC (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 04/2028 |  | 4415.7 | 4278.0 | 4415.7 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Hub International Limited | First lien senior secured loan | 6.12% | SOFR (Q) | 2.25% |  | 06/2030 |  | 58434.9 | 58317.8 | 58711.9 | (2)(8) |  |
| King Risk Partners, LLC (11) | First lien senior secured loan | 8.22% | SOFR (M) | 4.50% |  | 04/2031 |  | 12466.5 | 12359.9 | 12466.5 | (2)(8)(13) |  |
| Knight AcquireCo, LLC and Knight Holdings, LP (11) | First lien senior secured loan | 8.37% | SOFR (S) | 4.50% |  | 11/2032 |  | 79910.6 | 79519.7 | 79511.1 | (2)(8)(13) |  |
|  | Class A-1 common units |  |  |  | 11/2025 |  | 243153 |  | 2431.5 | 2431.5 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 81951.2 | 81942.6 |  |  |
| Koala Investment Holdings, Inc. (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 08/2032 |  | 25482.0 | 25239.7 | 25227.2 | (2)(8)(13) |  |
| OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (11) | First lien senior secured revolving loan | 8.48% | SOFR (M) | 4.75% |  | 11/2029 |  | 459.8 | 442.7 | 459.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 11/2029 |  | 13398.7 | 13255.0 | 13398.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.72% | SOFR (M) | 5.00% |  | 11/2029 |  | 1656.2 | 1636.6 | 1656.2 | (2)(8)(13) |  |
|  | Class A2 units |  |  |  | 11/2023 |  | 102501 |  | 2050.0 | 2327.3 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 17384.3 | 17842.0 |  |  |
| OneDigital Borrower LLC | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 07/2031 |  | 50884.3 | 50840.6 | 50949.0 | (2)(8) |  |
| SageSure Holdings, LLC and SageSure LLC (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 01/2030 |  | 66683.9 | 66017.9 | 66683.9 | (2)(8)(13) |  |
| SIG Parent Holdings, LLC (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 08/2031 |  | 32150.8 | 31891.3 | 32150.8 | (2)(8)(13) |  |
| Slaine Holdings LLC (11) | Senior subordinated loan | 10.47% | SOFR (M) | 6.75% |  | 05/2030 |  | 64445.2 | 63313.7 | 64445.2 | (2)(8)(13) |  |
| Trucordia Insurance Holdings, LLC | First lien senior secured loan | 6.97% | SOFR (M) | 3.25% |  | 06/2032 |  | 11890.3 | 11936.0 | 11801.2 | (2) |  |
| USI, Inc. | First lien senior secured loan | 5.92% | SOFR (Q) | 2.25% |  | 11/2029 |  | 64116.1 | 64118.2 | 64241.8 | (2) |  |
|  | First lien senior secured loan | 5.92% | SOFR (Q) | 2.25% |  | 09/2030 |  | 24671.4 | 24682.3 | 24705.7 | (2) |  |
|  |  |  |  |  |  |  |  |  | 88800.5 | 88947.5 |  |  |
| World Insurance Associates, LLC and World Associates Holdings, LLC (11) | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 04/2030 |  | 15580.0 | 15471.6 | 15580.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 1086779.0 | 1096024.8 |  | 10.43% |
| **Sports, Media and Entertainment** |  |  |  |  |  |  |  |  |  |  |  |  |
| 22 HoldCo Limited | Senior subordinated loan | 11.47% PIK | SONIA (S) | 7.50% |  | 08/2033 |  | 26215.4 | 24458.8 | 26215.4 | (2)(6)(8)(13) |  |
| 3 Step Sports LLC (11) | First lien senior secured loan | 10.18% | SOFR (Q) | 6.50% |  | 10/2029 |  | 20443.6 | 19716.5 | 20443.6 | (2)(8)(13) |  |
| Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC | First lien senior secured loan | 9.10% | SOFR (S) | 5.50% |  | 06/2032 |  | 18667.1 | 18407.7 | 18667.1 | (2)(8)(13) |  |
| CFC Funding LLC | Loan instrument units | 9.75% PIK |  |  | 07/2023 |  | 5300 |  | 6147.0 | 6411.6 | (6)(13) |  |
| Creative Artists Agency, LLC | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 10/2031 |  | 55390.9 | 55439.8 | 55575.4 | (2) |  |
| Dundee Eros, LP | Limited partnership interest |  |  |  | 11/2024 |  | 4859032 |  | 4859.0 | 4560.2 | (2)(13) |  |
| Endeavor Group Holdings, Inc. | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 03/2032 |  | 27198.9 | 27161.5 | 27319.6 | (2) |  |
| FEH Group, LLC. | Class A common interest |  |  |  | 12/2024 |  | 20 |  | 137744.5 | 162906.4 | (13) |  |
|  | Class A common interest |  |  |  | 12/2024 |  | 20 |  | 4067.9 | 4751.4 | (13) |  |
|  | Class A common interest |  |  |  | 12/2024 |  | 20 |  | 1003.3 | 1171.9 | (13) |  |
|  |  |  |  |  |  |  |  |  | 142815.7 | 168829.7 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Fever Labs, Inc. (11) | First lien senior secured revolving loan | 11.00% |  |  |  | 11/2028 |  | 11594.7 | 11412.3 | 11594.7 | (2)(13) |  |
|  | First lien senior secured loan | 11.00% |  |  |  | 11/2028 |  | 24920.2 | 23247.6 | 24920.2 | (2)(13) |  |
|  | First lien senior secured loan | 10.50% |  |  |  | 11/2028 |  | 1200.0 | 1188.3 | 1200.0 | (2)(13) |  |
|  | Series B redeemable preferred stock | 13.50% PIK |  |  | 06/2025 |  | 11786 |  | 12434.4 | 12699.6 | (2)(13) |  |
|  | Series E-5 convertible shares |  |  |  | 08/2024 |  | 318631 |  | 1381.9 | 1668.6 | (2)(13) |  |
|  | Warrant to purchase common stock |  |  |  | 06/2025 | 06/2035 | 235740 |  |  |  | (13) |  |
|  |  |  |  |  |  |  |  |  | 49664.5 | 52083.1 |  |  |
| Global Music Rights, LLC (11) | First lien senior secured loan | 8.17% | SOFR (Q) | 4.50% |  | 12/2031 |  | 136354.2 | 134330.3 | 136354.2 | (2)(8)(13) |  |
| GSM Rights Fund II LP (12) | Class B Interest |  |  |  | 03/2025 | 03/2031 | 2058315 |  | 2058.3 | 2113.5 | (6)(13) |  |
| League One Volleyball Clubs, LLC and League One Volleyball, Inc. (11) | First lien senior secured loan | 10.18% | SOFR (Q) | 6.50% |  | 01/2030 |  | 1.1 | 1.1 | 1.1 | (2)(8)(13) |  |
|  | First lien senior secured loan | 12.25% | Base Rate (Q) | 5.50% |  | 01/2030 |  | 0.3 | 0.2 | 0.3 | (2)(8)(13) |  |
|  | Series B preferred stock |  |  |  | 07/2023 |  | 194 |  | 1.0 | 2.3 | (2)(13) |  |
|  | Series C preferred stock |  |  |  | 09/2024 |  | 67 |  | 0.6 | 0.8 | (2)(13) |  |
|  | Warrant to purchase common stock |  |  |  | 01/2025 | 01/2030 | 8 |  |  |  | (13) |  |
|  |  |  |  |  |  |  |  |  | 2.9 | 4.5 |  |  |
| Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P. (11) | First lien senior secured revolving loan | 8.73% | SOFR (M) | 5.00% |  | 08/2030 |  | 1040.7 | 991.3 | 1040.7 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 9.23% (2.75% PIK) | SOFR (M) | 5.50% |  | 08/2031 |  | 27974.9 | 27540.8 | 27974.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.73% | SOFR (M) | 5.00% |  | 08/2031 |  | 1312.9 | 1300.1 | 1312.9 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 02/2025 |  | 2977000 |  | 3041.0 | 3429.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 32873.2 | 33757.6 |  |  |
| LiveBarn Inc. | Middle preferred shares |  |  |  | 08/2023 |  | 2838691 |  | 10000.0 | 15000.0 | (2)(6)(13) |  |
| Mari Events Midco LLC and AE EventsCo Holdings LLC (11) | First lien senior secured loan | 7.75% | SOFR (Q) | 4.00% |  | 10/2032 |  | 6143.8 | 6075.8 | 6003.4 | (2)(8)(13) |  |
|  | Common units |  |  |  | 10/2025 |  | 815 |  | 8147.3 | 8147.3 | (2)(13) |  |
|  | Common units |  |  |  | 10/2025 |  | 773 |  | 7734.4 | 7734.4 | (13) |  |
|  |  |  |  |  |  |  |  |  | 21957.5 | 21885.1 |  |  |
| Mari Miami II LLC and South Florida Tennis, LLC | First lien senior secured loan | 8.67% PIK | SOFR (Q) | 5.00% |  | 10/2032 |  | 6740.8 | 6693.1 | 6690.2 | (2)(8)(13) |  |
|  | Common units |  |  |  | 10/2025 |  | 20 |  | 1745.0 | 1725.1 | (13) |  |
|  |  |  |  |  |  |  |  |  | 8438.1 | 8415.3 |  |  |
| Melody TopCo LP and Melody Holdings LP | Class A-1 preferred units | 11.00% PIK |  |  | 07/2025 |  | 18204 |  | 33437.3 | 33411.4 | (2)(13) |  |
|  | Class A-2 preferred units | 11.00% PIK |  |  | 07/2025 |  | 18204 |  | 3754.9 | 3751.2 | (13) |  |
|  | Class A-1 common units |  |  |  | 07/2025 |  | 7354 |  | 13123.9 | 13126.1 | (2)(13) |  |
|  | Class A-2 common units |  |  |  | 07/2025 |  | 7354 |  | 1470.6 | 1470.8 | (13) |  |
|  |  |  |  |  |  |  |  |  | 51786.7 | 51759.5 |  |  |
| NEP Group, Inc. | First lien senior secured loan | 8.22% | SOFR (M) | 4.50% |  | 10/2031 |  | 27541.4 | 26827.2 | 25140.1 | (2) |  |
| Orange Barrel Media, LLC/IKE Smart City, LLC (11) | Private asset-backed investment | 9.47% | SOFR (M) | 5.75% |  | 10/2027 |  | 3625.2 | 3601.2 | 3625.2 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  | Private asset-backed investment | 9.47% | SOFR (M) | 5.75% |  | 03/2027 |  | 2852.0 | 2837.8 | 2852.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 6439.0 | 6477.2 |  |  |
| OVG Business Services, LLC | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 06/2031 |  | 38804.6 | 38737.3 | 38804.6 | (2) |  |
| Propagate Content LLC (12) | Preferred equity | 8.00% PIK |  |  | 10/2025 |  | 4 |  | 4007.8 | 4083.5 | (13) |  |
| Quartz Holding Company | First lien senior secured loan | 6.97% | SOFR (M) | 3.25% |  | 10/2028 |  | 4017.2 | 4012.2 | 3989.6 | (2)(8) |  |
| Radiate Holdco LLC (11) | First lien senior secured loan | 7.79% | SOFR (M) | 4.00% |  | 06/2029 |  | 12344.6 | 12100.9 | 12159.5 | (2)(8) |  |
| Sandlot Action Sports, LLC | Common units |  |  |  | 05/2024 |  | 3384 |  | 25.0 | 21.7 | (13) |  |
| Shout! Factory, LLC (11) | First lien senior secured revolving loan | 8.93% | SOFR (Q) | 5.25% |  | 06/2031 |  | 276.0 | 245.7 | 242.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.92% | SOFR (Q) | 5.25% |  | 06/2031 |  | 17653.8 | 17411.3 | 17389.0 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 17657.0 | 17631.9 |  |  |
| South Florida Motorsports, LLC | Class A common interest |  |  |  | 12/2024 |  | 20 |  | 4225.0 | 6427.0 | (13) |  |
| United Talent Agency LLC | First lien senior secured loan | 6.75% | SOFR (M) | 3.00% |  | 06/2032 |  | 14895.9 | 14889.6 | 14989.0 | (2)(13) |  |
| Voldex Entertainment Limited | First lien senior secured loan | 10.94% | SOFR (Q) | 7.25% |  | 01/2029 |  | 18.6 | 18.3 | 18.6 | (2)(6)(13) |  |
| WideOpenWest Finance, LLC | First lien senior secured loan | 11.17% | SOFR (Q) | 7.00% |  | 12/2028 |  | 105.2 | 105.8 | 106.9 | (2)(6)(8) |  |
| WRE Sports Investments LLC (11) | First lien senior secured loan | 11.00% (5.50% PIK) |  |  |  | 07/2031 |  | 38217.8 | 37555.3 | 38217.8 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 776717.9 | 817462.8 |  | 7.78% |
| **Pharmaceuticals, Biotechnology and Life Sciences** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1261229 B.C. LTD. | First lien senior secured loan | 9.97% | SOFR (M) | 6.25% |  | 10/2030 |  | 67188.7 | 65749.0 | 65484.1 | (2)(6) |  |
|  | First lien senior secured notes | 10.00% |  |  |  | 04/2032 |  | 4178.0 | 4178.0 | 4346.4 | (2)(6) |  |
|  |  |  |  |  |  |  |  |  | 69927.0 | 69830.5 |  |  |
| Alcami Corporation (11) | First lien senior secured revolving loan | 10.83% | SOFR (M) | 7.00% |  | 12/2028 |  | 116.4 | 101.5 | 116.4 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.96% | SOFR (Q) | 7.00% |  | 12/2028 |  | 4279.7 | 4163.1 | 4279.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 4264.6 | 4396.1 |  |  |
| Artemis BidCo 2 LLC (11) | First lien senior secured revolving loan | 7.42% | SOFR (Q) | 3.75% |  | 10/2031 |  | 0.8 | 0.7 | 0.7 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 10/2031 |  | 32205.5 | 31893.8 | 31883.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 31894.5 | 31884.1 |  |  |
| Bamboo US BidCo LLC (11) | First lien senior secured loan | 8.83% | SOFR (Q) | 5.00% |  | 09/2030 |  | 19508.0 | 19225.3 | 19508.0 | (2)(8)(13) |  |
|  | First lien senior secured loan | 7.07% | Euribor (Q) | 5.00% |  | 09/2030 |  | 9322.8 | 8309.2 | 9322.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.98% | SOFR (M) | 5.25% |  | 09/2030 |  | 568.9 | 568.9 | 568.9 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 28103.4 | 29399.7 |  |  |
| Cambrex Corporation (11) | First lien senior secured revolving loan | 8.33% | SOFR (M) | 4.50% |  | 03/2032 |  | 906.7 | 766.7 | 906.7 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 8.22% | SOFR (M) | 4.50% |  | 03/2032 |  | 121190.1 | 120120.9 | 121190.1 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 120887.6 | 122096.8 |  |  |
| CoreRx, Inc. (11) | First lien senior secured revolving loan | 7.67% | SOFR (Q) | 4.00% |  | 12/2030 |  | 0.6 | 0.6 | 0.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.92% | SOFR (Q) | 7.25% |  | 12/2030 |  | 5092.9 | 4991.9 | 4991.0 | (2)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 4992.5 | 4991.6 |  |  |
| Creek Parent, Inc. and Creek Feeder, L.P. (11) | First lien senior secured loan | 8.73% | SOFR (M) | 5.00% |  | 12/2031 |  | 122896.5 | 121064.6 | 122896.5 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 12/2024 |  | 4209000 |  | 4209.0 | 6180.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 125273.6 | 129077.1 |  |  |
| Curium BidCo S.a r.l. | First lien senior secured loan | 6.67% | SOFR (Q) | 3.00% |  | 08/2031 |  | 13603.0 | 13640.1 | 13716.3 | (2)(6) |  |
| Gula Buyer Inc. and Gula Co-Invest II, L.P. | First lien senior secured loan | 8.27% | SOFR (M) | 4.50% |  | 10/2031 |  | 148875.0 | 147345.2 | 148875.0 | (2)(8)(13) |  |
|  | Common units |  |  |  | 03/2025 |  | 538 |  | 560.6 | 717.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 147905.8 | 149592.9 |  |  |
| Igea Bidco S.p.A. and Masco Group S.p.A. (11) | First lien senior secured notes | 8.73% |  |  |  | 09/2031 |  | 4286.0 | 3890.8 | 4286.0 | (2)(6)(13) |  |
|  | First lien senior secured notes | 8.73% |  |  |  | 09/2031 |  | 889.2 | 856.8 | 889.2 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 4747.6 | 5175.2 |  |  |
| Moderna, Inc. (11) | First lien senior secured loan | 9.17% | SOFR (M) | 5.50% |  | 11/2030 |  | 85238.0 | 83986.0 | 83959.4 | (2)(6)(8)(13) |  |
| Solar Bidco Limited (11) | First lien senior secured loan | 8.27% | Euribor (Q) | 6.25% |  | 11/2029 |  | 5640.4 | 5201.8 | 5719.3 | (2)(6)(8)(13) |  |
| WCG Purchaser Corp. | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 02/2032 |  | 14912.6 | 14850.1 | 14933.6 | (2)(8) |  |
| WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. | Limited partnership interest |  |  |  | 11/2023 |  | 731000 |  | 731.6 | 752.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 656406.2 | 665524.7 |  | 6.33% |
| **Consumer Distribution and Retail** |  |  |  |  |  |  |  |  |  |  |  |  |
| BGI Purchaser, Inc. (11) | First lien senior secured revolving loan | 7.57% | SOFR (Q) | 3.75% |  | 05/2030 |  | 11109.8 | 10987.3 | 11109.8 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.57% | SOFR (Q) | 4.75% |  | 05/2031 |  | 31679.3 | 31339.4 | 31679.3 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 42326.7 | 42789.1 |  |  |
| Blazing Star Parent, LLC | First lien senior secured loan | 10.82% | SOFR (Q) | 7.00% |  | 08/2030 |  | 68996.3 | 67390.4 | 67961.4 | (2)(8)(13) |  |
| BR PJK Produce, LLC | First lien senior secured loan | 10.39% | SOFR (Q) | 6.25% |  | 11/2027 |  | 2210.7 | 2191.9 | 2210.7 | (2)(8)(13) |  |
| BradyPlus Holdings, LLC | First lien senior secured loan | 7.19% | SOFR (Q) | 3.50% |  | 12/2032 |  | 36000.0 | 35460.2 | 35579.9 | (2) |  |
| Carrera Bidco Limited | Senior subordinated loan | 7.34% | Euribor (S) | 5.25% |  | 11/2032 |  | 104559.5 | 101321.1 | 102468.3 | (2)(6)(13) |  |
| City Line Distributors LLC and City Line Investments LLC (11) | First lien senior secured loan | 10.11% | SOFR (Q) | 6.00% |  | 08/2028 |  | 2739.2 | 2702.4 | 2739.2 | (2)(8)(13) |  |
|  | Class A units | 8.00% PIK |  |  | 08/2023 |  | 120151 |  | 143.0 | 136.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 2845.4 | 2876.1 |  |  |
| Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (11) | First lien senior secured loan | 9.07% | SOFR (M) | 5.25% |  | 03/2028 |  | 11058.2 | 11006.5 | 11058.2 | (2)(8)(13) |  |
| GMF Parent, Inc. and GMF Group Holdings, LP (11) | First lien senior secured loan | 8.20% | SOFR (Q) | 4.50% |  | 12/2032 |  | 13977.2 | 13838.2 | 13907.3 | (2)(8)(13) |  |
|  | Class A2 units |  |  |  | 12/2025 |  | 2414 |  | 2414.0 | 2414.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 16252.2 | 16321.3 |  |  |
| Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (11) | First lien senior secured revolving loan | 7.75% | SOFR (M) | 4.00% |  | 11/2029 |  | 3026.9 | 2977.4 | 3026.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 9.24% | SOFR (Q) | 5.50% |  | 11/2029 |  | 6997.8 | 6926.5 | 6997.8 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 11/2023 |  | 3544000 |  | 3827.5 | 5068.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 13731.4 | 15092.7 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Madison Safety & Flow LLC | First lien senior secured loan | 6.23% | SOFR (M) | 2.50% |  | 09/2031 |  | 21295.9 | 21268.9 | 21424.6 | (2) |  |
| Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP | First lien senior secured loan | 6.72% | SOFR (M) | 3.00% |  | 05/2028 |  | 67598.5 | 67222.0 | 67814.8 | (2)(8) |  |
| Mountaineer Merger Corporation (11) | First lien senior secured revolving loan | 8.84% | SOFR (Q) | 5.00% |  | 10/2027 |  | 4486.8 | 4380.2 | 3924.1 | (2)(13) |  |
| Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (11) | First lien senior secured revolving loan | 9.65% | SOFR (Q) | 5.75% |  | 05/2031 |  | 808.0 | 770.5 | 808.0 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 9.71% | SOFR (Q) | 5.75% |  | 05/2031 |  | 12398.6 | 12117.2 | 12398.6 | (2)(8)(13) |  |
|  | Class B limited liability company interest |  |  |  | 05/2023 |  | 0.04% |  | 100.0 | 79.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 12987.7 | 13285.6 |  |  |
| Project Cardinal Acquisition, LLC (11) | First lien senior secured loan | 8.49% | SOFR (S) | 4.50% |  | 10/2032 |  | 18057.0 | 17883.0 | 17876.5 | (2)(8)(13) |  |
| Quirch Foods Holdings, LLC (11) | First lien senior secured loan | 10.34% | SOFR (S) | 6.50% |  | 11/2030 |  | 102670.7 | 101672.1 | 101644.0 | (2)(8)(13) |  |
| Royal Borrower, LLC and Royal Parent, LP (11) | First lien senior secured loan | 9.00% | SOFR (M) | 5.25% |  | 07/2030 |  | 18304.5 | 18098.7 | 18304.5 | (2)(8)(13) |  |
|  | Class A preferred units | 10.00% PIK |  |  | 07/2024 |  | 2124000 |  | 2463.2 | 1981.1 | (13) |  |
|  |  |  |  |  |  |  |  |  | 20561.9 | 20285.6 |  |  |
| SCIH Salt Holdings Inc. | First lien senior secured loan | 5.52% | SOFR (Q) | 1.75% |  | 01/2029 |  | 85028.1 | 84953.6 | 85152.3 | (2)(8) |  |
| Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (11)(12) | First lien senior secured revolving loan | 10.61% | SOFR (Q) | 6.75% |  | 01/2029 |  | 127.1 | 114.2 | 16.9 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 11.59% | SOFR (Q) | 7.75% |  | 01/2029 |  | 7916.1 | 7799.2 | 6887.0 | (2)(8)(13) |  |
|  | Common units |  |  |  | 01/2023 |  | 50000 |  | 50.3 |  | (13) |  |
|  |  |  |  |  |  |  |  |  | 7963.7 | 6903.9 |  |  |
|  |  |  |  |  |  |  |  |  | 631418.9 | 634669.1 |  | 6.04% |
| **Independent Power and Renewable Electricity Producers** |  |  |  |  |  |  |  |  |  |  |  |  |
| BNZ TopCo B.V. (11) | Senior subordinated loan | 8.77% | Euribor (Q) | 6.75% |  | 10/2030 |  | 13493.7 | 11533.5 | 12767.1 | (2)(6)(8)(13) |  |
| Calpine Corp | First lien senior secured loan | 5.47% | SOFR (M) | 1.75% |  | 07/2030 |  | 34048.3 | 34058.5 | 34064.3 | (2) |  |
|  | First lien senior secured loan | 5.47% | SOFR (M) | 1.75% |  | 01/2031 |  | 16639.9 | 16640.8 | 16638.1 | (2) |  |
|  | First lien senior secured loan | 5.47% | SOFR (M) | 1.75% |  | 02/2032 |  | 10666.3 | 10660.7 | 10662.4 | (2) |  |
|  |  |  |  |  |  |  |  |  | 61360.0 | 61364.8 |  |  |
| Cogentrix Finance Holdco I, LLC | First lien senior secured loan | 5.97% | SOFR (M) | 2.25% |  | 02/2032 |  | 9682.5 | 9694.6 | 9733.6 | (2) |  |
| CPV Fairview, LLC | First lien senior secured loan | 6.17% | SOFR (Q) | 2.50% |  | 08/2031 |  | 14092.2 | 14092.9 | 14140.7 | (2) |  |
| Dino BidCo S.p.A. | Senior subordinated loan | 5.96% | Euribor (Q) | 3.50% |  | 03/2032 |  | 377357.1 | 330646.2 | 377357.1 | (6)(13)(16) |  |
| EFS Cogen Holdings I LLC | First lien senior secured loan | 6.67% | SOFR (Q) | 3.00% |  | 10/2031 |  | 1092.1 | 1092.5 | 1099.9 | (2) |  |
| Hamilton Projects Acquiror, LLC | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 05/2031 |  | 7672.1 | 7672.1 | 7715.7 | (2) |  |
| South Field Energy LLC | First lien senior secured loan | 7.00% | SOFR (Q) | 3.00% |  | 08/2031 |  | 0.5 | 0.5 | 0.5 | (2) |  |
| Watt Holdco Limited (11) | First lien senior secured loan | 7.32% | Euribor (Q) | 5.25% |  | 09/2031 |  | 3261.0 | 3012.2 | 3223.3 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.98% | SONIA (Q) | 5.25% |  | 09/2031 |  | 1722.2 | 1593.7 | 1703.7 | (2)(6)(8)(13) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 4605.9 | 4927.0 |  |  |
| WIN Waste Innovations Holdings Inc. | First lien senior secured loan | 6.58% | SOFR (M) | 2.75% |  | 03/2028 |  | 25084.8 | 25111.1 | 25126.6 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 465809.3 | 514233.0 |  | 4.89% |
| **Energy** |  |  |  |  |  |  |  |  |  |  |  |  |
| CPPIB OVM Member U.S. LLC | First lien senior secured loan | 6.17% | SOFR (Q) | 2.50% |  | 08/2031 |  | 28565.6 | 28474.3 | 28726.5 | (2) |  |
| Enviva Inc. | First lien senior secured loan | 10.61% PIK | SOFR (Q) | 6.88% |  | 12/2029 |  | 21138.0 | 21428.7 | 21331.8 | (2)(8) |  |
| Freeport LNG Investments, LLLP | First lien senior secured loan | 7.15% | SOFR (Q) | 3.00% |  | 11/2026 |  | 44243.9 | 44220.0 | 44262.4 | (2) |  |
|  | First lien senior secured loan | 7.12% | SOFR (Q) | 3.25% |  | 12/2028 |  | 18199.6 | 18194.4 | 18252.7 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 62414.4 | 62515.1 |  |  |
| HighPeak Energy, Inc. | First lien senior secured loan | 11.32% | SOFR (Q) | 7.50% |  | 09/2028 |  | 107196.6 | 106699.5 | 107196.6 | (2)(6)(8)(13) |  |
| Oryx Midstream Services Permian Basin LLC | First lien senior secured loan | 5.98% | SOFR (M) | 2.25% |  | 10/2028 |  | 41712.2 | 41748.0 | 41872.8 | (2)(8) |  |
| Par Petroleum LLC / Par Petroleum Finance Corp | First lien senior secured loan | 6.95% | SOFR (S) | 3.25% |  | 02/2030 |  | 8028.1 | 7966.7 | 8051.5 | (2)(8) |  |
| Pasadena Performance Products, LLC | First lien senior secured loan | 6.92% | SOFR (Q) | 3.25% |  | 02/2032 |  | 34618.5 | 34537.1 | 34575.3 | (2) |  |
| Phoenix Operating LLC | First lien senior secured loan | 10.77% | SOFR (Q) | 7.00% |  | 10/2028 |  | 72323.0 | 68766.2 | 68283.1 | (2)(8)(13) |  |
| Prairie ECI Acquiror LP | First lien senior secured loan | 7.47% | SOFR (M) | 3.75% |  | 08/2029 |  | 8651.8 | 8645.8 | 8693.2 | (2) |  |
| TransMontaigne Operating Company L.P. | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 11/2028 |  | 24394.2 | 24402.7 | 24546.6 | (2)(8) |  |
| WhiteWater Matterhorn Holdings, LLC | First lien senior secured loan | 6.31% | SOFR (Q) | 2.25% |  | 06/2032 |  | 7000.0 | 7006.8 | 7020.7 | (2) |  |
|  |  |  |  |  |  |  |  |  | 412090.2 | 412813.2 |  | 3.93% |
| **Transportation** |  |  |  |  |  |  |  |  |  |  |  |  |
| First Student Bidco Inc. | First lien senior secured loan | 6.17% | SOFR (Q) | 2.50% |  | 08/2030 |  | 90393.5 | 90461.4 | 90634.8 | (2) |  |
| FTAI Infrastructure Inc. and FIP RR Holdings LLC | First lien senior secured loan | 7.88% | SOFR (Q) | 4.00% |  | 08/2026 |  | 83179.6 | 82239.8 | 81723.9 | (2)(6)(13) |  |
|  | Series A preferred shares | 10.00% PIK |  |  | 08/2025 | 08/2035 | 37809 |  | 36884.5 | 36803.8 | (6)(13) |  |
|  | Warrant to purchase common units |  |  |  | 08/2025 | 08/2035 | 6522 |  | 2268.5 | 2268.5 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 121392.8 | 120796.2 |  |  |
| Nordic Ferry Infrastructure AS | Senior subordinated loan | 9.23% | NIBOR (Q) | 5.00% |  | 11/2031 |  | 65774.5 | 59188.5 | 65774.5 | (2)(6)(13) |  |
|  | Senior subordinated loan | 7.07% | Euribor (Q) | 5.00% |  | 11/2031 |  | 65592.6 | 58097.5 | 65592.6 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 117286.0 | 131367.1 |  |  |
| Student Transportation of America, Inc. (11) | First lien senior secured loan | 6.94% | SOFR (Q) | 3.25% |  | 06/2032 |  | 7163.6 | 7144.2 | 7175.5 | (2) |  |
|  | First lien senior secured loan | 6.67% | SOFR (S) | 3.00% |  | 06/2032 |  | 1431.0 | 1431.0 | 1435.1 |  |  |
|  |  |  |  |  |  |  |  |  | 8575.2 | 8610.6 |  |  |
| Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. (11)(12) | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 08/2032 |  | 10690.1 | 10589.5 | 10583.2 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 07/2025 |  | 1379436 |  | 1390.7 | 1379.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 11980.2 | 11962.6 |  |  |
|  |  |  |  |  |  |  |  |  | 349695.6 | 363371.3 |  | 3.46% |
| **Materials** |  |  |  |  |  |  |  |  |  |  |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC (11) | First lien senior secured revolving loan | 8.97% | SOFR (Q) | 5.00% |  | 08/2028 |  | 0.7 | 0.7 | 0.7 | (2)(8)(10)(13) |  |
|  | First lien senior secured loan | 9.30% PIK | SOFR (Q) | 5.50% |  | 02/2030 |  | 1530.6 | 1530.4 | 1530.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 11.25% PIK | Base Rate (Q) | 4.50% |  | 02/2030 |  | 0.5 | 0.5 | 0.5 | (2)(8)(13) |  |
|  | Common units |  |  |  | 02/2025 |  | 24390 |  | 1600.5 | 691.4 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 3132.1 | 2223.2 |  |  |
| AP Adhesives Holdings, LLC (11) | First lien senior secured loan | 8.66% | SOFR (Q) | 4.75% |  | 04/2032 |  | 27832.3 | 27582.8 | 27554.0 | (2)(8)(13) |  |
| Bulab Holdings, Inc. and Buckman PPC Co-Invest LP (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 07/2032 |  | 43879.3 | 43469.0 | 43879.3 | (2)(8)(13) |  |
|  | First lien senior secured loan | 6.65% | Euribor (M) | 4.75% |  | 07/2032 |  | 8798.1 | 8742.4 | 8798.1 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 06/2025 |  | 1873000 |  | 1879.4 | 2189.7 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 54090.8 | 54867.1 |  |  |
| BW Holding, Inc. | First lien senior secured loan | 8.49% | SOFR (Q) | 4.50% |  | 12/2030 |  | 16894.1 | 15647.8 | 10981.2 | (2)(8) |  |
|  | First lien senior secured loan | 10.34% | SOFR (Q) | 6.50% |  | 12/2030 |  | 4231.7 | 3775.3 | 4297.8 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 19423.1 | 15279.0 |  |  |
| Charter Next Generation, Inc. | First lien senior secured loan | 6.66% | SOFR (M) | 2.75% |  | 11/2030 |  | 45172.5 | 45235.9 | 45236.7 | (2)(8) |  |
| Flexsys Cayman Holdings, LP | First lien senior secured loan | 9.97% | SOFR (M) | 6.25% |  | 08/2029 |  | 6123.1 | 5786.5 | 3704.5 | (2)(8) |  |
|  | First lien senior secured loan | 9.08% | SOFR (M) | 5.25% |  | 08/2029 |  | 8306.3 | 7755.9 | 456.8 | (2)(8) |  |
|  |  |  |  |  |  |  |  |  | 13542.4 | 4161.3 |  |  |
| Meyer Laboratory, LLC and Meyer Parent, LLC (11) | First lien senior secured revolving loan | 12.50% (3.75% PIK) | Base rate (Q) | 5.75% |  | 02/2030 |  | 388.7 | 365.5 | 270.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 10.42% (3.75% PIK) | SOFR (Q) | 6.75% |  | 02/2030 |  | 11679.9 | 11514.7 | 10750.9 | (2)(8)(13) |  |
|  | Common units |  |  |  | 02/2024 |  | 169000 |  | 169.0 | 111.1 | (13) |  |
|  |  |  |  |  |  |  |  |  | 12049.2 | 11132.6 |  |  |
| NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP (11)(12) | First lien senior secured revolving loan | 7.48% | SOFR (M) | 3.75% |  | 03/2031 |  | 3930.3 | 3862.9 | 3930.3 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.48% | SOFR (M) | 4.75% |  | 03/2031 |  | 30149.0 | 29819.3 | 30149.0 | (2)(8)(13) |  |
|  | Limited partnership interest |  |  |  | 03/2025 |  | 781332 |  | 784.2 | 988.1 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 34466.4 | 35067.4 |  |  |
| Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation (11) | First lien senior secured revolving loan | 8.59% | SOFR (Q) | 4.75% |  | 08/2032 |  | 557.6 | 503.4 | 500.7 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.58% | SOFR (Q) | 4.75% |  | 08/2032 |  | 33649.4 | 33361.6 | 33312.9 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 33865.0 | 33813.6 |  |  |
| Pregis TopCo LLC | First lien senior secured loan | 7.80% | SOFR (M) | 4.00% |  | 02/2029 |  | 16248.1 | 16225.8 | 16372.9 | (2) |  |
| Reagent Chemical & Research, LLC (11) | First lien senior secured loan | 9.12% | SOFR (M) | 5.25% |  | 04/2031 |  | 52104.2 | 51320.6 | 52104.2 | (2)(8)(13) |  |
| Sterilex LLC (11) | First lien senior secured revolving loan | 7.45% | SOFR (Q) | 3.75% |  | 09/2030 |  | 0.5 | 0.5 | 0.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.95% | SOFR (Q) | 5.25% |  | 09/2030 |  | 5379.8 | 5316.3 | 5312.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 5316.8 | 5313.0 |  |  |
| Trident TPI Holdings, Inc. | First lien senior secured loan | 7.42% | SOFR (Q) | 3.75% |  | 09/2028 |  | 45549.0 | 45479.9 | 43670.1 | (2)(8) |  |
| USALCO, LLC (11) | First lien senior secured loan | 7.22% | SOFR (M) | 3.50% |  | 09/2031 |  | 8260.4 | 8309.0 | 8288.8 | (2)(8) |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 370039.8 | 355083.9 |  | 3.38% |
| **Food and Beverage** |  |  |  |  |  |  |  |  |  |  |  |  |
| Badia Spices, LLC (11) | First lien senior secured loan | 8.09% | SOFR (Q) | 4.25% |  | 11/2030 |  | 124392.9 | 122619.7 | 124392.9 | (2)(8)(13) |  |
| Chobani, LLC | First lien senior secured loan | 5.97% | SOFR (M) | 2.25% |  | 10/2032 |  | 47552.0 | 47557.8 | 47742.2 | (2) |  |
| Demakes Enterprises, LLC | First lien senior secured loan | 9.67% | SOFR (Q) | 6.00% |  | 12/2029 |  | 11473.2 | 11283.8 | 11473.2 | (2)(8)(13) |  |
| Forward Keystone Holdings, LP (11) | Senior subordinated loan | 15.00% (8.00% PIK) |  |  |  | 03/2029 |  | 24336.1 | 23736.2 | 24336.1 | (2)(13) |  |
|  | Common units |  |  |  | 03/2025 |  | 3532000 |  | 3532.0 | 3894.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 27268.2 | 28231.0 |  |  |
| Froneri International Limited | First lien senior secured loan | 6.12% | SOFR (Q) | 2.25% |  | 09/2032 |  | 28135.0 | 28091.3 | 28124.3 | (2)(6) |  |
|  | First lien senior secured loan | 4.87% | Euribor (S) | 2.75% |  | 09/2032 |  | 11857.4 | 11716.3 | 11880.6 | (2)(6) |  |
|  |  |  |  |  |  |  |  |  | 39807.6 | 40004.9 |  |  |
| HBH Buyer, LLC (11) | First lien senior secured revolving loan | 7.17% | SOFR (Q) | 3.50% |  | 09/2031 |  | 3887.8 | 3841.3 | 3839.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.92% | SOFR (Q) | 5.25% |  | 09/2031 |  | 24366.0 | 24074.4 | 24061.4 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 27915.7 | 27900.6 |  |  |
| Spindrift Beverage Co., Inc. and SBC Aggregator LP (11)(12) | First lien senior secured loan | 8.94% | SOFR (Q) | 5.00% |  | 02/2032 |  | 10096.6 | 9986.0 | 10096.6 | (2)(8)(13) |  |
|  | Limited partnership units |  |  |  | 02/2025 |  | 7249 |  | 7249.4 | 9363.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 17235.4 | 19460.2 |  |  |
| Sugar PPC Buyer LLC (11) | First lien senior secured loan | 8.41% | SOFR (S) | 4.75% |  | 10/2031 |  | 26148.8 | 25774.1 | 26148.8 | (2)(8)(13) |  |
| Wilbur-Ellis Holdings II LLC (11) | First lien senior secured revolving loan | 8.00% | SOFR (Q) | 4.25% |  | 06/2030 |  | 5316.8 | 5058.0 | 5027.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 324520.3 | 330381.5 |  | 3.14% |
| **Household and Personal Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| ACP Tara Holdings, Inc. | First lien senior secured loan | 6.97% | SOFR (Q) | 3.25% |  | 12/2032 |  | 8564.6 | 8553.1 | 8607.4 | (2)(13) |  |
| Opal Bidco SAS | First lien senior secured loan | 6.69% | SOFR (Q) | 3.00% |  | 04/2032 |  | 60525.4 | 60429.6 | 60846.8 | (2) |  |
| pH Beauty Holdings III, Inc. (11) | First lien senior secured loan | 8.78% | SOFR (S) | 5.00% |  | 09/2027 |  | 12775.7 | 12694.2 | 12775.7 | (2)(13) |  |
| Silk Holdings III LLC and Silk Holdings I Corp. (11) | First lien senior secured revolving loan | 8.34% | SOFR (M) | 4.50% |  | 12/2032 |  | 2053.3 | 1951.8 | 1950.6 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.34% | SOFR (M) | 4.50% |  | 12/2032 |  | 143021.6 | 141759.9 | 141591.6 | (2)(8)(13) |  |
|  | Common stock |  |  |  | 05/2023 |  | 1646 |  | 3917.1 | 4064.0 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 147628.8 | 147606.2 |  |  |
| TCI Buyer LLC and TCI Holdings, LP (11) | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 11/2030 |  | 23296.7 | 22946.7 | 23296.7 | (2)(8)(13) |  |
|  | Common stock |  |  |  | 11/2024 |  | 16940 |  | 1694.0 | 1718.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 24640.7 | 25015.6 |  |  |
| WU Holdco, Inc. (11) | First lien senior secured revolving loan | 8.44% | SOFR (Q) | 4.75% |  | 04/2032 |  | 79.7 | 75.5 | 79.7 | (2)(10)(13) |  |
|  | First lien senior secured loan | 8.42% | SOFR (Q) | 4.75% |  | 04/2032 |  | 9795.6 | 9751.6 | 9795.6 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 9827.1 | 9875.3 |  |  |
|  |  |  |  |  |  |  |  |  | 263773.5 | 264727.0 |  | 2.52% |
| **Automobiles and Components** |  |  |  |  |  |  |  |  |  |  |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Churchill OpCo Holdings LLC and Victory Topco, LP (11) | First lien senior secured revolving loan | 8.62% | SOFR (Q) | 5.00% |  | 11/2029 |  | 370.5 | 304.4 | 370.5 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.67% | SOFR (Q) | 5.00% |  | 11/2029 |  | 29706.9 | 29447.2 | 29706.9 | (2)(8)(13) |  |
|  | Class A-2 common units |  |  |  | 11/2023 |  | 23290 |  | 2329.0 | 6507.6 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 32080.6 | 36585.0 |  |  |
| Clarios Global LP | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 05/2030 |  | 6131.2 | 6127.0 | 6132.0 | (2) |  |
| Collision SP Subco, LLC (11) | First lien senior secured revolving loan | 8.57% | SOFR (Q) | 4.75% |  | 01/2030 |  | 59.9 | 54.6 | 59.9 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.71% | SOFR (Q) | 4.75% |  | 01/2030 |  | 7173.7 | 7086.6 | 7173.7 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 7141.2 | 7233.6 |  |  |
| Dynamo Midco B.V. | First lien senior secured loan | 7.09% | SOFR (M) | 3.25% |  | 09/2031 |  | 18430.5 | 18462.6 | 18591.8 | (2)(6) |  |
| Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC | First lien senior secured loan | 7.32% | SOFR (Q) | 3.50% |  | 02/2030 |  | 5000.0 | 4975.0 | 5021.9 | (8) |  |
| Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP (11) | First lien senior secured revolving loan | 8.95% | SOFR (S) | 4.75% |  | 03/2031 |  | 245.5 | 240.8 | 245.5 | (2)(8)(13) |  |
|  | First lien senior secured revolving loan | 10.50% | Base Rate (Q) | 3.75% |  | 03/2031 |  | 103.2 | 101.2 | 103.2 | (2)(8)(13) |  |
|  | First lien senior secured loan | 8.71% | SOFR (Q) | 4.75% |  | 03/2031 |  | 7527.4 | 7428.9 | 7527.4 | (2)(8)(13) |  |
|  | Limited partnership interests |  |  |  | 03/2025 |  | 344000 |  | 344.0 | 412.6 | (13) |  |
|  |  |  |  |  |  |  |  |  | 8114.9 | 8288.7 |  |  |
| Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP (11) | First lien senior secured loan | 8.48% | SOFR (M) | 4.75% |  | 02/2032 |  | 97810.0 | 96437.4 | 97810.0 | (2)(8)(13) |  |
|  | Class A units |  |  |  | 09/2025 |  | 40239 |  | 4023.9 | 4023.9 | (2)(13) |  |
|  |  |  |  |  |  |  |  |  | 100461.3 | 101833.9 |  |  |
| Wand Newco 3, Inc. | First lien senior secured loan | 6.22% | SOFR (M) | 2.50% |  | 01/2031 |  | 69496.4 | 69465.4 | 69533.2 | (2) |  |
|  |  |  |  |  |  |  |  |  | 246828.0 | 253220.1 |  | 2.41% |
| **Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| Expereo USA, Inc. and Ristretto Bidco B.V. (11) | First lien senior secured loan | 10.22% (3.50% PIK) | SOFR (Q) | 6.50% |  | 12/2030 |  | 60801.5 | 60299.0 | 59420.8 | (2)(6)(8)(13) |  |
| Infoblox Inc | First lien senior secured loan | 6.59% | SOFR (M) | 2.75% |  | 11/2029 |  | 35510.4 | 35315.3 | 35302.0 | (2) |  |
| Lumen Technologies | First lien senior secured loan | 6.18% | SOFR (M) | 2.35% |  | 04/2029 |  | 61627.2 | 61198.1 | 61242.1 | (2)(6)(8) |  |
|  | First lien senior secured loan | 6.18% | SOFR (M) | 2.35% |  | 04/2030 |  | 8049.1 | 8004.8 | 7994.2 | (2)(6)(8) |  |
|  | First lien senior secured loan | 9.72% | SOFR (M) | 6.00% |  | 06/2028 |  | 3839.3 | 3927.6 | 3853.0 | (2)(6)(8) |  |
|  |  |  |  |  |  |  |  |  | 73130.5 | 73089.3 |  |  |
| Zayo Group Holdings, Inc. | First lien senior secured loan | 6.83% (0.50% PIK) | SOFR (M) | 3.00% |  | 03/2030 |  | 21381.5 | 20322.7 | 20234.4 | (2) |  |
|  | Senior subordinated loan | 5.75% |  |  |  | 03/2030 |  | 3248.6 | 3086.6 | 3086.2 | (2) |  |
|  |  |  |  |  |  |  |  |  | 23409.3 | 23320.6 |  |  |
|  |  |  |  |  |  |  |  |  | 192154.1 | 191132.7 |  | 1.82% |
| **Technology Hardware and Equipment** |  |  |  |  |  |  |  |  |  |  |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
| Chariot Buyer LLC | First lien senior secured loan | 6.47% | SOFR (M) | 2.75% |  | 09/2032 |  | 7063.2 | 7063.2 | 7073.6 | (2) |  |
| CommScope Holding Co Inc | First lien senior secured loan | 8.47% | SOFR (M) | 4.75% |  | 12/2029 |  | 26084.7 | 26280.6 | 26096.9 | (2)(6)(8) |  |
| ConnectWise, LLC | First lien senior secured loan | 7.43% | SOFR (Q) | 3.50% |  | 09/2028 |  | 70424.9 | 70445.2 | 69060.8 | (2)(8) |  |
| Cotiviti Holdings, Inc. | First lien senior secured loan | 6.62% | SOFR (M) | 2.75% |  | 03/2032 |  | 14810.2 | 14653.1 | 14190.1 | (2) |  |
|  | First lien senior secured loan | 6.62% | SOFR (M) | 2.75% |  | 05/2031 |  | 3977.3 | 3905.0 | 3814.9 | (2) |  |
|  |  |  |  |  |  |  |  |  | 18558.1 | 18005.0 |  |  |
| Emerald Debt Merger Sub LLC | First lien senior secured loan | 6.12% | SOFR (S) | 2.25% |  | 08/2031 |  | 12967.9 | 12926.5 | 12987.0 | (2) |  |
|  | First lien senior secured loan | 6.07% | SOFR (Q) | 2.25% |  | 05/2030 |  | 16756.8 | 16739.9 | 16789.5 | (2) |  |
|  |  |  |  |  |  |  |  |  | 29666.4 | 29776.5 |  |  |
| Excelitas Technologies Corp. (11) | First lien senior secured loan | 8.97% | SOFR (M) | 5.25% |  | 08/2029 |  | 32500.0 | 32500.0 | 32500.0 | (2)(8)(13) |  |
| FL Hawk Intermediate Holdings, Inc. (11) | First lien senior secured loan | 8.35% | SOFR (M) | 4.50% |  | 02/2030 |  | 8175.5 | 8129.6 | 8175.5 | (2)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 192643.1 | 190688.3 |  | 1.82% |
| **Consumer Durables and Apparel** |  |  |  |  |  |  |  |  |  |  |  |  |
| Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. (11) | First lien senior secured revolving loan | 9.04% | SOFR (M) | 5.00% |  | 08/2030 |  | 2360.8 | 1906.7 | 1868.7 | (2)(6)(8)(13) |  |
| Sport Maska Inc. (11) | First lien senior secured revolving loan | 8.98% | SOFR (M) | 5.25% |  | 12/2030 |  | 1300.5 | 1127.9 | 1295.8 | (2)(6)(8)(10)(13) |  |
|  | First lien senior secured loan | 7.77% | CDOR (M) | 5.50% |  | 12/2030 |  | 21143.8 | 19749.3 | 21143.8 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 20877.2 | 22439.6 |  |  |
| St Athena Global LLC and St Athena Global Holdings Limited (11) | First lien senior secured revolving loan | 9.10% | SOFR (Q) | 5.25% |  | 06/2029 |  | 627.8 | 581.5 | 539.2 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 8.97% | SONIA (M) | 5.25% |  | 06/2030 |  | 19463.2 | 18056.2 | 19074.0 | (2)(6)(8)(13) |  |
|  | First lien senior secured loan | 9.02% | SOFR (Q) | 5.25% |  | 06/2030 |  | 31959.1 | 31587.9 | 31319.9 | (2)(6)(8)(13) |  |
|  |  |  |  |  |  |  |  |  | 50225.6 | 50933.1 |  |  |
| Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP | First lien senior secured loan | 6.67% | SOFR (Q) | 3.00% |  | 08/2031 |  | 35756.9 | 35713.9 | 35868.8 | (2) |  |
|  |  |  |  |  |  |  |  |  | 108723.4 | 111110.2 |  | 1.06% |
| **Real Estate Management and Development** |  |  |  |  |  |  |  |  |  |  |  |  |
| Pallas Australia Feeder Trust | Private asset-backed investment | 11.40% | BBSY (M) | 7.85% |  | 07/2028 |  | 511.7 | 503.4 | 511.7 | (6)(13) |  |
| Pallas Funding Trust No.2 | Private asset-backed investment | 11.40% | BBSY (M) | 7.85% |  | 02/2027 |  | 1427.0 | 1389.5 | 1427.0 | (6)(13) |  |
|  | Private asset-backed investment | 11.61% | BBSY (M) | 7.85% |  | 10/2027 |  | 815.4 | 812.5 | 815.4 | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 2202.0 | 2242.4 |  |  |
| Pallas NZ Funding Trust No. 1 | Private asset-backed investment | 9.36% | BBSY (M) | 6.15% |  | 07/2026 |  | 2154.9 | 2232.1 | 2154.9 | (6)(13) |  |
| Quintain Investments Holdings Limited (12) | Private asset-backed investment |  |  |  | 08/2024 | 08/2031 | 37444573 |  | 48715.0 | 57205.3 | (6)(13) |  |
|  | Class B common units |  |  |  | 08/2024 |  | 54289 |  |  |  | (6)(13) |  |
|  |  |  |  |  |  |  |  |  | 48715.0 | 57205.3 |  |  |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company (1)** | **Investment** | **Coupon (3)** | **Reference (7)** | **Spread (3)** | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Amortized Cost** | **Fair Value** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  | 53652.5 | 62114.3 |  | 0.59% |
| **Data Centers** |  |  |  |  |  |  |  |  |  |  |  |  |
| Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP (11) | Senior subordinated loan | 9.50% |  |  |  | 12/2031 |  | 42406.0 | 41673.1 | 41663.9 | (2)(13) |  |
| Vantage Data Centers Europe S.a r.l. (11) | Private asset-backed investment | 8.63% | Euribor (M) | 6.75% |  | 05/2029 |  | 2262.6 | 2056.5 | 2262.6 | (2)(6)(13) |  |
|  | Private asset-backed investment | 8.73% | Euribor (M) | 6.85% |  | 05/2029 |  | 259.3 | 235.7 | 259.3 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 2292.2 | 2521.9 |  |  |
|  |  |  |  |  |  |  |  |  | 43965.3 | 44185.8 |  | 0.42% |
| **Gas Utilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| FIC Matterhorn CF, LP and FIC Matterhorn CF Feeder, LP (12) | Limited partnership interests |  |  |  | 06/2025 |  | 19712949 |  | 19712.9 | 19712.9 | (6) |  |
|  | Limited partnership interests |  |  |  | 06/2025 |  | 1 |  | 0.7 | 0.7 | (6) |  |
|  |  |  |  |  |  |  |  |  | 19713.6 | 19713.6 |  |  |
| Venture Global Plaquemines Lng LLC | First lien senior secured loan | 6.14% | SOFR (M) | 2.23% |  | 05/2029 |  | 7546.1 | 7537.5 | 7502.1 | (2)(6) |  |
|  | First lien senior secured loan | 5.94% | SOFR (M) | 2.23% |  | 05/2029 |  | 943.9 | 942.8 | 939.2 | (2)(6)(13) |  |
|  |  |  |  |  |  |  |  |  | 8480.3 | 8441.3 |  |  |
|  |  |  |  |  |  |  |  |  | 28193.9 | 28154.9 |  | 0.27% |
| **Total Investments** |  |  |  |  |  |  |  |  | $21360914.4 | $21508598.4 | (17) | 204.73% |

