aci-20260930

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended September 30, 2026


☐			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. 000-56695

ARES CORE INFRASTRUCTURE FUND

(Exact name of Registrant as specified in its charter)


Delaware			99-6541890
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer 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)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

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

Common Shares of Beneficial Interest, Par Value $0.01 Per Share

(Title of Class)

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 ☒ No ☐

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 ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the 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

☐

Accelerated Filer

☐

Non-Accelerated Filer

☒

Smaller Reporting Company

☐

Emerging Growth Company

☒

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 Exchange Act. ☐

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

As of November 3, 2026 there was no established public market for the registrant’s common shares of beneficial interest, par value $0.01 per share (the “Shares”). The number of Shares outstanding as of November 3, 2026 was 344,095,352, consisting of 234,987,274, 8,925,449, 82,154,238, and 18,028,391 of Class I, Class D, Class N and Class S common shares, respectively. Common shares outstanding exclude November subscriptions since the issuance price is not yet finalized at this time.

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ARES CORE INFRASTRUCTURE FUND

Quarterly Report on Form 10-Q

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						Page
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of Assets and Liabilities as of September 30, 2026 (unaudited) and December 31, 2025						3
Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025 (unaudited)						4
Consolidated Schedules of Investments as of September 30, 2026 (unaudited) and December 31, 2025						5
Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2026 and 2025 (unaudited)						17
Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025 (unaudited)						18
Notes to Consolidated Financial Statements (unaudited)						19
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						57
Item 3. Quantitative and Qualitative Disclosures About Market Risk						79
Item 4. Controls and Procedures						79
PART II—OTHER INFORMATION
Item 1. Legal Proceedings						80
Item 1A. Risk Factors						80
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						80
Item 3. Defaults Upon Senior Securities						80
Item 4. Mine Safety Disclosures						80
Item 5. Other Information						81
Item 6. Exhibits						82
Signatures						83

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
($ in thousands, except share data)


	As of


	September 30, 2026		December 31, 2025
	(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliated investments	$	9,612,947	$	2,867,841
Controlled/affiliated investments	953,988		252,545
Total investments at fair value (cost of $10,294,764 and $2,988,655, respectively)	10,566,935		3,120,386
Cash and cash equivalents	339,625		296,512
Restricted cash	2,149		24,290
Derivative contracts, at fair value (cost of $0 and $0, respectively)	80,813		9,358
Offering costs	—		134
Other assets	10,724		4,349


Total assets	$	11,000,246	$	3,455,029
LIABILITIES
Term loans payable (net of deferred financing costs of $40,229 and $24,710, respectively)	$	2,637,978	$	1,038,499

Unsettled trades payable	365,102		235,961

Deferred tax liability, net	131,596		35,920
Distributions payable	64,057		17,432

Capital gains incentive fee payable	9,981		11,344
Income based incentive fee payable	23,573		2,353
Derivative contracts, at fair value (cost of $0 and $0, respectively)	941		6,274
Interest payable	13,467		8,906
Accrued expenses	19,791		1,529
Management fees payable	7,930		2,226

Total liabilities	3,274,416		1,360,444
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.01 per share, unlimited shares authorized; 312,168,562 and 83,633,744 shares issued and outstanding, respectively	3,122		836
Capital in excess of par value	7,307,649		1,969,450
Accumulated undistributed earnings	415,059		124,299
Total net assets	7,725,830		2,094,585
Total liabilities and net assets	$	11,000,246	$	3,455,029

NET ASSET VALUE PER SHARE
Class I Shares
Net assets	$	5,359,324	$	2,049,085
Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1)	216,547,938		81,816,992
Net asset value per share	$	24.7489	$	25.0447
Class S Shares
Net assets	$	416,921	$	44,843
Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1)	16,846,047		1,790,507
Net asset value per share	$	24.7489	$	25.0447
Class D Shares
Net assets	$	186,718	$	657
Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1)	7,544,485		26,245
Net asset value per share	$	24.7489	$	25.0447
Class N Shares
Net assets	$	1,762,867	$	—
Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1)	71,230,092		—
Net asset value per share	$	24.7489	$	—

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands)

(unaudited)


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Income
From non-controlled/non-affiliated investments:
Distribution income (1)	$	107,913	$	16,063	$	191,894	$	26,881

Interest income	38,234		6,158		87,296		10,415
Other income	—		—		30,000		—
Total income from non-controlled/non-affiliated investments	146,147		22,221		309,190		37,296
From controlled/affiliated investments:
Distribution income	13,061		—		33,281		—


