# EDGAR Filing Document

**Accession Number:** 0002031750
**File Stem:** 0001628280-25-039307
**Filing Date:** 2025-8
**Character Count:** 239555
**Document Hash:** 3aacb1ac4a6402a72b0af725e452a657
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-039307.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001628280-25-039307

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01811
- **FILM NUMBER:** 251199117

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

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

?xml version='1.0' encoding='ASCII'? aci-20250630

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

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

**For the quarterly period ended June 30, 2025** 

**OR**

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

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

**Commission File No. 000-56695**

**ARES CORE INFRASTRUCTURE FUND**

(Exact name of Registrant as specified in its charter)

---

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

---

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

(Address of principal executive office) (Zip Code)

**(212) 750-7300** 

(Registrant's telephone number, including area code)

**N/A**

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

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

---

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

---

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

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

(Title of Class)

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

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

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

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

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

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

As of August 5, 2025 there was no established public market for the registrant's common shares of beneficial interest, par value $0.01 per share (the "Shares"). The number of Shares outstanding as of August 5, 2025 was 47,325,912, consisting of 47,325,912, 0, 0, and 0 of Class I, Class D, Class N and Class S common shares, respectively.

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**Quarterly Report on Form 10-Q**

**Table of Contents** 

---

| | |
|:---|:---|
| | **Page** |
| **<u>[PART I—FINANCIAL INFORMATION](#i9fb99138d0004b21a58ca83582a00cc1_13)</u>** | |
| &nbsp;&nbsp;&nbsp;<u>[Item 1. Financial Statements](#i9fb99138d0004b21a58ca83582a00cc1_16)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement](#i9fb99138d0004b21a58ca83582a00cc1_19)[s](#i9fb99138d0004b21a58ca83582a00cc1_19)[of Assets and Liabilities as of](#i9fb99138d0004b21a58ca83582a00cc1_19)[June](#i9fb99138d0004b21a58ca83582a00cc1_19)[3](#i9fb99138d0004b21a58ca83582a00cc1_19)[0](#i9fb99138d0004b21a58ca83582a00cc1_19)[, 2025 (unaudited) and December 31, 2024](#i9fb99138d0004b21a58ca83582a00cc1_19)</u>  | <u>[3](#i9fb99138d0004b21a58ca83582a00cc1_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement](#i9fb99138d0004b21a58ca83582a00cc1_22)[s](#i9fb99138d0004b21a58ca83582a00cc1_22)[of Operations for the three and six months ended June 30, 2025 and for the period from May 7, 2024 (inception) to June 30, 2024 (unaudited)](#i9fb99138d0004b21a58ca83582a00cc1_22)</u> | <u>[4](#i9fb99138d0004b21a58ca83582a00cc1_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Schedule](#i9fb99138d0004b21a58ca83582a00cc1_25)[s](#i9fb99138d0004b21a58ca83582a00cc1_25)[of Investment](#i9fb99138d0004b21a58ca83582a00cc1_25)[s](#i9fb99138d0004b21a58ca83582a00cc1_25)[as of](#i9fb99138d0004b21a58ca83582a00cc1_25)[June 30](#i9fb99138d0004b21a58ca83582a00cc1_25)[, 2025 (unaudited) and December 31, 2024](#i9fb99138d0004b21a58ca83582a00cc1_25)</u> | <u>[5](#i9fb99138d0004b21a58ca83582a00cc1_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and for the period from May 7, 2024 (inception) to June 30, 2024 (unaudited)](#i9fb99138d0004b21a58ca83582a00cc1_4947802326089)</u> | <u>[10](#i9fb99138d0004b21a58ca83582a00cc1_4947802326089)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement](#i9fb99138d0004b21a58ca83582a00cc1_34)[s](#i9fb99138d0004b21a58ca83582a00cc1_34)[of Cash Flows for the six months ended June 30, 2025 and for the period from May 7, 2024 (inception) to June 30, 2024 (unaudited)](#i9fb99138d0004b21a58ca83582a00cc1_34)</u> | <u>[11](#i9fb99138d0004b21a58ca83582a00cc1_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements (](#i9fb99138d0004b21a58ca83582a00cc1_40)[u](#i9fb99138d0004b21a58ca83582a00cc1_40)[naudited)](#i9fb99138d0004b21a58ca83582a00cc1_40)</u> | <u>[12](#i9fb99138d0004b21a58ca83582a00cc1_40)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9fb99138d0004b21a58ca83582a00cc1_85)</u> | <u>[37](#i9fb99138d0004b21a58ca83582a00cc1_85)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i9fb99138d0004b21a58ca83582a00cc1_106)</u> | <u>[49](#i9fb99138d0004b21a58ca83582a00cc1_106)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#i9fb99138d0004b21a58ca83582a00cc1_109)</u> | <u>[50](#i9fb99138d0004b21a58ca83582a00cc1_109)</u> |
| **<u>[PART II—OTHER INFORMATION](#i9fb99138d0004b21a58ca83582a00cc1_115)</u>** |  |
| &nbsp;&nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#i9fb99138d0004b21a58ca83582a00cc1_118)</u> | <u>[51](#i9fb99138d0004b21a58ca83582a00cc1_118)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 1A. Risk Factors](#i9fb99138d0004b21a58ca83582a00cc1_121)</u> | <u>[51](#i9fb99138d0004b21a58ca83582a00cc1_121)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i9fb99138d0004b21a58ca83582a00cc1_124)</u> | <u>[52](#i9fb99138d0004b21a58ca83582a00cc1_124)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 3. Defaults Upon Senior Securities](#i9fb99138d0004b21a58ca83582a00cc1_127)</u> | <u>[52](#i9fb99138d0004b21a58ca83582a00cc1_127)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures](#i9fb99138d0004b21a58ca83582a00cc1_130)</u> | <u>[52](#i9fb99138d0004b21a58ca83582a00cc1_130)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 5. Other Information](#i9fb99138d0004b21a58ca83582a00cc1_133)</u> | <u>[52](#i9fb99138d0004b21a58ca83582a00cc1_130)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 6. Exhibits](#i9fb99138d0004b21a58ca83582a00cc1_136)</u> | <u>[53](#i9fb99138d0004b21a58ca83582a00cc1_136)</u> |
| <u>[Signatures](#i9fb99138d0004b21a58ca83582a00cc1_139)</u> | <u>[54](#i9fb99138d0004b21a58ca83582a00cc1_139)</u> |

---

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**ARES CORE INFRASTRUCTURE FUND**

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

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (Cost of $896,289 and $347,531, respectively) | $930595 | $339136 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 224393 | 25528 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 228 | 1789 |
| &nbsp;&nbsp;Derivative contracts, at fair value (Cost of $0 and $0, respectively) | 7328 | 10414 |
| &nbsp;&nbsp;&nbsp;Offering costs | 1818 | 3078 |
| &nbsp;&nbsp;&nbsp;Other assets | 2384 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**1166746** | $**380607** |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;Term loans payable (net of deferred financing costs of $9,881 and $5,251, respectively) | $251030 | $207253 |
| &nbsp;&nbsp;&nbsp;Unsettled trades payable | 68062 |  |
| &nbsp;&nbsp;&nbsp;Deferred tax liability, net | 9893 | 1904 |
| &nbsp;&nbsp;&nbsp;Distributions payable | 6792 | 5742 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee payable | 4864 | 149 |
| &nbsp;&nbsp;Derivative contracts, at fair value (Cost of $0 and $0, respectively) | 3889 | 824 |
| &nbsp;&nbsp;&nbsp;Interest payable | 3713 | 4541 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 2059 | 3741 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 1381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **351683** | **224154** |
| Commitments and contingencies (Note 7) |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;Common shares, par value $0.01 per share, unlimited shares authorized; 32,669,087 and 6,226,600 shares issued and outstanding, respectively | 327 | 62 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 780817 | 149861 |
| &nbsp;&nbsp;&nbsp;Accumulated undistributed earnings | 33919 | 6530 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | **815063** | **156453** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $**1166746** | $**380607** |
| **NET ASSET VALUE PER SHARE** | $**24.9490** | $**25.1266** |
| **Class I Shares:** |  |  |
| Net assets | $815063 | $156453 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1) | 32669087 | 6226600 |
| Net asset value per share | $**24.9490** | $**25.1266** |

---

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

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**($ in thousands)**

**(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the period from May 7, 2024 (inception) to June 30, 2024** |
| **Income:** | | | |
| &nbsp;&nbsp;Distribution income | $10818 | $10818 | $— |
| &nbsp;&nbsp;Interest income | 3193 | 4257 |  |
| **Total income** | **14011** | **15075** | **—** |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 5203 | 9171 |  |
| &nbsp;&nbsp;&nbsp;Organizational expenses | 4 | 35 | 2050 |
| &nbsp;&nbsp;&nbsp;Administration fees | 646 | 1498 |  |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee | 2707 | 4715 |  |
| &nbsp;&nbsp;&nbsp;Management fees | 2651 | 3533 |  |
| &nbsp;&nbsp;&nbsp;Offering expenses | 1187 | 2204 |  |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 981 | 1995 |  |
| &nbsp;&nbsp;&nbsp;**Total expenses** | **13379** | **23151** | **2050** |
| &nbsp;&nbsp;Less: Expense support (Note 3) | (2668) | (5576) | (2050) |
| &nbsp;&nbsp;Less: Management fee waiver (Note 3) |  | (163) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | **10711** | **17412** | **—** |
| **Net investment income / (loss) before income taxes** | **3300** | **(2337)** | **—** |
| &nbsp;&nbsp;Income tax expense | **(5635)** | **(7989)** | **—** |
| **Net investment loss** | $**(2335)** | $**(10326)** | $**—** |
| **Unrealized and Realized Gains (Losses) On Investment And Derivatives:** |  |  |  |
| Net realized gains (losses): |  |  |  |
| &nbsp;&nbsp;Investments | $(160) | $(160) | $— |
| &nbsp;&nbsp;Derivatives | 405 | 1324 |  |
| Net realized gains | 245 | 1164 |  |
| Net unrealized gains (losses): |  |  |  |
| &nbsp;&nbsp;Investments | 22580 | 42702 |  |
| &nbsp;&nbsp;Derivatives | (1173) | (6151) |  |
| Net unrealized gains | 21407 | 36551 |  |
| **Net realized and unrealized gains on investment and derivatives** | **21652** | **37715** | **—** |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | $**19317** | $**27389** | $**—** |

---

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of June 30, 2025**

**($ in thousands)**

**(unaudited)**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Investment** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | | **% of Net Assets** |
| **Renewable Energy** | | | | | | | | | | | | |
| Aspen Renewables Equity Holdings LLC <sup>(1)(5)</sup> | Ordinary units |  |  |  | 03/2025 |  | 4900 |  | $407297 | $428389 | (2) |  |
| Denali Equity Holdings LLC <sup>(1)(5)</sup> | Class A units |  |  |  | 09/2024 |  | 3749 |  | 340995 | 354076 | (2) |  |
| TerraForm Power Operating, LLC | First lien senior secured loan | 6.30% | SOFR (Q) | 2.00% |  | 05/2029 |  | $1496 | 1475 | 1494 |  |  |
|  |  |  |  |  |  |  |  |  | 749767 | 783959 |  | 96.18% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Alpha Generation LLC | First lien senior secured loan | 6.33% | SOFR (M) | 2.00% |  | 09/2031 |  | 4799 | 4798 | 4789 |  |  |
| Astoria Energy LLC | First lien senior secured loan | 7.05% | SOFR (Q) | 2.75% |  | 06/2032 |  | 5000 | 4975 | 5000 |  |  |
| Cogentrix Finance Holdco I, LLC | First lien senior secured loan | 7.08% | SOFR (M) | 2.75% |  | 02/2032 |  | 7132 | 7143 | 7144 |  |  |
| Cornerstone Generation, LLC | First lien senior secured loan | 7.56% | SOFR (Q) | 3.25% |  | 10/2031 |  | 8760 | 8788 | 8800 |  |  |
| EFS Cogen Holdings I LLC | First lien senior secured loan | 7.80% | SOFR (Q) | 3.50% |  | 10/2031 |  | 13501 | 13543 | 13543 |  |  |
| Hill Top Energy Center, LLC | First lien senior secured loan | 7.55% | SOFR (Q) | 3.25% |  | 06/2032 |  | 7160 | 7175 | 7151 |  |  |
| Lackawanna Energy Center LLC | First lien senior secured loan | 8.58% | SOFR (M) | 4.25% |  | 08/2029 |  | 6765 | 6827 | 6770 |  |  |
| South Field Energy LLC | First lien senior secured loan | 7.55% | SOFR (Q) | 3.25% |  | 08/2031 |  | 7260 | 7273 | 7287 |  |  |
|  |  |  |  |  |  |  |  |  | 60522 | 60484 |  | 7.42% |
| **Oil, Gas and Consumable Fuels** | **Oil, Gas and Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |  |
| BANGL, LLC | First lien senior secured loan | 8.79% | SOFR (Q) | 4.50% |  | 02/2029 |  | 1494 | 1501 | 1497 |  |  |
| Freeport LNG investments, LLLP | First lien senior secured loan | 7.53% | SOFR (Q) | 3.00% |  | 11/2026 |  | 3939 | 3927 | 3923 |  |  |
| Freeport LNG investments, LLLP | First lien senior secured loan | 7.52% | SOFR (Q) | 3.25% |  | 12/2028 |  | 6200 | 6169 | 6196 |  |  |
| ITT Holdings LLC | First lien senior secured loan | 7.05% | SOFR (M) | 2.73% |  | 10/2030 |  | 748 | 746 | 749 |  |  |
| M6 ETX Holdings II Midco LLC | First lien senior secured loan | 7.33% | SOFR (M) | 3.00% |  | 04/2032 |  | 4000 | 3996 | 4014 |  |  |
| Oryx Midstream Services Permian Basin LLC | First lien senior secured loan | 6.57% | SOFR (M) | 2.25% |  | 10/2028 |  | 4066 | 4040 | 4062 |  |  |
| Prairie ECI Acquiror LP | First lien senior secured loan | 8.58% | SOFR (M) | 4.25% |  | 08/2029 |  | 7479 | 7483 | 7518 |  |  |
| TransMontaigne Operating Company L.P. | First lien senior secured loan | 7.58% | SOFR (M) | 3.25% |  | 11/2028 |  | 5733 | 5742 | 5751 |  |  |
|  |  |  |  |  |  |  |  |  | 33604 | 33710 |  | 4.14% |

