Ares Strategic Income Fund
Sponsored by Ares. BDC structure focused on private credit.
BDCPrivate Credit
- Net assets
- $10.50B
source
Quarterly report (Form 10-Q) · filed 2026-05-12 · period 2026-03-31
Stockholders equity
“{'end': '2026-03-31', 'val': 10503550000, 'accn': '0001628280-26-034133', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-12', 'frame': 'CY2026Q1I', 'unit': 'USD'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $26.85
source
Quarterly report (Form 10-Q) · filed 2026-05-12 · period 2026-03-31
total_net_assets 10,503,550,000 / shares_outstanding 391,206,000 (exact same-date denominator; fund-level blended per-share; direct class-level NAV absent for this period)
Method Derived: computed from other stored facts
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2026-03-31 - Net flows, last qtr
- +1.7% qtr ended 2026-03-31
- Distribution coverage (NII)
- 97% period ended 2026-03-31
- Leverage in use
- 78% debt / equity 1.09x
- Total return, 12m
- +7.4% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Redemption requests ran at least twice the tender offer's capacity; only 35% of tendered shares were repurchased (offer expired 2026-06-18).
Redemption requests ran at least twice the tender offer's capacity; only 35% of tendered shares were repurchased (offer expired 2026-06-18). (Rule B5: Tender/gate oversubscription, severe: requests >= 2x offer capacity (Notify immediate); Notify.)
Why it matters and what changed
Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.
43.10 -> 34.74 (down 19.4% vs prior period); trailing 4-period average 69.46; same period prior year 100.00; comparison interval: ~3 months (2026-03-20 -> 2026-06-18; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: https://www.sec.gov/Archives/edgar/data/1918712/000110465926078244/tm2615016-5_sctoia.htm | SC TO-I/A final results (pro-rated (fill computed from accepted/tendered))
Credit facility new or amended: 32 occurrence(s), 2023-07-10 to 2026-06-17
Most recent (2026-06-17): Strategic Income Fund increased the total commitments under its senior secured revolving credit facility (the “Revolving Credit Facility”) with JPMorgan Chase Bank, N.A. and each of the other parties thereto from $4.100 billion to $4.138 billion. The other terms of the Revolving Credit Facility remained unchanged. SIGNATURE 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 hereunto duly authorized. ARES STRATEGIC INCOME FUND Date: June 18, 2026 By: /s/ SCOTT C. LEM Name: Scott C. Lem Ti
Why it matters and what changed
Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 32 of these in the covered window; the cadence itself is part of the signal.
32 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.
Source: https://www.sec.gov/Archives/edgar/data/1918712/000162828026044333/asif-20260617.htm | Item 2.03
Net investment income covered only 97% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.
Net investment income covered only 97% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.
89.75 -> 96.67 (up 7.7% vs prior period); trailing 4-period average 91.39; same period prior year 92.46; breach persisted 10 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)
Redemption requests ran at least twice the tender offer's capacity; only 43% of tendered shares were repurchased (offer expired 2026-03-20).
Redemption requests ran at least twice the tender offer's capacity; only 43% of tendered shares were repurchased (offer expired 2026-03-20). (Rule B5: Tender/gate oversubscription, severe: requests >= 2x offer capacity (Notify immediate); Notify.)
Why it matters and what changed
Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.
100.00 -> 43.10 (down 56.9% vs prior period); trailing 4-period average 85.78; same period prior year 100.00; comparison interval: ~3 months (2025-12-19 -> 2026-03-20; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: https://www.sec.gov/Archives/edgar/data/1918712/000110465926044917/tm2612052-1_sctoi.htm | SC TO-I/A final results (pro-rated (fill computed from accepted/tendered))
The fund leaned harder on leverage: 71% -> 79% of its allowed leverage in use in one period (period ended 2025-12-31).
The fund leaned harder on leverage: 71% -> 79% of its allowed leverage in use in one period (period ended 2025-12-31). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)
Why it matters and what changed
The fund leaned meaningfully harder on its leverage in a single period. Even far from the ceiling, the direction and speed of travel matter; creep compounds quietly.
40.00 -> 27.33 (down 31.7% vs prior period); trailing 4-period average 42.17; same period prior year 51.33; breach persisted 3 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: (asset_coverage_ratio 191.0 - leverage_ceiling 150.0) / leverage_ceiling * 100
Net investment income covered only 90% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains.
Net investment income covered only 90% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.
90.60 -> 89.75 (down 0.9% vs prior period); trailing 4-period average 90.33; same period prior year 91.35; breach persisted 9 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)
The fund leaned harder on leverage: 69% -> 71% of its allowed leverage in use in one period (period ended 2025-09-30).
The fund leaned harder on leverage: 69% -> 71% of its allowed leverage in use in one period (period ended 2025-09-30). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)
Why it matters and what changed
The fund leaned meaningfully harder on its leverage in a single period. Even far from the ceiling, the direction and speed of travel matter; creep compounds quietly.
45.33 -> 40.00 (down 11.8% vs prior period); trailing 4-period average 48.17; same period prior year 110.00; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: (asset_coverage_ratio 210.0 - leverage_ceiling 150.0) / leverage_ceiling * 100
Net investment income covered only 91% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains.
Net investment income covered only 91% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.