Total income from controlled/affiliated investments	13,061		—		33,281		—
Total income	159,208		22,221		342,471		37,296
Expenses
Interest expense	34,926		7,866		88,199		17,037
Management fees	21,737		4,052		43,302		7,585
Income based incentive fee	23,573		1,593		36,941		1,593
Capital gains incentive fee	(6,406)		3,334		(1,363)		8,049
Administration fees	2,187		704		4,692		2,202
Offering expenses	80		1,067		815		3,271
Shareholder servicing and distribution fees:
Class S	799		—		1,594		—
Class D	101		—		118		—
Class N	1,826		—		2,310		—
Organizational expenses	—		2		—		37
Legal expenses	841		814		5,835		2,342
Other general and administrative	2,662		966		5,782		1,433
Total expenses	82,326		20,398		188,225		43,549
Less: Expense support (Note 3)	(30,149)		(3,007)		(37,028)		(8,583)
Add: Expense support recoupment (Note 3)	8,916		—		20,862		—
Less: Management fee waiver (Note 3)	—		—		—		(163)

Net expenses	61,093		17,391		172,059		34,803
Net investment income before income taxes	98,115		4,830		170,412		2,493
Income tax benefit/(expense)	5,883		(9,336)		17,767		(17,325)
Net investment income/(loss)	103,998		(4,506)		188,179		(14,832)

Net realized and unrealized gains/(losses) on investments and derivatives
Net realized gains/(losses):
Non-controlled/non-affiliated investments	(81)		(93)		(120)		(253)
Derivatives	(1,002)		454		(1,083)		1,778
Net realized gains (losses)	(1,083)		361		(1,203)		1,525
Net unrealized gains/(losses):
Non-controlled/non-affiliated investments	6,849		41,874		138,884		84,576
Controlled/affiliated investments	2,383		—		1,556		—
Derivatives	74,297		(5,716)		76,788		(11,867)
Income tax expense	(49,308)		—		(113,444)		—
Net unrealized gains	34,221		36,158		103,784		72,709
Net realized and unrealized gains on investments and derivatives	33,138		36,519		102,581		74,234
Net increase in net assets resulting from operations	$	137,136	$	32,013	$	290,760	$	59,402

(1) For the three and nine months ended September 30, 2026, distribution income includes approximately $33.0 million and $47.6 million, respectively, of payment-in-kind (“PIK”) distribution income accrued on the Fund’s preferred equity investment. See “Note 2. Significant Accounting Policies” to the unaudited consolidated financial statements for more information on distribution income.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of September 30, 2026

($ in thousands)

(unaudited)

Non-controlled/non-affiliated investments


Company	Coupon(4)		Reference(4)	Spread(4)	Acquisition Date	Maturity Date	Shares/ Units	Principal		Cost		Fair Value			% of Net Assets
Debt investments
Corporate bonds


Data centers
ELK Grove Village Property LLC(5)	9.75	%				09/2030		$	30,000	$	29,400	$	29,400
										29,400		29,400			0.38	%

Independent power and renewable electricity producers
Talen Energy Supply LLC	6.13					05/2031		6,000		5,964		5,822		(3)
										5,964		5,822			0.08	%

Oil, gas and consumable fuels
ITT Holdings LLC	6.50					08/2029		3,508		3,482		3,436
Summit Midstream Holdings LLC	8.63					10/2029		2,000		2,082		2,040
										5,564		5,476			0.07	%

Energy equipment and services
Kodiak Gas Services, LLC	5.88					04/2031		6,500		6,395		6,258		(3)
Kodiak Gas Services, LLC	6.50					10/2033		5,500		5,473		5,311		(3)
USA Compression Partners LP / USA Compression Finance Corp	7.13					03/2029		3,500		3,565		3,528		(3)
USA Compression Partners LP / USA Compression Finance Corp	6.25					10/2033		3,500		3,438		3,327		(3)
										18,871		18,424			0.24	%

Total corporate bonds										59,799		59,122			0.77	%


First lien senior secured loans
Chemicals
SCIH Salt Holdings Inc.	6.50		SOFR (Q)	2.75		08/2031		39,482		39,150		39,147
										39,150		39,147			0.51	%

Commercial services and supplies
Covanta Holding Corporation	6.15		SOFR (M)	2.25		01/2031		4,474		4,466		4,467
EnergySolutions, LLC	6.51		SOFR (M)	2.75		07/2033		14,054		14,120		14,049
Isotope FinCo S.a r.l.(5)	6.55		SOFR (Q)	2.50		09/2033		6,000		5,985		6,000		(3)
Pinnacle Buyer, LLC(6)	6.23		SOFR (Q)	2.50		10/2032		8,363		8,436		8,388
Pye-Barker Fire & Safety, LLC(6)	6.57		SOFR (Q)	2.50		12/2032		15,110		15,213		15,128
										48,220		48,032			0.62	%

