# EDGAR Filing Document

**Accession Number:** 0002046946
**File Stem:** 0001628280-26-035578
**Filing Date:** 2026-5
**Character Count:** 185062
**Document Hash:** e139017c9cf897b3ab2441086267b309
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-035578.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001628280-26-035578

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ares Sports, Media & Entertainment Opportunities LP
- **CENTRAL INDEX KEY:** 0002046946
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56791
- **FILM NUMBER:** 26987856

**BUSINESS ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167
- **BUSINESS PHONE:** 212-750-7300

**MAIL ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167

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

**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. 000-56791**

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **33-2101199** |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification Number) |

---

**1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067**

(Address of principal executive office) (Zip Code)

**(310) 201-4100**

(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 🗷

As of April 30, 2026, the registrant had the following limited partnership units outstanding: 8,501,517 Class A-I Units, 16,134,195 Class A-S Units, 1,076,135 Class A-D Units, 2,910 Class A-N Units, 1,488,996 Class I Units, 121,020 Class S Units, 24,048 Class D Units, 2,910 Class N Units and 1,103,950 Class E Units.

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| **Part I.** | **<u>[Financial Information](#i0ef1f397d64c47c6b8cae31a915b68a4_10)</u>** | |
| Item 1. | <u>[Financial Statements](#i0ef1f397d64c47c6b8cae31a915b68a4_10)</u> | |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and September 30, 2025](#i0ef1f397d64c47c6b8cae31a915b68a4_16)</u> | <u>[3](#i0ef1f397d64c47c6b8cae31a915b68a4_16)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Condensed Schedules of Investments as of March 31, 2026 (unaudited) and September 30, 2025](#i0ef1f397d64c47c6b8cae31a915b68a4_19)</u> | <u>[5](#i0ef1f397d64c47c6b8cae31a915b68a4_19)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025 (unaudited)](#i0ef1f397d64c47c6b8cae31a915b68a4_31)</u> | <u>[11](#i0ef1f397d64c47c6b8cae31a915b68a4_31)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025 (unaudited)](#i0ef1f397d64c47c6b8cae31a915b68a4_37)</u> | <u>[12](#i0ef1f397d64c47c6b8cae31a915b68a4_37)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the six months ended](#i0ef1f397d64c47c6b8cae31a915b68a4_40)[M](#i0ef1f397d64c47c6b8cae31a915b68a4_40)[arch 31,](#i0ef1f397d64c47c6b8cae31a915b68a4_40)[2026 and the period from December 6, 2024 (commencement of operations) to March 31, 2025 (unaudited)](#i0ef1f397d64c47c6b8cae31a915b68a4_40)</u> | <u>[14](#i0ef1f397d64c47c6b8cae31a915b68a4_40)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#i0ef1f397d64c47c6b8cae31a915b68a4_46)</u> | <u>[15](#i0ef1f397d64c47c6b8cae31a915b68a4_46)</u> |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i0ef1f397d64c47c6b8cae31a915b68a4_91)</u> | <u>[38](#i0ef1f397d64c47c6b8cae31a915b68a4_91)</u> |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i0ef1f397d64c47c6b8cae31a915b68a4_115)</u>  | <u>[51](#i0ef1f397d64c47c6b8cae31a915b68a4_115)</u> |
| Item 4. | <u>[Controls and Procedures](#i0ef1f397d64c47c6b8cae31a915b68a4_118)</u> | <u>[52](#i0ef1f397d64c47c6b8cae31a915b68a4_118)</u> |
| **Part II.** | **<u>[Other Information](#i0ef1f397d64c47c6b8cae31a915b68a4_121)</u>** | <u>[53](#i0ef1f397d64c47c6b8cae31a915b68a4_121)</u> |
| Item 1. | <u>[Legal Proceedings](#i0ef1f397d64c47c6b8cae31a915b68a4_124)</u> | <u>[53](#i0ef1f397d64c47c6b8cae31a915b68a4_124)</u> |
| Item 1A. | <u>[Risk Factors](#i0ef1f397d64c47c6b8cae31a915b68a4_127)</u> | <u>[53](#i0ef1f397d64c47c6b8cae31a915b68a4_127)</u> |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i0ef1f397d64c47c6b8cae31a915b68a4_130)</u> | <u>[53](#i0ef1f397d64c47c6b8cae31a915b68a4_130)</u> |
| Item 3. | <u>[Defaults Upon Senior Securities](#i0ef1f397d64c47c6b8cae31a915b68a4_133)</u> | <u>[53](#i0ef1f397d64c47c6b8cae31a915b68a4_133)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#i0ef1f397d64c47c6b8cae31a915b68a4_136)</u> | <u>[53](#i0ef1f397d64c47c6b8cae31a915b68a4_136)</u> |
| Item 5. | <u>[Other Information](#i0ef1f397d64c47c6b8cae31a915b68a4_139)</u> | <u>[54](#i0ef1f397d64c47c6b8cae31a915b68a4_139)</u> |
| Item 6. | <u>[Exhibits](#i0ef1f397d64c47c6b8cae31a915b68a4_142)</u> | <u>[55](#i0ef1f397d64c47c6b8cae31a915b68a4_142)</u> |
| | <u>[Signatures](#i0ef1f397d64c47c6b8cae31a915b68a4_145)</u> | <u>[56](#i0ef1f397d64c47c6b8cae31a915b68a4_145)</u> |

---

------

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(in thousands, except per unit data)**

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **September 30, 2025** |
| **ASSETS** | (unaudited) |  |
| &nbsp;&nbsp;Investments, at fair value (cost of $693,023 and $354,957, respectively) | $743013 | $372227 |
| &nbsp;&nbsp;&nbsp;Cash | 37704 | 61776 |
| &nbsp;&nbsp;Cash denominated in foreign currency (cost of $12,702 and $15,958, respectively) | 12820 | 16007 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2796 |  |
| &nbsp;&nbsp;&nbsp;Other assets | 3290 | 1066 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 2151 | 840 |
| &nbsp;&nbsp;&nbsp;Total assets | $801774 | $451916 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 32016 | 52216 |
| &nbsp;&nbsp;&nbsp;Debt |  | 24000 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 791 |  |
| &nbsp;&nbsp;&nbsp;Performance participation allocation payable | 4570 |  |
| &nbsp;&nbsp;&nbsp;Servicing fees payable | 23268 | 10517 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 7485 | 3344 |
| &nbsp;&nbsp;&nbsp;Due to Manager | 2213 | 2999 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 8154 | 1081 |
| &nbsp;&nbsp;&nbsp;Interest payable |  | 366 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 78497 | 94523 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 8) |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;Common units, par value $0.01 per unit, unlimited common units authorized; 27,096 and 14,243 common units issued and outstanding, respectively | 271 | 142 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 686744 | 349020 |
| &nbsp;&nbsp;&nbsp;Accumulated undistributed earnings | 36262 | 8231 |
| &nbsp;&nbsp;&nbsp;Total net assets | 723277 | 357393 |
| &nbsp;&nbsp;&nbsp;Total liabilities and net assets | $801774 | $451916 |

---

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT** 

**OPPORTUNITIES LP**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(in thousands, except per unit data)**

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **September 30, 2025** |
| | (unaudited) | |
| **NET ASSET VALUE PER UNIT** |  |  |
| **Class A-I Units:** |  |  |
| Net assets | $227803 | $124990 |
| Common units outstanding ($0.01 par value, unlimited units authorized) | 8240 | 4833 |
| Net asset value per unit | $27.64 | $25.86 |
| **Class A-S Units:** |  |  |
| Net assets | $402027 | $177933 |
| Common units outstanding ($0.01 par value, unlimited units authorized) | 15459 | 7290 |
| Net asset value per unit | $26.01 | $24.41 |
| **Class A-N Units:** |  |  |
| Net assets | $78 | $— |
| Common units outstanding ($0.01 par value, unlimited units authorized) | 3 |  |
| Net asset value per unit | $26.78 | $— |
| **Class A-D Units:** |  |  |
| Net assets | $27505 | $14916 |
| Common units outstanding ($0.01 par value, unlimited units authorized) | 1012 | 586 |
| Net asset value per unit | $27.18 | $25.45 |
| **Class I Units:** |  |  |
| Net assets | $31186 | $8995 |
| Common units outstanding ($0.01 par value, unlimited units authorized) | 1130 | 348 |
| Net asset value per unit | $27.60 | $25.86 |
| **Class S Units:** |  |  |
| Net assets | $3145 | $1814 |
| Common units outstanding ($0.01 par value, unlimited units authorized) | 121 | 74 |
| Net asset value per unit | $25.99 | $24.42 |
| **Class N Units:** |  |  |
| Net assets | $78 | $— |
| Common units outstanding ($0.01 par value, unlimited units authorized) | 3 |  |
| Net asset value per unit | $26.74 | $— |
| **Class D Units:** |  |  |
| Net assets | $653 | $194 |
| Common units outstanding ($0.01 par value, unlimited units authorized) | 24 | 8 |
| Net asset value per unit | $27.13 | $25.45 |
| **Class E Units:** |  |  |
| Net assets | $30802 | $28551 |
| Common units outstanding ($0.01 par value, unlimited units authorized) | 1104 | 1104 |
| Net asset value per unit | $27.90 | $25.86 |

---

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**CONSOLIDATED CONDENSED SCHEDULE OF INVESTMENTS** 

**As of March 31, 2026**

**(dollars in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Percentage of Net Assets** | **Fair Value** |
| **First Lien Senior Secured Loan** | | |
| East Asia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | 0.3% | $1967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total East Asia (cost $1,990) | 0.3 | 1967 |
| Europe |  |  |
| &nbsp;&nbsp;Capital Goods | 0.2 | 1011 |
| &nbsp;&nbsp;Consumer Services | 0.1 | 747 |
| &nbsp;&nbsp;Financial Services | 0.4 | 2972 |
| &nbsp;&nbsp;Food and Beverages | 0.2 | 1710 |
| &nbsp;&nbsp;Household and Personal Products | 0.4 | 2733 |
| &nbsp;&nbsp;Insurance | 0.3 | 2402 |
| &nbsp;&nbsp;Pharmaceuticals, Biotechnology and Life Sciences | 0.5 | 3464 |
| &nbsp;&nbsp;Sports, Media and Entertainment | 0.5 | 3767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Europe (cost $18,961) | 2.6 | 18806 |
| North America |  |  |
| &nbsp;&nbsp;Automobiles and Components | 0.2 | 1446 |
| &nbsp;&nbsp;Capital Goods | 3.4 | 25092 |
| &nbsp;&nbsp;Commercial and Professional Services | 3.7 | 26732 |
| &nbsp;&nbsp;Consumer Distribution and Retail | 0.4 | 2983 |
| &nbsp;&nbsp;Consumer Durables and Apparel | 0.1 | 744 |
| &nbsp;&nbsp;Consumer Services | 9.9 | 71738 |
| &nbsp;&nbsp;Energy | 1.2 | 8563 |
| &nbsp;&nbsp;Financial Services | 2.2 | 15943 |
| &nbsp;&nbsp;Food and Beverage | 0.2 | 1496 |
| &nbsp;&nbsp;Gas Utilities | 0.4 | 2709 |
| &nbsp;&nbsp;Health Care Equipment and Services | 5.1 | 36641 |
| &nbsp;&nbsp;Household and Personal Products | 0.2 | 1218 |
| &nbsp;&nbsp;Independent Power and Renewable Electricity Producers | 0.8 | 5606 |
| &nbsp;&nbsp;Insurance | 1.3 | 9610 |
| &nbsp;&nbsp;Materials | 0.1 | 934 |
| &nbsp;&nbsp;Pharmaceuticals, Biotechnology and Life Sciences | 0.3 | 2420 |
| &nbsp;&nbsp;Software and Services | 3.5 | 24933 |
| &nbsp;&nbsp;Sports, Media and Entertainment | 8.2 | 59179 |
| &nbsp;&nbsp;Technology Hardware and Equipment | 0.5 | 3435 |
| &nbsp;&nbsp;Telecommunications Services | 0.9 | 7194 |
| &nbsp;&nbsp;Transportation | 1.7 | 12153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $323,661) | 44.3 | 320769 |
| Total First Lien Senior Secured Loan (cost $344,612) | 47.2% | $341542 |

---

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**CONSOLIDATED CONDENSED SCHEDULE OF INVESTMENTS** 

**As of March 31, 2026**

**(dollars in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Percentage of Net Assets** | **Fair Value** |
| **First Lien Senior Secured Revolving Loan** | | |
| North America |  |  |
| &nbsp;&nbsp;Sports, Media and Entertainment | 0.7% | $5384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $5,346) | 0.7 | 5384 |
| Total First Lien Senior Secured Revolving Loan (cost $5,346) | 0.7% | $5384 |
| **First Lien Senior Secured Delayed Draw Loan** |  |  |
| North America |  |  |
| &nbsp;&nbsp;Consumer Services | 0.0% | $579 |
| &nbsp;&nbsp;Sports, Media and Entertainment | 0.2 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $1,877) | 0.2 | 1793 |
| Total First Lien Senior Secured Delayed Draw Loan (cost $1,877) | 0.2% | $1793 |
| **Second Lien Senior Secured Loan** |  |  |
| North America |  |  |
| &nbsp;&nbsp;Sports, Media and Entertainment | 0.7% | $4750 |
| Total Second Lien Senior Secured Loan (cost $4,764) | 0.7% | $4750 |
| **Preferred Equity** |  |  |
| North America |  |  |
| &nbsp;&nbsp;Consumer Services | 0.7% | $4964 |
| &nbsp;&nbsp;Financial Services | 2.8 | 20739 |
| &nbsp;&nbsp;Sports, Media and Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melody TopCo LP, 16,526 Class A-1 Preferred Units(1) | 4.4 | 31495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melody TopCo LP, 16,526 Class A-2 Preferred Units(1) | 0.5 | 3537 |
| &nbsp;&nbsp; Other | 5.6 | 40714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $101,005) | 14.0 | 101449 |
| Total Preferred Equity (cost $101,005) | 14.0% | $101449 |
| **Common Equity** |  |  |
| Europe |  |  |
| &nbsp;&nbsp;Sports, Media and Entertainment | 6.0% | $42957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Europe (cost $41,044) | 6.0 | 42957 |
| North America |  |  |
| &nbsp;&nbsp;Consumer Services | 1.9 | 13913 |
| &nbsp;&nbsp;Sports, Media and Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FEH Group, LLC, 12 Class A Common Interests | 16.9 | 122287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Melody Holdings LP, 15,002 Class A-1 Common Units(1) | 3.7 | 26666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Melody Holdings LP, 15,002 Class A-2 Common Units(1) | 0.5 | 2963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 7.8 | 56623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $172,275) | 30.8 | 222452 |
| Total Common Equity (cost $213,319) | 36.8% | $265409 |

