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CIG, LLC, First lien senior secured loan2025-09-300001918712ACP Avenu Midco LLC, First lien senior secured loan2025-09-300001918712Actfy Buyer, Inc., First lien senior secured loan2025-09-300001918712Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP, First lien senior secured loan2025-09-300001918712Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP, Limited partnership interest2025-09-300001918712asif:ActivateHoldingsUSCorp.AndCrossPointCapitalASSPVLPMember2025-09-300001918712Adonis Bidco Inc., First lien senior secured loan 12025-09-300001918712Adonis Bidco Inc., First lien senior secured loan 22025-09-300001918712asif:AdonisBidcoInc.Member2025-09-300001918712AI Titan Parent, Inc., First lien senior secured loan2025-09-300001918712Applied Systems, Inc., First lien senior secured loan2025-09-300001918712Aptean, Inc. and Aptean Acquiror Inc., First lien senior secured revolving loan2025-09-300001918712Aptean, Inc. and Aptean Acquiror Inc., First lien senior secured loan2025-09-300001918712asif:ApteanInc.AndApteanAcquirorInc.Member2025-09-300001918712Artifact Bidco, Inc., First lien senior secured loan2025-09-300001918712Aston Bidco (Holding) Limited, First lien senior secured revolving loan2025-09-300001918712Aston Bidco (Holding) Limited, First lien senior secured loan2025-09-300001918712asif:AstonBidcoHoldingLimitedMember2025-09-300001918712Avalara, Inc., First lien senior secured loan 12025-09-300001918712Avalara, Inc., First lien senior secured loan 22025-09-300001918712Avalara, Inc., First lien senior secured loan 32025-09-300001918712asif:AvalaraInc.Member2025-09-300001918712BCPE Pequod Buyer, Inc., First lien senior secured loan2025-09-300001918712BCTO Ignition Purchaser, Inc., Senior subordinated loan2025-09-300001918712Bending Spoons US Inc., First lien senior secured loan2025-09-300001918712BEP Intermediate Holdco, LLC, First lien senior secured loan2025-09-300001918712Bizzdesign Holding BV, First lien senior secured loan2025-09-300001918712Bobcat Purchaser, LLC and Bobcat Topco, L.P., First lien senior secured loan2025-09-300001918712Bobcat Purchaser, LLC and Bobcat Topco, L.P., Class A-1 units2025-09-300001918712asif:BobcatPurchaserLLCAndBobcatTopcoLPMember2025-09-300001918712Boost Newco Borrower, LLC, First lien senior secured loan 12025-09-300001918712Boost Newco Borrower, LLC, First lien senior secured loan 22025-09-300001918712asif:BoostNewcoBorrowerLLCMember2025-09-300001918712Capnor Connery Bidco A/S, First lien senior secured loan2025-09-300001918712Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P., First lien senior secured loan2025-09-300001918712Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P., Senior subordinated loan2025-09-300001918712Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P., Limited partnership interests2025-09-300001918712asif:CascadeParentInc.CascadeIntermediateIIInc.AndHaveliCascadeCoInvestIL.P.Member2025-09-300001918712CBTS Borrower, LLC and CBTS TopCo, L.P., First lien senior secured loan2025-09-300001918712CBTS Borrower, LLC and CBTS TopCo, L.P., Series A-2 preferred shares2025-09-300001918712asif:CBTSBorrowerLLCAndCBTSTopCoL.P.Member2025-09-300001918712Central Parent Inc., First lien senior secured loan2025-09-300001918712Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured revolving loan2025-09-300001918712Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured loan2025-09-300001918712Centralsquare Technologies, LLC and Supermoose Newco, Inc., Series A preferred stock2025-09-300001918712asif:CentralsquareTechnologiesLLCAndSupermooseNewcoInc.Member2025-09-300001918712Cloud Software Group, Inc. and Picard Parent, Inc., First lien senior secured loan 12025-09-300001918712Cloud Software Group, Inc. and Picard Parent, Inc., First lien senior secured loan 22025-09-300001918712Cloud Software Group, Inc. and Picard Parent, Inc., First lien senior secured notes2025-09-300001918712Cloud Software Group, Inc. and Picard Parent, Inc., Second lien senior secured notes2025-09-300001918712asif:CloudSoftwareGroupIncAndPicardParentIncMember2025-09-300001918712Clubessential, LLC, First lien senior secured loan2025-09-300001918712Conservice Midco, LLC, First lien senior secured loan2025-09-300001918712Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured loan2025-09-300001918712Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Second lien senior secured loan2025-09-300001918712asif:CornerstoneOnDemandInc.AndSunshineSoftwareHoldingsInc.Member2025-09-300001918712Coupa Holdings, LLC and Coupa Software Incorporated, First lien senior secured loan2025-09-300001918712Databricks, Inc., First lien senior secured loan2025-09-300001918712Dedomena Bidco Limited, First lien senior secured loan2025-09-300001918712Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., First lien senior secured loan2025-09-300001918712Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Second lien senior secured loan2025-09-300001918712asif:DigicertInc.DcertBuyerInc.DCertPreferredHoldingsInc.AndDestinyDigitalHoldingsL.P.Member2025-09-300001918712Diligent Corporation, First lien senior secured revolving loan2025-09-300001918712Diligent Corporation, First lien senior secured loan2025-09-300001918712asif:DiligentCorporationMember2025-09-300001918712Disco Parent, Inc., First lien senior secured loan2025-09-300001918712Doxim Inc., First lien senior secured revolving loan2025-09-300001918712Doxim Inc., First lien senior secured loan2025-09-300001918712asif:DoximInc.Member2025-09-300001918712DriveCentric Holdings, LLC, First lien senior secured loan2025-09-300001918712Echo Purchaser, Inc., First lien senior secured loan2025-09-300001918712ECi Macola/MAX Holding, LLC, First lien senior secured loan2025-09-300001918712Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., First lien senior secured loan2025-09-300001918712Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Preferred units2025-09-300001918712Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Class A common units2025-09-300001918712asif:EclipseTopcoInc.EclipseInvestorParentL.P.AndEclipseBuyerInc.Member2025-09-300001918712Edmunds Govtech, Inc., First lien senior secured revolving loan2025-09-300001918712Edmunds Govtech, Inc., First lien senior secured loan2025-09-300001918712asif:EdmundsGovtechInc.Member2025-09-300001918712Einstein Parent, Inc., First lien senior secured loan2025-09-300001918712Ensono, Inc., First lien senior secured loan2025-09-300001918712Entrata Inc, First lien senior secured loan2025-09-300001918712Epicor Software Corporation, First lien senior secured loan2025-09-300001918712eResearchTechnology, Inc. and Astorg VII Co-Invest ERT, First lien senior secured loan2025-09-300001918712Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L., First lien senior secured loan2025-09-300001918712Flexera Software LLC, First lien senior secured loan 12025-09-300001918712Flexera Software LLC, First lien senior secured loan 22025-09-300001918712asif:FlexeraSoftwareLLCMember2025-09-300001918712GHP-VGS Purchaser LLC, First lien senior secured loan2025-09-300001918712Goldeneye Parent, LLC, First lien senior secured loan2025-09-300001918712Guidepoint Security Holdings, LLC, First lien senior secured loan2025-09-300001918712Hakken Midco B.V., First lien senior secured loan2025-09-300001918712Hyland Software, Inc., First lien senior secured loan2025-09-300001918712iCapital, Inc., Common stock2025-09-300001918712Icefall Parent, Inc., First lien senior secured loan2025-09-300001918712ID.me, LLC and ID.me, Inc., First lien senior secured loan2025-09-300001918712ID.me, LLC and ID.me, Inc., Series E preferred units2025-09-300001918712ID.me, LLC and ID.me, Inc., Warrant to purchase common stock2025-09-300001918712asif:ID.meLLCMember2025-09-300001918712Idera, Inc., First lien senior secured loan2025-09-300001918712Imprivata, Inc., First lien senior secured loan2025-09-300001918712Internet Truckstop Group LLC, First lien senior secured loan2025-09-300001918712JAMS Holdings LP and Jams Buyer LLC, First lien senior secured loan2025-09-300001918712JAMS Holdings LP and Jams Buyer LLC, Preferred units2025-09-300001918712asif:JAMSHoldingsLPAndJamsBuyerLLCMember2025-09-300001918712Kairos Bidco Limited, First lien senior secured revolving loan2025-09-300001918712Kairos Bidco Limited, First lien senior secured loan2025-09-300001918712asif:KairosBidcoLimitedMember2025-09-300001918712Kaseya Inc. and Knockout Intermediate Holdings I Inc., First lien senior secured loan2025-09-300001918712Kaseya Inc. and Knockout Intermediate Holdings I Inc., Second lien senior secured loan2025-09-300001918712asif:KaseyaInc.AndKnockoutIntermediateHoldingsIInc.Member2025-09-300001918712Leia Finco US LLC, Second lien senior secured loan2025-09-300001918712Magellan Topco, First lien senior secured loan 12025-09-300001918712Magellan Topco, First lien senior secured loan 22025-09-300001918712asif:MagellanTopcoMember2025-09-300001918712Marcel Bidco LLC, First lien senior secured loan 12025-09-300001918712Marcel Bidco LLC, First lien senior secured loan 22025-09-300001918712asif:MarcelBidcoLLCMember2025-09-300001918712McAfee Corp., First lien senior secured loan2025-09-300001918712Mermaid Bidco Inc., First lien senior secured loan2025-09-300001918712Metatiedot Bidco OY and Metatiedot US, LLC, First lien senior secured loan 12025-09-300001918712Metatiedot Bidco OY and Metatiedot US, LLC, First lien senior secured loan 22025-09-300001918712asif:MetatiedotBidcoOYAndMetatiedotUSLLCMember2025-09-300001918712Mitchell International, Inc., Second lien senior secured loan2025-09-300001918712Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc., First lien senior secured revolving loan2025-09-300001918712Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc., First lien senior secured loan2025-09-300001918712Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc., Series A preferred stock2025-09-300001918712asif:ModernizingMedicineInc.AndModMedSoftwareMidcoHoldingsInc.Member2025-09-300001918712Netsmart, Inc. and Netsmart Technologies, Inc., First lien senior secured loan2025-09-300001918712North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 12025-09-300001918712North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 22025-09-300001918712North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 32025-09-300001918712asif:NorthStarAcquisitioncoLLCAndToucanBidcoLimitedMember2025-09-300001918712OID-OL Intermediate I, LLC, First lien senior secured loan2025-09-300001918712Particle Luxembourg S.a.r.l., First lien senior secured loan2025-09-300001918712PCMI Parent, LLC and PCMI Ultimate Holdings, LP, First lien senior secured loan2025-09-300001918712PCMI Parent, LLC and PCMI Ultimate Holdings, LP, Class A units2025-09-300001918712PCMI Parent, LLC and PCMI Ultimate Holdings, LP, Class B units2025-09-300001918712asif:PCMIParentLLCAndPCMIUltimateHoldingsLPMember2025-09-300001918712Planview Parent, Inc., First lien senior secured loan2025-09-300001918712Polaris Newco, LLC, First lien senior secured loan2025-09-300001918712Poseidon IntermediateCo, Inc., First lien senior secured loan2025-09-300001918712Project Boost Purchaser, LLC, First lien senior secured loan2025-09-300001918712Proofpoint, Inc., First lien senior secured loan 12025-09-300001918712Proofpoint, Inc., First lien senior secured loan 22025-09-300001918712asif:ProofpointInc.Member2025-09-300001918712PushPay USA Inc., First lien senior secured loan2025-09-300001918712QBS Parent, Inc., First lien senior secured loan2025-09-300001918712RealPage, Inc., First lien senior secured loan 12025-09-300001918712RealPage, Inc., First lien senior secured loan 22025-09-300001918712asif:RealPageInc.Member2025-09-300001918712Rocket Software, Inc., First lien senior secured loan2025-09-300001918712Runway Bidco, LLC, First lien senior secured loan2025-09-300001918712Sapphire Software Buyer, Inc., First lien senior secured loan2025-09-300001918712Sedgwick Claims Management Services, Inc., First lien senior secured loan2025-09-300001918712Severin Acquisition, LLC, First lien senior secured loan2025-09-300001918712Sophia, L.P., First lien senior secured loan2025-09-300001918712Sophia, L.P., Second lien senior secured loan2025-09-300001918712asif:SophiaLPMember2025-09-300001918712Sovos Compliance, LLC, First lien senior secured loan2025-09-300001918712Spaceship Purchaser, Inc., First lien senior secured revolving loan2025-09-300001918712Spaceship Purchaser, Inc., First lien senior secured loan2025-09-300001918712asif:SpaceshipPurchaserInc.Member2025-09-300001918712Spark Purchaser, Inc., First lien senior secured loan2025-09-300001918712Superman Holdings, LLC, First lien senior secured loan2025-09-300001918712Switch BBF, LLC, Private asset-backed investment2025-09-300001918712Team.blue Finco SARL, First lien senior secured loan2025-09-300001918712Transit Technologies LLC, First lien senior secured revolving loan2025-09-300001918712Transit Technologies LLC, First lien senior secured loan 12025-09-300001918712Transit Technologies LLC, First lien senior secured loan 22025-09-300001918712asif:TransitTechnologiesLLCMember2025-09-300001918712UKG Inc. and H&F Unite Partners, L.P., First lien senior secured loan2025-09-300001918712UserZoom Technologies, Inc., First lien senior secured loan2025-09-300001918712Vamos Bidco, Inc., First lien senior secured revolving loan2025-09-300001918712Vamos Bidco, Inc., First lien senior secured loan2025-09-300001918712asif:VamosBidcoInc.Member2025-09-300001918712Vantage Data Centers Europe S.a r.l., Private asset-backed investment 12025-09-300001918712Vantage Data Centers Europe S.a r.l., Private asset-backed investment 22025-09-300001918712asif:VantageDataCentersEuropeS.aR.l.Member2025-09-300001918712Victors Purchaser, LLC and WP Victors Co-Investment, L.P., First lien senior secured loan2025-09-300001918712Victors Purchaser, LLC and WP Victors Co-Investment, L.P., Partnership units2025-09-300001918712asif:VictorsPurchaserLLCAndWPVictorsCoInvestmentL.P.Member2025-09-300001918712Viper Bidco, Inc., First lien senior secured loan 12025-09-300001918712Viper Bidco, Inc., First lien senior secured loan 22025-09-300001918712asif:ViperBidcoInc.Member2025-09-300001918712Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured revolving loan2025-09-300001918712Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured loan2025-09-300001918712Wellington Bidco Inc. and Wellington TopCo LP, Class A-2 preferred units2025-09-300001918712asif:WellingtonBidcoInc.AndWellingtonTopCoLPMember2025-09-300001918712WorkWave Intermediate II, LLC, First lien senior secured revolving loan2025-09-300001918712WorkWave Intermediate II, LLC, First lien senior secured loan2025-09-300001918712asif:WorkWaveIntermediateIILLCMember2025-09-300001918712ZocDoc, Inc., First lien senior secured loan 12025-09-300001918712ZocDoc, Inc., First lien senior secured loan 22025-09-300001918712asif:ZocDocInc.Member2025-09-300001918712Zuora, Inc., First lien senior secured loan2025-09-300001918712asif:SoftwareAndServicesMember2025-09-300001918712Aerin Medical Inc., First lien senior secured loan2025-09-300001918712Aerin Medical Inc., Series G preferred shares2025-09-300001918712asif:AerinMedicalInc.Member2025-09-300001918712Agiliti Health, Inc., First lien senior secured loan2025-09-300001918712Amerivet Partners Management, Inc. and AVE Holdings LP, Subordinated loan2025-09-300001918712Amerivet Partners Management, Inc. and AVE Holdings LP, Class C units2025-09-300001918712Amerivet Partners Management, Inc. and AVE Holdings LP, Class A units2025-09-300001918712asif:AmerivetPartnersManagementInc.AndAVEHoldingsLPMember2025-09-300001918712Artivion, Inc., First lien senior secured revolving loan2025-09-300001918712Artivion, Inc., First lien senior secured loan2025-09-300001918712asif:ArtivionInc.Member2025-09-300001918712athenahealth Group Inc., First lien senior secured loan2025-09-300001918712Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured revolving loan2025-09-300001918712Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured loan2025-09-300001918712asif:AvalignHoldingsInc.AndAvalignTechnologiesInc.Member2025-09-300001918712Aveanna Healthcare LLC, First lien senior secured loan 12025-09-300001918712Aveanna Healthcare LLC, First lien senior secured loan 22025-09-300001918712asif:AveannaHealthcareLLCMember2025-09-300001918712Bausch + Lomb Corporation, First lien senior secured loan 12025-09-300001918712Bausch + Lomb Corporation, First lien senior secured loan 22025-09-300001918712asif:BauschLombCorporationMember2025-09-300001918712Bayou Intermediate II, LLC, First lien senior secured loan2025-09-300001918712Bracket Intermediate Holding Corp., First lien senior secured loan2025-09-300001918712BrightStar Group Holdings, Inc., First lien senior secured revolving loan2025-09-300001918712BrightStar Group Holdings, Inc., First lien senior secured loan2025-09-300001918712asif:BrightStarGroupHoldingsInc.Member2025-09-300001918712BVI Medical, Inc. and BVI Group Limited, First lien senior secured loan2025-09-300001918712BVI Medical, Inc. and BVI Group Limited, Ordinary shares2025-09-300001918712asif:BVIMedicalInc.AndBVIGroupLimitedMember2025-09-300001918712CNT Holdings I Corp, First lien senior secured loan2025-09-300001918712Confluent Medical Technologies, Inc., First lien senior secured loan2025-09-300001918712Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc., First lien senior secured loan 12025-09-300001918712Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc., First lien senior secured loan 22025-09-300001918712asif:CradleLuxBidcoS.A.R.L.Member2025-09-300001918712Electron Bidco Inc., First lien senior secured loan2025-09-300001918712Empower Payments Investor, LLC, First lien senior secured loan2025-09-300001918712Ensemble RCM, LLC, First lien senior secured loan2025-09-300001918712Envisage Management Ltd, First lien senior secured loan2025-09-300001918712Gainwell Acquisition Corp., First lien senior secured loan2025-09-300001918712Global Medical Response, Inc. and GMR Buyer Corp., First lien senior secured loan 12025-09-300001918712Global Medical Response, Inc. and GMR Buyer Corp., First lien senior secured loan 22025-09-300001918712asif:GlobalMedicalResponseInc.AndGMRBuyerCorp.Member2025-09-300001918712Hanger, Inc., First lien senior secured loan2025-09-300001918712Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP, First lien senior secured revolving loan2025-09-300001918712Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP, First lien senior secured loan2025-09-300001918712Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP, Class A units2025-09-300001918712asif:HimalayaTopCoLLCAndBCPEHyperlinkHoldingsLPMember2025-09-300001918712HuFriedy Group Acquisition LLC, First lien senior secured revolving loan2025-09-300001918712HuFriedy Group Acquisition LLC, First lien senior secured loan2025-09-300001918712asif:HuFriedyGroupAcquisitionLLCMember2025-09-300001918712ICU Medical Inc., First lien senior secured loan2025-09-300001918712LivTech Purchaser, Inc., First lien senior secured loan2025-09-300001918712Mamba Purchaser, Inc., First lien senior secured loan2025-09-300001918712Medline Borrower, LP, First lien senior secured loan2025-09-300001918712Next Holdco, LLC, First lien senior secured loan2025-09-300001918712NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured loan 12025-09-300001918712NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured loan 22025-09-300001918712asif:NMNHoldingsIIICorp.AndNMNHoldingsLPMember2025-09-300001918712Nomi Health, Inc., First lien senior secured loan2025-09-300001918712Nomi Health, Inc., Warrant to purchase Series B preferred stock2025-09-300001918712Nomi Health, Inc., Warrant to purchase Class A common stock2025-09-300001918712asif:NomiHealthInc.Member2025-09-300001918712PointClickCare Technologies Inc., First lien senior secured loan2025-09-300001918712Project Alliance Buyer, LLC, First lien senior secured loan2025-09-300001918712Project Ruby Ultimate Parent Corp., First lien senior secured loan2025-09-300001918712QuidelOrtho Corporation, First lien senior secured loan2025-09-300001918712Radnet Management, Inc., First lien senior secured loan2025-09-300001918712Raven Acquisition Holdings, LLC, First lien senior secured loan2025-09-300001918712RegionalCare Hospital Partners Holdings, Inc., First lien senior secured loan2025-09-300001918712Resonetics, LLC, First lien senior secured loan2025-09-300001918712Revival Animal Health, LLC, First lien senior secured revolving loan2025-09-300001918712Revival Animal Health, LLC, First lien senior secured loan2025-09-300001918712asif:RevivalAnimalHealthLLCMember2025-09-300001918712Sharp Midco LLC, First lien senior secured loan2025-09-300001918712Spruce Bidco II Inc., First lien senior secured loan 12025-09-300001918712Spruce Bidco II Inc., First lien senior secured loan 22025-09-300001918712Spruce Bidco II Inc., First lien senior secured loan 32025-09-300001918712asif:SpruceBidcoIIInc.Member2025-09-300001918712Surgery Center Holdings, Inc., First lien senior secured loan2025-09-300001918712Team Health Holdings, Inc., First lien senior secured loan2025-09-300001918712Team Health Holdings, Inc., First lien senior secured notes2025-09-300001918712asif:TeamHealthHoldingsInc.Member2025-09-300001918712U.S. Urology Partners, LLC and General Atlantic (USU) Blocker Collection Holdco, L.P., First lien senior secured loan2025-09-300001918712U.S. Urology Partners, LLC and General Atlantic (USU) Blocker Collection Holdco, L.P., Limited partnership interest2025-09-300001918712asif:U.S.UrologyPartnersLLCAndGeneralAtlanticUSUBlockerCollectionHoldcoL.P.Member2025-09-300001918712United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured loan2025-09-300001918712United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, Class A interests2025-09-300001918712asif:UnitedDigestiveMSOParentLLCAndKolnCoInvestUnblockedLPMember2025-09-300001918712VetPartners Group Limited, First lien senior secured loan 12025-09-300001918712VetPartners Group Limited, First lien senior secured loan 22025-09-300001918712asif:VetPartnersGroupLimitedMember2025-09-300001918712Viant Medical Holdings, Inc., First lien senior secured loan2025-09-300001918712Waystar Technologies, Inc., First lien senior secured loan 12025-09-300001918712Waystar Technologies, Inc., First lien senior secured loan 22025-09-300001918712asif:WaystarTechnologiesInc.Member2025-09-300001918712asif:HealthCareEquipmentAndServicesMember2025-09-300001918712Accommodations Plus Technologies LLC, First lien senior secured loan2025-09-300001918712Aldinger Company Inc, First lien senior secured revolving loan2025-09-300001918712Aldinger Company Inc, First lien senior secured loan2025-09-300001918712asif:AldingerCompanyIncMember2025-09-300001918712AlixPartners, LLP, First lien senior secured loan2025-09-300001918712Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC, First lien senior secured loan2025-09-300001918712Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC, Class A-1 units2025-09-300001918712asif:BluejackFireAcquisitionInc.AndBluejackFireHoldingsLLCMember2025-09-300001918712Bobtail AcquisitionCo, LLC, First lien senior secured revolving loan2025-09-300001918712Bobtail AcquisitionCo, LLC, First lien senior secured loan2025-09-300001918712asif:BobtailAcquisitionCoLLCMember2025-09-300001918712Celnor Group Limited, First lien senior secured loan 12025-09-300001918712Celnor Group Limited, First lien senior secured loan 22025-09-300001918712Celnor Group Limited, First lien senior secured loan 32025-09-300001918712asif:CelnorGroupLimitedMember2025-09-300001918712Corporation Service Company, First lien senior secured loan2025-09-300001918712Covanta Holding Corporation, First lien senior secured loan2025-09-300001918712Dayforce, Inc., First lien senior secured loan2025-09-300001918712Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P., First lien senior secured revolving loan2025-09-300001918712Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P., First lien senior secured loan2025-09-300001918712Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P., Series A units2025-09-300001918712asif:DenaliIntermediateHoldingsInc.AndDenaliParentHoldingsL.P.Member2025-09-300001918712Dorado Bidco, Inc., First lien senior secured revolving loan2025-09-300001918712Dorado Bidco, Inc., First lien senior secured loan2025-09-300001918712asif:DoradoBidcoInc.Member2025-09-300001918712DP Flores Holdings, LLC, First lien senior secured loan2025-09-300001918712Drogon Bidco Inc. & Drogon Aggregator LP, First lien senior secured loan2025-09-300001918712Drogon Bidco Inc. & Drogon Aggregator LP, Class A-2 common units2025-09-300001918712asif:DrogonBidcoInc.DrogonAggregatorLPMember2025-09-300001918712Duraserv LLC, First lien senior secured loan2025-09-300001918712Eagle Parent Corp., First lien senior secured loan2025-09-300001918712Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC, First lien senior secured revolving loan2025-09-300001918712Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC, First lien senior secured loan2025-09-300001918712Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC, Common stock2025-09-300001918712asif:ElliottDavisAdvisoryLLCAndElliottDavisAdvisoryHoldCoLLCMember2025-09-300001918712EMB Purchaser, Inc., First lien senior secured loan2025-09-300001918712Firebird Acquisition Corp, Inc., First lien senior secured revolving loan2025-09-300001918712Firebird Acquisition Corp, Inc., First lien senior secured loan 12025-09-300001918712Firebird Acquisition Corp, Inc., First lien senior secured loan 22025-09-300001918712asif:FirebirdAcquisitionCorpInc.Member2025-09-300001918712FlyWheel Acquireco, Inc., First lien senior secured revolving loan2025-09-300001918712FlyWheel Acquireco, Inc., First lien senior secured loan2025-09-300001918712asif:FlyWheelAcquirecoInc.Member2025-09-300001918712Frontline Road Safety Operations, LLC, First lien senior secured revolving loan2025-09-300001918712Frontline Road Safety Operations, LLC, First lien senior secured loan2025-09-300001918712asif:FrontlineRoadSafetyOperationsLLCMember2025-09-300001918712G702 Buyer, Inc., First lien senior secured loan2025-09-300001918712GCM HVAC Holdco, LLC and GCM HVAC Topco, LLC, First lien senior secured loan2025-09-300001918712GCM HVAC Holdco, LLC and GCM HVAC Topco, LLC, Class A common units2025-09-300001918712asif:GCMHVACHoldcoLLCAndGCMHVACTopcoLLCMember2025-09-300001918712GFL Environmental Inc., First lien senior secured loan2025-09-300001918712Grant Thornton Advisors LLC, First lien senior secured loan2025-09-300001918712HP RSS Buyer, Inc., First lien senior secured loan 12025-09-300001918712HP RSS Buyer, Inc., First lien senior secured loan 22025-09-300001918712asif:HPRSSBuyerInc.Member2025-09-300001918712Indigo Acquisition B.V., First lien senior secured loan 12025-09-300001918712Indigo Acquisition B.V., First lien senior secured loan 22025-09-300001918712asif:IndigoAcquisitionB.V.Member2025-09-300001918712Kings Buyer, LLC, First lien senior secured revolving loan2025-09-300001918712Kings Buyer, LLC, First lien senior secured loan2025-09-300001918712asif:KingsBuyerLLCMember2025-09-300001918712KPS Global LLC and Cool Group LLC, First lien senior secured loan2025-09-300001918712LABL, Inc., First lien senior secured loan2025-09-300001918712LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, First lien senior secured loan2025-09-300001918712LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, Class A common units2025-09-300001918712asif:LBCWoodlandsPurchaserLLCAndLBCWoodlandsHoldingsLPMember2025-09-300001918712Lightbeam Bidco, Inc., First lien senior secured revolving loan2025-09-300001918712Lightbeam Bidco, Inc., First lien senior secured loan2025-09-300001918712asif:LightbeamBidcoIncMember2025-09-300001918712Motus LLC, First lien senior secured loan2025-09-300001918712MSIS Holdings, Inc. and MS Precision Parent, LP, First lien senior secured loan2025-09-300001918712MSIS Holdings, Inc. and MS Precision Parent, LP, Class A-1 units2025-09-300001918712asif:MSISHoldingsInc.AndMSPrecisionParentLPMember2025-09-300001918712Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 12025-09-300001918712Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 22025-09-300001918712asif:NeptuneBidcoUSInc.AndElliottMetronCoInvestorAggregatorL.P.Member2025-09-300001918712North Haven Stack Buyer, LLC, First lien senior secured revolving loan 12025-09-300001918712North Haven Stack Buyer, LLC, First lien senior secured revolving loan 22025-09-300001918712North Haven Stack Buyer, LLC, First lien senior secured loan 12025-09-300001918712North Haven Stack Buyer, LLC, First lien senior secured loan 22025-09-300001918712North Haven Stack Buyer, LLC, First lien senior secured loan 32025-09-300001918712asif:NorthHavenStackBuyerLLCMember2025-09-300001918712Omnia Partners, LLC, First lien senior secured loan2025-09-300001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured revolving loan 12025-09-300001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured revolving loan 22025-09-300001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan2025-09-300001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase Class A common units 12025-09-300001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase Class A common units 22025-09-300001918712asif:PriorityWasteHoldingsLLCPriorityWasteHoldingsIndianaLLCAndPriorityWasteSuperHoldingsLLCMember2025-09-300001918712PSC Parent, Inc., First lien senior secured revolving loan2025-09-300001918712PSC Parent, Inc., First lien senior secured loan2025-09-300001918712asif:PSCParentInc.Member2025-09-300001918712PYE-Barker Fire & Safety, LLC, First lien senior secured revolving loan2025-09-300001918712PYE-Barker Fire & Safety, LLC, First lien senior secured loan2025-09-300001918712asif:PYEBarkerFireSafetyLLCMember2025-09-300001918712Saturn Purchaser Corp., First lien senior secured loan2025-09-300001918712Shermco Intermediate Holdings, Inc., First lien senior secured revolving loan2025-09-300001918712Shermco Intermediate Holdings, Inc., First lien senior secured loan2025-09-300001918712asif:ShermcoIntermediateHoldingsInc.Member2025-09-300001918712SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured revolving loan2025-09-300001918712SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured loan 12025-09-300001918712SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured loan 22025-09-300001918712asif:SVNewco2Inc.Member2025-09-300001918712Talon Buyer Inc. and Talon Holdings SCSP, First lien senior secured loan2025-09-300001918712Talon Buyer Inc. and Talon Holdings SCSP, Class A units2025-09-300001918712asif:TalonBuyerInc.AndTalonHoldingsSCSPMember2025-09-300001918712The Hiller Companies, LLC, First lien senior secured revolving loan2025-09-300001918712The Hiller Companies, LLC, First lien senior secured loan 12025-09-300001918712The Hiller Companies, LLC, First lien senior secured loan 22025-09-300001918712asif:TheHillerCompaniesLLCMember2025-09-300001918712TSS Buyer, LLC, First lien senior secured loan2025-09-300001918712TVG-MGT Upper Intermediate Holdings, LLC, Senior subordinated loan2025-09-300001918712TVG-MGT Upper Intermediate Holdings, LLC, Class A common units2025-09-300001918712asif:TVGMGTUpperIntermediateHoldingsLLCMember2025-09-300001918712Unity Purchaser, LLC and Unity Ultimate Holdings, LP, First lien senior secured loan2025-09-300001918712Unity Purchaser, LLC and Unity Ultimate Holdings, LP, Class A-1 units2025-09-300001918712asif:UnityPurchaserLLCAndUnityUltimateHoldingsLPMember2025-09-300001918712UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured revolving loan2025-09-300001918712UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured loan2025-09-300001918712UP Intermediate II LLC and UPBW Blocker LLC, Senior preferred units2025-09-300001918712UP Intermediate II LLC and UPBW Blocker LLC, Common units 12025-09-300001918712UP Intermediate II LLC and UPBW Blocker LLC, Common units 22025-09-300001918712asif:UPIntermediateIILLCAndUPBWBlockerLLCMember2025-09-300001918712W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured revolving loan 12025-09-300001918712W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured revolving loan 22025-09-300001918712W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured loan2025-09-300001918712W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A preferred units2025-09-300001918712W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A common units2025-09-300001918712asif:W.S.ConnellyCo.LLCAndWSCUltimateHoldingsLLCMember2025-09-300001918712Xplor T1, LLC, First lien senior secured loan2025-09-300001918712Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc., First lien senior secured loan2025-09-300001918712asif:CommercialAndProfessionalServicesMember2025-09-300001918712AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp., First lien senior secured revolving loan2025-09-300001918712AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp., First lien senior secured loan2025-09-300001918712asif:AeriTekGlobalUSAcquisitionInc.AeriTekGlobalHoldingsLLCAndMinusFortyQBDCorp.Member2025-09-300001918712AI Aqua Merger Sub, Inc., First lien senior secured loan2025-09-300001918712Airx Climate Solutions, Inc., First lien senior secured loan 12025-09-300001918712Airx Climate Solutions, Inc., First lien senior secured loan 22025-09-300001918712asif:AirxClimateSolutionsInc.Member2025-09-300001918712Alliance Laundry Systems LLC, First lien senior secured loan2025-09-300001918712Arcline FM Holdings, LLC, First lien senior secured loan2025-09-300001918712Artera Services, LLC, First lien senior secured loan2025-09-300001918712BCPE Empire Holdings, Inc., First lien senior secured loan2025-09-300001918712BGIF IV Fearless Utility Services, Inc., First lien senior secured revolving loan2025-09-300001918712BGIF IV Fearless Utility Services, Inc., First lien senior secured loan2025-09-300001918712asif:BGIFIVFearlessUtilityServicesInc.Member2025-09-300001918712Brown Group Holding, LLC, First lien senior secured loan 12025-09-300001918712Brown Group Holding, LLC, First lien senior secured loan 22025-09-300001918712asif:BrownGroupHoldingLLCMember2025-09-300001918712Burgess Point Purchaser Corporation, First lien senior secured loan2025-09-300001918712Chillaton Bidco Limited, First lien senior secured loan2025-09-300001918712CPIG Holdco Inc., First lien senior secured revolving loan2025-09-300001918712CPIG Holdco Inc., First lien senior secured loan2025-09-300001918712asif:CPIGHoldcoIncMember2025-09-300001918712EC Partners Spanish BidCo, S.L.U., First lien senior secured loan2025-09-300001918712FCG Acquisitions, Inc., First lien senior secured loan2025-09-300001918712Generator US Buyer, Inc. and Total Power Limited, First lien senior secured revolving loan2025-09-300001918712Generator US Buyer, Inc. and Total Power Limited, First lien senior secured loan 12025-09-300001918712Generator US Buyer, Inc. and Total Power Limited, First lien senior secured loan 22025-09-300001918712asif:GeneratorUSBuyerInc.Member2025-09-300001918712Green Infrastructure Partners Inc., First lien senior secured loan2025-09-300001918712GSV Purchaser, Inc., First lien senior secured loan2025-09-300001918712Harvey Tool Company, LLC, First lien senior secured loan2025-09-300001918712Helix Acquisition Holdings, Inc., First lien senior secured loan2025-09-300001918712Holding Socotec, First lien senior secured loan2025-09-300001918712Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC, First lien senior secured revolving loan 12025-09-300001918712Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC, First lien senior secured revolving loan 22025-09-300001918712Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC, First lien senior secured loan2025-09-300001918712asif:HorizonAvionicsBuyerLLCAndHorizonCTSBuyerLLCMember2025-09-300001918712HPCC Parent, Inc. and Patriot Container Corp., First lien senior secured loan2025-09-300001918712HPCC Parent, Inc. and Patriot Container Corp., Common stock2025-09-300001918712asif:HPCCParentInc.AndPatriotContainerCorp.Member2025-09-300001918712Johnstone Supply, LLC, First lien senior secured loan2025-09-300001918712JSG II, Inc. and Checkers USA, Inc., First lien senior secured revolving loan2025-09-300001918712JSG II, Inc. and Checkers USA, Inc., First lien senior secured loan2025-09-300001918712asif:JSGIIInc.AndCheckersUSAInc.Member2025-09-300001918712KKR Apple Bidco, LLC, First lien senior secured loan2025-09-300001918712Madison IAQ LLC, First lien senior secured loan2025-09-300001918712OPH NEP Investment, LLC, Senior subordinated loan2025-09-300001918712OPH NEP Investment, LLC, Class B common units2025-09-300001918712asif:OPHNEPInvestmentLLCMember2025-09-300001918712Paris US Holdco, Inc. & 1001028292 Ontario Inc., First lien senior secured revolving loan2025-09-300001918712Paris US Holdco, Inc. & 1001028292 Ontario Inc., First lien senior secured loan2025-09-300001918712asif:ParisUSHoldcoInc.1001028292OntarioInc.Member2025-09-300001918712Pave America Holding, LLC, First lien senior secured revolving loan2025-09-300001918712Pave America Holding, LLC, First lien senior secured loan2025-09-300001918712asif:PaveAmericaHoldingLLCMember2025-09-300001918712Pinnacle Buyer, LLC, First lien senior secured loan 12025-09-300001918712Pinnacle Buyer, LLC, First lien senior secured loan 22025-09-300001918712asif:PinnacleBuyerLLCMember2025-09-300001918712Project Aurora US Finco Inc., First lien senior secured loan2025-09-300001918712Project Castle, Inc., First lien senior secured loan2025-09-300001918712PumpTech, LLC and Impel CV-B, LP, First lien senior secured revolving loan 12025-09-300001918712PumpTech, LLC and Impel CV-B, LP, First lien senior secured revolving loan 22025-09-300001918712PumpTech, LLC and Impel CV-B, LP, First lien senior secured loan2025-09-300001918712PumpTech, LLC and Impel CV-B, LP, Limited partnership interest2025-09-300001918712asif:PumpTechLLCAndImpelCVBLPMember2025-09-300001918712Signia Aerospace, LLC, First lien senior secured loan2025-09-300001918712Spirit AeroSystems, Inc., First lien senior secured loan2025-09-300001918712SPX Flow, Inc., First lien senior secured loan2025-09-300001918712Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., First lien senior secured loan2025-09-300001918712Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., Series A common units2025-09-300001918712asif:SunvairAerospaceGroupInc.AndGBHeliosHoldingsL.PMember2025-09-300001918712Titan BW Borrower L.P., First lien senior secured loan2025-09-300001918712Victory Buyer LLC, First lien senior secured loan2025-09-300001918712WEC US Holdings Ltd., First lien senior secured loan2025-09-300001918712Werner Finco LP, First lien senior secured loan2025-09-300001918712asif:CapitalGoodsMember2025-09-300001918712Aduro Advisors, LLC, First lien senior secured loan2025-09-300001918712BCP Renaissance Parent L.L.C., First lien senior secured loan 12025-09-300001918712BCP Renaissance Parent L.L.C., First lien senior secured loan 22025-09-300001918712asif:BCPRenaissanceParentL.L.C.Member2025-09-300001918712Cannon Bridge Designated Activity Company, Private asset-backed investment 12025-09-300001918712Cannon Bridge Designated Activity Company, Private asset-backed investment 22025-09-300001918712Cannon Bridge Designated Activity Company, Private asset-backed investment 32025-09-300001918712Cannon Bridge Designated Activity Company, Private asset-backed investment 42025-09-300001918712Cannon Bridge Designated Activity Company, Private asset-backed investment 52025-09-300001918712asif:CannonBridgeDesignatedActivityCompanyMember2025-09-300001918712Cezanne Bidco, First lien senior secured loan2025-09-300001918712CFC Bidco 2022 Limited, First lien senior secured loan2025-09-300001918712Clearstead Advisors, LLC, First lien senior secured revolving loan2025-09-300001918712Clearstead Advisors, LLC, First lien senior secured loan2025-09-300001918712asif:ClearsteadAdvisorsLLCMember2025-09-300001918712Endeavor Bidco LLC and Endeavor TopCo, Inc., First lien senior secured loan2025-09-300001918712Endeavor Bidco LLC and Endeavor TopCo, Inc., Class A common units2025-09-300001918712asif:EndeavorBidcoLLCAndEndeavorTopCoInc.Member2025-09-300001918712Focus Financial Partners, LLC, First lien senior secured loan2025-09-300001918712GAPCO AIV Interholdco (CP), L.P., Senior subordinated loan2025-09-300001918712GC Waves Holdings, Inc., First lien senior secured loan2025-09-300001918712Gen II Fund Services, LLC, First lien senior secured loan2025-09-300001918712Grit Buyer, Inc. and Integrum Grit Co-Invest LP, First lien senior secured revolving loan2025-09-300001918712Grit Buyer, Inc. and Integrum Grit Co-Invest LP, First lien senior secured loan2025-09-300001918712Grit Buyer, Inc. and Integrum Grit Co-Invest LP, Limited partnership interests2025-09-300001918712asif:GritBuyerInc.AndIntegrumGritCoInvestLPMember2025-09-300001918712GTCR F Buyer Corp. and GTCR (D) Investors LP, First lien senior secured loan2025-09-300001918712GTCR F Buyer Corp. and GTCR (D) Investors LP, Limited partnership interests2025-09-300001918712asif:GTCRFBuyerCorpAndGTCRDInvestorsLPMember2025-09-300001918712Harbourvest Global Private Equity Limited, Private asset-backed investment2025-09-300001918712HighTower Holding, LLC, First lien senior secured loan2025-09-300001918712Icon Parent I Inc., First lien senior secured loan2025-09-300001918712Isthmus Capital LLC, Private asset-backed investment 12025-09-300001918712Isthmus Capital LLC, Private asset-backed investment 22025-09-300001918712asif:IsthmusCapitalLLCMember2025-09-300001918712LSF12 Crown US Commercial Bidco, LLC, First lien senior secured loan2025-09-300001918712Mai Capital Management Intermediate LLC, First lien senior secured revolving loan2025-09-300001918712Mai Capital Management Intermediate LLC, First lien senior secured loan2025-09-300001918712asif:MaiCapitalManagementIntermediateLLCMember2025-09-300001918712Mariner Wealth Advisors, LLC, First lien senior secured loan2025-09-300001918712Mars Downstop Loan Purchaser Trust, Private asset-backed investment2025-09-300001918712MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd., Z1 preferred shares2025-09-300001918712MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd., Z2 preferred shares2025-09-300001918712MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd., Membership interest2025-09-300001918712asif:MCAccelerateCoInvestFeederLPAndMCCIFWealthManagementUKLtd.Member2025-09-300001918712Medlar Bidco Limited, First lien senior secured loan 12025-09-300001918712Medlar Bidco Limited, First lien senior secured loan 22025-09-300001918712asif:MedlarBidcoLimitedMember2025-09-300001918712Mercury Borrower, Inc., First lien senior secured loan2025-09-300001918712Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP, First lien senior secured loan2025-09-300001918712Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP, Limited partnership interests2025-09-300001918712asif:MeritFinancialGroupLLCAndCWCFundICoInvestMFALPMember2025-09-300001918712Monica Holdco (US), Inc., First lien senior secured loan2025-09-300001918712Monroe Capital Income Plus Corporation, Corporate bond2025-09-300001918712MSD Investment Corp., Corporate bond2025-09-300001918712Nexus Buyer LLC, Second lien senior secured loan2025-09-300001918712Osttra Group Ltd., First lien senior secured loan2025-09-300001918712Parexel International Inc., First lien senior secured loan2025-09-300001918712Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan2025-09-300001918712Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., Limited partnership interests2025-09-300001918712asif:PathstoneFamilyOfficeLLCAndKelsoXITailwindCoInvestmentLPMember2025-09-300001918712PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, First lien senior secured loan2025-09-300001918712PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, Preferred units2025-09-300001918712asif:PCIASPV3LLCAndASERoyalAggregatorLLCMember2025-09-300001918712PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured loan2025-09-300001918712PCS MidCo, Inc. and PCS Parent, L.P., Class A units2025-09-300001918712asif:PCSMidCoInc.AndPCSParentL.P.Member2025-09-300001918712Perigon Wealth Management, LLC and Perigon Wealth Advisors Holdings Company, LLC, First lien senior secured loan2025-09-300001918712RFS Opco LLC, First lien senior secured loan2025-09-300001918712RWA Wealth Partners, LLC, First lien senior secured revolving loan2025-09-300001918712RWA Wealth Partners, LLC, First lien senior secured loan2025-09-300001918712asif:RWAWealthPartnersLLCMember2025-09-300001918712Shift4 Payments, LLC, First lien senior secured loan2025-09-300001918712Speed Midco 3 Sarl, First lien senior secured loan2025-09-300001918712Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured revolving loan2025-09-300001918712Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured loan2025-09-300001918712asif:StewardPartnersGlobalAdvisoryLLCAndStewardPartnersInvestmentAdvisoryLLCMember2025-09-300001918712Sunbit Receivables Trust IV, Private asset-backed investment2025-09-300001918712The Edelman Financial Center, LLC, First lien senior secured loan2025-09-300001918712The Edelman Financial Center, LLC, Second lien senior secured loan2025-09-300001918712asif:TheEdelmanFinancialCenterLLCMember2025-09-300001918712The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, First lien senior secured loan2025-09-300001918712TI VI Holdings 1, L.P., Private asset-backed investment2025-09-300001918712TK Elevator Midco GmbH, First lien senior secured loan2025-09-300001918712TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P., First lien senior secured loan2025-09-300001918712TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P., Limited partnership interest2025-09-300001918712asif:TPGIXCardiffDebtHoldCoILLCTPGIXCardiffDebtHoldcoIILLCTPGIXCardiffCIIL.P.AndTPGIXCardiffCIIIL.P.Member2025-09-300001918712Trinity Capital Inc, Corporate bond2025-09-300001918712Wellington-Altus Financial Inc., First lien senior secured revolving loan2025-09-300001918712Wellington-Altus Financial Inc., First lien senior secured loan2025-09-300001918712Wellington-Altus Financial Inc., Common stock2025-09-300001918712asif:WellingtonAltusFinancialInc.Member2025-09-300001918712Wharf Street Ratings Acquisition LLC, First lien senior secured loan2025-09-300001918712WPCG Aspire Holdings, LLC, Private asset-backed investment2025-09-300001918712Zelis Payments Buyer, Inc., First lien senior secured loan 12025-09-300001918712Zelis Payments Buyer, Inc., First lien senior secured loan 22025-09-300001918712asif:ZelisPaymentsBuyerInc.Member2025-09-300001918712us-gaap:FinancialServicesSectorMember2025-09-300001918712A8 - A (Feeder) L.P., Limited partnership interest2025-09-300001918712ABPCI 2017-1, Collaterized loan obligation2025-09-300001918712ABPCI 2019-5A, Collaterized loan obligation2025-09-300001918712ABPCI 2022-11, Collaterized loan obligation2025-09-300001918712ABPCI 2023-12, Collaterized loan obligation2025-09-300001918712ABPCI 2024-17, Collaterized loan obligation2025-09-300001918712ABPCI 2025-20A, Collaterized loan obligation2025-09-300001918712ABPCI 2025-21, Collaterized loan obligation2025-09-300001918712Advent International GPE VII-E Limited Partnership, Limited partnership interest2025-09-300001918712AIMCO 2024-22, Collaterized loan obligation2025-09-300001918712AIMCO 2025-23, Collaterized loan obligation2025-09-300001918712AIMCO 2025-24, Collaterized loan obligation2025-09-300001918712AIMCO CLO 28, LTD., Collaterized loan obligation2025-09-300001918712ALP CFO 2025, L.P. and Alp CFO 2025 (Offshore Feeder) A, L.P., Private asset-backed investment 12025-09-300001918712ALP CFO 2025, L.P. and Alp CFO 2025 (Offshore Feeder) A, L.P., Private asset-backed investment 22025-09-300001918712ALP CFO 2025, L.P. and Alp CFO 2025 (Offshore Feeder) A, L.P., Private asset-backed investment 32025-09-300001918712asif:ALPCFO2025L.P.AndAlpCFO2025OffshoreFeederAL.P.Member2025-09-300001918712ANCHC 2019-13, Collaterized loan obligation2025-09-300001918712ANCHC 2020-15, Collaterized loan obligation2025-09-300001918712ANCHC 2023-26, Collaterized loan obligation2025-09-300001918712ANCHC 2025-32, Collaterized loan obligation2025-09-300001918712ANCHC 2025-33, Collaterized loan obligation2025-09-300001918712ANCHF 2025-18, Collaterized loan obligation2025-09-300001918712Apax Europe VI - A, L.P., Limited partnership interest2025-09-300001918712Apax Europe VII - B, L.P., Limited partnership interest2025-09-300001918712Apax VIII - B, L.P., Limited partnership interest2025-09-300001918712Aquiline Financial Services Fund LP., Limited partnership interest2025-09-300001918712ATRM 14, Collaterized loan obligation 12025-09-300001918712ATRM 14, Collaterized loan obligation 22025-09-300001918712ATRM 14, Collaterized loan obligation 32025-09-300001918712asif:ATRM14Member2025-09-300001918712ATRM 15, Collaterized loan obligation2025-09-300001918712AUDAX 2024-9, Collaterized loan obligation2025-09-300001918712BABSN 2023-1, Collaterized loan obligation2025-09-300001918712Bain Capital Europe Fund IV, L.P., Limited partnership interest2025-09-300001918712Bain Capital Europe V, SCSp, Limited partnership interest2025-09-300001918712Bain Capital Fund XI, L.P., Limited partnership interest2025-09-300001918712Bain Capital Fund XII, L.P., Limited partnership interest2025-09-300001918712BALLY 2022-21, Collaterized loan obligation2025-09-300001918712BALLY 2024-26, Collaterized loan obligation 12025-09-300001918712BALLY 2024-26, Collaterized loan obligation 22025-09-300001918712asif:BALLY202426Member2025-09-300001918712BALLY 2025-30, Collaterized loan obligation2025-09-300001918712BC European Capital IX - 2 LP, Limited partnership interest 12025-09-300001918712BC European Capital IX - 2 LP, Limited partnership interest 22025-09-300001918712asif:BCEuropeanCapitalIX2LPMember2025-09-300001918712BC European Capital X - 2 LP, Limited partnership interest2025-09-300001918712BC Partners Galileo (2) L.P., Limited partnership interest2025-09-300001918712BCC 2022-1, Collaterized loan obligation2025-09-300001918712BCMM 2025-1, Collaterized loan obligation2025-09-300001918712BERRY 2024-1, Collaterized loan obligation 12025-09-300001918712BERRY 2024-1, Collaterized loan obligation 22025-09-300001918712asif:BERRY20241Member2025-09-300001918712BGCLO 2023-6, Collaterized loan obligation2025-09-300001918712Blackstone Capital Partners VI L.P., Limited partnership interest 12025-09-300001918712Blackstone Capital Partners VI L.P., Limited partnership interest 22025-09-300001918712asif:BlackstoneCapitalPartnersVIL.P.Member2025-09-300001918712Bridgepoint Europe VI 'E' LP, Limited partnership interest2025-09-300001918712BROOKP 2024-1, Collaterized loan obligation2025-09-300001918712BSP 2016-9, Collaterized loan obligation2025-09-300001918712BSP 2016-10, Collaterized loan obligation2025-09-300001918712BSP 2018-14, Collaterized loan obligation2025-09-300001918712BSP 2020-22, Collaterized loan obligation2025-09-300001918712BSP 2021-25, Collaterized loan obligation2025-09-300001918712BSP 2022-28, Collaterized loan obligation2025-09-300001918712BSP 2022-29, Collaterized loan obligation2025-09-300001918712BSP 2023-30, Collaterized loan obligation2025-09-300001918712BSP 2023-31, Collaterized loan obligation2025-09-300001918712BSP 2024-34, Collaterized loan obligation2025-09-300001918712BSP 2024-35, Collaterized loan obligation2025-09-300001918712BSP 2024-37, Collaterized loan obligation2025-09-300001918712BSP 2024-38, Collaterized loan obligation2025-09-300001918712BSP 2025-39, Collaterized loan obligation2025-09-300001918712BSP 2025-40, Collaterized loan obligation 12025-09-300001918712BSP 2025-40, Collaterized loan obligation 22025-09-300001918712asif:BSP202540Member2025-09-300001918712BSP 2025-41, Collaterized loan obligation2025-09-300001918712BSP 2025-42, Collaterized loan obligation2025-09-300001918712BTCP 2023-1, Collaterized loan obligation2025-09-300001918712BX 2024-SLCT, Commercial mortgage-backed security2025-09-300001918712BYRDPK 2025-1, Collaterized loan obligation2025-09-300001918712CAIF 1, Commercial mortgage-backed security 12025-09-300001918712CAIF 1, Commercial mortgage-backed security 22025-09-300001918712asif:CAIF1Member2025-09-300001918712Catterton Partners VII, L.P., Limited partnership interest2025-09-300001918712CAVU 2021-1, Collaterized loan obligation2025-09-300001918712CAVU 2022-2, Collaterized loan obligation 12025-09-300001918712CAVU 2022-2, Collaterized loan obligation 22025-09-300001918712asif:CAVU20222Member2025-09-300001918712CAVU 2025-2, Collaterized loan obligation2025-09-300001918712CEDF 2019-10, Collaterized loan obligation2025-09-300001918712CEDF 2021-14, Collaterized loan obligation2025-09-300001918712CGMS 2018-4, Collaterized loan obligation2025-09-300001918712CGMS 2019-2, Collaterized loan obligation2025-09-300001918712CGMS 2021-5, Collaterized loan obligation2025-09-300001918712CGMS 2021-8, Collaterized loan obligation2025-09-300001918712CGMS 2022-2, Collaterized loan obligation2025-09-300001918712CGMS 2022-5, Collaterized loan obligation2025-09-300001918712CGMS 2022-6, Collaterized loan obligation2025-09-300001918712CGMS 2023-1, Collaterized loan obligation 12025-09-300001918712CGMS 2023-1, Collaterized loan obligation 22025-09-300001918712asif:CGMS20231Member2025-09-300001918712CGMS 2023-2, Collaterized loan obligation2025-09-300001918712CGMS 2024-1, Collaterized loan obligation2025-09-300001918712CGMS 2024-2, Collaterized loan obligation2025-09-300001918712CGMS 2024-3, Collaterized loan obligation2025-09-300001918712CGMS 2024-5, Collaterized loan obligation 12025-09-300001918712CGMS 2024-5, Collaterized loan obligation 22025-09-300001918712asif:CGMS20245Member2025-09-300001918712CGMS 2025-3, Collaterized loan obligation2025-09-300001918712CIFC 2018-1, Collaterized loan obligation 12025-09-300001918712CIFC 2018-1, Collaterized loan obligation 22025-09-300001918712asif:CIFC20181Member2025-09-300001918712CIFC 2018-5, Collaterized loan obligation2025-09-300001918712CIFC 2019-1, Collaterized loan obligation2025-09-300001918712CIFC 2019-4, Collaterized loan obligation2025-09-300001918712CIFC 2019-5, Collaterized loan obligation 12025-09-300001918712CIFC 2019-5, Collaterized loan obligation 22025-09-300001918712asif:CIFC20195Member2025-09-300001918712CIFC 2021-1, Collaterized loan obligation2025-09-300001918712CIFC 2021-4, Collaterized loan obligation2025-09-300001918712CIFC 2021-5, Collaterized loan obligation 12025-09-300001918712CIFC 2021-5, Collaterized loan obligation 22025-09-300001918712asif:CIFC20215Member2025-09-300001918712CIFC 2022-5, Collaterized loan obligation2025-09-300001918712CIFC 2022-6, Collaterized loan obligation2025-09-300001918712CIFC 2022-7, Collaterized loan obligation2025-09-300001918712CIFC 2024-1, Collaterized loan obligation2025-09-300001918712CIFC 2024-2, Collaterized loan obligation2025-09-300001918712CIFC 2024-4, Collaterized loan obligation2025-09-300001918712CIFC 2024-5, Collaterized loan obligation2025-09-300001918712CIFC 2025-2, Collaterized loan obligation2025-09-300001918712CIFC 2025-3, Collaterized loan obligation2025-09-300001918712CIFC 2025-4, Collaterized loan obligation 12025-09-300001918712CIFC 2025-4, Collaterized loan obligation 22025-09-300001918712asif:CIFC20254Member2025-09-300001918712CIFC Funding 2025-VI Ltd, Collaterized loan obligation2025-09-300001918712CIFC SPEAR III WH LTD., Collaterized loan obligation2025-09-300001918712Clayton, Dubilier & Rice Fund IX, L.P., Limited partnership interest2025-09-300001918712CLRMPK 2025-1, Collaterized loan obligation 12025-09-300001918712CLRMPK 2025-1, Collaterized loan obligation 22025-09-300001918712CLRMPK 2025-1, Collaterized loan obligation 32025-09-300001918712asif:CLRMPK20251Member2025-09-300001918712Constellation Wealth Capital Fund, L.P., Limited partner interests2025-09-300001918712CPFTR 2025-1, Commercial mortgage-backed security2025-09-300001918712CPTPK 2024-1, Collaterized loan obligation2025-09-300001918712CVC Capital Partners VI (B) L.P., Limited partnership interest2025-09-300001918712CVC Capital Partners VII (A) L.P., Limited partnership interest2025-09-300001918712CWC Fund I Co-Invest (ALTI) LP, Limited partnership interest2025-09-300001918712DCLO 2021-1, Collaterized loan obligation2025-09-300001918712DCLO 2022-3, Collaterized loan obligation2025-09-300001918712DRSLF 2022-104, Collaterized loan obligation2025-09-300001918712ELM12 2021-5, Collaterized loan obligation2025-09-300001918712ELM24 2023-3, Collaterized loan obligation2025-09-300001918712ELM27 2024-3, Collaterized loan obligation2025-09-300001918712ELM29 2024-5, Collaterized loan obligation2025-09-300001918712ELM30 2024-6, Collaterized loan obligation2025-09-300001918712ELM32 2024-8, Collaterized loan obligation2025-09-300001918712ELM35 2024-11, Collaterized loan obligation2025-09-300001918712ELM38 2025-1, Collaterized loan obligation2025-09-300001918712ELM39 2025-2, Collaterized loan obligation2025-09-300001918712ELM40 2025-3, Collaterized loan obligation2025-09-300001918712ELM42 2025-5, Collaterized loan obligation2025-09-300001918712ELM44 2025-7, Collaterized loan obligation2025-09-300001918712ELMW2 2019-2, Collaterized loan obligation2025-09-300001918712ELMW4 2020-1, Collaterized loan obligation2025-09-300001918712GCBSL 2022-60, Collaterized loan obligation2025-09-300001918712GCBSL 2024-77, Collaterized loan obligation2025-09-300001918712GCBSL 2025-79, Collaterized loan obligation2025-09-300001918712GCBSL 2025-82, Collaterized loan obligation2025-09-300001918712GLM 2022-12, Collaterized loan obligation2025-09-300001918712GNRT 2, Collaterized loan obligation2025-09-300001918712GNRT 2022-10, Collaterized loan obligation2025-09-300001918712GNRT 2023-12, Collaterized loan obligation2025-09-300001918712GNRT 2024-15, Collaterized loan obligation2025-09-300001918712GNRT 2024-17, Collaterized loan obligation2025-09-300001918712GNRT 2024-18, Collaterized loan obligation2025-09-300001918712GNRT 2024-20, Collaterized loan obligation2025-09-300001918712GNRT 6, Collaterized loan obligation2025-09-300001918712GNRT 9, Collaterized loan obligation2025-09-300001918712GOCAP 2024-71, Collaterized loan obligation2025-09-300001918712HAMLN 2024-1, Collaterized loan obligation2025-09-300001918712Hellman & Friedman Capital Partners VIII, L.P., Limited partnership interest2025-09-300001918712HgCapital 8 A L.P., Limited partnership interest2025-09-300001918712HIGPK 2025-1, Collaterized loan obligation2025-09-300001918712HPPK 2024-1, Collaterized loan obligation2025-09-300001918712Insight Venture Partners (Cayman) VII, LP, Limited partnership interest2025-09-300001918712Insight Venture Partners (Delaware) VIII, LP, Limited partnership interest2025-09-300001918712Insight Venture Partners Coinvestment Fund II, LP, Limited partnership interest2025-09-300001918712INVCO 2023-2, Collaterized loan obligation2025-09-300001918712Kelso Investment Associates IX, L.P., Limited partnership interest2025-09-300001918712KKR 2024-53, Collaterized loan obligation 12025-09-300001918712KKR 2024-53, Collaterized loan obligation 22025-09-300001918712asif:KKR202453Member2025-09-300001918712KKR 2024-56, Collaterized loan obligation2025-09-300001918712KKR 48, Collaterized loan obligation2025-09-300001918712KKR North America Fund XI, L.P., Limited partnership interest2025-09-300001918712Linden Structured Capital Fund II-A LP, Limited partnership interest2025-09-300001918712MAGNE 2019-24, Collaterized loan obligation2025-09-300001918712MAGNE 2020-28, Collaterized loan obligation2025-09-300001918712MAGNE 2022-33, Collaterized loan obligation2025-09-300001918712MAGNE 2023-34, Collaterized loan obligation2025-09-300001918712MAGNE 2023-36, Collaterized loan obligation2025-09-300001918712MAGNE 2023-39, Collaterized loan obligation2025-09-300001918712MAGNE 2024-41, Collaterized loan obligation2025-09-300001918712MAGNE 2024-42, Collaterized loan obligation2025-09-300001918712MAGNE 2024-44, Collaterized loan obligation2025-09-300001918712MAGNE 2025-43, Collaterized loan obligation2025-09-300001918712MAGNE 2025-48, Collaterized loan obligation 12025-09-300001918712MAGNE 2025-48, Collaterized loan obligation 22025-09-300001918712asif:MAGNE202548Member2025-09-300001918712MAGNE 2025-50, Collaterized loan obligation2025-09-300001918712MCF CLO 12 LLC, Private asset-backed investment2025-09-300001918712MDPK 2015-17, Collaterized loan obligation 12025-09-300001918712MDPK 2015-17, Collaterized loan obligation 22025-09-300001918712asif:MDPK201517Member2025-09-300001918712MDPK 2016-20, Collaterized loan obligation2025-09-300001918712MDPK 2016-22, Collaterized loan obligation2025-09-300001918712MDPK 2018-30, Collaterized loan obligation 12025-09-300001918712MDPK 2018-30, Collaterized loan obligation 22025-09-300001918712asif:MDPK201830Member2025-09-300001918712MDPK 2018-31, Collaterized loan obligation2025-09-300001918712MDPK 2018-32, Collaterized loan obligation 12025-09-300001918712MDPK 2018-32, Collaterized loan obligation 22025-09-300001918712MDPK 2018-32, Collaterized loan obligation 32025-09-300001918712asif:MDPK201832Member2025-09-300001918712MDPK 2019-34, Collaterized loan obligation2025-09-300001918712MDPK 2019-37, Collaterized loan obligation 12025-09-300001918712MDPK 2019-37, Collaterized loan obligation 22025-09-300001918712asif:MDPK201937Member2025-09-300001918712MDPK 2020-46, Collaterized loan obligation2025-09-300001918712MDPK 2021-59, Collaterized loan obligation2025-09-300001918712MDPK 2022-60, Collaterized loan obligation 12025-09-300001918712MDPK 2022-60, Collaterized loan obligation 22025-09-300001918712asif:MDPK202260Member2025-09-300001918712MDPK 2023-63, Collaterized loan obligation2025-09-300001918712MDPK 2024-66, Collaterized loan obligation 12025-09-300001918712MDPK 2024-66, Collaterized loan obligation 22025-09-300001918712asif:MDPK202466Member2025-09-300001918712MDPK 2024-67, Collaterized loan obligation2025-09-300001918712MDPK 2024-68, Collaterized loan obligation2025-09-300001918712MDPK 2024-69, Collaterized loan obligation2025-09-300001918712MDPK 2025-65, Collaterized loan obligation2025-09-300001918712MDPK 2025-71, Collaterized loan obligation2025-09-300001918712MDPK 2025-72, Collaterized loan obligation2025-09-300001918712MidOcean CLO Equity Fund I, LP, Private asset-backed investment2025-09-300001918712Montagu V (US) L.P., Limited partnership interest2025-09-300001918712NCMF 2025-MFS, Private asset-backed investment2025-09-300001918712NEUB 2018-28, Collaterized loan obligation2025-09-300001918712NEUB 2025-60, Collaterized loan obligation2025-09-300001918712NEUB 2025-61, Collaterized loan obligation2025-09-300001918712New Mountain Partners III, L.P., Limited partnership interest2025-09-300001918712New Mountain Partners IV, L.P., Limited partnership interest2025-09-300001918712NMC CLO-2, Collaterized loan obligation2025-09-300001918712OAKC 2012-7, Collaterized loan obligation 12025-09-300001918712OAKC 2012-7, Collaterized loan obligation 22025-09-300001918712asif:OAKC20127Member2025-09-300001918712OAKC 2014-10R, Collaterized loan obligation2025-09-300001918712OAKC 2015-12, Collaterized loan obligation2025-09-300001918712OAKC 2016-13, Collaterized loan obligation 12025-09-300001918712OAKC 2016-13, Collaterized loan obligation 22025-09-300001918712OAKC 2016-13, Collaterized loan obligation 32025-09-300001918712asif:OAKC201613Member2025-09-300001918712OAKC 2017-15, Collaterized loan obligation2025-09-300001918712OAKC 2019-2, Collaterized loan obligation2025-09-300001918712OAKC 2019-3, Collaterized loan obligation 12025-09-300001918712OAKC 2019-3, Collaterized loan obligation 22025-09-300001918712asif:OAKC20193Member2025-09-300001918712OAKC 2019-4, Collaterized loan obligation2025-09-300001918712OAKC 2020-5, Collaterized loan obligation2025-09-300001918712OAKC 2020-6, Collaterized loan obligation 12025-09-300001918712OAKC 2020-6, Collaterized loan obligation 22025-09-300001918712asif:OAKC20206Member2025-09-300001918712OAKC 2020-7, Collaterized loan obligation2025-09-300001918712OAKC 2021-16, Collaterized loan obligation2025-09-300001918712OAKC 2021-8, Collaterized loan obligation 12025-09-300001918712OAKC 2021-8, Collaterized loan obligation 22025-09-300001918712asif:OAKC20218Member2025-09-300001918712OAKC 2021-9, Collaterized loan obligation 12025-09-300001918712OAKC 2021-9, Collaterized loan obligation 22025-09-300001918712asif:OAKC20219Member2025-09-300001918712OAKC 2022-12R, Collaterized loan obligation2025-09-300001918712OAKC 2023-15RA, Collaterized loan obligation2025-09-300001918712OAKC 2023-16, Collaterized loan obligation2025-09-300001918712OAKCL 2023-1, Collaterized loan obligation2025-09-300001918712OAKCL 2025-32, Collaterized loan obligation2025-09-300001918712OCP 2015-10, Collaterized loan obligation2025-09-300001918712OCP 2016-11, Collaterized loan obligation2025-09-300001918712OCP 2018-15, Collaterized loan obligation2025-09-300001918712OCP 2021-21, Collaterized loan obligation2025-09-300001918712OCP 2022-24, Collaterized loan obligation2025-09-300001918712OCP 2025-43, Collaterized loan obligation2025-09-300001918712OCP 2025-44, Collaterized loan obligation2025-09-300001918712OCPA 2023-29, Collaterized loan obligation2025-09-300001918712OCPA 2025-41, Collaterized loan obligation2025-09-300001918712OCT61 2023-2, Collaterized loan obligation2025-09-300001918712OCT63 2024-2, Collaterized loan obligation2025-09-300001918712OCT66 2022-1, Collaterized loan obligation2025-09-300001918712OCT67 2023-1, Collaterized loan obligation2025-09-300001918712OHACP 2024-17, Collaterized loan obligation 12025-09-300001918712OHACP 2024-17, Collaterized loan obligation 22025-09-300001918712asif:OHACP202417Member2025-09-300001918712OHALF 2016-1, Collaterized loan obligation2025-09-300001918712OKANAGAN 2024-1, Private asset-backed investment2025-09-300001918712One Equity Partners VI, L.P., Limited partnership interest2025-09-300001918712One Equity Partners VII, L.P., Limited partnership interest2025-09-300001918712Onex Partners III LP, Limited partnership interest2025-09-300001918712Onex Partners IV LP, Limited partnership interest2025-09-300001918712Permira IV L.P. 2, Limited partnership interest2025-09-300001918712Permira V G.P. L.P., Limited partnership interest2025-09-300001918712Permira VI L.P.1, Limited partnership interest2025-09-300001918712PIPK 2025-18, Collaterized loan obligation2025-09-300001918712PLMRS 2025-1, Collaterized loan obligation2025-09-300001918712PLMRS 2025-3, Collaterized loan obligation2025-09-300001918712PROSE 2024-3, Private asset-backed investment2025-09-300001918712Providence Equity Partners (Midsummer) L.P., Limited partnership interest2025-09-300001918712Providence Equity Partners VII, L.P., Limited partnership interest2025-09-300001918712Providence Equity Partners VII-A L.P., Limited partnership interest2025-09-300001918712Providence Equity Partners VIII, L.P., Limited partnership interest2025-09-300001918712Purple Garden Invest (D) AB, Limited partnership interest2025-09-300001918712PXLY 2024-1, Collaterized loan obligation2025-09-300001918712Red Garden Invest (D) AB, Limited partnership interest2025-09-300001918712Riviera Loan Funding Warehouse 75, Ltd., Collaterized loan obligation2025-09-300001918712RRAM 2022-21, Collaterized loan obligation 12025-09-300001918712RRAM 2022-21, Collaterized loan obligation 22025-09-300001918712asif:RRAM202221Member2025-09-300001918712RRAM 2022-23, Collaterized loan obligation2025-09-300001918712RRAM 2022-24, Collaterized loan obligation2025-09-300001918712RRAM 2023-25, Collaterized loan obligation2025-09-300001918712RRAM 2023-27, Collaterized loan obligation 12025-09-300001918712RRAM 2023-27, Collaterized loan obligation 22025-09-300001918712asif:RRAM202327Member2025-09-300001918712RRAM 2024-29R, Collaterized loan obligation2025-09-300001918712RRAM 2024-30, Collaterized loan obligation 12025-09-300001918712RRAM 2024-30, Collaterized loan obligation 22025-09-300001918712asif:RRAM202430Member2025-09-300001918712RRAM 2024-31, Collaterized loan obligation 12025-09-300001918712RRAM 2024-31, Collaterized loan obligation 22025-09-300001918712asif:RRAM202431Member2025-09-300001918712RRAM 2024-33, Collaterized loan obligation2025-09-300001918712RRAM 2024-35, Collaterized loan obligation2025-09-300001918712RRAM 2025-37, Collaterized loan obligation2025-09-300001918712RRAM 2025-38, Collaterized loan obligation2025-09-300001918712RRAM 2025-40, Collaterized loan obligation2025-09-300001918712Silver Lake Partners IV, L.P., Limited partnership interest2025-09-300001918712SIXST 2021-17, Collaterized loan obligation2025-09-300001918712SIXST 2021-20, Collaterized loan obligation2025-09-300001918712SIXST 2022-21, Collaterized loan obligation 12025-09-300001918712SIXST 2022-21, Collaterized loan obligation 22025-09-300001918712asif:SIXST202221Member2025-09-300001918712SIXST 2024-26, Collaterized loan obligation2025-09-300001918712SIXST 2024-27, Collaterized loan obligation2025-09-300001918712SIXST 2025-28, Collaterized loan obligation 12025-09-300001918712SIXST 2025-28, Collaterized loan obligation 22025-09-300001918712asif:SIXST202528Member2025-09-300001918712SIXST 2025-29, Collaterized loan obligation2025-09-300001918712SIXST 2025-30, Collaterized loan obligation 12025-09-300001918712SIXST 2025-30, Collaterized loan obligation 22025-09-300001918712asif:SIXST202530Member2025-09-300001918712SPEAK 2024-11, Collaterized loan obligation2025-09-300001918712STKPK 2022-1, Collaterized loan obligation 12025-09-300001918712STKPK 2022-1, Collaterized loan obligation 22025-09-300001918712STKPK 2022-1, Collaterized loan obligation 32025-09-300001918712asif:STKPK20221Member2025-09-300001918712SYMP 2022-33, Collaterized loan obligation2025-09-300001918712SYMP 2023-40, Collaterized loan obligation2025-09-300001918712TCIFC 2023-1, Collaterized loan obligation2025-09-300001918712Texas Debt Capital CLO 2024-II Ltd, Collaterized loan obligation2025-09-300001918712Thoma Bravo Fund XI-A, L.P., Limited partnership interest2025-09-300001918712Thoma Bravo Special Opportunities Fund II-A, L.P., Limited partnership interest2025-09-300001918712THPT 2023-THL, Commercial mortgage-backed security2025-09-300001918712Tikehau Green Diamond II CFO Equity LP, Private asset-backed investment2025-09-300001918712Tikehau Ruby CLO Equity LP, Private asset-backed investment2025-09-300001918712Tikehau Topaz LP, Private asset-backed investment2025-09-300001918712TPG Partners VI, L.P., Limited partnership interest2025-09-300001918712Trident VI Parallel Fund, L.P., Limited partnership interest2025-09-300001918712TriplePoint Venture Growth BDC Corp, Senior subordinated loan2025-09-300001918712Vector Capital IV, L.P., Limited partnership interest2025-09-300001918712Vector Capital VI, L.P., Limited partnership interest2025-09-300001918712Vestar Capital Partners VII, L.P., Limited partnership interest2025-09-300001918712Vista Equity Partners Fund V-A, L.P., Limited partnership interest2025-09-300001918712VOYA 2021-3, Collaterized loan obligation 12025-09-300001918712VOYA 2021-3, Collaterized loan obligation 22025-09-300001918712asif:VOYA20213Member2025-09-300001918712VOYA 2022-3, Collaterized loan obligation2025-09-300001918712VOYA 2024-1, Collaterized loan obligation2025-09-300001918712VOYA 2024-2, Collaterized loan obligation2025-09-300001918712VOYA 2025-1, Collaterized loan obligation2025-09-300001918712VOYA 2025-2, Collaterized loan obligation 12025-09-300001918712VOYA 2025-2, Collaterized loan obligation 22025-09-300001918712asif:VOYA20252Member2025-09-300001918712VOYA 2025-3, Collaterized loan obligation2025-09-300001918712VOYA 2025-4, Collaterized loan obligation2025-09-300001918712WCAS XIII, L.P., Limited partnership interest2025-09-300001918712WCP Bridge Fund, L.P., Limited partnership interest2025-09-300001918712WEHPK 2022-1, Collaterized loan obligation2025-09-300001918712Wellspring Capital Partners VI (Onshore), L.P., Limited partnership interest2025-09-300001918712WILDPK 2024-1, Collaterized loan obligation2025-09-300001918712Wind Point Partners VIII-A, L.P., Limited partnership interest2025-09-300001918712WONPK 2025-1, Collaterized loan obligation2025-09-300001918712asif:InvestmentFundsAndVehiclesMember2025-09-300001918712Alterra Mountain Company, First lien senior secured loan 12025-09-300001918712Alterra Mountain Company, First lien senior secured loan 22025-09-300001918712asif:AlterraMountainCompanyMember2025-09-300001918712Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan2025-09-300001918712Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured loan2025-09-300001918712Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, Series B common units2025-09-300001918712asif:ApexServicePartnersLLCAndApexServicePartnersHoldingsLLCMember2025-09-300001918712Belron Finance US LLC, First lien senior secured loan2025-09-300001918712Bumble Bidco Limited, First lien senior secured loan2025-09-300001918712Century De Buyer LLC, First lien senior secured loan2025-09-300001918712ClubCorp Holdings, Inc., First lien senior secured loan2025-09-300001918712CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured revolving loan2025-09-300001918712Davidson Hotel Company LLC, First lien senior secured loan2025-09-300001918712Equinox Holdings, Inc., First lien senior secured loan2025-09-300001918712Equinox Holdings, Inc., Second lien senior secured loan2025-09-300001918712asif:EquinoxHoldingsInc.Member2025-09-300001918712Eternal Aus Bidco Pty Ltd, First lien senior secured loan2025-09-300001918712Excel Fitness Consolidator LLC, First lien senior secured loan2025-09-300001918712Fertitta Entertainment, LLC, First lien senior secured loan2025-09-300001918712Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured revolving loan2025-09-300001918712Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured loan 12025-09-300001918712Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured loan 22025-09-300001918712Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, Common units2025-09-300001918712asif:FitnessVenturesHoldingsInc.AndMeaningfulPartnersFitnessVenturesCoInvestmentLPMember2025-09-300001918712Flint OpCo, LLC, First lien senior secured loan2025-09-300001918712Golden State Foods LLC, First lien senior secured loan2025-09-300001918712GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured revolving loan2025-09-300001918712GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured loan2025-09-300001918712GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, Class A common units2025-09-300001918712asif:GSSEERGroupBorrowerLLCAndGSSEERGroupHoldingsLLCMember2025-09-300001918712Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured revolving loan2025-09-300001918712Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan2025-09-300001918712asif:HeliosServicePartnersLLCAndAstraServicePartnersLLCMember2025-09-300001918712HGC Holdings, LLC, First lien senior secured loan2025-09-300001918712IFH Franchisee Holdings, LLC, First lien senior secured revolving loan2025-09-300001918712IFH Franchisee Holdings, LLC, First lien senior secured loan2025-09-300001918712asif:IFHFranchiseeHoldingsLLCMember2025-09-300001918712Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured revolving loan2025-09-300001918712Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 12025-09-300001918712Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 22025-09-300001918712Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 32025-09-300001918712Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., Class A units2025-09-300001918712asif:InfinityHomeServicesHoldCoInc.DSAmalcoAndIHSParentHoldingsL.P.Member2025-09-300001918712IRB Holding Corp., First lien senior secured loan2025-09-300001918712Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan 12025-09-300001918712Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., Limited partnership interests2025-09-300001918712asif:LeviathanIntermediateHoldcoLLCAndLeviathanHoldingsLPMember2025-09-300001918712LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC., First lien senior secured loan 2025-09-300001918712LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC., Limited partnership interests2025-09-300001918712asif:LHSBorrowerLLCLHEquityInvestorsL.P.LeafHomeLLCAndGCFundIVBlockerLLCMember2025-09-300001918712Merlin Buyer Inc., First lien senior secured loan2025-09-300001918712Mister Car Wash Holdings, Inc., First lien senior secured loan2025-09-300001918712Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured revolving loan2025-09-300001918712Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured loan2025-09-300001918712Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., Class A preferred units2025-09-300001918712Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., Class B common units2025-09-300001918712asif:MustangProspectsHoldcoLLCMustangProspectsPurchaserLLCAndSenskeAcquisitionInc.Member2025-09-300001918712North Haven Fairway Buyer, LLC and Fairway Lawns, LLC, First lien senior secured revolving loan2025-09-300001918712North Haven Fairway Buyer, LLC and Fairway Lawns, LLC, First lien senior secured loan2025-09-300001918712asif:NorthHavenFairwayBuyerLLCAndFairwayLawnsLLCMember2025-09-300001918712Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan2025-09-300001918712Northwinds Holding, Inc. and Northwinds Services Group LLC, Common units2025-09-300001918712asif:NorthwindsHoldingIncAndNorthwindsServicesGroupLLCMember2025-09-300001918712PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan2025-09-300001918712PestCo Holdings, LLC and PestCo, LLC, Class A units2025-09-300001918712asif:PestCoHoldingsLLCAndPestCoLLCMember2025-09-300001918712PG Investment Company 59 S.a r.l., First lien senior secured loan2025-09-300001918712Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., First lien senior secured revolving loan2025-09-300001918712Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., First lien senior secured loan2025-09-300001918712Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., Common stock2025-09-300001918712asif:PinnacleMEPIntermediateHoldcoLLCAndBPCPPinnacleHoldingsInc.Member2025-09-300001918712Premiere Buyer, LLC, First lien senior secured loan2025-09-300001918712Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., First lien senior secured loan2025-09-300001918712Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., Limited partnership interest2025-09-300001918712asif:QuickQuackCarWashHoldingsLLCAndKKRGameChangerCoInvestFeederIIL.P.Member2025-09-300001918712Radiant Intermediate Holding, LLC, First lien senior secured loan2025-09-300001918712Redwood Services LP, First lien senior secured revolving loan2025-09-300001918712Redwood Services LP, First lien senior secured loan2025-09-300001918712asif:RedwoodServicesLPMember2025-09-300001918712Service Logic Acquisition, Inc. and MSHC, Inc., First lien senior secured loan2025-09-300001918712University Support Services LLC, First lien senior secured loan2025-09-300001918712Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured revolving loan2025-09-300001918712Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 12025-09-300001918712Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 22025-09-300001918712Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, Class B common units2025-09-300001918712asif:VertexServicePartnersLLCAndVertexServicePartnersHoldingsLLCMember2025-09-300001918712Vista Higher Learning, LLC, First lien senior secured revolving loan2025-09-300001918712Vista Higher Learning, LLC, First lien senior secured loan 12025-09-300001918712Vista Higher Learning, LLC, First lien senior secured loan 22025-09-300001918712asif:VistaHigherLearningLLCMember2025-09-300001918712Wash Multifamily Parent Inc, First lien senior secured loan2025-09-300001918712Whatabrands LLC, First lien senior secured loan2025-09-300001918712asif:ConsumerServicesMember2025-09-30000191871215484880 Canada Inc. and 15484910 Canada Inc., First lien senior secured revolving loan2025-09-30000191871215484880 Canada Inc. and 15484910 Canada Inc., First lien senior secured loan2025-09-30000191871215484880 Canada Inc. and 15484910 Canada Inc., Senior subordinated loan2025-09-30000191871215484880 Canada Inc. and 15484910 Canada Inc., Class A2 shares2025-09-300001918712asif:A15484880CanadaInc.And15484910CanadaInc.Member2025-09-300001918712Acrisure, LLC, First lien senior secured loan 12025-09-300001918712Acrisure, LLC, First lien senior secured loan 22025-09-300001918712asif:AcrisureLLCMember2025-09-300001918712Alera Group, Inc., First lien senior secured loan2025-09-300001918712Alliant Holdings Intermediate, LLC, First lien senior secured loan2025-09-300001918712AMWINS Group, LLC, First lien senior secured loan2025-09-300001918712Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc., First lien senior secured loan2025-09-300001918712Ardonagh Midco 3 Limited, First lien senior secured loan2025-09-300001918712Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc., First lien senior secured revolving loan2025-09-300001918712Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc., First lien senior secured loan2025-09-300001918712asif:BellwetherBuyerL.L.C.AndBellwetherTopcoVBuyerInc.Member2025-09-300001918712Broadstreet Partners, Inc., First lien senior secured loan2025-09-300001918712Cross Financial Corp., First lien senior secured loan2025-09-300001918712Diamond Mezzanine 24 LLC, First lien senior secured revolving loan2025-09-300001918712Diamond Mezzanine 24 LLC, First lien senior secured loan2025-09-300001918712asif:DiamondMezzanine24LLCMember2025-09-300001918712DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, First lien senior secured revolving loan2025-09-300001918712DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, First lien senior secured loan2025-09-300001918712DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, Limited partnership interest2025-09-300001918712asif:DOXAInsuranceHoldingsLLCAndRocketCoInvestSLPMember2025-09-300001918712Forza Insurance Holdings, LLC, First lien senior secured loan2025-09-300001918712Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc., First lien senior secured revolving loan2025-09-300001918712Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc., First lien senior secured loan2025-09-300001918712asif:GestionABSBidcoInc.ABSBidcoHoldingsInc.Member2025-09-300001918712HIG Finance 2 Limited, First lien senior secured loan 12025-09-300001918712HIG Finance 2 Limited., First lien senior secured loan 22025-09-300001918712asif:HIGFinance2LimitedMember2025-09-300001918712Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., First lien senior secured loan 12025-09-300001918712Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., First lien senior secured loan 22025-09-300001918712Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., Series A preferred shares2025-09-300001918712asif:HigginbothamInsuranceAgencyInc.AndHIGIntermediateInc.Member2025-09-300001918712High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 12025-09-300001918712High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 22025-09-300001918712asif:HighStreetBuyerInc.AndHighStreetHoldcoLLCMember2025-09-300001918712Hub International Limited, First lien senior secured loan2025-09-300001918712IMA Financial Group, Inc., First lien senior secured loan2025-09-300001918712King Risk Partners, LLC, First lien senior secured loan2025-09-300001918712Koala Investment Holdings, Inc, First lien senior secured loan2025-09-300001918712OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured revolving loan2025-09-300001918712OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured loan 12025-09-300001918712OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured loan 22025-09-300001918712OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, Class A2 units2025-09-300001918712asif:OakBridgeInsuranceAgencyLLCAndMapleAcquisitionHoldingsLPMember2025-09-300001918712OneDigital Borrower LLC, First lien senior secured loan2025-09-300001918712Ryan Specialty Group, LLC, First lien senior secured loan2025-09-300001918712SIG Parent Holdings, LLC, First lien senior secured loan2025-09-300001918712Slaine Holdings LLC, First lien senior secured loan2025-09-300001918712Trucordia Insurance Holdings, LLC, First lien senior secured loan2025-09-300001918712USI, Inc., First lien senior secured loan 12025-09-300001918712USI, Inc., First lien senior secured loan 22025-09-300001918712asif:USIIncMember2025-09-300001918712World Insurance Associates, LLC and World Associates Holdings, LLC, First lien senior secured loan2025-09-300001918712us-gaap:InsuranceSectorMember2025-09-300001918712asif:WorldInsuranceAssociatesLLCAndWorldAssociatesHoldingsLLCMember2025-09-30000191871222 HoldCo Limited, Senior subordinated loan2025-09-3000019187123 Step Sports LLC, First lien senior secured loan2025-09-300001918712Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC, First lien senior secured loan2025-09-300001918712CFC Funding LLC, Loan instrument units2025-09-300001918712Creative Artists Agency, LLC, First lien senior secured loan2025-09-300001918712Dundee Eros, LP, Limited partnership interest2025-09-300001918712Endeavor Group Holdings, Inc., First lien senior secured loan2025-09-300001918712FEH Group, LLC., Class A common interest 12025-09-300001918712FEH Group, LLC., Class A common interest 22025-09-300001918712FEH Group, LLC., Class A common interest 32025-09-300001918712asif:FEHGroupLLC.Member2025-09-300001918712Fever Labs, Inc., First lien senior secured revolving loan2025-09-300001918712Fever Labs, Inc., First lien senior secured loan2025-09-300001918712Fever Labs, Inc., Series B redeemable preferred stock2025-09-300001918712Fever Labs, Inc., Series E-5 Convertible Shares2025-09-300001918712Fever Labs, Inc., Warrant to purchase common stock2025-09-300001918712asif:FeverLabsInc.Member2025-09-300001918712Formula One Management Limited, First lien senior secured loan 12025-09-300001918712Formula One Management Limited, First lien senior secured loan 22025-09-300001918712asif:FormulaOneManagementLimitedMember2025-09-300001918712Global Music Rights, LLC, First lien senior secured loan2025-09-300001918712GSM Rights Fund II LP, Class B Interest2025-09-300001918712League One Volleyball Clubs, LLC and League One Volleyball, Inc., First lien senior secured loan 12025-09-300001918712League One Volleyball Clubs, LLC and League One Volleyball, Inc., First lien senior secured loan 22025-09-300001918712League One Volleyball Clubs, LLC and League One Volleyball, Inc., Series B preferred stock2025-09-300001918712League One Volleyball Clubs, LLC and League One Volleyball, Inc., Series C preferred stock2025-09-300001918712League One Volleyball Clubs, LLC and League One Volleyball, Inc., Warrant to purchase common stock2025-09-300001918712asif:LeagueOneVolleyballClubsLLCAndLeagueOneVolleyballInc.Member2025-09-300001918712Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P., First lien senior secured revolving loan2025-09-300001918712Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P., First lien senior secured loan 12025-09-300001918712Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P., First lien senior secured loan 22025-09-300001918712Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P., Limited partnership interest2025-09-300001918712asif:LegendsHospitalityHoldingCompanyLLCAndStadiumCoinvestBIIIL.P.Member2025-09-300001918712LiveBarn Inc., Middle preferred shares2025-09-300001918712Melody TopCo LP and Melody Holdings LP, Class A-1 preferred units2025-09-300001918712Melody TopCo LP and Melody Holdings LP, Class A-2 preferred units2025-09-300001918712Melody TopCo LP and Melody Holdings LP, Class A-1 common units2025-09-300001918712Melody TopCo LP and Melody Holdings LP, Class A-2 common units2025-09-300001918712asif:MelodyTopCoLPAndMelodyHoldingsLPMember2025-09-300001918712NEP Group, Inc., First lien senior secured loan 12025-09-300001918712NEP Group, Inc., First lien senior secured loan 22025-09-300001918712asif:NEPGroupInc.Member2025-09-300001918712Orange Barrel Media, LLC/IKE Smart City, LLC, Private asset-backed investment 12025-09-300001918712Orange Barrel Media, LLC/IKE Smart City, LLC, Private asset-backed investment 22025-09-300001918712asif:OrangeBarrelMediaLLCIKESmartCityLLCMember2025-09-300001918712Quartz Holding Company, First lien senior secured loan2025-09-300001918712Sandlot Action Sports, LLC, Common units2025-09-300001918712Shout! Factory, LLC, First lien senior secured revolving loan2025-09-300001918712Shout! Factory, LLC, First lien senior secured loan2025-09-300001918712asif:ShoutFactoryLLCMember2025-09-300001918712South Florida Motorsports, LLC, Class A common interest2025-09-300001918712United Talent Agency LLC, First lien senior secured loan2025-09-300001918712Voldex Entertainment Limited, First lien senior secured loan2025-09-300001918712Wasserman Media Group, LLC, First lien senior secured loan2025-09-300001918712WideOpenWest Finance, LLC, First lien senior secured loan2025-09-300001918712WRE Sports Investments LLC, First lien senior secured loan2025-09-300001918712Zuffa Guarantor LLC, First lien senior secured loan2025-09-300001918712asif:SportsMediaAndEntertainmentMember2025-09-3000019187121261229 B.C. LTD., First lien senior secured loan2025-09-3000019187121261229 B.C. LTD., First lien senior secured notes2025-09-300001918712asif:A1261229B.C.LTD.Member2025-09-300001918712Alcami Corporation, First lien senior secured loan2025-09-300001918712Bamboo US BidCo LLC, First lien senior secured revolving loan2025-09-300001918712Bamboo US BidCo LLC, First lien senior secured loan 12025-09-300001918712Bamboo US BidCo LLC, First lien senior secured loan 22025-09-300001918712asif:BambooUSBidCoLLCMember2025-09-300001918712Cambrex Corporation, First lien senior secured revolving loan2025-09-300001918712Cambrex Corporation, First lien senior secured loan2025-09-300001918712asif:CambrexCorporationMember2025-09-300001918712Creek Parent, Inc. and Creek Feeder, L.P., First lien senior secured revolving loan2025-09-300001918712Creek Parent, Inc. and Creek Feeder, L.P., First lien senior secured loan2025-09-300001918712Creek Parent, Inc. and Creek Feeder, L.P., Limited partnership interest2025-09-300001918712asif:CreekParentInc.AndCreekFeederL.P.Member2025-09-300001918712Curium BidCo S.a r.l., First lien senior secured loan 12025-09-300001918712Curium BidCo S.a r.l., First lien senior secured loan 22025-09-300001918712asif:CuriumBidCoS.aR.l.Member2025-09-300001918712Grifols Worldwide Operations USA, Inc., First lien senior secured loan2025-09-300001918712Gula Buyer Inc. and Gula Co-Invest II, L.P., First lien senior secured loan2025-09-300001918712Gula Buyer Inc. and Gula Co-Invest II, L.P., Common units2025-09-300001918712asif:GulaBuyerInc.AndGulaCoInvestIIL.P.Member2025-09-300001918712Igea Bidco S.p.A., First lien senior secured notes2025-09-300001918712Solar Bidco Limited, First lien senior secured loan2025-09-300001918712WCG Purchaser Corp., First lien senior secured loan2025-09-300001918712WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., First lien senior secured loan2025-09-300001918712WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., Limited partnership interest2025-09-300001918712asif:WCIBXCPurchaserLLCAndWCIBXCInvestmentHoldingsL.P.Member2025-09-300001918712asif:PharmaceuticalsBiotechnologyAndLifeSciencesMember2025-09-300001918712BGI Purchaser, Inc., First lien senior secured revolving loan2025-09-300001918712BGI Purchaser, Inc., First lien senior secured loan2025-09-300001918712asif:BGIPurchaserIncMember2025-09-300001918712Blazing Star Parent, LLC, First lien senior secured loan2025-09-300001918712BR PJK Produce, LLC, First lien senior secured loan2025-09-300001918712BradyPlus Holdings, LLC, First lien senior secured loan2025-09-300001918712City Line Distributors LLC and City Line Investments LLC, First lien senior secured loan2025-09-300001918712City Line Distributors LLC and City Line Investments LLC, Class A units2025-09-300001918712asif:CityLineDistributorsLLCAndCityLineInvestmentsLLCMember2025-09-300001918712Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured revolving loan2025-09-300001918712Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured loan2025-09-300001918712Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, Limited partnership interest2025-09-300001918712asif:HillsDistributionInc.HillsIntermediateFTHoldingsLLCAndGMPHillsLPMember2025-09-300001918712LS Group Opco Acquisition LLC, First lien senior secured loan2025-09-300001918712Madison Safety & Flow LLC, First lien senior secured loan2025-09-300001918712Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP, First lien senior secured loan2025-09-300001918712Mountaineer Merger Corporation, First lien senior secured revolving loan2025-09-300001918712Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured revolving loan2025-09-300001918712Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan 12025-09-300001918712Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, Class B limited liability company interest2025-09-300001918712asif:MrGreensIntermediateLLCFloridaVegInvestmentsLLCMRGTexasLLCAndRestaurantProduceAndServicesBlockerLLCMember2025-09-300001918712Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc., First lien senior secured loan, 8.91%2025-09-300001918712Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc., Class B common stock, 8.00% PIK2025-09-300001918712asif:PhoenixYWBuyerInc.AndPhoenixYWParentInc.Member2025-09-300001918712Reddy Ice LLC, First lien senior secured revolving loan, 9.66%2025-09-300001918712Reddy Ice LLC, First lien senior secured revolving loan, 11.75%2025-09-300001918712asif:ReddyIceLLCMember2025-09-300001918712Royal Borrower, LLC and Royal Parent, LP, First lien senior secured revolving loan, 11.75%2025-09-300001918712Royal Borrower, LLC and Royal Parent, LP, First lien senior secured loan, 9.43%2025-09-300001918712Royal Borrower, LLC and Royal Parent, LP, Class A preferred units, 10.00% PIK2025-09-300001918712asif:RoyalBorrowerLLCAndRoyalParentLPMember2025-09-300001918712SCIH Salt Holdings Inc., First lien senior secured loan2025-09-300001918712VRS Buyer, Inc., First lien senior secured loan2025-09-300001918712Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured revolving loan2025-09-300001918712Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured loan2025-09-300001918712Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., Common units2025-09-300001918712asif:WorldwideProduceAcquisitionLLCAndREPWWPCoinvestIVLPMember2025-09-300001918712asif:ConsumerDistributionAndRetailMember2025-09-300001918712BNZ TopCo B.V., Senior subordinated loan2025-09-300001918712Calpine Corp, First lien senior secured loan 12025-09-300001918712Calpine Corp, First lien senior secured loan 22025-09-300001918712Calpine Corp, First lien senior secured loan 32025-09-300001918712asif:CalpineCorpMember2025-09-300001918712Cornerstone Generation, LLC, First lien senior secured loan2025-09-300001918712Dino BidCo S.p.A., Senior subordinated loan2025-09-300001918712EFS Cogen Holdings I LLC, First lien senior secured loan2025-09-300001918712Finco Utilitas BV, First lien senior secured loan2025-09-300001918712Hamilton Projects Acquiror, LLC, First lien senior secured loan 2025-09-300001918712South Field Energy LLC, First lien senior secured loan2025-09-300001918712Watt Holdco Limited, First lien senior secured loan 12025-09-300001918712Watt Holdco Limited, First lien senior secured loan 22025-09-300001918712asif:WattHoldcoLimitedMember2025-09-300001918712WIN Waste Innovations Holdings Inc., First lien senior secured loan2025-09-300001918712asif:IndependentPowerAndRenewableElectricityProducersMember2025-09-300001918712Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC, First lien senior secured revolving loan2025-09-300001918712Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC, First lien senior secured loan 12025-09-300001918712Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC, First lien senior secured loan 22025-09-300001918712Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC, Common units2025-09-300001918712asif:AdonisAcquisitionHoldingsLLCAndAdonisAcquisitionHoldingsParentLLCMember2025-09-300001918712Anchor Packaging, LLC, First lien senior secured loan2025-09-300001918712AP Adhesives Holdings, LLC, First lien senior secured loan2025-09-300001918712Berlin Packaging L.L.C., First lien senior secured loan2025-09-300001918712Bulab Holdings, Inc. and Buckman PPC Co-Invest LP, First lien senior secured loan 12025-09-300001918712Bulab Holdings, Inc. and Buckman PPC Co-Invest LP, First lien senior secured loan 22025-09-300001918712Bulab Holdings, Inc. and Buckman PPC Co-Invest LP, Limited partnership interest2025-09-300001918712asif:BulabHoldingsInc.AndBuckmanPPCCoInvestLPMember2025-09-300001918712BW Holding, Inc., First lien senior secured loan 12025-09-300001918712BW Holding, Inc., First lien senior secured loan 22025-09-300001918712asif:BWHoldingInc.Member2025-09-300001918712Charter Next Generation, Inc., First lien senior secured loan2025-09-300001918712Flexsys Cayman Holdings, LP, First lien senior secured loan 12025-09-300001918712Flexsys Cayman Holdings, LP, First lien senior secured loan 22025-09-300001918712asif:FlexsysCaymanHoldingsLPMember2025-09-300001918712IFCO Management GmbH, First lien senior secured loan2025-09-300001918712Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured revolving loan2025-09-300001918712Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured loan2025-09-300001918712Meyer Laboratory, LLC and Meyer Parent, LLC, Common units2025-09-300001918712asif:MeyerLaboratoryLLCAndMeyerParentLLCMember2025-09-300001918712NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, First lien senior secured revolving loan 12025-09-300001918712NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, First lien senior secured revolving loan 22025-09-300001918712NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, First lien senior secured loan2025-09-300001918712NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, Limited partnership interest2025-09-300001918712asif:NCPMSIBuyerInc.AndNCPMSICoInvestLPMember2025-09-300001918712Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation, First lien senior secured loan2025-09-300001918712Pregis TopCo LLC, First lien senior secured loan2025-09-300001918712Reagent Chemical & Research, LLC, First lien senior secured revolving loan2025-09-300001918712Reagent Chemical & Research, LLC, First lien senior secured loan2025-09-300001918712asif:ReagentChemicalResearchLLCMember2025-09-300001918712Ring Container Technologies Group, LLC, First lien senior secured loan2025-09-300001918712Sterilex LLC, First lien senior secured revolving loan2025-09-300001918712Sterilex LLC, First lien senior secured loan2025-09-300001918712asif:SterilexLLCMember2025-09-300001918712Trident TPI Holdings, Inc., First lien senior secured loan2025-09-300001918712USALCO, LLC, First lien senior secured loan2025-09-300001918712asif:MaterialsSectorMember2025-09-300001918712CPPIB OVM Member U.S. LLC, First lien senior secured loan2025-09-300001918712Enviva Inc., First lien senior secured loan2025-09-300001918712Freeport LNG investments, LLLP, First lien senior secured loan 12025-09-300001918712Freeport LNG investments, LLLP, First lien senior secured loan 22025-09-300001918712asif:FreeportLNGInvestmentsLLLPMember2025-09-300001918712HighPeak Energy, Inc., First lien senior secured loan2025-09-300001918712Oryx Midstream Services Permian Basin LLC, First lien senior secured loan2025-09-300001918712Par Petroleum LLC / Par Petroleum Finance Corp, First lien senior secured loan2025-09-300001918712Pasadena Performance Products, LLC, First lien senior secured loan2025-09-300001918712Phoenix Operating LLC, First lien senior secured loan2025-09-300001918712Prairie ECI Acquiror LP, First lien senior secured loan2025-09-300001918712TransMontaigne Operating Company L.P., First lien senior secured loan2025-09-300001918712WhiteWater Matterhorn Holdings, LLC, First lien senior secured loan2025-09-300001918712us-gaap:EnergySectorMember2025-09-300001918712First Student Bidco Inc., First lien senior secured loan2025-09-300001918712FTAI Infrastructure Inc. and FIP RR Holdings LLC, First lien senior secured loan2025-09-300001918712FTAI Infrastructure Inc. and FIP RR Holdings LLC, Series A preferred shares2025-09-300001918712FTAI Infrastructure Inc. and FIP RR Holdings LLC, Warrant to purchase common units2025-09-300001918712asif:FTAIInfrastructureInc.AndFIPRRHoldingsLLCMember2025-09-300001918712Nordic Ferry Infrastructure AS, Senior subordinated loan 12025-09-300001918712Nordic Ferry Infrastructure AS, Senior subordinated loan 22025-09-300001918712asif:NordicFerryInfrastructureASMember2025-09-300001918712Student Transportation of America, Inc., First lien senior secured loan2025-09-300001918712Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P., First lien senior secured revolving loan2025-09-300001918712Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P., First lien senior secured loan2025-09-300001918712Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P., Limited partnership interest2025-09-300001918712asif:ZeppelinUSBuyerInc.AndProvidenceEquityPartnersIXCL.P.Member2025-09-300001918712asif:TransportationMember2025-09-300001918712Badia Spices, LLC, First lien senior secured loan2025-09-300001918712Chobani, LLC, First lien senior secured loan2025-09-300001918712Demakes Enterprises, LLC, First lien senior secured loan2025-09-300001918712Forward Keystone Holdings, LP, Senior subordinated loan2025-09-300001918712Forward Keystone Holdings, LP, Common units2025-09-300001918712asif:ForwardKeystoneHoldingsLPMember2025-09-300001918712Froneri International Limited, First lien senior secured loan 12025-09-300001918712Froneri International Limited, First lien senior secured loan 22025-09-300001918712asif:FroneriInternationalLimitedMember2025-09-300001918712HBH Buyer, LLC, First lien senior secured revolving loan2025-09-300001918712HBH Buyer, LLC, First lien senior secured loan2025-09-300001918712asif:HBHBuyerLLCMember2025-09-300001918712RED SPV, LLC, First lien senior secured loan2025-09-300001918712Spindrift Beverage Co., Inc. and SBC Aggregator LP, First lien senior secured loan2025-09-300001918712Spindrift Beverage Co., Inc. and SBC Aggregator LP, Limited partnership units2025-09-300001918712asif:SpindriftBeverageCo.Inc.AndSBCAggregatorLPMember2025-09-300001918712Sugar PPC Buyer LLC, First lien senior secured loan2025-09-300001918712Supplying Demand, Inc., First lien senior secured revolving loan2025-09-300001918712Wilbur-Ellis Holdings II LLC, First lien senior secured revolving loan2025-09-300001918712us-gaap:FoodAndBeverageSectorMember2025-09-300001918712Clarios Global LP, First lien senior secured loan2025-09-300001918712Collision SP Subco, LLC, First lien senior secured revolving loan2025-09-300001918712Collision SP Subco, LLC, First lien senior secured loan2025-09-300001918712asif:CollisionSPSubcoLLCMember2025-09-300001918712Dynamo US Bidco Inc., First lien senior secured loan2025-09-300001918712New ChurcHill HoldCo LLC and Victory Topco, LP, First lien senior secured loan2025-09-300001918712New ChurcHill HoldCo LLC and Victory Topco, LP, Class A-2 common units2025-09-300001918712asif:NewChurcHillHoldCoLLCAndVictoryTopcoLPMember2025-09-300001918712Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured revolving loan 12025-09-300001918712Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured revolving loan 22025-09-300001918712Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured loan2025-09-300001918712Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, Limited partnership interests2025-09-300001918712asif:TelleTireAutoServiceLLCAndNextHorizonCapitalTireCoSPVLPMember2025-09-300001918712Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarience Technologies, LLC, First lien senior secured loan2025-09-300001918712Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarience Technologies, LLC, Class A common units2025-09-300001918712asif:TruckLiteCo.LLCEccoHoldingsCorp.AndClarienceTechnologiesLLCMember2025-09-300001918712Wand Newco 3, Inc., First lien senior secured loan2025-09-300001918712asif:AutomobilesAndComponentsSectorMember2025-09-300001918712Expereo USA, Inc. and Ristretto Bidco B.V., First lien senior secured loan2025-09-300001918712Infoblox Inc, First lien senior secured loan2025-09-300001918712Lumen Technologies, First lien senior secured loan 12025-09-300001918712Lumen Technologies, First lien senior secured loan 22025-09-300001918712Lumen Technologies, First lien senior secured loan 32025-09-300001918712asif:LumenTechnologiesMember2025-09-300001918712QualityTech, LP, First lien senior secured loan2025-09-300001918712Zayo Group Holdings, Inc., First lien senior secured loan2025-09-300001918712Zayo Group Holdings, Inc., Senior subordinated loan2025-09-300001918712asif:ZayoGroupHoldingsInc.Member2025-09-300001918712asif:TelecommunicationServicesMember2025-09-300001918712ACP Tara Holdings, Inc., First lien senior secured loan2025-09-300001918712Lavender Dutch BorrowerCo B.V., First lien senior secured loan2025-09-300001918712Opal US LLC, First lien senior secured loan2025-09-300001918712pH Beauty Holdings III, Inc., First lien senior secured loan2025-09-300001918712Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured revolving loan2025-09-300001918712Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan2025-09-300001918712Silk Holdings III Corp. and Silk Holdings I Corp., Common stock2025-09-300001918712asif:SilkHoldingsIIICorpAndSilkHoldingsICorpMember2025-09-300001918712TCI Buyer LLC and TCI Holdings, LP, First lien senior secured loan2025-09-300001918712TCI Buyer LLC and TCI Holdings, LP, Common stock2025-09-300001918712asif:TCIBuyerLLCAndTCIHoldingsLPMember2025-09-300001918712WU Holdco, Inc., First lien senior secured revolving loan2025-09-300001918712WU Holdco, Inc., First lien senior secured loan2025-09-300001918712asif:WUHoldcoInc.Member2025-09-300001918712asif:HouseholdAndPersonalProductsMember2025-09-300001918712Chariot Buyer LLC, First lien senior secured loan2025-09-300001918712ConnectWise, LLC, First lien senior secured loan2025-09-300001918712Cotiviti Holdings, Inc., First lien senior secured loan 12025-09-300001918712Cotiviti Holdings, Inc., First lien senior secured loan 22025-09-300001918712asif:CotivitiHoldingsInc.Member2025-09-300001918712Emerald Debt Merger Sub LLC, First lien senior secured loan 12025-09-300001918712Emerald Debt Merger Sub LLC, First lien senior secured loan 22025-09-300001918712asif:EmeraldDebtMergerSubLLCMember2025-09-300001918712Excelitas Technologies Corp., First lien senior secured loan2025-09-300001918712FL Hawk Intermediate Holdings, Inc., First lien senior secured loan2025-09-300001918712asif:TechnologyHardwareAndEquipmentMember2025-09-300001918712Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc., First lien senior secured revolving loan2025-09-300001918712Recess Holdings, Inc. First lien senior secured loan2025-09-300001918712Sport Maska Inc., First lien senior secured revolving loan 12025-09-300001918712Sport Maska Inc., First lien senior secured revolving loan 22025-09-300001918712Sport Maska Inc., First lien senior secured loan2025-09-300001918712asif:SportMaskaInc.Member2025-09-300001918712St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured revolving loan2025-09-300001918712St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 12025-09-300001918712St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 22025-09-300001918712asif:StAthenaGlobalLLCAndStAthenaGlobalHoldingsLimitedMember2025-09-300001918712Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP, First lien senior secured loan2025-09-300001918712asif:ConsumerDurablesAndApparelMember2025-09-300001918712FIC Matterhorn CF, LP and FIC Matterhorn CF Feeder, LP, Limited partnership interests 12025-09-300001918712FIC Matterhorn CF, LP and FIC Matterhorn CF Feeder, LP, Limited partnership interests 22025-09-300001918712asif:FICMatterhornCFLPAndFICMatterhornCFFeederLPMember2025-09-300001918712Venture Global Plaquemines Lng LLC, First lien senior secured loan 12025-09-300001918712Venture Global Plaquemines Lng LLC, First lien senior secured loan 22025-09-300001918712asif:VentureGlobalPlaqueminesLngLLCMember2025-09-300001918712asif:GasUtilitiesMember2025-09-300001918712Pallas Funding Trust No.2, Private asset-backed investment 12025-09-300001918712Pallas Funding Trust No.2, Private asset-backed investment 22025-09-300001918712asif:PallasFundingTrustNo.2Member2025-09-300001918712Pallas NZ Funding Trust No. 1, Private asset-backed investment2025-09-300001918712Quintain Investments Holdings Limited, Private asset-backed investment 12025-09-300001918712Quintain Investments Holdings Limited, Private asset-backed investment 22025-09-300001918712asif:QuintainInvestmentsHoldingsLimitedMember2025-09-300001918712asif:RealEstateManagementAndDevelopmentMember2025-09-300001918712£, Canadian Imperial Bank of Commerce 12025-09-300001918712€, Wells Fargo Bank, N.A. 12025-09-300001918712€, Canadian Imperial Bank of Commerce 12025-09-300001918712NOK, Wells Fargo Bank, N.A.2025-09-300001918712£, Canadian Imperial Bank of Commerce 22025-09-300001918712€, Wells Fargo Bank, N.A. 22025-09-300001918712£, Canadian Imperial Bank of Commerce 32025-09-300001918712£, Wells Fargo Bank, N.A. 12025-09-300001918712€, Canadian Imperial Bank of Commerce 22025-09-300001918712€, Canadian Imperial Bank of Commerce 32025-09-300001918712€, Wells Fargo Bank, N.A. 32025-09-300001918712£, Wells Fargo Bank, N.A. 22025-09-300001918712CAD, Canadian Imperial Bank of Commerce 12025-09-300001918712 CAD, Canadian Imperial Bank of Commerce 22025-09-300001918712£, Wells Fargo Bank, N.A. 32025-09-300001918712CAD, Canadian Imperial Bank of Commerce 32025-09-300001918712€, Wells Fargo Bank, N.A. 42025-09-300001918712£, Wells Fargo Bank, N.A. 42025-09-300001918712CAD, Wells Fargo Bank, N.A. 12025-09-300001918712€, Wells Fargo Bank, N.A. 52025-09-300001918712£, Canadian Imperial Bank of Commerce 42025-09-300001918712¥, Canadian Imperial Bank of Commerce2025-09-300001918712CAD, Canadian Imperial Bank of Commerce 42025-09-300001918712CAD, Canadian Imperial Bank of Commerce 52025-09-300001918712€, Canadian Imperial Bank of Commerce 42025-09-300001918712£, Wells Fargo Bank, N.A. 52025-09-300001918712 AUD , Wells Fargo Bank, N.A2025-09-300001918712£, Canadian Imperial Bank of Commerce 52025-09-300001918712CAD, Canadian Imperial Bank of Commerce 62025-09-300001918712£, Canadian Imperial Bank of Commerce 62025-09-300001918712€, Canadian Imperial Bank of Commerce 52025-09-300001918712€, Canadian Imperial Bank of Commerce 62025-09-300001918712NOK, Canadian Imperial Bank of Commerce2025-09-300001918712€, Canadian Imperial Bank of Commerce 72025-09-300001918712 NZD, Canadian Imperial Bank of Commerce 12025-09-300001918712€, Wells Fargo Bank, N.A. 62025-09-300001918712€, Canadian Imperial Bank of Commerce 82025-09-300001918712€, Canadian Imperial Bank of Commerce 92025-09-300001918712€, Wells Fargo Bank, N.A. 72025-09-300001918712€, Wells Fargo Bank, N.A. 82025-09-300001918712AUD, Canadian Imperial Bank of Commerce 12025-09-300001918712AUD, Canadian Imperial Bank of Commerce 22025-09-300001918712CAD, Wells Fargo Bank, N.A. 22025-09-300001918712£, Wells Fargo Bank, N.A. 62025-09-300001918712€, Wells Fargo Bank, N.A. 92025-09-300001918712GBP, Wells Fargo Bank, N.A.2025-09-300001918712AUD, Canadian Imperial Bank of Commerce 32025-09-300001918712£, Wells Fargo Bank, N.A. 72025-09-300001918712AUD, Canadian Imperial Bank of Commerce 42025-09-300001918712€, Canadian Imperial Bank of Commerce 102025-09-300001918712€, Canadian Imperial Bank of Commerce 112025-09-300001918712NZD, Canadian Imperial Bank of Commerce 22025-09-300001918712 NZD, Canadian Imperial Bank of Commerce 32025-09-300001918712 NZD, Canadian Imperial Bank of Commerce 42025-09-300001918712asif:March2028NotesMemberus-gaap:InterestRateSwapMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberasif:March2028NotesMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:March2028NotesMember2025-09-300001918712asif:September2028NotesMemberus-gaap:InterestRateSwapMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberasif:September2028NotesMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:September2028NotesMember2025-09-300001918712asif:January2029NotesMemberus-gaap:InterestRateSwapMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberasif:January2029NotesMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:January2029NotesMember2025-09-300001918712asif:August2029NotesMemberus-gaap:InterestRateSwapMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberasif:August2029NotesMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:August2029NotesMember2025-09-300001918712asif:February2030NotesMemberus-gaap:InterestRateSwapMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberasif:February2030NotesMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:February2030NotesMember2025-09-300001918712asif:September2030NotesMemberus-gaap:InterestRateSwapMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberasif:September2030NotesMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:September2030NotesMember2025-09-300001918712asif:January2031NotesMemberus-gaap:InterestRateSwapMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberasif:January2031NotesMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:January2031NotesMember2025-09-300001918712asif:March2032NotesMemberus-gaap:InterestRateSwapMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberasif:March2032NotesMember2025-09-300001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:March2032NotesMember2025-09-300001918712us-gaap:InterestRateSwapMember2025-09-300001918712Fitness 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Corp. and CrossPoint Capital AS SPV, LP, Limited partnership interests2024-12-310001918712asif:ActivateHoldingsUSCorp.AndCrossPointCapitalASSPVLPMember2024-12-310001918712AI Titan Parent, Inc., First lien senior secured loan2024-12-310001918712Applied Systems, Inc., First lien senior secured loan2024-12-310001918712Aptean, Inc. and Aptean Acquiror Inc., First lien senior secured loan2024-12-310001918712Artifact Bidco, Inc., First lien senior secured loan2024-12-310001918712Asurion, LLC., First lien senior secured loan 12024-12-310001918712Asurion, LLC., First lien senior secured loan 22024-12-310001918712asif:AsurionLLCMember2024-12-310001918712BCPE Pequod Buyer, Inc., First lien senior secured loan2024-12-310001918712BCTO Ignition Purchaser, Inc., First lien senior secured loan2024-12-310001918712BEP Intermediate Holdco, LLC, First lien senior secured loan2024-12-310001918712Bizzdesign Holding BV, First lien senior secured loan2024-12-310001918712Bobcat Purchaser, LLC and Bobcat Topco, L.P., First lien senior secured loan2024-12-310001918712Bobcat Purchaser, LLC and Bobcat Topco, L.P., Class A-1 units2024-12-310001918712asif:BobcatPurchaserLLCAndBobcatTopcoLPMember2024-12-310001918712Boost Newco Borrower, LLC, First lien senior secured loan2024-12-310001918712Cast & Crew LLC, First lien senior secured loan2024-12-310001918712CBTS Borrower, LLC and CBTS TopCo, L.P., First lien senior secured loan2024-12-310001918712CBTS Borrower, LLC and CBTS TopCo, L.P., Series A-2 preferred shares2024-12-310001918712asif:CBTSBorrowerLLCAndCBTSTopCoL.P.Member2024-12-310001918712CCC Intelligent Solutions Inc., First lien senior secured loan2024-12-310001918712Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured revolving loan2024-12-310001918712Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured loan2024-12-310001918712Centralsquare Technologies, LLC and Supermoose Newco, Inc., Series A preferred stock2024-12-310001918712asif:CentralsquareTechnologiesLLCAndSupermooseNewcoInc.Member2024-12-310001918712Cloud Software Group, Inc. and Picard Parent, Inc., First lien senior secured loan 12024-12-310001918712Cloud Software Group, Inc. and Picard Parent, Inc., First lien senior secured loan 22024-12-310001918712Cloud Software Group, Inc. and Picard Parent, Inc., First lien senior secured loan 32024-12-310001918712Cloud Software Group, Inc. and Picard Parent, Inc., Second lien senior secured notes2024-12-310001918712asif:CloudSoftwareGroupIncAndPicardParentIncMember2024-12-310001918712Conservice Midco, LLC, First lien senior secured loan2024-12-310001918712Conservice Midco, LLC, Second lien senior secured loan2024-12-310001918712asif:ConserviceMidcoLLCMember2024-12-310001918712Coupa Holdings, LLC and Coupa Software Incorporated, First lien senior secured loan2024-12-310001918712Databricks, Inc., First lien senior secured loan2024-12-310001918712Diligent Corporation, First lien senior secured revolving loan2024-12-310001918712Diligent Corporation, First lien senior secured loan2024-12-310001918712asif:DiligentCorporationMember2024-12-310001918712DriveCentric Holdings, LLC, First lien senior secured loan2024-12-310001918712Echo Purchaser, Inc., First lien senior secured revolving loan2024-12-310001918712Echo Purchaser, Inc., First lien senior secured loan2024-12-310001918712asif:EchoPurchaserInc.Member2024-12-310001918712ECi Macola/MAX Holding, LLC, First lien senior secured loan2024-12-310001918712Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., First lien senior secured loan2024-12-310001918712Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Preferred units2024-12-310001918712Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Class A common units2024-12-310001918712asif:EclipseTopcoInc.EclipseInvestorParentL.P.AndEclipseBuyerInc.Member2024-12-310001918712Edmunds Govtech, Inc., First lien senior secured revolving loan2024-12-310001918712Edmunds Govtech, Inc., First lien senior secured loan2024-12-310001918712asif:EdmundsGovtechInc.Member2024-12-310001918712Ensono, Inc., First lien senior secured loan2024-12-310001918712Epicor Software Corporation, First lien senior secured loan2024-12-310001918712eResearch Technology, Inc., First lien senior secured loan2024-12-310001918712eResearch Technology, Inc., Second lien senior secured loan2024-12-310001918712asif:EResearchTechnologyInc.Member2024-12-310001918712Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L., First lien senior secured loan2024-12-310001918712Genesys Cloud Services Holdings I, LLC, First lien senior secured loan2024-12-310001918712Guidepoint Security Holdings, LLC, First lien senior secured loan 12024-12-310001918712Guidepoint Security Holdings, LLC, First lien senior secured loan 22024-12-310001918712asif:GuidepointSecurityHoldingsLLCMember2024-12-310001918712Hakken Midco B.V., First lien senior secured loan2024-12-310001918712Hyland Software, Inc., First lien senior secured revolving loan2024-12-310001918712Hyland Software, Inc., First lien senior secured loan2024-12-310001918712asif:HylandSoftwareInc.Member2024-12-310001918712Icefall Parent, Inc., First lien senior secured loan2024-12-310001918712Idemia Group S.A.S., First lien senior secured loan2024-12-310001918712Idera, Inc., First lien senior secured loan2024-12-310001918712Imprivata, Inc., First lien senior secured loan2024-12-310001918712Inmar, Inc., First lien senior secured loan2024-12-310001918712Instructure Holdings, INC, First lien senior secured loan 12024-12-310001918712Instructure Holdings, INC., First lien senior secured loan 22024-12-310001918712asif:InstructureHoldingsINC.Member2024-12-310001918712Internet Truckstop Group LLC, First lien senior secured loan2024-12-310001918712Leia Finco US LLC, First lien senior secured loan2024-12-310001918712Leia Finco US LLC, Second lien senior secured loan2024-12-310001918712asif:LeiaFincoUSLLCMember2024-12-310001918712Magellan Topco, First lien senior secured loan2024-12-310001918712Marcel Bidco LLC, First lien senior secured loan2024-12-310001918712McAfee Corp., First lien senior secured loan2024-12-310001918712Mermaid Bidco Inc., First lien senior secured loan2024-12-310001918712Metatiedot Bidco OY and Metatiedot US, LLC, First lien senior secured revolving loan2024-12-310001918712Metatiedot Bidco OY and Metatiedot US, LLC, First lien senior secured loan 12024-12-310001918712Metatiedot Bidco OY and Metatiedot US, LLC, First lien senior secured loan 22024-12-310001918712asif:MetatiedotBidcoOYAndMetatiedotUSLLCMember2024-12-310001918712MH Sub I, LLC (Micro Holding Corp.), First lien senior secured loan 12024-12-310001918712MH Sub I, LLC (Micro Holding Corp.), First lien senior secured loan 22024-12-310001918712asif:MHSubILLCMicroHoldingCorp.Member2024-12-310001918712Mitchell International, Inc., First lien senior secured loan2024-12-310001918712Mitchell International, Inc., Second lien senior secured loan2024-12-310001918712asif:MitchellInternationalIncMember2024-12-310001918712Mosel Bidco SE, First lien senior secured loan2024-12-310001918712Netsmart, Inc. and Netsmart Technologies, Inc., First lien senior secured loan2024-12-310001918712North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 12024-12-310001918712North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 22024-12-310001918712North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 32024-12-310001918712North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 42024-12-310001918712asif:NorthStarAcquisitioncoLLCAndToucanBidcoLimitedMember2024-12-310001918712Open Text Corporation, First lien senior secured loan2024-12-310001918712Particle Luxembourg S.a.r.l., First lien senior secured loan2024-12-310001918712Planview Parent, Inc., First lien senior secured loan2024-12-310001918712Polaris Newco, LLC, First lien senior secured loan2024-12-310001918712Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., First lien senior secured loan 2024-12-310001918712Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., First lien senior secured loan 12024-12-310001918712asif:ProjectAlphaIntermediateHoldingInc.AndQlikParentInc.Member2024-12-310001918712Project Boost Purchaser, LLC, First lien senior secured loan 2024-12-310001918712Project Boost Purchaser, LLC, Second lien senior secured loan2024-12-310001918712asif:ProjectBoostPurchaserLLCMember2024-12-310001918712Proofpoint, Inc., First lien senior secured loan2024-12-310001918712PushPay USA Inc., First lien senior secured loan2024-12-310001918712QBS Parent, Inc., First lien senior secured loan2024-12-310001918712Qualtrics Acquireco, LLC, First lien senior secured loan2024-12-310001918712RealPage, Inc., First lien senior secured loan 12024-12-310001918712RealPage, Inc., First lien senior secured loan 22024-12-310001918712asif:RealPageInc.Member2024-12-310001918712Rocket Software, Inc., First lien senior secured loan2024-12-310001918712Runway Bidco, LLC, First lien senior secured loan2024-12-310001918712Sapphire Software Buyer, Inc., First lien senior secured loan2024-12-310001918712Sedgwick Claims Management Services, Inc., First lien senior secured loan2024-12-310001918712Severin Acquisition, LLC, First lien senior secured loan2024-12-310001918712Sophia, L.P., First lien senior secured loan2024-12-310001918712Sophia, L.P., Second lien senior secured loan2024-12-310001918712asif:SophiaLPMember2024-12-310001918712Spaceship Purchaser, Inc., First lien senior secured loan2024-12-310001918712Spark Purchaser, Inc., First lien senior secured loan2024-12-310001918712Superman Holdings, LLC., First lien senior secured loan2024-12-310001918712Tenable Holdings, Inc., First lien senior secured loan2024-12-310001918712Transit Technologies LLC., First lien senior secured loan2024-12-310001918712UserZoom Technologies, Inc., First lien senior secured loan2024-12-310001918712Vantage Data Centers Europe S.a r.l., Private asset-backed investment2024-12-310001918712Victors Purchaser, LLC and WP Victors Co-Investment, L.P., First lien senior secured revolving loan2024-12-310001918712Victors Purchaser, LLC and WP Victors Co-Investment, L.P., First lien senior secured loan2024-12-310001918712Victors Purchaser, LLC and WP Victors Co-Investment, L.P., Partnership units2024-12-310001918712asif:VictorsPurchaserLLCAndWPVictorsCoInvestmentL.P.Member2024-12-310001918712Viper Bidco, Inc., First lien senior secured loan 2024-12-310001918712Viper Bidco, Inc., First lien senior secured loan 12024-12-310001918712asif:ViperBidcoInc.Member2024-12-310001918712VS Buyer, LLC, First lien senior secured loan2024-12-310001918712Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured revolving loan2024-12-310001918712Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured loan2024-12-310001918712Wellington Bidco Inc. and Wellington TopCo LP, Class A-2 preferred units2024-12-310001918712asif:WellingtonBidcoInc.AndWellingtonTopCoLPMember2024-12-310001918712ZocDoc, Inc., First lien senior secured loan2024-12-310001918712Zuora, Inc., First lien senior secured loan2024-12-310001918712asif:SoftwareAndServicesMember2024-12-310001918712Aerin Medical Inc., First lien senior secured loan2024-12-310001918712Aerin Medical Inc., Series G preferred shares2024-12-310001918712asif:AerinMedicalInc.Member2024-12-310001918712Agiliti Health, Inc., First lien senior secured loan2024-12-310001918712Amerivet Partners Management, Inc. and AVE Holdings LP, Subordinated loan2024-12-310001918712Amerivet Partners Management, Inc. and AVE Holdings LP, Class C units2024-12-310001918712Amerivet Partners Management, Inc. and AVE Holdings LP, Class A units2024-12-310001918712asif:AmerivetPartnersManagementInc.AndAVEHoldingsLPMember2024-12-310001918712Amethyst Radiotherapy Group B.V., First lien senior secured loan2024-12-310001918712Artivion, Inc., First lien senior secured revolving loan2024-12-310001918712Artivion, Inc., First lien senior secured loan2024-12-310001918712asif:ArtivionInc.Member2024-12-310001918712athenahealth Group Inc., First lien senior secured loan2024-12-310001918712Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured revolving loan2024-12-310001918712Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured loan2024-12-310001918712asif:AvalignHoldingsInc.AndAvalignTechnologiesInc.Member2024-12-310001918712Bracket Intermediate Holding Corp., First lien senior secured loan2024-12-310001918712Charlotte Buyer, Inc., First lien senior secured loan2024-12-310001918712CNT Holdings I Corp, First lien senior secured loan2024-12-310001918712Confluent Medical Technologies, Inc., First lien senior secured loan2024-12-310001918712Cradle Lux Bidco S.A.R.L., First lien senior secured loan 2024-12-310001918712Cradle Lux Bidco S.A.R.L., First lien senior secured loan 12024-12-310001918712asif:CradleLuxBidcoS.A.R.L.Member2024-12-310001918712Electron Bidco Inc., First lien senior secured loan2024-12-310001918712Empower Payments Investor, LLC, First lien senior secured loan2024-12-310001918712Ensemble RCM, LLC, First lien senior secured loan2024-12-310001918712Envisage Management Ltd, First lien senior secured loan2024-12-310001918712Envisage Management Ltd, First lien senior secured loan 12024-12-310001918712asif:EnvisageManagementLtdMember2024-12-310001918712Financiere Mendel, First lien senior secured loan2024-12-310001918712Gainwell Acquisition Corp., First lien senior secured loan2024-12-310001918712Hanger, Inc., First lien senior secured loan2024-12-310001918712HuFriedy Group Acquisition LLC, First lien senior secured revolving loan2024-12-310001918712HuFriedy Group Acquisition LLC, First lien senior secured loan2024-12-310001918712asif:HuFriedyGroupAcquisitionLLCMember2024-12-310001918712Lifepoint Health Inc, First lien senior secured loan 2024-12-310001918712LivTech Purchaser, Inc., First lien senior secured loan 2024-12-310001918712Mamba Purchaser, Inc., First lien senior secured loan2024-12-310001918712Medline Borrower, LP, First lien senior secured loan 2024-12-310001918712Next Holdco, LLC, First lien senior secured loan2024-12-310001918712Nomi Health, Inc., First lien senior secured loan2024-12-310001918712Nomi Health, Inc., Warrant to purchase Series B preferred stock2024-12-310001918712Nomi Health, Inc., Warrant to purchase Class A common stock2024-12-310001918712asif:NomiHealthInc.Member2024-12-310001918712Option Care Health Inc, First lien senior secured loan2024-12-310001918712Paragon 28, Inc. and Paragon Advanced Technologies, Inc., First lien senior secured revolving loan2024-12-310001918712Paragon 28, Inc. and Paragon Advanced Technologies, Inc., First lien senior secured loan2024-12-310001918712asif:Paragon28Inc.AndParagonAdvancedTechnologiesInc.Member2024-12-310001918712PointClickCare Technologies Inc., First lien senior secured loan2024-12-310001918712Project Ruby Ultimate Parent Corp., First lien senior secured loan2024-12-310001918712Radnet Management, Inc., First lien senior secured loan2024-12-310001918712Raven Acquisition Holdings, LLC, First lien senior secured loan2024-12-310001918712RegionalCare Hospital Partners Holdings, Inc., First lien senior secured loan2024-12-310001918712Resonetics, LLC, First lien senior secured loan2024-12-310001918712Select Medical Corporation, First lien senior secured loan2024-12-310001918712Sharp Midco LLC, First lien senior secured loan2024-12-310001918712Sotera Health Holdings, LLC, First lien senior secured loan2024-12-310001918712Surgery Center Holdings, Inc., First lien senior secured loan2024-12-310001918712United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured revolving loan2024-12-310001918712United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured loan2024-12-310001918712United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, Class A interests2024-12-310001918712asif:UnitedDigestiveMSOParentLLCAndKolnCoInvestUnblockedLPMember2024-12-310001918712Viant Medical Holdings, Inc., First lien senior secured loan2024-12-310001918712Waystar Technologies, Inc., First lien senior secured loan2024-12-310001918712Zelis Cost Management Buyer, Inc., First lien senior secured loan2024-12-310001918712asif:HealthCareEquipmentAndServicesMember2024-12-310001918712AI Aqua Merger Sub, Inc., First lien senior secured loan 12024-12-310001918712AI Aqua Merger Sub, Inc., First lien senior secured loan 22024-12-310001918712asif:AIAquaMergerSubInc.Member2024-12-310001918712AIP RD Buyer Corp., First lien senior secured loan2024-12-310001918712Airx Climate Solutions, Inc., First lien senior secured loan2024-12-310001918712Airx Climate Solutions, Inc., First lien senior secured loan 12024-12-310001918712asif:AirxClimateSolutionsInc.Member2024-12-310001918712Alliance Laundry Systems LLC., First lien senior secured loan2024-12-310001918712ArchKey Holdings Inc., First lien senior secured loan2024-12-310001918712Artera Services, LLC, First lien senior secured loan2024-12-310001918712BCPE Empire Holdings, Inc., First lien senior secured loan2024-12-310001918712BGIF IV Fearless Utility Services, Inc.,First lien senior secured revolving loan2024-12-310001918712BGIF IV Fearless Utility Services, Inc., First lien senior secured loan2024-12-310001918712asif:BGIFIVFearlessUtilityServicesInc.Member2024-12-310001918712Bleriot US Bidco Inc., First lien senior secured loan 2024-12-310001918712Brown Group Holding, LLC, First lien senior secured loan 2024-12-310001918712Burgess Point Purchaser Corporation, First lien senior secured loan2024-12-310001918712Chart Industries, Inc., First lien senior secured loan2024-12-310001918712Chillaton Bidco Limited, First lien senior secured loan2024-12-310001918712CP Atlas Buyer Inc, First lien senior secured loan2024-12-310001918712CPIG Holdco Inc., First lien senior secured revolving loan2024-12-310001918712CPIG Holdco Inc., First lien senior secured loan2024-12-310001918712asif:CPIGHoldcoIncMember2024-12-310001918712Crown Equipment Corporation, First lien senior secured loan2024-12-310001918712Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc., First lien senior secured loan2024-12-310001918712Dynasty Acquisition Co., Inc., First lien senior secured loan2024-12-310001918712FCG Acquisitions, Inc., First lien senior secured loan2024-12-310001918712Gates Global LLC, First lien senior secured loan2024-12-310001918712Generator US Buyer, Inc., First lien senior secured loan 12024-12-310001918712Generator US Buyer, Inc., First lien senior secured loan 22024-12-310001918712Generator US Buyer, Inc., First lien senior secured loan 32024-12-310001918712asif:GeneratorUSBuyerInc.Member2024-12-310001918712GSV Purchaser, Inc., First lien senior secured loan2024-12-310001918712Helix Acquisition Holdings, Inc., First lien senior secured loan2024-12-310001918712HPCC Parent, Inc. and Patriot Container Corp., First lien senior secured loan2024-12-310001918712HPCC Parent, Inc. and Patriot Container Corp., Common stock2024-12-310001918712asif:HPCCParentInc.AndPatriotContainerCorp.Member2024-12-310001918712Husky Injection Molding Systems Ltd., First lien senior secured loan2024-12-310001918712John Bean Technologies Corporation, First lien senior secured loan2024-12-310001918712Johnstone Supply, LLC, First lien senior secured loan2024-12-310001918712Kaman Corporation, First lien senior secured loan2024-12-310001918712Kodiak BP, LLC, First lien senior secured loan2024-12-310001918712LBM Acquisition LLC, First lien senior secured loan 12024-12-310001918712LBM Acquisition LLC, First lien senior secured loan 22024-12-310001918712asif:LBMAcquisitionLLCMember2024-12-310001918712OPH NEP Investment, LLC, Senior subordinated loan2024-12-310001918712OPH NEP Investment, LLC, Class B common units2024-12-310001918712asif:OPHNEPInvestmentLLCMember2024-12-310001918712Paris US Holdco, Inc. & 1001028292 Ontario Inc., First lien senior secured loan2024-12-310001918712Pike Corporation, First lien senior secured loan2024-12-310001918712Propulsion (BC) Newco LLC, First lien senior secured loan2024-12-310001918712Signia Aerospace, LLC, First lien senior secured loan2024-12-310001918712Specialty Building Products Holdings, LLC, First lien senior secured loan2024-12-310001918712SPX Flow, Inc., First lien senior secured loan2024-12-310001918712Star US Bidco LLC, First lien senior secured loan2024-12-310001918712Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., First lien senior secured loan2024-12-310001918712Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., Series A common units2024-12-310001918712asif:SunvairAerospaceGroupInc.AndGBHeliosHoldingsL.PMember2024-12-310001918712TransDigm Inc., First lien senior secured loan 12024-12-310001918712TransDigm Inc., First lien senior secured loan 22024-12-310001918712TransDigm Inc., First lien senior secured loan 32024-12-310001918712asif:TransDigmIncMember2024-12-310001918712Verde Purchaser LLC, First lien senior secured loan2024-12-310001918712Victory Buyer LLC, First lien senior secured loan 2024-12-310001918712WEC US Holdings Ltd., First lien senior secured loan2024-12-310001918712White Cap Supply Holdings, LLC, First lien senior secured loan2024-12-310001918712asif:CapitalGoodsMember2024-12-310001918712Alterra Mountain Company, First lien senior secured loan 12024-12-310001918712Alterra Mountain Company, First lien senior secured loan 22024-12-310001918712asif:AlterraMountainCompanyMember2024-12-310001918712Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan2024-12-310001918712Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured loan2024-12-310001918712Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, Series B common units2024-12-310001918712asif:ApexServicePartnersLLCAndApexServicePartnersHoldingsLLCMember2024-12-310001918712Belfor Holdings, Inc., First lien senior secured loan2024-12-310001918712Belron Finance US LLC, First lien senior secured loan2024-12-310001918712Bulldog Purchaser Inc., First lien senior secured loan 12024-12-310001918712Bulldog Purchaser Inc., First lien senior secured loan 22024-12-310001918712asif:BulldogPurchaserInc.Member2024-12-310001918712Bumble Bidco Limited, First lien senior secured loan2024-12-310001918712Caesars Entertainment Inc, First lien senior secured loan 12024-12-310001918712Caesars Entertainment Inc, First lien senior secured loan 22024-12-310001918712asif:CaesarsEntertainmentIncMember2024-12-310001918712Century De Buyer LLC, First lien senior secured loan2024-12-310001918712ClubCorp Holdings, Inc., First lien senior secured loan2024-12-310001918712Davidson Hotel Company LLC, First lien senior secured revolving loan2024-12-310001918712Davidson Hotel Company LLC, First lien senior secured loan 2024-12-310001918712asif:DavidsonHotelCompanyLLCMember2024-12-310001918712Equinox Holdings, Inc., First lien senior secured loan2024-12-310001918712Equinox Holdings, Inc., Second lien senior secured loan2024-12-310001918712asif:EquinoxHoldingsInc.Member2024-12-310001918712Eternal Aus Bidco Pty Ltd, First lien senior secured loan2024-12-310001918712Excel Fitness Consolidator LLC, First lien senior secured loan2024-12-310001918712Fertitta Entertainment, LLC, First lien senior secured loan2024-12-310001918712Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured revolving loan2024-12-310001918712Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured loan2024-12-310001918712Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, Common units2024-12-310001918712asif:FitnessVenturesHoldingsInc.AndMeaningfulPartnersFitnessVenturesCoInvestmentLPMember2024-12-310001918712Flint OpCo, LLC, First lien senior secured loan 2024-12-310001918712Golden State Foods LLC, First lien senior secured loan2024-12-310001918712GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured loan2024-12-310001918712GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, Class A common units2024-12-310001918712asif:GSSEERGroupBorrowerLLCAndGSSEERGroupHoldingsLLCMember2024-12-310001918712Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured revolving loan2024-12-310001918712Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan 12024-12-310001918712Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan 22024-12-310001918712asif:HeliosServicePartnersLLCAndAstraServicePartnersLLCMember2024-12-310001918712Horizon US Finco, L.P., First lien senior secured loan2024-12-310001918712IFH Franchisee Holdings, LLC, First lien senior secured revolving loan2024-12-310001918712IFH Franchisee Holdings, LLC, First lien senior secured loan2024-12-310001918712asif:IFHFranchiseeHoldingsLLCMember2024-12-310001918712Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured revolving loan2024-12-310001918712Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 12024-12-310001918712Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 22024-12-310001918712Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 32024-12-310001918712Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., Class A units2024-12-310001918712asif:InfinityHomeServicesHoldCoInc.DSAmalcoAndIHSParentHoldingsL.P.Member2024-12-310001918712IRB Holding Corp., First lien senior secured loan2024-12-310001918712KUEHG Corp, First lien senior secured loan2024-12-310001918712Learning Care Group (US) No. 2 Inc., First lien senior secured loan2024-12-310001918712Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan2024-12-310001918712Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., Limited partnership interests2024-12-310001918712asif:LeviathanIntermediateHoldcoLLCAndLeviathanHoldingsLPMember2024-12-310001918712Life Time Fitness Inc, First lien senior secured loan2024-12-310001918712Mister Car Wash Holdings, Inc., First lien senior secured loan2024-12-310001918712Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured loan 12024-12-310001918712Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured loan 22024-12-310001918712Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., Class A preferred units2024-12-310001918712Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., Class B common units2024-12-310001918712asif:MustangProspectsHoldcoLLCMustangProspectsPurchaserLLCAndSenskeAcquisitionInc.Member2024-12-310001918712Nord Anglia, First lien senior secured loan2024-12-310001918712North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured revolving loan2024-12-310001918712North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured loan 12024-12-310001918712North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured loan 22024-12-310001918712asif:NorthHavenFairwayBuyerLLCFairwayLawnsLLCAndCommandPestControlLLCMember2024-12-310001918712Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured revolving loan2024-12-310001918712Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan2024-12-310001918712Northwinds Holding, Inc. and Northwinds Services Group LLC, Common units2024-12-310001918712asif:NorthwindsHoldingIncAndNorthwindsServicesGroupLLCMember2024-12-310001918712PCI Gaming Authority, First lien senior secured loan2024-12-310001918712PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan 12024-12-310001918712PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan 22024-12-310001918712PestCo Holdings, LLC and PestCo, LLC, Class A units2024-12-310001918712asif:PestCoHoldingsLLCAndPestCoLLCMember2024-12-310001918712PG Investment Company 59 S.a r.l., First lien senior secured loan2024-12-310001918712Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., First lien senior secured revolving loan2024-12-310001918712Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., First lien senior secured loan2024-12-310001918712Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., Common stock2024-12-310001918712asif:PinnacleMEPIntermediateHoldcoLLCAndBPCPPinnacleHoldingsInc.Member2024-12-310001918712Premiere Buyer, LLC, First lien senior secured loan2024-12-310001918712Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., First lien senior secured loan2024-12-310001918712Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., Limited partnership interests2024-12-310001918712asif:QuickQuackCarWashHoldingsLLCAndKKRGameChangerCoInvestFeederIIL.P.Member2024-12-310001918712Radiant Intermediate Holding, LLC, First lien senior secured loan2024-12-310001918712Service Logic Acquisition, Inc. and MSHC, Inc., First lien senior secured loan2024-12-310001918712Station Casinos LLC, First lien senior secured loan2024-12-310001918712University Support Services LLC, First lien senior secured loan2024-12-310001918712Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured revolving loan2024-12-310001918712Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 12024-12-310001918712Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 22024-12-310001918712Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, Class B common units2024-12-310001918712asif:VertexServicePartnersLLCAndVertexServicePartnersHoldingsLLCMember2024-12-310001918712Whatabrands LLC, First lien senior secured loan2024-12-310001918712Wrench Group LLC, First lien senior secured loan2024-12-310001918712asif:ConsumerServicesMember2024-12-310001918712Aldinger Company Inc, First lien senior secured loan2024-12-310001918712AlixPartners, LLP, First lien senior secured loan2024-12-310001918712AMCP Clean Acquisition Company, LLC, First lien senior secured loan2024-12-310001918712AmSpec Parent, LLC, First lien senior secured loan2024-12-310001918712Ankura Consulting Group, LLC, First lien senior secured loan2024-12-310001918712Celnor Group Limited, First lien senior secured loan2024-12-310001918712Corporation Service Company, First lien senior secured loan2024-12-310001918712Dorado Bidco, Inc., First lien senior secured revolving loan2024-12-310001918712Dorado Bidco, Inc., First lien senior secured loan2024-12-310001918712asif:DoradoBidcoInc.Member2024-12-310001918712DP Flores Holdings, LLC, First lien senior secured loan2024-12-310001918712Drogon Bidco Inc. & Drogon Aggregator LP, First lien senior secured loan2024-12-310001918712Drogon Bidco Inc. & Drogon Aggregator LP, Class A-2 common units2024-12-310001918712asif:DrogonBidcoInc.DrogonAggregatorLPMember2024-12-310001918712Dun & Bradstreet Corporation, First lien senior secured loan2024-12-310001918712Duraserv LLC, First lien senior secured loan2024-12-310001918712Eagle Parent Corp., First lien senior secured loan2024-12-310001918712FlyWheel Acquireco, Inc., First lien senior secured revolving loan2024-12-310001918712FlyWheel Acquireco, Inc., First lien senior secured loan2024-12-310001918712asif:FlyWheelAcquirecoInc.Member2024-12-310001918712GCM HVAC Holdco, LLC and GCM HVAC Topco, LLC, Private asset backed investment2024-12-310001918712GCM HVAC Holdco, LLC and GCM HVAC Topco, LLC, Private asset backed investment 12024-12-310001918712asif:GCMHVACHoldcoLLCAndGCMHVACTopcoLLCMember2024-12-310001918712GFL Environmental Inc., First lien senior secured loan 2024-12-310001918712Grant Thornton Advisors LLC, First lien senior secured loan 12024-12-310001918712Grant Thornton Advisors LLC, First lien senior secured loan 22024-12-310001918712asif:GrantThorntonAdvisorsLLCMember2024-12-310001918712HP RSS Buyer, Inc., First lien senior secured loan 2024-12-310001918712HP RSS Buyer, Inc., First lien senior secured loan 12024-12-310001918712asif:HPRSSBuyerInc.Member2024-12-310001918712Indigo Acquisition B.V., First lien senior secured loan 12024-12-310001918712Indigo Acquisition B.V., First lien senior secured loan 22024-12-310001918712asif:IndigoAcquisitionB.V.Member2024-12-310001918712ISolved, Inc., First lien senior secured loan2024-12-310001918712Kings Buyer, LLC, First lien senior secured revolving loan2024-12-310001918712Kings Buyer, LLC, First lien senior secured loan2024-12-310001918712asif:KingsBuyerLLCMember2024-12-310001918712KPS Global LLC and Cool Group LLC, First lien senior secured loan2024-12-310001918712LABL, Inc., First lien senior secured loan2024-12-310001918712LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, First lien senior secured loan2024-12-310001918712LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, Class A common units2024-12-310001918712asif:LBCWoodlandsPurchaserLLCAndLBCWoodlandsHoldingsLPMember2024-12-310001918712Lightbeam Bidco, Inc., First lien senior secured revolving loan2024-12-310001918712Lightbeam Bidco, Inc., First lien senior secured loan2024-12-310001918712asif:LightbeamBidcoIncMember2024-12-310001918712Motus LLC, First lien senior secured loan2024-12-310001918712North Haven Stack Buyer, LLC, First lien senior secured loan 12024-12-310001918712North Haven Stack Buyer, LLC, First lien senior secured loan 22024-12-310001918712asif:NorthHavenStackBuyerLLCMember2024-12-310001918712Omnia Partners, LLC, First lien senior secured loan2024-12-310001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured revolving loan 12024-12-310001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured revolving loan 22024-12-310001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 12024-12-310001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 22024-12-310001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase Class A common units 12024-12-310001918712Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase Class A common units 22024-12-310001918712asif:PriorityWasteHoldingsLLCPriorityWasteHoldingsIndianaLLCAndPriorityWasteSuperHoldingsLLCMember2024-12-310001918712PSC Parent, Inc., First lien senior secured revolving loan 12024-12-310001918712PSC Parent, Inc., First lien senior secured loan2024-12-310001918712asif:PSCParentInc.Member2024-12-310001918712PYE-Barker Fire & Safety, LLC, First lien senior secured revolving loan2024-12-310001918712PYE-Barker Fire & Safety, LLC, First lien senior secured loan2024-12-310001918712asif:PYEBarkerFireSafetyLLCMember2024-12-310001918712Saturn Purchaser Corp., First lien senior secured loan2024-12-310001918712SV Newco 2, Inc., First lien senior secured loan2024-12-310001918712SV Newco 2, Inc, First lien senior secured loan 2024-12-310001918712asif:SVNewco2Inc.Member2024-12-310001918712Tempo Acquisition, LLC, First lien senior secured loan 2024-12-310001918712Teneo Holdings LLC, First lien senior secured loan 2024-12-310001918712The Hiller Companies, LLC, First lien senior secured revolving loan2024-12-310001918712The Hiller Companies, LLC ,First lien senior secured loan2024-12-310001918712asif:TheHillerCompaniesLLCMember2024-12-310001918712Thevelia (US) LLC, First lien senior secured loan2024-12-310001918712Trans Union LLC, First lien senior secured loan2024-12-310001918712TSS Buyer, LLC ,First lien senior secured loan2024-12-310001918712UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured revolving loan2024-12-310001918712UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured loan2024-12-310001918712UP Intermediate II LLC and UPBW Blocker LLC, Common units 12024-12-310001918712UP Intermediate II LLC and UPBW Blocker LLC, Common units 22024-12-310001918712asif:UPIntermediateIILLCAndUPBWBlockerLLCMember2024-12-310001918712W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured revolving loan 2024-12-310001918712W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured loan2024-12-310001918712W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A preferred units2024-12-310001918712W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A common units2024-12-310001918712asif:W.S.ConnellyCo.LLCAndWSCUltimateHoldingsLLCMember2024-12-310001918712Xplor T1, LLC, First lien senior secured loan2024-12-310001918712Zinc Buyer Corporation, First lien senior secured loan2024-12-310001918712asif:CommercialAndProfessionalServicesMember2024-12-310001918712Aduro Advisors, LLC, First lien senior secured loan2024-12-310001918712Cannon Bridge Designated Activity Company, Private asset-backed investment 12024-12-310001918712Cannon Bridge Designated Activity Company, Private asset-backed investment 22024-12-310001918712Cannon Bridge Designated Activity Company, Private asset-backed investment 32024-12-310001918712Cannon Bridge Designated Activity Company, Private asset-backed investment 42024-12-310001918712asif:CannonBridgeDesignatedActivityCompanyMember2024-12-310001918712Cezanne Bidco , First lien senior secured loan 2024-12-310001918712Cliffwater LLC , First lien senior secured loan 2024-12-310001918712Corient Holdings, Inc., Series A preferred stock2024-12-310001918712CPI Holdco B, LLC, First lien senior secured loan 12024-12-310001918712CPI Holdco B, LLC, First lien senior secured loan 22024-12-310001918712asif:CPIHoldcoBLLCMember2024-12-310001918712Endeavor Bidco LLC and Endeavor TopCo, Inc., First lien senior secured loan2024-12-310001918712Endeavor Bidco LLC and Endeavor TopCo, Inc., Class A common units2024-12-310001918712asif:EndeavorBidcoLLCAndEndeavorTopCoInc.Member2024-12-310001918712Focus Financial Partners, LLC, First lien senior secured loan 2024-12-310001918712GC Waves Holdings, Inc., First lien senior secured loan 2024-12-310001918712Gen II Fund Services, LLC,First lien senior secured loan 2024-12-310001918712GTCR F Buyer Corp. and GTCR (D) Investors LP, First lien senior secured loan 2024-12-310001918712GTCR F Buyer Corp. and GTCR (D) Investors LP, Limited partnership interests2024-12-310001918712asif:GTCRFBuyerCorpAndGTCRDInvestorsLPMember2024-12-310001918712Harbourvest Global Private Equity Limited, Private asset-backed investment2024-12-310001918712HighTower Holding, LLC, First lien senior secured loan2024-12-310001918712HV Chimera LLC, Private asset-backed investment2024-12-310001918712Isthmus Capital LLC, Private asset-backed investment 12024-12-310001918712Isthmus Capital LLC, Private asset-backed investment 22024-12-310001918712asif:IsthmusCapitalLLCMember2024-12-310001918712Jefferies Finance LLC,First lien senior secured loan 2024-12-310001918712Kestra Advisor Services Holdings A, Inc.,First lien senior secured loan 2024-12-310001918712Lernen Bidco Limited,First lien senior secured loan 2024-12-310001918712Loire UK Midco 3 Limited, First lien senior secured loan 12024-12-310001918712Loire UK Midco 3 Limited, First lien senior secured loan 22024-12-310001918712asif:LoireUKMidco3LimitedMember2024-12-310001918712Mai Capital Management Intermediate LLC, First lien senior secured revolving loan 2024-12-310001918712Mai Capital Management Intermediate LLC, First lien senior secured loan 2024-12-310001918712asif:MaiCapitalManagementIntermediateLLCMember2024-12-310001918712Mariner Wealth Advisors, LLC, First lien senior secured loan 2024-12-310001918712Mars Downstop Loan Purchaser Trust, Private asset-backed investment2024-12-310001918712Monroe Capital Income Plus Corporation, Corporate bond2024-12-310001918712MSD Investment Corp., Corporate bond2024-12-310001918712Nexus Buyer LLC, First lien senior secured loan2024-12-310001918712Nuvei Technologies Corp., First lien senior secured loan2024-12-310001918712Paint Intermediate III, LLC, First lien senior secured loan2024-12-310001918712Parexel International Inc., First lien senior secured loan2024-12-310001918712Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 12024-12-310001918712Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 22024-12-310001918712Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., Limited partnership interests2024-12-310001918712asif:PathstoneFamilyOfficeLLCAndKelsoXITailwindCoInvestmentLPMember2024-12-310001918712PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, First lien senior secured loan2024-12-310001918712PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, Preferred units2024-12-310001918712asif:PCIASPV3LLCAndASERoyalAggregatorLLCMember2024-12-310001918712PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured revolving loan2024-12-310001918712PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured loan 12024-12-310001918712PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured loan 22024-12-310001918712PCS MidCo, Inc. and PCS Parent, L.P., Class A units2024-12-310001918712asif:PCSMidCoInc.AndPCSParentL.P.Member2024-12-310001918712RFS Opco LLC, First lien senior secured loan2024-12-310001918712RWA Wealth Partners, LLC, First lien senior secured loan 12024-12-310001918712RWA Wealth Partners, LLC, First lien senior secured loan 22024-12-310001918712asif:RWAWealthPartnersLLCMember2024-12-310001918712 Stepstone Group MidCo 2 GmbH, The, First lien senior secured loan2024-12-310001918712Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured loan2024-12-310001918712Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured loan 22024-12-310001918712asif:StewardPartnersGlobalAdvisoryLLCAndStewardPartnersInvestmentAdvisoryLLCMember2024-12-310001918712Summit Acquisition Inc., First lien senior secured loan2024-12-310001918712Sunbit Receivables Trust IV, Private asset-backed investment2024-12-310001918712Surf Holdings S.a r.l., First lien senior secured loan2024-12-310001918712The Edelman Financial Center, LLC, First lien senior secured loan2024-12-310001918712The Edelman Financial Center, LLC, Second lien senior secured loan2024-12-310001918712asif:TheEdelmanFinancialCenterLLCMember2024-12-310001918712TPG IX Cardiff CI II, L.P., Limited partnership interest2024-12-310001918712 Trinity Capital Inc, Corporate bond2024-12-310001918712Wellington-Altus Financial Inc., First lien senior secured loan2024-12-310001918712Wellington-Altus Financial Inc., Common stock2024-12-310001918712asif:WellingtonAltusFinancialInc.Member2024-12-310001918712Zelis Payments Buyer, Inc., First lien senior secured loan2024-12-310001918712us-gaap:FinancialServicesSectorMember2024-12-310001918712Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 2024-12-310001918712Acrisure, LLC, First lien senior secured loan 12024-12-310001918712Acrisure, LLC, First lien senior secured loan 22024-12-310001918712asif:AcrisureLLCMember2024-12-310001918712Alliant Holdings Intermediate, LLC, First lien senior secured loan2024-12-310001918712AMWINS Group, Inc., First lien senior secured loan2024-12-310001918712AssuredPartners, Inc., First lien senior secured loan2024-12-310001918712Broadstreet Partners, Inc., First lien senior secured loan2024-12-310001918712Cross Financial Corp., First lien senior secured loan2024-12-310001918712Diamond Mezzanine 24 LLC, First lien senior secured revolving loan2024-12-310001918712Diamond Mezzanine 24 LLC, First lien senior secured loan2024-12-310001918712asif:DiamondMezzanine24LLCMember2024-12-310001918712DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, First lien senior secured loan 2024-12-310001918712DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, Limited partnership interests2024-12-310001918712asif:DOXAInsuranceHoldingsLLCAndRocketCoInvestSLPMember2024-12-310001918712Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc., First lien senior secured loan2024-12-310001918712Goosehead Insurance Holdings, LLC, First lien senior secured loan 2024-12-310001918712HIG Finance 2 Limited, First lien senior secured loan2024-12-310001918712 Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., First lien senior secured loan 12024-12-310001918712 Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., First lien senior secured loan 22024-12-310001918712 Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., Series A preferred shares2024-12-310001918712asif:HigginbothamInsuranceAgencyInc.Member2024-12-310001918712Hub International Limited, First lien senior secured loan2024-12-310001918712 Hyperion Refinance S.a.r.l., First lien senior secured loan2024-12-310001918712Keystone Agency Partners LLC, First lien senior secured revolving loan2024-12-310001918712Keystone Agency Partners LLC, First lien senior secured loan2024-12-310001918712asif:KeystoneAgencyPartnersLLCMember2024-12-310001918712OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured revolving loan2024-12-310001918712OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured loan2024-12-310001918712OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, Class A2 units2024-12-310001918712asif:OakBridgeInsuranceAgencyLLCAndMapleAcquisitionHoldingsLPMember2024-12-310001918712OneDigital Borrower LLC, First lien senior secured loan2024-12-310001918712Ryan Specialty Group, LLC, First lien senior secured loan2024-12-310001918712SIG Parent Holdings, LLC, First lien senior secured loan2024-12-310001918712USI, Inc., First lien senior secured loan 12024-12-310001918712USI, Inc., First lien senior secured loan 22024-12-310001918712asif:USIIncMember2024-12-310001918712World Insurance Associates, LLC and World Associates Holdings, LLC, First lien senior secured loan2024-12-310001918712us-gaap:InsuranceSectorMember2024-12-31000191871222 HoldCo Limited, Senior subordinated loan2024-12-3100019187123 Step Sports LLC, First lien senior secured loan2024-12-310001918712Broadcast Music, Inc., First lien senior secured loan2024-12-310001918712CFC Funding LLC, Loan instrument units2024-12-310001918712Charter Communications Operating, LLC, First lien senior secured loan2024-12-310001918712Creative Artists Agency, LLC, First lien senior secured loan 2024-12-310001918712Dundee Eros, LP, Limited partnership interest 2024-12-310001918712Fever Labs, Inc., First lien senior secured revolving loan2024-12-310001918712Fever Labs, Inc., First lien senior secured loan2024-12-310001918712Fever Labs, Inc., Series E-5 Convertible Shares2024-12-310001918712asif:FeverLabsInc.Member2024-12-310001918712 FinEquity Holdings, LLC, Class A common interest 12024-12-310001918712 FinEquity Holdings, LLC, Class A common interest 22024-12-310001918712 FinEquity Holdings, LLC, Class A common interest 32024-12-310001918712asif:FinEquityHoldingsLLCMember2024-12-310001918712Global Music Rights, LLC, First lien senior secured revolving loan2024-12-310001918712Global Music Rights, LLC, First lien senior secured loan2024-12-310001918712asif:GlobalMusicRightsLLCMember2024-12-310001918712League One Volleyball, Inc., Series B preferred stock2024-12-310001918712League One Volleyball, Inc., Series C preferred stock2024-12-310001918712asif:LeagueOneVolleyballInc.Member2024-12-310001918712Legends Hospitality Holding Company, LLC and ASM Buyer, Inc., First lien senior secured revolving loan2024-12-310001918712Legends Hospitality Holding Company, LLC and ASM Buyer, Inc., First lien senior secured loan2024-12-310001918712asif:LegendsHospitalityHoldingCompanyLLCAndASMBuyerInc.Member2024-12-310001918712LiveBarn Inc., Middle preferred shares2024-12-310001918712NEP Group, Inc., First lien senior secured loan 12024-12-310001918712NEP Group, Inc., First lien senior secured loan 22024-12-310001918712asif:NEPGroupInc.Member2024-12-310001918712Orange Barrel Media, LLC/IKE Smart City, LLC, Private asset-backed investment2024-12-310001918712Orange Barrel Media, LLC/IKE Smart City, LLC, Private asset-backed investment 22024-12-310001918712asif:OrangeBarrelMediaLLCIKESmartCityLLCMember2024-12-310001918712OVG Business Services, LLC, First lien senior secured loan2024-12-310001918712Quartz Holding Company, First lien senior secured loan2024-12-310001918712Sandlot Action Sports, LLC, Common units2024-12-310001918712South Florida Motorsports, LLC, Class A common interest2024-12-310001918712Summer (BC) Bidco B LLC, First lien senior secured loan 12024-12-310001918712Summer (BC) Bidco B LLC, First lien senior secured loan 22024-12-310001918712asif:SummerBCBidcoBLLCMember2024-12-310001918712United Talent Agency LLC, First lien senior secured loan2024-12-310001918712WideOpenWest Finance, LLC, First lien senior secured loan2024-12-310001918712William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), First lien senior secured loan2024-12-310001918712WRE Sports Investments LLC, First lien senior secured loan2024-12-310001918712Zuffa Guarantor LLC, First lien senior secured loan2024-12-310001918712asif:SportsMediaAndEntertainmentMember2024-12-310001918712ADMA Biologics Inc., First lien senior secured revolving loan2024-12-310001918712ADMA Biologics Inc., First lien senior secured loan2024-12-310001918712asif:ADMABiologicsInc.Member2024-12-310001918712Alcami Corporation, First lien senior secured revolving loan2024-12-310001918712Alcami Corporation, First lien senior secured loan2024-12-310001918712asif:AlcamiCorporationMember2024-12-310001918712Bamboo US BidCo LLC, First lien senior secured loan 12024-12-310001918712Bamboo US BidCo LLC, First lien senior secured loan 22024-12-310001918712asif:BambooUSBidCoLLCMember2024-12-310001918712Cambrex Corporation, First lien senior secured loan2024-12-310001918712Creek Parent, Inc. and Creek Feeder, L.P., First lien senior secured loan2024-12-310001918712Creek Parent, Inc. and Creek Feeder, L.P., Limited partnership interest2024-12-310001918712asif:CreekParentInc.AndCreekFeederL.P.Member2024-12-310001918712Curia Global, INC., First lien senior secured loan2024-12-310001918712Curium BidCo S.a r.l., First lien senior secured loan2024-12-310001918712Da Vinci Purchaser Corp., First lien senior secured loan2024-12-310001918712Grifols Worldwide Operations USA, Inc., First lien senior secured loan2024-12-310001918712Gula Buyer Inc., First lien senior secured loan2024-12-310001918712IGEA Bidco S.P.A., First lien senior secured loan2024-12-310001918712Packaging Coordinators Midco, Inc., First lien senior secured loan2024-12-310001918712Precision Medicine Group, LLC, First lien senior secured loan2024-12-310001918712Solar Bidco Limited, First lien senior secured loan2024-12-310001918712WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., First lien senior secured loan2024-12-310001918712WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., Limited partnership interests2024-12-310001918712asif:WCIBXCPurchaserLLCAndWCIBXCInvestmentHoldingsL.P.Member2024-12-310001918712asif:PharmaceuticalsBiotechnologyAndLifeSciencesMember2024-12-310001918712ABPCI 2019-5A, Collaterized loan obligation2024-12-310001918712ABPCI 2022-11, Collaterized loan obligation2024-12-310001918712ABPCI 2024-17, Collaterized loan obligation2024-12-310001918712ATRM 14, Collaterized loan obligation 12024-12-310001918712ATRM 14, Collaterized loan obligation 22024-12-310001918712ATRM 14, Collaterized loan obligation 32024-12-310001918712asif:ATRM14Member2024-12-310001918712ATRM 15, Collaterized loan obligation2024-12-310001918712AUDAX 2024-9, Collaterized loan obligation2024-12-310001918712BABSN 2023-3, Collaterized loan obligation2024-12-310001918712BALLY 2022-21, Collaterized loan obligation2024-12-310001918712BALLY 2023-24, Collaterized loan obligation2024-12-310001918712BALLY 2024-26, Collaterized loan obligation2024-12-310001918712BCC 2020-1, Collaterized loan obligation2024-12-310001918712BCC 2023-3, Collaterized loan obligation2024-12-310001918712BERRY 2024-1, Collaterized loan obligation2024-12-310001918712BROOKP 2024-1, Collaterized loan obligation2024-12-310001918712BSP 2016-9, Collaterized loan obligation2024-12-310001918712BSP 2018-14, Collaterized loan obligation2024-12-310001918712BSP 2022-28, Collaterized loan obligation2024-12-310001918712BSP 2024-34, Collaterized loan obligation2024-12-310001918712BSP 2024-35, Collaterized loan obligation2024-12-310001918712BSP 2024-37, Collaterized loan obligation2024-12-310001918712BSP 2024-38A, Collaterized loan obligation2024-12-310001918712BTCP 2023-1, Collaterized loan obligation2024-12-310001918712BX 2024-SLCT, Commercial mortgage-backed security2024-12-310001918712CAVU 2021-1, Collaterized loan obligation2024-12-310001918712CEDF 2021-14, Collaterized loan obligation2024-12-310001918712CGMS 2019-2, Collaterized loan obligation2024-12-310001918712CGMS 2022-2, Collaterized loan obligation2024-12-310001918712CGMS 2022-5, Collaterized loan obligation2024-12-310001918712CGMS 2023-1, Collaterized loan obligation2024-12-310001918712CGMS 2023-2, Collaterized loan obligation2024-12-310001918712CGMS 2024-1, Collaterized loan obligation2024-12-310001918712CGMS 2024-2, Collaterized loan obligation2024-12-310001918712CGMS 2024-3, Collaterized loan obligation2024-12-310001918712CGMS 2024-5, Collaterized loan obligation 12024-12-310001918712CGMS 2024-5, Collaterized loan obligation 22024-12-310001918712asif:CGMS20245Member2024-12-310001918712CIFC 2018-1, Collaterized loan obligation2024-12-310001918712CIFC 2020-4, Collaterized loan obligation2024-12-310001918712CIFC 2021-1, Collaterized loan obligation2024-12-310001918712CIFC 2021-4, Collaterized loan obligation2024-12-310001918712CIFC 2021-5, Collaterized loan obligation2024-12-310001918712CIFC 2022-5, Collaterized loan obligation2024-12-310001918712CIFC 2022-6, Collaterized loan obligation2024-12-310001918712CIFC 2022-7, Collaterized loan obligation2024-12-310001918712CIFC 2024-1, Collaterized loan obligation2024-12-310001918712CIFC 2024-2, Collaterized loan obligation2024-12-310001918712CIFC 2024-4, Collaterized loan obligation2024-12-310001918712CIFC 2024-5, Collaterized loan obligation2024-12-310001918712Constellation Wealth Capital Fund, L.P., Limited partner interests2024-12-310001918712CPTPK 2024-1, Collaterized loan obligation2024-12-310001918712CWC Fund I Co-Invest (ALTI) LP, Limited partnership interests2024-12-310001918712DRSLF 2022-104, Collaterized loan obligation2024-12-310001918712ELM12 2021-5, Collaterized loan obligation2024-12-310001918712ELM24 2023-3, Collaterized loan obligation2024-12-310001918712ELM27 2024-3, Collaterized loan obligation2024-12-310001918712ELM29 2024-5, Collaterized loan obligation2024-12-310001918712ELM30 2024-6, Collaterized loan obligation2024-12-310001918712ELM32 2024-8, Collaterized loan obligation2024-12-310001918712ELM35 2024-11, Collaterized loan obligation2024-12-310001918712ELM37 2024-13, Collaterized loan obligation2024-12-310001918712ELMW1 2019-1, Collaterized loan obligation2024-12-310001918712ELMW4 2020-1, Collaterized loan obligation2024-12-310001918712ELMW8 2021-1, Collaterized loan obligation2024-12-310001918712GCBSL 2022-60, Collaterized loan obligation2024-12-310001918712GCBSL 2024-77, Collaterized loan obligation2024-12-310001918712GLM 2022-12, Collaterized loan obligation2024-12-310001918712GNRT 2, Collaterized loan obligation2024-12-310001918712GNRT 2022-10, Collaterized loan obligation2024-12-310001918712GNRT 2023-11, Collaterized loan obligation2024-12-310001918712GNRT 2024-15, Collaterized loan obligation2024-12-310001918712GNRT 2024-18, Collaterized loan obligation2024-12-310001918712GNRT 2024-20, Collaterized loan obligation2024-12-310001918712GNRT 4, Collaterized loan obligation2024-12-310001918712GNRT 6, Collaterized loan obligation2024-12-310001918712GNRT 9, Collaterized loan obligation2024-12-310001918712GOCAP 2024-71, Collaterized loan obligation2024-12-310001918712HAMLN 2024-1, Collaterized loan obligation2024-12-310001918712KKR 2024-53, Collaterized loan obligation 12024-12-310001918712KKR 2024-53, Collaterized loan obligation 22024-12-310001918712asif:KKR202453Member2024-12-310001918712KKR 48, Collaterized loan obligation2024-12-310001918712Linden Structured Capital Fund II-A LP, Limited partnership interests2024-12-310001918712MAGNE 2019-24, Collaterized loan obligation2024-12-310001918712MAGNE 2022-33, Collaterized loan obligation2024-12-310001918712MAGNE 2023-36, Collaterized loan obligation2024-12-310001918712MAGNE 2023-39, Collaterized loan obligation2024-12-310001918712MAGNE 2024-41, Collaterized loan obligation2024-12-310001918712MAGNE 2024-42, Collaterized loan obligation2024-12-310001918712MAGNE 2024-44, Collaterized loan obligation2024-12-310001918712MDPK 2016-20, Collaterized loan obligation2024-12-310001918712MDPK 2018-32, Collaterized loan obligation2024-12-310001918712MDPK 2019-34, Collaterized loan obligation2024-12-310001918712MDPK 2019-37, Collaterized loan obligation2024-12-310001918712MDPK 2021-59, Collaterized loan obligation2024-12-310001918712MDPK 2022-55, Collaterized loan obligation2024-12-310001918712MDPK 2022-60, Collaterized loan obligation2024-12-310001918712MDPK 2024-66, Collaterized loan obligation 12024-12-310001918712MDPK 2024-66, Collaterized loan obligation 22024-12-310001918712asif:MDPK202466Member2024-12-310001918712MDPK 2024-67, Collaterized loan obligation2024-12-310001918712MDPK 2024-68, Collaterized loan obligation2024-12-310001918712MDPK 2024-69, Collaterized loan obligation2024-12-310001918712MidOcean CLO Equity Fund I, LP, Limited partnership interest2024-12-310001918712NMC CLO-2, Collaterized loan obligation2024-12-310001918712OAKC 2015-12, Collaterized loan obligation2024-12-310001918712OAKC 2016-13, Collaterized loan obligation 12024-12-310001918712OAKC 2016-13, Collaterized loan obligation 22024-12-310001918712OAKC 2016-13, Collaterized loan obligation 32024-12-310001918712asif:OAKC201613Member2024-12-310001918712OAKC 2017-15, Collaterized loan obligation2024-12-310001918712OAKC 2019-3, Collaterized loan obligation 2024-12-310001918712OAKC 2019-4, Collaterized loan obligation 12024-12-310001918712OAKC 2020-5, Collaterized loan obligation 12024-12-310001918712OAKC 2020-6, Collaterized loan obligation 12024-12-310001918712OAKC 2020-6, Collaterized loan obligation 22024-12-310001918712asif:OAKC20206Member2024-12-310001918712OAKC 2021-9, Collaterized loan obligation2024-12-310001918712OAKC 2021-9, Collaterized loan obligation 12024-12-310001918712asif:OAKC20219Member2024-12-310001918712OAKC 2021-16, Collaterized loan obligation2024-12-310001918712OAKC 2022-12, Collaterized loan obligation2024-12-310001918712OAKC 2023-15, Collaterized loan obligation2024-12-310001918712OAKC 2023-16, Collaterized loan obligation2024-12-310001918712OCPA 2023-29, Collaterized loan obligation2024-12-310001918712OCT66 2022-1, Collaterized loan obligation2024-12-310001918712OHACP 2024-17, Collaterized loan obligation 12024-12-310001918712OHACP 2024-17, Collaterized loan obligation 22024-12-310001918712asif:OHACP202417Member2024-12-310001918712OKANAGAN 2024-1, Private asset-backed investment2024-12-310001918712PROSE 2024-3, Private asset-backed investment2024-12-310001918712PXLY 2024-1, Collaterized loan obligation2024-12-310001918712RRAM 2022-21, Collaterized loan obligation 2024-12-310001918712RRAM 2024-30, Collaterized loan obligation2024-12-310001918712RVRPK 2024-1, Collaterized loan obligation2024-12-310001918712SIXST 2021-17, Collaterized loan obligation2024-12-310001918712SIXST 2022-21, Collaterized loan obligation2024-12-310001918712SIXST 2024-27, Collaterized loan obligation2024-12-310001918712SPEAK 2024-11, Collaterized loan obligation2024-12-310001918712STKPK 2022-1, Collaterized loan obligation2024-12-310001918712SIXST 2022-33, Collaterized loan obligation2024-12-310001918712SYMP 2022-36, Collaterized loan obligation2024-12-310001918712SYMP 2023-40 Collaterized loan obligation2024-12-310001918712Texas Debt Capital CLO 2024-II Ltd, Collaterized loan obligation2024-12-310001918712THPT 2023-THL, Commercial mortgage-backed security2024-12-310001918712Tikehau Green Diamond II CFO Equity LP, Private asset backed investment2024-12-310001918712Tikehau Ruby CLO Equity LP, Private asset backed investment2024-12-310001918712Tikehau Topaz LP, Private asset backed investment2024-12-310001918712VOYA 2022-3, Collaterized loan obligation2024-12-310001918712VOYA 2024-1, Collaterized loan obligation2024-12-310001918712WILDPK 2024-1, Collaterized loan obligation2024-12-310001918712asif:InvestmentFundsAndVehiclesMember2024-12-310001918712Amazon Holdco Inc., First lien senior secured loan2024-12-310001918712Barnes Group Inc., First lien senior secured loan2024-12-310001918712BGI Purchaser, Inc., First lien senior secured revolving loan2024-12-310001918712BGI Purchaser, Inc., First lien senior secured loan2024-12-310001918712asif:BGIPurchaserIncMember2024-12-310001918712BR PJK Produce, LLC, First lien senior secured loan 12024-12-310001918712BR PJK Produce, LLC, First lien senior secured loan 22024-12-310001918712asif:BRPJKProduceLLCMember2024-12-310001918712BradyPlus Holdings, LLC, First lien senior secured loan 12024-12-310001918712BradyPlus Holdings, LLC, First lien senior secured loan 22024-12-310001918712asif:BradyPlusHoldingsLLCMember2024-12-310001918712City Line Distributors LLC and City Line Investments LLC, First lien senior secured loan2024-12-310001918712City Line Distributors LLC and City Line Investments LLC, Class A units2024-12-310001918712asif:CityLineDistributorsLLCAndCityLineInvestmentsLLCMember2024-12-310001918712Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured revolving loan2024-12-310001918712Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured loan2024-12-310001918712Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, Limited partnership interests2024-12-310001918712asif:HillsDistributionInc.HillsIntermediateFTHoldingsLLCAndGMPHillsLPMember2024-12-310001918712LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC), First lien senior secured loan2024-12-310001918712Madison Safety & Flow LLC, First lien senior secured loan2024-12-310001918712Mountaineer Merger Corporation, First lien senior secured revolving loan2024-12-310001918712Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured revolving loan2024-12-310001918712Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan2024-12-310001918712Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, Class B limited liability company interest2024-12-310001918712asif:MrGreensIntermediateLLCFloridaVegInvestmentsLLCMRGTexasLLCAndRestaurantProduceAndServicesBlockerLLCMember2024-12-310001918712Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc., First lien senior secured loan2024-12-310001918712Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc., Class B common stock2024-12-310001918712asif:PhoenixYWBuyerInc.AndPhoenixYWParentInc.Member2024-12-310001918712Royal Borrower, LLC and Royal Parent, LP, First lien senior secured revolving loan2024-12-310001918712Royal Borrower, LLC and Royal Parent, LP, First lien senior secured loan2024-12-310001918712Royal Borrower, LLC and Royal Parent, LP, Class A preferred units2024-12-310001918712asif:RoyalBorrowerLLCAndRoyalParentLPMember2024-12-310001918712SCIH Salt Holdings Inc., First lien senior secured loan2024-12-310001918712Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured revolving loan2024-12-310001918712Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured loan2024-12-310001918712Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., Common units2024-12-310001918712asif:WorldwideProduceAcquisitionLLCAndREPWWPCoinvestIVLPMember2024-12-310001918712asif:ConsumerDistributionAndRetailMember2024-12-310001918712A-AP Buyer, Inc., First lien senior secured loan2024-12-310001918712Berlin Packaging L.L.C., First lien senior secured loan2024-12-310001918712BW Holding, Inc., First lien senior secured loan2024-12-310001918712Charter Next Generation, Inc., First lien senior secured loan2024-12-310001918712Flexsys Holdings, Inc., First lien senior secured loan2024-12-310001918712Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured loan2024-12-310001918712Meyer Laboratory, LLC and Meyer Parent, LLC, Common units2024-12-310001918712asif:MeyerLaboratoryLLCAndMeyerParentLLCMember2024-12-310001918712Pregis TopCo LLC, First lien senior secured loan2024-12-310001918712Quikrete Holdings, Inc., First lien senior secured loan2024-12-310001918712Ranpak Corp., First lien senior secured loan2024-12-310001918712Reagent Chemical & Research, LLC, First lien senior secured revolving loan2024-12-310001918712Reagent Chemical & Research, LLC, First lien senior secured loan2024-12-310001918712asif:ReagentChemicalResearchLLCMember2024-12-310001918712Ring Container Technologies Group, LLC, First lien senior secured loan2024-12-310001918712Touchdown Acquirer Inc., First lien senior secured loan2024-12-310001918712Trident TPI Holdings, Inc., First lien senior secured loan2024-12-310001918712USALCO, LLC, First lien senior secured loan2024-12-310001918712Vobev, LLC and Vobev Holdings, LLC, First lien senior secured revolving loan2024-12-310001918712Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 12024-12-310001918712Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 22024-12-310001918712Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase Class B units2024-12-310001918712Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase ordinary shares2024-12-310001918712asif:VobeyLLCAndVobeyHoldingsLLCMember2024-12-310001918712asif:MaterialsSectorMember2024-12-3100019187128th Avenue Food & Provisions, Inc., First lien senior secured loan 12024-12-3100019187128th Avenue Food & Provisions, Inc., First lien senior secured loan 22024-12-310001918712asif:A8thAvenueFoodProvisionsInc.Member2024-12-310001918712Badia Spices, LLC, First lien senior secured loan 2024-12-310001918712Chobani, LLC, First lien senior secured loan 12024-12-310001918712Chobani, LLC, First lien senior secured loan 22024-12-310001918712asif:ChobaniLLCMember2024-12-310001918712Demakes Borrower, LLC, First lien senior secured loan2024-12-310001918712Sugar PPC Buyer LLC, First lien senior secured loan2024-12-310001918712us-gaap:FoodAndBeverageSectorMember2024-12-310001918712760203 N.B. LTD., First lien senior secured loan 2024-12-310001918712Delta 2 (Lux) Sarl, First lien senior secured loan 22024-12-310001918712Delta 2 (Lux) Sarl, First lien senior secured loan 32024-12-310001918712asif:Delta2LuxSarlMember2024-12-310001918712Recess Holdings, Inc., First lien senior secured loan2024-12-310001918712St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured revolving loan2024-12-310001918712St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 12024-12-310001918712St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 22024-12-310001918712asif:StAthenaGlobalLLCAndStAthenaGlobalHoldingsLimitedMember2024-12-310001918712Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP, First lien senior secured loan2024-12-310001918712asif:ConsumerDurablesAndApparelMember2024-12-310001918712Clarios Global LP, First lien senior secured loan2024-12-310001918712Collision SP Subco, LLC, First lien senior secured revolving loan2024-12-310001918712Collision SP Subco, LLC, First lien senior secured loan2024-12-310001918712asif:CollisionSPSubcoLLCMember2024-12-310001918712Dynamo US Bidco Inc., First lien senior secured loan2024-12-310001918712LTI Holdings, Inc., First lien senior secured loan2024-12-310001918712New ChurcHill HoldCo LLC and Victory Topco, LP, First lien senior secured loan2024-12-310001918712New ChurcHill HoldCo LLC and Victory Topco, LP, Class A-2 common units2024-12-310001918712asif:NewChurcHillHoldCoLLCAndVictoryTopcoLPMember2024-12-310001918712Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured loan2024-12-310001918712Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, Class A common units2024-12-310001918712asif:TruckLiteCo.LLCEccoHoldingsCorp.AndClarienceTechnologiesLLCMember2024-12-310001918712Wand Newco 3, Inc., First lien senior secured loan2024-12-310001918712asif:AutomobilesAndComponentsSectorMember2024-12-310001918712Delta Topco, Inc., First lien senior secured loan2024-12-310001918712Expereo USA, Inc. and Ristretto Bidco B.V., First lien senior secured loan2024-12-310001918712QualityTech, LP, First lien senior secured loan2024-12-310001918712Switch Master Holdco LLC, Private asset backed investment 12024-12-310001918712Switch Master Holdco LLC, Private asset backed investment 22024-12-310001918712asif:SwitchMasterHoldcoLLCMember2024-12-310001918712Zayo Group Holdings, Inc., First lien senior secured loan2024-12-310001918712asif:TelecommunicationServicesMember2024-12-310001918712First Student Bidco Inc., First lien senior secured loan 12024-12-310001918712First Student Bidco Inc., First lien senior secured loan 22024-12-310001918712asif:FirstStudentBidcoInc.Member2024-12-310001918712Nordic Ferry Infrastructure AS, Senior subordinated loan 12024-12-310001918712Nordic Ferry Infrastructure AS, Senior subordinated loan 22024-12-310001918712asif:NordicFerryInfrastructureASMember2024-12-310001918712asif:TransportationMember2024-12-310001918712CPPIB OVM Member U.S. LLC, First lien senior secured loan2024-12-310001918712Freeport LNG investments, LLLP, First lien senior secured loan 12024-12-310001918712Freeport LNG investments, LLLP, First lien senior secured loan 22024-12-310001918712asif:FreeportLNGInvestmentsLLLPMember2024-12-310001918712HighPeak Energy, Inc., First lien senior secured loan2024-12-310001918712M6 Etx Holdings II Midco LLC, First lien senior secured loan2024-12-310001918712Par Petroleum LLC / Par Petroleum Finance Corp, First lien senior secured loan2024-12-310001918712Prairie ECI Acquiror LP, First lien senior secured loan2024-12-310001918712TransMontaigne Operating Company L.P., First lien senior secured loan2024-12-310001918712us-gaap:EnergySectorMember2024-12-310001918712ConnectWise, LLC, First lien senior secured loan2024-12-310001918712Emerald Debt Merger Sub LLC, First lien senior secured loan 12024-12-310001918712Emerald Debt Merger Sub LLC, First lien senior secured loan 22024-12-310001918712asif:EmeraldDebtMergerSubLLCMember2024-12-310001918712Excelitas Technologies Corp., First lien senior secured loan2024-12-310001918712FL Hawk Intermediate Holdings, Inc., First lien senior secured loan2024-12-310001918712Mirion Technologies, Inc., First lien senior secured loan2024-12-310001918712asif:TechnologyHardwareAndEquipmentMember2024-12-310001918712Alpha Generation LLC, First lien senior secured loan2024-12-310001918712BNZ TopCo B.V., Senior subordinated loan2024-12-310001918712Calpine Corp, First lien senior secured loan2024-12-310001918712EFS Cogen Holdings I LLC, First lien senior secured loan2024-12-310001918712Hamilton Projects Acquiror, LLC, First lien senior secured loan 12024-12-310001918712Hamilton Projects Acquiror, LLC, First lien senior secured loan 22024-12-310001918712asif:HamiltonProjectsAcquirorLLCMember2024-12-310001918712Lackawanna Energy Center LLC ,First lien senior secured loan 2024-12-310001918712Lightstone Holdco LLC,First lien senior secured loan 2024-12-310001918712South Field, LLC, First lien senior secured loan2024-12-310001918712Talen Energy Supply LLC, First lien senior secured loan2024-12-310001918712Thunder Generation, First lien senior secured loan2024-12-310001918712Watt Holdco Limited, First lien senior secured loan 12024-12-310001918712Watt Holdco Limited, First lien senior secured loan 22024-12-310001918712asif:WattHoldcoLimitedMember2024-12-310001918712asif:IndependentPowerAndRenewableElectricityProducersMember2024-12-310001918712Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured revolving loan2024-12-310001918712Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan2024-12-310001918712Silk Holdings III Corp. and Silk Holdings I Corp., Common stock2024-12-310001918712asif:SilkHoldingsIIICorpAndSilkHoldingsICorpMember2024-12-310001918712TCI Buyer LLC and TCI Holdings, LP., First lien senior secured loan2024-12-310001918712TCI Buyer LLC and TCI Holdings, LP, Common stock2024-12-310001918712asif:TCIBuyerLLCAndTCIHoldingsLPMember2024-12-310001918712asif:HouseholdAndPersonalProductsMember2024-12-310001918712Pallas Funding Trust No.2, Private asset backed investment 12024-12-310001918712Pallas Funding Trust No.2, Private asset backed investment 22024-12-310001918712asif:PallasFundingTrustNo.2Member2024-12-310001918712Pallas NZ Funding Trust No. 1, Private asset backed investment2024-12-310001918712Quintain Investments Holdings Limited, Private asset backed investment 12024-12-310001918712Quintain Investments Holdings Limited, Private asset backed investment 22024-12-310001918712asif:QuintainInvestmentsHoldingsLimitedMember2024-12-310001918712asif:RealEstateManagementAndDevelopmentMember2024-12-310001918712Iron Mountain Information Management, LLC, First lien senior secured loan2024-12-310001918712us-gaap:RealEstateSectorMember2024-12-310001918712Ultra Clean Holdings, Inc., First lien senior secured loan2024-12-310001918712asif:SemiconductorsAndSemiconductorEquipmentMember2024-12-310001918712CQP Holdco L.P., First lien senior secured loan2024-12-310001918712asif:GasUtilitiesMember2024-12-310001918712NOK, Wells Fargo Bank, N.A. 2024-12-310001918712€, Canadian Imperial Bank of Commerce 12024-12-310001918712£, Canadian Imperial Bank of Commerce 12024-12-310001918712€, Wells Fargo Bank, N.A. 12024-12-310001918712£, Canadian Imperial Bank of Commerce 22024-12-310001918712CAD, Canadian Imperial Bank of Commerce 12024-12-310001918712CAD, Wells Fargo Bank, N.A. 22024-12-310001918712€, Wells Fargo Bank, N.A. 22024-12-310001918712£, Wells Fargo Bank, N.A. 12024-12-310001918712£, Wells Fargo Bank, N.A. 22024-12-310001918712£, Canadian Imperial Bank of Commerce 32024-12-310001918712AUD, Wells Fargo Bank, N.A 12024-12-310001918712CAD, Canadian Imperial Bank of Commerce 22024-12-310001918712CAD, Canadian Imperial Bank of Commerce 32024-12-310001918712£, Canadian Imperial Bank of Commerce 42024-12-310001918712€, Canadian Imperial Bank of Commerce 22024-12-310001918712NOK, Canadian Imperial Bank of Commerce2024-12-310001918712€, Canadian Imperial Bank of Commerce 32024-12-310001918712€, Wells Fargo Bank, N.A 32024-12-310001918712€, Wells Fargo Bank, N.A 42024-12-310001918712€, Wells Fargo Bank, N.A. 52024-12-310001918712AUD, Canadian Imperial Bank of Commerce 12024-12-310001918712NZD, Canadian Imperial Bank of Commerce 1 2024-12-310001918712AUD, Canadian Imperial Bank of Commerce 22024-12-310001918712CAD, Wells Fargo Bank, N.A 22024-12-310001918712€, Canadian Imperial Bank of Commerce 42024-12-310001918712£, Wells Fargo Bank, N.A 62024-12-310001918712€, Canadian Imperial Bank of Commerce 62024-12-310001918712€, Wells Fargo Bank, N.A 52024-12-310001918712€, Canadian Imperial Bank of Commerce 52024-12-310001918712€, Canadian Imperial Bank of Commerce 72024-12-310001918712€, Canadian Imperial Bank of Commerce 82024-12-310001918712€, Canadian Imperial Bank of Commerce 92024-12-310001918712€, Canadian Imperial Bank of Commerce 102024-12-310001918712€, Canadian Imperial Bank of Commerce 112024-12-310001918712€, Canadian Imperial Bank of Commerce 122024-12-310001918712NZD, Canadian Imperial Bank of Commerce 22024-12-310001918712NZD, Canadian Imperial Bank of Commerce 32024-12-310001918712NZD, Canadian Imperial Bank of Commerce 42024-12-310001918712NZD, Canadian Imperial Bank of Commerce 52024-12-310001918712NZD, Canadian Imperial Bank of Commerce 62024-12-310001918712NZD, Canadian Imperial Bank of Commerce 72024-12-310001918712asif:March2028NotesMemberus-gaap:InterestRateSwapMember2024-12-310001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:March2028NotesMember2024-12-310001918712asif:August2029NotesMemberus-gaap:InterestRateSwapMember2024-12-310001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:August2029NotesMember2024-12-310001918712asif:February2030NotesMemberus-gaap:InterestRateSwapMember2024-12-310001918712us-gaap:InterestRateSwapMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberasif:February2030NotesMember2024-12-310001918712us-gaap:InterestRateSwapMember2024-12-310001918712Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP2024-01-012024-12-310001918712Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP2024-12-310001918712OPH NEP Investment, LLC2024-01-012024-12-310001918712OPH NEP Investment, LLC2024-12-310001918712us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001918712asif:NonQualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMemberasif:InvestmentsAtFairValueAndOtherNonQualifyingAssetsMember2025-01-012025-06-3000019187123 Step Sports LLC2024-12-310001918712760203 N.B. 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LLC2024-12-310001918712United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP2024-12-310001918712UP Intermediate II LLC and UPBW Blocker LLC2024-12-310001918712USALCO, LLC2024-12-310001918712Vantage Data Centers Europe S.a r.l.2024-12-310001918712Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC2024-12-310001918712Victors Purchaser, LLC and WP Victors Co-Investment, L.P.2024-12-310001918712Viper Bidco, Inc.2024-12-310001918712Vobev, LLC and Vobev Holdings, LLC2024-12-310001918712W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC2024-12-310001918712Watt Holdco Limited2024-12-310001918712WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.2024-12-310001918712Wellington Bidco Inc. and Wellington TopCo LP2024-12-310001918712Wellington-Altus Financial Inc. 2024-12-310001918712World Insurance Associates, LLC and World Associates Holdings, LLC2024-12-310001918712Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 2024-12-310001918712WRE Sports Investments LLC2024-12-310001918712Zinc Buyer Corporation2024-12-310001918712asif:RevolvingAndDelayedDrawLoanCommitmentsMember2024-12-310001918712Constellation Wealth Capital Fund, L.P.2024-12-310001918712DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP2024-12-310001918712GTCR F Buyer Corp. and GTCR (D) Investors LP2024-12-310001918712Linden Structured Capital Fund II-A LP2024-12-310001918712MidOcean CLO Equity Fund I, LP2024-12-310001918712Pathstone Family Office LLC and Kelso XI Tailwind 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý       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

