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
- $26.75
source
Quarterly report (Form 10-Q) · filed 2023-08-14 · period 2023-06-30
Net asset value per share
“{'end': '2023-06-30', 'val': 26.75, 'accn': '0001918712-23-000006', 'fy': 2023, 'fp': 'Q2', 'form': '10-Q', 'filed': '2023-08-14', 'frame': 'CY2023Q2I', 'unit': 'USD/shares'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
Filed fund value · as of 2023-06-30 - 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
- Pending SEC-filed periodic 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.
On February 7, 2024, the Fund’s board of trustees appointed Paul Cho, age 41, as Chief Accounting Officer, effective as of February 15, 2024. (2024-02-07)
On May 25, 2023, the Board of Trustees (the “Board”) of Ares Strategic Income Fund (the “Fund”) amended and restated the Fund’s Third Amended and Restated Declaration of Trust... (2023-05-25)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Monthly performance eligibility
Canonical class: not designated · basis: no qualifying monthly chain · qualifying history: 0 months.
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.
Pending
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.
Pending
Management fee: 1.25% of net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001918712-26-000018.
Filed fee conditions
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.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| not designated | 1.25% | Pending | Pending | Pending | Pending | Pending |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (3)
| 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 | Pending |
| incentive_fee_schedule | 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. 129 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 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 holders of 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 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. 130 (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. | Text disclosure | Pending |
| 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 | Pending |
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 |