---

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**CONSOLIDATED CONDENSED SCHEDULE OF INVESTMENTS** 

**As of March 31, 2026**

**(dollars in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Percentage of Net Assets** | **Fair Value** |
| **Limited Partnership Interests** | | |
| North America |  |  |
| &nbsp;&nbsp;Sports, Media and Entertainment | 2.9% | $20650 |
| &nbsp;&nbsp;Transportation | 0.2 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $21,849) | 3.1 | 22436 |
| Total Limited Partnership Interests (cost $21,849) | 3.1% | $22436 |
| **Warrants** |  |  |
| North America |  |  |
| &nbsp;&nbsp;Consumer Services | 0.0% | $250 |
| &nbsp;&nbsp;Sports, Media and Entertainment | 0.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $251) | 0.0 | 250 |
| Total Warrants (cost $251) | 0.0% | $250 |
| Total Investments (cost $693,023) | 102.7% | $743013 |
| **Derivative Contracts** |  |  |
| **Forward Contracts** |  |  |
| &nbsp;&nbsp;Foreign Currency | 0.1% | $442 |
| Total Forward Contracts | 0.1% | $442 |
| Total Derivative Contracts | 0.1% | $442 |

---

(1) This investment, when aggregated with other investments of a related issuer, exceeds 5% of net assets.

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**CONSOLIDATED CONDENSED SCHEDULE OF INVESTMENTS**

**As of September 30, 2025**

**(dollars in thousands)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Percentage of Net Assets** | **Fair Value** |
| **First Lien Senior Secured Loan** | | |
| Europe |  |  |
| &nbsp;&nbsp;Financial Services | 0.4% | $1499 |
| &nbsp;&nbsp;Food and Beverage | 0.5 | 1745 |
| &nbsp;&nbsp;Insurance | 0.5 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Europe (cost $4,996) | 1.4 | 4989 |
| North America |  |  |
| &nbsp;&nbsp;Automobiles and Components | 0.4 | 1476 |
| &nbsp;&nbsp;Capital Goods | 2.1 | 7317 |
| &nbsp;&nbsp;Commercial and Professional Services | 0.6 | 2192 |
| &nbsp;&nbsp;Consumer Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HGC Holdings, LLC, $21,663 par value,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; due 06/2029, 8.64% (SOFR + 4.50%) | 6.0 | 21500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClubCorp Holdings, Inc., $21,296 par value, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; due 07/2032, 9.16% (SOFR + 5.00%) | 5.9 | 21190 |
| &nbsp;&nbsp; Other | 0.8 | 3018 |
| &nbsp;&nbsp;Energy | 0.4 | 1495 |
| &nbsp;&nbsp;Financial Services | 2.0 | 7089 |
| &nbsp;&nbsp;Health Care Equipment and Services | 4.9 | 17315 |
| &nbsp;&nbsp;Household and Personal Products | 0.6 | 2071 |
| &nbsp;&nbsp;Insurance | 1.0 | 3594 |
| &nbsp;&nbsp;Software and Services | 4.0 | 14170 |
| &nbsp;&nbsp;Sports, Media and Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shout! Factory, LLC, $22,229 par value, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 06/2031, 9.25% (SOFR + 5.25%) | 6.1 | 21895 |
| &nbsp;&nbsp; Other | 3.8 | 13594 |
| &nbsp;&nbsp;Telecommunication Services | 0.3 | 953 |
| &nbsp;&nbsp;Transportation | 2.4 | 8588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $147,387) | 41.3 | 147457 |
| Total First Lien Senior Secured Loan (cost $152,383) | 42.7% | $152446 |
| **First Lien Senior Secured Revolving Loan** |  |  |
| North America |  |  |
| &nbsp;&nbsp;Sports, Media and Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shout! Factory, LLC, $2,632 par value, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 06/2031, 9.25% (SOFR + 5.25%)(1) | 0.1% | $421 |
| &nbsp;&nbsp;Transportation | 0.1 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $787) | 0.2 | 785 |
| Total First Lien Senior Secured Revolving Loan (cost $787) | 0.2% | $785 |

---

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT**

**OPPORTUNITIES LP**

**CONSOLIDATED CONDENSED SCHEDULE OF INVESTMENTS**

**As of September 30, 2025**

**(dollars in thousands)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Percentage of Net Assets** | **Fair Value** |
| **First Lien Senior Secured Delayed Draw Loan** | | |
| North America |  |  |
| &nbsp;&nbsp;Consumer Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HGC Holdings, LLC, $10,857 par value, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 06/2029, 8.66% (SOFR + 4.50%)(1) | 0.2% | $579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $585) | 0.2 | 579 |
| Total First Lien Senior Secured Delayed Draw Loan (cost $585) | 0.2% | $579 |
| **Preferred Equity** |  |  |
| North America |  |  |
| &nbsp;&nbsp;Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raine Holdings LLC, 4,902,730 shares | 5.5% | $19528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raine Holdings AIV LLC, 4,902,730 shares(1) | 0.5 | 1908 |
| &nbsp;&nbsp;Sports, Media and Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melody TopCo LP, 16,526 Class A-1 Shares | 8.3 | 29843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melody TopCo LP, 16,526 Class A-2 Shares(1) | 0.9 | 3316 |
| &nbsp;&nbsp; Other | 1.5 | 5210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $59,279) | 16.7 | 59805 |
| Total Preferred Equity (cost $59,279) | 16.7% | $59805 |
| **Common Equity** |  |  |
| Europe |  |  |
| &nbsp;&nbsp;Sports, Media and Entertainment | 5.5% | $19830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Europe (cost $15,019) | 5.5 | 19830 |
| North America |  |  |
| &nbsp;&nbsp;Sports, Media and Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FEH Group, LLC, 12 Class A common interests | 26.8 | 95722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Melody Holdings LP, 15,002 Class A-1 Shares | 7.6 | 27004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Melody Holdings LP, 15,002 Class A-2 Shares(1) | 0.8 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.7 | 2451 |
| &nbsp;&nbsp;Transportation | 0.4 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $117,799) | 36.3 | 129677 |
| Total Common Equity (cost $132,818) | 41.8% | $149507 |
| **Limited Partnership Interests** |  |  |
| North America |  |  |
| &nbsp;&nbsp;Sports, Media and Entertainment | 2.5% | $9105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $9,105) | 2.5 | 9105 |
| Total Limited Partnership Interests (cost $9,105) | 2.5% | $9105 |

---

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT**

**OPPORTUNITIES LP**

**CONSOLIDATED CONDENSED SCHEDULE OF INVESTMENTS**

**As of September 30, 2025**

**(dollars in thousands)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Percentage of Net Assets** | **Fair Value** |
| **Warrants** | | |
| North America |  |  |
| &nbsp;&nbsp;Sports, Media and Entertainment | 0.0% | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total North America (cost $0) | 0.0 |  |
| Total Warrants (cost $0) | 0.0% | $— |
| Total Investments (cost $354,957) | 104.1% | $372227 |
| **Derivative Contracts** |  |  |
| **Forward Contracts** |  |  |
| &nbsp;&nbsp;Foreign Currency | (0.1)% | $(215) |
| Total Forward Contracts | (0.1)% | $(215) |
| Total Derivative Contracts | (0.1)% | $(215) |

---

(1) This investment, when aggregated with other investments of a related issuer, exceeds 5% of net assets.

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the period from December 6, 2024 (commencement of operations) to March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $6510 | $34 | $11471 | $40 |
| &nbsp;&nbsp;&nbsp;Dividend | 1938 | 345 | 5523 | 345 |
| &nbsp;&nbsp;&nbsp;Total investment income | 8448 | 379 | 16994 | 385 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense and credit facility fees |  | 2005 | 778 | 2482 |
| &nbsp;&nbsp;&nbsp;Organizational expenses |  | 300 | 205 | 800 |
| &nbsp;&nbsp;&nbsp;Offering expenses | 132 |  | 493 |  |
| &nbsp;&nbsp;&nbsp;Management fee | 2114 |  | 3774 |  |
| &nbsp;&nbsp;&nbsp;Performance participation allocation | 4570 |  | 5425 |  |
| &nbsp;&nbsp;&nbsp;Administrative and other fees | 375 |  | 745 |  |
| &nbsp;&nbsp;&nbsp;Other general and administrative | 721 | 52 | 1491 | 69 |
| &nbsp;&nbsp;&nbsp;Total expenses | 7912 | 2357 | 12911 | 3351 |
| &nbsp;&nbsp;&nbsp;Waiver of management fee |  |  | (1660) |  |
| &nbsp;&nbsp;&nbsp;Waiver of performance participation allocation |  |  | (855) |  |
| &nbsp;&nbsp;&nbsp;Total expenses, net of waiver of performance participation allocation and management fee | 7912 | 2357 | 10396 | 3351 |
| Net investment income (loss) | 536 | (1978) | 6598 | (2966) |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND DERIVATIVE CONTRACTS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | 4633 | (3) | 4674 | (6) |
| &nbsp;&nbsp;&nbsp;Net realized losses on foreign currency | (280) | (73) | (184) | (73) |
| &nbsp;&nbsp;&nbsp;Net unrealized gains on investments | 25955 | 1819 | 31270 | 1850 |
| &nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on foreign currency | 478 | (283) | 321 | (283) |
| &nbsp;&nbsp;&nbsp;Net unrealized gains on derivatives contracts | 723 |  | 656 |  |
| &nbsp;&nbsp;&nbsp;Net change in deferred tax liabilities | (6159) |  | (7073) |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments, foreign currency and derivative contracts | 25350 | 1460 | 29664 | 1488 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $25886 | $(518) | $36262 | $(1478) |

---

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the period from December 6, 2024 (commencement of operations) to March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $536 | $(1978) | $6598 | $(2966) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 4353 | (76) | 4490 | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | 20997 | 1536 | 25174 | 1567 |
| Net increase (decrease) in net assets resulting from operations | 25886 | (518) | 36262 | (1478) |
| **Units transactions:** |  |  |  |  |
| **Class A-I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from units issued | 33533 |  | 91439 |  |
| Net increase in net assets from unit transactions | 33533 |  | 91439 |  |
| **Class A-S:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from units issued | 66595 |  | 218023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees | (4761) |  | (13730) |  |
| &nbsp;&nbsp;Redeemed units, net of early redemption deduction | (25) |  | (25) |  |
| Net increase in net assets from unit transactions | 61809 |  | 204268 |  |
| **Class A-N:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from units issued | 79 |  | 79 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees | (3) |  | (3) |  |
| Net increase in net assets from unit transactions | 76 |  | 76 |  |
| **Class A-D:** |  |  |  |  |
| Proceeds from units issued | 1330 |  | 11330 |  |
| Servicing fees | (45) |  | (225) |  |
| Net increase in net assets from unit transactions | 1285 |  | 11105 |  |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from units issued | 10134 |  | 21055 |  |
| Net increase in net assets from unit transactions | 10134 |  | 21055 |  |
| **Class S:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from units issued | 533 |  | 1251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees | (38) |  | (84) |  |
| Net increase in net assets from unit transactions | 495 |  | 1167 |  |
| **Class N:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from units sold | 79 |  | 79 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees | (3) |  | (3) |  |
| Net increase in net assets from unit transactions | 76 |  | 76 |  |
| **Class D:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from units issued | 379 |  | 444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees | (7) |  | (8) |  |
| Net increase in net assets from unit transactions | 372 |  | 436 |  |
| **Class E:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from units issued |  |  |  |  |
| Net increase in net assets from unit transactions |  |  |  |  |

---

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the period from December 6, 2024 (commencement of operations) to March 31,** |
| Total increase (decrease) in net assets | 133666 | (518) | 365884 | (1478) |
| Net assets, beginning of period | 589611 | (960) | 357393 |  |
| **Net assets, end of period** | $723277 | $(1478) | $723277 | $(1478) |

---

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended March 31, 2026** | **For the period from December 6, 2024 (commencement of operations) to March 31, 2025** |
| OPERATING ACTIVITIES: |  |  |
| Net increase (decrease) in net assets resulting from operations | $36262 | $(1478) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest income | (305) |  |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 655 | 87 |
| &nbsp;&nbsp;&nbsp;Net accretion of discount on investments | (182) |  |
| &nbsp;&nbsp;&nbsp;Net realized (gains) losses on investments | (4674) | 6 |
| &nbsp;&nbsp;&nbsp;Net unrealized gains on investments | (31270) | (1850) |
| &nbsp;&nbsp;&nbsp;Net unrealized gains on derivative contracts | (656) |  |
| &nbsp;&nbsp;&nbsp;Purchase of investments | (428072) | (123735) |
| &nbsp;&nbsp;&nbsp;Proceeds from repayments or sales of investments | 72100 | 631 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable |  | (328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (379) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | (1311) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 3418 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Manager | (786) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 7073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing fees payable | 233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (366) | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee payable | 791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance participation allocation payable | 4570 |  |
| &nbsp;&nbsp;Net cash used in operating activities | (342899) | (125257) |
| FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of units | 343700 |  |
| &nbsp;&nbsp;&nbsp;Redeemed units, net of early redemption deduction | (25) |  |
| &nbsp;&nbsp;&nbsp;Servicing fees | (1535) |  |
| &nbsp;&nbsp;&nbsp;Borrowings on debt |  | 130668 |
| &nbsp;&nbsp;&nbsp;Repayments on debt | (24000) | (1000) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | (2500) | (545) |
| &nbsp;&nbsp;Net cash provided by financing activities | 315640 | 129123 |
| CHANGE IN CASH | (27259) | 3866 |
| CASH, BEGINNING OF PERIOD | 77783 |  |
| CASH, END OF PERIOD | $50524 | $3866 |
| Supplemental information: |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid during the period | $489 | $1838 |
| Supplemental disclosure of non cash financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Estimated servicing fees | $12518 | $— |

---

See accompanying notes to consolidated financial statements

------

**ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**As of March 31, 2026** 

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

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

**(unaudited)**

**1. ORGANIZATION**

Ares Sports, Media and Entertainment Opportunities LP (the "Fund") is a Delaware limited partnership formed on November 19, 2024, and is a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is structured as a perpetual-life vehicle, with monthly, fully-funded subscriptions and periodic redemptions. The Fund is conducting a continuous private offering (the "Private Offering") of its limited partnership units (the "Units") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), to investors that are both (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) qualified purchasers (as defined in the 1940 Act and rules thereunder).

