# EDGAR Filing Document

**Accession Number:** 0002031750
**File Stem:** 0002031750-25-000043
**Filing Date:** 2025-11
**Character Count:** 343364
**Document Hash:** 3116e8804b1c3093244faee087d1ef20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002031750-25-000043.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0002031750-25-000043

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**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:** 251463525

**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-20250930

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_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 September 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 November 4, 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 November 4, 2025 was 65,764,907, consisting of 65,640,252, 0, 0, and 124,655 of Class I, Class D, Class N and Class S common shares, respectively.

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**Quarterly Report on Form 10-Q**

**Table of Contents** 

---

| | |
|:---|:---|
| | **Page** |
| **<u>[PART I—FINANCIAL INFORMATION](#i65aebc80ee9249808d042d634ed49748_13)</u>** | |
| &nbsp;&nbsp;&nbsp;<u>[Item 1. Financial Statements](#i65aebc80ee9249808d042d634ed49748_16)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Assets and Liabilities as of](#i65aebc80ee9249808d042d634ed49748_19)[September](#i65aebc80ee9249808d042d634ed49748_19)[30, 2025 (unaudited) and December 31, 2024](#i65aebc80ee9249808d042d634ed49748_19)</u>  | <u>[3](#i65aebc80ee9249808d042d634ed49748_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the three and](#i65aebc80ee9249808d042d634ed49748_22)[nine](#i65aebc80ee9249808d042d634ed49748_22)[months ended](#i65aebc80ee9249808d042d634ed49748_22)[September](#i65aebc80ee9249808d042d634ed49748_22)[30, 2025](#i65aebc80ee9249808d042d634ed49748_22)[,](#i65aebc80ee9249808d042d634ed49748_22)[for the three months ended September 30, 2024](#i65aebc80ee9249808d042d634ed49748_22)[and for the period from May 7, 2024 (inception) to](#i65aebc80ee9249808d042d634ed49748_22)[September](#i65aebc80ee9249808d042d634ed49748_22)[30, 2024 (unaudited)](#i65aebc80ee9249808d042d634ed49748_22)</u> | <u>[4](#i65aebc80ee9249808d042d634ed49748_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Schedules of Investments as of](#i65aebc80ee9249808d042d634ed49748_25)[September](#i65aebc80ee9249808d042d634ed49748_25)[30, 2025 (unaudited) and December 31, 2024](#i65aebc80ee9249808d042d634ed49748_25)</u> | <u>[5](#i65aebc80ee9249808d042d634ed49748_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Net Assets for the](#i65aebc80ee9249808d042d634ed49748_31)[three and nine months ended September 30, 2025, for the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024 (unaudited)](#i65aebc80ee9249808d042d634ed49748_22)</u> | <u>[11](#i65aebc80ee9249808d042d634ed49748_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the](#i65aebc80ee9249808d042d634ed49748_34)[nine](#i65aebc80ee9249808d042d634ed49748_34)[months ended](#i65aebc80ee9249808d042d634ed49748_34)[September](#i65aebc80ee9249808d042d634ed49748_34)[30, 2025 and for the period from May 7, 2024 (inception) to](#i65aebc80ee9249808d042d634ed49748_34)[September](#i65aebc80ee9249808d042d634ed49748_34)[30, 2024 (unaudited)](#i65aebc80ee9249808d042d634ed49748_34)</u> | <u>[12](#i65aebc80ee9249808d042d634ed49748_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements (unaudited)](#i65aebc80ee9249808d042d634ed49748_43)</u> | <u>[13](#i65aebc80ee9249808d042d634ed49748_43)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i65aebc80ee9249808d042d634ed49748_88)</u> | <u>[43](#i65aebc80ee9249808d042d634ed49748_88)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i65aebc80ee9249808d042d634ed49748_109)</u> | <u>[61](#i65aebc80ee9249808d042d634ed49748_109)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#i65aebc80ee9249808d042d634ed49748_112)</u> | <u>[62](#i65aebc80ee9249808d042d634ed49748_112)</u> |
| **<u>[PART II—OTHER INFORMATION](#i65aebc80ee9249808d042d634ed49748_118)</u>** |  |
| &nbsp;&nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#i65aebc80ee9249808d042d634ed49748_121)</u> | <u>[63](#i65aebc80ee9249808d042d634ed49748_121)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 1A. Risk Factors](#i65aebc80ee9249808d042d634ed49748_124)</u> | <u>[63](#i65aebc80ee9249808d042d634ed49748_124)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i65aebc80ee9249808d042d634ed49748_127)</u> | <u>[63](#i65aebc80ee9249808d042d634ed49748_127)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 3. Defaults Upon Senior Securities](#i65aebc80ee9249808d042d634ed49748_130)</u> | <u>[63](#i65aebc80ee9249808d042d634ed49748_130)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures](#i65aebc80ee9249808d042d634ed49748_133)</u> | <u>[63](#i65aebc80ee9249808d042d634ed49748_133)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 5. Other Information](#i65aebc80ee9249808d042d634ed49748_136)</u> | <u>[63](#i65aebc80ee9249808d042d634ed49748_133)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Item 6. Exhibits](#i65aebc80ee9249808d042d634ed49748_139)</u> | <u>[64](#i65aebc80ee9249808d042d634ed49748_139)</u> |
| <u>[Signatures](#i65aebc80ee9249808d042d634ed49748_142)</u> | <u>[65](#i65aebc80ee9249808d042d634ed49748_142)</u> |

---

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_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** |
| | **September 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 $1,427,270 and $347,531, respectively) | $1503533 | $339136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled/affiliated investments (Cost of $238,347 and $0, respectively) | 238264 |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 202393 | 25528 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 14330 | 1789 |
| &nbsp;&nbsp;Derivative contracts, at fair value (Cost of $0 and $0, respectively) | 6986 | 10414 |
| &nbsp;&nbsp;&nbsp;Offering costs | 814 | 3078 |
| &nbsp;&nbsp;&nbsp;Other assets | 1071 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**1967391** | $**380607** |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;Term loans payable (net of deferred financing costs of $16,265 and $5,251, respectively) | $428203 | $207253 |
| &nbsp;&nbsp;&nbsp;Unsettled trades payable | 31643 |  |
| &nbsp;&nbsp;&nbsp;Deferred tax liability, net | 19229 | 1904 |
| &nbsp;&nbsp;&nbsp;Distributions payable | 12276 | 5742 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee payable | 8198 | 149 |
| &nbsp;&nbsp;&nbsp;Income based incentive fee payable | 1593 |  |
| &nbsp;&nbsp;Derivative contracts, at fair value (Cost of $0 and $0, respectively) | 9263 | 824 |
| &nbsp;&nbsp;&nbsp;Interest payable | 5376 | 4541 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 953 | 3741 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 1482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **518216** | **224154** |
| Commitments and contingencies (Note 7) |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;Common shares, par value $0.01 per share, unlimited shares authorized; 58,179,313 and 6,226,600 shares issued and outstanding, respectively | 582 | 62 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 1382661 | 149861 |
| &nbsp;&nbsp;&nbsp;Accumulated undistributed earnings | 65932 | 6530 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | **1449175** | **156453** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $**1967391** | $**380607** |
| **NET ASSET VALUE PER SHARE** |  |  |
| **Class I Shares:** |  |  |
| Net assets | $1449175 | $156453 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1) | 58179313 | 6226600 |
| Net asset value per share | $**24.9088** | $**25.1266** |

---

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

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

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**($ in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| **Income:** | | | | |
| &nbsp;&nbsp;Distribution income | $16063 | $— | $26881 | $— |
| &nbsp;&nbsp;Interest income | 6158 | 79 | 10415 | 79 |
| **Total income** | **22221** | **79** | **37296** | **79** |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 7866 | 758 | 17037 | 758 |
| &nbsp;&nbsp;&nbsp;Organizational expenses | 2 | 415 | 37 | 2465 |
| &nbsp;&nbsp;&nbsp;Administration fees | 704 | 545 | 2202 | 545 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee | 3334 |  | 8049 |  |
| &nbsp;&nbsp;&nbsp;Management fees | 4052 | 162 | 7585 | 162 |
| &nbsp;&nbsp;&nbsp;Offering expenses | 1067 | 148 | 3271 | 148 |
| &nbsp;&nbsp;&nbsp;Income based incentive fee | 1593 |  | 1593 |  |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 1780 | 123 | 3775 | 123 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | **20398** | **2151** | **43549** | **4201** |
| &nbsp;&nbsp;Less: Expense support (Note 3) | (3007) | (1231) | (8583) | (3281) |
| &nbsp;&nbsp;Less: Management fee waiver (Note 3) |  | (162) | (163) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | **17391** | **758** | **34803** | **758** |
| **Net investment income / (loss) before income taxes** | **4830** | **(679)** | **2493** | **(679)** |
| &nbsp;&nbsp;Income tax expense | 9336 |  | 17325 |  |
| **Net investment loss** | $**(4506)** | $**(679)** | $**(14832)** | $**(679)** |
| **Unrealized and Realized Gains / (Losses) On Investment And Derivatives:** |  |  |  |  |
| Net realized gains / (losses): |  |  |  |  |
| &nbsp;&nbsp;Investments | $(93) | $— | $(253) | $— |
| &nbsp;&nbsp;Derivatives | 454 |  | 1778 |  |
| Net realized gains | 361 |  | 1525 |  |
| Net unrealized gains / (losses): |  |  |  |  |
| &nbsp;&nbsp;Investments | 41874 |  | 84576 |  |
| &nbsp;&nbsp;Derivatives | (5716) | 151 | (11867) | 151 |
| Net unrealized gains | 36158 | 151 | 72709 | 151 |
| **Net realized and unrealized gains on investment and derivatives** | **36519** | **151** | **74234** | **151** |
| &nbsp;&nbsp;**Net increase / (decrease) in net assets resulting from operations** | $**32013** | $**(528)** | $**59402** | $**(528)** |

---

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

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of September 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 |  | $431262 | $473880 | (2) |  |
| Denali Equity Holdings LLC <sup>(1)(5)</sup> | Class A Units |  |  |  | 09/2024 |  | 3749 |  | 340994 | 356603 | (2) |  |
| Tango Holdings LLC <sup>(1)(5)</sup> | Class A Units |  |  |  | 07/2025 |  | 453089 |  | 458342 | 476155 | (2) |  |
| TerraForm Power Operating, LLC | First lien senior secured loan | 6.00% | SOFR (Q) | 2.00% |  | 05/2029 |  | $1492 | 1472 | 1489 |  |  |
|  |  |  |  |  |  |  |  |  | 1232070 | 1308127 |  | 90.27% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Alpha Generation LLC | First lien senior secured loan | 6.16% | SOFR (M) | 2.00% |  | 09/2031 |  | 5784 | 5784 | 5772 |  |  |
| Astoria Energy LLC | First lien senior secured loan | 6.91% | SOFR (M) | 2.75% |  | 06/2032 |  | 6281 | 6262 | 6293 |  |  |
| Bayonne Energy Center, LLC | First lien senior secured loan | 7.04% | SOFR (Q) | 3.00% |  | 09/2032 |  | 4000 | 3988 | 3990 |  |  |
| Cogentrix Finance Holdco I, LLC | First lien senior secured loan | 6.41% | SOFR (M) | 2.25% |  | 02/2032 |  | 7704 | 7715 | 7714 |  |  |
| Cornerstone Generation, LLC | First lien senior secured loan | 7.48% | SOFR (Q) | 3.25% |  | 10/2031 |  | 8760 | 8791 | 8815 |  |  |
| EFS Cogen Holdings I LLC | First lien senior secured loan | 7.00% | SOFR (Q) | 3.00% |  | 10/2031 |  | 13214 | 13256 | 13291 |  |  |
| Hill Top Energy Center, LLC | First lien senior secured loan | 7.41% | SOFR (Q) | 3.25% |  | 06/2032 |  | 9087 | 9115 | 9087 |  |  |
| Lackawanna Energy Center LLC | First lien senior secured loan | 7.25% | SOFR (M) | 3.00% |  | 08/2032 |  | 4386 | 4379 | 4418 |  |  |
| South Field Energy LLC | First lien senior secured loan | 7.00% | SOFR (Q) | 3.00% |  | 08/2031 |  | 8995 | 8977 | 9002 |  |  |
|  |  |  |  |  |  |  |  |  | 68267 | 68382 |  | 4.72% |
| **Oil, Gas and Consumable Fuels** | **Oil, Gas and Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |  |
| Buckeye Partners LP | First lien senior secured loan | 5.75% | SOFR (Q) | 1.75% |  | 09/2032 |  | 1992 | 1992 | 1992 |  |  |
| Freeport LNG investments, LLLP | First lien senior secured loan | 7.59% | SOFR (Q) | 3.26% |  | 11/2026 |  | 3519 | 3508 | 3516 |  |  |
| Freeport LNG investments, LLLP | First lien senior secured loan | 7.58% | SOFR (Q) | 3.25% |  | 12/2028 |  | 6183 | 6150 | 6178 |  |  |
| ITT Holdings LLC | First lien senior secured loan | 6.64% | SOFR (M) | 2.48% |  | 10/2030 |  | 1744 | 1744 | 1743 |  |  |
| M6 ETX Holdings II Midco LLC | First lien senior secured loan | 9.25% | SOFR (Q) | 2.00% |  | 04/2032 |  | 3990 | 3986 | 3990 |  |  |
| M6 ETX Holdings II Midco LLC | First lien senior secured loan | 6.53% | SOFR (Q) | 2.50% |  | 04/2032 |  | 2095 | 2098 | 2095 |  |  |
| Oryx Midstream Services Permian Basin LLC | First lien senior secured loan | 6.42% | SOFR (M) | 2.25% |  | 10/2028 |  | 6050 | 6027 | 6047 |  |  |

---

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of September 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** |
| Pasadena Performance Products, LLC <sup>(5)</sup> | First lien senior secured loan | 7.25% | SOFR (Q) | 3.25% |  | 02/2032 |  | 1995 | 1997 | 1995 |  |
| Prairie ECI Acquiror LP | First lien senior secured loan | 7.91% | SOFR (M) | 3.75% |  | 08/2029 |  | 7460 | 7464 | 7494 |  |
| TransMontaigne Operating Company L.P. | First lien senior secured loan | 6.66% | SOFR (M) | 2.50% |  | 11/2028 |  | 5733 | 5742 | 5734 |  |
| WhiteWater Matterhorn Holdings, LLC | First lien senior secured loan | 6.31% | SOFR (Q) | 2.25% |  | 06/2032 |  | 3550 | 3548 | 3546 |  |
|  |  |  |  |  |  |  |  |  | 44256 | 44330 | 3.06% |
| **Gas Utilities** | **Gas Utilities** |  |  |  |  |  |  |  |  |  |  |
| Potomac Energy Center, LLC | First lien senior secured loan | 7.32% | SOFR (Q) | 3.00% |  | 08/2032 |  | 10008 | 10006 | 10040 |  |
| Venture Global | First lien senior secured loan | 6.39% | SOFR (M) | 2.23% |  | 05/2029 |  | 3555 | 3564 | 3555 |  |
| Venture Global <sup>(5)</sup> | First lien senior secured loan | 6.38% | SOFR (M) | 2.23% |  | 05/2029 |  | 445 | 446 | 445 |  |
|  |  |  |  |  |  |  |  |  | 14016 | 14040 | 0.97% |
| **Software** |  |  |  |  |  |  |  |  |  |  |  |
| Applied Systems, Inc. | First lien senior secured loan | 6.25% | SOFR (Q) | 2.25% |  | 02/2031 |  | 1045 | 1042 | 1045 |  |
| Cloud Software Group, Inc. | First lien senior secured loan | 7.25% | SOFR (Q) | 3.25% |  | 03/2031 |  | 3995 | 3983 | 4009 |  |
| Ellucian Holdings Inc. | First lien senior secured loan | 6.91% | SOFR (M) | 2.75% |  | 10/2029 |  | 4037 | 4050 | 4035 |  |
|  |  |  |  |  |  |  |  |  | 9075 | 9089 | 0.63% |
| **Insurance** | **Insurance** |  |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC | First lien senior secured loan | 7.16% | SOFR (M) | 3.00% |  | 11/2030 |  | 497 | 491 | 496 |  |
|  |  |  |  |  |  |  |  |  | 491 | 496 | 0.03% |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |  |  |  |  |  |  |  |
| QualityTech, LP <sup>(5)</sup> | First lien senior secured loan | 7.72% | SOFR (M) | 3.50% |  | 11/2031 |  | 5477 | 5500 | 5477 |  |
|  |  |  |  |  |  |  |  |  | 5500 | 5477 | 0.38% |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |  |  |  |  |  |  |  |  |
| BCP Renaissance Parent LLC | First lien senior secured loan | 6.50% | SOFR (Q) | 2.50% |  | 10/2028 |  | 5865 | 5863 | 5871 |  |
|  |  |  |  |  |  |  |  |  | 5863 | 5871 | 0.41% |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |  |  |
| Project Ruby Ultimate Parent Corp. | First lien senior secured loan | 7.03% | SOFR (M) | 2.86% |  | 03/2028 |  | 5840 | 5856 | 5841 |  |
|  |  |  |  |  |  |  |  |  | 5856 | 5841 | 0.40% |