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

For the transition period from _____ to _____         

Commission File No. 814-01512

ARES STRATEGIC INCOME FUND

(Exact name of Registrant as specified in its charter) 

Delaware						88-6432468
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification Number)

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

(Address of principal executive office)   (Zip Code)

(212) 750-7300

(Registrant’s telephone number, including area code)

____________________________________________________________________

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

Title of each class			Trading symbol			Name of each exchange on which registered
None			None			None

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  ý  No  o

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 ý No o

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

Large accelerated filer o						Accelerated filer o
Non-accelerated filer ý						Smaller reporting company o
						Emerging growth company o

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

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

The number of the Registrant’s common shares, $0.01 par value per share, outstanding as of November 12, 2025 was 308,942,163, 45,981,395 and 28,224,992 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude November 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

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ARES STRATEGIC INCOME FUND

 

TABLE OF CONTENTS

Part I.			Financial Information
Item 1.			Financial Statements
			Consolidated Statement of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024			3
			Consolidated Statement of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)			4
			Consolidated Schedule of Investments as of September 30, 2025 (unaudited) and December 31, 2024			5
			Consolidated Statement of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (unaudited)			96
			Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)			97
			Notes to Consolidated Financial Statements (unaudited)			98
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			142
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			164
Item 4.			Controls and Procedures			166
Part II.			Other Information			167
Item 1.			Legal Proceedings			167
Item 1A.			Risk Factors			167
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			167
Item 3.			Defaults Upon Senior Securities			167
Item 4.			Mine Safety Disclosures			167
Item 5.			Other Information			167
Item 6.			Exhibits			168
			Signatures			170

2

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statement

ARES STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(in thousands, except per share data)

			As of
			September 30, 2025						December 31, 2024
			(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments			$	19,458,799					$	11,462,556
Non-controlled affiliate company investments			99,796						86,593
Total investments at fair value (amortized cost of $19,370,685 and $11,482,053, respectively)			19,558,595						11,549,149
Cash and cash equivalents			264,215						165,777
Restricted cash			68,670						4,650
Interest receivable			128,768						110,917
Receivable for open trades			361,803						254,059
Other assets			168,417						65,362
Total assets			$	20,550,468					$	12,149,914
LIABILITIES
Debt			$	8,882,838					$	4,527,184
Base management fee payable			10,460						6,272
Income based fee payable			27,952						15,830
Capital gains incentive fee payable			20,656						13,324
Interest and facility fees payable			63,398						58,448
Payable for open trades			910,431						1,537,150
Interest rate swap collateral payable			68,670						4,650
Accounts payable and other liabilities			52,924						40,568
Deferred tax liabilities			2,860						—
Secured borrowing			269,335						—
Distribution payable			77,964						45,138
Distribution and servicing fees payable			1,009						654
Total liabilities			10,388,497						6,249,218
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.01 per share, unlimited common shares authorized; 368,501 and 213,687 common shares issued and outstanding, respectively			3,685						2,137
Capital in excess of par value			10,054,026						5,797,967
Accumulated undistributed earnings			104,260						100,592
Total net assets			10,161,971						5,900,696
Total liabilities and net assets			$	20,550,468					$	12,149,914
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets			$	8,180,579					$	4,761,183
Common shares outstanding ($0.01 par value, unlimited shares authorized)			296,655						172,421
Net asset value per share			$	27.58					$	27.61
Class S Shares:
Net assets			$	1,227,021					$	814,414
Common shares outstanding ($0.01 par value, unlimited shares authorized)			44,495						29,493
Net asset value per share			$	27.58					$	27.61
Class D Shares:
Net assets			$	754,371					$	325,099
Common shares outstanding ($0.01 par value, unlimited shares authorized)			27,351						11,773
Net asset value per share			$	27.58					$	27.61

See accompanying notes to consolidated financial statements.