Ares SME O TE LP is a Delaware series limited partnership consisting of four series, Ares SME O TE LP - Series 1, Ares SME O TE LP - Series 2, Ares SME O TE LP - Series 3 and Ares SME O TE LP - Series 4 (the "Feeder"), and invests all or substantially all of its investable assets indirectly in the Fund through Ares SME O CYM Series 1 LP, Ares SME O CYM Series 2 LP, Ares SME O CYM Series 3 LP and Ares SME O CYM 4 Series LP, respectively, all Cayman Islands exempted limited partnerships (the "Offshore Blockers"). The Feeder and its applicable series were established for certain investors with particular tax characteristics, such as tax-exempt unitholders and certain non-U.S. unitholders.

The Fund may hold certain investments directly or indirectly through one or more entities formed by Ares SME Management O GP LLC, a Delaware limited liability company (the "General Partner"), for the purpose of directly or indirectly holding the Fund's investments. The Fund collectively refers to all such entities as the "Intermediate Entities." The General Partner or an affiliate may create one or more parallel and/or other alternative investment entities to facilitate investment by certain investors to accommodate legal, tax, regulatory, compliance or certain other operational requirements that will generally co-invest (either directly or indirectly) in certain investments with the Fund on a *pro rata* basis, (each, a "Parallel Fund"). The Fund, the Feeder, the Offshore Blockers, any other feeder funds, any Parallel Funds and any Intermediate Entities collectively form "Ares SME Opps", a flexible investment strategy focused on the sports, media and entertainment sectors.

The General Partner and the Fund's investment manager, Ares Capital Management LLC (the "Manager"), are subsidiaries of Ares Management Corporation ("Ares Management" or "Ares"), a publicly traded, leading global alternative investment manager. The overall responsibility for the Fund's oversight rests with the General Partner, subject to certain oversight rights held by the Fund's board of directors. The General Partner has delegated the Fund's portfolio management function to the Manager. The Manager is responsible for initiating, structuring and negotiating the Fund's investments. 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 seek to deliver long-term capital appreciation, and to a lesser extent, generate income by investing primarily in directly originated first lien, second lien, mezzanine and other high yield debt securities, preferred equity securities, common equity securities and other equity investments in sports leagues, sports teams and sports industry related companies, as well as media and entertainment companies (collectively, the "Target SME Investments"). To a lesser extent, the Fund also invests in liquid debt and other securities that are not directly originated, including, without limitation, broadly syndicated loans and other more liquid credit securities, public equities, interests in collateralized debt obligation and loan obligation vehicles, derivatives, money market instruments and cash and cash equivalents across asset classes (including those not related to sports, media or entertainment industries) (the "Liquid Debt and Other Securities"). Liquid Debt and Other Securities may be used to generate income, facilitate capital deployment and provide a potential source of liquidity.

The Fund's investment operations commenced on December 6, 2024. On June 1, 2025 (the "Initial Closing Date"), the Fund held its first closing for third-party investors and sold Units of the Fund as part of the Private Offering.

------

**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 ("U.S. GAAP"). The Fund and its consolidated entities are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance in Accounting Standards Codification ("ASC") 946, Financial Services—Investment Companies ("ASC 946"). The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of the Fund's management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented.

***Principles of Consolidation***

The consolidated financial statements include the account of the Fund, ASME O Holdings LLC, a Delaware limited liability company, ASME O CYM Holdings LP, a Cayman Islands exempted limited partnership, ASME O Holdings I LP, a Delaware limited partnership, ASME O Holdings II LP, a Delaware limited partnership, ASME O Holdings III LP, a Delaware limited partnership and ASME O Holdings IV LLC, a Delaware limited liability company. All significant intercompany balances and transactions have been eliminated. In accordance with ASC 946, the Fund will generally not consolidate its investment in an entity unless the Fund has a controlling financial interest in (a) an investment company or (b) an operating company whose business consists of providing services to the Fund. The Fund's first fiscal period began on December 6, 2024, the date the Fund's investment operations commenced, and ended on September 30, 2025.

***Cash***

Cash includes funds from time to time deposited with financial institutions. Cash is carried at cost which approximates fair value.

***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.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Manager 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 Manager 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 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.

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 Manager, as described herein. As part of the valuation process for investments that do not have readily available market prices, the Manager 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 Manager 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 Manager 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 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 Manager.

&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 Manager 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 Manager, along with relevant market and economic data, and independently determines a range of values for the portfolio investments.

&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 Manager 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 Manager 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 Manager for the portfolio investment is within the range of values independently calculated by such IVP.

When the Manager determines the Fund's transactional net asset value ("Transactional NAV"), which is the price at which transactions in the Units are made, calculated in accordance with the Manager's valuation policy, as of the last day of a month that is not also the last day of a calendar quarter, the Manager updates the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Manager will generally value such assets at the most recent quarterly valuation unless the Manager 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 Manager determines such a change has occurred with respect to one or more investments, the Manager will determine whether to update the value for each relevant investment. See Note 4 for more information on the Fund's valuation process.

***Servicing Fees***

In accordance with U.S. GAAP, the Fund accrues the estimated servicing fees for the life of outstanding Class S Units, Class A-S Units, Class N Units, Class A-N Units, Class D Units and Class A-D Units. This calculation of the estimated amount of servicing fees to be paid in future periods includes significant judgments and estimates. These include estimating the expected life of the Units held by a unitholder and making judgments regarding market expectations, including those related to future redemptions. Servicing fees are recorded on the accompanying Consolidated Statements of Changes in Net Assets as a reduction to proceeds from Units sold.

***Due to Manager***

The Due to Manager balance represents amounts due to the Manager for expenses paid by the Manager on behalf of the Fund.

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***Interest Income Recognition***

Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected and adjusted for accretion of discounts and amortization of premiums. Discounts and premiums on investments purchased are accreted/amortized over the life of the respective investment using the effective yield method. The Fund may have investments that contain payment-in-kind ("PIK") provisions. The Fund may earn commitment fees on unfunded investments. Commitment fees are computed at the contractual rate, accrued when earned and are recorded as interest income. The PIK interest, computed at the contractual rate specified in each agreement, is accrued and added to the cost of investment and recorded as interest income. The cost of investments represents the original cost adjusted for the PIK interest, if any, and accretion of discounts and amortization of premiums.

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 Manager's judgment, are likely to remain current. The Manager 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.

***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 date it was received 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;(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;(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 accompanying 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.

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***Derivative Instruments***

The Fund follows the guidance in ASC Topic 815, *Derivatives and Hedging*, when accounting for derivative instruments. The Fund values its derivatives at fair value with the unrealized gains or losses recorded in "Net unrealized gains (losses) on derivative contracts" in the accompanying Consolidated Statements of Operations.

***Organizational and Offering Expenses***

Prior to the Initial Closing Date, organizational and offering expenses were paid by the Manager. The Manager expects to advance all organizational and offering expenses through June 1, 2026 (or such later date as determined by the Manager in its sole discretion). After the Fund commenced investment operations on December 6, 2024, costs associated with the organization of the Fund were expensed. Costs associated with the offering of the Fund's Units are capitalized as deferred expenses and amortized over a 12-month period.

***Deferred Debt Issuance Costs***

Deferred debt issuance costs are amortized over the life of the related credit facility using the straight-line method.

***Income Taxes***

For U.S. federal income tax purposes, the Fund is treated as a partnership and not as an association taxable as a corporation. As a result of the Fund's status as a partnership for U.S. federal income tax purposes, each U.S. unitholder is required to report on its own U.S. federal income tax return its share of the Fund's income, gains, losses, deductions and credits for the taxable year, whether or not cash or other property is distributed. In addition, taxable income allocated to a U.S. unitholder may exceed cash distributions, if any, made to such unitholder, and no assurance can be given that the Fund will be able to make cash distributions to cover such tax liabilities as they arise, in which case such unitholder would have to satisfy tax liabilities arising from any investment in the Fund from the unitholder's own funds.

Certain investments by the Fund may generate Unrelated Business Taxable Income to U.S. tax-exempt unitholders and Effectively Connected Income ("ECI") to non-U.S. unitholders. While the Manager intends to manage the Fund in a manner that will minimize the exposure to these risks, there can be no assurances that non-U.S. unitholders will not directly incur ECI. U.S. tax-exempt unitholders will generally subscribe to the Fund through an investment in the Feeder. Each such investor will participate in a series of the Feeder as determined by the Manager and each series will generally participate in the Fund through one or more separate U.S. and/or non-U.S. corporations.

The Fund has a U.S. corporate tax blocker in the structure, which is subject to any applicable U.S. federal, state, and local income taxes.

The General Partner has reviewed all open tax years for major jurisdictions and has determined the Fund has no tax liability for any unrecognized tax benefits ("UTB") nor did it recognize any interest and penalties related to UTB for the six months ended March 31, 2026 and for the period from December 6, 2024 (commencement of operations) to March 31, 2025.

On July 4, 2025, the legislation commonly referred to as the One Big Beautiful Bill Act (the "OBBBA") was enacted. The OBBBA amended and extended certain provisions of the 2017 Tax Cuts and Jobs Act. At this time, the Fund does not believe the OBBBA will have a material impact on the Fund's income taxes but continues to monitor the issuance of additional guidance from the U.S. Treasury and the IRS.

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

The preparation of the consolidated financial statements in conformity with U.S. 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 ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). Recently issued ASUs not listed were assessed by the Fund and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

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In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2025 and is to be adopted on a prospective basis with the option to apply retrospectively. 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. RELATED PARTY TRANSACTIONS**

**Partnership Agreement**

The Fund has entered into a limited partnership agreement, as amended and restated, with the General Partner. Overall responsibility for the Fund's oversight rests with the General Partner, subject to certain oversight rights held by the Fund's board of directors.

**Management Agreement**

On August 1, 2025, the Fund entered into the second amended and restated management agreement, to amend the management agreement, dated as of December 4, 2024, with the Manager and the General Partner (the "Management Agreement").

***Management Fee***

The Manager is an affiliate of Ares and is registered with the Securities and Exchange Commission (the "SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended. The Manager is responsible for initiating, structuring, and negotiating the Fund's investments. In addition, the Manager actively manages and monitors each investment to seek to maximize the value of each investment. In consideration of its investment management services, the Manager is entitled to receive a management fee (the "Management Fee") payable by the Fund directly or indirectly through one or more Intermediate Entities, equal to, in the aggregate, (i) 1.40% of Transactional NAV of the Class S Units, Class D Units, Class N Units and Class I Units and (ii) 1.25% of Transactional NAV of the Class A-S Units, Class A-N Units, Class A-D Units and Class A-I Units, in each case, per annum payable monthly, before giving effect to any accruals for the Management Fee, the servicing fees and the Performance Participation Allocation, any distributions and without taking into account accrued and unpaid taxes of any Intermediate Entity (including corporations) through which the Fund indirectly invests (or any comparable entities of investment funds, vehicles, separate accounts and/or other similar arrangements managed, advised or operated by the General Partner, the Manager, Ares, their affiliates and/or respective partners, members, equity holders, controlling persons, directors, officers, employees, agents, representatives and advisors (other than the Fund and its alternative vehicles) (collectively, "Other Ares Funds")) in which the Fund may directly or indirectly participate) or taxes paid by any such entity during the applicable month. The Fund, the Feeder and any Parallel Fund are each obligated to pay (without duplication) its proportional share of the Management Fee paid based on its proportional interest in the Fund, or the Intermediate Entities, as applicable. The Fund does not pay the Management Fee with respect to Class E Units, and therefore the Management Fee is a class-specific expense.

For the three and six months ended March 31, 2026, the Fund incurred a gross Management Fee of $2,114 and $3,774, respectively, of which $0 and $1,660, respectively, was waived by the Manager. The Manager agreed to waive the Management Fee through December 31, 2025. For the period from December 6, 2024 (commencement of operations) to March 31, 2025, the Fund did not incur a Management Fee.

***Performance Participation Allocation***

The General Partner is allocated the performance participation allocation ("Performance Participation Allocation") by the Fund directly or indirectly through one or more Intermediate Entities equal to (i) 15% of total return of Class S Units, Class N Units, Class D Units and Class I Units and (ii) 12.5% of total return of Class A-S Units, Class A-N Units, Class A-D Units and Class A-I Units, in each case, subject to a 5% annual hurdle amount and a high water mark with 100% catch-up. Such allocation is measured on a calendar year basis, made quarterly and accrued monthly (subject to pro-rating for partial periods). The Fund, the Feeder and any Parallel Fund each bears (without duplication) its proportional share of the Performance Participation Allocation based on its proportional interest in the Fund or the Intermediate Entities, as applicable.