---

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of September 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** |
| **Multi-Utilities** | **Multi-Utilities** | | | | | | | | | | | |
| Hamilton Projects Acquiror, LLC | First lien senior secured loan | 6.66% | SOFR (M) | 2.50% |  | 05/2031 |  | 5405 | 5423 | 5416 |  |  |
|  |  |  |  |  |  |  |  |  | 5423 | 5416 |  | 0.37% |
| **Energy Equipment and Services** | **Energy Equipment and Services** |  |  |  |  |  |  |  |  |  |  |  |
| CPPIB OVM Member U.S. LLC | First lien senior secured loan | 6.50% | SOFR (Q) | 2.50% |  | 08/2031 |  | 2288 | 2277 | 2291 |  |  |
|  |  |  |  |  |  |  |  |  | 2277 | 2291 |  | 0.16% |
| **Technology Hardware, Storage and Peripherals** | **Technology Hardware, Storage and Peripherals** |  |  |  |  |  |  |  |  |  |  |  |
| ConnectWise, LLC | First lien senior secured loan | 7.76% | SOFR (Q) | 3.76% |  | 09/2028 |  | 2487 | 2492 | 2490 |  |  |
| Stack SJ Holdings Parent A-I, LLC <sup>(5)</sup> | Senior Subordinated Loan | 9.25% | N/A | 9.25% |  | 06/2030 |  | 137500 | 25136 | 25123 |  |  |
|  |  |  |  |  |  |  |  |  | 27628 | 27613 |  | 1.91% |
| **Commercial Services and Supplies** | **Commercial Services and Supplies** |  |  |  |  |  |  |  |  |  |  |  |
| Covanta Holding Corporation | First lien senior secured loan | 6.41% | SOFR (M) | 2.25% |  | 01/2031 |  | 2000 | 1995 | 1994 |  |  |
|  |  |  |  |  |  |  |  |  | 1995 | 1994 |  | 0.14% |
| **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |  |  |  |  |
| Colossus AcquireCo LLC | First lien senior secured loan | 5.87% | SOFR (Q) | 1.75% |  | 07/2032 |  | 1500 | 1494 | 1491 |  |  |
|  |  |  |  |  |  |  |  |  | 1494 | 1491 |  | 0.10% |
| **Construction and Engineering** | **Construction and Engineering** |  |  |  |  |  |  |  |  |  |  |  |
| Traverse Midstream Partners LLC | First lien senior secured loan | 6.81% | SOFR (Q) | 2.50% |  | 02/2028 |  | 1250 | 1249 | 1251 |  |  |
|  |  |  |  |  |  |  |  |  | 1249 | 1251 |  | 0.09% |
| **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |  |
| WEC US Holdings Ltd. | First lien senior secured loan | 6.53% | SOFR (M) | 2.25% |  | 01/2031 |  | 1077 | 1070 | 1077 |  |  |
|  |  |  |  |  |  |  |  |  | 1070 | 1077 |  | 0.07% |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |  |  |
| AI Aqua Merger Sub, Inc. | First lien senior secured loan | 7.28% | SOFR (M) | 3.00% |  | 07/2028 |  | 746 | 740 | 747 | (3) |  |
|  |  |  |  |  |  |  |  |  | 740 | 747 |  | 0.05% |
| **Total Investments** |  |  |  |  |  |  |  |  | $**1427270** | $**1503533** |  | 103.75% |

---

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of September 30, 2025**

**($ in thousands)**

**(unaudited)**

**Controlled/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** |
| **Gas Utilities** | **Gas Utilities** | | | | | | | | | | | |
| Meade Pipeline Co LLC <sup>(1)(5)(7)</sup> | Class A Units |  |  |  | 09/2025 |  | 43 |  | $202888 | $202805 | (2) |  |
| Redwood Meade Midstream MPC, LLC <sup>(1)(5)(7)</sup> | Class A Units |  |  |  | 09/2025 |  | 50 |  | 35459 | 35459 | (2) |  |
|  |  |  |  |  |  |  |  |  | 238347 | 238264 |  | 16.44% |
| **Total Investments** |  |  |  |  |  |  |  |  | $**238347** | $**238264** |  | 16.44% |

---

**Cash Equivalents**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Investment** | **Coupon**<sup>(4)</sup> | **Maturity Date** | **Interest Rate**<sup>(6)</sup> | **Principal** | **Cost** | **Fair Value** | **% of Net Assets** |
| First American U.S. Treasury Sweep (Y Shares) | Money Market Fund |  | N/A | 3.76% | 169 | 169 | 169 |  |
| First American U.S. Treasury Sweep (Y Shares) | Money Market Fund |  | N/A | 3.80% | 235 | 235 | 235 |  |
|  |  |  |  |  |  | 404 | 404 | 0.03% |
| **Total Cash Equivalents** |  |  |  |  |  | $**404** | $**404** | 0.03% |

---

(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 September 30, 2025, the aggregate fair value of these securities was $1,544.9 million, or 106.61% of the Fund's (as defined below) 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, 0.05% of the Fund's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of September 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 September 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.

(6) These rates indicate dividend yield as they relate to Money Market Funds.

(7) As defined in the Investment Company Act, the Fund is deemed both to be an "Affiliated Person" and to "Control" this portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). For the three months ended September 30, 2025, there were purchases of affiliated investments of $202,888 related to Meade Pipeline Co, LLC and $35,459 related to Redwood Meade Midstream MPC, LLC and there was no net realized gain or loss, net increase or decrease related to unrealized gain or loss, or distribution income recognized for these affiliated investments.

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**As of September 30, 2025**

**($ in thousands)**

**(unaudited)**

**Derivative Instruments**

***Interest Rate Swaps***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fund Pays** | **Fund Receives** | **Counterparty** | **Maturity Date** | **Payment Frequency** | **Notional Amount** | **Fair Value** | **Upfront<br>Payments/<br>Receipts** | **Unrealized Appreciation / (Depreciation)** |
| Interest rate swap | 2.525% | Daily SOFR | BNP Paribas | 09/2029 | Quarterly | $40468 | $3500 | $— | $3500 |
| Interest rate swap | 2.530% | Daily SOFR | MUFG Bank, Ltd. | 09/2029 | Quarterly | 40468 | 3486 |  | 3486 |
| Interest rate swap | 4.194% | Daily SOFR | NatWest Markets Plc | 09/2029 | Quarterly | 20232 | (823) |  | (823) |
| Interest rate swap | 4.194% | Daily SOFR | Bayerische Landesbank | 09/2029 | Quarterly | 15372 | (625) |  | (625) |
| Interest rate swap | 4.194% | Daily SOFR | PNC Bank, National Association | 09/2029 | Quarterly | 15372 | (625) |  | (625) |
| Interest rate swap | 4.194% | Daily SOFR | Bank of China Limited New York Branch | 09/2029 | Quarterly | 13080 | (532) |  | (532) |
| Interest rate swap | 4.194% | Daily SOFR | Canadian Imperial Bank of Commerce | 09/2029 | Quarterly | 12296 | (500) |  | (500) |
| Interest rate swap | 4.059% | Daily SOFR | MUFG Bank, Ltd. | 03/2030 | Quarterly | 18750 | (482) |  | (482) |
| Interest rate swap | 4.058% | Daily SOFR | BNP Paribas | 03/2030 | Quarterly | 18750 | (480) |  | (480) |
| Interest rate swap | 4.158% | Daily SOFR | Canadian Imperial Bank of Commerce | 07/2030 | Quarterly | 92375 | (3464) |  | (3464) |
| Interest rate swap | 4.158% | Daily SOFR | Société Générale SA | 07/2030 | Quarterly | 23094 | (866) |  | (866) |
| Interest rate swap | 4.158% | Daily SOFR | NatWest Markets Plc | 07/2030 | Quarterly | 23094 | (866) |  | (866) |
| **Total** |  |  |  |  |  |  | $**(2277)** | $**—** | $**(2277)** |

---

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_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** | **Payment Frequency** | **Notional Amount** | **Fair Value** | **Upfront<br>Payments/<br>Receipts** | **Unrealized Appreciation / (Depreciation)** |
| Interest rate swap | 2.525% | Daily SOFR | BNP Paribas | 09/2029 | Quarterly | $41006 | $5200 | $— | $5200 |
| Interest rate swap | 2.530% | Daily SOFR | MUFG Bank, Ltd. | 09/2029 | Quarterly | 41006 | 5214 |  | 5214 |
| Interest rate swap | 4.194% | Daily SOFR | NatWest Markets Plc | 09/2029 | Quarterly | 20500 | (215) |  | (215) |
| Interest rate swap | 4.194% | Daily SOFR | Bayerische Landesbank | 09/2029 | Quarterly | 15576 | (127) |  | (127) |
| Interest rate swap | 4.194% | Daily SOFR | PNC Bank, National Association | 09/2029 | Quarterly | 15576 | (173) |  | (173) |
| Interest rate swap | 4.194% | Daily SOFR | Bank of China Limited New York Branch | 09/2029 | Quarterly | 13254 | (177) |  | (177) |
| Interest rate swap | 4.194% | Daily SOFR | Canadian Imperial Bank of Commerce | 09/2029 | Quarterly | 12460 | (132) |  | (132) |
| **Total** |  |  |  |  |  |  | $**9590** | $**—** | $**9590** |

---

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

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

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

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(4506) | $(679) | $(14832) | $(679) |
| &nbsp;&nbsp;&nbsp;Net realized gains | 361 |  | 1525 |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gains | 36158 | 151 | 72709 | 151 |
| Net increase / (decrease) in net assets resulting from operations | 32013 | (528) | 59402 | (528) |
| **Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributed capital in excess of par - Class I | (33208) |  | (62959) |  |
| Net decrease in net assets from distributions | (33208) |  | (62959) |  |
| **Share transactions:** |  |  |  |  |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 639948 | 155665 | 1294757 | 155665 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 7021 |  | 13184 |  |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (11662) |  | (11662) |  |
| Net increase in net assets from share transactions | 635307 | 155665 | 1296279 | 155665 |
| Total increase in net assets | 634112 | 155137 | 1292722 | 155137 |
| Net assets, beginning of period | 815063 |  | 156453 | **—** |
| **Net assets, end of period** | $**1449175** | $**155137** | $**1449175** | $**155137** |

---

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

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**ARES CORE INFRASTRUCTURE FUND**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

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

---

| | | |
|:---|:---|:---|
| | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| **OPERATING ACTIVITIES:** | | |
| &nbsp;&nbsp;&nbsp;**Net increase / (decrease) in net assets resulting from operations** | $**59402** | $**(528)** |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase / (decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of investments | (12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (1365868) | (347854) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 1823 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs | 3271 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in deferred tax liability, net | 17326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) / loss on investments | (84576) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) / loss on derivatives | 11867 | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized (gain) / loss on investments | 253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital from investments | 9526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repayments or sales of investments | 38015 |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee payable | 1482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains and income based incentive fee payable | 9642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (3795) | (148) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (409) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 835 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsettled trades payable | 31643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(1269575)** | **(347775)** |
| **FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from issuance of common stock | 1294757 | 155665 |
| &nbsp;&nbsp;&nbsp;Borrowings from term loans | 234750 | 212504 |
| &nbsp;&nbsp;&nbsp;Repayments of term loans | (2786) |  |
| &nbsp;&nbsp;&nbsp;Payments for debt issuance costs | (12837) | (5594) |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (11662) |  |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | (43241) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **1458981** | **362575** |
| Net change in cash, cash equivalents and restricted cash | 189406 | 14800 |
| Cash, cash equivalents and restricted cash, beginning of period | 27317 |  |
| **Cash, cash equivalents and restricted cash, end of period** | $**216723** | $**14800** |
| Supplemental Information: |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid during the period | $14380 | $— |
| &nbsp;&nbsp;&nbsp;Distribution declared and payable during the period | $12276 | $— |
| &nbsp;&nbsp;&nbsp;Non-cash financing activity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | $1007 | $1771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from distribution reinvestment plan | $13184 | $— |

---

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

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of September 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 has 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 (the Fund's "Adviser"), a subsidiary of Ares Management Corporation ("Ares Management"), a publicly traded, leading global alternative investment manager. In addition, the Fund is party to an administration agreement with Ares Operations LLC ("Ares Operations" or the Fund's "Administrator"), a subsidiary of Ares Management, pursuant to which the Administrator will provide administrative and other services necessary for the Fund to operate.

The Fund's investment objective is to generate attractive risk-adjusted total returns consisting primarily of current income. The Fund focuses on equity, and to a lesser extent, debt, investments in infrastructure companies and assets ("Infrastructure Assets"), with a primary focus on Infrastructure Assets believed to potentially: (i) possess a higher degree of cash flow predictability; (ii) produce returns that are derived primarily from income, with limited upside through capital gains and assets that are commonly held for longer terms (more than five years); and (iii) produce revenues and cash flows that are generally governed by either rate regulation or long-term contracts with creditworthy counterparties, such as governments, municipalities and major industrial companies, with allocations in both controlling (majority) and non-controlling (minority) equity investments, as deemed appropriate by the Adviser. The Fund's investments may include common or preferred stock, 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**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of September 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 common shares of beneficial interest ("Class D Shares"), Class N common shares of beneficial interest ("Class N Shares"), Class S common shares of beneficial interest ("Class S Shares") and Class I common shares of beneficial interest ("Class I Shares"), and reclassified all existing Shares as Class I Shares. Other than the differences in ongoing shareholder servicing and/or distribution fees, each class of Shares has the same economics and voting rights. While an investment in any Share class of the Fund represents an investment in the same assets of the Fund, the purchase restrictions and ongoing fees and expenses for each Share class are different. As of September 30, 2025, the Fund had not issued any Class D Shares, Class N Shares or Class S Shares. See "Subsequent Events" for information about issuances of Shares subsequent to September 30, 2025.

**2. SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

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

***Basis of Consolidation***

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

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

Cash and cash equivalents include funds from time to time deposited with financial institutions, short-term, liquid investments in money market accounts and/or Treasury Bills held for 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. As of September 30, 2025 and December 31, 2024, the Fund had $0.4 million and $0, respectively, of cash equivalents.

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

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

The Fund deposits its cash and cash equivalents with financial institutions and, at times, cash held in depository or money market 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:

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **September 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $202393 | $25528 |
| Restricted cash | 14330 | 1789 |
| &nbsp;&nbsp;&nbsp;**Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows** | $**216723** | $**27317** |

---

***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 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 twelve months following the expense being incurred on a straight-line basis.

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

***Investments***

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

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

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

Investments in the Fund's portfolio that do not have readily available market quotations (i.e., substantially all of the Fund's investments) are valued at fair value as determined in good faith by our Valuation Designee, as described herein. As part of the valuation process for investments that do not have readily available market prices, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of the Fund's investments: the enterprise value

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

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 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

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

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.

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

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

***Distribution Income Recognition***

Distribution income 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 nine months ended September 30, 2025, the Fund received $19.1 million and $36.4 million, respectively, of distributions from investments, of which $3.0 million and $9.5 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.

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

***Distributions***

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

***Concentration Risk***

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

***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.

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

**3. AGREEMENTS AND ORGANIZATIONAL DOCUMENTS** 

***Investment Advisory and Management Agreement***

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

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

Under the Investment Advisory Agreement, the base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Fund's net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, net assets means the Fund's total assets less liabilities, determined on a consolidated basis in accordance with GAAP. The Adviser waived its right to receive its management fee for the period prior to the BDC Election. The Adviser extended the waiver until the Fund's first monthly closing as a BDC. The Fund incurred $4.1 million and $7.6 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million for both the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024, in management fees under the Investment Advisory Agreement. For the three months ended September 30, 2025, no management fees were waived by the Adviser. The Adviser has chosen to voluntarily waive $0.2 million for the nine months ended September 30, 2025 and $0.2 million for both the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024, of management fees earned in accordance with the Investment Advisory Agreement. This waiver is not subject to recoupment.

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

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

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

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

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

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

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* 

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

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

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.

For the three and nine months ended September 30, 2025, the Fund accrued an income based fee of $1.6 million. No income based fee was earned for the three months ended September 30, 2024 or for the period from May 7, 2024 (inception) to September 30, 2024. There were no capital gains incentive fees payable to the Adviser as calculated under the Investment Advisory Agreement for the three and nine months ended September 30, 2025, for the three months ended September 30, 2024 or for the period from May 7, 2024 (inception) to September 30, 2024. In accordance with GAAP, the Fund accrued a capital gains incentive fee of $3.3 million and $8.0 million, respectively, for the three and nine months ended September 30, 2025. As of September 30, 2025 and December 31, 2024, the Fund has accrued a cumulative capital gains incentive fee in accordance with GAAP of $8.2 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 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.

The Fund incurred $0.4 million and $1.7 million for the three and nine months ended September 30, 2025, respectively, and $0.5 million for both the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024, in administrative fees allocated to the Fund from the Administrator, which are included in "administration fees" in the Fund's consolidated statements of operations, including certain costs that are reimbursable under the Administration Agreement, all of which have been supported by the Fund's Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement (as defined below).

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

The Fund is party to an amended and restated expense support and conditional reimbursement agreement (as such may be further amended from time to time, the "Expense Support and Conditional Reimbursement Agreement") with the Fund's

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

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

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

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

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

***Declaration of Trust and Bylaws***

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

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

***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 A&R 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.

***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 (as defined below) 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.