Construction and engineering
Saber Power Services, LLC(6)	6.58		SOFR (M)	2.50		09/2033		4,661		4,647		4,630
Trilon Group, LLC	7.25		SOFR (Q)	3.50		06/2033		6,163		6,194		6,165
										10,841		10,795			0.14	%

Data centers
CMH01 Holdings LP(5)(6)	8.17		SOFR (M)	4.35		07/2028		150,279		146,561		150,279
CW Nest Property Owner LLC(5)(6)	7.65		SOFR (M)	3.75		11/2028		82,888		79,698		80,451
Galaxy Helios LLC(5)(6)	8.65		SOFR (M)	4.75		08/2028		91,672		88,976		91,180

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ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of September 30, 2026

($ in thousands)

(unaudited)


Company	Coupon(4)		Reference(4)	Spread(4)		Acquisition Date	Maturity Date	Shares/ Units	Principal		Cost		Fair Value			% of Net Assets
Data centers
PowerHouse Data LCX, LLC(5)(6)	9.20	%	SOFR (M)	5.45	%		05/2027		$	55,700	$	55,256	$	55,320
											370,491		377,230			4.89	%

Diversified telecommunication services
QTS Thunder Managing Issuer, LLC	6.03		SOFR (Q)	2.25			07/2033		25,955		25,819		25,631
											25,819		25,631			0.33	%

Electric utilities
Alpha Generation LLC	5.65		SOFR (M)	1.75			09/2031		20,549		20,530		20,390
Alpha Generation LLC	5.65		SOFR (M)	1.75			06/2033		15,137		15,033		15,005
Astoria Energy LLC	6.32		SOFR (Q)	2.25			06/2032		20,423		20,490		20,470
Astoria Energy LLC	6.15		SOFR (M)	2.25			06/2032		13,612		13,656		13,643
Bayonne Energy Center, LLC	6.75		SOFR (Q)	3.00			10/2032		17,565		17,592		17,620
Carroll County Energy LLC	6.82		SOFR (Q)	2.75			06/2031		24,473		24,567		24,534
Cogentrix Finance Holdco I, LLC	6.15		SOFR (M)	2.25			02/2032		12,637		12,659		12,612
CPV Fairview, LLC	6.57		SOFR (Q)	2.50			08/2031		28,999		29,047		29,063
Hamilton Projects Acquiror, LLC	6.40		SOFR (M)	2.50			05/2031		18,486		18,569		18,522
Hill Top Energy Center, LLC	6.82		SOFR (Q)	2.75			06/2032		54,077		54,320		54,144
Invenergy Thermal Operating I LLC	6.62		SOFR (Q)	2.75			05/2032		4,394		4,405		4,409
Lackawanna Energy Center LLC	6.54		SOFR (M)	2.75			08/2032		32,393		32,455		32,535
Lightning Power, LLC	5.65		SOFR (M)	1.75			08/2031		5,869		5,886		5,863		(3)
NRG Energy Inc	5.65		SOFR (M)	1.75			04/2033		3,975		3,975		3,966		(3)
South Field Energy LLC	7.07		SOFR (Q)	3.00			08/2031		37,787		37,933		37,940
											311,117		310,716			4.02	%

Electrical equipment
Resilience Parent, LLC	6.57		SOFR (Q)	2.50			02/2033		31,540		31,583		31,468
WEC US Holdings Inc.	5.68		SOFR (M)	2.00			01/2031		36,178		36,213		36,141
											67,796		67,609			0.88	%

Energy equipment and services
Rosen International S.a r.l.	6.32		SOFR (Q)	2.25			03/2031		26,223		26,280		26,236		(3)
											26,280		26,236			0.34	%













Independent power and renewable electricity producers
Calpine Construction Finance Company, L.P.	5.65		SOFR (M)	1.75			07/2030		6,354		6,352		6,351
Clearlight Energy Holdings, L.P.	6.60		SOFR (Q)	2.50			09/2033		47,500		47,104		47,203
Jackson Generation, LLC	6.57		SOFR (Q)	2.50			07/2033		5,500		5,501		5,479
Pathfinder Power, LLC	5.81		SOFR (Q)	2.00			06/2033		49,746		49,627		49,659
Potomac Energy Center, LLC	6.57		SOFR (Q)	2.75			08/2032		47,614		47,813		47,852
											156,397		156,544			2.03	%

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ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of September 30, 2026

($ in thousands)

(unaudited)