For the three and six months ended March 31, 2026, the Fund incurred a Performance Participation Allocation of $4,570 and $5,425, respectively, of which $0 and $855, respectively, was waived by the General Partner. The General Partner

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agreed to waive the Performance Participation Allocation through December 31, 2025. For the period from December 6, 2024 (commencement of operations) to March 31, 2025, the Fund did not incur a Performance Participation Allocation.

***Operating Expenses***

The Manager expects to advance all or a portion of the Fund's operating expenses, which includes the organizational expenses, offering expenses, and administrative and other fees borne by the Fund through June 1, 2026, and the Fund expects to reimburse the Manager for such advanced expenses ratably over an agreed-upon repayment period.

**Administration Agreement**

The Fund is a party to an administration agreement (the "administration agreement") with its administrator, Ares Operations. Pursuant to the 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 oversees custodians, depositories, transfer agents, escrow agents, distribution disbursing agents, other unitholder 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 unitholders.

In addition, Ares Operations and/or its affiliates assist the Manager in determining and publishing the Fund's NAV, oversee the preparation and filing of the Fund's tax returns and the printing and dissemination of reports to unitholders, and generally oversee the payment of its expenses and the performance of administrative and professional services rendered to the Fund by others.

In consideration of Ares Operations' services, the Fund will reimburse Ares Operations for the costs and expenses incurred by Ares Operations in performing its obligations and providing personnel and facilities hereunder. 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 90 days' written notice to the other party.

For the three and six months ended March 31, 2026, the Fund incurred $375 and $745, respectively, in administration and other fees that are reimbursable to the Fund's administrator under the administration agreement. For the three months ended March 31, 2025 and for the period from December 6, 2024 (commencement of operations) to March 31, 2025, the Fund did not incur any administration and other fees that are reimbursable to the Fund's administrator under the administration agreement.

**Dealer Manager Agreement**

On May 22, 2025, the Fund entered into a dealer manager agreement (the "Dealer Manager Agreement") with Ares Wealth Management Solutions, LLC ("AWMS" or the "Dealer Manager"), a broker-dealer registered with the SEC, a member of the Financial Industry Regulatory Authority ("FINRA") and an affiliate of the Fund's Manager. Effective January 2, 2026, AWMS was consolidated with and into Ares Management Capital Markets LLC ("AMCM") (the "Consolidation"), and AMCM became the Dealer Manager; in connection with the Consolidation, the Dealer Manager Agreement was amended to reflect that, effective as of January 2, 2026, AMCM is the Dealer Manager. Like AWMS, AMCM is a broker-dealer registered with the SEC, a member of FINRA and an affiliate of the Fund's Manager. No material change, including any change of control, occurred as a result of the Consolidation.

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Pursuant to the Dealer Manager Agreement, the Dealer Manager agreed to, among other things, manage the Fund's relationships with third-party brokers engaged by the Dealer Manager to participate in the distribution of Units, which are referred to as participating brokers, and financial advisors. The Dealer Manager also coordinates the Fund's marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the Fund's offering, its investment strategies, material aspects of its operations and subscription procedures. The Dealer Manager is entitled to receive servicing fees monthly in arrears at an annual rate of 0.85% of the Transactional NAV attributable to Class S Units and Class A-S Units, 0.50% of the Transactional NAV attributable to Class N Units and Class A-N Units and 0.25% of the Transactional NAV attributable to Class D Units and Class A-D Units, in each case, as of the beginning of the first calendar day of the month. No servicing fee is payable with respect to Class I Units, Class A-I Units or Class E Units. The servicing fees are payable to the Dealer Manager, but the Dealer Manager anticipates that all or a portion of the servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers or other financial intermediaries.

Servicing fees payable as of March 31, 2026 and September 30, 2025 was $23,268 and $10,517, respectively. The following table presents the servicing fees incurred for the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the period from December 6, 2024 (commencement of operations) to March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| Servicing fees for the estimated life of the Fund's units outstanding | $3998 | $— | $12518 | $— |
| Servicing fees billed | 859 |  | 1535 |  |
| Total servicing fees incurred | $4857 | $— | $14053 | $— |

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**4. FAIR VALUE OF FINANCIAL INSTRUMENTS** 

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

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

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

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

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

Consistent with its valuation policy and procedures, the Manager evaluates 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

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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 assets and liabilities classified as Level 1 or Level 2 are typically valued based on quoted market prices, forward foreign exchange rates, dealer quotations or alternative pricing sources supported by observable inputs. The Manager obtains prices from independent pricing services which generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Manager is responsible for all inputs and assumptions related to the pricing of securities. The Manager has internal controls in place that support its reliance on information received from third-party pricing sources. As part of its internal controls, the Manager obtains, reviews, and tests information to corroborate prices received from third-party pricing sources. For any security, if market or dealer quotations are not readily available, or if the Manager determines that a quotation of a security does not represent a fair value, then the security is valued at a fair value as determined in good faith by the Manager and will be classified as Level 3. In such instances, the Manager will use valuation techniques consistent with the market or income approach to measure fair value and will give consideration to all factors which might reasonably affect the fair value.

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 Manager may also employ other valuation multiples to determine EV, such as revenues and gross profit 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 Manager considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the Fund 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 Manager 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.

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The following table summarizes the valuation of the Fund's investments by the fair value hierarchy levels as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments, at fair value** | | | | |
| First lien senior secured loan | $— | $210589 | $130953 | $341542 |
| First lien senior secured revolving loan |  |  | 5384 | 5384 |
| First lien senior secured delayed draw loan |  |  | 1793 | 1793 |
| Second lien senior secured loan |  |  | 4750 | 4750 |
| Preferred equity |  |  | 101449 | 101449 |
| Common equity |  |  | 265409 | 265409 |
| Limited partnership interests |  |  | 22436 | 22436 |
| Warrants |  |  | 250 | 250 |
| Total investments, at fair value | $— | $210589 | $532424 | $743013 |
| Unfunded revolving and delayed draw loan commitments(1) | $— | $(4) | $(120) | $(124) |
| **Derivative Contract:** |  |  |  |  |
| &nbsp;&nbsp;Foreign currency forward contracts | $— | $442 | $— | $442 |

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_______________________________________

(1)The fair value of unfunded revolving and delayed draw loan commitments is included in "accrued expenses and other liabilities" in the accompanying Consolidated Statements of Assets and Liabilities.

The following table summarizes the valuation of the Fund's investments by the fair value hierarchy levels as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments, at fair value** | | | | |
| First lien senior secured loan | $— | $69233 | $83213 | $152446 |
| First lien senior secured revolving loan |  |  | 785 | 785 |
| First lien senior secured delayed draw loan |  |  | 579 | 579 |
| Preferred equity |  |  | 59805 | 59805 |
| Common equity |  |  | 149507 | 149507 |
| Limited partnership interests |  |  | 9105 | 9105 |
| Total investments, at fair value | $— | $69233 | $302994 | $372227 |
| Unfunded revolving and delayed draw loan commitments(1) | $— | $— | $(74) | $(74) |
| **Derivative Contract:** |  |  |  |  |
| &nbsp;&nbsp;Foreign currency forward contracts | $— | $(215) | $— | $(215) |

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_______________________________________

(1)The fair value of unfunded revolving and delayed draw loan commitments is included in "accrued expenses and other liabilities" in the accompanying Consolidated Statements of Assets and Liabilities.

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The following tables summarize the significant unobservable inputs the Manager used to value the majority of the Fund's investments categorized within Level 3 as of March 31, 2026 and September 30, 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** |
| | | | **Unobservable Input** | **Unobservable Input** | **Unobservable Input** |
|<br>**Asset Category** |<br>**Fair Value** |<br>**Primary Valuation Techniques** | **Input** | **Estimated Range** | **Weighted Average**<sup>(1)</sup> |
| First lien senior secured loan | $129851 | Yield analysis | Market yield | 8.4% - 11.7% | 9.0% |
|  | 1102 | Discounted cash flow analysis | Discount rate | 25.0% | 25.0% |
| First lien senior secured revolving loan | 5384 | Yield analysis | Market yield | 9.7% - 11.0% | 10.9% |
| First lien senior secured delayed draw loan | 1793 | Yield analysis | Market yield | 8.6% - 8.7% | 8.7% |
| Second lien senior secured loan | 4750 | Yield analysis | Market yield | 10.4% | 10.4% |
| Preferred equity | 12611 | Multiple analysis | EBITDA multiple | 11.2x - 19.2x | 15.6x |
|  | 25000 | Multiple analysis | Revenue multiple | 10.4x | 10.4x |
|  | 2500 | Multiple analysis | EV multiple | 1.0x | 1.0x |
|  | 61338 | Yield analysis | Market yield | 9.5% - 13.5% | 10.8% |
| Common equity | 192294 | Multiple analysis | Revenue multiple | 3.9x - 14.4x | 11.4x |
|  | 72872 | Multiple analysis | EBITDA multiple | 5.7x - 24.5x | 15.4x |
|  | 243 | Discounted cash flow analysis | Discount rate | 25.0% | 25.0% |
| Limited partnership interests | 20650 | Multiple analysis | Net revenue share | 13.3x | 13.3x |
|  | 1786 | Multiple analysis | EBITDA multiple | 15.0x | 15.0x |
| Warrants | 250 | Multiple analysis | EV multiple | 1.0x | 1.0x |
| **Total Level 3 investments** | $532424 |  |  |  |  |

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________________________________________

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | | | **Unobservable Input** | **Unobservable Input** | **Unobservable Input** |
|<br>**Asset Category** |<br>**Fair Value** |<br>**Primary Valuation Techniques** | **Input** | **Estimated Range** | **Weighted Average**<sup>(1)</sup> |
| First lien senior secured loan | $83213 | Yield analysis | Market yield | 8.9% - 9.9% | 9.4% |
| First lien senior secured revolving loan | 785 | Yield analysis | Market yield | 9.1% - 9.8% | 9.5% |
| First lien senior secured delayed draw loan | 579 | Yield analysis | Market yield | 8.7% | 8.7% |
| Preferred equity | 38369 | Multiple analysis | EBITDA multiple | 7.5x - 14.1x | 13.2x |
|  | 21436 | Yield analysis | Market yield | 9.5% | 9.5% |
| Common equity | 104675 | Multiple analysis | Revenue multiple | 2.2x - 11.5x | 10.9x |
|  | 44832 | Multiple analysis | EBITDA multiple | 6.7x - 14.7x | 11.9x |
| Limited partnership interests | 9105 | Multiple analysis | Revenue multiple | 14.6x | 14.6x |
| **Total Level 3 investments** | $302994 |  |  |  |  |

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________________________________________

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

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

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First Lien Senior Secured Loan** | **First Lien Senior Secured Delayed Draw Loan** | **First Lien Senior Secured Revolving Loan** | **Second Lien Senior Secured Loan** | **Preferred Equity** | &nbsp;&nbsp;**Common Equity** | **Limited Partnership Interests** | **Warrants** | **Total** |
| **Balance as of December 31, 2025** | $127774 | $5900 | $2541 | $— | $90882 | $188446 | $10878 | $— | $426421 |
| Net realized gains | 405 | 88 | 11 |  |  | 4256 |  |  | 4760 |
| Net unrealized gains (losses) | (399) | (92) | 37 | (14) | 286 | 30717 | 357 | (1) | 30891 |
| Purchase of investments | 25072 | 630 | 3863 | 4764 | 10280 | 54542 | 11201 | 251 | 110603 |
| Proceeds from sales and principal paydowns and return of capital | (22042) | (4730) | (1074) |  |  | (12552) |  |  | (40398) |
| PIK interest and dividends | 79 |  |  |  |  |  |  |  | 79 |
| Net accretion of discounts on investments | 64 | (3) | 6 |  | 1 |  |  |  | 68 |
| **Balance as of March 31, 2026** | $130953 | $1793 | $5384 | $4750 | $101449 | $265409 | $22436 | $250 | $532424 |
| Net change in unrealized gains (losses) from investments held at March 31, 2026 | $18 | $117 | $37 | $(14) | $287 | $34974 | $— | $— | $35419 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First Lien Senior Secured Loan** | **First Lien Senior Secured Delayed Draw Loan** | **First Lien Senior Secured Revolving Loan** | **Second Lien Senior Secured Loan** | **Preferred Equity** | &nbsp;&nbsp;**Common Equity** | **Limited Partnership Interests** | **Warrants** | **Total** |
| **Balance as of September 30, 2025** | $83213 | $579 | $785 | $— | $59805 | $148007 | $10605 | $— | $302994 |
| Net realized gains | 403 | 88 | 57 |  |  | 4256 |  |  | 4804 |
| Net unrealized gains (losses) | 230 | (84) | 39 | (14) | (83) | 35402 | 588 | (1) | 36077 |
| Purchase of investments | 68990 | 5950 | 6636 | 4764 | 41726 | 91297 | 11243 | 251 | 230857 |
| Proceeds from sales and principal paydowns and return of capital | (22289) | (4742) | (2140) |  |  | (13553) |  |  | (42724) |
| PIK interest and dividends | 305 |  |  |  |  |  |  |  | 305 |
| Net accretion of discounts on investments | 101 | 2 | 7 |  | 1 | **—** |  |  | 111 |
| **Balance as of March 31, 2026** | $130953 | $1793 | $5384 | $4750 | $101449 | $265409 | $22436 | $250 | $532424 |
| Net change in unrealized gains (losses) from investments held at March 31, 2026 | $813 | $119 | $120 | $(14) | $444 | $56346 | $— | $— | $57828 |

---

There were no investment transfers into or out of Level 3 for the three and six months ended March 31, 2026.