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

**4. INVESTMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| Common equity | $1127951 | $1188299 | $— | $— |
| First lien senior secured loans | 171536 | 171772 | $— | $— |
| Senior Subordinated Loans | 25136 | 25123 |  |  |
| Other equity | 340994 | 356603 | 347531 | 339136 |
| **Total investments** | $**1665617** | $**1741797** | $**347531** | $**339136** |
| Derivative contracts, at fair value (asset) | $— | $6986 | $— | $10414 |
| Derivative contracts, at fair value (liability) |  | (9263) |  | (824) |
| **Total derivative contracts** | $**—** | $**(2277)** | $**—** | $**9590** |

---

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

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 September 30, 2025 and December 31, 2024 were as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **September 30, 2025** | **December 31, 2024** |
| **Industry** | | |
| Renewable Energy | 75.1% | 100.0% |
| Gas Utilities | 14.5% | —% |
| Electric Utilities | 3.9% | —% |
| Oil, Gas and Consumable Fuels | 2.6% | —% |
| Technology Hardware, Storage and Peripherals | 1.6% | —% |
| Software | 0.5% | —% |
| Capital Markets | 0.3% | —% |
| Health Care Technology | 0.3% | —% |
| Diversified Telecommunication Services | 0.3% | —% |
| Multi-Utilities | 0.3% | —% |
| Financial Services | 0.1% | —% |
| Commercial Services and Supplies | 0.1% | —% |
| Construction and Engineering | 0.1% | —% |
| Electrical Equipment | 0.1% | —% |
| Energy Equipment and Services | 0.1% | —% |
| Machinery | 0.1% | —% |
| **Total** | **100.0%** | **100.0%** |
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
| **Geographic Region** |  |  |
| United States | 100.0% | 100.0% |
| **Total** | **100.0%** | **100.0%** |

---

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

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

**5. DEBT**

The Fund's average outstanding debt and weighted average interest rate for the three and nine months September 30, 2025 and for the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024 was as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| |<br>**Maturity Date** | **Average Outstanding Amount** | **Average Rate** | **Average Outstanding Amount** | **Average Rate** | **Average Outstanding Amount** | **Average Rate** | **Average Outstanding Amount** | **Average Rate** |
| Denali Credit Agreement | September 2029 | $210198 | 6.37% | $46196 | 1.57% | $211429 | 6.36% | $28912 | 0.98% |
| Aspen Credit Agreement | March 2030 | 50000 | 6.12% |  | —% | 36813 | 4.50% |  | —% |
| ACI Portfolio Aggregator Credit Agreement | April 2027 |  | —% |  | —% |  | —% |  | —% |
| Tango Credit Agreement | July 2030 | 130530 | 4.14% |  | —% | 43988 | 1.39% |  | —% |
| BNP Funding Facility | September 2027 |  | —% |  | —% |  | —% |  | —% |
| Total for all Loans |  | $**390728** | **5.54%** | $**46196** | **1.57%** | $**292230** | **4.08%** | $**28912** | **0.98%** |

---

*Denali Credit Agreement*

The Fund's indirect and direct wholly-owned subsidiaries ACI Denali Member, LLC and ACI Denali Holdings, LLC (together, "ACI Denali"), and Ares Denali Member, LLC (together with ACI Denali, the "Denali Co-Borrowers"), an affiliated entity managed by an affiliate of the Adviser, are party to a Credit Agreement (the "Denali Credit Agreement"), dated as of September 11, 2024, with MUFG Bank, LTD, as Administrative Agent ("MUFG"), and BNP Paribas, as Collateral Agent, the lenders from time to time party to the Denali Credit Agreement and certain other signatories thereto. The Denali Credit Agreement is related to ACI Denali's investment in a portfolio company and includes a $209.7 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 SOFR plus 2.00%, with a 0.125% step-up after three years. ACI Denali will make interest payments quarterly, which payments began in February 2025. The Denali DSR LC Facility is to provide letters of credit ("Denali LC") or loans for draws under such Denali LC to support contractual obligations related to the minimum debt service reserve amount under the Denali Credit Agreement. Denali LC fees are payable quarterly in arrears, at an amount equal to 0.5% multiplied by the stated amount of the Denali LC.

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

*Aspen Credit Agreement*

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

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

August 2025. 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.

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

*ACI Portfolio Aggregator Credit Agreement*

On April 14, 2025, 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 ("NatWest"), 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 (each borrowing thereunder, the "ACI Portfolio Aggregator Loans"). There were no borrowings drawn on the ACI Portfolio Aggregator Credit Agreement as of September 30, 2025.

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

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

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

*Tango Credit Agreement* 

On July 28, 2025, ACI Tango Member, LLC, as borrower ("ACI Tango"), and ACI Tango Holdings, LLC, as pledgor ("ACI Tango Holdings"), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (the "Tango Credit Agreement") with Canadian Imperial Bank of Commerce, New York Branch, as Administrative Agent ("CIBC"), U.S. Bank National Association, as Collateral Agent, the lenders from time to time party to the Tango Credit Agreement and certain other signatories thereto. The Tango Credit Agreement is related to ACI Tango's investment in a portfolio company of the Fund and includes a $334.8 million delayed draw term loan (the "Tango Term Loan Facility"), of which $184.8 million was drawn as of September 30, 2025, and a $18.8 million debt service letters of credit facility ("Tango DSR LC Facility"). Borrowings under the Tango Credit Agreement may take the form of Base Rate Loans (as defined in the Tango Credit Agreement) or SOFR loans, at the option of ACI Tango. Outstanding borrowings under the Tango Term Loan Facility bear interest annually at (i) for SOFR loans, the SOFR plus 1.50%, and (ii) for the Base Rate Loans, a fluctuating rate determined by reference to the Adjusted Base Rate (as defined in the Tango Credit Agreement) plus 0.50%, each with a 0.125% step-up after three years. The $184.8 million amount outstanding was drawn as a SOFR loan. Outstanding undrawn commitments under the Tango Term Loan Facility have a commitment fee of 0.50% annually. ACI Tango will make interest payments quarterly beginning on November 7, 2025. The

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

Tango DSR LC Facility provides letters of credit ("LC") or loans for draws under such LC to support contractual obligations related to the minimum debt service reserve amount under the Tango Credit Agreement. LC fees are payable quarterly in arrears, at an amount equal to 1.50% multiplied by the stated amount of the LC, with a 0.125% step-up after three years.

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

*BNP Funding Facility and Contribution Agreement*

On September 23, 2025, the Fund entered into a Revolving Credit and Security Agreement (the "BNP Funding Facility") with ACI Liquid Aggregator SPV, LLC, a wholly owned subsidiary of the Fund, as borrower (the "BNP Borrower"), the Fund, as equityholder and servicer, the lenders from time to time party thereto, BNP Paribas, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent, that (i) provides a facility amount of $200 million and (ii) has a reinvestment period ending on September 23, 2027 and a final maturity date of March 23, 2028. In addition, on September 23, 2025, the Fund, as transferor, and the BNP Borrower, as transferee, entered into a Contribution Agreement, pursuant to which the Fund will transfer to the BNP Borrower certain originated or acquired loans and related assets (collectively, the "BNP Loans") from time to time.

The obligations of the BNP Borrower under the BNP Funding Facility are secured by substantially all assets held by the BNP Borrower, including the BNP Loans. The interest rate charged on the BNP Funding Facility is based on SOFR plus an applicable margin of 1.25%. In addition, the BNP Borrower is required to pay, among other fees, a commitment fee of up to 0.50% per annum on any excess unused portion of the BNP Funding Facility and, subject to certain exceptions, a one-time facility reduction fee if the BNP Funding Facility is terminated or there are certain reductions in commitments under the BNP Funding Facility, which facility reduction fee would be equal to the cumulative amount of the commitment fee that would have otherwise been payable from the date of any such termination or reduction through the end of the reinvestment period. Under the BNP Funding Facility, the Fund and the BNP Borrower, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The BNP Funding Facility includes usual and customary events of default for facilities of this nature. There were no borrowings drawn on the BNP Funding Facility as of September 30, 2025.

Proceeds from the BNP Funding Facility must be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans, pay certain fees and expenses and make permitted distributions.

*Pioneer Credit Agreement* 

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

**6. DERIVATIVE INSTRUMENTS**

***Interest Rate Swaps***

The Fund entered into interest rate swaps to reduce the Fund's exposure to interest rate volatility in relation to the Denali Credit Agreement, the Aspen Credit Agreement, and the Tango 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 September 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.

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

The net unrealized appreciation (depreciation) related to the interest rate swaps was approximately $(5.7) million and $(11.9) million for the three and nine months ended September 30, 2025, respectively, and $0.2 million for both the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024, which is included in "derivatives" under "net unrealized gains (losses)" in the Fund's consolidated statements of operations. The net swap amounts are settled quarterly, which began in February 2025, and are recorded as net realized gains/losses in "net realized and unrealized gains on investments and derivatives" in the Fund's consolidated statements of operations. For the three and nine months ended September 30, 2025, there were net swap payments received resulting in a realized gain of $0.5 million and $1.8 million, respectively. For both the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024, there were no net swap payments.

The balance sheet impact of fair valuing the interest rate swaps as of September 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 | $40468 | 09/2029 | $3500 | $— | $— | $3500 | Derivative contracts, at fair value |
| Interest rate swap | 40468 | 09/2029 | 3486 |  |  | 3486 | Derivative contracts, at fair value |
| Interest rate swap | 20232 | 09/2029 |  | (823) |  | (823) | Derivative contracts, at fair value |
| Interest rate swap | 15372 | 09/2029 |  | (625) |  | (625) | Derivative contracts, at fair value |
| Interest rate swap | 15372 | 09/2029 |  | (625) |  | (625) | Derivative contracts, at fair value |
| Interest rate swap | 13080 | 09/2029 |  | (532) |  | (532) | Derivative contracts, at fair value |
| Interest rate swap | 12296 | 09/2029 |  | (500) |  | (500) | Derivative contracts, at fair value |
| Interest rate swap | 18750 | 03/2030 |  | (482) |  | (482) | Derivative contracts, at fair value |
| Interest rate swap | 18750 | 03/2030 |  | (480) |  | (480) | Derivative contracts, at fair value |
| Interest rate swap | 92375 | 07/2030 |  | (3464) |  | (3464) | Derivative contracts, at fair value |
| Interest rate swap | 23094 | 07/2030 |  | (866) |  | (866) | Derivative contracts, at fair value |
| Interest rate swap | 23094 | 07/2030 |  | (866) |  | (866) | Derivative contracts, at fair value |
| **Total** |  |  | $**6986** | $**(9263)** | $**—** | $**(2277)** |  |

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of September 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 December 31, 2024 is presented below:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 09/2029 | $5200 | $— | $— | $5200 | Derivative contracts, at fair value |
| Interest rate swap | 41006 | 09/2029 | 5214 |  |  | 5214 | Derivative contracts, at fair value |
| Interest rate swap | 20500 | 09/2029 |  | (215) |  | (215) | Derivative contracts, at fair value |
| Interest rate swap | 15576 | 09/2029 |  | (127) |  | (127) | Derivative contracts, at fair value |
| Interest rate swap | 15576 | 09/2029 |  | (173) |  | (173) | Derivative contracts, at fair value |
| Interest rate swap | 13254 | 09/2029 |  | (177) |  | (177) | Derivative contracts, at fair value |
| Interest rate swap | 12460 | 09/2029 |  | (132) |  | (132) | Derivative contracts, at fair value |
| **Total** |  |  | $**10414** | $**(824)** | $**—** | $**9590** |  |

---

For the three and nine months ended September 30, 2025, the average outstanding notional value of interest rate swaps was $293.2 million and $219.3 million, respectively. For the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024, the average outstanding interest rate swap amount was $34.6 million and $21.7 million, respectively.

**7. COMMITMENTS AND CONTINGENCIES**

In the normal course of business and related to its investments in Infrastructure Assets, the Fund may from time to time enter into customary guarantee arrangements related to portfolio companies. As of September 30, 2025, the Fund has guaranteed obligations under certain portfolio-company agreements with a maximum risk of loss of $93.3 million. The Fund has also entered into certain separate back-to-back indemnification agreements which, subject to certain conditions, indemnify the Fund from most payments that would otherwise need to be made under the related guarantee arrangement. As of September 30, 2025, the Fund has not been required to make payments under the guarantee arrangements and believes the credit risks to be remote and the fair value of this guarantee arrangement to be immaterial.

*Expense Support and Conditional Reimbursement Agreement* 

The Fund's Adviser may elect to pay certain of the Expense Payments on the Fund's behalf, provided that no portion of an Expense Payment will be used to pay any interest expense or distributions and/or servicing fees of the Fund. Any Expense Payment that the Fund's Adviser has committed to pay must be paid by the Fund's Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Fund's Adviser or its affiliates. The Fund will be obligated to reimburse the Fund's Adviser for such advanced expenses within three years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued. As of September 30, 2025 and December 31, 2024, the total amount of advanced expenses subject to recoupment by the Adviser was $12.4 million and $3.8 million, respectively, with expirations as follows:

---

| | | |
|:---|:---|:---|
| **For the Quarter Ended** | **Amount** | **Eligible for Reimbursement through** <sup>(1)</sup> |
| June 30, 2024 | $2050 | June 30, 2027 |
| September 30, 2024 | 1231 | September 30, 2027 |
| December 31, 2024 | 494 | December 31, 2027 |
| March 31, 2025 | 2908 | March 31, 2028 |
| June 30, 2025 | 2668 | June 30, 2028 |
| September 30, 2025 | 3007 | September 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 September 30, 2025 and December 31, 2024, Available Operating Funds did not exceed the cumulative

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

distributions accrued to the Fund's shareholders and, therefore, a Reimbursement Payment obligation was not deemed probable and was not recorded.

*Investment Commitments*

The Fund's investment in Stack SJ Holdings Parent A-I, LLC is a delayed drawn term loan with a total commitment of $137.5 million of which $25.1 million was funded as of September 30, 2025.

The Fund has made a $517.4 million equity commitment to Tango Holdings, LLC of which $453.1 million was funded as of September 30, 2025.

**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

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions).

The following table presents fair value measurements of investments and derivatives as of September 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 | $— | $— | $1188299 | $1188299 |
| &nbsp;&nbsp;Other equity |  |  | 356603 | 356603 |
| &nbsp;&nbsp;Senior Subordinated Loans |  |  | 25123 | 25123 |
| &nbsp;&nbsp;First lien senior secured loans |  | 163855 | 7917 | 171772 |
| &nbsp;&nbsp;Money Market Funds | 404 |  |  | 404 |
| **Derivative contracts, at fair value** |  |  |  |  |
| &nbsp;&nbsp;Interest rate swap contracts (asset) |  | 6986 |  | 6986 |
| &nbsp;&nbsp;Interest rate swap contracts (liability) |  | (9263) |  | (9263) |
| **Total** | $**404** | $**161578** | $**1577942** | $**1739924** |

---

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;Other equity<sup>(1)</sup> | $— | $— | $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** |

---

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

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the Fund's investments categorized within Level 3 as of September 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 September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | **Fair Value** | **Primary Valuation Techniques** | **Unobservable Input** | **Unobservable Input** | **Unobservable Input** |
| **Asset Category** | **Fair Value** | **Primary Valuation Techniques** | **Input** | **Amount** | **Weighted Average**<sup>1</sup> |
| Common equity | $950035 | Discounted cash flow | Discount rate | 9.50% - 9.73% | 9.62% |
| Other equity | 356603 | Discounted cash flow | Discount rate | 8.75% | 8.75% |
| Common equity | 238264 | Recent transaction price | N/A | N/A | N/A |
| Senior Subordinated Loans | 25123 | Broker quotes | N/A | N/A | N/A |
| First lien senior secured loans | 7917 | Broker quotes | N/A | N/A | N/A |
| **Total Level 3 investments** | $**1577942** |  |  |  |  |

---

(1) Weighted Average based on relative fair values as of period end

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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.

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

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

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

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

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

The following tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, 2025, for the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024:

---

| | |
|:---|:---|
| | **As of and for the three months ended September 30, 2025** |
| **Balance as of June 30, 2025** | $795517 |
| Purchases | 743649 |
| Net unrealized gains on investments | 41772 |
| Return of capital | (2990) |
| Proceeds from repayments or sales of investments | (6) |
| Transfers in to/(out of) Level 3 |  |
| **Balance as of September 30, 2025** | $**1577942** |
|  | **As of and for the three months ended September 30, 2024** |
| **Balance as of June 30, 2024** | $— |
| Purchases | 347854 |
| Transfers in to/(out of) Level 3 |  |
| **Balance as of September 30, 2024** | $**347854** |
|  | **As of and for the nine months ended September 30, 2025** |
| **Balance as of December 31, 2024** | $339136 |
| Purchases | 1164039 |
| Net unrealized gains on investments | 84313 |
| Return of capital | (9526) |
| Proceeds from repayments or sales of investments | (20) |
| Transfers in to/(out of) Level 3 |  |
| **Balance as of September 30, 2025** | $**1577942** |
|  | **As of and for the period from May 7, 2024 (inception) to September 30, 2024** |
| **Balance as of May 7, 2024** | $— |
| Purchases | 347854 |
| Transfers in to/(out of) Level 3 |  |
| **Balance as of September 30, 2024** | $**347854** |

---

There were no investment transfers into or out of Level 3 for the three and nine months ended September 30, 2025, for the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024.

The net change in unrealized appreciation/(depreciation) on the investments that use Level 3 inputs was $41.8 million and $84.3 million for the three and nine months ended September 30, 2025, respectively, and $0 for both the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024.

------

<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **September 30, 2025** | **September 30, 2025** | **September 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> | $209718 | <sup>(2)</sup> | $209718 | $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> |  |  |  |  |
| Tango Term Loan <sup>(1)</sup> | 184750 | <sup>(2)</sup> | 184750 |  |  |  |
| BNP Funding Facility<sup>(1)</sup> |  |  |  |  |  |  |
| **Total** | $**444468** |  | $**444468** | $**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**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of September 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 nine months ended September 30, 2025, for the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 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 | (8509) |  | (15790) |  |
| State and local income tax (expense) / benefit | (827) |  | (1535) |  |
|  | **(9336)** | **—** | **(17325)** | **—** |
| **Total:** |  |  |  |  |
| U.S. federal income tax (expense) / benefit | (8509) |  | (15790) |  |
| State and local income tax (expense) / benefit | (827) |  | (1535) |  |
| **Income tax (provision)/benefit** | $**(9336)** | $**—** | $**(17325)** | $**—** |

---

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

---

| | | |
|:---|:---|:---|
| | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 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%** | —% |

---

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of September 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 September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **September 30, 2025** | **December 31, 2024** |
| **Deferred tax assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating loss | $2823 | $389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2041 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 1851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap timing differences<sup>(1)</sup> | 514 |  |
| **Total gross deferred tax assets** | **7229** | **1335** |
| Valuation allowance |  |  |
| **Total deferred tax assets** | **7229** | **1335** |
| **Deferred tax liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis difference on investments<sup>(1)</sup> | 26458 | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap timing differences<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain<sup>(1)</sup> |  |  |
| **Total deferred tax liabilities** | **26458** | **3239** |
| **Net deferred tax (liabilities) assets** | $**(19229)** | $**(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 (2024). The Fund recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits ("UTBs") is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. The Fund recognizes both accrued interest and penalties, where appropriate, related to UTBs in general, administrative and other expenses.