---

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of June 30, 2025**

**($ in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Investment** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | **% of Net Assets** |
| **Gas Utilities** | **Gas Utilities** | | | | | | | | | | |
| Potomac Energy Center, LLC <sup>(5)</sup> | First lien senior secured loan | 7.32% | SOFR (Q) | 3.00% |  | 03/2032 |  | 7573 | 7566 | 7554 |  |
| WhiteWater Matterhorn Holdings, LLC | First lien senior secured loan | 6.57% | SOFR (Q) | 2.25% |  | 05/2032 |  | 2250 | 2244 | 2247 |  |
|  |  |  |  |  |  |  |  |  | 9810 | 9801 | 1.20% |
| **Software** |  |  |  |  |  |  |  |  |  |  |  |
| Applied Systems, Inc. | First lien senior secured loan | 6.80% | SOFR (Q) | 2.50% |  | 02/2031 |  | 1047 | 1045 | 1051 |  |
| Cloud Software Group, Inc. | First lien senior secured loan | 8.05% | SOFR (Q) | 3.75% |  | 03/2031 |  | 3995 | 3984 | 4001 |  |
| Ellucian Holdings Inc. | First lien senior secured loan | 7.33% | SOFR (M) | 3.00% |  | 10/2029 |  | 4047 | 4060 | 4055 |  |
|  |  |  |  |  |  |  |  |  | 9089 | 9107 | 1.12% |
| **Insurance** | **Insurance** |  |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC | First lien senior secured loan | 7.33% | SOFR (M) | 3.00% |  | 11/2030 |  | 499 | 492 | 497 |  |
| Alliant Holdings Intermediate, LLC | First lien senior secured loan | 7.07% | SOFR (M) | 2.75% |  | 09/2031 |  | 3990 | 3971 | 3990 |  |
| AssuredPartners, Inc. | First lien senior secured loan | 7.83% | SOFR (M) | 3.50% |  | 02/2031 |  | 2394 | 2397 | 2399 |  |
|  |  |  |  |  |  |  |  |  | 6860 | 6886 | 0.84% |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |  |  |  |  |  |  |  |
| QualityTech, LP <sup>(5)</sup> | First lien senior secured loan | 7.81% | SOFR (M) | 3.50% |  | 11/2031 |  | 5491 | 5513 | 5498 |  |
|  |  |  |  |  |  |  |  |  | 5513 | 5498 | 0.67% |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |  |  |  |  |  |  |  |  |
| BCP Renaissance Parent L.L.C | First lien senior secured loan | 7.30% | SOFR (Q) | 3.00% |  | 10/2028 |  | 4396 | 4392 | 4409 |  |
|  |  |  |  |  |  |  |  |  | 4392 | 4409 | 0.54% |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |  |  |
| Project Ruby Ultimate Parent Corp. | First lien senior secured loan | 7.44% | SOFR (M) | 3.00% |  | 03/2028 |  | 3990 | 4002 | 3993 |  |
|  |  |  |  |  |  |  |  |  | 4002 | 3993 | 0.49% |
| **Multi-Utilities** | **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| Hamilton Projects Acquiror, LLC | First lien senior secured loan | 7.33% | SOFR (M) | 3.00% |  | 05/2031 |  | 2978 | 2991 | 2987 |  |
| Hamilton Projects Acquiror, LLC | First lien senior secured loan | 6.80% | SOFR (Q) | 2.50% |  | 05/2031 |  | 1000 | 998 | 1003 |  |
|  |  |  |  |  |  |  |  |  | 3989 | 3990 | 0.49% |
| **Energy Equipment and Services** | **Energy Equipment and Services** |  |  |  |  |  |  |  |  |  |  |
| Brazos Delaware II, LLC | First lien senior secured loan | 7.31% | SOFR (M) | 3.00% |  | 02/2030 |  | 891 | 894 | 891 |  |
| CPPIB OVM Member U.S. LLC | First lien senior secured loan | 7.05% | SOFR (Q) | 2.75% |  | 08/2031 |  | 2294 | 2283 | 2285 |  |
|  |  |  |  |  |  |  |  |  | 3177 | 3176 | 0.39% |

---

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of June 30, 2025**

**($ in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Investment** | **Coupon**<sup>(4)</sup> | **Reference**<sup>(4)</sup> | **Spread**<sup>(4)</sup> | **Acquisition Date** | **Maturity Date** | **Shares/ Units** | **Principal** | **Cost** | **Fair Value** | | **% of Net Assets** |
| **Technology Hardware, Storage and Peripherals** | **Technology Hardware, Storage and Peripherals** | | | | | | | | | | | |
| ConnectWise, LLC | First lien senior secured loan | 8.06% | SOFR (Q) | 3.50% |  | 09/2028 |  | 2494 | 2499 | 2504 |  |  |
|  |  |  |  |  |  |  |  |  | 2499 | 2504 |  | 0.31% |
| **Construction and Engineering** | **Construction and Engineering** |  |  |  |  |  |  |  |  |  |  |  |
| Traverse Midstream Partners LLC | First lien senior secured loan | 7.28% | SOFR (Q) | 3.00% |  | 02/2028 |  | 1250 | 1249 | 1252 |  |  |
|  |  |  |  |  |  |  |  |  | 1249 | 1252 |  | 0.15% |
| **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |  |
| WEC US Holdings Ltd. | First lien senior secured loan | 6.57% | SOFR (M) | 2.25% |  | 01/2031 |  | 1079 | 1073 | 1079 |  |  |
|  |  |  |  |  |  |  |  |  | 1073 | 1079 |  | 0.13% |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |  |  |
| AI Aqua Merger Sub, Inc. | First lien senior secured loan | 7.32% | SOFR (M) | 3.00% |  | 07/2028 |  | 748 | 743 | 747 | (3) |  |
|  |  |  |  |  |  |  |  |  | 743 | 747 |  | 0.09% |
| **Total Investments** |  |  |  |  |  |  |  |  | $**896289** | $**930595** |  | 114.16% |

---

**Cash Equivalents**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Investment** | **Coupon**<sup>(4)</sup> | **Maturity Date** | **Interest Rate** | **Principal** | **Cost** | **Fair Value** | **% of Net Assets** |
| Treasury Bill | Treasury Bill |  | 09/2025 | 4.21% | 100000 | 99074 | 99074 |  |
| First American U.S. Treasury Sweep (Y Shares) | Money Market |  | N/A | 3.86% | 10101 | 10101 | 10101 |  |
|  |  |  |  |  |  | 109175 | 109175 | 13.39% |
| **Total Cash Equivalents** |  |  |  |  |  | $**109175** | $**109175** | 13.39% |

---

(1) Securities exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and may be deemed "restricted securities" subject to legal restrictions on sales. As of June 30, 2025, the aggregate fair value of these securities was $782.5 million, or 96.00% of the Fund's net assets. The initial acquisition dates have been included for such securities.

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

(3) This company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"). Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. Pursuant to Section 55(a) of the 1940 Act, 0.09% of the Fund's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of June 30, 2025.

(4) Variable rate loans to the Fund's portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Fund has provided the interest rate in effect on the date presented. Coupon rate represents the all-in rate as of June 30, 2025.

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of June 30, 2025**

**($ in thousands)**

**(unaudited)**

**Derivative Instruments**

***Interest Rate Swaps***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fund Pays** | **Fund Receives** | **Counterparty** | **Maturity Date** | **Notional Amount** | **Fair Value** | **Upfront<br>Payments/<br>Receipts** | **Unrealized Appreciation / (Depreciation)** |
| Interest rate swap | 2.525% | Daily SOFR | BNP Paribas | 11/2041 | $40794 | $3672 | $— | $3672 |
| Interest rate swap | 2.530% | Daily SOFR | MUFG Bank, Ltd. | 11/2041 | 40794 | 3656 |  | 3656 |
| Interest rate swap | 4.194% | Daily SOFR | NatWest Markets Plc | 11/2041 | 20395 | (792) |  | (792) |
| Interest rate swap | 4.194% | Daily SOFR | Bayerische Landesbank | 11/2041 | 15496 | (602) |  | (602) |
| Interest rate swap | 4.194% | Daily SOFR | PNC Bank, National Association | 11/2041 | 15496 | (602) |  | (602) |
| Interest rate swap | 4.194% | Daily SOFR | Bank of China Limited New York Branch | 11/2041 | 13185 | (512) |  | (512) |
| Interest rate swap | 4.194% | Daily SOFR | Canadian Imperial Bank of Commerce | 11/2041 | 12396 | (482) |  | (482) |
| Interest rate swap | 4.059% | Daily SOFR | MUFG Bank, Ltd. | 03/2030 | 18750 | (451) |  | (451) |
| Interest rate swap | 4.058% | Daily SOFR | BNP Paribas | 03/2030 | 18750 | (448) |  | (448) |
| **Total** |  |  |  |  |  | $**3439** | $**—** | $**3439** |

---

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of December 31, 2024**

**($ in thousands)**

**(unaudited)**

**Non-controlled/non-affiliated investment**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Investment** | **Acquisition Date** | **Shares/ Units** | **Cost** | **Fair Value** | **% of Net Assets** |
| **Renewable Energy** | | | | | | |
| Denali Equity Holdings LLC <sup>(2)</sup> | Class A units | 09/2024 | 3749 | $347531 | $339136 | 216.77% |
| **Total Investment** |  |  |  | $**347531** | $**339136** | **216.77%** |

---

(1) The Fund's portfolio company investment, which as of December 31, 2024 represented 216.77% of the Fund's net assets or 89.10% of the Fund's total assets, may be subject to legal restrictions on sales.

(2) The fair value of the Fund's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See "Note 8. Fair Value of Financial Instruments" to the unaudited consolidated financial statements for more information regarding the fair value of the Fund's investment.