---

See accompanying notes to consolidated financial statements.

------

**Derivative Instruments**

***Foreign currency forward contracts***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation / (Depreciation)** |
| Foreign currency forward contract | $169576 | 148885 | Canadian Imperial Bank of Commerce | January 23, 2026 | $(636) |
| Foreign currency forward contract | $117951 | £103745 | Canadian Imperial Bank of Commerce | June 11, 2027 | (2002) |
| Foreign currency forward contract | $115234 | 98626 | Wells Fargo Bank, N.A. | January 23, 2026 | (670) |
| Foreign currency forward contract | $77740 | 64937 | Wells Fargo Bank, N.A. | September 08, 2027 | (209) |
| Foreign currency forward contract | $66170 | 663462 | Wells Fargo Bank, N.A. | January 23, 2026 | 414 |
| Foreign currency forward contract | $61809 | 60251 | Canadian Imperial Bank of Commerce | June 11, 2027 | (967) |
| Foreign currency forward contract | $59899 | £46812 | Canadian Imperial Bank of Commerce | August 16, 2027 | (2891) |
| Foreign currency forward contract | $57178 | 62493 | Canadian Imperial Bank of Commerce | March 31, 2028 | (843) |
| Foreign currency forward contract | $51458 | 46454 | Wells Fargo Bank, N.A. | February 28, 2028 | (4587) |
| Foreign currency forward contract | $49970 | £37428 | Canadian Imperial Bank of Commerce | July 28, 2028 | (119) |
| Foreign currency forward contract | $49964 | £37428 | Wells Fargo Bank, N.A. | July 28, 2028 | (125) |
| Foreign currency forward contract | $49860 | 45000 | Canadian Imperial Bank of Commerce | February 28, 2028 | (4429) |
| Foreign currency forward contract | $49790 | £37090 | SMBC Capital Markets, Inc. | August 14, 2028 | 158 |
| Foreign currency forward contract | $35977 | £26695 | Wells Fargo Bank, N.A. | August 02, 2027 | 166 |
| Foreign currency forward contract | $25450 | 35598 | Canadian Imperial Bank of Commerce | March 31, 2027 | (852) |
| Foreign currency forward contract | $21805 | 19538 | Wells Fargo Bank, N.A. | March 30, 2027 | (1534) |
| Foreign currency forward contract | $20769 | 27895 | Canadian Imperial Bank of Commerce | November 16, 2026 | 216 |
| Foreign currency forward contract | $20497 | ¥2121107 | Canadian Imperial Bank of Commerce | January 31, 2028 | 957 |
| Foreign currency forward contract | $18890 | £15184 | Wells Fargo Bank, N.A. | August 21, 2026 | (1529) |
| Foreign currency forward contract | $16256 | 13416 | SMBC Capital Markets, Inc. | August 14, 2028 | (8) |
| Foreign currency forward contract | $16144 | 22503 | Wells Fargo Bank, N.A. | January 23, 2026 | (273) |
| Foreign currency forward contract | $15755 | £11800 | Canadian Imperial Bank of Commerce | January 23, 2026 | (123) |
| Foreign currency forward contract | $14323 | 19837 | Canadian Imperial Bank of Commerce | January 31, 2028 | (407) |
| Foreign currency forward contract | $13108 | 18267 | Canadian Imperial Bank of Commerce | January 23, 2026 | (219) |
| Foreign currency forward contract | $9097 | 7487 | Wells Fargo Bank, N.A. | August 14, 2028 | 20 |
| Foreign currency forward contract | $8142 | £6100 | Wells Fargo Bank, N.A. | January 23, 2026 | (66) |
| Foreign currency forward contract | $8132 | 6722 | Canadian Imperial Bank of Commerce | August 14, 2028 | (17) |
| Foreign currency forward contract | $6908 | £6137 | Canadian Imperial Bank of Commerce | March 31, 2026 | (361) |
| Foreign currency forward contract | $6165 | 9518 | Wells Fargo Bank, N.A. | November 17, 2026 | (162) |
| Foreign currency forward contract | $4983 | 6713 | Canadian Imperial Bank of Commerce | June 11, 2027 | 18 |
| Foreign currency forward contract | $4773 | 29850 | Wells Fargo Bank, N.A. | September 08, 2027 | (49) |
| Foreign currency forward contract | $4217 | £3347 | Canadian Imperial Bank of Commerce | August 21, 2026 | (284) |
| Foreign currency forward contract | $3324 | 2798 | Wells Fargo Bank, N.A. | August 02, 2027 | (30) |
| Foreign currency forward contract | $3074 | 2737 | Canadian Imperial Bank of Commerce | March 30, 2027 | (193) |
| Foreign currency forward contract | $2824 | 2540 | Canadian Imperial Bank of Commerce | March 26, 2026 | (171) |
| Foreign currency forward contract | $2555 | 4070 | Canadian Imperial Bank of Commerce | July 17, 2026 | 95 |
| Foreign currency forward contract | $2504 | £1915 | Wells Fargo Bank, N.A. | August 16, 2027 | (65) |
| Foreign currency forward contract | $2502 | 27017 | Canadian Imperial Bank of Commerce | March 31, 2026 | (175) |
| Foreign currency forward contract | $2443 | 2178 | Canadian Imperial Bank of Commerce | May 22, 2026 | (128) |
| Foreign currency forward contract | $2011 | 20371 | Canadian Imperial Bank of Commerce | January 23, 2026 | (8) |
| Foreign currency forward contract | $1957 | 1737 | Canadian Imperial Bank of Commerce | March 27, 2028 | (140) |
| Foreign currency forward contract | $1906 | 1737 | Canadian Imperial Bank of Commerce | March 27, 2026 | (142) |
| Foreign currency forward contract | $1906 | 1713 | Wells Fargo Bank, N.A. | December 17, 2027 | (156) |
| Foreign currency forward contract | $1873 | 1713 | Wells Fargo Bank, N.A. | December 17, 2026 | (167) |
| Foreign currency forward contract | $1390 | 2097 | Canadian Imperial Bank of Commerce | February 18, 2026 | (12) |
| Foreign currency forward contract | $1294 | 1960 | Canadian Imperial Bank of Commerce | September 30, 2026 | (10) |
| Foreign currency forward contract | $1017 | 1391 | Wells Fargo Bank, N.A. | November 16, 2026 | (8) |
| Foreign currency forward contract | $874 | £720 | Wells Fargo Bank, N.A. | March 31, 2026 | (95) |
| Foreign currency forward contract | $619 | £480 | Wells Fargo Bank, N.A. | November 02, 2026 | (26) |
| Foreign currency forward contract | $607 | 932 | Canadian Imperial Bank of Commerce | September 30, 2027 | (8) |
| Foreign currency forward contract | $561 | £419 | Wells Fargo Bank, N.A. | June 11, 2027 |  |
| Foreign currency forward contract | $478 | 736 | Canadian Imperial Bank of Commerce | January 23, 2026 | (13) |
| Foreign currency forward contract | $471 | 373 | Canadian Imperial Bank of Commerce | January 23, 2026 | (1) |
| Foreign currency forward contract | $81 | 72 | Canadian Imperial Bank of Commerce | March 31, 2026 | (4) |
| Foreign currency forward contract | $34 | 54 | Canadian Imperial Bank of Commerce | January 20, 2026 | 2 |
| Foreign currency forward contract | $33 | 52 | Canadian Imperial Bank of Commerce | April 17, 2026 | 1 |
| **Total** |  |  |  |  | $(22867) |

---

See accompanying notes to consolidated financial statements.

------

***Interest rate swaps***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Hedged Item** | **Company Receives** | **Company Pays** | **Counterparty** | **Maturity Date** | **Notional Amount** | **Fair Value** | **Upfront Payments/Receipts** | **Change in Unrealized Appreciation / (Depreciation)** |
| Interest rate swap | March 2028 Notes | 5.700% | SOFR +1.6485% | Wells Fargo Bank, N.A. | 03/15/2028 | $1000000 | $14461 | $— | $15966 |
| Interest rate swap | September 2028 Notes | 5.450% | SOFR +1.7465% | Wells Fargo Bank, N.A. | 09/09/2028 | 600000 | 4677 |  | 4677 |
| Interest rate swap | January 2029 Notes | 4.850% | SOFR +1.6220% | Wells Fargo Bank, N.A. | 01/15/2029 | 600000 | (3021) |  | (3021) |
| Interest rate swap | August 2029 Notes | 6.350% | SOFR +2.2080% | Wells Fargo Bank, N.A. | 08/15/2029 | 700000 | 16585 |  | 15659 |
| Interest rate swap | February 2030 Notes | 5.600% | SOFR +2.3020% | Wells Fargo Bank, N.A. | 02/15/2030 | 750000 | (5199) |  | 22820 |
| Interest rate swap | September 2030 Notes | 5.800% | SOFR +2.0490% | Wells Fargo Bank, N.A. | 09/09/2030 | 500000 | 5239 |  | 5239 |
| Interest rate swap | January 2031 Notes | 5.150% | SOFR +1.9460% | Wells Fargo Bank, N.A. | 01/15/2031 | 500000 | (6380) |  | (6380) |
| Interest rate swap | March 2032 Notes | 6.200% | SOFR +1.8290% | Wells Fargo Bank, N.A. | 03/21/2032 | 750000 | 31646 |  | 31646 |
| **Total** |  |  |  |  |  | $5400000 | $58008 | $— | $86606 |

---

________________________________________

(1)Ares Strategic Income Fund's (together with its consolidated wholly owned subsidiaries, the "Fund") portfolio company investments, which as of December 31, 2025 represented 205% of the Fund's net assets or 95% of the Fund's total assets, may be subject to legal restrictions on sales.

(2)These assets are pledged as collateral under the Fund's or the Fund's consolidated subsidiaries' various revolving credit facilities and debt securitizations 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 facilities and debt securitizations (see Note 5).

(3)Investments without an interest rate are non-income producing.

(4)As defined in the Investment Company Act, the Fund is deemed to be an "Affiliated Person" because it owns 5% or more 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). Transactions as of and during the year ended December 31, 2025 in which the issuer was an Affiliated Person of the Fund (but not a portfolio company that the Fund is deemed to Control) are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **As of December 31, 2025** |
| **(in thousands)<br>Company** | **Purchases (cost)** | **Redemptions (cost)** | **Sales (cost)** | **Interest income** | **Dividend income** | **Other income** | **Net realized gains (losses)** | **Net <br>unrealized gains (losses)** | **Fair Value** |
| Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP | $10728.7 | $632.6 | $— | $4199.6 | $— | $311.5 | $4.8 | $(608.9) | $60947.9 |
| OPH NEP Investment, LLC | 4350.9 |  |  | 4205.1 |  |  |  | (159.2) | 42213.5 |
|  | $15079.6 | $632.6 | $— | $8404.7 | $— | $311.5 | $4.8 | $(768.1) | $103161.4 |

---

(5)As defined in the Investment Company Act, the Fund is deemed to be both an "Affiliated Person" and "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). Transactions as of and during the year ended December 31, 2025 in which the issuer was both an Affiliated Person and a portfolio company that the Fund is deemed to Control are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **As of December 31, 2025** |
| **(in thousands)<br>Company** | **Purchases (cost)** | **Redemptions (cost)** | **Sales (cost)** | **Interest income** | **Dividend income** | **Other income** | **Net realized gains (losses)** | **Net <br>unrealized gains (losses)** | **Fair Value** |
| ADLP LLC | $391000.0 | $— | $— | $4805.1 | $— | $3217.4 | $— | $— | $391000.0 |
|  | $391000.0 | $— | $— | $4805.1 | $— | $3217.4 | $— | $— | $391000.0 |

---

See accompanying notes to consolidated financial statements.

------

(6)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 "Investment Company Act"). Under the Investment Company 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 Investment Company Act, 25% 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.

(7)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), semi-annually (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.

(8)Loan includes interest rate floor feature.