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

As of September 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**](#i65aebc80ee9249808d042d634ed49748_7)</u> 

**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

**As of September 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 nine months ended September 30, 2025, for the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 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** |
| Issuances of common shares | 25697617 | 257 | 639691 |  | 639948 |
| Shares issued in connection with dividend reinvestment plan | 282410 | 2 | 7019 |  | 7021 |
| Dividends declared and payable ($0.6330 per share) as return of capital |  |  | (33208) |  | (33208) |
| Repurchase of shares, net of early repurchase | (469801) | (4) | (11658) |  | (11662) |
| Net investment loss |  |  |  | (4506) | (4506) |
| Net realized gains on investments and derivatives |  |  |  | 361 | 361 |
| Net unrealized gains on investments and derivatives |  |  |  | 36158 | 36158 |
| **Balance at September 30, 2025** | **58179313** | $**582** | $**1382661** | $**65932** | $**1449175** |

---

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class I** | | | | | | | | |
| Subscriptions | 25697617 | $639948 | 6226600 | $155665 | 51893275 | $1294757 | 6226600 | $155665 |
| Distributions reinvested | 282410 | 7021 |  |  | 529239 | 13184 |  |  |
| Repurchased shares, net of early repurchase deductions | (469801) | (11662) |  |  | (469801) | (11662) |  |  |
| Net increase | **25510226** | **635307** | **6226600** | **155665** | **51952713** | **1296279** | **6226600** | **155665** |

---

(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 nine months ended September 30, 2025 and for the period from May 7, 2024 (inception) to September 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 |
| July 31, 2025 | 24.8587 |
| August 31, 2025 | 24.8316 |
| September 30, 2025 | 24.9088 |

---

(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 September 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 |  |
| July 31, 2024 |  |
| August 31, 2024 | 25.0000 |
| September 30, 2024 | 24.9152 |

---

(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 September 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.

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

*Share Repurchase Program*

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

In accordance with the Share Repurchase Program, Shares repurchased in the Fund's tender offer completed during the three months ended September 30, 2025 were repurchased using a purchase price equal to the NAV per Share as of the last calendar day of the applicable month designated by the Board, except that the Fund deducted 2.00% from such NAV for Shares that were not outstanding for at least one year (the "Early Repurchase Deduction"). For the three and nine months ended September 30, 2025, the Fund repurchased and retired 469,801 Shares for a total price of $11.7 million.

**11. FINANCIAL HIGHLIGHTS**

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

---

| | | |
|:---|:---|:---|
| | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 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 | $25.0000 |
| Net investment income (loss) for period<sup>(1)</sup> | (0.6168) | (0.1100) |
| Net realized and unrealized gain (loss)<sup>(1)</sup> | 2.3357 | 0.0300 |
| **Net increase (decrease) in net assets from operations** | **1.7189** | **(0.0800)** |
| Distributions as a return of capital | (1.9367) |  |
| **Total increase (decrease) in net assets** | **(0.2178)** | **(0.0800)** |
| **Net asset value at the end of period** | $**24.9088** | $**24.9200** |
| Total return based on net asset value<sup>(2)</sup> | 6.84% | (0.32)% |
| Shares outstanding, end of period | 58179313 | 6226600 |
| Ratio / Supplemental Data: |  |  |
| Net assets at end of period (in thousands) | $1449175 | $155137 |
| Ratio of operating expenses (excluding expense support and management fee waiver) to average net assets<sup>(3)(5)</sup> | 8.77% | 11.96% |
| Ratio of expense support to average net assets<sup>(3)</sup> | (1.40)% | (6.72)% |
| Ratio of management fee waiver to average net assets<sup>(3)</sup> | (0.02)% | (0.16)% |
| Ratio of operating expenses (including expense support and management fee waiver) to average net assets<sup>(3)</sup> | 7.35% | 5.08% |
| Ratio of net investment income (loss) to average net assets<sup>(3)</sup> | (1.21)% | (4.55)% |
| Portfolio turnover rate | 5.89% | 0.00% |

---

(1)Weighted average basic per Share data.

(2)For the nine months ended September 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 nine months ended September 30, 2025, the ratio of operating expenses to average net assets consisted of the following:

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

---

| | | |
|:---|:---|:---|
| | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| | **Class I** | **Class I** |
| Management fees<sup>(3)</sup> | 1.25% | 0.16% |
| Income based fee and capital gains incentive fee<sup>(3)</sup> | 1.19% | —% |
| Income tax expense<sup>(3)</sup> | 2.13% | —% |
| Interest expense<sup>(3)</sup> | 2.81% | 5.08% |
| Organizational and offering expenses<sup>(3)</sup> | 0.41% | 2.54% |
| Other operating expenses<sup>(3)</sup> | 0.98% | 4.18% |
| &nbsp;&nbsp;**Total operating expenses** | **8.77%** | **11.96%** |

---

**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 nine months ended September 30, 2025, except as discussed below.

*October Capital Raise*

On October 1, 2025, the Fund issued and sold approximately 7.3 million Shares (consisting of 7,200,956 Class I Shares and 127,064 Class S Shares at an offering price of $24.9088 per Share for each class), and received approximately $182.5 million as payment for such Shares.

*Pioneer Credit Agreement* 

On October 3, 2025, ACI Pioneer Member, LLC as borrower (the "Pioneer Borrower") and ACI Pioneer Holdings, LLC as pledgor (the "Pioneer Pledgor"), each a wholly-owned subsidiary of the Fund, entered into a credit agreement (the "Pioneer Credit Agreement") with Natixis, New York Branch as administrative agent and collateral agent ("Natixis") and Société Générale as coordinating lead arranger and bookrunner (together with Natixis in the same roles). The Pioneer Credit Agreement is related to Pioneer Borrower's investment in a portfolio investment of the Fund and includes a $542.2 million delayed draw term loan facility (the "Pioneer Term Loan"), of which $226.0 million was drawn as of October 3, 2025, and a $23.5 million debt service reserve letter of credit facility (the "Pioneer DSR LC Facility").

Borrowings under the Pioneer Term Loan bear interest annually at a rate equal to daily compounded SOFR plus 1.50% per annum, with a step up of 0.125% on October 3, 2028 and outstanding undrawn commitments under the Pioneer Term Loan facility have a commitment fee of 0.50% annually on the average daily unused amount. The Pioneer Borrower will make amortization and interest payments quarterly beginning January 8, 2026, and ending on the maturity date in accordance with an amortization schedule attached to the Pioneer Credit Agreement.

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

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

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

In connection with the Pioneer Term Loan, the Pioneer Borrower entered into interest rate swaps with Natixis and Société Générale to exchange the SOFR rate in the Pioneer Term Loan with a fixed rate for 75% of the outstanding borrowings under the Pioneer Term Loan. The all-in fixed rates are 3.875% and 3.884% for the interest rate swaps with Natixis and Société Générale, respectively. The interest rate swaps have a mandatory termination date on October 3, 2030.

*November Capital Raise*

On November 3, 2025, the Fund agreed to sell Class I Shares, Class D Shares and Class S Shares for an aggregate purchase price of 245.1 million. The purchase price per Share will equal the Fund's NAV per Share of such class as of the last calendar day of October 2025, which is generally expected to be available within 20 business days after November 1, 2025.

No underwriting discounts or commissions have been or will be paid in connection with the sale of such Shares. Although the Fund does not charge investors an upfront sales load (an "Upfront Sales Load") with respect to its Shares, if Class S Shares are purchased through certain selling agents, such selling agents may directly charge 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 3.5% cap on NAV for Class S Shares. No Upfront Sales Loads may be charged on Class I Shares. The issuance of the Shares is exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof, by Rule 506(b) of Regulation D promulgated thereunder and/or Regulation S promulgated thereunder.

As of October 31, 2025, the Fund had 65,640,462 Class I Shares, 124,655 Class S Shares outstanding and no Class D Shares or Class N Shares of beneficial interest outstanding.

*Distributions* 

As previously disclosed, on May 14, 2025 the Fund announced the declaration of regular monthly gross distributions for September, on August 8, 2025, the Fund announced the declaration of regular monthly distributions for October, November and December 2025 and on November 7, 2025, the Fund announced the declaration of regular monthly distributions for January, February, and March 2026, in each case for its Class I Shares, Class D Shares, Class N Shares and Class S Shares in the amounts per Share set forth below:

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**ARES CORE INFRASTRUCTURE FUND**

**Notes to the Unaudited Consolidated Financial Statements**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Gross Distribution Per Common Share | Gross Distribution Per Common Share | Gross Distribution Per Common Share | Gross Distribution Per Common Share |
| Record Date | Payment Date | Class I | Class D | Class N | Class S |
| 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 |
| January 30, 2026 | February 23, 2026 | $0.2083 | $0.2083 | $0.2083 | $0.2083 |
| February 27, 2026 | March 25, 2026 | $0.2083 | $0.2083 | $0.2083 | $0.2083 |
| March 31, 2026 | April 23, 2026 | $0.2083 | $0.2083 | $0.2083 | $0.2083 |

---

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

These distributions will be paid in cash or reinvested in the Shares for shareholders participating in the Fund's distribution reinvestment plan. The net distributions to be received by shareholders of the Class D Shares, Class N Shares and Class S Shares will be equal to the gross distribution in the table above, less specific shareholder servicing and/or distribution fees applicable to such class as of their respective record dates. Class I Shares have no shareholder servicing and/or distribution fees. As of November 7, 2025, there are no Class D Shares or Class N Shares outstanding.

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

*The information contained in this section should be read in conjunction with our 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 a prolonged U.S. government shutdown as well as the legislative, regulatory, trade, immigration and other policies associated with the current U.S. presidential administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Securities and Exchange Commission (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 Securities Act of 1933, as amended (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 continued progress in clean energy deployment and the expansion of digital infrastructure and adoption of artificial intelligence, paired with surging power demand expectations. Renewable energy transaction volume remained strong, which has supported elevated renewable energy revenue contract prices amid positive demand momentum. 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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| **New investment commitments:** | | | | |
| &nbsp;&nbsp;Common Equity | $732449 | $— | $1135319 | $— |
| &nbsp;&nbsp;Other Equity |  | 347854 |  | 347854 |
| &nbsp;&nbsp;First lien senior secured loans | 175709 |  | 344618 |  |
| &nbsp;&nbsp;Treasuries |  |  | 98945 |  |
| &nbsp;&nbsp;Senior subordinated loans | 137500 |  | 137500 |  |
| **Total new investment commitments** | $**1045658** | $**347854** | $**1716382** | $**347854** |
| **Amount of investments funded:** |  |  |  |  |
| &nbsp;&nbsp;Common Equity | $732449 | $— | $1135319 | $— |
| &nbsp;&nbsp;Other Equity |  | 347854 |  | 347854 |
| &nbsp;&nbsp;First lien senior secured loans | 104094 |  | 202353 |  |
| &nbsp;&nbsp;Treasuries |  |  | 98945 |  |
| &nbsp;&nbsp;Senior subordinated loans | 25123 |  | 25123 |  |
| **Total amount of investments funded** | $**861666** | $**347854** | $**1461740** | $**347854** |
| **Principal amount of investments sold or repaid:** |  |  |  |  |
| &nbsp;&nbsp;Common Equity | $(2989) | $— | $(2989) | $— |
| &nbsp;&nbsp;Other Equity |  |  | (6536) |  |
| &nbsp;&nbsp;First lien senior secured loans | (17267) |  | (38021) |  |
| &nbsp;&nbsp;Treasuries | (98945) |  | (98945) |  |
| &nbsp;&nbsp;Senior subordinated loans |  |  |  |  |
| **Total principal amount of investment sold or repaid** | $**(119201)** | $**—** | $**(146491)** | $**—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;Denali Equity Holdings, LLC <sup>(1)</sup> | $340994 | $356603 | $347531 | $339136 |
| &nbsp;&nbsp;Aspen Equity Holdings, LLC <sup>(2)</sup> | 431262 | 473880 |  |  |
| &nbsp;&nbsp;Tango Equity Holdings, LLC <sup>(3)</sup> | 458342 | 476155 | $— | $— |
| &nbsp;&nbsp;Meade Pipeline Co LLC <sup>(4)</sup> | 202888 | 202805 | $— | $— |
| &nbsp;&nbsp;Redwood Meade Midstream MPC, LLC <sup>(4)</sup> | 35459 | 35459 | $— | $— |
| &nbsp;&nbsp;Senior subordinated loans | 25136 | 25123 | $— | $— |
| &nbsp;&nbsp;First lien senior secured loans | 171536 | 171772 | $— | $— |
| **Total** | $**1665617** | $**1741797** | $**347531** | $**339136** |

---

(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.

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

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

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**Components of our Results of Operations**

***Revenues***

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

***Expenses***

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

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

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

We have entered into an amended and restated expense support and conditional reimbursement agreement (the "Expense Support and Conditional Reimbursement Agreement"), with our Adviser, pursuant to which our Adviser may elect to pay certain of 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**

Operating results for the three and nine months ended September 30, 2025, for the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024 were as follows ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| Total income | $22221 | $79 | $37296 | $79 |
| Net expenses | 17391 | 758 | 34803 | 758 |
| **Net investment income before income taxes** | **4830** | **(679)** | **2493** | **(679)** |
| Income tax expense | 9336 |  | 17325 |  |
| **Net investment loss** | **(4506)** | **(679)** | **(14832)** | **(679)** |
| Net realized and unrealized gains on investments and derivatives | 36519 | 151 | 74234 | 151 |
| **Net increase / (decrease) in stockholders' equity resulting from operations** | $**32013** | $**(528)** | $**59402** | $**(528)** |

---

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

*Income*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| **Income:** | | | | |
| &nbsp;&nbsp;Distribution income | $16063 | $— | $26881 | $— |
| &nbsp;&nbsp;Interest income | 6158 | 79 | 10415 | 79 |
| **Total income** | $**22221** | $**79** | $**37296** | $**79** |

---

For the three months ended September 30, 2025, distribution income was $16.1 million, an increase of $16.1 million from $0 for the comparable period in 2024 due to the increase in the portfolio of cash yielding investments. For the three months ended September 30, 2025, interest income was $6.2 million, an increase of $6.1 million from $0.1 million in the comparable period in 2024 due to increases in the average bank balances and the building of a liquid credit portfolio in 2025.

For the nine months ended September 30, 2025, distribution income was $26.9 million, an increase of $26.9 million from $0 for the comparable period in 2024 due to the increase in the portfolio of cash yielding investments. For the nine months ended September 30, 2025, interest income was $10.4 million, an increase of $10.3 million from $0.1 million in the comparable period in 2024 due to increases in the average bank balances and building a liquid credit portfolio in 2025.

For the three and nine months ended September 30, 2025, we received $19.1 million and $36.4 million, respectively, of distributions from investments, of which $3.0 million and $9.5 million, respectively, were classified as a return of capital.

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*Operating Expenses*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| **Expenses:** | | | | |
| &nbsp;&nbsp;&nbsp;Interest expense | $7866 | $758 | $17037 | $758 |
| &nbsp;&nbsp;&nbsp;Organizational expenses (Note 6) | 2 | 415 | 37 | 2465 |
| &nbsp;&nbsp;&nbsp;Administration fees | 704 | $545 | $2202 | $545 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee | 3334 |  | 8049 |  |
| &nbsp;&nbsp;&nbsp;Management fees | 4052 | 162 | 7585 | 162 |
| &nbsp;&nbsp;&nbsp;Offering expense | 1067 | 148 | 3271 | 148 |
| &nbsp;&nbsp;&nbsp;Income based fee | 1593 |  | 1593 |  |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 1780 | 123 | 3775 | 123 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | **20398** | **2151** | **43549** | **4201** |
| &nbsp;&nbsp;&nbsp;Less: Expense support (Note 3) | (3007) | (1231) | (8583) | (3281) |
| &nbsp;&nbsp;&nbsp;Less: Management fee waiver (Note 3) |  | (162) | (163) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | **17391** | **758** | **34803** | **758** |
| **Net investment income before income taxes** | **4830** | **(679)** | **2493** | **(679)** |
| &nbsp;&nbsp;Income tax expense | 9336 |  | 17325 |  |
| **Net investment loss** | $**(4506)** | $**(679)** | $**(14832)** | $**(679)** |

---

For the three months ended September 30, 2025, interest expense was $7.9 million, an increase of $7.1 million from $0.8 million for the comparable period in 2024 due to the addition of the Aspen Credit Agreement, ACI Portfolio Aggregator Credit Agreement and Tango Credit Agreement during 2025. For the three months ended September 30, 2025, capital gains incentive fee was $3.3 million, an increase of $3.3 million from $0 for the comparable period in 2024 due to the net unrealized gains on the Fund's investments in the current period. For the three months ended September 30, 2025, management fees were $4.1 million, an increase of $3.9 million from $0.2 million for the comparable period in 2024 due to the increase in equity, mainly driven by capital shareholder contributions during the current period. For the three months ended September 30, 2025, income tax expense was $9.3 million, an increase of $9.3 million from $0 for the comparable period in 2024 due to the increase in income and net unrealized and realized gains in the current period.

For the nine months ended September 30, 2025, interest expense was $17.0 million, an increase of $16.3 million from $0.8 million for the comparable period in 2024 due to the addition of the Aspen Credit Agreement, ACI Portfolio Aggregator Credit Agreement and Tango Credit Agreement during 2025. For the nine months ended September 30, 2025, capital gains incentive fee was $8.0 million, an increase of $8.0 million from $0 for the comparable period in 2024 due to the net unrealized gains on the Fund's investments in the current period. For the nine months ended September 30, 2025, management fees were $7.6 million, an increase of $7.4 million from $0.2 million for the comparable period in 2024 due to the increase in equity, mainly driven by shareholder capital contributions during the current period. For the nine months ended September 30, 2025, income tax expense was $17.3 million, an increase of $17.3 million from $0 for the comparable period in 2024 due to the increase in income and net unrealized gains in the period.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| **Unrealized Gains / (Losses) On Investment And Derivatives:** | | | | |
| Net realized gains / (losses): |  |  |  |  |
| &nbsp;&nbsp;Investments | $(93) | $— | $(253) | $— |
| &nbsp;&nbsp;Derivatives | 454 |  | 1778 |  |
| Net realized gains | **361** | **—** | **1525** | **—** |
| Net unrealized gains / (losses): |  |  |  |  |
| &nbsp;&nbsp;Investments | 41874 |  | 84576 |  |
| &nbsp;&nbsp;Derivatives | (5716) | 151 | (11867) | 151 |
| Net unrealized gains | **36158** | **151** | **72709** | **151** |
| Net realized and unrealized gains on investments and derivatives | 36519 | 151 | 74234 | 151 |

---

For the three months ended September 30, 2025, net unrealized gains on investments were $41.9 million, an increase of $41.9 million from $0 for the comparable period in 2024 due to the net increase in fair value of the portfolio's investments. For the three months ended September 30, 2025, unrealized loss on derivatives were $5.7 million, a decrease of $5.9 million from $0.2 million for the comparable period in 2024 due to fluctuations in market interest rates which impacted the value of the interest rate swaps.