**Derivative Instruments**

***Interest Rate Swaps***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fund Pays** | **Fund Receives** | **Counterparty** | **Maturity Date** | **Notional Amount** | **Fair Value** | **Upfront<br>Payments/<br>Receipts** | **Unrealized Appreciation / (Depreciation)** |
| Interest rate swap | 2.525% | Daily SOFR | BNP Paribas | 11/2041 | $41006 | $5200 | $— | $5200 |
| Interest rate swap | 2.530% | Daily SOFR | MUFG Bank, Ltd. | 11/2041 | 41006 | 5214 |  | 5214 |
| Interest rate swap | 4.194% | Daily SOFR | NatWest Markets Plc | 11/2041 | 20500 | (215) |  | (215) |
| Interest rate swap | 4.194% | Daily SOFR | Bayerische Landesbank | 11/2041 | 15576 | (127) |  | (127) |
| Interest rate swap | 4.194% | Daily SOFR | PNC Bank, National Association | 11/2041 | 15576 | (173) |  | (173) |
| Interest rate swap | 4.194% | Daily SOFR | Bank of China Limited New York Branch | 11/2041 | 13254 | (177) |  | (177) |
| Interest rate swap | 4.194% | Daily SOFR | Canadian Imperial Bank of Commerce | 11/2041 | 12460 | (132) |  | (132) |
| **Total** |  |  |  |  |  | $**9590** | $**—** | $**9590** |

---

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

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

**(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the period from May 7, 2024 (inception) to June 30, 2024** |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(2335) | $(10326) | $— |
| &nbsp;&nbsp;&nbsp;Net realized gains | 245 | 1164 |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gains | 21407 | 36551 |  |
| Net increase in net assets resulting from operations | 19317 | 27389 |  |
| **Distributions to shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributed capital in excess of par - Class I | (18396) | (29751) |  |
| Net decrease in net assets from distributions | (18396) | (29751) |  |
| **Share transactions:** |  |  |  |
| **Class I:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 241982 | 654809 |  |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 3566 | 6163 |  |
| Net increase in net assets from share transactions | 245548 | 660972 |  |
| Total increase in net assets | 246469 | 658610 |  |
| Net assets, beginning of period | 568594 | 156453 | **—** |
| **Net assets, end of period** | $**815063** | $**815063** | $— |

---

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

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

---

| | | |
|:---|:---|:---|
| | **For the six months ended June 30, 2025** | **For the period from May 7, 2024 (inception) to June 30, 2024** |
| **OPERATING ACTIVITIES:** | | |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | $**27389** | $**—** |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of investments | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (576206) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs | 2205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in deferred tax liability, net | 7989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) / loss on investments | (42702) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) / loss on derivatives | 6151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital from investments | 6536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repayments or sales of investments | 20915 |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1527) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee payable | 1381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee payable | 4715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (2627) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (828) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsettled trades payable | 68062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(477644)** | **—** |
| **FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from issuance of common stock | 654615 |  |
| &nbsp;&nbsp;&nbsp;Borrowings from term loan | 50000 |  |
| &nbsp;&nbsp;&nbsp;Repayments of term loan | (1592) |  |
| &nbsp;&nbsp;&nbsp;Payments for debt issuance costs | (5536) |  |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | (22539) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **674948** | **—** |
| Net change in cash, cash equivalents and restricted cash | 197304 |  |
| Cash, cash equivalents and restricted cash, beginning of period | 27317 |  |
| **Cash, cash equivalents and restricted cash, end of period** | $**224621** | $**—** |
| Supplemental Information: |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid during the period | $9099 | $— |
| &nbsp;&nbsp;&nbsp;Distribution declared and payable during the period | $6792 | $— |
| &nbsp;&nbsp;&nbsp;Non-cash financing activity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | $945 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from distribution reinvestment plan | $6163 | $— |

---

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

**1. ORGANIZATION**

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

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

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

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

Prior to the BDC Election, the Fund operated as a private fund in reliance on an exemption from the definition of "investment company" under Section 3(c)(7) of the 1940 Act. As a private fund, the Fund held closings from time to time, to investors who are (i) "accredited investors" within the meaning of Regulation D under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act, and (ii) "qualified purchasers" as defined under the 1940 Act. At each such closing, each investor made a capital commitment to purchase Shares pursuant to a subscription agreement entered into with the Fund. Investors are required to fund drawdowns to purchase Shares up to the amount of their respective capital commitment ("Capital Commitment") on an as-needed basis each time the Fund delivers a drawdown notice. As of the date of this report, no Capital Commitments remain outstanding.

The Fund converted to a BDC on December 2, 2024 and has commenced holding monthly closings effective as of the first business day of each month for its continuous private offering of securities (the "Private Offering"), in connection with which the Fund issues Shares to investors for a purchase price per Share equal to the Fund's net asset value ("NAV") as of the last calendar day of the previous month. NAV is generally expected to be available within 20 business days after the effective date of the monthly closing, at which time the number of Shares issued to each investor based on the applicable NAV will be determined and such Shares, as applicable, will be credited to the investor's account as of the effective date of the monthly closing. Each of the Fund's closings in connection with the Private Offering will be conducted in reliance on exemptions from the registration requirements of the 1933 Act, including the exemption provided by Section 4(a)(2) of the 1933 Act and Regulation D promulgated thereunder. The Fund reserves the right to conduct additional offerings of securities in the future in addition to the Private Offering. In addition, although the Fund intends to issue Shares on a monthly basis, the Fund retains the right, if determined by it in its sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by the Fund, more or less frequently to one or more investors for regulatory, tax or other reasons.

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

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

On May 14, 2025, in reliance on such exemptive relief, the Fund's Board of Trustees (the "Board") adopted a Multi-Class Plan (the "Multi-Class Plan") in accordance with Rule 18f-3 under the 1940 Act and a distribution and shareholder servicing plan (the "Distribution and Shareholder Servicing Plan"). In connection with the approval of the Multi-Class Plan, on May 14, 2025, the Board established four classes of Shares of the Fund: Class D Shares, Class N Shares, Class S Shares and Class I Shares, and reclassified all existing common shares of beneficial interest of the Fund as Class I Shares. Other than the differences in ongoing shareholder servicing and/or distribution fees, each class of Shares has the same economics and voting rights. While an investment in any share class of the Fund represents an investment in the same assets of the Fund, the purchase restrictions and ongoing fees and expenses for each share class are different. As of June 30, 2025, the Fund has not issued any Class D Shares, Class N Shares or Class S Shares.

**2. SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

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

***Basis of Consolidation***

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

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

Cash and cash equivalents include funds from time to time deposited with financial institutions, short-term, liquid investments in a money market account and/or Treasury Bills held for 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. As of June 30, 2025 and December 31, 2024, the Fund had $109.2 million and $0, respectively, of cash equivalents.

Restricted cash primarily relates to cash held as a requirement for the Denali Term Loan (see "Note 5. Debt" to the unaudited consolidated financial statements for more information).

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

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

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $224393 | $25528 |
| Restricted cash | 228 | 1789 |
| &nbsp;&nbsp;&nbsp;**Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows** | $**224621** | $**27317** |

---

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

***Organization and Offering Expenses***

Organization costs are expensed as incurred. Organization costs consist of costs incurred to establish the Fund and enable it legally to do business. Organization costs may be reimbursed by the Adviser, subject to potential repayment.

Offering costs include costs associated with the preparation of the Registration Statement on Form 10, initially filed with the U.S. Securities and Exchange Commission (the "SEC") on October 3, 2024 and offering of Shares. Offering costs were accounted for as deferred costs until operations commenced on August 28, 2024. Offering costs may be reimbursed by the Adviser, subject to potential repayment. For continuous offerings, offering costs are then amortized over the first twelve months of operations on a straight-line basis.

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

***Investments***

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

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

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

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

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

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

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

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

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

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

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

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

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

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

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

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

***Interest Income Recognition***

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

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

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

***Distribution Income Recognition***

Distribution income is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Distribution income on common and other equity is recorded on the date it is received for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions of return of capital by portfolio investments are recorded as a reduction in the cost of the portfolio investment. For the three and six months ended June 30, 2025, the Fund received $11.0 million and $17.4 million, respectively, of distributions from investments, of which $0.2 million and $6.6 million, respectively, were classified as a return of capital.

***Derivative Instruments***

The Fund follows the guidance in ASC Topic 815 - Derivatives and Hedging ("ASC 815"), when accounting for derivative instruments. The Fund values its derivatives at fair value with the unrealized gains or losses recorded in "derivatives" under the "net realized and unrealized gains on investments and derivatives" section in the Fund's consolidated statements of operations.

***Deferred Financing Costs***

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

***Income Taxes***

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

***Distributions***

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

***Concentration Risk***

The Fund invests a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund's investments may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and which may result in increased volatility of the Fund's investment balances as a result. As of June 30, 2025 and December 31, 2024, the majority of the Fund's portfolio was concentrated in two investments and one investment, respectively.

***Segment Reporting***

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

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

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

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

***Related Party Transactions***

On February 3, 2025, the Fund agreed to sell Shares to affiliates and employees of the Adviser for an aggregate purchase price of $50.0 million, in full satisfaction of all remaining capital call obligations of such affiliates and employees.

***Recent Accounting Pronouncements***

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

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")," which is intended to enhance the transparency of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 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.

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

**3. AGREEMENTS AND ORGANIZATIONAL DOCUMENTS** 

***Investment Advisory and Management Agreement***

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

The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Fund's net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, net assets means the Fund's total assets less liabilities, determined on a consolidated basis in accordance with GAAP. The Adviser waived its right to receive its management fee for the period prior to the BDC Election. The Adviser extended the waiver until the Fund's first monthly closing as a BDC. For the three and six months ended June 30, 2025, the Fund incurred $2.7 million and $3.5 million, respectively, in management fees under the Investment Advisory Agreement. For the three months ended June 30, 2025, no management fees were waived by the Adviser. The Adviser has chosen to voluntarily waive $0.2 million of management fees earned in accordance with the Investment Advisory Agreement for the six months ended June 30, 2025. This waiver is not subject to recoupment. For the period from May 7, 2024 (inception) to June 30, 2024, the Fund incurred no management fees under the Investment Advisory Agreement.

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

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

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

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

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

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

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

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

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

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

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

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated and adjusted for any Share issuances or repurchases during the relevant period.

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

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

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

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

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

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

No income based fee was earned for the three and six months ended June 30, 2025 or for the period from May 7, 2024 (inception) to June 30, 2024. There were no capital gains incentive fees payable to the Adviser as calculated under the Investment Advisory Agreement for the three and six months ended June 30, 2025 or for the period from May 7, 2024 (inception) to June 30, 2024. In accordance with GAAP, the Fund accrued a capital gains incentive fee of $2.7 million and $4.7 million, respectively, for the three and six months ended June 30, 2025. As of June 30, 2025 and December 31, 2024, the Fund has accrued a cumulative capital gains incentive fee in accordance with GAAP of $4.9 million and $0.1 million, respectively.

***Administration Agreement***

The Fund is party to an administration agreement with its administrator, Ares Operations (the "Administration Agreement"). Pursuant to the Administration Agreement, the Fund's Administrator furnishes the Fund with office equipment and clerical, bookkeeping and record keeping services at the Fund's office facilities. Under the Administration Agreement, the Fund's Administrator also arranges for the services of, and oversees sub-administrators, custodians, depositories, transfer agents, escrow agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Fund's Administrator also performs, or oversees the performance of, the Fund's required

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial and other records that the Fund is required to maintain and preparing reports to its shareholders and reports and other materials required to be filed with the SEC or any other regulatory authority.

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

For the three and six months ended June 30, 2025, the Fund incurred $0.6 million and $1.3 million, respectively, in administrative fees allocated to the Fund from the Administrator, which are included in "administration fees" in the Fund's consolidated statements of operations, including certain costs that are reimbursable under the Administration Agreement, all of which have been supported by the Fund's Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement (as defined below). For the period from May 7, 2024 (inception) to June 30, 2024, the Fund incurred no administrative fees allocated to the Fund from the Administrator.

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

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

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

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

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

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

***Declaration of Trust and Bylaws***

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

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

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

***A&R Placement Agent Agreement***

On May 14, 2025, the Fund and Ares Wealth Management Services, LLC ("AWMS") as placement agent for the Shares, entered into an Amended and Restated Placement Agent Agreement (the "A&R Placement Agent Agreement"). The A&R Placement Agent Agreement amends and restates in its entirety the existing Placement Agent Agreement, by and between the Fund and AWMS, to account for the sale of multiple classes of the Fund's Shares.

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

The A&R Placement Agent Agreement may be terminated at any time, without the payment of any penalty, by (i) the vote of a majority of the Independent Trustees of the Fund, or by vote of a majority of the outstanding voting securities of the Fund, or (ii) by AWMS, in each case on 60 days' written notice to the other party. The A&R Placement Agent Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act.

***Distribution and Shareholder Servicing Plan***

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

***Selected Dealer Agreement***

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

Pursuant to the Selected Dealer Agreement, if a shareholder buys Class D shares, Class N shares or Class S shares through certain selling agents, such agents may directly charge such shareholders an Upfront Sales Load or transaction or other fees, including brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 2.0% cap on NAV for Class D shares, a 2.0% cap on NAV for Class N shares and a 3.5% cap on NAV for Class S shares. The Fund does not charge investors an Upfront Sales Load with respect to Class D shares, Class N shares, Class S shares or Class I shares.

**4. INVESTMENTS**

As of June 30, 2025 and December 31, 2024, investments consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| Common equity | $407297 | $428389 | $— | $— |
| First lien senior secured loans | 147997 | 148130 |  |  |
| Other equity | 340995 | 354076 | 347531 | 339136 |
| **Total investments** | $**896289** | $**930595** | $**347531** | $**339136** |
| Derivative contracts, at fair value (asset) | $— | $7328 | $— | $10414 |
| Derivative contracts, at fair value (liability) |  | (3889) |  | (824) |
| **Total derivative contracts** | $**—** | $**3439** | $**—** | $**9590** |

---

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

The Fund uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions as a percentage of the Fund's portfolio at fair value as of June 30, 2025 and December 31, 2024 were as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30, 2025** | **December 31, 2024** |
| **Industry** | | |
| Renewable Energy | 84.2% | 100.0% |
| Electric Utilities | 6.6% | —% |
| Oil, Gas and Consumable Fuels | 3.6% | —% |
| Gas Utilities | 1.1% | —% |
| Software | 1.0% | —% |
| Insurance | 0.7% | —% |
| Diversified Telecommunication Services | 0.6% | —% |
| Capital Markets | 0.5% | —% |
| Health Care Technology | 0.4% | —% |
| Multi-Utilities | 0.4% | —% |
| Energy Equipment and Services | 0.3% | —% |
| Technology Hardware, Storage and Peripherals | 0.3% | —% |
| Construction and Engineering | 0.1% | —% |
| Electrical Equipment | 0.1% | —% |
| Machinery | 0.1% | —% |
| **Total** | **100.0%** | **100.0%** |
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| **Geographic Region** |  |  |
| United States | 100.0% | 100.0% |
| **Total** | **100.0%** | **100.0%** |

---

As of June 30, 2025 and December 31, 2024, there were no investments on non-accrual status.