Company	Coupon(4)		Reference(4)	Spread(4)		Acquisition Date	Maturity Date	Shares/ Units	Principal		Cost		Fair Value			% of Net Assets
IT services
Coreweave Financing DDTL V, LLC	8.37	%	SOFR (M)	4.50	%		11/2031		$	31,542	$	31,970	$	31,749	(3)
Coreweave Financing DDTL V-V, LLC(6)	9.26		SOFR (M)	5.50			09/2031		23,960		24,027		24,210		(3)
											55,997		55,959			0.72	%

Machinery
AI Aqua Merger Sub, Inc.	6.21		SOFR (M)	2.50			07/2033		18,750		18,843		18,718
											18,843		18,718			0.24	%





Oil, gas and consumable fuels
AL GCX Holdings, LLC	6.01		SOFR (M)	2.25			12/2032		19,253		19,241		19,244
AL NGPL Holdings, LLC	5.73		SOFR (Q)	2.00			12/2030		2,700		2,710		2,698
Blackfin Pipeline LLC	6.40		SOFR (M)	2.50			09/2032		7,471		7,496		7,486
Buckeye Partners LP	5.65		SOFR (M)	1.75			11/2032		3,962		3,968		3,959
Colossus AcquireCo LLC	5.82		SOFR (Q)	1.75			01/2033		19,223		19,161		19,117
CPPIB OVM Member U.S. LLC	6.32		SOFR (Q)	2.25			08/2031		18,718		18,765		18,756
EMG Utica Midstream Holdings, LLC(5)	7.57		SOFR (Q)	3.50			04/2030		5,500		5,500		5,500
Freeport LNG Investments, LLLP	6.73		SOFR (Q)	2.75			02/2033		59,181		59,299		59,390
GIP Pilot Acquisition Partners, L.P.	5.72		SOFR (Q)	2.00			05/2033		11,981		12,012		11,981
ITT Holdings LLC	5.88		SOFR (M)	1.98			10/2030		12,972		12,977		12,948
Pasadena Performance Products, LLC	7.32		SOFR (Q)	3.25			02/2032		5,381		5,397		5,399
Prairie ECI Acquiror LP	7.15		SOFR (M)	3.25			08/2029		14,744		14,782		14,772
TransMontaigne Operating Company L.P.	6.15		SOFR (M)	2.25			03/2030		26,619		26,684		26,658
Venture Global	6.13		SOFR (M)	2.23			05/2029		10,465		10,488		10,459		(3)
Venture Global	7.32		SOFR (Q)	3.25			04/2033		3,990		3,956		4,009		(3)
Venture Global(5)	6.13		SOFR (M)	2.23			05/2029		1,309		1,312		1,311		(3)
WhiteWater Matterhorn Holdings, LLC	5.88		SOFR (Q)	1.75			06/2032		23,008		22,960		22,844
WhiteWater Whistler Holdings, LLC	5.88		SOFR (Q)	1.75			02/2030		18,497		18,485		18,421
											265,193		264,952			3.43	%

Software
Cloud Software Group, Inc.	7.32		SOFR (Q)	3.25			03/2031		3,699		3,690		3,505
ConnectWise, LLC	7.84		SOFR (Q)	3.76			09/2028		3,935		3,941		3,864
Ellucian Holdings Inc.	6.40		SOFR (M)	2.50			10/2029		6,966		6,986		6,836
											14,617		14,205			0.18	%

Technology hardware and equipment
Tiger Acquisition, LLC	6.65		SOFR (M)	2.75			08/2032		25,615		25,714		25,663
Tiger Acquisition, LLC	6.40		SOFR (M)	2.50			08/2032		4,731		4,755		4,735
											30,469		30,398			0.39	%

Total first lien senior secured loans											1,441,230		1,446,172			18.72	%

Senior subordinated loans
Data centers
Retained Vantage Data Centers Intermediate Holdco, L.P.(5)(6)	9.50		N/A	9.50			12/2031		185,000		182,206		185,000

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of September 30, 2026

($ in thousands)

(unaudited)


Company	Coupon(4)		Reference(4)	Spread(4)	Acquisition Date	Maturity Date	Shares/ Units	Principal		Cost		Fair Value			% of Net Assets
Data centers
Stack SJ Holdings Parent A-I, LLC(5)(6)	9.25	%	N/A	9.25		06/2030		$	129,065	$	128,532	$	129,064
										310,738		314,064			4.06	%

Oil, gas and consumable fuels
MS FLNGI Owner Holdco, LLC(5)	9.75		SOFR (Q)	6.00		07/2032		200,000		196,128		196,000
										196,128		196,000			2.53	%

Total senior subordinated loans										506,866		510,064			6.59	%

Total debt investments										$	2,007,895	$	2,015,358		26.08	%

Equity investments
Other equity(7)