For the nine months ended September 30, 2025, unrealized gains on investments were $84.6 million, an increase of $84.6 million from $0 for the comparable period in 2024 due to the net increase in fair value of the portfolio's investments. For the nine months ended September 30, 2025, unrealized loss on derivatives were $11.9 million, a decrease of $12.0 million from $0.2 million for the comparable period in 2024 due to the fluctuations in market interest rates which impacted the value of the interest rate swaps.

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**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 $202.4 million of immediate liquidity as of September 30, 2025, comprised of cash and cash equivalents. In addition to our immediate liquidity, as of September 30, 2025, we had approximately $485.5 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.

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 September 30, 2025, we had $444.5 million in total aggregate principal debt outstanding, $1,967.4 million of Total Assets, $73.7 million of liabilities (other than indebtedness) and our asset coverage ratio was 426%.

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

**Equity Capital Activities**

The Fund holds 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 three and nine months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 25697617 | $639948 | 51893275 | $1294757 |
| Distributions reinvested | 282410 | 7021 | 529239 | $13184 |
| Repurchases | (469801) | (11662) | (469801) | (11662) |

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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 nine months ended September 30, 2025:

---

| | |
|:---|:---|
| **For the months ended** | **NAV per share** |
| 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 |
| July 31, 2025 | 24.8587 |
| August 31, 2025 | 24.8316 |
| September 30, 2025 | 24.9088 |

---

***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 nine months ended September 30, 2025 ($ in thousands, except per Share amount):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |
| March 13, 2025 | April 30, 2025 | May 22, 2025 | 0.2110 | 5526 |
| March 13, 2025 | May 31, 2025 | June 25, 2025 | 0.2110 | 6078 |
| March 13, 2025 | June 30, 2025 | July 23, 2025 | 0.2110 | 6792 |
| May 14, 2025 | July 31, 2025 | August 22, 2025 | 0.2110 | 9988 |
| May 14, 2025 | August 29, 2025 | September 24, 2025 | 0.2110 | 10944 |
| May 14, 2025 | September 30, 2025 | October 23, 2025 | 0.2110 | 12276 |

---

***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 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***

We have commenced a Share 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

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through cash purchases, as well as retire, cancel or purchase any of our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material.

In accordance with the Share Repurchase Program, Shares repurchased in our tender offer completed during the three months ended September 30, 2025 were repurchased using a purchase price equal to the NAV per Share as of the last calendar day of the applicable month designated by the Board, except that we deducted 2.00% from such NAV for Shares that were not outstanding for at least one year (the "Early Repurchase Deduction").

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

The following table presents the Share repurchase completed during the three months ended September 30, 2025 (dollar amounts in thousands except per Share amounts):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Repurchase Pricing Date | Total Number of Shares Repurchased | Percentage of Outstanding Shares Repurchased <sup>(1)</sup> | Repurchase Request Deadline | Purchase Price Per Share | Amount Repurchased (All Classes) <sup>(2)</sup> | Maximum number of shares that may yet be purchased under the repurchase program <sup>(3)</sup> |
| August 31, 2025 | 469801 | 0.99% | September 19, 2025 | 24.8316 | $11662 |  |

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

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

**(3)** All repurchase requests were satisfied in full.

**Credit Agreements**

The following table summarizes the average outstanding amount and rate for each of the Fund's credit agreements for the three and nine months ended September 30, 2025 and for the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2024** | **For the three months ended September 30, 2024** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the period from May 7, 2024 (inception) to September 30, 2024** | **For the period from May 7, 2024 (inception) to September 30, 2024** |
| | **Average Outstanding Amount** | **Average Rate** | **Average Outstanding Amount** | **Average Rate** | **Average Outstanding Amount** | **Average Rate** | **Average Outstanding Amount** | **Average Rate** |
| Denali Credit Agreement | $210198 | 6.37% | $46196 | 1.57% | $211429 | 6.36% | $28912 | 0.98% |
| Aspen Credit Agreement | 50000 | 6.12% |  | —% | 36813 | 4.50% |  | —% |
| ACI Portfolio Aggregator Credit Agreement |  | —% |  | —% |  | —% |  | —% |
| Tango Credit Agreement | 130530 | 4.14% |  | —% | 43988 | 1.39% |  | —% |
| BNP Funding Facility |  | —% | 0 | —% |  | —% |  | —% |
| Total for all Loans | $**390728** | **5.54%** | $**46196** | **1.57%** | $**292230** | **4.08%** | $**28912** | **0.98%** |

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**Denali Credit Agreement**

The Fund's indirect and direct wholly-owned subsidiaries ACI Denali Member, LLC and ACI Denali Holdings, LLC (together, "ACI Denali"), and Ares Denali Member, LLC (together with ACI Denali, the "Denali Co-Borrowers"), an affiliated entity managed by an affiliate of the Adviser, are party to a Credit Agreement (the "Denali Credit Agreement"), dated as of September 11, 2024, with MUFG Bank, LTD, as Administrative Agent ("MUFG"), and BNP Paribas, as Collateral Agent, the lenders from time to time party to the Denali Credit Agreement and certain other signatories thereto. The Denali Credit

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Agreement is related to ACI Denali's investment in a portfolio company and includes a $209.7 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 interest payments quarterly, which payments began in February 2025. The Denali DSR LC Facility is to provide letters of credit ("Denali LC") or loans for draws under such Denali LC to support contractual obligations related to the minimum debt service reserve amount under the Denali Credit Agreement. Denali LC fees are payable quarterly in arrears, at an amount equal to 0.5% multiplied by the stated amount of the Denali LC.

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

**Aspen Credit Agreement**

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

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

**ACI Portfolio Aggregator Credit Agreement**

On April 14, 2025, 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 ("NatWest"), 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 (each borrowing thereunder, the "ACI Portfolio Aggregator Loans"). There were no borrowings drawn on the ACI Portfolio Aggregator Credit Agreement as of September 30, 2025.

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

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

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

**Tango Credit Agreement** 

On July 28, 2025, ACI Tango Member, LLC, as borrower ("ACI Tango"), and ACI Tango Holdings, LLC, as pledgor ("ACI Tango Holdings"), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (the "Tango Credit Agreement") with Canadian Imperial Bank of Commerce, New York Branch, as Administrative Agent ("CIBC"), U.S. Bank National Association, as Collateral Agent, the lenders from time to time party to the Tango Credit Agreement and certain other signatories thereto. The Tango Credit Agreement is related to ACI Tango's investment in a portfolio company of the Fund and includes a $334.8 million delayed draw term loan (the "Tango Term Loan Facility"), of which $184.8 million was drawn as of September 30, 2025, and a $18.8 million debt service letters of credit facility ("Tango DSR LC Facility"). Borrowings under the Tango Credit Agreement may take the form of Base Rate Loans (as defined in the Tango Credit Agreement) or SOFR loans, at the option of ACI Tango. Outstanding borrowings under the Tango Term Loan Facility bear interest annually at (i) for SOFR loans, the SOFR plus 1.50%, and (ii) for the Base Rate Loans, a fluctuating rate determined by reference to the Adjusted Base Rate (as defined in the Tango Credit Agreement) plus 0.50%, each with a 0.125% step-up after three years. The $184.8 million amount outstanding was drawn as a SOFR loan. Outstanding undrawn commitments under the Tango Term Loan Facility have a commitment fee of 0.50% annually. ACI Tango will make interest payments quarterly beginning on November 7, 2025. The Tango DSR LC Facility provides letters of credit ("LC") or loans for draws under such LC to support contractual obligations related to the minimum debt service reserve amount under the Tango Credit Agreement. LC fees are payable quarterly in arrears, at an amount equal to 1.50% multiplied by the stated amount of the LC, with a 0.125% step-up after three years.

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

In connection with the Tango Term Loan Facility, ACI Tango entered into interest rate swaps with CIBC, Société Générale S.A. ("Société Générale") and NatWest 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 termination date on July 28, 2030.

**BNP Funding Facility and Contribution Agreement**

On September 23, 2025, the Fund entered into a Revolving Credit and Security Agreement (the "BNP Funding Facility") with ACI Liquid Aggregator SPV, LLC, a wholly owned subsidiary of the Fund, as borrower (the "BNP Borrower"), the Fund, as equityholder and servicer, the lenders from time to time party thereto, BNP Paribas, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent, that (i) provides a facility amount of $200 million and (ii) has a reinvestment period ending on September 23, 2027 and a final maturity date of March 23, 2028. In addition, on September 23, 2025, the Fund, as transferor, and the BNP Borrower, as transferee, entered into a Contribution Agreement, pursuant to which the Fund will transfer to the BNP Borrower certain originated or acquired loans and related assets (collectively, the "BNP Loans") from time to time.

The obligations of the BNP Borrower under the BNP Funding Facility are secured by substantially all assets held by the BNP Borrower, including the BNP Loans. The interest rate charged on the BNP Funding Facility is based on SOFR plus an applicable margin of 1.25%. In addition, the BNP Borrower is required to pay, among other fees, a commitment fee of up to 0.50% per annum on any excess unused portion of the BNP Funding Facility and, subject to certain exceptions, a one-time facility reduction fee if the BNP Funding Facility is terminated or there are certain reductions in commitments under the BNP

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Funding Facility, which facility reduction fee would be equal to the cumulative amount of the commitment fee that would have otherwise been payable from the date of any such termination or reduction through the end of the reinvestment period. Under the BNP Funding Facility, the Fund and the BNP Borrower, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The BNP Funding Facility includes usual and customary events of default for facilities of this nature. There were no borrowings drawn on the BNP Funding Facility as of September 30, 2025.

Proceeds from the BNP Funding Facility must be used to acquire collateral loans during the reinvestment period, fund

revolving collateral loans, pay certain fees and expenses and make permitted distributions.

**Pioneer Credit Agreement** 

See "Recent Developments" for a subsequent event relating to the Pioneer Credit Agreement (as defined below).

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**Critical Accounting Estimates**

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

***Investments***

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

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

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as 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 fair value.

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

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

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

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

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

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

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

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

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

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

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

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

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

***Fair Value of Financial Instruments***

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

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

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

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

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

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

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

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

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

**Recent Developments**

*October Capital Raise*

On October 1, 2025, the Fund issued and sold approximately 7.3 million Shares (consisting of 7,200,956 Class I Shares and 127,064 Class S Shares at an offering price of $24.9088 per Share for each class), and received approximately $182.5 million as payment for such Shares.

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*Pioneer Credit Agreement* 

On October 3, 2025, ACI Pioneer Member, LLC as borrower (the "Pioneer Borrower") and ACI Pioneer Holdings, LLC as pledgor (the "Pioneer Pledgor"), each a wholly-owned subsidiary of the Fund", entered into a credit agreement (the "Pioneer Credit Agreement") with Natixis, New York Branch as administrative agent and collateral agent ("Natixis") and Société Générale as coordinating lead arranger and bookrunner (together with Natixis in the same roles). The Pioneer Credit Agreement is related to Pioneer Borrower's investment in a portfolio investment of the Fund and includes a $542.2 million delayed draw term loan facility (the "Pioneer Term Loan"), of which $226.0 million was drawn as of October 3, 2025, and a $23.5 million debt service reserve letter of credit facility (the "Pioneer DSR LC Facility").

Borrowings under the Pioneer Term Loan bear interest annually at a rate equal to daily compounded SOFR plus 1.50% per annum, with a step up of 0.125% on October 3, 2028 and outstanding undrawn commitments under the Pioneer Term Loan facility have a commitment fee of 0.50% annually on the average daily unused amount. The Pioneer Borrower will make amortization and interest payments quarterly beginning January 8, 2026, and ending on the maturity date in accordance with an amortization schedule attached to the Pioneer Credit Agreement.

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

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

In connection with the Pioneer Term Loan, the Pioneer Borrower entered into interest rate swaps with Natixis and Société Générale to exchange the SOFR rate in the Pioneer Term Loan with a fixed rate for 75% of the outstanding borrowings under the Pioneer Term Loan. The all-in fixed rates are 3.875% and 3.884% for the interest rate swaps with Natixis and Société Générale, respectively. The interest rate swaps have a mandatory termination date on October 3, 2030.

*November Capital Raise*

On November 3, 2025, the Fund agreed to sell Class I Shares, Class D Shares and Class S Shares for an aggregate purchase price of $245.1 million. The purchase price per Share will equal the Fund's NAV per Share of such class as of the last calendar day of October 2025, which is generally expected to be available within 20 business days after November 1, 2025.

No underwriting discounts or commissions have been or will be paid in connection with the sale of such Shares. Although the Fund does not charge investors an upfront sales load (an "Upfront Sales Load") with respect to its Shares, if Class S Shares are purchased through certain selling agents, such selling agents may directly charge 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 3.5% cap on NAV for Class S Shares. No Upfront Sales Loads may be charged on Class I Shares. The issuance of the Shares is exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof, by Rule 506(b) of Regulation D promulgated thereunder and/or Regulation S promulgated thereunder.

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As of October 31, 2025, the Fund had 65,640,462 Class I Shares, 124,655 Class S Shares outstanding and no Class D or Class N Shares of beneficial interest outstanding.

*Distributions*

As previously disclosed, on May 14, 2025 the Fund announced the declaration of regular monthly gross distributions for September, on August 8, 2025, the Fund announced the declaration of regular monthly distributions for October, November and December 2025 and on November 7, 2025, the Fund announced the declaration of regular monthly distributions for January, February, and March 2026, in each case for its Class I Shares, Class D Shares, Class N Shares and Class S Shares in the amounts per Share set forth below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Gross Distribution Per Common Share | Gross Distribution Per Common Share | Gross Distribution Per Common Share | Gross Distribution Per Common Share |
| Record Date | Payment Date | Class I | Class D | Class N | Class S |
| 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 |
| January 30, 2025 | February 23, 2026 | 0.2083 | 0.2083 | 0.2083 | 0.2083 |
| February 27, 2026 | March 25, 2026 | 0.2083 | 0.2083 | 0.2083 | 0.2083 |
| March 31, 2026 | April 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 Shares for shareholders participating in the Fund's distribution reinvestment plan. The net distributions to be received by shareholders of the Class D Shares, Class N Shares and Class S Shares will be equal to the gross distribution in the table above, less specific shareholder servicing and/or distribution fees applicable to such class as of their respective record dates. Class I Shares have no shareholder servicing and/or distribution fees. As of November 7, 2025, there are no Class D Shares or Class N Shares outstanding.

**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 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.

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

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 September 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 $171.8 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 Securities Exchange Act of 1934, as amended (the "1934 Act")) that are designed to ensure that information required to be disclosed in our reports under the 1934 Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officers and principal financial officer, as appropriate, to allow timely decisions regarding required 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 September 30, 2025. Based upon that evaluation and subject to the foregoing, our principal executive officers and principal financial officer concluded that, as of September 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 September 30, 2025 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**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.

**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 July 8, 2025, July 22, 2025, August 7, 2025, August 20, 2025, September 8, 2025 and September 22, 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 September 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.

**November Subscriptions**

On November 3, 2025, the Fund agreed to sell Class I Shares, Class D Shares and Class S Shares for an aggregate purchase price of $245.1 million. The purchase price per Share will equal the Fund's NAV per Share of such class as of the last calendar day of October 2025, which is generally expected to be available within 20 business days after November 1, 2025. See "Recent Developments" in Item 2 for more information.

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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**Item 6. Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/2031750/000162828025012670/aciq42024exhibit31.htm)</u> | Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund's<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](exhibit101selecteddealerag.htm)</u>\* | Form of Selected Dealer Agreement |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/2031750/000203175025000028/exhibit102amendedandrestat.htm)</u> | Amended and Restated Investment Advisory and Management Agreement, effective as of September 29, 2025, by and between Ares Core Infrastructure Fund and Ares Capital Management II LLC (incorporated by<br>reference to Exhibit 10.2 to the Fund's Form 8-K, filed with the SEC on October 7, 2025) |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/2031750/000203175025000021/ex101revolvingcredit.htm)</u> | Revolving Credit Agreement, dated as of September 23, 2025, among ACI Liquid Aggregator SPV, LLC, as borrower, BNP Paribas, as administrative agent, Ares Core Infrastructure Fund, as servicer and collateral agent and U.S. Bank Trust Company, National Association, as collateral agent (incorporated by reference to Exhibit 10.1 to the Fund's Form 8-K, filed with the SEC on September 29, 2025). |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/2031750/000203175025000021/ex102contributionagreement.htm)</u> | Contribution Agreement, dated as of September 23, 2025, among Ares Core Infrastructure Fund, as transferor, and ACI Liquid Aggregator SPV, LLC, as transferee (incorporated by reference to Exhibit 10.2 to<br>the Fund's Form 8-K, filed with the SEC on September 29, 2025). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/2031750/000162828025037214/exhibit101tango.htm)[5](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](exhibit311aciq32025.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](exhibit312aciq32025.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](exhibit313aciq32025.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](exhibit321aciq32025.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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<u>[**Table of Contents**](#i65aebc80ee9249808d042d634ed49748_7)</u>

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| | ARES CORE INFRASTRUCTURE FUND | ARES CORE INFRASTRUCTURE FUND |
| Dated: November 7, 2025 | By: | /s/ Keith Derman |
|  | Name: | Keith Derman |
|  | Title: | Co-Chief Executive Officer and Trustee |
| Dated: November 7, 2025 | By: | /s/ Steven Porto |
|  | Name: | Steven Porto |
|  | Title: | Co-Chief Executive Officer |
| Dated: November 7, 2025 | By: | /s/ Christina Oh |
|  | Name: | Christina Oh |
|  | Title: | Chief Financial Officer and Treasurer |

---

## Exhibit 10.1

**Exhibit 10.1**

![ares_logoxrgbxnavyblue003a.jpg](ares_logoxrgbxnavyblue003a.jpg)

**SELECTED DEALER AGREEMENT**

Ladies and Gentlemen:

&nbsp;&nbsp;&nbsp;&nbsp;Ares Wealth Management Solutions, LLC, as the Placement Agent (the "Placement Agent") for Ares Core Infrastructure Fund (the "Company"), a Delaware statutory trust that has elected to be treated as a business development company (such election, the "BDC Election") under the 1940 Act, invites you (the "Dealer") to participate in the distribution of shares of beneficial interest of the Company subject to the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;*Placement Agent Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;The Placement Agent has entered into a Placement Agent Agreement with the Company dated August 12, 2024 (the "Placement Agent Agreement"), attached hereto as <u>Exhibit A</u>. By your acceptance of this Selected Dealer Agreement (this "Agreement"), you will become one of the Dealers referred to in the Placement Agent Agreement and will be entitled and subject to the indemnification provisions contained in such Placement Agent Agreement, including the indemnification provisions contained in Section 6 of such Placement Agent Agreement wherein the Dealers severally agree to indemnify and hold harmless the Company, the Placement Agent and each officer and trustee/director thereof, and each person, if any, who controls the Company or the Placement Agent within the meaning of the Securities Act of 1933, as amended (the "Securities Act"). Except as otherwise specifically stated herein, all terms used in this Agreement have the meanings provided in the Placement Agent Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;As described in the Placement Agent Agreement, the Company is offering Class D shares, Class N shares, Class S shares and Class I shares (the "Shares") in a private placement offering (the "Offering") exempt from registration under the Securities Act, pursuant to Rule 506(b) of Regulation D promulgated under the Securities Act ("Regulation D"), on the terms and conditions described in the Confidential Private Placement Memorandum of the Company dated August 2025 (with all exhibits and supplements thereto, and as the same may be amended, revised or supplemented from time to time, the "Memorandum").