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

(9)As of December 31, 2025, no amounts were funded by the Fund under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(10)As of December 31, 2025, in addition to the amounts funded by the Fund under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(11)As of December 31, 2025, the Fund had the following commitments to fund various revolving and delayed draw senior secured loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for more information on revolving and delayed draw loan commitments related to certain portfolio companies.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| 15484880 Canada Inc. and 15484910 Canada Inc. | $11247.6 | $(370.2) | $10877.4 | $— | $— | $10877.4 |
| 3 Step Sports LLC | 13584.9 |  | 13584.9 |  |  | 13584.9 |
| Accommodations Plus Technologies LLC | 1666.7 |  | 1666.7 |  |  | 1666.7 |
| ACP Avenu Midco LLC | 12009.7 |  | 12009.7 |  |  | 12009.7 |
| Actfy Buyer, Inc. | 11739.1 |  | 11739.1 |  |  | 11739.1 |
| Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP | 1056.3 |  | 1056.3 |  |  | 1056.3 |
| Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC | 281.3 | (0.8) | 280.5 |  |  | 280.5 |
| Adonis Bidco Inc. | 38724.4 |  | 38724.4 |  |  | 38724.4 |
| Aduro Advisors, LLC | 11758.3 |  | 11758.3 |  |  | 11758.3 |
| Aerin Medical Inc. | 4681.4 |  | 4681.4 |  |  | 4681.4 |
| AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. | 9179.7 | (3592.0) | 5587.7 |  |  | 5587.7 |
| AI Titan Parent, Inc. | 14908.7 |  | 14908.7 |  |  | 14908.7 |
| Airx Climate Solutions, Inc. | 14342.0 |  | 14342.0 |  |  | 14342.0 |
| Alcami Corporation | 547.9 | (116.4) | 431.5 |  |  | 431.5 |
| Alcresta Therapeutics, Inc. | 11166.6 | (86.5) | 11080.1 |  |  | 11080.1 |
| Aldinger Company Inc | 13632.3 | (236.3) | 13396.0 |  |  | 13396.0 |
| Aledade, Inc. | 38469.2 | (11940.4) | 26528.8 |  |  | 26528.8 |
| AP Adhesives Holdings, LLC | 15030.3 |  | 15030.3 |  |  | 15030.3 |
| Apex Service Partners, LLC and Apex Service Partners Holdings, LLC | 2039.6 | (614.8) | 1424.8 |  |  | 1424.8 |
| Aptean, Inc. and Aptean Acquiror Inc. | 9083.4 | (1354.6) | 7728.8 |  |  | 7728.8 |
| Archduke Buyer, Inc. | 2980.3 | (1123.6) | 1856.7 |  |  | 1856.7 |
| Arrow Borrower 2025, Inc. | 15876.8 |  | 15876.8 |  |  | 15876.8 |
| Artemis BidCo 2 LLC | 8946.8 | (0.8) | 8946.0 |  |  | 8946.0 |
| Artifact Bidco, Inc. | 10426.1 |  | 10426.1 |  |  | 10426.1 |
| Artivion, Inc. | 21803.5 | (1983.0) | 19820.5 |  |  | 19820.5 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| Avalign Holdings, Inc. and Avalign Technologies, Inc. | 3440.4 | (1720.2) | 1720.2 |  |  | 1720.2 |
| AX VI VET HOLDING I APS | 33859.3 |  | 33859.3 |  |  | 33859.3 |
| Badia Spices, LLC | 21428.6 |  | 21428.6 |  |  | 21428.6 |
| Bamboo US BidCo LLC | 3113.6 | (0.7) | 3112.9 |  |  | 3112.9 |
| Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | 73089.5 |  | 73089.5 |  |  | 73089.5 |
| Bayou Intermediate II, LLC | 7942.1 |  | 7942.1 |  |  | 7942.1 |
| BCPE Pequod Buyer, Inc. | 8673.6 |  | 8673.6 |  |  | 8673.6 |
| Beacon Pointe Harmony, LLC | 25484.1 |  | 25484.1 |  |  | 25484.1 |
| Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. | 11525.4 | (49.1) | 11476.3 |  |  | 11476.3 |
| BGI Purchaser, Inc. | 33329.5 | (11109.8) | 22219.7 |  |  | 22219.7 |
| BGIF IV Fearless Utility Services, Inc. | 10424.5 | (520.4) | 9904.1 |  |  | 9904.1 |
| Birdie Bidco, Inc. | 84892.8 | (1449.8) | 83443.0 |  |  | 83443.0 |
| Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC | 9943.6 | (359.1) | 9584.5 |  |  | 9584.5 |
| BNZ TopCo B.V. | 22836.5 |  | 22836.5 |  |  | 22836.5 |
| Bobcat Purchaser, LLC and Bobcat Topco, L.P. | 1595.7 |  | 1595.7 |  |  | 1595.7 |
| Bobtail AcquisitionCo, LLC | 25414.4 | (1008.1) | 24406.3 |  |  | 24406.3 |
| BrightStar Group Holdings, Inc. | 3766.9 |  | 3766.9 |  |  | 3766.9 |
| Bulab Holdings, Inc. and Buckman PPC Co-Invest LP | 22933.6 |  | 22933.6 |  |  | 22933.6 |
| Bumble Bidco Limited | 2734.4 |  | 2734.4 |  |  | 2734.4 |
| Businessolver.com, Inc. | 3889.4 |  | 3889.4 |  |  | 3889.4 |
| BVI Medical, Inc. and BVI Group Limited | 14792.9 |  | 14792.9 |  |  | 14792.9 |
| Cambrex Corporation | 65969.5 | (1162.4) | 64807.1 |  |  | 64807.1 |
| Cannon Bridge Designated Activity Company | 5523.5 | (3510.5) | 2013.0 |  |  | 2013.0 |
| Capnor Connery Bidco A/S | 1455.7 |  | 1455.7 |  |  | 1455.7 |
| Cards-Live Oak Holdings, Inc. | 19441.9 | (2321.2) | 17120.7 |  |  | 17120.7 |
| Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. | 2389.6 |  | 2389.6 |  |  | 2389.6 |
| CBTS Borrower, LLC and CBTS TopCo, L.P. | 1900.0 |  | 1900.0 |  |  | 1900.0 |
| Celnor Group Limited | 4841.6 |  | 4841.6 |  |  | 4841.6 |
| Centralsquare Technologies, LLC and Supermoose Newco, Inc. | 4310.3 |  | 4310.3 |  |  | 4310.3 |
| Cezanne Bidco | 6175.9 |  | 6175.9 |  |  | 6175.9 |
| Chicago US Midco III, LP | 2118.9 |  | 2118.9 |  |  | 2118.9 |
| Chillaton Bidco Limited | 1185.9 |  | 1185.9 |  |  | 1185.9 |
| Churchill OpCo Holdings LLC and Victory Topco, LP | 22023.7 | (370.5) | 21653.2 |  |  | 21653.2 |
| City Line Distributors LLC and City Line Investments LLC | 1.5 |  | 1.5 |  |  | 1.5 |
| Clearstead Advisors, LLC | 626.4 | (271.4) | 355.0 |  |  | 355.0 |
| ClubCorp Holdings, Inc. | 7070.4 |  | 7070.4 |  |  | 7070.4 |
| CMG HoldCo, LLC and CMG Buyer Holdings, Inc. | 20950.7 |  | 20950.7 |  |  | 20950.7 |
| Collision SP Subco, LLC | 3511.3 | (59.9) | 3451.4 |  |  | 3451.4 |
| Computer Services, Inc. | 12629.6 |  | 12629.6 |  |  | 12629.6 |
| Convera International Holdings Limited and Convera International Financial S.A R.L. | 1110.5 |  | 1110.5 |  |  | 1110.5 |
| CoreRx, Inc. | 1.0 | (0.6) | 0.4 |  |  | 0.4 |
| Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. | 7060.6 |  | 7060.6 |  |  | 7060.6 |
| Coupa Holdings, LLC and Coupa Software Incorporated | 410.8 |  | 410.8 |  |  | 410.8 |
| CPIG Holdco Inc. | 1.0 | (0.5) | 0.5 |  |  | 0.5 |
| Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. | 4461.7 |  | 4461.7 |  |  | 4461.7 |
| Creek Parent, Inc. and Creek Feeder, L.P. | 21965.8 |  | 21965.8 |  |  | 21965.8 |
| Cyber US Bidco LLC, Cyber Bidco Limited, and Cyber Midco Limited | 3082.8 |  | 3082.8 |  |  | 3082.8 |
| Databricks, Inc. | 19846.0 |  | 19846.0 |  |  | 19846.0 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| Davidson Hotel Company LLC | 3365.3 |  | 3365.3 |  |  | 3365.3 |
| Dedomena Bidco Limited | 395.9 |  | 395.9 |  |  | 395.9 |
| Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | 25163.5 | (666.9) | 24496.6 |  |  | 24496.6 |
| Diamond Mezzanine 24 LLC | 3750.0 | (1200.0) | 2550.0 |  |  | 2550.0 |
| Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. | 4645.3 |  | 4645.3 |  |  | 4645.3 |
| Diligent Corporation | 12896.5 | (1265.7) | 11630.8 |  |  | 11630.8 |
| Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. | 505.8 |  | 505.8 |  |  | 505.8 |
| Dorado Bidco, Inc. | 6628.8 | (19.0) | 6609.8 |  |  | 6609.8 |
| DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP | 20731.2 | (615.7) | 20115.5 |  |  | 20115.5 |
| Doxim Inc. | 5733.8 | (564.9) | 5168.9 |  |  | 5168.9 |
| DP Flores Holdings, LLC | 22210.7 |  | 22210.7 |  |  | 22210.7 |
| DriveCentric Holdings, LLC | 13632.3 |  | 13632.3 |  |  | 13632.3 |
| Drogon Bidco Inc. & Drogon Aggregator LP | 14069.2 |  | 14069.2 |  |  | 14069.2 |
| Duraserv LLC | 16748.1 | (559.9) | 16188.2 |  |  | 16188.2 |
| EC Partners Spanish BidCo, S.L.U. | 978.4 |  | 978.4 |  |  | 978.4 |
| Echo Purchaser, Inc. | 3977.3 |  | 3977.3 |  |  | 3977.3 |
| Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. | 30382.5 |  | 30382.5 |  |  | 30382.5 |
| Edition Holdings, Inc. and Enverus, Inc. | 35017.3 |  | 35017.3 |  |  | 35017.3 |
| Edmunds Govtech, Inc. | 3669.1 | (301.4) | 3367.7 |  |  | 3367.7 |
| Einstein Parent, Inc. | 1719.9 |  | 1719.9 |  |  | 1719.9 |
| Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC | 11532.6 | (2441.2) | 9091.4 |  |  | 9091.4 |
| ELM DebtCo, LLC | 1590.1 |  | 1590.1 |  |  | 1590.1 |
| EMB Purchaser, Inc. | 35636.4 |  | 35636.4 |  |  | 35636.4 |
| Empower Payments Investor, LLC | 2863.7 |  | 2863.7 |  |  | 2863.7 |
| Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC | 5865.3 | (2346.1) | 3519.2 |  |  | 3519.2 |
| Envisage Management Ltd | 2918.3 |  | 2918.3 |  |  | 2918.3 |
| eResearchTechnology, Inc. and Astorg VII Co-Invest ERT | 18726.0 |  | 18726.0 |  |  | 18726.0 |
| ESHA Intermediate, LLC | 5129.4 |  | 5129.4 |  |  | 5129.4 |
| Eternal Aus Bidco Pty Ltd | 507.4 |  | 507.4 |  |  | 507.4 |
| Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. | 1645.9 | (202.6) | 1443.3 |  |  | 1443.3 |
| Excelitas Technologies Corp. | 32500.0 |  | 32500.0 |  |  | 32500.0 |
| Expereo USA, Inc. and Ristretto Bidco B.V. | 15713.5 |  | 15713.5 |  |  | 15713.5 |
| Fever Labs, Inc. | 29259.9 | (11594.7) | 17665.2 |  | (4419.8) | 13245.4 |
| Firebird Acquisition Corp, Inc. | 8704.9 | (125.3) | 8579.6 |  |  | 8579.6 |
| Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP | 11565.9 | (2405.0) | 9160.9 |  |  | 9160.9 |
| FL Hawk Intermediate Holdings, Inc. | 1158.7 |  | 1158.7 |  |  | 1158.7 |
| Flexera Software LLC | 1737.4 |  | 1737.4 |  |  | 1737.4 |
| Flint OpCo, LLC | 8670.8 |  | 8670.8 |  |  | 8670.8 |
| FlyWheel Acquireco, Inc. | 1607.1 | (160.7) | 1446.4 |  |  | 1446.4 |
| Forward Keystone Holdings, LP | 7017.8 |  | 7017.8 |  |  | 7017.8 |
| Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. | 21871.7 | (2360.8) | 19510.9 |  |  | 19510.9 |
| Frontline Road Safety Operations, LLC | 16235.8 | (579.2) | 15656.6 |  |  | 15656.6 |
| G702 Buyer, Inc. | 1890.5 |  | 1890.5 |  |  | 1890.5 |
| GAPCO AIV Interholdco (CP), L.P. | 12889.9 |  | 12889.9 |  |  | 12889.9 |
| GC Waves Holdings, Inc. | 10591.1 |  | 10591.1 |  |  | 10591.1 |
| Generator US Buyer, Inc. and Total Power Limited | 5462.8 |  | 5462.8 |  |  | 5462.8 |
| Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. | 8216.0 |  | 8216.0 |  |  | 8216.0 |
| GHP-VGS Purchaser LLC | 8554.0 |  | 8554.0 |  |  | 8554.0 |
| Global Music Rights, LLC | 13645.8 |  | 13645.8 |  |  | 13645.8 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| GMF Parent, Inc. and GMF Group Holdings, LP | 10390.4 |  | 10390.4 |  |  | 10390.4 |
| Goldeneye Parent, LLC | 2778.9 |  | 2778.9 |  |  | 2778.9 |
| Grit Buyer, Inc. and Integrum Grit Co-Invest LP | 25127.7 | (158.0) | 24969.7 |  |  | 24969.7 |
| GS SEER Group Borrower LLC and GS SEER Group Holdings LLC | 1688.4 | (311.4) | 1377.0 |  |  | 1377.0 |
| GSV Purchaser, Inc. | 23952.7 |  | 23952.7 |  |  | 23952.7 |
| GTCR Everest Borrower, LLC | 1659.6 |  | 1659.6 |  |  | 1659.6 |
| GTCR F Buyer Corp. and GTCR (D) Investors LP | 3423.1 | (187.5) | 3235.6 |  |  | 3235.6 |
| Guidepoint Security Holdings, LLC | 4729.1 |  | 4729.1 |  |  | 4729.1 |
| Hakken Midco B.V. | 921.3 |  | 921.3 |  |  | 921.3 |
| Harbourvest Global Private Equity Limited | 65000.0 | (30875.0) | 34125.0 |  |  | 34125.0 |
| HBH Buyer, LLC | 17301.8 | (3887.8) | 13414.0 |  |  | 13414.0 |
| Helios Service Partners, LLC and Astra Service Partners, LLC | 8961.1 |  | 8961.1 |  |  | 8961.1 |
| HGC Holdings, LLC | 21062.1 |  | 21062.1 |  |  | 21062.1 |
| Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. | 2089.8 |  | 2089.8 |  |  | 2089.8 |
| High Street Buyer, Inc. and High Street Holdco LLC | 39661.6 |  | 39661.6 |  |  | 39661.6 |
| Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP | 10763.4 | (3026.9) | 7736.5 |  |  | 7736.5 |
| Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | 67383.0 | (112.4) | 67270.6 |  |  | 67270.6 |
| Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC | 26429.8 | (3645.1) | 22784.7 |  |  | 22784.7 |
| HP RSS Buyer, Inc. | 12024.4 |  | 12024.4 |  |  | 12024.4 |
| HPCC Parent, Inc. and Patriot Container Corp. | 5145.7 |  | 5145.7 |  |  | 5145.7 |
| HuFriedy Group Acquisition LLC | 17625.8 | (213.1) | 17412.7 |  |  | 17412.7 |
| Hyland Software, Inc. | 1102.9 |  | 1102.9 |  |  | 1102.9 |
| Icefall Parent, Inc. | 735.5 |  | 735.5 |  |  | 735.5 |
| ID.me, LLC and ID.me, Inc. | 15358.3 |  | 15358.3 |  |  | 15358.3 |
| IFH Franchisee Holdings, LLC | 27513.7 | (11194.0) | 16319.7 |  |  | 16319.7 |
| Igea Bidco S.p.A. and Masco Group S.p.A. (11) | 1742.8 |  | 1742.8 |  |  | 1742.8 |
| Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. | 12616.5 |  | 12616.5 |  |  | 12616.5 |
| Inszone Mid, LLC and INSZ Holdings, LLC | 78458.5 |  | 78458.5 |  |  | 78458.5 |
| Internet Truckstop Group LLC | 1990.0 |  | 1990.0 |  |  | 1990.0 |
| Intero Integrity Services Group B.V. | 919.7 |  | 919.7 |  |  | 919.7 |
| JAMS Holdings LP and Jams Buyer LLC | 6884.9 |  | 6884.9 |  |  | 6884.9 |
| Jeppesen Holdings, LLC | 997.3 |  | 997.3 |  |  | 997.3 |
| Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC | 14216.3 |  | 14216.3 |  |  | 14216.3 |
| JSG II, Inc. and Checkers USA, Inc. | 1186.9 |  | 1186.9 |  |  | 1186.9 |
| Kairos Bidco Limited | 3140.6 | (314.1) | 2826.5 |  |  | 2826.5 |
| King Risk Partners, LLC | 6004.4 |  | 6004.4 |  |  | 6004.4 |
| Kings Buyer, LLC | 2451.4 | (898.8) | 1552.6 |  |  | 1552.6 |
| Knight AcquireCo, LLC and Knight Holdings, LP | 26636.9 |  | 26636.9 |  |  | 26636.9 |
| Koala Investment Holdings, Inc. | 7218.8 |  | 7218.8 |  |  | 7218.8 |
| Kohlberg Private Credit Investors Rated Feeder-L, L.L.C. | 7436.7 |  | 7436.7 |  |  | 7436.7 |
| KPS Global LLC and Cool Group LLC | 3073.6 |  | 3073.6 |  |  | 3073.6 |
| Lakehouse Buyer Inc. | 49270.0 |  | 49270.0 |  |  | 49270.0 |
| LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP | 13139.0 | (387.0) | 12752.0 |  |  | 12752.0 |
| League One Volleyball Clubs, LLC and League One Volleyball, Inc. | 1.7 |  | 1.7 |  |  | 1.7 |
| Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P. | 3484.7 | (1526.9) | 1957.8 |  |  | 1957.8 |
| Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. | 182.2 |  | 182.2 |  |  | 182.2 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC | 6713.6 | (805.6) | 5908.0 |  |  | 5908.0 |
| Lightbeam Bidco, Inc. | 11182.0 | (0.7) | 11181.3 |  |  | 11181.3 |
| LivTech Purchaser, Inc. | 2005.8 |  | 2005.8 |  |  | 2005.8 |
| Mai Capital Management Intermediate LLC | 3543.8 | (363.2) | 3180.6 |  |  | 3180.6 |
| Mari Events Midco LLC and AE EventsCo Holdings LLC | 877.7 |  | 877.7 |  |  | 877.7 |
| Medlar Bidco Limited | 10381.1 |  | 10381.1 |  |  | 10381.1 |
| Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP | 8000.0 | (1750.0) | 6250.0 |  |  | 6250.0 |
| Merit Software Finance Holdings, LLC | 8071.2 |  | 8071.2 |  |  | 8071.2 |
| Metatiedot Bidco OY and Metatiedot US, LLC | 3151.7 | (1493.4) | 1658.3 |  |  | 1658.3 |
| Meyer Laboratory, LLC and Meyer Parent, LLC | 3279.8 | (388.7) | 2891.1 |  |  | 2891.1 |
| ML Holdco, Inc. | 24745.4 |  | 24745.4 |  |  | 24745.4 |
| Moderna, Inc. | 127857.0 |  | 127857.0 |  |  | 127857.0 |
| Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. | 4809.3 | (19.2) | 4790.1 |  |  | 4790.1 |
| Monica Holdco (US), Inc. | 8223.4 |  | 8223.4 |  |  | 8223.4 |
| Mountaineer Merger Corporation | 11254.0 | (4486.8) | 6767.2 |  |  | 6767.2 |
| Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC | 5157.3 | (1384.9) | 3772.4 |  |  | 3772.4 |
| MSIS Holdings, Inc. and MS Precision Parent, LP | 15155.6 |  | 15155.6 |  |  | 15155.6 |
| Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC | 4224.1 | (977.6) | 3246.5 |  |  | 3246.5 |
| NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP | 11529.4 | (3930.3) | 7599.1 |  |  | 7599.1 |
| Netsmart, Inc. and Netsmart Technologies, Inc. | 22120.1 |  | 22120.1 |  |  | 22120.1 |
| Next Holdco, LLC | 214.0 |  | 214.0 |  |  | 214.0 |
| North Haven Fairway Buyer, LLC and Fairway Lawns, LLC | 2638.5 | (330.6) | 2307.9 |  |  | 2307.9 |
| North Star Acquisitionco, LLC and Toucan Bidco Limited | 2550.0 |  | 2550.0 |  |  | 2550.0 |
| Northwinds Holding, Inc. and Northwinds Services Group LLC | 16892.7 |  | 16892.7 |  |  | 16892.7 |
| Oak Funding LLC | 8666.7 |  | 8666.7 |  |  | 8666.7 |
| OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP | 8645.5 | (459.8) | 8185.7 |  |  | 8185.7 |
| Odevo AB | 22499.4 |  | 22499.4 |  |  | 22499.4 |
| Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. | 765.1 |  | 765.1 |  |  | 765.1 |
| Orange Barrel Media, LLC/IKE Smart City, LLC | 1522.8 |  | 1522.8 |  |  | 1522.8 |
| Pallas NZ Funding Trust No. 1 | 2155.1 | (2155.1) |  |  |  |  |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc. | 22095.5 | (633.2) | 21462.3 |  |  | 21462.3 |
| Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. | 4783.5 | (509.2) | 4274.3 |  |  | 4274.3 |
| Pave America Holding, LLC | 10344.0 | (1713.3) | 8630.7 |  |  | 8630.7 |
| PCIA SPV-3, LLC and ASE Royal Aggregator, LLC | 1606.7 |  | 1606.7 |  |  | 1606.7 |
| PCMI Parent, LLC and PCMI Ultimate Holdings, LP | 6474.2 |  | 6474.2 |  |  | 6474.2 |
| PCS MidCo, Inc. and PCS Parent, L.P. | 2964.7 |  | 2964.7 |  |  | 2964.7 |
| PDDS HoldCo, Inc. | 2158.3 |  | 2158.3 |  |  | 2158.3 |
| Perigon Wealth Management, LLC and Perigon Wealth Advisors Holdings Company, LLC | 9465.7 |  | 9465.7 |  |  | 9465.7 |
| PestCo Holdings, LLC and PestCo, LLC | 5312.1 |  | 5312.1 |  |  | 5312.1 |
| pH Beauty Holdings III, Inc. | 1663.3 |  | 1663.3 |  |  | 1663.3 |
| Pike Corporation | 63472.9 |  | 63472.9 |  |  | 63472.9 |
| Pinnacle Buyer, LLC | 8043.9 |  | 8043.9 |  |  | 8043.9 |
| Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. | 7765.2 | (952.2) | 6813.0 |  |  | 6813.0 |
| Poseidon IntermediateCo, Inc. | 9212.0 |  | 9212.0 |  |  | 9212.0 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation | 5686.2 | (557.6) | 5128.6 |  |  | 5128.6 |
| Premiere Buyer, LLC | 8541.0 |  | 8541.0 |  |  | 8541.0 |
| Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP | 8691.0 |  | 8691.0 |  |  | 8691.0 |
| Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC | 572.7 | (2.0) | 570.7 |  |  | 570.7 |
| Project Alliance Buyer, LLC | 1879.2 |  | 1879.2 |  |  | 1879.2 |
| Project Cardinal Acquisition, LLC | 7981.3 |  | 7981.3 |  |  | 7981.3 |
| Proofpoint, Inc. | 165.2 |  | 165.2 |  |  | 165.2 |
| Property Finder Mercury Ltd | 17506.8 |  | 17506.8 |  |  | 17506.8 |
| PSC Parent, Inc. | 12693.0 | (4297.6) | 8395.4 |  |  | 8395.4 |
| PumpTech, LLC and Impel CV-B, LP | 9600.0 | (769.6) | 8830.4 |  |  | 8830.4 |
| PYE-Barker Fire & Safety, LLC | 4452.5 |  | 4452.5 |  |  | 4452.5 |
| QBS Parent, Inc. | 1490.5 | (142.2) | 1348.3 |  |  | 1348.3 |
| QF Holdings, Inc. | 31304.7 |  | 31304.7 |  |  | 31304.7 |
| Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. | 14605.9 |  | 14605.9 |  |  | 14605.9 |
| Quirch Foods Holdings, LLC | 10545.7 |  | 10545.7 |  |  | 10545.7 |
| Radiate Holdco LLC | 12344.6 |  | 12344.6 |  |  | 12344.6 |
| Raven Acquisition Holdings, LLC | 7349.6 |  | 7349.6 |  |  | 7349.6 |
| Reagent Chemical & Research, LLC | 8783.8 | (369.8) | 8414.0 |  |  | 8414.0 |
| Reddy Ice LLC | 171657.8 |  | 171657.8 |  |  | 171657.8 |
| Redwood Services LP | 15261.5 |  | 15261.5 |  |  | 15261.5 |
| Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP | 161143.0 |  | 161143.0 |  |  | 161143.0 |
| Revival Animal Health, LLC | 3554.4 | (1902.6) | 1651.8 |  |  | 1651.8 |
| Royal Borrower, LLC and Royal Parent, LP | 14506.8 |  | 14506.8 |  |  | 14506.8 |
| Runway Bidco, LLC | 699.8 |  | 699.8 |  |  | 699.8 |
| RWA Wealth Partners, LLC | 6520.0 | (16.6) | 6503.4 |  |  | 6503.4 |
| Saber Parent Holdings Corp. and MSHC, Inc. | 6350.3 |  | 6350.3 |  |  | 6350.3 |
| Sabseg Group, S.L. | 23843.4 |  | 23843.4 |  |  | 23843.4 |
| SageSure Holdings, LLC and SageSure LLC | 52645.1 |  | 52645.1 |  |  | 52645.1 |
| Sapphire Software Buyer, Inc. | 6818.3 |  | 6818.3 |  |  | 6818.3 |
| Saturn Purchaser Corp. | 2240.4 |  | 2240.4 |  |  | 2240.4 |
| Severin Acquisition, LLC | 33400.0 |  | 33400.0 |  |  | 33400.0 |
| SGM Acquisition Sub, LLC and Schill Holdings, LP | 16679.5 |  | 16679.5 |  |  | 16679.5 |
| Shout! Factory, LLC | 2207.8 | (276.0) | 1931.8 |  |  | 1931.8 |
| SIG Parent Holdings, LLC | 10176.2 |  | 10176.2 |  |  | 10176.2 |
| Signant Finance One Limited and Bracket Intermediate Holding Corp. | 8971.4 |  | 8971.4 |  |  | 8971.4 |
| Signia Aerospace, LLC | 351.4 |  | 351.4 |  |  | 351.4 |
| Silk Holdings III LLC and Silk Holdings I Corp. | 10266.3 | (2053.3) | 8213.0 |  |  | 8213.0 |
| Silver Midco 1 GmbH and Silver Bidco GmbH | 7173.1 |  | 7173.1 |  |  | 7173.1 |
| Slaine Holdings LLC | 30434.6 |  | 30434.6 |  |  | 30434.6 |
| Solar Bidco Limited | 1071.4 |  | 1071.4 |  |  | 1071.4 |
| Spaceship Purchaser, Inc. | 13913.9 | (317.6) | 13596.3 |  |  | 13596.3 |
| Spark Purchaser, Inc. | 2702.7 |  | 2702.7 |  |  | 2702.7 |
| Spindrift Beverage Co., Inc. and SBC Aggregator LP | 3172.3 |  | 3172.3 |  |  | 3172.3 |
| Sport Maska Inc. | 7471.8 | (1607.7) | 5864.1 |  |  | 5864.1 |
| Spruce Bidco II Inc. | 24692.5 |  | 24692.5 |  |  | 24692.5 |
| St Athena Global LLC and St Athena Global Holdings Limited | 5783.6 | (627.8) | 5155.8 |  |  | 5155.8 |
| Sterilex LLC | 1328.4 | (0.5) | 1327.9 |  |  | 1327.9 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC and Steward Partners New Holdings, LLC | 17308.4 |  | 17308.4 |  |  | 17308.4 |
| Student Transportation of America, Inc. | 1076.5 |  | 1076.5 |  |  | 1076.5 |
| Sugar PPC Buyer LLC | 3720.1 |  | 3720.1 |  |  | 3720.1 |
| Sunbit Receivables Trust IV | 2730.0 | (1364.6) | 1365.4 |  |  | 1365.4 |
| Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. | 35275.0 |  | 35275.0 |  |  | 35275.0 |
| Superman Holdings, LLC | 5705.4 |  | 5705.4 |  |  | 5705.4 |
| Supplying Demand, Inc. | 18643.7 |  | 18643.7 |  |  | 18643.7 |
| Surescripts, LLC | 5919.5 |  | 5919.5 |  |  | 5919.5 |
| SV Newco 2, Inc. and Site 2020 Incorporated | 10396.2 |  | 10396.2 |  |  | 10396.2 |
| Talon Buyer Inc. and Talon Holdings SCSP | 17776.8 |  | 17776.8 |  |  | 17776.8 |
| TCI Buyer LLC and TCI Holdings, LP | 17033.0 |  | 17033.0 |  |  | 17033.0 |
| Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP | 6544.0 | (348.7) | 6195.3 |  |  | 6195.3 |
| The Hiller Companies, LLC | 5811.3 | (137.6) | 5673.7 |  |  | 5673.7 |
| The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP | 12964.3 |  | 12964.3 |  |  | 12964.3 |
| Three Rivers Buyer, Inc. | 1930.6 |  | 1930.6 |  |  | 1930.6 |
| Titan BW Borrower L.P. | 16299.3 |  | 16299.3 |  |  | 16299.3 |
| Trading Technologies International, Inc. | 1976.4 |  | 1976.4 |  |  | 1976.4 |
| Transit Technologies LLC | 6459.8 | (9.2) | 6450.6 |  |  | 6450.6 |
| Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP | 63991.5 | (99.5) | 63892.0 |  |  | 63892.0 |
| Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC | 4792.2 |  | 4792.2 |  |  | 4792.2 |
| TSWT Acquisition, Inc. and TSWT Holdings, LLC | 6370.1 | (113.3) | 6256.8 |  |  | 6256.8 |
| U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. | 1311.3 |  | 1311.3 |  |  | 1311.3 |
| UFS, LLC and BV-UFS Aggregator, LLC | 2606.1 | (651.5) | 1954.6 |  |  | 1954.6 |
| United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP | 1963.1 |  | 1963.1 |  |  | 1963.1 |
| Unity Purchaser, LLC and Unity Ultimate Holdings, LP | 9674.6 |  | 9674.6 |  |  | 9674.6 |
| UP Intermediate II LLC and UPBW Blocker LLC | 3993.9 | (159.8) | 3834.1 |  |  | 3834.1 |
| USALCO, LLC | 859.6 |  | 859.6 |  |  | 859.6 |
| Vamos Bidco, Inc. | 8234.9 |  | 8234.9 |  |  | 8234.9 |
| Vantage Data Centers Europe S.a r.l. | 1622.4 |  | 1622.4 |  |  | 1622.4 |
| Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC | 13092.5 | (821.6) | 12270.9 |  | (10138.8) | 2132.1 |
| VetPartners Group Limited | 9868.8 |  | 9868.8 |  |  | 9868.8 |
| Victors Purchaser, LLC and WP Victors Co-Investment, L.P. | 22541.6 | (966.2) | 21575.4 |  |  | 21575.4 |
| Viper Bidco, Inc. | 8632.9 |  | 8632.9 |  |  | 8632.9 |
| Vista Higher Learning, LLC | 1.0 |  | 1.0 |  |  | 1.0 |
| W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC | 18109.3 | (8036.3) | 10073.0 |  |  | 10073.0 |
| Watt Holdco Limited | 400.8 |  | 400.8 |  |  | 400.8 |
| Wellington Bidco Inc. and Wellington TopCo LP | 22350.7 | (1189.7) | 21161.0 |  |  | 21161.0 |
| Wellington-Altus Financial Inc. | 1169.2 | (250.5) | 918.7 |  |  | 918.7 |
| Wharf Street Ratings Acquisition LLC | 6069.2 |  | 6069.2 |  |  | 6069.2 |
| Wilbur-Ellis Holdings II LLC | 19274.3 | (5316.8) | 13957.5 |  |  | 13957.5 |
| WorkWave Intermediate II, LLC | 24719.2 | (1545.0) | 23174.2 |  |  | 23174.2 |
| World Insurance Associates, LLC and World Associates Holdings, LLC | 3206.5 |  | 3206.5 |  |  | 3206.5 |
| Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. | 847.5 | (174.1) | 673.4 |  |  | 673.4 |
| WPCG Aspire Holdings, LLC | 33337.4 |  | 33337.4 |  |  | 33337.4 |
| WRE Sports Investments LLC | 6935.5 |  | 6935.5 |  | (6935.5) |  |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Fund** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net unfunded revolving and delayed draw commitments** |
| WU Holdco, Inc. | 3388.2 | (91.0) | 3297.2 |  |  | 3297.2 |
| Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. | 4958.7 |  | 4958.7 |  |  | 4958.7 |
| Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. | 12192.5 |  | 12192.5 |  |  | 12192.5 |
| ZocDoc, Inc. | 12914.8 |  | 12914.8 |  |  | 12914.8 |
|  | $3984599.0 | $(186050.8) | $3798548.2 | $— | $(21494.1) | $3777054.1 |

---

(12)As of December 31, 2025, the Fund was party to agreements to fund equity investment commitments as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total equity commitments** | **Less: funded equity commitments** | **Total unfunded equity commitments** | **Less: equity commitments substantially at discretion of the Fund** | **Total net unfunded equity commitments** |
| A8 - A (Feeder) L.P. | $1117.7 | $(718.3) | $399.4 | $— | $399.4 |
| Advent International GPE VII-E Limited Partnership | 1777.4 | (1137.4) | 640.0 |  | 640.0 |
| Alp CFO 2025, L.P. and Alp CFO 2025 (Offshore Feeder) A, L.P. | 125.6 |  | 125.6 |  | 125.6 |
| Apax Europe VI - A, L.P. | 1008.4 | (680.3) | 328.1 |  | 328.1 |
| Apax Europe VII - B, L.P. | 375.8 | (68.2) | 307.6 |  | 307.6 |
| Apax VIII - B, L.P. | 471.2 | (260.2) | 211.0 |  | 211.0 |
| Aquiline Financial Services Fund LP. | 546.2 | (546.2) |  |  |  |
| Bain Capital Europe Fund IV, L.P. | 785.9 | (541.1) | 244.8 |  | 244.8 |
| Bain Capital Europe V, SCSp | 876.2 | (812.4) | 63.8 |  | 63.8 |
| Bain Capital Fund XI, L.P. | 3408.5 | (2331.1) | 1077.4 |  | 1077.4 |
| Bain Capital Fund XII, L.P. | 926.0 | (719.5) | 206.5 |  | 206.5 |
| Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | 90473.2 |  | 90473.2 |  | 90473.2 |
| BC European Capital IX - 2 LP | 2330.3 | (2144.6) | 185.7 |  | 185.7 |
| BC European Capital X - 2 LP | 1918.8 | (1409.3) | 509.5 |  | 509.5 |
| BC Partners Galileo (2) L.P. | 960.7 | (924.0) | 36.7 |  | 36.7 |
| Blackstone Capital Partners VI L.P. | 3689.4 | (1987.7) | 1701.7 |  | 1701.7 |
| Bridgepoint Europe VI 'E' LP | 861.0 | (793.1) | 67.9 |  | 67.9 |
| Catterton Partners VII, L.P. | 2098.2 | (1561.9) | 536.3 |  | 536.3 |
| Clayton, Dubilier & Rice Fund IX, L.P. | 1167.4 | (918.6) | 248.8 |  | 248.8 |
| Constellation Wealth Capital Fund, L.P. | 3995.7 | (3005.8) | 989.9 |  | 989.9 |
| CVC Capital Partners VI (B) L.P. | 3694.4 | (3250.1) | 444.3 |  | 444.3 |
| CVC Capital Partners VII (A) L.P. | 638.3 | (492.9) | 145.4 |  | 145.4 |
| DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP | 213.5 |  | 213.5 |  | 213.5 |
| FIC Matterhorn CF, LP and FIC Matterhorn CF Feeder, LP | 28819.0 | (19713.4) | 9105.6 |  | 9105.6 |
| Grit Buyer, Inc. and Integrum Grit Co-Invest LP | 2466.3 |  | 2466.3 |  | 2466.3 |
| GSM Rights Fund II LP | 9244.7 |  | 9244.7 |  | 9244.7 |
| GTCR F Buyer Corp. and GTCR (D) Investors LP | 21.3 |  | 21.3 |  | 21.3 |
| Hellman & Friedman Capital Partners VIII, L.P. | 2088.5 | (1874.1) | 214.4 |  | 214.4 |
| HgCapital 8 A L.P. | 1043.0 | (987.4) | 55.6 |  | 55.6 |
| Insight Venture Partners (Cayman) VII, LP | 2291.3 | (2281.9) | 9.4 |  | 9.4 |
| Insight Venture Partners (Delaware) VIII, LP | 2375.9 | (2238.7) | 137.2 |  | 137.2 |
| Insight Venture Partners Coinvestment Fund II, LP | 2290.6 | (2290.6) |  |  |  |
| Kelso Investment Associates IX, L.P. | 1979.9 | (1288.6) | 691.3 |  | 691.3 |
| KKR North America Fund XI, L.P. | 3059.0 | (3059.0) |  |  |  |
| Linden Structured Capital Fund II-A LP | 3035.9 | (2229.2) | 806.7 |  | 806.7 |
| Montagu V (US) L.P. | 1973.6 | (1737.7) | 235.9 |  | 235.9 |
| Montagu VII (B) SCSp | 700.0 |  | 700.0 |  | 700.0 |
| NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP | 1172.0 | (781.3) | 390.7 |  | 390.7 |
| New Mountain Partners III, L.P. | 759.9 | (393.3) | 366.6 |  | 366.6 |
| New Mountain Partners IV, L.P. | 1865.8 | (872.0) | 993.8 |  | 993.8 |
| One Equity Partners VI, L.P. | 5251.7 | (3692.2) | 1559.5 |  | 1559.5 |
| One Equity Partners VII, L.P. | 2827.0 | (2494.2) | 332.8 |  | 332.8 |
| Onex Partners III LP | 2129.0 | (1297.3) | 831.7 |  | 831.7 |
| Onex Partners IV LP | 2890.1 | (2695.0) | 195.1 |  | 195.1 |

---

See accompanying notes to consolidated financial statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)<br>Portfolio Company** | **Total equity commitments** | **Less: funded equity commitments** | **Total unfunded equity commitments** | **Less: equity commitments substantially at discretion of the Fund** | **Total net unfunded equity commitments** |
| Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. | 4.0 |  | 4.0 |  | 4.0 |
| Permira IV L.P. 2 | 1505.2 | (1505.2) |  |  |  |
| Permira V G.P. L.P. | 310.9 | (283.3) | 27.6 |  | 27.6 |
| Permira VI L.P.1 | 753.1 | (503.9) | 249.2 |  | 249.2 |
| Providence Equity Partners (Midsummer) L.P. | 1018.3 | (836.3) | 182.0 |  | 182.0 |
| Providence Equity Partners VII, L.P. | 1043.9 | (582.7) | 461.2 |  | 461.2 |
| Providence Equity Partners VII-A L.P. | 2358.7 | (1675.5) | 683.2 |  | 683.2 |
| Providence Equity Partners VIII, L.P. | 4569.9 | (3641.4) | 928.5 |  | 928.5 |
| PumpTech, LLC and Impel CV-B, LP | 321.4 |  | 321.4 |  | 321.4 |
| Purple Garden Invest (D) AB | 1445.8 | (1203.8) | 242.0 |  | 242.0 |
| Quintain Investments Holdings Limited | 3935.9 |  | 3935.9 |  | 3935.9 |
| Red Garden Invest (D) AB | 1776.2 | (1599.9) | 176.3 |  | 176.3 |
| Silver Lake Partners IV, L.P. | 1965.7 | (1918.6) | 47.1 |  | 47.1 |
| Spindrift Beverage Co., Inc. and SBC Aggregator LP | 1035.6 |  | 1035.6 |  | 1035.6 |
| Thoma Bravo Fund XI-A, L.P. | 1230.5 | (1010.6) | 219.9 |  | 219.9 |
| Thoma Bravo Special Opportunities Fund II-A, L.P. | 1623.7 | (1452.1) | 171.6 |  | 171.6 |
| TI VI Holdings 1, L.P. | 4433.5 |  | 4433.5 |  | 4433.5 |
| Tikehau Green Diamond II CFO Equity LP | 1834.3 |  | 1834.3 |  | 1834.3 |
| Tikehau Ruby CLO Equity LP | 579.2 |  | 579.2 |  | 579.2 |
| Tikehau Topaz LP | 225.1 |  | 225.1 |  | 225.1 |
| TPG Partners VI, L.P. | 1050.5 | (325.3) | 725.2 |  | 725.2 |
| TPG Partners VIII, L.P. | 1784.2 | (1640.3) | 143.9 |  | 143.9 |
| Trident VI Parallel Fund, L.P. | 1925.2 | (1672.6) | 252.6 |  | 252.6 |
| Vector Capital IV, L.P. | 291.5 | (256.4) | 35.1 |  | 35.1 |
| Vector Capital VI, L.P. | 98.3 | (47.9) | 50.4 |  | 50.4 |
| Vestar Capital Partners VII, L.P. | 2990.2 | (1960.3) | 1029.9 |  | 1029.9 |
| Vista Equity Partners Fund V-A, L.P. | 1135.5 | (883.2) | 252.3 |  | 252.3 |
| WCAS XIII, L.P. | 2128.7 | (1740.2) | 388.5 |  | 388.5 |
| WCP Bridge Fund, L.P. | 778.7 | (347.9) | 430.8 |  | 430.8 |
| Wellington-Altus Financial Inc. | 1308.4 |  | 1308.4 |  | 1308.4 |
| Wellspring Capital Partners VI (Onshore), L.P. | 1874.6 | (1514.2) | 360.4 |  | 360.4 |
| Wind Point Partners VIII-A, L.P. | 982.1 | (568.2) | 413.9 |  | 413.9 |
| Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. | 5.6 |  | 5.6 |  | 5.6 |
| Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. | 312.6 |  | 312.6 |  | 312.6 |
|  | $250381.3 | $(101398.4) | $148982.9 | $— | $148982.9 |

---

(13)These investments were valued using unobservable inputs and are considered Level 3 investments. See Note 8 for more information regarding the fair value of the Fund's investments.