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

**5. DEBT**

*Denali Credit Agreement*

The Fund's indirect and direct wholly-owned subsidiaries ACI Denali Member, LLC and ACI Denali Holdings, LLC (together, "ACI Denali"), and Ares Denali Member, LLC (together with ACI Denali, the "Denali Co-Borrowers"), an affiliated entity managed by an affiliate of the Adviser, are party to a Credit Agreement (the "Denali Credit Agreement"), dated as of September 11, 2024, with MUFG Bank, LTD, as Administrative Agent ("MUFG"), and BNP Paribas, as Collateral Agent, the lenders from time to time party to the agreement and certain other signatories thereto. The Denali Credit Agreement is related to ACI Denali's investment in a portfolio company and includes a $210.9 million term loan (the "Denali Term Loan"), and a $10.2 million debt service letters of credit ("Denali DSR LC Facility"). The remaining portion of the Denali Credit Agreement and Denali DSR LC Facility are with Ares Denali Member, LLC. Outstanding borrowings under the Denali Term Loan bear interest annually at SOFR plus 2.00%, with a 0.125% step-up after three years. ACI Denali will make payments quarterly beginning in February 2025 and ending in November 2041, of which the first payment was interest only. The Denali DSR LC Facility is to provide letters of credit ("Denali LC") or loans for draws under such Denali LC to support contractual obligations related to the minimum debt service reserve amount under the Denali Credit Agreement. Denali LC fees are payable quarterly in arrears, at an amount equal to 0.5% multiplied by the stated amount of the Denali LC. For the three and six months ended June 30, 2025, the average outstanding loan amount was $211.6 million and $212.1 million, respectively, and the average interest rate was 6.34% and 6.35%, respectively.

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

*Aspen Credit Agreement*

On March 14, 2025, Ares Aspen Member LLC as borrower (the "Aspen Borrower") and Ares Aspen Holdings LLC as pledgor (the "Pledgor"), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (the "Aspen Credit Agreement") with MUFG, as Administrative Agent, and BNP Paribas, as Collateral Agent, the lenders from time to time party to the agreement and certain other signatories thereto. The Aspen Credit Agreement is related to the Aspen Borrower's investment in a portfolio company of the Fund and includes a $228.1 million delayed draw term loan (the "Aspen Term Loan"), of which $50.0 million was drawn as of June 30, 2025, and a $15.6 million debt service letters of credit facility (the "Aspen DSR LC Facility"). Outstanding borrowings under the Aspen Term Loan bear interest annually at the SOFR plus 1.75%, with a 0.125% step-up after three years, and outstanding undrawn commitments under the Aspen Term Loan have a commitment fee of 0.60% annually. The Aspen Borrower will make payments quarterly beginning in August 2025 and ending in April 2042. The Aspen DSR LC Facility provides letters of credit (collectively, the "Aspen LC") or loans for draws under such Aspen LC to support contractual obligations related to the minimum debt service reserve amount under the Aspen Credit Agreement. Aspen LC fees are payable quarterly in arrears, at an amount equal to 1.75% multiplied by the stated amount of the Aspen LC, with a 0.125% step-up after three years. For the three and six months ended June 30, 2025, the average outstanding loan amount was $50.0 million and $30.1 million, respectively, and the average interest rate was 6.10% and 3.67%, respectively.

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

*ACI Portfolio Aggregator Credit Agreement*

On April 14, 2025, the Fund's wholly owned subsidiary ACI Portfolio Aggregator SPV LLC, a Delaware limited liability company (the "ACI Portfolio Aggregator"), entered into a Revolving Credit Agreement (the "ACI Portfolio Aggregator Credit Agreement") by and among ACI Portfolio Aggregator, as the borrower, NatWest Markets Plc, as administrative agent, and the lenders from time to time party thereto. The ACI Portfolio Aggregator Credit Agreement provides a revolving line of credit in an aggregate principal amount of $50.0 million, which was undrawn as of June 30, 2025 (each borrowing thereunder, the "ACI Portfolio Aggregator Loans"). The maturity date of the ACI Portfolio Aggregator Loans is currently April 14, 2027.

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

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

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

*ACI Tango Credit Agreement* 

See "Note 13. Subsequent Events" for a subsequent event relating to the Tango Credit Agreement (as defined below).

**6. DERIVATIVE INSTRUMENTS**

***Interest Rate Swaps***

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

As of June 30, 2025 and December 31, 2024, the counterparties to the Fund's interest rate swap agreements and certain information related to the Fund's interest rate swap instruments are presented on the consolidated schedules of investments.

The net unrealized appreciation (depreciation) related to the interest rate swaps was approximately $(1.2) million and $(6.2) million for the three and six months ended June 30, 2025, respectively, and $0.0 for the period from May 7, 2024 (inception) to June 30, 2024, which is included in "derivatives" under "net unrealized gains (losses)" in the Fund's consolidated statements of operations. The net swap amount is settled quarterly, beginning in February 2025, and is recorded as net realized gains/losses in "net realized and unrealized gains on investments and derivatives" in the Fund's consolidated statements of operations. For the three and six months ended June 30, 2025, there were net swap payments received resulting in a realized gain of $0.4 million and $1.3 million, respectively. For the period from May 7, 2024 (inception) to June 30, 2024, there were no net swap payments.

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

The balance sheet impact of fair valuing the interest rate swaps as of June 30, 2025 is presented below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount** | **Maturity Date** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized<br>Liabilities** | **Collateral (Received) Pledged** | **Net Amount** | **Consolidated Statement of Assets and Liabilities** |
| Interest rate swap | $40794 | 11/2041 | $3672 | $— | $— | $3672 | Derivative contracts, at fair value |
| Interest rate swap | 40794 | 11/2041 | 3656 |  |  | 3656 | Derivative contracts, at fair value |
| Interest rate swap | 20395 | 11/2041 |  | (792) |  | (792) | Derivative contracts, at fair value |
| Interest rate swap | 15496 | 11/2041 |  | (602) |  | (602) | Derivative contracts, at fair value |
| Interest rate swap | 15496 | 11/2041 |  | (602) |  | (602) | Derivative contracts, at fair value |
| Interest rate swap | 13185 | 11/2041 |  | (512) |  | (512) | Derivative contracts, at fair value |
| Interest rate swap | 12396 | 11/2041 |  | (482) |  | (482) | Derivative contracts, at fair value |
| Interest rate swap | 18750 | 03/2030 |  | (451) |  | (451) | Derivative contracts, at fair value |
| Interest rate swap | 18750 | 03/2030 |  | (448) |  | (448) | Derivative contracts, at fair value |
| **Total** |  |  | $**7328** | $**(3889)** | $**—** | $**3439** |  |

---

The balance sheet impact of fair valuing the interest rate swaps as of December 31, 2024 is presented below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount** | **Maturity Date** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized<br>Liabilities** | **Collateral (Received) Pledged** | **Net Amount** | **Consolidated Statement of Assets and Liabilities** |
| Interest rate swap | $41006 | 11/2041 | $5200 | $— | $— | $5200 | Derivative contracts, at fair value |
| Interest rate swap | 41006 | 11/2041 | 5214 |  |  | 5214 | Derivative contracts, at fair value |
| Interest rate swap | 20500 | 11/2041 |  | (215) |  | (215) | Derivative contracts, at fair value |
| Interest rate swap | 15576 | 11/2041 |  | (127) |  | (127) | Derivative contracts, at fair value |
| Interest rate swap | 15576 | 11/2041 |  | (173) |  | (173) | Derivative contracts, at fair value |
| Interest rate swap | 13254 | 11/2041 |  | (177) |  | (177) | Derivative contracts, at fair value |
| Interest rate swap | 12460 | 11/2041 |  | (132) |  | (132) | Derivative contracts, at fair value |
| **Total** |  |  | $**10414** | $**(824)** | $**—** | $**9590** |  |

---

For the three and six months ended June 30, 2025, the average outstanding notional value of interest rate swaps was $196.4 million and $181.7 million, respectively. For the period from May 7, 2024 (inception) to June 30, 2024, the average outstanding interest rate swap amount was $0.

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

**7. COMMITMENTS AND CONTINGENCIES**

*Expense Support and Conditional Reimbursement Agreement* 

The Fund's Adviser may elect to pay certain of the Expense Payments on the Fund's behalf, provided that no portion of an Expense Payment will be used to pay any interest expense or distributions and/or servicing fees of the Fund. Any Expense Payment that the Fund's Adviser has committed to pay must be paid by the Fund's Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Fund's Adviser or its affiliates. The Fund will be obligated to reimburse the Fund's Adviser for such advanced expenses within three years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued. As of June 30, 2025 and December 31, 2024, the total amount of advanced expenses subject to recoupment by the Adviser was $9.3 million and $3.8 million, respectively, with expirations as follows:

---

| | | |
|:---|:---|:---|
| **For the Quarter Ended** | **Amount** | **Eligible for Reimbursement through** <sup>(1)</sup> |
| September 30, 2024 | $3281 | September 30, 2027 |
| December 31, 2024 | 494 | December 31, 2027 |
| March 31, 2025 | 2908 | March 31, 2028 |
| June 30, 2025 | 2668 | June 30, 2028 |

---

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

The corresponding amount due to the Fund's Adviser is netted against the amount due from the Fund's Adviser on the face of the consolidated statement of assets and liabilities as the amount is not due unless and until the Fund has Available Operating Funds. As of June 30, 2025 and December 31, 2024, Available Operating Funds did not exceed the cumulative distributions accrued to the Fund's shareholders and, therefore, a Reimbursement Payment obligation was not deemed probable and was not recorded.

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

**8. FAIR VALUE OF FINANCIAL INSTRUMENTS**

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

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

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

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

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

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

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

The following table presents fair value measurements of investments and derivatives as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments and Cash Equivalents** | | | | |
| &nbsp;&nbsp;Common equity | $— | $— | $428389 | $428389 |
| &nbsp;&nbsp;Other equity |  |  | 354076 | 354076 |
| &nbsp;&nbsp;First lien senior secured loans |  | 135078 | 13052 | 148130 |
| &nbsp;&nbsp;Treasury Bills | 99074 |  |  | 99074 |
| &nbsp;&nbsp;Money Market | 10101 |  |  | 10101 |
| **Derivative contracts, at fair value** |  |  |  |  |
| &nbsp;&nbsp;Interest rate swap contracts (asset) |  | 7328 |  | 7328 |
| &nbsp;&nbsp;Interest rate swap contracts (liability) |  | (3889) |  | (3889) |
| **Total** | $**109175** | $**138517** | $**795517** | $**1043209** |

---

The following table presents fair value measurements of investments and derivatives as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** | | | | |
| &nbsp;&nbsp;Equity securities | $— | $— | $339136 | $339136 |
| **Derivative contracts, at fair value** |  |  |  |  |
| &nbsp;&nbsp;Interest rate swap contracts (asset) |  | 10414 |  | 10414 |
| &nbsp;&nbsp;Interest rate swap contracts (liability) |  | (824) |  | (824) |
| **Total** | $**—** | $**9590** | $**339136** | $**348726** |

---

The following table summarizes the significant unobservable inputs the Valuation Designee used to value the Fund's investments categorized within Level 3 as of June 30, 2025 and December 31, 2024. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| | **Fair Value** | **Primary Valuation Techniques** | **Unobservable Input** | **Unobservable Input** | **Unobservable Input** |
| **Asset Category** | **Fair Value** | **Primary Valuation Techniques** | **Input** | **Amount** | **Weighted Average** |
| Common equity | $428389 | Discounted cash flow | Discount rate | 9.66% | 9.66% |
| Other equity | 354076 | Discounted cash flow | Discount rate | 8.94% | 8.94% |
| First lien senior secured loans | 13052 | Broker quotes | N/A | N/A | N/A |
| **Total Level 3 investments** | $**795517** |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Fair Value** | **Primary Valuation Techniques** | **Unobservable Input** | **Unobservable Input** | **Unobservable Input** |
| **Asset Category** | **Fair Value** | **Primary Valuation Techniques** | **Input** | **Amount** | **Weighted Average** |
| Other equity<sup>(1)</sup> | $339136 | Discounted cash flow | Discount rate | 9.52% | 9.52% |
| **Total Level 3 investments** | $**339136** |  |  |  |  |

---

(1) Asset previously classified as "Equity Securities". Classification updated to "Other equity" in current period.

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of the Fund's investments may differ significantly from the values that would have been used had a ready market existed for such investments

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

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.

