DEBT (Tables)

3 Months Ended

Mar. 31, 2026

The following table summarizes the Company’s and its subsidiaries’ debt obligations:


		As of March 31, 2026						As of December 31, 2025


	Original Borrowing Amount	Carrying Value		Fair Value(1)		Interest Rate		Carrying Value		Fair Value(1)		Interest Rate
Credit Facility maturing on 4/22/2030(2)	N/A	$	1,425,000	$	1,425,000	4.67	%	$	1,380,000	$	1,380,000	4.86	%
Senior notes due 11/10/2028(3)	500,000	497,064		519,990		6.42		496,785		529,140		6.42
Senior notes due 6/15/2030(4)	400,000	398,068		375,136		3.28		397,954		379,280		3.28
Senior notes due 2/1/2052(5)	500,000	485,115		332,895		3.77		485,011		348,840		3.77
Senior notes due 10/11/2054(6)	750,000	736,444		660,548		5.65		736,355		709,073		5.65
Subordinated notes due 6/30/2051(7)	450,000	445,355		441,963		4.13		445,310		443,943		4.13
Term Loan due 3/27/2029(8)	400,000	399,430		400,000		4.67		N/A		N/A		N/A
Total debt obligations		$	4,386,476	$	4,155,532			$	3,941,415	$	3,790,276

(1)The senior notes and subordinated notes would be classified as Level II within the fair value hierarchy and fair value is based on quoted prices in inactive markets.

(2)The commitments of the revolving credit facility (the “Credit Facility”) were $1.840 billion with an accordion feature of $660.0 million as of March 31, 2026. The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“SOFR”) or a base rate plus an applicable margin, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of March 31, 2026, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.09% per annum. The Credit Facility has a base rate and SOFR floor of zero.

(3)The senior notes were issued by the Company at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(4)The senior notes were issued by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(5)The senior notes were issued by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(6)The senior notes were issued by the Company at 99.24% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(7)The subordinated notes were issued by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the subordinated notes prior to maturity or defer interest payments up to five consecutive years, subject to the terms of the indenture governing the subordinated notes.

(8)The Term Loan has a variable interest rate based on SOFR plus an applicable margin, which is subject to change with the Company’s underlying credit agency rating. As of March 31, 2026, the SOFR loan bears interest calculated based on SOFR plus 1.00%. The Term Loan has a SOFR floor of zero.

The following table presents the activity of the Company’s debt issuance costs:


	Credit Facility		Term Debt Obligations



Unamortized debt issuance costs as of December 31, 2025	$	5,760	$	21,682
Debt issuance costs incurred	—		585
Amortization of debt issuance costs	(335)		(499)
Unamortized debt issuance costs as of March 31, 2026	$	5,425	$	21,768

The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:


	As of March 31, 2026				As of December 31, 2025


	Fair Value of Loan Obligations		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)	Fair Value of Loan Obligations		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)
Senior secured notes	$	6,022,200	5.25%	9.2	$	6,561,286	5.19%	9.0
Subordinated notes(1)	776,610		N/A	10.5	797,786		N/A	10.4
Total loan obligations of Consolidated CLOs	$	6,798,810			$	7,359,072

(1)The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to the excess cash flows generated by each Consolidated CLO.

Schedule of Line of Credit Facilities

The Consolidated Funds had the following credit facilities outstanding:


	As of March 31, 2026								As of December 31, 2025


	Total Capacity		Outstanding Loan		Fair Value		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)	Total Capacity		Outstanding Loan		Fair Value		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)
Credit Facilities(1)	$	3,879,390	$	2,232,365	$	2,232,365	5.73%	3.1	$	4,878,724	$	2,251,780	$	2,251,780	5.95%	3.4

(1)The credit facilities have varying maturities and bear interest at spreads to market rates or at stated fixed rates. The fair values of floating-rate borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate and would be classified within Level II of the fair value hierarchy. The fair values of fixed rate borrowings would be classified within Level III of the fair value hierarchy.