(14)As of December 31, 2025, the Fund had committed $2.0 billion of subordinated certificates to the ADLP, of which $391.0 million was funded. See Note 4 for more information on the ADLP.

(15)In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from ADLP's loan portfolio, after expenses, which may result in a return to the Fund greater than the contractual stated interest rate.

(16)In connection with the Fund's investment in this portfolio company's senior subordinated loan, the Fund entered into a secured borrowing arrangement. As a result, the Fund recorded a $269.4 million liability, included in "secured borrowing" in the accompanying consolidated statement of assets and liabilities. As of December 31, 2025, the interest rate in effect for the secured borrowing was 4.17%, or Euribor + 2.10%.

(17)As of December 31, 2025, the estimated net unrealized gain for federal tax purposes was approximately $206.8 million based on a tax cost basis of approximately $21.3 billion. As of December 31, 2025, the estimated aggregate gross unrealized gain for federal income tax purposes was $354.9 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $148.1 million.

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $241139 | $148490 |
| &nbsp;&nbsp;&nbsp;Net realized gains | 25306 | 5307 |
| &nbsp;&nbsp;&nbsp;Net unrealized losses | (267895) | (59269) |
| Net increase (decrease) in net assets resulting from operations | (1450) | 94528 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (201586) | (131012) |
| &nbsp;&nbsp;&nbsp;Class S | (28441) | (19597) |
| &nbsp;&nbsp;&nbsp;Class D | (19441) | (10174) |
| Net decrease in net assets from distributions | (249468) | (160783) |
| **Share transactions:** |  |  |
| **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 578930 | 1245651 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | 8326 |  |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 47425 | 39507 |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (477189) | (20813) |
| Net increase in net assets from share transactions | 157492 | 1264345 |
| **Class S:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 61047 | 163745 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | (8316) |  |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 8589 | 4992 |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (25619) | (9156) |
| Net increase in net assets from share transactions | 35701 | 159581 |
| **Class D:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 67821 | 180223 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | (10) |  |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 8638 | 3342 |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (21218) |  |
| Net increase in net assets from share transactions | 55231 | 183565 |
| Total increase (decrease) in net assets | (2494) | 1541236 |
| Net assets, beginning of period | 10506044 | 5900696 |
| **Net assets, end of period** | $10503550 | $7441932 |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)** 

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| OPERATING ACTIVITIES: |  |  |
| Net increase (decrease) in net assets resulting from operations | $(1450) | $94528 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments and foreign currency transactions | (25306) | (5307) |
| &nbsp;&nbsp;&nbsp;Net unrealized losses on investments and foreign currency transactions | 267895 | 59269 |
| &nbsp;&nbsp;&nbsp;Net gains on interest rate swaps accounted for as hedge instruments and the related hedged items | (107) | (1088) |
| &nbsp;&nbsp;&nbsp;Net accretion of discount on investments | (12371) | (6040) |
| &nbsp;&nbsp;&nbsp;PIK interest | (21996) | (11509) |
| &nbsp;&nbsp;&nbsp;Collections of PIK interest | 77 | 141 |
| &nbsp;&nbsp;&nbsp;PIK dividends | (7197) | (1306) |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 6217 | 3415 |
| &nbsp;&nbsp;&nbsp;Accretion of discount on notes payable | 2777 | 1251 |
| &nbsp;&nbsp;&nbsp;Amortization of offering costs | 491 | 472 |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (2741288) | (4197198) |
| &nbsp;&nbsp;&nbsp;Proceeds from repayments or sales of investments | 2746597 | 1707428 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 51278 | 25267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (4310) | (5358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable | (68) | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based fee payable | (77) | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee payable | (19145) | (6749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and facility fees payable | (52927) | (17087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap collateral payable | (111140) | 31180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | (11) | 4249 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 77939 | (2319151) |
| FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings on debt | 2822308 | 2819441 |
| &nbsp;&nbsp;&nbsp;Repayments of debt | (2914435) | (2151503) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | (6595) | (9527) |
| &nbsp;&nbsp;&nbsp;Net proceeds from issuance of common shares | 707798 | 1589619 |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (524026) | (29969) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | (182910) | (100444) |
| &nbsp;&nbsp;&nbsp;Secured borrowing, net |  | 242365 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (97860) | 2359982 |
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (19921) | 40831 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 441861 | 170427 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $421940 | $211258 |
| Supplemental Information: |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid during the period | $76485 | $69580 |
| &nbsp;&nbsp;&nbsp;Distributions declared and payable during the period | $249468 | $160783 |

---

See accompanying notes to consolidated financial statements.

------

**ARES STRATEGIC INCOME FUND AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026** 

**(in thousands, except per share data, percentages and as otherwise indicated;**

**for example, with the word "million" or otherwise)**

**(unaudited)**

**1. ORGANIZATION**

Ares Strategic Income Fund (together with its consolidated subsidiaries, the "Fund") is a Delaware statutory trust formed on March 15, 2022. The Fund is a closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "Investment Company Act"). The Fund has elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code") and operates in a manner so as to qualify for the tax treatment applicable to RICs.

The Fund is externally managed by Ares Capital Management LLC ("Ares Capital Management" or the Fund's "investment adviser"), a subsidiary of Ares Management Corporation ("Ares Management" or "Ares"), a publicly traded, leading global alternative investment manager, pursuant to an investment advisory and management agreement. Ares Operations LLC ("Ares Operations" or the Fund's "administrator"), a subsidiary of Ares Management, provides certain administrative and other services necessary for the Fund to operate.

The Fund's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to invest primarily in first lien senior secured loans, second lien senior secured loans, subordinated secured and unsecured loans, subordinated loans (which in some cases include equity and/or preferred components) and other types of credit instruments which may include commercial real estate mezzanine loans, real estate mortgages, distressed investments, securitized products, notes, bills, debentures, bank loans, convertible and preferred securities, infrastructure debt and government and municipal obligations, made to or issued by U.S. middle-market companies, which the Fund generally defines as companies with annual EBITDA between $10 million and $250 million. As used herein, EBITDA represents annual net income before net interest expense, income tax expense, depreciation and amortization. The Fund expects that a majority of its investments will be in directly originated loans. For cash management and other purposes, the Fund also invests in broadly syndicated loans and other more liquid credit investments, including in publicly traded debt instruments and other instruments that are not directly originated. The Fund primarily invests in illiquid and restricted investments, and while most of the Fund's investments are expected to be in private U.S. companies (the Fund generally has to invest at least 70% of its total assets in "qualifying assets," including private U.S. companies), the Fund may also invest from time to time in non-U.S. companies. The Fund's portfolio may also include equity securities such as common stock, preferred stock, warrants or options, which may be obtained as part of providing a broader financing solution. Under normal circumstances, the Fund will invest directly or indirectly at least 80% of its total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

The Fund has received an exemptive relief order from the Securities and Exchange Commission (the "SEC") that permits the Fund to offer to sell any combination of three classes of its common shares, including Class S shares, Class D shares and Class I shares ("Common Shares"). The Fund publicly offers its Common Shares on a continuous basis, pursuant to an offering registered with the SEC (the "Offering"). The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Common Shares equals the Fund's net asset value ("NAV") per share, as of the day preceding the effective date of the monthly share purchase. The Offering is a "best efforts" offering, which means that the Intermediary Manager (as defined below) for the Offering will use its best efforts to sell Common Shares, but is not obligated to purchase or sell any specific amount of Common Shares. The Fund also engages in offerings of its unregistered Common Shares to non-U.S. investors pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and Regulation S promulgated under the Securities Act.

**2. SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying 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 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. All significant intercompany balances and transactions have been eliminated.

Interim financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The interim period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026.

The Fund separately disclosed "net change in deferred tax liabilities" from "net unrealized gains (losses) from investments" in the accompanying consolidated statements of operations. There was no impact on prior periods' net income or net assets.

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

Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. Cash and cash equivalents are carried at cost which approximates fair value.

Restricted cash primarily relates to cash held as collateral for interest rate swaps.

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated statements of assets and liabilities to the total amount shown at the end of the applicable period in the consolidated statements of cash flows:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $395930 | $304711 |
| Restricted cash | 26010 | 137150 |
| &nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $421940 | $441861 |

---

***Concentration of Credit Risk***

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

***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, and include investments charged off during the period, net of recoveries. 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 Investment Company Act, the Fund's board of trustees designated the Fund's investment 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 Fund's board of trustees. All investments are recorded at their 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 monthly at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Fund's board of trustees, 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 at least monthly, beginning as of the third quarter after origination (with certain de minimis exceptions) and under the valuation policy and a consistently applied valuation process. In addition, the Fund's independent registered public

------

accounting firm obtains an understanding of, and performs select procedures relating to, the Fund's valuation process within the context of performing the Fund's financial statement audit.

Investments in the Fund's portfolio that do not have a readily available market are valued at fair value as determined in good faith by the 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 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 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, 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 Fund's board of trustees, undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;• When a portfolio investment is reviewed by an IVP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information.

&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 IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for the portfolio investment.

&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 IVP provides its analysis to the Valuation Designee to support the IVP's valuation methodology and calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a portfolio investment is reviewed by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for the portfolio investment is within the range of values independently calculated by such IVP.

When the Valuation Designee determines the Fund's NAV as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee updates 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 value such assets at the most recent quarterly valuation unless the Valuation Designee determines 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 market spreads, secondary market transaction in the securities of an investment or

------

otherwise). If the Valuation Designee determines such a change has occurred with respect to one or more investments, the Valuation Designee will determine whether to update the value for each relevant investment. See Note 8 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. To maintain the Fund's tax treatment as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions for the year the income was earned, even though the Fund has not yet collected the cash. 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.

Equity investments in a collateralized loan obligation ("CLO") recognize interest income by utilizing an effective interest methodology based upon an effective yield to maturity utilizing projected cash flows, in accordance with ASC 325-40, *Beneficial Interest in Securitized Financial Assets*.

***Dividend Income Recognition*** 

Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.

***Other Income***

Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the related transaction. Other income also includes fees for management and consulting services, loan guarantees, commitments and other services rendered by the Fund to portfolio companies. Such fees are fixed based on contractual terms and are recognized as income as services are rendered.

***Foreign Currency Translation***

The Fund's books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses.

Results of operations based on changes in foreign exchange rates are separately disclosed in the consolidated statements of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited

------

to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

***Derivative Instruments***

The Fund follows the guidance in ASC Topic 815, *Derivatives and Hedging*, when accounting for derivative instruments. The Fund designated certain interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of "interest and credit facility fees" in the Fund's consolidated statements of operations. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the corresponding fixed rate debt. For all other derivatives, the Fund does not utilize hedge accounting and as such values its derivatives at fair value with the unrealized gains or losses recorded in "net unrealized gains (losses) from foreign currency transactions" in the Fund's consolidated statements of operations.

***Offering Expenses***

Costs associated with the offering of Common Shares of the Fund are capitalized as deferred offering expenses and included in other assets on the consolidated statements of assets and liabilities and amortized over a twelve-month period from incurrence.

***Debt Issuance Costs***

Debt issuance costs are amortized over the life of the related debt instrument using the straight line method or the effective yield method, depending on the type of debt instrument.

***Secured Borrowing***

In connection with certain investments, the Fund may enter into a secured borrowing arrangement, whereby the obligations of the Fund under such arrangement are secured by the Fund's investment in the underlying portfolio company. Secured borrowings are recorded as a liability on the Fund's consolidated statements of assets and liabilities as required by GAAP and are carried at amortized cost.

***Income Taxes***

The Fund has elected to be treated as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Fund must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Fund has made and intends to continue to make the requisite distributions to its shareholders, which will generally relieve the Fund from U.S. federal corporate-level income taxes.

Depending on the level of taxable income earned in a tax year, the Fund may choose to carry forward taxable income in excess of current year distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that the Fund determines that its estimated current year taxable income will be in excess of estimated distributions for the current year from such income, the Fund accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned.

The Fund may hold certain portfolio company investments through consolidated taxable subsidiaries. Such subsidiaries may be subject to U.S. federal and state corporate-level income taxes. These consolidated subsidiaries recognize deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between the tax basis of certain assets and liabilities and the reported amounts included in the accompanying consolidated statements of assets and liabilities using the applicable statutory tax rates in effect for the year in which any such temporary differences are expected to reverse. The Fund recorded deferred tax liabilities in the accompanying consolidated statements of assets and liabilities and net change in deferred tax liabilities in the accompanying consolidated statements of operations for certain of the Fund's taxable consolidated subsidiaries.

------

***Distributions***

To the extent that the Fund has taxable income available, 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 of trustees and will depend on the Fund's earnings, financial condition, maintenance of the Fund's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the board of trustees may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including shareholder servicing and/or distribution fees, if any.

The Fund has adopted a distribution reinvestment plan ("distribution reinvestment plan"), pursuant to which the Fund will not reinvest cash distributions declared by the board of trustees on behalf of the Fund's shareholders unless such shareholders elect for their shares to be automatically reinvested. As a result, if the board of trustees authorizes, and the Fund declares, a cash distribution, then the Fund's shareholders who have opted into 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.

***Segment Reporting***

In accordance with ASC Topic 280 - Segment Reporting, 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 Consolidated Financial Statements***

The preparation of the consolidated 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 consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the valuation of investments.

***Recent Accounting Pronouncements***

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

In November 2024, the FASB issued ASU 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, however, the Fund does not expect a material impact on its consolidated financial statements.

**3. AGREEMENTS** 

***Investment Advisory and Management Agreement***

The Fund is party to an investment advisory and management agreement (the "investment advisory and management agreement") with Ares Capital Management. Subject to the overall supervision of the Fund's board of trustees and in accordance with the Investment Company Act, Ares Capital Management provides investment advisory and management services to the Fund. For providing these services, Ares Capital Management receives fees from the Fund consisting of a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee is ultimately borne by the Fund's shareholders. Without payment of any penalty, the Fund has the right to terminate the investment advisory and management agreement upon 60 days' written notice, and Ares Capital Management has the right to terminate the agreement upon 120 days' written notice.

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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 and management agreement, "net assets" means the Fund's total assets less liabilities, determined on a consolidated basis in accordance with GAAP.

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 and management agreement, for the quarter. Pre-incentive fee net investment income means, as the context requires, 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, dividend 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 entered into between the Fund and the Fund's administrator, 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 interest feature (such as market or original issue discount, debt investments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Fund has not yet received in cash. The Fund's investment adviser is not under any obligation to reimburse the Fund for any part of the income based fee it receives that are based on accrued income that the Fund never actually receives. Pre-incentive fee net investment income is not adjusted for incentive fee payments or any shareholder servicing and/or distribution fee payments by holders of Class S shares and Class D shares. 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 common 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. See "Expense Support and Conditional Reimbursement Agreement" below. 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.

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 return of 1.25% per quarter (5.0% annualized).

The Fund pays its investment 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the dollar amount of 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 1.43% (5.72% annualized). This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.43%) is referred to as the "catch-up". The "catch-up" is meant to provide the Fund's investment 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 1.43% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&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 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all pre-incentive fee net investment income thereafter are allocated to the investment adviser.

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&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.

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.

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 and management agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof. If the investment advisory and management 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 and management agreement will be appropriately prorated for any partial period and adjusted for any share issuances or repurchases during the relevant period.

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:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Base management fee | $33405 | $21409 |
| Income based fee | $33777 | $19486 |
| Capital gains incentive fee(1) | $(19145) | $(6749) |

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________________________________________

(1)Calculated in accordance with GAAP as discussed below.

There was no capital gains incentive fee payable to the Fund's investment adviser as calculated under the investment advisory and management agreement for the three months ended March 31, 2026 and 2025. In addition, in accordance with GAAP, the Fund had no cumulative capital gains incentive fee accrued as of March 31, 2026. 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 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 advisory and management 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 plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or 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. As of March 31, 2026, the Fund has paid capital gains incentive fee since inception totaling $56. 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. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.

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The services of all investment professionals and staff of the Fund's investment adviser, when and to the extent engaged in providing investment advisory and management services to the Fund, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Fund's investment adviser. Under the investment advisory and management agreement, the Fund bears all other costs and expenses of its operations and transactions, including, but not limited to, those relating to: organization and offering expenses of the Fund associated with the Offering, as provided for in Financial Industry Regulatory Authority, Inc. ("FINRA") Conduct Rule 2310(a)(12) (but excluding any shareholder servicing and/or distribution fees); calculation of the Fund's NAV (including the cost and expenses of any IVP or pricing services); expenses incurred by the Fund's investment adviser payable to third parties, including agents, consultants or other advisers, in monitoring the Fund's financial and legal affairs and in monitoring the Fund's investments (including the cost of consultants hired to develop information technology systems designed to monitor the Fund's investments) and performing due diligence on the Fund's prospective portfolio companies; interest payable on indebtedness, if any, incurred to finance the Fund's investments; offerings of the Fund's Common Shares and other securities; the costs of effecting any repurchases of the Common Shares and the Fund's other securities; investment advisory fees, including any management fee and incentive fee, payable under the investment advisory and management agreement; administration fees, if any, payable under the administration agreement; fees payable, if any, under any intermediary manager or selected intermediary agreements; shareholder servicing and/or distribution fees payable under the Fund's distribution and shareholder servicing plan adopted pursuant to Rule 12b-1 under the Investment Company Act; fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments (including payments to third party vendors for financial information services); transfer agent, escrow agent and custodial fees and expenses; federal and state registration fees; all costs of registration and listing the Fund's Common Shares or any other securities on any securities exchange; federal, state and local taxes; independent trustees' fees and expenses; costs of preparing and filing reports or other documents required by governmental bodies (including the SEC) and an official or agency administering the securities laws of a state; the costs of any reports, proxy statements or other notices to shareholders, including printing and other related costs; commissions and other compensation payable to brokers or dealers; to the extent the Fund is covered by any joint insurance policies, the Fund's allocable portion of the fidelity bond, trustees and officers' errors or omissions liability insurance and any other insurance premiums; outside legal expenses; accounting expenses (including fees and disbursements and expenses related to the audit of the Fund and the preparation of the Fund's tax information); direct costs and expenses of administration, including printing, mailing, long distance telephone, cellular phone and data service, copying, and staff; and all other expenses incurred by the Fund or its administrator in connection with administering the Fund's business, as described in more detail under "Administration Agreement" below. See Note 12 for a subsequent event relating to the investment advisory and management agreement.

***Administration Agreement***

The Fund is party to an administration agreement (the "administration agreement") with its administrator, Ares Operations. Pursuant to the administration agreement, Ares Operations furnishes the Fund with office equipment and clerical, bookkeeping and record keeping services at the Fund's office facilities. Under the administration agreement, Ares Operations may also arrange for the services of, and oversee custodians, depositories, transfer agents, escrow agents, distribution 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. Ares Operations 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 all reports and other materials required to be filed with the SEC or any other regulatory authority, including reports to shareholders.

In addition, Ares Operations 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 its shareholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Fund by others. Payments under the administration agreement are equal to an amount based upon the Fund's allocable portion of Ares Operations' overhead and other expenses (including travel expenses) incurred by Ares Operations in performing its obligations under the administration agreement, including the Fund's allocable portion of the compensation, rent and other expenses of certain of the Fund's 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.

For the three months ended March 31, 2026 and 2025, the Fund incurred $2,335 and $1,670, respectively, in administrative and other fees, including certain costs that are reimbursable to the Fund's investment adviser under the investment advisory and management agreement or the Fund's administrator under the administration agreement. For the three months ended March 31, 2026, none of the administrative and other fees were supported by the Fund's investment adviser pursuant to the Expense Support and Conditional Reimbursement Agreement (as defined below). For the three months ended

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March 31, 2025, $1,203 of the administrative and other fees were supported by the Fund's investment adviser pursuant to the Expense Support and Conditional Reimbursement Agreement.

***Intermediary Manager Agreement***

On April 24, 2023, the Fund entered into an intermediary manager agreement (as amended and restated, the "Intermediary Manager Agreement") with Ares Wealth Management Solutions, LLC ("AWMS"), an indirect subsidiary of Ares Management, pursuant to which AWMS agreed to serve as intermediary manager for the Fund's Offering (the "Intermediary Manager"). Effective January 2, 2026, AWMS was consolidated with and into Ares Management Capital Markets LLC ("AMCM") (the "Consolidation"), and AMCM became the Intermediary Manager; in connection with the Consolidation, the Intermediary Manager Agreement was amended to reflect that, effective as of January 2, 2026, AMCM is the Intermediary Manager. Like AWMS, AMCM is a broker-dealer registered with the SEC, a member of FINRA and an indirect subsidiary of Ares Management. No material change, including any change of control, occurred as a result of the Consolidation. The Intermediary Manager is entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Fund's net assets attributable to Class S shares and Class D 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 Intermediary Manager, but the Intermediary Manager 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.

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Fund's trustees who are not "interested persons", as defined in the Investment Company Act, of the Fund and who have no direct or indirect financial interest in the operation of the Fund's distribution plan or the Intermediary Manager Agreement, or by vote of a majority of the outstanding voting securities of the Fund, on not more than 60 days' written notice to the Intermediary Manager or the Fund's investment adviser. The Intermediary Manager Agreement automatically terminates in the event of its assignment, as defined in the Investment Company Act.

***Shareholder Servicing and/or Distribution Fees***

Pursuant to Rule 12b-1 under the Investment Company Act, the Fund adopted a shareholder servicing and distribution plan pursuant to which Class S shares and Class D shares are subject to shareholder servicing and/or distribution fees. The following table shows the shareholder servicing and/or distribution fees the Fund and, ultimately, certain classes of the Fund's common shareholders, pay the Intermediary Manager with respect to Class S shares and Class D shares on an annualized basis as a percentage of the Fund's NAV for such class. Subject to FINRA and other limitations on underwriting compensation, the Fund and, ultimately, certain classes of the Fund's shareholders, will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for Class S shares and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for Class D shares, in each case, payable monthly. No shareholder servicing and/or distribution fees are paid with respect to Class I shares.

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| | |
|:---|:---|
| | **Annual Shareholder Servicing and/or Distribution Fees as a % of NAV** |
| Class S | 0.85% |
| Class D | 0.25% |
| Class I | —% |

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The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month, subject to FINRA and other limitations on underwriting compensation.

The Intermediary Manager will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, such shareholder servicing and/or distribution fees reduce the NAV with respect to all shares of each such class, including shares issued under the Fund's distribution reinvestment plan.

Eligibility to receive shareholder servicing and/or distribution fees is conditioned on a broker providing the following ongoing services with respect to Class S shares or Class D shares: assistance with recordkeeping, answering investor inquiries,

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including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase. Because the shareholder servicing and/or distribution fees are paid out of the Fund's other assets on an ongoing basis, over time these fees will increase the cost of a shareholder's investment and may cost the shareholder more than paying other types of sales charges.

The Fund's investment adviser, or its affiliates, may pay additional compensation out of its own resources (i.e., not Fund assets) to certain selling agents or financial intermediaries in connection with the sale of the Fund's Common Shares. The additional compensation may differ among brokers or dealers in amount or in the amount of calculation. Payments of additional compensation may be fixed dollar amounts or, based on the aggregate value of outstanding Common Shares held by the Fund's common shareholders introduced by the broker or dealer, or determined in some other manner. The receipt of the additional compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments.

The shareholder servicing and/or distribution fees that were attributable to Class S shares and Class D shares for the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Class S | $2778 | $1935 |
| Class D | $520 | $276 |

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

The Fund has entered into an expense support and conditional reimbursement agreement (the "Expense Support and Conditional Reimbursement Agreement") with the Fund's investment adviser, pursuant to which, among other things, the Fund's investment adviser has agreed to advance all of the Fund's estimated organization and initial offering expenses, which includes all of the Fund's organization and initial offering expenses incurred in connection with the Private Placement.

The Fund's investment adviser may also elect to pay certain of the Fund's other expenses on the Fund's behalf (each, an "Expense Payment"), provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. Any Expense Payment that the Fund's investment adviser has committed to pay must be paid by the Fund's investment adviser to the Fund in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Fund's investment 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 investment adviser until such time as all Expense Payments made by the Fund's investment 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 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 level (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 company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other 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 investment 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. The expense support is measured on a per share class basis.

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The Fund's investment adviser agreed not to seek recoupment of any base management fee and incentive fee from the commencement of operations through July 31, 2023. As a result, as of March 31, 2026, $2,487 of base management fee and $1,286 of income based fee were included in the expense support amounts below and will not be repaid to the investment adviser.

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The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Fund's commencement of operations:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Month Ended** | **Expense Support from the Adviser** | **Base Management Fee and Income Based Fee Waived** | **Recoupment of Expense Support** | **Expense Support No Longer Eligible for Reimbursement** | **Unreimbursed Expense Support** | **Ratio of Operating Expenses to Average Net Assets for the Period(1)** | **Annualized Distribution per Share(2)** | **Eligible for Reimbursement through** |
| December 31, 2022 | $1449 | $(129) | $(1320) | $– $|  | 5.04% |  | 12/31/2025 |
| January 31, 2023 | $1088 | $(398) | $(690) | $– $|  | 4.56% |  | 01/31/2026 |
| February 28, 2023 | $891 | $(216) | $(675) | $– $|  | 3.53% |  | 02/28/2026 |
| March 31, 2023 | $916 | $(144) | $(772) | $– $|  | 3.63% |  | 03/31/2026 |
| April 30, 2023 | $1083 | $(458) | $(625) | $– $|  | 2.99% |  | 04/30/2026 |
| May 31, 2023 | $1312 | $(569) | $(743) | $– $|  | 2.47% |  | 05/31/2026 |
| June 30, 2023 | $2253 | $(727) | $(1526) | $– $|  | 2.48% |  | 06/30/2026 |
| July 31, 2023 | $2502 | $(1132) | $(1370) | $– $|  | 1.16% |  | 07/31/2026 |
| August 31, 2023 | $2300 | $— | $(2300) | $– $|  | 1.94% | $2.3910 | 08/31/2026 |
| September 30, 2023 | $1636 | $— | $(1636) | $– $|  | 1.66% | $2.3910 | 09/30/2026 |
| October 31, 2023 | $— | $— | $— | $– $|  | 1.20% | $2.3910 | 10/31/2026 |
| November 30, 2023 | $1637 | $— | $(1637) | $– $|  | 1.18% | $2.5716 | 11/30/2026 |
| December 31, 2023 | $1144 | $— | $(1144) | $– $|  | 1.08% | $2.5716 | 12/31/2026 |
| January 31, 2024 | $1592 | $— | $(1592) | $– $|  | 1.20% | $2.5716 | 01/31/2027 |
| February 29, 2024 | $2183 | $— | $(2183) | $– $|  | 1.10% | $2.5716 | 02/28/2027 |
| March 31, 2024 | $2194 | $— | $(2194) | $– $|  | 1.49% | $2.5716 | 03/31/2027 |
| April 30, 2024 | $3066 | $— | $(3066) | $– $|  | 1.21% | $2.5716 | 04/30/2027 |
| May 31, 2024 | $2437 | $— | $(2437) | $– $|  | 1.18% | $2.5716 | 05/31/2027 |
| June 30, 2024 | $3170 | $— | $(3170) | $– $|  | 1.22% | $2.5716 | 06/30/2027 |
| July 31, 2024 | $1164 | $— | $(1164) | $– $|  | 1.01% | $2.5716 | 07/31/2027 |
| August 31, 2024 | $4291 | $— | $(3419) | $– $| 872 | 1.02% | $2.5716 | 08/31/2027 |
| September 30, 2024 | $5402 | $— | $— | $– $| 5402 | 0.96% | $2.5716 | 09/30/2027 |
| October 31, 2024 | $3598 | $— | $— | $– $| 3598 | 0.95% | $2.5716 | 10/31/2027 |
| November 30, 2024 | $3911 | $— | $— | $– $| 3911 | 0.95% | $2.5716 | 11/30/2027 |
| December 31, 2024 | $3736 | $— | $— | $– $| 3736 | 0.86% | $2.5716 | 12/31/2027 |
| January 31, 2025 | $— | $— | $— | $– $|  | 0.81% | $2.5716 | 01/31/2028 |
| February 28, 2025 | $— | $— | $— | $– $|  | 0.94% | $2.5716 | 02/29/2028 |
| March 31, 2025 | $10436 | $— | $— | $– $| 10436 | 0.91% | $2.5716 | 03/31/2028 |
| April 30, 2025 | $9348 | $— | $— | $– $| 9348 | 0.93% | $2.5716 | 04/30/2028 |
| May 31, 2025 | $4915 | $— | $— | $– $| 4915 | 0.80% | $2.5716 | 05/31/2028 |
| June 30, 2025 | $5853 | $— | $— | $– $| 5853 | 0.95% | $2.5716 | 06/30/2028 |
| July 31, 2025 | $5655 | $— | $— | $– $| 5655 | 0.88% | $2.5716 | 07/31/2028 |
| August 31, 2025 | $— | $— | $— | $– $|  | 0.82% | $2.5716 | 08/31/2028 |
| September 30, 2025 | $9708 | $— | $— | $– $| 9708 | 0.80% | $2.5716 | 09/30/2028 |
| October 31, 2025 | $— | $— | $— | $– $|  | 0.77% | $2.5716 | 10/31/2028 |
| November 30, 2025 | $— | $— | $— | $– $|  | 0.76% | $2.5716 | 11/30/2028 |
| December 31, 2025 | $— | $— | $— | $– $|  | 0.86% | $2.5716 | 12/31/2028 |
| January 31, 2026 | $— | $— | $— | $– $|  | 0.77% | $2.5716 | 01/31/2029 |
| February 28, 2026 | $— | $— | $— | $– $|  | 0.92% | $2.5716 | 02/28/2029 |
| March 31, 2026 | $— | $— | $— | $– $|  | 0.92% | $2.5716 | 03/31/2029 |

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________________________________________

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(1)In accordance with the Expense Support and Conditional Reimbursement Agreement, the ratio of operating expenses excludes organization and offering expenses, stated interest expense, any base management fee and any incentive fee.

(2)The annualized distribution per share is the annualized regular cash distributions per share, exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees and special distributions, if any.

 **4. INVESTMENTS**

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost(1)** | **Fair Value** | **Amortized Cost(1)** | **Fair Value** |
| First lien senior secured loans | $16796686 | $16625222 | $17143966 | $17160266 |
| Second lien senior secured loans | 443999 | 407191 | 430463 | 429160 |
| Senior subordinated loans | 1261264 | 1318395 | 1003023 | 1068842 |
| Corporate bonds | 97600 | 97518 | 97600 | 99063 |
| Collateralized loan obligations | 1009326 | 884445 | 1081583 | 1051264 |
| Commercial mortgage-backed securities | 147659 | 147587 | 98850 | 99962 |
| Private asset-backed investments | 291271 | 302797 | 289022 | 300947 |
| Investments in joint ventures | 511200 | 511200 | 391000 | 391000 |
| Preferred equity | 335802 | 348915 | 302430 | 317476 |
| Other equity | 551841 | 689634 | 522977 | 590618 |
| &nbsp;&nbsp;&nbsp;Total | $21446648 | $21332904 | $21360914 | $21508598 |

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________________________________________

(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

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

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| **Industry** | | |
| Software and Services | 20.6% | 22.0% |
| Health Care Equipment and Services | 10.8 | 11.0 |
| Commercial and Professional Services | 9.4 | 8.6 |
| Capital Goods | 8.8 | 7.7 |
| Investment Funds and Vehicles(1) | 8.4 | 8.5 |
| Financial Services | 6.6 | 6.7 |
| Consumer Services | 6.1 | 6.0 |
| Insurance | 5.0 | 5.1 |
| Sports, Media and Entertainment | 4.0 | 3.8 |
| Consumer Distribution and Retail | 3.6 | 3.0 |
| Pharmaceuticals, Biotechnology and Life Sciences | 3.5 | 3.1 |
| Independent Power and Renewable Electricity Producers | 2.2 | 2.4 |
| Energy | 1.9 | 1.9 |
| Materials | 1.5 | 1.7 |
| Food and Beverage | 1.4 | 1.4 |
| Other | 6.2 | 7.1 |
| &nbsp;&nbsp;Total | 100.0% | 100.0% |

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________________________________________

(1)Includes the Fund's investments in joint ventures.