The following tables present changes in investments that use Level 3 inputs as of March 31, 2025 and for the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First Lien Senior Secured Loan** | **First Lien Senior Secured Delayed Draw Loan** | **First Lien Senior Secured Revolving Loan** | **Preferred Equity** | &nbsp;&nbsp;**Common Equity** | **Limited Partnership Interests** | **Total** |
| **Balance as of December 31, 2024** | $— | $— | $— | $20038 | $85878 | $— | $105916 |
| Net unrealized gains |  |  |  | 73 | 1760 |  | 1833 |
| Purchase of investments |  |  |  |  | 8488 | 8105 | 16593 |
| **Balance as of March 31, 2025** | $— | $— | $— | $20111 | $96126 | $8105 | $124342 |
| Net change in unrealized gains from investments held at March 31, 2025 | $— | $— | $— | $72 | $1760 | $— | $1832 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First Lien Senior Secured Loan** | **First Lien Senior Secured Delayed Draw Loan** | **First Lien Senior Secured Revolving Loan** | **Preferred Equity** | &nbsp;&nbsp;**Common Equity** | **Limited Partnership Interests** | **Total** |
| **Balance as of December 6, 2024** | $— | $— | $— | $— | $— | $— | $— |
| Net realized losses |  |  |  | (3) |  |  | (3) |
| Net unrealized gains |  |  |  | 111 | 1760 |  | 1871 |
| Purchase of investments |  |  |  | 20003 | 94366 | 8105 | 122474 |
| **Balance as of March 31, 2025** | $— | $— | $— | $20111 | $96126 | $8105 | $124342 |
| Net change in unrealized gains from investments held at March 31, 2025 | $— | $— | $— | $111 | $1760 | $— | $1871 |

---

------

There were no investment transfers into or out of Level 3 for the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025.

**5. DERIVATIVE INSTRUMENTS** 

The Fund recognizes all of its derivative instruments at fair value as either assets or liabilities in the accompanying Consolidated Statements of Assets and Liabilities. The changes in the fair value are included in the accompanying Consolidated Statements of Operations. The Fund is exposed to certain risks relating to their ongoing operations; the primary risk managed by using derivative instruments is foreign currency risk. As of March 31, 2026 and September 30, 2025, the only instruments meeting the definition of a derivative instrument held by the Fund were foreign currency forward contracts. The Fund enters into foreign currency forward contracts from time to time to help mitigate its foreign currency risk exposure. As of March 31, 2026 and September 30, 2025, the counterparty to the Fund's foreign currency forward contracts was Macquarie Bank Limited.

Certain information related to the Fund's derivative instruments as of March 31, 2026 and September 30, 2025 is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|<br>**Derivative Instrument** | **Notional Amount** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized Liabilities** | **Consolidated Statements of Assets and Liabilities<br>Location of Net Amounts** |
| Foreign currency forward contracts | 30000 | $70 | $— | Other assets |
| Foreign currency forward contracts | £14087 | 268 |  | Other assets |
| Foreign currency forward contracts | 10976 | 134 | (30) | Other assets |
|  |  | $472 | $(30) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|<br>**Derivative Instrument** | **Notional Amount** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized Liabilities** | **Consolidated Statements of Assets and Liabilities<br>Location of Net Amounts** |
| Foreign currency forward contracts | £11900 | $— | $(54) | Accrued expenses and other liabilities |
| Foreign currency forward contracts | 8000 |  | (161) | Accrued expenses and other liabilities |
|  |  | $— | $(215) |  |

---

Net unrealized gains (losses) on derivative instruments recognized by the Fund for the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025 are in the following location in the accompanying Consolidated Statements of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the period from December 6, 2024 (commencement of operations) to March 31,** |
|<br>**Derivative Instrument** |<br>**Statement Location** | **2026** | **2025** | **2026** | **2025** |
| Foreign currency forward contracts | Net unrealized gains on derivative contracts | $723 | $— | $656 | $— |
| &nbsp;&nbsp;&nbsp;Total |  | $723 | $— | $656 | $— |

---

**Offsetting Arrangements**

Although the Fund generally presents derivative instruments on a gross basis in the accompanying Consolidated Statements of Assets and Liabilities, certain derivatives are subject to enforceable master netting arrangements with certain counterparties which allow for the derivatives to be offset.

------

The following tables present the rights of setoff and related arrangements associated with the Fund's derivative instruments as of March 31, 2026 and September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **As of March 31, 2026** |
| | | | | **Gross Amounts Not Offset in the Consolidated Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statements of Assets and Liabilities** | |
|<br>**Description** |<br>**Gross Amount of Recognized Assets (Liabilities)** |<br>**Gross Amount offset in Assets (Liabilities)** |<br>**Net Amounts of Assets (Liabilities) Presented** | **Financial Instruments** | **Collateral (Received) Pledged** |<br>**Net Amount** |
| **Assets:** | | | | | | |
| Foreign currency forward contract | $472 | $(30) | $442 | $— | $— | $442 |
| Total | $472 | $(30) | $442 | $— | $— | $442 |
| **Liabilities:** |  |  |  |  |  |  |
| Foreign currency forward contracts | $(30) | $30 | $— | $— | $— | $— |
| Total | $(30) | $30 | $— | $— | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | | | | **Gross Amounts Not Offset in the Consolidated Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statements of Assets and Liabilities** | |
|<br>**Description** |<br>**Gross Amount of Recognized Assets (Liabilities)** |<br>**Gross Amount offset in Assets (Liabilities)** |<br>**Net Amounts of Assets (Liabilities) Presented** | **Financial Instruments** | **Collateral (Received) Pledged** |<br>**Net Amount** |
| **Liabilities:** | | | | | | |
| Foreign currency forward contracts | $(215) | $— | $(215) | $— | $— | $(215) |
| Total | $(215) | $— | $(215) | $— | $— | $(215) |

---

**6. DEBT** 

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

***JPM Credit Facility***

On March 27, 2026, ASME O Holdings I Finco LLC ("Company I"), ASME O Holdings II Finco LLC ("Company II"), and ASME O Holdings III Finco LLC ("Company III" and, together with Company I and Company II, the "Fincos"), each an indirect subsidiary of the Fund, entered into a senior secured revolving credit facility with JPMorgan Chase Bank, N.A. (the "JPM Credit Facility"), that allowed the Fincos to borrow up to $125,000 (subject to a scheduled increase to $250,000 on April 28, 2026) at any one time outstanding. As of March 31, 2026, the end of the reinvestment period and the stated maturity date for the JPM Credit Facility is March 27, 2029 and March 27, 2031, respectively. See Note 12 for a subsequent event related to the JPM Credit Facility.

The obligations of the Fincos under the JPM Credit Facility are secured by substantially all of the assets held by the Fincos, including certain portfolio investments held or acquired by the Fincos, or contributed to the Fincos from time to time. Amounts available to borrow under the JPM Credit Facility are subject to borrowing base, leverage and other restrictions. The Fund is also required to comply with various covenants, reporting requirements and other customary requirements for similar agreements. These covenants are subject to certain limitations and exceptions that are described in the documents governing the JPM Credit Facility. As of March 31, 2026, the Fund was in compliance in all material respects with the terms of the JPM Credit Facility.

In connection with the entry into the JPM Credit Facility, the Fund entered into a guarantee and security agreement pursuant to which the Fund unconditionally and irrevocably guarantees payment and satisfaction of the obligations of the Fincos under the JPM Credit Facility ("Guarantee Agreement"). The obligations by the Fund under the Guarantee Agreement are full recourse obligations and payment is due upon demand. The Guarantee Agreement contains customary representations and warranties by the Fund and the Fund is required to comply with various customary covenants. As of March 31, 2026, there were no outstanding borrowings under the JPM Credit Facility. The interest charged on the JPM Credit Facility is based on the Secured Overnight Financing Rate ("SOFR") plus an applicable margin between 1.50% and 3.27% per annum, depending on the type of related collateral and currency of the borrowing. The Fincos are also required to pay, among other fees, a

------

commitment fee dependent between 0.50% and 1.50% on the aggregate amount of unused commitments under the JPM Credit Facility.

***USB Credit Facility***

On December 6, 2024, the Fund entered into a revolving credit facility with U.S. Bank (the "USB Credit Facility") that allowed the Fund to borrow up to $115,000 at any one time outstanding. On July 28, 2025, the maximum commitment under the USB Credit Facility was reduced to $75,000 at any one time outstanding. On November 25, 2025, the USB Credit Facility was terminated in accordance with its terms. There were no outstanding borrowings under the USB Credit Facility at the time of termination.

The interest charged on the USB Credit Facility was based on the SOFR plus an applicable spread of 1.80%. The Fund was also required to pay a commitment fee of 0.25% per annum depending on the size of the unused portion of the USB Credit Facility.

For the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rate (i.e., rate in effect plus the spread) and average outstanding balances for the USB Credit Facility were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the period from December 6, 2024 (commencement of operations) to March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| Stated interest expense | $— | $1792 | $— | $2246 |
| Unused commitment fees |  | 2 | 1 | 5 |
| Amortization of debt issuance costs |  | 67 | 378 | 87 |
| Total interest expense and credit facility fees | $— | $1861 | $379 | $2338 |
| Cash paid for interest expense | $— | $1812 | $74 | $1812 |
| Average stated interest rate | —% | 6.38% | —% | 6.38% |
| Average outstanding balance | $— | $112500 | $— | $112500 |

---

***CNB Credit Facility***

On February 18, 2025, the Fund entered into a revolving credit facility with City National Bank (the "CNB Credit Facility") that allowed the Fund to borrow up to $185,700 at any one time outstanding. The CNB Credit Facility had a stated maturity date of November 18, 2025, and it expired on that date in accordance with its terms and was not renewed. There were no outstanding borrowings under the CNB Credit Facility at the time of expiration.

The interest charged on the CNB Credit Facility was based on SOFR plus an applicable spread of 1.25%. The Fund was also required to pay a commitment fee of 0.35% per annum depending on the size of the unused portion of the CNB Credit Facility.

For the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025, the components of interest and credit facility fees

------

expense, cash paid for interest expense, average stated interest rate (i.e., rate in effect plus the spread) and average outstanding balances for the CNB Credit Facility were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the period from December 6, 2024 (commencement of operations) to March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| Stated interest expense | $— | $41 | $38 | $41 |
| Unused commitment fees |  | 103 | 84 | 103 |
| Amortization of debt issuance costs |  |  | 277 |  |
| Total interest expense and credit facility fees | $— | $144 | $399 | $144 |
| Cash paid for interest expense | $— | $26 | $415 | $26 |
| Average stated interest rate | —% | 4.15% | 5.44% | 4.15% |
| Average outstanding balance | $— | $4259 | $1826 | $4259 |

---

**7. NET ASSETS**

The Fund, at the direction of the General Partner, has the authority to issue an unlimited number of nine classes (each a "Class") of Units: Class S Units, Class D Units, Class N Units, Class I Units, Class A-S Units, Class A-D Units, Class A-N Units, Class A-I Units and Class E Units. Class S Units and Class N Units are available through brokerage and transaction-based accounts. The key differences among each Class relate to the ongoing servicing fees and upfront subscription fees attributable to each Class.

The issuances of Units by the Fund related to monthly subscriptions are effective the first calendar day of each month. The purchase price per Unit of each Class is equal to the Transactional NAV per Unit for such Class as of the last calendar day of the immediately preceding month. Before the Fund determined its first Transactional NAV, the initial subscription price for Units was $25.00 per Unit net of applicable upfront subscription fees and servicing fees billed. The Transactional NAV for each Class was first determined as of the end of the first full month after the Initial Closing Date. Thereafter, the Transactional NAV is based on the month-end values of investments, the addition of the value of any other assets such as cash, the deduction of any liabilities, including the allocation/accrual of the Management Fee and the Performance Participation Allocation and the deduction of expenses attributable to certain Classes of Units, such as applicable servicing fees, in all cases as determined in accordance with the Manager's valuation policy.

------

The following table presents transactions in Units for the three and six months ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Six Months Ended March 31, 2026** | **For the Six Months Ended March 31, 2026** |
| | **Units** | **Amount** | **Units** | **Amount** |
| **Class A-I** | | | | |
| Subscriptions(1) | 1234 | $33533 | 3407 | $91439 |
| Net increase | 1234 | $33533 | 3407 | $91439 |
| **Class A-S** |  |  |  |  |
| Subscriptions(1) | 2467 | $66595 | 8170 | $218023 |
| Redeemed units, net of early redemption deduction | (1) | (25) | (1) | (25) |
| Net increase | 2466 | $66570 | 8169 | $217998 |
| **Class A-N(2)** |  |  |  |  |
| Subscriptions(1) | 3 | $79 | 3 | $79 |
| Net increase | 3 | $79 | 3 | $79 |
| **Class A-D** |  |  |  |  |
| Subscriptions(1) | 49 | $1330 | 426 | $11330 |
| Net increase | 49 | $1330 | 426 | $11330 |
| **Class I** |  |  |  |  |
| Subscriptions(1) | 373 | $10134 | 782 | $21055 |
| Net increase | 373 | $10134 | 782 | $21055 |
| **Class S** |  |  |  |  |
| Subscriptions(1) | 20 | $533 | 47 | $1251 |
| Net increase | 20 | $533 | 47 | $1251 |
| **Class N(2)** |  |  |  |  |
| Subscriptions(1) | 3 | $79 | 3 | $79 |
| Net increase | 3 | $79 | 3 | $79 |
| **Class D** |  |  |  |  |
| Subscriptions(1) | 14 | $379 | 16 | $444 |
| Net increase | 14 | $379 | 16 | $444 |
| **Class E** |  |  |  |  |
| Subscriptions(1) |  | $— |  | $— |
| Net increase |  | $— |  | $— |

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____________________________________

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

(2)The date of the first sale of Class A-N Units and Class N Units was March 1, 2026.

The Fund had not received subscriptions during the period from December 6, 2024 (commencement of operations) to March 31, 2025.

*Unit Redemption Program*

The General Partner has adopted a Unit redemption program (the "Unit Redemption Program") whereby the Fund is expected to redeem in each calendar quarter up to 3% of Units outstanding (by aggregate NAV) measured as of the close of the previous calendar quarter (the "Redemption Date"). The Unit Redemption Program commenced beginning the first calendar quarter of 2026.