There were no investments that use Level 3 inputs as of and for the period from May 7, 2024 (inception) to June 30, 2024. The following tables present changes in investments that use Level 3 inputs as of and for the three and six months ended June 30, 2025:

---

| | |
|:---|:---|
| | **As of and for the three months ended June 30, 2025** |
| **Balance as of March 31, 2025** | $762375 |
| Purchases | 11043 |
| Net unrealized gains on investments | 22301 |
| Return of capital | (188) |
| Proceeds from repayments or sales of investments | (14) |
| Transfers in to/(out of) Level 3 |  |
| **Balance as of June 30, 2025** | $**795517** |
|  | **As of and for the six months ended June 30, 2025** |
| **Balance as of December 31, 2024** | $339136 |
| Purchases | 420390 |
| Net unrealized gains on investments | 42541 |
| Return of capital | (6536) |
| Proceeds from repayments or sales of investments | (14) |
| Transfers in to/(out of) Level 3 |  |
| **Balance as of June 30, 2025** | $**795517** |

---

There were no investment transfers into or out of Level 3 for the three and six months ended June 30, 2025.

For the three and six months ended June 30, 2025 and for the period from May 7, 2024 (inception) to June 30, 2024, the net change in unrealized appreciation/(depreciation) on the investments that use Level 3 inputs was $22.3 million, $42.5 million and $0, respectively.

The following are the carrying and fair values of the Fund's debt obligations as of June 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Value** | | **Fair Value**<sup>(1)</sup> | **Carrying Value** | | **Fair Value**<sup>(1)</sup> |
| Denali Term Loan<sup>(1)</sup> | $210911 | <sup>(2)</sup> | $210911 | $212504 | <sup>(2)</sup> | $212504 |
| Aspen Term Loan <sup>(1)</sup> | 50000 | <sup>(2)</sup> | 50000 |  |  |  |
| ACI Portfolio Aggregator Credit Agreement <sup>(1)</sup> |  | <sup>(2)</sup> |  |  |  |  |
| **Total** | $**260911** |  | $**260911** | $**212504** |  | $**212504** |

---

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

(2)Represents the aggregate principal amount outstanding.

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

**9. INCOME TAXES**

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

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

The provision for income taxes consists of the following for the three and six months ended June 30, 2025 and for the period from May 7, 2024 (inception) to June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **For the** | **For the** | **For the** |
| | **Three months ended June 30, 2025** | **Six months ended June 30, 2025** | **For the period from May 7, 2024 (inception) to June 30, 2024** |
| **Current:** | | | |
| U.S. federal income tax (expense) / benefit | $— | $— | $— |
| State and local income tax (expense) / benefit |  |  |  |
|  | **—** | **—** | **—** |
| **Deferred:** |  |  |  |
| U.S. federal income tax (expense) / benefit | (5135) | (7281) |  |
| State and local income tax (expense) / benefit | (500) | (708) |  |
|  | **(5635)** | **(7989)** | **—** |
| **Total:** |  |  |  |
| U.S. federal income tax (expense) / benefit | (5135) | (7281) |  |
| State and local income tax (expense) / benefit | (500) | (708) |  |
| **Income tax (provision)/benefit** | $**(5635)** | $**(7989)** | $**—** |

---

The effective income tax rate differed from the federal statutory rate for the following reasons:

---

| | | |
|:---|:---|:---|
| | **For the six months ended June 30, 2025** | **For the period from May 7, 2024 (inception) to June 30, 2024** |
| Income tax expense at federal statutory rate | 21.0% | —% |
| State income tax (net of federal benefit) | 1.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total effective rate** | **22.6%** | —% |

---

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30, 2025** | **December 31, 2024** |
| **Deferred tax assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating loss | $1096 | $389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1848 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 1098 |  |
| **Total gross deferred tax assets** | **4042** | **1335** |
| Valuation allowance |  |  |
| **Total deferred tax assets** | **4042** | **1335** |
| **Deferred tax liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis difference on investments<sup>(1)</sup> | 13128 | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap timing differences<sup>(1)</sup> | 777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain<sup>(1)</sup> | 30 |  |
| **Total deferred tax liabilities** | **13935** | **3239** |
| **Net deferred tax (liabilities) assets** | $**(9893)** | $**(1904)** |

---

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

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

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

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

As of June 30, 2025 and December 31, 2024, the Fund had no significant uncertain tax positions.

The Fund files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal, state and local tax regulators.

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

**10. NET ASSETS**

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

The following table reflects the net assets activity for the three and six months ended June 30, 2025 and for the period from May 7, 2024 (inception) to June 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Shares** | **Common Shares** | **Capital in Excess of Par Value** | **Accumulated undistributed earnings / (deficit)** | **Net Assets** |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated undistributed earnings / (deficit)** | **Net Assets** |
| **Balance at May 7, 2024 (inception)** |  | $— | $— | $— | $— |
| **Balance at June 30, 2024** | **—** | $**—** | $**—** | $**—** | $**—** |
| Issuances of common shares | 6226600 | 62 | 155603 |  | 155665 |
| Net investment loss |  |  |  | (679) | (679) |
| Net realized and unrealized gains on investments and derivatives |  |  |  | 151 | 151 |
| **Balance at September 30, 2024** | **6226600** | $**62** | $**155603** | $**(528)** | $**155137** |
| Issuances of common shares |  |  |  |  |  |
| Dividends declared and payable ($0.9221 per share) as return of capital) |  |  | (5742) |  | (5742) |
| Net investment income |  |  |  | 6014 | 6014 |
| Net realized and unrealized gains on investments and derivatives |  |  |  | 1044 | 1044 |
| **Balance at December 31, 2024** | **6226600** | $**62** | $**149861** | $**6530** | $**156453** |
| Issuances of common shares | 16479636 | 165 | 412662 |  | 412827 |
| Shares issued in connection with dividend reinvestment plan | 103669 | 1 | 2596 |  | 2597 |
| Dividends declared and payable ($0.6750 per share) as return of capital) |  |  | (11355) |  | (11355) |
| Net investment loss |  |  |  | (7991) | (7991) |
| Net realized gains on investments and derivatives |  |  |  | 919 | 919 |
| Net unrealized gains on investments and derivatives |  |  |  | 15144 | 15144 |
| **Balance at March 31, 2025** | **22809905** | $**228** | $**553764** | $**14602** | $**568594** |
| Issuances of common shares | 9716022 | 97 | 241885 |  | 241982 |
| Shares issued in connection with dividend reinvestment plan | 143160 | 2 | 3564 |  | 3566 |
| Dividends declared and payable ($0.6330 per share) as return of capital) |  |  | (18396) |  | (18396) |
| Net investment loss |  |  |  | (2335) | (2335) |
| Net realized gains on investments and derivatives |  |  |  | 245 | 245 |
| Net unrealized gains on investments and derivatives |  |  |  | 21407 | 21407 |
| **Balance at June 30, 2025** | **32669087** | $**327** | $**780817** | $**33919** | $**815063** |

---

The following tables summarize transactions in Shares during the three and six months ended June 30, 2025 and for the period from May 7, 2024 (inception) to June 30, 2024:

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **For the period from May 7, 2024 (inception) to June 30, 2024** | **For the period from May 7, 2024 (inception) to June 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class I** | | | | | | |
| Subscriptions | 9716022 | $241982 | 26195658 | $654809 |  | $— |
| Distributions reinvested | 143160 | 3566 | 246829 | 6163 |  |  |
| Repurchased shares, net of early repurchase deductions |  |  |  |  |  |  |
| Net increase | **9859182** | **245548** | **26442487** | **660972** | **—** | **—** |

---

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

*NAV Per Share and Offering Price*

The Fund determines NAV for the Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions will be effective the first calendar day of each month. The NAV per Share is determined by dividing the value of total assets minus liabilities by the total number of Shares outstanding at the date as of which the determination is made. The following tables summarize each month-end NAV per share for the six months ended June 30, 2025 and for the period from May 7, 2024 (inception) to June 30, 2024:

---

| | |
|:---|:---|
| | **NAV per Share** <sup>(1)</sup> |
| | **Class I** |
| January 31, 2025 | $25.0625 |
| February 28, 2025 | 24.9241 |
| March 31, 2025 | 24.9275 |
| April 30, 2025 | 24.8195 |
| May 31, 2025 | 24.9464 |
| June 30, 2025 | 24.9490 |

---

(1) On May 14, 2025, the Board established four classes of Shares of the Fund and all issued and outstanding shares were reclassified as Class I Shares. As of June 30, 2025, the Fund had no Class D Shares, Class N Shares or Class S Shares outstanding.

---

| | |
|:---|:---|
| | **NAV per Share** <sup>(1)</sup> |
| | **Class I** |
| May 31, 2024 | $— |
| June 30, 2024 |  |

---

(1) On May 14, 2025, the Board established four classes of Shares of the Fund and all issued and outstanding shares were reclassified as Class I Shares. As of June 30, 2025, the Fund had no Class D Shares, Class N Shares or Class S Shares outstanding.

*Distribution Reinvestment Plan*

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

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

**11. FINANCIAL HIGHLIGHTS**

The following is a schedule of financial highlights as of and for the six months ended June 30, 2025 and for the period from May 7, 2024 (inception) to June 30, 2024:

---

| | | |
|:---|:---|:---|
| | **For the six months ended June 30, 2025** | **For the period from May 7, 2024 (inception) to June 30, 2024** |
| | **Class I**<sup>(4)</sup> | **Class I**<sup>(4)</sup> |
| **Per share data:** | | |
| Net asset value at the beginning of period | $25.1266 | $— |
| Net investment income (loss) for period<sup>(1)</sup> | (0.5679) |  |
| Net realized and unrealized gain (loss)<sup>(1)</sup> | 1.6940 |  |
| **Net increase (decrease) in net assets from operations** | **1.1261** |  |
| Distributions as a return of capital | (1.3037) |  |
| **Total increase (decrease) in net assets** | **(0.1776)** | **—** |
| **Net asset value at the end of period** | $**24.9490** | $**—** |
| Total return based on net asset value<sup>(2)</sup> | 4.48% | —% |
| Shares outstanding, end of period | 32669087 |  |
| Ratio / Supplemental Data: |  |  |
| Net assets at end of period (in thousands) | $815063 | $— |
| Ratio of operating expenses (excluding expense support and management fee waiver) to average net assets<sup>(3)(5)</sup> | 8.41% | —% |
| Ratio of expense support to average net assets<sup>(3)</sup> | (1.95)% | —% |
| Ratio of management fee waiver to average net assets<sup>(3)</sup> | (0.03)% | —% |
| Ratio of operating expenses (including expense support and management fee waiver) to average net assets<sup>(3)</sup> | 6.43% | —% |
| Ratio of net investment income (loss) to average net assets<sup>(3)</sup> | (1.05)% | —% |
| Portfolio turnover rate | 4.85% | —% |

---

(1)Weighted average basic per Share data.

(2)For the six months ended June 30, 2025, 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, income based fee and capital gains incentive fee, income tax expense and management fee waiver.

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

(5)For the six months ended June 30, 2025, the ratio of operating expenses to average net assets consisted of the following:

---

| | |
|:---|:---|
| | **For the six months ended June 30, 2025** |
| | **Class I** |
| Management fees<sup>(3)</sup> | 1.25% |
| Income based fee and capital gains incentive fee<sup>(3)</sup> | 0.83% |
| Income tax expense<sup>(3)</sup> | 1.41% |
| Interest expense<sup>(3)</sup> | 3.27% |
| Organizational and offering expenses<sup>(3)</sup> | 0.40% |
| Other operating expenses<sup>(3)</sup> | 1.25% |
| &nbsp;&nbsp;**Total operating expenses** | **8.41%** |

---

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of June 30, 2025 ($ in thousands, except share data, percentages and as otherwise indicated)**

**12. SEGMENT REPORTING** 

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

**13. SUBSEQUENT EVENTS**

The Fund's management has evaluated subsequent events through the date of the issued unaudited consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the unaudited consolidated financial statements or accompanying notes as of and for the six months ended June 30, 2025, except as discussed below.

On July 28, 2025, ACI Tango Member, LLC, as borrower ("ACI Tango"), and ACI Tango Holdings, LLC, as pledgor ("ACI Tango Holdings"), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (the "Tango Credit Agreement") with Canadian Imperial Bank of Commerce, New York Branch, as Administrative Agent ("CIBC"), U.S. Bank National Association, as Collateral Agent, the lenders from time to time party to the Tango Credit Agreement and certain other signatories thereto. The Tango Credit Agreement is related to the Borrower's investment in a portfolio company of the Fund and includes a $334.8 million delayed draw term loan (the "Tango Term Loan Facility"), of which $184.8 million was drawn as of the Effective Date (as defined in the Tango Credit Agreement), and a $18.8 million debt service letters of credit facility ("DSR LC Facility"). Outstanding borrowings under the Tango Term Loan Facility bear interest annually at (i) for SOFR loans, the SOFR plus 1.50%, and (ii) for the Base Rate Loans (as defined in the Tango Credit Agreement), a fluctuating rate determined by reference to the Adjusted Base Rate (as defined in the Tango Credit Agreement) plus 0.50%, each with a 0.125% step-up after three years. Outstanding undrawn commitments under the Tango Term Loan Facility have a commitment fee of 0.50% annually. ACI Tango will make payments quarterly beginning on November 7, 2025 and ending on July 28, 2030. The DSR LC Facility provides letters of credit ("LC") or loans for draws under such LC to support contractual obligations related to the minimum debt service reserve amount under the Tango Credit Agreement. LC fees are payable quarterly in arrears, at an amount equal to 1.50% multiplied by the stated amount of the LC, with a 0.125% step-up after three years.