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| **Geographic Region** | | |
| United States | 86.8% | 86.7% |
| Europe | 7.7 | 7.5 |
| Bermuda/Cayman Islands | 3.8 | 1.3 |
| Canada | 1.5 | 4.5 |
| Other | 0.2 |  |
| &nbsp;&nbsp;Total | 100.0% | 100.0% |

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As of March 31, 2026, loans on non-accrual status represented 0.5% of the total investments at amortized cost (or 0.3% at fair value). As of December 31, 2025, none of the loans were on non-accrual status.

***ADLP***

In October 2025, the Fund and a large North American pension fund (the "ADLP Partner") established ADLP LLC (the "ADLP"), a joint venture to make certain first lien senior secured loans, including unitranche loans, primarily to U.S. middle-market companies. The Fund and other BDCs, registered closed-end management investment companies and other affiliated investment entities managed by the Fund's investment adviser or its affiliates may directly co-invest with the ADLP in accordance with the terms of an exemptive relief order from the SEC. The ADLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the ADLP, including co-investment transactions made by the ADLP in accordance with an exemptive relief order from the SEC, must be approved by an investment committee of the ADLP consisting of representatives of the Fund and the ADLP Partner (with approval from a representative of each required). In connection with the establishment of the ADLP and as part of the initial funding, the Fund and the ADLP Partner sold investment commitments to the ADLP at fair value, including $703,384 of investment commitments sold by the Fund. The Fund recognized $3,545 of net realized gains from these sales.

The Fund and the ADLP Partner provide capital to the ADLP in the form of subordinated certificates (the "ADLP Certificates"). The Fund and the ADLP Partner owned 80% and 20%, respectively, of the ADLP Certificates as of March 31, 2026 and December 31, 2025. The Fund and the ADLP Partner had committed $2.0 billion and $0.5 billion, respectively, of capital in the ADLP Certificates as of March 31, 2026 and December 31, 2025. The capital committed to the ADLP will only be funded upon approval of transactions by the investment committee of the ADLP as discussed above. Below is a summary of the funded subordinated certificates of the ADLP.

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Total subordinated certificates funded to the ADLP(1) | $639000 | $489000 |
| Total subordinated certificates funded to the ADLP by the Fund(1) | $511200 | $391000 |

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________________________________________

(1)At principal amount.

The ADLP and certain of its wholly owned subsidiaries are party to certain debt obligations. In connection with these debt obligations, the Fund may be required to fund its subordinated certificates under certain circumstances, including upon the occurrence of an event of default by the ADLP or certain of its wholly owned subsidiaries. As of March 31, 2026 and December 31, 2025, the Fund had unfunded ADLP Certificate commitments of approximately $1.5 billion and $1.6 billion, respectively.

The ADLP Certificates pay a fixed interest rate of 10.0% per annum and also entitle the holders thereof to receive a portion of the excess cash flow from the ADLP portfolio, after expenses, which may result in a return to the holders of the ADLP Certificates that is greater than the stated coupon.

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The amortized cost and fair value of the ADLP Certificates held by the Fund and the Fund's yield on its investment in the ADLP Certificates at amortized cost and fair value as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Investment in the ADLP Certificates | $511200 | $511200 | $391000 | $391000 |
| Yield on the investment in the ADLP Certificates | 13.5% | 13.5% | 13.0% | 13.0% |

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The interest income and other income earned with respect to the Fund's investment in the ADLP Certificates for the three months ended March 31, 2026 were as follows:

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| | |
|:---|:---|
| | **For the Three Months Ended March 31, 2026** |
| Interest income | $14793 |
| Other income | $7171 |

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As of March 31, 2026 and December 31, 2025, the ADLP portfolio was comprised of first lien senior secured loans to primarily U.S. middle-market companies in industries similar to the companies in the Fund's portfolio. Below is a summary of the ADLP portfolio as of March 31, 2026 and December 31, 2025.

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Total investment portfolio(1) | $2457153 | $1680961 |
| Number of borrowers in the ADLP | 396 | 313 |
| Commitments to fund revolving and delayed draw loans(2) | $386243 | $191320 |

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________________________________________

(1)At principal amount.

(2)These commitments to fund revolving and delayed draw loans have been approved by the investment committee of the ADLP and will be funded if and when conditions to funding such delayed draw loans are met.

**5. DEBT**

In accordance with the Investment Company Act, a BDC generally is allowed to borrow amounts such that its asset coverage, calculated pursuant to the Investment Company Act, is at least 150% (or 200% if certain requirements under the Investment Company Act are not met) immediately after such borrowing. The Fund's sole initial shareholder approved a proposal that allows the Fund to reduce its asset coverage ratio applicable to senior securities from 200% to 150% effective October 7, 2022. As of March 31, 2026, the Fund's asset coverage was 192%.

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The Fund's outstanding debt as of March 31, 2026 and December 31, 2025 was as follows:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | |
| | **Total Aggregate Principal Amount Committed/ Outstanding (1)** | | **Principal Amount Outstanding** | **Carrying Value** | | **Total Aggregate Principal Amount Committed/ Outstanding (1)** | | **Principal Amount Outstanding** | **Carrying Value** | |
| Revolving Credit Facility | $3250000 | (2) | $1461424 | $1458526 |  | $3250000 | (2) | $2523737 | $2525642 |  |
| SG Funding Facility | 2325000 | (3) | 1087811 | 1087811 |  | 1825000 | (3) | 612811 | 612811 |  |
| SB Funding Facility | 1500000 | (4) | 400000 | 400000 |  | 750000 |  | 400000 | 400000 |  |
| BNP Funding Facility | 1000000 |  | 700000 | 700000 |  | 1000000 |  | 900000 | 900000 |  |
| January 2037 CLO Notes(5) | 476000 |  | 476000 | 473417 | (6) | 476000 |  | 476000 | 473310 | (6) |
| April 2038 CLO Debt(5) | 350000 |  | 350000 | 348264 | (6) | 350000 |  | 350000 | 348196 | (6) |
| January 2039 CLO Debt(5) | 532000 |  | 532000 | 529937 | (6) | 532000 |  | 532000 | 529820 | (6) |
| March 2028 Notes | 1000000 |  | 1000000 | 997557 | (6)(7) | 1000000 |  | 1000000 | 1004008 | (6)(7) |
| September 2028 Notes | 600000 |  | 600000 | 593483 | (6)(7) | 600000 |  | 600000 | 597103 | (6)(7) |
| January 2029 Notes | 600000 |  | 600000 | 585974 | (6)(7) | 600000 |  | 600000 | 589036 | (6)(7) |
| August 2029 Notes | 700000 |  | 700000 | 700241 | (6)(7) | 700000 |  | 700000 | 705261 | (6)(7) |
| February 2030 Notes | 750000 |  | 750000 | 727422 | (6)(7) | 750000 |  | 750000 | 731239 | (6)(7) |
| September 2030 Notes | 500000 |  | 500000 | 493006 | (6)(7) | 500000 |  | 500000 | 496117 | (6)(7) |
| January 2031 Notes | 500000 |  | 500000 | 480739 | (6)(7) | 500000 |  | 500000 | 483459 | (6)(7) |
| April 2031 Notes | 700000 |  | 700000 | 686099 | (6)(7) |  |  |  |  | (6)(7) |
| March 2032 Notes | 750000 |  | 750000 | 759009 | (6)(7) | 750000 |  | 750000 | 764594 | (6)(7) |
| Total | $15533000 |  | $11107235 | $11021485 |  | $13583000 |  | $11194548 | $11160596 |  |

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________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, SG Funding Facility, SB Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

(2)Provides for an "accordion" feature that allows the Fund, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of $4,553,000.

(3)Provides for an "accordion" feature that allows ASIF Funding I (as defined below), under certain circumstances, to increase the size of the SG Funding Facility to a maximum of $2,500,000.

(4)As of March 31, 2026, $1,125,000 of the total commitment was available under the SB Funding Facility and subject to borrowing base and other restrictions. The remaining $375,000 will become fully available after October 29, 2026.

(5)Excludes the January 2037 CLO Subordinated Notes, the April 2038 CLO Subordinated Notes and the January 2039 CLO Subordinated Notes (each as defined below), which were retained by the Fund and, as such, eliminated in consolidation.

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(6)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the unaccreted discount recorded upon issuance.

(7)The carrying value of the March 2028 Notes, the September 2028 Notes, the January 2029 Notes, the August 2029 Notes, the February 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes and the March 2032 Notes (each as defined below) as of March 31, 2026 and December 31, 2025 includes adjustments as a result of effective hedge accounting relationships, as applicable. See Note 6 for more information on the interest rate swaps related to these unsecured notes issuances.

The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all the Fund's outstanding debt as of March 31, 2026 were 5.4% and 5.0 years, respectively, and as of December 31, 2025 were 5.5% and 5.0 years, respectively. The weighted average stated interest rate of all the Fund's outstanding debt as of March 31, 2026 and December 31, 2025 includes the impact of interest rate swaps. See Note 6 for more information on the interest rate swaps.

***Revolving Credit Facility***

The Fund is party to a senior secured revolving credit facility (as amended and restated, the "Revolving Credit Facility"), that allows the Fund to borrow up to $3,250,000 at any one time outstanding. As of March 31, 2026, the end of the revolving period and the stated maturity date were April 15, 2029 and April 15, 2030, respectively. The Revolving Credit Facility also provides for an "accordion" feature that allows the Fund, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $4,553,000. The Revolving Credit Facility generally requires payments of interest at the end of each Secured Overnight Financing Rate ("SOFR") interest period, but no less frequently than quarterly, on SOFR based loans, and monthly payments of interest on other loans. Subsequent to the end of the respective revolving periods and prior to the respective stated maturity dates, the Fund is required to repay the relevant outstanding principal amounts under both the term loan tranche and revolving tranche on a monthly basis in an amount equal to 1/12th of the outstanding principal amount at the end of the respective revolving periods.

Under the Revolving Credit Facility, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum shareholders' equity, (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Fund and its consolidated subsidiaries (subject to certain exceptions) of not less than 1.5:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Fund and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the documents governing the Revolving Credit Facility. Amounts available to borrow under the Revolving Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Revolving Credit Facility) that are pledged as collateral. As of March 31, 2026, the Fund was in compliance in all material respects with the terms of the Revolving Credit Facility.

As of March 31, 2026 and December 31, 2025, there was $1,461,424 and $2,523,737 outstanding, respectively, under the Revolving Credit Facility. The Revolving Credit Facility also provides for a sub-limit for the issuance of letters of credit for up to an aggregate amount of $175,000. As of March 31, 2026 and December 31, 2025, the Fund had no letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit and swingline loans issued.

Since April 15, 2025, the interest rate charged on the Revolving Credit Facility is based on SOFR plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.525%, 1.650% or 1.775% or an "alternate base rate" (as defined in the documents governing the Revolving Credit Facility) plus an applicable spread of either 0.525%, 0.650% or 0.775%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving credit exposure under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving credit exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. Prior to April 15, 2025, the interest rate charged on the Revolving Credit Facility was based on SOFR plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.750% or 1.875% or an

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"alternate base rate" plus an applicable spread of either 0.750% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving credit exposure under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving credit exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. The Revolving Credit Facility allows for borrowings to be made using one, three or six month SOFR. As of March 31, 2026, the one, three and six month SOFR was 3.66%, 3.68% and 3.70%, respectively. As of March 31, 2026, the applicable spread in effect was 1.525%. In addition to the stated interest expense on the Revolving Credit Facility, the Fund is required to pay a commitment fee of 0.325% per annum on any unused portion of the Revolving Credit Facility.

The Revolving Credit Facility is secured by certain assets in the Fund's portfolio and excludes investments held by ASIF Funding I (as defined below) under the SG Funding Facility, those held by ASIF Funding II (as defined below) under the SB Funding Facility, those held by ASIF Funding III (as defined below) under the BNP Funding Facility and those held by ADL CLO 3, ADL CLO 5 and ADL CLO 8 (each as defined below), and certain other investments.

For the three months ended March 31, 2026 and 2025, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Stated interest expense | $18091 | $2188 |
| Credit facility fees | 1531 | 1587 |
| Amortization of debt issuance costs | 1151 | 674 |
| Total interest and credit facility fees expense | $20773 | $4449 |
| Cash paid for interest expense | $19474 | $4697 |
| Average stated interest rate | 5.18% | 6.26% |
| Average outstanding balance | $1397198 | $139791 |

---

***SG Funding Facility***

The Fund and the Fund's wholly owned subsidiary, ASIF Funding I, LLC ("ASIF Funding I"), are party to a revolving funding facility (as amended, the "SG Funding Facility"), that allows ASIF Funding I to borrow up to $2,325,000 at any one time outstanding. The SG Funding Facility consists of a $650,000 term loan tranche with a stated maturity date of August 1, 2030 and a $1,675,000 revolving tranche with an end of the reinvestment period and a stated maturity date of August 1, 2028 and August 1, 2030, respectively. The SG Funding Facility also provides for an "accordion" feature that allows ASIF Funding I, under certain circumstances, to increase the overall size of the SG Funding Facility to a maximum of $2,500,000.

In addition, the Fund, as transferor, and ASIF Funding I, as transferee, are party to a contribution agreement, pursuant to which the Fund will transfer to ASIF Funding I certain originated or acquired loans and related assets from time to time. The obligations of ASIF Funding I under the SG Funding Facility are secured by substantially all assets held by ASIF Funding I.

Under the SG Funding Facility, the Fund and ASIF Funding I are required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the SG Funding Facility. As of March 31, 2026, the Fund and ASIF Funding I were in compliance in all material respects with the terms of the SG Funding Facility.

As of March 31, 2026 and December 31, 2025, there was $1,087,811 and $612,811 outstanding, respectively, under the SG Funding Facility. Since February 6, 2026, the interest rate charged on the SG Funding Facility is based on SOFR plus (i) 1.75% per annum, with respect to $500,000 of commitments and (ii) 1.80% per annum, with respect to $1,825,000 of commitments. From December 5, 2025 to February 5, 2026, the interest rate charged on the SG Funding Facility was based on SOFR plus an applicable margin of 1.80% per annum. From August 1, 2025 to December 4, 2025, the interest rate charged on the SG Funding Facility was based on SOFR plus an applicable margin of (i) with respect to term loans under the SG Funding Facility, 1.85% per annum, and (ii) with respect to revolving loans under the SG Funding Facility, 1.90% per annum. Prior to August 1, 2025, the interest rate charged on the SG Funding Facility was based on SOFR plus an applicable margin of 2.05% per annum. In addition to the stated interest expense on the SG Funding Facility, ASIF Funding I is required to pay, among other fees, a daily commitment fee on any monthly distribution date, termination date or on the date of any payment or prepayment of a loan outstanding under the SG Funding Facility.

------

For the three months ended March 31, 2026 and 2025, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SG Funding Facility were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Stated interest expense | $10584 | $12952 |
| Credit facility fees |  | 1244 |
| Amortization of debt issuance costs | 1021 | 942 |
| Total interest and credit facility fees expense | $11605 | $15138 |
| Cash paid for interest expense | $10073 | $14218 |
| Average stated interest rate | 5.51% | 6.45% |
| Average outstanding balance | $768088 | $802922 |

---

***SB Funding Facility***

The Fund and the Fund's wholly owned subsidiary, ASIF Funding II, LLC ("ASIF Funding II"), are party to a revolving funding facility (as amended, the "SB Funding Facility"), that allows ASIF Funding II to borrow up to $1,500,000 at any one time outstanding, of which $1,125,000 was available as of March 31, 2026 and the remaining $375,000 will become fully available after October 29, 2026. The end of the reinvestment period and the stated maturity date are July 29, 2028 and January 29, 2035, respectively.

In addition, the Fund, as transferor, and ASIF Funding II, as transferee, are party to a contribution agreement, pursuant to which the Fund will transfer to ASIF Funding II certain originated or acquired loans and related assets from time to time. The obligations of ASIF Funding II under the SB Funding Facility are secured by substantially all assets held by ASIF Funding II.

Under the SB Funding Facility, the Fund and ASIF Funding II, 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. These covenants are subject to important limitations and exceptions that are described in the documents governing the SB Funding Facility. The SB Funding Facility includes usual and customary events of default for facilities of this nature. As of March 31, 2026, the Fund and ASIF Funding II were in compliance in all material respects with the terms of the SB Funding Facility.

As of March 31, 2026 and December 31, 2025, there was $400,000 and $400,000 outstanding, respectively, under the SB Funding Facility. Since January 29, 2026, the interest rate charged on the SB Funding Facility is based on SOFR plus an applicable margin of (i) 1.80% during the reinvestment period and (ii) 2.00% following the reinvestment period. From April 8, 2025 to January 28, 2026, the interest rate charged on the SB Funding Facility was based on SOFR plus an applicable margin of (i) 1.90% during the reinvestment period and (ii) 2.20% following the reinvestment period. Prior to April 8, 2025, the interest rate charged on the SB Funding Facility was based on SOFR plus an applicable margin of (i) 2.10% during the reinvestment period and (ii) 2.40% following the reinvestment period. As of March 31, 2026, the applicable spread in effect was 1.90%. In addition to the stated interest expense on the SB Funding Facility, ASIF Funding II is also required to pay, among other fees, a commitment fee of 0.50% per annum on any unused portion of the SB Funding Facility between 0.50%, 0.75% and 1.00% per annum depending on the aggregate amount of unused commitments under the SB Funding Facility.

------

For the three months ended March 31, 2026 and 2025, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SB Funding Facility were as follows:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Stated interest expense | $5614 | $1218 |
| Credit facility fees | 742 | 862 |
| Amortization of debt issuance costs | 345 | 193 |
| Total interest and credit facility fees expense | $6701 | $2273 |
| Cash paid for interest expense | $5792 | $2198 |
| Average stated interest rate | 5.61% | 6.49% |
| Average outstanding balance | $400000 | $75000 |

---

***BNP Funding Facility***

The Fund and the Fund's wholly owned subsidiary, ASIF Funding III, LLC ("ASIF Funding III"), are party to a revolving funding facility (the "BNP Funding Facility"), that allows ASIF Funding III to borrow up to $1,000,000. The end of the reinvestment period and the stated maturity date are October 21, 2028 and October 21, 2029, respectively.

In addition, the Fund, as transferor, and ASIF Funding III, as transferee, are party to a contribution agreement, pursuant to which the Fund will transfer to ASIF Funding III certain originated or acquired loans and related assets from time to time. The obligations of ASIF Funding III under the BNP Funding Facility are secured by substantially all assets held by ASIF Funding III.

Under the BNP Funding Facility, the Fund and ASIF Funding III, 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. These covenants are subject to important limitations and exceptions that are described in the documents governing the BNP Funding Facility. The BNP Funding Facility includes usual and customary events of default for facilities of this nature. As of March 31, 2026, the Fund and ASIF Funding III were in compliance in all material respects with the terms of the BNP Funding Facility.

As of March 31, 2026 and December 31, 2025, there was $700,000 and $250,000 outstanding, respectively, under the BNP Funding Facility. Since October 21, 2025, the interest rate charged on the BNP Funding Facility is based on SOFR plus an applicable margin of (i) 1.30% during the reinvestment period and (ii) 2.30% following the reinvestment period. Prior to October 21, 2025, the interest rate charged on the BNP Funding Facility was based on SOFR plus an applicable margin of (i) 1.40% during the reinvestment period and (ii) 2.40% following the reinvestment period. As of March 31, 2026, the applicable spread in effect was 1.30%. In addition to the stated interest expense on the BNP Funding Facility, ASIF Funding III is also required to pay, among other fees, a commitment fee dependent on the aggregate amount of unused commitments under the BNP Funding Facility.

For the three months ended March 31, 2026 and 2025, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the BNP Funding Facility were as follows:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Stated interest expense | $9843 | $3415 |
| Credit facility fees | 69 | 63 |
| Amortization of debt issuance costs | 620 | 239 |
| Total interest and credit facility fees expense | $10532 | $3717 |
| Cash paid for interest expense | $10388 | $1184 |
| Average stated interest rate | 5.07% | 5.71% |
| Average outstanding balance | $776500 | $239156 |

---

------

***Debt Securitizations***

Certain of the Fund's wholly owned, consolidated subsidiaries (Ares Direct Lending CLO 3 LLC ("ADL CLO 3"), Ares Direct Lending CLO 5 LLC ("ADL CLO 5") and Ares Direct Lending CLO 8 LLC ("ADL CLO 8" and, together with ADL CLO 3 and ADL CLO 5, the "CLO Subsidiaries")) have completed on-balance sheet financings through term debt securitizations (also known as collateralized loan obligations), which are consolidated by the Fund for financial reporting purposes and count as debt for the purposes of determining the Fund's asset coverage. These include (i) a $694,100 term debt securitization completed in November 2024 (the "ADL CLO 3 Debt Securitization"), (ii) a $499,100 term debt securitization completed in April 2025 (the "ADL CLO 5 Debt Securitization") and (iii) a $696,400 term debt securitization completed in December 2025 (the "ADL CLO 8 Debt Securitization"). The Fund refers to the ADL CLO 3 Debt Securitization, ADL CLO 5 Debt Securitization and ADL CLO 8 Debt Securitization collectively as the "Debt Securitizations." The Fund's investment adviser serves as asset manager to the CLO Subsidiaries under asset management agreements with each CLO Subsidiary and has agreed to waive any management fees from the CLO Subsidiaries for such services.

*ADL CLO 3 Debt Securitization* 

The following table presents information on the ADL CLO 3 Debt Securitization as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **Type** | **Principal <br>Outstanding** | **Maturity Date** | **Interest Rate** |
| January 2037 Class A-1 CLO Notes(1) | Senior Secured Floating Rate | $399000 | January 20, 2037 | SOFR+1.58% |
| January 2037 Class A-2 CLO Notes(1) | Senior Secured Floating Rate | 35000 | January 20, 2037 | SOFR+1.75% |
| January 2037 Class B CLO Notes(1) | Senior Secured Floating Rate | 42000 | January 20, 2037 | SOFR+1.85% |
| &nbsp;&nbsp;**Total January 2037 CLO Secured Notes** |  | 476000 |  | SOFR+1.62% |
| January 2037 CLO Subordinated Notes(2) | Subordinated | 218100 | January 20, 2037 |  |
| &nbsp;&nbsp;**Total January 2037 CLO Notes** |  | $694100 |  |  |

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________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The January 2037 Class A-1 CLO Notes, the January 2037 Class A-2 CLO Notes and the January 2037 Class B CLO Notes are referred to collectively as the January 2037 CLO Secured Notes and are the secured obligations of ADL CLO 3 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Fund to ADL CLO 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The Fund retained all of the January 2037 CLO Subordinated Notes, as such, the January 2037 CLO Subordinated Notes are eliminated in consolidation.

The indenture governing the ADL CLO 3 Debt Securitization contains customary covenants and events of default as well as certain conditions pursuant to which additional loans can be acquired by ADL CLO 3. Through January 20, 2029, all principal collections received on the underlying collateral may be used by ADL CLO 3 to purchase new collateral, including additional collateral from the Fund.

*ADL CLO 5 Debt Securitization*

The following table presents information on the ADL CLO 5 Debt Securitization as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **Type** | **Principal <br>Outstanding** | **Maturity Date** | **Interest Rate** |
| April 2038 Class A-1 CLO Notes(1) | Senior Secured Floating Rate | $210000 | April 20, 2038 | SOFR+1.38% |
| April 2038 Class A-1A CLO Loans(1) | Senior Secured Floating Rate | 75000 | April 20, 2038 | SOFR+1.38% |
| April 2038 Class A-2 CLO Notes(1) | Senior Secured Floating Rate | 15000 | April 20, 2038 | SOFR+1.60% |
| April 2038 Class B CLO Notes(1) | Senior Secured Floating Rate | 50000 | April 20, 2038 | SOFR+1.70% |
| &nbsp;&nbsp;**Total April 2038 CLO Secured Debt** |  | 350000 |  | SOFR+1.44% |
| April 2038 CLO Subordinated Notes(2) | Subordinated | 149100 | April 20, 2038 |  |
| &nbsp;&nbsp;**Total April 2038 CLO Debt** |  | $499100 |  |  |

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________________________________________

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The April 2038 Class A-1 CLO Notes, the April 2038 Class A-1A CLO Loans, the April 2038 Class A-2 CLO Notes and the April 2038 Class B CLO Notes are referred to collectively as the April 2038 CLO Secured Debt and are the secured obligations of ADL CLO 5 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Fund to ADL CLO 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The Fund retained all of the April 2038 CLO Subordinated Notes, as such, the April 2038 CLO Subordinated Notes are eliminated in consolidation.

The indenture governing the ADL CLO 5 Debt Securitization contains customary covenants and events of default as well as certain conditions pursuant to which additional loans can be acquired by ADL CLO 5. Through April 20, 2030, all principal collections received on the underlying collateral may be used by ADL CLO 5 to purchase new collateral, including additional collateral from the Fund.

*ADL CLO 8 Debt Securitization*

The following table presents information on the ADL CLO 8 Debt Securitization as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **Type** | **Principal <br>Outstanding** | **Maturity Date** | **Interest Rate** |
| January 2039 Class A-1 CLO Notes(1) | Senior Secured Floating Rate | $356000 | January 20, 2039 | SOFR+1.40% |
| January 2039 Class A-1A CLO Loans(1) | Senior Secured Floating Rate | 50000 | January 20, 2039 | SOFR+1.40% |
| January 2039 Class A-2 CLO Notes(1) | Senior Secured Floating Rate | 28000 | January 20, 2039 | SOFR+1.60% |
| January 2039 Class B CLO Notes(1) | Senior Secured Floating Rate | 42000 | January 20, 2039 | SOFR+1.75% |
| January 2039 Class C CLO Notes(1) | Senior Secured Floating Rate | 56000 | January 20, 2039 | SOFR+2.00% |
| &nbsp;&nbsp;**Total January 2039 CLO Secured Debt** |  | 532000 |  | SOFR+1.50% |
| January 2039 CLO Subordinated Notes(2) | Subordinated | 164400 | January 20, 2039 |  |
| &nbsp;&nbsp;**Total January 2039 CLO Debt** |  | $696400 |  |  |

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________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The January 2039 Class A-1 CLO Notes, the January 2039 Class A-1A CLO Loans, the January 2039 Class A-2 CLO Notes, the January 2039 Class B CLO Notes and the January 2039 Class C CLO Notes are referred to collectively as the January 2039 CLO Secured Debt and are the secured obligations of ADL CLO 8 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Fund to ADL CLO 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The Fund retained all of the January 2039 CLO Subordinated Notes, as such, the January 2039 CLO Subordinated Notes are eliminated in consolidation.

The indenture governing the ADL CLO 8 Debt Securitization contains customary covenants and events of default as well as certain conditions pursuant to which additional loans can be acquired by ADL CLO 8. Through January 20, 2031, all principal collections received on the underlying collateral may be used by ADL CLO 8 to purchase new collateral, including additional collateral from the Fund.

The interest rate charged on the January 2037 CLO Secured Notes, the April 2038 CLO Secured Debt and the January 2039 CLO Secured Debt is based on SOFR plus a blended weighted average spread of 1.62%, 1.44% and 1.50%, respectively. For the three months ended March 31, 2026 and 2025, the components of interest expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the January 2037 CLO Secured Notes, the April 2038 CLO Secured Debt and the January 2039 CLO Secured Debt were as follows.

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---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Stated interest expense | $17731 | $7206 |
| Amortization of debt issuance costs | 293 | 130 |
| Total interest expense | $18024 | $7336 |
| Cash paid for interest expense | $11450 | $— |
| Average stated interest rate | 5.22% | 6.06% |
| Average outstanding balance | $1358000 | $476000 |

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***Unsecured Notes***

The Fund has issued certain unsecured notes (the Fund refers to each series of unsecured notes using the defined term set forth under the "Unsecured Notes" column of the table below and collectively refers to all such series as the "Unsecured Notes"), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at the Fund's option at a redemption price equal to par plus a "make whole" premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features of the Unsecured Notes as of March 31, 2026 are listed below.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Unsecured Notes** | **Aggregate Principal Amount Issued** | **Effective Stated Interest Rate** | **Original Issuance Date** | **Maturity Date** |
| March 2028 Notes(1) | $1000000 | 5.321% | November 21, 2024 | March 15, 2028 |
| September 2028 Notes(1) | $600000 | 5.415% | June 9, 2025 | September 9, 2028 |
| January 2029 Notes(1) | $600000 | 5.295% | September 15, 2025 | January 15, 2029 |
| August 2029 Notes(1) | $700000 | 5.881% | June 5, 2024 | August 15, 2029 |
| February 2030 Notes(1) | $750000 | 5.975% | October 2, 2024 | February 15, 2030 |
| September 2030 Notes(1) | $500000 | 5.718% | June 9, 2025 | September 9, 2030 |
| January 2031 Notes | $500000 | 5.150% | September 15, 2025 | January 15, 2031 |
| April 2031 Notes(1) | $700000 | 5.548% | January 29, 2026 | April 15, 2031 |
| March 2032 Notes(1) | $750000 | 5.504% | January 21, 2025 | March 21, 2032 |

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________________________________________

(1)The effective stated interest rates include the impact of interest rate swaps.

The Unsecured Notes were sold to initial purchasers in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for the resale by such initial purchasers to (i) qualified institutional buyers in transactions exempt from registration under the Securities Act pursuant to Rule 144A thereunder or (ii) certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Unsecured Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

In connection with the issuances of the Unsecured Notes, the Fund entered into registration rights agreements (each, a "Registration Rights Agreement") for the benefit of the initial purchasers of the Unsecured Notes. Pursuant to these Registration Rights Agreements, the Fund is obligated to file one or more registration statements with the SEC with respect to an offer to exchange each series of Unsecured Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to such series of Unsecured Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has become or been declared effective but in no event later than 365 days after the initial issuance of such series of Unsecured Notes. If the Fund fails to satisfy its registration obligations under each Registration Rights Agreement, it will be required to pay additional interest to the holders of the applicable Unsecured Notes.

Pursuant to the terms of the Registration Rights Agreements for the March 2028 Notes, the August 2029 Notes, February 2030 Notes and March 2032 Notes, the Fund filed a registration statement with the SEC and, on April 24, 2025, commenced an offer to exchange the unregistered notes of each such series of Unsecured Notes that were initially issued on November 21, 2024, June 5, 2024, October 2, 2024 and January 21, 2025 for newly issued registered notes with substantially

------

identical terms (the "2025 Exchange Offer"). The 2025 Exchange Offer expired on May 23, 2025 and the related exchange was completed promptly thereafter. See Note 12 for a subsequent event relating to the commencement of an offer to exchange the September 2028 Notes, January 2029 Notes, September 2030, January 2031 Notes and April 2031 Notes.

AMCM served as an initial purchaser in connection with the Fund's offering of certain of the Unsecured Notes issued during the three months ended March 31, 2026 and 2025. Under the purchase agreements the Fund entered into in connection with such issuances, AMCM received an aggregate of $198 and $244 of underwriting and advisory fees for the three months ended March 31, 2026 and 2025, respectively. The underwriting and advisory fees AMCM received were on terms equivalent to those of other initial purchasers.

In connection with the Unsecured Notes issued by the Fund, the Fund has entered into interest rate swaps to more closely align the interest rates of such liabilities with the Fund's investment portfolio, which consists primarily of floating rate loans. Under the interest rate swaps, the Fund receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. The Fund designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. See Note 6 for more information on the interest rate swaps.

For the three months ended March 31, 2026 and 2025, the components of interest expense and cash paid for interest expense for the Unsecured Notes were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Stated interest expense(1) | $81489 | $47708 |
| Amortization of debt issuance costs | 2656 | 1195 |
| Accretion of discount | 2777 | 1251 |
| Net (gain) loss on interest rate swaps accounted for as hedge instruments and the related hedged items | (107) | (1088) |
| Total interest expense | $86815 | $49066 |
| Cash paid for interest expense(1) | $16525 | $47283 |

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________________________________________

(1)Includes the impact of the interest rate swaps.

The Unsecured Notes contain certain covenants, including covenants requiring the Fund to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act, or any successor provisions, and to provide financial information to the holders of such notes under certain circumstances. These covenants are subject to important limitations and exceptions set forth in the indentures governing such notes. As of March 31, 2026, the Fund was in compliance in all material respects with the terms of the respective indentures governing each of the Unsecured Notes.

The Unsecured Notes are the Fund's senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to the Fund's existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Fund later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Fund's subsidiaries, financing vehicles or similar facilities.

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**6. DERIVATIVE INSTRUMENTS**

The Fund enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures.

***Foreign Currency Forward Contracts***

Certain information related to the Fund's foreign currency forward derivative instruments as of March 31, 2026 and December 31, 2025 is presented below.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|<br>**Derivative Instrument** | **Notional <br>Amount** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized Liabilities** | **Balance Sheet <br>Location of Net Amounts** |
| Foreign currency forward contract | ¥2121143 | $25800 | $(24616) | Other assets |
| Foreign currency forward contract | 663462 | 66532 | (68406) | Accounts payable and other liabilities |
| Foreign currency forward contract | 301384 | 333754 | (335665) | Accounts payable and other liabilities |
| Foreign currency forward contract | 296055 | 331228 | (332100) | Accounts payable and other liabilities |
| Foreign currency forward contract | 212546 | 166304 | (166407) | Accounts payable and other liabilities |
| Foreign currency forward contract | £208934 | 255608 | (256800) | Accounts payable and other liabilities |
| Foreign currency forward contract | £104902 | 136157 | (135160) | Other assets |
| Foreign currency forward contract | 59921 | 43724 | (43056) | Other assets |
| Foreign currency forward contract | £37090 | 49790 | (48443) | Other assets |
| Foreign currency forward contract | 29850 | 4773 | (4713) | Other assets |
| Foreign currency forward contract | 23505 | 2354 | (2424) | Accounts payable and other liabilities |
| Foreign currency forward contract | 14240 | 13073 | (13420) | Accounts payable and other liabilities |
| Foreign currency forward contract | 13416 | 16255 | (15904) | Other assets |
| Foreign currency forward contract | 8462 | 923 | (894) | Other assets |
| Foreign currency forward contract | 5689 | 3838 | (3906) | Accounts payable and other liabilities |
| Foreign currency forward contract | 4122 | 2588 | (2479) | Other assets |
| Foreign currency forward contract | 994 | 1257 | (1245) | Other assets |
| Foreign currency forward contract | 439 | 69 | (68) | Other assets |
| &nbsp;&nbsp;&nbsp;Total |  | $1454027 | $(1455706) |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|<br>**Derivative Instrument** | **Notional <br>Amount** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized Liabilities** | **Balance Sheet <br>Location of Net Amounts** |
| Foreign currency forward contract | ¥2121107 | $20497 | $(19540) | Other assets |
| Foreign currency forward contract | 663462 | 66170 | (65756) | Other assets |
| Foreign currency forward contract | 271859 | 301662 | (308489) | Accounts payable and other liabilities |
| Foreign currency forward contract | 243266 | 282437 | (289770) | Accounts payable and other liabilities |
| Foreign currency forward contract | £209269 | 254700 | (260480) | Accounts payable and other liabilities |
| Foreign currency forward contract | 170803 | 135811 | (137898) | Accounts payable and other liabilities |
| Foreign currency forward contract | £88941 | 117531 | (119271) | Accounts payable and other liabilities |
| Foreign currency forward contract | 47388 | 4513 | (4696) | Accounts payable and other liabilities |
| Foreign currency forward contract | £37090 | 49790 | (49632) | Other assets |
| Foreign currency forward contract | 29850 | 4773 | (4822) | Accounts payable and other liabilities |
| Foreign currency forward contract | 23894 | 17161 | (17442) | Accounts payable and other liabilities |
| Foreign currency forward contract | 13416 | 16256 | (16264) | Accounts payable and other liabilities |
| Foreign currency forward contract | 9518 | 6165 | (6327) | Accounts payable and other liabilities |
| Foreign currency forward contract | 5725 | 3769 | (3812) | Accounts payable and other liabilities |
| Foreign currency forward contract | 4176 | 2622 | (2524) | Other assets |
| Foreign currency forward contract | 373 | 471 | (472) | Accounts payable and other liabilities |
| &nbsp;&nbsp;&nbsp;Total |  | $1284328 | $(1307195) |  |

---

As of March 31, 2026 and December 31, 2025, the counterparties to each of the Fund's foreign currency forward contracts were Canadian Imperial Bank of Commerce, SMBC Capital Markets, Inc. or Wells Fargo Bank, N.A.

Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Fund for the three months ended March 31, 2026 and 2025 are in the following locations in the consolidated statements of operations:

---

| | | | |
|:---|:---|:---|:---|
| | | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**Derivative Instrument** |<br>**Statement Location** | **2026** | **2025** |
| Foreign currency forward contract | Net realized gains (losses) on foreign currency transactions | $(1322) | $3187 |
| Foreign currency forward contract | Net unrealized gains (losses) on foreign currency transactions | $21187 | $(20545) |

---

------

***Interest Rate Swaps***

In connection with the Unsecured Notes, the Fund has entered into interest rate swaps to more closely align the interest rates of such liabilities with the Fund's investment portfolio, which consists primarily of floating rate loans. Under the interest rate swaps, the Fund receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. The Fund designated these interest rate swaps and the Unsecured Notes as qualifying fair value hedge accounting relationships. As of March 31, 2026 and December 31, 2025, the counterparty to all of the Fund's interest rate swaps was Wells Fargo Bank, N.A. Certain information related to the Fund's interest rate swaps as of March 31, 2026 is presented below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Hedged Item** | **Fund Receives** | **Fund Pays** | **Maturity Date** | **Notional Amount** |
| Interest rate swap | March 2028 Notes | 5.700% | SOFR +1.6485% | March 15, 2028 | $1000000 |
| Interest rate swap | September 2028 Notes | 5.450% | SOFR +1.7465% | September 9, 2028 | $600000 |
| Interest rate swap | January 2029 Notes | 4.850% | SOFR +1.6220% | January 15, 2029 | $600000 |
| Interest rate swap | August 2029 Notes | 6.350% | SOFR +2.2080% | August 15, 2029 | $700000 |
| Interest rate swap | February 2030 Notes | 5.600% | SOFR +2.3020% | February 15, 2030 | $750000 |
| Interest rate swap | September 2030 Notes | 5.800% | SOFR +2.0490% | September 9, 2030 | $500000 |
| Interest rate swap(1) | January 2031 Notes | 5.150% | SOFR +1.9460% | January 15, 2031 | $500000 |
| Interest rate swap | April 2031 Notes | 5.550% | SOFR +1.8750% | April 15, 2031 | $700000 |
| Interest rate swap | March 2032 Notes | 6.200% | SOFR +1.8290% | March 21, 2032 | $750000 |

---

________________________________________

(1)In connection with the issuance of the January 2031 Notes, the Fund entered into a forward-starting interest rate swap, with an effective date of July 15, 2026.

See Note 5 for more information on the Unsecured Notes.

As a result of the Fund's designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Fund is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net gain related to the fair value hedges was approximately $107 and $1,088 for the three months ended March 31, 2026 and 2025, respectively, which is included in "interest and credit facility fees" in the Fund's consolidated statements of operations. The balance sheet impact of fair valuing the interest rate swaps as of March 31, 2026 and December 31, 2025 is presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
|<br>**Derivative Instrument** | **Notional <br>Amount** | **Maturity Date** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized Liabilities** | **Balance Sheet <br>Location of Net Amounts** |
| Interest rate swap(1) | $1000000 | March 15, 2028 | $6921 | $— | Other assets |
| Interest rate swap(2) | $600000 | September 9, 2028 | 414 |  | Other assets |
| Interest rate swap(3) | $600000 | January 15, 2029 |  | (6683) | Accounts payable and other<br>liabilities |
| Interest rate swap(4) | $700000 | August 15, 2029 | 10886 |  | Other assets |
| Interest rate swap(5) | $750000 | February 15, 2030 |  | (9767) | Accounts payable and other<br>liabilities |
| Interest rate swap(6) | $500000 | September 9, 2030 | 1710 |  | Other assets |
| Interest rate swap(7) | $500000 | January 15, 2031 |  | (9531) | Accounts payable and other<br>liabilities |
| Interest rate swap(8) | $700000 | April 15, 2031 |  | (244) | Accounts payable and other<br>liabilities |
| Interest rate swap(9) | $750000 | March 21, 2032 | 25594 |  | Other assets |
| &nbsp;&nbsp;&nbsp;Total |  |  | $45525 | $(26225) |  |

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________________________________________

------

(1)The asset related to the fair value of the interest rate swaps was offset by a $6,506 increase to the carrying value of the March 2028 Notes.

(2)The asset related to the fair value of the interest rate swap was offset by a $380 increase to the carrying value of the September 2028 Notes.

(3)The liability related to the fair value of the interest rate swap was offset by a $6,640 decrease to the carrying value of the January 2029 Notes.

(4)The asset related to the fair value of the interest rate swap was offset by a $10,728 increase to the carrying value of the August 2029 Notes.

(5)The liability related to the fair value of the interest rate swap was offset by a $9,629 decrease to the carrying value of the February 2030 Notes.

(6)The asset related to the fair value of the interest rate swap was offset by a $1,678 increase to the carrying value of the September 2030 Notes.

(7)The liability related to the fair value of the interest rate swap was offset by a $9,453 decrease to the carrying value of the January 2031 Notes.

(8)The liability related to the fair value of the interest rate swap was offset by a $336 decrease to the carrying value of the April 2031 Notes.

(9)The asset related to the fair value of the interest rate swap was offset by a $24,946 increase to the carrying value of the March 2032 Notes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
|<br>**Derivative Instrument** | **Notional <br>Amount** | **Maturity Date** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized Liabilities** | **Balance Sheet <br>Location of Net Amounts** |
| Interest rate swap(1) | $1000000 | March 15, 2028 | $14461 | $— | Other assets |
| Interest rate swap(2) | $600000 | September 9, 2028 | 4677 |  | Other assets |
| Interest rate swap(3) | $600000 | January 15, 2029 |  | (3021) | Accounts payable and other<br>liabilities |
| Interest rate swap(4) | $700000 | August 15, 2029 | 16585 |  | Other assets |
| Interest rate swap(5) | $750000 | February 15, 2030 |  | (5199) | Accounts payable and other<br>liabilities |
| Interest rate swap(6) | $500000 | September 9, 2030 | 5239 |  | Other assets |
| Interest rate swap(7) | $500000 | January 15, 2031 |  | (6380) | Accounts payable and other<br>liabilities |
| Interest rate swap(8) | $750000 | March 21, 2032 | 31646 |  | Other assets |
| &nbsp;&nbsp;&nbsp;Total |  |  | $72608 | $(14600) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________________________

(1)The asset related to the fair value of the interest rate swaps was offset by a $14,012 increase to the carrying value of the March 2028 Notes.

(2)The asset related to the fair value of the interest rate swap was offset by a $4,645 increase to the carrying value of the September 2028 Notes.

(3)The liability related to the fair value of the interest rate swap was offset by a $2,974 decrease to the carrying value of the January 2029 Notes.

(4)The asset related to the fair value of the interest rate swap was offset by a $16,424 increase to the carrying value of the August 2029 Notes.

------

(5)The liability related to the fair value of the interest rate swap was offset by a $5,086 decrease to the carrying value of the February 2030 Notes.

(6)The asset related to the fair value of the interest rate swap was offset by a $5,205 increase to the carrying value of the September 2030 Notes.

(7)The liability related to the fair value of the interest rate swap was offset by a $6,294 decrease to the carrying value of the January 2031 Notes.

(8)The asset related to the fair value of the interest rate swap was offset by a $31,064 increase to the carrying value of the March 2032 Notes.

**7. COMMITMENTS AND CONTINGENCIES**

***Investment Commitments***

The Fund's investment portfolio may contain debt investments which are in the form of revolving and delayed draw loan commitments, which require the Fund to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, the Fund had the following commitments to fund various revolving and delayed draw loans:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Total revolving loan commitments | $1433378 | $1347979 |
| &nbsp;&nbsp;&nbsp;Less: funded commitments | (258089) | (186051) |
| &nbsp;&nbsp;&nbsp;Less: unavailable revolving loan commitments due to borrowing base or other covenant restrictions | (1095) |  |
| Total net unfunded revolving loan commitments | 1174194 | 1161928 |
| Total unfunded delayed draw loan commitments | 2409827 | 2636620 |
| &nbsp;&nbsp;&nbsp;Less: unavailable delayed draw loan commitments due to borrowing base or other covenant restrictions | (20699) | (21494) |
| Total net unfunded delayed draw loan commitments | 2389128 | 2615126 |
| Total net unfunded revolving and delayed draw loan commitments | $3563322 | $3777054 |

---

The Fund's commitment to fund delayed draw loans is generally triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels).

The Fund has also committed $2.0 billion of subordinated certificates to the ADLP, representing the Fund's portion of the total capital commitments to the ADLP. See Note 4 for more information on the ADLP.

In addition, as of March 31, 2026 and December 31, 2025, the Fund was party to subscription agreements to fund equity investment commitments as follows:

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Total equity commitments | $284824 | $250381 |
| &nbsp;&nbsp;&nbsp;Less: funded commitments | (103408) | (101398) |
| Total net unfunded equity commitments | $181416 | $148983 |

---

------

**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 companies 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 companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company's choice to use fair value on its earnings. ASC 825-10 also requires companies 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. With the exception of the line items entitled "other assets," "secured borrowing" and "debt," which are reported at amortized cost, the carrying value of all other assets and liabilities approximate 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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 its net asset valuation policy and procedures that have been reviewed by the Fund's board of trustees in connection with their designation of the Fund's investment adviser as the valuation designee that are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policy 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 two different valuation techniques. The first valuation technique is 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 method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company's EBITDA. EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method 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 EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Fund has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Fund does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers

------

the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Fund are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The following table presents fair value measurements of investments, unfunded revolving and delayed draw loan commitments and derivatives as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien senior secured loans | $— | $5138220 | $11487002 | $16625222 |
| Second lien senior secured loans |  | 248002 | 159189 | 407191 |
| Senior subordinated loans |  | 1934 | 1316461 | 1318395 |
| Corporate bonds |  |  | 97518 | 97518 |
| Collateralized loan obligations |  |  | 884445 | 884445 |
| Commercial mortgage-backed securities |  |  | 147587 | 147587 |
| Private asset-backed investments |  |  | 302797 | 302797 |
| Investments in joint ventures |  |  | 511200 | 511200 |
| Preferred equity |  |  | 348915 | 348915 |
| Other equity |  |  | 591695 | 591695 |
| &nbsp;&nbsp;Investments not measured at net asset value | $— | $5388156 | $15846809 | $21234965 |
| &nbsp;&nbsp;Investments measured at net asset value(1) |  |  |  | 97939 |
| Total investments |  |  |  | $21332904 |
| Unfunded revolving and delayed draw loan commitments(2) | $— | $— | $(19947) | $(19947) |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | $— | $(1679) | $— | $(1679) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $— | $19300 | $— | $19300 |

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________________________________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in "accounts payable and other liabilities" in the accompanying consolidated statements of assets and liabilities.

------

The following table presents fair value measurements of investments, unfunded revolving and delayed draw loan commitments 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** |
| First lien senior secured loans | $— | $6617396 | $10542870 | $17160266 |
| Second lien senior secured loans |  | 287211 | 141949 | 429160 |
| Senior subordinated loans |  | 5086 | 1063756 | 1068842 |
| Corporate bonds |  |  | 99063 | 99063 |
| Collateralized loan obligations |  |  | 1051264 | 1051264 |
| Commercial mortgage-backed securities |  |  | 99962 | 99962 |
| Private asset-backed investments |  |  | 300947 | 300947 |
| Investments in joint ventures |  |  | 391000 | 391000 |
| Preferred equity |  |  | 317476 | 317476 |
| Other equity |  |  | 489521 | 489521 |
| &nbsp;&nbsp;Investments not measured at net asset value | $— | $6909693 | $14497808 | $21407501 |
| &nbsp;&nbsp;Investments measured at net asset value(1) |  |  |  | 101097 |
| Total investments |  |  |  | $21508598 |
| Unfunded revolving and delayed draw loan commitments(2) | $— | $— | $(10885) | $(10885) |
| Derivatives: |  |  |  |  |
| Foreign currency forward contracts | $— | $(22867) | $— | $(22867) |
| Interest rate swaps | $— | $58008 | $— | $58008 |

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________________________________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in "accounts payable and other liabilities" in the accompanying consolidated statements of assets and liabilities.

------

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| | | | **Unobservable Input** | **Unobservable Input** | **Unobservable Input** |
|<br>**Asset Category** |<br>**Fair Value** |<br>**Primary Valuation Techniques** | **Input** | **Estimated Range** | **Weighted Average(1)** |
| First lien senior secured loans | $11274553 | Yield analysis | Market yield | 5.5% - 19.1% | 9.1% |
|  | 212449 | Broker quotes | N/A | N/A | N/A |
| Second lien senior secured loans | 159189 | Yield analysis | Market yield | 9.4% - 31.0% | 17.1% |
| Senior subordinated loans | 1316461 | Yield analysis | Market yield | 7.1% - 25.8% | 10.6% |
| Corporate bonds | 97518 | Broker quotes | N/A | N/A | N/A |
| Collateralized loan obligations | 838528 | Broker quotes | N/A | N/A | N/A |
|  | 45917 | Transaction cost | N/A | N/A | N/A |
| Commercial mortgage-backed securities | 147587 | Broker quotes | N/A | N/A | N/A |
| Private asset-backed investments | 228076 | Yield analysis | Market yield | 4.0% - 16.8% | 9.5% |
|  | 70893 | Transaction cost | N/A | N/A | N/A |
|  | 3828 | Income (other) | Constant default<br>rate | 0.0% - 7.0% | 3.1% |
| Investments in joint ventures | 511200 | Net asset value analysis | Net asset value | N/A | N/A |
| Preferred equity | 290324 | Yield analysis | Market yield | 8.0% - 20.0% | 12.3% |
|  | 58591 | EV market<br>multiple analysis | EBITDA multiple | 6.0x - 20.0x | 10.8x |
| Other equity | 591695 | EV market<br>multiple analysis | EBITDA multiple | 5.7x - 30.0x | 14.7x |
| &nbsp;&nbsp;&nbsp;Total investments | $15846809 |  |  |  |  |

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____________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| | | | **Unobservable Input** | **Unobservable Input** | **Unobservable Input** |
|<br>**Asset Category** |<br>**Fair Value** |<br>**Primary Valuation Techniques** | **Input** | **Estimated Range** | **Weighted Average(1)** |
| First lien senior secured loans | $10364836 | Yield analysis | Market yield | 5.5% - 19.1% | 9.1% |
|  | 167884 | Broker quotes | N/A | N/A | N/A |
|  | 10150 | Transaction Cost | N/A | N/A | N/A |
| Second lien senior secured loans | 141949 | Yield analysis | Market yield | 8.2% - 19.6% | 12.9% |
| Senior subordinated loans | 1032512 | Yield analysis | Market yield | 7.0% - 24.7% | 10.6% |
|  | 31244 | Transaction Cost | N/A | N/A | N/A |
| Corporate bonds | 99063 | Broker quotes | N/A | N/A | N/A |
| Collateralized loan obligations | 1047274 | Broker quotes | N/A | N/A | N/A |
|  | 3990 | Transaction cost | N/A | N/A | N/A |
| Commercial mortgage-backed securities | 99962 | Broker quotes | N/A | N/A | N/A |
| Private asset-backed investments | 202865 | Yield analysis | Market yield | 4.0% - 13.8% | 8.7% |
|  | 50750 | Broker quotes | N/A | N/A | N/A |
|  | 41570 | Transaction cost | N/A | N/A | N/A |
|  | 5762 | Income (other) | Constant default<br>rate | 0.0% - 7.0% | 1.7% |
| Investments in joint ventures | 391000 | Yield analysis | Market yield | 10.0% | 10.0% |
| Preferred equity | 165475 | EV market<br>multiple analysis | EBITDA multiple | 7.1x - 22.5x | 12.4x |
|  | 152001 | Yield analysis | Market yield | 9.8% - 15.0% | 12.9% |
| Other equity | 489521 | EV market<br>multiple analysis | EBITDA multiple | 7.2x - 33.0x | 15.1x |
| &nbsp;&nbsp;&nbsp;Total investments | $14497808 |  |  |  |  |

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____________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Changes in market yields, discount rates or EBITDA multiples, each in isolation, may change the fair value of certain of the Fund's investments. Generally, an increase in market yields or discount rates or decrease in EBITDA multiples 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.

------

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

---

| | |
|:---|:---|
| | **As of and For the Three Months Ended March 31, 2026** |
| Balance as of December 31, 2025 | $14497808 |
| Net realized gains | 11042 |
| Net unrealized losses | (120479) |
| Purchases | 1989279 |
| Sales | (257893) |
| Repayments | (415757) |
| PIK interest and dividends | 29017 |
| Net accretion of discount on investments | 9666 |
| Transfers into Level 3 | 184844 |
| Transfers out of Level 3 | (80718) |
| Balance as of March 31, 2026 | $15846809 |

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Investments were transferred into and out of Level 3 during the three months ended March 31, 2026 generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of March 31, 2026, the net unrealized appreciation on the investments that use Level 3 inputs was $25,160.

For the three months ended March 31, 2026, the total amount of gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to the Fund's Level 3 assets still held as of March 31, 2026, and reported within the net unrealized gains (losses) on investments and foreign currency transactions in the Fund's consolidated statements of operations, was $(130,304).

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

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| | |
|:---|:---|
| | **As of and For the Three Months Ended March 31, 2025** |
| Balance as of December 31, 2024 | $5935498 |
| Net realized losses | (2958) |
| Net unrealized gains | 35881 |
| Purchases | 2096006 |
| Sales | (56414) |
| Repayments | (147503) |
| PIK interest and dividends | 13854 |
| Net accretion of discount on investments | 4633 |
| Transfers into Level 3 | 87538 |
| Transfers out of Level 3 | (149631) |
| Balance as of March 31, 2025 | $7816904 |

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Investments were transferred into and out of Level 3 during the three months ended March 31, 2025 generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of March 31, 2025, the net unrealized appreciation on the investments that use Level 3 inputs was $94,132.

For the three months ended March 31, 2025, the total amount of gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to the Fund's Level 3 assets still held as of March 31, 2025, and reported within the

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net unrealized gains (losses) on investments and foreign currency transactions in the Fund's consolidated statements of operations was $33,615.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying Value(1)** | | **Fair Value(6)** | **Carrying Value(1)** | | **Fair Value(6)** |
| Revolving Credit Facility | $1458526 |  | $1458526 | $2525642 |  | $2525642 |
| SG Funding Facility | 1087811 |  | 1087811 | 612811 |  | 612811 |
| SB Funding Facility | 400000 |  | 400000 | 400000 |  | 400000 |
| BNP Funding Facility | 700000 |  | 700000 | 900000 |  | 900000 |
| January 2037 CLO Notes (principal amount outstanding of $476,000)(2) | 473417 | (3) | 473416 | 473310 | (3) | 473310 |
| April 2038 CLO Debt (principal amount outstanding of $350,000)(2) | 348264 | (3) | 348265 | 348196 | (3) | 348196 |
| January 2039 CLO Debt (principal amount outstanding of $532,000)(2) | 529937 | (3) | 529932 | 529820 | (3) | 529820 |
| March 2028 Notes (principal amount outstanding of $1,000,000) | 997557 | (3)(4) | 999250 | 1004008 | (3)(4) | 1013110 |
| September 2028 Notes (principal amount outstanding of $600,000) | 593483 | (3)(4) | 594072 | 597103 | (3)(4) | 604992 |
| January 2029 Notes (principal amount outstanding of $600,000) | 585974 | (3)(4) | 581688 | 589036 | (3)(4) | 593616 |
| August 2029 Notes (principal amount outstanding of $700,000) | 700241 | (3)(4) | 702975 | 705261 | (3)(4) | 717759 |
| February 2030 Notes (principal amount outstanding of $750,000) | 727422 | (3)(4) | 730590 | 731239 | (3)(4) | 757665 |
| September 2030 Notes (principal amount outstanding of $500,000) | 493006 | (3)(4) | 487230 | 496117 | (3)(4) | 505680 |
| January 2031 Notes (principal amount outstanding of $500,000) | 480739 | (3)(4) | 472555 | 483459 | (3)(4) | 491060 |
| April 2031 Notes (principal amount outstanding of $700,000 and $0, respectively) | 686099 | (3)(4) | 671076 |  |  |  |
| March 2032 Notes (principal amount outstanding of $750,000) | 759009 | (3)(4) | 735960 | 764594 | (3)(4) | 770467 |
| &nbsp;&nbsp;&nbsp;Total | $11021485 | (5) | $10973346 | $11160596 | (5) | $11244128 |

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____________________________________

(1)The Revolving Credit Facility, the SG Funding Facility, the SB Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding.

(2)Excludes the January 2037 CLO Subordinated Notes, the April 2038 CLO Subordinated Notes and the January 2039 CLO Subordinated Notes, which were retained by the Fund and, as such, eliminated in consolidation. See Note 5 for more information on the Debt Securitizations.

(3)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the unaccreted discount recorded upon issuance.

(4)The carrying value of the March 2028 Notes, the September 2028 Notes, the January 2029 Notes, the August 2029 Notes, the February 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes and the March 2032 Notes as of March 31, 2026 and December 31, 2025 includes adjustments as a result of effective hedge accounting relationships, as applicable. See Notes 5 and 6 for more information.

(5)Total principal amount of outstanding debt totaled $11,107,235 and $11,194,548 as of March 31, 2026 and December 31, 2025, respectively.

(6)The fair value of the debt obligations would be categorized as Level 2 under ASC 820-10.

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**9. NET ASSETS** 

The Fund has the authority to issue an unlimited number of Common Shares of beneficial interest at $0.01 par value per share.

The Fund publicly offers its Common Shares on a continuous basis, pursuant to the Offering. The purchase price per share for each class of Common Shares equals the Fund's NAV per share, as of the day preceding the effective date of the monthly share purchase. The Intermediary Manager will use its best efforts to sell Common Shares, but is not obligated to purchase or sell any specific amount of Common Shares in the Offering. The Fund also engages in offerings of its unregistered Common Shares to non-U.S. investors pursuant to Section 4(a)(2) of the Securities Act and Regulation S promulgated under the Securities Act.

The following table summarizes transactions in Common Shares during the three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class I** |  |  |  |  |
| Subscriptions(1) | 21322 | $578930 | 45191 | $1245651 |
| Share transfers between classes | 305 | 8326 |  |  |
| Distributions reinvested | 1744 | 47425 | 1434 | 39507 |
| Repurchased shares, net of early repurchase deduction | (17799) | (477189) | (758) | (20813) |
| Net increase | 5572 | $157492 | 45867 | $1264345 |
| **Class S** |  |  |  |  |
| Subscriptions(1) | 2245 | $61047 | 5942 | $163745 |
| Share transfers between classes | (305) | (8316) |  |  |
| Distributions reinvested | 317 | 8589 | 181 | 4992 |
| Repurchased shares, net of early repurchase deduction | (954) | (25619) | (335) | (9156) |
| Net increase | 1303 | $35701 | 5788 | $159581 |
| **Class D** |  |  |  |  |
| Subscriptions(1) | 2491 | $67821 | 6539 | $180223 |
| Share transfers between classes |  | (10) |  |  |
| Distributions reinvested | 317 | 8638 | 121 | 3342 |
| Repurchased shares, net of early repurchase deduction | (792) | (21218) |  |  |
| Net increase | 2016 | $55231 | 6660 | $183565 |
| Total net increase | 8891 | $248424 | 58315 | $1607491 |

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____________________________________

(1)See Note 12 for subsequent events related to subscription activities.

*Net Asset Value Per Share and Offering Price*

The Fund determines NAV for each class of 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 NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the share class by the total number of each share class of Common Shares outstanding at the date as of which the determination is made. The following tables summarize each month-end NAV per share for Class I shares, Class S shares and Class D shares during the three months ended March 31, 2026 and 2025:

------

---

| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| | **Class I** | **Class S** | **Class D** |
| January 31, 2026 | $27.26 | $27.26 | $27.26 |
| February 28, 2026 | $26.86 | $26.86 | $26.86 |
| March 31, 2026 | $26.85 | $26.85 | $26.85 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| | **Class I** | **Class S** | **Class D** |
| January 31, 2025 | $27.60 | $27.60 | $27.60 |
| February 28, 2025 | $27.47 | $27.47 | $27.47 |
| March 31, 2025 | $27.36 | $27.36 | $27.36 |

---

*Distributions* 

The Fund's board of trustees expects to declare monthly regular distributions for each class of its Common Shares. The following tables present the monthly regular distributions that were declared and payable during the three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution Per Share** | **Distribution Amount** |
| November 14, 2025 | January 30, 2026 | February 23, 2026 | $0.21430 | $66838 |
| November 14, 2025 | February 27, 2026 | March 25, 2026 | 0.21430 | 68456 |
| November 14, 2025 | March 31, 2026 | April 23, 2026 | 0.21430 | 66292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared and payable for the three months ended March 31, 2026 |  |  | $0.64290 | $201586 |
| November 8, 2024 | January 31, 2025 | February 21, 2025 | $0.21430 | $40299 |
| November 8, 2024 | February 28, 2025 | March 21, 2025 | 0.21430 | 43931 |
| November 8, 2024 | March 31, 2025 | April 23, 2025 | 0.21430 | 46782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared and payable for the three months ended March 31, 2025 |  |  | $0.64290 | $131012 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution Per Share** | **Distribution Amount** |
| November 14, 2025 | January 30, 2026 | February 23, 2026 | $0.19446 | $9406 |
| November 14, 2025 | February 27, 2026 | March 25, 2026 | 0.19652 | 9594 |
| November 14, 2025 | March 31, 2026 | April 23, 2026 | 0.19491 | 9441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared and payable for the three months ended March 31, 2026 |  |  | $0.58589 | $28441 |
| November 8, 2024 | January 31, 2025 | February 21, 2025 | $0.19437 | $6193 |
| November 8, 2024 | February 28, 2025 | March 21, 2025 | 0.19630 | 6546 |
| November 8, 2024 | March 31, 2025 | April 23, 2025 | 0.19447 | 6858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared and payable for the three months ended March 31, 2025 |  |  | $0.58514 | $19597 |

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------

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution Per Share** | **Distribution Amount** |
| November 14, 2025 | January 30, 2026 | February 23, 2026 | $0.20847 | $6310 |
| November 14, 2025 | February 27, 2026 | March 25, 2026 | 0.20907 | 6573 |
| November 14, 2025 | March 31, 2026 | April 23, 2026 | 0.20860 | 6558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared and payable for the three months ended March 31, 2026 |  |  | $0.62614 | $19441 |
| November 8, 2024 | January 31, 2025 | February 21, 2025 | $0.20844 | $2923 |
| November 8, 2024 | February 28, 2025 | March 21, 2025 | 0.20901 | 3408 |
| November 8, 2024 | March 31, 2025 | April 23, 2025 | 0.20847 | 3843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared and payable for the three months ended March 31, 2025 |  |  | $0.62592 | $10174 |

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The net distributions received by shareholders of Class S shares and Class D shares include the effect of the shareholder servicing and/or distribution fees applicable to such class of shares. Class I shares have no shareholder servicing and/or distribution fees.

See Note 12 for subsequent events relating to regular distributions declared by the Fund's board of trustees.

*Distribution Reinvestment Plan*

The Fund has adopted a distribution reinvestment plan, pursuant to which the Fund will not reinvest cash distributions declared by the board of trustees on behalf of the Fund's shareholders unless such shareholders elect for their shares to be automatically reinvested. As a result, if the board of trustees authorizes, and the Fund declares, a cash distribution, then the Fund's shareholders who have opted into 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 a share repurchase program, pursuant to which the Fund intends to offer to repurchase, at the discretion of the Fund's board of trustees, up to 5% of its Common Shares outstanding in each quarter. The Fund's board of trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in its best interest and the best interest of its common shareholders. As a result, share repurchases may not be available each quarter, or at all. All shares purchased by the Fund in connection with the share repurchase program will be retired and thereafter will be authorized and unissued shares.

In accordance with the Fund's share repurchase program, shares repurchased in the Fund's tender offers completed during the three months ended March 31, 2026 and 2025 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 Fund's board of trustees, 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").

The plan adopted by the Fund pursuant to Rule 18f-3 under the Investment Company Act so that the Fund may issue multiple classes of Common Shares (the "Multiple Class Plan") 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 the Fund's 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) submitted by discretionary model portfolio management programs (and similar arrangements); (iii) from feeder funds (or similar vehicles) primarily created to hold the Fund's Common 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 (iv) in the event that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain a minimum account balance. Prior to May 8, 2024, the Fund could

------

only waive the Early Repurchase Deduction in the case of repurchase requests arising from the death or qualified disability of the holder. The Early Repurchase Deduction is retained by the Fund for the benefit of remaining shareholders.

The following tables present the share repurchases completed during the three months ended March 31, 2026 and 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Pricing Date** | **Total Number of Shares Repurchased (1)** | **Percentage of Outstanding Shares Repurchased (1)(2)** | **Repurchase Request Deadline** | **Purchase Price Per Share** | **Amount Repurchased (All Classes) (3)** | **Maximum number of shares that may yet be purchased under the repurchase program (4)** |
| February 27, 2026 | 19545 | 5.00% | March 20, 2026 | $26.86 | $524026 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Pricing Date** | **Total Number of Shares Repurchased (1)** | **Percentage of Outstanding Shares Repurchased (1)(2)** | **Repurchase Request Deadline** | **Purchase Price Per Share** | **Amount Repurchased (All Classes) (3)** | **Maximum number of shares that may yet be purchased under the repurchase program (4)** |
| February 28, 2025 | 1093 | 0.47% | March 20, 2025 | $27.47 | $29969 |  |

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_______________________________________________________________________________

(1)During the three months ended March 31, 2026, the Fund fulfilled repurchase requests equal to 5.0% of outstanding shares as of January 31, 2026, or 43.1% of repurchase requests. Shares were accepted on a pro rata basis based on the number of validly tendered shares. During the three months ended March 31, 2025, all repurchase requests were satisfied in full.

(2)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.

(3)Amounts shown net of the Early Repurchase Deduction.

(4)Unfulfilled repurchase requests do not carry over automatically and must be resubmitted in the next quarterly repurchase offer, or upon the recommencement of the share repurchase program, as applicable.

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**10. FINANCIAL HIGHLIGHTS**

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

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| | | | |
|:---|:---|:---|:---|
| | **As of and For the Three Months Ended March 31, 2026** | **As of and For the Three Months Ended March 31, 2026** | **As of and For the Three Months Ended March 31, 2026** |
| | **Class I** | **Class S** | **Class D** |
| **Per Share Data:** | | | |
| Net asset value at beginning of period | $27.48 | $27.48 | $27.48 |
| Net investment income for period(1) | 0.62 | 0.57 | 0.61 |
| Net realized and unrealized losses for period(1) | (0.61) | (0.61) | (0.61) |
| Net increase (decrease) in net assets resulting from operations | 0.01 | (0.04) |  |
| Distributions from net investment income | (0.64) | (0.59) | (0.63) |
| Total decrease in net assets | (0.63) | (0.63) | (0.63) |
| Net asset value at end of period | $26.85 | $26.85 | $26.85 |
| Total return based on net asset value(2) | (0.40)% | (0.54)% | (0.44)% |
| Shares outstanding at end of period | 311022 | 48755 | 31429 |
| **Ratio/Supplemental Data:** |  |  |  |
| Net assets at end of period | $8350694 | $1308956 | $843900 |
| Ratio of operating expenses (excluding expense support) to average net assets(3)(4) | 8.02% | 8.87% | 8.28% |
| Ratio of operating expenses (including expense support) to average net assets(3) | 8.02% | 8.87% | 8.28% |
| Ratio of net investment income to average net assets(3)(5) | 9.17% | 8.32% | 8.91% |
| Portfolio turnover rate(3) | 51% | 51% | 51% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **As of and For the Three Months Ended March 31, 2025** | **As of and For the Three Months Ended March 31, 2025** | **As of and For the Three Months Ended March 31, 2025** |
| | **Class I** | **Class S** | **Class D** |
| **Per Share Data:** | | | |
| Net asset value, beginning of period | $27.61 | $27.61 | $27.61 |
| Net investment income for period(1) | 0.59 | 0.53 | 0.58 |
| Net realized and unrealized losses for period(1) | (0.20) | (0.20) | (0.20) |
| Net increase in net assets | 0.39 | 0.33 | 0.38 |
| Distributions to shareholders(2) | (0.64) | (0.58) | (0.63) |
| Total decrease in net assets | (0.25) | (0.25) | (0.25) |
| Net asset value, end of period | $27.36 | $27.36 | $27.36 |
| Total return based on net asset value(2) | 1.13% | 0.96% | 1.08% |
| Shares outstanding, end of period | 218287 | 35282 | 18433 |
| **Ratio/Supplemental Data:** |  |  |  |
| Net assets, end of period | $5972295 | $965307 | $504330 |
| Ratio of operating expenses (excluding expense support) to average net assets(3)(4) | 7.11% | 7.95% | 7.39% |
| Ratio of operating expenses (including expense support) to average net assets(3)(4) | 1.65% | 1.86% | 1.70% |
| Ratio of net investment income to average net assets(3)(5) | 8.78% | 7.89% | 8.62% |
| Portfolio turnover rate(3) | 57% | 57% | 57% |

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_______________________________________________________________________________

(1)Weighted average basic per share data.