The Dealer hereby agrees to use its best efforts to sell the Shares for cash on the terms and conditions stated in the Memorandum. Nothing in this Agreement shall be deemed or construed to make the Dealer an employee, agent, representative or partner of the Placement Agent or of the Company, and the Dealer is not authorized to act for the Placement Agent or the Company or to make any representations on their behalf except as set forth in the Memorandum and such other Supplemental Information (as defined in Section VII herein).

&nbsp;&nbsp;&nbsp;&nbsp;II.&nbsp;&nbsp;&nbsp;&nbsp;*Submission of Orders*

&nbsp;&nbsp;&nbsp;&nbsp;Each person desiring to purchase Shares in the Offering will be required to complete and execute a subscription agreement in the form filed as an appendix to the Memorandum (the "Subscription Agreement") and to deliver to the Dealer such completed Subscription Agreement together with a check or wire transfer ("instrument of payment") in the amount of such person's purchase, which must be at least the minimum purchase amount set forth in the Memorandum. Those persons who purchase Shares will be instructed by the Dealer to make their instruments of payment payable to or for the benefit of "Ares Core Infrastructure Fund" purchase orders which include a completed and executed Subscription Agreement in good order and instruments of payment received by the Company at least five (5) business days prior to the first calendar day of the month (unless waived by the Placement Agent) will be executed as of the first calendar day of the next month.

&nbsp;&nbsp;&nbsp;&nbsp;If the Dealer receives a Subscription Agreement or instrument of payment not conforming to the foregoing instructions, the Dealer shall return such Subscription Agreement and instrument of payment directly to such investor not later than the end of the next business day following its receipt. Subscription Agreements and instruments of payment received by the Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the methods described in this Section II. Transmittal of received investor funds will be made in accordance with the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;Where, pursuant to the Dealer's internal supervisory procedures, internal supervisory review is conducted at the same location at which Subscription Agreements and instruments of payment are received from investors, Subscription Agreements and instruments of payment will be transmitted by the end of the next business day

------

following receipt by the Dealer for deposit to Ares Core Infrastructure Fund as set forth in the Subscription Agreement or as otherwise directed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;Where, pursuant to the Dealer's internal supervisory procedures, final and internal supervisory review is conducted at a different location, Subscription Agreements and instruments of payment will be transmitted by the end of the next business day following receipt by the Dealer to the office of the Dealer conducting such final internal supervisory review (the "Final Review Office"). The Final Review Office will in turn, by the end of the next business day following receipt by the Final Review Office, transmit such Subscription Agreements and instruments of payment for deposit to Ares Core Infrastructure Fund as set forth in the Subscription Agreement or as otherwise directed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;III.&nbsp;&nbsp;&nbsp;&nbsp;*Pricing*

&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in the Memorandum, which may be amended or supplemented from time to time, the Shares sold in the Offering shall generally be offered monthly at an offering price payable in cash equal to the Company's net asset value ("NAV") per share applicable to the class of Shares being purchased (as calculated in accordance with the procedures described in the Memorandum), plus any applicable selling commissions and dealer manager fees. For shareholders who participate in the Company's distribution reinvestment plan ("DRIP"), the cash distributions attributable to the class of Shares that each shareholder owns will be automatically invested in additional Shares of the same class at the NAV per share of the applicable class of Shares. Except as otherwise indicated in the Memorandum or in any letter or memorandum sent to the Dealer by the Company or the Placement Agent, the minimum initial investment in Shares offered in this private offering will be $10,000, although lesser amounts may be accepted at the sole discretion of the Adviser. The Shares are nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp; IV.&nbsp;&nbsp;&nbsp;&nbsp;*Dealers' Compensation*

&nbsp;&nbsp;&nbsp;&nbsp;Except as may be provided in the "Plan of Distribution" section of the Memorandum, which may be amended or supplemented from time to time, as compensation for completed sales, the Dealer is entitled, on the terms and subject to the conditions herein, to the compensation set forth on <u>Schedule 1</u> hereto. Notwithstanding the foregoing, in no event shall any underwriting compensation be paid in connection with the Offering if such compensation, from all sources, exceeds the percentages permitted by the rules and guidance of the Financial Industry Regulatory Authority, Inc. ("FINRA") applicable to the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;V.&nbsp;&nbsp;&nbsp;&nbsp;*Payment, Fees and Expenses*

The Placement Agent acknowledges that Dealers may, in certain circumstances, directly charge their clients transaction or other fees, including an upfront selling commissions or similar placement fees or ongoing fees for distribution or servicing support, in such amounts as they may determine and agree to with their clients. In addition, the Placement Agent may arrange for the reimbursement of certain expenses incurred by the Dealer as set forth in Schedule 1 to this Agreement. The Dealer, in its sole discretion, may authorize the Placement Agent to deposit selling commissions and any other fees or payments due to it pursuant to this Agreement directly to its bank account. If the Dealer so elects, the Dealer shall provide such deposit authorization and instructions in <u>Schedule 2</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;VI.&nbsp;&nbsp;&nbsp;&nbsp;*Right to Reject Orders or Cancel Sales*

All orders, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Company, which reserves the right to reject any order for any reason or no reason. Orders not accompanied by an executed Subscription Agreement and the required instrument of payment may be rejected. Issuance and delivery of the Shares will be made only after actual receipt of payment therefor. If any check is not paid upon presentment, or if the Company is not in actual receipt of clearinghouse funds or cash, certified or cashier's check or the equivalent in payment for the Shares within 15 days of sale, the Company reserves the right to cancel the sale without notice. In the event an order is rejected, canceled or rescinded for any reason, the Dealer agrees to return to the Placement Agent (if the commission or other fees or payments were reallowed by the Placement Agent) or to the customer (if the commission or other fees or payments were withheld by the Dealer from the subscription proceeds), as applicable, any commission and any other fees or payments theretofore paid to, or retained by, the Dealer with respect to such order.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII.&nbsp;&nbsp;&nbsp;&nbsp;*Memorandum and Supplemental Information; Compliance with Laws*

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer is not authorized or permitted to give and will not give, any information or make any representation concerning the Shares except as set forth in the Memorandum and any additional sales literature which has been approved in advance in writing by the Placement Agent and the Company to supplement the Memorandum and be used in connection with the Offering ("Supplemental Information"). For the avoidance of doubt, Supplemental Information shall not include materials previously approved by the Placement Agent for use in the offer and sale of shares of the Company's common stock pursuant to prior securities offerings that have been terminated. The Placement Agent will supply the Dealer with reasonable quantities of the Memorandum, any supplements thereto and any amended Memorandum, as well as any Supplemental Information, for delivery to investors, and the Dealer will deliver a copy of the Memorandum and all supplements thereto and any amended Memorandum to each investor to whom an offer is made prior to or simultaneously with the first solicitation of an offer to sell the Shares to an investor. The Dealer agrees that it will not send or give any supplement to the Memorandum or any Supplemental Information to an investor unless it has previously sent or given the Memorandum and all previous supplements thereto and any amended Memorandum to that investor or has simultaneously sent or given the Memorandum and all previous supplements thereto and any amended Memorandum with such supplement to the Memorandum or Supplemental Information. The Dealer agrees that it will not show or give to any investor or prospective investor or reproduce any material or writing which is supplied to it by the Placement Agent and marked "dealer only" or otherwise bearing a legend denoting that it is not to be used in connection with the Offering. The Dealer agrees that it will not use in connection with the offer or sale of Shares any material or writing which relates to another company supplied to it by the Company or the Placement Agent bearing a legend which states that such material may not be used in connection with the offer or sale of any securities other than the company to which it relates. The Dealer further agrees that it will not use in connection with the offer or sale of Shares any materials or writings which have not been previously approved by the Placement Agent in writing. The Dealer agrees, if the Placement Agent so requests, to furnish a copy of any revised Memorandum to each person to whom it has furnished a copy of any previous Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;On becoming a Dealer, and in offering and selling Shares, the Dealer agrees to comply with all the applicable requirements imposed upon it under (a) the Securities Act, the Exchange Act and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") promulgated under both such acts, including, without limitation, Regulation D and, as applicable, Regulation Best Interest, (b) all applicable state securities laws and regulations as from time to time in effect, (c) any other state, federal, foreign and other laws and regulations applicable to the Offering, the sale of Shares or the activities of the Dealer pursuant to this Agreement, including without limitation the privacy standards and requirements of state and federal laws, including the Gramm-Leach-Bliley Act of 1999 ("GLBA"), and the laws governing money laundering abatement and anti-terrorist financing efforts, including the applicable rules of the SEC and FINRA, the Bank Secrecy Act, as amended, the USA Patriot Act of 2001 (the "PATRIOT Act"), and regulations administered by the Office of Foreign Asset Control ("OFAC") at the Department of the Treasury; and (d) this Agreement and the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;VIII.&nbsp;&nbsp;&nbsp;&nbsp;*License and Association Membership*

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer's acceptance of this Agreement constitutes a representation to the Company and the Placement Agent that the Dealer is a properly registered or licensed broker-dealer, duly authorized to sell Shares under federal and state securities laws and regulations, and foreign laws, if applicable, and in all states or jurisdictions where it offers or sells Shares, and that it is a member in good standing of FINRA. This Agreement shall automatically terminate if the Dealer ceases to be a member in good standing of FINRA. The Dealer agrees to notify the Placement Agent immediately if the Dealer ceases to be a member in good standing of FINRA. The Dealer also hereby agrees to abide by the Rules of FINRA, including FINRA Rules 2040, 2111, and 2121.

&nbsp;&nbsp;&nbsp;&nbsp;IX.&nbsp;&nbsp;&nbsp;&nbsp;*Limitation of Offer; Suitability*

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer will offer Shares (both at the time of an initial subscription and at the time of any additional subscription) only to persons who meet the financial qualifications set forth in the Memorandum or in any suitability letter or memorandum sent to it by the Company or the Placement Agent and will only make offers to persons in the jurisdictions in which it is advised in writing by the Placement Agent that the Shares are qualified for sale or that such qualification is not required and in which the Dealer has all required licenses and registrations to

------

offer Shares in such jurisdictions. In offering Shares, the Dealer shall comply with the provisions of the Rules set forth in the FINRA Manual, as well as all other applicable rules and regulations relating to suitability of investors.

Nothing contained in this Agreement shall be construed to relieve Dealer of its suitability obligations under FINRA Rule 2111. The Dealer will sell the Class D Shares, Class N Shares, Class S Shares and Class I Shares only to the extent approved by the Placement Agent as set forth on <u>Schedule 1</u> to this Agreement, and to the extent approved to sell the Class D Shares, Class N Shares, Class S Shares and Class I Shares pursuant to this Agreement, sell such Shares only to those persons who are eligible to purchase the Class D Shares, Class N Shares, Class S Shares and Class I Shares as described in the Memorandum. Nothing contained in this Agreement shall be construed to impose upon the Company or the Placement Agent the responsibility of assuring that prospective investors meet the suitability standards in accordance with the terms and provisions of the Memorandum. The Dealer agrees to comply with the record-keeping requirements imposed by (a) federal and state securities laws and the rules and regulations thereunder and (b) the applicable rules of FINRA. In addition, the Dealer agrees, to maintain records (the "Suitability Records") of the information used to determine that an investment in Shares is suitable and appropriate for each investor for a period of six years from the date of the sale of the Shares. The Dealer agrees to make the Suitability Records available to the Placement Agent and the Company upon request and to make them available to representatives of the SEC and FINRA and applicable state securities administrators upon the Dealer's receipt of a subpoena or other appropriate document request from such agency.

&nbsp;&nbsp;&nbsp;&nbsp;X.&nbsp;&nbsp;&nbsp;&nbsp;*Representations, Warranties and Covenants of the Dealer* 

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

The Dealer represents, warrants and covenants to the Company and the Placement Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Dealer will conduct the Offering in compliance with (i) the private placement procedures set forth in the Memorandum; (ii) the requirements of the Securities Act, including without limitation, Regulation D; (iii) the requirements of the Exchange Act; (iv) all applicable state securities laws; and (v) the rules and guidelines promulgated by FINRA, including published guidance relating to the avoidance of general solicitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Dealer shall not use any form of "general solicitation" or "general advertising" (within the meaning of Rule 502(c) of Regulation D) in making offers of Shares. Without limiting the foregoing, the Dealer shall not conduct the Offering or offer or sell Shares by means of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.any advertisement, article, notice or other communication mentioning the Offering or Shares published in any newspaper, magazine or similar medium, cold mass mailings, broadcast over television, radio or the internet, or an e-mail message sent to a large number of previously unknown persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.any seminar or meeting, the attendees of which have been invited by any general solicitation or general advertising; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.any letter, circular, notice or other written communication constituting a form of general solicitation or general advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Dealer acknowledges that the Offering is inappropriate for and shall not be used for any form of prospecting, and that the SEC staff has indicated that it believes furnishing copies of a private placement memorandum (or a description of the terms of a security to be privately placed) to lawyers, accountants or other professionals and asking such lawyers, accountants or other professionals to call an offering to the attention of their clients who might be interested or to otherwise facilitate the offering (the "Financial Intermediaries") may constitute a general solicitation. The Dealer further acknowledges that the use of Financial Intermediaries in this manner is inconsistent with a private placement under Rule 506(b) of Regulation D, and the Dealer covenants that it shall not initiate contact with a Financial Intermediary, other than a registered representative of a registered broker dealer or registered investment adviser, for the purpose of soliciting, directly or indirectly, an offer to participate in the Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Dealer shall offer Shares only to a prospective investor (i) whom the Dealer has reasonable grounds to believe, and in fact believes, is an "Accredited Investor" (as that term is defined in Rule 501(a) of Regulation D), and otherwise meets the financial suitability and other purchaser requirements set forth in the Memorandum, and (ii) with whom the Dealer or an associated person of the Dealer has a "pre-existing substantive relationship" as such term has been interpreted by the SEC in published guidance (a "pre-existing substantive relationship"); provided, that for six (6) months following the commencement of the Offering, such pre-existing substantive relationship must pre-date the commencement of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Dealer shall sell Shares only to a prospective investor who has executed and delivered a Subscription Agreement representing and warranting that such investor is an Accredited Investor and satisfies the additional suitability standards set forth in the Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Dealer shall not deliver to any offeree any written documents pertaining to the Company or the Shares, other than the Memorandum, or any supplement to the Memorandum, and any Supplemental Information that are supplied to the Dealer by the Placement Agent specifically for use in connection with the Offering. Without intending to limit the generality of the foregoing, the Dealer shall not deliver to any prospective investor in the Offering any material pertaining to a prior securities offering of the Company that has been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The information, if any, furnished to the Company by the Dealer in writing expressly for use in the Memorandum and/or Supplemental Information does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. During the course of the Offering, the Dealer will not make any untrue statement of a material fact or omit to state a material fact required to be stated or necessary to make any statement by the Dealer, in light of the circumstances under which it was made, not misleading concerning such Offering or any matters set forth in or contemplated by the Memorandum and Supplemental Information. The Dealer shall immediately bring to the attention of the Company and the Placement Agent any circumstance or fact which causes the Dealer to believe the Memorandum, the Supplemental Information, or any information supplied by a prospective investor in their Subscription Agreement, may be inaccurate or misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)During the course of the Offering, the Dealer shall comply with the provisions of all applicable rules and regulations relating to suitability of investors, including without limitation, the provisions of Regulation D, Rule 506(b) promulgated under the Securities Act and FINRA Rule 2111. The Dealer will diligently make inquiries as required by this Agreement, the Memorandum, or applicable law of all prospective investors to ascertain whether a purchase of Shares is suitable for the prospective investor. In connection therewith, and without limiting the foregoing, the Dealer shall undertake all reasonable investigation, review, and inquiry to ensure that a prospective investor: (a) meets the minimum income and net worth standards established for an investment in the Shares; (b) can reasonably benefit from an investment in the Shares based on the prospective investor's overall investment objectives and portfolio structure; (c) is able to bear the economic risk of the investment based on the prospective investor's overall financial situation; and (d) has apparent understanding of (i) the fundamental risks of the investment; (ii) the risk that the investor may lose the entire investment; (iii) the lack of liquidity of the Shares; (iv) the restrictions on transferability of the Shares; (v) the tax consequences of the investment; and (vi) the background of the Adviser. In determining that a prospective investor meets the requirements of this Section X(h), the Dealer shall rely on relevant information obtained from the prospective investor pertinent to the determination, including the investor's age, investment objectives, investment experiences, income, net worth, financial situation, and other investments, as well as any other factors deemed pertinent by the Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Dealer shall make reasonable inquiry to determine whether a prospective investor is acquiring Shares for the prospective investor's own account or on behalf of other persons and not for the purpose of resale or other distribution of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Dealer shall ensure that each of the representations and warranties made by each prospective investor to the Company in the Subscription Agreement, is, to the Dealer's best knowledge and belief, after due inquiry, true and correct as of the date thereof and as of the date of purchase of the Shares by such investor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The Dealer shall notify the Placement Agent in advance in writing of the states in which the Dealer plans to offer the Shares. If the Company or the Placement Agent advises the Dealer that the Shares are not eligible to be sold pursuant to an exemption from registration in, or if the Company (in its sole discretion) otherwise elects not to offer the Shares in, one or more states, the Dealer shall immediately cease and desist from offering Shares to persons in such states.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)The Dealer shall not take any action in conflict with, or omit to take any action the omission of which would cause the Dealer to be in conflict with, the conditions and requirements of the Securities Act, the Exchange Act, Rule 506(b) of Regulation D and other applicable conditions and requirements of Regulation D (or other applicable rule), or applicable state securities laws that would make exemptions from registration under the Securities Act and applicable state securities laws unavailable with respect to the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)The Dealer shall provide the Placement Agent or the Company with such information relating to the offer and sale of the Shares by it as the Placement Agent or the Company may from time to time reasonably request or as may be requested to enable the Company to prepare such reports of sale as may be required to be filed under applicable federal or state securities laws and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Dealer shall advise each prospective investor of Shares in the Company at the time of the initial offering to such investor that the Company shall, during the course of the Offering and a reasonable time before sale, accord such investor and such investor's agents or representatives, if any, the opportunity to ask questions and receive answers concerning the terms and conditions of the Offering and to obtain any additional information, to the extent possessed or obtainable by the Company without unreasonable effort or expense, that is necessary to verify the accuracy of the information contained in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)The Dealer shall furnish to the Placement Agent and the Company upon request a complete list of all persons and entities who have been offered the Shares by the Dealer and such parties' addresses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)The Dealer shall not permit (except as expressly contemplated in this Agreement), nor enter into any agreement or arrangement other than this Agreement for, the resale, repurchase or distribution of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Neither the Dealer, nor any of its directors, executive officers, general partners, managing members or other officers participating in the Offering, nor any of the directors, executive officers or other officers participating in the Offering of any such general partner or managing member, nor any other officers, employees or associated persons of the Dealer or any such general partner or managing member that have been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares (each, a "Dealer Covered Person" and, together, "Dealer Covered Persons"), is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a "Disqualification Event"), except for a Disqualification Event (i) contemplated by Rule 506(d)(2)(ii) or Rule 506(d)(2)(iii) of the Securities Act and (ii) a copy of the SEC's determination (in the case of Rule 506(d)(2)(ii)) and a copy of such judgement, order or decree in the case of (Rule 506(d)(2)(iii)) has been furnished in writing to the Placement Agent prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)The Dealer is not a party to any agreement other than this Agreement regarding the payment (directly or indirectly) of remuneration for solicitation of purchasers in connection with the Offering. The Dealer shall notify the Placement Agent of any such agreement entered into between the Dealer and any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)The representations and warranties in Sections X(q) and X(r) above are and shall be continuing representations and warranties throughout the term of the Offering. The Dealer shall notify the Placement Agent in writing promptly upon the occurrence of (i) any Disqualification Event relating to any Dealer Covered Person not previously disclosed to the Company in accordance with Section X(q) above, (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Dealer Covered Person and in such event, the Dealer will terminate the Dealer Covered Person or, for Dealer Covered Persons who are not directors or executive officers, no longer permit the Dealer Covered Person to participate in the Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)The Dealer shall provide to the Placement Agent or the Company such certifications, documentation and other information as reasonably requested from time to time by the Placement Agent or the Company as such parties deem necessary or advisable to carry out the exercise of reasonable care under Rule 506(d) and (e) under the Securities Act in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)The Dealer has not, and shall not, pay any compensation, directly or indirectly, whether through the payment or reallowance of commissions, allowances, or otherwise, to any Dealer Covered Person who is subject to a Disqualification Event. The Dealer has amended all contracts or agreements between the Dealer and Dealer Covered Persons as necessary to comply with this section.