3

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands)

(unaudited)

			For the Three Months Ended September 30,																					For the Nine Months Ended September 30,
			2025						2024																					2025						2024
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income)			$	351,673					$	141,013																				$	881,433					$	314,490
PIK interest income			18,732						5,637																					47,101						12,750
Dividend income			7,258						2,136																					16,668						4,418
Other income			13,975						3,942																					26,531						8,761
Total investment income from non-controlled/non-affiliate company investments			391,638						152,728																					971,733						340,419
From non-controlled affiliate company investments:
Interest income			2,183						1,570																					6,160						2,137
Other income			60						19																					131						19
Total investment income from non-controlled affiliate company investments			2,243						1,589																					6,291						2,156
Total investment income			393,881						154,317																					978,024						342,575
EXPENSES:
Interest and credit facility fees			134,006						36,264																					320,406						78,358
Base management fee			29,789						13,300																					76,934						29,803
Income based fee			27,952						12,576																					70,280						27,494
Capital gains incentive fee			5,588						164																					7,332						4,806
Offering expenses			389						363																					1,376						3,361
Shareholder servicing and distribution fees
Class S			2,527						1,412																					6,687						3,391
Class D			458						92																					1,111						182
Administrative and other fees			2,001						1,545																					5,623						4,392
Other general and administrative			3,851						2,001																					10,996						6,016
Total expenses			206,561						67,717																					500,745						157,803
Expense support (Note 3)			(15,363)						(10,857)																					(45,915)						(25,499)
Expense support recoupment (Note 3)			4,516						—																					7,400						—
Net expenses			195,714						56,860																					462,230						132,304
NET INVESTMENT INCOME BEFORE INCOME TAXES			198,167						97,457																					515,794						210,271
Income tax expense, including excise tax			228						234																					449						697
NET INVESTMENT INCOME			197,939						97,223																					515,345						209,574
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments			18,995						3,808																					20,751						11,919
Non-controlled affiliate company investments			2						—																					4						—
Foreign currency transactions			(6,528)						32																					(19,312)						131
Net realized gains			12,469						3,840																					1,443						12,050
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments			21,120						2,726																					123,994						28,819
Non-controlled affiliate company investments			(1,827)						(534)																					(662)						1,864
Foreign currency transactions			14,644						(4,720)																					(63,221)						(4,283)
Net change in deferred tax liabilities			(1,698)						—																					(2,860)						—
Net unrealized gains (losses)			32,239						(2,528)																					57,251						26,400
Net realized and unrealized gains on investments and foreign currency transactions			44,708						1,312																					58,694						38,450
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$	242,647					$	98,535																				$	574,039					$	248,024

See accompanying notes to consolidated financial statements.

4

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Software and Services
Access CIG, LLC						First lien senior secured loan						8.03%						SOFR (Q)						4.00%												08/2030												$	30,078.7					$	30,005.0					$	30,133.2		(2)(7)
ACP Avenu Midco LLC (10)						First lien senior secured loan						9.31%						SOFR (Q)						5.00%												10/2029												25,403.9						25,047.0						25,403.9			(2)(7)(12)
Actfy Buyer, Inc. (10)						First lien senior secured loan						9.16%						SOFR (M)						5.00%												05/2031												32,944.6						32,412.4						32,944.6			(2)(7)(12)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (10)						First lien senior secured loan						9.70%						SOFR (Q)						5.50%												07/2030												20,604.7						20,288.2						20,604.7			(2)(5)(7)(12)
						Limited partnership interest																								10/2023												100,000												110.5						141.4			(2)(5)(12)
																																																						20,398.7						20,746.1
Adonis Bidco Inc. (10)						First lien senior secured loan						9.75% (3.00% PIK)						SOFR (Q)						5.75%												02/2032												108,095.0						106,152.8						108,095.0			(2)(7)(12)
						First lien senior secured loan						9.50%						SOFR (Q)						5.50%												02/2032												5,111.1						4,820.4						5,111.1			(2)(7)(12)
																																																						110,973.2						113,206.1
AI Titan Parent, Inc. (10)						First lien senior secured loan						8.66%						SOFR (M)						4.50%												08/2031												53,245.3						52,795.7						53,245.3			(2)(7)(12)
Applied Systems, Inc.						First lien senior secured loan						6.25%						SOFR (Q)						2.25%												02/2031												44,676.8						44,630.0						44,689.3			(2)
Aptean, Inc. and Aptean Acquiror Inc. (10)						First lien senior secured revolving loan						8.91%						SOFR (Q)						4.75%												01/2031												460.6						426.6						460.6			(2)(7)(12)
						First lien senior secured loan						8.89%						SOFR (Q)						4.75%												01/2031												52,923.8						52,643.7						52,923.8			(2)(7)(12)
																																																						53,070.3						53,384.4
Artifact Bidco, Inc. (10)						First lien senior secured loan						8.25%						SOFR (Q)						4.25%												07/2031												24,848.9						24,642.3						24,848.9			(2)(7)(12)
Aston Bidco (Holding) Limited (10)						First lien senior secured revolving loan						9.97%						SONIA (M)						6.00%												01/2032												0.2						0.1						0.2			(2)(5)(7)(12)
						First lien senior secured loan						10.32%						SONIA (Q)						6.00%												07/2032												100,687.6						96,497.8						100,687.6			(2)(5)(7)(12)
																																																						96,497.9						100,687.8
Avalara, Inc.						First lien senior secured loan						7.25%						SOFR (Q)						3.25%												03/2032												1,995.0						2,001.2						1,994.4
						First lien senior secured loan						6.75%						SOFR (Q)						2.75%												03/2032												39,316.7						39,316.7						39,305.7
						First lien senior secured loan						6.75%						SOFR (Q)						2.75%												03/2032												29,943.7						29,943.7						29,935.3			(2)
																																																						71,261.6						71,235.4
BCPE Pequod Buyer, Inc. (10)						First lien senior secured loan						7.16%						SOFR (M)						3.00%												11/2031												2,606.7						2,594.9						2,609.9			(2)
BCTO Ignition Purchaser, Inc.						Senior subordinated loan						11.83% PIK						SOFR (Q)						7.50%												10/2030												30,711.4						30,217.6						30,711.4			(2)(7)(12)
Bending Spoons US Inc.						First lien senior secured loan						9.47%						SOFR (M)						5.25%												03/2031												5,060.2						5,060.5						5,047.5			(2)(5)(7)
BEP Intermediate Holdco, LLC						First lien senior secured loan						6.91%						SOFR (M)						2.75%												04/2031												22,198.8						22,237.1						22,240.6			(2)
Bizzdesign Holding BV						First lien senior secured loan						8.50%						Euribor (Q)						6.50%												10/2031												3,229.1						2,825.0						3,229.1			(2)(5)(7)(12)
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (10)						First lien senior secured loan						8.74%						SOFR (Q)						4.75%												06/2030												13,136.2						12,915.5						13,136.2			(2)(7)(12)
						Class A-1 units																								06/2023												113,541												113.5						125.0			(12)
																																																						13,029.0						13,261.2
Boost Newco Borrower, LLC						First lien senior secured loan						6.00%						SOFR (Q)						2.00%												01/2031												92,829.2						92,908.3						92,868.2			(2)
						First lien senior secured loan						4.25%						Euribor (Q)						2.25%												01/2031												11,890.9						11,848.4						11,911.7			(2)
																																																						104,756.7						104,779.9
Capnor Connery Bidco A/S (10)						First lien senior secured loan						7.83%						Euribor (Q)						5.75%												10/2030												76,249.5						74,733.7						76,249.5			(2)(5)(12)
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. (10)						First lien senior secured loan						9.91%						SOFR (S)						5.75%												09/2031												25,101.7						24,726.4						24,725.2			(2)(7)(12)

See accompanying notes to consolidated financial statements.

5

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						Senior subordinated loan						13.00% PIK																								09/2033												20,310.0						19,904.8						19,903.8			(2)(12)
						Limited partnership interests																								09/2025												4,478,000												4,486.8						4,478.0			(2)(12)
																																																						49,118.0						49,107.0
CBTS Borrower, LLC and CBTS TopCo, L.P. (10)						First lien senior secured loan						14.50% PIK						SOFR (Q)						10.00%												12/2030												8,584.8						8,253.0						8,584.8			(2)(7)(12)
						Series A-2 preferred shares						8.00% PIK																		12/2024												1,200,000												1,281.6						1,190.9			(2)(12)
																																																						9,534.6						9,775.7
Central Parent Inc.						First lien senior secured loan						7.25%						SOFR (Q)						3.25%												07/2029												16,100.2						14,866.1						13,890.7			(2)
Centralsquare Technologies, LLC and Supermoose Newco, Inc. (10)						First lien senior secured revolving loan																														04/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						10.41% (3.38% PIK)						SOFR (M)						6.25%												04/2030												39,499.8						38,790.8						39,499.8			(2)(7)(12)
						Series A preferred stock						15.00% PIK																		04/2024												22,759												27,541.8						28,224.6			(2)(12)
																																																						66,332.6						67,724.4
Cloud Software Group, Inc. and Picard Parent, Inc.						First lien senior secured loan						7.25%						SOFR (Q)						3.25%												08/2032												69,919.5						69,919.5						70,118.7			(2)
						First lien senior secured loan						7.25%						SOFR (Q)						3.25%												03/2031												59,482.7						59,378.3						59,687.4			(2)
						First lien senior secured notes						8.25%																								06/2032												100.0						100.0						106.1			(2)
						Second lien senior secured notes						9.00%																								09/2029												13,100.0						13,100.0						13,547.6			(2)
																																																						142,497.8						143,459.8
Clubessential, LLC						First lien senior secured loan						7.38%						SOFR (Q)						3.00%												03/2032												16,596.2						16,568.9						16,603.2			(2)
Conservice Midco, LLC						First lien senior secured loan						6.91%						SOFR (M)						2.75%												05/2030												74,982.4						75,036.9						75,138.3			(2)
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.						First lien senior secured loan						8.03%						SOFR (M)						3.75%												10/2028												85,664.7						81,479.6						82,211.6			(2)(7)
						Second lien senior secured loan						10.78%						SOFR (M)						6.50%												10/2029												55,961.4						51,461.0						50,365.2			(2)(7)(12)
																																																						132,940.6						132,576.8
Coupa Holdings, LLC and Coupa Software Incorporated (10)						First lien senior secured loan						9.56%						SOFR (Q)						5.25%												02/2030												4,532.8						4,461.3						4,532.8			(2)(7)(12)
Databricks, Inc. (10)						First lien senior secured loan						8.72%						SOFR (M)						4.50%												01/2031												87.8						87.4						88.9			(2)(12)
Dedomena Bidco Limited (10)						First lien senior secured loan						9.49%						SONIA (Q)						5.50%												06/2032												949.5						936.5						949.5			(2)(5)(7)(12)
Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. (10)						First lien senior secured loan						9.91%						SOFR (M)						5.75%												07/2030												46,413.9						45,741.5						45,717.7			(2)(7)(12)
						Second lien senior secured loan						11.16%						SOFR (M)						7.00%												02/2029												31,816.7						29,271.5						28,873.6			(2)
																																																						75,013.0						74,591.3
Diligent Corporation (10)						First lien senior secured revolving loan						9.20%						SOFR (Q)						5.00%												08/2030												567.4						537.5						515.9			(2)(7)(9)(12)
						First lien senior secured loan						9.20%						SOFR (Q)						5.00%												08/2030												20,988.5						20,866.8						20,778.6			(2)(7)(12)
																																																						21,404.3						21,294.5
Disco Parent, Inc.						First lien senior secured loan						7.48%						SOFR (Q)						3.25%												08/2032												5,746.3						5,735.8						5,760.6			(2)(12)
Doxim Inc. (10)						First lien senior secured revolving loan						10.65%						SOFR (M)						6.50%												11/2027												725.3						668.6						668.0			(2)(5)(7)(9)(12)
						First lien senior secured loan						10.65%						SOFR (M)						6.50%												11/2027												96,040.7						95,089.9						95,080.3			(2)(5)(7)(12)
																																																						95,758.5						95,748.3

See accompanying notes to consolidated financial statements.

6

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
DriveCentric Holdings, LLC (10)						First lien senior secured loan						8.65%						SOFR (M)						4.50%												08/2031												27,932.0						27,683.1						27,819.1			(2)(7)(12)
Echo Purchaser, Inc. (10)						First lien senior secured loan						9.66%						SOFR (M)						5.50%												11/2029												28,001.2						27,612.0						28,001.2			(2)(7)(12)
ECi Macola/MAX Holding, LLC						First lien senior secured loan						6.75%						SOFR (Q)						2.75%												05/2030												20,940.5						20,974.1						20,923.1			(2)(7)
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (10)						First lien senior secured loan						8.68%						SOFR (M)						4.50%												09/2031												116,367.5						115,381.2						116,367.5			(2)(7)(12)
						Preferred units						12.50% PIK																		09/2024												304												3,294.8						3,355.6			(2)(12)
						Class A common units																								09/2024												261												261.0						284.3			(2)(12)
																																																						118,937.0						120,007.4
Edmunds Govtech, Inc. (10)						First lien senior secured revolving loan						7.75%						SOFR (Q)						3.75%												02/2030												301.4						297.0						301.4			(2)(7)(12)
						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												02/2031												3,650.5						3,574.7						3,650.5			(2)(7)(12)
																																																						3,871.7						3,951.9
Einstein Parent, Inc. (10)						First lien senior secured loan						10.83%						SOFR (Q)						6.50%												01/2031												16,100.7						15,815.8						16,100.7			(2)(7)(12)
Ensono, Inc.						First lien senior secured loan						8.28%						SOFR (M)						4.00%												05/2028												42,289.0						42,066.7						42,312.6			(2)(7)
Entrata Inc						First lien senior secured loan						6.87%						SOFR (S)						3.00%												09/2032												7,571.9						7,572.2						7,581.4			(12)
Epicor Software Corporation						First lien senior secured loan						6.66%						SOFR (M)						2.50%												05/2031												58,843.4						58,756.6						58,888.7			(2)(7)
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												01/2032												77,899.0						77,207.1						77,899.0			(2)(7)(12)
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.						First lien senior secured loan						11.29%						SOFR (Q)						7.25%												09/2029												6,250.0						6,167.3						6,250.0			(2)(5)(7)(12)
Flexera Software LLC (10)						First lien senior secured loan						8.96%						SOFR (M)						4.75%												08/2032												21,503.1						21,450.3						21,449.3			(2)(7)(12)
						First lien senior secured loan						6.63%						Euribor (M)						4.75%												08/2032												7,892.7						7,847.2						7,872.9			(2)(7)(12)
																																																						29,297.5						29,322.2
GHP-VGS Purchaser LLC (10)						First lien senior secured loan						9.06%						SOFR (Q)						4.75%												04/2032												13,992.2						13,860.7						13,852.3			(2)(7)(12)
Goldeneye Parent, LLC (10)						First lien senior secured loan						9.16%						SOFR (M)						5.00%												03/2032												18,385.3						18,300.0						18,293.4			(2)(7)(12)
Guidepoint Security Holdings, LLC (10)						First lien senior secured loan						9.41%						SOFR (M)						5.25%												10/2029												8,172.2						8,064.3						8,172.2			(2)(7)(12)
Hakken Midco B.V. (10)						First lien senior secured loan						9.29%						Euribor (S)						7.25%												07/2030												5,366.5						4,916.2						5,240.7			(2)(5)(7)(12)
Hyland Software, Inc. (10)						First lien senior secured loan						9.16%						SOFR (M)						5.00%												09/2030												23,478.9						23,228.1						23,478.9			(2)(7)(12)
iCapital, Inc.						Common stock																								04/2025												1,776,038												24,864.0						24,864.0			(2)(12)
Icefall Parent, Inc. (10)						First lien senior secured loan						8.81%						SOFR (M)						4.50%												01/2030												10,790.7						10,634.5						10,790.7			(2)(7)(12)
ID.me, LLC and ID.me, Inc. (10)						First lien senior secured loan						10.25% (5.25% PIK)																								01/2031												75,020.8						68,373.4						68,869.9			(2)(12)
						Series E preferred units																								08/2025												6,769,397												10,016.0						10,016.0			(2)(12)
						Warrant to purchase common stock																								01/2025						01/2035						4,329,474												6,009.0						6,405.9			(2)(12)
																																																						84,398.4						85,291.8
Idera, Inc.						First lien senior secured loan						7.80%						SOFR (Q)						3.50%												03/2028												12,184.3						12,039.6						10,630.8			(2)(7)
Imprivata, Inc.						First lien senior secured loan						7.00%						SOFR (Q)						3.00%												12/2027												30,156.0						30,240.2						30,259.7			(2)(7)
Internet Truckstop Group LLC (10)						First lien senior secured loan						9.40%						SOFR (Q)						5.25%												04/2027												33,285.0						33,104.5						33,285.0			(2)(7)(12)
JAMS Holdings LP and Jams Buyer LLC (10)						First lien senior secured loan						9.50%						SOFR (Q)						5.50%												06/2032												14,133.6						13,931.7						13,921.6			(2)(7)(12)
						Preferred units						8.00% PIK																		06/2025												982,000												1,007.9						1,264.2			(2)(12)
																																																						14,939.6						15,185.8

See accompanying notes to consolidated financial statements.

7

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Kairos Bidco Limited (10)						First lien senior secured revolving loan						9.08%						SOFR (Q)						4.75%												07/2032												314.1						283.5						282.7			(2)(5)(7)(12)
						First lien senior secured loan						9.06%						SOFR (M)						4.75%												07/2032												26,111.2						26,111.2						25,850.1			(2)(5)(7)(12)
																																																						26,394.7						26,132.8
Kaseya Inc. and Knockout Intermediate Holdings I Inc.						First lien senior secured loan						7.41%						SOFR (M)						3.25%												03/2032												19,106.2						19,155.3						19,123.5			(2)
						Second lien senior secured loan						9.16%						SOFR (M)						5.00%												03/2033												30,984.3						31,047.5						30,971.3			(2)
																																																						50,202.8						50,094.8
Leia Finco US LLC						Second lien senior secured loan						9.57%						SOFR (Q)						5.25%												10/2032												5,903.3						5,765.3						5,895.9			(2)(5)
Magellan Topco						First lien senior secured loan						8.37%						Euribor (S)						6.25%												10/2031												978.5						882.4						978.5			(2)(5)(7)(12)
						First lien senior secured loan						8.62%						Euribor (S)						6.50%												10/2031												195.7						189.2						195.7			(2)(5)(7)(12)
																																																						1,071.6						1,174.2
Marcel Bidco LLC						First lien senior secured loan						7.35%						SOFR (M)						3.00%												11/2030												15,337.5						15,296.7						15,337.5			(2)(5)(7)(12)
						First lien senior secured loan						5.56%						Euribor (Q)						3.50%												11/2030												7,632.3						7,637.6						7,676.3			(2)(5)
																																																						22,934.3						23,013.8
McAfee Corp.						First lien senior secured loan						7.22%						SOFR (M)						3.00%												03/2029												30,145.3						29,823.1						28,741.7			(2)(7)
Mermaid Bidco Inc.						First lien senior secured loan						7.57%						SOFR (Q)						3.25%												07/2031												41,443.3						41,389.7						41,348.4			(2)
Metatiedot Bidco OY and Metatiedot US, LLC (10)						First lien senior secured loan						7.28%						Euribor (Q)						5.25%												11/2031												7,382.8						6,541.4						7,382.8			(2)(5)(7)(12)
						First lien senior secured loan						9.45%						SOFR (Q)						5.25%												11/2031												4,671.9						4,610.2						4,671.9			(2)(5)(7)(12)
																																																						11,151.6						12,054.7
Mitchell International, Inc.						Second lien senior secured loan						9.41%						SOFR (M)						5.25%												06/2032												38,234.5						37,970.2						37,737.5			(2)(7)
Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. (10)						First lien senior secured revolving loan																														04/2032												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						8.75% (2.25% PIK)						SOFR (Q)						4.75%												04/2032												47,551.7						47,110.0						47,076.2			(2)(7)(12)
						Series A preferred stock						13.00% PIK																		04/2025												26,000												25,914.9						25,900.8			(2)(12)
																																																						73,024.9						72,977.0
Netsmart, Inc. and Netsmart Technologies, Inc. (10)						First lien senior secured loan						9.11% (2.45% PIK)						SOFR (M)						4.95%												08/2031												80,148.6						79,492.8						80,148.6			(2)(7)(12)
North Star Acquisitionco, LLC and Toucan Bidco Limited (10)						First lien senior secured loan						8.50%						SOFR (Q)						4.50%												05/2029												12,539.8						12,494.9						12,558.6			(2)(5)(7)(12)
						First lien senior secured loan						8.64%						NIBOR (Q)						4.50%												05/2029												2,686.9						2,432.3						2,686.9			(2)(5)(12)
						First lien senior secured loan						8.47%						SONIA (Q)						4.50%												05/2029												2,352.8						2,236.3						2,360.7			(2)(5)(12)
																																																						17,163.5						17,606.2
OID-OL Intermediate I, LLC						First lien senior secured loan						10.31%						SOFR (Q)						6.00%												02/2029												23,135.2						23,853.8						23,843.8			(2)
Particle Luxembourg S.a.r.l.						First lien senior secured loan						7.91%						SOFR (M)						3.75%												03/2031												12,433.3						12,460.5						12,456.7			(2)(5)
PCMI Parent, LLC and PCMI Ultimate Holdings, LP (10)						First lien senior secured loan						9.52%						SOFR (Q)						5.50%												03/2032												22,146.6						21,942.5						22,146.6			(2)(7)(12)
						Class A units						9.00% PIK																		03/2025												1,063												1,116.2						1,208.8			(2)(12)
						Class B units																								03/2025												253,114												—						—			(12)
																																																						23,058.7						23,355.4
Planview Parent, Inc.						First lien senior secured loan						7.50%						SOFR (Q)						3.50%												12/2027												10,356.0						10,366.4						10,183.4			(2)
Polaris Newco, LLC						First lien senior secured loan						8.57%						SOFR (Q)						4.00%												06/2028												64,116.2						62,706.4						61,720.8			(2)(7)

See accompanying notes to consolidated financial statements.

8

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Poseidon IntermediateCo, Inc. (10)						First lien senior secured loan						8.64%						SOFR (M)						4.50%												06/2032												27,331.8						27,069.9						27,195.2			(2)(7)(12)
Project Boost Purchaser, LLC						First lien senior secured loan						7.07%						SOFR (Q)						2.75%												07/2031												61,395.1						61,303.2						61,203.6			(2)
Proofpoint, Inc.						First lien senior secured loan						7.16%						SOFR (M)						3.00%												08/2028												111,406.2						111,415.7						111,696.9			(2)(7)
						First lien senior secured loan						7.00%						SOFR (Q)						3.00%												08/2028												7,130.9						7,106.1						7,149.5			(7)
																																																						118,521.8						118,846.4
PushPay USA Inc.						First lien senior secured loan						7.94%						SOFR (Q)						3.75%												08/2031												34,474.9						34,480.0						34,604.2			(2)
QBS Parent, Inc. (10)						First lien senior secured loan						8.50%						SOFR (Q)						4.50%												06/2032												14,673.4						14,608.6						14,600.0			(2)(7)(12)
RealPage, Inc.						First lien senior secured loan						7.75%						SOFR (Q)						3.75%												04/2028												39,800.0						39,671.9						39,899.5			(2)(7)
						First lien senior secured loan						7.26%						SOFR (Q)						3.00%												04/2028												33,587.4						33,385.5						33,494.7			(2)(7)
																																																						73,057.4						73,394.2
Rocket Software, Inc.						First lien senior secured loan						7.91%						SOFR (M)						3.75%												11/2028												11,387.8						11,422.3						11,405.2			(2)(7)
Runway Bidco, LLC (10)						First lien senior secured loan						9.00%						SOFR (Q)						5.00%												12/2031												1,936.7						1,919.6						1,917.4			(2)(7)(12)
Sapphire Software Buyer, Inc. (10)						First lien senior secured loan						8.87%						SOFR (S)						5.00%												09/2031												47,454.6						47,054.1						47,454.6			(2)(7)(12)
Sedgwick Claims Management Services, Inc.						First lien senior secured loan						6.66%						SOFR (M)						2.50%												07/2031												61,776.1						61,683.8						61,679.7			(2)
Severin Acquisition, LLC (10)						First lien senior secured loan						9.16% (2.25% PIK)						SOFR (M)						5.00%												10/2031												117,366.8						116,315.3						115,997.5			(2)(7)(12)
Sophia, L.P.						First lien senior secured loan						6.91%						SOFR (M)						2.75%												10/2029												65,882.1						65,855.0						65,841.3			(2)(7)
						Second lien senior secured loan						8.91%						SOFR (M)						4.75%												11/2032												5,764.7						5,751.8						5,884.8			(2)(7)
																																																						71,606.8						71,726.1
Sovos Compliance, LLC						First lien senior secured loan						7.41%						SOFR (M)						3.25%												08/2029												5,000.0						5,018.8						5,004.5			(2)
Spaceship Purchaser, Inc. (10)						First lien senior secured revolving loan																														10/2031												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.00%						SOFR (S)						5.00%												10/2031												103,753.6						102,857.8						103,753.6			(2)(7)(12)
																																																						102,857.8						103,753.6
Spark Purchaser, Inc. (10)						First lien senior secured loan						9.50%						SOFR (Q)						5.50%												04/2031												17,124.3						16,855.2						17,124.3			(2)(7)(12)
Superman Holdings, LLC (10)						First lien senior secured loan						8.50%						SOFR (Q)						4.50%												08/2031												47,467.0						47,274.1						47,467.0			(2)(7)(12)
Switch BBF, LLC						Private asset-backed investment						11.42%						SOFR (S)						7.17%												08/2027												1,957.2						1,957.2						1,957.2			(2)(12)
Team.blue Finco SARL						First lien senior secured loan						5.61%						Euribor (M)						3.70%												09/2029												3,522.6						3,477.6						3,513.8			(2)(5)
Transit Technologies LLC (10)						First lien senior secured revolving loan																														08/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						8.85%						SOFR (Q)						4.75%												08/2031												12,166.2						12,082.9						12,166.2			(2)(7)(12)
						First lien senior secured loan						8.63%						SOFR (M)						4.50%												08/2031												6,741.0						6,673.9						6,673.6			(2)(7)(12)
																																																						18,756.8						18,839.8
UKG Inc. and H&F Unite Partners, L.P.						First lien senior secured loan						6.81%						SOFR (Q)						2.50%												02/2031												36,221.0						36,259.1						36,174.3			(2)
UserZoom Technologies, Inc.						First lien senior secured loan						11.63%						SOFR (Q)						7.50%												04/2029												634.4						623.7						634.4			(2)(7)(12)
Vamos Bidco, Inc. (10)						First lien senior secured revolving loan						8.95%						SOFR (Q)						4.75%												01/2032												646.4						628.9						627.0			(2)(7)(12)
						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												01/2032												15,071.8						14,935.5						14,921.1			(2)(7)(12)
																																																						15,564.4						15,548.1

See accompanying notes to consolidated financial statements.

9

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Vantage Data Centers Europe S.a r.l. (10)						Private asset-backed investment						8.66%						Euribor (M)						6.75%												05/2029												2,263.0						2,052.7						2,263.0			(2)(5)(12)
						Private asset-backed investment						8.76%						Euribor (M)						6.85%												05/2029												259.3						235.2						259.3			(2)(5)(12)
																																																						2,287.9						2,522.3
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (10)						First lien senior secured loan						8.76%						SOFR (Q)						4.75%												08/2031												52,033.1						51,568.3						52,033.1			(2)(7)(12)
						Partnership units																								08/2024												1,807,000												1,810.8						2,119.1			(2)(12)
																																																						53,379.1						54,152.2
Viper Bidco, Inc. (10)						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												11/2031												14,816.7						14,686.7						14,816.7			(2)(7)(12)
						First lien senior secured loan						8.72%						SONIA (Q)						4.75%												11/2031												9,214.2						8,558.3						9,214.2			(2)(7)(12)
																																																						23,245.0						24,030.9
Wellington Bidco Inc. and Wellington TopCo LP (10)						First lien senior secured revolving loan						8.75%						SOFR (Q)						4.75%												06/2030												1,189.7						1,122.0						1,189.7			(2)(7)(12)
						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												06/2030												51,076.7						50,678.6						51,076.7			(2)(7)(12)
						Class A-2 preferred units																								06/2024												2,106,000												2,203.3						2,493.4			(2)(12)
																																																						54,003.9						54,759.8
WorkWave Intermediate II, LLC (10)						First lien senior secured revolving loan						9.75%						SOFR (Q)						5.75%												09/2032												1,545.0						1,297.9						1,297.8			(2)(7)(12)
						First lien senior secured loan						10.25% (3.13% PIK)						SOFR (Q)						6.25%												09/2032												178,829.8						177,042.2						177,041.5			(2)(7)(12)
																																																						178,340.1						178,339.3
ZocDoc, Inc. (10)						First lien senior secured loan						9.45%						SOFR (Q)						5.25%												07/2030												30,146.4						29,884.6						29,576.3			(2)(7)(12)
						First lien senior secured loan						7.71%						SOFR (Q)						3.50%												07/2030												1.0						1.0						1.0			(2)(7)(12)
																																																						29,885.6						29,577.3
Zuora, Inc.						First lien senior secured loan						7.66%						SOFR (M)						3.50%												02/2032												15,778.9						15,744.3						15,668.4			(2)
																																																						4,015,435.8						4,035,875.5						39.72		%
Health Care Equipment and Services
Aerin Medical Inc. (10)						First lien senior secured loan						11.25% (3.88% PIK)						SOFR (Q)						7.25%												12/2030												16,831.3						16,478.0						16,831.3			(2)(7)(12)
						Series G preferred shares																								12/2024												943,034												1,106.0						1,064.2			(2)(12)
																																																						17,584.0						17,895.5
Agiliti Health, Inc.						First lien senior secured loan						7.24%						SOFR (S)						3.00%												05/2030												33,151.6						32,533.2						31,701.3			(2)
Amerivet Partners Management, Inc. and AVE Holdings LP						Subordinated loan						8.25% PIK																								12/2030												40,314.0						39,075.2						33,460.7			(2)(12)
						Class C units																								11/2023												3,849												768.4						—			(12)
						Class A units																								03/2024												1,575												1,575.0						—			(12)
																																																						41,418.6						33,460.7
Artivion, Inc. (10)						First lien senior secured revolving loan						7.79%						SOFR (Q)						3.50%												01/2031												1,983.0						1,907.9						1,983.0			(2)(5)(7)(12)
						First lien senior secured loan						9.04%						SOFR (Q)						4.75%												01/2031												26,884.3						26,381.2						26,884.3			(2)(5)(7)(12)
																																																						28,289.1						28,867.3
athenahealth Group Inc.						First lien senior secured loan						6.91%						SOFR (M)						2.75%												02/2029												95,961.1						95,330.8						95,721.2			(2)(7)
Avalign Holdings, Inc. and Avalign Technologies, Inc. (10)						First lien senior secured revolving loan						10.66%						SOFR (M)						6.50%												12/2028												1,032.1						986.0						619.3			(2)(7)(12)

See accompanying notes to consolidated financial statements.

10

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						11.45% (3.63% PIK)						SOFR (Q)						7.25%												12/2028												27,392.4						27,034.3						24,105.3			(2)(7)(12)
																																																						28,020.3						24,724.6
Aveanna Healthcare LLC						First lien senior secured loan						7.91%						SOFR (M)						3.75%												09/2032												27,000.0						27,012.9						26,966.3			(5)
						First lien senior secured loan						7.91%						SOFR (M)						3.75%												09/2032												7,000.0						7,003.3						6,991.3			(2)(5)
																																																						34,016.2						33,957.6
Bausch + Lomb Corporation						First lien senior secured loan						8.17%						SOFR (M)						4.00%												09/2028												22,122.1						22,125.8						22,094.5			(2)(5)
						First lien senior secured loan						8.41%						SOFR (M)						4.25%												01/2031												19,950.0						19,854.8						19,933.4			(2)(5)
																																																						41,980.6						42,027.9
Bayou Intermediate II, LLC (10)						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												09/2032												24,605.2						24,359.3						24,359.2			(2)(7)(12)
Bracket Intermediate Holding Corp.						First lien senior secured loan						8.41%						SOFR (M)						4.25%												05/2028												37,021.8						36,977.1						37,193.6			(2)(7)
BrightStar Group Holdings, Inc. (10)						First lien senior secured revolving loan						9.00%						SOFR (Q)						5.00%												03/2032												188.3						153.8						188.3			(2)(7)(12)
						First lien senior secured loan						9.05%						SOFR (Q)						5.00%												03/2032												28,519.8						28,271.0						28,519.8			(2)(7)(12)
																																																						28,424.8						28,708.1
BVI Medical, Inc. and BVI Group Limited (10)						First lien senior secured loan						10.41% (5.00% PIK)						SOFR (M)						6.25%												03/2032												139,546.8						137,678.2						136,755.9			(2)(5)(7)(12)
						Ordinary shares																								03/2025												2,249												3,000.4						2,485.4			(2)(5)(12)
																																																						140,678.6						139,241.3
CNT Holdings I Corp						First lien senior secured loan						6.56%						SOFR (Q)						2.25%												11/2032												99,065.2						99,070.6						98,979.0			(2)(7)
Confluent Medical Technologies, Inc.						First lien senior secured loan						7.00%						SOFR (Q)						3.00%												02/2029												30,250.0						30,282.1						30,363.5			(2)(7)(12)
Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. (10)						First lien senior secured loan						7.60%						Euribor (S)						5.50%												11/2031												13,718.4						12,482.1						13,862.2			(2)(5)(7)(12)
						First lien senior secured loan						9.77%						SOFR (S)						5.50%												11/2031												3,267.1						3,209.6						3,267.1			(2)(5)(7)(12)
																																																						15,691.7						17,129.3
Electron Bidco Inc.						First lien senior secured loan						6.91%						SOFR (M)						2.75%												11/2028												71,029.0						71,015.5						71,150.4			(2)(7)
Empower Payments Investor, LLC (10)						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												03/2031												16,886.0						16,654.9						16,886.0			(2)(7)(12)
Ensemble RCM, LLC						First lien senior secured loan						7.31%						SOFR (Q)						3.00%												08/2029												64,098.9						64,050.9						64,234.8			(2)
Envisage Management Ltd (10)						First lien senior secured loan						11.18% (2.19% PIK)						SONIA (Q)						7.19%												04/2031												5,918.9						5,480.0						5,918.9			(2)(5)(7)(12)
Gainwell Acquisition Corp.						First lien senior secured loan						8.10%						SOFR (Q)						4.00%												10/2027												76,372.4						74,264.2						75,054.9			(2)(7)
Global Medical Response, Inc. and GMR Buyer Corp.						First lien senior secured loan						7.63%						SOFR (Q)						3.50%												10/2032												99,468.9						99,220.2						99,473.8
						First lien senior secured loan						7.63%						SOFR (Q)						3.50%												10/2032												49,734.4						49,610.1						49,736.9			(2)
																																																						148,830.3						149,210.7
Hanger, Inc. (10)						First lien senior secured loan						7.66%						SOFR (M)						3.50%												10/2031												20,076.3						20,125.5						20,109.7			(2)
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP (10)						First lien senior secured revolving loan																														06/2032												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.41% (2.25% PIK)						SOFR (M)						5.25%												06/2032												158,843.3						155,920.6						157,254.8			(2)(7)(12)
						Class A units																								09/2025												220,000												2,200.0						2,200.0			(2)(12)
																																																						158,120.6						159,454.8
HuFriedy Group Acquisition LLC (10)						First lien senior secured revolving loan																														05/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.67%						SOFR (Q)						5.50%												05/2031												57,768.4						56,899.4						57,768.4			(2)(7)(12)

See accompanying notes to consolidated financial statements.

11

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						56,899.4						57,768.4
ICU Medical Inc.						First lien senior secured loan						6.43%						SOFR (M)						2.25%												01/2029												6,377.6						6,363.1						6,385.6			(2)(5)(7)
LivTech Purchaser, Inc. (10)						First lien senior secured loan						9.15%						SOFR (M)						5.00%												11/2031												7,376.8						7,323.7						7,376.8			(2)(7)(12)
Mamba Purchaser, Inc.						First lien senior secured loan						6.89%						SOFR (M)						2.75%												10/2031												54,466.0						54,435.5						54,568.4			(2)(7)
Medline Borrower, LP						First lien senior secured loan						6.16%						SOFR (M)						2.00%												10/2030												99,520.1						99,474.2						99,458.4			(2)(7)
Next Holdco, LLC (10)						First lien senior secured loan						9.48%						SOFR (Q)						5.25%												11/2030												5,699.4						5,636.8						5,699.4			(2)(7)(12)
NMN Holdings III Corp. and NMN Holdings LP						First lien senior secured loan						7.76%						CORRA (S)						5.00%												07/2031												12,913.2						12,901.7						12,913.2			(2)(7)(12)
						First lien senior secured loan						9.03%						SOFR (M)						4.75%												07/2031												6,978.7						6,909.9						6,978.7			(2)(7)(12)
																																																						19,811.6						19,891.9
Nomi Health, Inc.						First lien senior secured loan						12.54%						SOFR (Q)						8.25%												07/2028												18,611.2						18,271.6						19,137.5			(2)(7)(12)
						Warrant to purchase Series B preferred stock																								07/2023						07/2033						10,142												—						—			(12)
						Warrant to purchase Class A common stock																								06/2024						06/2034						22,661												—						—			(2)(12)
																																																						18,271.6						19,137.5
PointClickCare Technologies Inc.						First lien senior secured loan						6.75%						SOFR (S)						2.75%												11/2031												43,040.2						43,119.2						43,064.3			(2)(5)
Project Alliance Buyer, LLC (10)						First lien senior secured loan						9.20%						SOFR (Q)						5.00%												08/2031												9,126.3						8,991.6						8,989.4			(2)(7)(12)
Project Ruby Ultimate Parent Corp.						First lien senior secured loan						7.03%						SOFR (M)						2.75%												03/2028												120,882.4						120,953.6						120,904.2			(2)
QuidelOrtho Corporation						First lien senior secured loan						8.00%						SOFR (Q)						4.00%												08/2032												10,000.0						9,801.7						9,941.7			(2)(5)
Radnet Management, Inc.						First lien senior secured loan						6.45%						SOFR (Q)						2.25%												04/2031												29,187.1						29,160.2						29,207.3			(2)(5)
Raven Acquisition Holdings, LLC (10)						First lien senior secured loan						7.16%						SOFR (M)						3.00%												11/2031												29,041.7						28,962.8						29,023.6			(2)
RegionalCare Hospital Partners Holdings, Inc.						First lien senior secured loan						7.66%						SOFR (Q)						3.50%												05/2031												8,192.8						8,204.7						8,149.3			(2)
Resonetics, LLC						First lien senior secured loan						7.06%						SOFR (Q)						2.75%												06/2031												52,265.0						52,274.3						52,193.9			(2)(7)
Revival Animal Health, LLC (10)						First lien senior secured revolving loan						10.00%						SOFR (Q)						6.00%												01/2028												1,141.6						1,127.2						1,122.5			(2)(7)(12)
						First lien senior secured loan						10.09%						SOFR (Q)						6.00%												01/2028												31,062.3						30,854.4						30,751.6			(2)(7)(12)
																																																						31,981.6						31,874.1
Sharp Midco LLC						First lien senior secured loan						6.99%						SOFR (S)						3.00%												09/2032												51,647.6						51,648.9						51,647.6			(2)(12)
Spruce Bidco II Inc. (10)						First lien senior secured loan						9.13%						SOFR (Q)						5.00%												01/2032												97,671.1						96,124.3						97,671.1			(2)(7)(12)
						First lien senior secured loan						6.00%						TONA (S)						5.25%												01/2032												14,311.7						13,420.8						14,311.7			(2)(7)(12)
						First lien senior secured loan						7.68%						CORRA (Q)						5.00%												01/2032												14,219.2						13,418.9						14,219.2			(2)(7)(12)
																																																						122,964.0						126,202.0
Surgery Center Holdings, Inc.						First lien senior secured loan						6.66%						SOFR (Q)						2.50%												12/2030												34,278.2						34,337.2						34,284.7			(2)(5)
Team Health Holdings, Inc.						First lien senior secured loan						8.80%						SOFR (S)						4.50%												06/2028												74,812.5						74,812.5						74,609.8			(2)
						First lien senior secured notes						8.38%																								06/2028												25,000.0						25,000.0						25,537.5			(2)
																																																						99,812.5						100,147.3
U.S. Urology Partners, LLC and General Atlantic (USU) Blocker Collection Holdco, L.P. (10)						First lien senior secured loan						8.50%						SOFR (Q)						4.50%												04/2032												10,627.5						10,503.8						10,627.5			(2)(7)(12)
						Limited partnership interest																								04/2025												2,152,000												2,152.0						2,955.1			(2)(12)

See accompanying notes to consolidated financial statements.

12

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						12,655.8						13,582.6
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (10)						First lien senior secured loan						9.76%						SOFR (Q)						5.75%												03/2029												10,698.7						10,490.8						10,698.7			(2)(7)(12)
						Class A interests																								03/2023												100												100.0						156.5			(12)
																																																						10,590.8						10,855.2
VetPartners Group Limited (10)						First lien senior secured loan						9.47%						SONIA (S)						5.50%												09/2032												48,866.9						48,149.0						48,886.8			(2)(5)(7)(12)
						First lien senior secured loan						7.61%						Euribor (Q)						5.50%												09/2032												3,131.1						3,085.1						3,132.3			(2)(5)(7)(12)
																																																						51,234.1						52,019.1
Viant Medical Holdings, Inc.						First lien senior secured loan						8.16%						SOFR (M)						4.00%												10/2031												26,163.7						26,047.4						26,169.2			(2)
Waystar Technologies, Inc.						First lien senior secured loan						6.16%						SOFR (Q)						2.00%												10/2029												26,228.3						26,194.7						26,217.3			(2)
						First lien senior secured loan						6.00%						SOFR (Q)						2.00%												10/2029												2,524.7						2,524.7						2,523.6
																																																						28,719.4						28,740.9
																																																						2,292,874.6						2,293,633.1						22.57		%
Commercial and Professional Services
Accommodations Plus Technologies LLC (10)						First lien senior secured loan						8.70%						SOFR (Q)						4.50%												05/2032												2,885.8						2,861.2						2,857.0			(2)(7)(12)
Aldinger Company Inc (10)						First lien senior secured revolving loan						9.36%						SOFR (Q)						5.25%												07/2027												900.6						887.5						900.6			(2)(7)(12)
						First lien senior secured loan						9.30%						SOFR (Q)						5.25%												07/2027												45,394.8						45,159.5						45,394.8			(2)(7)(12)
																																																						46,047.0						46,295.4
AlixPartners, LLP						First lien senior secured loan						6.16%						SOFR (S)						2.00%												08/2032												79,722.5						79,722.1						79,146.9			(2)
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												01/2031												5,734.6						5,671.1						5,734.6			(2)(7)(12)
						Class A-1 units																								01/2025												1,134												1,134.0						1,299.4			(2)(12)
																																																						6,805.1						7,034.0
Bobtail AcquisitionCo, LLC (10)						First lien senior secured revolving loan						8.77%						SOFR (S)						4.75%												09/2031												252.2						169.3						168.1			(2)(9)(12)
						First lien senior secured loan						8.92%						SOFR (M)						4.75%												09/2031												29,782.9						29,489.0						29,485.0			(2)(12)
																																																						29,658.3						29,653.1
Celnor Group Limited (10)						First lien senior secured loan						9.64%						SONIA (Q)						5.67%												08/2031												5,531.2						5,246.8						5,512.1			(2)(5)(7)(12)
						First lien senior secured loan						9.79%						SOFR (Q)						5.67%												08/2031												583.5						538.5						571.9			(2)(5)(7)(12)
						First lien senior secured loan						9.26%						SONIA (Q)						5.29%												08/2031												20.8						—						20.8			(2)(5)(7)(12)
																																																						5,785.3						6,104.8
Corporation Service Company						First lien senior secured loan						6.16%						SOFR (M)						2.00%												11/2029												58,352.6						58,318.8						57,696.1			(2)(7)
Covanta Holding Corporation						First lien senior secured loan						6.41%						SOFR (M)						2.25%												01/2031												6,000.0						5,985.0						5,981.3			(2)(7)
Dayforce, Inc.						First lien senior secured loan						6.31%						SOFR (Q)						2.00%												03/2031												0.3						0.3						0.3			(2)(5)(12)
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. (10)						First lien senior secured revolving loan																														08/2032												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.67%						SOFR (M)						5.50%												08/2032												229,197.0						226,937.3						226,905.0			(2)(7)(12)
						Series A units						8.00% PIK																		08/2025												319,400												3,218.8						3,194.0			(2)(12)
																																																						230,156.1						230,099.0
Dorado Bidco, Inc. (10)						First lien senior secured revolving loan																														09/2031												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						8.41%						SOFR (M)						4.25%												09/2031												6,941.7						6,885.0						6,941.7			(2)(7)(12)

See accompanying notes to consolidated financial statements.

13

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						6,885.0						6,941.7
DP Flores Holdings, LLC (10)						First lien senior secured loan						10.66% (3.25% PIK)						SOFR (M)						6.50%												09/2030												54,033.1						53,009.1						54,033.1			(2)(7)(12)
Drogon Bidco Inc. & Drogon Aggregator LP (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												08/2031												25,887.5						25,667.0						25,887.5			(2)(7)(12)
						Class A-2 common units																								08/2024												2,662,000												2,662.0						2,705.5			(2)(12)
																																																						28,329.0						28,593.0
Duraserv LLC (10)						First lien senior secured loan						8.89%						SOFR (M)						4.75%												06/2031												31,662.5						31,406.5						31,662.5			(2)(7)(12)
Eagle Parent Corp.						First lien senior secured loan						8.25%						SOFR (Q)						4.25%												04/2029												36,500.0						36,294.6						36,425.9			(2)(7)
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC (10)						First lien senior secured revolving loan						8.73%						SOFR (Q)						4.75%												07/2031												2,441.2						2,375.5						2,372.8			(2)(7)(12)
						First lien senior secured loan						8.87%						SOFR (S)						4.75%												07/2031												30,062.7						29,773.7						29,762.1			(2)(7)(12)
						Common stock																								07/2025												5,162,000												5,162.0						5,162.0			(12)
																																																						37,311.2						37,296.9
EMB Purchaser, Inc. (10)						First lien senior secured loan						8.59%						SOFR (Q)						4.50%												03/2032												111,939.9						110,884.1						111,939.9			(2)(7)(12)
Firebird Acquisition Corp, Inc. (10)						First lien senior secured revolving loan																														02/2032												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.31% (2.75% PIK)						SOFR (Q)						5.00%												02/2032												17,523.5						17,445.3						17,523.5			(2)(7)(12)
						First lien senior secured loan						8.71%						SOFR (Q)						4.50%												02/2032												1,483.9						1,462.2						1,483.9			(2)(7)(12)
																																																						18,907.5						19,007.4
FlyWheel Acquireco, Inc. (10)						First lien senior secured revolving loan						10.66%						SOFR (M)						6.50%												05/2028												428.6						403.4						428.6			(2)(7)(12)
						First lien senior secured loan						10.66%						SOFR (M)						6.50%												05/2030												13,125.0						12,865.6						13,125.0			(2)(7)(12)
																																																						13,269.0						13,553.6
Frontline Road Safety Operations, LLC (10)						First lien senior secured revolving loan						9.07%						SOFR (Q)						4.75%												03/2032												2,043.7						1,936.6						2,043.7			(2)(9)(12)
						First lien senior secured loan						9.32% (2.00% PIK)						SOFR (M)						5.00%												03/2032												72,384.3						71,825.8						72,384.3			(2)(12)
																																																						73,762.4						74,428.0
G702 Buyer, Inc. (10)						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												07/2031												10,227.4						10,080.4						10,074.0			(2)(7)(12)
GCM HVAC Holdco, LLC and GCM HVAC Topco, LLC						First lien senior secured loan						14.00% PIK																								09/2031												3,124.2						3,070.7						3,124.2			(2)(12)
						Class A common units																								09/2024												1,513,394												1,526.6						2,221.9			(12)
																																																						4,597.3						5,346.1
GFL Environmental Inc.						First lien senior secured loan						6.67%						SOFR (Q)						2.50%												03/2032												21,659.5						21,646.5						21,631.1			(2)
Grant Thornton Advisors LLC						First lien senior secured loan						6.66%						SOFR (M)						2.50%												06/2031												8,921.5						8,940.8						8,860.8			(2)
HP RSS Buyer, Inc. (10)						First lien senior secured loan						9.00%						SOFR (Q)						5.00%												12/2029												11,650.5						11,525.1						11,650.5			(2)(7)(12)
						First lien senior secured loan						8.87%						SOFR (Q)						4.75%												12/2029												5,966.6						5,874.0						5,966.6			(2)(7)(12)
																																																						17,399.1						17,617.1
Indigo Acquisition B.V. (10)						First lien senior secured loan						9.08% (2.45% PIK)						Euribor (Q)						6.81%												09/2031												3,060.8						2,760.9						3,060.8			(2)(5)(7)(12)
						First lien senior secured loan						10.80% (2.45% PIK)						SOFR (Q)						6.81%												09/2031												2,380.8						2,189.8						2,244.7			(2)(5)(7)(12)
																																																						4,950.7						5,305.5
Kings Buyer, LLC (10)						First lien senior secured revolving loan						11.50%						Base Rate (Q)						4.25%												10/2027												735.4						713.4						612.9			(2)(7)(12)

See accompanying notes to consolidated financial statements.

14

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						9.65%						SOFR (Q)						5.25%												10/2027												18,101.3						17,960.5						17,194.0			(2)(7)(12)
																																																						18,673.9						17,806.9
KPS Global LLC and Cool Group LLC (10)						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												09/2030												4,679.0						4,600.3						4,679.0			(2)(7)(12)
LABL, Inc.						First lien senior secured loan						9.26%						SOFR (M)						5.00%												10/2028												82,016.2						77,211.3						67,048.3			(2)(7)
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (10)						First lien senior secured loan						9.31%						SOFR (Q)						5.00%												07/2031												20,521.2						20,222.1						20,233.0			(2)(7)(12)
						Class A common units																								07/2024												1,409,000												1,409.0						1,072.6			(2)(12)
																																																						21,631.1						21,305.6
Lightbeam Bidco, Inc. (10)						First lien senior secured revolving loan																														05/2029												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.29%						SOFR (Q)						5.00%												05/2030												17,033.5						16,842.1						17,033.5			(2)(7)(12)
																																																						16,842.1						17,033.5
Motus LLC						First lien senior secured loan						7.75%						SOFR (Q)						3.75%												12/2028												9,899.6						9,913.3						9,879.0			(2)(7)
MSIS Holdings, Inc. and MS Precision Parent, LP (10)						First lien senior secured loan						9.00%						SOFR (Q)						5.00%												03/2031												27,062.4						26,725.8						27,062.4			(2)(7)(12)
						Class A-1 units																								03/2025												1,359,000												1,359.0						1,523.0			(2)(12)
																																																						28,084.8						28,585.4
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.						First lien senior secured loan						9.43%						SOFR (Q)						5.00%												04/2029												143,655.8						137,255.6						136,599.5			(2)(7)
						First lien senior secured loan						9.18%						SOFR (Q)						4.75%												10/2028												51,649.4						49,482.2						49,066.9			(2)(7)
																																																						186,737.8						185,666.4
North Haven Stack Buyer, LLC (10)						First lien senior secured revolving loan						8.95%						SOFR (Q)						4.75%												07/2031												999.8						991.8						999.8			(2)(7)(12)
						First lien senior secured revolving loan						11.00%						Base rate (Q)						3.75%												07/2031												84.2						83.5						84.2			(2)(7)(12)
						First lien senior secured loan						8.95%						SOFR (Q)						4.75%												07/2027												17,305.4						17,242.6						17,305.4			(2)(7)(12)
						First lien senior secured loan						8.95%						SOFR (Q)						4.75%												07/2031												371.9						371.0						371.9			(2)(7)(12)
						First lien senior secured loan						8.95%						SOFR (Q)						4.75%												07/2027												345.1						344.3						345.1			(2)(12)
																																																						19,033.2						19,106.4
Omnia Partners, LLC						First lien senior secured loan						6.81%						SOFR (Q)						2.50%												07/2030												20,913.4						20,915.7						20,910.1			(2)
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC						First lien senior secured revolving loan						9.79%						SOFR (Q)						5.50%												08/2029												1.9						1.8						1.9			(2)(7)(12)
						First lien senior secured revolving loan						11.75%						Base Rate (Q)						4.50%												08/2029												0.1						0.1						0.1			(2)(7)(12)
						First lien senior secured loan						12.29%						SOFR (Q)						8.00%												08/2029												41,327.7						39,297.6						38,434.8			(2)(7)(12)
						Warrant to purchase Class A common units																								08/2023						08/2036						27,163												449.6						1,471.2			(2)(12)
						Warrant to purchase Class A common units																								06/2024						06/2036						8,780												1,223.9						475.5			(2)(12)
																																																						40,973.0						40,383.5
PSC Parent, Inc. (10)						First lien senior secured revolving loan						9.41%						SOFR (M)						5.25%												04/2030												2,814.0						2,753.1						2,814.0			(2)(7)(9)(12)
						First lien senior secured loan						9.15%						SOFR (M)						5.00%												04/2031												51,211.5						50,832.1						51,211.5			(2)(7)(12)
																																																						53,585.2						54,025.5
PYE-Barker Fire & Safety, LLC (10)						First lien senior secured revolving loan						8.50%						SOFR (Q)						4.50%												05/2030												1,085.7						1,018.4						1,085.7			(2)(7)(12)

See accompanying notes to consolidated financial statements.

15

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						8.50%						SOFR (Q)						4.50%												05/2031												40,491.8						40,302.7						40,491.8			(2)(7)(12)
																																																						41,321.1						41,577.5
Saturn Purchaser Corp. (10)						First lien senior secured loan						9.16%						SOFR (Q)						4.85%												07/2030												7,505.7						7,480.8						7,505.7			(2)(7)(12)
Shermco Intermediate Holdings, Inc. (10)						First lien senior secured revolving loan						8.87%						SOFR (Q)						5.00%												12/2026												134.7						128.0						134.7			(2)(9)(12)
						First lien senior secured loan						9.24%						SOFR (Q)						5.00%												06/2027												3,029.5						2,975.4						3,029.5			(2)(7)(12)
																																																						3,103.4						3,164.2
SV Newco 2, Inc. and Site 2020 Incorporated (10)						First lien senior secured revolving loan																														06/2031												—						—						—			(2)(5)(7)(8)(12)
						First lien senior secured loan						8.75%						SOFR (M)						4.75%												06/2031												26,060.0						25,806.0						26,060.0			(2)(5)(7)(12)
						First lien senior secured loan						11.00%						Base Rate (Q)						3.75%												06/2031												1,921.2						1,909.5						1,921.2			(2)(5)(7)(12)
																																																						27,715.5						27,981.2
Talon Buyer Inc. and Talon Holdings SCSP (10)						First lien senior secured loan						8.82%						SOFR (Q)						4.50%												07/2032												19,540.6						19,292.0						19,296.4			(2)(7)(12)
						Class A units																								07/2025												7,785,000												7,785.0						7,785.0			(2)(5)(12)
																																																						27,077.0						27,081.4
The Hiller Companies, LLC (10)						First lien senior secured revolving loan																														06/2030												0.0						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.29%						SOFR (Q)						5.00%												06/2030												30,301.6						30,085.9						30,301.6			(2)(7)(12)
						First lien senior secured loan						9.05%						SOFR (Q)						4.75%												06/2030												1,302.3						1,284.2						1,276.8			(2)(7)(12)
																																																						31,370.1						31,578.4
TSS Buyer, LLC (10)						First lien senior secured loan						9.96%						SOFR (Q)						5.50%												06/2029												8,538.9						8,383.2						8,538.9			(2)(7)(12)
TVG-MGT Upper Intermediate Holdings, LLC						Senior subordinated loan						14.00% PIK																								08/2031												20,871.9						20,256.0						20,245.7			(2)(12)
						Class A common units																								08/2025												2,281												3,478.6						3,478.6			(2)(12)
																																																						23,734.6						23,724.3
Unity Purchaser, LLC and Unity Ultimate Holdings, LP (10)						First lien senior secured loan						9.00%						SOFR (Q)						5.00%												01/2031												11,592.6						11,462.8						11,592.6			(2)(7)(12)
						Class A-1 units																								01/2025												2,271,000												2,271.0						2,791.9			(2)(12)
																																																						13,733.8						14,384.5
UP Intermediate II LLC and UPBW Blocker LLC (10)						First lien senior secured revolving loan																														03/2031												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												03/2032												13,525.4						13,369.4						13,525.4			(2)(7)(12)
						Senior preferred units						15.00% PIK																		07/2025												10,858												1,116.6						1,116.6			(2)(12)
						Common units																								03/2024												31,790												3,179.0						3,467.3			(2)(12)
						Common units																								09/2024												2,060												173.0						224.6			(2)(12)
																																																						17,838.0						18,333.9
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (10)						First lien senior secured revolving loan						8.00%						SOFR (Q)						4.00%												05/2030												5,982.4						5,889.8						5,982.4			(2)(7)(12)
						First lien senior secured revolving loan						10.25%						Base Rate (Q)						3.00%												05/2030												598.2						474.8						598.2			(2)(7)(9)(12)
						First lien senior secured loan						9.00%						SOFR (Q)						5.00%												05/2030												33,126.7						32,721.0						33,126.7			(2)(7)(12)
						Class A preferred units						10.00% PIK																		05/2024												11,930												1,363.5						1,363.5			(12)
						Class A common units																								05/2024												1,111												—						493.3			(12)
																																																						40,449.1						41,564.1
Xplor T1, LLC						First lien senior secured loan						7.50%						SOFR (Q)						3.50%												06/2031												26,636.8						26,632.6						26,570.2			(2)(12)

See accompanying notes to consolidated financial statements.

16

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (10)						First lien senior secured loan						9.05%						SOFR (Q)						4.75%												07/2031												57,145.5						56,732.6						57,145.5			(2)(7)(12)
																																																						1,766,785.9						1,763,163.9						17.35		%
Capital Goods
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. (10)						First lien senior secured revolving loan						10.70%						SOFR (S)						6.50%												08/2030												3,113.1						2,978.0						2,975.4			(2)(5)(7)(12)
						First lien senior secured loan						10.70%						SOFR (Q)						6.50%												08/2030												92,594.8						91,232.5						91,205.9			(2)(5)(7)(12)
																																																						94,210.5						94,181.3
AI Aqua Merger Sub, Inc.						First lien senior secured loan						7.28%						SOFR (M)						3.00%												07/2028												127,419.8						127,263.5						127,647.9			(2)(5)(7)
Airx Climate Solutions, Inc. (10)						First lien senior secured loan						9.95%						SOFR (Q)						5.75%												11/2029												23,152.4						22,755.3						23,152.4			(2)(7)(12)
						First lien senior secured loan						9.20%						SOFR (Q)						5.00%												11/2029												13,144.6						13,006.1						13,013.1			(2)(7)(12)
																																																						35,761.4						36,165.5
Alliance Laundry Systems LLC						First lien senior secured loan						6.39%						SOFR (M)						2.25%												08/2031												39,807.4						39,711.2						39,752.8			(2)
Arcline FM Holdings, LLC						First lien senior secured loan						6.62%						SOFR (S)						2.75%												06/2030												8,731.5						8,729.8						8,724.7			(7)
Artera Services, LLC						First lien senior secured loan						8.50%						SOFR (Q)						4.50%												02/2031												25,969.9						22,833.1						23,133.4			(2)
BCPE Empire Holdings, Inc.						First lien senior secured loan						7.41%						SOFR (M)						3.25%												12/2030												11,593.5						11,614.2						11,569.9			(2)(7)
BGIF IV Fearless Utility Services, Inc. (10)						First lien senior secured revolving loan																														06/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.14%						SOFR (M)						5.00%												06/2031												41,888.2						41,548.0						41,888.2			(2)(7)(12)
																																																						41,548.0						41,888.2
Brown Group Holding, LLC						First lien senior secured loan						6.66%						SOFR (M)						2.50%												07/2031												26,171.8						26,180.2						26,182.8			(2)(7)
						First lien senior secured loan						6.99%						SOFR (Q)						2.75%												07/2031												17,824.4						17,789.6						17,853.5			(2)(7)
																																																						43,969.8						44,036.3
Burgess Point Purchaser Corporation						First lien senior secured loan						9.51%						SOFR (M)						5.25%												07/2029												69,263.5						66,833.0						59,876.9			(2)(7)
Chillaton Bidco Limited (10)						First lien senior secured loan						10.52%						SONIA (S)						6.50%												05/2031												6,085.6						5,570.8						6,085.6			(2)(5)(7)(12)
CPIG Holdco Inc. (10)						First lien senior secured revolving loan						9.14%						SOFR (Q)						4.75%												04/2028												0.5						0.5						0.5			(2)(7)(9)(12)
						First lien senior secured loan						11.39%						SOFR (Q)						7.00%												04/2028												14,700.0						14,472.9						14,700.0			(2)(7)(12)
																																																						14,473.4						14,700.5
EC Partners Spanish BidCo, S.L.U. (10)						First lien senior secured loan						7.85%						Euribor (S)						5.75%												01/2032												782.8						676.9						782.8			(2)(5)(12)
FCG Acquisitions, Inc.						First lien senior secured loan						7.41%						SOFR (M)						3.25%												03/2028												35,469.7						35,477.4						35,529.0			(2)(7)
Generator US Buyer, Inc. and Total Power Limited (10)						First lien senior secured revolving loan						7.70%						CORRA (Q)						5.25%												07/2030												154.5						143.0						154.5			(2)(5)(7)(12)
						First lien senior secured loan						7.70%						CORRA (Q)						5.25%												07/2030												7,786.2						7,736.7						7,786.2			(2)(5)(7)(12)
						First lien senior secured loan						9.25%						SOFR (Q)						5.25%												07/2030												1,843.3						1,816.6						1,843.3			(2)(5)(7)(12)
																																																						9,696.3						9,784.0
Green Infrastructure Partners Inc.						First lien senior secured loan						6.75%						SOFR (Q)						2.75%												09/2032												18,000.0						17,955.0						18,000.0			(2)(5)
GSV Purchaser, Inc. (10)						First lien senior secured loan						8.74%						SOFR (Q)						4.50%												08/2031												38,475.9						38,085.9						38,475.9			(2)(7)(12)
Harvey Tool Company, LLC						First lien senior secured loan						6.91%						Euribor (M)						5.00%												08/2032												8,791.2						8,688.6						8,747.2			(2)(7)(12)
Helix Acquisition Holdings, Inc.						First lien senior secured loan						11.26%						SOFR (M)						7.00%												03/2030												14,188.7						13,915.2						14,188.7			(2)(7)(12)

See accompanying notes to consolidated financial statements.

17

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Holding Socotec						First lien senior secured loan						5.50%						Euribor (Q)						3.50%												06/2031												5,871.0						5,873.5						5,907.0			(2)(5)
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC (10)						First lien senior secured revolving loan						10.75%						Base Rate (Q)						3.50%												03/2032												2,716.7						2,638.0						2,716.7			(2)(7)(9)(12)
						First lien senior secured revolving loan						8.50%						SOFR (Q)						4.50%												03/2032												905.6						879.3						905.6			(2)(7)(9)(12)
						First lien senior secured loan						8.50%						SOFR (Q)						4.50%												03/2032												44,523.9						44,111.2						44,523.9			(2)(7)(12)
																																																						47,628.5						48,146.2
HPCC Parent, Inc. and Patriot Container Corp. (10)						First lien senior secured loan						13.00% (7.00% PIK)																								09/2030												73,681.0						72,011.1						73,681.0			(2)(12)
						Common stock																								09/2024												406,680												3,855.3						3,855.3			(2)(12)
																																																						75,866.4						77,536.3
Johnstone Supply, LLC						First lien senior secured loan						6.64%						SOFR (M)						2.50%												06/2031												11,915.1						11,909.8						11,885.3			(2)
JSG II, Inc. and Checkers USA, Inc. (10)						First lien senior secured revolving loan						8.66%						SOFR (S)						4.50%												09/2032												29.0						27.0						27.0			(2)(7)(12)
						First lien senior secured loan						8.66%						SOFR (S)						4.50%												09/2032												2,873.0						2,858.6						2,858.6			(2)(7)(12)
																																																						2,885.6						2,885.6
KKR Apple Bidco, LLC						First lien senior secured loan						6.66%						SOFR (M)						2.50%												09/2031												14,895.8						14,861.6						14,890.4			(2)
Madison IAQ LLC						First lien senior secured loan						6.70%						SOFR (S)						2.50%												06/2028												75,603.5						75,439.7						75,616.3			(2)(7)
OPH NEP Investment, LLC (4)						Senior subordinated loan						10.00% (7.00% PIK)																								05/2032												39,557.1						37,006.7						38,766.0			(2)(12)
						Class B common units																								05/2024												9												2,083.7						3,058.2			(12)
																																																						39,090.4						41,824.2
Paris US Holdco, Inc. & 1001028292 Ontario Inc. (10)						First lien senior secured revolving loan						8.91%						SOFR (M)						4.75%												12/2031												422.1						347.7						422.1			(2)(5)(7)(12)
						First lien senior secured loan						8.91%						SOFR (M)						4.75%												12/2031												52,639.9						52,175.9						52,639.9			(2)(5)(7)(12)
																																																						52,523.6						53,062.0
Pave America Holding, LLC (10)						First lien senior secured revolving loan						8.76%						SOFR (M)						4.75%												08/2032												2,741.3						2,684.9						2,684.1			(2)(7)(12)
						First lien senior secured loan						9.25% (2.88% PIK)						SOFR (Q)						5.25%												08/2032												18,941.8						18,755.3						18,752.4			(2)(7)(12)
																																																						21,440.2						21,436.5
Pinnacle Buyer, LLC						First lien senior secured loan						6.50%						SOFR (Q)						2.50%												09/2032												10,688.5						10,688.7						10,701.9			(2)
						First lien senior secured loan						6.50%						SOFR (Q)						2.50%												09/2032												10,540.0						10,540.2						10,553.2
																																																						21,228.9						21,255.1
Project Aurora US Finco Inc.						First lien senior secured loan						6.62%						SOFR (S)						2.75%												09/2032												6,000.0						5,985.0						6,007.5			(5)(12)
Project Castle, Inc.						First lien senior secured loan						9.72%						SOFR (S)						5.50%												06/2029												21,751.8						17,551.0						17,994.2			(2)(7)
PumpTech, LLC and Impel CV-B, LP (10)(11)						First lien senior secured revolving loan						8.89%						SOFR (M)						4.75%												01/2031												384.8						368.8						366.8			(2)(7)(12)
						First lien senior secured revolving loan						11.00%						Base rate (Q)						3.75%												01/2031												384.8						368.8						366.8			(2)(7)(12)
						First lien senior secured loan						8.90%						SOFR (M)						4.75%												01/2031												13,806.9						13,613.1						13,588.1			(2)(7)(12)
						Limited partnership interest																								03/2025												958,338												979.6						992.6			(2)(12)
																																																						15,330.3						15,314.3
Signia Aerospace, LLC (10)						First lien senior secured loan						6.91%						SOFR (M)						2.75%												12/2031												21,357.8						21,308.1						21,357.8			(2)(7)
Spirit AeroSystems, Inc.						First lien senior secured loan						9.28%																								09/2025												77,126.3						77,126.3						77,126.3			(2)(12)

See accompanying notes to consolidated financial statements.

18

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
SPX Flow, Inc.						First lien senior secured loan						6.91%						SOFR (M)						2.75%												04/2029												12,839.2						12,863.9						12,887.3			(2)(7)
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (10)						First lien senior secured loan						9.00%						SOFR (Q)						5.00%												05/2031												34,855.3						34,280.3						34,855.3			(2)(7)(12)
						Series A common units																								05/2024												996												996.0						1,667.1			(2)(12)
																																																						35,276.3						36,522.4
Titan BW Borrower L.P. (10)						First lien senior secured loan						9.45% (2.88% PIK)						SOFR (Q)						5.25%												07/2032												61,604.7						61,006.8						60,988.7			(2)(7)(12)
Victory Buyer LLC						First lien senior secured loan						8.03%						SOFR (M)						3.75%												11/2028												18,652.2						18,375.7						18,652.2			(2)(7)
WEC US Holdings Ltd.						First lien senior secured loan						6.53%						SOFR (M)						2.25%												01/2031												55,354.0						55,163.6						55,368.9			(2)
Werner Finco LP						First lien senior secured loan						9.52%						SOFR (Q)						5.50%												06/2031												93,007.9						91,674.8						91,612.8			(2)(7)(12)
																																																						1,417,424.0						1,421,547.9						13.99		%
Financial Services
Aduro Advisors, LLC (10)						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												07/2030												18,625.2						18,476.9						18,625.2			(2)(7)(12)
BCP Renaissance Parent L.L.C.						First lien senior secured loan						6.50%						SOFR (Q)						2.50%												10/2028												11,033.1						11,057.7						11,044.6			(2)(7)
						First lien senior secured loan						6.50%						SOFR (Q)						2.50%												10/2028												9,750.8						9,772.5						9,760.9			(7)
																																																						20,830.2						20,805.5
Cannon Bridge Designated Activity Company (10)						Private asset-backed investment						4.90% PIK						Euribor (Q)						2.65%												10/2033												1,309.2						1,222.9						1,304.0			(2)(5)(12)
						Private asset-backed investment						9.43% PIK						Euribor (S)						7.50%												10/2033												1,069.8						983.9						1,064.9			(2)(5)(12)
						Private asset-backed investment						6.65% PIK						SOFR (S)						2.65%												10/2033												120.9						113.0						120.4			(2)(5)(12)
						Private asset-backed investment						6.99% PIK						SOFR (S)						2.65%												10/2033												52.2						48.7						52.0			(2)(5)(12)
						Private asset-backed investment						11.27% PIK						SOFR (S)						7.50%												10/2033												53.8						49.5						53.5			(2)(5)(12)
																																																						2,418.0						2,594.8
Cezanne Bidco (10)						First lien senior secured loan						8.50%						Euribor (Q)						6.50%												10/2031												12,642.4						11,324.3						12,642.4			(2)(5)(12)
CFC Bidco 2022 Limited						First lien senior secured loan						8.04%						SOFR (S)						3.75%												07/2032												23,200.0						22,745.0						22,098.0			(2)(5)
Clearstead Advisors, LLC (10)						First lien senior secured revolving loan						8.67%						SOFR (M)						4.50%												02/2028												334.1						330.4						327.8			(2)(5)(7)(12)
						First lien senior secured loan						8.79%						SOFR (S)						4.50%												02/2028												8,438.6						8,401.8						8,396.4			(2)(5)(7)(12)
																																																						8,732.2						8,724.2
Endeavor Bidco LLC and Endeavor TopCo, Inc.						First lien senior secured loan						8.25%						SOFR (Q)						4.25%												08/2029												13,702.3						13,521.5						13,633.8			(2)(7)(12)
						Class A common units																								08/2024												2,540												2,540.0						3,666.4			(12)
																																																						16,061.5						17,300.2
Focus Financial Partners, LLC						First lien senior secured loan						6.91%						SOFR (M)						2.75%												09/2031												66,588.0						66,412.0						66,594.7			(2)
GAPCO AIV Interholdco (CP), L.P.						Senior subordinated loan						10.88% PIK						SOFR (Q)						6.75%												03/2033												51,048.4						49,771.6						51,048.4			(2)(5)(7)(12)
GC Waves Holdings, Inc. (10)						First lien senior secured loan						9.01%						SOFR (M)						4.75%												10/2030												19,845.6						19,682.9						19,845.6			(2)(5)(7)(12)
Gen II Fund Services, LLC						First lien senior secured loan						6.75%						SOFR (Q)						2.75%												11/2031												58,924.3						59,069.4						58,899.6			(2)
Grit Buyer, Inc. and Integrum Grit Co-Invest LP (10)(11)						First lien senior secured revolving loan						8.82%						SOFR (Q)						4.50%												07/2031												173.8						82.4						79.0			(2)(7)(9)(12)

See accompanying notes to consolidated financial statements.

19

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						8.81%						SOFR (Q)						4.50%												07/2032												57,248.4						56,242.5						56,196.8			(2)(7)(12)
						Limited partnership interests																								07/2025												4,643,250												3,724.7						3,725.0			(2)(5)(12)
																																																						60,049.6						60,000.8
GTCR F Buyer Corp. and GTCR (D) Investors LP (10)(11)						First lien senior secured loan						9.00%						SOFR (Q)						5.00%												09/2030												14,338.6						14,117.1						14,338.6			(2)(7)(12)
						Limited partnership interests																								09/2023												78,677												79.3						156.6			(2)(12)
																																																						14,196.4						14,495.2
Harbourvest Global Private Equity Limited (10)						Private asset-backed investment						7.65%						SOFR (Q)						3.50%												06/2029												32,500.0						31,782.9						32,500.0			(12)
HighTower Holding, LLC						First lien senior secured loan						7.07%						SOFR (Q)						2.75%												02/2032												55,061.2						55,083.5						54,958.2			(2)(5)
Icon Parent I Inc.						First lien senior secured loan						6.75%						SOFR (Q)						2.75%												11/2031												58,478.7						58,463.8						58,378.1			(2)
Isthmus Capital LLC						Private asset-backed investment						9.50%																								06/2030												1,184.0						1,174.1						1,184.0			(5)(12)
						Private asset-backed investment																								06/2023												4												—						21.5			(5)(12)
																																																						1,174.1						1,205.5
LSF12 Crown US Commercial Bidco, LLC						First lien senior secured loan						7.78%						SOFR (M)						3.50%												12/2031												7,000.0						7,000.0						7,004.4			(2)
Mai Capital Management Intermediate LLC (10)						First lien senior secured revolving loan						8.75%						SOFR (Q)						4.75%												08/2031												353.4						336.5						353.4			(2)(5)(7)(12)
						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												08/2031												9,574.0						9,494.1						9,574.0			(2)(5)(7)(12)
																																																						9,830.6						9,927.4
Mariner Wealth Advisors, LLC						First lien senior secured loan						6.80%						SOFR (Q)						2.50%												12/2030												16,353.5						16,339.3						16,380.2			(2)(7)
Mars Downstop Loan Purchaser Trust						Private asset-backed investment						11.00%																		02/2024												29,990,339												13,620.9						13,620.9			(5)(12)
MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd.						Z1 preferred shares						12.00% PIK																		08/2025						08/2031						15,586												15,430.1						15,430.1			(2)(5)(12)
						Z2 preferred shares						12.00% (6.00% PIK)																		08/2025						08/2031						15,586												15,430.1						15,430.1			(2)(5)(12)
						Membership interest																								08/2025												1,000												1.0						1.0			(2)(5)(12)
																																																						30,861.2						30,861.2
Medlar Bidco Limited (10)						First lien senior secured loan						6.97%						Euribor (Q)						5.00%												05/2032												40,368.7						38,414.6						39,763.1			(2)(5)(12)
						First lien senior secured loan						9.13%						SONIA (S)						5.00%												05/2032												32,443.9						31,691.3						31,957.3			(2)(5)(12)
																																																						70,105.9						71,720.4
Mercury Borrower, Inc.						First lien senior secured loan						7.16%						SOFR (M)						3.00%												08/2028												64,928.7						64,843.6						64,831.3			(2)(7)
Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP (10)						First lien senior secured loan						9.00%						SOFR (Q)						5.00%												08/2032												12,500.0						12,376.7						12,375.0			(2)(5)(7)(12)
						Limited partnership interests																								08/2025												4,655,000												4,666.8						4,655.0			(5)(12)
																																																						17,043.5						17,030.0
Monica Holdco (US), Inc. (10)						First lien senior secured loan						9.40%						SOFR (Q)						5.25%												07/2030												11,026.6						10,868.4						11,026.6			(2)(5)(7)(12)
Monroe Capital Income Plus Corporation						Corporate bond						9.42%																								11/2028												10,000.0						10,000.0						10,894.7			(2)(5)(12)
MSD Investment Corp.						Corporate bond						7.24%																								05/2028												25,000.0						25,000.0						25,022.4			(2)(5)(12)

See accompanying notes to consolidated financial statements.

20

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Nexus Buyer LLC						Second lien senior secured loan						9.91%						SOFR (M)						5.75%												02/2032												105,678.8						104,704.8						105,441.0			(2)
Osttra Group Ltd.						First lien senior secured loan						7.50%						SOFR (Q)						3.50%												05/2032												26,897.2						26,837.7						27,031.7
Parexel International Inc.						First lien senior secured loan						6.66%						SOFR (M)						2.50%												11/2028												55,751.2						55,673.3						55,780.2			(2)(7)
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (10)(11)						First lien senior secured loan						9.26%						SOFR (M)						5.00%												05/2029												26,681.8						26,369.4						26,681.8			(2)(5)(7)(12)
						Limited partnership interests																								09/2023												96,046												96.4						132.4			(5)(12)
																																																						26,465.8						26,814.2
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (10)						First lien senior secured loan						9.25%						SOFR (Q)						5.25%												08/2029												11,287.5						11,091.8						11,287.5			(2)(5)(7)(12)
						Preferred units																								07/2023												1,333,333												1,315.5						1,695.9			(5)(12)
																																																						12,407.3						12,983.4
PCS MidCo, Inc. and PCS Parent, L.P. (10)						First lien senior secured loan						9.75%						SOFR (Q)						5.75%												03/2030												11,863.3						11,688.3						11,863.3			(2)(7)(12)
						Class A units																								03/2024												806,000												806.0						747.3			(2)(12)
																																																						12,494.3						12,610.6
Perigon Wealth Management, LLC and Perigon Wealth Advisors Holdings Company, LLC (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												03/2031												134.3						87.4						134.3			(2)(5)(7)(12)
RFS Opco LLC (10)						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												04/2031												49,537.5						49,182.1						49,537.5			(2)(5)(7)(12)
RWA Wealth Partners, LLC (10)						First lien senior secured revolving loan						8.75%						SOFR (Q)						4.75%												11/2030												75.0						60.1						75.0			(2)(5)(7)(9)(12)
						First lien senior secured loan						8.95%						SOFR (Q)						4.75%												11/2030												8,458.4						8,365.9						8,458.4			(2)(5)(7)(12)
																																																						8,426.0						8,533.4
Shift4 Payments, LLC						First lien senior secured loan						6.50%						SOFR (Q)						2.50%												06/2032												11,495.0						11,467.1						11,576.4			(2)(5)
Speed Midco 3 Sarl						First lien senior secured loan						6.37%						SOFR (S)						2.50%												09/2032												7,750.0						7,730.6						7,740.3			(2)(5)(12)
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (10)						First lien senior secured revolving loan						8.91%						SOFR (S)						4.75%												10/2028												182.2						161.1						182.2			(2)(5)(7)(12)
						First lien senior secured loan						8.92%						SOFR (M)						4.75%												10/2028												5,862.2						5,742.2						5,684.7			(2)(5)(7)(12)
																																																						5,903.3						5,866.9
Sunbit Receivables Trust IV (10)						Private asset-backed investment						11.17%						SOFR (M)						7.00%												04/2029												1,472.1						1,453.9						1,472.1			(7)(12)
The Edelman Financial Center, LLC						First lien senior secured loan						7.16%						SOFR (M)						3.00%												04/2028												51,058.6						51,058.9						51,077.0			(2)(5)
						Second lien senior secured loan						9.41%						SOFR (M)						5.25%												10/2028												54,000.0						53,915.6						54,016.7			(2)(5)
																																																						104,974.5						105,093.7
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (10)						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												07/2032												28,285.7						28,013.0						28,002.9			(2)(7)(12)
TI VI Holdings 1, L.P. (11)						Private asset-backed investment						9.31% PIK																		06/2025												3,292												3,387.8						3,341.7			(5)(12)
TK Elevator Midco GmbH						First lien senior secured loan						5.33%						Euribor (S)						3.25%												04/2030												4,696.8						4,514.3						4,710.5			(2)(5)
TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P.						First lien senior secured loan						10.30%						SOFR (Q)						6.00%												01/2033												9,587.9						9,333.8						9,587.9			(2)(5)(7)(12)
						Limited partnership interest																								11/2024												4,814,025												4,850.1						5,650.2			(2)(5)(12)
																																																						14,183.9						15,238.1

See accompanying notes to consolidated financial statements.