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

In connection with the Tango Term Loan Facility, the Borrower entered into interest rate swaps with CIBC, Société Générale S.A. and NatWest Markets Plc to exchange the SOFR rate in the Tango Term Loan Facility with a fixed rate for 75% of the outstanding borrowings under the Tango Term Loan Facility. The all-in fixed rate is 4.158%. The interest rate swaps have a mandatory early termination date on July 28, 2030.

On August 8, 2025, the Fund announced the declaration of regular monthly distributions for October, November and December in the amount of $0.2083 per Class I Share, Class D Share, Class N Share and Class S Share.

------

<u>[**Table of Contents**](#i9fb99138d0004b21a58ca83582a00cc1_7)</u>

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of global and national economic and market conditions generally upon our operating results, including but not limited to, changes with respect to inflation, interest rate changes and supply chain disruptions, and changes in government rules, regulations and fiscal policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political and regulatory conditions that contribute to uncertainty and market volatility including the impact of the legislative, regulatory, trade, immigration and other policy changes associated with the current U.S. presidential administration;

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

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

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

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

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

We use words such as "anticipates," "believes," "expects," "intends," "project," "estimates," "will," "should," "could," "would," "may" and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Risk Factors," and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 13, 2025 (the "Annual Report") and in this Quarterly Report.

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We have based the forward-looking statements included in this Quarterly Report on information available to us on the filing date of this 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**

Ares Core Infrastructure Fund, a Delaware statutory trust formed on May 7, 2024, is an externally managed, closed-end management investment company that elected to be regulated (the "BDC Election") as a business development company ("BDC") under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act") on December 2, 2024. Prior to the BDC Election, we conducted our investment activities and operations pursuant to the exclusions from the definition of an "investment company" in Section 3(c)(7) of the 1940 Act. We commenced operations on August 28, 2024 in connection with the initial closing of our Private Offering.

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

In addition, the Fund has commenced holding monthly closings for its Private Offering, in connection with which the Fund issues Shares to investors for immediate cash investment in reliance on exemptions from the registration requirements of the 1933 Act. The Fund reserves the right to conduct additional offerings of securities in the future in addition to the Private Offering. In addition, although the Fund intends to issue Shares on a monthly basis, the Fund retains the right, if determined by it in its sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by the Fund, more or less frequently to one or more investors for regulatory, tax or other reasons.

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

Our investment objective is to generate attractive risk-adjusted total returns consisting primarily of current income. The Fund invests in infrastructure companies and assets ("Infrastructure Assets"). The Fund defines Infrastructure Assets as investments in equity and debt interests in infrastructure-related assets or businesses, including investments in the power generation (such as renewable energy and thermal power plants), renewable natural gas, liquified natural gas, transportation, telecommunications, digital infrastructure (such as data centers, fiber optic cables and cell phone towers), midstream and energy infrastructure, regulated utilities, social infrastructure (such as water treatment and management, waste management and recycling) and environmental services (such as carbon capture and storage, soil and air remediation and climate change mitigation) sectors. Within Infrastructure Assets, the Fund focuses primarily on investing in Core Infrastructure Assets, which are Infrastructure Assets that the Fund believes could: (i) possess a higher degree of cash flow predictability; (ii) produce returns that are derived primarily from income, with limited upside through capital gains and assets that are commonly held for longer terms (more than five years); and (iii) produce revenues and cash flows that are generally predictable as a result of being governed by either rate regulation by governmental agencies or by long-term contractual arrangements with creditworthy counterparties, such as governments, municipalities and major companies, which can shield these assets from near-term economic and market trends ("Core Infrastructure Assets").

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

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

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

**Trends Affecting Our Business**

Infrastructure investment opportunities continue to be supported by the convergence of digital infrastructure and artificial intelligence adoption, paired with surging power demand expectations. Renewable energy transaction volume remained strong, which has supported elevated renewable energy revenue contract prices. The potential impact from recent trade and economic policies has resulted in increased uncertainty, which in turn has reduced expectations for future economic growth, increased expectations for rising inflation, and led to greater capital markets volatility.

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**Portfolio and Investment Activity**

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

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| | | |
|:---|:---|:---|
| | **For the three months ended June 30, 2025** | **For the six months ended June 30, 2025** |
| **New investment commitments** | | |
| &nbsp;&nbsp;Common Equity | $— | $402870 |
| &nbsp;&nbsp;First lien senior secured loans | 145315 | 168909 |
| &nbsp;&nbsp;Treasuries | 98945 | 98945 |
| Total new investment commitments | $244260 | $670724 |
| **Amount of investments funded:** |  |  |
| &nbsp;&nbsp;Common Equity | $— | $402870 |
| &nbsp;&nbsp;First lien senior secured loans | 98259 | 98259 |
| &nbsp;&nbsp;Treasuries | 98945 | 98945 |
| Total amount of investment commitments | $197204 | $600074 |
| **Principal amount of investments sold or repaid** |  |  |
| &nbsp;&nbsp;First lien senior secured loans | $(20696) | $(20754) |
| &nbsp;&nbsp;Other Equity | (188) | (6536) |
| Total principal amount of investment sold or repaid | $(20884) | $(27290) |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;Denali Equity Holdings, LLC <sup>(1)</sup> | $340995 | $354076 | $347531 | $339136 |
| &nbsp;&nbsp;Aspen Equity Holdings, LLC <sup>(2)</sup> | 407297 | 428389 |  |  |
| &nbsp;&nbsp;First lien senior secured loans | 147997 | 148130 |  |  |
| **Total** | $**896289** | $**930595** | $**347531** | $**339136** |

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

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

**Components of our Results of Operations**

***Revenues***

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

***Expenses***

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

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

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

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

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**Results of Operations**

The Fund was formed on May 7, 2024, therefore the Fund's results of operations for the three and six months ended June 30, 2025 are not comparable and, accordingly, no comparative amount for the prior year period is discussed.

Operating results for the three and six months ended June 30, 2025 were as follows ($ in thousands):

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| | | |
|:---|:---|:---|
| | **For the three months ended June 30, 2025** | **For the six months ended June 30, 2025** |
| Total income | $14011 | $15075 |
| Net expenses | 10711 | 17412 |
| **Net investment income before income taxes** | **3300** | **(2337)** |
| Income tax expense | (5635) | (7989) |
| **Net investment loss** | **(2335)** | **(10326)** |
| Net realized and unrealized gains on investments and derivatives | 21652 | 37715 |
| **Net increase in stockholders' equity resulting from operations** | $**19317** | $**27389** |

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

For the three months ended June 30, 2025, total investment income was due to distribution income and bank interest on cash and cash equivalents held in depository and money market accounts and interest income from investments in first lien senior secured loans. For the six months ended June 30, 2025, total investment income was primarily due to distribution income and bank interest on cash and cash equivalents held in depository and money market accounts. For the three and six months ended June 30, 2025, we received $11.0 million and $17.4 million, respectively, of distributions from investments, of which $0.2 million and $6.6 million, respectively, were classified as a return of capital.

For the three and six months ended June 30, 2025, we incurred expenses of $13.4 million and $23.2 million, respectively, of which $2.7 million and $5.6 million, respectively, have been reimbursed by the Adviser in accordance with the Expense Support and Conditional Reimbursement Agreement. See "Note 3. Agreements and Organizational Documents" and "Note 7. Commitments and Contingencies" to our unaudited consolidated financial statements for more information on our Expense Support and Conditional Reimbursement Agreement.

For the three and six months ended June 30, 2025, we incurred $2.7 million and $3.5 million, respectively, in management fees under the Investment Advisory Agreement. The Adviser has chosen to voluntarily waive $0.0 million and $0.2 million, respectively, of the management fees earned in accordance with the Investment Advisory Agreement for the three and six months ended June 30, 2025. This waiver is not subject to recoupment.

No income based fee were earned for the three and six months ended June 30, 2025. There was no capital gains incentive fee payable to the Adviser as calculated under the Investment Advisory Agreement for the three and six months ended June 30, 2025. In accordance with GAAP, we accrued capital gains incentive fee of $2.7 million and $4.7 million, respectively, for the three and six months ended June 30, 2025. As of June 30, 2025 and December 31, 2024, we have accrued a cumulative capital gains incentive fee in accordance with GAAP of $4.9 million, and $0.1 million, respectively.

**Financial Condition, Liquidity and Capital Resources**

Our current liquidity and capital resources are generated primarily from the proceeds received from the sale of our Shares pursuant to our Private Offering at a price per share equal to the then-current net asset value ("NAV") per share and cash flows from our operations. Further, we expect to generate additional liquidity and capital resources from the net proceeds of the Private Offering and, any future offerings of our debt or equity securities, and any financing arrangements we may enter into in the future. We believe we have sufficient liquidity to operate our business, with $224.4 million of immediate liquidity as of June 30, 2025, comprised of cash and cash equivalents. In addition to our immediate liquidity, as of June 30, 2025, we had approximately $228.1 million available for borrowing through our credit arrangements.

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

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In accordance with the 1940 Act, we may borrow amounts such that our asset coverage calculated pursuant to the 1940 Act, is at least 150% immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). As of June 30, 2025, we had $260.9 million in total aggregate principal debt outstanding and our asset coverage ratio was 412%.

We may from time to time seek to retire or repurchase our Shares through cash purchases, as well as retire, cancel or purchase any of our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. We intend to conduct any such repurchases of our Shares pursuant to the terms of tender offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the "1934 Act") and the 1940 Act, with the terms of such tender offer published in a tender offer statement to be sent to all holders of our Shares and filed with the SEC on Schedule TO. The amounts involved may be material. In addition, we may from time to time enter into new debt facilities, increase the size of existing facilities or issue debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of our Shares or outstanding debt, or incurrence or issuance of additional debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

**Equity Capital Activities**

Pursuant to subscription agreements providing for the commitment to purchase an aggregate of up to $395.0 million of our Shares entered into between us and several investors beginning on August 12, 2024 and ending on October 10, 2024, we called an aggregate of $155.7 million from August 28, 2024 through September 30, 2024, and in exchange therefor, we issued approximately 6,226,600 Shares to 174 shareholders, including the investment from our sole initial shareholder.

On February 3, 2025, we agreed to sell 15,076,994 Shares for an aggregate purchase price of $377.9 million, pursuant to the Private Offering and by calling all remaining capital calls. On March 3, 2025, we agreed to sell 1,402,642 Shares for an aggregate purchase price of $35.0 million pursuant to the Private Offering. The purchase price per Share equaled our NAV per Share as of the day preceding the effective date of the monthly Share purchase.

The Fund intends to continue holding monthly closings for its Private Offering, in connection with which the Fund will issue Shares to investors for immediate cash investment. Each of the Fund's closings in connection with the Private Offering will be conducted in reliance on exemptions from the registration requirements of the 1933 Act, including the exemption provided by Section 4(a)(2) of the 1933 Act and Regulation D promulgated thereunder, and other exemptions from the registration requirements of the 1933 Act. The Fund reserves the right to conduct additional offerings of securities in the future in addition to the Private Offering. In addition, although the Fund intends to issue Shares on a monthly basis, the Fund retains the right, if determined by it in its sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by the Fund, more or less frequently to one or more investors for regulatory, tax or other reasons.

The following table summarizes transactions in the Fund's Shares during the six months ended June 30, 2025:

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| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| Shares sold | 26195658 | $654809 |
| Distributions reinvested | 246829 | $6163 |

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

We determine NAV for our Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. The following table summarizes each month-end NAV per Share for the six months ended June 30, 2025:

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| | |
|:---|:---|
| **For the months ended** | **NAV per share** |
| &nbsp;&nbsp;&nbsp;January 31, 2025 | $25.0625 |
| &nbsp;&nbsp;&nbsp;February 28, 2025 | $24.9241 |
| &nbsp;&nbsp;&nbsp;March 31, 2025 | $24.9275 |
| &nbsp;&nbsp;&nbsp;April 30, 2025 | $24.8195 |
| &nbsp;&nbsp;&nbsp;May 31, 2025 | $24.9464 |
| &nbsp;&nbsp;&nbsp;June 30, 2025 | $24.9490 |

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***Distributions***

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

The following table presents our distributions that were declared and payable for the six months ended June 30, 2025 ($ in thousands, except per share amount):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution Per Class I Share** | **Distribution Amount** |
| January 16, 2025 | January 31, 2025 | February 21, 2025 | $0.2250 | $1414 |
| January 16, 2025 | February 28, 2025 | March 25, 2025 | $0.2250 | $4809 |
| January 16, 2025 | March 31, 2025 | April 23, 2025 | $0.2250 | $5132 |
| May 14, 2025 | April 30, 2025 | May 22, 2025 | $0.2110 | $5526 |
| May 14, 2025 | May 31, 2025 | June 25, 2025 | $0.2110 | $6078 |
| May 14, 2025 | June 30, 2025 | July 23, 2025 | $0.2110 | $6792 |

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***Distribution Reinvestment Plan***

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

***Share Repurchase Program***

Beginning with the third quarter of 2025, we plan to implement a repurchase program (the "Share Repurchase Program") pursuant to which we intend to offer to repurchase, at the discretion of our Board, up to 5% of our Shares outstanding (either by number of Shares or aggregate NAV) as of the close of the previous calendar quarter. We may from time to time seek to retire or repurchase our Shares through cash purchases, as well as retire, cancel or purchase any of our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. We intend to conduct any such repurchases of our Shares pursuant to the terms of tender offers in accordance with the requirements of Rule 13e-4 promulgated under the 1934 Act and the 1940 Act, with the terms of such tender offer published in a tender offer statement to be sent to all holders of our Shares and filed with the SEC on Schedule TO. The amounts involved may be material.