*&nbsp;&nbsp;&nbsp;&nbsp;*XI.&nbsp;&nbsp;&nbsp;&nbsp;*Representations and Warranties of the Placement Agent*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Placement Agent represents that neither it, nor any of its directors, executive officers, general partners, managing members or other officers participating in the Offering, nor any of the directors, executive officers or other officers participating in the Offering of any such general partner or managing member, nor any other officers, employees or associated persons of the Placement Agent or any such general partner or managing member that have been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares (each, a "Placement Agent Covered Person" and, together, "Placement Agent Covered Persons*"*), is subject to any Disqualification Event except for a Disqualification Event (i) contemplated by Rule 506(d)(2) of the Securities Act and (ii) a description of which has been furnished in writing to the Dealer prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Placement Agent shall notify the Dealer in writing promptly upon the occurrence of (i) any Disqualification Event relating to any Placement Agent Covered Person not previously disclosed to the Dealer in accordance with Section XI(a) above, and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Placement Agent Covered Person. The Placement Agent shall also notify the Dealer in writing promptly upon receiving notification from (x) the Company of the occurrence of any Disqualification Event relating to any Company Covered Persons and any event that would, with the passage of time, become a Disqualification Event relating to any Company Covered Persons, or (y) any other Dealer of the occurrence of any Disqualification Event relating to any such Dealer's Dealer Covered Persons and any event that would, with the passage of time, become a Disqualification Event relating to any such Dealer's Dealer Covered Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XII.&nbsp;&nbsp;&nbsp;&nbsp;*Disclosure Review; Confidentiality of Information* 

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer agrees that it shall have reasonable grounds to believe, based on the information made available to it through the Memorandum or other materials, that all material facts are adequately and accurately disclosed in the Memorandum and provide a basis for evaluating the Shares. In making this determination, the Dealer shall evaluate, at a minimum, items of compensation, physical properties, tax aspects, financial stability and experience of the sponsor, conflicts of interest and risk factors, and appraisals and other pertinent reports. If the Dealer relies upon the results of any inquiry conducted by another member or members of FINRA, the Dealer shall have reasonable grounds to believe that such inquiry was conducted with due care, that the member or members conducting or directing the inquiry consented to the disclosure of the results of the inquiry and that the person who participated in or conducted the inquiry is not the Placement Agent or a sponsor or an affiliate of the sponsor of the Company. The Dealer shall not rely upon the efforts of the Company, the Placement Agent, or any of their representatives, agents or affiliates, in determining whether the Company or the Placement Agent has adequately and accurately disclosed all material facts upon which to provide a basis for evaluating Shares to the extent required by federal or state law or FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;It is anticipated that (i) the Dealer and the Dealer's officers, directors, managers, employees, owners, members, partners, home office diligence personnel and other agents of the Dealer that are conducting a due diligence inquiry on behalf of the Dealer and (ii) persons or committees, as the case may be, responsible for determining whether the Dealer will participate in the Offering ((i) and (ii) are collectively, the "Diligence Personnel") either have previously or will in the future have access to certain Confidential Information (defined

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below) pertaining to the Company, the Placement Agent, the Adviser, or their respective affiliates. For purposes hereof, "Confidential Information" shall mean and include: (i) trade secrets concerning the business and affairs of the Company, the Placement Agent, the Adviser, or their respective affiliates, (ii) confidential data, know-how, current and planned research and development, current and planned methods and processes, marketing lists or strategies, slide presentations, business plans, however documented, belonging to the Company, the Placement Agent, the Adviser, or their respective affiliates; (iii) information concerning the business and affairs of the Company, the Placement Agent, the Adviser, or their respective affiliates (including, without limitation, historical financial statements, financial projections and budgets, investment-related information, models, budgets, plans, and market studies, however documented); (iv) any information marked or designated "Confidential—For Due Diligence Purposes Only"; and (v) any notes, analysis, compilations, studies, summaries and other material containing or based, in whole or in part, on any information included in the foregoing. The Dealer agrees to keep, and to cause its Diligence Personnel to keep, all such Confidential Information strictly confidential and to not use, distribute or copy the same except in connection with the Dealer's due diligence inquiry. The Dealer agrees to not disclose, and to cause its Diligence Personnel not to disclose, such Confidential Information to the public, or the Dealer's sales staff, financial advisors, or any person involved in selling efforts related to the Offering or to any other third party and agrees not to use the Confidential Information in any manner in the offer and sale of the Shares. The Dealer further agrees to use all reasonable precautions necessary to preserve the confidentiality of such Confidential Information, including, but not limited to (a) limiting access to such information to persons who have a need to know such information only for the purpose of the Dealer's due diligence inquiry and (b) informing each recipient of such Confidential Information of the Dealer's confidentiality obligation. The Dealer acknowledges that the Dealer or its Diligence Personnel may previously have received Confidential Information in connection with preliminary due diligence on the Company, and agrees that the foregoing restrictions shall apply to any such previously received Confidential Information. The Dealer acknowledges that the Dealer or its Diligence Personnel may in the future receive Confidential Information either in individual or collective meetings or telephone calls with the Company, or at general "Forums" sponsored by the Company, and agrees that the foregoing restrictions shall apply to any Confidential Information received in the future through any source or medium. The Dealer acknowledges the restrictions and limitations of Regulation F-D promulgated by the SEC and agrees that the foregoing restrictions are necessary and appropriate in order for the Company to comply therewith. Notwithstanding the foregoing, Confidential Information may be disclosed (a) if approved in writing for disclosure by the Company or the Placement Agent, (b) pursuant to a subpoena or as required by law, or (c) as required by regulation, rule, order or request of any governing or self-regulatory organization (including the SEC or FINRA), provided that the Dealer shall notify the Placement Agent in advance if practicable under the circumstances of any attempt to obtain Confidential Information pursuant to provisions (b) and (c).

*&nbsp;&nbsp;&nbsp;&nbsp;*XIII.&nbsp;&nbsp;&nbsp;&nbsp;*Dealer's Compliance with Anti-Money Laundering Rules and Regulations* 

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer acknowledges that investors who purchase Shares through the Dealer are "customers" of the Dealer and not the Placement Agent. The Dealer hereby represents that it has complied and will comply with Section 326 of the PATRIOT Act and the implementing rules and regulations promulgated thereunder in connection with broker/dealers' anti-money laundering obligations (the "AML Rules"). The Dealer hereby represents that it has adopted and implemented, and will maintain a written anti-money laundering compliance program ("AML Program") including, without limitation, anti-money laundering policies and procedures relating to customer identification as required by the PATRIOT Act and the implementing rules and regulations promulgated thereunder. In accordance with these applicable laws and regulations and its AML Program, the Dealer agrees to verify the identity of its new customers (including beneficial owners of legal entity customers); to maintain customer records; and to check the names of new customers against government watch lists, including OFAC's list of Specially Designated Nationals and Blocked Persons. Additionally, the Dealer will monitor account activity to identify patterns of unusual size or volume, geographic factors and any other "red flags" described in the PATRIOT Act as potential signals of money laundering or terrorist financing. The Dealer will submit to the Financial Crimes Enforcement Network any required suspicious activity reports about such activity and further will disclose such activity to applicable federal and state law enforcement when required by law. Upon request by the Placement Agent at any time, the Dealer hereby agrees to furnish (a) a copy of its AML Program to the Placement Agent for review, and (b) a copy of the findings and any remedial actions taken in connection with the Dealer's most recent independent testing of its AML Program. The Dealer further understands that, while the Placement Agent is required to establish and implement an AML Program in accordance with the AML Rules, the Dealer cannot rely on

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the Placement Agent's AML Program for purposes of the Dealer's compliance with the AML Rules. The Dealer agrees to notify the Placement Agent immediately if the Dealer is subject to a FINRA disclosure event or fine from FINRA related to its AML Program. The Dealer also agrees to provide to the Placement Agent any information reasonably requested by the Placement Agent for it to meet its obligations under anti-money laundering, sanctions and other applicable laws, including, but not limited to, any of the Dealer's customers that are listed on any sanctions lists, politically exposed persons or senior foreign political figures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIV.&nbsp;&nbsp;&nbsp;&nbsp;*Privacy*.

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer agrees to abide by and comply in all respects with (a) the privacy standards and requirements of the GLBA and applicable regulations promulgated thereunder, (b) the privacy standards and requirements of any other applicable federal or state law, including the Fair Credit Reporting Act, as amended ("FCRA"), and (c) its own internal privacy policies and procedures, each as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto acknowledge that from time to time, the Dealer may share with the Company and the Company may share with the Dealer nonpublic personal information (as defined under the GLBA) of customers of the Dealer. This nonpublic personal information may include, but is not limited to a customer's name, address, telephone number, social security number, account information and personal financial information. The Dealer shall only be granted access to such nonpublic personal information of each of its customers that pertains to the period or periods during which the Dealer served as the broker dealer of record for such customer's account. The Dealer, the Placement Agent and the Company shall not disclose nonpublic personal information of any customers who have opted out of such disclosures, except (a) to service providers (when necessary and as permitted under the GLBA), (b) to carry out the purposes for which one party discloses such nonpublic personal information to another party under this Agreement (when necessary and as permitted under the GLBA) or (c) as otherwise required by applicable law. Any nonpublic personal information that one party receives from another party shall be subject to the limitations on usage described in this Section XIV. Except as expressly permitted under the FCRA, the Dealer agrees that it shall not disclose any information that would be considered a "consumer report" under the FCRA.

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer shall be responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the "List") to identify customers that have exercised their opt-out rights. In the event the Dealer, the Placement Agent or the Company expects to use or disclose nonpublic personal information of any customer for purposes other than as set forth in this Section XIV, it must first consult the List to determine whether the affected customer has exercised his or her opt-out rights. The use or disclosure of any nonpublic personal information of any customer that is identified on the List as having opted out of such disclosures, except as set forth in this Section XIV, shall be prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer shall implement commercially reasonable measures in compliance with industry best practices designed (a) to assure the security and confidentiality of nonpublic personal information of all customers; (b) to protect such information against any anticipated threats or hazards to the security or integrity of such information; (c) to protect against unauthorized access to, or use of, such information that could result in material harm to any customer; (d) to protect against unauthorized disclosure of such information to unaffiliated third parties; and (e) to otherwise ensure its compliance with all applicable privacy standards and requirements of federal or state law (including, but not limited to, the GLBA), and any other applicable legal or regulatory requirements. The Dealer further agrees to cause all its agents, representatives, affiliates, subcontractors, or any other party to whom the Dealer provides access to or discloses nonpublic personal information of customers to implement appropriate measures designed to meet the objectives set forth in this Section XIV.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XV.&nbsp;&nbsp;&nbsp;&nbsp;*Dealer's Undertaking to Not Facilitate a Secondary Market in the Shares*

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer acknowledges that there is no public trading market for the Shares and that there are limits on the ownership, transferability and redemption of the Shares, which significantly limit the liquidity of an investment in the Shares. The Dealer also acknowledges that the Company's Share Repurchase Program (the "Program") provides only a limited opportunity for investors to have their Shares redeemed by the Company and that the Company's board of trustees may, in its sole discretion, amend, suspend, or terminate the Program at any time in accordance with the terms of the Program. The Dealer further acknowledges that the Company is obligated to

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immediately terminate the Program if the Shares are listed on a national securities exchange or if a secondary market in the Shares is otherwise established. The Dealer hereby agrees not to engage in any action or transaction that would facilitate or otherwise create the appearance of a secondary market in the Shares without the prior written approval of the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;XVI.&nbsp;&nbsp;&nbsp;&nbsp;*Arbitration* 

&nbsp;&nbsp;&nbsp;&nbsp;Any dispute, controversy or claim arising between the parties relating to this Agreement (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration administered in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association ("AAA"). Any matter to be settled by arbitration shall be submitted to the AAA in Denver, Colorado, which shall be the exclusive venue for any such dispute and the parties agree to abide by all awards rendered in such proceedings. The parties shall attempt to designate one arbitrator from the AAA, but if they are unable to do so, then the AAA shall designate an arbitrator. The arbitration shall be final, binding, and enforceable in any court of competent jurisdiction. The parties agree that upon application pursuant to the provisions of the Federal Arbitration Act 9 USC § 1 et seq. the court shall enter judgment upon an award made pursuant to an arbitration under this Agreement.

The Dealer agrees that the Company or the Placement Agent may file an action to enjoin the Dealer from pursuing any dispute, controversy or claim arising between the parties relating to the Agreement in any forum or venue other than that specified in this Agreement ("Suit for Injunctive Relief"). The exclusive venue for any Suit for Injunctive Relief, Motion to Confirm, Motion to Modify, or Motion to Vacate an award made under this agreement shall be the United States District Court for the District of Colorado, Denver Division. In the event the United States District Court for the District of Colorado does not have subject matter jurisdiction then such exclusive jurisdiction shall be in the District Court of Denver County, Colorado. The Dealer agrees that it is expressly waiving its right to have any dispute arising out of or related to the Agreement heard before a FINRA arbitration panel or pursuant to the FINRA Code of Arbitration Procedure. The Dealer hereby consents to the jurisdiction of the United States District Court for the District of Colorado, Denver Division and the District Court of Denver County, Colorado for purposes of this Agreement and waives any right to challenge the exercise of personal jurisdiction or venue in connection with any action brought pursuant to this Agreement. This arbitration provision shall be binding upon the past, present, and future agents, employees, and representatives of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;XVII.&nbsp;&nbsp;&nbsp;&nbsp;*Termination*

&nbsp;&nbsp;&nbsp;&nbsp;The Dealer will suspend or terminate its offer and sale of Shares upon the request of the Company or the Placement Agent at any time and will resume its offer and sale of Shares hereunder upon subsequent request of the Company or the Placement Agent. Any party may terminate this Agreement by written notice. Such termination shall be effective 48 hours after the mailing of such notice. This Agreement is the entire agreement of the parties and supersedes all prior agreements, if any, between the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be amended at any time by the Placement Agent by written notice to the Dealer, and any such amendment shall be deemed accepted by the Dealer at such time as the Dealer places an order for sale of Shares after the Dealer has received such notice.

&nbsp;&nbsp;&nbsp;&nbsp;This Agreement will automatically terminate in the event of its assignment (as defined in the 1940 Act). The respective agreements and obligations of the Placement Agent and the Dealer set forth in Sections IV, VI, VII, and XVI through XIX of this Agreement shall remain operative and in full force and effect regardless of the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;XVIII.&nbsp;&nbsp;&nbsp;&nbsp;*Notice*

&nbsp;&nbsp;&nbsp;&nbsp;All notices will be in writing and will be duly given to the Placement Agent when mailed to 1200 17<sup>th</sup> Street, Suite 2900, Denver, Colorado 80202, and to the Dealer when mailed to the address specified by the Dealer herein.