21

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Trinity Capital Inc						Corporate bond						7.54%																								10/2027												29,700.0						29,700.0						30,054.6			(2)(5)(12)
Wellington-Altus Financial Inc. (10)(11)						First lien senior secured revolving loan																														08/2030												—						—						—			(2)(5)(7)(8)(12)
						First lien senior secured loan						7.99%						CORRA (Q)						5.00%												08/2030												815.2						818.6						815.2			(2)(5)(7)(12)
						Common stock																								08/2024												74,003												2,614.2						3,208.9			(2)(5)(12)
																																																						3,432.8						4,024.1
Wharf Street Ratings Acquisition LLC (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												09/2032												18,685.3						18,499.6						18,498.5			(2)(7)(12)
WPCG Aspire Holdings, LLC (10)						Private asset-backed investment						11.50%																								07/2033												4,657.6						4,004.7						3,987.1			(2)(5)(12)
Zelis Payments Buyer, Inc.						First lien senior secured loan						7.41%						SOFR (M)						3.25%												11/2031												33,462.3						33,352.0						33,445.6			(2)
						First lien senior secured loan						6.91%						SOFR (M)						2.75%												09/2029												1,546.1						1,543.1						1,541.6			(2)
																																																						34,895.1						34,987.2
																																																						1,360,227.0						1,372,496.3						13.51		%
Investment Funds and Vehicles
A8 - A (Feeder) L.P. (11)						Limited partnership interest																								03/2025												0.03%												1,000.3						1,128.8			(5)
ABPCI 2017-1						Collaterized loan obligation						11.83%						SOFR (Q)						7.50%												07/2037												965.0						969.7						955.6			(5)(12)
ABPCI 2019-5A						Collaterized loan obligation						10.08%						SOFR (Q)						5.75%												01/2036												1,100.0						1,100.0						1,110.7			(5)(12)
ABPCI 2022-11						Collaterized loan obligation						11.31%						SOFR (Q)						7.00%												01/2038												7,000.0						7,000.0						6,915.1			(5)(12)
ABPCI 2023-12						Collaterized loan obligation						12.54%						SOFR (Q)						8.25%												07/2037												4,800.0						4,800.0						4,838.2			(5)(12)
ABPCI 2024-17						Collaterized loan obligation						12.30%						SOFR (Q)						8.00%												08/2036												3,000.0						3,000.0						3,030.3			(5)(12)
ABPCI 2025-20A						Collaterized loan obligation						10.56%						SOFR (Q)						6.25%												04/2037												1,450.0						1,450.0						1,455.5			(5)(12)
ABPCI 2025-21						Collaterized loan obligation						11.11%						SOFR (Q)						7.00%												07/2037												11,000.0						11,000.0						11,079.4			(5)(12)
Advent International GPE VII-E Limited Partnership (11)						Limited partnership interest																								03/2025												0.06%												1,037.3						1,332.4			(5)
AIMCO 2024-22						Collaterized loan obligation						10.83%						SOFR (Q)						6.50%												04/2037												5,000.0						5,052.1						5,073.6			(5)(12)
AIMCO 2025-23						Collaterized loan obligation						15.65%																								04/2038												10,245.0						9,391.4						9,997.7			(5)(12)
AIMCO 2025-24						Collaterized loan obligation						11.20%																								04/2038												8,380.0						6,997.3						6,422.1			(5)(12)
AIMCO CLO 28, LTD.						Collaterized loan obligation						19.60%																								12/2025												2,694.0						2,694.0						2,694.0			(5)(12)
ALP CFO 2025, L.P. and Alp CFO 2025 (Offshore Feeder) A, L.P. (11)						Private asset-backed investment						12.24%																								07/2037												9,770.0						9,770.0						9,770.0			(5)(12)
						Private asset-backed investment																								08/2025												11,666,532												11,666.5						11,923.2			(5)(12)
						Private asset-backed investment																								08/2025												5,523,000												5,523.0						5,600.3			(5)(12)
																																																						26,959.5						27,293.5
ANCHC 2019-13						Collaterized loan obligation						10.82%						SOFR (Q)						6.50%												04/2038												5,000.0						5,000.0						5,066.8			(5)(12)
ANCHC 2020-15						Collaterized loan obligation						10.26%						SOFR (Q)						6.05%												07/2038												2,900.0						2,900.0						2,936.9			(5)(12)
ANCHC 2023-26						Collaterized loan obligation						10.54%						SOFR (Q)						6.25%												03/2038												1,350.0						1,350.0						1,375.2			(5)(12)
ANCHC 2025-32						Collaterized loan obligation						11.28%						SOFR (Q)						7.00%												07/2037												1,650.0						1,650.0						1,657.8			(5)(12)
ANCHC 2025-33						Collaterized loan obligation						10.37%						SOFR (Q)						6.10%												10/2038												550.0						550.0						557.4			(5)(12)

See accompanying notes to consolidated financial statements.

22

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
ANCHF 2025-18						Collaterized loan obligation						9.10%																								10/2040												32,376.0						32,376.0						32,354.1			(5)(12)
Apax Europe VI - A, L.P. (11)						Limited partnership interest																								03/2025												0.01%												612.5						681.8			(5)
Apax Europe VII - B, L.P. (11)						Limited partnership interest																								03/2025												—%												341.4						167.7			(5)
Apax VIII - B, L.P. (11)						Limited partnership interest																								03/2025												0.02%												382.1						641.9			(5)
Aquiline Financial Services Fund LP.						Limited partnership interest																								03/2025												0.05%												453.8						515.9			(5)
ATRM 14						Collaterized loan obligation						10.82%						SOFR (Q)						6.50%												10/2037												5,600.0						5,600.0						5,658.8			(5)(12)
						Collaterized loan obligation						8.25%																								10/2037												8,171.4						4,502.1						4,154.9			(5)(12)
						Collaterized loan obligation						6.66%																								10/2037												639.5						377.4						325.2			(5)(12)
																																																						10,479.5						10,138.9
ATRM 15						Collaterized loan obligation						10.82%						SOFR (Q)						6.50%												07/2037												2,875.0						2,906.5						2,898.8			(5)(12)
AUDAX 2024-9						Collaterized loan obligation						9.53%						SOFR (Q)						5.20%												04/2036												2,000.0						2,000.0						2,027.8			(5)(12)
BABSN 2023-1						Collaterized loan obligation						11.03%						SOFR (Q)						6.70%												04/2038												2,700.0						2,700.0						2,784.3			(5)(12)
Bain Capital Europe Fund IV, L.P. (11)						Limited partnership interest																								09/2025												0.01%												579.3						637.2			(5)
Bain Capital Europe V, SCSp (11)						Limited partnership interest																								09/2025												0.02%												581.9						807.5			(5)
Bain Capital Fund XI, L.P. (11)						Limited partnership interest																								09/2025												0.03%												1,885.9						2,250.5			(5)
Bain Capital Fund XII, L.P. (11)						Limited partnership interest																								09/2025												0.01%												530.7						641.6			(5)
BALLY 2022-21						Collaterized loan obligation						11.91%																								10/2037												2,520.0						2,260.6						2,053.9			(5)(12)
BALLY 2024-26						Collaterized loan obligation						10.42%						SOFR (Q)						6.10%												07/2037												1,500.0						1,500.0						1,521.8			(5)(12)
						Collaterized loan obligation						14.33%																								07/2037												4,980.0						3,309.7						3,137.6			(5)(12)
																																																						4,809.7						4,659.4
BALLY 2025-30						Collaterized loan obligation						9.12%						SOFR (Q)						4.90%												10/2038												5,600.0						5,600.0						5,622.1			(5)(12)
BC European Capital IX - 2 LP (11)						Limited partnership interest																								09/2025												0.02%												778.9						1,228.3			(5)
						Limited partnership interest																								03/2025												0.01%												699.5						1,123.1			(5)
																																																						1,478.4						2,351.4
BC European Capital X - 2 LP (11)						Limited partnership interest																								09/2025												0.02%												1,322.0						1,645.0			(5)
BC Partners Galileo (2) L.P. (11)						Limited partnership interest																								09/2025												0.46%												644.7						766.2			(5)
BCC 2022-1						Collaterized loan obligation						21.96%																								04/2035												4,116.5						1,669.0						1,489.1			(5)(12)
BCMM 2025-1						Collaterized loan obligation						7.61%						SOFR (Q)						3.50%												07/2037												6,500.0						6,500.0						6,513.2			(5)(12)
BERRY 2024-1						Collaterized loan obligation						13.20%																								10/2037												2,610.0						2,076.8						1,939.1			(5)(12)
						Collaterized loan obligation																														10/2037												2,610.0						—						150.3			(5)(12)
																																																						2,076.8						2,089.4
BGCLO 2023-6						Collaterized loan obligation						10.02%						SOFR (Q)						5.65%												07/2038												1,250.0						1,262.5						1,262.4			(5)(12)

See accompanying notes to consolidated financial statements.

23

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Blackstone Capital Partners VI L.P. (11)						Limited partnership interest																								03/2025												0.01%												1,051.4						1,374.0			(5)
						Limited partnership interest																								09/2025												0.01%												674.6						793.4			(5)
																																																						1,726.0						2,167.4
Bridgepoint Europe VI 'E' LP (11)						Limited partnership interest																								09/2025												0.01%												526.3						826.7			(5)
BROOKP 2024-1						Collaterized loan obligation						10.83%						SOFR (Q)						6.50%												04/2037												1,000.0						1,000.0						1,011.3			(5)(12)
BSP 2016-9						Collaterized loan obligation						10.23%						SOFR (Q)						5.90%												10/2037												3,125.0						3,125.0						3,174.4			(5)(12)
BSP 2016-10						Collaterized loan obligation						9.33%						SOFR (Q)						5.00%												07/2038												2,820.0						2,820.0						2,856.3			(5)(12)
BSP 2018-14						Collaterized loan obligation						10.48%						SOFR (Q)						6.15%												10/2037												5,500.0						5,500.0						5,586.1			(5)(12)
BSP 2020-22						Collaterized loan obligation						9.22%						SOFR (Q)						4.90%												04/2035												2,400.0						2,400.0						2,406.1			(5)(12)
BSP 2021-25						Collaterized loan obligation						8.92%						SOFR (Q)						4.60%												01/2035												990.0						983.8						988.9			(5)(12)
BSP 2022-28						Collaterized loan obligation						9.73%						SOFR (Q)						5.40%												10/2037												500.0						500.0						504.0			(5)(12)
BSP 2022-29						Collaterized loan obligation						8.92%						SOFR (Q)						4.60%												01/2038												3,350.0						3,350.0						3,317.9			(5)(12)
BSP 2023-30						Collaterized loan obligation						9.77%						SOFR (Q)						5.45%												04/2038												2,000.0						2,000.0						2,018.9			(5)(12)
BSP 2023-31						Collaterized loan obligation						11.49%						SOFR (Q)						7.17%												04/2038												625.0						612.6						646.7			(5)(12)
BSP 2024-34						Collaterized loan obligation						11.02%						SOFR (Q)						6.70%												07/2037												1,250.0						1,250.0						1,275.0			(5)(12)
BSP 2024-35						Collaterized loan obligation						10.42%						SOFR (Q)						6.10%												04/2037												1,250.0						1,250.0						1,267.6			(5)(12)
BSP 2024-37						Collaterized loan obligation						15.60%																								01/2038												8,430.0						8,113.0						8,430.7			(5)(12)
BSP 2024-38						Collaterized loan obligation						9.32%						SOFR (Q)						5.00%												01/2038												3,750.0						3,750.0						3,763.7			(5)(12)
BSP 2025-39						Collaterized loan obligation						8.76%						SOFR (Q)						4.50%												04/2038												1,825.0						1,825.0						1,832.6			(5)(12)
BSP 2025-40						Collaterized loan obligation						9.50%						SOFR (Q)						5.25%												07/2038												1,000.0						1,000.0						1,015.0			(5)(12)
						Collaterized loan obligation						12.40%																								07/2038												11,290.0						10,443.3						10,492.0			(5)(12)
																																																						11,443.3						11,507.0
BSP 2025-41						Collaterized loan obligation						9.22%						SOFR (Q)						4.90%												07/2038												2,800.0						2,800.0						2,807.9			(5)(12)
BSP 2025-42						Collaterized loan obligation						8.92%						SOFR (Q)						4.85%												10/2038												6,600.0						6,600.0						6,631.8			(5)(12)
BTCP 2023-1						Collaterized loan obligation						10.88%						SOFR (M)						6.50%												09/2030												2,289.0						2,291.2						2,289.0			(5)(12)
BX 2024-SLCT						Commercial mortgage-backed security						7.54%						Euribor (M)						5.29%												01/2042												24,185.0						24,127.1						24,125.8			(5)(12)
BYRDPK 2025-1						Collaterized loan obligation						10.68%						SOFR (Q)						6.35%												07/2038												2,200.0						2,178.7						2,266.1			(5)(12)
CAIF 1						Commercial mortgage-backed security						9.72%						SONIA (Q)						5.75%																								19,938.0						26,125.1						26,700.2			(5)(12)
						Commercial mortgage-backed security						11.12%						SONIA (Q)						7.15%																								7,176.0						9,197.2						9,418.5			(5)(12)
																																																						35,322.3						36,118.7
Catterton Partners VII, L.P. (11)						Limited partnership interest																								03/2025												0.13%												1,421.8						1,610.2			(5)
CAVU 2021-1						Collaterized loan obligation						11.32%						SOFR (Q)						7.00%												07/2037												1,000.0						1,000.0						1,008.2			(5)(12)
CAVU 2022-2						Collaterized loan obligation						10.78%						SOFR (Q)						6.45%												03/2038												2,950.0						2,950.0						3,009.6			(5)(12)
						Collaterized loan obligation						8.34%																								03/2038												2,575.0						2,575.0						2,619.8			(5)(12)

See accompanying notes to consolidated financial statements.

24

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						5,525.0						5,629.4
CAVU 2025-2						Collaterized loan obligation						10.00%						SOFR (Q)						5.75%												03/2038												4,500.0						4,500.0						4,538.7			(5)(12)
CEDF 2019-10						Collaterized loan obligation						11.08%						SOFR (Q)						6.75%												10/2037												500.0						485.3						501.7			(5)(12)
CEDF 2021-14						Collaterized loan obligation						18.05%																								07/2033												1,840.0						974.1						855.0			(5)(12)
CGMS 2018-4						Collaterized loan obligation						12.18%						SOFR (Q)						7.86%												10/2037												250.0						257.9						257.8			(5)(12)
CGMS 2019-2						Collaterized loan obligation						11.32%						SOFR (Q)						7.00%												10/2037												4,387.5						4,387.5						4,507.6			(5)(12)
CGMS 2021-5						Collaterized loan obligation						10.18%						SOFR (Q)						5.90%												03/2038												2,500.0						2,500.0						2,510.7			(5)(12)
CGMS 2021-8						Collaterized loan obligation						9.23%						SOFR (Q)						5.25%												10/2038												6,900.0						6,900.0						6,991.7			(5)(12)
CGMS 2022-2						Collaterized loan obligation						11.28%						SOFR (Q)						6.95%												01/2038												2,850.0						2,850.0						2,903.2			(5)(12)
CGMS 2022-5						Collaterized loan obligation						11.42%						SOFR (Q)						7.10%												10/2037												4,190.0						4,190.0						4,264.9			(5)(12)
CGMS 2022-6						Collaterized loan obligation						5.86%																								10/2038												1,095.0						933.7						946.4			(5)(12)
CGMS 2023-1						Collaterized loan obligation						10.08%						SOFR (Q)						5.75%												07/2037												3,700.0						3,700.0						3,749.9			(5)(12)
						Collaterized loan obligation						15.18%																								07/2037												14,886.3						11,462.4						11,488.7			(5)(12)
																																																						15,162.4						15,238.6
CGMS 2023-2						Collaterized loan obligation						17.03%																								07/2038												15,070.7						12,258.3						12,277.7			(5)(12)
CGMS 2024-1						Collaterized loan obligation						11.24%						SOFR (Q)						6.92%												04/2037												1,096.0						1,119.2						1,111.2			(5)(12)
CGMS 2024-2						Collaterized loan obligation						11.17%						SOFR (Q)						6.85%												04/2037												1,500.0						1,500.0						1,525.0			(5)(12)
CGMS 2024-3						Collaterized loan obligation						10.72%						SOFR (Q)						6.40%												07/2036												2,600.0						2,600.0						2,646.0			(5)(12)
CGMS 2024-5						Collaterized loan obligation						9.97%						SOFR (Q)						5.65%												10/2036												1,500.0						1,500.0						1,516.3			(5)(12)
						Collaterized loan obligation						12.70%																								10/2036												2,700.0						2,266.2						2,234.8			(5)(12)
																																																						3,766.2						3,751.1
CGMS 2025-3						Collaterized loan obligation						9.51%						SOFR (Q)						5.25%												07/2038												3,275.0						3,275.0						3,310.7			(5)(12)
CIFC 2018-1						Collaterized loan obligation						9.58%						SOFR (Q)						5.25%												01/2038												830.0						830.0						834.4			(5)(12)
						Collaterized loan obligation						13.50%																								01/2038												5,018.1						2,055.6						1,890.4			(5)(12)
																																																						2,885.6						2,724.8
CIFC 2018-5						Collaterized loan obligation						10.92%						SOFR (Q)						6.60%												07/2038												1,200.0						1,176.3						1,213.0			(5)(12)
CIFC 2019-1						Collaterized loan obligation						13.47%																								10/2037												1,450.0						898.7						832.2			(5)(12)
CIFC 2019-4						Collaterized loan obligation						9.60%						SOFR (Q)						5.25%												07/2038												2,750.0						2,750.0						2,784.4			(5)(12)
CIFC 2019-5						Collaterized loan obligation						12.60%																								10/2038												2,304.4						1,385.4						1,408.3			(5)(12)
						Collaterized loan obligation						12.60%																								10/2038												270.0						162.3						164.7			(5)(12)
																																																						1,547.7						1,573.0
CIFC 2021-1						Collaterized loan obligation						10.32%						SOFR (Q)						6.00%												07/2037												1,820.0						1,820.0						1,832.8			(5)(12)
CIFC 2021-4						Collaterized loan obligation						10.52%						SOFR (Q)						6.20%												07/2037												1,000.0						1,000.6						1,012.2			(5)(12)
CIFC 2021-5						Collaterized loan obligation						9.42%						SOFR (Q)						5.10%												01/2038												3,883.3						3,864.9						3,869.8			(5)(12)
						Collaterized loan obligation						14.23%																								01/2038												640.0						410.9						397.4			(5)(12)
																																																						4,275.8						4,267.2
CIFC 2022-5						Collaterized loan obligation						8.22%						SOFR (Q)						3.90%												01/2037												6,000.0						6,000.0						6,039.7			(5)(12)
CIFC 2022-6						Collaterized loan obligation						10.07%						SOFR (Q)						5.75%												10/2038												437.5						437.5						441.2			(5)(12)

See accompanying notes to consolidated financial statements.

25

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
CIFC 2022-7						Collaterized loan obligation						9.68%						SOFR (Q)						5.35%												01/2038												687.5						687.5						695.5			(5)(12)
CIFC 2024-1						Collaterized loan obligation						10.93%						SOFR (Q)						6.60%												04/2037												375.0						384.1						380.8			(5)(12)
CIFC 2024-2						Collaterized loan obligation						10.73%						SOFR (Q)						6.40%												04/2037												2,000.0						2,000.0						2,028.3			(5)(12)
CIFC 2024-4						Collaterized loan obligation						13.12%																								10/2037												2,600.0						2,266.8						2,170.8			(5)(12)
CIFC 2024-5						Collaterized loan obligation						9.48%						SOFR (Q)						5.15%												01/2038												4,000.0						4,000.0						4,036.6			(5)(12)
CIFC 2025-2						Collaterized loan obligation						8.68%						SOFR (Q)						4.40%												04/2038												1,650.0						1,650.0						1,655.2			(5)(12)
CIFC 2025-3						Collaterized loan obligation						13.67%																								07/2038												9,717.5						8,432.4						8,909.2			(5)(12)
CIFC 2025-4						Collaterized loan obligation						9.06%						SOFR (Q)						4.95%												10/2038												2,180.0						2,180.0						2,194.8			(5)(12)
						Collaterized loan obligation						12.10%																								10/2038												14,820.0						13,099.4						13,109.5			(5)(12)
																																																						15,279.4						15,304.3
CIFC Funding 2025-VI Ltd						Collaterized loan obligation						8.70%						SOFR (Q)						4.75%												10/2038												2,150.0						2,150.0						2,160.8			(5)(12)
CIFC SPEAR III WH LTD.						Collaterized loan obligation						23.20%																								12/2025												2,607.3						2,607.3						2,607.3			(5)(12)
Clayton, Dubilier & Rice Fund IX, L.P. (11)						Limited partnership interest																								09/2025												0.02%												762.8						1,257.0			(5)
CLRMPK 2025-1						Collaterized loan obligation						9.83%						SOFR (Q)						5.50%												04/2038												1,802.0						1,802.0						1,829.0			(5)(12)
						Collaterized loan obligation						13.70%																								04/2038												15,725.0						13,759.4						13,460.7			(5)(12)
						Collaterized loan obligation																														04/2038												15,725.0						—						585.7			(5)(12)
																																																						15,561.4						15,875.4
Constellation Wealth Capital Fund, L.P. (11)						Limited partner interests																								01/2024												3,005,760												2,764.2						2,997.7			(5)
CPFTR 2025-1						Commercial mortgage-backed security						8.38%																								07/2026												34,976.6						34,976.6						35,081.6			(5)(12)
CPTPK 2024-1						Collaterized loan obligation						10.33%						SOFR (Q)						6.00%												07/2037												1,400.0						1,400.0						1,417.0			(5)(12)
CVC Capital Partners VI (B) L.P. (11)						Limited partnership interest																								09/2025												0.03%												4,424.5						4,307.5			(5)
CVC Capital Partners VII (A) L.P. (11)						Limited partnership interest																								09/2025												—%												538.8						627.3			(5)
CWC Fund I Co-Invest (ALTI) LP						Limited partnership interest																								03/2024												6,653,000												6,673.6						7,715.5			(2)(5)(12)
DCLO 2021-1						Collaterized loan obligation						13.90%																								10/2037												2,439.0						1,995.5						2,104.2			(5)(12)
DCLO 2022-3						Collaterized loan obligation						13.94%																								01/2038												3,184.0						2,669.1						2,663.4			(5)(12)
DRSLF 2022-104						Collaterized loan obligation						11.60%						SOFR (Q)						7.40%												08/2034												5,756.0						5,756.0						5,795.9			(5)(12)
ELM12 2021-5						Collaterized loan obligation						10.22%						SOFR (Q)						5.90%												10/2037												1,475.0						1,475.0						1,478.7			(5)(12)
ELM24 2023-3						Collaterized loan obligation						9.42%						SOFR (Q)						5.10%												01/2038												2,000.0						2,000.0						2,000.7			(5)(12)
ELM27 2024-3						Collaterized loan obligation						10.58%						SOFR (Q)						6.25%												04/2037												2,000.0						2,000.0						2,028.6			(5)(12)
ELM29 2024-5						Collaterized loan obligation						10.73%						SOFR (Q)						6.40%												04/2037												3,500.0						3,519.7						3,518.6			(5)(12)
ELM30 2024-6						Collaterized loan obligation						9.57%						SOFR (Q)						5.25%												07/2037												1,585.0						1,604.5						1,590.3			(5)(12)
ELM32 2024-8						Collaterized loan obligation						12.95%																								10/2037												2,520.0						2,148.2						1,969.3			(5)(12)
ELM35 2024-11						Collaterized loan obligation						12.18%																								10/2037												1,740.0						1,490.6						1,311.3			(5)(12)
ELM38 2025-1						Collaterized loan obligation						8.78%						SOFR (Q)						4.50%												04/2038												1,500.0						1,500.0						1,501.1			(5)(12)

See accompanying notes to consolidated financial statements.

26

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
ELM39 2025-2						Collaterized loan obligation						8.68%						SOFR (Q)						4.40%												04/2038												1,150.0						1,150.0						1,155.6			(5)(12)
ELM40 2025-3						Collaterized loan obligation						9.53%						SOFR (Q)						5.25%												03/2038												1,750.0						1,750.0						1,772.6			(5)(12)
ELM42 2025-5						Collaterized loan obligation						10.78%						SOFR (Q)						6.50%												03/2038												2,200.0						2,200.0						2,275.1			(5)(12)
ELM44 2025-7						Collaterized loan obligation						10.50%																								10/2038												24,550.0						21,666.6						21,612.9			(5)(12)
ELMW2 2019-2						Collaterized loan obligation						10.08%						SOFR (Q)						5.75%												10/2037												4,920.0						4,882.1						4,938.4			(5)(12)
ELMW4 2020-1						Collaterized loan obligation						10.48%						SOFR (Q)						6.15%												04/2037												2,738.0						2,762.2						2,724.3			(5)(12)
GCBSL 2022-60						Collaterized loan obligation						10.32%						SOFR (Q)						6.00%												10/2034												2,375.0						2,375.0						2,384.4			(5)(12)
GCBSL 2024-77						Collaterized loan obligation						9.17%						SOFR (Q)						4.85%												01/2038												1,500.0						1,500.0						1,503.4			(5)(12)
GCBSL 2025-79						Collaterized loan obligation						8.90%						SOFR (Q)						4.65%												04/2038												1,500.0						1,500.0						1,502.2			(5)(12)
GCBSL 2025-82						Collaterized loan obligation						8.72%						SOFR (Q)						4.75%												10/2038												4,000.0						4,000.0						4,020.0			(5)(12)
GLM 2022-12						Collaterized loan obligation						10.03%						SOFR (Q)						5.70%												07/2037												2,100.0						2,109.7						2,112.9			(5)(12)
GNRT 2						Collaterized loan obligation						11.68%						SOFR (Q)						7.35%												10/2037												250.0						251.1						249.2			(5)(12)
GNRT 2022-10						Collaterized loan obligation						9.23%						SOFR (Q)						4.90%												01/2038												2,750.0						2,750.0						2,663.3			(5)(12)
GNRT 2023-12						Collaterized loan obligation						7.91%																								07/2038												650.0						650.0						665.7			(5)(12)
GNRT 2024-15						Collaterized loan obligation						11.03%						SOFR (Q)						6.70%												07/2037												3,800.0						3,777.9						3,837.4			(5)(12)
GNRT 2024-17						Collaterized loan obligation						10.48%						SOFR (Q)						6.15%												10/2037												930.0						935.6						940.7			(5)(12)
GNRT 2024-18						Collaterized loan obligation						15.47%																								01/2038												7,160.0						5,805.3						5,700.3			(5)(12)
GNRT 2024-20						Collaterized loan obligation						15.43%																								01/2038												13,950.0						11,237.3						10,586.1			(5)(12)
GNRT 6						Collaterized loan obligation						11.58%						SOFR (Q)						7.25%												10/2037												1,820.0						1,820.0						1,842.8			(5)(12)
GNRT 9						Collaterized loan obligation						10.68%						SOFR (Q)						6.35%												01/2038												2,000.0						2,000.0						1,970.1			(5)(12)
GOCAP 2024-71						Collaterized loan obligation						9.33%						SOFR (Q)						5.10%												02/2037												4,500.0						4,500.0						4,531.2			(5)(12)
HAMLN 2024-1						Collaterized loan obligation						9.73%						SOFR (Q)						5.40%												10/2037												2,017.5						2,017.5						2,035.4			(5)(12)
Hellman & Friedman Capital Partners VIII, L.P. (11)						Limited partnership interest																								09/2025												0.02%												1,803.3						1,971.0			(5)
HgCapital 8 A L.P. (11)						Limited partnership interest																								09/2025												0.03%												1,022.6						1,007.0			(5)
HIGPK 2025-1						Collaterized loan obligation						9.17%						SOFR (Q)						4.90%												07/2038												6,050.0						6,050.0						6,141.1			(5)(12)
HPPK 2024-1						Collaterized loan obligation						14.48%																								10/2037												3,360.0						2,700.7						2,581.9			(5)(12)
Insight Venture Partners (Cayman) VII, LP (11)						Limited partnership interest																								03/2025												0.15%												2,418.0						2,431.9			(5)
Insight Venture Partners (Delaware) VIII, LP (11)						Limited partnership interest																								03/2025												0.08%												1,905.2						2,185.3			(5)
Insight Venture Partners Coinvestment Fund II, LP						Limited partnership interest																								03/2025												0.47%												2,175.4						2,290.6			(5)
INVCO 2023-2						Collaterized loan obligation						12.21%						SOFR (Q)						7.88%												04/2038												2,730.0						2,648.6						2,854.3			(5)(12)
Kelso Investment Associates IX, L.P. (11)						Limited partnership interest																								09/2025												0.05%												1,490.2						1,301.6			(5)
KKR 2024-53						Collaterized loan obligation						10.82%						SOFR (Q)						6.50%												01/2038												2,235.0						2,235.0						2,285.1			(5)(12)
						Collaterized loan obligation						11.59%																								01/2038												6,100.0						5,018.6						4,776.0			(5)(12)
																																																						7,253.6						7,061.1

See accompanying notes to consolidated financial statements.

27

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
KKR 2024-56						Collaterized loan obligation						14.39%																								10/2037												4,910.0						3,804.5						3,556.1			(5)(12)
KKR 48						Collaterized loan obligation						8.63%						SOFR (Q)						4.30%												10/2036												2,000.0						2,000.0						2,000.1			(5)(12)
KKR North America Fund XI, L.P.						Limited partnership interest																								09/2025												0.04%												2,245.4						3,017.7			(5)
Linden Structured Capital Fund II-A LP (11)						Limited partnership interest																								07/2024												1,606,918												1,219.5						1,281.1			(2)(5)
MAGNE 2019-24						Collaterized loan obligation						10.72%						SOFR (Q)						6.40%												04/2035												500.0						500.1						504.3			(5)(12)
MAGNE 2020-28						Collaterized loan obligation						14.55%																								01/2035												6,789.8						4,999.0						4,933.7			(5)(12)
MAGNE 2022-33						Collaterized loan obligation						9.88%						SOFR (Q)						5.55%												10/2037												5,875.0						5,875.0						5,917.8			(5)(12)
MAGNE 2023-34						Collaterized loan obligation						8.82%						SOFR (Q)						4.50%												01/2038												2,330.2						2,330.2						2,339.6			(5)(12)
MAGNE 2023-36						Collaterized loan obligation						9.32%						SOFR (Q)						5.00%												07/2038												5,900.0						5,900.0						5,973.9			(5)(12)
MAGNE 2023-39						Collaterized loan obligation						9.22%						SOFR (Q)						4.90%												01/2037												637.5						637.5						640.7			(5)(12)
MAGNE 2024-41						Collaterized loan obligation						9.22%						SOFR (Q)						4.90%												01/2038												2,312.5						2,312.5						2,337.0			(5)(12)
MAGNE 2024-42						Collaterized loan obligation						9.32%						SOFR (Q)						5.00%												01/2038												2,125.0						2,099.9						2,146.8			(5)(12)
MAGNE 2024-44						Collaterized loan obligation						11.36%																								10/2037												4,100.0						3,402.0						3,240.8			(5)(12)
MAGNE 2025-43						Collaterized loan obligation						10.80%						SOFR (Q)						6.50%												07/2038												2,300.0						2,300.0						2,376.5			(5)(12)
MAGNE 2025-48						Collaterized loan obligation						9.14%						SOFR (Q)						4.85%												10/2038												2,800.0						2,800.0						2,834.1			(5)(12)
						Collaterized loan obligation						12.00%																								10/2038												17,210.0						15,489.0						15,586.5			(5)(12)
																																																						18,289.0						18,420.6
MAGNE 2025-50						Collaterized loan obligation						9.11%						SOFR (Q)						4.80%												07/2038												8,960.0						8,960.0						9,063.6			(5)(12)
MCF CLO 12 LLC						Private asset-backed investment						8.38%						SOFR (Q)						4.05%												02/2034												19,900.0						19,900.0						19,900.0			(5)(12)
MDPK 2015-17						Collaterized loan obligation						14.13%																								07/2045												59,391.7						7,744.7						8,376.3			(5)(12)
						Collaterized loan obligation						14.13%																								07/2030												6,173.4						805.0						870.7			(5)(12)
																																																						8,549.7						9,247.0
MDPK 2016-20						Collaterized loan obligation						10.71%						SOFR (Q)						6.40%												10/2037												2,727.5						2,727.5						2,735.9			(5)(12)
MDPK 2016-22						Collaterized loan obligation						15.18%																								01/2033												3,140.0						1,582.7						1,497.8			(5)(12)
MDPK 2018-30						Collaterized loan obligation						8.50%																								07/2037												750.0						750.0						760.2			(5)(12)
						Collaterized loan obligation						10.71%																								07/2027												14,921.4						7,777.8						7,035.6			(5)(12)
																																																						8,527.8						7,795.8
MDPK 2018-31						Collaterized loan obligation						10.72%						SOFR (Q)						6.40%												07/2037												1,100.0						1,102.1						1,106.7			(5)(12)
MDPK 2018-32						Collaterized loan obligation						10.73%						SOFR (Q)						6.40%												07/2037												4,850.0						4,850.0						4,877.1			(5)(12)
						Collaterized loan obligation						9.35%																								01/2048												2,360.0						1,134.8						1,035.6			(5)(12)
						Collaterized loan obligation						9.35%																								01/2048												744.0						357.7						326.5			(5)(12)
																																																						6,342.5						6,239.2
MDPK 2019-34						Collaterized loan obligation						10.82%						SOFR (Q)						6.50%												10/2037												1,700.0						1,700.0						1,716.0			(5)(12)
MDPK 2019-37						Collaterized loan obligation						10.92%						SOFR (Q)						6.60%												04/2037												1,000.0						1,000.0						1,007.7			(5)(12)
						Collaterized loan obligation						8.44%																								04/2037												1,600.0						861.9						835.2			(5)(12)
																																																						1,861.9						1,842.9

See accompanying notes to consolidated financial statements.

28

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
MDPK 2020-46						Collaterized loan obligation						9.57%						SOFR (Q)						5.25%												10/2034												2,000.0						1,966.6						1,975.9			(5)(12)
MDPK 2021-59						Collaterized loan obligation						10.73%						SOFR (Q)						6.40%												04/2037												2,890.0						2,883.8						2,903.2			(5)(12)
MDPK 2022-60						Collaterized loan obligation						10.82%						SOFR (Q)						6.50%												10/2037												5,625.0						5,625.0						5,689.8			(5)(12)
						Collaterized loan obligation						8.83%																								10/2037												1,081.5						869.4						803.0			(5)(12)
																																																						6,494.4						6,492.8
MDPK 2023-63						Collaterized loan obligation						10.33%						SOFR (Q)						6.00%												07/2038												4,750.0						4,750.0						4,820.6			(5)(12)
MDPK 2024-66						Collaterized loan obligation						9.83%						SOFR (Q)						5.50%												10/2037												2,500.0						2,500.0						2,523.9			(5)(12)
						Collaterized loan obligation						13.92%																								10/2037												2,410.0						2,231.3						2,224.4			(5)(12)
																																																						4,731.3						4,748.3
MDPK 2024-67						Collaterized loan obligation						11.12%						SOFR (Q)						6.80%												04/2037												2,500.0						2,500.0						2,529.6			(5)(12)
MDPK 2024-68						Collaterized loan obligation						9.43%						SOFR (Q)						5.10%												01/2038												2,375.0						2,375.0						2,384.5			(5)(12)
MDPK 2024-69						Collaterized loan obligation						10.57%						SOFR (Q)						6.25%												07/2037												1,500.0						1,500.0						1,518.1			(5)(12)
MDPK 2025-65						Collaterized loan obligation						9.32%						SOFR (Q)						5.00%												07/2038												2,400.0						2,400.0						2,408.7			(5)(12)
MDPK 2025-71						Collaterized loan obligation						16.02%																								04/2038												4,120.0						3,934.6						4,322.1			(5)(12)
MDPK 2025-72						Collaterized loan obligation						12.80%																								07/2038												10,470.0						10,470.0						10,523.6			(5)(12)
MidOcean CLO Equity Fund I, LP						Private asset-backed investment						9.00%																		10/2024												35,996,269												35,966.6						35,996.3			(5)(12)
Montagu V (US) L.P. (11)						Limited partnership interest																								03/2025												0.42%												1,342.0						1,660.8			(5)
NCMF 2025-MFS						Private asset-backed investment						7.78%																								06/2033												24,530.0						24,253.3						24,878.3			(5)(12)
NEUB 2018-28						Collaterized loan obligation						11.28%						SOFR (Q)						6.95%												10/2038												700.0						719.0						717.7			(5)(12)
NEUB 2025-60						Collaterized loan obligation						10.81%						SOFR (Q)						6.48%												04/2039												3,700.0						3,664.2						3,810.6			(5)(12)
NEUB 2025-61						Collaterized loan obligation						9.22%						SOFR (Q)						4.90%												07/2039												2,950.0						2,950.0						2,966.8			(5)(12)
New Mountain Partners III, L.P. (11)						Limited partnership interest																								03/2025												0.01%												320.9						393.3			(5)
New Mountain Partners IV, L.P. (11)						Limited partnership interest																								03/2025												0.02%												914.2						874.1			(5)
NMC CLO-2						Collaterized loan obligation						10.02%						SOFR (Q)						5.70%												01/2038												937.5						937.5						943.4			(5)(12)
OAKC 2012-7						Collaterized loan obligation						8.70%						SOFR (Q)						4.50%												02/2038												5,660.0						5,601.1						5,653.6			(5)(12)
						Collaterized loan obligation						10.05%																								02/2038												480.0						282.1						260.5			(5)(12)
																																																						5,883.2						5,914.1
OAKC 2014-10R						Collaterized loan obligation						8.73%						SOFR (Q)						4.40%												04/2038												2,000.0						2,000.0						1,987.5			(5)(12)
OAKC 2015-12						Collaterized loan obligation						7.03%																								04/2037												14,541.0						8,501.8						7,775.3			(5)(12)
OAKC 2016-13						Collaterized loan obligation						10.08%						SOFR (Q)						5.75%												10/2037												1,220.0						1,220.0						1,230.1			(5)(12)
						Collaterized loan obligation						8.81%																								10/2037												2,920.0						2,304.4						1,980.4			(5)(12)
						Collaterized loan obligation						8.81%																								01/2030												1,400.0						1,104.8						949.5			(5)(12)
																																																						4,629.2						4,160.0
OAKC 2017-15						Collaterized loan obligation						7.49%																								01/2030												3,441.5						1,868.5						1,637.0			(5)(12)
OAKC 2019-2						Collaterized loan obligation						11.90%																								01/2038												3,330.0						3,022.8						2,957.9			(5)(12)

See accompanying notes to consolidated financial statements.

29

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
OAKC 2019-3						Collaterized loan obligation						9.33%						SOFR (Q)						5.00%												01/2038												783.3						769.7						788.3			(5)(12)
						Collaterized loan obligation						10.35%																								07/2032												3,590.0						3,021.9						2,865.2			(5)(12)
																																																						3,791.6						3,653.5
OAKC 2019-4						Collaterized loan obligation						9.28%						SOFR (Q)						4.95%												01/2038												3,640.0						3,640.0						3,661.8			(5)(12)
OAKC 2020-5						Collaterized loan obligation						9.46%																								10/2037												3,130.0						2,999.7						2,616.3			(5)(12)
OAKC 2020-6						Collaterized loan obligation						9.58%						SOFR (Q)						5.25%												10/2037												1,100.0						1,100.0						1,104.5			(5)(12)
						Collaterized loan obligation						9.52%																								10/2037												2,966.0						3,159.0						2,945.7			(5)(12)
																																																						4,259.0						4,050.2
OAKC 2020-7						Collaterized loan obligation						9.16%						SOFR (Q)						4.90%												07/2038												6,370.0						6,370.0						6,417.2			(5)(12)
OAKC 2021-16						Collaterized loan obligation						8.57%																								10/2034												1,210.0						1,004.5						846.8			(5)(12)
OAKC 2021-8						Collaterized loan obligation						9.18%						SOFR (Q)						4.85%												01/2038												525.0						525.5						528.2			(5)(12)
						Collaterized loan obligation						11.88%																								01/2038												3,190.0						2,775.1						2,747.6			(5)(12)
																																																						3,300.6						3,275.8
OAKC 2021-9						Collaterized loan obligation						9.83%						SOFR (Q)						5.50%												10/2037												2,050.0						2,050.0						2,067.9			(5)(12)
						Collaterized loan obligation						10.27%																								10/2037												1,500.0						1,438.1						1,378.0			(5)(12)
																																																						3,488.1						3,445.9
OAKC 2022-12R						Collaterized loan obligation						9.18%						SOFR (Q)						4.85%												07/2037												6,700.0						6,700.0						6,747.8			(5)(12)
OAKC 2023-15RA						Collaterized loan obligation						9.16%						SOFR (Q)						4.85%												07/2038												3,000.0						3,000.0						3,035.2			(5)(12)
OAKC 2023-16						Collaterized loan obligation						8.33%						SOFR (Q)						4.00%												10/2036												2,000.0						2,000.0						2,007.7			(5)(12)
OAKCL 2023-1						Collaterized loan obligation						11.82%						SOFR (Q)						7.50%												04/2038												1,500.0						1,554.7						1,548.4			(5)(12)
OAKCL 2025-32						Collaterized loan obligation						9.68%						SOFR (Q)						5.35%												07/2038												1,750.0						1,750.0						1,757.0			(5)(12)
OCP 2015-10						Collaterized loan obligation						9.66%						SOFR (Q)						5.35%												01/2038												1,000.0						993.9						1,010.0			(5)(12)
OCP 2016-11						Collaterized loan obligation						9.56%						SOFR (Q)						5.25%												07/2038												5,080.0						5,080.0						5,120.4			(5)(12)
OCP 2018-15						Collaterized loan obligation						12.20%																								07/2031												13,282.0						5,980.3						5,871.3			(5)(12)
OCP 2021-21						Collaterized loan obligation						14.03%																								01/2038												20,007.0						12,410.3						12,152.8			(5)(12)
OCP 2022-24						Collaterized loan obligation						10.58%						SOFR (Q)						6.25%												10/2037												1,550.0						1,562.9						1,570.0			(5)(12)
OCP 2025-43						Collaterized loan obligation						10.78%						SOFR (Q)						6.50%												07/2038												2,100.0						2,100.0						2,159.4			(5)(12)
OCP 2025-44						Collaterized loan obligation						9.06%						SOFR (Q)						4.80%												10/2038												1,800.0						1,800.0						1,808.2			(5)(12)
OCPA 2023-29						Collaterized loan obligation						9.33%						SOFR (Q)						5.00%												01/2036												1,000.0						1,000.0						986.1			(5)(12)
OCPA 2025-41						Collaterized loan obligation						8.00%																								04/2037												1,500.0						1,500.0						1,506.3			(5)(12)
OCT61 2023-2						Collaterized loan obligation						12.22%						SOFR (Q)						7.89%												04/2038												1,500.0						1,455.4						1,566.9			(5)(12)
OCT63 2024-2						Collaterized loan obligation						10.83%						SOFR (Q)						6.50%												07/2037												1,166.7						1,126.6						1,187.6			(5)(12)
OCT66 2022-1						Collaterized loan obligation						11.81%						SOFR (Q)						7.62%												11/2036												937.5						944.5						940.0			(5)(12)
OCT67 2023-1						Collaterized loan obligation						12.00%																								07/2038												1,659.9						1,659.9						1,669.0			(5)(12)
OHACP 2024-17						Collaterized loan obligation						9.33%						SOFR (Q)						5.00%												01/2038												3,000.0						3,000.0						3,030.0			(5)(12)
						Collaterized loan obligation						11.46%																								01/2038												2,610.0						2,441.0						2,351.9			(5)(12)
																																																						5,441.0						5,381.9

See accompanying notes to consolidated financial statements.

30

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
OHALF 2016-1						Collaterized loan obligation						10.86%																								07/2037												2,375.0						1,447.6						1,416.4			(5)(12)
OKANAGAN 2024-1						Private asset-backed investment						12.48%						SOFR (M)						8.25%												12/2032												22,439.1						22,476.8						21,988.1			(5)(12)
One Equity Partners VI, L.P. (11)						Limited partnership interest																								09/2025												0.21%												2,920.0						3,507.1			(5)
One Equity Partners VII, L.P. (11)						Limited partnership interest																								09/2025												0.14%												2,338.4						2,399.6			(5)
Onex Partners III LP (11)						Limited partnership interest																								03/2025												0.03%												1,049.9						1,411.4			(5)
Onex Partners IV LP (11)						Limited partnership interest																								03/2025												0.05%												2,649.5						2,864.3			(5)
Permira IV L.P. 2						Limited partnership interest																								03/2025												0.02%												1,249.7						1,667.4			(5)
Permira V G.P. L.P. (11)						Limited partnership interest																								09/2025												0.01%												370.1						522.7			(5)
Permira VI L.P.1 (11)						Limited partnership interest																								09/2025												0.01%												393.2						538.8			(5)
PIPK 2025-18						Collaterized loan obligation						10.04%						SOFR (Q)						5.75%												04/2038												1,250.0						1,250.0						1,278.2			(5)(12)
PLMRS 2025-1						Collaterized loan obligation						8.81%						SOFR (Q)						4.50%												04/2038												2,350.0						2,346.9						2,356.1			(5)(12)
PLMRS 2025-3						Collaterized loan obligation						9.23%						SOFR (Q)						4.95%												07/2038												3,600.0						3,600.0						3,628.6			(5)(12)
PROSE 2024-3						Private asset-backed investment						8.85%																								10/2054												25,000.0						25,000.0						25,831.8			(5)(12)
Providence Equity Partners (Midsummer) L.P. (11)						Limited partnership interest																								09/2025												0.09%												613.6						836.3			(5)
Providence Equity Partners VII, L.P. (11)						Limited partnership interest																								09/2025												0.02%												503.3						763.5			(5)
Providence Equity Partners VII-A L.P. (11)						Limited partnership interest																								03/2025												0.04%												2,082.0						2,069.1			(5)
Providence Equity Partners VIII, L.P. (11)						Limited partnership interest																								09/2025												0.07%												3,147.7						4,086.9			(5)
Purple Garden Invest (D) AB (11)						Limited partnership interest																								09/2025												0.45%												1,039.5						1,204.0			(5)
PXLY 2024-1						Collaterized loan obligation						9.32%						SOFR (Q)						5.00%												01/2037												6,550.0						6,550.0						6,622.1			(5)(12)
Red Garden Invest (D) AB (11)						Limited partnership interest																								09/2025												0.93%												1,377.2						1,600.1			(5)
Riviera Loan Funding Warehouse 75, Ltd.						Collaterized loan obligation						24.30%																								12/2025												1,328.7						1,328.7						1,328.7			(5)(12)
RRAM 2022-21						Collaterized loan obligation						11.11%						SOFR (Q)						6.79%												07/2039												250.0						249.1						231.1			(5)(12)
						Collaterized loan obligation						7.83%																								07/2039												13,070.0						8,857.2						7,500.6			(5)(12)
																																																						9,106.3						7,731.7
RRAM 2022-23						Collaterized loan obligation						9.32%						SOFR (Q)						5.00%												07/2037												4,390.0						4,390.0						4,408.1			(5)(12)
RRAM 2022-24						Collaterized loan obligation						11.10%						SOFR (Q)						6.78%												01/2037												700.0						698.0						700.4			(5)(12)
RRAM 2023-25						Collaterized loan obligation						11.57%						SOFR (Q)						7.25%												10/2037												800.0						806.4						790.3			(5)(12)
RRAM 2023-27						Collaterized loan obligation						11.77%						SOFR (Q)						7.45%												10/2035												400.0						403.6						395.5			(5)(12)
						Collaterized loan obligation						11.77%																								10/2035												5,580.0						4,603.5						4,601.9			(5)(12)
																																																						5,007.1						4,997.4
RRAM 2024-29R						Collaterized loan obligation						14.35%																								07/2039												5,205.0						3,059.8						3,143.0			(5)(12)

See accompanying notes to consolidated financial statements.

31

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
RRAM 2024-30						Collaterized loan obligation						10.64%						SOFR (Q)						6.32%												07/2036												400.0						394.7						400.5			(5)(12)
						Collaterized loan obligation						12.05%																								07/2036												7,000.0						6,099.7						5,736.2			(5)(12)
																																																						6,494.4						6,136.7
RRAM 2024-31						Collaterized loan obligation						11.19%						SOFR (Q)						6.87%												10/2039												450.0						450.5						452.2			(5)(12)
						Collaterized loan obligation						14.30%																								10/2039												11,200.0						8,974.0						9,136.6			(5)(12)
																																																						9,424.5						9,588.8
RRAM 2024-33						Collaterized loan obligation						11.13%						SOFR (Q)						6.81%												10/2039												500.0						498.7						498.8			(5)(12)
RRAM 2024-35						Collaterized loan obligation						11.13%						SOFR (Q)						6.81%												01/2040												500.0						498.8						501.2			(5)(12)
RRAM 2025-37						Collaterized loan obligation						8.97%						SOFR (Q)						4.65%												04/2038												1,062.5						1,062.5						1,059.2			(5)(12)
RRAM 2025-38						Collaterized loan obligation						13.20%																								04/2040												2,580.0						2,322.0						2,275.3			(5)(12)
RRAM 2025-40						Collaterized loan obligation						10.05%						SOFR (Q)						5.75%												07/2038												8,750.0						8,750.0						8,897.3			(5)(12)
Silver Lake Partners IV, L.P. (11)						Limited partnership interest																								03/2025												0.02%												1,525.3						1,995.7			(5)
SIXST 2021-17						Collaterized loan obligation						17.78%																								04/2038												5,550.0						3,701.8						3,856.2			(5)(12)
SIXST 2021-20						Collaterized loan obligation						9.76%						SOFR (Q)						5.50%												07/2038												3,250.0						3,250.0						3,266.0			(5)(12)
SIXST 2022-21						Collaterized loan obligation						10.08%						SOFR (Q)						5.75%												10/2037												2,025.0						2,025.0						2,051.2			(5)(12)
						Collaterized loan obligation						15.10%																								10/2037												5,242.0						3,459.7						3,411.4			(5)(12)
																																																						5,484.7						5,462.6
SIXST 2024-26						Collaterized loan obligation						9.98%						SOFR (Q)						5.65%												10/2037												650.0						653.8						656.4			(5)(12)
SIXST 2024-27						Collaterized loan obligation						9.57%						SOFR (Q)						5.25%												01/2038												1,750.0						1,750.0						1,767.2			(5)(12)
SIXST 2025-28						Collaterized loan obligation						9.78%						SOFR (Q)						5.45%												04/2038												725.0						725.0						735.9			(5)(12)
						Collaterized loan obligation						11.21%																								04/2038												2,873.0						2,364.5						2,293.7			(5)(12)
																																																						3,089.5						3,029.6
SIXST 2025-29						Collaterized loan obligation						10.60%																								07/2038												4,870.0						4,392.7						4,471.4			(5)(12)
SIXST 2025-30						Collaterized loan obligation						9.14%						SOFR (Q)						4.85%												07/2038												2,300.0						2,300.0						2,311.9			(5)(12)
						Collaterized loan obligation						10.70%																								07/2038												6,315.0						5,516.2						5,551.4			(5)(12)
																																																						7,816.2						7,863.3
SPEAK 2024-11						Collaterized loan obligation						17.29%																								07/2037												4,000.0						3,092.0						3,285.9			(5)(12)
STKPK 2022-1						Collaterized loan obligation						10.47%						SOFR (Q)						6.15%												10/2037												1,687.5						1,687.5						1,695.3			(5)(12)
						Collaterized loan obligation						13.72%																								10/2037												20,240.0						16,189.4						15,270.8			(5)(12)
						Collaterized loan obligation																														10/2037												20,240.0						185.3						600.9			(5)(12)
																																																						18,062.2						17,567.0
SYMP 2022-33						Collaterized loan obligation						9.67%						SOFR (Q)						5.35%												01/2038												1,250.0						1,250.0						1,221.7			(5)(12)
SYMP 2023-40						Collaterized loan obligation						9.57%						SOFR (Q)						5.25%												01/2038												1,500.0						1,500.0						1,509.9			(5)(12)
TCIFC 2023-1						Collaterized loan obligation						9.27%						SOFR (Q)						4.95%												07/2038												1,800.0						1,800.0						1,828.0			(5)(12)
Texas Debt Capital CLO 2024-II Ltd						Collaterized loan obligation						9.57%						SOFR (Q)						5.25%												01/2037												4,100.0						4,100.0						4,142.5			(5)(12)
Thoma Bravo Fund XI-A, L.P. (11)						Limited partnership interest																								03/2025												0.09%												791.1						1,052.0			(5)
Thoma Bravo Special Opportunities Fund II-A, L.P. (11)						Limited partnership interest																								03/2025												0.43%												1,133.3						1,510.8			(5)

See accompanying notes to consolidated financial statements.

32

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
THPT 2023-THL						Commercial mortgage-backed security						10.74%																								12/2034												5,000.0						4,988.9						5,051.2			(5)(12)
Tikehau Green Diamond II CFO Equity LP (11)						Private asset-backed investment						9.73%						Euribor (Q)						7.75%						12/2024												3,268,225												2,823.7						3,318.4			(5)(12)
Tikehau Ruby CLO Equity LP (11)						Private asset-backed investment						12.02%						Euribor (Q)						10.00%						03/2024												1,815,364												705.3						781.9			(5)(7)(12)
Tikehau Topaz LP (11)						Private asset-backed investment						13.30%						SOFR (Q)						9.00%						06/2024												3,104,580												2,382.7						2,417.2			(5)(7)(12)
TPG Partners VI, L.P. (11)						Limited partnership interest																								03/2025												—%												322.9						375.8			(5)
Trident VI Parallel Fund, L.P. (11)						Limited partnership interest																								03/2025												0.09%												1,323.8						1,638.3			(5)
TriplePoint Venture Growth BDC Corp						Senior subordinated loan						8.11%																								02/2028												32,900.0						32,900.0						33,493.3			(2)(5)(12)
Vector Capital IV, L.P. (11)						Limited partnership interest																								03/2025												0.02%												198.7						271.4			(5)
Vector Capital VI, L.P. (11)						Limited partnership interest																								03/2025												—%												25.2						27.7			(5)
Vestar Capital Partners VII, L.P. (11)						Limited partnership interest																								09/2025												0.19%												1,976.9						2,034.7			(5)
Vista Equity Partners Fund V-A, L.P. (11)						Limited partnership interest																								03/2025												0.02%												834.0						951.8			(5)
VOYA 2021-3						Collaterized loan obligation						10.16%						SOFR (Q)						5.90%												04/2038												2,500.0						2,500.0						2,555.5			(5)(12)
						Collaterized loan obligation						8.15%																								04/2038												1,875.0						1,875.0						1,908.0			(5)(12)
																																																						4,375.0						4,463.5
VOYA 2022-3						Collaterized loan obligation						8.83%						SOFR (Q)						4.50%												10/2036												2,000.0						2,000.0						2,008.1			(5)(12)
VOYA 2024-1						Collaterized loan obligation						10.97%						SOFR (Q)						6.65%												04/2037												1,681.9						1,742.5						1,708.2			(5)(12)
VOYA 2024-2						Collaterized loan obligation						10.38%						SOFR (Q)						6.05%												07/2037												2,500.0						2,414.0						2,532.0			(5)(12)
VOYA 2025-1						Collaterized loan obligation						8.89%						SOFR (Q)						4.60%												04/2038												5,215.0						5,192.8						5,177.2			(5)(12)
VOYA 2025-2						Collaterized loan obligation						10.55%						SOFR (Q)						6.25%												07/2038												3,497.7						3,441.5						3,554.0			(5)(12)
						Collaterized loan obligation						13.85%																								07/2038												11,976.0						10,686.2						10,915.2			(5)(12)
																																																						14,127.7						14,469.2
VOYA 2025-3						Collaterized loan obligation						9.73%						SOFR (Q)						5.40%												07/2038												3,000.0						3,000.0						3,024.2			(5)(12)
VOYA 2025-4						Collaterized loan obligation						9.36%						SOFR (Q)						5.10%												10/2038												6,800.0						6,800.0						6,832.6			(5)(12)
WCAS XIII, L.P. (11)						Limited partnership interest																								09/2025												0.05%												889.2						1,673.8			(5)
WCP Bridge Fund, L.P. (11)						Limited partnership interest																								09/2025												0.22%												0.0						249.8			(5)
WEHPK 2022-1						Collaterized loan obligation						9.35%						SOFR (Q)						5.40%												10/2038												5,300.0						5,300.0						5,326.5			(5)(12)
Wellspring Capital Partners VI (Onshore), L.P. (11)						Limited partnership interest																								09/2025												0.11%												1,869.2						1,495.8			(5)
WILDPK 2024-1						Collaterized loan obligation						10.08%						SOFR (Q)						5.75%												10/2037												1,117.5						1,117.5						1,132.3			(5)(12)
Wind Point Partners VIII-A, L.P. (11)						Limited partnership interest																								09/2025												0.06%												671.1						588.7			(5)
WONPK 2025-1						Collaterized loan obligation						9.22%						SOFR (Q)						4.90%												07/2038												3,350.0						3,350.0						3,393.5			(5)(12)

See accompanying notes to consolidated financial statements.

33

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						1,292,710.7						1,307,586.0						12.87		%
Consumer Services
Alterra Mountain Company						First lien senior secured loan						6.66%						SOFR (M)						2.50%												08/2028												35,954.6						36,035.4						35,939.5			(2)
						First lien senior secured loan						6.66%						SOFR (M)						2.50%												05/2030												11,182.5						11,199.1						11,189.6			(2)
																																																						47,234.5						47,129.1
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (10)						First lien senior secured revolving loan																														10/2029												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.18%						SOFR (Q)						5.00%												10/2030												82,740.1						81,750.6						82,740.1			(2)(7)(12)
						Series B common units																								10/2023												45,351												1,250.0						1,968.2			(12)
																																																						83,000.6						84,708.3
Belron Finance US LLC						First lien senior secured loan						6.74%						SOFR (S)						2.50%												10/2031												22,537.0						22,522.8						22,635.7			(2)(5)(7)
Bumble Bidco Limited (10)						First lien senior secured loan						10.75%						SONIA (Q)						6.75%												10/2030												7,566.2						7,022.4						7,566.2			(2)(5)(7)(12)
Century De Buyer LLC						First lien senior secured loan						7.30%						SOFR (S)						3.00%												10/2030												49,953.2						49,991.7						49,968.7			(2)
ClubCorp Holdings, Inc. (10)						First lien senior secured loan						9.16%						SOFR (M)						5.00%												07/2032												39,555.1						38,981.0						39,357.3			(2)(7)(12)
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (10)						First lien senior secured revolving loan						8.52%						SOFR (S)						4.50%												11/2030												87.4						65.0						87.4			(2)(7)(12)
Davidson Hotel Company LLC (10)						First lien senior secured loan						9.16%						SOFR (M)						5.00%												10/2031												7,013.2						6,907.3						7,013.2			(2)(7)(12)
Equinox Holdings, Inc.						First lien senior secured loan						12.25% (4.13% PIK)						SOFR (Q)						8.25%												03/2029												44,453.3						43,416.1						44,453.3			(2)(7)(12)
						Second lien senior secured loan						16.00% PIK																								06/2027												4,277.1						4,224.0						4,277.1			(2)(12)
																																																						47,640.1						48,730.4
Eternal Aus Bidco Pty Ltd (10)						First lien senior secured loan						9.85%						BBSY (Q)						6.25%												11/2029												6,785.0						6,653.1						6,785.0			(2)(5)(7)(12)
Excel Fitness Consolidator LLC (10)						First lien senior secured loan						9.50%						SOFR (Q)						5.50%												04/2029												10,156.8						10,020.3						10,156.8			(2)(7)(12)
Fertitta Entertainment, LLC						First lien senior secured loan						7.41%						SOFR (M)						3.25%												01/2029												24,415.6						24,278.6						24,372.6			(2)(7)
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)(10)						First lien senior secured revolving loan						8.15%						SOFR (M)						4.00%												08/2030												2,405.0						2,375.9						2,405.0			(2)(7)(12)
						First lien senior secured loan						9.14%						SOFR (M)						5.00%												08/2031												34,223.8						33,795.9						34,223.8			(2)(7)(12)
						First lien senior secured loan						9.64%						SOFR (M)						5.50%												08/2031												9,373.3						9,238.6						9,373.3			(2)(7)(12)
						Common units																								07/2024												11,704,000												11,736.8						11,969.2			(2)(12)
																																																						57,147.2						57,971.3
Flint OpCo, LLC (10)						First lien senior secured loan						8.94%						SOFR (M)						4.75%												08/2030												13,500.4						13,329.8						13,500.4			(2)(7)(12)
Golden State Foods LLC						First lien senior secured loan						8.00%						SOFR (Q)						4.00%												12/2031												6,990.7						6,972.7						6,997.8			(2)
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (10)						First lien senior secured revolving loan																														04/2029												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						10.75%						SOFR (Q)						6.75%												04/2030												13,046.7						12,779.4						13,046.7			(2)(7)(12)
						Class A common units																								04/2023												100												100.0						69.4			(2)(12)
																																																						12,879.4						13,116.1
Helios Service Partners, LLC and Astra Service Partners, LLC (10)						First lien senior secured revolving loan						9.27%						SOFR (Q)						5.00%												03/2027												0.5						0.5						0.5			(2)(7)(9)(12)
						First lien senior secured loan						9.15%						SOFR (Q)						5.00%												03/2027												12,584.2						12,496.2						12,584.2			(2)(7)(12)
																																																						12,496.7						12,584.7
HGC Holdings, LLC (10)						First lien senior secured loan						8.64%						SOFR (M)						4.50%												06/2029												54,664.1						54,200.8						54,157.1			(2)(7)(12)

See accompanying notes to consolidated financial statements.

34

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
IFH Franchisee Holdings, LLC (10)						First lien senior secured revolving loan						8.21%						SOFR (Q)						4.00%												12/2029												11,194.0						10,981.5						11,194.0			(2)(7)(12)
						First lien senior secured loan						9.71%						SOFR (Q)						5.50%												12/2029												47,130.1						46,533.4						47,130.1			(2)(7)(12)
																																																						57,514.9						58,324.1
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. (10)						First lien senior secured revolving loan						12.25%						Base Rate (Q)						5.00%												12/2028												56.8						49.5						56.8			(2)(5)(7)(12)
						First lien senior secured loan						10.00%						SOFR (Q)						6.00%												12/2028												9,959.1						9,799.9						9,960.7			(2)(5)(7)(12)
						First lien senior secured loan						9.50%						SOFR (Q)						5.50%												12/2028												5,266.4						5,177.7						5,266.4			(2)(5)(7)(12)
						First lien senior secured loan						8.45%						CORRA (Q)						6.00%												12/2028												1,172.7						1,154.2						1,173.1			(2)(5)(7)(12)
						Class A units																								12/2022												50,000												50.0						59.1			(2)(5)(12)
																																																						16,231.3						16,516.1
IRB Holding Corp.						First lien senior secured loan						6.66%						SOFR (M)						2.50%												12/2027												98,833.8						98,863.1						98,838.8			(2)(7)
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (10)						First lien senior secured loan						10.00%						SOFR (Q)						6.00%												12/2027												17,053.7						16,843.6						17,053.7			(2)(7)(12)
						Limited partnership interests																								12/2022												133,000												133.0						169.3			(12)
																																																						16,976.6						17,223.0
LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC (10)						First lien senior secured loan						9.41%						SOFR (M)						5.25%												09/2031												62,997.9						62,064.5						62,367.9			(2)(7)(12)
						Limited partnership interests																								09/2025												30,788												30,788.1						31,076.6			(2)(12)
																																																						92,852.6						93,444.5
Merlin Buyer Inc.						First lien senior secured loan						8.07%						SOFR (Q)						4.00%												12/2028												6,567.3						6,563.6						6,583.7			(2)(5)(7)(12)
Mister Car Wash Holdings, Inc.						First lien senior secured loan						6.66%						SOFR (M)						2.50%												03/2031												11,998.7						12,022.0						12,009.4			(2)(5)
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. (10)						First lien senior secured revolving loan																														06/2031												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.03%						SOFR (Q)						5.00%												06/2031												33,014.9						32,783.9						33,014.9			(2)(7)(12)
						Class A preferred units																								09/2024												883												883.4						848.2			(12)
						Class B common units																								09/2024												883,420												380.1						356.2			(12)
																																																						34,047.4						34,219.3
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (10)						First lien senior secured revolving loan						9.06%						SOFR (Q)						5.00%												05/2028												363.6						357.0						363.6			(2)(7)(12)
						First lien senior secured loan						9.20%						SOFR (Q)						5.00%												05/2028												13,376.7						13,196.3						13,376.7			(2)(7)(12)
																																																						13,553.3						13,740.3
Northwinds Holding, Inc. and Northwinds Services Group LLC (10)						First lien senior secured loan						9.67%						SOFR (Q)						5.25%												05/2029												21,655.0						21,328.8						21,655.0			(2)(7)(12)
						Common units																								05/2023												121,368												166.7						219.8			(2)(12)
																																																						21,495.5						21,874.8
PestCo Holdings, LLC and PestCo, LLC (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												08/2030												20,861.4						20,760.3						20,757.1			(2)(7)(12)
						Class A units																								01/2023												8												106.0						161.4			(12)
																																																						20,866.3						20,918.5
PG Investment Company 59 S.a r.l.						First lien senior secured loan						6.91%						SOFR (M)						2.75%												03/2031												9,708.4						9,737.0						9,727.8			(2)(5)
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (10)						First lien senior secured revolving loan						9.46%						SOFR (Q)						5.25%												10/2030												1,743.6						1,713.8						1,624.7			(2)(7)(12)

See accompanying notes to consolidated financial statements.

35

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						9.52%						SOFR (Q)						5.25%												10/2030												8,576.5						8,472.7						7,878.3			(2)(7)(12)
						Common stock																								10/2024												866												866.0						305.4			(2)(12)
																																																						11,052.5						9,808.4
Premiere Buyer, LLC (10)						First lien senior secured loan						8.80%						SOFR (Q)						4.50%												05/2031												29,058.2						28,729.1						29,058.2			(2)(7)(12)
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												06/2031												66,935.1						66,271.3						66,935.1			(2)(7)(12)
						Limited partnership interest																								06/2024												12,049,000												12,049.0						14,083.4			(2)(12)
																																																						78,320.3						81,018.5
Radiant Intermediate Holding, LLC						First lien senior secured loan						10.30%						SOFR (Q)						6.00%												11/2026												919.3						911.6						836.6			(2)(7)(12)
Redwood Services LP (10)						First lien senior secured revolving loan																														06/2032												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												06/2032												35,552.1						35,211.5						35,196.6			(2)(7)(12)
																																																						35,211.5						35,196.6
Service Logic Acquisition, Inc. and MSHC, Inc.						First lien senior secured loan						7.31%						SOFR (Q)						3.00%												10/2027												71,780.7						71,778.5						71,826.0			(2)(7)
University Support Services LLC						First lien senior secured loan						6.91%						SOFR (M)						2.75%												02/2029												21,779.2						21,753.7						21,429.9			(2)(5)(7)
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (10)						First lien senior secured revolving loan						10.00%						SOFR (Q)						6.00%												11/2030												2,369.0						2,315.2						2,250.9			(2)(7)(9)(12)
						First lien senior secured loan						10.00%						SOFR (Q)						6.00%												11/2030												31,186.9						30,861.6						29,939.4			(2)(7)(12)
						First lien senior secured loan						9.25%						SOFR (Q)						5.25%												11/2030												2,466.3						2,412.5						1,710.0			(2)(7)(12)
						Class B common units																								11/2023												351												351.0						498.2			(12)
																																																						35,940.3						34,398.5
Vista Higher Learning, LLC (10)						First lien senior secured revolving loan						7.52%						SOFR (Q)						3.50%												09/2031												0.2						0.2						0.2			(2)(7)(12)
						First lien senior secured loan						8.77%						SOFR (S)						4.75%												09/2031												27,812.4						27,536.2						27,534.3			(2)(7)(12)
						First lien senior secured loan						7.52%						SOFR (S)						3.50%												09/2031												1.0						1.0						1.0			(2)(7)(12)
																																																						27,537.4						27,535.5
Wash Multifamily Parent Inc						First lien senior secured loan						7.25%						SOFR (Q)						3.25%												09/2032												5,315.6						5,305.7						5,333.3			(2)
Whatabrands LLC						First lien senior secured loan						6.66%						SOFR (M)						2.50%												08/2028												53,357.0						53,181.8						53,384.3			(2)(7)
																																																						1,271,790.0						1,280,084.2						12.60		%
Insurance
15484880 Canada Inc. and 15484910 Canada Inc. (10)						First lien senior secured revolving loan						8.06%						CORRA (M)						5.25%												04/2031												304.1						275.4						304.1			(2)(5)(7)(12)
						First lien senior secured loan						8.27%						CORRA (M)						5.25%												04/2031												25,810.0						24,710.8						25,810.0			(2)(5)(7)(12)
						Senior subordinated loan						14.00% PIK																								04/2035												12,872.0						12,262.0						12,872.0			(2)(5)(12)
						Class A2 shares																								04/2025												18,195,524												12,703.7						13,075.3			(2)(5)(12)
																																																						49,951.9						52,061.4
Acrisure, LLC						First lien senior secured loan						7.41%						SOFR (M)						3.25%												06/2032												44,887.5						44,779.3						44,794.1			(2)
						First lien senior secured loan						7.16%						SOFR (M)						3.00%												11/2030												22,142.4						22,053.4						22,080.2			(2)
																																																						66,832.7						66,874.3
Alera Group, Inc.						First lien senior secured loan						7.41%						SOFR (M)						3.25%												05/2032												16,000.0						16,089.8						16,052.3			(2)(7)

See accompanying notes to consolidated financial statements.

36

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Alliant Holdings Intermediate, LLC						First lien senior secured loan						6.67%						SOFR (M)						2.50%												09/2031												65,232.4						65,066.8						65,043.2			(2)
AMWINS Group, LLC						First lien senior secured loan						6.25%						SOFR (M)						2.25%												01/2032												53,934.2						53,853.2						53,898.6			(2)(7)
Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc.						First lien senior secured loan						7.07%						SOFR (M)						2.75%												12/2031												26,850.0						26,850.0						26,739.6			(2)
Ardonagh Midco 3 Limited						First lien senior secured loan						6.94%						SOFR (S)						2.75%												02/2031												3,000.0						3,000.0						2,982.5			(2)(5)
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. (10)						First lien senior secured revolving loan						8.66%						SOFR (Q)						4.50%												04/2032												846.3						830.5						829.4			(2)(7)(9)(12)
						First lien senior secured loan						8.64%						SOFR (M)						4.50%												04/2032												15,629.0						15,556.0						15,550.9			(2)(7)(12)
																																																						16,386.5						16,380.3
Broadstreet Partners, Inc.						First lien senior secured loan						6.91%						SOFR (M)						2.75%												06/2031												45,019.3						45,023.7						45,054.9			(2)
Cross Financial Corp.						First lien senior secured loan						6.91%						SOFR (M)						2.75%												10/2031												9,612.2						9,596.7						9,630.2			(2)
Diamond Mezzanine 24 LLC (10)						First lien senior secured revolving loan						9.22%						SOFR (Q)						5.00%												10/2030												1,200.0						1,168.2						1,200.0			(2)(7)(12)
						First lien senior secured loan						9.31%						SOFR (Q)						5.00%												10/2030												78,239.5						77,596.7						78,239.5			(2)(7)(12)
																																																						78,764.9						79,439.5
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (10)(11)						First lien senior secured revolving loan						9.25%						SOFR (Q)						5.25%												12/2029												534.7						472.0						534.7			(2)(5)(7)(9)(12)
						First lien senior secured loan						9.25%						SOFR (Q)						5.25%												12/2030												39,770.4						39,174.6						39,770.4			(2)(5)(7)(12)
						Limited partnership interest																								03/2024												3,417,348												3,417.3						4,718.1			(2)(5)(12)
																																																						43,063.9						45,023.2
Forza Insurance Holdings, LLC						First lien senior secured loan						9.50%						SOFR (Q)						5.50%												02/2030												40,694.4						40,156.2						40,694.4			(2)(7)(12)
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (10)						First lien senior secured revolving loan						7.57%						CORRA (M)						5.00%												03/2031												392.0						367.9						392.0			(2)(5)(7)(12)
						First lien senior secured loan						7.80%						CORRA (Q)						5.00%												03/2031												13,002.2						13,164.9						13,002.2			(2)(5)(7)(12)
																																																						13,532.8						13,394.2
HIG Finance 2 Limited						First lien senior secured loan						6.91%						SOFR (M)						2.75%												02/2031												42,103.0						42,063.5						42,095.0			(2)(5)(7)
						First lien senior secured loan						7.66%						SOFR (M)						3.50%												04/2030												19,500.4						19,445.7						19,482.0			(2)(5)(7)
																																																						61,509.2						61,577.0
Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc. (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												11/2028												2,631.2						2,615.7						2,631.2			(2)(7)(12)
						First lien senior secured loan						8.67%						SOFR (M)						4.50%												11/2028												2,541.2						2,533.6						2,541.2			(2)(7)(12)
						Series A preferred shares						10.50%																		12/2024												33,710												33,204.4						33,710.0			(2)(12)
																																																						38,353.7						38,882.4
High Street Buyer, Inc. and High Street Holdco LLC (10)						First lien senior secured loan						8.50%						SOFR (M)						4.25%												04/2028												3,958.9						3,821.9						3,958.9			(2)(7)(12)
						First lien senior secured loan						8.50%						SOFR (Q)						4.50%												04/2028												456.8						441.0						456.8			(2)(7)(12)
																																																						4,262.9						4,415.7
Hub International Limited						First lien senior secured loan						6.58%						SOFR (Q)						2.25%												06/2030												69,607.5						69,483.5						69,692.4			(2)(7)
IMA Financial Group, Inc.						First lien senior secured loan						7.16%						SOFR (M)						3.00%												11/2028												10,459.8						10,447.3						10,459.8			(2)(7)
King Risk Partners, LLC (10)						First lien senior secured loan						8.66%						SOFR (M)						4.50%												04/2031												10,616.3						10,492.0						10,473.7			(2)(7)(12)
Koala Investment Holdings, Inc. (10)						First lien senior secured loan						8.50%						SOFR (M)						4.50%												08/2032												25,482.0						25,230.5						25,227.2			(2)(7)(12)
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (10)						First lien senior secured revolving loan						10.03%						SOFR (M)						5.75%												11/2029												49.1						30.9						49.1			(2)(7)(12)

See accompanying notes to consolidated financial statements.

37

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						9.97%						SOFR (M)						5.75%												11/2029												13,432.9						13,278.9						13,432.9			(2)(7)(12)
						First lien senior secured loan						9.27%						SOFR (M)						5.00%												11/2029												1,231.5						1,210.6						1,231.5			(2)(7)(12)
						Class A2 units																								11/2023												102,501												2,050.0						2,541.4			(2)(12)
																																																						16,570.4						17,254.9
OneDigital Borrower LLC						First lien senior secured loan						7.12%						SOFR (M)						3.00%												07/2031												61,018.3						60,945.2						60,943.2			(2)(7)
Ryan Specialty Group, LLC						First lien senior secured loan						6.16%						SOFR (M)						2.00%												09/2031												17,764.9						17,763.1						17,759.4			(2)(5)
SIG Parent Holdings, LLC (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												08/2031												26,062.5						25,790.9						26,062.5			(2)(7)(12)
Slaine Holdings LLC (10)						Senior subordinated loan						10.91%						SOFR (M)						6.75%												05/2030												64,445.2						63,248.8						63,156.3			(2)(7)(12)
Trucordia Insurance Holdings, LLC						First lien senior secured loan						7.41%						SOFR (M)						3.25%												06/2032												20,495.6						20,522.6						20,521.3			(2)
USI, Inc.						First lien senior secured loan						6.25%						SOFR (Q)						2.25%												11/2029												65,322.3						65,323.9						65,235.4			(2)
						First lien senior secured loan						6.25%						SOFR (Q)						2.25%												09/2030												27,926.2						27,936.5						27,881.5			(2)
																																																						93,260.4						93,116.9
World Insurance Associates, LLC and World Associates Holdings, LLC (10)						First lien senior secured loan						9.00%						SOFR (Q)						5.00%												04/2030												18,665.6						18,513.0						18,665.6			(2)(7)(12)
																																																						1,064,562.6						1,071,476.9						10.54		%
Sports, Media and Entertainment
22 HoldCo Limited						Senior subordinated loan						11.75% PIK						SONIA (S)						7.50%												08/2033												26,204.7						24,444.9						26,204.7			(2)(5)(7)(12)
3 Step Sports LLC (10)						First lien senior secured loan						12.01% (1.50% PIK)						SOFR (Q)						8.00%												10/2029												16,625.7						15,929.2						16,063.6			(2)(7)(12)
Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC						First lien senior secured loan						9.68%						SOFR (S)						5.50%												06/2032												18,667.1						18,397.6						18,387.1			(2)(7)(12)
CFC Funding LLC						Loan instrument units						9.75% PIK																		07/2023												5,300												6,147.0						6,411.6			(5)(12)
Creative Artists Agency, LLC						First lien senior secured loan						6.66%						SOFR (M)						2.50%												10/2031												53,764.8						53,815.1						53,820.7			(2)
Dundee Eros, LP						Limited partnership interest																								11/2024												4,859,032												4,859.0						4,560.2			(2)(12)
Endeavor Group Holdings, Inc.						First lien senior secured loan						7.16%						SOFR (M)						3.00%												03/2032												33,165.6						33,107.0						33,149.0			(2)
FEH Group, LLC.						Class A common interest																								12/2024												20												139,469.6						159,220.8			(12)
						Class A common interest																								12/2024												20												4,067.9						4,643.9			(12)
						Class A common interest																								12/2024												20												1,003.3						1,145.4			(12)
																																																						144,540.8						165,010.1
Fever Labs, Inc. (10)						First lien senior secured revolving loan						11.00%																								11/2028												14,536.7						14,360.3						14,536.7			(2)(12)
						First lien senior secured loan						11.00%																								11/2028												24,982.8						23,158.6						24,982.8			(2)(12)
						Series B redeemable preferred stock						13.50% PIK																		06/2025												11,786												12,016.5						12,281.7			(2)(12)
						Series E-5 Convertible Shares																								08/2024												318,631												1,381.9						1,719.6			(2)(12)
						Warrant to purchase common stock																								06/2025						06/2035						235,740												—						—			(12)
																																																						50,917.3						53,520.8

See accompanying notes to consolidated financial statements.

38

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Formula One Management Limited						First lien senior secured loan						6.30%						SOFR (Q)						2.00%												09/2031												15,308.3						15,306.9						15,303.5			(2)(5)(7)
						First lien senior secured loan						7.66%						SOFR (M)						3.50%												09/2031												7,654.1						7,653.4						7,651.8			(2)(5)(7)
																																																						22,960.3						22,955.3
Global Music Rights, LLC (10)						First lien senior secured loan						8.50%						SOFR (Q)						4.50%												12/2031												136,354.2						134,245.0						136,354.2			(2)(7)(12)
GSM Rights Fund II LP (11)						Class B Interest																								03/2025						03/2031						2,058,315												2,058.3						2,058.3			(5)(12)
League One Volleyball Clubs, LLC and League One Volleyball, Inc. (10)						First lien senior secured loan						10.62%						SOFR (Q)						6.50%												01/2030												1.0						0.9						1.0			(2)(7)(12)
						First lien senior secured loan						12.75%						Base rate (Q)						5.50%												01/2030												0.1						0.1						0.1			(2)(7)(12)
						Series B preferred stock																								07/2023												194												1.0						2.3			(2)(12)
						Series C preferred stock																								09/2024												67												0.6						0.7			(2)(12)
						Warrant to purchase common stock																								01/2025						01/2030						8												—						—			(12)
																																																						2.6						4.1
Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P. (10)						First lien senior secured revolving loan						9.16%						SOFR (M)						5.00%												08/2030												320.2						268.0						320.2			(2)(7)(9)(12)
						First lien senior secured loan						9.71% (2.75% PIK)						SOFR (Q)						5.50%												08/2031												27,781.3						27,326.7						27,781.3			(2)(7)(12)
						First lien senior secured loan						9.19%						SOFR (Q)						5.00%												08/2031												990.2						976.8						990.2			(2)(7)(12)
						Limited partnership interest																								02/2025												2,977,000												3,041.0						3,209.2			(2)(12)
																																																						31,612.5						32,300.9
LiveBarn Inc.						Middle preferred shares																								08/2023												2,838,691												10,000.0						15,000.0			(2)(5)(12)
Melody TopCo LP and Melody Holdings LP						Class A-1 preferred units						11.00% PIK																		07/2025												18,204												32,872.2						32,872.8			(2)(12)
						Class A-2 preferred units						11.00% PIK																		07/2025												18,204												3,652.5						3,652.5			(12)
						Class A-1 common units																								07/2025												7,354												13,235.0						13,237.2			(2)(12)
						Class A-2 common units																								07/2025												7,354												1,470.6						1,470.8			(12)
																																																						51,230.3						51,233.3
NEP Group, Inc.						First lien senior secured loan						9.21% (1.50% PIK)						SOFR (Q)						4.75%												08/2026												24,494.7						23,822.3						24,290.7			(2)
						First lien senior secured loan						8.46% (1.50% PIK)						SOFR (Q)						4.00%												08/2026												20,346.4						19,781.2						20,244.7			(2)(7)
																																																						43,603.5						44,535.4
Orange Barrel Media, LLC/IKE Smart City, LLC (10)						Private asset-backed investment						10.11%						SOFR (M)						5.75%												10/2027												3,111.1						3,083.8						3,111.1			(2)(7)(12)
						Private asset-backed investment						9.91%						SOFR (M)						5.75%												03/2027												2,852.0						2,834.9						2,852.0			(2)(7)(12)
																																																						5,918.7						5,963.1
Quartz Holding Company						First lien senior secured loan						7.41%						SOFR (M)						3.25%												10/2028												6,028.0						6,015.8						6,001.6			(2)(7)
Sandlot Action Sports, LLC						Common units																								05/2024												3,384												25.0						21.7			(12)
Shout! Factory, LLC (10)						First lien senior secured revolving loan						9.25%						SOFR (Q)						5.25%												06/2031												386.4						354.7						353.3			(2)(7)(12)
						First lien senior secured loan						9.25%						SOFR (Q)						5.25%												06/2031												17,765.5						17,510.4						17,499.0			(2)(7)(12)
																																																						17,865.1						17,852.3
South Florida Motorsports, LLC						Class A common interest																								12/2024												20												4,225.0						4,224.5			(12)
United Talent Agency LLC						First lien senior secured loan						7.65%						SOFR (M)						3.50%												06/2032												14,895.9						14,889.4						14,970.4			(2)(12)

See accompanying notes to consolidated financial statements.

39

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Voldex Entertainment Limited						First lien senior secured loan						11.25%						SOFR (Q)						7.25%												01/2029												21.4						21.0						21.4			(2)(5)(12)
Wasserman Media Group, LLC						First lien senior secured loan						7.16%						SOFR (M)						3.00%												06/2032												5,000.0						4,975.9						5,009.4			(2)
WideOpenWest Finance, LLC						First lien senior secured loan						11.58%						SOFR (Q)						7.00%												12/2028												105.5						106.1						107.5			(2)(5)(7)
WRE Sports Investments LLC						First lien senior secured loan						11.00% (5.50% PIK)																								07/2031												37,187.6						36,495.1						37,187.6			(2)(12)
Zuffa Guarantor LLC						First lien senior secured loan						6.04%						SOFR (Q)						2.00%												11/2031												9,925.1						9,914.0						9,935.9			(2)(5)
																																																						748,321.5						782,864.7						7.70		%
Pharmaceuticals, Biotechnology and Life Sciences
1261229 B.C. LTD.						First lien senior secured loan						10.41%						SOFR (M)						6.25%												10/2030												53,865.0						52,394.8						53,006.4			(2)(5)
						First lien senior secured notes						10.00%																								04/2032												13,500.0						13,500.0						13,838.2			(2)(5)
																																																						65,894.8						66,844.6
Alcami Corporation (10)						First lien senior secured loan						11.34%						SOFR (Q)						7.00%												12/2028												4,290.7						4,163.9						4,290.7			(2)(7)(12)
Bamboo US BidCo LLC (10)						First lien senior secured revolving loan																														10/2029												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.55%						SOFR (Q)						5.25%												09/2030												17,458.8						17,159.7						17,458.8			(2)(7)(12)
						First lien senior secured loan						7.28%						Euribor (Q)						5.25%												09/2030												9,347.3						8,319.9						9,347.3			(2)(7)(12)
																																																						25,479.6						26,806.1
Cambrex Corporation (10)						First lien senior secured revolving loan																														03/2032												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						8.66%						SOFR (M)						4.50%												03/2032												121,493.9						120,378.3						121,493.9			(2)(7)(12)
																																																						120,378.3						121,493.9
Creek Parent, Inc. and Creek Feeder, L.P. (10)						First lien senior secured revolving loan																														12/2031												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.14%						SOFR (M)						5.00%												12/2031												123,206.0						121,292.0						123,206.0			(2)(7)(12)
						Limited partnership interest																								12/2024												4,209,000												4,209.0						6,070.1			(2)(12)
																																																						125,501.0						129,276.1
Curium BidCo S.a r.l.						First lien senior secured loan						7.00%						SOFR (S)						3.00%												08/2031												13,637.0						13,676.0						13,620.0			(2)(5)
						First lien senior secured loan						5.94%						Euribor (Q)						4.00%												08/2031												6,751.7						6,553.0						6,768.5			(2)(5)
																																																						20,229.0						20,388.5
Grifols Worldwide Operations USA, Inc.						First lien senior secured loan						6.26%						SOFR (M)						2.00%												11/2027												63,735.3						63,306.7						63,512.3			(2)(5)
Gula Buyer Inc. and Gula Co-Invest II, L.P.						First lien senior secured loan						8.72%						SOFR (M)						4.50%												10/2031												149,250.0						147,649.9						149,250.0			(2)(7)(12)
						Common units																								03/2025												538												560.6						631.1			(2)(12)
																																																						148,210.5						149,881.1
Igea Bidco S.p.A.						First lien senior secured notes						9.33%																								09/2031												3,650.8						3,887.4						4,286.8			(2)(5)(12)
Solar Bidco Limited (10)						First lien senior secured loan						7.66%						Euribor (Q)						5.75%												11/2029												3,992.3						3,603.0						4,070.7			(2)(5)(7)(12)
WCG Purchaser Corp.						First lien senior secured loan						7.16%						SOFR (M)						3.00%												02/2032												14,214.4						14,149.2						14,089.0			(2)(7)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (10)						First lien senior secured loan						10.50%						SOFR (Q)						6.25%												11/2030												4,380.8						4,300.7						4,380.8			(2)(7)(12)
						Limited partnership interest																								11/2023												731,000												731.6						752.1			(2)(12)
																																																						5,032.3						5,132.9

See accompanying notes to consolidated financial statements.

40

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						599,835.7						610,072.7						6.00		%
Consumer Distribution and Retail
BGI Purchaser, Inc. (10)						First lien senior secured revolving loan						8.20%						SOFR (Q)						4.00%												05/2030												13,372.2						13,160.2						13,372.2			(2)(7)(12)
						First lien senior secured loan						9.20%						SOFR (Q)						5.00%												05/2031												34,096.1						33,712.8						34,096.1			(2)(7)(12)
																																																						46,873.0						47,468.3
Blazing Star Parent, LLC						First lien senior secured loan						11.20%						SOFR (Q)						7.00%												08/2030												69,430.2						67,726.8						68,388.8			(2)(7)(12)
BR PJK Produce, LLC						First lien senior secured loan						10.69%						SOFR (Q)						6.25%												11/2027												3,131.9						3,103.0						3,131.9			(2)(7)(12)
BradyPlus Holdings, LLC (10)						First lien senior secured loan						9.31%						SOFR (Q)						5.00%												10/2029												31,353.3						30,954.5						31,353.3			(2)(7)(12)
City Line Distributors LLC and City Line Investments LLC (10)						First lien senior secured loan						10.54%						SOFR (Q)						6.00%												08/2028												2,746.2						2,705.8						2,746.2			(2)(7)(12)
						Class A units						8.00% PIK																		08/2023												120,151												140.6						151.2			(2)(12)
																																																						2,846.4						2,897.4
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (10)						First lien senior secured revolving loan						8.82%						SOFR (Q)						4.50%												11/2029												0.6						0.6						0.6			(2)(7)(12)
						First lien senior secured loan						10.32%						SOFR (Q)						6.00%												11/2029												4,602.2						4,548.0						4,602.2			(2)(7)(12)
						Limited partnership interest																								11/2023												3,544,000												3,827.5						4,390.5			(2)(12)
																																																						8,376.1						8,993.3
LS Group Opco Acquisition LLC						First lien senior secured loan						6.70%						SOFR (Q)						2.50%												04/2031												13,569.7						13,555.2						13,527.3			(2)
Madison Safety & Flow LLC						First lien senior secured loan						6.91%						SOFR (M)						2.75%												09/2031												17,945.0						17,914.6						17,956.3			(2)
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP						First lien senior secured loan						7.20%						SOFR (Q)						3.00%												05/2028												77,168.8						76,705.2						77,124.0			(2)(7)
Mountaineer Merger Corporation (10)						First lien senior secured revolving loan						9.31%						SOFR (Q)						5.00%												10/2027												4,439.2						4,317.3						3,876.5			(2)(12)
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (10)						First lien senior secured revolving loan						10.01%						SOFR (Q)						5.75%												05/2031												808.0						768.7						808.0			(2)(7)(9)(12)
						First lien senior secured loan						10.17%						SOFR (Q)						5.75%												05/2031												12,034.2						11,738.9						12,034.2			(2)(7)(12)
						Class B limited liability company interest																								05/2023												0.04%												100.0						91.5			(2)(12)
																																																						12,607.6						12,933.7
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												05/2030												46,840.3						45,881.0						46,840.3			(2)(5)(7)(12)
						Class B common stock						8.00% PIK																		05/2024												2,158												2,392.7						8,408.2			(2)(5)(12)
																																																						48,273.7						55,248.5
Reddy Ice LLC (10)						First lien senior secured revolving loan						9.66%						SOFR (M)						5.50%												04/2029												844.4						597.7						844.4			(7)(9)(12)
						First lien senior secured revolving loan						11.75%						Base Rate (Q)						4.50%												04/2029												506.6						358.6						506.6			(7)(9)(12)
																																																						956.3						1,351.0
Royal Borrower, LLC and Royal Parent, LP (10)						First lien senior secured revolving loan																														07/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.43%						SOFR (M)						5.25%												07/2030												18,304.5						18,087.2						18,304.5			(2)(7)(12)
						Class A preferred units						10.00% PIK																		07/2024												2,124,000												2,402.6						2,199.5			(12)

See accompanying notes to consolidated financial statements.

41

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						20,489.8						20,504.0
SCIH Salt Holdings Inc.						First lien senior secured loan						7.20%						SOFR (Q)						3.00%												01/2029												79,416.2						79,335.5						79,472.6			(2)(7)
VRS Buyer, Inc. (10)						First lien senior secured loan						9.08%						SOFR (Q)						4.75%												07/2032												100,091.9						99,120.3						99,091.0			(2)(7)(12)
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (10)(11)						First lien senior secured revolving loan						11.03%						SOFR (Q)						6.75%												01/2029												127.1						113.1						25.4			(2)(7)(9)(12)
						First lien senior secured loan						11.91% (5.25% PIK)						SOFR (M)						7.75%												01/2029												7,880.5						7,753.9						6,934.8			(2)(7)(12)
						Common units																								01/2023												50,000												50.3						—			(12)
																																																						7,917.3						6,960.2
																																																						541,072.6						550,278.1						5.42		%
Independent Power and Renewable Electricity Producers
BNZ TopCo B.V. (10)						Senior subordinated loan						8.25%						Euribor (Q)						6.25%												10/2030												13,496.0						11,502.0						12,769.3			(2)(5)(7)(12)
Calpine Corp						First lien senior secured loan						6.16%						SOFR (M)						2.00%												07/2030												21,052.8						21,053.1						21,050.3			(2)
						First lien senior secured loan						5.91%						SOFR (M)						1.75%												02/2032												5,019.2						5,013.4						5,013.3			(2)
						First lien senior secured loan						5.91%						SOFR (M)						1.75%												01/2031												2,976.9						2,973.5						2,973.4			(2)
																																																						29,040.0						29,037.0
Cornerstone Generation, LLC						First lien senior secured loan						7.45%						SOFR (M)						3.25%												10/2031												4,393.8						4,398.8						4,421.2			(2)
Dino BidCo S.p.A.						Senior subordinated loan						5.50%						Euribor (Q)						3.50%												03/2032												321,428.6						330,382.5						369,873.0			(5)(12)(14)
EFS Cogen Holdings I LLC						First lien senior secured loan						7.28%						SOFR (Q)						3.00%												10/2031												9,030.8						9,049.2						9,083.0			(2)
Finco Utilitas BV						First lien senior secured loan						5.23%						Euribor (S)						3.20%												09/2030												4,901.5						4,741.2						4,926.8			(2)(5)
Hamilton Projects Acquiror, LLC						First lien senior secured loan						6.66%						SOFR (M)						2.50%												05/2031												7,776.1						7,776.1						7,792.3			(2)
South Field Energy LLC						First lien senior secured loan						7.00%						SOFR (Q)						3.00%												08/2031												0.5						0.5						0.5			(2)
Watt Holdco Limited (10)						First lien senior secured loan						7.27%						Euribor (Q)						5.25%												09/2031												3,261.5						2,998.9						3,223.1			(2)(5)(7)(12)
						First lien senior secured loan						9.22%						SONIA (Q)						5.25%												09/2031												1,549.9						1,428.3						1,531.0			(2)(5)(7)(12)
																																																						4,427.2						4,754.1
WIN Waste Innovations Holdings Inc.						First lien senior secured loan						7.03%						SOFR (M)						2.75%												03/2028												10,849.6						10,849.0						10,829.3			(2)(7)
																																																						412,166.5						453,486.5						4.46		%
Materials
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC (10)						First lien senior secured revolving loan						9.38%						SOFR (Q)						5.00%												08/2028												0.7						0.7						0.7			(2)(7)(9)(12)
						First lien senior secured loan						9.61% PIK						SOFR (Q)						5.50%												02/2030												1,266.9						1,266.7						1,266.9			(2)(7)(12)
						First lien senior secured loan						11.75% PIK						Base Rate (Q)						4.50%												02/2030												36.6						36.6						36.6			(2)(7)(12)
						Common units																								02/2025												24,390												1,600.5						703.8			(2)(12)
																																																						2,904.5						2,008.0
Anchor Packaging, LLC						First lien senior secured loan						7.39%						SOFR (M)						3.25%												07/2029												4,987.4						5,006.1						5,005.0
AP Adhesives Holdings, LLC (10)						First lien senior secured loan						9.08%						SOFR (S)						4.75%												04/2032												29,672.3						29,395.7						29,375.6			(2)(7)(12)
Berlin Packaging L.L.C.						First lien senior secured loan						7.50%						SOFR (M)						3.25%												06/2031												2,993.2						3,005.0						3,000.7			(2)

See accompanying notes to consolidated financial statements.