Independent power and renewable electricity producers
Denali Equity Holdings LLC (1)(5)					09/2024		3,749			317,124		352,779		(2)
Sunrun Acropolis Owner 2026, LLC (1)(5)(6)					05/2026		1,000			32,061		38,158		(2)
										349,185		390,937			5.06	%

Transportation infrastructure
Meridiam North America Core Infrastructure Fund I (Domestic), LP (1)(5)					09/2026		595,000,000			596,659		596,659		(2)(3)
										596,659		596,659			7.72	%

Total other equity										945,844		987,596			12.78	%

Preferred equity
Oil, gas and consumable fuels
Commonwealth LNG Intermediate Parent, LLC (1)(5)	13.00% PIK				05/2026		1,000,000,000			1,047,597		1,047,597		(2)
Total preferred equity										1,047,597		1,047,597			13.56	%

Common equity
Data centers
SI SNM01A Aggregator LLC (1)(5)(6)					09/2026		179,117,205			186,667		186,667		(2)
SI SNM01B Aggregator JV LLC (1)(5)(6)					09/2026		574,198,315			607,170		607,170		(2)
										793,837		793,837			10.28	%

Independent power and renewable electricity producers
Aspen Renewables Equity Holdings LLC (1)(5)					03/2025		4,918			432,982		487,701		(2)
Pioneer JV Holdings LLC (1)(5)(6)					10/2025		49			713,559		758,886		(2)
Ravens Edge Renewables, LLC (1)(5)(6)					09/2026		4,999			441,605		441,605		(2)
Sierra Equity Holdings LLC (1)(5)(6)					12/2025		4,900			443,672		499,710		(2)
Tango Holdings, LLC (1)(5)(6)					07/2025		708,907			701,762		775,406		(2)
Voyager JV Holdings LLC (1)(5)(6)					09/2026		80			224,981		224,981		(2)
										2,958,561		3,188,289			41.27	%

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of September 30, 2026

($ in thousands)

(unaudited)


Company	Coupon(4)	Reference(4)	Spread(4)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Cost		Fair Value			% of Net Assets
Oil, gas and consumable fuels
ET Rover Pipeline LLC (1)(5)				04/2026		1,625,000,000		$	1,602,797	$	1,580,270	(2)	20.45	%
								1,602,797		1,580,270

Total common equity								5,355,195		5,562,396			72.00	%

Total equity investments								7,348,636		7,597,589			98.34	%

Total non-controlled/non-affiliated investments								$	9,356,531	$	9,612,947		124.42	%

Controlled/affiliated investments


Company	Coupon(4)	Reference(4)	Spread(4)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Cost		Fair Value			% of Net Assets
Equity investments
Common equity
Oil, gas & consumable fuels
Meade Pipeline Co LLC (1)(5)(8)				09/2025		43		$	209,829	$	222,918	(2)
Redwood Meade Midstream MPC, LLC (1)(5)(8)				09/2025		50		36,730		38,994		(2)
								246,559		261,912			3.39	%

Transportation infrastructure
AEJV SPV LP (1)(5)(8)				03/2026		736,437,719		691,674		692,076		(2)
								691,674		692,076			8.96	%

Total common equity								938,233		953,988			12.35	%

Total equity investments								938,233		953,988			12.35	%

Total controlled/affiliated investments								938,233		953,988			12.35	%

Total investments								$	10,294,764	$	10,566,935		136.77	%

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of September 30, 2026

($ in thousands)

(unaudited)

Cash Equivalents


Company	Acquisition Date	Maturity Date	Dividend Yield		Units	Cost		Fair Value		% of Net Assets


First American U.S. Treasury Sweep (Y Shares)	02/2025	N/A	3.40	%	4,755	$	4,755	$	4,755
First American U.S. Treasury Sweep (Y Shares)	07/2025	N/A	3.40		46	46		46
Total Cash Equivalents						$	4,801	$	4,801	0.06	%

(1) Securities exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and may be deemed “restricted securities” subject to legal restrictions on sales. As of September 30, 2026, the aggregate fair value of these securities is $8,551.6 million, which represents 110.69% of the Fund’s (as defined below) net assets or 77.74% of the Fund’s total assets.

(2) These assets are pledged as collateral under the Fund’s or the Fund’s consolidated subsidiaries’ various credit facilities 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 credit facilities (see “Note 5. Debt” to the unaudited consolidated financial statements for more information).

(3) 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 “1940 Act”). Under the 1940 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 1940 Act, 6.68% 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, 2026.

(4) 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), semiannually (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. Coupon rate represents the all-in rate as of September 30, 2026.