&nbsp;&nbsp;&nbsp;&nbsp;XIX.*&nbsp;&nbsp;&nbsp;&nbsp;Attorney's Fees and Applicable Law*

&nbsp;&nbsp;&nbsp;&nbsp;In any action to enforce the provisions of this Agreement or to secure damages for its breach, the prevailing party shall recover its costs and reasonable attorney's fees. This Agreement shall be construed under the laws of the

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State of Colorado and shall take effect when signed by the Dealer and countersigned by the Placement Agent. Venue for any action (including arbitration) shall lie exclusively in Denver, Colorado.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE PLACEMENT AGENT

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| | |
|:---|:---|
| ARES WEALTH MANAGEMENT SOLUTIONS, LLC | ARES WEALTH MANAGEMENT SOLUTIONS, LLC |
| By: |  |
|  | Signature |
| Name: |  |
| Title: |  |
| Date: |  |

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

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

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We have read the foregoing Agreement and we hereby accept and agree to the terms and conditions therein set forth. We hereby represent that the list below of jurisdictions in which we are registered or licensed as a broker or dealer and are fully authorized to sell securities is true and correct, and we agree to advise you of any change in such list during the term of this Agreement.

**1. Identity of Selected Dealer**

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| | |
|:---|:---|
| Company Name: | |
| Type of entity: | |
| | (Corporation, Partnership or Proprietorship) |
| Organized in the State of: | |
| Licensed as broker dealer all States: | Yes ☐ No ☐ |
| If no, list all States licensed as broker dealer: | |
| Tax ID #: | |

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**2. Person To Receive Notices Delivered Pursuant To Section XVIII:**

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| |
|:---|
| Name: |
| Company: |
| Address: |
| City, State and Zip: |
| Telephone: |
| Fax: |
| Email: |

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**AGREED TO AND ACCEPTED BY THE DEALER:**

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| | |
|:---|:---|
| | (Dealer's Firm Name) |
| By: |  |
|  | Signature |
| Name: |  |
| Title: |  |
| Date: |  |

---

------

**SCHEDULE 1<br>TO<br>SELECTED DEALER AGREEMENT WITH<br>ARES WEALTH MANAGEMENT SOLUTIONS, LLC**

**NAME OF ISSUER**: ARES CORE INFRASTRUCTURE FUND

**NAME OF PARTICIPATING BROKER-DEALER**:

**SCHEDULE 1 TO AGREEMENT DATED**:

The following reflects the selling commissions, placement agent fees and distribution fees as agreed upon between the Placement Agent and the Dealer, effective as of the effective date of the Selected Dealer Agreement (the "Agreement") between the Placement Agent and the Dealer in connection with the Offering of Shares of Ares Core Infrastructure Fund (the "Company").

**<br>Upfront Sales Loads**

Except as may be provided in the "Plan of Distribution" section of the Memorandum, which may be amended or supplemented from time to time, as compensation for completed sales (as defined below) by the Dealer of Class D Shares, Class N Shares and Class S Shares that the Dealer is authorized to sell and for services rendered by the Dealer hereunder, the Placement Agent shall reallow to the Dealer an upfront sales load in an amount up to the percentage of the offering price per share set forth under "Share Class Election" in this <u>Schedule 1</u> on such completed sales of Class D Shares, Class N Shares and Class S Shares by Dealer. The Dealer shall not receive any sales load for sales of any Class I Shares or for any Shares issued by the Company pursuant to its dividend reinvestment plan ("<u>DRIP</u>").

For purposes of this <u>Schedule 1</u>, a "completed sale" shall occur if and only if a transaction has closed with an investor in Shares pursuant to all applicable offering and subscription documents, payment for the Shares has been received by the Company in full in the manner provided in Section II of the Agreement, the Company has accepted the Subscription Agreement of such investor and the Company has thereafter distributed the selling commission and the placement agent fee, as applicable, to the Placement Agent connection with such transaction. The Dealer shall be deemed to have sold the Shares if the Dealer introduced an investor to the Shares and a "completed sale" of Shares to such investor has occurred. The Dealer shall be deemed the broker dealer of record for such investor's account unless and until the Placement Agent is notified that there is a new broker dealer of record.

**<br>Distribution/Servicing Fees**

The payment of the Distribution/Servicing Fees to the Dealer is subject to terms and conditions set forth herein, the Memorandum as may be amended or supplemented from time to time and the Distribution and Shareholder Servicing Plan (the "Plan"), dated as of May 14, 2025, by and between the Company and Ares Wealth Management Solutions, LLC. If Dealer elects to sell Class D, Class N and/or Class S Shares, eligibility to receive the Distribution/Servicing Fees with respect to the Class D, Class N and/or Class S Shares, as applicable, sold by the Dealer is conditioned upon the Dealer acting as broker-dealer of record with respect to such Shares.

The Dealer hereby represents by its acceptance of each payment of Distribution/Servicing Fees that it complies with the above requirement. The Dealer agrees to promptly notify the Placement Agent if it is no longer the broker-dealer of record with respect to some or all of the Class D, Class N and/or Class S Shares giving rise to such Distribution/Servicing Fees.

Subject to the conditions described herein, the Placement Agent will reallow to Dealer the Distribution/Servicing Fees in an amount described below, on Class D, Class N and/or Class S Shares, as applicable, sold by

------

Dealer. To the extent payable, the Distribution/Servicing Fees will be payable monthly in arrears as provided in the Memorandum. All determinations regarding the total amount and rate of reallowance of the Distribution/Servicing Fees, the Dealer's compliance with the listed conditions, and/or the portion retained by the Placement Agent will be made by the Placement Agent in its sole discretion.

Notwithstanding the foregoing, subject to the terms of the Memorandum, upon the date when the Placement Agent is notified that the Dealer is no longer the broker-dealer of record with respect to such Class D, Class N and/or Class S Shares, then the Dealer's entitlement to the Distribution/Servicing Fees related to such Class D, Class N and/or Class S Shares, as applicable, shall cease, and Dealer shall not receive the Distribution/Servicing Fees for any portion of the month in which Dealer is not the broker dealer of record on the last day of the month; provided, however, if the change in the broker dealer of record with respect to such Class D, Class N and/or Class S Shares is made in connection with a change in the registration of record for such Class D, Class N and/or Class S Shares on the Company's books and records (including, but not limited to, a re-registration due to a sale or a transfer or a change in the form of ownership of the account), then Dealer shall be entitled to a pro rata portion of the Distribution/Servicing Fees related to such Class D, Class N and/or Class S Shares, as applicable, for the portion of the month for which Dealer was the broker dealer of record.

Thereafter, such Distribution/Servicing Fees may be reallowed to the then-current broker-dealer of record of the Class D, Class N and/or Class S Shares, as applicable, if any such broker-dealer of record has been designated ("Servicing Dealer"), to the extent such Servicing Dealer has entered into a Selected Dealer Agreement or similar agreement with the Placement Agent ("Servicing Agreement") and such Selected Dealer Agreement or Servicing Agreement with the Servicing Dealer provides for such reallowance. In this regard, all determinations will be made by the Placement Agent in good faith in its sole discretion. The Dealer is not entitled to any Distribution/Servicing Fees with respect to Class I Shares or for any Shares issued by the Company pursuant to its DRIP. The Placement Agent may also reallow some or all of the Distribution/Servicing Fees to other broker-dealers who provide services with respect to the Shares (who shall be considered additional Servicing Dealers) pursuant to a Servicing Agreement with the Placement Agent to the extent such Servicing Agreement provides for such reallowance and such additional Servicing Dealer is in compliance with the terms of such agreement related to such reallowance, in accordance with the terms of such Servicing Agreement.

The Company and the Placement Agent will cease paying the Distribution/Servicing Fees with respect to individual Class D, Class N and/or Class S Shares when they are no longer outstanding, including as a result of conversion to Class I Shares, if permitted in accordance with the Memorandum.

In addition, the Company and the Placement Agent will cease paying the Distribution/Servicing Fees with respect to each Class D, Class N and/or Class S Share sold on the date when, the Company, with the assistance of the Placement Agent, determine that all underwriting compensation paid or incurred in connection with such offering from all sources, determined pursuant to the rules and guidance of FINRA, would be in excess of such percentages permitted by Rule 2310 of the FINRA Manual or any applicable regulatory limit imposed on the Offering.

**General**

Sales loads and Distribution/Servicing Fees due to the Dealer pursuant to this Agreement will be paid to the Dealer within 30 days after receipt of such fees by the Placement Agent. The Dealer, in its sole discretion, may authorize the Placement Agent to deposit the sales loads and Distribution/Servicing Fees or other payments due to it pursuant to this Agreement directly to its bank account. If the Dealer so elects, the Dealer shall provide such deposit authorization and instructions in <u>Schedule 2</u> to this Agreement.

The parties hereby agree that the foregoing sales loads and Distribution/Servicing Fees are not in excess of the usual and customary placement agents' or sellers' commission received in the sale of securities similar to the Shares, that the Dealer's interest in the Offering is limited to such sales loads and Distribution/Servicing Fees, as

------

applicable, from the Placement Agent, and that the Company is not liable or responsible for the direct payment of such sales loads and Distribution/Servicing Fees to the Dealer.

Except as otherwise described under "Upfront Sales Loads" above, the Dealer waives any and all rights to receive compensation, including the Distribution/Servicing Fees, until it is paid to and received by the Placement Agent. The Dealer acknowledges and agrees that, if the Company pays sales loads or Distribution/Servicing Fees, as applicable, to the Placement Agent, the Company is relieved of any obligation for any such payments to the Dealer. The Company may rely on and use the preceding acknowledgement as a defense against any claim by the Dealer for sales loads or Distribution/Servicing Fees, as applicable, the Company pays to the Placement Agent but that Placement Agent fails to remit to the Dealer. The Dealer affirms that the Placement Agent's liability for sales loads payable and the Distribution/Servicing Fees is limited solely to the proceeds of sales loads and the Distribution/Servicing Fees, as applicable, received by the Placement Agent from the Company associated with the Dealer's sale of the applicable Shares, and the Dealer hereby waives any and all rights to receive payment of any sales loads or the Distribution/Servicing Fees, as applicable, due until such time as the Placement Agent is in receipt of the sales load or Distribution/Servicing Fees, as applicable, from the Company.

Notwithstanding anything herein to the contrary, Dealer will not be entitled to receive any sales loads or Distribution/Servicing Fees which would cause the aggregate amount of such sales loads, Distribution/Servicing Fees and other forms of underwriting compensation (as defined in accordance with applicable FINRA rules) paid from any source in connection with an offering to exceed the limits set forth in FINRA Rule 2310.

**Due Diligence** 

As set forth in the Memorandum, the Placement Agent or, in certain cases at the option of the Company, the Company, will pay or reimburse the Dealer for reasonable *bona fide* due diligence expenses incurred by the Dealer in connection with the Offering. Such due diligence expenses may include travel, lodging, meals and other reasonable out-of-pocket expenses incurred by the Dealer and its personnel when visiting the Company's offices or properties to verify information relating to the Company or its properties. The Dealer shall provide a detailed and itemized invoice for any such due diligence expenses and shall obtain the prior written approval from the Placement Agent for such expenses, and no such expenses shall be reimbursed absent a detailed and itemized invoice. All such reimbursements will be made in accordance with, and subject to the restrictions and limitations imposed under the Memorandum, FINRA rules and other applicable laws and regulations.

**Share Class Election**

CHECK EACH APPLICABLE BOX BELOW IF THE DEALER ELECTS TO PARTICIPATE IN THE DISTRIBUTION OF THE LISTED SHARE CLASS

Class D Shares&nbsp;&nbsp;&nbsp;&nbsp; Class N Shares&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares

The following reflects the brokerage transaction or other fee arrangements, including upfront placement fees or brokerage commissions, arrangement and shareholder servicing and/or distribution fee as agreed upon between the Placement Agent and the Dealer for the applicable Share class.

------

---

| | | |
|:---|:---|:---|
| <br>________ (Initials) | No upfront selling commission but selling agents may charge transaction or other fees up to 2.0% of the NAV per Class D Share sold in the Offering. | By initialing here, the Dealer hereby agrees to the terms of the Agreement and this <u>Schedule I</u> with respect to the Class D Shares. |
| <br>________ (Initials) | Distribution and/or shareholder servicing fees of 0.25% per annum of the aggregate NAV of outstanding Class D Shares as of the beginning of the first calendar day of each month. | By initialing here, the Dealer agrees to the terms of eligibility for the distribution and/or shareholder servicing fees set forth in this <u>Schedule I</u> with respect to Class D Shares. Should the Dealer choose to opt out of this provision, it will not be eligible to receive the distribution and/or shareholder servicing fees with respect to Class D Shares and initialing is not necessary. The Dealer represents by its acceptance of each payment of the distribution and/or shareholder servicing fees that it complies with each of the above requirements. |
| <br>________ (Initials) | No upfront selling commission but selling agents may charge transaction or other fees up to 2.0% of the NAV per Class N Share sold in the Offering. | By initialing here, the Dealer hereby agrees to the terms of the Agreement and this <u>Schedule I</u> with respect to the Class N Shares. |
| <br>________ (Initials) | Distribution and/or shareholder servicing fees of 0.50% per annum of the aggregate NAV of outstanding Class N Shares as of the beginning of the first calendar day of each month. | By initialing here, the Dealer agrees to the terms of eligibility for the distribution and/or shareholder servicing fees set forth in this <u>Schedule I</u> with respect to Class N Shares. Should the Dealer choose to opt out of this provision, it will not be eligible to receive the distribution and/or shareholder servicing fees with respect to Class N Shares and initialing is not necessary. The Dealer represents by its acceptance of each payment of the distribution and/or shareholder servicing fees that it complies with each of the above requirements. |
| <br>________ (Initials) | No upfront selling commission but selling agents may charge transaction or other fees up to 3.5% of the NAV per Class S Share sold in the offering. | By initialing here, the Dealer hereby agrees to the terms of the Agreement and this <u>Schedule 1</u> with respect to the Class S Shares. |
| <br>________ (Initials) | Distribution and/or shareholder servicing fees of 0.85% per annum of the aggregate NAV of outstanding Class S Shares as of the beginning of the first calendar day of each month. | By initialing here, the Dealer agrees to the terms of eligibility for the distribution and/or shareholder servicing fees set forth in this <u>Schedule I</u> with respect to Class S Shares. Should the Dealer choose to opt out of this provision, it will not be eligible to receive the distribution and/or shareholder servicing fees with respect to Class S shares and initialing is not necessary. The Dealer represents by its acceptance of each payment of the distribution and/or shareholder servicing fees that it complies with each of the above requirements. |

---

\* Subject to discounts described in the "Plan of Distribution; Qualification Standards" section of the Memorandum.

**&nbsp;&nbsp;&nbsp;&nbsp;**

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---

| |
|:---|
| PLACEMENT AGENT |
| ARES WEALTH MANAGEMENT SOLUTIONS, LLC |
| By: |
| Name: |
| Title: |

---

------

---

| |
|:---|
| DEALER |
| (Print Name of Dealer) |
| By: |
| Name: |
| Title: |

---

------

**SCHEDULE 2<br>TO<br>SELECTED DEALER AGREEMENT WITH<br>ARES WEALTH MANAGEMENT SOLUTIONS, LLC**

**NAME OF ISSUER**: ARES CORE INFRASTRUCTURE FUND

**NAME OF DEALER**:

**SCHEDULE 2 TO AGREEMENT DATED**:

The Dealer hereby authorizes the Placement Agent or its agent to deposit payments due to it pursuant to the Selected Dealer Agreement in the manner specified below. This authority will remain in force until the Dealer notifies the Placement Agent in writing to cancel it. In the event that the Placement Agent deposits funds erroneously into the Dealer's account, the Placement Agent is authorized to debit the account with no prior notice to the Dealer for an amount not to exceed the amount of the erroneous deposit.

**Payment Method**

☐ Check

&nbsp;&nbsp;&nbsp;&nbsp;Mailing Address:___________________________

&nbsp;&nbsp;&nbsp;&nbsp;Attention:_________________________________

&nbsp;&nbsp;&nbsp;&nbsp;City:________________&nbsp;&nbsp;&nbsp;&nbsp;State: __________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zip: ____________

☐ ACH

&nbsp;&nbsp;&nbsp;&nbsp;ABA Number:________________________________

&nbsp;&nbsp;&nbsp;&nbsp;Bank Name:__________________________________

&nbsp;&nbsp;&nbsp;&nbsp;Account Number:______________________________

&nbsp;&nbsp;&nbsp;&nbsp;Reference: _____________________________________

&nbsp;&nbsp;&nbsp;&nbsp;Mailing Address:_________________________________

&nbsp;&nbsp;&nbsp;&nbsp;City:___________________ &nbsp;&nbsp;&nbsp;&nbsp;State:________________&nbsp;&nbsp;&nbsp;&nbsp;Zip:_____________

**Payment Backup**

☐ Hard Copy

&nbsp;&nbsp;&nbsp;&nbsp;☐ Mail to address listed above

&nbsp;&nbsp;&nbsp;&nbsp;☐ Mail to a different address:

&nbsp;&nbsp;&nbsp;&nbsp;Mailing address: __________________________________________

City:_________________ &nbsp;&nbsp;&nbsp;&nbsp;State:______________ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zip:_____________

☐ Internet Dealer Commission (IDC) – Please go to <u>www.dstidc.com</u> to sign up for access to commission files.

If you have any questions regarding commissions, please contact AWMS Operations at wmsoperations@aresmgmt.com or 866.324.7348.

------

**<u>Exhibit A</u>**

**Placement Agent Agreement**

(Attached)

## 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 September 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: November 7, 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 September 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: November 7, 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 September 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: November 7, 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 September 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: November 7, 2025 | By: | /s/ Keith Derman |
|  | Name: | Keith Derman |
|  | Title: | Co-Chief Executive Officer and Trustee |
|  |  | (Principal Executive Officer) |
| Dated: November 7, 2025 | By: | /s/ Steven Porto |
|  | Name: | Steven Porto |
|  | Title: | Co-Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Dated: November 7, 2025 | By: | /s/ Christina Oh |
|  | Name: | Christina Oh |
|  | Title: | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer) |

---

<br>