42

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP (10)						First lien senior secured loan						8.91%						SOFR (M)						4.75%												07/2032												44,616.7						44,184.8						44,170.6			(2)(7)(12)
						First lien senior secured loan						6.66%						Euribor (M)						4.75%												07/2032												8,799.6						8,739.2						8,711.6			(2)(7)(12)
						Limited partnership interest																								06/2025												1,873,000												1,879.4						1,873.0			(2)(12)
																																																						54,803.4						54,755.2
BW Holding, Inc.						First lien senior secured loan						8.88%						SOFR (Q)						4.50%												12/2030												16,894.1						15,584.4						12,895.8			(2)(7)
						First lien senior secured loan						10.65%						SOFR (Q)						6.50%												12/2030												4,231.7						3,752.0						4,342.8			(2)(7)
																																																						19,336.4						17,238.6
Charter Next Generation, Inc.						First lien senior secured loan						6.93%						SOFR (M)						2.75%												11/2030												48,510.7						48,566.6						48,643.1			(2)(7)
Flexsys Cayman Holdings, LP						First lien senior secured loan						10.45%						SOFR (Q)						6.25%												08/2029												6,123.1						5,762.8						5,207.7			(2)(7)
						First lien senior secured loan						9.71%						SOFR (Q)						5.25%												08/2029												8,306.3						7,717.2						2,689.2			(2)(7)
																																																						13,480.0						7,896.9
IFCO Management GmbH						First lien senior secured loan						5.38%						Euribor (Q)						3.50%												07/2032												20,695.3						20,097.6						20,810.3			(5)
Meyer Laboratory, LLC and Meyer Parent, LLC (10)						First lien senior secured revolving loan						12.00%						Base Rate (Q)						4.75%												02/2030												1,240.2						1,215.6						1,139.7			(2)(7)(12)
						First lien senior secured loan						9.75%						SOFR (Q)						5.75%												02/2030												11,569.1						11,393.8						10,779.4			(2)(7)(12)
						Common units																								02/2024												169,000												169.0						77.8			(12)
																																																						12,778.4						11,996.9
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP (10)(11)						First lien senior secured revolving loan						7.99%						SOFR (Q)						3.75%												03/2031												2,652.3						2,621.4						2,652.3			(2)(7)(9)(12)
						First lien senior secured revolving loan						7.99%						SOFR (Q)						3.75%												03/2031												1,006.9						967.1						1,006.9			(2)(7)(12)
						First lien senior secured loan						9.05%						SOFR (Q)						4.75%												03/2031												23,274.3						23,008.7						23,274.3			(2)(7)(12)
						Limited partnership interest																								03/2025												781,332												783.7						869.7			(2)(12)
																																																						27,380.9						27,803.2
Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation (10)						First lien senior secured loan						8.95%						SOFR (Q)						4.75%												08/2032												19,550.6						19,359.9						19,355.1			(2)(5)(7)(12)
Pregis TopCo LLC						First lien senior secured loan						8.16%						SOFR (M)						4.00%												02/2029												31,333.4						31,346.5						31,529.2			(2)
Reagent Chemical & Research, LLC (10)						First lien senior secured revolving loan																														04/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.41%						SOFR (M)						5.25%												04/2031												43,286.5						42,596.4						43,286.5			(2)(7)(12)
																																																						42,596.4						43,286.5
Ring Container Technologies Group, LLC						First lien senior secured loan						6.66%						SOFR (M)						2.50%												09/2032												7,464.3						7,445.6						7,449.3			(7)
Sterilex LLC (10)						First lien senior secured revolving loan						7.77%						SOFR (S)						3.75%												09/2030												0.5						0.5						0.5			(2)(7)(12)
						First lien senior secured loan						9.27%						SOFR (S)						5.25%												09/2030												5,393.2						5,326.3						5,325.8			(2)(7)(12)
																																																						5,326.8						5,326.3
Trident TPI Holdings, Inc.						First lien senior secured loan						7.75%						SOFR (Q)						3.75%												09/2028												51,310.1						51,149.3						50,326.5			(2)(7)
USALCO, LLC (10)						First lien senior secured loan						7.66%						SOFR (M)						3.50%												09/2031												25,464.5						25,434.0						25,400.9			(2)(7)
																																																						419,413.1						411,207.3						4.05		%
Energy

See accompanying notes to consolidated financial statements.

43

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
CPPIB OVM Member U.S. LLC						First lien senior secured loan						6.80%						SOFR (Q)						2.50%												08/2031												28,637.9						28,542.3						28,682.6			(2)
Enviva Inc.						First lien senior secured loan						12.63% PIK						SOFR (Q)						8.50%												12/2029												11,614.1						11,746.6						11,846.3			(2)(7)
Freeport LNG investments, LLLP						First lien senior secured loan						7.59%						SOFR (Q)						3.00%												11/2026												47,833.2						47,795.0						47,793.5			(2)
						First lien senior secured loan						7.58%						SOFR (Q)						3.25%												12/2028												11,238.3						11,242.0						11,228.3			(2)(7)
																																																						59,037.0						59,021.8
HighPeak Energy, Inc.						First lien senior secured loan						11.65%						SOFR (Q)						7.50%												09/2028												107,196.6						106,656.9						107,196.6			(2)(5)(7)(12)
Oryx Midstream Services Permian Basin LLC						First lien senior secured loan						6.42%						SOFR (M)						2.25%												10/2028												40,350.4						40,386.6						40,327.4			(2)(7)
Par Petroleum LLC / Par Petroleum Finance Corp						First lien senior secured loan						8.03%						SOFR (Q)						3.75%												02/2030												14,966.7						14,881.0						14,929.3			(2)(7)
Pasadena Performance Products, LLC						First lien senior secured loan						7.25%						SOFR (Q)						3.25%												02/2032												47,321.5						47,205.6						47,321.5			(12)
Phoenix Operating LLC						First lien senior secured loan						11.10%						SOFR (Q)						7.00%												12/2027												53,343.0						50,115.6						49,872.5			(2)(7)(12)
Prairie ECI Acquiror LP						First lien senior secured loan						7.91%						SOFR (M)						3.75%												08/2029												11,401.1						11,378.4						11,453.3			(2)
TransMontaigne Operating Company L.P.						First lien senior secured loan						6.66%						SOFR (M)						2.50%												11/2028												17,465.2						17,453.6						17,470.1			(2)(7)
WhiteWater Matterhorn Holdings, LLC						First lien senior secured loan						6.63%						SOFR (Q)						2.25%												06/2032												2,000.0						2,002.5						1,997.8			(2)
																																																						389,406.1						390,119.2						3.84		%
Transportation
First Student Bidco Inc.						First lien senior secured loan						6.71%						SOFR (Q)						2.50%												08/2030												96,162.8						96,246.0						96,167.8			(2)
FTAI Infrastructure Inc. and FIP RR Holdings LLC						First lien senior secured loan						8.20%						SOFR (S)						4.00%												08/2026												83,179.6						81,871.9						81,723.9			(2)(5)(12)
						Series A preferred shares						10.00% PIK																		08/2025						08/2035						37,809												35,913.9						35,891.5			(5)(12)
						Warrant to purchase common units																								08/2025						08/2035						6,522												2,268.5						2,268.5			(5)(12)
																																																						120,054.3						119,883.9
Nordic Ferry Infrastructure AS						Senior subordinated loan						9.29%						NIBOR (Q)						5.00%												11/2031												66,501.4						59,143.2						66,501.4			(2)(5)(12)
						Senior subordinated loan						7.03%						Euribor (Q)						5.00%												11/2031												65,603.8						58,050.3						65,603.8			(2)(5)(12)
																																																						117,193.5						132,105.2
Student Transportation of America, Inc.						First lien senior secured loan						7.26%						SOFR (Q)						3.25%												06/2032												14,102.0						14,048.5						14,132.9			(2)
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. (10)(11)						First lien senior secured revolving loan						8.92%						SOFR (M)						4.75%												08/2032												602.2						585.8						585.4			(2)(7)(12)
						First lien senior secured loan						8.93%						SOFR (Q)						4.75%												08/2032												10,690.1						10,585.7						10,583.2			(2)(7)(12)
						Limited partnership interest																								07/2025												1,353,600												1,353.6						1,353.6			(2)(12)
																																																						12,525.1						12,522.2
																																																						360,067.4						374,812.0						3.69		%
Food and Beverage
Badia Spices, LLC (10)						First lien senior secured loan						8.38%						SOFR (S)						4.25%												11/2030												127,928.6						126,010.3						127,928.6			(2)(7)(12)
Chobani, LLC						First lien senior secured loan						6.66%						SOFR (M)						2.50%												10/2027												41,660.9						41,705.4						41,756.3			(2)
Demakes Enterprises, LLC						First lien senior secured loan						10.00%						SOFR (Q)						6.00%												12/2029												11,502.4						11,300.5						11,502.4			(2)(7)(12)
Forward Keystone Holdings, LP (10)						Senior subordinated loan						15.00% (8.00% PIK)																								03/2029												23,454.5						22,807.4						23,454.5			(2)(12)
						Common units																								03/2025												3,532,000												3,532.0						3,709.7			(2)(12)

See accompanying notes to consolidated financial statements.

44

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						26,339.4						27,164.2
Froneri International Limited						First lien senior secured loan						6.37%						SOFR (Q)						2.50%												08/2032												29,135.0						29,062.2						29,057.5			(5)
						First lien senior secured loan						4.93%						Euribor (Q)						3.00%												08/2032												22,427.2						22,154.9						22,446.1			(5)
																																																						51,217.1						51,503.6
HBH Buyer, LLC (10)						First lien senior secured revolving loan						7.49%						SOFR (Q)						3.50%												09/2031												12,442.6						12,258.1						12,258.0			(2)(7)(12)
						First lien senior secured loan						9.24%						SOFR (S)						5.25%												09/2031												24,427.0						24,122.0						24,121.7			(2)(7)(12)
																																																						36,380.1						36,379.7
RED SPV, LLC						First lien senior secured loan						6.39%						SOFR (M)						2.25%												03/2032												10,428.9						10,380.7						10,405.0			(2)
Spindrift Beverage Co., Inc. and SBC Aggregator LP (10)(11)						First lien senior secured loan						9.29%						SOFR (Q)						5.00%												02/2032												10,096.6						9,981.5						10,096.6			(2)(7)(12)
						Limited partnership units																								02/2025												7,249												7,249.4						9,226.0			(2)(12)
																																																						17,230.9						19,322.6
Sugar PPC Buyer LLC (10)						First lien senior secured loan						9.57%						SOFR (Q)						5.25%												10/2031												26,215.3						25,823.2						26,215.3			(2)(7)(12)
Supplying Demand, Inc. (10)						First lien senior secured revolving loan						8.17%						SOFR (S)						4.00%												11/2027												3,774.8						3,657.0						3,774.8			(2)(7)(12)
Wilbur-Ellis Holdings II LLC (10)						First lien senior secured revolving loan						8.58%						SOFR (Q)						4.25%												06/2030												11,553.6						11,280.2						11,264.5			(7)(12)
																																																						361,324.8						367,217.0						3.61		%
Automobiles and Components
Clarios Global LP						First lien senior secured loan						6.66%						SOFR (M)						2.50%												05/2030												14,634.6						14,613.3						14,620.9			(2)
Collision SP Subco, LLC (10)						First lien senior secured revolving loan						8.95%						SOFR (Q)						4.75%												01/2030												59.9						54.2						59.9			(2)(7)(12)
						First lien senior secured loan						9.04%						SOFR (Q)						4.75%												01/2030												6,667.3						6,590.0						6,667.3			(2)(7)(12)
																																																						6,644.2						6,727.2
Dynamo Midco B.V.						First lien senior secured loan						7.78%						SOFR (M)						3.50%												10/2031												13,476.7						13,480.3						13,510.4			(2)(5)
New ChurcHill HoldCo LLC and Victory Topco, LP (10)						First lien senior secured loan						9.50%						SOFR (Q)						5.50%												11/2029												26,525.2						26,247.8						26,525.2			(2)(7)(12)
						Class A-2 common units																								11/2023												23,290												2,329.0						5,411.0			(2)(12)
																																																						28,576.8						31,936.2
Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP (10)						First lien senior secured revolving loan						9.14%						SOFR (S)						4.75%												03/2031												245.5						240.6						245.5			(2)(7)(12)
						First lien senior secured revolving loan						11.00%						Base rate (Q)						3.75%												03/2031												103.2						101.1						103.2			(2)(7)(12)
						First lien senior secured loan						8.82%						SOFR (Q)						4.75%												03/2031												6,858.9						6,755.4						6,858.9			(2)(7)(12)
						Limited partnership interests																								03/2025												344,000												344.0						363.3			(12)
																																																						7,441.1						7,570.9
Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP (10)						First lien senior secured loan						9.14%						SOFR (M)						5.00%												02/2032												96,519.4						95,123.7						96,519.4			(2)(7)(12)
						Class A units																								09/2025												40,239												4,023.9						4,023.9			(2)(12)
																																																						99,147.6						100,543.3
Wand Newco 3, Inc.						First lien senior secured loan						6.66%						SOFR (M)						2.50%												01/2031												72,793.4						72,756.5						72,506.6			(2)
																																																						242,659.8						247,415.5						2.43		%

See accompanying notes to consolidated financial statements.

45

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Telecommunication Services
Expereo USA, Inc. and Ristretto Bidco B.V. (10)						First lien senior secured loan						10.54% (3.50% PIK)						SOFR (Q)						6.50%												12/2030												60,562.1						60,031.6						59,874.1			(2)(5)(7)(12)
Infoblox Inc						First lien senior secured loan						7.01%						SOFR (M)						2.75%												11/2029												55,791.3						55,507.0						55,107.9			(2)
Lumen Technologies						First lien senior secured loan						6.63%						SOFR (M)						2.35%												04/2029												49,285.1						48,898.9						48,922.4			(2)(5)(7)
						First lien senior secured loan						10.16%						SOFR (M)						6.00%												06/2028												3,892.9						3,985.9						3,953.7			(2)(5)(7)
						First lien senior secured loan						6.63%						SOFR (M)						2.35%												04/2030												2,992.4						2,977.5						2,970.3			(2)(5)(7)
																																																						55,862.3						55,846.4
QualityTech, LP						First lien senior secured loan						7.72%						SOFR (M)						3.50%												11/2031												8,044.0						7,973.7						8,044.0			(2)(12)
Zayo Group Holdings, Inc.						First lien senior secured loan						7.77% PIK						SOFR (M)						3.50%												03/2030												24,570.6						23,283.7						23,813.1			(2)
						Senior subordinated loan						5.75% PIK																								03/2030												3,724.2						3,528.6						3,556.6			(2)
																																																						26,812.3						27,369.7
																																																						206,186.9						206,242.1						2.03		%
Household and Personal Products
ACP Tara Holdings, Inc.						First lien senior secured loan						7.25%						SOFR (S)						3.25%												09/2032												13,064.6						13,041.7						13,064.6			(12)
Lavender Dutch BorrowerCo B.V.						First lien senior secured loan						7.12%						SOFR (S)						3.25%												09/2032												7,000.0						6,982.5						7,000.0			(5)(12)
Opal US LLC						First lien senior secured loan						7.25%						SOFR (Q)						3.25%												04/2032												48,202.1						48,052.7						48,298.5			(2)
pH Beauty Holdings III, Inc.						First lien senior secured loan						9.27%						SOFR (S)						5.00%												09/2027												26,483.0						26,290.3						26,483.0			(2)(12)
Silk Holdings III Corp. and Silk Holdings I Corp. (10)						First lien senior secured revolving loan						7.42%						SOFR (M)						3.25%												05/2029												4,237.6						4,151.1						4,237.6			(2)(7)(12)
						First lien senior secured loan						8.66%						SOFR (M)						4.50%												05/2029												48,343.8						47,783.7						48,343.8			(2)(7)(12)
						Common stock																								05/2023												100												100.0						197.6			(2)(12)
																																																						52,034.8						52,779.0
TCI Buyer LLC and TCI Holdings, LP (10)						First lien senior secured loan						8.66%						SOFR (M)						4.50%												11/2030												23,066.7						22,767.5						23,066.7			(2)(7)(12)
						Common stock																								11/2024												16,940												1,694.0						1,980.7			(2)(12)
																																																						24,461.5						25,047.4
WU Holdco, Inc. (10)						First lien senior secured revolving loan																														04/2032												—						—						—			(2)(8)(12)
						First lien senior secured loan						8.75%						SOFR (Q)						4.75%												04/2032												10,361.0						10,312.6						10,309.2			(2)(7)(12)
																																																						10,312.6						10,309.2
																																																						181,176.1						182,981.7						1.80		%
Technology Hardware and Equipment
Chariot Buyer LLC						First lien senior secured loan						7.16%						SOFR (M)						3.00%												09/2032												7,081.0						7,081.0						7,084.0			(2)
ConnectWise, LLC						First lien senior secured loan						7.76%						SOFR (Q)						3.50%												09/2028												66,608.8						66,627.7						66,679.9			(2)(7)
Cotiviti Holdings, Inc.						First lien senior secured loan						7.03%						SOFR (M)						2.75%												03/2032												16,847.4						16,664.8						16,524.5			(2)
						First lien senior secured loan						7.03%						SOFR (M)						2.75%												05/2031												4,987.4						4,969.3						4,893.9			(2)
																																																						21,634.1						21,418.4
Emerald Debt Merger Sub LLC						First lien senior secured loan						6.12%						SOFR (S)						2.25%												08/2031												20,988.8						20,903.3						20,887.9			(2)
						First lien senior secured loan						6.45%						SOFR (Q)						2.25%												05/2030												16,798.9						16,781.0						16,742.0			(2)

See accompanying notes to consolidated financial statements.

46

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						37,684.3						37,629.9
Excelitas Technologies Corp. (10)						First lien senior secured loan						9.41%						SOFR (M)						5.25%												08/2029												32,500.0						32,500.0						32,500.0			(2)(7)(12)
FL Hawk Intermediate Holdings, Inc. (10)						First lien senior secured loan						8.66%						SOFR (M)						4.50%												02/2030												7,794.1						7,746.7						7,794.1			(2)(7)(12)
																																																						173,273.8						173,106.3						1.70		%
Consumer Durables and Apparel
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. (10)						First lien senior secured revolving loan						9.00%						SOFR (M)						5.00%												08/2030												3,062.0						2,583.1						2,569.9			(2)(5)(7)(12)
Recess Holdings, Inc.						First lien senior secured loan						8.07%						SOFR (Q)						3.75%												02/2030												4,462.8						4,462.8						4,475.5			(2)(7)
Sport Maska Inc. (10)						First lien senior secured revolving loan						9.43%						SOFR (M)						5.25%												12/2030												5,152.1						5,218.7						5,380.8			(2)(5)(7)(9)(12)
						First lien senior secured revolving loan						8.23%						CORRA (M)						5.50%												12/2030												353.8						358.3						369.4			(2)(5)(7)(9)(12)
						First lien senior secured loan						8.04%						CDOR (M)						5.50%												12/2030												20,900.8						19,774.3						20,900.8			(2)(5)(7)(12)
																																																						25,351.3						26,651.0
St Athena Global LLC and St Athena Global Holdings Limited (10)						First lien senior secured revolving loan						9.52%						SOFR (Q)						5.25%												06/2029												1,071.0						1,021.4						982.4			(2)(5)(7)(12)
						First lien senior secured loan						9.22%						SONIA (M)						5.25%												06/2030												19,504.6						18,089.7						19,114.6			(2)(5)(7)(12)
						First lien senior secured loan						9.51%						SOFR (Q)						5.25%												06/2030												32,040.2						31,649.1						31,399.4			(2)(5)(7)(12)
																																																						50,760.2						51,496.4
Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP						First lien senior secured loan						7.03%						SOFR (Q)						3.00%												08/2031												40,644.6						40,583.9						40,624.3			(2)
																																																						123,741.3						125,817.1						1.24		%
Gas Utilities
FIC Matterhorn CF, LP and FIC Matterhorn CF Feeder, LP (11)						Limited partnership interests																								06/2025												19,712,949												19,712.9						19,712.9			(5)
						Limited partnership interests																								06/2025												684												0.7						0.7			(5)
																																																						19,713.6						19,713.6
Venture Global Plaquemines Lng LLC						First lien senior secured loan						6.39%						SOFR (M)						2.23%												05/2029												54,974.1						54,906.1						54,974.0			(2)(5)
						First lien senior secured loan						6.28%						SOFR (Q)						2.23%												05/2029												6,876.3						6,867.9						6,876.3			(2)(5)(12)
																																																						61,774.0						61,850.3
																																																						81,487.6						81,563.9						0.80		%
Real Estate Management and Development
Pallas Funding Trust No.2						Private asset-backed investment						11.42%						BBSY (M)						7.85%												02/2027												1,415.3						1,388.9						1,415.3			(5)(12)
						Private asset-backed investment						11.42%						BBSY (M)						7.85%												10/2027												808.7						811.9						808.7			(5)(12)
																																																						2,200.8						2,224.0
Pallas NZ Funding Trust No. 1						Private asset-backed investment						9.36%						BBSY (M)						6.15%												07/2026												2,172.5						2,231.3						2,172.5			(5)(12)
Quintain Investments Holdings Limited (11)						Private asset-backed investment																								08/2024						08/2031						34,132,865												44,309.2						51,150.2			(5)(12)
						Private asset-backed investment																								08/2024												54,289												—						—			(5)(12)

See accompanying notes to consolidated financial statements.

47

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in thousands)

(unaudited)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						44,309.2						51,150.2
																																																						48,741.3						55,546.7						0.55		%
Total Investments																																																						$	19,370,685.1					$	19,558,594.6		(13)			192.47		%

See accompanying notes to consolidated financial statements.

48

---

Derivative Instruments

Foreign currency forward contracts

Description			Notional Amount to be Purchased						Notional Amount to be Sold						Counterparty			Settlement Date			Unrealized Appreciation / (Depreciation)
Foreign currency forward contract			$			234,448			£			206,393			Canadian Imperial Bank of Commerce			June 11, 2027			(1,781)
Foreign currency forward contract			$			209,661			€			178,174			Wells Fargo Bank, N.A.			October 24, 2025			26
Foreign currency forward contract			$			186,004			€			158,006			Canadian Imperial Bank of Commerce			October 24, 2025			96
Foreign currency forward contract			$			131,167			NOK			1,326,924			Wells Fargo Bank, N.A.			October 24, 2025			(909)
Foreign currency forward contract			$			108,827			£			85,343			Canadian Imperial Bank of Commerce			August 16, 2027			(2,602)
Foreign currency forward contract			$			102,914			€			92,908			Wells Fargo Bank, N.A.			February 28, 2028			(4,969)
Foreign currency forward contract			$			99,939			£			74,855			Canadian Imperial Bank of Commerce			July 28, 2028			199
Foreign currency forward contract			$			99,928			£			74,855			Wells Fargo Bank, N.A.			July 28, 2028			193
Foreign currency forward contract			$			99,720			€			90,000			Canadian Imperial Bank of Commerce			February 28, 2028			(4,799)
Foreign currency forward contract			$			80,462			€			68,759			Canadian Imperial Bank of Commerce			June 11, 2027			(1,200)
Foreign currency forward contract			$			77,740			€			64,937			Wells Fargo Bank, N.A.			September 08, 2027			(733)
Foreign currency forward contract			$			71,953			£			53,390			Wells Fargo Bank, N.A.			August 02, 2027			301
Foreign currency forward contract			$			62,583			CAD			86,602			Canadian Imperial Bank of Commerce			March 31, 2028			(654)
Foreign currency forward contract			$			50,901			CAD			71,195			Canadian Imperial Bank of Commerce			March 31, 2027			(612)
Foreign currency forward contract			$			49,790			£			37,090			Wells Fargo Bank, N.A.			August 14, 2028			480
Foreign currency forward contract			$			41,537			CAD			55,789			Canadian Imperial Bank of Commerce			November 16, 2026			411
Foreign currency forward contract			$			40,277			€			36,266			Wells Fargo Bank, N.A.			March 30, 2027			(1,666)
Foreign currency forward contract			$			37,777			£			30,369			Wells Fargo Bank, N.A.			August 21, 2026			(1,500)
Foreign currency forward contract			$			36,186			CAD			49,067			Wells Fargo Bank, N.A.			October 24, 2025			441
Foreign currency forward contract			$			34,449			€			28,390			Wells Fargo Bank, N.A.			August 14, 2028			(163)
Foreign currency forward contract			$			32,020			£			23,600			Canadian Imperial Bank of Commerce			October 24, 2025			136
Foreign currency forward contract			$			30,388			¥			4,242,140			Canadian Imperial Bank of Commerce			January 31, 2028			(78)
Foreign currency forward contract			$			28,646			CAD			39,674			Canadian Imperial Bank of Commerce			January 31, 2028			(294)
Foreign currency forward contract			$			26,475			CAD			36,534			Canadian Imperial Bank of Commerce			October 24, 2025			94
Foreign currency forward contract			$			16,264			€			13,444			Canadian Imperial Bank of Commerce			August 14, 2028			(73)
Foreign currency forward contract			$			13,851			£			10,208			Wells Fargo Bank, N.A.			October 24, 2025			60
Foreign currency forward contract			$			12,330			AUD			19,036			Wells Fargo Bank, N.A.			November 17, 2026			(139)
Foreign currency forward contract			$			11,370			£			9,005			Canadian Imperial Bank of Commerce			March 31, 2026			(368)
Foreign currency forward contract			$			9,968			CAD			13,425			Canadian Imperial Bank of Commerce			June 11, 2027			62
Foreign currency forward contract			$			8,433			£			6,695			Canadian Imperial Bank of Commerce			August 21, 2026			(278)
Foreign currency forward contract			$			6,068			€			5,406			Canadian Imperial Bank of Commerce			March 30, 2027			(216)
Foreign currency forward contract			$			5,598			€			5,039			Canadian Imperial Bank of Commerce			March 26, 2026			(187)
Foreign currency forward contract			$			5,004			NOK			54,034			Canadian Imperial Bank of Commerce			March 31, 2026			(204)
Foreign currency forward contract			$			4,886			€			4,357			Canadian Imperial Bank of Commerce			May 22, 2026			(141)
Foreign currency forward contract			$			4,802			NZD			7,969			Canadian Imperial Bank of Commerce			July 17, 2026			69
Foreign currency forward contract			$			4,660			€			3,926			Wells Fargo Bank, N.A.			August 02, 2027			(39)
Foreign currency forward contract			$			3,913			€			3,473			Canadian Imperial Bank of Commerce			March 27, 2028			(154)
Foreign currency forward contract			$			3,811			€			3,473			Canadian Imperial Bank of Commerce			March 27, 2026			(153)
Foreign currency forward contract			$			3,626			€			3,268			Wells Fargo Bank, N.A.			December 17, 2027			(168)
Foreign currency forward contract			$			3,561			€			3,268			Wells Fargo Bank, N.A.			December 17, 2026			(178)
Foreign currency forward contract			$			2,779			AUD			4,193			Canadian Imperial Bank of Commerce			February 18, 2026			(1)
Foreign currency forward contract			$			2,589			AUD			3,918			Canadian Imperial Bank of Commerce			September 30, 2026			(4)
Foreign currency forward contract			$			2,035			CAD			2,782			Wells Fargo Bank, N.A.			November 16, 2026			2
Foreign currency forward contract			$			1,747			£			1,440			Wells Fargo Bank, N.A.			March 31, 2026			(94)
Foreign currency forward contract			$			1,745			€			1,634			Wells Fargo Bank, N.A.			December 17, 2025			(91)
Foreign currency forward contract			$			1,239			GBP			960			Wells Fargo Bank, N.A.			November 02, 2026			(25)
Foreign currency forward contract			$			970			AUD			1,471			Canadian Imperial Bank of Commerce			October 24, 2025			(2)
Foreign currency forward contract			$			561			£			419			Wells Fargo Bank, N.A.			June 11, 2027			2
Foreign currency forward contract			$			168			AUD			257			Canadian Imperial Bank of Commerce			September 30, 2027			(2)
Foreign currency forward contract			$			162			€			146			Canadian Imperial Bank of Commerce			March 31, 2026			(6)
Foreign currency forward contract			$			99			€			88			Canadian Imperial Bank of Commerce			December 29, 2025			(3)
Foreign currency forward contract			$			66			NZD			108			Canadian Imperial Bank of Commerce			October 17, 2025			1
Foreign currency forward contract			$			65			NZD			106			Canadian Imperial Bank of Commerce			January 20, 2026			1
Foreign currency forward contract			$			64			NZD			105			Canadian Imperial Bank of Commerce			April 17, 2026			1
Total																					$	(21,911)

See accompanying notes to consolidated financial statements.

49

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Interest rate swaps

Description			Hedged Item			Company Receives			Company Pays			Counterparty			Maturity Date			Notional Amount			Fair Value			Upfront Payments/Receipts			Change in Unrealized Appreciation / (Depreciation)
Interest rate swap			March 2028 Notes			5.700		%	SOFR +1.6490%			Wells Fargo Bank, N.A.			03/15/2028			$	1,000,000		$	14,989		$	—		$	103
Interest rate swap			September 2028 Notes			5.450		%	SOFR +1.7465%			Wells Fargo Bank, N.A.			09/09/2028			600,000			4,814			—			522
Interest rate swap			January 2029 Notes			4.850		%	SOFR +1.6220%			Wells Fargo Bank, N.A.			01/15/2029			600,000			(3,229)			—			(3,229)
Interest rate swap			August 2029 Notes			6.350		%	SOFR +2.2080%			Wells Fargo Bank, N.A.			08/15/2029			700,000			18,232			—			300
Interest rate swap			February 2030 Notes			5.600		%	SOFR +2.3020%			Wells Fargo Bank, N.A.			02/15/2030			750,000			(4,236)			—			1,870
Interest rate swap			September 2030 Notes			5.800		%	SOFR +2.0490%			Wells Fargo Bank, N.A.			09/09/2030			500,000			6,794			—			942
Interest rate swap			January 2031 Notes			5.150		%	SOFR +1.9460%			Wells Fargo Bank, N.A.			01/15/2031			500,000			(4,048)			—			(4,048)
Interest rate swap			March 2032 Notes			6.200		%	SOFR +1.8290%			Wells Fargo Bank, N.A.			03/21/2032			750,000			36,720			—			1,553
Total																		$	5,400,000		$	70,036		$	—		$	(1,987)

________________________________________

(1)Ares Strategic Income Fund’s (together with its consolidated wholly owned subsidiaries, the “Fund”) portfolio company investments, which as of September 30, 2025 represented 192% of the Fund’s net assets or 95% of the Fund’s total assets, may be subject to legal restrictions on sales.

(2)These assets are pledged as collateral under the Fund’s or the Fund’s consolidated subsidiaries’ various revolving credit facilities and debt securitizations and, as a result, are not directly available to the creditors of the Fund to satisfy any obligations of the Fund other than the obligations under each of the respective facilities and debt securitizations (see Note 5).

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

(4)As defined in the Investment Company Act, the Fund is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the nine months ended September 30, 2025 in which the issuer was an Affiliated Person of the Fund (but not a portfolio company that the Fund is deemed to Control) are as follows:

For the Nine Months Ended September 30, 2025																																																						As of September 30, 2025
(in thousands) Company						Purchases (cost)						Redemptions (cost)						Sales (cost)						Interest income						Dividend income						Other income						Net realized gains (losses)						Net  unrealized gains (losses)						Fair Value
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP						$	7,703.9					$	516.2					$	—					$	3,063.7					$	—					$	131.3					$	3.6					$	(867.2)					$	57,971.3
OPH NEP Investment, LLC						4,350.9						—						—						3,096.5						—						—						—						205.1						41,824.2
						$	12,054.8					$	516.2					$	—					$	6,160.2					$	—					$	131.3					$	3.6					$	(662.1)					$	99,795.5

(5)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). Under the Investment Company Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. Pursuant to Section 55(a) of the Investment Company Act, 25% of the Fund's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of September 30, 2025.

(6)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.

(7)Loan includes interest rate floor feature.

    

See accompanying notes to consolidated financial statements.

50

---

(8)As of September 30, 2025, no amounts were funded by the Fund under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(9)As of September 30, 2025, in addition to the amounts funded by the Fund under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(10)As of September 30, 2025, the Fund had the following commitments to fund various revolving and delayed draw senior secured loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for more information on revolving and delayed draw loan commitments related to certain portfolio companies.

(in thousands) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Fund			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
15484880 Canada Inc. and 15484910 Canada Inc.			$	11,777.7		$	(304.1)		$	11,473.6		$	—		$	—		$	11,473.6
3 Step Sports LLC			13,584.9			—			13,584.9			—			(12,005.6)			1,579.3
Accommodations Plus Technologies LLC			445.1			—			445.1			—			—			445.1
ACP Avenu Midco LLC			12,009.7			—			12,009.7			—			—			12,009.7
Actfy Buyer, Inc.			11,739.1			—			11,739.1			—			—			11,739.1
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP			1,056.3			—			1,056.3			—			—			1,056.3
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC			110.6			(0.8)			109.8			—			—			109.8
Adonis Bidco Inc.			38,724.4			—			38,724.4			—			—			38,724.4
Aduro Advisors, LLC			11,758.3			—			11,758.3			—			—			11,758.3
Aerin Medical Inc.			4,681.4			—			4,681.4			—			—			4,681.4
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp.			9,179.7			(3,113.1)			6,066.6			—			—			6,066.6
AI Titan Parent, Inc.			17,304.7			—			17,304.7			—			—			17,304.7
Airx Climate Solutions, Inc.			14,342.0			—			14,342.0			—			—			14,342.0
Alcami Corporation			547.9			—			547.9			—			—			547.9
Aldinger Company Inc			6,183.1			(900.6)			5,282.5			—			—			5,282.5
AP Adhesives Holdings, LLC			15,030.3			—			15,030.3			—			—			15,030.3
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC			2,039.6			(93.4)			1,946.2			—			—			1,946.2
Aptean, Inc. and Aptean Acquiror Inc.			9,083.4			(460.6)			8,622.8			—			—			8,622.8
Artifact Bidco, Inc.			10,426.1			—			10,426.1			—			—			10,426.1
Artivion, Inc.			26,616.0			(1,983.0)			24,633.0			—			—			24,633.0
Aston Bidco (Holding) Limited			1.3			(0.2)			1.1			—			—			1.1
Avalign Holdings, Inc. and Avalign Technologies, Inc.			3,440.4			(1,032.1)			2,408.3			—			—			2,408.3
Badia Spices, LLC			21,428.6			—			21,428.6			—			—			21,428.6
Bamboo US BidCo LLC			5,775.4			(0.7)			5,774.7			—			—			5,774.7
Bayou Intermediate II, LLC			10,603.9			—			10,603.9			—			—			10,603.9
BCPE Pequod Buyer, Inc.			8,673.6			—			8,673.6			—			—			8,673.6
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc.			11,525.4			(895.4)			10,630.0			—			—			10,630.0
BGI Purchaser, Inc.			33,329.5			(13,372.2)			19,957.3			—			—			19,957.3
BGIF IV Fearless Utility Services, Inc.			22,688.7			(520.4)			22,168.3			—			—			22,168.3
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC			9,943.6			—			9,943.6			—			—			9,943.6
BNZ TopCo B.V.			22,831.6			—			22,831.6			—			—			22,831.6
Bobcat Purchaser, LLC and Bobcat Topco, L.P.			1,595.7			—			1,595.7			—			—			1,595.7
Bobtail AcquisitionCo, LLC			28,262.1			(892.2)			27,369.9			—			—			27,369.9
BradyPlus Holdings, LLC			617.2			—			617.2			—			—			617.2
BrightStar Group Holdings, Inc.			3,766.9			(188.3)			3,578.6			—			—			3,578.6
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP			22,933.6			—			22,933.6			—			—			22,933.6
Bumble Bidco Limited			2,941.2			—			2,941.2			—			—			2,941.2
BVI Medical, Inc. and BVI Group Limited			16,900.0			—			16,900.0			—			—			16,900.0

See accompanying notes to consolidated financial statements.

51

---

(in thousands) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Fund			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
Cambrex Corporation			65,969.5			(255.7)			65,713.8			—			—			65,713.8
Cannon Bridge Designated Activity Company			7,144.0			(2,605.9)			4,538.1			—			—			4,538.1
Capnor Connery Bidco A/S			6,147.1			—			6,147.1			—			—			6,147.1
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P.			2,389.6			—			2,389.6			—			—			2,389.6
CBTS Borrower, LLC and CBTS TopCo, L.P.			1,900.0			—			1,900.0			—			—			1,900.0
Celnor Group Limited			7,012.7			—			7,012.7			—			—			7,012.7
Centralsquare Technologies, LLC and Supermoose Newco, Inc.			4,310.3			(97.1)			4,213.2			—			—			4,213.2
Cezanne Bidco			6,174.6			—			6,174.6			—			—			6,174.6
Chillaton Bidco Limited			2,125.4			—			2,125.4			—			—			2,125.4
City Line Distributors LLC and City Line Investments LLC			1.5			—			1.5			—			—			1.5
Clearstead Advisors, LLC			626.4			(334.1)			292.3			—			—			292.3
ClubCorp Holdings, Inc.			7,070.4			—			7,070.4			—			—			7,070.4
CMG HoldCo, LLC and CMG Buyer Holdings, Inc.			20,950.7			(87.4)			20,863.3			—			—			20,863.3
Collision SP Subco, LLC			4,035.3			(59.9)			3,975.4			—			—			3,975.4
Coupa Holdings, LLC and Coupa Software Incorporated			410.8			—			410.8			—			—			410.8
CPIG Holdco Inc.			1.0			(0.5)			0.5			—			—			0.5
Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc.			4,461.7			—			4,461.7			—			—			4,461.7
Creek Parent, Inc. and Creek Feeder, L.P.			21,965.8			(72.2)			21,893.6			—			—			21,893.6
Databricks, Inc.			12.2			—			12.2			—			—			12.2
Davidson Hotel Company LLC			3,365.3			—			3,365.3			—			—			3,365.3
Dedomena Bidco Limited			395.5			—			395.5			—			—			395.5
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P.			25,163.5			(666.9)			24,496.6			—			—			24,496.6
Diamond Mezzanine 24 LLC			3,750.0			(1,200.0)			2,550.0			—			—			2,550.0
Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.			4,645.3			—			4,645.3			—			—			4,645.3
Diligent Corporation			12,896.5			(620.9)			12,275.6			—			—			12,275.6
Dorado Bidco, Inc.			6,628.8			(9.5)			6,619.3			—			—			6,619.3
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP			22,837.4			(588.1)			22,249.3			—			—			22,249.3
Doxim Inc.			5,733.8			(1,124.9)			4,608.9			—			—			4,608.9
DP Flores Holdings, LLC			22,210.7			—			22,210.7			—			—			22,210.7
DriveCentric Holdings, LLC			13,632.3			—			13,632.3			—			—			13,632.3
Drogon Bidco Inc. & Drogon Aggregator LP			16,519.3			—			16,519.3			—			—			16,519.3
Duraserv LLC			12,044.4			—			12,044.4			—			—			12,044.4
EC Partners Spanish BidCo, S.L.U.			978.2			—			978.2			—			—			978.2
Echo Purchaser, Inc.			6,522.7			—			6,522.7			—			—			6,522.7
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc.			30,382.5			—			30,382.5			—			—			30,382.5
Edmunds Govtech, Inc.			3,669.1			(301.4)			3,367.7			—			—			3,367.7
Einstein Parent, Inc.			1,719.9			—			1,719.9			—			—			1,719.9
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC			11,532.6			(2,441.2)			9,091.4			—			—			9,091.4
EMB Purchaser, Inc.			43,326.3			—			43,326.3			—			—			43,326.3
Empower Payments Investor, LLC			2,647.7			—			2,647.7			—			—			2,647.7
Envisage Management Ltd			3,735.3			—			3,735.3			—			—			3,735.3
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT			18,726.0			—			18,726.0			—			—			18,726.0
Eternal Aus Bidco Pty Ltd			983.1			—			983.1			—			—			983.1
Evolent Health LLC and Evolent Health, Inc.			27,413.5			—			27,413.5			—			—			27,413.5
Excel Fitness Consolidator LLC			1,068.6			—			1,068.6			—			—			1,068.6
Excelitas Technologies Corp.			32,500.0			—			32,500.0			—			—			32,500.0
Expereo USA, Inc. and Ristretto Bidco B.V.			15,713.5			—			15,713.5			—			—			15,713.5
Fever Labs, Inc.			23,572.2			(14,536.7)			9,035.5			—			—			9,035.5
Firebird Acquisition Corp, Inc.			11,116.3			(62.1)			11,054.2			—			—			11,054.2
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP			14,590.7			(2,405.0)			12,185.7			—			—			12,185.7
FL Hawk Intermediate Holdings, Inc.			726.1			—			726.1			—			—			726.1

See accompanying notes to consolidated financial statements.

52

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(in thousands) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Fund			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
Flexera Software LLC			1,737.4			—			1,737.4			—			—			1,737.4
Flint OpCo, LLC			10,075.7			—			10,075.7			—			—			10,075.7
FlyWheel Acquireco, Inc.			1,607.1			(428.6)			1,178.5			—			—			1,178.5
Forward Keystone Holdings, LP			7,420.0			—			7,420.0			—			—			7,420.0
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc.			21,871.7			(3,062.0)			18,809.7			—			—			18,809.7
Frontline Road Safety Operations, LLC			12,449.2			(2,622.9)			9,826.3			—			—			9,826.3
G702 Buyer, Inc.			1,890.5			—			1,890.5			—			—			1,890.5
GC Waves Holdings, Inc.			4,131.4			—			4,131.4			—			—			4,131.4
Generator US Buyer, Inc. and Total Power Limited			1,669.8			(154.5)			1,515.3			—			—			1,515.3
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.			8,490.4			(392.0)			8,098.4			—			—			8,098.4
GHP-VGS Purchaser LLC			8,554.0			—			8,554.0			—			—			8,554.0
Global Music Rights, LLC			13,645.8			—			13,645.8			—			—			13,645.8
Goldeneye Parent, LLC			2,778.9			—			2,778.9			—			—			2,778.9
Grit Buyer, Inc. and Integrum Grit Co-Invest LP			32,041.7			(252.9)			31,788.8			—			—			31,788.8
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC			1,688.4			(36.1)			1,652.3			—			—			1,652.3
GSV Purchaser, Inc.			25,300.7			—			25,300.7			—			—			25,300.7
GTCR Everest Borrower, LLC			1,659.6			—			1,659.6			—			—			1,659.6
GTCR F Buyer Corp. and GTCR (D) Investors LP			3,423.1			—			3,423.1			—			—			3,423.1
Guidepoint Security Holdings, LLC			2,659.5			—			2,659.5			—			—			2,659.5
Hakken Midco B.V.			921.1			—			921.1			—			—			921.1
Hanger, Inc.			2,166.4			—			2,166.4			—			—			2,166.4
Harbourvest Global Private Equity Limited			65,000.0			(32,500.0)			32,500.0			—			—			32,500.0
HBH Buyer, LLC			17,301.8			(12,442.6)			4,859.2			—			—			4,859.2
Helios Service Partners, LLC and Astra Service Partners, LLC			2,007.3			(0.7)			2,006.6			—			—			2,006.6
HGC Holdings, LLC			31,050.4			—			31,050.4			—			—			31,050.4
Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc.			1,964.7			—			1,964.7			—			—			1,964.7
High Street Buyer, Inc. and High Street Holdco LLC			39,661.6			—			39,661.6			—			—			39,661.6
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP			256.5			(0.6)			255.9			—			—			255.9
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP			67,383.0			(112.4)			67,270.6			—			—			67,270.6
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC			19,741.2			(4,286.7)			15,454.5			—			—			15,454.5
HP RSS Buyer, Inc.			14,982.3			—			14,982.3			—			—			14,982.3
HPCC Parent, Inc. and Patriot Container Corp.			5,145.7			—			5,145.7			—			—			5,145.7
HuFriedy Group Acquisition LLC			6,553.3			(213.1)			6,340.2			—			—			6,340.2
Hyland Software, Inc.			1,102.9			—			1,102.9			—			—			1,102.9
Icefall Parent, Inc.			735.5			—			735.5			—			—			735.5
ID.me, LLC and ID.me, Inc.			18,363.2			—			18,363.2			—			—			18,363.2
IFH Franchisee Holdings, LLC			27,513.7			(11,194.0)			16,319.7			—			—			16,319.7
Igea Bidco S.p.A.			1,024.7			—			1,024.7			—			—			1,024.7
Indigo Acquisition B.V.			610.7			—			610.7			—			—			610.7
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P.			12,616.5			(56.8)			12,559.7			—			—			12,559.7
Internet Truckstop Group LLC			1,990.0			—			1,990.0			—			—			1,990.0
JAMS Holdings LP and Jams Buyer LLC			6,884.9			—			6,884.9			—			—			6,884.9
JSG II, Inc. and Checkers USA, Inc.			1,186.9			(29.0)			1,157.9			—			—			1,157.9
Kairos Bidco Limited			3,140.6			(314.1)			2,826.5			—			—			2,826.5
King Risk Partners, LLC			9,229.7			—			9,229.7			—			—			9,229.7
Kings Buyer, LLC			2,451.4			(735.4)			1,716.0			—			—			1,716.0
Koala Investment Holdings, Inc.			7,218.8			—			7,218.8			—			—			7,218.8
KPS Global LLC and Cool Group LLC			3,073.6			—			3,073.6			—			—			3,073.6
Lakehouse Buyer Inc.			49,270.0			—			49,270.0			—			—			49,270.0
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP			13,139.0			—			13,139.0			—			—			13,139.0

See accompanying notes to consolidated financial statements.

53

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(in thousands) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Fund			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
League One Volleyball Clubs, LLC and League One Volleyball, Inc.			2.0			—			2.0			—			—			2.0
Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P.			3,810.7			(806.4)			3,004.3			—			—			3,004.3
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.			182.2			—			182.2			—			—			182.2
LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC			6,713.6			—			6,713.6			—			—			6,713.6
Lightbeam Bidco, Inc.			1.0			(0.3)			0.7			—			—			0.7
LivTech Purchaser, Inc.			2,005.8			—			2,005.8			—			—			2,005.8
Mai Capital Management Intermediate LLC			7,425.6			(353.4)			7,072.2			—			—			7,072.2
Medlar Bidco Limited			10,368.7			—			10,368.7			—			—			10,368.7
Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP			8,000.0			—			8,000.0			—			—			8,000.0
Metatiedot Bidco OY and Metatiedot US, LLC			3,745.6			—			3,745.6			—			—			3,745.6
Meyer Laboratory, LLC and Meyer Parent, LLC			3,268.2			(1,240.2)			2,028.0			—			—			2,028.0
Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc.			4,809.3			(9.6)			4,799.7			—			—			4,799.7
Monica Holdco (US), Inc.			8,223.4			—			8,223.4			—			—			8,223.4
Mountaineer Merger Corporation			11,254.0			(4,439.2)			6,814.8			—			—			6,814.8
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC			5,553.4			(1,019.4)			4,534.0			—			—			4,534.0
MSIS Holdings, Inc. and MS Precision Parent, LP			15,155.6			—			15,155.6			—			—			15,155.6
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc.			4,534.5			(334.4)			4,200.1			—			—			4,200.1
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP			12,196.0			(3,681.0)			8,515.0			—			—			8,515.0
Netsmart, Inc. and Netsmart Technologies, Inc.			22,120.1			—			22,120.1			—			—			22,120.1
New ChurcHill HoldCo LLC and Victory Topco, LP			5,826.8			—			5,826.8			—			—			5,826.8
Next Holdco, LLC			1,697.6			—			1,697.6			—			—			1,697.6
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC			3,865.0			(363.6)			3,501.4			—			—			3,501.4
North Haven Stack Buyer, LLC			3,237.7			(1,084.0)			2,153.7			—			—			2,153.7
North Star Acquisitionco, LLC and Toucan Bidco Limited			2,550.0			—			2,550.0			—			—			2,550.0
Northwinds Holding, Inc. and Northwinds Services Group LLC			18,471.2			—			18,471.2			—			—			18,471.2
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP			4,637.4			(49.1)			4,588.3			—			—			4,588.3
Odevo AB			22,494.6			—			22,494.6			—			—			22,494.6
Orange Barrel Media, LLC/IKE Smart City, LLC			2,036.9			—			2,036.9			—			—			2,036.9
Pallas NZ Funding Trust No. 1			2,172.5			(2,172.5)			—			—			—			—
Paris US Holdco, Inc. & 1001028292 Ontario Inc.			22,095.5			(422.1)			21,673.4			—			—			21,673.4
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			4,783.5			—			4,783.5			—			—			4,783.5
Pave America Holding, LLC			12,282.7			(2,741.3)			9,541.4			—			—			9,541.4
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC			2,200.0			—			2,200.0			—			—			2,200.0
PCMI Parent, LLC and PCMI Ultimate Holdings, LP			4,405.6			—			4,405.6			—			—			4,405.6
PCS MidCo, Inc. and PCS Parent, L.P.			2,964.7			—			2,964.7			—			—			2,964.7
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP			9,465.7			—			9,465.7			—			—			9,465.7
PestCo Holdings, LLC and PestCo, LLC			6,501.5			—			6,501.5			—			—			6,501.5
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc.			7,139.2			—			7,139.2			—			—			7,139.2
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc.			7,763.9			(1,743.6)			6,020.3			—			—			6,020.3
Poseidon IntermediateCo, Inc.			9,212.0			—			9,212.0			—			—			9,212.0
Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation			10,242.3			—			10,242.3			—			—			10,242.3
Premiere Buyer, LLC			8,541.0			—			8,541.0			—			—			8,541.0

See accompanying notes to consolidated financial statements.

54

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(in thousands) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Fund			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC			2.0			(2.0)			—			—			—			—
Project Alliance Buyer, LLC			1,879.2			—			1,879.2			—			—			1,879.2
PSC Parent, Inc.			13,285.0			(3,484.5)			9,800.5			—			—			9,800.5
PumpTech, LLC and Impel CV-B, LP			11,209.1			(769.6)			10,439.5			—			—			10,439.5
PYE-Barker Fire & Safety, LLC			30,058.2			(1,085.7)			28,972.5			—			—			28,972.5
QBS Parent, Inc.			1,490.5			—			1,490.5			—			—			1,490.5
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P.			19,380.9			—			19,380.9			—			—			19,380.9
Raven Acquisition Holdings, LLC			6,640.6			—			6,640.6			—			—			6,640.6
Reagent Chemical & Research, LLC			8,783.8			(416.4)			8,367.4			—			—			8,367.4
Reddy Ice LLC			171,657.9			(2,329.7)			169,328.2			—			—			169,328.2
Redwood Services LP			16,056.7			(307.7)			15,749.0			—			—			15,749.0
Revival Animal Health, LLC			3,554.4			(1,141.6)			2,412.8			—			—			2,412.8
RFS Opco LLC			7,512.5			—			7,512.5			—			—			7,512.5
Royal Borrower, LLC and Royal Parent, LP			14,506.8			(343.2)			14,163.6			—			—			14,163.6
Runway Bidco, LLC			699.8			—			699.8			—			—			699.8
RWA Wealth Partners, LLC			7,250.0			(91.6)			7,158.4			—			—			7,158.4
Sapphire Software Buyer, Inc.			6,818.3			—			6,818.3			—			—			6,818.3
Saturn Purchaser Corp.			2,240.4			—			2,240.4			—			—			2,240.4
Severin Acquisition, LLC			34,373.4			—			34,373.4			—			—			34,373.4
Shermco Intermediate Holdings, Inc.			4,746.2			(168.8)			4,577.4			—			—			4,577.4
Shout! Factory, LLC			2,207.8			(386.4)			1,821.4			—			—			1,821.4
SIG Parent Holdings, LLC			16,343.9			—			16,343.9			—			—			16,343.9
Signia Aerospace, LLC			1,038.5			—			1,038.5			—			—			1,038.5
Silk Holdings III Corp. and Silk Holdings I Corp.			5,940.6			(4,237.6)			1,703.0			—			—			1,703.0
Slaine Holdings LLC			30,434.6			—			30,434.6			—			—			30,434.6
Solar Bidco Limited			1,118.6			—			1,118.6			—			—			1,118.6
Spaceship Purchaser, Inc.			35,017.2			(158.8)			34,858.4			—			—			34,858.4
Spark Purchaser, Inc.			2,702.7			—			2,702.7			—			—			2,702.7
Spindrift Beverage Co., Inc. and SBC Aggregator LP			3,172.3			—			3,172.3			—			—			3,172.3
Sport Maska Inc.			7,365.0			(5,784.3)			1,580.7			—			—			1,580.7
Spruce Bidco II Inc.			24,692.5			—			24,692.5			—			—			24,692.5
St Athena Global LLC and St Athena Global Holdings Limited			5,783.6			(1,071.0)			4,712.6			—			—			4,712.6
Sterilex LLC			1,328.4			(0.5)			1,327.9			—			—			1,327.9
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC			18,348.3			(182.2)			18,166.1			—			—			18,166.1
Sugar PPC Buyer LLC			3,720.1			—			3,720.1			—			—			3,720.1
Sunbit Receivables Trust IV			2,730.0			(1,472.1)			1,257.9			—			—			1,257.9
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P.			35,275.0			—			35,275.0			—			—			35,275.0
Superman Holdings, LLC			10,343.7			—			10,343.7			—			—			10,343.7
Supplying Demand, Inc.			18,643.7			(3,774.8)			14,868.9			—			—			14,868.9
SV Newco 2, Inc. and Site 2020 Incorporated			11,504.7			(86.4)			11,418.3			—			—			11,418.3
Talon Buyer Inc. and Talon Holdings SCSP			20,499.4			—			20,499.4			—			—			20,499.4
TCI Buyer LLC and TCI Holdings, LP			18,204.8			—			18,204.8			—			—			18,204.8
Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP			7,238.8			(348.7)			6,890.1			—			—			6,890.1
The Hiller Companies, LLC			7,181.2			(137.6)			7,043.6			—			—			7,043.6
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP			12,964.3			—			12,964.3			—			—			12,964.3
Titan BW Borrower L.P.			16,299.3			—			16,299.3			—			—			16,299.3
Transit Technologies LLC			6,616.2			(9.2)			6,607.0			—			—			6,607.0
Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP			65,528.4			—			65,528.4			—			—			65,528.4
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC			4,792.2			—			4,792.2			—			—			4,792.2
TSS Buyer, LLC			1,312.1			—			1,312.1			—			—			1,312.1
U.S. Urology Partners, LLC and General Atlantic (USU) Blocker Collection Holdco, L.P.			3,861.9			—			3,861.9			—			—			3,861.9

See accompanying notes to consolidated financial statements.

55

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(in thousands) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Fund			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP			6,527.9			—			6,527.9			—			—			6,527.9
Unity Purchaser, LLC and Unity Ultimate Holdings, LP			11,940.1			—			11,940.1			—			—			11,940.1
UP Intermediate II LLC and UPBW Blocker LLC			3,993.9			(159.8)			3,834.1			—			—			3,834.1
USALCO, LLC			2,643.4			—			2,643.4			—			—			2,643.4
Vamos Bidco, Inc.			8,234.9			(646.4)			7,588.5			—			—			7,588.5
Vantage Data Centers Europe S.a r.l.			1,622.1			—			1,622.1			—			—			1,622.1
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC			13,092.5			(2,953.7)			10,138.8			—			—			10,138.8
VetPartners Group Limited			12,431.7			—			12,431.7			—			—			12,431.7
Victors Purchaser, LLC and WP Victors Co-Investment, L.P.			16,073.7			—			16,073.7			—			—			16,073.7
Viper Bidco, Inc.			9,932.0			—			9,932.0			—			—			9,932.0
Vista Higher Learning, LLC			1.0			(0.2)			0.8			—			—			0.8
VRS Buyer, Inc.			34,287.2			—			34,287.2			—			—			34,287.2
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC			20,367.6			(6,640.5)			13,727.1			—			—			13,727.1
Watt Holdco Limited			573.2			—			573.2			—			—			573.2
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.			194.6			—			194.6			—			—			194.6
Wellington Bidco Inc. and Wellington TopCo LP			18,826.7			(1,189.7)			17,637.0			—			—			17,637.0
Wellington-Altus Financial Inc.			1,152.5			(247.0)			905.5			—			—			905.5
Wharf Street Ratings Acquisition LLC			4,395.0			—			4,395.0			—			—			4,395.0
Wilbur-Ellis Holdings II LLC			19,274.3			(11,553.6)			7,720.7			—			—			7,720.7
WorkWave Intermediate II, LLC			24,719.2			(1,545.0)			23,174.2			—			—			23,174.2
World Insurance Associates, LLC and World Associates Holdings, LLC			6,244.8			—			6,244.8			—			—			6,244.8
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			847.5			(178.3)			669.2			—			—			669.2
WPCG Aspire Holdings, LLC			40,042.4			—			40,042.4			—			—			40,042.4
WRE Sports Investments LLC			7,402.4			—			7,402.4			—			(7,402.4)			—
WU Holdco, Inc.			3,388.2			(5.7)			3,382.5			—			—			3,382.5
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P.			4,958.7			(602.2)			4,356.5			—			—			4,356.5
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc.			12,988.4			—			12,988.4			—			—			12,988.4
ZocDoc, Inc.			12,914.8			—			12,914.8			—			—			12,914.8
			$	2,971,520.6		$	(194,033.6)		$	2,777,487.0		$	—		$	(19,408.0)		$	2,758,079.0

(11)As of September 30, 2025, the Fund was party to agreements to fund equity investment commitments as follows:

(in thousands) Portfolio Company			Total equity commitments			Less: funded equity commitments			Total unfunded equity commitments			Less: equity commitments substantially at discretion of the Fund						Total net unfunded equity commitments
A8 - A (Feeder) L.P.			$	1,528.2		$	(1,128.8)		$	399.4		$	—					$	399.4
Advent International GPE VII-E Limited Partnership			1,972.4			(1,332.4)			640.0			—						640.0
Alp CFO 2025, L.P. and Alp CFO 2025 (Offshore Feeder) A, L.P.			125.6			—			125.6			—						125.6
Apax Europe VI - A, L.P.			1,009.9			(681.8)			328.1			—						328.1
Apax Europe VII - B, L.P.			475.3			(167.7)			307.6			—						307.6
Apax VIII - B, L.P.			853.0			(641.9)			211.1			—						211.1
Bain Capital Europe Fund IV, L.P.			886.7			(637.2)			249.5			—						249.5
Bain Capital Europe V, SCSp			883.1			(807.5)			75.6			—						75.6
Bain Capital Fund XI, L.P.			3,327.9			(2,250.5)			1,077.4			—						1,077.4
Bain Capital Fund XII, L.P.			848.1			(641.6)			206.5			—						206.5
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.			120,631.0			—			120,631.0			—						120,631.0
BC European Capital IX - 2 LP			2,537.0			(2,351.3)			185.7			—						185.7
BC European Capital X - 2 LP			2,154.4			(1,645.0)			509.4			—						509.4
BC Partners Galileo (2) L.P.			802.9			(766.2)			36.7			—						36.7
Blackstone Capital Partners VI L.P.			3,869.1			(2,167.3)			1,701.8			—						1,701.8

See accompanying notes to consolidated financial statements.

56

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(in thousands) Portfolio Company			Total equity commitments			Less: funded equity commitments			Total unfunded equity commitments			Less: equity commitments substantially at discretion of the Fund						Total net unfunded equity commitments
Bridgepoint Europe VI 'E' LP			894.7			(826.7)			68.0			—						68.0
Catterton Partners VII, L.P.			2,160.2			(1,623.9)			536.3			—						536.3
Clayton, Dubilier & Rice Fund IX, L.P.			1,505.8			(1,257.0)			248.8			—						248.8
Constellation Wealth Capital Fund, L.P.			3,995.7			(3,005.8)			989.9			—						989.9
CVC Capital Partners VI (B) L.P.			4,831.4			(4,307.5)			523.9			—						523.9
CVC Capital Partners VII (A) L.P.			777.3			(627.3)			150.0			—						150.0
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP			213.5			—			213.5			—						213.5
FIC Matterhorn CF, LP and FIC Matterhorn CF Feeder, LP			28,819.1			(19,713.6)			9,105.5			—						9,105.5
Grit Buyer, Inc. and Integrum Grit Co-Invest LP			2,466.3			—			2,466.3			—						2,466.3
GSM Rights Fund II LP			9,244.8			—			9,244.8			—						9,244.8
GTCR F Buyer Corp. and GTCR (D) Investors LP			21.3			—			21.3			—						21.3
Hellman & Friedman Capital Partners VIII, L.P.			2,186.0			(1,971.0)			215.0			—						215.0
HgCapital 8 A L.P.			1,062.5			(1,007.0)			55.5			—						55.5
Insight Venture Partners (Cayman) VII, LP			2,441.3			(2,431.9)			9.4			—						9.4
Insight Venture Partners (Delaware) VIII, LP			2,322.5			(2,185.3)			137.2			—						137.2
Kelso Investment Associates IX, L.P.			1,992.9			(1,301.6)			691.3			—						691.3
Linden Structured Capital Fund II-A LP			3,048.5			(1,606.9)			1,441.6			—						1,441.6
Montagu V (US) L.P.			1,906.1			(1,660.8)			245.3			—						245.3
Montagu VII (B) SCSp			700.0			—			700.0			—						700.0
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP			1,172.0			(781.3)			390.7			—						390.7
New Mountain Partners III, L.P.			759.9			(393.3)			366.6			—						366.6
New Mountain Partners IV, L.P.			1,867.9			(874.1)			993.8			—						993.8
One Equity Partners VI, L.P.			5,007.8			(3,507.1)			1,500.7			—						1,500.7
One Equity Partners VII, L.P.			2,790.2			(2,399.6)			390.6			—						390.6
Onex Partners III LP			2,244.7			(1,411.4)			833.3			—						833.3
Onex Partners IV LP			3,059.3			(2,864.3)			195.0			—						195.0
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			4.0			—			4.0			—						4.0
Permira V G.P. L.P.			567.0			(522.7)			44.3			—						44.3
Permira VI L.P.1			788.0			(538.8)			249.2			—						249.2
Providence Equity Partners (Midsummer) L.P.			1,018.3			(836.3)			182.0			—						182.0
Providence Equity Partners VII, L.P.			1,224.7			(763.5)			461.2			—						461.2
Providence Equity Partners VII-A L.P.			2,752.3			(2,069.1)			683.2			—						683.2
Providence Equity Partners VIII, L.P.			5,015.4			(4,086.9)			928.5			—						928.5
PumpTech, LLC and Impel CV-B, LP			321.4			—			321.4			—						321.4
Purple Garden Invest (D) AB			1,449.6			(1,204.0)			245.6			—						245.6
Quintain Investments Holdings Limited			7,247.6			—			7,247.6			—						7,247.6
Red Garden Invest (D) AB			1,778.2			(1,600.1)			178.1			—						178.1
Silver Lake Partners IV, L.P.			2,042.7			(1,995.7)			47.0			—						47.0
Spindrift Beverage Co., Inc. and SBC Aggregator LP			1,035.6			—			1,035.6			—						1,035.6
Thoma Bravo Fund XI-A, L.P.			1,271.9			(1,052.0)			219.9			—						219.9
Thoma Bravo Special Opportunities Fund II-A, L.P.			1,682.4			(1,510.8)			171.6			—						171.6
TI VI Holdings 1, L.P.			1,858.5			—			1,858.5			—						1,858.5
Tikehau Green Diamond II CFO Equity LP			1,971.8			—			1,971.8			—						1,971.8
Tikehau Ruby CLO Equity LP			579.2			—			579.2			—						579.2
Tikehau Topaz LP			435.4			—			435.4			—						435.4
TPG Partners VI, L.P.			1,101.0			(375.8)			725.2			—						725.2
Trident VI Parallel Fund, L.P.			1,890.9			(1,638.3)			252.6			—						252.6
Vector Capital IV, L.P.			306.4			(271.4)			35.0			—						35.0
Vector Capital VI, L.P.			74.5			(27.7)			46.8			—						46.8
Vestar Capital Partners VII, L.P.			3,100.9			(2,034.7)			1,066.2			—						1,066.2
Vista Equity Partners Fund V-A, L.P.			1,204.2			(951.8)			252.4			—						252.4
WCAS XIII, L.P.			2,045.6			(1,673.8)			371.8			—						371.8
WCP Bridge Fund, L.P.			768.1			(249.8)			518.3			—						518.3
Wellington-Altus Financial Inc.			1,308.4			—			1,308.4			—						1,308.4
Wellspring Capital Partners VI (Onshore), L.P.			1,856.2			(1,495.8)			360.4			—						360.4
Wind Point Partners VIII-A, L.P.			1,038.7			(588.7)			450.0			—						450.0
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			5.6			—			5.6			—						5.6

See accompanying notes to consolidated financial statements.

57

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(in thousands) Portfolio Company			Total equity commitments			Less: funded equity commitments			Total unfunded equity commitments			Less: equity commitments substantially at discretion of the Fund						Total net unfunded equity commitments
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P.			338.4			—			338.4			—						338.4
			$	277,479.2		$	(96,464.3)		$	181,014.9		$	—					$	181,014.9

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

(13)As of September 30, 2025, the estimated net unrealized gain for federal tax purposes was approximately $235.4 million based on a tax cost basis of approximately $19.3 billion. As of September 30, 2025, the estimated aggregate gross unrealized gain for federal income tax purposes was $310.8 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $75.4 million.

(14)In connection with the Fund’s investment in this portfolio company’s senior subordinated loan, the Fund entered into a secured borrowing arrangement. As a result, the Fund recorded a $269.3 million liability, included in “secured borrowing” in the accompanying consolidated statement of assets and liabilities. As of September 30, 2025, the interest rate in effect for the secured borrowing was 4.10%, or Euribor + 2.10%.

See accompanying notes to consolidated financial statements.

58

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ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Software and Services
Access CIG, LLC						First lien senior secured loan						9.59%						SOFR (Q)						5.00%												08/2028												$	33,812.6					$	33,697.7					$	34,108.5		(2)(7)
Actfy Buyer, Inc. (10)						First lien senior secured loan						9.36%						SOFR (M)						5.00%												05/2031												29,925.0						29,383.8						29,925.0			(2)(7)(12)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (10)						First lien senior secured loan						9.58%						SOFR (Q)						5.25%												07/2030												20,762.4						20,394.1						20,762.4			(2)(5)(7)(12)
						Limited partnership interests																								10/2023												100,000												110.5						143.7			(2)(5)(12)
																																																						20,504.6						20,906.1
AI Titan Parent, Inc. (10)						First lien senior secured loan						9.11%						SOFR (M)						4.75%												08/2031												53,245.3						52,738.9						52,712.8			(2)(7)(12)
Applied Systems, Inc.						First lien senior secured loan						7.33%						SOFR (Q)						3.00%												02/2031												22,937.4						22,965.6						23,143.4			(2)
Aptean, Inc. and Aptean Acquiror Inc. (10)						First lien senior secured loan						9.58%						SOFR (Q)						5.00%												01/2031												39,005.4						38,678.2						39,005.4			(2)(7)(12)
Artifact Bidco, Inc. (10)						First lien senior secured loan						8.83%						SOFR (Q)						4.50%												07/2031												24,848.9						24,615.8						24,848.9			(2)(7)(12)
Asurion, LLC						First lien senior secured loan						7.72%						SOFR (M)						3.25%												12/2026												26,212.8						26,202.3						26,186.0			(2)
						First lien senior secured loan						7.72%						SOFR (M)						3.25%												07/2027												13,870.0						13,830.0						13,824.5			(2)
																																																						40,032.3						40,010.5
BCPE Pequod Buyer, Inc. (10)						First lien senior secured loan						7.81%						SOFR (Q)						3.50%												11/2031												30,048.0						29,897.8						30,268.0
BCTO Ignition Purchaser, Inc.						First lien senior secured loan						13.63% PIK						SOFR (Q)						9.00%												10/2030												18,115.4						17,767.8						18,115.4			(2)(5)(7)(12)
BEP Intermediate Holdco, LLC						First lien senior secured loan						7.61%						SOFR (M)						3.25%												04/2031												19,259.4						19,287.9						19,367.9			(2)
Bizzdesign Holding BV						First lien senior secured loan						9.20%						Euribor (Q)						6.50%												10/2031												2,847.5						2,814.3						2,847.5			(2)(5)(7)(12)
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (10)						First lien senior secured loan						9.07%						SOFR (Q)						4.75%												06/2030												13,236.7						12,979.0						13,236.7			(2)(7)(12)
						Class A-1 units																								06/2023												113,541												113.5						115.2			(12)
																																																						13,092.5						13,351.9
Boost Newco Borrower, LLC						First lien senior secured loan						6.83%						SOFR (Q)						2.50%												01/2031												22,344.0						22,374.6						22,432.5			(2)
Cast & Crew LLC						First lien senior secured loan						8.11%						SOFR (M)						3.75%												12/2028												9,974.3						9,721.8						9,651.7			(2)(7)
CBTS Borrower, LLC and CBTS TopCo, L.P. (10)						First lien senior secured loan						12.50%						SOFR (Q)						8.00%												12/2030												7,700.0						7,320.3						7,315.0			(7)(12)
						Series A-2 preferred shares																								12/2024												1,200,000												1,200.0						1,200.0			(12)
																																																						8,520.3						8,515.0
CCC Intelligent Solutions Inc.						First lien senior secured loan						6.72%						SOFR (M)						2.25%												09/2028												10,929.3						10,940.0						10,960.6			(2)(5)(7)
Centralsquare Technologies, LLC and Supermoose Newco, Inc. (10)						First lien senior secured revolving loan																														04/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						10.63% (3.50% PIK)						SOFR (M)						6.25%												04/2030												38,765.9						37,933.8						38,765.9			(2)(7)(12)
						Series A preferred stock						15.00% PIK																		04/2024												22,759												24,610.9						25,293.7			(2)(12)
																																																						62,544.7						64,059.6
Cloud Software Group, Inc. and Picard Parent, Inc.						First lien senior secured loan						7.83%						SOFR (Q)						3.50%												03/2029												55,291.9						54,057.9						55,411.4			(2)(7)
						First lien senior secured loan						8.08%						SOFR (Q)						3.75%												03/2031												54,517.2						54,415.5						54,633.9			(2)(7)
						First lien senior secured notes						8.25%																								06/2032												100.0						100.0						103.1			(2)
						Second lien senior secured notes						9.00%																								09/2029												13,100.0						13,100.0						13,300.3			(2)

See accompanying notes to consolidated financial statements.

59

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ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						121,673.4						123,448.7
Conservice Midco, LLC						First lien senior secured loan						7.86%						SOFR (M)						3.50%												05/2027												36,118.3						36,128.4						36,344.0			(2)
						Second lien senior secured loan						9.61%						SOFR (M)						5.25%												05/2028												17,234.2						17,234.2						17,234.2			(2)(12)
																																																						53,362.6						53,578.2
Coupa Holdings, LLC and Coupa Software Incorporated (10)						First lien senior secured loan						10.09%						SOFR (Q)						5.50%												02/2030												4,567.2						4,483.0						4,567.2			(2)(7)(12)
Databricks, Inc. (10)						First lien senior secured loan						8.81%						SOFR (S)						4.50%												12/2030												3,278.7						3,262.3						3,262.3			(12)
Diligent Corporation (10)						First lien senior secured revolving loan																														08/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						10.09%						SOFR (S)						5.00%												08/2030												20,988.5						20,848.0						20,988.5			(2)(7)(12)
																																																						20,848.0						20,988.5
DriveCentric Holdings, LLC (10)						First lien senior secured loan						9.27%						SOFR (Q)						4.75%												08/2031												16,646.0						16,488.6						16,479.6			(2)(7)(12)
Echo Purchaser, Inc. (10)						First lien senior secured revolving loan						12.00%						Base Rate (Q)						4.50%												11/2029												2,704.5						2,639.9						2,704.5			(2)(7)(12)
						First lien senior secured loan						9.86%						SOFR (M)						5.50%												11/2029												25,987.5						25,563.5						25,987.5			(2)(7)(12)
																																																						28,203.4						28,692.0
ECi Macola/MAX Holding, LLC						First lien senior secured loan						7.58%						SOFR (Q)						3.25%												05/2030												13,310.6						13,357.9						13,424.3			(2)(7)
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (10)						First lien senior secured loan						9.26%						SOFR (M)						4.75%												09/2031												116,367.5						115,257.0						115,203.8			(2)(7)(12)
						Preferred units						12.50% PIK																		09/2024												304												3,098.9						3,096.5			(2)(12)
						Class A common units																								09/2024												261												261.0						261.0			(2)(12)
																																																						118,616.9						118,561.3
Edmunds Govtech, Inc. (10)						First lien senior secured revolving loan						8.33%						SOFR (Q)						4.00%												02/2030												301.4						296.3						301.4			(2)(7)(12)
						First lien senior secured loan						9.33%						SOFR (Q)						5.00%												02/2031												3,122.9						3,068.0						3,122.9			(2)(7)(12)
																																																						3,364.3						3,424.3
Ensono, Inc.						First lien senior secured loan						8.47%						SOFR (M)						4.00%												05/2028												33,339.6						33,093.1						33,291.9			(2)(7)
Epicor Software Corporation						First lien senior secured loan						7.11%						SOFR (M)						2.75%												05/2031												38,767.3						38,721.2						39,013.5			(2)(7)
eResearch Technology, Inc.						First lien senior secured loan						8.36%						SOFR (M)						4.00%												02/2027												73,056.4						72,289.6						73,444.3			(2)(7)
						Second lien senior secured loan						12.46%						SOFR (M)						8.00%												02/2028												8,904.5						8,506.1						8,904.5			(2)(12)
																																																						80,795.7						82,348.8
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (10)						First lien senior secured loan						11.65%						SOFR (Q)						7.25%												09/2029												22,480.5						22,127.0						22,480.5			(2)(5)(7)(12)
Genesys Cloud Services Holdings I, LLC						First lien senior secured loan						7.36%						SOFR (M)						3.00%												12/2027												31,815.5						31,846.4						32,054.1			(2)(7)
Guidepoint Security Holdings, LLC (10)						First lien senior secured loan						10.36%						SOFR (M)						6.00%												10/2029												6,070.2						5,973.6						6,070.2			(2)(7)(12)
						First lien senior secured loan						10.36%						SOFR (M)						6.00%												10/2029												2,164.2						2,131.8						2,164.2			(7)(12)
																																																						8,105.4						8,234.4
Hakken Midco B.V. (10)						First lien senior secured loan						10.80%						Euribor (S)						7.25%												07/2030												4,732.3						4,889.4						4,732.3			(2)(5)(7)(12)
Hyland Software, Inc. (10)						First lien senior secured revolving loan																														09/2029												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						10.36%						SOFR (M)						6.00%												09/2030												23,658.1						23,367.4						23,658.1			(2)(7)(12)

See accompanying notes to consolidated financial statements.

60

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						23,367.4						23,658.1
Icefall Parent, Inc. (10)						First lien senior secured loan						10.86%						SOFR (M)						6.50%												01/2030												11,140.8						10,951.6						11,140.8			(7)(12)
Idemia Group S.A.S.						First lien senior secured loan						8.58%						SOFR (Q)						4.25%												09/2028												3,950.2						3,921.5						3,989.7			(2)(5)(7)
Idera, Inc.						First lien senior secured loan						8.07%						SOFR (Q)						3.50%												03/2028												12,277.3						12,110.1						12,034.8			(2)(7)
Imprivata, Inc.						First lien senior secured loan						8.09%						SOFR (Q)						3.50%												12/2027												21,285.3						21,370.9						21,391.8			(2)(7)
Inmar, Inc.						First lien senior secured loan						9.36%						SOFR (M)						5.00%												10/2031												17,282.3						17,197.6						17,309.3			(2)(7)
Instructure Holdings, INC.						First lien senior secured loan						7.52%						SOFR (Q)						3.00%												11/2031												32,000.0						31,983.7						32,089.9			(2)(5)
						First lien senior secured loan						9.52%						SOFR (Q)						5.00%												11/2032												1,000.0						1,012.5						1,013.8			(5)
																																																						32,996.2						33,103.7
Internet Truckstop Group LLC (10)						First lien senior secured loan						10.48%						SOFR (Q)						6.00%												04/2027												33,285.0						33,014.6						32,952.1			(2)(7)(12)
Leia Finco US LLC						First lien senior secured loan						7.89%						SOFR (Q)						3.25%												10/2031												23,400.0						23,265.9						23,359.8			(2)(5)
						Second lien senior secured loan						9.89%						SOFR (Q)						5.25%												10/2032												12,962.0						12,753.8						12,810.7			(2)(5)
																																																						36,019.7						36,170.5
Magellan Topco (10)						First lien senior secured loan						9.14%						Euribor (Q)						6.25%												10/2031												862.9						879.2						862.9			(2)(5)(7)(12)
Marcel Bidco LLC						First lien senior secured loan						7.81%						SOFR (M)						3.50%												11/2030												11,541.4						11,494.5						11,685.6			(2)(5)(7)(12)
McAfee Corp.						First lien senior secured loan						7.37%						SOFR (S)						3.00%												03/2029												25,373.1						25,367.6						25,366.8			(2)(7)
Mermaid Bidco Inc.						First lien senior secured loan						7.80%						SOFR (Q)						3.25%												07/2031												18,795.5						18,811.7						18,877.9			(2)
Metatiedot Bidco OY and Metatiedot US, LLC (10)						First lien senior secured revolving loan						8.49%						Euribor (Q)						5.50%												11/2030												200.2						184.4						180.4			(2)(5)(7)(12)
						First lien senior secured loan						8.49%						Euribor (Q)						5.50%												11/2031												6,510.4						6,527.6						6,397.8			(2)(5)(7)(12)
						First lien senior secured loan						10.02%						SOFR (Q)						5.50%												11/2031												4,671.9						4,602.7						4,601.8			(2)(5)(7)(12)
																																																						11,314.7						11,180.0
MH Sub I, LLC (Micro Holding Corp.)						First lien senior secured loan						8.58%						SOFR (S)						4.25%												12/2031												22,876.3						22,418.8						22,654.6			(7)
						First lien senior secured loan						8.82%						SOFR (M)						4.25%												05/2028												24,683.0						24,676.9						24,678.5			(7)
																																																						47,095.7						47,333.1
Mitchell International, Inc.						First lien senior secured loan						7.61%						SOFR (M)						3.25%												06/2031												22,144.5						22,000.9						22,126.3			(2)(7)
						Second lien senior secured loan						9.61%						SOFR (M)						5.25%												06/2032												29,965.0						29,738.3						29,571.9			(2)(7)
																																																						51,739.2						51,698.2
Mosel Bidco SE						First lien senior secured loan						8.83%						SOFR (Q)						4.50%												09/2030												8,112.1						8,109.2						8,193.2			(2)(5)(7)(12)
Netsmart, Inc. and Netsmart Technologies, Inc. (10)						First lien senior secured loan						9.56% (2.70% PIK)						SOFR (M)						5.20%												08/2031												78,642.1						77,903.1						77,855.6			(2)(7)(12)
North Star Acquisitionco, LLC and Toucan Bidco Limited (10)						First lien senior secured loan						9.08%						SOFR (Q)						4.75%												05/2029												12,571.4						12,516.9						12,553.9			(2)(5)(7)(12)
						First lien senior secured loan						9.45%						NIBOR (Q)						4.75%												05/2029												2,360.4						2,436.2						2,360.4			(2)(5)(12)
						First lien senior secured loan						9.45%						SONIA (Q)						4.75%												05/2029												1,534.5						1,534.4						1,534.5			(2)(5)(7)(12)
						First lien senior secured loan						9.70%						SONIA (Q)						5.00%												05/2029												708.7						705.6						701.4			(2)(5)(7)(12)
																																																						17,193.1						17,150.2
Open Text Corporation						First lien senior secured loan						6.11%						SOFR (M)						1.75%												01/2030												8,008.1						8,008.1						8,004.1			(5)(7)
Particle Luxembourg S.a.r.l.						First lien senior secured loan						8.42%						SOFR (M)						4.00%												03/2031												9,528.0						9,551.3						9,593.6			(2)(5)

See accompanying notes to consolidated financial statements.

61

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Planview Parent, Inc.						First lien senior secured loan						7.83%						SOFR (Q)						3.50%												12/2027												31,057.2						31,059.2						31,243.8			(2)
Polaris Newco, LLC						First lien senior secured loan						8.85%						SOFR (Q)						4.00%												06/2028												32,946.5						32,826.1						32,980.1			(2)(7)
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc.						First lien senior secured loan						7.58%						SOFR (Q)						3.25%												10/2030												17,000.0						16,957.5						17,098.3			(7)
						First lien senior secured loan						7.58%						SOFR (Q)						3.25%												10/2030												8,973.3						9,007.0						9,025.2			(7)
																																																						25,964.5						26,123.5
Project Boost Purchaser, LLC						First lien senior secured loan						8.15%						SOFR (Q)						3.50%												07/2031												52,769.4						52,692.8						53,081.3			(2)
						Second lien senior secured loan						9.90%						SOFR (Q)						5.25%												07/2032												7,670.2						7,642.5						7,814.0			(2)
																																																						60,335.3						60,895.3
Proofpoint, Inc.						First lien senior secured loan						7.36%						SOFR (M)						3.00%												08/2028												60,072.8						60,099.9						60,320.9			(2)(7)
PushPay USA Inc.						First lien senior secured loan						8.83%						SOFR (Q)						4.50%												08/2031												31,846.0						31,814.2						32,005.2			(2)(12)
QBS Parent, Inc. (10)						First lien senior secured loan						9.27%						SOFR (Q)						4.75%												11/2031												13,431.2						13,365.5						13,364.0			(2)(7)(12)
Qualtrics Acquireco, LLC						First lien senior secured loan						7.08%						SOFR (Q)						2.75%												06/2030												19,343.3						19,331.7						19,464.2			(2)
RealPage, Inc.						First lien senior secured loan						8.08%						SOFR (Q)						3.75%												04/2028												33,000.0						32,835.0						33,082.5			(7)
						First lien senior secured loan						7.59%						SOFR (Q)						3.00%												04/2028												18,929.1						18,813.7						18,873.2			(2)(7)
																																																						51,648.7						51,955.7
Rocket Software, Inc.						First lien senior secured loan						8.61%						SOFR (M)						4.25%												11/2028												30,005.0						30,066.5						30,192.5			(2)(7)
Runway Bidco, LLC (10)						First lien senior secured loan						9.33%						SOFR (S)						5.00%												12/2031												1,946.5						1,927.1						1,927.0			(2)(7)(12)
Sapphire Software Buyer, Inc. (10)						First lien senior secured loan						9.75% (3.00% PIK)						SOFR (S)						5.50%												09/2031												47,334.5						46,881.8						46,861.1			(2)(7)(12)
Sedgwick Claims Management Services, Inc.						First lien senior secured loan						7.59%						SOFR (Q)						3.00%												07/2031												50,382.9						50,360.7						50,634.8			(2)
Severin Acquisition, LLC (10)						First lien senior secured loan						9.36% (2.25% PIK)						SOFR (M)						5.00%												10/2031												112,313.2						111,236.6						111,190.0			(2)(7)(12)
Sophia, L.P.						First lien senior secured loan						7.36%						SOFR (M)						3.00%												10/2029												15,202.5						15,139.2						15,289.9			(2)(7)
						Second lien senior secured loan						9.11%						SOFR (M)						4.75%												11/2032												12,000.0						11,970.3						12,200.0			(2)(7)
																																																						27,109.5						27,489.9
Spaceship Purchaser, Inc. (10)						First lien senior secured loan						9.33%						SOFR (Q)						5.00%												10/2031												104,275.0						103,263.6						103,232.2			(2)(7)(12)
Spark Purchaser, Inc. (10)						First lien senior secured loan						9.83%						SOFR (Q)						5.50%												04/2031												17,254.1						16,946.0						17,254.1			(2)(7)(12)
Superman Holdings, LLC (10)						First lien senior secured loan						8.86%						SOFR (M)						4.50%												08/2031												39,579.9						39,391.7						39,382.0			(2)(7)(12)
Tenable Holdings, Inc.						First lien senior secured loan						7.22%						SOFR (M)						2.75%												07/2028												5,374.7						5,376.8						5,390.4			(2)(5)(7)
Transit Technologies LLC (10)						First lien senior secured loan						9.17%						SOFR (S)						4.75%												08/2031												10,947.7						10,843.9						10,838.2			(2)(7)(12)
UserZoom Technologies, Inc.						First lien senior secured loan						12.75%						SOFR (S)						7.50%												04/2029												634.4						621.4						628.1			(2)(7)(12)
Vantage Data Centers Europe S.a r.l. (10)						Private asset-backed investment						9.61%						Euribor (M)						6.75%												05/2029												1,995.6						2,029.4						1,995.6			(5)(12)
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (10)						First lien senior secured revolving loan						8.26%						CORRA (Q)						4.75%												08/2031												1,012.6						948.5						922.4			(2)(7)(12)
						First lien senior secured loan						9.08%						SOFR (Q)						4.75%												08/2031												49,849.0						49,377.6						49,350.6			(2)(7)(12)
						Partnership units																								08/2024												1,807,000												1,809.9						1,913.6			(2)(12)
																																																						52,136.0						52,186.6

See accompanying notes to consolidated financial statements.

62

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ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Viper Bidco, Inc. (10)						First lien senior secured loan						9.52%						SOFR (S)						5.00%												11/2031												14,928.7						14,781.8						14,779.4			(2)(7)(12)
						First lien senior secured loan						9.70%						SONIA (M)						5.00%												11/2031												8,634.1						8,613.0						8,547.7			(2)(7)(12)
																																																						23,394.8						23,327.1
VS Buyer, LLC						First lien senior secured loan						7.12%						SOFR (M)						2.75%												04/2031												7,561.5						7,544.4						7,608.7			(2)
Wellington Bidco Inc. and Wellington TopCo LP (10)						First lien senior secured revolving loan						9.33%						SOFR (Q)						5.00%												06/2030												1,189.7						1,111.2						1,189.7			(2)(7)(12)
						First lien senior secured loan						9.33%						SOFR (Q)						5.00%												06/2030												51,464.7						50,999.3						51,464.7			(2)(7)(12)
						Class A-2 preferred units						8.00% PIK																		06/2024												2,106,000												2,203.3						2,188.1			(2)(12)
																																																						54,313.8						54,842.5
ZocDoc, Inc.						First lien senior secured loan						11.02%						SOFR (Q)						6.50%												05/2029												32,500.0						31,146.5						32,500.0			(7)(12)
Zuora, Inc.						First lien senior secured loan						7.83%						SOFR (S)						3.50%												12/2031												20,000.0						19,900.0						19,900.0			(12)
																																																						2,502,169.8						2,518,098.1						42.67		%
Health Care Equipment and Services
Aerin Medical Inc. (10)						First lien senior secured loan						11.06%						SOFR (S)						6.75%												12/2030												14,044.1						13,674.7						13,903.7			(7)(12)
						Series G preferred shares																								12/2024												943,034												1,106.0						1,106.2			(2)(12)
																																																						14,780.7						15,009.9
Agiliti Health, Inc.						First lien senior secured loan						7.38%						SOFR (Q)						3.00%												05/2030												17,758.3						17,636.5						17,403.1			(2)(5)
Amerivet Partners Management, Inc. and AVE Holdings LP (10)						Subordinated loan						16.50% PIK																								12/2030												35,663.0						34,167.3						34,100.7			(2)(12)
						Class A units																								03/2024												1,575												1,575.0						195.4			(2)(12)
						Class C units																								11/2023												3,849												768.4						9.9			(2)(12)
																																																						36,510.7						34,306.0
Amethyst Radiotherapy Group B.V. (10)						First lien senior secured loan						8.31%						Euribor (Q)						5.25%												04/2031												2,070.9						2,077.4						2,070.9			(2)(5)(7)(12)
Artivion, Inc. (10)						First lien senior secured revolving loan						8.59%						SOFR (Q)						4.00%												01/2030												1,983.0						1,899.6						1,983.0			(2)(5)(7)(12)
						First lien senior secured loan						11.09%						SOFR (Q)						6.50%												01/2030												26,884.3						26,317.8						26,884.3			(2)(5)(7)(12)
																																																						28,217.4						28,867.3
athenahealth Group Inc.						First lien senior secured loan						7.61%						SOFR (M)						3.25%												02/2029												54,425.7						53,703.9						54,483.9			(7)
Avalign Holdings, Inc. and Avalign Technologies, Inc. (10)						First lien senior secured revolving loan						10.85%						SOFR (M)						6.50%												12/2028												1,032.1						975.3						791.3			(2)(7)(12)
						First lien senior secured loan						11.76% (3.63% PIK)						SOFR (Q)						7.25%												12/2028												26,848.0						26,403.5						24,968.6			(2)(7)(12)
																																																						27,378.8						25,759.9
Bracket Intermediate Holding Corp.						First lien senior secured loan						8.58%						SOFR (Q)						4.25%												05/2028												33,483.7						33,419.1						33,734.8			(2)(7)
Charlotte Buyer, Inc.						First lien senior secured loan						9.14%						SOFR (M)						4.75%												02/2028												17,456.2						17,467.7						17,547.9			(2)(7)
CNT Holdings I Corp						First lien senior secured loan						8.09%						SOFR (Q)						3.50%												11/2027												49,463.4						49,486.7						49,727.5			(2)(7)
Confluent Medical Technologies, Inc.						First lien senior secured loan						7.85%						SOFR (Q)						3.25%												02/2029												30,478.6						30,517.4						30,592.9			(2)(7)
Cradle Lux Bidco S.A.R.L. (10)						First lien senior secured loan						10.09%						SOFR (S)						5.50%												11/2031												3,267.1						3,202.7						3,201.7			(2)(5)(7)(12)
						First lien senior secured loan						8.28%						Euribor (S)						5.50%												11/2031												9,190.1						9,189.4						9,006.3			(2)(5)(7)(12)
																																																						12,392.1						12,208.0
Electron Bidco Inc.						First lien senior secured loan						7.11%						SOFR (M)						2.75%												11/2028												41,900.7						41,878.6						42,021.3			(2)(7)

See accompanying notes to consolidated financial statements.