(2)For the three months ended March 31, 2026 and 2025, the total return based on net asset value equaled the change in net asset value during the period divided by the beginning net asset value for the period. The Fund's performance

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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.

(4)For the three months ended March 31, 2026 and 2025, the ratio of operating expenses to average net assets consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **Class I** | **Class S** | **Class D** |
| Base management fee | 1.25% | 1.25% | 1.25% |
| Income based fee and capital gains incentive fee | 0.55 | 0.55 | 0.55 |
| Interest and credit facility fees | 5.90 | 5.90 | 5.91 |
| Shareholder servicing and/or distribution fees |  | 0.85 | 0.25 |
| Other operating expenses | 0.32 | 0.32 | 0.32 |
| &nbsp;&nbsp;Total operating expenses | 8.02% | 8.87% | 8.28% |

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---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **Class I** | **Class S** | **Class D** |
| Base management fee | 1.25% | 1.25% | 1.25% |
| Income based fee and capital gains incentive fee | 0.74 | 0.74 | 0.74 |
| Interest and credit facility fees | 4.83 | 4.82 | 4.86 |
| Shareholder servicing and/or distribution fees |  | 0.85 | 0.25 |
| Other operating expenses | 0.29 | 0.29 | 0.29 |
| &nbsp;&nbsp;Total operating expenses | 7.11% | 7.95% | 7.39% |

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(5)The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses.

**11. SEGMENT REPORTING** 

The Fund operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The chief operating decision maker ("CODM") is comprised of the Fund's co-chief executive officers, chief financial officer and chief operating 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 increase in net assets resulting from operations ("net income"). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of distributions to be distributed to the Fund's shareholders. As the Fund's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as "total assets" and the significant segment expenses are listed on the accompanying consolidated statements of operations.

**12. SUBSEQUENT EVENTS**

The Fund's management has evaluated subsequent events through the date of issuance of the 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 consolidated financial statements or accompanying notes as of and for the three months ended March 31, 2026, except as discussed below.

Effective April 1, 2026, the Fund issued and sold approximately 3,301 Common Shares (consisting of 2,719 Class I shares, 301 Class S shares and 281 Class D shares at an offering price of $26.85 per share for each class of shares), and received approximately $88,645 as payment for such shares.

The Fund received approximately $78,111 of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective May 1, 2026. The purchase price per Class I share, Class S share and Class D share will equal the Fund's NAV per Class I share, Class S share and Class D 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,

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the number of Class I shares, Class S shares and Class D shares issued to each investor based on the April NAV and such investor's subscription amount will be determined and Class I shares, Class S shares and Class D shares, as applicable, will be credited to the investor's account as of the effective date of the share purchase, May 1, 2026.

As previously disclosed, on January 7, 2026, the Fund announced the declaration of regular monthly gross distributions for April, May and June 2026, in each case for each class of its Common Shares. On May 12, 2026, the Fund announced the declaration of regular monthly gross distributions for July, August and September 2026, in each case for each class of our Common Shares. The following table presents the regular monthly gross distributions per share that were declared and payable:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Gross Distribution Per Share** | **Gross Distribution Per Share** | **Gross Distribution Per Share** |
|<br>**Record Date** |<br>**Payment Date(1)** | **Class I** | **Class S** | **Class D** |
| May 29, 2026 | June 24, 2026 | $0.21430 | $0.21430 | $0.21430 |
| June 30, 2026 | July 23, 2026 | $0.21430 | $0.21430 | $0.21430 |
| July 31, 2026 | August 21, 2026 | $0.21430 | $0.21430 | $0.21430 |
| August 31, 2026 | September 23, 2026 | $0.21430 | $0.21430 | $0.21430 |
| September 30, 2026 | October 23, 2026 | $0.21430 | $0.21430 | $0.21430 |

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______________________________________________________________________________

(1)The distributions for each class of the Fund's Common Shares will be paid on or about the payment dates above.

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

On April 28, 2026, the Fund commenced an offer to exchange the September 2028 Notes, the January 2029 Notes, the September 2030 Notes, the January 2031 Notes and the April 2031 Notes for newly issued registered notes with substantially similar terms. The exchange offer expires on May 28, 2026.

On May 12, 2026, the Fund entered into the fourth amended and restated investment advisory and management agreement (as amended, the "amended investment advisory and management agreement"), by and between the Fund and the investment adviser, which amended and restated the Fund's current investment advisory and management agreement in response to comments issued by state securities regulators in connection with their review of the Offering. The terms of the amended investment advisory and management agreement are unchanged from those of the current investment advisory and management agreement under which the Fund's investment adviser provides investment advisory services to the Fund, except to clarify language regarding indemnification obligations in response to comments issued by state securities regulators.

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**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 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 Strategic Income Fund (the "Fund," "we," "us," or "our"). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:*

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing conflicts in the Middle East and South America 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;&nbsp;&nbsp;&nbsp;&nbsp;• the disruption of global shipping activities;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the development and use of artificial intelligence and potential impact to certain of our portfolio companies;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments.

We use 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, and 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 "Item 1A. 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 9, 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 as of 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, registration statements on Form N-2, 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 March 15, 2022, we have elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "Investment Company Act").

We are externally managed by Ares Capital Management LLC ("Ares Capital Management" or our "investment 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 and management agreement"). Our investment 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 investment adviser is registered as an investment adviser with the SEC. Our administrator, Ares Operations LLC ("Ares Operations" or "our administrator"), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We seek to invest primarily in first lien senior secured loans, second lien senior secured loans, subordinated secured and unsecured loans, subordinated loans (which in some cases include equity and/or preferred components) and other types of credit instruments which may include commercial real estate mezzanine loans, real estate mortgages, distressed investments, securitized products, notes, bills, debentures, bank loans, convertible and preferred securities, infrastructure debt and government and municipal obligations, made to or issued by U.S. middle-market companies, which we generally define as companies with annual EBITDA between $10 million and $250 million. As used herein, EBITDA represents annual net income before net interest expense, income tax expense, depreciation and amortization. We expect that a majority of our investments will be in directly originated loans. For cash management and other purposes, we 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. We primarily invest in illiquid and restricted investments, and while most of our investments are expected to be in private U.S. companies (we generally have to invest at least 70% of our total assets in "qualifying assets," including private U.S. companies), we may also invest from time to time in non-U.S. companies. Our portfolio may also include equity securities such as common stock, preferred stock, warrants or options, which may be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

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To seek to enhance our returns, we employ leverage as market conditions permit and at the discretion of our investment adviser, but in no event will leverage employed exceed the limitations set forth in the Investment Company Act. We intend to use leverage in the form of borrowings, including loans from certain financial institutions, including any potential borrowings under our Credit Facilities (as defined below) 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. See Part I, "Item 1A. Risk Factors—Risks Relating to Our Business and Structure—We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us" in our Annual Report. To finance investments, we may securitize certain of our secured loans or other investments, including through the formation of one or more collateralized loan obligations, while retaining all or most of the exposure to the performance of these investments. See Part I, "Item 1A. Risk Factors—Risks Relating to Our Business and Structure—We have formed and invested in and may in the future form or invest in CLOs, which subject us to certain structured financing risks" in our Annual Report. Our investments are subject to a number of risks. See Part I, "Item 1A. Risk Factors" in our Annual Report.

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 Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered "eligible portfolio companies" (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act. In addition, we, our investment adviser and certain of our affiliates have received an exemptive relief order from the SEC that 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 other affiliated investment entities (the "Co-Investment Exemptive Order"). As required by the Co-Investment Exemptive Order, we have adopted, and our board of trustees has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Co-Investment Exemptive Order. 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. 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 that 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 investment adviser's allocation policy.

We have elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders generally at least 90% of our investment company taxable income, as defined by the Code, for each year. Pursuant to this election, we generally will not have to pay U.S. federal corporate-level taxes on any income that we distribute to our shareholders provided that we satisfy those requirements.

**MACROECONOMIC ENVIRONMENT** 

During the first quarter of 2026, U.S. leveraged corporate credit markets demonstrated resilience relative to broad equity indices, supported by moderating expectations for U.S. gross domestic product growth, stable long-run inflation and low unemployment. These tailwinds were partially offset by increased uncertainty related to geopolitical developments, with markets now expecting the Federal Reserve to maintain policy rates at current levels this year amid rising near-term inflation expectations. Looking ahead, while risks have risen, underlying fundamentals remain supportive of continued stability and healthy overall economic activity.

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**PORTFOLIO AND INVESTMENT ACTIVITY** 

Our investment activity for the three months ended March 31, 2026 and 2025 is presented below.

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**(dollar amounts in thousands)** | **2026** | **2025** |
| **New investment commitments(1):** |  |  |
| &nbsp;&nbsp;&nbsp;Total new investment commitments(2) | $2587165 | $4273402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: investment commitments exited(3) | (2784395) | (1720976) |
| &nbsp;&nbsp;&nbsp;Net investment commitments | $(197230) | $2552426 |
| **Principal amount of investments funded:** |  |  |
| &nbsp;&nbsp;&nbsp;First lien senior secured loans | $2021678 | $3196237 |
| &nbsp;&nbsp;&nbsp;Second lien senior secured loans | 36495 | 8270 |
| &nbsp;&nbsp;&nbsp;Senior subordinated loans | 258987 | 384268 |
| &nbsp;&nbsp;&nbsp;Corporate bonds |  | 32900 |
| &nbsp;&nbsp;&nbsp;Collateralized loan obligations | 64762 | 150294 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage backed securities | 79469 | 36603 |
| &nbsp;&nbsp;&nbsp;Private asset-backed investments | 57811 | 14871 |
| &nbsp;&nbsp;&nbsp;Investments in joint ventures(5) | 120200 |  |
| &nbsp;&nbsp;&nbsp;Preferred equity | 37105 | 1078 |
| &nbsp;&nbsp;&nbsp;Other equity | 34830 | 72356 |
| &nbsp;&nbsp;&nbsp;Total | $2711337 | $3896877 |
| **Principal amount of investments sold or repaid:** |  |  |
| &nbsp;&nbsp;&nbsp;First lien senior secured loans | $2386212 | $1635579 |
| &nbsp;&nbsp;&nbsp;Second lien senior secured loans | 23307 | 39082 |
| &nbsp;&nbsp;&nbsp;Senior subordinated loans | 3087 |  |
| &nbsp;&nbsp;&nbsp;Collateralized loan obligations | 137033 | 15839 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage backed securities | 30671 | 422 |
| &nbsp;&nbsp;&nbsp;Private asset-backed investments | 55580 | 36680 |
| &nbsp;&nbsp;&nbsp;Preferred equity | 10000 |  |
| &nbsp;&nbsp;&nbsp;Other equity | 5894 | 330 |
| &nbsp;&nbsp;&nbsp;Total | $2651784 | $1727932 |
| Weighted average remaining term for investment commitments (in months) | 91 | 72 |
| Percentage of new investment commitments at floating rates | 88% | 89% |
| **Weighted average yield(4):** |  |  |
| &nbsp;&nbsp;&nbsp;Funded during the period at amortized cost | 8.9% | 8.4% |
| &nbsp;&nbsp;&nbsp;Funded during the period at fair value | 8.9% | 8.4% |
| &nbsp;&nbsp;&nbsp;Exited or repaid during the period at amortized cost | 7.4% | 8.1% |
| &nbsp;&nbsp;&nbsp;Exited or repaid during the period at fair value | 7.4% | 8.1% |

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_______________________________________________________________________________

(1)New investment commitments include new agreements to fund revolving loans or delayed draw loans. See Note 7 to our consolidated financial statements for the three months ended March 31, 2026 for more information on our commitments to fund revolving loans or delayed draw loans.

(2)Includes both funded and unfunded commitments. Of these new investment commitments, we funded approximately $2.1 billion and $3.8 billion for the three months ended March 31, 2026 and 2025, respectively.

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(3)Includes funded commitments. For the three months ended March 31, 2026 and 2025, investment commitments exited included exits of unfunded commitments of $133 million and $7 million, respectively.

(4)"Weighted average yield" is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing investments, divided by (b) the total accruing investments at amortized cost or at fair value, as applicable.

(5)See "ADLP" below and Note 4 to our consolidated financial statements for the three months ended March 31, 2026 for more information on the ADLP (as defined below).

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<br>**(in thousands)** | **Amortized Cost(1)** | **Fair Value** | **Amortized Cost(1)** | **Fair Value** |
| First lien senior secured loans | $16796686 | $16625222 | $17143966 | $17160266 |
| Second lien senior secured loans | 443999 | 407191 | 430463 | 429160 |
| Senior subordinated loans | 1261264 | 1318395 | 1003023 | 1068842 |
| Corporate bonds | 97600 | 97518 | 97600 | 99063 |
| Collateralized loan obligations | 1009326 | 884445 | 1081583 | 1051264 |
| Commercial mortgage-backed securities | 147659 | 147587 | 98850 | 99962 |
| Private asset-backed investments | 291271 | 302797 | 289022 | 300947 |
| Investments in joint ventures | 511200 | 511200 | 391000 | 391000 |
| Preferred equity | 335802 | 348915 | 302430 | 317476 |
| Other equity | 551841 | 689634 | 522977 | 590618 |
| &nbsp;&nbsp;&nbsp;Total | $21446648 | $21332904 | $21360914 | $21508598 |

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________________________________________

(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

Our commitment to fund delayed draw loans is generally triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels). We are also party to subscription agreements to fund equity investments. See Note 7 to our consolidated financial statements for the three months ended March 31, 2026 for more information on our unfunded commitments.

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The weighted average yields at amortized cost and fair value of our portfolio as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Debt and other income producing securities(1) | 9.0% | 9.1% | 9.0% | 9.0% |
| Total portfolio(2) | 8.7% | 8.8% | 8.7% | 8.7% |
| First lien senior secured loans(3) | 8.5% | 8.5% | 8.5% | 8.5% |
| Second lien senior secured loans(3) | 11.0% | 12.0% | 10.7% | 10.8% |
| Senior subordinated loans(3) | 9.6% | 9.2% | 9.9% | 9.3% |
| Corporate bonds(3) | 8.1% | 8.1% | 7.8% | 7.7% |
| Collateralized loan obligations(3) | 14.1% | 16.2% | 13.5% | 13.9% |
| Commercial mortgage-backed securities(3) | 7.6% | 7.6% | 8.8% | 8.7% |
| Private asset-backed investments(3) | 10.1% | 10.0% | 9.6% | 9.5% |
| Investments in joint ventures(3) | 13.5% | 13.5% | 13.0% | 13.0% |
| Other income producing equity securities(4) | 11.8% | 11.5% | 11.7% | 11.4% |

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_______________________________________________________________________________

(1)"Weighted average yields on debt and other income producing securities" are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value, as applicable.

(2)"Weighted average yields on total portfolio" are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) total investments at amortized cost or at fair value, as applicable.

(3)"Weighted average yields" of investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing investments, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable.

(4)"Weighted average yield on other income producing equity securities" is computed as (a) the yield earned on the relevant income producing equity securities, divided by (b) the total relevant income producing equity securities at amortized cost or fair value, as applicable.

Ares Capital Management employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors. The grade of a portfolio investment may be reduced or increased over time. The following is a description of each investment grade:

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| | |
|:---|:---|
| **Investment grade** | **Description** |
| 4 | Involves the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit. |
| 3 | Involves a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 3. |
| 2 | Indicates that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. For investments graded 2, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company. |
| 1 | Indicates that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 1, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 1, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit. For investments graded 1, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company. |

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For liquid investments, each position is actively monitored by the liquid credit research team members responsible for coverage of a particular company or investment. The research team tracks credit and industry specific developments, as well as price movements, for shifts in relative value that may trigger a buy or sell recommendation. Ongoing monitoring and due diligence includes, but is not limited to, interaction with management, review of company and comparable financial results, company visits, participation in industry and sell-side research conferences, conversations with ratings agencies, industry experts and real-time analysis of price movements in the credit and equity markets. Notable credit developments and/or price movements are discussed real-time with portfolio management and the trading desk and may be discussed at relevant investment committee meetings.

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Set forth below is the grade distribution of our portfolio companies as of March 31, 2026 and December 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**(dollar amounts in thousands)** | **Fair Value** | **%** | **Number of Companies** | **%** | **Fair Value** | **%** | **Number of Companies** | **%** |
| Grade 4 | $619594 | 2.9% | 16 | 1.9% | $559005 | 2.6% | 15 | 1.7% |
| Grade 3 | 20500131 | 96.1 | 809 | 96.7 | 20765538 | 96.6 | 846 | 97.3 |
| Grade 2 | 143301 | 0.7 | 10 | 1.2 | 132534 | 0.6 | 8 | 0.9 |
| Grade 1 | 69878 | 0.3 | 2 | 0.2 | 51521 | 0.2 | 1 | 0.1 |
| &nbsp;&nbsp;&nbsp;Total | $21332904 | 100.0% | 837 | 100.0% | $21508598 | 100.0% | 870 | 100.0% |

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As of March 31, 2026 and December 31, 2025, the weighted average grade of the investments in our portfolio at fair value was 3.0 and 3.0, respectively.

As of March 31, 2026, loans on non-accrual status represented 0.5% of the total investments at amortized cost (or 0.3% at fair value). As of December 31, 2025, none of the loans were on non-accrual status.

***ADLP***

In October 2025, we and a large North American pension fund (the "ADLP Partner") established ADLP LLC (the "ADLP"), a joint venture to make certain first lien senior secured loans, including unitranche loans, primarily to U.S. middle-market companies. We, and other BDCs, registered closed-end management investment companies and other affiliated investment entities managed by our investment adviser or its affiliates, may directly co-invest with the ADLP in accordance with the terms of the Co-Investment Exemptive Order. The ADLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the ADLP, including co-investment transactions made by the ADLP in accordance with the terms of the Co-Investment Exemptive Order, must be approved by an investment committee of the ADLP consisting of representatives of ours and the ADLP Partner (with approval from a representative of each required). In connection with the establishment of the ADLP and as part of the initial funding, we and the ADLP Partner sold investment commitments to the ADLP at fair value, including approximately $703 million of investment commitments sold by us. We recognized approximately $3.5 million of net realized gains from these sales.

We and the ADLP Partner provide capital to the ADLP in the form of subordinated certificates (the "ADLP Certificates"). We and the ADLP Partner owned 80% and 20%, respectively, of the ADLP Certificates as of March 31, 2026 and December 31, 2025. We and the ADLP Partner had committed $2.0 billion and $0.5 billion, respectively, of capital in the ADLP Certificates as of March 31, 2026 and December 31, 2025. The capital committed to the ADLP will only be funded upon approval of transactions by the investment committee of the ADLP. Below is a summary of the funded subordinated certificates of the ADLP.

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
|<br>**(in thousands)** | **March 31, 2026** | **December 31, 2025** |
| Total subordinated certificates funded to the ADLP(1) | $639000 | $489000 |
| Total subordinated certificates funded to the ADLP by us(1) | $511200 | $391000 |

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________________________________________

(1)At principal amount.

The ADLP and certain of its wholly owned subsidiaries are party to certain debt obligations. In connection with these debt obligations, we may be required to fund our subordinated certificates under certain circumstances, including upon the occurrence of an event of default by the ADLP or certain of its wholly owned subsidiaries. As of March 31, 2026 and December 31, 2025, we had unfunded ADLP Certificate commitments of approximately $1.5 billion and $1.6 billion, respectively.

The ADLP Certificates pay a fixed interest rate of 10.0% per annum and also entitle the holders thereof to receive a portion of the excess cash flow from the ADLP portfolio, after expenses, which may result in a return to the holders of the ADLP Certificates that is greater than the stated coupon.

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The amortized cost and fair value of our ADLP Certificates held by us and our yield on our investment in the ADLP Certificates at amortized cost and fair value as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<br>**(dollar amounts in thousands)** | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Investment in the ADLP Certificates | $511200 | $511200 | $391000 | $391000 |
| Yield on the investment in the ADLP Certificates | 13.5% | 13.5% | 13.0% | 13.0% |

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The interest income and other income earned with respect to our investment in the ADLP Certificates for the three months ended March 31, 2026 were as follows:

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| | |
|:---|:---|
| **(in thousands)** | **For the Three Months Ended March 31, 2026** |
| Interest income | $14793 |
| Other income | $7171 |

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As of March 31, 2026 and December 31, 2025, the ADLP portfolio was comprised of first lien senior secured loans to primarily U.S. middle-market companies in industries similar to the companies in our portfolio. Below is a summary of the ADLP portfolio as of March 31, 2026 and December 31, 2025.

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
|<br>**(dollar amounts in thousands)** | **March 31, 2026** | **December 31, 2025** |
| Total investment portfolio(1) | $2457153 | $1680961 |
| Weighted average yield of investment portfolio(2) | 7.8% | 8.1% |
| Number of borrowers in the ADLP | 396 | 313 |
| Commitments to fund revolving and delayed draw loans(3) | $386243 | $191320 |

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________________________________________

(1)At principal amount.

(2)Computed as (a) the annual stated interest rate or yield earned on accruing investments, divided by (b) total investments at principal amount.

(3)These commitments to fund revolving and delayed draw loans have been approved by the investment committee of the ADLP and will be funded if and when conditions to funding such delayed draw loans are met.

Selected financial information of the ADLP, in conformity with U.S. generally accepted accounting principles ("GAAP"), as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 are presented below:

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---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
|<br>**(in thousands)** | **March 31, 2026** | **December 31, 2025** |
| **Selected Balance Sheet Information:** | | |
| Investments at fair value (amortized cost of $2,452,540 and $1,682,606, respectively) | $2427875 | $1681644 |
| Other assets | 114471 | 137065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 2542346 | 1818709 |
| Debt | 1571845 | 1314200 |
| Interest and facility fees payable | 10870 |  |
| Other liabilities | 345444 | 19254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1928159 | 1333454 |
| Subordinated certificates and members' capital | 614187 | 485255 |
| &nbsp;&nbsp;&nbsp;Total liabilities and members' capital | $2542346 | $1818709 |

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---

| | |
|:---|:---|
| **(in thousands)** | **For the Three Months Ended March 31, 2026** |
| **Selected Statement of Operations Information:** | |
| Total investment income | $40969 |
| Interest expense | 21317 |
| Other expenses | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 23135 |
| Net investment income | 17834 |
| Net realized and unrealized losses on investments | (24677) |
| &nbsp;&nbsp;&nbsp;Net decrease in members' capital resulting from operations | $(6843) |

---

Additional supplemental financial information for the ADLP is set forth in Exhibit 99.1 to this Form 10-Q.

**KEY COMPONENTS OF OUR RESULTS OF OPERATIONS**

**Investments**

We focus primarily on loans and securities, including syndicated loans, of U.S. private companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to potential portfolio companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

**Revenues**

We generate revenue primarily in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated loan investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or payment-in-kind ("PIK") interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as realized gains. Dividend income on preferred equity, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

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**Expenses**

The services of all investment professionals and staff of our investment adviser, when and to the extent engaged in providing investment advisory and management services to us and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by our investment adviser. Under the investment advisory and management agreement, we bear all other allocable costs and expenses of our operations and transactions. See Note 3 to our consolidated financial statements for the three months ended March 31, 2026 for more information on fees and expenses.

From time to time, our investment adviser, our administrator or their affiliates may pay third-party providers of goods or services. We will reimburse our investment adviser, our administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, our investment 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 expense support and conditional reimbursement agreement (the "Expense Support and Conditional Reimbursement Agreement") with our investment adviser. See Note 3 to our consolidated financial statements for the three months ended March 31, 2026 for more information on the Expense Support and Conditional Reimbursement Agreement.

**RESULTS OF OPERATIONS**

***For the three months ended March 31, 2026 and 2025***

Operating results for the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**(in thousands)** | **2026** | **2025** |
| Total investment income | $469530 | $265375 |
| Total expenses | 217228 | 124272 |
| Expense support |  | (10436) |
| Expense support recoupment | 11144 | 2884 |
| &nbsp;&nbsp;&nbsp;Net expenses | 228372 | 116720 |
| Net investment income before income taxes | 241158 | 148655 |
| Income tax expense, including excise tax | 19 | 165 |
| Net investment income | 241139 | 148490 |
| &nbsp;&nbsp;&nbsp;Net realized gains | 25306 | 5307 |
| &nbsp;&nbsp;&nbsp;Net unrealized losses | (267895) | (59269) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(1450) | $94528 |

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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.

**Investment Income**

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**(in thousands)** | **2026** | **2025** |
| Interest income | $436494 | $255127 |
| Dividend income | 9974 | 3195 |
| Other income | 23062 | 7053 |
| Total investment income | $469530 | $265375 |

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Total investment income for the three months ended March 31, 2026 increased from the comparable period in 2025 primarily due to the increase in the average size of our investment portfolio, which was partially offset by lower yields. The average size and the weighted average yield of our portfolio at amortized cost for the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**(dollar amounts in thousands)** | **2026** | **2025** |
| Average size of portfolio(1) | $21212907 | $12064023 |
| Weighted average yield on portfolio | 8.5% | 8.7% |

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_______________________________________________________________________________

(1)Includes non-interest earning investments.

**Operating Expenses**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**(in thousands)** | **2026** | **2025** |
| Interest and credit facility fees | $157346 | $82945 |
| Base management fee | 33405 | 21409 |
| Income based fee | 33777 | 19486 |
| Capital gains incentive fee(1) | (19145) | (6749) |
| Offering expenses | 491 | 472 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing and distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 2778 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D | 520 | 276 |
| Administrative and other fees | 2335 | 1670 |
| Other general and administrative | 5721 | 2828 |
| &nbsp;&nbsp;&nbsp;Total expenses | 217228 | 124272 |
| Expense support |  | (10436) |
| Expense support recoupment | 11144 | 2884 |
| &nbsp;&nbsp;&nbsp;Net expenses | $228372 | $116720 |

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_______________________________________________________________________________

(1)Calculated in accordance with GAAP as discussed below.

Interest and credit facility fees for the three months ended March 31, 2026 and 2025 were comprised of the following:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**(in thousands)** | **2026** | **2025** |
| Stated interest expense(1) | $146117 | $75611 |
| Credit facility fees | 2342 | 3756 |
| Amortization of debt issuance costs | 6217 | 3415 |
| Accretion of discount | 2777 | 1251 |
| Net gains on interest rate swaps accounted for as hedge instruments and the related hedged items | (107) | (1088) |
| Total interest and credit facility fees | $157346 | $82945 |

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________________________________________

(1)Includes the impact of the interest rate swaps.

Stated interest expense for the three months ended March 31, 2026 increased from the comparable period in 2025 primarily due to the increase in the average principal amount of our outstanding debt, partially offset by the decline in our

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weighted average stated interest rate of our outstanding debt. Average outstanding debt and weighted average stated interest rate on our outstanding debt for the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**(dollar amounts in thousands)** | **2026** | **2025** |
| Average outstanding debt | $10574231 | $4766202 |
| Weighted average stated interest rate on outstanding debt(1) | 5.3% | 6.2% |

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________________________________________

(1)The weighted average stated interest rate on our outstanding debt for the three months ended March 31, 2026 includes the impact of the interest rate swaps. See Note 6 to our consolidated financial statements for the three months ended March 31, 2026 for more information on the interest rate swaps.

The base management fee for the three months ended March 31, 2026 increased from the comparable period in 2025 due to an increase in net assets primarily as a result of our continuous offering of Common Shares (as defined below).

The income based fee for the three months ended March 31, 2026 increased from the comparable period in 2025 primarily due to the increase in pre-incentive fee net investment income, as defined in the investment advisory and management agreement.

For the three months ended March 31, 2026 and 2025, the reduction in the capital gains incentive fee calculated in accordance with GAAP was approximately $19 million and $7 million, respectively. The capital gains incentive fee accrual for the three months ended March 31, 2026 changed from the comparable period in 2025 primarily due to net losses on investments and foreign currency transactions of approximately $243 million compared to net losses of approximately $54 million for the comparable period in 2025. 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 and management 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 no 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 and management agreement. See Note 3 to our consolidated financial statements for the three months ended March 31, 2026 for more information on the base management fee, income based fee and capital gains incentive fee.

Offering expenses include expenses incurred in connection with our continuous offering of Common Shares. Administrative and other fees represent fees paid to Ares Operations and our investment adviser for our allocable portion of overhead and other expenses incurred by Ares Operations and our investment adviser, in performing their obligations under each of the administration agreement and the investment advisory and management agreement, respectively, including our allocable portion of the compensation, rent and other expenses of certain of our corporate officers and their respective staffs. See Note 3 to our consolidated financial statements for the three months ended March 31, 2026 for more information on the administrative and other fees. Other general and administrative expenses include, among other costs, professional fees, insurance, fees and expenses related to evaluating and making investments in portfolio companies and independent trustees' fees.

For the three months ended March 31, 2026 and 2025, total other expenses was approximately $12 million and $7 million, respectively, which is comprised of offering expenses, shareholder servicing and distribution fees, administrative and other fees and other general and administrative expenses. Other general and administrative expenses for the three months ended March 31, 2026 increased from the comparable period in 2025, primarily as a result of the continued portfolio growth.

**Income Tax Expense, Including Excise Tax**

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders at least 90% of our investment company taxable income, as defined by the Code, for each year. We have made and intend to continue to make the requisite distributions to our shareholders which will generally relieve us from U.S. federal corporate-level income taxes.

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Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned.

**Net Realized and Unrealized Gains/Losses**

For the three months ended March 31, 2026 and 2025, we recorded net realized gains on investments of approximately $24 million and $4 million, respectively, primarily from full or partial sales or repayments of certain of our portfolio investments. For the three months ended March 31, 2026 and 2025, we also recognized net realized gains on foreign currency transactions of approximately $1 million and $1 million, respectively.

For the three months ended March 31, 2026 and 2025, we recorded net unrealized losses on investments, including the net change in deferred tax liabilities, of approximately $292 million and $32 million, respectively. For the three months ended March 31, 2026 and 2025, we also recognized net unrealized gains on foreign currency transactions of approximately $24 million and net unrealized losses on foreign currency transactions of approximately $27 million, respectively.

**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES**

Our liquidity and capital resources are generated primarily from (i) the proceeds received from the sale of common shares of beneficial interest, including Class I shares, Class S shares and Class D shares ("Common Shares") on a continuous basis at a price per share equal to the then-current net asset value ("NAV") per share, (ii) advances from our credit facilities (the Revolving Credit Facility, the SG Funding Facility, the SB Funding Facility and the BNP Funding Facility (each as defined below, and together, the "Credit Facilities")), (iii) net proceeds from the issuances of other securities, including unsecured notes and debt securitizations and (iv) cash flows from operations.

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 investment adviser and our administrator), (iii) the cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our Common Shares.

In accordance with the Investment Company Act, we may borrow amounts such that our asset coverage, calculated pursuant to the Investment Company Act, is at least 150% (or 200% if certain requirements under the Investment Company 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 approximately $396 million in cash and cash equivalents and $11.1 billion in total aggregate principal amount of outstanding debt ($11.0 billion at carrying value) and our asset coverage was 192%. Subject to borrowing base and other restrictions, we had approximately $4.1 billion available for additional borrowings under the Credit Facilities as of March 31, 2026.

We have a share repurchase program, pursuant to which we intend to offer to repurchase, at the discretion of our board of trustees, up to 5% of our Common Shares outstanding in each quarter. We may from time to time seek to 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 common stock 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.

We believe that our current cash and cash equivalents on hand, our short-term investments, our available borrowing capacity under the Credit Facilities and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the near term.

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**Equity Capital Activities**

We publicly offer our Common Shares on a continuous basis, pursuant to an offering registered with the SEC (the "Offering"). The purchase price per share for each class of Common Shares equals our NAV per share, as of the day preceding the effective date of the monthly share purchase. Ares Management Capital Markets LLC, our intermediary manager, will use its best efforts to sell Common Shares, but is not obligated to purchase or sell any specific amount of Common Shares in the Offering. We also engage in offerings of our unregistered Common Shares to non-U.S. investors pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and Regulation S promulgated under the Securities Act.

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

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
|<br>**(in thousands)** | **Shares** | **Amount** |
| **Class I** | | |
| Subscriptions(1) | 21322 | $578930 |
| Share transfers between classes | 305 | 8326 |
| Distributions reinvested | 1744 | 47425 |
| Repurchased shares, net of early repurchase deduction | (17799) | (477189) |
| Net increase | 5572 | $157492 |
| **Class S** |  |  |
| Subscriptions(1) | 2245 | $61047 |
| Share transfers between classes | (305) | (8316) |
| Distributions reinvested | 317 | 8589 |
| Repurchased shares, net of early repurchase deduction | (954) | (25619) |
| Net increase | 1303 | $35701 |
| **Class D** |  |  |
| Subscriptions(1) | 2491 | $67821 |
| Share transfers between classes |  | (10) |
| Distributions reinvested | 317 | 8638 |
| Repurchased shares, net of early repurchase deduction | (792) | (21218) |
| Net increase | 2016 | $55231 |
| Total net increase | 8891 | $248424 |

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____________________________________

(1)See "Recent Developments" as well as Note 12 to our consolidated financial statements for the three months ended March 31, 2026 for subsequent events relating to subscription activities.

*Net Asset Value Per Share and Offering Price* 

We determine NAV for each class of 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 NAV per share for each class of Common Shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the share class by the total number of each share class of Common Shares outstanding at the date as of which the determination is made. The following table summarizes each month-end NAV per share for Class I shares, Class S shares and Class D shares during the three months ended March 31, 2026.

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| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| | **Class I** | **Class S** | **Class D** |
| January 31, 2026 | $27.26 | $27.26 | $27.26 |
| February 28, 2026 | $26.86 | $26.86 | $26.86 |
| March 31, 2026 | $26.85 | $26.85 | $26.85 |

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*Distributions* 

Our board of trustees expects to declare monthly regular distributions for each class of our Common Shares. The following tables present the monthly regular distributions that were declared and payable during the three months ended March 31, 2026 (dollars in thousands except per share amounts).