88.53 -> 90.60 (up 2.3% vs prior period); trailing 4-period average 90.74; same period prior year 99.48; breach persisted 8 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)
Historical findings (10)
Net investment income covered only 89% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
Net investment income covered only 92% of distributions in the period ended 2025-03-31; the gap was funded from capital or gains.
The fund leaned harder on leverage: 48% -> 66% of its allowed leverage in use in one period (period ended 2024-12-31).
Net investment income covered only 91% of distributions in the period ended 2024-12-31; the gap was funded from capital or gains.
The fund leaned harder on leverage: 43% -> 48% of its allowed leverage in use in one period (period ended 2024-09-30).
Net investment income covered only 99% of distributions in the period ended 2024-09-30; the gap was funded from capital or gains.
Net investment income covered only 90% of distributions in the period ended 2024-06-30; the gap was funded from capital or gains.
Net investment income covered only 93% of distributions in the period ended 2024-03-31; the gap was funded from capital or gains.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2024-02-07)
Fourth Amended and Restated Declaration of Trust On May 25, 2023, the Board of Trustees (the “Board”) of Ares Strategic Income Fund (the “Fund”) amended and restated the Fund’s... (2023-05-25)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
- Non-accruals
- 0.3% 2026-03-31
- PIK income share
- 4.7% 2026-03-31
| Date | Position change |
|---|---|
| 2026-03-31 | A8 - A (Feeder) L.P., Limited partnership interest (8.6% of portfolio value in the 2025-12-31 report, $1,849,522,600) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | ACP Tara Holdings, Inc., First lien senior secured loan (1.5% of portfolio value in the 2025-12-31 report, $330,381,500) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Advent International GPE VII-E Limited Partnership, Limited partnership interest (1.8% of portfolio value in the 2025-12-31 report, $391,000,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | New position A8 - A (Feeder) L.P., Limited partnership interests: 8.7% of portfolio value ($1,865,519,100) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position Advent International GPE VII-E Limited Partnership, Limited partnership interests: 2.4% of portfolio value ($511,200,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., First lien senior secured loan 1: 4.1% of portfolio value ($879,687,100) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position BIP PipeCo Holdings LLC, First lien senior secured loan: 3.5% of portfolio value ($744,431,500) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position Covert HoldCo, LP, Senior subordinated loan: 1.0% of portfolio value ($213,329,300) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position Dorado Bidco, Inc., First lien senior secured revolving loan: 1.1% of portfolio value ($232,367,400) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position Opal Bidco SAS, First lien senior secured loan: 1.1% of portfolio value ($238,951,600) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2025-12-31 | Dorado Bidco, Inc., First lien senior secured revolving loan (1.2% of portfolio value in the 2025-09-30 report, $230,099,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | New position ADLP LLC: 1.8% of portfolio value ($391,000,000) as of 2025-12-31; absent from the 2025-09-30 report. |
Filed portfolio-health history
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. Rationed in 2 of 11 disclosed periods; last gated Q2 2026.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-06-18 | 14.5% | 35% | 101% | rationed |
| 2026-03-20 | 11.6% | 43% | 100% | rationed |
| 2025-12-19 | 5.7% | 100% | 113% | cap expanded |
| 2025-09-19 | 0.8% | 100% | 16% | filled |
| 2025-06-20 | 1.7% | 100% | 34% | filled |
| 2025-03-20 | 0.4% | 100% | 8% | filled |
| 2024-12-20 | 0.8% | 100% | 17% | filled |
| 2024-09-20 | 0.1% | 100% | 2% | filled |
| 2024-06-20 | 0.0% | 100% | 0% | filled |
| 2024-03-20 | 0.4% | 100% | 9% | filled |
| 2023-12-20 | 0.0% | 100% | 0% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
No structured financing components have been captured for this fund.
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.25% of net assets per year. source. The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. Net assets means our total assets less liabilities, determined on a consolidated basis in accordance with GAAP.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. Net assets means our total assets less liabilities, determined on a consolidated basis in accordance with GAAP. | 1.25 pct_annual_of_net_assets | Date not captured |
| repurchase_program_terms | Discretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of Shares outstanding per quarter (most recently confirmed 2026-06-18). Ares Strategic Income Fund | 5.0 pct_of_shares_outstanding_per_quarter | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-26 | SC TO-I/A | 0001104659-26-078244 |
| 2026-06-26 | 8-K | 0001104659-26-078248 |
| 2026-06-25 | SC TO-I/A | 0001104659-26-077545 |
| 2026-06-23 | 8-K | 0001628280-26-044938 |
| 2026-06-18 | 8-K | 0001628280-26-044333 |
| 2026-05-26 | 8-K | 0001104659-26-065963 |
| 2026-05-20 | SC TO-I | 0001104659-26-064497 |
| 2026-05-19 | 8-K | 0001628280-26-036503 |
| 2026-05-12 | 10-Q | 0001628280-26-034133 |
| 2026-04-21 | 8-K | 0001628280-26-026287 |
| 2026-04-17 | SC TO-I/A | 0001104659-26-044917 |
| 2026-04-03 | DEF 14A | 0001104659-26-039622 |
| 2026-03-27 | SC TO-I/A | 0001104659-26-036088 |
| 2026-03-24 | SC TO-I/A | 0001104659-26-033603 |
| 2026-03-23 | 8-K | 0001628280-26-020504 |