**Denali Credit Agreement**

The Fund's indirect and direct wholly-owned subsidiaries ACI Denali Member, LLC and ACI Denali Holdings, LLC (together, "ACI Denali"), and Ares Denali Member, LLC (together with ACI Denali, the "Denali Co-Borrowers"), an affiliated entity managed by an affiliate of the Adviser, are party to a Credit Agreement (the "Denali Credit Agreement"), dated as of September 11, 2024, with MUFG Bank, LTD, as Administrative Agent ("MUFG"), and BNP Paribas, as Collateral Agent, the lenders from time to time party to the agreement and certain other signatories thereto. The Denali Credit Agreement is related to ACI Denali's investment in a portfolio company and includes a $210.9 million term loan (the "Denali Term Loan"), and a $10.2 million debt service letters of credit facility ("Denali DSR LC Facility"). The remaining portion of the Denali Credit Agreement and Denali DSR LC Facility are with Ares Denali Member, LLC. Outstanding borrowings under the Denali Term Loan bear interest annually at the Daily Compounded Secured Overnight Financing Rate ("SOFR") plus 2.00%, with a 0.125% step-up after three years. ACI Denali will make payments quarterly beginning in February 2025 and ending in November 2041, of which the first payment was interest only. The Denali DSR LC Facility is to provide letters of credit ("Denali LC") or loans for draws under such Denali LC to support contractual obligations related to the minimum debt service reserve amount under the Denali Credit Agreement. Denali LC fees are payable quarterly in arrears, at an amount equal to 0.5% multiplied by the

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stated amount of the Denali LC. For the three and six months ended June 30, 2025, the average outstanding loan amount was $211.6 million and $212.1 million, respectively, and the average interest rate was 6.34% and 6.35%, respectively.

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

**Aspen Credit Agreement**

On March 14, 2025, Ares Aspen Member LLC as borrower (the "Aspen Borrower") and Ares Aspen Holdings LLC as pledgor (the "Pledgor"), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (the "Aspen Credit Agreement") with MUFG, as Administrative Agent, and BNP Paribas, as Collateral Agent, the lenders from time to time party to the agreement and certain other signatories thereto. The Aspen Credit Agreement is related to the Aspen Borrower's investment in a portfolio company of the Fund and includes a $228.1 million delayed draw term loan (the "Aspen Term Loan"), of which $50.0 million was drawn as of June 30, 2025, and a $15.6 million debt service letters of credit facility ("Aspen DSR LC Facility"). Outstanding borrowings under the Aspen Term Loan bear interest annually at the SOFR plus 1.75%, with a 0.125% step-up after three years, and outstanding undrawn commitments under the Aspen Term Loan have a commitment fee of 0.60% annually. The Aspen Borrower will make payments quarterly beginning in August 2025 and ending in April 2042. The Aspen DSR LC Facility provides letters of credit ("Aspen LC") or loans for draws under such Aspen LC to support contractual obligations related to the minimum debt service reserve amount under the Aspen Credit Agreement. Aspen LC fees are payable quarterly in arrears, at an amount equal to 1.75% multiplied by the stated amount of the Aspen LC, with a 0.125% step-up after three years. For the three and six months ended June 30, 2025, the average outstanding loan amount was $50.0 million and $30.1 million, respectively, and the average interest rate was 6.10% and 3.67%, respectively.

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

**ACI Portfolio Aggregator Credit Agreement**

On April 14, 2025, the Fund's wholly owned subsidiary ACI Portfolio Aggregator SPV LLC, a Delaware limited liability company (the "ACI Portfolio Aggregator"), entered into a Revolving Credit Agreement (the "ACI Portfolio Aggregator Credit Agreement") by and among ACI Portfolio Aggregator, as the borrower, NatWest Markets Plc, as administrative agent, and the lenders from time to time party thereto. The ACI Portfolio Aggregator Credit Agreement provides a revolving line of credit in an aggregate principal amount of $50.0 million, which was undrawn as of June 30, 2025 (each borrowing thereunder, the "ACI Portfolio Aggregator Loans"). The maturity date of the ACI Portfolio Aggregator Loans is currently April 14, 2027.

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

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

All obligations under the ACI Portfolio Aggregator Credit Agreement and the other loan documents are secured by a first priority perfected lien on, and security interest in, (i) all membership interests of ACI Portfolio Aggregator owned by the

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Fund, including all proceeds thereof, and (ii) a certain collateral account of ACI Portfolio Aggregator, and all sums or other property now or at any time hereafter on deposit therein, subject to certain exceptions.

**ACI Tango Credit Agreement** 

See "Recent Developments" as well as "Note 13. Subsequent Events" to our unaudited consolidated financial statements for a subsequent event relating to the Tango Credit Agreement (as defined below).

**Critical Accounting Estimates**

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

***Investments***

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

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

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

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

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

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make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate its valuation.

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

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

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

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

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

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

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

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

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

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

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

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***Fair Value of Financial Instruments***

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

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

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

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

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

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

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

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

**Recent Developments**

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On July 28, 2025, ACI Tango Member, LLC, as borrower ("ACI Tango"), and ACI Tango Holdings, LLC, as pledgor ("ACI Tango Holdings"), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (the "Tango Credit Agreement") with Canadian Imperial Bank of Commerce, New York Branch, as Administrative Agent ("CIBC"), U.S. Bank National Association, as Collateral Agent, the lenders from time to time party to the Tango Credit Agreement and certain other signatories thereto. The Tango Credit Agreement is related to the Borrower's investment in a portfolio company of the Fund and includes a $334.8 million delayed draw term loan (the "Tango Term Loan Facility"), of which $184.8 million was drawn as of the Effective Date (as defined in the Tango Credit Agreement), and an $18.8 million debt service letters of credit facility ("DSR LC Facility"). Outstanding borrowings under the Tango Term Loan Facility bear interest annually at (i) for SOFR loans, the SOFR plus 1.50%, and (ii) for the Base Rate Loans (as defined in the Tango Credit Agreement), a fluctuating rate determined by reference to the Adjusted Base Rate (as defined in the Tango Credit Agreement) plus 0.50%, each with a 0.125% step-up after three years. Outstanding undrawn commitments under the Tango Term Loan Facility have a commitment fee of 0.50% annually. ACI Tango will make payments quarterly beginning on November 7, 2025 and ending on July 28, 2030. The DSR LC Facility provides letters of credit ("LC") or loans for draws under such LC to support contractual obligations related to the minimum debt service reserve amount under the Tango Credit Agreement. LC fees are payable quarterly in arrears, at an amount equal to 1.50% multiplied by the stated amount of the LC, with a 0.125% step-up after three years.

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

In connection with the Tango Term Loan Facility, the Borrower entered into interest rate swaps with CIBC, Société Générale S.A. and NatWest Markets Plc to exchange the SOFR rate in the Tango Term Loan Facility with a fixed rate for 75% of the outstanding borrowings under the Tango Term Loan Facility. The all-in fixed rate is 4.158%. The interest rate swaps have a mandatory early termination date on July 28, 2030.

On August 8, 2025, we announced the declaration of regular monthly distributions for October, November and December in the amount of $0.2083 per Class I Share, Class D Share, Class N Share and Class S Share.

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

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, the conflicts in the Middle East and concerns over future increases in inflation or adverse investor sentiment generally introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below. For more information concerning these risks and their potential impact on our business and our operating results, see "Item 1A. Risk Factors—General Risk Factors—Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations" and "Item 1A. Risk Factors—Risks Relating to Our Investments—Economic recessions or downturns could impair our portfolio companies and harm our operating results" in our <u>[Annual Report](https://www.sec.gov/Archives/edgar/data/2031750/000162828025012670/aci-20241231.htm)</u>.

*Investment Valuation Risk*

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by the Adviser, as our Valuation Designee, subject to the oversight of our Board, based on, among other things, the input of the independent third-party valuation firms that have been engaged to support the valuation of each portfolio investment without a readily available market quotation by providing positive assurance monthly and an independent valuation at least semiannually (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the

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market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations*—*Critical Accounting Estimates" as well as "Note 2. Significant Accounting Policies" and "Note 8. Fair Value of Financial Instruments" to our unaudited consolidated financial statements for more information relating to our investment valuation.

*Interest Rate Risk*

In addition to other sources of financings, the Fund uses variable rate debt to finance its operations which exposes to fluctuations in interest rates. Interest rate changes on the variable portion of the Fund's consolidated variable-rate debt could impact the Fund's future earnings and cash flows, but would not necessarily affect the fair value of such debt. The Fund manages its exposures to interest rate fluctuations by entering into derivative instruments such as interest rate swaps. These contracts reduce exposure to interest rate volatility and result in primarily fixed rate debt obligations when taking into account the combination of the variable rate debt and the interest rate derivative instrument. See "Note 6. Derivative Instruments" to our unaudited consolidated financial statements for more information relating to our derivative instruments. A hypothetical 25 basis points increase in the all-in rate on the outstanding balance of our consolidated variable interest rate debt as of June 30, 2025, would increase the Fund's annual interest expense by approximately $0.2 million, including the effects of the Fund's interest rate swaps. In addition, the Fund has invested in first lien senior secured loans with a fair value of approximately $148.1 million, which can offset the interest rate risk associated with the Fund's variable interest rate borrowings.

**Item 4. Controls and Procedures**

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

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the 1934 Act) that are designed to ensure that information required to be disclosed in our reports under the 1934 Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officers and principal financial officer, as appropriate, to allow timely decisions regarding required 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 June 30, 2025. Based upon that evaluation and subject to the foregoing, our principal executive officers and principal financial officer concluded that, as of June 30, 2025, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

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

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the 1934 Act) during the quarter ended June 30, 2025 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings**

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

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

**Item 1A. Risk Factors**

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

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

Refer to Item 3.02 in our Current Reports on Form 8-K filed with the SEC on April 7, 2025, April 22, 2025, May 7, 2025, May 20, 2025, June 6, 2025 and June 24, 2025 for information about unregistered sales of our equity securities during the

quarter.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

**Rule 10b5-1 Trading Plans**

During the three months ended June 30, 2025, no director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

**July, August, September, October, November and December 2025 Distributions**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross Distribution Per Share** | **Gross Distribution Per Share** | **Gross Distribution Per Share** | **Gross Distribution Per Share** |
|<br>**Record Date** |<br>**Payment Date**<sup>(1)</sup> | **Class I** | **Class D** | **Class N** | **Class S** |
| July 31, 2025 | August 22, 2025 | $0.2110 | $0.2110 | $0.2110 | $0.2110 |
| August 29, 2025 | September 24, 2025 | $0.2110 | $0.2110 | $0.2110 | $0.2110 |
| September 30, 2025 | October 23, 2025 | $0.2110 | $0.2110 | $0.2110 | $0.2110 |
| October 31, 2025 | November 21, 2025 | $0.2083 | $0.2083 | $0.2083 | $0.2083 |
| November 28, 2025 | December 24, 2025 | $0.2083 | $0.2083 | $0.2083 | $0.2083 |
| December 31, 2025 | January 23, 2026 | $0.2083 | $0.2083 | $0.2083 | $0.2083 |

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

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

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**Item 6. Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/2031750/000162828025012670/aciq42024exhibit31.htm)</u> | Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund's<br>Form 10-K, filed with the SEC on March 13, 2025). |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/2031750/000162828025001722/exhibit32arbylaws.htm)</u> | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Fund's Form 10-K, filed with the SEC on March 13, 2025). |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/2031750/000162828025018172/exhibit101natwestrevolving.htm)</u> | Revolving Credit Agreement, dated as of April 14, 2025, among ACI Portfolio Aggregator SPV LLC, as borrower, NatWest Markets PLC, as administrative agent, the letter of credit issuer and lead arranger, and the several lenders (incorporated by reference to Exhibit 10.1 of the Fund's Form 8-K, filed with the SEC on April 17, 2025). |
| <u>[10.2](exhibit102multipleclasspla.htm)</u>\* | Multiple Class Plan, dated as of May 14, 2025. |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/2031750/000162828025025587/exhibit105distributionands.htm)</u> | Distribution and Shareholder Servicing Plan, dated as of May 14, 2025 (incorporated by reference to Exhibit 10.5 to the Fund's Form 10-Q, filed with the SEC on May 14, 2025). |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/2031750/000162828025025587/exhibit106arplacementagent.htm)</u> | Amended and Restated Placement Agent Agreement, dated as of May 14, 2025, among Ares Core Infrastructure Fund and Ares Wealth Management Solutions, LLC (incorporated by reference to Exhibit 10.6 to the Fund's Form 10-Q, filed with the SEC on May 14, 2025). |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/2031750/000162828025025587/exhibit107formofselectedde.htm)</u> | Form of Selected Dealer Agreement (incorporated by reference to Exhibit 10.7 to the Fund's Form 10-Q, filed with the SEC on May 14, 2025). |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/2031750/000162828025037214/exhibit101tango.htm)</u> | Credit Agreement, dated as of July 28, 2025, by and among ACI Tango Member LLC, as borrower, ACI Tango Holdings, LLC, as pledgor, Canadian Imperial Bank of Commerce, New York Branch, as administrative agent, U.S. Bank National Association, as collateral agent, and the lenders and DSR LC Issuers from time to time party thereto (incorporated by reference to Exhibit 10.1 to the Fund's Form 8-K, filed with the SEC on August 1, 2025). |
| <u>[31.1](exhibit311aciq22025.htm)</u>\* | Certification of Co-Chief Executive Officers pursuant to Rule 13a-14(a) under the 1934 Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[31.2](exhibit312aciq22025.htm)</u>\* | Certification of Co-Chief Executive Officers pursuant to Rule 13a-14(a) under the 1934 Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[31.3](exhibit313aciq22025.htm)</u>\* | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the 1934 Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[32.1](exhibit321aciq22025.htm)</u>\*\* | Certification of Co-Chief Executive Officers and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |

---

\* Filed herewith.