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution Per Share** | **Distribution Amount** |
| November 14, 2025 | January 30, 2026 | February 23, 2026 | $0.21430 | $66838 |
| November 14, 2025 | February 27, 2026 | March 25, 2026 | 0.21430 | 68456 |
| November 14, 2025 | March 31, 2026 | April 23, 2026 | 0.21430 | 66292 |
|  |  |  | $0.64290 | $201586 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution Per Share** | **Distribution Amount** |
| November 14, 2025 | January 30, 2026 | February 23, 2026 | $0.19446 | $9406 |
| November 14, 2025 | February 27, 2026 | March 25, 2026 | 0.19652 | 9594 |
| November 14, 2025 | March 31, 2026 | April 23, 2026 | 0.19491 | 9441 |
|  |  |  | $0.58589 | $28441 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution Per Share** | **Distribution Amount** |
| November 14, 2025 | January 30, 2026 | February 23, 2026 | $0.20847 | $6310 |
| November 14, 2025 | February 27, 2026 | March 25, 2026 | 0.20907 | 6573 |
| November 14, 2025 | March 31, 2026 | April 23, 2026 | 0.20860 | 6558 |
|  |  |  | $0.62614 | $19441 |

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The net distributions received by shareholders of Class S shares and Class D shares include the effect of the shareholder servicing and/or distribution fees applicable to such class of shares. Class I shares have no shareholder servicing and/or distribution fees.

See "Recent Developments" as well as Note 12 to our consolidated financial statements for the three months ended March 31, 2026 for a subsequent event relating to regular distributions declared by our board of trustees.

*Distribution Reinvestment Plan*

We have adopted a distribution reinvestment plan ("distribution reinvestment plan"), pursuant to which we will not reinvest cash distributions declared by our board of trustees on behalf of our shareholders unless such shareholders elect for their shares to be automatically reinvested. As a result, if our board of trustees authorizes, and we declare, a cash distribution, then our shareholders who have opted into 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 a share repurchase program, pursuant to which we intend to offer to repurchase, at the discretion of our board of trustees, up to 5% of our Common Shares outstanding in each quarter. Our board of trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our common shareholders. As a result, share repurchases may not be available each quarter, or at all. We conduct any such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended and the Investment Company Act, with the terms of such tender offer published in a tender offer statement to be sent to all our common shareholders and filed with the SEC on Schedule TO. All shares purchased by us in connection with the share repurchase program will be retired and thereafter will be authorized and unissued shares.

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In accordance with our share repurchase program, shares repurchased in our tender offers 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 our board of trustees, except that we deducted 2.00% from such NAV for shares that were not outstanding for at least one year (the "Early Repurchase Deduction").

The plan adopted by us pursuant to Rule 18f-3 under the Investment Company Act so that we may issue multiple classes of Common Shares (the "Multiple Class Plan") 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) submitted by discretionary model portfolio management programs (and similar arrangements); (iii) from feeder funds (or similar vehicles) primarily created to hold our Common 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 (iv) in the event that a shareholder's Common 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.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Pricing Date** | **Total Number of Shares Repurchased (1)** | **Percentage of Outstanding Shares Repurchased (1)(2)** | **Repurchase Request Deadline** | **Purchase Price Per Share** | **Amount Repurchased (All Classes) (3)** | **Maximum number of shares that may yet be purchased under the repurchase program (4)** |
| February 27, 2026 | 19544669 | 5.00% | March 20, 2026 | $26.86 | $524026 |  |

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_______________________________________________________________________________

(1)During the three months ended March 31, 2026, we fulfilled repurchase requests equal to 5.0% of outstanding shares as of January 31, 2026, or 43.1% of repurchase requests. Shares were accepted on a pro rata basis based on the number of validly tendered shares.

(2)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.

(3)Amounts shown net of the Early Repurchase Deduction.

(4)Unfulfilled repurchase requests do not carry over automatically and must be resubmitted in the next quarterly repurchase offer, or upon the recommencement of the share repurchase program, as applicable.

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**Debt Capital Activities**

Our debt obligations consisted of the following as of March 31, 2026 and December 31, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | |
|<br>**(in thousands)** | **Total Aggregate Principal Amount Committed/ Outstanding (1)** | | **Principal Amount Outstanding** | **Carrying Value** | | **Total Aggregate Principal Amount Committed/ Outstanding (1)** | | **Principal Amount Outstanding** | **Carrying Value** | |
| Revolving Credit Facility | $3250000 | (2) | $1461424 | $1458526 |  | $3250000 | (2) | $2523737 | $2525642 |  |
| SG Funding Facility | 2325000 | (3) | 1087811 | 1087811 |  | 1825000 | (3) | 612811 | 612811 |  |
| SB Funding Facility | 1500000 | (4) | 400000 | 400000 |  | 750000 |  | 400000 | 400000 |  |
| BNP Funding Facility | 1000000 |  | 700000 | 700000 |  | 1000000 |  | 900000 | 900000 |  |
| January 2037 CLO Notes(5) | 476000 |  | 476000 | 473417 | (6) | 476000 |  | 476000 | 473310 | (6) |
| April 2038 CLO Debt(5) | 350000 |  | 350000 | 348264 | (6) | 350000 |  | 350000 | 348196 |  |
| January 2039 CLO Debt(5) | 532000 |  | 532000 | 529937 | (6) | 532000 |  | 532000 | 529820 |  |
| March 2028 Notes | 1000000 |  | 1000000 | 997557 | (6)(7) | 1000000 |  | 1000000 | 1004008 | (6)(7) |
| September 2028 Notes | 600000 |  | 600000 | 593483 | (6)(7) | 600000 |  | 600000 | 597103 | (6)(7) |
| January 2029 Notes | 600000 |  | 600000 | 585974 | (6)(7) | 600000 |  | 600000 | 589036 | (6)(7) |
| August 2029 Notes | 700000 |  | 700000 | 700241 | (6)(7) | 700000 |  | 700000 | 705261 | (6)(7) |
| February 2030 Notes | 750000 |  | 750000 | 727422 | (6)(7) | 750000 |  | 750000 | 731239 | (6)(7) |
| September 2030 Notes | 500000 |  | 500000 | 493006 | (6)(7) | 500000 |  | 500000 | 496117 | (6)(7) |
| January 2031 Notes | 500000 |  | 500000 | 480739 | (6)(7) | 500000 |  | 500000 | 483459 | (6)(7) |
| April 2031 Notes | 700000 |  | 700000 | 686099 | (6)(7) |  |  |  |  |  |
| March 2032 Notes | 750000 |  | 750000 | 759009 | (6)(7) | 750000 |  | 750000 | 764594 | (6)(7) |
| Total | $15533000 |  | $11107235 | $11021485 |  | $13583000 |  | $11194548 | $11160596 |  |

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(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the Credit Facilities are subject to borrowing base and other restrictions.

(2)Provides for an "accordion" feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of approximately $4.6 billion.

(3)Provides for an "accordion" feature that allows ASIF Funding I (as defined below), under certain circumstances, to increase the size of the SG Funding Facility to a maximum of $2.5 billion.

(4)As of March 31, 2026, $1.1 billion of the total commitment was available under the SB Funding Facility and subject to borrowing base and other restrictions. The remaining $375 million will become fully available after October 29, 2026.

(5)Excludes the January 2037 CLO Subordinated Notes, the April 2038 CLO Subordinated Notes and the January 2039 CLO Subordinated Notes (each as defined below), which were retained by us and, as such, eliminated in consolidation.

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(6)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the unaccreted discount recorded upon issuance.

(7)The carrying value of the March 2028 Notes, the September 2028 Notes, the January 2029 Notes, the August 2029 Notes, the February 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes and the March 2032 Notes (each as defined below) as of March 31, 2026 and December 31, 2025 includes adjustments as a result of effective hedge accounting relationships, as applicable. See Note 6 to our consolidated financial statements for the three months ended March 31, 2026 for more information on the interest rate swaps related to these unsecured notes issuances.

The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all our outstanding debt as of March 31, 2026 were 5.4% and 5.0 years, respectively, and as of December 31, 2025 were 5.5% and 5.0 years, respectively. The weighted average stated interest rate of all our outstanding debt as of March 31, 2026 and 2025 includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the three months ended March 31, 2026 for more information on the interest rate swaps.

***Revolving Credit Facility***

We are party to a senior secured revolving credit facility agreement with JPMorgan Chase Bank, N.A and each of the other parties thereto (the "Revolving Credit Facility"), that allows us to borrow up to approximately $3.3 billion at any one time outstanding. As of March 31, 2026, the end of the revolving period and the stated maturity date were April 15, 2029 and April 15, 2030, respectively. As of March 31, 2026, the Revolving Credit Facility also provided for an "accordion" feature that allowed us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of approximately $4.6 billion. The interest rate charged on the Revolving Credit Facility is based on Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.525%, 1.650% or 1.775% or an "alternate base rate" (as defined in the documents governing the Revolving Credit Facility) plus an applicable spread of either 0.525%, 0.650% or 0.775%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving credit exposure under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving credit exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of March 31, 2026, the applicable spread in effect was 1.525%. Additionally, we are required to pay a commitment fee of 0.325% per annum on any unused portion of the Revolving Credit Facility. As of March 31, 2026, there was approximately $1.5 billion aggregate principal amount outstanding under the Revolving Credit Facility and we were in compliance in all material respects with the terms of the Revolving Credit Facility.

***SG Funding Facility***

We and our wholly owned subsidiary, ASIF Funding I, LLC ("ASIF Funding I"), are party to a revolving funding facility with Société Générale and each of the other parties thereto (the "SG Funding Facility"), that allows us to borrow up to approximately $2.3 billion at any one time outstanding. The SG Funding Facility consists of an approximately $650 million term loan tranche with a stated maturity date of August 1, 2030 and an approximately $1.7 billion revolving tranche with an end of the reinvestment period and a stated maturity date of August 1, 2028 and August 1, 2030, respectively. As of March 31, 2026, the SG Funding Facility also provides for an "accordion" feature that allows ASIF Funding I, under certain circumstances, to increase the overall size of the SG Funding Facility to a maximum of $2.5 billion. Since February 6, 2026, the interest rate charged on the SG Funding Facility is based on SOFR plus (i) 1.75% per annum, with respect to $500 million of commitments and (ii) 1.80% per annum, with respect to approximately $1.8 billion of commitments. In addition to the stated interest expense on the SG Funding Facility, ASIF Funding I is required to pay, among other fees, a daily commitment fee on any monthly distribution date, termination date or on the date of any payment or prepayment of a loan outstanding under the SG Funding Facility. As of March 31, 2026, there was approximately $1.1 billion aggregate principal amount outstanding under the SG Funding Facility and we and ASIF Funding I were in compliance in all material respects with the terms of the SG Funding Facility.

***SB Funding Facility***

We and our wholly owned subsidiary, ASIF Funding II, LLC ("ASIF Funding II"), are party to a revolving funding facility with the Bank of Nova Scotia and each of the other parties thereto (the "SB Funding Facility"), that allows us to borrow up to $1,500 million at any one time outstanding, of which $1,125 million was available as of March 31, 2026 and the

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remaining $375 million will become fully available after October 29, 2026. The end of the reinvestment period and the stated maturity date were July 29, 2028 and January 29, 2035, respectively. The interest rate charged on the SB Funding Facility is based on SOFR plus an applicable margin of (i) 1.80% during the reinvestment period and (ii) 2.00% following the reinvestment period. As of March 31, 2026, the applicable spread in effect was 1.90%. In addition to the stated interest expense on the SB Funding Facility, ASIF Funding II is required to pay, among other fees, a commitment fee between 0.50%, 0.75% and 1.00% per annum depending on the aggregate amount of unused commitments under the SB Funding Facility. As of March 31, 2026, there was $400 million aggregate principal amount outstanding under the SB Funding Facility and we and ASIF Funding II were in compliance in all material respects with the terms of the SB Funding Facility.

***BNP Funding Facility***

We and our wholly owned subsidiary, ASIF Funding III, LLC ("ASIF Funding III"), are party to a revolving funding facility with BNP Paribus and each of the other parties thereto (the "BNP Funding Facility"), that allows us to borrow up to $1 billion at any one time outstanding. The end of the reinvestment period and the stated maturity date are October 21, 2028 and October 21, 2029, respectively. The interest rate charged on the BNP Funding Facility is based on SOFR plus an applicable margin of (i) 1.30% during the reinvestment period and (ii) 2.30% following the reinvestment period. As of March 31, 2026, the applicable spread in effect was 1.30%. In addition to the stated interest expense on the BNP Funding Facility, ASIF Funding III is required to pay, among other fees, a commitment fee dependent on the aggregate amount of unused commitments under the BNP Funding Facility. As of March 31, 2026, there was $700 million aggregate principal amount outstanding under the BNP Funding Facility and we and ASIF Funding III were in compliance in all material respects with the terms of the BNP Funding Facility.

***Debt Securitizations***

Certain of our wholly owned, consolidated subsidiaries (Ares Direct Lending CLO 3 LLC ("ADL CLO 3"), Ares Direct Lending CLO 5 LLC ("ADL CLO 5") and Ares Direct Lending CLO 8 LLC ("ADL CLO 8" and, together with ADL CLO 3 and ADL CLO 5, the "CLO Subsidiaries")) have completed on-balance sheet financings through term debt securitizations (also known as collateralized loan obligations), which are consolidated by us for financial reporting purposes and count as debt for the purposes of determining our asset coverage. These include (i) a $694 million term debt securitization completed in November 2024 (the "ADL CLO 3 Debt Securitization"), (ii) a $499 million term debt securitization completed in April 2025 (the "ADL CLO 5 Debt Securitization") and (iii) a $696 million term debt securitization completed in December 2025 (the "ADL CLO 8 Debt Securitization"). We refer to the ADL CLO 3 Debt Securitization, ADL CLO 5 Debt Securitization and ADL CLO 8 Debt Securitization collectively as the "Debt Securitizations." Our investment adviser serves as asset manager to the CLO Subsidiaries under asset management agreements with each CLO Subsidiary and has agreed to waive any management fees from the CLO Subsidiaries for such services.

*ADL CLO 3 Debt Securitization* 

The following table presents information on the ADL CLO 3 Debt Securitization as of March 31, 2026 (dollar amounts in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **Type** | **Principal <br>Outstanding** | **Maturity Date** | **Interest Rate** |
| January 2037 Class A-1 CLO Notes(1) | Senior Secured Floating Rate | $399 | January 20, 2037 | SOFR+1.58% |
| January 2037 Class A-2 CLO Notes(1) | Senior Secured Floating Rate | 35 | January 20, 2037 | SOFR+1.75% |
| January 2037 Class B CLO Notes(1) | Senior Secured Floating Rate | 42 | January 20, 2037 | SOFR+1.85% |
| &nbsp;&nbsp;**Total January 2037 CLO Secured Notes** |  | 476 |  | SOFR+1.62% |
| January 2037 CLO Subordinated Notes(2) | Subordinated | 218 | January 20, 2037 |  |
| &nbsp;&nbsp;**Total January 2037 CLO Notes** |  | $694 |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The January 2037 Class A-1 CLO Notes, the January 2037 Class A-2 CLO Notes and the January 2037 Class B CLO Notes are referred to collectively as the January 2037 CLO Secured Notes and are the secured obligations of ADL CLO 3 and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ADL CLO 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)We retained all of the January 2037 CLO Subordinated Notes, as such, the January 2037 CLO Subordinated Notes are eliminated in consolidation.

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The indenture governing the ADL CLO 3 Debt Securitization contains customary covenants and events of default as well as certain conditions pursuant to which additional loans can be acquired by ADL CLO 3. Through January 20, 2029, all principal collections received on the underlying collateral may be used by ADL CLO 3 to purchase new collateral, including additional collateral from us.

*ADL CLO 5 Debt Securitization*

The following table presents information on the ADL CLO 5 Debt Securitization as of March 31, 2026 (dollar amounts in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **Type** | **Principal <br>Outstanding** | **Maturity Date** | **Interest Rate** |
| April 2038 Class A-1 CLO Notes(1) | Senior Secured Floating Rate | $210 | April 20, 2038 | SOFR+1.38% |
| April 2038 Class A-1A CLO Loans(1) | Senior Secured Floating Rate | 75 | April 20, 2038 | SOFR+1.38% |
| April 2038 Class A-2 CLO Notes(1) | Senior Secured Floating Rate | 15 | April 20, 2038 | SOFR+1.60% |
| April 2038 Class B CLO Notes(1) | Senior Secured Floating Rate | 50 | April 20, 2038 | SOFR+1.70% |
| &nbsp;&nbsp;**Total April 2038 CLO Secured Debt** |  | 350 |  | SOFR+1.44% |
| April 2038 CLO Subordinated Notes(2) | Subordinated | 149 | April 20, 2038 |  |
| &nbsp;&nbsp;**Total April 2038 CLO Debt** |  | $499 |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The April 2038 Class A-1 CLO Notes, the April 2038 Class A-1A CLO Loans, the April 2038 Class A-2 CLO Notes and the April 2038 Class B CLO Notes are referred to collectively as the April 2038 CLO Secured Debt and are the secured obligations of ADL CLO 5 and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ADL CLO 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)We retained all of the April 2038 CLO Subordinated Notes, as such, the April 2038 CLO Subordinated Notes are eliminated in consolidation.

The indenture governing the ADL CLO 5 Debt Securitization contains customary covenants and events of default as well as certain conditions pursuant to which additional loans can be acquired by ADL CLO 5. Through April 20, 2030, all principal collections received on the underlying collateral may be used by ADL CLO 5 to purchase new collateral, including additional collateral from us.

*ADL CLO 8 Debt Securitization*

The following table presents information on the ADL CLO 8 Debt Securitization as of March 31, 2026 (dollar amounts in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **Type** | **Principal <br>Outstanding** | **Maturity Date** | **Interest Rate** |
| January 2039 Class A-1 CLO Notes(1) | Senior Secured Floating Rate | $356 | January 20, 2039 | SOFR+1.40% |
| January 2039 Class A-1A CLO Loans(1) | Senior Secured Floating Rate | 50 | January 20, 2039 | SOFR+1.40% |
| January 2039 Class A-2 CLO Notes(1) | Senior Secured Floating Rate | 28 | January 20, 2039 | SOFR+1.60% |
| January 2039 Class B CLO Notes(1) | Senior Secured Floating Rate | 42 | January 20, 2039 | SOFR+1.75% |
| January 2039 Class C CLO Notes(1) | Senior Secured Floating Rate | 56 | January 20, 2039 | SOFR+2.00% |
| &nbsp;&nbsp;**Total January 2039 CLO Secured Debt** |  | 532 |  | SOFR+1.50% |
| January 2039 CLO Subordinated Notes(2) | Subordinated | 164 | January 20, 2039 |  |
| &nbsp;&nbsp;**Total January 2039 CLO Debt** |  | $696 |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The January 2039 Class A-1 CLO Notes, the January 2039 Class A-1A CLO Loans, the January 2039 Class A-2 CLO Notes, the January 2039 Class B CLO Notes and the January 2039 Class C CLO Notes are referred to collectively as the January 2039 CLO Secured Debt and are the secured obligations of ADL CLO 8 and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ADL CLO 8.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)We retained all of the January 2039 CLO Subordinated Notes, as such, the January 2039 CLO Subordinated Notes are eliminated in consolidation.

The indenture governing the ADL CLO 8 Debt Securitization contains customary covenants and events of default as well as certain conditions pursuant to which additional loans can be acquired by ADL CLO 8. Through January 20, 2031, all principal collections received on the underlying collateral may be used by ADL CLO 8 to purchase new collateral, including additional collateral from us.

***Unsecured Notes***

We issued certain unsecured notes (we refer to each series of unsecured notes using the defined term set forth under the "Unsecured Notes" column of the table below and collectively refer to all such series as the "Unsecured Notes"), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a "make whole" premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features of the Unsecured Notes as of March 31, 2026 are listed below.

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| | | | | |
|:---|:---|:---|:---|:---|
| **(dollar amounts in millions) <br>Unsecured Notes** | **Aggregate Principal Amount Issued** | **Effective Stated Interest Rate(1)** | **Original Issuance Date** | **Maturity Date** |
| March 2028 Notes(1) | $1000 | 5.321% | November 21, 2024 | March 15, 2028 |
| September 2028 Notes(1) | $600 | 5.415% | June 9, 2025 | September 9, 2028 |
| January 2029 Notes(1) | $600 | 5.295% | September 15, 2025 | January 15, 2029 |
| August 2029 Notes(1) | $700 | 5.881% | June 5, 2024 | August 15, 2029 |
| February 2030 Notes(1) | $750 | 5.975% | October 2, 2024 | February 15, 2030 |
| September 2030 Notes(1) | $500 | 5.718% | June 9, 2025 | September 9, 2030 |
| January 2031 Notes | $500 | 5.150% | September 15, 2025 | January 15, 2031 |
| April 2031 Notes(1) | $700 | 5.548% | January 29, 2026 | April 15, 2031 |
| March 2032 Notes(1) | $750 | 5.504% | January 21, 2025 | March 21, 2032 |

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(1)The effective stated interest rates include the impact of interest rate swaps.

In connection with the issuances of the Unsecured Notes, we entered into registration rights agreements (each, a "Registration Rights Agreement") for the benefit of the initial purchasers of the Unsecured Notes. Pursuant to these Registration Rights Agreements, we are obligated to file one or more registration statements with the SEC with respect to an offer to exchange each series of Unsecured Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to such series of Unsecured Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use our commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has become or been declared effective but in no event later than 365 days after the initial issuance of such series of Unsecured Notes. If we fail to satisfy our registration obligations under each Registration Rights Agreement, we will be required to pay additional interest to the holders of the applicable Unsecured Notes. See "Recent Developments" as well as Note 12 to our consolidated financial statements for the three months ended March 31, 2026 for a subsequent event relating to the commencement of an offer to exchange certain of the Unsecured Notes.

In connection with the Unsecured Notes issued by us, we have entered into interest rate swaps to more closely align the interest rates of such liabilities with our investment portfolio, which consists primarily of floating rate loans. We designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. Certain information related to our interest rate swaps as of March 31, 2026 is presented below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(dollar amounts in millions)<br>Description** | **Hedged Item** | **Fund Receives** | **Fund Pays** | **Maturity Date** | **Notional Amount** |
| Interest rate swap | March 2028 Notes | 5.700% | SOFR +1.6485% | March 15, 2028 | $1000 |
| Interest rate swap | September 2028 Notes | 5.450% | SOFR +1.7465% | September 9, 2028 | $600 |
| Interest rate swap | January 2029 Notes | 4.850% | SOFR +1.6220% | January 15, 2029 | $600 |
| Interest rate swap | August 2029 Notes | 6.350% | SOFR +2.2080% | August 15, 2029 | $700 |
| Interest rate swap | February 2030 Notes | 5.600% | SOFR +2.3020% | February 15, 2030 | $750 |
| Interest rate swap | September 2030 Notes | 5.800% | SOFR +2.0490% | September 9, 2030 | $500 |
| Interest rate swap(1) | January 2031 Notes | 5.150% | SOFR +1.9460% | January 15, 2031 | $500 |
| Interest rate swap | April 2031 Notes | 5.550% | SOFR +1.8750% | April 15, 2031 | $700 |
| Interest rate swap | March 2032 Notes | 6.200% | SOFR +1.8290% | March 21, 2032 | $750 |

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(1)In connection with the issuance of the January 2031 Notes, we entered into a forward-starting interest rate swap with an effective date of July 15, 2026.

See Note 6 to our consolidated financial statements for the three months ended March 31, 2026 for more information on our interest rate swaps.

As of March 31, 2026, we were in compliance in all material respects with the indenture and supplemental indentures governing the Unsecured Notes.

The Unsecured Notes are our senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

**RECENT DEVELOPMENTS**

Effective April 1, 2026, we issued and sold $3,301,507 Common Shares (consisting of 2,719,188 Class I shares, 301,387 Class S shares and 280,932 Class D shares at an offering price of $26.85 per share for each class of shares), and we received approximately $89 million as payment for such shares.

We received approximately $78 million of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective May 1, 2026. The purchase price per Class I share, Class S share and Class D share will equal our NAV per Class I share, Class S share and Class D 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 S shares and Class D shares issued to each investor based on the April NAV and such investor's subscription amount will be determined and Class I shares, Class S shares and Class D shares, as applicable, will be credited to the investor's account as of the effective date of the share purchase, May 1, 2026.

As previously disclosed, on January 7, 2026, we announced the declaration of regular monthly gross distributions for April, May and June 2026, in each case for each class of our Common Shares. On May 12, 2026, we announced the declaration of regular monthly gross distributions for July, August and September 2026, in each case for each class of our Common Shares. The following table presents the regular monthly gross distributions per share that were declared and payable:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Gross Distribution Per Share** | **Gross Distribution Per Share** | **Gross Distribution Per Share** |
|<br>**Record Date** |<br>**Payment Date(1)** | **Class I** | **Class S** | **Class D** |
| May 29, 2026 | June 24, 2026 | $0.21430 | $0.21430 | $0.21430 |
| June 30, 2026 | July 23, 2026 | $0.21430 | $0.21430 | $0.21430 |
| July 31, 2026 | August 21, 2026 | $0.21430 | $0.21430 | $0.21430 |
| August 31, 2026 | September 23, 2026 | $0.21430 | $0.21430 | $0.21430 |
| September 30, 2026 | October 23, 2026 | $0.21430 | $0.21430 | $0.21430 |

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(1)The distributions for each class of our Common Shares will be paid on or about the payment dates above.

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

On April 28, 2026, we commenced an offer to exchange the September 2028 Notes, the January 2029 Notes, the September 2030 Notes, the January 2031 Notes and the April 2031 Notes for newly issued registered notes with substantially similar terms. The exchange offer expires on May 28, 2026.

On May 12, 2026, we entered into the fourth amended and restated investment advisory and management agreement (as amended, the "amended investment advisory and management agreement"), by and between us and our investment adviser, which amended and restated our current investment advisory and management agreement in response to comments issued by state securities regulators in connection with their review of the Offering. The terms of the amended investment advisory and management agreement are unchanged from those of the current investment advisory and management agreement under which our investment adviser provides investment advisory services to us, except to clarify language regarding indemnification obligations in response to comments issued by state securities regulators.

**CRITICAL ACCOUNTING ESTIMATES**

The preparation of our consolidated financial statements requires us 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. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in Part I, "Item 1A. Risk Factors" in our Annual Report. See Note 2 to our consolidated financial statements for the three months ended March 31, 2026 for more information on our critical accounting policies.

**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, and include investments charged off during the period, net of recoveries. 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 Investment Company Act, our board of trustees has designated our investment adviser as our valuation designee (the "Valuation Designee") to perform the fair value determinations for investments held by us without readily available market quotations, subject to the oversight of our board of trustees. All investments are recorded at their 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 monthly at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our board of trustees, 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 at least monthly, beginning as of the third quarter after origination (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. In addition, our independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, our valuation process within the context of performing our financial statement audit.

Investments in our portfolio that do not have a readily available market are valued at fair value as determined in good faith by the 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

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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 the valuation.

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 and valuation team.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;• When a portfolio investment is reviewed by an IVP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information.

&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 IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for the portfolio investment.

&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 IVP provides its analysis to the Valuation Designee to support the IVP's valuation methodology and calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a portfolio investment is reviewed by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for the portfolio investment is within the range of values independently calculated by such IVP.

When the Valuation Designee determines our NAV as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee updates 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 value such assets at the most recent quarterly valuation unless the Valuation Designee determines 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 market spreads, secondary market transaction in the securities of an investment or otherwise). If the Valuation Designee determines such a change has occurred with respect to one or more investments, the Valuation Designee will determine whether to update the value for each relevant investment.

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**Fair Value of Financial Instruments**

We follow ASC 825-10, *Recognition and Measurement of Financial Assets and Financial Liabilities* ("ASC 825-10"), which provides companies 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 companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company's choice to use fair value on its earnings. ASC 825-10 also requires companies 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. With the exception of the line items entitled "other assets" and "debt," which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

We also follow ASC 820-10, *Fair Value Measurements and Disclosures* ("ASC 820-10"), which expands the application of fair value accounting. 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;&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;&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;&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 its net asset valuation policy and procedures that have been reviewed by our board of trustees in connection with their designation of our investment adviser as our valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10. Consistent with its valuation policy and procedures, the Valuation Designee evaluates 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. Because 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 two different valuation techniques. The first valuation technique is 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 method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company's EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method 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 EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where we have control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where we do not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to the risk of the company and the specific investment. A key

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determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

See Notes 2 and 8 to our consolidated financial statements for the three months ended March 31, 2026 for more information on our valuation process.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;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, continued conflicts and political unrest in the Middle East and South America 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 "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," "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 has impacted and may in the future adversely affect our business, results of operations and the financial condition of our portfolio companies" in our Annual Report.

***Investment Valuation Risk***

Investments in our portfolio that do not have a readily available market value are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our board of trustees, based on, among other things, the input of the IVPs that have been engaged to support the valuation of each portfolio investment without a readily available market quotation at least monthly, beginning as of the third quarter after origination (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 Notes 2 and 8 to our consolidated financial statements for the three months ended March 31, 2026 for more information relating to our investment valuation.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. See "Risk Factors—Risks Relating to Our Business and Structure—We are exposed to risks associated with changes in interest rates, including the current interest rate environment" in our Annual Report.

In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of March 31, 2026, 88% of the investments at fair value in our portfolio bore interest and dividends at variable rates (including our investment in the ADLP Certificates which accounted for 2% of our total investments at fair value), 8%

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bore interest at fixed rates and 4% were non-income producing. Additionally, excluding our investment in the ADLP Certificates, 73% of the variable rate investments at fair value contained interest rate floors. The Credit Facilities, the January 2037 CLO Notes, the April 2038 CLO Debt and the January 2039 CLO Debt bear interest at variable rates with no interest rate floors. The Unsecured Notes have been swapped from a fixed rate to a floating rate through interest rate swaps. The January 2031 Notes have been swapped from a fixed rate to a floating rate through a forward-starting interest rate swap, effective July 15, 2026. See Note 5 to our consolidated financial statements for the three months ended March 31, 2026 for more information on our debt obligations. See Note 6 to our consolidated financial statements for the three months ended March 31, 2026 for more information on the interest rate swaps.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

Based on our consolidated statement of assets and liabilities as of March 31, 2026, the following table shows the annualized impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

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| | | | |
|:---|:---|:---|:---|
| **(in millions)<br>Basis Point Change** | **Interest Income** | **Interest<br>Expense(1)** | **Net<br>Income(2)** |
| Up 300 basis points | $537 | $318 | $219 |
| Up 200 basis points | $376 | $212 | $164 |
| Up 100 basis points | $190 | $106 | $84 |
| Down 100 basis points | $(190) | $(106) | $(84) |
| Down 200 basis points | $(376) | $(212) | $(164) |
| Down 300 basis points | $(537) | $(318) | $(219) |

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(1)Includes the impact to interest expense related to the interest rate swaps with respect to the March 2028 Notes, the September 2028 Notes, the January 2029 Notes, the August 2029 Notes, the February 2030 Notes, the September 2030 Notes, the April 2031 Notes and the March 2032 Notes.

(2)Excludes the impact of any income based fee. See Note 3 to our consolidated financial statements for the three months ended March 31, 2026 for more information on the income based fee.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;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 "Exchange Act")), that are designed to ensure that information required to be disclosed in our reports under the Exchange 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 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 Exchange 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.

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**PART II — OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings** 

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

From time to time, we, our executive officers, trustees and our investment 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 we may, as a result, incur significant costs and expenses in connection with such legal proceedings.

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

**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp; Risk Factors**

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, "Item 1A. Risk Factors" in our Annual Report and those set forth under the caption "Risk Factors" in our registration statement on Form N-2, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report and in our Registration Statement on Form N-2 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.

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

***Unregistered Sales of Equity Securities***

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

***Share Repurchase Program***

The following information is incorporated by reference into this Item 2:

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

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Defaults Upon Senior Securities.**

Not applicable.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Mine Safety Disclosures.**

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information.** 

***Rule 10b5-1 Trading Plans***

During the fiscal quarter ended March 31, 2026, none of our board of trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

***Investment Advisory and Management Agreement***

On May 12, 2026, we entered into the fourth amended and restated investment advisory and management agreement, by and between us and our investment adviser, which amended and restated our current investment advisory and management

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agreement in response to comments issued by state securities regulators in connection with their review of the Offering. The terms of the amended investment advisory and management agreement are unchanged from those of the current investment advisory and management agreement under which our investment adviser provides investment advisory services to us, except to clarify language regarding indemnification obligations in response to comments issued by state securities regulators. The foregoing description of the amended investment advisory and management agreement is only a summary of the material provisions of the amended investment advisory and management agreement and is qualified in its entirety by reference to the full text of such amendment, which is attached as Exhibit 10.1 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.

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**Item 6.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.**

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | Fourth Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund's Form 8-K (File No. 814-01512), filed on May 25, 2023). |
| 3.2 | Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Fund's Form 8-K (File No. 814-01512), filed on May 25, 2023). |
| 4.1 | Ninth Supplemental Indenture, dated as of January 29, 2026, relating to the 5.550% Notes due 2031, between Ares Strategic Income Fund and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Fund's Current Report on Form 8-K, filed on January 29, 2026). |
| 4.2 | Form of 5.550% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Fund's Current Report on Form 8-K, filed on January 29, 2026). |
| 4.3 | Registration Rights Agreement, dated as of January 29, 2026, relating to the 5.550% Notes due 2031, by and among Ares Strategic Income Fund and BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 4.4 to the Fund's Current Report on Form 8-K, filed on January 29, 2026). |
| 10.1 | Fourth Amended and Restated Investment Advisory and Management Agreement\* |
| 10.2 | Amendment No. 6 to Credit Agreement, dated as of January 29, 2026, among ASIF Funding II, LLC, as borrower, Ares Strategic Income Fund, as parent and servicer and The Bank of Nova Scotia, as administrative agent and revolving lender (incorporated by reference to Exhibit 10.1 to the Fund's Current Report on Form 8-K, filed on February 4, 2026). |
| 10.3 | Amendment No. 8 to the Loan and Servicing Agreement, dated as of February 6, 2026, among ASIF Funding I, LLC, as borrower, Ares Strategic Income Fund, as servicer, the lenders from time to time party thereto, and Société Générale, as agent and swingline lender (incorporated by reference to Exhibit 10.1 to the Fund's Current Report on Form 8-K, filed on February 11, 2026). |
| 31.1 | Certification by Co-Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\* |
| 31.2 | Certification by Co-Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\* |
| 31.3 | Certification by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\* |
| 32.1 | Certification by the 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\*\* |
| 99.1 | Supplemental Financial Information of ADLP LLC as of March 31, 2026 (unaudited) and December 31, 2025\* |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith

\*\*&nbsp;&nbsp;&nbsp;&nbsp;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.

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**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.

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| | | |
|:---|:---|:---|
| | **ARES STRATEGIC INCOME FUND** | **ARES STRATEGIC INCOME FUND** |
| Date: May 12, 2026 | By | /s/ MICHAEL L. SMITH |
|  |  | Michael L. Smith<br>Co-Chief Executive Officer |
| Date: May 12, 2026 | By | /s/ MITCHELL GOLDSTEIN |
|  |  | Mitchell Goldstein <br>Co-Chief Executive Officer |
| Date: May 12, 2026 | By | /s/ SCOTT C. LEM |
|  |  | Scott C. Lem <br>Chief Financial Officer and Treasurer |

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