Any redemption requests for Units that have been outstanding for fewer than 18 months will be subject to an early redemption deduction equal to 5% of the Transactional NAV of the Units being redeemed, calculated as of the Redemption Date (the "Early Redemption Deduction").

------

If the General Partner determines to redeem some but not all of the Units submitted for redemption during any quarter or if redemption requests during any quarter exceed 3% of the Units outstanding (by aggregate NAV) measured on the close of the previous calendar quarter, Units submitted for redemption during such calendar quarter will be redeemed on a pro rata basis after the Fund has redeemed all Units for which redemption has been requested due to death or qualifying disability submitted for redemption during any calendar quarter.

During the three and six month periods ended March 31, 2026, 1 Unit and 1 Unit, respectively, were redeemed for an aggregate value, net of the Early Redemption Deduction, of $25 and $25, respectively.

**8. COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Fund may enter into contracts that contain a variety of indemnification provisions. The Fund's maximum exposure under these arrangements is unknown. To the extent that there are any existing claims against the Fund, the Manager expects the risk of loss to be remote. Any other exposure to the Fund under these arrangements would involve future claims that may be made against the Fund. The Fund has therefore not accrued any liability in connection with such indemnification provisions.

***Investment Commitments***

The Fund has various commitments to fund investments in its portfolio. As of March 31, 2026 and September 30, 2025, the Fund had the following commitments to fund various revolving and delayed draw term senior secured loans:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **September 30, 2025** |
| Total revolving and delayed draw term loan commitments | $58694 | $22764 |
| &nbsp;&nbsp;&nbsp;Less: funded commitments | (7341) | (1458) |
| Total net unfunded revolving and delayed draw term loan commitments | $51353 | $21306 |

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In addition, as of March 31, 2026 and September 30, 2025, the Fund was party to agreements to fund equity investment commitments as follows:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **September 30, 2025** |
| Total equity commitments | $60625 | $41270 |
| &nbsp;&nbsp;&nbsp;Less: funded commitments | (21834) |  |
| Total net unfunded equity commitments | $38791 | $41270 |

---

**9. INCOME TAXES**

The Fund may be subject to taxes in various jurisdictions in which it invests. These taxes are accrued and withheld if applicable. The Fund records interest and penalties, if any, to the extent incurred related to income taxes within the accompanying Consolidated Statements of Operations. For the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025, there were no interest or penalties incurred.

Certain of the Fund's consolidated subsidiaries are subject to U.S. federal and state income taxes and therefore may be subject to current and deferred tax liabilities.

The Manager has evaluated the tax positions as of March 31, 2026 and determined that there are no uncertain tax positions that would require a liability for unrecognized tax benefits in the financial statements.

------

The effective income tax rate for the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025 differed from the federal statutory rate for the following reasons:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the period from December 6, 2024 (commencement of operations) to March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| Income tax expense at federal statutory rate | 21.0% | —% | 21.0% | —% |
| State and local taxes, net of federal benefit | 1.0 |  | 1.0 |  |
| Permanent items | 0.3 |  | 0.3 |  |
| Total effective income tax rate | 22.3% | —% | 22.3% | —% |

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**10. FINANCIAL HIGHLIGHTS**

The following financial highlights as of March 31, 2026 and for the six months ended March 31, 2026 are calculated for the unitholders as a whole. Calculation of these highlights on an individual unitholder basis may yield results that vary from those stated herein due to the timing of capital transactions and differing fee arrangements for each Class of Units. The Fund had not received subscriptions as of March 31, 2025 and for the period from December 6, 2024 (commencement of operations) to March 31, 2025.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of and For the Six Months Ended March 31, 2026** | **As of and For the Six Months Ended March 31, 2026** | **As of and For the Six Months Ended March 31, 2026** | **As of and For the Six Months Ended March 31, 2026** | **As of and For the Six Months Ended March 31, 2026** | **As of and For the Six Months Ended March 31, 2026** | **As of and For the Six Months Ended March 31, 2026** | **As of and For the Six Months Ended March 31, 2026** | **As of and For the Six Months Ended March 31, 2026** |
| | **Class A-I** | **Class A-S** | **Class A-N (4)** | **Class A-D** | **Class I** | **Class S** | **Class N (4)** | **Class D** | **Class E** |
| **Per unit data:** | | | | | | | | | |
| Net asset value at beginning of period | $25.86 | $24.41 | $25.86 | $25.45 | $25.86 | $24.42 | $25.86 | $25.45 | $25.86 |
| Net investment income for period(1) | 0.62 | 0.44 | (0.59) | 0.59 | 0.07 | 0.61 | (0.63) | 0.02 | 1.41 |
| Net realized and unrealized gains(1) | 1.16 | 2.17 | 2.38 | 1.35 | 1.67 | 1.72 | 2.38 | 2.14 | 0.63 |
| **Net increase in net assets from operations** | 1.78 | 2.61 | 1.79 | 1.94 | 1.74 | 2.33 | 1.75 | 2.16 | 2.04 |
| Servicing fee(1) |  | (1.01) | (0.87) | (0.21) |  | (0.76) | (0.87) | (0.48) |  |
| Total increase in net assets | 1.78 | 1.60 | 0.92 | 1.73 | 1.74 | 1.57 | 0.88 | 1.68 | 2.04 |
| **Net asset value at the end of period** | $27.64 | $26.01 | $26.78 | $27.18 | $27.60 | $25.99 | $26.74 | $27.13 | $27.90 |
| Total return based on net asset value before performance participation allocation(2) | 7.67% | 7.39% | 4.23% | 7.51% | 7.85% | 7.41% | 4.21% | 7.82% | 7.89% |
| Performance participation allocation | (0.79)% | (0.84)% | (0.67)% | (0.71)% | (1.12)% | (0.98)% | (0.81)% | (1.22)% | 0.00% |
| Total return based on net asset value after performance participation allocation(2) | 6.88% | 6.55% | 3.56% | 6.80% | 6.73% | 6.43% | 3.40% | 6.60% | 7.89% |
| Units outstanding, end of period | 8240 | 15459 | 3 | 1012 | 1130 | 121 | 3 | 24 | 1104 |
| **Ratio / Supplemental Data:** |  |  |  |  |  |  |  |  |  |
| Net assets at end of period | $227803 | $402027 | $78 | $27505 | $31186 | $3145 | $78 | $653 | $30802 |
| Ratio of operating expenses (excluding waiver of performance participation allocation, performance participation allocation and waiver of management fee) to weighted average net assets(3) | 2.38% | 6.09% | 5.02% | 3.20% | 2.39% | 5.37% | 5.18% | 4.09% | 1.17% |
| Ratio of waiver of management fee to weighted average net assets(3) | (0.29)% | (0.29)% | 0.00% | (0.32)% | (0.25)% | (0.34)% | 0.00% | (0.22)% | 0.00% |
| Ratio of performance participation allocation to weighted average net assets(3) | 0.91% | 0.95% | 0.65% | 0.83% | 1.23% | 1.13% | 0.78% | 1.28% | 0.00% |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Ratio of waiver of performance participation allocation to weighted average net assets(3) | (0.15)% | (0.15)% | 0.00% | (0.15)% | (0.15)% | (0.18)% | 0.00% | (0.11)% | 0.00% |
| Ratio of operating expenses (including waiver of performance participation allocation, performance participation allocation and waiver of management fee) to weighted average net assets(3) | 2.85% | 6.60% | 5.67% | 3.56% | 3.22% | 5.98% | 5.96% | 5.04% | 1.17% |
| Ratio of net investment income (loss) to weighted average net assets(3) | 3.94% | 3.42% | 0.65% | 3.85% | 1.83% | 4.01% | 0.36% | 1.58% | 7.53% |

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____________________________________

(1)Weighted average basic per unit data.

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

(3)The ratios reflect an annualized amount for all income, expenses and the corresponding waivers other than organizational expenses, offering expenses, waiver of performance participation allocation, performance participation allocation, income tax expense and waiver of management fee.

(4)The date of the first sale of Class A-N Units and Class N Units was March 1, 2026.

**11. SEGMENT REPORTING**

The Fund operates through a single operating and reporting segment with an investment objective to seek long-term capital appreciation and to a lesser extent, generate income by investing primarily in Target SME Investments. The chief operating decision maker ("CODM") is comprised of the Fund's chief executive officer, co-presidents, 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"). 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 Manager 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 consolidated financial statements or accompanying notes, except as discussed below.

On April 28, 2026, pursuant to the terms of the JPM Credit Facility, the aggregate commitments of the lenders thereunder increased from $125,000 to $250,000. The other terms of the JPM Credit Facility remained materially unchanged.

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Effective April 1, 2026, the Fund issued approximately 1,360 Units as part of its continuous Private Offering for aggregate consideration of $38,106. The following table details the Units issued:

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| | | |
|:---|:---|:---|
| **Unit Class** | **Number of Units Issued** | **Aggregate Consideration** |
| Class A-I | 261 | $7343 |
| Class A-S | 676 | 18873 |
| Class A-D | 64 | 1800 |
| Class I | 359 | 10090 |
| Total | 1360 | $38106 |

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The Fund received $26,919 of aggregate consideration relating to the issuance of Class A-I Units, Class A-S Units, Class A-D Units, Class I Units, Class S Units and Class D Units for subscriptions effective May 1, 2026.

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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 Sports, Media and Entertainment Opportunities LP (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 on-field success of certain sports teams affiliated with our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the rules of professional sports leagues regarding our rights to make investments in the sports sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes to consumer preferences relating to the sports, media and entertainment sectors;

&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, in particular in the sports, media and entertainment sectors, 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 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the development and use of artificial intelligence;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 dividend 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 Manager (defined below) 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 "Risk Factors" and elsewhere in Amendment No. 1 to our Registration Statement on Form 10, filed with the Securities and Exchange Commission (the "SEC") on December 15, 2025 (as amended, the "Registration Statement") 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, quarterly reports on Form 10-Q and current reports on Form 8-K.

**OVERVIEW**

We are a Delaware limited partnership formed on November 19, 2024, and are a private fund exempt from registration pursuant to Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act"). We are structured as a perpetual-life vehicle, with monthly, fully-funded subscriptions and periodic redemptions. We are conducting a continuous private offering (the "Private Offering") of our limited partnership units (the "Units") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), to investors that are both (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) qualified purchasers (as defined in the 1940 Act and rules thereunder).

Ares SME O TE LP is a Delaware series limited partnership consisting of four series, Ares SME O TE LP - Series 1, Ares SME O TE LP - Series 2, Ares SME O TE LP - Series 3 and Ares SME O TE LP - Series 4 (the "Feeder"), invests all or substantially all of its investable assets indirectly in us through Ares SME O CYM Series 1 LP, Ares SME O CYM Series 2 LP, Ares SME O CYM Series 3 LP and Ares SME O CYM Series 4 LP, respectively, all Cayman Islands exempted limited partnerships (the "Offshore Blockers"). The Feeder and its applicable series were established for certain investors with particular tax characteristics, such as tax-exempt unitholders and certain non-U.S. unitholders.

We may hold certain investments directly or indirectly through one or more entities formed by Ares SME Management O GP LLC, a Delaware limited liability company (the "General Partner"), for the purpose of directly or indirectly holding our investments. We collectively refer to all such entities as the "Intermediate Entities." The General Partner or an affiliate may create one or more parallel and/or other alternative investment entities to facilitate investment by certain investors to accommodate legal, tax, regulatory, compliance or certain other operational requirements that will generally co-invest (either directly or indirectly) in certain investments with us on a *pro rata* basis (each, a "Parallel Fund"). We, the Feeder, the Offshore Blockers, any other feeder funds, any Parallel Funds and any Intermediate Entities collectively form "Ares SME Opps", a flexible investment strategy focused on the sports, media and entertainment sectors.

The General Partner and our investment manager, Ares Capital Management LLC (the "Manager"), are subsidiaries of Ares Management Corporation ("Ares Management" or "Ares"), a publicly traded, leading global alternative investment

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manager. The overall responsibility for our oversight rests with the General Partner, subject to certain oversight rights held by our board of directors. The General Partner has delegated our portfolio management function to the Manager. The Manager is responsible for initiating, structuring and negotiating our investments. 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 seek to deliver long-term capital appreciation, and to a lesser extent, generate income by investing primarily in directly originated first lien, second lien, mezzanine and other high yield debt securities, preferred equity securities, common equity securities and other equity investments in sports leagues, sports teams and sports industry related companies, as well as media and entertainment companies (collectively, the "Target SME Investments"). To a lesser extent, we also invest in liquid debt and other securities that are not directly originated, including, without limitation, broadly syndicated loans and other more liquid credit securities, public equities, interests in collateralized debt obligation and loan obligation vehicles, derivatives, money market instruments and cash and cash equivalents across asset classes (including those not related to sports, media or entertainment industries) (the "Liquid Debt and Other Securities"). Liquid Debt and Other Securities may be used to generate income, facilitate capital deployment and provide a potential source of liquidity.

Our investment operations commenced on December 6, 2024. On June 1, 2025 (the "Initial Closing Date"), we held our first closing for third-party investors and sold our Units as part of the Private Offering.

**MACROECONOMIC ENVIRONMENT**

The period ended March 31, 2026 saw broader market volatility given the escalating concerns around AI-driven disruption and broader geopolitical uncertainty. Importantly, periods of market dislocation can create increased investment opportunities within sports, media, and entertainment. This increase is fueled by strong fundamentals that exhibit low correlation to broader market dynamics, including rising demand for live, unscripted content and structural shifts, such as the centralization of media rights at the league level, that have created longer-dated, more predictable revenue streams. Further, the sector remains significantly undercapitalized, driving demand for flexible capital solutions to support future growth. These factors are expected to continue to result in increased activity and investment opportunities in the future.

