The Ares credit vehicle held its per-share value flat at $27.00 while reporting a debt-to-equity ratio just above one and exposure spread across 831 companies.

June 24, 2026

Ares Strategic Income Fund reported continued income generation and portfolio growth in its latest monthly update, posting a per-share net asset value of $27.00 across its Class I, Class S and Class D shares as of May 31, 2026, and an aggregate net asset value of approximately $10.8 billion.

The Delaware-organized fund, a business development company advised by Ares Capital Management LLC, disclosed the figures in a report dated June 23, 2026. The fair value of its portfolio investments stood at roughly $21.7 billion, supported by approximately $11.2 billion of outstanding debt. That produced a debt-to-equity ratio of 1.06 times, or 1.03 times after accounting for roughly $301 million in available cash. The fund also reported about $4.8 billion of additional borrowing capacity under existing credit facilities, subject to borrowing base and other limits.

June Share Sale

During June 2026, the fund sold 341,423 Class I common shares for total consideration of approximately $9.2 million, with the share count finalized on June 23. The shares were priced at the May 31 net asset value and sold under registration exemptions provided by Section 4(a)(2) of the Securities Act of 1933 and Regulation S.

Distributions Declared Through September

The fund declared a regular monthly distribution of $0.21430 per share on a gross basis for June 2026 across all three classes. Net distributions varied by class because of differing fee structures:

• Class I: $0.21430 (no servicing or distribution fees)
• Class D: $0.20875
• Class S: $0.19544

The June payouts go to shareholders of record as of the open of business on June 30, 2026, with payment on or about July 23, 2026. The fund also declared identical $0.21430 per-share gross monthly distributions for July, August and September 2026, with payment dates extending into October.

As of May 31, the annualized distribution rate for Class I shares was 9.52 percent, with Class D at 9.27 percent and Class S at 8.67 percent. The fund stated that 100 percent of its inception-to-date distributions have been funded from operating cash flow.

Performance Outpaces Leveraged Loan Benchmark

Since the Class I inception date of December 5, 2022, the fund has generated a 10.27 percent annualized total return for that class through May 31, 2026, exceeding the Morningstar LSTA US Leveraged Loan Index over the same period by 187 basis points. In May 2026 alone, Class I shares returned 0.98 percent, bringing the trailing three-month total return to 2.94 percent. The fund attributed the May results largely to steady income generation and modest unrealized gains amid a broader rebound in credit markets.

Portfolio Composition

At month-end, the portfolio spanned 831 companies with an average position size of 0.1 percent. Floating-rate instruments made up 92 percent of debt investments at fair value, and senior secured loans accounted for 82 percent of the portfolio. By fair value, the largest investment categories were:

• First lien senior secured loans: 77.8 percent
• Senior subordinated loans: 6.7 percent
• Collateralized loan obligations: 3.8 percent
• Other equity: 3.3 percent
• Investments in joint ventures: 2.5 percent

The largest industry exposure was software and services at 21.3 percent, followed by health care equipment and services at 10.1 percent and commercial and professional services at 9.9 percent. Investment funds and vehicles, which include a joint venture established with a large North American pension fund, accounted for 8.1 percent.

Continuous Offering Surpasses $11.9 Billion

The fund is publicly offering up to $15.0 billion of common shares on a continuous basis and has also sold unregistered shares through private placements. Across both channels, it has issued roughly 438.3 million common shares for total consideration of approximately $11.97 billion. Private placements, conducted entirely in Class I shares, accounted for about $6.49 billion of that total, while the registered offering contributed approximately $5.48 billion across all three classes. Management indicated it intends to continue selling shares monthly through both channels.