(5) These investments were valued using significant unobservable inputs and are considered Level 3 investments. See “Note 8. Fair Value of Financial Instruments” to the unaudited consolidated financial statements for more information regarding the fair value of the Fund’s investments.

(6) As of September 30, 2026, the Fund had commitments to fund various delayed draw term loans and equity investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See “Note 7. Commitments and Contingencies” to the unaudited consolidated financial statements for more information on delayed draw term loan commitments related to certain portfolio companies. Principal reflects the funded principal as of September 30, 2026.

(7) Other equity investments represent equity interests that do not have all the characteristics of traditional common equity or preferred equity. These investments may include preferred equity or other structured equity interests, in each case with negotiated governance, distribution, liquidation or other economic rights that differ from those traditionally associated with common shares or preferred shares.

(8) As defined in the Investment Company Act, the Fund is deemed both to be an “Affiliated Person” and to “Control” this portfolio company because it owns more than 25% 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). For the nine months ended September 30, 2026, the Fund’s controlled/affiliated investments were as follows:


Company	Fair value as of December 31, 2025		Gross Additions		Gross Reductions		Net realized gains/(losses)		Net unrealized gains/(losses)		Fair value as of September 30, 2026		Dividend and Interest Income
Meade Pipeline Co LLC	$	214,956	$	9,451	$	2,509	$	—	$	1,020	$	222,918	$	20,769
Redwood Meade Midstream MPC, LLC	37,589		1,668		397		—		134		38,994		2,184
AEJV SPV LP Membership Interest	—		738,725		47,051		—		402		692,076		10,328
	$	252,545	$	749,844	$	49,957	$	—	$	1,556	$	953,988	$	33,281

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of September 30, 2026

($ in thousands)

(unaudited)

Derivative Instruments

Interest Rate Swaps


Description	Fund Pays		Fund Receives	Counterparty	Corresponding Debt	Maturity Date	Payment Frequency	Notional Amount		Fair Value		Upfront Payments/Receipts		Unrealized Appreciation/(Depreciation)
Interest rate swap	2.525	%	Daily SOFR	BNP Paribas	Denali Credit Agreement	09/2029	Quarterly	39,180		$	5,989	$	—	$	5,989
Interest rate swap	2.530		Daily SOFR	MUFG Bank, Ltd.	Denali Credit Agreement	09/2029	Quarterly	39,180		5,983		—		5,983
Interest rate swap	4.194		Daily SOFR	NatWest Markets Plc	Denali Credit Agreement	09/2029	Quarterly	19,588		706		—		706
Interest rate swap	4.194		Daily SOFR	Bayerische Landesbank	Denali Credit Agreement	09/2029	Quarterly	14,882		535		—		535
Interest rate swap	4.194		Daily SOFR	PNC Bank, National Association	Denali Credit Agreement	09/2029	Quarterly	14,882		536		—		536
Interest rate swap	4.194		Daily SOFR	Bank of China Limited New York Branch	Denali Credit Agreement	09/2029	Quarterly	12,664		456		—		456
Interest rate swap	4.194		Daily SOFR	Canadian Imperial Bank of Commerce	Denali Credit Agreement	09/2029	Quarterly	11,905		429		—		429
Interest rate swap	4.059		Daily SOFR	MUFG Bank, Ltd.	Aspen Credit Agreement	03/2030	Quarterly	18,750		1,538		—		1,538
Interest rate swap	4.058		Daily SOFR	BNP Paribas	Aspen Credit Agreement	03/2030	Quarterly	18,750		1,538		—		1,538
Interest rate swap	3.757		Daily SOFR	BNP Paribas	Aspen Credit Agreement	03/2030	Quarterly	65,425		3,815		—		3,815
Interest rate swap	3.759		Daily SOFR	MUFG Bank, Ltd.	Aspen Credit Agreement	03/2030	Quarterly	65,425		3,816		—		3,816
Interest rate swap	4.926		Daily SOFR	BNP Paribas	Aspen Credit Agreement	03/2030	Quarterly	85,986		(788)		—		(788)
Interest rate swap	4.816		Daily SOFR	BNP Paribas	Aspen Credit Agreement	03/2030	Quarterly	85,985		(153)		—		(153)
Interest rate swap	4.158		Daily SOFR	Canadian Imperial Bank of Commerce	Tango Credit Agreement	07/2030	Quarterly	23,094		1,756		—		1,756
Interest rate swap	4.158		Daily SOFR	Societe Generale	Tango Credit Agreement	07/2030	Quarterly	23,094		1,757		—		1,757
Interest rate swap	4.158		Daily SOFR	NatWest Markets Plc	Tango Credit Agreement	07/2030	Quarterly	23,094		1,758		—		1,758
Interest rate swap	4.158		Daily SOFR	Sumitomo Bank	Tango Credit Agreement	07/2030	Quarterly	23,094		1,759		—		1,759
Interest rate swap	4.158		Daily SOFR	Bayerische Landesbank	Tango Credit Agreement	07/2030	Quarterly	23,094		1,759		—		1,759
Interest rate swap	3.913		Daily SOFR	Canadian Imperial Bank of Commerce	Tango Credit Agreement	07/2030	Quarterly	18,750		823		—		823
Interest rate swap	3.913		Daily SOFR	Societe Generale	Tango Credit Agreement	07/2030	Quarterly	18,750		824		—		824
Interest rate swap	3.913		Daily SOFR	NatWest Markets Plc	Tango Credit Agreement	07/2030	Quarterly	18,750		825		—		825
Interest rate swap	3.913		Daily SOFR	Bayerische Landesbank	Tango Credit Agreement	07/2030	Quarterly	18,750		826		—		826
Interest rate swap	3.913		Daily SOFR	Oversea-Chinese Banking Corporation Limited	Tango Credit Agreement	07/2030	Quarterly	18,750		825		—		825
Interest rate swap	3.913		Daily SOFR	Sumitomo Bank	Tango Credit Agreement	07/2030	Quarterly	18,750		826		—		826
Interest rate swap	4.158		Daily SOFR	Oversea-Chinese Banking Corporation Limited	Tango Credit Agreement	07/2030	Quarterly	23,094		1,758		—		1,758
Interest rate swap	3.875		Daily SOFR	Societe Generale	Pioneer Credit Agreement	10/2030	Quarterly	84,750		8,451		—		8,451
Interest rate swap	3.884		Daily SOFR	Natixis Bank, New York Branch	Pioneer Credit Agreement	10/2030	Quarterly	84,750		8,387		—		8,387
Interest rate swap	4.215		Daily SOFR	NatWest Markets Plc	Pioneer Credit Agreement	10/2030	Quarterly	35,580		2,098		—		2,098
Interest rate swap	4.226		Daily SOFR	Oversea-Chinese Banking Corporation Limited	Pioneer Credit Agreement	10/2030	Quarterly	25,640		1,483		—		1,483
Interest rate swap	4.225		Daily SOFR	Bayerische Landesbank	Pioneer Credit Agreement	10/2030	Quarterly	25,640		1,487		—		1,487
Interest rate swap	4.226		Daily SOFR	Lloyds Bank Corporate Markets plc	Pioneer Credit Agreement	10/2030	Quarterly	25,640		1,480		—		1,480
Interest rate swap	4.085		Daily SOFR	Morgan Stanley Bank, N.A.	Rover Credit Agreement	06/2033	Quarterly	455,000		16,590		—		16,590
Total								$	1,480,666	$	79,872	$	—	$	79,872