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

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**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| | ARES CORE INFRASTRUCTURE FUND | ARES CORE INFRASTRUCTURE FUND |
| Dated: August 8, 2025 | By: | /s/ Keith Derman |
|  | Name: | Keith Derman |
|  | Title: | Co-Chief Executive Officer and Trustee |
| Dated: August 8, 2025 | By: | /s/ Steven Porto |
|  | Name: | Steven Porto |
|  | Title: | Co-Chief Executive Officer |
| Dated: August 8, 2025 | By: | /s/ Christina Oh |
|  | Name: | Christina Oh |
|  | Title: | Chief Financial Officer and Treasurer |

---

## Exhibit 10.2

**Exhibit 10.2**

**ARES CORE INFRASTRUCTURE FUND<br>MULTIPLE CLASS PLAN**

May 14, 2025

This Multiple Class Plan (this "Plan") is adopted pursuant to Rule 18f-3(d) under the Investment Company Act of 1940, as amended (the "1940 Act"), by Ares Core Infrastructure Fund, a Delaware statutory trust (the "Fund").

<u>W I T N E S S E T H</u>:

WHEREAS, the Fund is a closed-end management investment company that has elected to be regulated as a business development company;

WHEREAS, the Fund is permitted to rely on an exemptive order from the Securities and Exchange Commission to offer multiple classes of shares, and one of the conditions of this relief is that the Fund must comply with the provisions of Rule 18f-3 under the 1940 Act as if it were an open-end management investment company;

WHEREAS, Rule 18f-3 requires that a board of directors of an investment company desiring to offer multiple classes of shares pursuant to said Rule adopt a plan setting forth the differences among the classes with respect to shareholder services, distribution arrangements, expense allocations and any related conversion features or exchange privileges; and

WHEREAS, the Board of Trustees of the Fund (the "Board") desires to adopt this Plan so that the Fund may issue multiple classes (each, a "Class") of shares of its beneficial interests ("Shares").

NOW THEREFORE, the Fund hereby voluntarily adopts this Plan pursuant to Rule 18f-3 under the 1940 Act, on the following terms and conditions:

**<u>Class Designation; General Description of Classes</u>**

The Fund may issue Shares in one or more Classes, as set forth in Exhibit A, as may be amended from time to time. Shares so issued will have the rights and preferences set forth in this Plan, the Fund's Declaration of Trust and Bylaws (each as amended from time to time) and any applicable resolutions adopted by the Board from time to time.

Shares issued in Classes will be issued subject to, and in accordance with, the terms of Rule 18f-3 under the 1940 Act, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;each Class will have a different arrangement for shareholder services or the distribution of Shares or both, and will pay all of the expenses of that arrangement, as set forth in Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;each Class may pay a different share of other expenses, not including advisory or custodial fees or other expenses related to the management of the Fund's assets, if these expenses are actually incurred in a different amount by that Class, or if the Class receives services of a different kind or to a different degree than other Classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;each Class may pay a different advisory fee to the extent that any difference in amount paid is the result of the application of the same performance fee provisions in the advisory contract of the Fund to the different investment performance of each Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;each Class will have exclusive voting rights on any matter submitted to shareholders that relates solely to its arrangement;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;each Class will have separate voting rights on any matter submitted to shareholders in which the interests of one Class differ from the interests of any other Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise permitted under Rule 18f-3 under the 1940 Act, each Class will have the same rights and obligations as each other Class.

In addition, pursuant to Rule 12b-1 under the 1940 Act, the Fund intends to adopt a Shareholder Servicing and Distribution Plan (the "12b-1 Plan") pursuant to which Class D, Class N and Class S Shares are subject to a shareholder servicing and/or distribution fee. Those fees are described in the 12b-1 Plan.

A 2.00% early repurchase deduction may be charged by the Fund with respect to any repurchase of Shares that have not been outstanding for at least one year. The holding period ends on the one-year anniversary of the subscription closing date. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. The early repurchase deduction will not apply to Shares acquired through the Fund's distribution reinvestment plan, and the early repurchase deduction may be waived in the case of repurchase requests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• arising from the death or qualifying disability of a shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• due to trade or operational errors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submitted by discretionary model portfolio management programs (and similar arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from feeder funds (or similar vehicles) primarily created to hold the Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event that a shareholder's Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance.

The early repurchase deduction will apply uniformly to all Shares regardless of Class.

**<u>Conversion Features; Exchange Privileges</u>**

Shares of one Class may be exchanged, including at the shareholder's option, for Shares of another Class of the Fund (an "intra-Fund exchange"), if and to the extent an applicable intra-Fund exchange privilege is disclosed in the Fund's then-current Confidential Private Placement Memorandum (the "Memorandum") and subject to the terms and conditions (including the imposition or waiver of any sales load or repurchase fee) set forth in the Memorandum, provided that the shareholder requesting the intra-Fund exchange meets the eligibility requirements of the Class into which such shareholder seeks to exchange.

Assuming the intra-Fund exchange meets the eligibility requirements of the Class into which such shareholder seeks to exchange and the Fund has received proper instruction from the financial intermediary to effect such intra-Fund exchange and consents to such intra-Fund exchange, (i) a financial intermediary may, in its discretion, determine to exchange a shareholder's Shares at such shareholder's request and (ii) in certain cases, where a holder of Class S Shares, Class D Shares or Class N Shares is no longer eligible to hold such Class of Shares based on the shareholder's arrangements with its financial intermediary, (a) such holder's Class S Shares or Class N Shares may be exchanged into an equivalent net asset value amount of Class D Shares or Class I Shares and (b) such holder's Class D Shares may be exchanged into an equivalent net asset value amount of Class I Shares.

**<u>Expense Allocations of Each Class</u>**

Class-specific expenses of the Fund shall be allocated to the specific Class. Non-class specific expenses shall be allocated in accordance with Rule 18f-3 and any related guidance from the SEC or its staff. All expenses incurred by the Fund will be allocated, as provided for herein, among its Classes based on the respective net assets

------

of the Fund attributable to each such Class. The value of the Fund's net assets attributable to each Class shall be computed in the manner specified in the Memorandum for the computation of the Fund's net asset value.

In addition to different expenses associated with the Rule 12b-1 Plan, each Class may pay a different amount of the following expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;administrative and/or accounting or similar fees incurred by a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;legal, printing and postage expenses related to preparing and distributing to current shareholders of a specific Class materials such supplements to the Memorandum, proxy materials and shareholder reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;blue sky fees incurred by a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;SEC registration fees incurred by a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;expenses of administrative personnel and services required to support the shareholders of a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees incurred as a result of issues relating to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;auditors' fees, litigation expenses, and other legal fees and expenses relating to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;transfer agent fees and shareholder servicing expenses identified as being attributable to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;account expenses relating solely to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;expenses incurred in connection with any shareholder meetings as a result of issues relating to a specific Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;any such other expenses (not including advisory or custodial fees or other expenses related to the management of the Fund's assets) actually incurred in a different amount by a Class or related to a Class's receipt of services of a different kind or to a different degree than another Class, including reimbursement for an expense support provided to such Class.

Expenses of the Fund allocated to a particular Class of the Fund are borne on a *pro rata* basis by each outstanding Share of that Class.

**<u>Waivers and Reimbursements</u>**

Fees and expenses may be waived or reimbursed by Ares Capital Management II LLC, the Fund's investment adviser, or its affiliates, or any other service provider to the Fund. Such waiver or reimbursement may be applicable to some or all of the Classes and may be in different amounts for one or more Classes.

**<u>Income, Gains and Losses</u>**

Income, realized gains and losses and unrealized appreciation and depreciation shall be allocated to each Class on the basis of the net asset value of that Class in relation to the net asset value of the Fund, in each case in accordance with U.S. Generally Accepted Accounting Principles.

**<u>Class Designation</u>**

Subject to approval by the Board, the Fund may alter the nomenclature for the designation of one or more Classes.

------

**<u>Additional Information</u>**

Nothing in this Plan will be deemed to require the Fund to take any action contrary to its Declaration of Trust or Bylaws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of the responsibility for and control of the conduct of the affairs of the Fund.

This Plan will be construed in accordance with the internal laws of the State of Delaware and the applicable provisions of the 1940 Act. If any provision of this Plan is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Plan will not be affected thereby.

This Plan is qualified by and subject to the terms of the then-current Memorandum; provided, however, that none of the terms set forth in any such Memorandum shall be inconsistent with the terms of the Classes contained in this Plan.

**<u>Effective Date; Termination and Amendments</u>**

This Plan shall become effective at such time as specified by the Board. This Plan may be terminated or amended at any time with respect to the Fund or a Class thereof by a vote of a majority of the Board, including a majority of the Trustees who are not considered "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund.

------

**EXHIBIT A**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Shareholder Servicing and/or Distribution Fee</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Shareholder Servicing and/or Distribution Fee</u>** | **<u>Sales Loads<sup>1</sup></u>** |
| *(calculated per annum as a percent of the aggregate net asset value<br>as of the beginning of the first calendar day of each applicable month)* | *(calculated per annum as a percent of the aggregate net asset value<br>as of the beginning of the first calendar day of each applicable month)* | *(calculated per annum as a percent of the aggregate net asset value<br>as of the beginning of the first calendar day of each applicable month)* |
| <u>Class</u> |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |  |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |  |
| Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |  |
| Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |  |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Fund does not charge investors an upfront sales load with respect to Class S Shares, Class N Shares, Class D Shares or Class I Shares. However, if shareholders buy Class S Shares, Class N Shares or Class D Shares through certain selling agents, such selling agents may directly charge shareholders transaction or other fees, including upfront placement fees or brokerage commissions, in such amounts as they may determine, provided that selling agents limit such charges to a 3.5% cap on NAV for Class S Shares, a 2.0% cap on NAV for Class N Shares and a 2.0% cap on NAV for Class D Shares.

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

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

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

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

I, Keith Derman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 of Ares Core Infrastructure Fund;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.[Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Dated: August 8, 2025 | By: | /s/ Keith Derman |
|  | Name: | Keith Derman |
|  | Title: | Co-Chief Executive Officer and Trustee |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

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

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

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

I, Steven Porto, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 of Ares Core Infrastructure Fund;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.[Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Dated: August 8, 2025 | By: | /s/ Steven Porto |
|  | Name: | Steven Porto |
|  | Title: | Co-Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.3

**Exhibit 31.3**

**CERTIFICATION**

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

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

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

I, Christina Oh, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 of Ares Core Infrastructure Fund;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.[Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Dated: August 8, 2025 | By: | /s/ Christina Oh |
|  | Name: | Christina Oh |
|  | Title: | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO** 

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

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

In connection with the Quarterly Report of Ares Core Infrastructure Fund (the "Fund") on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Keith Derman and Steven Porto, as Co-Chief Executive Officers of the Fund, and Christina Oh, as Chief Financial Officer of the Fund, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

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

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

---

| | | |
|:---|:---|:---|
| Dated: August 8, 2025 | By: | /s/ Keith Derman |
|  | Name: | Keith Derman |
|  | Title: | Co-Chief Executive Officer and Trustee |
|  |  | (Principal Executive Officer) |
| Dated: August 8, 2025 | By: | /s/ Steven Porto |
|  | Name: | Steven Porto |
|  | Title: | Co-Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Dated: August 8, 2025 | By: | /s/ Christina Oh |
|  | Name: | Christina Oh |
|  | Title: | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer) |

---

<br>