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**PERFORMANCE SUMMARY** 

The following table lists the performance across all classes of Units for the three months, six months and inception to date ended March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Unit Class** | **Inception Date** | **Quarter To Date Total Return** | **Year To Date <br>Total Return** | **Inception To Date Total Return(1)** |
| Class A-S | June 1, 2025 | 3.46% | 5.60% | 11.75% |
| Class A-N(2) | March 1, 2026 | 3.58% | 3.58% | 3.58% |
| Class A-D | September 1, 2025 | 3.62% | 5.91% | 5.91% |
| Class A-I | June 1, 2025 | 3.68% | 6.04% | 12.54% |
| Class E | June 1, 2025 | 4.64% | 7.03% | 13.59% |
| Class S | July 1, 2025 | 3.32% | 5.45% | 10.27% |
| Class N(2) | March 1, 2026 | 3.44% | 3.44% | 3.44% |
| Class D | September 1, 2025 | 3.45% | 5.74% | 9.60% |
| Class I | July 1, 2025 | 3.52% | 5.88% | 10.95% |

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_______________________________________________________________________________

(1)Returns shown reflect the percentage change in the transactional NAV per Unit from the beginning of the applicable period, plus the amount of any distribution per Unit declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. We did not declare or pay any distributions from inception through March 31, 2026. Returns shown are reflective of each class of Units and not of an individual investor. We believe total return is a useful measure of overall investment performance of our Units.

(2)The date of the first sale of Class A-N Units and Class N Units was March 1, 2026.

**INVESTMENT PORTFOLIO**

As of March 31, 2026, we had 31 portfolio companies with a total fair value of approximately $547 million in Targeted SME Investments, as well as an additional 110 investments in Liquid Debt and Other Securities with a total fair value of approximately $196 million.

The tables below present the diversification of our portfolio companies by asset class, industry and geography as of March 31, 2026, based upon the fair value of Targeted SME Investments. Percentages reflect a pro forma presentation of our investments as of March 31, 2026, inclusive of any transactions which were consummated after such date but funded by us on or before March 31, 2026.

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---

| | |
|:---|:---|
| | **As of March 31, 2026** |
| **Asset Class** | |
| First lien senior secured loan | 27% |
| First lien senior secured revolving loan | 1 |
| Second lien senior secured loan | 1 |
| Preferred equity | 19 |
| Common equity | 48 |
| Limited partnership | 4 |
| &nbsp;&nbsp;Total | 100% |

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

---

| | |
|:---|:---|
| | **As of March 31, 2026** |
| **Industry** | |
| Sports, Media and Entertainment | 76% |
| Consumer Services | 15 |
| Financial Services | 4 |
| Commercial and Professional Services | 2 |
| Transportation | 2 |
| Telecommunication Services | 1 |
| &nbsp;&nbsp;Total | 100% |

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| | |
|:---|:---|
| | **As of March 31, 2026** |
| **Geographic Region** | |
| North America | 92% |
| Europe | 8 |
| &nbsp;&nbsp;Total | 100% |

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**KEY COMPONENTS OF RESULTS OF OPERATIONS**

**Revenues**

We generate revenues primarily from our investments, including Target SME Investments. To a lesser extent, we also generate revenue in the form of interest and dividend income from our investments in Liquid Debt and Other Securities which may be used to generate income, facilitate capital deployment and provide a potential source of liquidity.

**Expenses**

The Manager expects to continue to advance all or a portion of the organizational and offering expenses through June 1, 2026 (the first anniversary of the Initial Closing Date) (such date, or such later date as determined by the Manager in its sole discretion, the "Effective Date"). We expect to reimburse the Manager for all such advanced expenses ratably over a 60-month period following the Effective Date.

All investment professionals and staff of the Manager, when and to the extent engaged in providing investment management services to us, and the compensation and the routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Manager. Under the 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 and six months ended March 31, 2026 for more information on fees and expenses.

**RESULTS OF OPERATIONS**

We commenced our investment operations on December 6, 2024. On June 1, 2025, we initially accepted subscriptions for Units by third-party investors.

***For the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025***

Operating results for the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the period from December 6, 2024 (commencement of operations) to March 31,** |
|<br>**(in thousands)** | **2026** | **2025** | **2026** | **2025** |
| Total investment income | $8448 | $379 | $16994 | $385 |
| Total expenses, net of waiver of performance participation allocation and management fee | 7912 | 2357 | 10396 | 3351 |
| Net investment income (loss) | 536 | (1978) | 6598 | (2966) |
| Net realized gains (losses) on investments and foreign currency | 4353 | (76) | 4490 | (79) |
| Net unrealized gains on investments, foreign currency and derivative contracts | 20997 | 1536 | 25174 | 1567 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $25886 | $(518) | $36262 | $(1478) |

---

Net increase (decrease) in net assets resulting from operations 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.

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**Investment Income**

For the three and six months ended March 31, 2026, we recorded $8.4 million and $17.0 million, respectively, of total investment income primarily due to our investment portfolio which continued to grow from $108.4 million at December 31, 2024 to $743.0 million at March 31, 2026.

**Operating Expenses**

Operating expenses for the three and six months ended March 31, 2026, the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the period from December 6, 2024 (commencement of operations) to March 31,** |
|<br>**(in thousands)** | **2026** | **2025** | **2026** | **2025** |
| Interest expense and credit facility fees | $— | $2005 | $778 | $2482 |
| Organizational expenses |  | 300 | 205 | 800 |
| Offering expenses | 132 |  | 493 |  |
| Management fee | 2114 |  | 3774 |  |
| Performance participation allocation | 4570 |  | 5425 |  |
| Administrative and other fees | 375 |  | 745 |  |
| Other general and administrative | 721 | 52 | 1491 | 69 |
| &nbsp;&nbsp;Total expenses | 7912 | 2357 | 12911 | 3351 |
| Waiver of management fee |  |  | (1660) |  |
| Waiver of performance participation allocation |  |  | (855) |  |
| Total expenses, net of waiver of performance participation allocation and management fee | $7912 | $2357 | $10396 | $3351 |

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The Manager agreed to waive the Management Fee through December 31, 2025.

The General Partner agreed to waive the Performance Participation Allocation through December 31, 2025.

The Manager expects to advance all or a portion of the operating expenses, which includes the organizational expenses, offering expenses, and administrative and other fees, borne by us through June 1, 2026. We expect to reimburse the Manager for such advanced expenses ratably over a 60-month reimbursement period following the Effective Date.

Administrative and other fees represent fees paid to Ares Operations for our allocable portion of overhead and other expenses incurred by Ares Operations in performing its obligations under the administration agreement, including our allocable portion of the compensation, rent and other expenses of certain of our officers and their respective staffs.

**Net Realized and Unrealized Gains on Investments, Derivative Contracts and Foreign Currency**

For the three and six months ended March 31, 2026, we recorded net realized gains on investments of $4.6 million and $4.7 million, respectively, primarily from full or partial sales of certain of our investments and also recognized net realized losses on foreign currency of $0.3 million and $0.2 million, respectively.

For the three and six months ended March 31, 2026, we recorded net unrealized gains on investments, including the net change in deferred tax liabilities, of $19.8 million and $24.2 million, respectively, and also recorded net unrealized gains on derivative contracts and foreign currency of $1.2 million and $1.0 million, respectively. For the three months ended March 31, 2025 and the period from December 6, 2024 (commencement of operations) to March 31, 2025, we recorded net unrealized gains on investments, including the net change in deferred tax liabilities, of $1.8 million and $1.9 million, respectively, and also recorded net unrealized losses on derivative contracts and foreign currency of $0.3 million and $0.3 million, respectively.

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**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES**

We generate cash primarily from the net proceeds of our Private Offering and cash flows from operations.

As of March 31, 2026, we had $50.5 million in cash. The primary use of our cash is to purchase investments in Target SME Investments or Liquid Debt and Other Securities, funding the cost of our operations, funding redemptions under our Unit redemption program, and funding cash distributions, if any, to the holders of the Units.

**Equity Capital Activities**

We, at the direction of the General Partner, have the authority to issue an unlimited number of nine classes (each a "Class") of Units: Class S Units, Class D Units, Class N Units, Class I Units, Class A-S Units, Class A-D Units, Class A-N Units, Class A-I Units and Class E Units. Class S Units and Class N Units are available through brokerage and transaction-based accounts. The key differences among each Class of Units relate to the ongoing Servicing Fees and upfront Subscription Fees attributable to each Class.

Our issuances of Units related to monthly subscriptions are effective the first calendar day of each month. The purchase price per Unit of each Class is equal to the transactional net asset value ("Transactional NAV") per Unit for such Class as of the last calendar day of the immediately preceding month. Before we determined our first Transactional NAV, the initial subscription price for Units was $25.00 per Unit net of applicable upfront Subscription Fees and Servicing Fees billed. The Transactional NAV for each Class of Units was first determined as of the end of the first full month after the Initial Closing Date, which was the Transactional NAV as of June 30, 2025. Thereafter, the Transactional NAV is based on the month-end values of investments, the addition of the value of any other assets such as cash, the deduction of any liabilities, including the allocation/accrual of the Management Fee and the Performance Participation Allocation and the deduction of expenses attributable to certain Classes of Units, such as applicable Servicing Fees, in all cases as determined in accordance with the Manager's valuation policy.

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The following table presents transactions in Units for the three and six 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** | **For the Six Months Ended March 31, 2026** | **For the Six Months Ended March 31, 2026** |
|<br>**(in thousands)** | **Units** | **Amount** | **Units** | **Amount** |
| **Class A-I** | | | | |
| Subscriptions(1) | 1234 | $33533 | 3407 | $91439 |
| Net increase | 1234 | $33533 | 3407 | $91439 |
| **Class A-S** |  |  |  |  |
| Subscriptions(1) | 2467 | $66595 | 8170 | $218023 |
| Redeemed units, net of early redemption deduction | (1) | (25) | (1) | (25) |
| Net increase | 2466 | $66570 | 8169 | $217998 |
| **Class A-N(2)** |  |  |  |  |
| Subscriptions(1) | 3 | $79 | 3 | $79 |
| Net increase | 3 | $79 | 3 | $79 |
| **Class A-D** |  |  |  |  |
| Subscriptions(1) | 49 | $1330 | 426 | $11330 |
| Net increase | 49 | $1330 | 426 | $11330 |
| **Class I** |  |  |  |  |
| Subscriptions(1) | 373 | $10134 | 782 | $21055 |
| Net increase | 373 | $10134 | 782 | $21055 |
| **Class S** |  |  |  |  |
| Subscriptions(1) | 20 | $533 | 47 | $1251 |
| Net increase | 20 | $533 | 47 | $1251 |
| **Class N(2)** |  |  |  |  |
| Subscriptions(1) | 3 | $79 | 3 | $79 |
| Net increase | 3 | $79 | 3 | $79 |
| **Class D** |  |  |  |  |
| Subscriptions(1) | 14 | $379 | 16 | $444 |
| Net increase | 14 | $379 | 16 | $444 |
| **Class E** |  |  |  |  |
| Subscriptions(1) |  | $— |  | $— |
| Net increase |  | $— |  | $— |

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____________________________________

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

(2)The date of the first sale of Class A-N Units and Class N Units was March 1, 2026.

*Unit Redemption Program*

The General Partner has adopted a Unit redemption program (the "Unit Redemption Program") whereby we expect to redeem in each calendar quarter up to 3% of Units outstanding (by aggregate NAV) measured as of the close of the previous calendar quarter (the "Redemption Date"). The Unit Redemption Program commenced beginning the first calendar quarter of 2026.

Any redemption requests for Units that have been outstanding for fewer than 18 months will be subject to an early redemption deduction equal to 5% of the Transactional NAV of the Units being redeemed, calculated as of the Redemption Date (the "Early Redemption Deduction").

If the General Partner determines to redeem some but not all of the Units submitted for redemption during any quarter or if redemption requests during any quarter exceed 3% of the Units outstanding (by aggregate NAV) measured on the close of

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the previous calendar quarter, Units submitted for redemption during such calendar quarter will be redeemed on a pro rata basis after we redeemed all Units for which redemption has been requested due to death or qualifying disability submitted for redemption during any calendar quarter.

During the three and six month periods ended March 31, 2026, 1,000 Units and 1,000 Units, respectively, were redeemed for an aggregate value, net of the Early Redemption Deduction, of $25 thousand and $25 thousand, respectively.

**Debt Capital Activities**

***JPM Credit Facility***

On March 27, 2026, ASME O Holdings I Finco LLC ("Company I"), ASME O Holdings II Finco LLC ("Company II"), and ASME O Holdings III Finco LLC ("Company III" and, together with Company I and Company II, the "Fincos"), each an indirect subsidiary of us, entered into a senior secured revolving credit facility with JPMorgan Chase Bank, N.A. (the "JPM Credit Facility") that allowed the Fincos to borrow up to $125 million (subject to a scheduled increase to $250 million on April 28, 2026) at any one time outstanding. As of March 31, 2026, the end of the reinvestment period and the stated maturity date for the JPM Credit Facility were March 27, 2029 and March 27, 2031, respectively. The interest rate charged on the JPM Credit Facility is based on SOFR plus an applicable margin between 1.50% and 3.27% per annum, depending on the type of related collateral and currency of the borrowing. The Fincos are also required to pay, among other fees, a commitment fee dependent between 0.50% and 1.50% on the aggregate amount of unused commitments under the JPM Credit Facility. As of March 31, 2026, there were no outstanding borrowings under the JPM Credit Facility and we were in compliance in all material respects with the terms of the JPM Credit Facility. 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 JPM Credit Facility.

***USB Credit Facility***

On December 6, 2024, we entered into a revolving credit facility with U.S. Bank (the "USB Credit Facility") that allowed us to borrow up to $115 million at any one time outstanding. On July 28, 2025, the maximum commitment under the USB Credit Facility was reduced to $75 million at any one time outstanding. On November 25, 2025, the USB Credit Facility was terminated in accordance with its terms. There were no outstanding borrowings under the USB Credit Facility at the time of termination.