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

($ in thousands)

Non-controlled/non-affiliated investments


Company	Coupon(4)		Reference(4)	Spread(4)		Acquisition Date	Maturity Date	Shares/ Units	Principal		Cost		Fair Value			% of Net Assets
Debt investments
First lien senior secured loans
Chemicals
SCIH Salt Holdings Inc.	6.52	%	SOFR (Q)	2.75	%		01/2029		$	7,500	$	7,500	$	7,511
											7,500		7,511			0.36	%

Commercial services and supplies
Covanta Holding Corporation	5.98		SOFR (M)	2.25			01/2031		4,500		4,492		4,500

											4,492		4,500			0.21	%

Electric utilities
Alpha Generation LLC	5.72		SOFR (M)	2.00			09/2031		10,258		10,271		10,285
Astoria Energy LLC	6.42		SOFR (Q)	2.75			06/2032		6,989		6,992		7,035
Astoria Energy LLC	6.47		SOFR (M)	2.75			06/2032		2,121		2,122		2,135
Bayonne Energy Center, LLC	6.67		SOFR (Q)	3.00			10/2032		9,113		9,134		9,165
Carroll County Energy LLC	6.42		SOFR (Q)	2.75			06/2031		16,958		16,995		17,021
Cogentrix Finance Holdco I, LLC	5.97		SOFR (M)	2.25			02/2032		11,623		11,640		11,684
Cornerstone Generation, LLC	7.09		SOFR (Q)	3.25			08/2032		8,738		8,769		8,807
CPV Fairview, LLC	6.17		SOFR (Q)	2.50			08/2031		6,000		6,007		6,021
EFS Cogen Holdings I LLC	6.67		SOFR (Q)	3.00			10/2031		4,136		4,149		4,165
Hill Top Energy Center, LLC	6.92		SOFR (Q)	3.25			06/2032		11,842		11,886		11,945
Invenergy Thermal Operating I LLC	6.41		SOFR (Q)	2.75			05/2032		4,817		4,830		4,830
Lackawanna Energy Center LLC	6.78		SOFR (M)	3.00			08/2032		12,903		12,943		12,971
Lightning Power, LLC	5.97		SOFR (M)	2.25			08/2031		2,914		2,926		2,926		(3)
South Field Energy LLC	6.67		SOFR (Q)	3.00			08/2031		10,937		10,935		11,006
											119,599		119,996			5.73	%