63

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ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Empower Payments Investor, LLC (10)						First lien senior secured loan						8.86%						SOFR (M)						4.50%												03/2031												12,233.1						12,016.7						12,233.1			(2)(7)(12)
Ensemble RCM, LLC						First lien senior secured loan						7.59%						SOFR (Q)						3.00%												08/2029												35,127.8						35,100.2						35,351.9			(2)
Envisage Management Ltd (10)						First lien senior secured loan						9.74% (2.00% PIK)						SONIA (Q)						5.00%												04/2031												3,146.9						3,092.7						3,146.9			(2)(5)(7)(12)
						First lien senior secured loan						12.22% (2.00% PIK)						SONIA (Q)						7.50%												04/2031												2,258.6						2,262.8						2,258.6			(2)(5)(7)(12)
																																																						5,355.5						5,405.5
Financiere Mendel						First lien senior secured loan						7.77%						SOFR (Q)						3.25%												11/2030												7,940.0						7,877.1						7,979.7			(5)
Gainwell Acquisition Corp.						First lien senior secured loan						8.43%						SOFR (Q)						4.00%												10/2027												25,453.7						24,640.6						24,598.2			(2)(7)
Hanger, Inc. (10)						First lien senior secured loan						7.86%						SOFR (M)						3.50%												10/2031												58,747.1						58,604.7						59,261.2			(2)
HuFriedy Group Acquisition LLC (10)						First lien senior secured revolving loan																														05/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.99%						SOFR (Q)						5.50%												05/2031												56,763.1						55,772.1						56,763.1			(2)(7)(12)
																																																						55,772.1						56,763.1
Lifepoint Health Inc						First lien senior secured loan						8.41%						SOFR (S)						3.75%												05/2031												14,465.0						14,417.0						14,505.2			(2)
LivTech Purchaser, Inc. (10)						First lien senior secured loan						9.01%						SOFR (S)						4.50%												11/2031												3,844.4						3,806.5						3,805.9			(7)(12)
Mamba Purchaser, Inc.						First lien senior secured loan						7.36%						SOFR (M)						3.00%												10/2028												31,370.8						31,301.6						31,488.4			(2)(7)
Medline Borrower, LP						First lien senior secured loan						6.61%						SOFR (M)						2.25%												10/2028												59,881.7						59,874.6						60,042.8			(2)(7)
Next Holdco, LLC (10)						First lien senior secured loan						10.27%						SOFR (Q)						5.75%												11/2030												5,742.8						5,670.5						5,742.8			(2)(7)(12)
Nomi Health, Inc.						First lien senior secured loan						12.84%						SOFR (Q)						8.25%												07/2028												18,611.2						18,181.0						18,425.1			(2)(7)(12)
						Warrant to purchase Series B preferred stock																								07/2023						07/2033						10,142												—						0.1			(2)(12)
						Warrant to purchase Class A common stock																								06/2024						06/2034						22,661												—						74.8			(2)(12)
																																																						18,181.0						18,500.0
Option Care Health Inc						First lien senior secured loan						6.61%						SOFR (M)						2.25%												10/2028												4,792.6						4,792.0						4,815.4			(5)(7)
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (10)						First lien senior secured revolving loan						8.59%						SOFR (Q)						4.00%												11/2028												0.5						0.5						0.5			(2)(5)(7)(12)
						First lien senior secured loan						11.34%						SOFR (Q)						6.75%												11/2028												21,214.9						20,806.4						21,214.9			(2)(5)(7)(12)
																																																						20,806.9						21,215.4
PointClickCare Technologies Inc.						First lien senior secured loan						7.58%						SOFR (Q)						3.25%												11/2031												30,223.8						30,284.3						30,374.9			(2)(5)
Project Ruby Ultimate Parent Corp.						First lien senior secured loan						7.47%						SOFR (M)						3.00%												03/2028												36,000.0						36,105.6						36,127.4			(2)
Radnet Management, Inc.						First lien senior secured loan						6.77%						SOFR (Q)						2.25%												04/2031												23,212.8						23,155.2						23,308.2			(2)(5)
Raven Acquisition Holdings, LLC (10)						First lien senior secured loan						7.61%						SOFR (M)						3.25%												11/2031												48,121.6						47,962.4						48,200.0			(2)
RegionalCare Hospital Partners Holdings, Inc.						First lien senior secured loan						7.96%						SOFR (S)						3.50%												05/2031												10,877.7						10,891.0						10,891.3			(2)
Resonetics, LLC						First lien senior secured loan						7.60%						SOFR (S)						3.25%												06/2031												29,652.7						29,661.4						29,808.7			(2)(7)
Select Medical Corporation						First lien senior secured loan						6.53%						SOFR (S)						2.00%												11/2031												5,500.0						5,493.2						5,511.4			(2)(5)
Sharp Midco LLC						First lien senior secured loan						7.58%						SOFR (Q)						3.25%												12/2028												30,233.2						30,207.0						30,479.0			(2)
Sotera Health Holdings, LLC						First lien senior secured loan						7.84%						SOFR (Q)						3.25%												05/2031												5,796.9						5,770.3						5,800.6			(2)(5)
Surgery Center Holdings, Inc.						First lien senior secured loan						7.09%						SOFR (M)						2.75%												12/2030												34,538.1						34,605.7						34,774.0			(2)(5)

See accompanying notes to consolidated financial statements.

64

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (10)						First lien senior secured revolving loan						10.14%						SOFR (Q)						5.75%												03/2029												228.9						194.9						228.9			(2)(7)(12)
						First lien senior secured loan						10.08%						SOFR (Q)						5.75%												03/2029												10,566.5						10,342.4						10,566.5			(2)(7)(12)
						Class A interests																								03/2023												100												100.0						127.3			(12)
																																																						10,637.3						10,922.7
Viant Medical Holdings, Inc.						First lien senior secured loan						8.60%						SOFR (Q)						4.00%												10/2031												26,361.4						26,229.8						26,616.9			(2)
Waystar Technologies, Inc.						First lien senior secured loan						6.59%						SOFR (S)						2.25%												10/2029												13,263.0						13,261.2						13,301.7			(2)(12)
Zelis Cost Management Buyer, Inc.						First lien senior secured loan						7.11%						SOFR (M)						2.75%												09/2029												5,962.4						5,948.9						5,965.8
																																																						1,033,897.3						1,037,524.6						17.58		%
Capital Goods
AI Aqua Merger Sub, Inc.						First lien senior secured loan						7.55%						SOFR (M)						3.00%												07/2028												70,901.2						70,812.5						70,901.2			(7)
						First lien senior secured loan						8.05%						SOFR (M)						3.50%												07/2028												52,501.7						52,554.9						52,501.7			(2)(7)
																																																						123,367.4						123,402.9
AIP RD Buyer Corp.						First lien senior secured loan						8.36%						SOFR (M)						4.00%												12/2028												17,955.0						17,947.5						17,932.6			(2)(7)
Airx Climate Solutions, Inc. (10)						First lien senior secured loan						10.18%						SOFR (Q)						5.75%												11/2029												23,329.1						22,856.1						23,329.1			(2)(7)(12)
						First lien senior secured loan						9.47%						SOFR (Q)						5.00%												11/2029												13,244.3						13,079.4						13,244.3			(2)(7)(12)
																																																						35,935.5						36,573.4
Alliance Laundry Systems LLC						First lien senior secured loan						7.84%						SOFR (M)						3.50%												08/2031												26,308.6						26,230.6						26,452.0			(2)
ArchKey Holdings Inc. (10)						First lien senior secured loan						9.30%						SOFR (M)						4.75%												10/2031												18,040.9						17,963.1						18,136.7			(2)
Artera Services, LLC						First lien senior secured loan						8.83%						SOFR (Q)						4.50%												02/2031												24,923.4						24,800.2						24,667.2			(2)
BCPE Empire Holdings, Inc.						First lien senior secured loan						7.86%						SOFR (M)						3.50%												12/2028												17,208.7						17,238.8						17,280.5			(2)(7)
BGIF IV Fearless Utility Services, Inc. (10)						First lien senior secured revolving loan																														06/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.45%						SOFR (M)						5.00%												06/2031												42,205.5						41,817.8						42,205.5			(2)(7)(12)
																																																						41,817.8						42,205.5
Bleriot US Bidco Inc.						First lien senior secured loan						7.08%						SOFR (Q)						2.75%												10/2030												4,531.9						4,539.8						4,552.5			(2)
Brown Group Holding, LLC						First lien senior secured loan						6.90%						SOFR (M)						2.50%												07/2031												31,415.9						31,413.5						31,502.2			(2)(7)
Burgess Point Purchaser Corporation						First lien senior secured loan						9.68%						SOFR (Q)						5.25%												07/2029												69,797.6						66,868.4						61,814.9			(2)(7)
Chart Industries, Inc.						First lien senior secured loan						7.09%						SOFR (Q)						2.50%												03/2030												6,416.1						6,397.2						6,434.9			(2)(5)(7)
Chillaton Bidco Limited (10)						First lien senior secured loan						11.22%						SONIA (S)						6.50%												05/2031												5,089.1						4,930.6						5,089.1			(2)(5)(7)(12)
CP Atlas Buyer Inc						First lien senior secured loan						8.21%						SOFR (M)						3.75%												11/2027												6,085.1						5,961.6						5,918.4			(7)
CPIG Holdco Inc. (10)						First lien senior secured revolving loan						9.44%						SOFR (Q)						4.75%												04/2028												0.5						0.5						0.5			(2)(7)(9)(12)
						First lien senior secured loan						11.69%						SOFR (Q)						7.00%												04/2028												14,812.5						14,517.4						14,812.5			(2)(7)(12)
																																																						14,517.9						14,813.0
Crown Equipment Corporation						First lien senior secured loan						6.94%						SOFR (M)						2.50%												10/2031												7,125.0						7,090.3						7,160.6			(2)
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc.						First lien senior secured loan						8.13%						SOFR (Q)						3.50%												10/2031												19,425.0						19,395.7						19,522.1			(2)
Dynasty Acquisition Co., Inc.						First lien senior secured loan						6.61%						SOFR (M)						2.25%												10/2031												20,185.0						20,160.0						20,260.7			(2)

See accompanying notes to consolidated financial statements.

65

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
FCG Acquisitions, Inc.						First lien senior secured loan						8.22%						SOFR (M)						3.75%												03/2028												20,305.8						20,342.2						20,417.5			(2)(7)
Gates Global LLC						First lien senior secured loan						6.11%						SOFR (M)						1.75%												11/2029												852.8						852.8						853.8			(5)(7)
Generator US Buyer, Inc. (10)						First lien senior secured loan						8.42%						CORRA (Q)						5.25%												07/2030												6,414.3						6,600.6						6,414.3			(5)(7)(12)
						First lien senior secured loan						9.58%						SOFR (S)						5.25%												07/2030												1,857.3						1,826.2						1,857.3			(2)(5)(7)(12)
						First lien senior secured loan						8.70%						CORRA (Q)						5.25%												07/2030												218.2						215.5						218.2			(2)(5)(7)(12)
																																																						8,642.3						8,489.8
GSV Purchaser, Inc. (10)						First lien senior secured loan						9.30%						SOFR (M)						4.75%												08/2031												35,855.8						35,518.6						35,855.8			(2)(7)(12)
Helix Acquisition Holdings, Inc.						First lien senior secured loan						11.46%						SOFR (M)						7.00%												03/2030												14,188.7						13,869.8						14,188.7			(2)(7)(12)
HPCC Parent, Inc. and Patriot Container Corp. (10)						First lien senior secured loan						13.00% (7.00% PIK)																								09/2030												69,423.2						67,652.4						67,514.0			(2)(12)
						Common stock																								09/2024												406,680												3,855.3						3,855.3			(2)(12)
																																																						71,507.7						71,369.3
Husky Injection Molding Systems Ltd.						First lien senior secured loan						8.78%						SOFR (Q)						4.50%												02/2029												4,784.3						4,721.5						4,820.2			(5)
John Bean Technologies Corporation						First lien senior secured loan						6.58%						SOFR (Q)						2.25%												10/2031												13,000.0						12,978.8						13,065.0			(5)
Johnstone Supply, LLC						First lien senior secured loan						6.88%						SOFR (S)						2.50%												06/2031												9,185.9						9,203.4						9,206.6
Kaman Corporation						First lien senior secured loan						7.83%						SOFR (Q)						3.50%												04/2031												18,873.5						18,901.7						18,979.7			(2)(7)
Kodiak BP, LLC						First lien senior secured loan						8.27%						SOFR (S)						3.75%												12/2031												15,000.0						14,925.1						14,994.6			(2)
LBM Acquisition LLC						First lien senior secured loan						8.21%						SOFR (M)						3.75%												12/2027												12,458.5						12,470.4						12,478.4			(2)(7)
						First lien senior secured loan						8.30%						SOFR (M)						3.75%												06/2031												8,911.1						8,724.8						8,823.0			(7)
																																																						21,195.2						21,301.4
OPH NEP Investment, LLC (4)						Senior subordinated loan						10.00% (7.00% PIK)																								05/2032												33,075.1						30,821.1						32,744.5			(2)(12)
						Class B common units																								05/2024												7												1,669.5						2,274.9			(12)
																																																						32,490.6						35,019.4
Paris US Holdco, Inc. & 1001028292 Ontario Inc. (10)						First lien senior secured loan						9.55%						SOFR (S)						5.00%												12/2031												52,904.5						52,381.6						52,375.4			(5)(7)(12)
Pike Corporation						First lien senior secured loan						7.47%						SOFR (M)						3.00%												01/2028												1,035.6						1,036.1						1,042.6
Propulsion (BC) Newco LLC						First lien senior secured loan						7.58%						SOFR (Q)						3.25%												09/2029												21,733.8						21,781.9						21,920.1			(2)(5)(7)
Signia Aerospace, LLC (10)						First lien senior secured loan						7.40%						SOFR (S)						3.00%												12/2031												25,846.2						25,781.9						25,797.8			(2)(7)
Specialty Building Products Holdings, LLC						First lien senior secured loan						8.21%						SOFR (M)						3.75%												10/2028												6,985.0						6,952.4						6,942.8			(7)
SPX Flow, Inc.						First lien senior secured loan						7.36%						SOFR (M)						3.00%												04/2029												13,886.9						13,931.7						13,989.7			(2)(7)
Star US Bidco LLC						First lien senior secured loan						8.11%						SOFR (M)						3.75%												03/2027												14,894.1						14,909.9						14,950.0			(2)(7)
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (10)						First lien senior secured loan						9.74%						SOFR (Q)						5.00%												05/2031												32,285.8						31,842.5						32,285.8			(2)(7)(12)
						Series A common units																								05/2024												996												996.0						1,376.6			(2)(12)
																																																						32,838.5						33,662.4
TransDigm Inc.						First lien senior secured loan						6.83%						SOFR (Q)						2.50%												02/2031												21,753.4						21,746.5						21,782.8			(2)(5)(7)
						First lien senior secured loan						7.08%						SOFR (Q)						2.75%												03/2030												16,514.9						16,558.4						16,560.0			(2)(5)
						First lien senior secured loan						6.83%						SOFR (Q)						2.50%												01/2032												2,493.8						2,488.9						2,497.6			(5)
																																																						40,793.8						40,840.4

See accompanying notes to consolidated financial statements.

66

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ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Verde Purchaser LLC						First lien senior secured loan						8.83%						SOFR (Q)						4.50%												11/2030												6,982.5						6,947.5						6,998.4			(5)
Victory Buyer LLC						First lien senior secured loan						8.22%						SOFR (M)						3.75%												11/2028												14,277.8						13,947.2						13,989.6			(2)(7)
WEC US Holdings Ltd.						First lien senior secured loan						6.80%						SOFR (M)						2.25%												01/2031												34,770.4						34,748.2						34,763.1			(2)
White Cap Supply Holdings, LLC						First lien senior secured loan						7.61%						SOFR (M)						3.25%												10/2029												1,300.0						1,300.0						1,301.1
																																																						1,019,076.3						1,020,854.4						17.30		%
Consumer Services
Alterra Mountain Company						First lien senior secured loan						7.11%						SOFR (M)						2.75%												08/2028												21,652.7						21,742.2						21,774.6			(2)
						First lien senior secured loan						7.36%						SOFR (M)						3.00%												05/2030												11,781.4						11,779.1						11,862.5			(2)
																																																						33,521.3						33,637.1
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (10)						First lien senior secured revolving loan						9.51%						SOFR (Q)						5.00%												10/2029												1,386.9						1,346.0						1,386.9			(2)(7)(9)(12)
						First lien senior secured loan						9.52%						SOFR (Q)						5.00%												10/2030												46,831.7						45,687.0						46,831.7			(2)(7)(12)
						Series B common units																								10/2023												45,351												1,250.0						1,620.9			(12)
																																																						48,283.0						49,839.5
Belfor Holdings, Inc.						First lien senior secured loan						8.11%						SOFR (M)						3.75%												11/2030												11,936.0						11,855.9						12,055.3			(2)(7)(12)
Belron Finance US LLC						First lien senior secured loan						7.27%						SOFR (Q)						2.75%												10/2031												22,252.6						22,244.5						22,433.5			(2)(5)(7)
Bulldog Purchaser Inc.						First lien senior secured loan						8.58%						SOFR (Q)						4.25%												06/2031												6,583.5						6,552.4						6,621.9			(7)
						First lien senior secured loan						8.34%						SOFR (S)						3.75%												06/2031												1,025.0						1,025.0						1,031.0			(7)
																																																						7,577.4						7,652.9
Bumble Bidco Limited (10)						First lien senior secured loan						11.49%						SONIA (Q)						6.75%												10/2030												6,645.7						6,669.1						6,645.7			(2)(5)(7)(12)
Caesars Entertainment Inc						First lien senior secured loan						6.61%						SOFR (M)						2.25%												02/2030												8,102.5						8,094.2						8,099.1			(5)(7)
						First lien senior secured loan						6.61%						SOFR (M)						2.25%												02/2031												7,700.3						7,685.0						7,702.7			(5)(7)
																																																						15,779.2						15,801.8
Century De Buyer LLC						First lien senior secured loan						7.90%						SOFR (S)						3.50%												10/2030												23,635.7						23,652.8						23,813.0			(2)
ClubCorp Holdings, Inc.						First lien senior secured loan						9.59%						SOFR (Q)						5.00%												09/2026												42,975.2						43,130.4						43,047.0			(2)
Davidson Hotel Company LLC (10)						First lien senior secured revolving loan						9.36%						SOFR (M)						5.00%												10/2031												593.2						575.9						575.4			(2)(7)(12)
						First lien senior secured loan						9.36%						SOFR (M)						5.00%												10/2031												6,922.4						6,821.0						6,818.6			(2)(7)(12)
																																																						7,396.9						7,394.0
Equinox Holdings, Inc.						First lien senior secured loan						12.58% (4.13% PIK)						SOFR (Q)						8.25%												03/2029												43,091.2						41,828.3						43,091.2			(2)(7)(12)
						Second lien senior secured loan						16.00% PIK																								06/2027												3,803.5						3,727.6						3,803.5			(2)(12)
																																																						45,555.9						46,894.7
Eternal Aus Bidco Pty Ltd (10)						First lien senior secured loan						10.72%						BBSY (Q)						6.25%												11/2029												6,346.1						6,623.8						6,346.1			(2)(5)(7)(12)
Excel Fitness Consolidator LLC (10)						First lien senior secured loan						9.83%						SOFR (Q)						5.50%												04/2029												10,233.8						10,067.5						10,233.8			(2)(7)(12)
Fertitta Entertainment, LLC						First lien senior secured loan						7.86%						SOFR (M)						3.50%												01/2029												31,749.4						31,811.8						31,840.8			(2)(7)
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)(10)						First lien senior secured revolving loan						8.36%						SOFR (M)						4.00%												08/2030												2,404.9						2,371.4						2,368.9			(2)(7)(12)

See accompanying notes to consolidated financial statements.

67

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						9.86%						SOFR (M)						5.50%												08/2031												36,413.2						35,774.5						35,733.8			(2)(7)(12)
						Common units																								07/2024												11,704,000												11,736.8						13,471.3			(2)(12)
																																																						49,882.7						51,574.0
Flint OpCo, LLC (10)						First lien senior secured loan						9.11%						SOFR (Q)						4.75%												08/2030												11,715.9						11,517.7						11,715.9			(2)(7)(12)
Golden State Foods LLC						First lien senior secured loan						8.77%						SOFR (M)						4.25%												10/2031												19,629.7						19,570.8						19,783.0			(2)
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (10)						First lien senior secured loan						11.08%						SOFR (Q)						6.75%												04/2030												11,750.0						11,436.8						11,750.0			(2)(7)(12)
						Class A common units																								04/2023												100												100.0						75.3			(2)(12)
																																																						11,536.8						11,825.3
Helios Service Partners, LLC and Astra Service Partners, LLC (10)						First lien senior secured revolving loan																														03/2027												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.60%						SOFR (Q)						5.00%												03/2027												5,611.2						5,561.6						5,611.2			(2)(7)(12)
						First lien senior secured loan						10.87%						SOFR (Q)						6.00%												03/2027												3,433.1						3,379.9						3,433.1			(2)(7)(12)
																																																						8,941.5						9,044.3
Horizon US Finco, L.P.						First lien senior secured loan						9.08%						SOFR (S)						4.75%												12/2031												13,000.0						12,870.0						12,918.8
IFH Franchisee Holdings, LLC (10)						First lien senior secured revolving loan						8.37%						SOFR (M)						4.00%												12/2029												11,194.0						10,943.8						10,942.2			(2)(7)(12)
						First lien senior secured loan						10.12%						SOFR (M)						5.75%												12/2029												47,486.3						46,778.6						46,774.0			(2)(7)(12)
																																																						57,722.4						57,716.2
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. (10)						First lien senior secured revolving loan						12.00%						Base Rate (Q)						4.50%												12/2028												56.8						47.8						56.8			(2)(5)(7)(12)
						First lien senior secured loan						9.83%						SOFR (Q)						5.50%												12/2028												10,035.0						9,834.9						10,037.5			(2)(5)(7)(12)
						First lien senior secured loan						8.83%						CORRA (M)						5.50%												12/2028												1,142.3						1,119.5						1,142.8			(2)(5)(7)(12)
						First lien senior secured loan						9.58%						SOFR (Q)						5.25%												12/2028												487.9						378.5						487.9			(2)(5)(7)(12)
						Class A units																								12/2022												50,000												50.0						73.8			(2)(5)(12)
																																																						11,430.7						11,798.8
IRB Holding Corp.						First lien senior secured loan						6.98%						SOFR (M)						2.50%												12/2027												65,140.2						65,233.7						65,154.5			(2)(7)
KUEHG Corp						First lien senior secured loan						7.84%						SOFR (Q)						3.25%												06/2030												11,256.0						11,275.9						11,358.5			(2)(7)
Learning Care Group (US) No. 2 Inc.						First lien senior secured loan						8.59%						SOFR (Q)						4.00%												08/2028												5,913.2						5,888.9						5,963.1			(7)
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (10)						First lien senior secured loan						11.98%						SOFR (Q)						7.50%												12/2027												16,403.2						16,130.3						16,403.2			(2)(7)(12)
						Limited partnership interests																								12/2022												133,000												133.0						165.1			(12)
																																																						16,263.3						16,568.3
Life Time Fitness Inc						First lien senior secured loan						7.03%						SOFR (M)						2.50%												11/2031												14,352.2						14,347.6						14,391.7			(2)(5)
Mister Car Wash Holdings, Inc.						First lien senior secured loan						7.09%						SOFR (M)						2.75%												03/2031												18,279.3						18,327.0						18,347.8			(2)(5)
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. (10)						First lien senior secured loan						9.33%						SOFR (Q)						5.00%												06/2031												21,867.5						21,666.1						21,867.5			(7)(12)
						First lien senior secured loan						9.34%						SOFR (Q)						5.00%												06/2031												5,546.0						5,499.0						5,546.0			(2)(7)(12)
						Class A preferred units																								09/2024												770												770.4						870.2			(12)

See accompanying notes to consolidated financial statements.

68

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						Class B common units																								09/2024												770,423												323.6						365.2			(12)
																																																						28,259.1						28,648.9
Nord Anglia						First lien senior secured loan						7.58%						SOFR (S)						3.25%												01/2032												7,000.0						7,000.0						7,055.4			(5)(7)
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (10)						First lien senior secured revolving loan						10.86%						SOFR (Q)						6.50%												05/2028												234.5						225.9						234.5			(2)(7)(12)
						First lien senior secured loan						9.66%						SOFR (Q)						5.25%												05/2028												3,280.7						3,202.8						3,280.7			(2)(7)(12)
						First lien senior secured loan						10.94%						SOFR (Q)						6.50%												05/2028												4,120.7						4,043.3						4,120.7			(2)(7)(12)
																																																						7,472.0						7,635.9
Northwinds Holding, Inc. and Northwinds Services Group LLC (10)						First lien senior secured revolving loan						9.80%						SOFR (Q)						5.25%												05/2029												250.0						213.9						250.0			(2)(7)(12)
						First lien senior secured loan						9.96%						SOFR (Q)						5.25%												05/2029												12,410.9						12,125.3						12,410.9			(2)(7)(12)
						Common units																								05/2023												121,368												166.7						201.2			(2)(12)
																																																						12,505.9						12,862.1
PCI Gaming Authority						First lien senior secured loan						6.36%						SOFR (M)						2.00%												07/2031												4,274.3						4,273.1						4,261.8			(2)
PestCo Holdings, LLC and PestCo, LLC (10)						First lien senior secured loan						10.97%						SOFR (Q)						6.25%												02/2028												12,219.5						11,991.5						12,219.5			(2)(7)(12)
						First lien senior secured loan						9.50%						SOFR (Q)						5.25%												02/2028												3,856.8						3,803.2						3,799.0			(2)(7)(12)
						Class A units																								01/2023												8												106.0						141.6			(12)
																																																						15,900.7						16,160.1
PG Investment Company 59 S.a r.l.						First lien senior secured loan						7.33%						SOFR (Q)						3.00%												03/2031												14,671.6						14,703.2						14,778.5			(2)(5)
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (10)						First lien senior secured revolving loan						9.13%						SOFR (M)						4.75%												10/2030												475.5						441.3						439.9			(2)(7)(12)
						First lien senior secured loan						9.32%						SOFR (Q)						4.75%												10/2030												7,308.2						7,188.7						7,173.4			(2)(7)(12)
						Common stock																								10/2024												866												866.0						866.0			(2)(12)
																																																						8,496.0						8,479.3
Premiere Buyer, LLC (10)						First lien senior secured loan						9.32%						SOFR (Q)						4.75%												05/2031												24,471.6						24,139.7						24,471.6			(2)(7)(12)
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (10)						First lien senior secured loan						9.11%						SOFR (M)						4.75%												06/2031												53,955.3						53,233.7						53,955.3			(2)(7)(12)
						Limited partnership interests																								06/2024												12,049,000												12,049.0						12,506.9			(2)(12)
																																																						65,282.7						66,462.2
Radiant Intermediate Holding, LLC						First lien senior secured loan						10.61% (3.00% PIK)						SOFR (Q)						6.00%												11/2026												907.7						894.8						789.7			(2)(7)(12)
Service Logic Acquisition, Inc. and MSHC, Inc.						First lien senior secured loan						8.09%						SOFR (Q)						3.50%												10/2027												36,409.4						36,450.8						36,614.4			(2)(7)
Station Casinos LLC						First lien senior secured loan						6.38%						SOFR (M)						2.00%												03/2031												5,266.5						5,254.2						5,269.0			(5)
University Support Services LLC						First lien senior secured loan						7.11%						SOFR (M)						2.75%												02/2029												33,905.6						33,887.3						34,032.8			(2)(5)(7)
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (10)						First lien senior secured revolving loan						10.12%						SOFR (M)						5.75%												11/2030												2,616.1						2,554.4						2,616.1			(2)(7)(12)
						First lien senior secured loan						10.13%						SOFR (M)						5.75%												11/2030												31,424.2						31,048.5						31,424.2			(2)(7)(12)
						First lien senior secured loan						9.50%						SOFR (Q)						5.00%												11/2030												266.1						204.4						266.1			(2)(7)(12)
						Class B common units																								11/2023												351												351.0						661.6			(12)
																																																						34,158.3						34,968.0

See accompanying notes to consolidated financial statements.

69

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Whatabrands LLC						First lien senior secured loan						6.86%						SOFR (M)						2.50%												08/2028												13,403.6						13,402.5						13,416.5			(2)(7)
Wrench Group LLC						First lien senior secured loan						8.59%						SOFR (Q)						4.00%												10/2028												54,751.8						53,586.9						52,424.9			(2)
																																																						994,645.7						1,004,126.5						17.02		%
Commercial and Professional Services
Aldinger Company Inc (10)						First lien senior secured loan						9.61%						SOFR (M)						5.25%												07/2027												29,315.8						29,091.8						29,004.6			(2)(7)(12)
AlixPartners, LLP						First lien senior secured loan						6.97%						SOFR (M)						2.50%												02/2028												35,677.3						35,695.0						35,781.5			(2)(7)
AMCP Clean Acquisition Company, LLC (10)						First lien senior secured loan						9.08%						SOFR (Q)						4.75%												06/2028												5,728.8						5,644.5						5,710.4			(2)(7)(12)
AmSpec Parent, LLC						First lien senior secured loan						8.58%						SOFR (S)						4.25%												12/2031												10,000.0						9,950.0						10,050.0			(12)
Ankura Consulting Group, LLC						First lien senior secured loan						7.84%						SOFR (M)						3.50%												12/2031												15,626.9						15,684.0						15,626.9			(2)(7)
Celnor Group Limited (10)						First lien senior secured loan						9.70%						SONIA (Q)						5.00%												08/2031												4,137.9						4,129.7						4,137.9			(2)(5)(7)(12)
Corporation Service Company						First lien senior secured loan						6.86%						SOFR (M)						2.50%												11/2029												6,013.7						6,015.2						6,040.1			(7)
Dorado Bidco, Inc. (10)						First lien senior secured revolving loan																														09/2031												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.08%						SOFR (S)						4.50%												09/2031												6,100.9						6,042.6						6,039.9			(2)(7)(12)
																																																						6,042.6						6,039.9
DP Flores Holdings, LLC (10)						First lien senior secured loan						10.83% (3.00% PIK)						SOFR (Q)						6.50%												09/2030												53,111.4						52,050.2						52,049.1			(2)(7)(12)
Drogon Bidco Inc. & Drogon Aggregator LP (10)						First lien senior secured loan						9.36%						SOFR (M)						5.00%												08/2031												26,083.2						25,815.1						25,801.5			(2)(7)(12)
						Class A-2 common units																								08/2024												2,662,000												2,662.0						4,078.2			(2)(12)
																																																						28,477.1						29,879.7
The Dun & Bradstreet Corporation						First lien senior secured loan						6.59%						SOFR (M)						2.25%												01/2029												44,817.5						44,950.9						44,825.6			(2)(5)
Duraserv LLC (10)						First lien senior secured loan						8.90%						SOFR (M)						4.50%												06/2031												26,781.1						26,534.4						26,781.1			(2)(7)(12)
Eagle Parent Corp.						First lien senior secured loan						8.58%						SOFR (Q)						4.25%												04/2029												8,689.7						8,584.0						8,509.1			(7)
FlyWheel Acquireco, Inc. (10)						First lien senior secured revolving loan						10.86%						SOFR (M)						6.50%												05/2028												1,071.4						1,039.0						1,071.4			(2)(7)(12)
						First lien senior secured loan						10.86%						SOFR (M)						6.50%												05/2030												13,225.4						12,921.7						13,225.4			(2)(7)(12)
																																																						13,960.7						14,296.8
GCM HVAC Holdco, LLC and GCM HVAC Topco, LLC						First lien senior secured loan						14.00%																								09/2031												2,702.7						2,642.5						2,639.9			(12)
						Class A common units																								09/2024												1,486,487												1,486.5						1,486.5			(12)
																																																						4,129.0						4,126.4
GFL Environmental Inc.						First lien senior secured loan						6.61%						SOFR (Q)						2.00%												07/2031												6,770.8						6,770.8						6,778.2			(5)(7)
Grant Thornton Advisors LLC						First lien senior secured loan						7.61%						SOFR (M)						3.25%												06/2031												25,972.1						26,049.4						25,950.8			(2)
						First lien senior secured loan						7.36%						SOFR (S)						2.75%												06/2031												2,500.0						2,503.1						2,498.0
																																																						28,552.5						28,448.8
HP RSS Buyer, Inc. (10)						First lien senior secured loan						9.33%						SOFR (Q)						5.00%												12/2029												11,739.2						11,590.4						11,739.2			(2)(7)(12)
						First lien senior secured loan						9.08%						SOFR (Q)						4.75%												12/2029												1,626.2						1,600.8						1,626.2			(2)(7)(12)
																																																						13,191.2						13,365.4
Indigo Acquisition B.V. (10)						First lien senior secured loan						9.06%						Euribor (Q)						6.35%												09/2031												2,662.4						2,707.1						2,662.4			(2)(5)(7)(12)

See accompanying notes to consolidated financial statements.

70

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ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						10.68%						SOFR (Q)						6.35%												09/2031												2,070.9						2,151.3						2,214.1			(2)(5)(7)(12)
																																																						4,858.4						4,876.5
ISolved, Inc.						First lien senior secured loan						7.61%						SOFR (M)						3.25%												10/2030												15,778.2						15,750.5						15,955.7			(2)
Kings Buyer, LLC (10)						First lien senior secured revolving loan						11.50%						Base Rate (Q)						4.00%												10/2027												382.3						366.5						382.3			(2)(7)(12)
						First lien senior secured loan						9.68%						SOFR (Q)						5.25%												10/2027												18,239.9						18,047.4						18,239.9			(2)(7)(12)
																																																						18,413.9						18,622.2
KPS Global LLC and Cool Group LLC (10)						First lien senior secured loan						9.11%						SOFR (M)						4.75%												09/2030												4,714.4						4,624.0						4,620.2			(2)(7)(12)
LABL, Inc.						First lien senior secured loan						9.46%						SOFR (M)						5.00%												10/2028												35,332.9						34,702.3						34,092.8			(2)(7)
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (10)						First lien senior secured loan						10.09%						SOFR (S)						5.00%												07/2031												20,644.2						20,304.6						20,282.1			(2)(7)(12)
						Class A common units																								07/2024												1,409,000												1,409.0						1,303.3			(2)(12)
																																																						21,713.6						21,585.4
Lightbeam Bidco, Inc. (10)						First lien senior secured revolving loan																														05/2029												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.33%						SOFR (Q)						5.00%												05/2030												17,163.4						16,930.4						17,163.4			(2)(7)(12)
																																																						16,930.4						17,163.4
Motus LLC						First lien senior secured loan						8.43%						SOFR (Q)						4.00%												12/2028												15,687.8						15,725.5						15,805.5			(2)(7)
North Haven Stack Buyer, LLC (10)						First lien senior secured loan						9.63%						SOFR (Q)						5.25%												07/2027												24.8						24.4						24.8			(2)(7)(12)
						First lien senior secured loan						9.36%						SOFR (Q)						5.00%												07/2027												3.5						3.4						3.5			(2)(7)(12)
																																																						27.8						28.3
Omnia Partners, LLC						First lien senior secured loan						7.37%						SOFR (Q)						2.75%												07/2030												29,905.2						29,932.8						30,028.1			(2)
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC (10)						First lien senior secured revolving loan						10.09%						SOFR (Q)						5.50%												08/2029												1.9						1.8						1.9			(2)(7)(12)
						First lien senior secured revolving loan						12.00%						Base Rate (Q)						4.50%												08/2029												0.1						0.1						0.1			(2)(7)(12)
						First lien senior secured loan						12.59% (2.00% PIK)						SOFR (Q)						8.00%												08/2029												27,517.5						25,635.7						26,141.7			(7)(12)
						First lien senior secured loan						12.59% (2.00% PIK)						SOFR (Q)						8.00%												08/2029												13,318.4						12,841.2						12,652.5			(2)(7)(12)
						Warrant to purchase Class A common units																								08/2023						08/2036						27,163												449.6						4,286.0			(2)(12)
						Warrant to purchase Class A common units																								06/2024						06/2036						8,780												1,223.9						1,385.3			(12)
																																																						40,152.3						44,467.5
PSC Parent, Inc. (10)						First lien senior secured revolving loan						9.64%						SOFR (M)						5.25%												04/2030												5,790.4						5,719.3						5,790.4			(2)(7)(9)(12)
						First lien senior secured loan						9.71%						SOFR (M)						5.25%												04/2031												47,123.4						46,732.6						47,123.4			(2)(7)(12)
																																																						52,451.9						52,913.8
PYE-Barker Fire & Safety, LLC (10)						First lien senior secured revolving loan						8.83%						SOFR (Q)						4.50%												05/2030												1,085.7						1,007.6						1,085.7			(2)(7)(12)
						First lien senior secured loan						8.83%						SOFR (Q)						4.50%												05/2031												31,674.4						31,574.5						31,674.4			(2)(7)(12)
																																																						32,582.1						32,760.1

See accompanying notes to consolidated financial statements.

71

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ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Saturn Purchaser Corp.						First lien senior secured loan						9.81%						SOFR (Q)						5.25%												07/2029												7,678.7						7,649.6						7,678.7			(2)(7)(12)
SV Newco 2, Inc. (10)						First lien senior secured revolving loan																														06/2031												—						—						—			(2)(5)(7)(8)(12)
						First lien senior secured loan						9.26%						SOFR (Q)						4.75%												06/2031												16,218.9						15,996.0						16,218.9			(2)(5)(7)(12)
																																																						15,996.0						16,218.9
Tempo Acquisition, LLC						First lien senior secured loan						6.61%						SOFR (M)						2.25%												08/2028												12,880.3						12,883.1						12,918.6			(2)(5)(7)
Teneo Holdings LLC						First lien senior secured loan						9.11%						SOFR (M)						4.75%												03/2031												17,297.1						17,287.4						17,434.1			(2)(7)
The Hiller Companies, LLC (10)						First lien senior secured revolving loan																														06/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.36%						SOFR (M)						5.00%												06/2030												25,964.3						25,712.6						25,964.3			(2)(7)(12)
																																																						25,712.6						25,964.3
Thevelia (US) LLC						First lien senior secured loan						7.58%						SOFR (Q)						3.25%												06/2029												9,471.7						9,495.8						9,519.1			(5)(7)
Trans Union LLC						First lien senior secured loan						6.11%						SOFR (M)						1.75%												06/2031												11,485.9						11,471.6						11,460.1			(5)(7)
TSS Buyer, LLC (10)						First lien senior secured loan						10.23%						SOFR (M)						5.50%												06/2029												8,156.7						7,968.7						8,156.7			(2)(7)(12)
UP Intermediate II LLC and UPBW Blocker LLC (10)						First lien senior secured revolving loan																														03/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.58%						SOFR (Q)						5.25%												03/2031												2,514.0						2,458.4						2,514.0			(2)(7)(12)
						Common units																								03/2024												31,790												3,179.0						2,906.3			(2)(12)
						Common units																								09/2024												2,060												173.0						188.3			(2)(12)
																																																						5,810.4						5,608.6
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (10)						First lien senior secured revolving loan						8.33%						SOFR (Q)						4.00%												05/2030												7,178.9						6,928.0						7,039.3			(2)(7)(9)(12)
						First lien senior secured loan						9.58%						SOFR (Q)						5.25%												05/2030												22,966.6						22,634.9						22,736.9			(2)(7)(12)
						Class A preferred units						10.00% PIK																		05/2024												11,930												1,266.4						1,097.2			(12)
						Class A common units																								05/2024												1,111												—						—			(12)
																																																						30,829.3						30,873.4
Xplor T1, LLC						First lien senior secured loan						7.83%						SOFR (S)						3.50%												06/2031												16,129.6						16,123.0						16,250.5			(2)(12)
Zinc Buyer Corporation (10)						First lien senior secured loan						9.08%						SOFR (Q)						4.75%												07/2031												51,284.4						50,848.6						50,771.6			(2)(7)(12)
																																																						839,395.2						847,225.6						14.36		%
Financial Services
Aduro Advisors, LLC (10)						First lien senior secured loan						9.36%						SOFR (M)						5.00%												07/2030												18,719.3						18,546.9						18,532.1			(2)(7)(12)
Cannon Bridge Designated Activity Company (10)						Private asset-backed investment						10.56%						Euribor (S)						7.50%												10/2033												678.9						695.0						680.0			(5)(12)
						Private asset-backed investment						5.71%						Euribor (S)						2.65%												10/2033												678.9						695.0						680.0			(5)(12)
						Private asset-backed investment						12.32%						SOFR (S)						7.50%												10/2033												43.9						44.9						43.9			(5)(12)
						Private asset-backed investment						7.47%						SOFR (S)						2.65%												10/2033												43.9						44.9						43.9			(5)(12)
																																																						1,479.8						1,447.8
Cezanne Bidco (10)						First lien senior secured loan						9.18%						Euribor (Q)						6.50%												10/2031												10,723.4						10,810.3						10,723.4			(2)(5)(12)
Cliffwater LLC (10)						First lien senior secured loan						8.86%						SOFR (M)						4.50%												10/2030												10,946.7						10,764.5						10,946.7			(2)(5)(7)(12)
Corient Holdings, Inc.						Series A preferred stock																								05/2023												15,000												15,000.0						22,832.9			(2)(12)

See accompanying notes to consolidated financial statements.

72

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
CPI Holdco B, LLC						First lien senior secured loan						6.78%						SOFR (Q)						2.25%												05/2031												29,210.0						29,099.5						29,173.5			(5)
						First lien senior secured loan						6.36%						SOFR (M)						2.00%												05/2031												5,298.5						5,256.7						5,283.4			(5)
																																																						34,356.2						34,456.9
Endeavor Bidco LLC and Endeavor TopCo, Inc.						First lien senior secured loan						8.58%						SOFR (Q)						4.25%												08/2029												8,393.8						8,238.1						8,225.9			(2)(7)(12)
						Class A common units																								08/2024												2,540												2,540.0						2,540.0			(12)
																																																						10,778.1						10,765.9
Focus Financial Partners, LLC (10)						First lien senior secured loan						7.61%						SOFR (M)						3.25%												09/2031												31,605.5						31,568.0						31,870.0			(2)
GC Waves Holdings, Inc. (10)						First lien senior secured loan						9.21%						SOFR (M)						4.75%												10/2030												7,539.2						7,351.2						7,539.2			(2)(5)(7)(12)
Gen II Fund Services, LLC						First lien senior secured loan						7.08%						SOFR (M)						2.75%												11/2031												50,466.6						50,594.5						50,655.9			(12)
GTCR F Buyer Corp. and GTCR (D) Investors LP (10)(11)						First lien senior secured loan						9.33%						SOFR (Q)						5.00%												09/2030												12,028.4						11,793.3						12,028.4			(2)(7)(12)
						Limited partnership interests																								09/2023												76,925												77.5						104.8			(2)(12)
																																																						11,870.8						12,133.2
Harbourvest Global Private Equity Limited (10)						Private asset-backed investment						7.97%						SOFR (Q)						3.50%												06/2029												26,000.0						25,137.1						26,000.0			(12)
HighTower Holding, LLC						First lien senior secured loan						8.07%						SOFR (Q)						3.50%												04/2028												37,010.7						37,060.8						37,149.5			(2)(5)
HV Chimera LLC						Private asset-backed investment						7.33%						SOFR (Q)						2.80%						11/2023						08/2026						1,504,082												1,490.8						1,504.1			(5)(12)
Isthmus Capital LLC						Private asset-backed investment						9.50%																		06/2023						06/2030						1,500,888												1,486.3						1,500.9			(5)(12)
						Private asset-backed investment																								06/2023												4												—						19.7			(5)(12)
																																																						1,486.3						1,520.6
Jefferies Finance LLC						First lien senior secured loan						7.36%						SOFR (M)						3.00%												10/2031												10,500.0						10,412.2						10,532.9			(2)(5)
Kestra Advisor Services Holdings A, Inc.						First lien senior secured loan						7.33%						SOFR (S)						3.00%												03/2031												1,601.5						1,597.5						1,601.5			(5)
Lernen Bidco Limited						First lien senior secured loan						8.36%						SOFR (Q)						4.00%												10/2031												6,500.0						6,468.3						6,565.0			(2)(5)(7)(12)
Loire UK Midco 3 Limited						First lien senior secured loan						8.21%						SOFR (M)						3.75%												04/2027												1,780.4						1,780.4						1,767.0			(2)(5)(7)
						First lien senior secured loan						7.99%						SOFR (M)						3.50%												04/2027												3,966.9						3,972.7						3,939.6			(5)
																																																						5,753.1						5,706.6
Mai Capital Management Intermediate LLC (10)						First lien senior secured revolving loan						9.08%						SOFR (Q)						4.75%												08/2031												222.9						207.0						206.2			(2)(5)(7)(12)
						First lien senior secured loan						9.08%						SOFR (M)						4.75%												08/2031												8,681.5						8,591.4						8,582.4			(2)(5)(7)(12)
																																																						8,798.4						8,788.6
Mariner Wealth Advisors, LLC						First lien senior secured loan						7.08%						SOFR (Q)						2.75%												08/2028												15,461.0						15,461.0						15,461.0			(2)(7)
Mars Downstop Loan Purchaser Trust						Private asset-backed investment						11.00%																		02/2024												29,990,339												20,440.1						20,393.4			(5)(12)
Monroe Capital Income Plus Corporation						Corporate bond						9.42%																								11/2028												10,000.0						10,000.0						10,824.6			(5)(12)
MSD Investment Corp.						Corporate bond						7.58%																								05/2028												25,000.0						25,000.0						25,026.3			(5)(12)
Nexus Buyer LLC						First lien senior secured loan						8.36%						SOFR (M)						4.00%												07/2031												2,968.3						2,971.1						2,975.8			(2)
Nuvei Technologies Corp.						First lien senior secured loan						7.44%						SOFR (M)						3.00%												11/2031												18,120.0						18,081.7						18,137.0			(2)(5)
Paint Intermediate III, LLC						First lien senior secured loan						7.52%						SOFR (Q)						3.00%												10/2031												20,906.6						20,851.3						20,985.0			(2)(7)
Parexel International Inc.						First lien senior secured loan						7.36%						SOFR (M)						3.00%												11/2028												14,394.9						14,397.4						14,478.8			(2)(7)

See accompanying notes to consolidated financial statements.

73

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (10)(11)						First lien senior secured loan						9.46%						SOFR (M)						4.75%												05/2029												12,539.9						12,485.5						12,539.9			(2)(5)(7)(12)
						First lien senior secured loan						9.46%						SOFR (M)						5.00%												05/2029												14,344.9						14,019.5						14,344.9			(2)(5)(7)(12)
						Limited partnership interests																								09/2023												96,436												96.4						120.3			(5)(12)
																																																						26,601.4						27,005.1
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (10)						First lien senior secured loan						9.64%						SOFR (Q)						5.25%												08/2029												9,306.8						9,071.4						9,306.8			(2)(5)(7)(12)
						Preferred units																								07/2023												1,333,333												1,315.5						1,561.3			(5)(12)
																																																						10,386.9						10,868.1
PCS MidCo, Inc. and PCS Parent, L.P. (10)						First lien senior secured revolving loan						10.08%						SOFR (Q)						5.75%												03/2030												238.6						215.2						238.6			(2)(7)(12)
						First lien senior secured loan						10.08%						SOFR (Q)						5.75%												03/2030												10,150.6						9,973.8						10,150.6			(7)(12)
						First lien senior secured loan						10.34%						SOFR (Q)						5.75%												03/2030												1,678.1						1,648.8						1,678.1			(2)(7)(12)
						Class A units																								03/2024												806,000												806.0						865.6			(2)(12)
																																																						12,643.8						12,932.9
RFS Opco LLC (10)						First lien senior secured loan						9.08%						SOFR (Q)						4.75%												04/2031												42,393.8						42,014.9						42,393.8			(2)(5)(7)(12)
RWA Wealth Partners, LLC (10)						First lien senior secured loan						9.27%						SOFR (S)						4.75%												11/2030												7,750.0						7,674.2						7,672.5			(5)(7)(12)
						First lien senior secured loan						9.16%						SOFR (Q)						4.75%												11/2030												390.0						359.4						357.5			(2)(5)(7)(12)
																																																						8,033.6						8,030.0
Stepstone Group MidCo 2 GmbH, The						First lien senior secured loan						8.83%						SOFR (S)						4.50%												12/2031												14,000.0						13,860.0						13,825.0			(5)(12)
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (10)						First lien senior secured loan						9.08%						SOFR (Q)						4.75%												10/2028												2,621.5						2,574.7						2,621.5			(2)(5)(7)(12)
						First lien senior secured loan						9.80%						SOFR (Q)						5.25%												10/2028												236.5						231.0						236.5			(2)(5)(7)(12)
																																																						2,805.7						2,858.0
Summit Acquisition Inc.						First lien senior secured loan						8.08%						SOFR (Q)						3.75%												10/2031												9,000.0						8,985.4						9,045.0			(2)(12)
Sunbit Receivables Trust IV (10)						Private asset-backed investment						11.56%						SOFR (M)						7.25%						12/2023						12/2026						1,620,000												1,602.3						1,620.0			(7)(12)
Surf Holdings S.a r.l.						First lien senior secured loan						7.95%						SOFR (M)						3.50%												03/2027												16,415.8						16,463.9						16,505.6			(5)
The Edelman Financial Center, LLC						First lien senior secured loan						7.36%						SOFR (M)						3.00%												04/2028												31,602.9						31,643.3						31,754.3			(2)(5)
						Second lien senior secured loan						9.61%						SOFR (M)						5.25%												10/2028												52,500.0						52,385.3						52,861.2			(2)(5)
																																																						84,028.6						84,615.5
TPG IX Cardiff CI II, L.P.						Limited partnership interest																								11/2024												4,814,025												4,850.1						4,814.0			(2)(5)(12)
Trinity Capital Inc						Corporate bond						7.54%																								10/2027												29,700.0						29,700.0						29,461.2			(5)(12)
Wellington-Altus Financial Inc. (10)(11)						First lien senior secured loan						9.11%						CORRA (Q)						5.00%												08/2030												794.7						823.2						782.7			(5)(7)(12)
						Common stock																								08/2024												46,562												1,559.0						1,631.4			(2)(5)(12)
																																																						2,382.2						2,414.1
Zelis Payments Buyer, Inc.						First lien senior secured loan						7.61%						SOFR (M)						3.25%												11/2031												65,250.0						64,968.7						65,413.1			(2)
																																																						757,854.9						771,356.1						13.07		%
Insurance

See accompanying notes to consolidated financial statements.

74

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (10)						First lien senior secured loan						9.31%						SOFR (Q)						4.75%												11/2029												4,095.2						4,061.6						4,095.2			(2)(7)(12)
Acrisure, LLC						First lien senior secured loan						7.11%						SOFR (M)						2.75%												02/2027												41,458.4						41,462.1						41,471.3			(2)
						First lien senior secured loan						7.36%						SOFR (M)						3.00%												11/2030												20,212.1						20,210.4						20,205.8			(2)
																																																						61,672.5						61,677.1
Alliant Holdings Intermediate, LLC						First lien senior secured loan						7.11%						SOFR (M)						2.75%												09/2031												42,171.9						42,159.9						42,237.7			(2)
AMWINS Group, Inc.						First lien senior secured loan						6.72%						SOFR (M)						2.25%												02/2028												43,403.3						43,463.6						43,513.6			(2)(7)
AssuredPartners, Inc.						First lien senior secured loan						7.86%						SOFR (M)						3.50%												02/2031												60,059.4						60,151.1						60,138.1			(2)(7)
Broadstreet Partners, Inc.						First lien senior secured loan						7.36%						SOFR (M)						3.00%												06/2031												31,911.9						31,916.4						31,990.1			(2)
Cross Financial Corp.						First lien senior secured loan						7.61%						SOFR (M)						3.25%												10/2031												9,660.5						9,643.0						9,708.8			(2)(12)
Diamond Mezzanine 24 LLC (10)						First lien senior secured revolving loan						11.50%						Base Rate (Q)						4.00%												10/2030												3,750.0						3,713.6						3,712.5			(2)(7)(12)
						First lien senior secured loan						9.59%						SOFR (Q)						5.00%												10/2030												56,250.0						55,699.5						55,687.5			(2)(7)(12)
																																																						59,413.1						59,400.0
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (10)(11)						First lien senior secured loan						9.67%						SOFR (Q)						5.25%												12/2030												39,590.1						38,903.9						39,590.1			(2)(5)(7)(12)
						Limited partnership interests																								03/2024												3,417,348												3,417.3						4,589.5			(2)(5)(12)
																																																						42,321.2						44,179.6
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (10)						First lien senior secured loan						8.54%						CORRA (Q)						5.25%												03/2031												12,578.0						13,146.4						12,578.0			(5)(7)(12)
Goosehead Insurance Holdings, LLC						First lien senior secured loan						7.83%						SOFR (S)						3.50%												12/2031												10,000.0						9,975.0						10,050.0			(5)(12)
HIG Finance 2 Limited						First lien senior secured loan						7.86%						SOFR (M)						3.50%												04/2030												11,141.5						11,112.9						11,208.7			(2)(5)(7)
Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc. (10)						First lien senior secured loan						8.86%						SOFR (M)						4.50%												11/2028												2,560.5						2,551.0						2,560.5			(2)(7)(12)
						First lien senior secured loan						9.11%						SOFR (M)						4.75%												11/2028												1,335.6						1,316.3						1,335.6			(2)(7)(12)
						Series A preferred shares						11.00% PIK																		12/2024												33,710												33,204.4						33,204.4			(2)(12)
																																																						37,071.7						37,100.5
Hub International Limited						First lien senior secured loan						7.37%						SOFR (Q)						2.75%												06/2030												39,934.9						39,941.2						40,134.6			(2)(7)
Hyperion Refinance S.a.r.l.						First lien senior secured loan						7.36%						SOFR (M)						3.00%												02/2031												40,209.7						40,220.9						40,438.1			(2)(5)(7)
Keystone Agency Partners LLC (10)						First lien senior secured revolving loan						9.33%						SOFR (Q)						5.00%												05/2027												58.8						57.5						58.8			(2)(7)(12)
						First lien senior secured loan						9.33%						SOFR (Q)						5.00%												05/2027												48,641.3						48,194.6						48,641.3			(2)(7)(12)
																																																						48,252.1						48,700.1
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (10)						First lien senior secured revolving loan						10.09%						SOFR (M)						5.75%												11/2029												223.2						201.6						223.2			(2)(7)(12)
						First lien senior secured loan						10.23%						SOFR (M)						5.75%												11/2029												10,837.8						10,654.3						10,837.8			(2)(7)(12)
						Class A2 units																								11/2023												102,501												2,050.0						1,899.8			(2)(12)
																																																						12,905.9						12,960.8
OneDigital Borrower LLC						First lien senior secured loan						7.61%						SOFR (M)						3.25%												07/2031												36,912.0						36,767.5						36,959.3			(2)(7)
Ryan Specialty Group, LLC						First lien senior secured loan						6.61%						SOFR (M)						2.25%												09/2031												23,744.5						23,710.5						23,803.8			(2)(5)(7)
SIG Parent Holdings, LLC (10)						First lien senior secured loan						9.36%						SOFR (M)						5.00%												08/2031												25,492.9						25,185.4						25,167.0			(2)(7)(12)

See accompanying notes to consolidated financial statements.

75

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
USI, Inc.						First lien senior secured loan						6.58%						SOFR (Q)						2.25%												11/2029												41,733.6						41,740.8						41,624.2			(2)
						First lien senior secured loan						6.58%						SOFR (Q)						2.25%												09/2030												13,749.3						13,742.9						13,711.4			(2)
																																																						55,483.7						55,335.6
World Insurance Associates, LLC and World Associates Holdings, LLC (10)						First lien senior secured loan						10.08%						SOFR (Q)						5.75%												04/2028												17,072.4						16,891.2						17,072.4			(2)(7)(12)
																																																						725,466.8						728,449.1						12.35		%
Sports, Media and Entertainment
22 HoldCo Limited						Senior subordinated loan						12.73% PIK						SONIA (S)						7.50%												08/2033												21,591.2						21,497.4						21,591.2			(2)(5)(7)(12)
3 Step Sports LLC (10)						First lien senior secured loan						12.34% (1.50% PIK)						SOFR (Q)						8.00%												10/2029												16,557.2						15,728.0						14,875.0			(2)(7)(12)
Broadcast Music, Inc. (10)						First lien senior secured loan						10.39%						SOFR (Q)						5.75%												02/2030												29,467.3						28,840.9						29,467.3			(2)(7)(12)
CFC Funding LLC						Loan instrument units						9.75% PIK																		07/2023												5,300												5,565.5						5,829.3			(5)(12)
Charter Communications Operating, LLC						First lien senior secured loan						6.78%						SOFR (S)						2.25%												11/2031												24,212.5						24,152.2						24,141.8			(2)(5)
Creative Artists Agency, LLC						First lien senior secured loan						7.11%						SOFR (M)						2.75%												10/2031												40,561.5						40,599.0						40,708.0			(2)
Dundee Eros, LP						Limited partnership interest																								11/2024												4,283,000												4,283.0						4,283.0			(2)(12)
Fever Labs, Inc. (10)						First lien senior secured revolving loan						11.00%																								11/2028												5,974.0						5,873.8						5,974.0			(2)(12)
						First lien senior secured loan						11.00%																								11/2028												20,625.7						19,037.9						20,625.7			(2)(12)
						Series E-5 Convertible Shares																								08/2024												318,631												1,381.9						1,477.2			(2)(12)
																																																						26,293.6						28,076.9
FinEquity Holdings, LLC						Class A common interest																								12/2024												20												138,844.9						138,844.9			(12)
						Class A common interest																								12/2024												20												4,056.2						4,056.2			(12)
						Class A common interest																								12/2024												20												1,000.5						1,000.5			(12)
																																																						143,901.6						143,901.6
Global Music Rights, LLC (10)						First lien senior secured revolving loan						9.10%						SOFR (Q)						4.75%												12/2031												1,364.6						1,129.6						1,159.9			(7)(12)
						First lien senior secured loan						9.10%						SOFR (S)						4.75%												12/2031												136,354.2						133,882.2						134,308.9			(7)(12)
																																																						135,011.8						135,468.8
League One Volleyball, Inc.						Series B preferred stock																								07/2023												194												1.0						2.3			(2)(12)
						Series C preferred stock																								09/2024												67												0.6						0.6			(2)(12)
																																																						1.6						2.9
Legends Hospitality Holding Company, LLC and ASM Buyer, Inc. (10)						First lien senior secured revolving loan						9.41%						SOFR (M)						5.00%												08/2030												320.2						260.1						256.2			(2)(7)(9)(12)
						First lien senior secured loan						10.02% (2.75% PIK)						SOFR (Q)						5.50%												08/2031												27,410.8						26,894.8						26,862.6			(2)(7)(12)
																																																						27,154.9						27,118.8
LiveBarn Inc.						Middle preferred shares																								08/2023												2,838,691												10,000.0						12,498.8			(2)(5)(12)

See accompanying notes to consolidated financial statements.

76

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
NEP Group, Inc.						First lien senior secured loan						7.72% (1.50% PIK)						SOFR (M)						3.25%												08/2026												25,777.3						24,793.8						23,431.6			(2)
						First lien senior secured loan						10.09% (1.50% PIK)						SOFR (M)						5.50%												08/2026												14,416.0						13,993.5						13,154.6			(2)(7)
																																																						38,787.3						36,586.2
Orange Barrel Media, LLC/IKE Smart City, LLC (10)						Private asset-backed investment						10.11%						SOFR (M)						5.75%												03/2027												2,852.0						2,826.1						2,852.0			(7)(12)
						Private asset-backed investment						10.11%						SOFR (M)						5.75%												10/2027												1,863.3						1,826.1						1,863.3			(7)(12)
																																																						4,652.2						4,715.3
OVG Business Services, LLC						First lien senior secured loan						7.36%						SOFR (M)						3.00%												06/2031												4,064.8						4,046.0						4,069.9			(2)
Quartz Holding Company						First lien senior secured loan						7.86%						SOFR (M)						3.50%												10/2028												7,081.5						7,061.9						7,116.9			(2)(7)(12)
Sandlot Action Sports, LLC						Common units																								05/2024												3,384												25.0						25.0			(12)
South Florida Motorsports, LLC						Class A common interest																								12/2024												20												4,139.2						4,139.8			(12)
Summer (BC) Bidco B LLC						First lien senior secured loan						9.59%						SOFR (Q)						5.00%												02/2029												1,955.4						1,946.0						1,964.6			(5)
						First lien senior secured loan						9.09%						SOFR (Q)						4.50%												12/2026												1,007.1						1,007.1						1,010.8			(2)(5)(7)
																																																						2,953.1						2,975.4
United Talent Agency LLC						First lien senior secured loan						8.20%						SOFR (M)						3.75%												07/2028												11,925.9						11,896.2						11,985.6			(2)(7)(12)
WideOpenWest Finance, LLC						First lien senior secured loan						11.55%						SOFR (Q)						7.00%												12/2028												3,259.2						3,228.3						3,389.6			(2)(5)(7)(12)
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC)						First lien senior secured loan						7.22%						SOFR (M)						2.75%												05/2025												39,645.6						39,669.7						39,695.2			(2)(5)
WRE Sports Investments LLC (10)						First lien senior secured loan						11.00% (5.50% PIK)																								07/2031												34,254.5						33,473.1						33,393.3			(2)(12)
Zuffa Guarantor LLC						First lien senior secured loan						6.77%						SOFR (Q)						2.25%												11/2031												30,000.0						29,962.8						30,129.6			(2)(5)
																																																						662,924.3						666,185.2						11.29		%
Pharmaceuticals, Biotechnology and Life Sciences
ADMA Biologics Inc. (10)						First lien senior secured revolving loan						8.34%						SOFR (Q)						3.75%												12/2027												0.6						0.6						0.6			(2)(5)(7)(12)
						First lien senior secured loan						10.85%						SOFR (Q)						6.50%												12/2027												2,240.2						2,198.7						2,240.2			(2)(5)(7)(12)
																																																						2,199.3						2,240.8
Alcami Corporation (10)						First lien senior secured revolving loan						11.44%						SOFR (M)						7.00%												12/2028												41.1						21.2						41.1			(2)(7)(12)
						First lien senior secured loan						11.66%						SOFR (Q)						7.00%												12/2028												4,323.8						4,166.4						4,323.8			(2)(7)(12)
																																																						4,187.6						4,364.9
Bamboo US BidCo LLC (10)						First lien senior secured loan						9.77%						SOFR (Q)						5.25%												09/2030												14,056.4						13,724.6						14,056.4			(2)(7)(12)
						First lien senior secured loan						8.25%						Euribor (Q)						5.25%												09/2030												8,303.6						8,351.5						8,303.6			(2)(7)(12)
																																																						22,076.1						22,360.0
Cambrex Corporation						First lien senior secured loan						7.96%						SOFR (M)						3.50%												12/2026												44,884.9						44,786.6						44,820.7			(2)(7)
Creek Parent, Inc. and Creek Feeder, L.P. (10)						First lien senior secured loan						9.63%						SOFR (S)						5.25%												12/2031												123,825.2						121,670.1						121,658.2			(2)(7)(12)
						Limited partnership interest																								12/2024												4,209,000												4,209.0						4,209.0			(2)(12)
																																																						125,879.1						125,867.2

See accompanying notes to consolidated financial statements.

77

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Curia Global, INC.						First lien senior secured loan						8.44%						SOFR (Q)						3.75%												08/2026												31,955.5						30,699.0						30,444.3			(2)(7)
Curium BidCo S.a r.l.						First lien senior secured loan						7.96%						SOFR (S)						3.50%												07/2029												18,316.8						18,350.0						18,488.6			(2)(5)
Da Vinci Purchaser Corp.						First lien senior secured loan						7.86%						SOFR (M)						3.50%												01/2027												52,268.6						52,314.8						52,436.4			(2)(7)
Grifols Worldwide Operations USA, Inc.						First lien senior secured loan						6.74%						SOFR (Q)						2.00%												11/2027												18,427.9						18,161.1						18,331.2			(2)(5)
Gula Buyer Inc.						First lien senior secured loan						9.55%						SOFR (M)						5.00%												10/2031												150,000.0						148,174.9						148,125.0			(2)(7)(12)
IGEA Bidco S.P.A (10)						First lien senior secured notes						9.93%																								09/2031												3,809.5						4,045.2						3,944.6			(2)(5)(12)
Packaging Coordinators Midco, Inc.						First lien senior secured loan						7.84%						SOFR (Q)						3.25%												11/2027												52,644.9						52,707.8						52,827.6			(2)(7)
Precision Medicine Group, LLC						First lien senior secured loan						7.43%						SOFR (Q)						3.00%												11/2027												15,190.1						15,137.6						15,166.4			(2)(7)
Solar Bidco Limited (10)						First lien senior secured loan						8.43%						Euribor (Q)						5.75%												11/2029												3,712.9						3,579.8						3,589.7			(2)(5)(7)(12)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (10)						First lien senior secured loan						10.78%						SOFR (Q)						6.25%												11/2030												4,414.2						4,321.7						4,414.2			(2)(7)(12)
						Limited partnership interests																								11/2023												731,000												731.6						676.9			(2)(12)
																																																						5,053.3						5,091.1
																																																						547,352.2						548,098.5						9.29		%
Investment Funds and Vehicles
ABPCI 2019-5A						Collaterized loan obligation						10.37%						SOFR (Q)						5.75%												01/2036												1,100.0						1,100.0						1,128.0			(5)(12)
ABPCI 2022-11						Collaterized loan obligation						11.42%						SOFR (Q)						7.00%												01/2038												7,000.0						7,000.0						7,026.8			(5)(12)
ABPCI 2024-17						Collaterized loan obligation						12.57%						SOFR (Q)						8.00%												08/2036												3,000.0						3,000.0						2,968.7			(5)(12)
ATRM 14						Collaterized loan obligation						16.20%																								10/2037												8,171.4						4,892.9						4,999.0			(5)(12)
						Collaterized loan obligation						11.40%						SOFR (Q)						6.50%												10/2037												5,600.0						5,600.0						5,712.7			(5)(12)
						Collaterized loan obligation						11.70%																								10/2037												639.5						411.6						391.2			(5)(12)
																																																						10,904.5						11,102.9
ATRM 15						Collaterized loan obligation						11.15%						SOFR (Q)						6.50%												07/2037												1,900.0						1,900.0						1,928.3			(5)(12)
AUDAX 2024-9						Collaterized loan obligation						9.82%						SOFR (Q)						5.20%												04/2036												2,000.0						2,000.0						2,033.3			(5)(12)
BABSN 2023-3						Collaterized loan obligation						11.99%						SOFR (Q)						7.33%												10/2036												562.5						577.7						579.9			(5)(12)
BALLY 2022-21						Collaterized loan obligation						15.70%																								10/2037												2,520.0						2,406.6						2,378.9			(5)(12)
BALLY 2023-24						Collaterized loan obligation						9.71%						SOFR (Q)						5.05%												07/2036												1,500.0						1,500.0						1,524.7			(5)(12)
BALLY 2024-26						Collaterized loan obligation						11.43%						SOFR (Q)						6.10%												07/2037												1,500.0						1,500.0						1,513.1			(5)(12)
BCC 2020-1						Collaterized loan obligation						11.78%						SOFR (Q)						7.15%												04/2033												1,750.0						1,750.0						1,765.3			(5)(12)
BCC 2023-3						Collaterized loan obligation						9.88%						SOFR (Q)						5.25%												07/2036												1,500.0						1,500.0						1,533.6			(5)(12)
BERRY 2024-1						Collaterized loan obligation						12.50%																								10/2037												5,220.0						2,302.0						2,354.6			(5)(12)
BROOKP 2024-1						Collaterized loan obligation						11.12%						SOFR (Q)						6.50%												04/2037												1,000.0						1,000.0						1,024.1			(5)(12)
BSP 2016-9						Collaterized loan obligation						10.52%						SOFR (Q)						5.90%												10/2037												3,125.0						3,125.0						3,148.7			(5)(12)
BSP 2018-14						Collaterized loan obligation						10.74%						SOFR (Q)						6.15%												10/2037												5,500.0						5,500.0						5,633.8			(5)(12)
BSP 2022-28						Collaterized loan obligation						9.96%						SOFR (Q)						5.40%												10/2037												500.0						500.0						501.4			(5)(12)

See accompanying notes to consolidated financial statements.

78

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
BSP 2024-34						Collaterized loan obligation						11.33%						SOFR (Q)						6.70%												07/2037												1,250.0						1,250.0						1,287.9			(5)(12)
BSP 2024-35						Collaterized loan obligation						10.73%						SOFR (Q)						6.10%												04/2037												1,250.0						1,250.0						1,273.2			(5)(12)
BSP 2024-37						Collaterized loan obligation						12.50%																								01/2038												8,430.0						8,430.0						8,430.0			(5)(12)
BSP 2024-38A						Collaterized loan obligation						9.31%						SOFR (Q)						5.00%												01/2038												3,750.0						3,750.0						3,769.5			(5)(12)
BTCP 2023-1						Collaterized loan obligation						11.10%						SOFR (M)						6.50%												09/2030												6,100.0						6,105.7						6,100.0			(5)(12)
BX 2024-SLCT						Commercial mortgage-backed security						7.84%						SOFR (M)						3.39%												01/2040												24,185.0						24,124.5						24,139.8			(5)(12)
CAVU 2021-1						Collaterized loan obligation						11.63%						SOFR (Q)						7.00%												07/2037												1,000.0						1,000.0						1,006.3			(5)(12)
CEDF 2021-14						Collaterized loan obligation						15.40%																								07/2033												1,840.0						995.9						975.2			(5)(12)
CGMS 2019-2						Collaterized loan obligation						11.83%						SOFR (Q)						7.00%												10/2037												4,387.5						4,387.5						4,526.6			(5)(12)
CGMS 2022-2						Collaterized loan obligation						11.51%						SOFR (Q)						6.95%												01/2038												2,850.0						2,850.0						2,913.0			(5)(12)
CGMS 2022-5						Collaterized loan obligation						12.20%						SOFR (Q)						7.10%												10/2037												4,190.0						4,190.0						4,321.1			(5)(12)
CGMS 2023-1						Collaterized loan obligation						9.72%						SOFR (Q)						5.10%												07/2035												1,250.0						1,250.0						1,271.5			(5)(12)
CGMS 2023-2						Collaterized loan obligation						9.62%						SOFR (Q)						5.00%												07/2036												2,000.0						2,000.0						2,044.5			(5)(12)
CGMS 2024-1						Collaterized loan obligation						11.58%						SOFR (Q)						6.92%												04/2037												1,096.0						1,119.3						1,126.8			(5)(12)
CGMS 2024-2						Collaterized loan obligation						11.48%						SOFR (Q)						6.85%												04/2037												1,500.0						1,500.0						1,544.1			(5)(12)
CGMS 2024-3						Collaterized loan obligation						11.70%						SOFR (Q)						6.40%												07/2036												2,600.0						2,600.0						2,680.9			(5)(12)
CGMS 2024-5						Collaterized loan obligation						12.60%																								10/2036												2,700.0						2,409.8						2,487.9			(5)(12)
						Collaterized loan obligation						10.20%						SOFR (Q)						5.65%												10/2036												1,500.0						1,500.0						1,537.6			(5)(12)
																																																						3,909.8						4,025.5
CIFC 2018-1						Collaterized loan obligation						9.72%						SOFR (Q)						5.25%												01/2038												830.0						830.0						834.0			(5)(12)
CIFC 2020-4						Collaterized loan obligation						9.33%						SOFR (Q)						4.90%												01/2040												5,500.0						5,500.0						5,528.6			(5)(12)
CIFC 2021-1						Collaterized loan obligation						10.63%						SOFR (Q)						6.00%												07/2037												1,820.0						1,820.0						1,853.0			(5)(12)
CIFC 2021-4						Collaterized loan obligation						11.37%						SOFR (Q)						6.20%												07/2037												1,000.0						1,000.6						1,027.6			(5)(12)
CIFC 2021-5						Collaterized loan obligation						9.41%						SOFR (Q)						5.10%												01/2038												3,500.0						3,500.0						3,517.5			(5)(12)
CIFC 2022-5						Collaterized loan obligation						8.55%						SOFR (Q)						3.90%												01/2037												6,000.0						6,000.0						6,132.8			(5)(12)
CIFC 2022-6						Collaterized loan obligation						10.36%						SOFR (Q)						5.75%												10/2038												437.5						437.5						447.9			(5)(12)
CIFC 2022-7						Collaterized loan obligation						9.91%						SOFR (Q)						5.35%												01/2038												687.5						687.5						689.5			(5)(12)
CIFC 2024-1						Collaterized loan obligation						11.23%						SOFR (Q)						6.60%												04/2037												375.0						384.3						386.0			(5)(12)
CIFC 2024-2						Collaterized loan obligation						11.03%						SOFR (Q)						6.40%												04/2037												2,000.0						2,000.0						2,057.6			(5)(12)
CIFC 2024-4						Collaterized loan obligation						12.70%																								10/2037												2,600.0						2,373.1						2,511.0			(5)(12)
CIFC 2024-5						Collaterized loan obligation						9.48%						SOFR (Q)						5.15%												01/2038												4,000.0						4,000.0						4,020.8			(5)(12)
Constellation Wealth Capital Fund, L.P. (11)						Limited partner interests																								01/2024												1,935,706												1,764.7						1,834.1			(5)
CPTPK 2024-1						Collaterized loan obligation						10.62%						SOFR (Q)						6.00%												07/2037												1,400.0						1,400.0						1,442.2			(5)(12)
CWC Fund I Co-Invest (ALTI) LP						Limited partnership interests																								03/2024												6,653,000												6,673.6						7,171.9			(2)(5)(12)

See accompanying notes to consolidated financial statements.

79

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
DRSLF 2022-104						Collaterized loan obligation						11.92%						SOFR (Q)						7.40%												08/2034												5,756.0						5,756.0						5,815.1			(5)(12)
ELM12 2021-5						Collaterized loan obligation						10.47%						SOFR (Q)						5.90%												10/2037												1,475.0						1,475.0						1,509.6			(5)(12)
ELM24 2023-3						Collaterized loan obligation						9.55%						SOFR (Q)						5.10%												01/2038												2,000.0						2,000.0						2,009.7			(5)(12)
ELM27 2024-3						Collaterized loan obligation						10.88%						SOFR (Q)						6.25%												04/2037												2,000.0						2,000.0						2,050.5			(5)(12)
ELM29 2024-5						Collaterized loan obligation						11.02%						SOFR (Q)						6.40%												04/2037												3,500.0						3,519.7						3,615.4			(5)(12)
ELM30 2024-6						Collaterized loan obligation						10.55%						SOFR (Q)						5.25%												07/2037												1,250.0						1,268.8						1,272.1			(5)(12)
ELM32 2024-8						Collaterized loan obligation						12.42%																								10/2037												2,520.0						2,268.0						2,340.8			(5)(12)
ELM35 2024-11						Collaterized loan obligation						11.20%																								10/2037												1,740.0						1,581.7						1,505.4			(5)(12)
ELM37 2024-13						Collaterized loan obligation						9.11%						SOFR (Q)						4.75%												01/2038												3,000.0						3,000.0						3,015.0			(5)(12)
ELMW1 2019-1						Collaterized loan obligation						8.37%						SOFR (Q)						3.75%												04/2037												6,000.0						6,000.0						6,126.5			(5)(12)
ELMW4 2020-1						Collaterized loan obligation						10.78%						SOFR (Q)						6.15%												04/2037												2,514.0						2,539.1						2,593.1			(5)(12)
ELMW8 2021-1						Collaterized loan obligation						10.87%						SOFR (Q)						6.25%												04/2037												5,028.0						5,086.9						5,137.6			(5)(12)
GCBSL 2022-60						Collaterized loan obligation						10.63%						SOFR (Q)						6.00%												10/2034												2,375.0						2,375.0						2,364.9			(5)(12)
GCBSL 2024-77						Collaterized loan obligation						9.20%						SOFR (Q)						4.85%												01/2038												1,500.0						1,500.0						1,507.5			(5)(12)
GLM 2022-12						Collaterized loan obligation						10.32%						SOFR (Q)						5.70%												07/2037												2,100.0						2,109.5						2,153.6			(5)(12)
GNRT 2						Collaterized loan obligation						11.98%						SOFR (Q)						7.35%												10/2037												250.0						251.1						256.2			(5)(12)
GNRT 2022-10						Collaterized loan obligation						12.70%						SOFR (Q)						8.07%												07/2035												500.0						510.7						505.8			(5)(12)
GNRT 2023-11						Collaterized loan obligation						12.14%						SOFR (Q)						7.30%												10/2037												2,258.0						2,258.0						2,320.8			(5)(12)
GNRT 2024-15						Collaterized loan obligation						11.32%						SOFR (Q)						6.70%												07/2037												2,000.0						2,000.0						2,050.2			(5)(12)
GNRT 2024-18						Collaterized loan obligation						12.60%																								01/2038												7,160.0						6,334.5						6,519.0			(5)(12)
GNRT 2024-20						Collaterized loan obligation						12.30%																								01/2038												19,647.8						17,973.8						17,977.3			(5)(12)
GNRT 4						Collaterized loan obligation						11.52%						SOFR (Q)						6.90%												07/2037												2,000.0						2,000.0						2,049.4			(5)(12)
GNRT 6						Collaterized loan obligation						11.79%						SOFR (Q)						7.25%												10/2037												1,820.0						1,820.0						1,867.6			(5)(12)
GNRT 9						Collaterized loan obligation						10.82%						SOFR (Q)						6.35%												01/2038												4,015.0						4,015.0						4,031.1			(5)(12)
GOCAP 2024-71						Collaterized loan obligation						9.62%						SOFR (Q)						5.10%												02/2037												4,500.0						4,500.0						4,584.1			(5)(12)
HAMLN 2024-1						Collaterized loan obligation						9.96%						SOFR (Q)						5.40%												10/2037												2,017.5						2,017.5						2,027.5			(5)(12)
KKR 2024-53						Collaterized loan obligation						12.70%																								01/2038												6,100.0						5,529.0						5,695.1			(5)(12)
						Collaterized loan obligation						11.02%						SOFR (Q)						6.50%												01/2038												2,235.0						2,235.0						2,261.9			(5)(12)
																																																						7,764.0						7,957.0
KKR 48						Collaterized loan obligation						8.92%						SOFR (Q)						4.30%												10/2036												2,000.0						2,000.0						2,034.3			(5)(12)
Linden Structured Capital Fund II-A LP (11)						Limited partnership interests																								07/2024												1,470,727												1,559.0						1,479.6			(2)(5)
MAGNE 2019-24						Collaterized loan obligation						11.06%						SOFR (Q)						6.40%												04/2035												500.0						500.1						503.2			(5)(12)
MAGNE 2022-33						Collaterized loan obligation						10.17%						SOFR (Q)						5.55%												10/2037												5,875.0						5,875.0						5,995.8			(5)(12)
MAGNE 2023-36						Collaterized loan obligation						9.53%						SOFR (Q)						4.90%												04/2036												1,750.0						1,750.0						1,777.8			(5)(12)
MAGNE 2023-39						Collaterized loan obligation						9.33%						SOFR (Q)						4.90%												01/2037												637.5						637.5						640.8			(5)(12)

See accompanying notes to consolidated financial statements.

80

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
MAGNE 2024-41						Collaterized loan obligation						9.21%						SOFR (Q)						4.90%												01/2038												2,312.5						2,312.5						2,324.5			(5)(12)
MAGNE 2024-42						Collaterized loan obligation						9.31%						SOFR (Q)						5.00%												01/2038												2,125.0						2,096.8						2,136.0			(5)(12)
MAGNE 2024-44						Collaterized loan obligation						12.00%																								10/2037												4,100.0						3,690.0						3,747.7			(5)(12)
MDPK 2016-20						Collaterized loan obligation						11.23%						SOFR (Q)						6.40%												10/2037												2,727.5						2,727.5						2,770.0			(5)(12)
MDPK 2018-32						Collaterized loan obligation						11.03%						SOFR (Q)						6.40%												07/2037												4,850.0						4,850.0						4,924.3			(5)(12)
MDPK 2019-34						Collaterized loan obligation						11.15%						SOFR (Q)						6.50%												10/2037												1,700.0						1,700.0						1,729.7			(5)(12)
MDPK 2019-37						Collaterized loan obligation						11.26%						SOFR (Q)						6.60%												04/2037												1,000.0						1,000.0						1,016.1			(5)(12)
MDPK 2021-59						Collaterized loan obligation						11.03%						SOFR (Q)						6.40%												04/2037												2,250.0						2,250.0						2,282.6			(5)(12)
MDPK 2022-55						Collaterized loan obligation						10.63%						SOFR (Q)						6.00%												07/2037												1,680.0						1,680.0						1,704.8			(5)(12)
MDPK 2022-60						Collaterized loan obligation						11.13%						SOFR (Q)						6.50%												10/2037												5,625.0						5,625.0						5,745.8			(5)(12)
MDPK 2024-66						Collaterized loan obligation						9.85%						SOFR (Q)						5.50%												10/2037												2,500.0						2,500.0						2,513.0			(5)(12)
						Collaterized loan obligation						12.20%																								10/2037												2,410.0						2,336.3						2,336.3			(5)(12)
																																																						4,836.3						4,849.3
MDPK 2024-67						Collaterized loan obligation						11.43%						SOFR (Q)						6.80%												04/2037												2,500.0						2,500.0						2,571.1			(5)(12)
MDPK 2024-68						Collaterized loan obligation						9.54%						SOFR (Q)						5.10%												01/2038												2,375.0						2,375.0						2,387.4			(5)(12)
MDPK 2024-69						Collaterized loan obligation						11.58%						SOFR (Q)						6.25%												07/2037												1,500.0						1,500.0						1,543.7			(5)(12)
MidOcean CLO Equity Fund I, LP (11)						Limited partnership interest						9.00%																		10/2024												5,255,376												5,255.4						5,255.4			(5)(12)
NMC CLO-2						Collaterized loan obligation						10.06%						SOFR (Q)						5.70%												01/2038												937.5						937.5						942.4			(5)(12)
OAKC 2015-12						Collaterized loan obligation						9.60%																								04/2037												14,541.0						9,245.1						9,474.3			(5)(12)
OAKC 2016-13						Collaterized loan obligation						11.70%																								10/2037												2,920.0						2,309.7						2,341.2			(5)(12)
						Collaterized loan obligation						11.70%																								01/2030												1,400.0						1,107.4						1,122.5			(5)(12)
						Collaterized loan obligation						10.37%						SOFR (Q)						5.75%												10/2037												1,220.0						1,220.0						1,253.4			(5)(12)
																																																						4,637.1						4,717.1
OAKC 2017-15						Collaterized loan obligation						12.60%																								01/2030												3,441.5						1,978.9						1,997.7			(5)(12)
OAKC 2019-3						Collaterized loan obligation						9.51%						SOFR (Q)						5.00%												01/2038												500.0						500.0						501.4			(5)(12)
OAKC 2019-4						Collaterized loan obligation						9.34%						SOFR (Q)						4.95%												01/2038												3,640.0						3,640.0						3,658.9			(5)(12)
OAKC 2020-5						Collaterized loan obligation						12.50%																								10/2037												3,130.0						3,244.9						3,162.1			(5)(12)
OAKC 2020-6						Collaterized loan obligation						12.60%																								10/2037												2,966.0						3,399.0						3,410.9			(5)(12)
						Collaterized loan obligation						9.84%						SOFR (Q)						5.25%												10/2037												1,100.0						1,100.0						1,109.9			(5)(12)
																																																						4,499.0						4,520.8
OAKC 2021-9						Collaterized loan obligation						10.12%						SOFR (Q)						5.50%												10/2037												2,050.0						2,050.0						2,107.8			(5)(12)
						Collaterized loan obligation						13.10%																								10/2037												1,500.0						1,527.2						1,526.1			(5)(12)
																																																						3,577.2						3,633.9
OAKC 2021-16						Collaterized loan obligation						11.50%																								10/2034												1,210.0						1,069.0						1,079.9			(5)(12)
OAKC 2022-12						Collaterized loan obligation						9.62%						SOFR (Q)						5.00%												07/2036												2,000.0						2,000.0						2,038.6			(5)(12)
OAKC 2023-15						Collaterized loan obligation						9.62%						SOFR (Q)						5.00%												04/2035												2,000.0						2,000.0						2,032.6			(5)(12)

See accompanying notes to consolidated financial statements.

81

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
OAKC 2023-16						Collaterized loan obligation						8.62%						SOFR (Q)						4.00%												10/2036												2,000.0						2,000.0						2,040.6			(5)(12)
OCPA 2023-29						Collaterized loan obligation						9.35%						SOFR (Q)						5.00%												01/2036												1,000.0						1,000.0						1,005.0			(5)(12)
OCT66 2022-1						Collaterized loan obligation						12.11%						SOFR (Q)						7.62%												11/2036												937.5						944.5						958.7			(5)(12)
OHACP 2024-17						Collaterized loan obligation						9.40%						SOFR (Q)						5.00%												01/2038												3,000.0						3,000.0						3,007.6			(5)(12)
						Collaterized loan obligation						12.00%																								01/2038												2,610.0						2,479.5						2,484.7			(5)(12)
																																																						5,479.5						5,492.3
OKANAGAN 2024-1						Private asset-backed investment						12.55%						SOFR (M)						8.25%												12/2032												30,300.0						30,350.9						30,300.0			(5)(12)
PROSE 2024-3						Private asset-backed investment						8.85%																								10/2054												25,000.0						25,000.0						24,526.8			(5)(12)
PXLY 2024-1						Collaterized loan obligation						9.50%						SOFR (Q)						5.00%												01/2037												6,550.0						6,550.0						6,584.1			(5)(12)
RRAM 2022-21						Collaterized loan obligation						12.90%																								01/2123												13,070.0						9,606.2						9,613.2			(5)(12)
RRAM 2024-30						Collaterized loan obligation						12.46%																								07/2036												7,000.0						6,457.5						6,411.2			(5)(12)
RVRPK 2024-1						Collaterized loan obligation						9.15%						SOFR (Q)						4.80%												01/2038												6,500.0						6,500.0						6,516.3			(5)(12)
SIXST 2021-17						Collaterized loan obligation						11.00%																								01/2034												5,550.0						3,787.9						3,582.2			(5)(12)
SIXST 2022-21						Collaterized loan obligation						10.39%						SOFR (Q)						5.75%												10/2037												2,025.0						2,025.0						2,080.0			(5)(12)
SIXST 2024-27						Collaterized loan obligation						9.61%						SOFR (Q)						5.25%												01/2038												1,750.0						1,750.0						1,754.4			(5)(12)
SPEAK 2024-11						Collaterized loan obligation						13.48%																								07/2037												4,000.0						3,468.4						3,891.6			(5)(12)
STKPK 2022-1						Collaterized loan obligation						10.81%						SOFR (Q)						6.15%												10/2037												3,375.0						3,375.0						3,448.0			(5)(12)
SYMP 2022-33						Collaterized loan obligation						9.69%						SOFR (Q)						5.35%												01/2038												2,500.0						2,500.0						2,512.5			(5)(12)
SYMP 2022-36						Collaterized loan obligation						11.63%						SOFR (Q)						7.00%												10/2037												1,120.0						1,120.0						1,148.2			(5)(12)
SYMP 2023-40						Collaterized loan obligation						9.67%						SOFR (Q)						5.25%												01/2038												1,500.0						1,500.0						1,507.8			(5)(12)
Texas Debt Capital CLO 2024-II Ltd						Collaterized loan obligation						9.81%						SOFR (Q)						5.25%												01/2037												4,100.0						4,100.0						4,119.2			(5)(12)
THPT 2023-THL						Commercial mortgage-backed security						10.40%																								12/2034												5,000.0						4,987.5						5,021.5			(5)(12)
Tikehau Green Diamond II CFO Equity LP (11)						Private asset-backed investment						10.60%						Euribor (Q)						7.75%						12/2024												2,791,938												2,843.8						2,836.0			(5)(12)
Tikehau Ruby CLO Equity LP (11)						Private asset-backed investment						13.06%						Euribor (Q)						10.00%						03/2024												1,613,487												1,342.0						1,271.4			(5)(7)(12)
Tikehau Topaz LP (11)						Private asset-backed investment						13.57%						SOFR (Q)						9.00%						06/2024												2,562,960												2,244.4						2,247.7			(5)(7)(12)
VOYA 2022-3						Collaterized loan obligation						9.12%						SOFR (Q)						4.50%												10/2036												2,000.0						2,000.0						2,050.6			(5)(12)
VOYA 2024-1						Collaterized loan obligation						11.31%						SOFR (Q)						6.65%												04/2037												1,681.9						1,743.9						1,728.4			(5)(12)
WILDPK 2024-1						Collaterized loan obligation						10.33%						SOFR (Q)						5.75%												10/2037												1,117.5						1,117.5						1,142.6			(5)(12)
																																																						478,416.9						483,169.2						8.19		%
Consumer Distribution and Retail
Amazon Holdco Inc.						First lien senior secured loan						6.61%						SOFR (M)						2.25%												09/2031												21,270.9						21,252.7						21,182.2			(2)(5)
Barnes Group Inc.						First lien senior secured loan						7.33%						SOFR (S)						3.00%												12/2031												20,000.0						19,950.0						19,990.0
BGI Purchaser, Inc. (10)						First lien senior secured revolving loan						8.51%						SOFR (Q)						4.00%												05/2030												11,109.8						10,959.5						11,109.8			(2)(7)(12)

See accompanying notes to consolidated financial statements.

82

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						9.51%						SOFR (Q)						5.00%												05/2031												34,354.4						33,916.5						34,354.4			(2)(7)(12)
																																																						44,876.0						45,464.2
BR PJK Produce, LLC						First lien senior secured loan						10.71%						SOFR (Q)						6.25%												11/2027												2,698.2						2,668.1						2,698.2			(2)(7)(12)
						First lien senior secured loan						10.99%						SOFR (Q)						6.25%												11/2027												457.5						448.1						457.5			(7)(12)
																																																						3,116.2						3,155.7
BradyPlus Holdings, LLC (10)						First lien senior secured loan						9.52%						SOFR (M)						5.00%												10/2029												31,287.1						30,800.2						31,287.1			(2)(7)(12)
						First lien senior secured loan						9.40%						SOFR (Q)						5.00%												10/2029												198.0						190.6						198.0			(2)(7)(12)
																																																						30,990.8						31,485.1
City Line Distributors LLC and City Line Investments LLC (10)						First lien senior secured loan						10.48%						SOFR (M)						6.00%												08/2028												2,767.2						2,716.0						2,767.2			(2)(7)(12)
						Class A units						8.00% PIK																		08/2023												120,151												131.8						131.0			(2)(12)
																																																						2,847.8						2,898.2
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (10)						First lien senior secured revolving loan						8.90%						SOFR (M)						4.50%												11/2029												0.6						0.6						0.6			(2)(7)(12)
						First lien senior secured loan						10.39%						SOFR (M)						6.00%												11/2029												4,641.2						4,576.6						4,641.2			(2)(7)(12)
						Limited partnership interests																								11/2023												3,544,000												3,827.5						3,490.8			(2)(12)
																																																						8,404.7						8,132.6
LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC)						First lien senior secured loan						7.36%						SOFR (M)						3.00%												04/2031												12,889.6						12,879.9						12,941.9			(2)
Madison Safety & Flow LLC						First lien senior secured loan						7.61%						SOFR (M)						3.25%												09/2031												15,427.5						15,449.8						15,528.7			(2)
Mountaineer Merger Corporation (10)						First lien senior secured revolving loan						9.33%						SOFR (Q)						5.00%												10/2027												8,135.0						7,967.5						7,952.1			(2)(12)
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (10)						First lien senior secured revolving loan																														05/2029												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						10.75%						SOFR (M)						6.25%												05/2029												9,331.6						9,127.2						9,331.6			(2)(7)(12)
						Class B limited liability company interest																								05/2023												0.04		%										100.0						85.8			(2)(12)
																																																						9,227.2						9,417.4
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. (10)						First lien senior secured loan						9.33%						SOFR (M)						5.00%												05/2030												51,123.8						49,909.0						51,123.8			(2)(5)(7)(12)
						Class B common stock						8.00% PIK																		05/2024												2,158												2,158.0						3,833.2			(2)(5)(12)
																																																						52,067.0						54,957.0
Royal Borrower, LLC and Royal Parent, LP (10)						First lien senior secured revolving loan																														07/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.77%						SOFR (M)						5.25%												07/2030												18,605.0						18,349.3						18,326.0			(2)(7)(12)
						Class A preferred units						10.00% PIK																		07/2024												2,124,000												2,231.5						3,912.4			(12)
																																																						20,580.8						22,238.4
SCIH Salt Holdings Inc.						First lien senior secured loan						7.57%						SOFR (Q)						3.00%												01/2029												50,091.7						50,093.7						50,173.3			(2)(7)
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (10)(11)						First lien senior secured revolving loan																														01/2029												—						—						—			(2)(7)(8)(12)

See accompanying notes to consolidated financial statements.