***CNB Credit Facility***

On February 18, 2025, we entered into a revolving credit facility with City National Bank (the "CNB Credit Facility") that allowed us to borrow up to approximately $186 million at any one time outstanding. The CNB Credit Facility had a stated maturity date of November 18, 2025, and it expired on that date in accordance with its terms and was not renewed. There were no outstanding borrowings under the CNB Credit Facility at the time of expiration.

**Contractual Obligations and Commitments**

For information on contractual obligations and commitments extending beyond March 31, 2026, see Note 8 to our consolidated financial statements for the three and six months ended March 31, 2026.

**Transactional Net Asset Value**

We calculate Transactional NAV based on the month-end value of our investments, the addition of the value of any other assets (such as cash on hand, without duplication), and the deduction of any liabilities, including the allocation/accrual of the Management Fee and the Performance Participation and the deduction of expenses attributable to certain Classes, such as applicable Servicing Fees. Transactional NAV per Unit differs from our NAV per Unit for financial reporting purposes under U.S. generally accepted accounting principles ("U.S. GAAP").

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The following table provides details of the major components of our Transactional NAV as of March 31, 2026:

---

| | |
|:---|:---|
| **(amounts in thousands)<br>Components of Transactional NAV** | **As of March 31, 2026** |
| Investments at fair value (cost $693,023) | $743013 |
| Cash | 37704 |
| Cash denominated in foreign currency (cost $12,702) | 12820 |
| Other assets | 8237 |
| Organizational, offering and other fund expenses payable | 11572 |
| Other liabilities | (48214) |
| Accrued servicing fees(1) | (310) |
| Management fee payable | (791) |
| Performance participation allocation payable | (4570) |
| **Transactional NAV** | $759461 |
| **Number of Units outstanding** | 27096 |

---

_____________________________

(1)Accrued servicing fees represent the billed portion of servicing fees payable as of March 31, 2026. Servicing Fees are charged to Class A-S Units, Class A-N Units, Class A-D Units, Class S Units, Class N Units and Class D Units. Servicing Fees are recognized as a reduction to Transactional NAV on a monthly basis as such fees are accrued. In accordance with U.S. GAAP, our cost of unitholder Servicing Fees are accrued for the estimated life of the Units at the time the Class A-S Units, Class A-N Units, Class A-D Units, Class S Units, Class N Units and Class D Units are issued.

The following table provides details of our Transactional NAV and the Transactional NAV per Unit by class as of March 31, 2026 (amounts in thousands except per Unit amounts):

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| | | | |
|:---|:---|:---|:---|
| **Class** | **Transactional NAV** | **Number of Outstanding Units** | **Transactional NAV per Unit** |
| Class A-I | $231839 | 8240 | $28.13 |
| Class A-S | 431884 | 15459 | $27.94 |
| Class A-N | 83 | 3 | $28.12 |
| Class A-D | 28433 | 1012 | $28.09 |
| Class I | 31738 | 1130 | $28.09 |
| Class S | 3378 | 121 | $27.92 |
| Class N | 83 | 3 | $28.08 |
| Class D | 675 | 24 | $28.05 |
| Class E | 31348 | 1104 | $28.40 |
| **Total** | $759461 | 27096 |  |

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**Reconciliation of U.S. GAAP NAV to Transactional NAV** 

The following table reconciles our U.S. GAAP NAV to our Transactional NAV as of March 31, 2026:

---

| | |
|:---|:---|
| **(dollar amounts in thousands)** | **March 31, 2026** |
| U.S. GAAP NAV | $723277 |
| Adjustments |  |
| &nbsp;&nbsp;&nbsp;Organizational, offering and other fund expenses(1) | 13226 |
| &nbsp;&nbsp;&nbsp;Estimated servicing fees(2) | 22958 |
| **Transactional NAV** | $759461 |

---

_____________________________

(1)Represents an adjustment to reflect the recognition of organizational, offering and other fund operating expenses ratably over the 60-month reimbursement period beginning on June 1, 2026.

------

(2)Represents a reduction to our U.S. GAAP NAV in order to reflect Servicing Fees related to Class A-S Units, Class A-N Units, Class A-D Units, Class S Units, Class N Units and Class D Units as they are accrued for on a monthly basis. In accordance with U.S. GAAP, our cost of Servicing Fees are accrued for the estimated life of the Units at the time the Class A-S Units, Class A-N Units, Class A-D Units, Class S Units, Class N Units and Class D Units are issued. Such estimated Servicing Fees are excluded from Transactional NAV.

**RECENT DEVELOPMENTS**

On April 28, 2026, pursuant to the terms of the JPM Credit Facility, the aggregate commitments of the lenders thereunder increased from $125 million to $250 million. The other terms of the JPM Credit Facility remained materially unchanged.

Effective April 1, 2026, we issued approximately 1,360 Units as part of our continuous Private Offering for aggregate consideration of approximately $38.1 million. The following table details the Units issued (amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Units Issued** | **Aggregate Consideration** |
| Class A-I | 261 | $7343 |
| Class A-S | 676 | 18873 |
| Class A-D | 64 | 1800 |
| Class I | 359 | 10090 |
| Total | 1360 | $38106 |

---

We received approximately $27 million of aggregate consideration relating to the issuance of Class A-I Units, Class A-S Units, Class A-D Units, Class I Units, Class S Units and Class D Units for subscriptions effective May 1, 2026.

**CRITICAL ACCOUNTING ESTIMATES**

The consolidated financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. The preparation of these consolidated financial statements relies on estimates and assumptions that impact our financial position and results of operations. Please refer to Notes 2 and 4 to our consolidated financial statements for the three and six months ended March 31, 2026.

**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.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Manager 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 Manager 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 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.

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

------

similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Manager 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 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 Manager 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 Manager.

&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 Manager 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 Manager, along with relevant market and economic data, and independently determines a range of values for the portfolio investments.

&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 Manager 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 Manager 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 Manager for the portfolio investment is within the range of values independently calculated by such IVP.

When the Manager determines our transactional net asset value ("Transactional NAV"), which is the price at which transactions in the Units are made, calculated in accordance with the Manager's valuation policy, as of the last day of a month that is not also the last day of a calendar quarter, the Manager updates the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Manager will generally value such assets at the most recent quarterly valuation unless the Manager 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 Manager determines such a change has occurred with respect to one or more investments, the Manager will determine whether to update the value for each relevant investment. See Note 4 to our consolidated financial statements for the three months ended December 31, 2025 for more information on our investment valuation.

**Servicing Fees**

In accordance with U.S. GAAP, we accrue the estimated servicing fees for the life of outstanding Class S Units, Class A-S Units, Class N Units, Class A-N Units, Class D Units and Class A-D Units. This calculation of the estimated amount of servicing fees to be paid in future periods includes significant judgments and estimates. These include estimating the expected life of the Units held by a unitholder and making judgments regarding market expectations, including those related to future

------

redemptions. Servicing fees are recorded on the Consolidated Statements of Changes in Net Assets as a reduction to proceeds from Units sold.

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

We are subject to financial market risks, including changes in fair values, 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 "*Item 1A. Risk Factors—Risk Factors Relating to the Fund's Assets—Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on the Fund's business, financial condition and results of operations*", "*Item 1A. Risk Factors—Risks Relating to General Commercial Risks—Economic recessions, downturns or terrorist activities could impair the Fund's Portfolio Companies and harm the Fund's operating results*" and "*Item 1A. Risk Factors*—*Risks Relating to General Commercial Risks*—*Inflation may adversely affect the business, results of operations and financial condition of the Fund's Portfolio Companies*" in our Registration Statement.

***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 Manager based on, among other things, the input of our IVPs that have been engaged to support the valuation of each portfolio investment without a readily available market quotation 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 had 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 "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates" as well as Notes 2 and 4 to our consolidated financial statements for the three and six 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 *"Item 1A. Risk Factors—Risk Factors Relating to General Commercial Risks—The Fund is exposed to risks associated with changes in interest rates, including the current interest rate environment"* in our Registration Statement.

------

**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.

------

**PART II — OTHER INFORMATION**

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

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

From time to time, we, our General Partner, our executive officers, directors and our Manager, 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, our General Partner, and our Manager are also subject to extensive regulation, which, from time to time, results in requests for information from us or our Manager or legal or regulatory proceedings or investigations against us or our Manager. 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 Quarterly Report, consideration should be given to the information disclosed in "Item 1A. Risk Factors" in our Registration Statement, which could materially affect our business, financial condition and/or operating results. The risks described in our Registration Statement 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. There have been no material changes to the risk factors previously disclosed in our Registration Statement.

**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 Report on Form 8-Ks filed with the SEC on January 21, 2026, February 20, 2026 and March 20, 2026, for information about unregistered sales of our equity securities during the quarter ended March 31, 2026. All sales of unregistered securities during the three months ended March 31, 2026 were previously disclosed.

**Unit Redemption Program**

The Unit Redemption Program commenced beginning the first calendar quarter of 2026. The following table presents the redemptions of Units completed during the three months ended March 31, 2026 (amounts in thousands except per Unit amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Redemption Period (1)** | **Total Number of Units Redeemed <br>(All Classes)** | **Average Price Paid Per Unit <br>(All Classes) (2)** | **Total Number of Units Redeemed as Part of Publicly Announced Program<br>(All Classes)** | **Maximum Number of Units That May Yet Be Redeemed Under the Program <br>(All Classes) (3)** |
| January 1, 2026 - March 31, 2026 | 1 | $26.54 | 1 |  |

---

____________________________________

(1)Redemptions were effective as of March 31, 2026.

(2)Amounts shown net of the Early Redemption Deduction, as applicable.

(3)All redemption requests were satisfied in full.

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

Not applicable.

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

Not applicable.

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

Not applicable.

------

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

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/2046946/000110465925100471/tm2525590d2_ex3-1.htm)</u> | Certificate of Limited Partnership (incorporated by reference to Exhibit 3.1 to the Fund's Registration Statement on Form 10 (File No. 000-56791), filed on October 17, 2025). |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/2046946/000110465925121226/tm2525590d4_ex3-2.htm)</u> | Fourth Amended and Restated Limited Partnership Agreement, dated as of December 10, 2025 (incorporated by reference to Exhibit 3.2 to the Fund's Registration Statement on Form 10 (File No. 000-56791), filed on December 15, 2025). |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/2046946/000110465926039144/tm2611017d1_ex10-1.htm)</u> | Loan and Security Agreement, dated as of March 27, 2026, among ASME O Holdings I Finco LLC, ASME O Holdings II Finco LLC, and ASME O Holdings III Finco LLC, as borrowers, ASME O Holdings I LP, ASME O Holdings II LP and ASME O Holdings III LP, as Parents, the lenders party thereto, The Bank of New York Mellon Trust Company, National Association, as collateral administrator, collateral agent and securities intermediary, JPMorgan Chase Bank, National Association, as administrative agent and Ares Sports, Media and Entertainment Opportunities LP, as servicer (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 000-56791), filed on April 2, 2026). |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/2046946/000110465926039144/tm2611017d1_ex10-2.htm)</u> | Guarantee and Security Agreement, dated as of March 27, 2026, among Ares Sports, Media and Entertainment Opportunities LP, as guarantor and as grantor, for the benefit of The Bank of New York Mellon Trust Company, National Association, as collateral agent and JPMorgan Chase Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.2 to the Company's Form 8-K (File No. 000-56791), filed on April 2, 2026). |
| <u>[31.1](asmeq2-26exhibit311.htm)</u> | Certification by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\* |
| <u>[31.2](asmeq2-26exhibit312.htm)</u> | 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\* |
| <u>[32.1](asmeq2-26exhibit321.htm)</u> | Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*\* |
| 101.INS | 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) |

---

________________________________________

\*&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.

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| | **ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP** | **ARES SPORTS, MEDIA AND ENTERTAINMENT OPPORTUNITIES LP** |
| Date: May 15, 2026 | By: | /s/ MARK AFFOLTER |
|  |  | Mark Affolter<br>Chief Executive Officer |
| Date: May 15, 2026 | By: | /s/ SCOTT C. LEM |
|  |  | Scott C. Lem<br>Chief Financial Officer and Treasurer |
| Date: May 15, 2026 | By: | /s/ PAUL CHO |
|  |  | Paul Cho<br>Co-Chief Accounting Officer |
| Date: May 15, 2026 | By: | /s/ KIMBERLY ZACCAGNINO |
|  |  | Kimberly Zaccagnino<br>Co-Chief Accounting Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer**

**of Periodic Report Pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Mark Affolter, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this Quarterly Report on Form 10-Q of Ares Sports, Media and Entertainment Opportunities LP;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

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

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

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

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

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

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

---

| |
|:---|
| Date: May 15, 2026 |
| /s/ MARK AFFOLTER |
| Mark Affolter<br>*Chief Executive Officer (principal executive officer)* |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer**

**of Periodic Report Pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Scott C. Lem, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this Quarterly Report on Form 10-Q of Ares Sports, Media and Entertainment Opportunities LP;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

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

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

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

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

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

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

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| |
|:---|
| Date: May 15, 2026 |
| /s/ SCOTT C. LEM |
| Scott C. Lem<br>*Chief Financial Officer and Treasurer (principal financial officer)* |

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## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer 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**

In connection with the Quarterly Report on Form 10-Q of Ares Sports, Media and Entertainment Opportunities LP (the "Fund") for the quarter ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Mark Affolter, as Chief Executive Officer of the Fund, and Scott C. Lem, as Chief Financial Officer and Treasurer of the Fund, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

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| |
|:---|
| Date: May 15, 2026 |
| /s/ MARK AFFOLTER |
| Mark Affolter<br>*Chief Executive Officer (principal executive officer)* |
| Date: May 15, 2026 |
| /s/ SCOTT C. LEM |
| Scott C. Lem<br>*Chief Financial Officer and Treasurer (principal financial officer)* |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Ares Sports, Media and Entertainment Opportunities LP and will be retained by Ares Sports, Media and Entertainment Opportunities LP and furnished to the Securities and Exchange Commission or its staff upon request.

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