83

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						10.50%						SOFR (Q)						6.25%												01/2029												7,693.9						7,538.2						7,463.0			(2)(7)(12)
						Common units																								01/2023												50,000												50.3						11.7			(12)
																																																						7,588.5						7,474.7
																																																						307,292.6						312,991.5						5.30		%
Materials
A-AP Buyer, Inc.						First lien senior secured loan						7.61%						SOFR (M)						3.25%												09/2031												6,032.8						6,027.5						6,070.5			(2)
Berlin Packaging L.L.C.						First lien senior secured loan						7.83%						SOFR (Q)						3.50%												06/2031												14,188.9						14,223.3						14,259.8
BW Holding, Inc.						First lien senior secured loan						8.66%						SOFR (Q)						4.00%												12/2028												14,539.6						13,359.1						12,916.0			(2)(7)
Charter Next Generation, Inc.						First lien senior secured loan						7.53%						SOFR (M)						3.00%												11/2030												46,917.4						46,988.8						47,125.2			(2)(7)
Flexsys Holdings, Inc.						First lien senior secured loan						9.84%						SOFR (Q)						5.25%												11/2028												10,169.2						9,433.8						7,754.0			(2)(7)
Meyer Laboratory, LLC and Meyer Parent, LLC (10)						First lien senior secured loan						9.61%						SOFR (M)						5.25%												02/2030												9,872.3						9,702.5						9,872.3			(2)(7)(12)
						Common units																								02/2024												169,000												169.0						185.8			(12)
																																																						9,871.5						10,058.1
Pregis TopCo LLC						First lien senior secured loan						8.36%						SOFR (M)						4.00%												07/2026												26,571.5						26,607.4						26,704.4			(2)
Quikrete Holdings, Inc.						First lien senior secured loan						6.61%						SOFR (M)						2.25%												03/2029												9,476.1						9,476.1						9,465.2			(2)
Ranpak Corp.						First lien senior secured loan						8.85%						SOFR (S)						4.50%												12/2031												8,000.0						7,920.0						7,980.0			(5)(12)
Reagent Chemical & Research, LLC (10)						First lien senior secured revolving loan																														04/2030												—						—						—			(2)(7)(8)(12)
						First lien senior secured loan						9.61%						SOFR (M)						5.25%												04/2031												49,891.9						48,990.0						49,891.9			(2)(7)(12)
																																																						48,990.0						49,891.9
Ring Container Technologies Group, LLC						First lien senior secured loan						7.11%						SOFR (M)						2.75%												08/2028												3,069.5						3,076.4						3,074.1			(7)
Touchdown Acquirer Inc.						First lien senior secured loan						7.58%						SOFR (Q)						3.25%												02/2031												2,176.3						2,171.1						2,193.3			(5)
Trident TPI Holdings, Inc.						First lien senior secured loan						8.19%						SOFR (S)						3.75%												09/2028												37,895.9						37,913.8						38,180.2			(2)(7)
USALCO, LLC (10)						First lien senior secured loan						8.36%						SOFR (M)						4.00%												09/2031												23,631.8						23,592.8						23,779.5			(2)(7)
Vobev, LLC and Vobev Holdings, LLC (10)						First lien senior secured revolving loan						9.69%						SOFR (S)						5.00%												04/2028												0.8						0.8						0.8			(2)(7)(12)
						First lien senior secured loan						13.36% PIK						SOFR (M)						9.00%												03/2025												306.1						288.0						306.1			(2)(12)
						First lien senior secured loan																														04/2028												7,702.7						7,370.8						2,310.8			(2)(12)(13)
						Warrant to purchase Class B units																								11/2023						04/2028						5,403												—						—			(12)
						Warrant to purchase ordinary shares																								04/2023						11/2033						398												—						—			(12)
																																																						7,659.6						2,617.7
																																																						267,311.2						262,069.9						4.44		%
Food and Beverage
8th Avenue Food & Provisions, Inc.						First lien senior secured loan						8.22%						SOFR (M)						3.75%												10/2025												10,278.2						10,084.7						10,023.8			(2)
						First lien senior secured loan						9.22%						SOFR (M)						4.75%												10/2025												5,777.9						5,560.9						5,633.4			(7)
																																																						15,645.6						15,657.2
Badia Spices, LLC (10)						First lien senior secured loan						9.07%						SOFR (Q)						4.50%												11/2030												128,571.4						126,384.1						126,321.4			(2)(7)(12)
Chobani, LLC						First lien senior secured loan						7.72%						SOFR (M)						3.25%												10/2027												9,063.8						9,077.9						9,127.2			(2)(7)

See accompanying notes to consolidated financial statements.

84

---

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
						First lien senior secured loan						8.11%						SOFR (M)						3.75%												10/2027												8,803.4						8,801.4						8,866.7
																																																						17,879.3						17,993.9
Demakes Borrower, LLC (10)						First lien senior secured loan						10.45%						SOFR (M)						6.00%												12/2029												11,590.2						11,350.6						11,590.2			(2)(7)(12)
Sugar PPC Buyer LLC (10)						First lien senior secured loan						9.69%						SOFR (M)						5.25%												10/2030												24,812.5						24,398.4						24,812.5			(2)(7)(12)
																																																						195,658.0						196,375.2						3.33		%
Consumer Durables and Apparel
760203 N.B. LTD. (10)						First lien senior secured loan						8.80%						CDOR (S)						5.50%												12/2030												20,323.7						19,803.8						19,815.7			(2)(5)(7)(12)
Delta 2 (Lux) Sarl						First lien senior secured loan						6.60%						SOFR (S)						2.00%												09/2031												10,336.2						10,336.2						10,351.7			(2)(5)(7)
						First lien senior secured loan						6.33%						SOFR (Q)						2.00%												09/2031												5,168.1						5,168.1						5,175.8			(5)(7)
																																																						15,504.3						15,527.5
Recess Holdings, Inc.						First lien senior secured loan						9.09%						SOFR (Q)						4.50%												02/2030												20,306.3						20,368.6						20,477.7			(2)(7)
St Athena Global LLC and St Athena Global Holdings Limited (10)						First lien senior secured revolving loan						9.84%						SOFR (Q)						5.25%												06/2029												1,071.0						1,011.4						982.4			(2)(5)(7)(12)
						First lien senior secured loan						9.95%						SONIA (M)						5.25%												06/2030												18,277.2						18,188.6						17,911.6			(2)(5)(7)(12)
						First lien senior secured loan						9.82%						SOFR (Q)						5.25%												06/2030												32,283.6						31,851.2						31,637.9			(2)(5)(7)(12)
																																																						51,051.2						50,531.9
Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP						First lien senior secured loan						8.27%						SOFR (Q)						3.75%												08/2031												71,048.4						70,749.5						71,066.2			(2)
																																																						177,477.4						177,419.0						3.01		%
Automobiles and Components
Clarios Global LP						First lien senior secured loan						6.86%						SOFR (M)						2.50%												05/2030												12,643.0						12,637.2						12,681.0			(2)
Collision SP Subco, LLC (10)						First lien senior secured revolving loan						10.09%						SOFR (Q)						5.50%												01/2030												52.9						46.8						52.9			(2)(7)(12)
						First lien senior secured loan						10.09%						SOFR (Q)						5.50%												01/2030												4,592.6						4,515.0						4,592.6			(2)(7)(12)
																																																						4,561.8						4,645.5
Dynamo US Bidco Inc.						First lien senior secured loan						8.26%						SOFR (S)						4.00%												10/2031												16,698.9						16,687.5						16,845.0			(2)(5)(12)
LTI Holdings, Inc.						First lien senior secured loan						9.11%						SOFR (M)						4.75%												07/2029												16,729.5						16,497.5						16,737.9			(2)
New ChurcHill HoldCo LLC and Victory Topco, LP (10)						First lien senior secured loan						9.83%						SOFR (Q)						5.50%												11/2029												19,535.4						19,205.7						19,535.4			(2)(7)(12)
						Class A-2 common units																								11/2023												23,290												2,329.0						3,976.0			(2)(12)
																																																						21,534.7						23,511.4
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC (10)						First lien senior secured loan						10.27%						SOFR (Q)						5.75%												02/2031												34,571.4						33,891.7						34,571.4			(2)(7)(12)
						Class A common units																								02/2024												1,072												2,636.0						2,767.7			(12)
																																																						36,527.7						37,339.1
Wand Newco 3, Inc.						First lien senior secured loan						7.61%						SOFR (M)						3.25%												01/2031												58,283.7						58,277.9						58,462.6			(2)
																																																						166,724.3						170,222.5						2.88		%
Telecommunication Services

See accompanying notes to consolidated financial statements.

85

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ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
Delta Topco, Inc.						First lien senior secured loan						8.20%						SOFR (Q)						3.50%												11/2029												24,871.0						24,877.0						25,051.3			(2)
Expereo USA, Inc. and Ristretto Bidco B.V. (10)						First lien senior secured loan						10.40%						SOFR (Q)						6.00%												12/2030												55,169.4						54,622.7						54,617.7			(2)(5)(7)(12)
QualityTech, LP						First lien senior secured loan						8.02%						SOFR (M)						3.50%												11/2031												22,000.0						21,784.3						22,055.0			(2)(5)(12)
Switch Master Holdco LLC						Private asset-backed investment						7.44%						SOFR (S)						3.00%												12/2025												20,052.0						20,052.0						20,052.0			(12)
						Private asset-backed investment						7.44%						SOFR (M)						3.00%												12/2025												14,357.8						13,937.0						13,998.8			(2)(12)
																																																						33,989.0						34,050.8
Zayo Group Holdings, Inc.						First lien senior secured loan						7.47%						SOFR (M)						3.00%												03/2027												24,912.0						22,657.9						23,282.3			(2)
																																																						157,930.9						159,057.1						2.70		%
Transportation
First Student Bidco Inc.						First lien senior secured loan						6.89%						SOFR (S)						2.50%												07/2028												27,959.6						28,059.4						27,984.5			(2)(7)
						First lien senior secured loan						6.89%						SOFR (S)						2.50%												07/2028												7,388.4						7,404.0						7,395.3			(7)
																																																						35,463.4						35,379.8
Nordic Ferry Infrastructure AS						Senior subordinated loan						9.70%						NIBOR (Q)						5.00%												11/2031												58,273.9						59,125.2						57,108.5			(2)(5)(12)
						Senior subordinated loan						7.91%						Euribor (Q)						5.00%												11/2031												57,851.7						57,908.1						56,694.7			(2)(5)(12)
																																																						117,033.3						113,803.2
																																																						152,496.7						149,183.0						2.53		%
Energy
CPPIB OVM Member U.S. LLC						First lien senior secured loan						7.58%						SOFR (Q)						3.25%												08/2031												11,213.9						11,168.5						11,284.0			(2)
Freeport LNG investments, LLLP						First lien senior secured loan						7.88%						SOFR (Q)						3.00%												11/2026												39,838.2						39,793.7						39,758.6
						First lien senior secured loan						8.38%						SOFR (Q)						3.50%												12/2028												2,000.0						2,000.0						2,007.2			(7)
																																																						41,793.7						41,765.8
HighPeak Energy, Inc.						First lien senior secured loan						11.98%						SOFR (Q)						7.50%												09/2026												22,500.0						22,178.1						22,500.0			(2)(5)(7)(12)
M6 Etx Holdings II Midco LLC						First lien senior secured loan						8.96%						SOFR (M)						4.50%												09/2029												21,619.3						21,690.0						21,692.6			(2)(7)
Par Petroleum LLC / Par Petroleum Finance Corp						First lien senior secured loan						8.33%						SOFR (Q)						3.75%												02/2030												18,593.3						18,457.9						18,523.6			(2)(7)
Prairie ECI Acquiror LP						First lien senior secured loan						8.61%						SOFR (M)						4.25%												08/2029												11,487.3						11,466.5						11,559.1			(2)
TransMontaigne Operating Company L.P.						First lien senior secured loan						7.61%						SOFR (M)						3.25%												11/2028												17,555.7						17,538.2						17,684.5			(2)(7)
																																																						144,292.9						145,009.6						2.46		%
Technology Hardware and Equipment
ConnectWise, LLC						First lien senior secured loan						8.09%						SOFR (Q)						3.50%												09/2028												46,401.4						46,406.0						46,643.2			(2)(7)
Emerald Debt Merger Sub LLC						First lien senior secured loan						6.93%						SOFR (S)						2.50%												05/2030												21,926.5						21,908.1						21,991.2			(2)
						First lien senior secured loan						6.83%						SOFR (Q)						2.50%												08/2031												20,493.6						20,455.2						20,553.5			(2)
																																																						42,363.3						42,544.7
Excelitas Technologies Corp. (10)						First lien senior secured loan						9.61%						SOFR (M)						5.25%												08/2029												32,500.0						32,500.0						32,500.0			(2)(7)(12)
FL Hawk Intermediate Holdings, Inc. (10)						First lien senior secured loan						8.83%						SOFR (Q)						4.50%												02/2030												7,853.0						7,778.1						7,853.0			(2)(7)(12)
Mirion Technologies, Inc.						First lien senior secured loan						6.58%						SOFR (Q)						2.25%												10/2028												5,149.8						5,151.6						5,164.2			(5)(7)

See accompanying notes to consolidated financial statements.

86

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ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						134,199.0						134,705.1						2.28		%
Independent Power and Renewable Electricity Producers
Alpha Generation LLC						First lien senior secured loan						7.11%						SOFR (M)						2.75%												09/2031												6,982.5						6,965.5						7,022.6
BNZ TopCo B.V. (10)						Senior subordinated loan						8.60%						Euribor (Q)						5.75%												10/2030												11,901.2						11,407.9						11,260.4			(2)(5)(7)(12)
Calpine Corp						First lien senior secured loan						6.12%						SOFR (M)						1.75%												12/2027												6,000.0						5,977.5						5,974.8
EFS Cogen Holdings I LLC						First lien senior secured loan						8.11%						SOFR (Q)						3.50%												10/2031												5,970.0						5,941.1						5,987.4			(2)(7)
Hamilton Projects Acquiror, LLC						First lien senior secured loan						8.11%						SOFR (M)						3.75%												05/2031												4,895.0						4,883.6						4,923.3			(7)
						First lien senior secured loan						7.33%						SOFR (S)						3.00%												05/2031												1,062.5						1,059.8						1,068.6
																																																						5,943.4						5,991.9
Lackawanna Energy Center LLC						First lien senior secured loan						8.61%						SOFR (M)						4.25%												08/2029												9,863.5						9,896.7						9,937.5			(2)(7)
Lightstone Holdco LLC						First lien senior secured loan						10.34%						SOFR (Q)						5.75%												01/2027												6,277.9						6,348.5						6,340.7			(7)
South Field, LLC						First lien senior secured loan						8.08%						SOFR (Q)						3.75%												08/2031												9,848.1						9,829.4						9,905.5			(2)
Talen Energy Supply LLC						First lien senior secured loan						7.02%						SOFR (Q)						2.50%												12/2031												3,500.0						3,495.6						3,508.8			(2)(5)
Thunder Generation						First lien senior secured loan						7.33%						SOFR (Q)						3.00%												10/2031												16,758.0						16,686.1						16,847.0			(2)
Watt Holdco Limited (10)						First lien senior secured loan						8.84%						Euribor (Q)						6.00%												09/2031												2,775.0						2,889.4						2,789.3			(2)(5)(7)(12)
						First lien senior secured loan						10.70%						SONIA (Q)						6.00%												09/2031												1,366.8						1,423.1						1,373.8			(2)(5)(7)(12)
																																																						4,312.5						4,163.1
																																																						86,804.2						86,939.7						1.47		%
Household and Personal Products
Silk Holdings III Corp. and Silk Holdings I Corp. (10)						First lien senior secured revolving loan						8.33%						SOFR (Q)						4.00%												05/2029												3,300.3						3,242.2						3,300.3			(2)(7)(12)
						First lien senior secured loan						9.83%						SOFR (Q)						5.50%												05/2029												38,751.2						38,009.1						38,753.1			(2)(7)(12)
						Common stock																								05/2023												100												100.0						263.3			(2)(12)
																																																						41,351.3						42,316.7
TCI Buyer LLC and TCI Holdings, LP (10)						First lien senior secured loan						9.09%						SOFR (M)						4.75%												11/2030												23,687.4						23,337.7						23,332.1			(2)(7)(12)
						Common stock																								11/2024												16,940												1,694.0						1,694.0			(2)(12)
																																																						25,031.7						25,026.1
																																																						66,383.0						67,342.8						1.14		%
Real Estate Management and Development
Pallas Funding Trust No.2 (10)						Private asset-backed investment						12.16%						BBSY (M)						7.85%												02/2027												1,323.7						1,385.8						1,323.7			(5)(12)
						Private asset-backed investment						7.45%						BBSY (M)						4.30%												10/2027												756.4						809.4						756.4			(5)(12)
																																																						2,195.2						2,080.1
Pallas NZ Funding Trust No. 1 (10)						Private asset-backed investment						11.49%						BBSY (M)						6.15%												07/2026												1,189.6						1,280.3						1,189.6			(5)(12)
Quintain Investments Holdings Limited (11)						Private asset-backed investment						11.00%																		08/2024						08/2031						31,418,350												40,675.9						39,302.8			(5)(12)
						Private asset-backed investment																								08/2024												54,289												—						—			(5)(12)
																																																						40,675.9						39,302.8

See accompanying notes to consolidated financial statements.

87

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ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands)

Company (1)						Investment						Coupon (3)						Reference (6)						Spread (3)						Acquisition Date						Maturity Date						Shares/ Units						Principal						Amortized Cost						Fair Value						% of Net Assets
																																																						44,151.4						42,572.5						0.72		%
Equity Real Estate Investment Trusts (REITs)
Iron Mountain Information Management, LLC						First lien senior secured loan						6.36%						SOFR (M)						2.00%												01/2031												9,251.1						9,217.8						9,236.6			(5)
																																																						9,217.8						9,236.6						0.16		%
Semiconductors and Semiconductor Equipment
Ultra Clean Holdings, Inc.						First lien senior secured loan						7.61%						SOFR (M)						3.25%												02/2028												5,892.1						5,892.3						5,932.6			(2)(5)
																																																						5,892.3						5,932.6						0.10		%
Gas Utilities
CQP Holdco L.P.						First lien senior secured loan						6.33%						SOFR (Q)						2.00%												12/2030												5,000.0						5,021.9						5,005.0			(5)(7)
																																																						5,021.9						5,005.0						0.08		%
Total Investments																																																						$	11,482,053.0					$	11,549,149.4		(14)			195.73		%

See accompanying notes to consolidated financial statements.

88

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Derivative Instruments

Foreign currency forward contracts

Description			Notional Amount to be Purchased						Notional Amount to be Sold						Counterparty			Settlement Date			Unrealized Appreciation / (Depreciation)
Foreign currency forward contract			$			307,682			NOK			910,877			Wells Fargo Bank, N.A.			January 24, 2025			$	2,198
Foreign currency forward contract			$			98,069			€			95,089			Canadian Imperial Bank of Commerce			January 24, 2025			941
Foreign currency forward contract			$			49,967			£			39,278			Canadian Imperial Bank of Commerce			August 16, 2027			928
Foreign currency forward contract			$			44,113			€			42,176			Wells Fargo Bank, N.A.			January 24, 2025			832
Foreign currency forward contract			$			21,351			£			16,784			Canadian Imperial Bank of Commerce			June 11, 2027			402
Foreign currency forward contract			$			20,510			CAD			27,531			Canadian Imperial Bank of Commerce			November 16, 2026			841
Foreign currency forward contract			$			20,350			CAD			29,231			Wells Fargo Bank, N.A.			January 24, 2025			9
Foreign currency forward contract			$			20,138			€			18,133			Wells Fargo Bank, N.A.			March 30, 2027			473
Foreign currency forward contract			$			18,890			£			15,184			Wells Fargo Bank, N.A.			August 21, 2026			(52)
Foreign currency forward contract			$			15,895			£			12,458			Wells Fargo Bank, N.A.			January 24, 2025			313
Foreign currency forward contract			$			8,569			£			6,582			Canadian Imperial Bank of Commerce			January 24, 2025			336
Foreign currency forward contract			$			6,165			AUD			9,518			Wells Fargo Bank, N.A.			November 17, 2026			248
Foreign currency forward contract			$			5,684			£			4,502			Canadian Imperial Bank of Commerce			March 31, 2026			69
Foreign currency forward contract			$			4,503			CAD			6,062			Canadian Imperial Bank of Commerce			June 11, 2027			138
Foreign currency forward contract			$			4,217			£			3,347			Canadian Imperial Bank of Commerce			August 21, 2026			42
Foreign currency forward contract			$			2,725			€			2,456			Canadian Imperial Bank of Commerce			March 26, 2026			116
Foreign currency forward contract			$			2,502			NOK			27,017			Canadian Imperial Bank of Commerce			March 31, 2026			128
Foreign currency forward contract			$			2,164			€			1,938			Canadian Imperial Bank of Commerce			May 22, 2026			100
Foreign currency forward contract			$			1,552			€			1,396			Wells Fargo Bank, N.A.			December 17, 2027			17
Foreign currency forward contract			$			1,525			€			1,396			Wells Fargo Bank, N.A.			December 17, 2026			19
Foreign currency forward contract			$			1,422			€			1,312			Wells Fargo Bank, N.A.			January 17, 2025			63
Foreign currency forward contract			$			1,390			AUD			2,097			Canadian Imperial Bank of Commerce			February 18, 2026			87
Foreign currency forward contract			$			1,328			NZD			2,178			Canadian Imperial Bank of Commerce			July 17, 2026			92
Foreign currency forward contract			$			1,294			AUD			1,960			Canadian Imperial Bank of Commerce			September 30, 2026			77
Foreign currency forward contract			$			1,017			CAD			1,391			Wells Fargo Bank, N.A.			November 16, 2026			24
Foreign currency forward contract			$			972			€			858			Canadian Imperial Bank of Commerce			March 30, 2027			42
Foreign currency forward contract			$			874			£			720			Wells Fargo Bank, N.A.			March 31, 2026			(25)
Foreign currency forward contract			$			747			€			698			Wells Fargo Bank, N.A.			December 17, 2025			10
Foreign currency forward contract			$			583			£			480			Wells Fargo Bank, N.A.			March 31, 2025			(17)
Foreign currency forward contract			$			482			€			440			Canadian Imperial Bank of Commerce			March 26, 2025			26
Foreign currency forward contract			$			81			€			72			Canadian Imperial Bank of Commerce			March 31, 2026			3
Foreign currency forward contract			$			51			€			45			Canadian Imperial Bank of Commerce			March 31, 2025			3
Foreign currency forward contract			$			50			€			45			Canadian Imperial Bank of Commerce			June 30, 2025			3
Foreign currency forward contract			$			50			€			45			Canadian Imperial Bank of Commerce			September 30, 2025			3
Foreign currency forward contract			$			49			€			44			Canadian Imperial Bank of Commerce			December 29, 2025			3
Foreign currency forward contract			$			45			€			43			Canadian Imperial Bank of Commerce			January 10, 2025			—
Foreign currency forward contract			$			39			NZD			62			Canadian Imperial Bank of Commerce			January 17, 2025			3
Foreign currency forward contract			$			37			NZD			60			Canadian Imperial Bank of Commerce			April 17, 2025			3
Foreign currency forward contract			$			37			NZD			59			Canadian Imperial Bank of Commerce			July 17, 2025			2
Foreign currency forward contract			$			35			NZD			55			Canadian Imperial Bank of Commerce			October 17, 2025			2
Foreign currency forward contract			$			34			NZD			54			Canadian Imperial Bank of Commerce			January 20, 2026			2
Foreign currency forward contract			$			33			NZD			52			Canadian Imperial Bank of Commerce			April 17, 2026			2
Total																					$	8,506

Interest rate swaps

Description			Hedged Item			Company Receives			Company Pays			Counterparty			Maturity Date			Notional Amount			Fair Value			Upfront Payments/Receipts			Change in Unrealized Appreciation / (Depreciation)
Interest rate swap			March 2028 Notes			5.700		%	SOFR +1.649%			Wells Fargo Bank, N.A.			03/15/2028			$	1,000,000		$	(1,505)		$	—		$	(1,505)
Interest rate swap			August 2029 Notes			6.350		%	SOFR +2.208%			Wells Fargo Bank, N.A.			08/15/2029			700,000			926			—			926
Interest rate swap			February 2030 Notes			5.600		%	SOFR +2.302%			Wells Fargo Bank, N.A.			02/15/2030			750,000			(28,019)			—			(28,019)
Total																		$	2,450,000		$	(28,598)		$	—		$	(28,598)

________________________________________

See accompanying notes to consolidated financial statements.

89

---

(1)Ares Strategic Income Fund’s (together with its consolidated wholly owned subsidiaries, the “Fund”) portfolio company investments, which as of December 31, 2024 represented 196% of the Fund’s net assets or 95% of the Fund’s total assets, may be subject to legal restrictions on sales.

(2)These assets are pledged as collateral under the Fund’s or the Fund’s consolidated subsidiaries’ various revolving credit facilities and debt securitization and, as a result, are not directly available to the creditors of the Fund to satisfy any obligations of the Fund other than the obligations under each of the respective facilities and debt securitization (see Note 5).

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

(4)As defined in the Investment Company Act, the Fund is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2024 in which the issuer was an Affiliated Person of the Fund (but not a portfolio company that the Fund is deemed to Control) are as follows:

For the Year Ended December 31, 2024																																																						As of December 31, 2024
(in thousands) Company						Purchases (cost)						Redemptions (cost)						Sales (cost)						Interest income						Dividend income						Other income						Net realized gains (losses)						Net  unrealized gains (losses)						Fair Value
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP						$	49,924.7					$	85.2					$	—					$	1,660.9					$	—					$	60.7					$	1.0					$	1,691.4					$	51,574.0
OPH NEP Investment, LLC						30,771.7						—						—						2,377.0						—						—						—						2,528.7						35,019.4
						$	80,696.4					$	85.2					$	—					$	4,037.9					$	—					$	60.7					$	1.0					$	4,220.1					$	86,593.4

(5)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). Under the Investment Company Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. Pursuant to Section 55(a) of the Investment Company Act, 23% of the Fund's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of December 31, 2024.

(6)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.

(7)Loan includes interest rate floor feature.

    

(8)As of December 31, 2024, no amounts were funded by the Fund under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(9)As of December 31, 2024, in addition to the amounts funded by the Fund under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(10)As of December 31, 2024, the Fund had the following commitments to fund various revolving and delayed draw senior secured loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments related to certain portfolio companies.

See accompanying notes to consolidated financial statements.

90

---

(in thousands) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Fund			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
3 Step Sports LLC			$	13,584.9		$	—		$	13,584.9		$	—		$	—		$	13,584.9
760203 N.B. LTD.			4,260.3			—			4,260.3			—			—			4,260.3
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.			1,122.1			—			1,122.1			—			—			1,122.1
Actfy Buyer, Inc.			15,000.0			—			15,000.0			—			—			15,000.0
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP			1,056.3			—			1,056.3			—			—			1,056.3
ADMA Biologics Inc.			1.0			(0.6)			0.4			—			—			0.4
Aduro Advisors, LLC			16,461.7			—			16,461.7			—			—			16,461.7
Aerin Medical Inc.			7,022.1			—			7,022.1			—			—			7,022.1
AI Titan Parent, Inc.			17,304.7			—			17,304.7			—			—			17,304.7
Airx Climate Solutions, Inc.			14,342.0			—			14,342.0			—			—			14,342.0
Alcami Corporation			547.9			(41.1)			506.8			—			—			506.8
Aldinger Company Inc			5,854.1			—			5,854.1			—			—			5,854.1
AMCP Clean Acquisition Company, LLC			3,386.3			—			3,386.3			—			—			3,386.3
Amerivet Partners Management, Inc. and AVE Holdings LP			3,393.9			—			3,393.9			—			—			3,393.9
Amethyst Radiotherapy Group B.V.			2,070.9			—			2,070.9			—			—			2,070.9
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC			38,389.1			(1,458.5)			36,930.6			—			—			36,930.6
Aptean, Inc. and Aptean Acquiror Inc.			5,819.7			—			5,819.7			—			—			5,819.7
ArchKey Holdings Inc.			2,081.6			—			2,081.6			—			—			2,081.6
Artifact Bidco, Inc.			10,426.1			—			10,426.1			—			—			10,426.1
Artivion, Inc.			18,115.7			(1,983.0)			16,132.7			—			—			16,132.7
Avalign Holdings, Inc. and Avalign Technologies, Inc.			3,440.4			(1,032.1)			2,408.3			—			—			2,408.3
Badia Spices, LLC			21,428.6			—			21,428.6			—			—			21,428.6
Bamboo US BidCo LLC			9,286.2			—			9,286.2			—			—			9,286.2
BCPE Pequod Buyer, Inc.			8,673.6			—			8,673.6			—			—			8,673.6
BGI Purchaser, Inc.			33,329.5			(11,109.8)			22,219.7			—			—			22,219.7
BGIF IV Fearless Utility Services, Inc.			22,688.7			(520.4)			22,168.3			—			—			22,168.3
BNZ TopCo B.V.			20,140.5			—			20,140.5			—			—			20,140.5
Bobcat Purchaser, LLC and Bobcat Topco, L.P.			1,595.7			—			1,595.7			—			—			1,595.7
BradyPlus Holdings, LLC			722.7			—			722.7			—			—			722.7
Broadcast Music, Inc.			5,384.6			—			5,384.6			—			—			5,384.6
Bumble Bidco Limited			3,127.4			—			3,127.4			—			—			3,127.4
Cannon Bridge Designated Activity Company			6,212.7			(1,445.5)			4,767.2			—			—			4,767.2
CBTS TopCo, L.P. and CBTS Borrower, LLC			1,900.0			—			1,900.0			—			—			1,900.0
Celnor Group Limited			1,520.0			—			1,520.0			—			—			1,520.0
Centralsquare Technologies, LLC and Supermoose Newco, Inc.			4,310.3			(97.1)			4,213.2			—			—			4,213.2
Cezanne Bidco			2,041.6			—			2,041.6			—			—			2,041.6
Chillaton Bidco Limited			2,548.0			—			2,548.0			—			—			2,548.0
City Line Distributors LLC and City Line Investments LLC			1.5			—			1.5			—			—			1.5
Cliffwater LLC			1,470.6			—			1,470.6			—			—			1,470.6
Collision SP Subco, LLC			1,383.6			(52.9)			1,330.7			—			—			1,330.7
Coupa Holdings, LLC and Coupa Software Incorporated			410.8			—			410.8			—			—			410.8
CPIG Holdco Inc.			1.0			(0.5)			0.5			—			—			0.5
Cradle Lux Bidco S.A.R.L.			4,455.2			—			4,455.2			—			—			4,455.2
Creek Parent, Inc. and Creek Feeder, L.P.			21,965.8			—			21,965.8			—			—			21,965.8
Databricks, Inc.			721.3			—			721.3			—			—			721.3
Davidson Hotel Company LLC			3,456.0			(593.2)			2,862.8			—			—			2,862.8
Demakes Borrower, LLC			3,292.7			—			3,292.7			—			—			3,292.7
Diamond Mezzanine 24 LLC			18,750.0			(3,750.0)			15,000.0			—			—			15,000.0
Diligent Corporation			12,896.5			(53.5)			12,843.0			—			—			12,843.0
Dorado Bidco, Inc.			7,519.8			(9.5)			7,510.3			—			—			7,510.3
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP			23,318.6			—			23,318.6			—			—			23,318.6
DP Flores Holdings, LLC			22,210.7			—			22,210.7			—			—			22,210.7
DriveCentric Holdings, LLC			2,346.3			—			2,346.3			—			—			2,346.3

See accompanying notes to consolidated financial statements.

91

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(in thousands) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Fund			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
Drogon Bidco Inc. & Drogon Aggregator LP			16,519.3			—			16,519.3			—			—			16,519.3
Duraserv LLC			8,426.8			—			8,426.8			—			—			8,426.8
Echo Purchaser, Inc.			8,750.0			(2,704.5)			6,045.5			—			—			6,045.5
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc.			30,382.5			—			30,382.5			—			—			30,382.5
Edmunds Govtech, Inc.			4,224.4			(301.4)			3,923.0			—			—			3,923.0
Empower Payments Investor, LLC			2,674.4			—			2,674.4			—			—			2,674.4
Envisage Management Ltd			3,475.3			—			3,475.3			—			—			3,475.3
Eternal Aus Bidco Pty Ltd			919.8			—			919.8			—			—			919.8
Excel Fitness Consolidator LLC			1,068.6			—			1,068.6			—			—			1,068.6
Excelitas Technologies Corp.			32,500.0			—			32,500.0			—			—			32,500.0
Expereo USA, Inc. and Ristretto Bidco B.V.			19,830.6			—			19,830.6			—			—			19,830.6
Fever Labs, Inc.			20,625.7			(5,974.0)			14,651.7			—			—			14,651.7
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.			2,349.6			—			2,349.6			—			—			2,349.6
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP			22,080.8			(2,404.9)			19,675.9			—			—			19,675.9
FL Hawk Intermediate Holdings, Inc.			726.1			—			726.1			—			—			726.1
Flint OpCo, LLC			4,020.5			—			4,020.5			—			—			4,020.5
FlyWheel Acquireco, Inc.			1,607.1			(1,071.4)			535.7			—			—			535.7
Focus Financial Partners, LLC			3,394.5			—			3,394.5			—			—			3,394.5
GC Waves Holdings, Inc.			16,548.1			—			16,548.1			—			—			16,548.1
Generator US Buyer, Inc.			2,553.0			—			2,553.0			—			—			2,553.0
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.			8,216.8			—			8,216.8			—			—			8,216.8
Global Music Rights, LLC			13,645.8			(1,364.6)			12,281.2			—			—			12,281.2
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC			3,082.9			—			3,082.9			—			—			3,082.9
GSV Purchaser, Inc.			28,221.5			—			28,221.5			—			—			28,221.5
GTCR Everest Borrower, LLC			1,659.6			—			1,659.6			—			—			1,659.6
GTCR F Buyer Corp. and GTCR (D) Investors LP			5,837.5			—			5,837.5			—			—			5,837.5
Guidepoint Security Holdings, LLC			2,659.5			—			2,659.5			—			—			2,659.5
Hakken Midco B.V.			812.5			—			812.5			—			—			812.5
Hanger, Inc.			7,564.0			—			7,564.0			—			—			7,564.0
Harbourvest Global Private Equity Limited			65,000.0			(26,000.0)			39,000.0			—			—			39,000.0
Helios Service Partners, LLC and Astra Service Partners, LLC			5,632.4			(0.2)			5,632.2			—			—			5,632.2
Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc.			3,277.7			—			3,277.7			—			—			3,277.7
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP			256.5			(0.6)			255.9			—			—			255.9
HP RSS Buyer, Inc.			4,279.0			—			4,279.0			—			—			4,279.0
HPCC Parent, Inc. and Patriot Container Corp.			6,155.1			—			6,155.1			—			—			6,155.1
HuFriedy Group Acquisition LLC			7,991.8			(213.1)			7,778.7			—			—			7,778.7
Hyland Software, Inc.			1,102.9			(58.8)			1,044.1			—			—			1,044.1
Icefall Parent, Inc.			735.5			—			735.5			—			—			735.5
IFH Franchisee Holdings, LLC			27,513.7			(11,194.0)			16,319.7			—			—			16,319.7
IGEA BIDCO S.P.A			904.0			—			904.0			—			—			904.0
Indigo Acquisition B.V.			538.7			—			538.7			—			—			538.7
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P.			17,461.7			(56.8)			17,404.9			—			—			17,404.9
Internet Truckstop Group LLC			1,990.0			—			1,990.0			—			—			1,990.0
Keystone Agency Partners LLC			3,369.5			(58.8)			3,310.7			—			—			3,310.7
Kings Buyer, LLC			1,529.3			(382.3)			1,147.0			—			—			1,147.0
KPS Global LLC and Cool Group LLC			3,073.6			—			3,073.6			—			—			3,073.6
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP			13,171.4			—			13,171.4			—			—			13,171.4
Legends Hospitality Holding Company, LLC and ASM Buyer, Inc.			4,803.5			(806.4)			3,997.1			—			—			3,997.1
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.			182.2			—			182.2			—			—			182.2
Lightbeam Bidco, Inc.			2,150.8			(0.3)			2,150.5			—			—			2,150.5
LivTech Purchaser, Inc.			5,538.2			—			5,538.2			—			—			5,538.2

See accompanying notes to consolidated financial statements.

92

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(in thousands) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Fund			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
Magellan Topco			172.6			—			172.6			—			—			172.6
Mai Capital Management Intermediate LLC			4,611.3			(222.9)			4,388.4			—			—			4,388.4
Medlar Bidco Limited			76,698.1			—			76,698.1			—			—			76,698.1
Metatiedot Bidco OY and Metatiedot US, LLC			3,304.1			(200.2)			3,103.9			—			—			3,103.9
Meyer Laboratory, LLC and Meyer Parent, LLC			5,027.9			—			5,027.9			—			—			5,027.9
Mountaineer Merger Corporation			11,254.0			(8,135.0)			3,119.0			—			—			3,119.0
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC			5,526.3			(206.5)			5,319.8			—			—			5,319.8
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc.			7,861.5			—			7,861.5			—			—			7,861.5
Netsmart, Inc. and Netsmart Technologies, Inc.			22,120.1			—			22,120.1			—			—			22,120.1
New ChurcHill HoldCo LLC and Victory Topco, LP			12,959.1			—			12,959.1			—			—			12,959.1
Next Holdco, LLC			1,697.6			—			1,697.6			—			—			1,697.6
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC			6,146.2			(234.5)			5,911.7			—			—			5,911.7
North Haven Stack Buyer, LLC			5.0			—			5.0			—			—			5.0
North Star Acquisitionco, LLC and Toucan Bidco Limited			2,550.0			—			2,550.0			—			—			2,550.0
Northwinds Holding, Inc. and Northwinds Services Group LLC			10,936.9			(250.0)			10,686.9			—			—			10,686.9
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP			4,092.4			(223.2)			3,869.2			—			—			3,869.2
Orange Barrel Media, LLC/IKE Smart City, LLC			3,284.7			—			3,284.7			—			—			3,284.7
Pallas Funding Trust No.2			353.7			—			353.7			—			—			353.7
Pallas NZ Funding Trust No. 1			1,189.6			(1,189.6)			—			—			—			—
Paragon 28, Inc. and Paragon Advanced Technologies, Inc.			7,072.4			(0.5)			7,071.9			—			—			7,071.9
Paris US Holdco, Inc. & 1001028292 Ontario Inc.			22,095.5			—			22,095.5			—			—			22,095.5
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			4,783.5			—			4,783.5			—			—			4,783.5
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC			4,266.7			—			4,266.7			—			—			4,266.7
PCS MidCo, Inc. and PCS Parent, L.P.			3,088.6			(238.6)			2,850.0			—			—			2,850.0
PestCo Holdings, LLC and PestCo, LLC			2,463.4			—			2,463.4			—			—			2,463.4
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc.			7,139.2			—			7,139.2			—			—			7,139.2
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc.			9,091.5			(475.5)			8,616.0			—			—			8,616.0
Premiere Buyer, LLC			7,905.4			—			7,905.4			—			—			7,905.4
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC			2.0			(2.0)			—			—			—			—
PSC Parent, Inc.			17,758.5			(6,017.6)			11,740.9			—			—			11,740.9
PYE-Barker Fire & Safety, LLC			38,875.6			(1,085.7)			37,789.9			—			—			37,789.9
QBS Parent, Inc.			1,490.5			—			1,490.5			—			—			1,490.5
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P.			16,344.1			—			16,344.1			—			—			16,344.1
Raven Acquisition Holdings, LLC			7,993.5			—			7,993.5			—			—			7,993.5
Reagent Chemical & Research, LLC			8,783.8			(416.4)			8,367.4			—			—			8,367.4
RFS Opco LLC			7,500.0			—			7,500.0			—			—			7,500.0
Royal Borrower, LLC and Royal Parent, LP			14,506.8			(282.5)			14,224.3			—			—			14,224.3
Runway Bidco, LLC			699.8			—			699.8			—			—			699.8
RWA Wealth Partners, LLC			7,610.0			—			7,610.0			—			—			7,610.0
Sapphire Software Buyer, Inc.			6,818.3			—			6,818.3			—			—			6,818.3
Severin Acquisition, LLC			38,323.2			—			38,323.2			—			—			38,323.2
SIG Parent Holdings, LLC			17,108.8			—			17,108.8			—			—			17,108.8
Signia Aerospace, LLC			2,153.8			—			2,153.8			—			—			2,153.8
Silk Holdings III Corp. and Silk Holdings I Corp.			5,940.6			(3,300.3)			2,640.3			—			—			2,640.3
Solar Bidco Limited			1,040.7			—			1,040.7			—			—			1,040.7
Spaceship Purchaser, Inc.			35,017.2			—			35,017.2			—			—			35,017.2
Spark Purchaser, Inc.			2,702.7			—			2,702.7			—			—			2,702.7

See accompanying notes to consolidated financial statements.

93

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(in thousands) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Fund			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
St Athena Global LLC and St Athena Global Holdings Limited			5,783.6			(1,071.0)			4,712.6			—			—			4,712.6
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC			1,914.5			—			1,914.5			—			—			1,914.5
Sugar PPC Buyer LLC			5,314.4			—			5,314.4			—			—			5,314.4
Sunbit Receivables Trust IV			2,700.0			(1,620.0)			1,080.0			—			—			1,080.0
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P.			38,101.9			—			38,101.9			—			—			38,101.9
Superman Holdings, LLC			18,589.5			—			18,589.5			—			—			18,589.5
Supplying Demand, Inc.			18,643.7			—			18,643.7			—			—			18,643.7
SV Newco 2, Inc.			16,259.6			(35.6)			16,224.0			—			—			16,224.0
TCI Buyer LLC and TCI Holdings, LP			18,204.8			—			18,204.8			—			—			18,204.8
The Hiller Companies, LLC			9,245.6			(137.6)			9,108.0			—			—			9,108.0
Transit Technologies LLC			6,332.0			—			6,332.0			—			—			6,332.0
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC			7,531.4			—			7,531.4			—			—			7,531.4
Truist Insurance Holdings, LLC			4,792.2			—			4,792.2			—			—			4,792.2
TSS Buyer, LLC			1,748.8			—			1,748.8			—			—			1,748.8
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP			6,742.4			(228.9)			6,513.5			—			—			6,513.5
UP Intermediate II LLC and UPBW Blocker LLC			2,210.2			(70.7)			2,139.5			—			—			2,139.5
USALCO, LLC			2,434.8			—			2,434.8			—			—			2,434.8
Vantage Data Centers Europe S.a r.l.			1,659.6			—			1,659.6			—			—			1,659.6
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC			15,299.6			(2,616.1)			12,683.5			—			—			12,683.5
Victors Purchaser, LLC and WP Victors Co-Investment, L.P.			18,651.0			(1,012.6)			17,638.4			—			—			17,638.4
Viper Bidco, Inc.			4,259.3			—			4,259.3			—			—			4,259.3
Vobev, LLC and Vobev Holdings, LLC			604.5			(0.8)			603.7			—			(603.5)			0.2
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC			22,325.9			(7,238.7)			15,087.2			—			—			15,087.2
Watt Holdco Limited			606.8			—			606.8			—			—			606.8
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.			194.6			—			194.6			—			—			194.6
Wellington Bidco Inc. and Wellington TopCo LP			18,826.7			(1,189.7)			17,637.0			—			—			17,637.0
Wellington-Altus Financial Inc.			1,115.3			—			1,115.3			—			—			1,115.3
World Insurance Associates, LLC and World Associates Holdings, LLC			7,927.6			—			7,927.6			—			—			7,927.6
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			847.5			(56.8)			790.7			—			—			790.7
WRE Sports Investments LLC			8,806.7			—			8,806.7			—			—			8,806.7
Zinc Buyer Corporation			19,265.6			—			19,265.6			—			—			19,265.6
			$	1,669,133.3		$	(112,499.3)		$	1,556,634.0		$	—		$	(603.5)		$	1,556,030.5

See accompanying notes to consolidated financial statements.

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(11)As of December 31, 2024, the Fund was party to agreements to fund equity investment commitments as follows:

(in thousands) Portfolio Company			Total equity commitments			Less: funded equity commitments			Total unfunded equity commitments			Less: equity commitments substantially at discretion of the Fund						Total net unfunded equity commitments
Constellation Wealth Capital Fund, L.P.			$	3,813.5		$	(1,935.7)		$	1,877.8		$	—					$	1,877.8
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP			213.5			—			213.5			—						213.5
GTCR F Buyer Corp. and GTCR (D) Investors LP			23.1			—			23.1			—						23.1
Linden Structured Capital Fund II-A LP			2,572.9			(1,470.7)			1,102.2			—						1,102.2
MidOcean CLO Equity Fund I, LP			1,075.0			—			1,075.0			—						1,075.0
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			3.6			—			3.6			—						3.6
Quintain Investments Holdings Limited			9,962.0			—			9,962.0			—						9,962.0
Tikehau Green Diamond II CFO Equity LP			2,448.1			—			2,448.1			—						2,448.1
Tikehau Ruby CLO Equity LP			357.2			—			357.2			—						357.2
Tikehau Topaz LP			977.0			—			977.0			—						977.0
Wellington-Altus Financial Inc.			2,768.1			—			2,768.1			—						2,768.1
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			5.6			—			5.6			—						5.6
			$	24,219.6		$	(3,406.4)		$	20,813.2		$	—					$	20,813.2

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

(13)Loan was on non-accrual status as of December 31, 2024.

(14)As of December 31, 2024, the estimated net unrealized gain for federal tax purposes was approximately $67.1 million based on a tax cost basis of approximately $11.5 billion. As of December 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $194.1 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $127.0 million.

See accompanying notes to consolidated financial statements.

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ARES STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(in thousands)

(unaudited)

			For the Three Months Ended September 30,																					For the Nine Months Ended September 30,
			2025						2024																					2025						2024
Operations:
Net investment income			$	197,939					$	97,223																				$	515,345					$	209,574
Net realized gains			12,469						3,840																					1,443						12,050
Net unrealized gains (losses)			32,239						(2,528)																					57,251						26,400
Net increase in net assets resulting from operations			242,647						98,535																					574,039						248,024
Distributions to shareholders:
Class I			(177,184)						(80,548)																					(462,776)						(180,449)
Class S			(25,015)						(14,085)																					(67,065)						(34,183)
Class D			(16,522)						(3,338)																					(40,530)						(6,664)
Net decrease in net assets from distributions			(218,721)						(97,971)																					(570,371)						(221,296)
Share transactions:
Class I:
Proceeds from shares sold			1,496,730						843,258																					3,482,147						2,242,628
Share transfers between classes			(2,794)						843																					2,469						843
Distributions reinvested			44,396						17,373																					132,122						42,596
Repurchased shares, net of early repurchase deduction			(59,456)						(1,586)																					(199,805)						(11,836)
Net increase in net assets from share transactions			1,478,876						859,888																					3,416,933						2,274,231
Class S:
Proceeds from shares sold			135,184						92,662																					425,456						389,045
Share transfers between classes			(1,719)						(2,541)																					(6,982)						(3,196)
Distributions reinvested			6,911						3,183																					17,915						6,363
Repurchased shares, net of early repurchase deduction			(6,770)						(2,037)																					(23,982)						(2,295)
Net increase in net assets from share transactions			133,606						91,267																					412,407						389,917
Class D:
Proceeds from shares sold			105,430						121,218																					440,502						154,936
Share transfers between classes			4,513						1,698																					4,513						2,353
Distributions reinvested			6,629						608																					14,935						1,189
Repurchased shares, net of early repurchase deduction			(14,689)						—																					(31,683)						—
Net increase in net assets from share transactions			101,883						123,524																					428,267						158,478
Total increase in net assets			1,738,291						1,075,243																					4,261,275						2,849,354
Net assets, beginning of period			8,423,680						3,535,503																					5,900,696						1,761,392
Net assets, end of period			$	10,161,971					$	4,610,746																				$	10,161,971					$	4,610,746

See accompanying notes to consolidated financial statements.

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ARES STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands)

(unaudited)

			For the Nine Months Ended September 30,
			2025						2024
OPERATING ACTIVITIES:
Net increase in net assets resulting from operations			$	574,039					$	248,024
Adjustments to reconcile net increase in net assets resulting from operations:
Net realized gains on investments and foreign currency transactions			(1,443)						(12,050)
Net unrealized gains on investments and foreign currency transactions			(57,251)						(26,400)
Net gains on interest rate swaps accounted for as hedge instruments and the related hedged items			(1,878)						(242)
Net accretion of discount on investments			(23,864)						(10,851)
PIK interest			(47,101)						(12,462)
Collections of PIK interest			141						—
PIK dividends			(10,582)						(2,776)
Collections of PIK dividends			2,510						—
Amortization of debt issuance costs			12,213						4,525
Accretion of discount on notes payable			4,850						262
Amortization of offering costs			1,376						3,361
Purchases of investments			(12,809,756)						(5,916,801)
Proceeds from repayments or sales of investments			4,284,551						1,704,640
Changes in operating assets and liabilities:
Interest receivable			(13,568)						(36,253)
Other assets			(47,271)						(5,202)
Base management fee payable			4,188						7,321
Income based fee payable			12,122						7,970
Capital gains incentive fee payable			7,332						4,750
Interest and facility fees payable			4,950						18,118
Interest rate swap collateral payable			64,020						—
Accounts payable and other liabilities			12,496						39,009
Net cash used in operating activities			(8,027,926)						(3,985,057)
FINANCING ACTIVITIES:
Borrowings on debt			11,015,566						3,665,832
Repayments of debt			(6,740,040)						(2,240,190)
Debt issuance costs			(45,879)						(25,758)
Net proceeds from issuance of common shares			4,348,105						2,786,609
Repurchased shares, net of early repurchase deduction			(255,470)						(14,131)
Distributions to shareholders			(372,218)						(149,029)
Secured borrowing, net			240,320						—
Net cash provided by financing activities			8,190,384						4,023,333
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			162,458						38,276
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD			170,427						57,972
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD			$	332,885					$	96,248
Supplemental Information:
Interest paid during the period			$	278,422					$	71,040
Distributions declared and payable during the period			$	570,371					$	221,296

See accompanying notes to consolidated financial statements.

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ARES STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2025

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

for example, with the word “million” or otherwise)

(unaudited)

1. ORGANIZATION

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

 

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

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

Beginning in November 2022 and ending on January 30, 2023, the Fund entered into agreements with several investors pursuant to which such investors committed to purchase the Fund’s Class I shares (the “Private Placement”). The Private Placement was conducted pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D promulgated under the Securities Act and was thus exempt from registration under the Securities Act as it was made only to investors (or advisors and/or managers of such investors) with whom the Fund’s investment adviser had substantive pre-existing relationships, as each of such investors (or such investor’s advisors and/or managers) was known by the Fund’s investment adviser (or persons acting on the Fund’s investment adviser's behalf ) due to a prior investment relationship with entities affiliated with Ares Management, and who are “accredited investors” pursuant to Rule 501(a) under the Securities Act.

Pursuant to such agreements entered into between the Fund and each investor in connection with the Private Placement, the investors participating in the Private Placement (the “Private Placement Investors”) committed to purchase Class I shares at an initial offering price of $25.00 per share, to be adjusted following the initial drawdown of such Private Placement Investors’ subscriptions to a price equal to the net asset value (“NAV”) per share as of the most recently completed month-end prior to the date of such drawdown.

The Fund commenced operations on December 5, 2022, and on April 17, 2023 was granted an exemptive relief order from the Securities and Exchange Commission (the “SEC”) that permits the Fund to offer to sell any combination of three

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classes of its common shares, including Class S shares, Class D shares and Class I shares (“Common Shares”). The Fund publicly offers its Common Shares on a continuous basis, pursuant to an offering registered with the SEC (the “Offering”). The share classes have different ongoing shareholder servicing and/or distribution fees. Prior to receiving the exemptive relief order, the Fund only offered and sold Class I shares and did not offer any Class S shares or Class D shares. The purchase price per share for each class of Common Shares equals the Fund’s NAV per share, as of the day preceding the effective date of the monthly share purchase. The Offering is a “best efforts” offering, which means that Ares Wealth Management Solutions, LLC (“AWMS”), the intermediary manager for the Offering and an affiliate of the Fund’s investment adviser, will use its best efforts to sell Common Shares, but is not obligated to purchase or sell any specific amount of Common Shares. The Fund also engages in offerings of its unregistered Common Shares to non-U.S. investors pursuant to Section 4(a)(2) of the Securities Act and Regulation S promulgated under the Securities Act.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

 

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

Interim financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The interim period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2025.

The Fund reclassified certain prior period amounts in the accompanying consolidated statement of assets and liabilities and consolidated statement of operations to conform to its current period presentation. The Fund separately disclosed “interest rate swap collateral payable” and “deferred tax liabilities” from “accounts payable and other liabilities” in the accompanying consolidated statement of assets and liabilities. In addition, the Fund separately disclosed “net change in deferred tax liabilities” from “net unrealized gains (losses) from investments” in the accompanying consolidated statement of operations. These reclassifications had no impact on prior periods’ net income or net assets.

Cash, Cash Equivalents and Restricted Cash

 

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

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

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

			As of
			September 30, 2025						December 31, 2024
Cash and cash equivalents			$	264,215					$	165,777
Restricted cash			68,670						4,650
Total cash, cash equivalents and restricted cash			$	332,885					$	170,427

Concentration of Credit Risk

 

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

 

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Investments

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

Pursuant to Rule 2a-5 under the Investment Company Act, the Fund's board of trustees designated the Fund’s investment adviser as the Fund’s valuation designee (the “Valuation Designee”) to perform fair value determinations for investments held by the Fund without readily available market quotations, subject to the oversight of the Fund’s board of trustees. All investments are recorded at their fair value.

 

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued monthly at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Fund’s board of trustees, based on, among other things, the input of the Fund’s independent third-party valuation providers (“IVPs”) that have been engaged to support the valuation of such portfolio investments monthly, beginning as of the third quarter after origination (with certain de minimis exceptions) and under the valuation policy and a consistently applied valuation process. In addition, the Fund’s independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, the Fund’s valuation process within the context of performing the Fund’s financial statement audit.

 

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

 

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

The Valuation Designee, subject to the oversight of the Fund’s board of trustees, undertakes a multi‑step valuation process each quarter, as described below:

•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.

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

•When a portfolio investment is reviewed by an IVP:

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

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

◦The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations.

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

 

When the Valuation Designee determines the Fund’s NAV as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee updates the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Valuation Designee will generally value such assets at the most recent quarterly valuation unless the Valuation Designee determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Valuation Designee determines such a change has occurred with respect to one or more investments, the Valuation Designee will determine whether to update the value for each relevant investment. See Note 8 for more information on the Fund’s valuation process.

 

Interest Income Recognition

 

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Fund’s tax treatment as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions for the year the income was earned, even though the Fund has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.

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

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

Dividend Income Recognition 

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

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Other Income

 

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

Foreign Currency Translation

 

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

 

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

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

 

Results of operations based on changes in foreign exchange rates are separately disclosed in the consolidated statement of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. 

Derivative Instruments

 

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

Offering Expenses

 

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

Debt Issuance Costs

 

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

Secured Borrowing

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

Income Taxes

 

The Fund has elected to be treated as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Fund must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment

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company taxable income, as defined by the Code, for each year. The Fund has made and intends to continue to make the requisite distributions to its shareholders, which will generally relieve the Fund from U.S. federal corporate-level income taxes.

 

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

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

Distributions

To the extent that the Fund has taxable income available, the Fund intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the sole discretion of the board of trustees and will depend on the Fund’s earnings, financial condition, maintenance of the Fund’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the board of trustees may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including shareholder servicing and/or distribution fees, if any.

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

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting (“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 Consolidated Financial Statements

 

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the valuation of investments.

Recent Accounting Pronouncements

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

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In December 2023, the FASB issued ASU 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 fiscal years 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, however, the Fund does not expect a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact on its consolidated financial statements.

3. AGREEMENTS

Investment Advisory and Management Agreement

 

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

 

The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Fund’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the investment advisory and management agreement, “net assets” means the Fund’s total assets less liabilities, determined on a consolidated basis in accordance with GAAP.

 

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

(i)    Income Based Fee

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

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

 

Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded

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from pre-incentive fee net investment income. See “Expense Support and Conditional Reimbursement Agreement” below. Because of the structure of the income based fee, it is possible that the Fund may pay such fees in a quarter where it incurs a loss. For example, if the Fund receives pre-incentive fee net investment income in excess of the hurdle rate for a quarter, the Fund will pay the applicable income based fee even if the Fund has incurred a loss in that quarter due to realized and/or unrealized losses.

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

The Fund pays its investment adviser an income based fee quarterly in arrears with respect to the Fund’s pre-incentive fee net investment income in each calendar quarter as follows:

 

•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);

•100% of the dollar amount of Fund’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.43%) is referred to as the “catch-up”. The “catch-up” is meant to provide the Fund’s investment adviser with 12.5% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

•12.5% of the dollar amount of the Fund’s pre-incentive fee net investment income, if any, that exceeds a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all pre-incentive fee net investment income thereafter are allocated to the investment adviser.

(ii)    Capital Gains Incentive Fee

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

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

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. In no event will the capital gains incentive fee payable pursuant to the investment advisory and management agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof. If the investment advisory and management agreement shall terminate as of a date that is not a calendar year end, the termination shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains incentive fee.

The base management fee, income based fee and capital gains incentive fee that are payable under the investment advisory and management agreement for any partial period will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant period.

The base management fee, income based fee and capital gains incentive fee for the three and nine months ended September 30, 2025 and 2024 were as follows:

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			For the Three Months Ended September 30,																								For the Nine Months Ended September 30,
			2025						2024																								2025						2024
Base management fee			$	29,789					$	13,300																							$	76,934					$	29,803
Income based fee			$	27,952					$	12,576																							$	70,280					$	27,494
Capital gains incentive fee(1)			$	5,588					$	164																							$	7,332					$	4,806

________________________________________

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

There was no capital gains incentive fee payable to the Fund’s investment adviser as calculated under the investment advisory and management agreement for the three and nine months ended September 30, 2025 and 2024. In addition, in accordance with GAAP, the Fund had cumulatively accrued a capital gains incentive fee of $20,656 as of September 30, 2025. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory and management agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then GAAP requires the Fund to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods. As of September 30, 2025, the Fund has paid capital gains incentive fee since inception totaling $56. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.

 

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

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Administration Agreement

 

The Fund is party to an administration agreement (the “administration agreement”) with its administrator, Ares Operations. Pursuant to the administration agreement, Ares Operations furnishes the Fund with office equipment and clerical, bookkeeping and record keeping services at the Fund’s office facilities. Under the administration agreement, Ares Operations may also arrange for the services of, and oversee custodians, depositories, transfer agents, escrow agents, distribution disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Ares Operations also performs, or oversees the performance of, the Fund’s required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial and other records that the Fund is required to maintain and preparing all reports and other materials required to be filed with the SEC or any other regulatory authority, including reports to shareholders.

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

For the three and nine months ended September 30, 2025, the Fund incurred $2,001 and $5,623, respectively, in administrative and other fees, including certain costs that are reimbursable under the investment advisory and management agreement or administration agreement, of which $1,461 and $5,083, respectively, were supported by the Fund’s investment adviser pursuant to the Expense Support and Conditional Reimbursement Agreement (as defined below). For the three and nine months ended September 30, 2024, the Fund incurred $1,545 and $4,392, respectively, in administrative and other fees, including certain costs that are reimbursable under the investment advisory and management agreement or administration agreement, all of which were supported by the Fund’s investment adviser pursuant to the Expense Support and Conditional Reimbursement Agreement.

Intermediary Manager Agreement

On April 24, 2023, the Fund entered into an intermediary manager agreement (the “Intermediary Manager Agreement”) with AWMS (the “Intermediary Manager”). The Intermediary Manager is entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Fund’s net assets attributable to Class S shares and Class D shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees are paid with respect to Class I shares. The shareholder servicing and/or distribution fees are payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating broker-dealers.

The Intermediary Manager is a broker-dealer registered with the SEC and a member of the FINRA.

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

Shareholder Servicing and/or Distribution Fees

Pursuant to Rule 12b-1 under the Investment Company Act, the Fund adopted a shareholder servicing and distribution plan pursuant to which Class S shares and Class D shares are subject to shareholder servicing and/or distribution fees. The following table shows the shareholder servicing and/or distribution fees the Fund and, ultimately, certain classes of the Fund’s common shareholders, pay the Intermediary Manager with respect to Class S shares and Class D shares on an annualized basis as a percentage of the Fund’s NAV for such class. Subject to FINRA and other limitations on underwriting compensation, the Fund and, ultimately, certain classes of the Fund's shareholders, will pay a shareholder servicing and/or distribution fee equal to

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0.85% per annum of the aggregate NAV for Class S shares and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for Class D shares, in each case, payable monthly. No shareholder servicing and/or distribution fees are paid with respect to Class I shares.

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

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

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

Eligibility to receive shareholder servicing and/or distribution fees is conditioned on a broker providing the following ongoing services with respect to Class S shares or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Fund, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase. Because the shareholder servicing and/or distribution fees are paid out of the Fund’s other assets on an ongoing basis, over time these fees will increase the cost of a shareholder’s investment and may cost the shareholder more than paying other types of sales charges.

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

The shareholder servicing and/or distribution fees that were attributable to Class S shares and Class D shares for the three and nine months ended September 30, 2025 and 2024 were as follows:

			For the Three Months Ended September 30,																					For the Nine Months Ended September 30,
			2025						2024																					2025						2024
Class S			$	2,527					$	1,412																				$	6,687					$	3,391
Class D			$	458					$	92																				$	1,111					$	182

Expense Support and Conditional Reimbursement Agreement

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

The Fund’s investment adviser may also elect to pay certain of the Fund’s other expenses on the Fund’s behalf (each, an “Expense Payment”), provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. Any Expense Payment that the Fund’s investment adviser has committed to pay must be paid by the Fund’s investment adviser to the Fund in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Fund’s investment adviser or its affiliates.

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

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

The Fund’s investment adviser agreed not to seek recoupment of any base management fee and incentive fee from the commencement of operations through July 31, 2023. As a result, as of September 30, 2025, $2,487 of base management fee and $1,286 of income based fee were included in the expense support amounts below and will not be repaid to the investment adviser.

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

For the Month Ended						Expense Support from the Adviser						Base Management Fee and Income Based Fee Waived						Recoupment of Expense Support						Expense Support No Longer Eligible for Reimbursement						Unreimbursed Expense Support						Ratio of Operating Expenses to Average Net Assets for the Period(1)						Annualized Distribution per Share(2)						Eligible for Reimbursement through
December 31, 2022						$	1,449					$	(129)					$	(1,320)					$	—					$	—					5.04		%				—						12/31/2025
January 31, 2023						$	1,088					$	(398)					$	(690)					$	—					$	—					4.56		%				—						01/31/2026
February 28, 2023						$	891					$	(216)					$	(675)					$	—					$	—					3.53		%				—						02/28/2026
March 31, 2023						$	916					$	(144)					$	(772)					$	—					$	—					3.63		%				—						03/31/2026
April 30, 2023						$	1,083					$	(458)					$	(625)					$	—					$	—					2.99		%				—						04/30/2026
May 31, 2023						$	1,312					$	(569)					$	(743)					$	—					$	—					2.47		%				—						05/31/2026
June 30, 2023						$	2,253					$	(727)					$	(1,526)					$	—					$	—					2.48		%				—						06/30/2026
July 31, 2023						$	2,502					$	(1,132)					$	(1,049)					$	—					$	321					1.16		%				—						07/31/2026
August 31, 2023						$	2,300					$	—					$	—					$	—					$	2,300					1.94		%				$	2.3910					08/31/2026
September 30, 2023						$	1,636					$	—					$	—					$	—					$	1,636					1.66		%				$	2.3910					09/30/2026
October 31, 2023						$	—					$	—					$	—					$	—					$	—					1.20		%				$	2.3910					10/31/2026
November 30, 2023						$	1,637					$	—					$	—					$	—					$	1,637					1.18		%				$	2.5716					11/30/2026
December 31, 2023						$	1,144					$	—					$	—					$	—					$	1,144					1.08		%				$	2.5716					12/31/2026
January 31, 2024						$	1,592					$	—					$	—					$	—					$	1,592					1.20		%				$	2.5716					01/31/2027
February 29, 2024						$	2,183					$	—					$	—					$	—					$	2,183					1.10		%				$	2.5716					02/28/2027
March 31, 2024						$	2,194					$	—					$	—					$	—					$	2,194					1.49		%				$	2.5716					03/31/2027
April 30, 2024						$	3,066					$	—					$	—					$	—					$	3,066					1.21		%				$	2.5716					04/30/2027
May 31, 2024						$	2,437					$	—					$	—					$	—					$	2,437					1.18		%				$	2.5716					05/31/2027
June 30, 2024						$	3,170					$	—					$	—					$	—					$	3,170					1.22		%				$	2.5716					06/30/2027
July 31, 2024						$	1,164					$	—					$	—					$	—					$	1,164					1.01		%				$	2.5716					07/31/2027
August 31, 2024						$	4,291					$	—					$	—					$	—					$	4,291					1.02		%				$	2.5716					08/31/2027
September 30, 2024						$	5,402					$	—					$	—					$	—					$	5,402					0.96		%				$	2.5716					09/30/2027
October 31, 2024						$	3,598					$	—					$	—					$	—					$	3,598					0.95		%				$	2.5716					10/31/2027
November 30, 2024						$	3,911					$	—					$	—					$	—					$	3,911					0.95		%				$	2.5716					11/30/2027
December 31, 2024						$	3,736					$	—					$	—					$	—					$	3,736					0.86		%				$	2.5716					12/31/2027
January 31, 2025						$	—					$	—					$	—					$	—					$	—					0.81		%				$	2.5716					01/31/2028
February 28, 2025						$	—					$	—					$	—					$	—					$	—					0.94		%				$	2.5716					02/29/2028
March 31, 2025						$	10,436					$	—					$	—					$	—					$	10,436					0.91		%				$	2.5716					03/31/2028
April 30, 2025						$	9,348					$	—					$	—					$	—					$	9,348					0.93		%				$	2.5716					04/30/2028
May 31, 2025						$	4,915					$	—					$	—					$	—					$	4,915					0.80		%				$	2.5716					05/31/2028
June 30, 2025						$	5,853					$	—					$	—					$	—					$	5,853					0.95		%				$	2.5716					06/30/2028
July 31, 2025						$	5,655					$	—					$	—					$	—					$	5,655					0.88		%				$	2.5716					07/31/2028
August 31, 2025						$	—					$	—					$	—					$	—					$	—					0.82		%				$	2.5716					08/31/2025
September 30, 2025						$	9,708					$	—					$	—					$	—					$	9,708					0.80		%				$	2.5716					09/30/2025

________________________________________

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

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

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4. INVESTMENTS

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

			As of
			September 30, 2025												December 31, 2024
			Amortized Cost(1)						Fair Value						Amortized Cost(1)						Fair Value
First lien senior secured loans			$	16,112,668					$	16,168,416					$	10,092,681					$	10,130,307
Second lien senior secured loans			337,212						337,011						157,058						158,500
Senior subordinated loans			781,602						838,128						214,927						213,500
Corporate bonds			97,600						99,465						64,700						65,312
Collateralized loan obligations			919,796						918,191						366,165						370,985
Commercial mortgage-backed securities			99,415						100,377						29,112						29,161
Private asset-backed investments			279,506						289,406						209,600						208,357
Preferred equity			256,305						270,631						107,984						122,570
Other equity			486,581						536,970						239,826						250,457
Total			$	19,370,685					$	19,558,595					$	11,482,053					$	11,549,149

________________________________________

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

The Fund uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions of the Fund’s portfolio at fair value as of September 30, 2025 and December 31, 2024 were as follows:

			As of
			September 30, 2025						December 31, 2024
Industry
Software and Services			20.6		%				21.8		%
Health Care Equipment and Services			11.7						9.0
Commercial and Professional Services			9.0						7.3
Capital Goods			7.3						8.8
Financial Services			7.0						6.7
Investment Funds and Vehicles			6.7						4.2
Consumer Services			6.6						8.7
Insurance			5.5						6.3
Sports, Media and Entertainment			4.0						5.8
Pharmaceuticals, Biotechnology and Life Sciences			3.1						4.7
Consumer Distribution and Retail			2.8						2.7
Independent Power and Renewable Electricity Producers			2.3						0.7
Materials			2.1						2.3
Energy			2.0						1.3
Transportation			1.9						1.3
Other			7.4						8.4
Total			100.0		%				100.0		%

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			As of
			September 30, 2025						December 31, 2024
Geographic Region
United States			85.8		%				90.3		%
Europe			8.4						5.5
Bermuda/Cayman Islands			4.1						2.9
Canada			1.6						1.2
Other			0.1						0.1
Total			100.0		%				100.0		%

As of September 30, 2025, none of the loans were on non-accrual status. As of December 31, 2024, loans on non-accrual status represented 0.1% of the total investments at amortized cost (or less than 0.1% at fair value).

5. DEBT

In accordance with the Investment Company Act, a BDC generally is allowed to borrow amounts such that its asset coverage, calculated pursuant to the Investment Company Act, is at least 150% (or 200% if certain requirements under the Investment Company Act are not met) immediately after such borrowing. The Fund’s sole initial shareholder approved a proposal that allowed the Fund to reduce its asset coverage ratio applicable to senior securities from 200% to 150%. As of September 30, 2025, the Fund’s asset coverage was 210%.

The Fund’s outstanding debt as of September 30, 2025 and December 31, 2024 was as follows:

			As of
			September 30, 2025																		December 31, 2024
			Total Aggregate Principal Amount Committed/ Outstanding (1)						Principal Amount Outstanding						Carrying Value						Total Aggregate Principal Amount Committed/ Outstanding (1)						Principal Amount Outstanding						Carrying Value
Revolving Credit Facility			$	3,250,000		(2)			$	971,068					$	971,087					$	1,810,000		(2)			$	489,506					$	489,453
SG Funding Facility			1,825,000			(3)			962,811						962,811						1,825,000			(3)			861,811						861,811
SB Funding Facility			750,000						275,000						275,000						750,000						75,000						75,000
BNP Funding Facility			500,000						475,000						475,000						500,000						250,000						250,000
January 2037 CLO Notes(4)			476,000						476,000						473,326			(5)			476,000						476,000						473,120			(5)
April 2038 CLO Debt(4)			350,000						350,000						348,197			(5)			—						—						—
March 2028 Notes			1,000,000						1,000,000						1,003,415			(5)(6)			1,000,000						1,000,000						984,492			(5)(6)
September 2028 Notes			600,000						600,000						596,547			(5)(6)			—						—						—
January 2029 Notes			600,000						600,000						588,208			(5)(6)			—						—						—
August 2029 Notes			700,000						700,000						706,186			(5)(6)			700,000						700,000						687,445			(5)(6)
February 2030 Notes			750,000						750,000						731,439			(5)(6)			750,000						750,000						705,863			(5)(6)
September 2030 Notes			500,000						500,000						497,211			(5)(6)			—						—						—
January 2031 Notes			500,000						500,000						485,333			(5)(6)			—						—						—
March 2032 Notes			750,000						750,000						769,078			(5)(6)			—						—						—
Total			$	12,551,000					$	8,909,879					$	8,882,838					$	7,811,000					$	4,602,317					$	4,527,184

________________________________________

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

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(2)Provides for an “accordion” feature that allows the Fund, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of $4,552,500 and $2,625,000 as of September 30, 2025 and December 31, 2024, respectively.

(3)Provides for an “accordion” feature that allows ASIF Funding I (as defined below), under certain circumstances, to increase the size of the SG Funding Facility to a maximum of $2,500,000 and $2,000,000 as of September 30, 2025 and December 31, 2024, respectively.

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

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

(6)The carrying value of the March 2028 Notes, the September 2028 Notes, the January 2029 Notes, the August 2029 Notes, the February 2030 Notes, the September 2030 Notes, the January 2031 Notes and the March 2032 Notes (each as defined below) as of September 30, 2025 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the March 2028 Notes, the August 2029 Notes and the February 2030 Notes as of December 31, 2024 includes adjustments as a result of effective hedge accounting relationships. See Note 6 for more information on the interest rate swaps related to these unsecured notes issuances.

The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all the Fund’s outstanding debt as of September 30, 2025 were 6.0% and 4.8 years, respectively, and as of December 31, 2024 were 6.3% and 5.0 years, respectively. The weighted average stated interest rate of all the Fund’s outstanding debt as of September 30, 2025 and December 31, 2024 includes the impact of interest rate swaps. See Note 6 for more information on the interest rate swaps.

Revolving Credit Facility

 

The Fund is party to a senior secured revolving credit facility (as amended and restated, the “Revolving Credit Facility”), that allows the Fund to borrow up to $3,250,000 at any one time outstanding. As of September 30, 2025, the end of the revolving period and the stated maturity date were April 15, 2029 and April 15, 2030, respectively. The Revolving Credit Facility also provides for an “accordion” feature that allows the Fund, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $4,552,500. The Revolving Credit Facility generally requires payments of interest at the end of each Secured Overnight Financing Rate (“SOFR”) interest period, but no less frequently than quarterly, on SOFR based loans, and monthly payments of interest on other loans. Subsequent to the end of the respective revolving periods and prior to the respective stated maturity dates, the Fund is required to repay the relevant outstanding principal amounts under both the term loan tranche and revolving tranche on a monthly basis in an amount equal to 1/12th of the outstanding principal amount at the end of the respective revolving periods.

Under the Revolving Credit Facility, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum shareholders’ equity, (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Fund and its consolidated subsidiaries (subject to certain exceptions) of not less than 1.5:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Fund and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the documents governing the Revolving Credit Facility. Amounts available to borrow under the Revolving Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Revolving Credit Facility) that are pledged as collateral. As of September 30, 2025, the Fund was in compliance in all material respects with the terms of the Revolving Credit Facility.

 

As of September 30, 2025 and December 31, 2024, there was $971,068 and $489,506 outstanding, respectively, under the Revolving Credit Facility. The Revolving Credit Facility also provides for a sub-limit for the issuance of letters of credit for up to an aggregate amount of $175,000. As of September 30, 2025 and December 31, 2024, the Fund had no letters of credit

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issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit and swingline loans issued.

 

Since April 15, 2025, the interest rate charged on the Revolving Credit Facility is based on SOFR plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.525%, 1.650% or 1.775% or an “alternate base rate” (as defined in the documents governing the Revolving Credit Facility) plus an applicable spread of either 0.525%, 0.650% or 0.775%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving credit exposure under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving credit exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. Prior to April 15, 2025, the interest rate charged on the Revolving Credit Facility was based on SOFR plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.750% or 1.875% or an “alternate base rate” plus an applicable spread of either 0.750% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving credit exposure under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving credit exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. The Revolving Credit Facility allows for borrowings to be made using one, three or six month SOFR. As of September 30, 2025, the one, three and six month SOFR was 4.13%, 3.98% and 3.85%, respectively. As of September 30, 2025, the applicable spread in effect was 1.525%. In addition to the stated interest expense on the Revolving Credit Facility, the Fund is required to pay a commitment fee of 0.325% per annum on any unused portion of the Revolving Credit Facility.

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

For the three and nine months ended September 30, 2025 and 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2025						2024						2025						2024
Stated interest expense			$	11,637					$	1,201					$	16,456					$	12,651
Credit facility fees			2,008						1,631						5,885						3,322
Amortization of debt issuance costs			1,163						681						2,860						1,775
Total interest and credit facility fees expense			$	14,808					$	3,513					$	25,201					$	17,748
Cash paid for interest expense			$	12,759					$	1,364					$	22,348					$	12,802
Average stated interest rate			5.91		%				7.11		%				5.93		%				7.21		%
Average outstanding balance			$	770,921					$	66,120					$	365,761					$	230,611

SG Funding Facility

The Fund and the Fund’s wholly owned subsidiary, ASIF Funding I, LLC (“ASIF Funding I”), are party to a revolving funding facility (as amended, the “SG Funding Facility”), that allows ASIF Funding I to borrow up to $1,825,000 at any one time outstanding. The SG Funding Facility consists of a $556,250 term loan tranche with a stated maturity date of August 1, 2030 and a $1,268,750 revolving tranche with an end of the reinvestment period and a stated maturity date of August 1, 2028 and August 1, 2030, respectively. The SG Funding Facility also provides for an “accordion” feature that allows ASIF Funding I, under certain circumstances, to increase the overall size of the SG Funding Facility to a maximum of $2,500,000.

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

Under the SG Funding Facility, the Fund and ASIF Funding I are required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and

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exceptions that are described in the documents governing the SG Funding Facility. As of September 30, 2025, the Fund and ASIF Funding I were in compliance in all material respects with the terms of the SG Funding Facility.

As of September 30, 2025 and December 31, 2024, there was $962,811 and $861,811 outstanding, respectively, under the SG Funding Facility. Since August 1, 2025, the interest rate charged on the SG Funding Facility is based on SOFR plus an applicable margin of (i) with respect to term loans under the SG Funding Facility, 1.85% per annum, and (ii) with respect to revolving loans under the SG Funding Facility, 1.90% per annum. From August 28, 2024 to July 31, 2025, the interest rate charged on the SG Funding Facility was based on SOFR plus an applicable margin of 2.05% per annum. Prior to August 28, 2024, the interest rate charged on the SG Funding Facility was based on SOFR plus an applicable margin of 2.60% per annum. In addition to the stated interest expense on the SG Funding Facility, ASIF Funding I is required to pay, among other fees, a daily commitment fee on any monthly distribution date, termination date or on the date of any payment or prepayment of a loan outstanding under the SG Funding Facility.

For the three and nine months ended September 30, 2025 and 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SG Funding Facility were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2025						2024						2025						2024
Stated interest expense			$	14,884					$	11,287					$	41,882					$	28,155
Credit facility fees			1,152						1,384						3,910						3,583
Amortization of debt issuance costs			958						815						2,854						2,129
Total interest and credit facility fees expense			$	16,994					$	13,486					$	48,646					$	33,867
Cash paid for interest expense			$	16,239					$	8,842					$	46,016					$	26,561
Average stated interest rate			6.23		%				7.71		%				6.34		%				7.85		%
Average outstanding balance			$	935,637					$	572,609					$	871,539					$	471,223

SB Funding Facility

The Fund and the Fund’s wholly owned subsidiary, ASIF Funding II, LLC (“ASIF Funding II”), are party to a revolving funding facility (as amended, the “SB Funding Facility”), that allows ASIF Funding II to borrow up to $750,000 at any one time outstanding. The end of the reinvestment period and the stated maturity date are October 8, 2027 and April 8, 2034, respectively.

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

Under the SB Funding Facility, the Fund and ASIF Funding II, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the SB Funding Facility. The SB Funding Facility includes usual and customary events of default for facilities of this nature. As of September 30, 2025, the Fund and ASIF Funding II were in compliance in all material respects with the terms of the SB Funding Facility.

As of September 30, 2025 and December 31, 2024, there was $275,000 and $75,000 outstanding, respectively, under the SB Funding Facility. Since April 8, 2025, the interest rate charged on the SB Funding Facility is based on SOFR plus an applicable margin of (i) 1.90% during the reinvestment period and (ii) 2.20% following the reinvestment period. Prior to April 8, 2025, the interest rate charged on the SB Funding Facility was based on SOFR plus an applicable margin of (i) 2.10% during the reinvestment period and (ii) 2.40% following the reinvestment period. As of September 30, 2025, the applicable spread in effect was 1.90%. In addition to the stated interest expense on the SB Funding Facility, ASIF Funding II is also required to pay, among other fees, a commitment fee of 0.50% per annum on any unused portion of the SB Funding Facility prior to July 8, 2025 and, on and after July 8, 2025, between 0.50% and 1.00% per annum depending on the aggregate amount of unused commitments under the SB Funding Facility.

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For the three and nine months ended September 30, 2025 and 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SB Funding Facility were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2025						2024						2025						2024
Stated interest expense			$	3,622					$	5,179					$	6,983					$	8,184
Credit facility fees			684						374						1,547						707
Amortization of debt issuance costs			244						173						576						395
Total interest and credit facility fees expense			$	4,550					$	5,726					$	9,106					$	9,286
Cash paid for interest expense			$	2,532					$	4,580					$	6,761					$	7,295
Average stated interest rate			6.20		%				7.42		%				6.25		%				7.53		%
Average outstanding balance			$	228,804					$	273,098					$	147,436					$	142,792

BNP Funding Facility

The Fund and the Fund’s wholly owned subsidiary, ASIF Funding III, LLC (“ASIF Funding III”), are party to a revolving funding facility (the “BNP Funding Facility”), that allows ASIF Funding III to borrow up to $500,000. The end of the reinvestment period and the stated maturity date are November 26, 2027 and November 26, 2028, respectively. See Note 12 for a subsequent event relating to the BNP Funding Facility.

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

Under the BNP Funding Facility, the Fund and ASIF Funding III, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the BNP Funding Facility. The BNP Funding Facility includes usual and customary events of default for facilities of this nature. As of September 30, 2025, the Fund and ASIF Funding III were in compliance in all material respects with the terms of the BNP Funding Facility.

As of September 30, 2025 and December 31, 2024, there was $475,000 and $250,000 outstanding, respectively, under the BNP Funding Facility. The interest rate charged on the BNP Funding Facility is based on SOFR plus an applicable margin of (i) 1.40% during the reinvestment period and (ii) 2.40% following the reinvestment period. As of September 30, 2025, the applicable spread in effect was 1.40%. In addition to the stated interest expense on the BNP Funding Facility, ASIF Funding III is also required to pay, among other fees, a commitment fee dependent on the aggregate amount of unused commitments under the BNP Funding Facility. See Note 12 for a subsequent event relating to the BNP Funding Facility.

For the three and nine months ended September 30, 2025, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the BNP Funding Facility were as follows:

			For the Three Months Ended September 30, 2025						For the Nine Months Ended September 30, 2025
Stated interest expense			$	6,224					$	15,405
Credit facility fees			—						150
Amortization of debt issuance costs			245						725
Total interest and credit facility fees expense			$	6,469					$	16,280
Cash paid for interest expense			$	5,440					$	10,628
Average stated interest rate			5.71		%				5.70		%
Average outstanding balance			$	421,630					$	354,471

Debt Securitizations

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ADL CLO 3 Debt Securitization

In November 2024, the Fund, through its wholly owned consolidated subsidiary, Ares Direct Lending CLO 3 LLC (“ADL CLO 3”), completed a $694,100 term debt securitization (the “ADL CLO 3 Debt Securitization”). The ADL CLO 3 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by the Fund, which is consolidated by the Fund for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the ADL CLO 3 Debt Securitization that mature on January 20, 2037 (collectively, the “January 2037 CLO Notes”) were issued by ADL CLO 3 pursuant to the indenture governing the January 2037 CLO Notes (the “January 2037 CLO Indenture”) and include (i) $399,000 of Class A-1 Senior Notes (the “January 2037 Class A-1 CLO Notes”); (ii) $35,000 of Class A-2 Senior Notes (the “January 2037 Class A-2 CLO Notes”); (iii) $42,000 of Class B Senior Notes (the “January 2037 Class B CLO Notes” and, together with the January 2037 Class A-1 CLO Notes and the January 2037 Class A-2 CLO Notes, the “January 2037 CLO Secured Notes”); and (iv) $218,100 of subordinated notes (the “January 2037 CLO Subordinated Notes”), which do not bear interest. The Fund retained all of the January 2037 CLO Subordinated Notes, as such, the January 2037 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the January 2037 CLO Notes as of September 30, 2025:

Class

Type

Principal Outstanding

Maturity Date

Interest Rate

January 2037 Class A-1 CLO Notes

Senior Secured Floating Rate

$

399,000

January 20, 2037

SOFR+1.58%

January 2037 Class A-2 CLO Notes

Senior Secured Floating Rate

35,000

January 20, 2037

SOFR+1.75%

January 2037 Class B CLO Notes

Senior Secured Floating Rate

42,000

January 20, 2037

SOFR+1.85%

Total January 2037 CLO Secured Notes

$

476,000

January 2037 CLO Subordinated Notes

Subordinated

218,100

January 20, 2037

None

Total January 2037 CLO Notes

$

694,100

The January 2037 CLO Secured Notes are the secured obligations of ADL CLO 3 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Fund to ADL CLO 3 pursuant to the terms of a contribution agreement. The January 2037 CLO Indenture contains certain conditions pursuant to which additional loans can be acquired by ADL CLO 3, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the January 2037 CLO Secured Notes. Through January 20, 2029, all principal collections received on the underlying collateral may be used by ADL CLO 3 to purchase new collateral under the direction of the Fund’s investment adviser in its capacity as asset manager to ADL CLO 3 under an asset management agreement and in accordance with the Fund’s investment strategy, including additional collateral that may be purchased from the Fund, pursuant to the terms of a master purchase and sale agreement between the Fund as seller and ADL CLO 3 as buyer.

The January 2037 CLO Indenture includes customary covenants and events of default. The Fund’s investment adviser serves as asset manager to ADL CLO 3 under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. The Fund’s investment adviser has agreed to waive any management fees from ADL CLO 3.

ADL CLO 5 Debt Securitization

In April 2025, the Fund, through its wholly owned consolidated subsidiary, Ares Direct Lending CLO 5 LLC (“ADL CLO 5”), completed a $499,100 term debt securitization (the “ADL CLO 5 Debt Securitization”). The ADL CLO 5 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by the Fund, which is consolidated by the Fund for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered and the loans incurred in the ADL CLO 5 Debt Securitization that mature on April 20, 2038 (collectively, the “April 2038 CLO Debt”) were issued by ADL CLO 5 pursuant to the indenture and security agreement (the “April 2038 CLO Indenture”) and the credit agreement (the “April 2038 CLO Credit Agreement” and, together with the April 2038 CLO Indenture, the “April 2038 CLO Debt Agreements”) governing the April 2038 CLO Debt and include (i) $210,000 of Class A-1 Senior Notes (the “April 2038 Class A-1 CLO Notes”); (ii) $75,000 of Class A-1A Loans (the “April 2038 CLO Loans”); (iii) $15,000 of Class A-2 Senior Notes (the “April 2038 Class A-2 CLO Notes”); (iv) $50,000 of Class B Senior Notes (the “April 2038 Class B CLO Notes” and, together with the April 2038 Class A-1 CLO Notes, the April 2038 CLO Loans and the April 2038 Class A-2 CLO Notes, the “April 2038 CLO Secured Debt”); and (v) $149,100 of subordinated notes (the “April 2038 CLO Subordinated Notes”), which do not bear interest. The Fund retained all of the April 2038 CLO Subordinated Notes, as such, the April 2038 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the April 2038 CLO Notes as of September 30, 2025:

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Class

Type

Principal Outstanding

Maturity Date

Interest Rate

April 2038 Class A-1 CLO Notes

Senior Secured Floating Rate

$

210,000

April 20, 2038

SOFR+1.38%

April 2038 Class A-1A CLO Loans

Senior Secured Floating Rate

75,000

April 20, 2038

SOFR+1.38%

April 2038 Class A-2 CLO Notes

Senior Secured Floating Rate

15,000

April 20, 2038

SOFR+1.60%

April 2038 Class B CLO Notes

Senior Secured Floating Rate

50,000

April 20, 2038

SOFR+1.70%

Total April 2038 CLO Secured Debt

$

350,000

April 2038 CLO Subordinated Notes

Subordinated

149,100

April 20, 2038

None

Total April 2038 CLO Debt

$

499,100

The April 2038 CLO Secured Debt is the secured obligation of ADL CLO 5 and is backed by a diversified portfolio of first lien senior secured loans contributed by the Fund to ADL CLO 5 pursuant to the terms of a contribution agreement. The April 2038 CLO Indenture contains certain conditions pursuant to which additional loans can be acquired by ADL CLO 5, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the April 2038 CLO Secured Debt. Through April 20, 2030, all principal collections received on the underlying collateral may be used by ADL CLO 5 to purchase new collateral under the direction of the Fund’s investment adviser, in its capacity as asset manager to ADL CLO 5 under an asset management agreement and in accordance with the Fund’s investment strategy, including additional collateral that may be purchased from the Fund, pursuant to the terms of a master purchase and sale agreement between the Fund as seller and ADL CLO 5 as buyer. The April 2038 CLO Debt Agreements includes customary covenants and events of default. The Fund’s investment adviser serves as asset manager to ADL CLO 5 under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. The Fund’s investment adviser has agreed to waive any management fees from ADL CLO 5.

The interest rate charged on the January 2037 CLO Secured Notes and April 2038 CLO Secured Debt is based on SOFR plus a blended weighted average spread of 1.62% and 1.44%, respectively. For the three and nine months ended September 30, 2025, the components of interest expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the January 2037 CLO Secured Notes and April 2038 CLO Secured Debt were as follows.

			For the Three Months Ended September 30, 2025						For the Nine Months Ended September 30, 2025
Stated interest expense			$	12,093					$	30,776
Amortization of debt issuance costs			52						304
Total interest expense			$	12,145					$	31,080
Cash paid for interest expense			$	7,082					$	19,733
Average stated interest rate			5.73		%				5.81		%
Average outstanding balance			$	826,000					$	699,077

Unsecured Notes

The Fund has issued certain unsecured notes (the Fund refers to each series of unsecured notes using the defined term set forth under the “Unsecured Notes” column of the table below and collectively refers to all such series as the “Unsecured Notes”), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at the Fund’s option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of September 30, 2025 are listed below.

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Unsecured Notes						Aggregate Principal Amount Issued						Effective Stated Interest Rate						Original Issuance Date						Maturity Date
March 2028 Notes(1)						$	1,000,000					5.799		%				November 21, 2024						March 15, 2028
September 2028 Notes(1)						$	600,000					5.964		%				June 9, 2025						September 9, 2028
January 2029 Notes(1)						$	600,000					5.772		%				September 15, 2025						January 15, 2029
August 2029 Notes(1)						$	700,000					6.358		%				June 5, 2024						August 15, 2029
February 2030 Notes(1)						$	750,000					6.452		%				October 2, 2024						February 15, 2030
September 2030 Notes(1)						$	500,000					6.266		%				June 9, 2025						September 9, 2030
January 2031 Notes						$	500,000					5.150		%				September 15, 2025						January 15, 2031
March 2032 Notes(1)						$	750,000					5.964		%				January 21, 2025						March 21, 2032

________________________________________

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

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

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

Pursuant to the terms of the Registration Rights Agreements for the March 2028 Notes, the August 2029 Notes, February 2030 Notes and March 2032 Notes, the Fund filed a registration statement with the SEC and, on April 24, 2025, commenced an offer to exchange the unregistered notes of each such series of Unsecured Notes that were initially issued on November 21, 2024, June 5, 2024, October 2, 2024 and January 21, 2025 for newly issued registered notes with substantially identical terms (the “2025 Exchange Offer”). The 2025 Exchange Offer expired on May 23, 2025 and the related exchange was completed promptly thereafter.

Ares Management Capital Markets LLC (“AMCM”), an affiliate of Ares Management, served as an initial purchaser in connection with the Fund’s offering of certain of the Unsecured Notes issued during the nine months ended September 30, 2025 and 2024. Under the purchase agreements the Fund entered into in connection with such issuances, AMCM received an aggregate of $844 of underwriting and advisory fees for the nine months ended September 30, 2025 compared to $218 for the comparable period in 2024. The underwriting and advisory fees AMCM received were on terms equivalent to those of other initial purchasers.

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

 

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For the three and nine months ended September 30, 2025 and 2024, the components of interest expense and cash paid for interest expense for the Unsecured Notes were as follows.

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2025						2024						2025						2024
Stated interest expense(1)			$	72,112					$	13,423					$	175,410					$	17,211
Amortization of debt issuance costs			1,994						176						4,603						226
Accretion of discount			2,085						204						4,850						262
Net gains on interest rate swaps accounted for as hedge instruments and the related hedged items			(118)						(264)						(1,878)						(242)
Total interest expense			$	76,073					$	13,539					$	182,985					$	17,457
Cash paid for interest expense(1)			$	68,486					$	24,382					$	167,027					$	24,382

________________________________________

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

 

The Unsecured Notes contain certain covenants, including covenants requiring the Fund to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act, or any successor provisions, and to provide financial information to the holders of such notes under certain circumstances. These covenants are subject to important limitations and exceptions set forth in the indentures governing such notes. As of September 30, 2025, the Fund was in compliance in all material respects with the terms of the respective indentures governing each of the Unsecured Notes.

 

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

6. DERIVATIVE INSTRUMENTS

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

Foreign Currency Forward Contracts

Certain information related to the Fund’s foreign currency forward derivative instruments as of September 30, 2025 and December 31, 2024 is presented below.

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			As of September 30, 2025
Derivative Instrument			Notional Amount									Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Foreign currency forward contract			¥			4,242,140						$	30,388					$	(30,466)					Accounts payable and other liabilities
Foreign currency forward contract			NOK			1,326,924						131,167						(132,076)						Accounts payable and other liabilities
Foreign currency forward contract			€			412,771						478,633						(486,614)						Accounts payable and other liabilities
Foreign currency forward contract			£			405,891						495,037						(499,731)						Accounts payable and other liabilities
Foreign currency forward contract			€			352,191						406,987						(413,823)						Accounts payable and other liabilities
Foreign currency forward contract			CAD			303,219						220,110						(221,103)						Accounts payable and other liabilities
Foreign currency forward contract			£			208,731						276,846						(277,429)						Accounts payable and other liabilities
Foreign currency forward contract			NOK			54,034						5,004						(5,208)						Accounts payable and other liabilities
Foreign currency forward contract			CAD			51,849						38,221						(37,778)						Other assets
Foreign currency forward contract			AUD			19,036						12,330						(12,469)						Accounts payable and other liabilities
Foreign currency forward contract			AUD			9,839						6,506						(6,515)						Accounts payable and other liabilities
Foreign currency forward contract			NZD			8,288						4,997						(4,925)						Other assets
Total												$	2,106,226					$	(2,128,137)

			As of December 31, 2024
Derivative Instrument			Notional Amount									Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Foreign currency forward contract			NOK			910,877						$	307,682					$	(305,484)					Other assets
Foreign currency forward contract			€			101,075						104,738						(103,498)						Other assets
Foreign currency forward contract			£			70,493						89,788						(88,011)						Other assets
Foreign currency forward contract			€			65,111						69,497						(68,083)						Other assets
Foreign currency forward contract			CAD			33,593						25,013						(24,034)						Other assets
Foreign currency forward contract			CAD			30,622						21,367						(21,334)						Other assets
Foreign currency forward contract			£			28,842						36,242						(36,023)						Other assets
Foreign currency forward contract			NOK			27,017						2,502						(2,374)						Other assets
Foreign currency forward contract			AUD			9,518						6,165						(5,917)						Other assets
Foreign currency forward contract			AUD			4,057						2,684						(2,520)						Other assets
Foreign currency forward contract			NZD			2,520						1,543						(1,437)						Other assets
Total												$	667,221					$	(658,715)

As of September 30, 2025 and December 31, 2024, the counterparties to each of the Fund’s foreign currency forward contracts were Canadian Imperial Bank of Commerce or Wells Fargo Bank, N.A.

Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Fund for the three and nine months ended September 30, 2025 and 2024 are in the following locations in the consolidated statement of operations:

						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
Derivative Instrument			Statement Location			2025						2024						2025						2024
Foreign currency forward contract			Net realized gains (losses) on foreign currency transactions			$	(5,411)					$	187					$	(17,732)					$	383
Foreign currency forward contract			Net unrealized gains (losses) on foreign currency transactions			$	15,624					$	(8,000)					$	(30,418)					$	(7,477)

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Interest Rate Swaps

In connection with the Unsecured Notes, the Fund has entered into interest rate swaps to more closely align the interest rates of such liabilities with the Fund’s investment portfolio, which consists primarily of floating rate loans. Under the interest rate swaps, the Fund receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. The Fund designated these interest rate swaps and the Unsecured Notes as qualifying fair value hedge accounting relationships. As of September 30, 2025 and December 31, 2024, the counterparty to all of the Fund’s interest rate swaps was Wells Fargo Bank, N.A. Certain information related to the Fund’s interest rate swaps as of September 30, 2025 is presented below.

Description						Hedged Item						Fund Receives						Fund Pays						Maturity Date						Notional Amount
Interest rate swap						March 2028 Notes						5.700		%				SOFR +1.6490%						March 15, 2028						$	1,000,000
Interest rate swap						September 2028 Notes						5.450		%				SOFR +1.7465%						September 9, 2028						$	600,000
Interest rate swap						January 2029 Notes						4.850		%				SOFR +1.6220%						January 15, 2029						$	600,000
Interest rate swap						August 2029 Notes						6.350		%				SOFR +2.2080%						August 15, 2029						$	700,000
Interest rate swap						February 2030 Notes						5.600		%				SOFR +2.3020%						February 15, 2030						$	750,000
Interest rate swap						September 2030 Notes						5.800		%				SOFR +2.0490%						September 9, 2030						$	500,000
Interest rate swap(1)						January 2031 Notes						5.150		%				SOFR +1.9460%						January 15, 2031						$	500,000
Interest rate swap						March 2032 Notes						6.200		%				SOFR +1.8290%						March 21, 2032						$	750,000

________________________________________

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

.

See Note 5 for more information on the Unsecured Notes.

As a result of the Fund’s designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Fund is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net gain related to the fair value hedges was approximately $118 and $1,878 for the three and nine months ended September 30, 2025, which is included in “interest and credit facility fees” in the Fund’s consolidated statement of operations. The net gain related to the fair value hedges was approximately $264 and $242 for the three and nine months ended September 30, 2024, which is included in “interest and credit facility fees” in the Fund’s consolidated statement of operations. The balance sheet impact of fair valuing the interest rate swaps as of September 30, 2025 and December 31, 2024 is presented below:

			As of September 30, 2025
Derivative Instrument			Notional Amount									Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Interest rate swap(1)			$			1,000,000						March 15, 2028						$	14,989					$	—					Other assets
Interest rate swap(2)			$			600,000						September 9, 2028						4,814						—						Other assets
Interest rate swap(3)			$			600,000						January 15, 2029						—						(3,229)						Accounts payable and other liabilities
Interest rate swap(4)			$			700,000						August 15, 2029						18,232						—						Other assets
Interest rate swap(5)			$			750,000						February 15, 2030						—						(4,236)						Accounts payable and other liabilities
Interest rate swap(6)			$			500,000						September 9, 2030						6,794						—						Other assets
Interest rate swap(7)			$			500,000						January 15, 2031						—						(4,048)						Accounts payable and other liabilities
Interest rate swap(8)			$			750,000						March 21, 2032						36,720						—						Other assets
Total																		$	81,549					$	(11,513)

________________________________________

(1)The asset related to the fair value of the interest rate swaps was offset by a $14,496 increase to the carrying value of the March 2028 Notes.

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(2)The asset related to the fair value of the interest rate swap was offset by a $4,746 increase to the carrying value of the September 2028 Notes.

(3)The liability related to the fair value of the interest rate swap was offset by a $3,231 decrease to the carrying value of the January 2029 Notes.

(4)The asset related to the fair value of the interest rate swap was offset by a $18,024 increase to the carrying value of the August 2029 Notes.

(5)The liability related to the fair value of the interest rate swap was offset by a $4,160 decrease to the carrying value of the February 2030 Notes.

(6)The asset related to the fair value of the interest rate swap was offset by a $6,724 increase to the carrying value of the September 2030 Notes.

(7)The liability related to the fair value of the interest rate swap was offset by a $4,013 decrease to the carrying value of the January 2031 Notes.

(8)The asset related to the fair value of the interest rate swap was offset by a $36,093 increase to the carrying value of the March 2032 Notes.

			As of December 31, 2024
Derivative Instrument			Notional Amount									Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Interest rate swap(1)			$			1,000,000						March 15, 2028						$	—					$	(1,505)					Accounts payable and other liabilities
Interest rate swap(2)			$			700,000						August 15, 2029						926						—						Other assets
Interest rate swap(3)			$			750,000						February 15, 2030						—						(28,019)						Accounts payable and other liabilities
Total																		$	926					$	(29,524)

________________________________________

(1)The liability related to the fair value of the interest rate swaps was offset by a $1,532 decrease to the carrying value of the March 2028 Notes.

(2)The asset related to the fair value of the interest rate swap was offset by a $960 increase to the carrying value of the August 2029 Notes.

(3)The liability related to the fair value of the interest rate swap was offset by a $27,748 decrease to the carrying value of the February 2030 Notes.

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7. COMMITMENTS AND CONTINGENCIES

Investment Commitments

The Fund’s investment portfolio may contain debt investments which are in the form of revolving and delayed draw loan commitments, which require the Fund to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, the Fund had the following commitments to fund various revolving and delayed draw loans:

			As of
			September 30, 2025						December 31, 2024
Total revolving loan commitments			$	1,151,454					$	643,525
Less: funded commitments			(194,034)						(112,499)
Less: unavailable revolving loan commitments due to borrowing base or other covenant restrictions			(526)						—
Total net unfunded revolving loan commitments			956,894						531,026
Total unfunded delayed draw loan commitments			1,820,067						1,025,608
Less: unavailable delayed draw loan commitments due to borrowing base or other covenant restrictions			(18,882)						(603)
Total net unfunded delayed draw loan commitments			1,801,185						1,025,005
Total net unfunded revolving and delayed draw loan commitments			$	2,758,079					$	1,556,031

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

In addition, as of September 30, 2025 and December 31, 2024, the Fund was party to subscription agreements to fund equity investment commitments as follows:

			As of
			September 30, 2025						December 31, 2024
Total equity commitments			$	277,479					$	24,220
Less: funded commitments			(96,464)						(3,407)
Total net unfunded equity commitments			$	181,015					$	20,813

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Fund follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires companies to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Fund has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

 

The Fund also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal

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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:

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

•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.

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

 

In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ its net asset valuation policy and procedures that have been reviewed by the Fund’s board of trustees in connection with their designation of the Fund’s investment adviser as the valuation designee that are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policy and procedures, the Valuation Designee will evaluate the source of inputs, including any markets in which the Fund’s investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Where there may not be a readily available market value for some of the investments in the Fund’s portfolio, the fair value of a portion of the Fund’s investments may be determined using unobservable inputs.

 

The Fund’s portfolio investments classified as Level 3 are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Fund has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Fund does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Fund are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, unfunded revolving and delayed draw loan commitments and derivatives as of September 30, 2025:

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			Fair Value Measurements Using
			Level 1						Level 2						Level 3						Total
Cash and cash equivalents			$	264,215					$	—					$	—					$	264,215
Restricted cash			$	68,670					$	—					$	—					$	68,670
First lien senior secured loans			$	—					$	7,260,064					$	8,908,352					$	16,168,416
Second lien senior secured loans			—						282,368						54,643						337,011
Senior subordinated loans			—						3,557						834,571						838,128
Corporate bonds			—						—						99,465						99,465
Collateralized loan obligations			—						—						918,191						918,191
Commercial mortgage-backed securities			—						—						100,377						100,377
Private asset-backed investments			—						—						289,406						289,406
Preferred equity			—						—						270,631						270,631
Other equity			—						—						434,143						434,143
Investments not measured at net asset value			$	—					$	7,545,989					$	11,909,779					$	19,455,768
Investments measured at net asset value(1)																					102,827
Total investments																					$	19,558,595
Unfunded revolving and delayed draw loan commitments(2)			$	—					$	—					$	(4,895)					$	(4,895)
Derivatives:
Foreign currency forward contracts			$	—					$	(21,911)					$	—					$	(21,911)
Interest rate swaps			$	—					$	70,036					$	—					$	70,036

________________________________________

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

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

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The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, unfunded revolving and delayed draw loan commitments and derivatives as of December 31, 2024:

			Fair Value Measurements Using
			Level 1						Level 2						Level 3						Total
Cash and cash equivalents			$	165,777					$	—					$	—					$	165,777
Restricted cash			$	4,650					$	—					$	—					$	4,650
First lien senior secured loans			$	—					$	5,481,780					$	4,648,527					$	10,130,307
Second lien senior secured loans			—						128,558						29,942						158,500
Senior subordinated loans			—						—						213,500						213,500
Corporate bonds			—						—						65,312						65,312
Collateralized loan obligations			—						—						370,985						370,985
Commercial mortgage-backed securities			—						—						29,161						29,161
Private asset-backed investments			—						—						208,357						208,357
Preferred equity			—						—						122,570						122,570
Other equity			—						—						247,144						247,144
Investments not measured at net asset value			$	—					$	5,610,338					$	5,935,498					$	11,545,836
Investments measured at net asset value(1)																					3,313
Total investments																					$	11,549,149
Unfunded revolving and delayed draw loan commitments(2)			$	—					$	—					$	(5,572)					$	(5,572)
Derivatives:
Foreign currency forward contracts			$	—					$	8,506					$	—					$	8,506
Interest rate swaps			$	—					$	(28,598)					$	—					$	(28,598)

________________________________________

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

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

 

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The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Fund’s investments categorized within Level 3 as of 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

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien senior secured loans

$

8,653,394

Yield analysis

Market yield

4.5% - 16.9%

9.4%

254,958

Broker quotes

N/A

N/A

N/A

Second lien senior secured loans

54,643

Yield analysis

Market yield

14.9% - 16.0%

15.0%

Senior subordinated loans

834,571

Yield analysis

Market yield

7.0% - 24.7%

10.7%

Corporate bonds

99,465

Broker quotes

N/A

N/A

N/A

Collateralized loan obligations

911,561

Broker quotes

N/A

N/A

N/A

6,630

Transaction cost

N/A

N/A

N/A

Commercial mortgage-backed securities

100,377

Broker quotes

N/A

N/A

N/A

Private asset-backed investments

162,209

Yield analysis

Market yield

4.0% - 13.8%

8.6%

86,706

Broker quotes

N/A

N/A

N/A

34,622

Transaction cost

N/A

N/A

N/A

5,869

Income (other)

Constant default rate

0.0% - 7.0%

1.8%

Preferred equity

194,753

EV market multiple analysis

EBITDA multiple

8.3x - 24.5x

14.1x

75,878

Yield analysis

Market yield

9.8% - 15.0%

12.3%

Other equity

434,143

EV market multiple analysis

EBITDA multiple

7.0x - 34.0x

14.3x

Total investments

$

11,909,779

____________________________________

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

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As of December 31, 2024

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien senior secured loans

$

4,384,607

Yield analysis

Market yield

6.3% - 15.8%

10.0%

263,920

Broker quotes

N/A

N/A

N/A

Second lien senior secured loans

29,942

Yield analysis

Market yield

9.6% - 16.0%

11.3%

Senior subordinated loans

213,500

Yield analysis

Market yield

8.4% - 18.3%

11.3%

Corporate bonds

40,286

Broker quotes

N/A

N/A

N/A

25,026

Transaction cost

N/A

N/A

N/A

Collateralized loan obligations

344,155

Broker quotes

N/A

N/A

N/A

26,830

Transaction cost

N/A

N/A

N/A

Commercial mortgage-backed securities

29,161

Broker quotes

N/A

N/A

N/A

Private asset-backed investments

99,799

Yield analysis

Market yield

2.6% - 13.8%

8.8%

74,643

Transaction cost

N/A

N/A

N/A

29,782

Broker quotes

N/A

N/A

N/A

4,133

Income (other)

Constant default rate

0.0% - 10.3%

4.0%

Preferred equity

67,424

Yield analysis

Market yield

9.8% - 15.0%

12.5%

55,146

EV market multiple analysis

EBITDA multiple

3.4x - 23.0x

18.1x

Other equity

247,144

EV market multiple analysis

EBITDA multiple

8.0x - 34.6x

12.7x

Total investments

$

5,935,498

____________________________________

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

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

 

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

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

 

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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:

			As of and For the Three Months Ended September 30, 2025
Balance as of June 30, 2025			$	9,302,895
Net realized gains			14,298
Net unrealized gains			17,865
Purchases			3,024,312
Sales			(78,686)
Repayments			(296,134)
PIK interest and dividends			21,329
Net accretion of discount on investments			6,983
Transfers into Level 3			92,870
Transfers out of Level 3			(195,953)
Balance as of September 30, 2025			$	11,909,779

			As of and For the Nine Months Ended September 30, 2025
Balance as of December 31, 2024			$	5,935,498
Net realized gains			13,469
Net unrealized gains			145,148
Purchases			6,740,606
Sales			(168,434)
Repayments			(576,028)
PIK interest and dividends			53,153
Net accretion of discount on investments			17,329
Transfers into Level 3			292,648
Transfers out of Level 3			(543,610)
Balance as of September 30, 2025			$	11,909,779

Investments were transferred into and out of Level 3 during the three and nine months ended September 30, 2025 generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of September 30, 2025, the net unrealized appreciation on the investments that use Level 3 inputs was $202,844.

For the three and nine months ended September 30, 2025, the total amount of gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to the Fund’s Level 3 assets still held as of September 30, 2025, and reported within the net unrealized gains (losses) on investments and foreign currency transactions in the Fund’s consolidated statement of operations, was $15,210 and $142,437, respectively.

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The following tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, 2024:

			As of and For the Three Months Ended September 30, 2024
Balance as of June 30, 2024			$	2,671,635
Net realized gains			1,029
Net unrealized gains			13,956
Purchases			1,482,460
Sales			(61,141)
Repayments			(58,454)
PIK interest and dividends			7,790
Net accretion of discount on investments			3,113
Transfers into Level 3			42,912
Transfers out of Level 3			(136,212)
Balance as of September 30, 2024			$	3,967,088

			As of and For the Nine Months Ended September 30, 2024
Balance as of December 31, 2023			$	1,002,343
Net realized gains			3,217
Net unrealized gains			44,607
Purchases			3,237,554
Sales			(95,413)
Repayments			(141,756)
PIK interest and dividends			15,136
Net accretion of discount on investments			6,857
Transfers into Level 3			117,022
Transfers out of Level 3			(222,479)
Balance as of September 30, 2024			$	3,967,088

Investments were transferred into and out of Level 3 during the three and nine months ended September 30, 2024 generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of September 30, 2024, the net unrealized appreciation on the investments that use Level 3 inputs was $52,991.

For the three and nine months ended September 30, 2024, the total amount of gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to the Fund’s Level 3 assets still held as of September 30, 2024, and reported within the net unrealized gains (losses) on investments and foreign currency transactions in the Fund’s consolidated statement of operations was $13,578 and $44,192, respectively.

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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
			September 30, 2025												December 31, 2024
			Carrying Value(1)						Fair Value(6)						Carrying Value(1)						Fair Value(6)
Revolving Credit Facility			$	971,087					$	971,087					$	489,453					$	489,453
SG Funding Facility			962,811						962,811						861,811						861,811
SB Funding Facility			275,000						275,000						75,000						75,000
BNP Funding Facility			475,000						475,000						250,000						250,000
January 2037 CLO Notes (principal amount outstanding of $476,000)(2)			473,326			(3)			473,326						473,120			(3)			473,120
April 2038 CLO Debt (principal amount outstanding of $350,000 and $0, respectively)(2)			348,197			(3)			348,197						—						—
March 2028 Notes (principal amount outstanding of $1,000,000)			1,003,415			(3)(4)			1,014,970						984,492			(3)(4)			1,000,510
September 2028 Notes (principal amount outstanding of $600,000 and $0, respectively)			596,547			(3)(4)			605,040						—						—
January 2029 Notes (principal amount outstanding of $600,000 and $0, respectively)			588,208			(3)(4)			593,682						—						—
August 2029 Notes (principal amount outstanding of $700,000)			706,186			(3)(4)			717,759						687,445			(3)(4)			712,824
February 2030 Notes (principal amount outstanding of $750,000)			731,439			(3)(4)			758,722						705,863			(3)(4)			740,565
September 2030 Notes (principal amount outstanding of $500,000 and $0, respectively)			497,211			(3)(4)			508,625						—						—
January 2031 Notes (principal amount outstanding of $500,000 and $0, respectively)			485,333			(3)(4)			494,205						—						—
March 2032 Notes (principal amount outstanding of $750,000 and $0, respectively)			769,078			(3)(4)			775,590						—						—
Total			$	8,882,838		(5)			$	8,974,014					$	4,527,184		(5)			$	4,603,283

____________________________________

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

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

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

(4)The carrying value of the March 2028 Notes, the September 2028 Notes, the January 2029 Notes, the August 2029 Notes, the February 2030 Notes, the September 2030 Notes, the January 2031 Notes and the March 2032 Notes as of September 30, 2025 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the March 2028 Notes, the August 2029 Notes and the February 2030 Notes as of December 31, 2024 includes adjustments as a result of effective hedge accounting relationships. See Notes 5 and 6 for more information.

(5)Total principal amount of outstanding debt totaled $8,909,879 and $4,602,317 as of September 30, 2025 and December 31, 2024, respectively.

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

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9. NET ASSETS

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

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

The following table summarizes transactions in Common Shares during the three and nine months ended September 30, 2025 and 2024:

			For the Three Months Ended September 30,																								For the Nine Months Ended September 30,
			2025												2024												2025												2024
			Shares						Amount						Shares						Amount						Shares						Amount						Shares						Amount
Class I
Subscriptions(1)			54,370						$	1,496,730					30,737						$	843,258					126,614						$	3,482,147					82,026						$	2,242,628
Share transfers between classes			(102)						(2,794)						31						843						90						2,469						31						843
Distributions reinvested			1,613						44,396						633						17,373						4,810						132,122						1,558						42,596
Repurchased shares, net of early repurchase deduction			(2,162)						(59,456)						(59)						(1,586)						(7,280)						(199,805)						(441)						(11,836)
Net increase			53,719						$	1,478,876					31,342						$	859,888					124,234						$	3,416,933					83,174						$	2,274,231
Class S
Subscriptions(1)			4,913						$	135,184					3,378						$	92,662					15,480						$	425,456					14,250						$	389,045
Share transfers between classes			(63)						(1,719)						(93)						(2,541)						(255)						(6,982)						(117)						(3,196)
Distributions reinvested			252						6,911						116						3,183						653						17,915						232						6,363
Repurchased shares, net of early repurchase deduction			(247)						(6,770)						(75)						(2,037)						(877)						(23,982)						(85)						(2,295)
Net increase			4,855						$	133,606					3,326						$	91,267					15,001						$	412,407					14,280						$	389,917
Class D
Subscriptions(1)			3,830						$	105,430					4,421						$	121,218					16,030						$	440,502					5,658						$	154,936
Share transfers between classes			165						4,513						62						1,698						165						4,513						86						2,353
Distributions reinvested			241						6,629						22						608						544						14,935						43						1,189
Repurchased shares, net of early repurchase deduction			(534)						(14,689)						—						—						(1,160)						(31,683)						—						—
Net increase			3,702						$	101,883					4,505						$	123,524					15,579						$	428,267					5,787						$	158,478
Total net increase			62,276						$	1,714,365					39,173						$	1,074,679					154,814						$	4,257,607					103,241						$	2,822,626

____________________________________

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

Net Asset Value Per Share and Offering Price

The Fund determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the share class by the total number of each share class of Common Shares outstanding at the date as of which the determination is made. The following tables summarize each month-end NAV per share for Class I shares, Class S shares and Class D shares during the nine months ended September 30, 2025 and 2024:

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			NAV Per Share
			Class I						Class S						Class D
January 31, 2025			$	27.60					$	27.60					$	27.60
February 28, 2025			$	27.47					$	27.47					$	27.47
March 31, 2025			$	27.36					$	27.36					$	27.36
April 30, 2025			$	27.27					$	27.27					$	27.27
May 31, 2025			$	27.42					$	27.42					$	27.42
June 30, 2025			$	27.51					$	27.51					$	27.51
July 31, 2025			$	27.55					$	27.55					$	27.55
August 31, 2025			$	27.50					$	27.50					$	27.50
September 30, 2025			$	27.58					$	27.58					$	27.58

			NAV Per Share
			Class I						Class S						Class D
January 31, 2024			$	27.17					$	27.17					$	27.17
February 29, 2024			$	27.19					$	27.19					$	27.19
March 31, 2024			$	27.30					$	27.30					$	27.30
April 30, 2024			$	27.29					$	27.29					$	27.29
May 31, 2024			$	27.39					$	27.39					$	27.39
June 30, 2024			$	27.45					$	27.45					$	27.45
July 31, 2024			$	27.44					$	27.44					$	27.44
August 31, 2024			$	27.41					$	27.41					$	27.41
September 30, 2024			$	27.45					$	27.45					$	27.45

Distributions

The Fund’s board of trustees expects to declare monthly regular distributions for each class of its Common Shares. The following tables present the monthly regular distributions that were declared and payable during the nine months ended September 30, 2025 and 2024:

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																		Class I
Declaration Date						Record Date						Payment Date						Net Distribution Per Share						Distribution Amount
November 8, 2024						January 31, 2025						February 21, 2025						$	0.21430					$	40,299
November 8, 2024						February 28, 2025						March 21, 2025						0.21430						43,931
November 8, 2024						March 31, 2025						April 23, 2025						0.21430						46,782
March 10, 2025						April 30, 2025						May 22, 2025						0.21430						50,430
March 10, 2025						May 30, 2025						June 25, 2025						0.21430						52,089
March 10, 2025						June 30, 2025						July 23, 2025						0.21430						52,061
May 14, 2025						July 31, 2025						August 22, 2025						0.21430						53,575
May 14, 2025						August 29, 2025						September 24, 2025						0.21430						60,034
May 14, 2025						September 30, 2025						October 23, 2025						0.21430						63,575
Total distributions declared and payable for the nine months ended September 30, 2025																		$	1.92870					$	462,776
January 23, 2024						January 31, 2024						February 22, 2024						$	0.21430					$	12,121
January 23, 2024						February 29, 2024						March 25, 2024						0.21430						13,234
January 23, 2024						March 29, 2024						April 24, 2024						0.21430						14,439
March 14, 2024						April 30, 2024						May 23, 2024						0.21430						17,944
March 14, 2024						May 31, 2024						June 25, 2024						0.21430						19,924
March 14, 2024						June 28, 2024						July 24, 2024						0.21430						22,239
May 10, 2024						July 31, 2024						August 23, 2024						0.21430						24,786
May 10, 2024						August 30, 2024						September 23, 2024						0.21430						26,807
May 10, 2024						September 30, 2024						October 23, 2024						0.21430						28,955
Total distributions declared and payable for the nine months ended September 30, 2024																		$	1.92870					$	180,449

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																		Class S
Declaration Date						Record Date						Payment Date						Net Distribution Per Share						Distribution Amount
November 8, 2024						January 31, 2025						February 21, 2025						$	0.19437					$	6,193
November 8, 2024						February 28, 2025						March 21, 2025						0.19630						6,546
November 8, 2024						March 31, 2025						April 23, 2025						0.19447						6,858
March 10, 2025						April 30, 2025						May 22, 2025						0.19519						7,233
March 10, 2025						May 30, 2025						June 25, 2025						0.19461						7,484
March 10, 2025						June 30, 2025						July 23, 2025						0.19514						7,736
May 14, 2025						July 31, 2025						August 22, 2025						0.19444						8,001
May 14, 2025						August 29, 2025						September 24, 2025						0.19441						8,333
May 14, 2025						September 30, 2025						October 23, 2025						0.19509						8,681
Total distributions declared and payable for the nine months ended September 30, 2025																		$	1.75402					$	67,065
January 23, 2024						January 31, 2024						February 22, 2024						$	0.19470					$	2,417
January 23, 2024						February 29, 2024						March 25, 2024						0.19600						2,778
January 23, 2024						March 29, 2024						April 24, 2024						0.19472						3,181
March 14, 2024						April 30, 2024						May 23, 2024						0.19528						3,554
March 14, 2024						May 31, 2024						June 25, 2024						0.19465						3,888
March 14, 2024						June 28, 2024						July 24, 2024						0.19522						4,280
May 10, 2024						July 31, 2024						August 23, 2024						0.19454						4,462
May 10, 2024						August 30, 2024						September 23, 2024						0.19454						4,694
May 10, 2024						September 30, 2024						October 23, 2024						0.19520						4,929
Total distributions declared and payable for the nine months ended September 30, 2024																		$	1.75485					$	34,183

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																		Class D
Declaration Date						Record Date						Payment Date						Net Distribution Per Share						Distribution Amount
November 8, 2024						January 31, 2025						February 21, 2025						$	0.20844					$	2,923
November 8, 2024						February 28, 2025						March 21, 2025						0.20901						3,408
November 8, 2024						March 31, 2025						April 23, 2025						0.20847						3,843
March 10, 2025						April 30, 2025						May 22, 2025						0.20868						4,270
March 10, 2025						May 30, 2025						June 25, 2025						0.20851						4,629
March 10, 2025						June 30, 2025						July 23, 2025						0.20867						4,935
May 14, 2025						July 31, 2025						August 22, 2025						0.20846						5,248
May 14, 2025						August 29, 2025						September 24, 2025						0.20845						5,567
May 14, 2025						September 30, 2025						October 23, 2025						0.20865						5,707
Total distributions declared and payable for the nine months ended September 30, 2025																		$	1.87734					$	40,530
January 23, 2024						January 31, 2024						February 22, 2024						$	0.20854					$	471
January 23, 2024						February 29, 2024						March 25, 2024						0.20892						498
January 23, 2024						March 29, 2024						April 24, 2024						0.20854						528
March 14, 2024						April 30, 2024						May 23, 2024						0.20871						578
March 14, 2024						May 31, 2024						June 25, 2024						0.20852						606
March 14, 2024						June 28, 2024						July 24, 2024						0.20869						645
May 10, 2024						July 31, 2024						August 23, 2024						0.20849						728
May 10, 2024						August 30, 2024						September 23, 2024						0.20849						1,025
May 10, 2024						September 30, 2024						October 23, 2024						0.20868						1,585
Total distributions declared and payable for the nine months ended September 30, 2024																		$	1.87758					$	6,664

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

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

Distribution Reinvestment Plan

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

Share Repurchase Program

The Fund has commenced a share repurchase program, pursuant to which the Fund intends to offer to repurchase, at the discretion of the Fund’s board of trustees, up to 5% of its Common Shares outstanding in each quarter. The Fund’s board of trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in its best interest and the best interest of its common shareholders. As a result, share repurchases may not be available each quarter, or at all. All shares purchased by the Fund in connection with the share repurchase program will be retired and thereafter will be authorized and unissued shares.

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In accordance with the Fund’s share repurchase program, shares repurchased in the Fund’s tender offers completed during the nine months ended September 30, 2025 and 2024 were repurchased using a purchase price equal to the NAV per share as of the last calendar day of the applicable month designated by the Fund’s board of trustees, except that the Fund deducted 2.00% from such NAV for shares that were not outstanding for at least one year (the “Early Repurchase Deduction”).

The plan adopted by the Fund pursuant to Rule 18f-3 under the Investment Company Act so that the Fund may issue multiple classes of Common Shares (the “Multiple Class Plan”) provides that the Early Repurchase Deduction holding period ends on the one-year anniversary of the subscription closing date and the Early Repurchase Deduction will not apply to shares acquired through the Fund’s distribution reinvestment plan. The Early Repurchase Deduction may be waived in the case of repurchase requests: (i) arising from the death or qualified disability of the holder; (ii) submitted by discretionary model portfolio management programs (and similar arrangements); (iii) from feeder funds (or similar vehicles) primarily created to hold the Fund's Common Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; and (iv) in the event that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain a minimum account balance. Prior to May 8, 2024, the Fund could only waive the Early Repurchase Deduction in the case of repurchase requests arising from the death or qualified disability of the holder. The Early Repurchase Deduction is retained by the Fund for the benefit of remaining shareholders.

The following tables present the share repurchases completed during the nine months ended September 30, 2025 and 2024:

Repurchase Pricing Date						Total Number of Shares Repurchased						Percentage of Outstanding Shares Repurchased (1)						Repurchase Request Deadline						Purchase Price Per Share						Amount Repurchased (All Classes) (2)						Maximum number of shares that may yet be purchased under the repurchase program (3)
February 28, 2025						1,093						0.47		%				March 20, 2025						$	27.47					$	29,969					—
May 31, 2025						5,281						1.80		%				June 20, 2025						$	27.42					$	144,586					—
August 31, 2025						2,943						0.93		%				September 19, 2025						$	27.50					$	80,915					—

Repurchase Pricing Date						Total Number of Shares Repurchased						Percentage of Outstanding Shares Repurchased (1)						Repurchase Request Deadline						Purchase Price Per Share						Amount Repurchased (All Classes) (2)						Maximum number of shares that may yet be purchased under the repurchase program (3)
February 29, 2024						387						0.54		%				March 20, 2024						$	27.19					$	10,376					—
May 31, 2024						5						0.01		%				June 20, 2024						$	27.39					$	132					—
August 31, 2024						134						0.09		%				September 20, 2024						$	27.41					$	3,623					—

_______________________________________________________________________________

(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)Amounts shown net of the Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

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10. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights as of and for the nine months ended September 30, 2025 and 2024:

			As of and For the Nine Months Ended September 30, 2025
			Class I						Class S						Class D
Per Share Data:
Net asset value at beginning of period			$	27.61					$	27.61					$	27.61
Net investment income for period(1)			1.75						1.58						1.71
Net realized and unrealized gains for period(1)			0.14						0.14						0.14
Net increase in net assets resulting from operations			1.89						1.72						1.85
Distributions from net investment income			(1.92)						(1.75)						(1.88)
Total decrease in net assets			(0.03)						(0.03)						(0.03)
Net asset value at end of period			$	27.58					$	27.58					$	27.58
Total return based on net asset value(2)			6.06		%				5.56		%				5.91		%
Shares outstanding at end of period			296,655						44,495						27,351
Ratio/Supplemental Data:
Net assets at end of period			$	8,180,579					$	1,227,021					$	754,371
Ratio of operating expenses (excluding expense support) to average net assets(3)(4)			8.00		%				8.84		%				8.30		%
Ratio of operating expenses (including expense support) to average net assets(3)			7.26		%				8.10		%				7.54		%
Ratio of net investment income to average net assets(3)(5)			8.50		%				7.64		%				8.23		%
Portfolio turnover rate(3)			39		%				39		%				39		%

			As of and For the Nine Months Ended September 30, 2024
			Class I						Class S						Class D
Per Share Data:
Net asset value, beginning of period			$	27.22					$	27.22					$	27.22
Net investment income for period(1)			1.82						1.64						1.77
Net realized and unrealized gains for period(1)			0.34						0.34						0.34
Net increase in net assets			2.16						1.98						2.11
Distributions to shareholders(2)			(1.93)						(1.75)						(1.88)
Total increase in net assets			0.23						0.23						0.23
Net asset value, end of period			$	27.45					$	27.45					$	27.45
Total return based on net asset value(2)			7.72		%				7.12		%				7.54		%
Shares outstanding, end of period			135,116						25,253						7,593
Ratio/Supplemental Data:
Net assets, end of period			$	3,709,086					$	693,222					$	208,438
Ratio of operating expenses (excluding expense support) to average net assets(3)(4)			6.47		%				7.32		%				6.72		%
Ratio of operating expenses (including expense support) to average net assets(3)(4)			5.40		%				6.27		%				5.63		%
Ratio of net investment income to average net assets(3)(5)			8.95		%				8.07		%				8.76		%
Portfolio turnover rate(3)			54		%				54		%				54		%

_______________________________________________________________________________

(1)Weighted average basic per share data.

(2)For the nine months ended September 30, 2025 and 2024, the total return based on net asset value equaled the change in net asset value during the period divided by the beginning net asset value for the period. The Fund’s performance

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changes over time and currently may be different than that shown. Past performance is no guarantee of future results. Total return is not annualized.

(3)The ratios reflect an annualized amount.

(4)For the nine months ended September 30, 2025 and 2024, the ratio of operating expenses to average net assets consisted of the following:

															For the Nine Months Ended September 30, 2025
															Class I						Class S						Class D
Base management fee															1.25		%				1.25		%				1.25		%
Income based fee and capital gains incentive fee															1.26						1.26						1.26
Interest and credit facility fees															5.20						5.19						5.25
Shareholder servicing and/or distribution fees															—						0.85						0.25
Other operating expenses															0.29						0.29						0.29
Total operating expenses															8.00		%				8.84		%				8.30		%

			For the Nine Months Ended September 30, 2024
			Class I						Class S						Class D
Base management fee			1.25		%				1.25		%				1.25		%
Income based fee and capital gains incentive fee			1.35						1.35						1.35
Interest and credit facility fees			3.29						3.29						3.29
Shareholder servicing and/or distribution fees			—						0.85						0.25
Other operating expenses			0.58						0.58						0.58
Total operating expenses			6.47		%				7.32		%				6.72		%

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

11. SEGMENT REPORTING

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

12. SUBSEQUENT EVENTS

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

In October 2025, the Fund and ASIF Funding III entered into an agreement to amend the BNP Funding Facility. The amendment, among other things, (a) increased the aggregate commitments under the BNP Funding Facility from $500,000 to $1,000,000 (b) extended the reinvestment period for the BNP Funding Facility from November 26, 2027 to October 21, 2028, (c) extended the stated maturity date for the BNP Funding Facility from November 26, 2028 to October 21, 2029 and (d) adjusted the interest rate charged on the BNP Funding Facility from (x) SOFR plus an applicable margin of (i) 1.40% during the reinvestment period and (ii) 2.40% following the reinvestment period to (y) SOFR plus an applicable margin of (i) 1.30% during the reinvestment period and (ii) 2.30% following the reinvestment period. In addition, among other fees, pursuant to the

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amendment, ASIF Funding III is required to pay, from and after the three-month anniversary of the effective date of the amendment, a commitment fee of up to 0.70% per annum on any excess unused portion of the BNP Funding Facility. The other terms of the BNP Funding Facility remained materially unchanged.

Effective October 1, 2025, the Fund issued and sold approximately 13,882 Common Shares (consisting of 11,706 Class I shares, 1,393 Class S shares and 783 Class D shares at an offering price of $27.58 per share for each class of shares), and received approximately $382,865 as payment for such shares.

The Fund received approximately $288,686 of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective November 1, 2025. The purchase price per Class I share, Class S share and Class D share will equal the Fund’s NAV per Class I share, Class S share and Class D share, respectively, as of the last calendar day of October 2025 (the “October NAV”), which is generally expected to be available within 20 business days after November 1, 2025. At that time, the number of Class I shares, Class S shares and Class D shares issued to each investor based on the October NAV and such investor’s subscription amount will be determined and Class I shares, Class S shares and Class D shares, as applicable, will be credited to the investor’s account as of the effective date of the share purchase, November 1, 2025.

As previously disclosed, on August 8, 2025, the Fund announced the declaration of regular monthly gross distributions for October, November and December 2025, in each case for each class of its Common Shares. On November 14, 2025, the Fund announced the declaration of regular monthly gross distributions for January, February and March 2026, in each case for each class of its Common Shares. The following table presents the regular monthly gross distributions per share that were declared and payable:

									Gross Distribution Per Share
Record Date						Payment Date(1)			Class I						Class S						Class D
October 31, 2025						November 21, 2025			$	0.21430					$	0.21430					$	0.21430
November 28, 2025						December 24, 2025			$	0.21430					$	0.21430					$	0.21430
December 31, 2025						January 23, 2026			$	0.21430					$	0.21430					$	0.21430
January 30, 2026						February 23, 2026			$	0.21430					$	0.21430					$	0.21430
February 27, 2026						March 25, 2026			$	0.21430					$	0.21430					$	0.21430
March 31, 2026						April 23, 2026			$	0.21430					$	0.21430					$	0.21430

______________________________________________________________________________

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

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

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

The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Ares Strategic Income Fund (the “Fund,” “we,” “us,” or “our”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•our, or our portfolio companies’, future business, operations, operating results or prospects;

•the return or impact of current and future investments;

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

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

•fluctuations in global interest rates;

•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;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•our ability to recover unrealized losses;

•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;

•our contractual arrangements and relationships with third parties;

•political and regulatory conditions that contribute to uncertainty and market volatility including the impact of any prolonged U.S. government shutdown as well as the legislative, regulatory, trade, immigration and other policies associated with the current U.S. presidential administration;

•the impact of supply chain constraints on our portfolio companies and the global economy;

•uncertainty surrounding global financial stability;

•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;

•the disruption of global shipping activities;

•the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•the impact of global health crises on our or our portfolio companies’ business and the U.S. and global economy;

•our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations;

•our ability to successfully complete and integrate any acquisitions;

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

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•the adequacy of our cash resources and working capital;

•the timing, form and amount of any distributions;

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

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

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

We have based the forward-looking statements included in this Quarterly Report on information available to us as of the filing date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

OVERVIEW

We are an externally managed, closed-end management investment company. Formed as a Delaware statutory trust on March 15, 2022, we have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”).

We are externally managed by Ares Capital Management LLC (“Ares Capital Management” or our “investment adviser”), a subsidiary of Ares Management Corporation (“Ares Management” or “Ares”), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement (the “investment advisory and management agreement”). Our investment adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our investment adviser is registered as an investment adviser with the SEC. Our administrator, Ares Operations LLC (“Ares Operations” or “our administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.

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

To seek to enhance our returns, we employ leverage as market conditions permit and at the discretion of our investment adviser, but in no event will leverage employed exceed the limitations set forth in the Investment Company Act. We intend to use leverage in the form of borrowings, including loans from certain financial institutions, including any potential

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borrowings under our Credit Facilities (as defined below) and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by us. See Part I, “Item 1A. Risk Factors—Risks Relating to Our Business and Structure—We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us” in our Annual Report. To finance investments, we may securitize certain of our secured loans or other investments, including through the formation of one or more collateralized loan obligations, while retaining all or most of the exposure to the performance of these investments. See Part I, “Item 1A. Risk Factors—Risks Relating to Our Business and Structure—We have formed and invested in and may in the future form or invest in CLOs, which subject us to certain structured financing risks” in our Annual Report. Our investments are subject to a number of risks. See “Risk Factors” below and Part I, “Item 1A. Risk Factors” in our Annual Report.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies and certain public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act. In addition, we, our investment adviser and certain of our affiliates have received an exemptive relief order from the SEC that permits us and other BDCs and registered closed-end management investment companies managed by Ares Management and its affiliates to co-invest in portfolio companies with each other and with other affiliated investment entities (the “Co-Investment Exemptive Order”). As required by the Co-Investment Exemptive Order, we have adopted, and our board of trustees has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Co-Investment Exemptive Order, and our investment adviser and our Chief Compliance Officer will provide reporting to our board of trustees. Co-investments made under the Co-Investment Exemptive Order are subject to compliance with certain conditions and other requirements, which could limit our ability to participate in a co-investment transaction. There could be significant overlap in our investment portfolio and the investment portfolio of affiliated Ares Management entities that can avail themselves of the Co-Investment Exemptive Order and that have an investment objective similar to ours. We may also otherwise co-invest with funds managed by Ares Management or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and our investment adviser’s allocation policy.

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

MACROECONOMIC ENVIRONMENT

During the third quarter of 2025, leveraged corporate credit markets generated positive total returns amidst growing U.S. gross domestic product and consumer spending, stable inflation and historically low unemployment rates offset by slower job growth. Although future economic growth is expected to slow relative to 2024 levels, the U.S. debt and equity markets have shown strength as the Federal Reserve’s anticipated accommodative monetary policies are expected to support overall economic activity.

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PORTFOLIO AND INVESTMENT ACTIVITY

Our investment activity for the three months ended September 30, 2025 and 2024 is presented below.

			For the Three Months Ended September 30,
(dollar amounts in thousands)			2025						2024
New investment commitments(1):
Total new investment commitments(2)			$	6,071,943					$	3,091,038
Less: investment commitments exited(3)			(1,691,975)						(741,295)
Net investment commitments			$	4,379,968					$	2,349,743
Principal amount of investments funded:
First lien senior secured loans			$	4,465,975					$	2,460,525
Second lien senior secured loans			149,980						41,399
Senior subordinated loans			72,890						4,755
Collateralized loan obligations			259,549						110,344
Commercial mortgage backed securities			35,876						—
Private asset-backed investments			67,086						53,731
Preferred equity			116,474						7,255
Other equity			151,204						27,360
Total			$	5,319,034					$	2,705,369
Principal amount of investments sold or repaid:
First lien senior secured loans			$	1,621,505					$	715,877
Second lien senior secured loans			8,021						12,500
Collateralized loan obligations			86,498						4,500
Commercial mortgage backed securities			531						—
Private asset-backed investments			6,862						3,302
Preferred equity			17,078						—
Other equity			5,622						—
Total			$	1,746,117					$	736,179
Weighted average remaining term for investment commitments (in months)			70						79
Percentage of new investment commitments at floating rates			88		%				92		%
Weighted average yield(4):
Funded during the period at amortized cost			9.3		%				9.7		%
Funded during the period at fair value			9.3		%				9.7		%
Exited or repaid during the period at amortized cost			8.2		%				9.0		%
Exited or repaid during the period at fair value			8.3		%				8.8		%

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(1)New investment commitments include new agreements to fund revolving loans or delayed draw loans. See Note 7 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on our commitments to fund revolving loans or delayed draw loans.

(2)Includes both funded and unfunded commitments. Of these new investment commitments, we funded approximately $5.1 billion and $2.7 billion for the three months ended September 30, 2025 and 2024, respectively.

(3)Includes funded commitments. For the three months ended September 30, 2025 and 2024, investment commitments exited included exits of unfunded commitments of $54.1 million and $5.1 million, respectively.

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

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

			As of
			September 30, 2025												December 31, 2024
(in thousands)			Amortized Cost(1)						Fair Value						Amortized Cost(1)						Fair Value
First lien senior secured loans			$	16,112,668					$	16,168,416					$	10,092,681					$	10,130,307
Second lien senior secured loans			337,212						337,011						157,058						158,500
Senior subordinated loans			781,602						838,128						214,927						213,500
Corporate bonds			97,600						99,465						64,700						65,312
Collateralized loan obligations			919,796						918,191						366,165						370,985
Commercial mortgage-backed securities			99,415						100,377						29,112						29,161
Private asset-backed investments			279,506						289,406						209,600						208,357
Preferred equity			256,305						270,631						107,984						122,570
Other equity			486,581						536,970						239,826						250,457
Total			$	19,370,685					$	19,558,595					$	11,482,053					$	11,549,149

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

Our commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels). We are also party to subscription agreements to fund equity investments. See Note 7 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on our unfunded commitments.

The weighted average yields at amortized cost and fair value of our portfolio as of September 30, 2025 and December 31, 2024 were as follows:

			As of
			September 30, 2025												December 31, 2024
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Debt and other income producing securities(1)			9.1		%				9.0		%				9.1		%				9.1		%
Total portfolio(2)			8.8		%				8.7		%				8.9		%				8.9		%
First lien senior secured loans(3)			8.8		%				8.7		%				8.9		%				8.9		%
Second lien senior secured loans(3)			10.9		%				10.9		%				10.2		%				10.1		%
Senior subordinated loans(3)			9.4		%				8.7		%				12.2		%				12.2		%
Corporate bonds(3)			7.8		%				7.7		%				7.8		%				7.8		%
Collateralized loan obligations(3)			13.5		%				13.6		%				11.9		%				11.7		%
Commercial mortgage-backed securities(3)			8.1		%				8.0		%				8.3		%				8.3		%
Private asset-backed investments(3)			9.7		%				9.6		%				10.3		%				10.4		%
Other income producing equity securities(4)			11.6		%				11.2		%				12.1		%				11.4		%

_______________________________________________________________________________

(1)“Weighted average yields on debt and other income producing securities” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium

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earned on accruing debt and other income producing securities, divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value, as applicable.

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

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

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

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

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

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

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Set forth below is the grade distribution of our portfolio companies as of September 30, 2025 and December 31, 2024:

			As of
			September 30, 2025																								December 31, 2024
(dollar amounts in thousands)			Fair Value						%						Number of Companies						%						Fair Value						%						Number of Companies						%
Grade 4			$	332,942					1.7		%				9						1.1		%				$	225,030					2.0		%				7						1.2		%
Grade 3			19,091,040						97.6						817						98.2						11,305,483						97.9						576						98.1
Grade 2			134,613						0.7						6						0.7						16,018						0.1						3						0.5
Grade 1			—						—						—						—						2,618						—						1						0.2
Total			$	19,558,595					100.0		%				832						100.0		%				$	11,549,149					100.0		%				587						100.0		%

As of September 30, 2025 and December 31, 2024, the weighted average grade of the investments in our portfolio at fair value was 3.0 and 3.0, respectively.

As of September 30, 2025, none of the loans were on non-accrual status. As of December 31, 2024, loans on non-accrual status represented 0.1% of the total investments at amortized cost (or less than 0.1% at fair value).

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

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

Revenues

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

Expenses

The services of all investment professionals and staff of our investment adviser, when and to the extent engaged in providing investment advisory and management services to us and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by our investment adviser. Under the investment advisory and management agreement, we bear all other allocable costs and expenses of our operations and transactions. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on fees and expenses.

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

Expense Support and Conditional Reimbursement Agreement

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We have entered into an expense support and conditional reimbursement agreement (the “Expense Support and Conditional Reimbursement Agreement”) with our investment adviser. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on the Expense Support and Conditional Reimbursement Agreement.

RESULTS OF OPERATIONS

For the three and nine months ended September 30, 2025 and 2024

Operating results for the three and nine months ended September 30, 2025 and 2024 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in thousands)			2025						2024						2025						2024
Total investment income			$	393,881					$	154,317					$	978,024					$	342,575
Total expenses			206,561						67,717						500,745						157,803
Expense support			(15,363)						(10,857)						(45,915)						(25,499)
Expense support recoupment			4,516						—						7,400						—
Net expenses			195,714						56,860						462,230						132,304
Net investment income before income taxes			198,167						97,457						515,794						210,271
Income tax expense, including excise tax			228						234						449						697
Net investment income			197,939						97,223						515,345						209,574
Net realized gains on investments and foreign currency transactions			12,469						3,840						1,443						12,050
Net unrealized gains (losses) on investments and foreign currency transactions			32,239						(2,528)						57,251						26,400
Net increase in net assets resulting from operations			$	242,647					$	98,535					$	574,039					$	248,024

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

Investment Income

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in thousands)			2025						2024						2025						2024
Interest income			$	372,588					$	148,220					$	934,694					$	329,377
Dividend income			7,258						2,136						16,668						4,418
Other income			14,035						3,961						26,662						8,780
Total investment income			$	393,881					$	154,317					$	978,024					$	342,575

Total investment income for the three and nine months ended September 30, 2025 increased from the comparable periods in 2024 primarily due to the increase in the average size of our investment portfolio, and was partially offset by the decline in the weighted average yield of our portfolio primarily as a result of a decline in SOFR (as defined below) and to a lesser extent, tightening credit spreads. The average size and the weighted average yield of our portfolio at amortized cost for the three and nine months ended September 30, 2025 and 2024 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(dollar amounts in thousands)			2025						2024						2025						2024
Average size of portfolio(1)			$	17,733,792					$	6,011,034					$	14,797,968					$	4,466,193
Weighted average yield on portfolio			8.5		%				9.9		%				8.6		%				10.0		%

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(1)Includes non-interest earning investments.

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Operating Expenses

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in thousands)			2025						2024						2025						2024
Interest and credit facility fees			$	134,006					$	36,264					$	320,406					$	78,358
Base management fee			29,789						13,300						76,934						29,803
Income based fee			27,952						12,576						70,280						27,494
Capital gains incentive fee(1)			5,588						164						7,332						4,806
Offering expenses			389						363						1,376						3,361
Shareholder servicing and distribution fees
Class S			2,527						1,412						6,687						3,391
Class D			458						92						1,111						182
Administrative and other fees			2,001						1,545						5,623						4,392
Other general and administrative			3,851						2,001						10,996						6,016
Total expenses			206,561						67,717						500,745						157,803
Expense support			(15,363)						(10,857)						(45,915)						(25,499)
Expense support recoupment			4,516						—						7,400						—
Net expenses			$	195,714					$	56,860					$	462,230					$	132,304

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

Interest and credit facility fees for the three and nine months ended September 30, 2025 and 2024 were comprised of the following:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in thousands)			2025						2024						2025						2024
Stated interest expense(1)			$	123,395					$	31,090					$	293,687					$	66,201
Credit facility fees			3,844						3,389						11,534						7,612
Amortization of debt issuance costs			4,800						1,845						12,213						4,525
Accretion of discount			2,085						204						4,850						262
Net gains on interest rate swaps accounted for as hedge instruments and the related hedged items			(118)						(264)						(1,878)						(242)
Total interest and credit facility fees			$	134,006					$	36,264					$	320,406					$	78,358

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(1)Includes the impact of the interest rate swaps for the three and nine months ended September 30, 2025.

Stated interest expense for the three and nine months ended September 30, 2025 increased from the comparable periods in 2024 primarily due to the increase in the average principal amount of outstanding debt and was partially offset by the decline in our weighted average stated interest rate of our outstanding debt which was primarily due to the decline in SOFR and to a lesser extent, the impact of lower spreads on our outstanding debt. Average outstanding debt and weighted average stated interest rate on our outstanding debt for the three and nine months ended September 30, 2025 and 2024 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(dollar amounts in thousands)			2025						2024						2025						2024
Average outstanding debt			$	7,674,297					$	1,611,826					$	6,107,148					$	1,146,085
Weighted average stated interest rate on outstanding debt(1)			6.0		%				7.5		%				6.0		%				7.6		%

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(1)The weighted average stated interest rate on our outstanding debt for the three and nine months ended September 30, 2025 includes the impact of the interest rate swaps. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on the interest rate swaps.

The base management fee for the three and nine months ended September 30, 2025 increased from the comparable periods in 2024 due to an increase in net assets primarily as a result of our continuous registered offering of Common Shares.

The income based fee for the three and nine months ended September 30, 2025 increased from the comparable periods in 2024 primarily due to the increase in pre-incentive fee net investment income, as defined in the investment advisory and management agreement.

For the three and nine months ended September 30, 2025, the capital gains incentive fee calculated in accordance with GAAP was $5.6 million and $7.3 million, respectively, compared to $0.2 million and $4.8 million, respectively, for the comparable periods in 2024. The capital gains incentive fee accrual for the nine months ended September 30, 2025 changed from the comparable period in 2024 primarily due to net gains on investments and foreign currency transactions of $58.7 million compared to net gains of $38.5 million for the comparable period in 2024. The capital gains incentive fee accrued under GAAP includes an accrual related to unrealized capital appreciation, whereas the capital gains incentive fee actually payable under our investment advisory and management agreement does not. There can be no assurance that such unrealized capital appreciation will be realized in the future. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. As of September 30, 2025, there was approximately $20.7 million of capital gains incentive fee accrued in accordance with GAAP. As of September 30, 2025, there was no capital gains incentive fee actually payable under our investment advisory and management agreement. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on the base management fee, income based fee and capital gains incentive fee.

Offering expenses include expenses incurred in connection with our continuous offering of Common Shares (as defined below). Administrative and other fees represent fees paid to Ares Operations and our investment adviser for our allocable portion of overhead and other expenses incurred by Ares Operations and our investment adviser, in performing their obligations under each of the administration agreement and the investment advisory and management agreement, respectively, including our allocable portion of the compensation, rent and other expenses of certain of our corporate officers and their respective staffs. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on the administrative and other fees. Other general and administrative expenses include, among other costs, professional fees, insurance, fees and expenses related to evaluating and making investments in portfolio companies and independent trustees’ fees.

For the three and nine months ended September 30, 2025, total other expenses was approximately $9.2 million and $25.8 million, respectively, which is comprised of offering expenses, shareholder servicing and distribution fees, administrative and other fees and other general and administrative expenses, compared to $5.4 million and $17.3 million, respectively, for the comparable periods in 2024. Administrative and other fees and other general and administrative expenses for the three and nine months ended September 30, 2025 increased from comparable periods in 2024, primarily as a result of the continued portfolio growth. Other expenses for the three and nine months ended September 30, 2025 increased from the comparable periods in 2024, primarily as a result of our continuous registered offering of Common Shares.

Income Tax Expense, Including Excise Tax

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

 

Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three and nine months ended September 30, 2025, we recorded a net expense of $0.2

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million and $0.4 million, respectively, for U.S. federal excise tax. For the three and nine months ended September 30, 2024, we recorded a net expense of $0.2 million and $0.7 million, respectively, for U.S. federal excise tax.

Net Realized and Unrealized Gains/Losses

For the three and nine months ended September 30, 2025, we recorded net realized gains on investments of $19.0 million and $20.8 million, respectively, compared to net realized gains on investments of $3.8 million and $11.9 million, respectively, for the comparable periods in 2024, primarily from full or partial sales or repayments of certain of our portfolio investments. For the three and nine months ended September 30, 2025, we also recognized net realized losses on foreign currency transactions of $6.5 million and $19.3 million, respectively, compared to net realized gains on foreign currency transactions of $0.0 million and $0.1 million, respectively, for the comparable periods in 2024.

For the three and nine months ended September 30, 2025, we recorded net unrealized gains on investments, including the net change in deferred tax liabilities, of $17.6 million and $120.5 million, respectively, and net unrealized gains on foreign currency transactions of $14.6 million and net unrealized losses on foreign currency transactions of $63.2 million, respectively. For the three and nine months ended September 30, 2024, we recorded net unrealized gains on investments of $2.2 million and $30.7 million, respectively. For the three and nine months ended September 30, 2024, we recorded net unrealized losses on foreign currency transactions of $4.7 million and $4.3 million, respectively.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

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

 

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

In accordance with the Investment Company Act, we may borrow amounts such that our asset coverage, calculated pursuant to the Investment Company Act, is at least 150% (or 200% if certain requirements under the Investment Company Act are not met) immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). As of September 30, 2025, we had approximately $264 million in cash and cash equivalents and $8.9 billion in total aggregate principal amount of outstanding debt ($8.9 billion at carrying value) and our asset coverage was 210%. Subject to borrowing base and other restrictions, we had approximately $3.6 billion available for additional borrowings under the Credit Facilities as of September 30, 2025.

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 Common Shares outstanding in each quarter. We may from time to time seek to retire, cancel or purchase any of our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. In addition, we may from time to time enter into new debt facilities, increase the size of existing facilities or issue debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of common stock or outstanding debt, or incurrence or issuance of additional debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

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

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Equity Capital Activities

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

The following table summarizes transactions in Common Shares during the three and nine months ended September 30, 2025:

			For the Three Months Ended September 30, 2025												For the Nine Months Ended September 30, 2025
(in thousands)			Shares						Amount						Shares						Amount
Class I
Subscriptions(1)			54,370						$	1,496,730					126,614						$	3,482,147
Share transfers between classes			(102)						(2,794)						90						2,469
Distributions reinvested			1,613						44,396						4,810						132,122
Repurchased shares, net of early repurchase deduction			(2,162)						(59,456)						(7,280)						(199,805)
Net increase			53,719						$	1,478,876					124,234						$	3,416,933
Class S
Subscriptions(1)			4,913						$	135,184					15,480						$	425,456
Share transfers between classes			(63)						(1,719)						(255)						(6,982)
Distributions reinvested			252						6,911						653						17,915
Repurchased shares, net of early repurchase deduction			(247)						(6,770)						(877)						(23,982)
Net increase			4,855						$	133,606					15,001						$	412,407
Class D
Subscriptions(1)			3,830						$	105,430					16,030						$	440,502
Share transfers between classes			165						4,513						165						4,513
Distributions reinvested			241						6,629						544						14,935
Repurchased shares, net of early repurchase deduction			(534)						(14,689)						(1,160)						(31,683)
Net increase			3,702						$	101,883					15,579						$	428,267
Total net increase			62,276						$	1,714,365					154,814						$	4,257,607

____________________________________

(1)See “Recent Developments” as well as Note 12 to our consolidated financial statements for the three and nine months ended September 30, 2025 for subsequent events relating to subscription activities.

Net Asset Value Per Share and Offering Price

We determine NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. The NAV per share for each class of Common Shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the share class by the total number of each share class of Common Shares outstanding at the date as of which the determination is made. The following table summarizes each month-end NAV per share for Class I shares, Class S shares and Class D shares during the nine months ended September 30, 2025.

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			NAV Per Share
			Class I						Class S						Class D
January 31, 2025			$	27.60					$	27.60					$	27.60
February 28, 2025			$	27.47					$	27.47					$	27.47
March 31, 2025			$	27.36					$	27.36					$	27.36
April 30, 2025			$	27.27					$	27.27					$	27.27
May 31, 2025			$	27.42					$	27.42					$	27.42
June 30, 2025			$	27.51					$	27.51					$	27.51
July 31, 2025			$	27.55					$	27.55					$	27.55
August 31, 2025			$	27.50					$	27.50					$	27.50
September 30, 2025			$	27.58					$	27.58					$	27.58

Distributions

Our board of trustees expects to declare monthly regular distributions for each class of our Common Shares. The following tables present the monthly regular distributions that were declared and payable during the nine months ended September 30, 2025 (dollars in thousands except per share amounts).

																		Class I
Declaration Date						Record Date						Payment Date						Net Distribution Per Share						Distribution Amount
November 8, 2024						January 31, 2025						February 21, 2025						$	0.21430					$	40,299
November 8, 2024						February 28, 2025						March 21, 2025						0.21430						43,931
November 8, 2024						March 31, 2025						April 23, 2025						0.21430						46,782
March 10, 2025						April 30, 2025						May 22, 2025						0.21430						50,430
March 10, 2025						May 30, 2025						June 25, 2025						0.21430						52,089
March 10, 2025						June 30, 2025						July 23, 2025						0.21430						52,061
May 14, 2025						July 31, 2025						August 22, 2025						0.21430						53,575
May 14, 2025						August 29, 2025						September 24, 2025						0.21430						60,034
May 14, 2025						September 30, 2025						October 23, 2025						0.21430						63,575
																		$	1.92870					$	462,776

																		Class S
Declaration Date						Record Date						Payment Date						Net Distribution Per Share						Distribution Amount
November 8, 2024						January 31, 2025						February 21, 2025						$	0.19437					$	6,193
November 8, 2024						February 28, 2025						March 21, 2025						0.19630						6,546
November 8, 2024						March 31, 2025						April 23, 2025						0.19447						6,858
March 10, 2025						April 30, 2025						May 22, 2025						0.19519						7,233
March 10, 2025						May 30, 2025						June 25, 2025						0.19461						7,484
March 10, 2025						June 30, 2025						July 23, 2025						0.19514						7,736
May 14, 2025						July 31, 2025						August 22, 2025						0.19444						8,001
May 14, 2025						August 29, 2025						September 24, 2025						0.19441						8,333
May 14, 2025						September 30, 2025						October 23, 2025						0.19509						8,681
																		$	1.75402					$	67,065

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																		Class D
Declaration Date						Record Date						Payment Date						Net Distribution Per Share						Distribution Amount
November 8, 2024						January 31, 2025						February 21, 2025						$	0.20844					$	2,923
November 8, 2024						February 28, 2025						March 21, 2025						0.20901						3,408
November 8, 2024						March 31, 2025						April 23, 2025						0.20847						3,843
March 10, 2025						April 30, 2025						May 22, 2025						0.20868						4,270
March 10, 2025						May 30, 2025						June 25, 2025						0.20851						4,629
March 10, 2025						June 30, 2025						July 23, 2025						0.20867						4,935
May 14, 2025						July 31, 2025						August 22, 2025						0.20846						5,248
May 14, 2025						August 29, 2025						September 24, 2025						0.20845						5,567
May 14, 2025						September 30, 2025						October 23, 2025						0.20865						5,707
																		$	1.87734					$	40,530

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

See “Recent Developments” as well as Note 12 to our consolidated financial statements for the three and nine months ended September 30, 2025 for a subsequent event relating to regular distributions declared by our board of trustees.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan (“distribution reinvestment plan”), pursuant to which we will not reinvest cash distributions declared by our board of trustees on behalf of our shareholders unless such shareholders elect for their shares to be automatically reinvested. As a result, if our board of trustees authorizes, and we declare, a cash distribution, then our shareholders who have opted into our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account. The purchase price for shares issued under our distribution reinvestment plan will be equal to the most recent available NAV per share for such shares at the time the distribution is payable.

Share Repurchase Program

We have 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 Common Shares outstanding in each quarter. Our board of trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our common shareholders. As a result, share repurchases may not be available each quarter, or at all. All shares purchased by us in connection with the share repurchase program will be retired and thereafter will be authorized and unissued shares.

In accordance with our share repurchase program, shares repurchased in our tender offers completed during the nine months ended September 30, 2025 and 2024 were repurchased using a purchase price equal to the NAV per share as of the last calendar day of the applicable month designated by our board of trustees, except that we deducted 2.00% from such NAV for shares that were not outstanding for at least one year (the “Early Repurchase Deduction”).

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

The following table presents the share repurchases completed during the nine 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 (1)						Repurchase Request Deadline						Purchase Price Per Share						Amount Repurchased (All Classes) (2)						Maximum number of shares that may yet be purchased under the repurchase program (3)
February 28, 2025						1,093,062						0.47		%				March 20, 2025						$	27.47					$	29,969					—
May 31, 2025						5,280,810						1.80		%				June 20, 2025						$	27.42					$	144,586					—
August 31, 2025						2,942,918						0.93		%				September 19, 2025						$	27.50					$	80,915					—

_______________________________________________________________________________

(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)Amounts shown net of the Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

Debt Capital Activities

Our debt obligations consisted of the following as of September 30, 2025 and December 31, 2024:

			As of
			September 30, 2025																		December 31, 2024
(in thousands)			Total Aggregate Principal Amount Committed/ Outstanding (1)						Principal Amount Outstanding						Carrying Value						Total Aggregate Principal Amount Committed/ Outstanding (1)						Principal Amount Outstanding						Carrying Value
Revolving Credit Facility			$	3,250,000		(2)			$	971,068					$	971,087					$	1,810,000		(2)			$	489,506					$	489,453
SG Funding Facility			1,825,000			(3)			962,811						962,811						1,825,000			(3)			861,811						861,811
SB Funding Facility			750,000						275,000						275,000						750,000						75,000						75,000
BNP Funding Facility			500,000						475,000						475,000						500,000						250,000						250,000
January 2037 CLO Notes(4)			476,000						476,000						473,326			(5)			476,000						476,000						473,120			(5)
April 2038 CLO Debt(4)			350,000						350,000						348,197			(5)			—						—						—
March 2028 Notes			1,000,000						1,000,000						1,003,415			(5)(6)			1,000,000						1,000,000						984,492			(5)(6)
September 2028 Notes			600,000						600,000						596,547			(5)(6)			—						—						—
January 2029 Notes			600,000						600,000						588,208			(5)(6)			—						—						—
August 2029 Notes			700,000						700,000						706,186			(5)(6)			700,000						700,000						687,445			(5)(6)
February 2030 Notes			750,000						750,000						731,439			(5)(6)			750,000						750,000						705,863			(5)(6)
September 2030 Notes			500,000						500,000						497,211			(5)(6)			—						—						—
January 2031 Notes			500,000						500,000						485,333			(5)(6)			—						—						—
March 2032 Notes			750,000						750,000						769,078			(5)(6)			—						—						—
Total			$	12,551,000					$	8,909,879					$	8,882,838					$	7,811,000					$	4,602,317					$	4,527,184

________________________________________

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

(2)Provides for an “accordion” feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of approximately $4.6 billion and $2.6 billion as of September 30, 2025 and December 31, 2024, respectively.

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(3)Provides for an “accordion” feature that allows ASIF Funding I (as defined below), under certain circumstances, to increase the size of the SG Funding Facility to a maximum of $2.5 billion and $2.0 billion as of September 30, 2025 and December 31, 2024, respectively.

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

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

(6)The carrying value of the March 2028 Notes, the September 2028 Notes, the January 2029 Notes, the August 2029 Notes, the February 2030 Notes, the September 2030 Notes, the January 2031 Notes and the March 2032 Notes (each as defined below) as of September 30, 2025 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the March 2028 Notes, the August 2029 Notes and the February 2030 Notes as of December 31, 2024 includes adjustments as a result of effective hedge accounting relationships. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on the interest rate swaps related to these unsecured notes issuances.

The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all our outstanding debt as of September 30, 2025 were 6.0% and 4.8 years, respectively, and as of December 31, 2024 were 6.3% and 5.0 years, respectively. The weighted average stated interest rate of all our outstanding debt as of September 30, 2025 and December 31, 2024 includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on the interest rate swaps.

Revolving Credit Facility

We are party to a senior secured revolving credit facility agreement with JPMorgan Chase Bank, N.A and each of the other parties thereto (the “Revolving Credit Facility”), that allows us to borrow up to approximately $3.3 billion at any one time outstanding. As of September 30, 2025, the end of the revolving period and the stated maturity date were April 15, 2029 and April 15, 2030, respectively. As of September 30, 2025, the Revolving Credit Facility also provided for an “accordion” feature that allowed us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of approximately $4.6 billion. The interest rate charged on the Revolving Credit Facility is based on Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.525%, 1.650% or 1.775% or an “alternate base rate” (as defined in the documents governing the Revolving Credit Facility) plus an applicable spread of either 0.525%, 0.650% or 0.775%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving credit exposure under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving credit exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of September 30, 2025, the applicable spread in effect was 1.525%. Additionally, we are required to pay a commitment fee of 0.325% per annum on any unused portion of the Revolving Credit Facility. As of September 30, 2025, there was approximately $971 million aggregate principal amount outstanding under the Revolving Credit Facility and we were in compliance in all material respects with the terms of the Revolving Credit Facility.

SG Funding Facility

We and our wholly owned subsidiary, ASIF Funding I, LLC (“ASIF Funding I”), are party to a revolving funding facility with Société Générale and each of the other parties thereto (the “SG Funding Facility”), that allows us to borrow up to approximately $1.8 billion at any one time outstanding. The SG Funding Facility consists of an approximately $556 million term loan tranche with a stated maturity date of August 1, 2030 and an approximately $1.3 billion revolving tranche with an end of the reinvestment period and a stated maturity date of August 1, 2028 and August 1, 2030, respectively. As of September 30, 2025, the SG Funding Facility also provides for an “accordion” feature that allows ASIF Funding I, under certain circumstances, to increase the overall size of the SG Funding Facility to a maximum of $2.5 billion. The interest rate charged on the SG Funding Facility is based on SOFR plus an applicable margin of (i) with respect to term loans under the SG Funding Facility, 1.85% per annum, and (ii) with respect to revolving loans under the SG Funding Facility, 1.90% per annum. In addition to the stated interest expense on the SG Funding Facility, ASIF Funding I is required to pay, among other fees, a daily commitment fee on any monthly distribution date, termination date or on the date of any payment or prepayment of a loan outstanding under the SG Funding Facility. As of September 30, 2025, there was approximately $963 million aggregate

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principal amount outstanding under the SG Funding Facility and we and ASIF Funding I were in compliance in all material respects with the terms of the SG Funding Facility.

SB Funding Facility

We and our wholly owned subsidiary, ASIF Funding II, LLC (“ASIF Funding II”), are party to a revolving funding facility with the Bank of Nova Scotia and each of the other parties thereto (the “SB Funding Facility”), that allows us to borrow up to $750 million at any one time outstanding. The end of the reinvestment period and the stated maturity date were October 8, 2027 and April 8, 2034, respectively. The interest rate charged on the SB Funding Facility is based on SOFR plus an applicable margin of (i) 1.90% during the reinvestment period and (ii) 2.20% following the reinvestment period. As of September 30, 2025, the applicable spread in effect was 1.90%. In addition to the stated interest expense on the SB Funding Facility, ASIF Funding II is required to pay, among other fees, a commitment fee between 0.50% and 1.00% per annum depending on the aggregate amount of unused commitments under the SB Funding Facility. As of September 30, 2025, there was $275 million aggregate principal amount outstanding under the SB Funding Facility and we and ASIF Funding II were in compliance in all material respects with the terms of the SB Funding Facility.

BNP Funding Facility

We and our wholly owned subsidiary, ASIF Funding III, LLC (“ASIF Funding III”), are party to a revolving funding facility with BNP Paribus and each of the other parties thereto (the “BNP Funding Facility”), that allows us to borrow up to $500 million at any one time outstanding. The end of the reinvestment period and the stated maturity date are November 26, 2027 and November 26, 2028, respectively. The interest rate charged on the BNP Funding Facility is based on SOFR plus an applicable margin of (i) 1.40% during the reinvestment period and (ii) 2.40% following the reinvestment period. As of September 30, 2025, the applicable spread in effect was 1.40%. In addition to the stated interest expense on the BNP Funding Facility, ASIF Funding III is required to pay, among other fees, a commitment fee dependent on the aggregate amount of unused commitments under the BNP Funding Facility. As of September 30, 2025, there was $475 million aggregate principal amount outstanding under the BNP Funding Facility and we and ASIF Funding III were in compliance in all material respects with the terms of the BNP Funding Facility. See “Recent Developments,” as well as Note 12 to our consolidated financial statements for the three and nine months ended September 30, 2025 for a subsequent event relating to the BNP Funding Facility.

Debt Securitizations

ADL CLO 3 Debt Securitization

In November 2024, we, through our wholly owned consolidated subsidiary, Ares Direct Lending CLO 3 LLC (“ADL CLO 3”), completed a $694 million term debt securitization (the “ADL CLO 3 Debt Securitization”). The ADL CLO 3 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by us, which is consolidated by us for financial reporting purposes and subject to our overall asset coverage requirement. The notes offered in the ADL CLO 3 Debt Securitization that mature on January 20, 2037 (collectively, the “January 2037 CLO Notes”) were issued by ADL CLO 3 pursuant to the indenture governing the January 2037 CLO Notes and include (i) $399 million of Class A-1 Senior Notes (the “January 2037 Class A-1 CLO Notes”); (ii) $35 million of Class A-2 Senior Notes (the “January 2037 Class A-2 CLO Notes”); (iii) $42 million of Class B Senior Notes (the “January 2037 Class B CLO Notes” and, together with the January 2037 Class A-1 Notes and the January 2037 Class A-2 CLO Notes, the “January 2037 CLO Secured Notes”); and (iv) approximately $218 million of subordinated notes (the “January 2037 CLO Subordinated Notes”), which do not bear interest. We retained all of the January 2037 CLO Subordinated Notes, as such, the January 2037 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the January 2037 CLO Notes as of September 30, 2025 (dollar amounts in millions):

Class

Type

Principal Outstanding

Maturity Date

Interest Rate

January 2037 Class A-1 CLO Notes

Senior Secured Floating Rate

$

399

January 20, 2037

SOFR+1.58%

January 2037 Class A-2 CLO Notes

Senior Secured Floating Rate

35

January 20, 2037

SOFR+1.75%

January 2037 Class B CLO Notes

Senior Secured Floating Rate

42

January 20, 2037

SOFR+1.85%

Total January 2037 CLO Secured Notes

$

476

January 2037 CLO Subordinated Notes

Subordinated

218

January 20, 2037

None

Total January 2037 CLO Notes

$

694

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The January 2037 CLO Secured Notes are the secured obligations of ADL CLO 3 and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ADL CLO 3 pursuant to the terms of a contribution agreement. The interest rate charged on the January 2037 CLO Secured Notes is based on SOFR plus a blended weighted average spread of 1.62%.

Our investment adviser serves as asset manager to ADL CLO 3 under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. Our investment adviser has agreed to waive any management fees from ADL CLO 3.

ADL CLO 5 Debt Securitization

In April 2025, we, through our wholly owned consolidated subsidiary, Ares Direct Lending CLO 5 LLC (“ADL CLO 5”), completed a $499 million term debt securitization (the “ADL CLO 5 Debt Securitization”). The ADL CLO 5 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by us, which is consolidated by us for financial reporting purposes and subject to our overall asset coverage requirement. The notes offered and the loans incurred in the ADL CLO 5 Debt Securitization that mature on April 20, 2038 (collectively, the “April 2038 CLO Debt”) were issued by ADL CLO 5 pursuant to the indenture and security agreement and the credit agreement governing the April 2038 CLO Debt and include (i) $210 million of Class A-1 Senior Notes (the “April 2038 Class A-1 CLO Notes”); (ii) $75 million of Class A-1A Loans (the “April 2038 CLO Loans”); (iii) $15 million of Class A-2 Senior Notes (the “April 2038 Class A-2 CLO Notes”); (iv) $50 million of Class B Senior Notes (the “April 2038 Class B CLO Notes” and, together with the April 2038 Class A-1 CLO Notes, the April 2038 CLO Loans and the April 2038 Class A-2 CLO Notes, the “April 2038 CLO Secured Debt”); and (v) approximately $149 million of subordinated notes (the “April 2038 CLO Subordinated Notes”), which do not bear interest. We retained all of the April 2038 CLO Subordinated Notes, as such, the April 2038 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the April 2038 CLO Notes as of September 30, 2025 (dollar amounts in millions):

Class

Type

Principal Outstanding

Maturity Date

Interest Rate

April 2038 Class A-1 CLO Notes

Senior Secured Floating Rate

$

210

April 20, 2038

SOFR+1.38%

April 2038 Class A-1A CLO Loans

Senior Secured Floating Rate

75

April 20, 2038

SOFR+1.38%

April 2038 Class A-2 CLO Notes

Senior Secured Floating Rate

15

April 20, 2038

SOFR+1.60%

April 2038 Class B CLO Notes

Senior Secured Floating Rate

50

April 20, 2038

SOFR+1.70%

Total April 2038 CLO Secured Debt

$

350

April 2038 CLO Subordinated Notes

Subordinated

149

April 20, 2038

None

Total April 2038 CLO Debt

$

499

The April 2038 CLO Secured Debt is the secured obligation of ADL CLO 5 and is backed by a diversified portfolio of first lien senior secured loans contributed by us to ADL CLO 5 pursuant to the terms of a contribution agreement. The interest rate charged on the April 2038 CLO Secured Debt is based on SOFR plus a blended weighted average spread of 1.44%.

Our investment adviser serves as asset manager to ADL CLO 5 under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. Our investment adviser has agreed to waive any management fees from ADL CLO 5.

Unsecured Notes

We issued certain unsecured notes (we refer to each series of unsecured notes using the defined term set forth under the “Unsecured Notes” column of the table below and collectively refer to all such series as the “Unsecured Notes”), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of September 30, 2025 are listed below.

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(dollar amounts in millions) Unsecured Notes						Aggregate Principal Amount Issued						Effective Stated Interest Rate(1)						Original Issuance Date						Maturity Date
March 2028 Notes(1)						$	1,000					5.799		%				November 21, 2024						March 15, 2028
September 2028 Notes(1)						$	600					5.964		%				June 9, 2025						September 9, 2028
January 2029 Notes(1)						$	600					5.772		%				September 15, 2025						January 15, 2029
August 2029 Notes(1)						$	700					6.358		%				June 5, 2024						August 15, 2029
February 2030 Notes(1)						$	750					6.452		%				October 2, 2024						February 15, 2030
September 2030 Notes(1)						$	500					6.266		%				June 9, 2025						September 9, 2030
January 2031 Notes						$	500					5.150		%				September 15, 2025						January 15, 2031
March 2032 Notes(1)						$	750					5.964		%				January 21, 2025						March 21, 2032

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

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

Pursuant to the terms of the Registration Rights Agreements for the March 2028 Notes, the August 2029 Notes, the February 2030 Notes and the March 2032 Notes, we filed a registration statement with the SEC and, on April 24, 2025, commenced an offer to exchange the unregistered notes of each such series of Unsecured Notes that were initially issued on November 21, 2024, June 5, 2024, October 2, 2024 and January 21, 2025 for newly issued registered notes with substantially identical terms (the “2025 Exchange Offer”). The 2025 Exchange Offer expired on May 23, 2025 and the related exchange was completed promptly thereafter.

In connection with the Unsecured Notes issued by us, we have entered into interest rate swaps to more closely align the interest rates of such liabilities with our investment portfolio, which consists primarily of floating rate loans. We designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. Certain information related to our interest rate swaps as of September 30, 2025 is presented below.

(dollar amounts in millions) Description						Hedged Item						Fund Receives						Fund Pays						Maturity Date						Notional Amount
Interest rate swap						March 2028 Notes						5.700		%				SOFR +1.6490%						March 15, 2028						$	1,000
Interest rate swap						September 2028 Notes						5.450		%				SOFR +1.7465%						September 9, 2028						$	600
Interest rate swap						January 2029 Notes						4.850		%				SOFR +1.6220%						January 15, 2029						$	600
Interest rate swap						August 2029 Notes						6.350		%				SOFR +2.2080%						August 15, 2029						$	700
Interest rate swap						February 2030 Notes						5.600		%				SOFR +2.3020%						February 15, 2030						$	750
Interest rate swap						September 2030 Notes						5.800		%				SOFR +2.0490%						September 9, 2030						$	500
Interest rate swap(1)						January 2031 Notes						5.150		%				SOFR +1.9460%						January 15, 2031						$	500
Interest rate swap						March 2032 Notes						6.200		%				SOFR +1.8290%						March 21, 2032						$	750

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

See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on our interest rate swaps.

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As of September 30, 2025, we were in compliance in all material respects with the indenture and supplemental indentures governing the Unsecured Notes.

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

RECENT DEVELOPMENTS

In October 2025, we and ASIF Funding III entered into an agreement to amend the BNP Funding Facility. The amendment, among other things, (a) increased the aggregate commitments under the BNP Funding Facility from $500 million to $1.0 billion (b) extended the reinvestment period for the BNP Funding Facility from November 26, 2027 to October 21, 2028, (c) extended the stated maturity date for the BNP Funding Facility from November 26, 2028 to October 21, 2029 and (d) adjusted the interest rate charged on the BNP Funding Facility (x) from SOFR plus an applicable margin of (i) 1.40% during the reinvestment period and (ii) 2.40% following the reinvestment period to (y) SOFR plus an applicable margin of (i) 1.30% during the reinvestment period and (ii) 2.30% following the reinvestment period. In addition, among other fees, pursuant to the amendment, ASIF Funding III is required to pay, from and after the three-month anniversary of the effective date of the amendment, a commitment fee of up to 0.70% per annum on any excess unused portion of the BNP Funding Facility. The other terms of the BNP Funding Facility remained materially unchanged.

Effective October 1, 2025, we issued and sold 13,881,978 Common Shares (consisting of 11,706,234 Class I shares, 1,392,985 Class S shares and 782,759 Class D shares at an offering price of $27.58 per share for each class of shares), and we received approximately $383 million as payment for such shares.

We received approximately $289 million of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective November 1, 2025. The purchase price per Class I share, Class S share and Class D share will equal our NAV per Class I share, Class S share and Class D share, respectively, as of the last calendar day of October 2025 (the “October NAV”), which is generally expected to be available within 20 business days after November 1, 2025. At that time, the number of Class I shares, Class S shares and Class D shares issued to each investor based on the October NAV and such investor’s subscription amount will be determined and Class I shares, Class S shares and Class D shares, as applicable, will be credited to the investor’s account as of the effective date of the share purchase, November 1, 2025.

As previously disclosed, on August 8, 2025, we announced the declaration of regular monthly gross distributions for October, November and December 2025, in each case for each class of our Common Shares. On November 14, 2025, we announced the declaration of regular monthly gross distributions for January, February and March 2026, in each case for each class of our Common Shares. The following table presents the regular monthly gross distributions per share that were declared and payable:

									Gross Distribution Per Share
Record Date						Payment Date(1)			Class I						Class S						Class D
October 31, 2025						November 21, 2025			$	0.21430					$	0.21430					$	0.21430
November 28, 2025						December 24, 2025			$	0.21430					$	0.21430					$	0.21430
December 31, 2025						January 23, 2026			$	0.21430					$	0.21430					$	0.21430
January 30, 2026						February 23, 2026			$	0.21430					$	0.21430					$	0.21430
February 27, 2026						March 25, 2026			$	0.21430					$	0.21430					$	0.21430
March 31, 2026						April 23, 2026			$	0.21430					$	0.21430					$	0.21430

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

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

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in “Item 1A. Risk Factors.” See Note 2 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on our critical accounting policies.

Investments

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

Pursuant to Rule 2a-5 under the Investment Company Act, our board of trustees has designated our investment adviser as our valuation designee (the “Valuation Designee”) to perform the fair value determinations for investments held by us without readily available market quotations, subject to the oversight of our board of trustees. All investments are recorded at their fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued monthly at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our board of trustees, based on, among other things, the input of our independent third‑party valuation providers (“IVPs”) that have been engaged to support the valuation of such portfolio investments monthly, beginning as of the third quarter after origination (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. In addition, our independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, our valuation process within the context of performing our financial statement audit.

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

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

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

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

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

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

•When a portfolio investment is reviewed by an IVP:

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

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

◦The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations.

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

When the Valuation Designee determines our NAV as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee updates the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Valuation Designee will generally value such assets at the most recent quarterly valuation unless the Valuation Designee determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Valuation Designee determines such a change has occurred with respect to one or more investments, the Valuation Designee will determine whether to update the value for each relevant investment.

Fair Value of Financial Instruments

We follow ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of a company’s choice to use fair value on its earnings. ASC 825-10 also requires companies to display the fair value of the selected assets and liabilities on the face of the balance sheet. We have not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

We also follow ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with U.S. generally accepted accounting principles (“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

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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:

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

•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.

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

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

Our portfolio investments classified as Level 3 are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where we have control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where we do not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to the risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

See Note 8 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on our valuation process.

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

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“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”, “Risk Factors—Risks Relating to Our Investments—Economic recessions or downturns could impair our portfolio companies and harm our operating results” and “Risk Factors—Risks Relating to Our Business and Structure—Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 10, 2025.

Investment Valuation Risk

Investments in our portfolio that do not have a readily available market value are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our board of trustees, based on, among other things, the input of the IVPs that have been engaged to support the valuation of each portfolio investment without a readily available market quotation monthly, beginning as of the third quarter after origination (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” as well as Notes 2 and 8 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information relating to our investment valuation.

Interest Rate Risk

 

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. See “Risk Factors—Risks Relating to Our Business and Structure—We are exposed to risks associated with changes in interest rates, including the current interest rate environment” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 10, 2025.

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

As of September 30, 2025, 90% of the investments at fair value in our portfolio bore interest at variable rates, 7% bore interest at fixed rates and 3% were non-income producing. Additionally, 67% of the variable rate investments at fair value contained interest rate floors. The Credit Facilities, the January 2037 CLO Notes and the April 2038 CLO Debt bear interest at variable rates with no interest rate floors. The Unsecured Notes have been swapped from a fixed rate to a floating rate through interest rate swaps. The January 2031 Notes have been swapped from a fixed rate to a floating rate through a forward-starting interest rate swap, effective July 15, 2026. See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on our debt obligations. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on the interest rate swaps.

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

Based on our September 30, 2025 consolidated statement of assets and liabilities, the following table shows the annualized impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

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(in millions) Basis Point Change						Interest Income						Interest Expense						Net Income(1)
Up 300 basis points						$	511					$	267					$	244
Up 200 basis points						$	348					$	178					$	170
Up 100 basis points						$	175					$	89					$	86
Down 100 basis points						$	(175)					$	(89)					$	(86)
Down 200 basis points						$	(348)					$	(178)					$	(170)
Down 300 basis points						$	(511)					$	(267)					$	(244)

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(1)Excludes the impact of any income based fee. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information on the income based fee.

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 “Exchange Act”)), that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officers and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of 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 Exchange 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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PART II — OTHER INFORMATION

Item 1.    Legal Proceedings

    

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

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

Item 1A.     Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and those set forth under the caption “Risk Factors” in our registration statement on Form N-2, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our Registration Statement on Form N-2 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

 

Refer to Item 3.02 in our Current Reports on Form 8-K filed with SEC on July 21, 2025, August 20, 2025 and September 22, 2025 for information about unregistered sales of our equity securities during the quarter.

Item 3.     Defaults Upon Senior Securities.

 

Not applicable.

Item 4.     Mine Safety Disclosures.

 

Not applicable.

Item 5.    Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, none of our board of trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6.     Exhibits.

 

EXHIBIT INDEX

Exhibit Number						Description
3.1						Fourth Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund’s Form 8-K (File No. 814-01512), filed on May 25, 2023).
3.2						Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Fund’s Form 8-K (File No. 814-01512), filed on May 25, 2023).
4.1						Seventh Supplemental Indenture, dated as of September 15, 2025, relating to the 4.850% Notes due 2029, between Ares Strategic Income Fund and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Fund’s Current Report on Form 8-K, filed on September 15, 2025).
4.2						Form of 4.850% Notes due 2029 (incorporated by reference to Exhibit 4.3 to the Fund’s Current Report on Form 8-K, filed on September 15, 2025).
4.3						Eighth Supplemental Indenture, dated as of September 15, 2025, relating to the 5.150% Notes due 2031, between Ares Strategic Income Fund and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.4 to the Fund’s Current Report on Form 8-K, filed on September 15, 2025).
4.4						Form of 5.150% Notes due 2031 (incorporated by reference to Exhibit 4.5 to the Fund’s Current Report on Form 8-K, filed on September 15, 2025).
4.5						Registration Rights Agreement, dated as of September 15, 2025, relating to the 4.850% Notes due 2029, by and among Ares Strategic Income Fund and BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 4.6 to the Fund’s Current Report on Form 8-K, filed on September 15, 2025).
4.6						Registration Rights Agreement, dated as of September 15, 2025, relating to the 5.150% Notes due 2031, by and among Ares Strategic Income Fund and BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 4.7 to the Fund’s Current Report on Form 8-K, filed on September 15, 2025).
10.1						Amendment No. 6 to Loan and Servicing Agreement, dated as of August 1, 2025, among ASIF Funding I, LLC, as borrower, Ares Strategic Income Fund, as servicer, the lenders from time to time party thereto, and Société Générale, as agent and swingline lender (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K, filed on August 6, 2025).
10.2						First Amendment to the Revolving Credit and Security Agreement and Termination Agreement, dated as of October 21, 2025, among ASIF Funding III, LLC, as borrower, BNP Paribas, as administrative agent and lender, Ares Strategic Income Fund, as equityholder and servicer, and U.S. Bank Trust Company, National Association, as collateral agent (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K, filed on October 23, 2025).
31.1						Certification by Co-Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2						Certification by Co-Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.3						Certification by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1						Certification by the Chief Executive Officers and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

 ________________________________________

*    Filed herewith

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

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SIGNATURES

 

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

  

			ARES STRATEGIC INCOME FUND
Date: November 14, 2025			By			/s/ MICHAEL L. SMITH
						Michael L. Smith Co-Chief Executive Officer
Date: November 14, 2025			By			/s/ MITCHELL GOLDSTEIN
						Mitchell Goldstein Co-Chief Executive Officer
Date: November 14, 2025			By			/s/ SCOTT C. LEM
						Scott C. Lem Chief Financial Officer and Treasurer

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ATTACHMENTS / EXHIBITS

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