Electrical equipment
WEC US Holdings Inc.	5.87		SOFR (M)	2.00			01/2031		6,174		6,178		6,182
											6,178		6,182			0.30	%

Health care technology
Project Ruby Ultimate Parent Corp.	6.58		SOFR (M)	2.86			03/2028		6,823		6,839		6,839
											6,839		6,839			0.33	%

Independent power and renewable electricity producers
Calpine Construction Finance Company, L.P.	5.47		SOFR (M)	1.75			07/2031		6,354		6,351		6,357
Potomac Energy Center, LLC	6.84		SOFR (Q)	3.00			08/2032		12,356		12,379		12,449
Talen Energy Supply LLC	5.67		SOFR (Q)	2.00			11/2032		11,461		11,440		11,454		(3)
TerraForm Power Operating, LLC	5.67		SOFR (Q)	2.00			05/2029		3,484		3,469		3,482
											33,639		33,742			1.61	%

Insurance
Acrisure, LLC	6.72		SOFR (M)	3.00			11/2030		496		490		495
											490		495			0.02	%

IT Services
CMH01 Holdings LP(5)(6)	8.03		SOFR (M)	4.35			07/2028		80,929		77,179		77,179
CW Nest Property Owner LLC(5)(6)	7.48		SOFR (M)	3.75			11/2028		18,841		14,591		14,591
Galaxy Helios LLC(5)(6)	8.43		SOFR (M)	4.75			08/2028		62,713		58,963		58,963
PowerHouse Data LCX, LLC(5)(6)	8.62		SOFR (M)	4.95			05/2027		15,379		14,440		14,440
											165,173		165,173			7.88	%

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

($ in thousands)


Company	Coupon(4)		Reference(4)	Spread(4)		Acquisition Date	Maturity Date	Shares/ Units	Principal		Cost		Fair Value			% of Net Assets
Machinery
AI Aqua Merger Sub, Inc.	6.85	%	SOFR (Q)	3.00	%		07/2028		$	2,490	$	2,489	$	2,494	(3)
											2,489		2,494			0.12	%

Multi-utilities
Hamilton Projects Acquiror, LLC	6.22		SOFR (M)	2.50			05/2031		5,333		5,350		5,363
											5,350		5,363			0.26	%

Oil, gas and consumable fuels
AL GCX Holdings, LLC	5.98		SOFR (M)	2.25			12/2032		12,000		11,955		12,008
BCP Renaissance Parent L.L.C.	6.17		SOFR (Q)	2.50			10/2028		8,865		8,882		8,909
Blackfin Pipeline LLC	6.75		SOFR (M)	3.00			09/2032		6,000		5,999		6,005
Buckeye Partners LP	5.47		SOFR (M)	1.75			11/2032		3,992		3,999		4,011
Colossus AcquireCo LLC	5.41		SOFR (Q)	1.75			07/2032		10,548		10,514		10,535
CPPIB OVM Member U.S. LLC	6.17		SOFR (Q)	2.50			08/2031		2,282		2,272		2,295
Freeport LNG investments, LLLP	7.15		SOFR (Q)	3.26			11/2026		3,476		3,465		3,477
Freeport LNG investments, LLLP	7.12		SOFR (Q)	3.25			12/2028		8,161		8,128		8,185
GIP Pilot Acquisition Partners, L.P.	5.94		SOFR (Q)	2.00			10/2030		5,000		5,013		5,005
ITT Holdings LLC	6.19		SOFR (M)	2.48			10/2030		1,739		1,740		1,748
M6 ETX Holdings II Midco LLC	6.22		SOFR (M)	2.50			04/2032		11,472		11,496		11,525
Oryx Midstream Services Permian Basin LLC	5.98		SOFR (M)	2.25			10/2028		8,413		8,398		8,446
Par Petroleum LLC/Par Petroleum Finance Corp	6.95		SOFR (Q)	3.25			02/2030		1,995		2,002		2,001
Pasadena Performance Products, LLC	6.92		SOFR (Q)	3.25			02/2032		3,889		3,899		3,884
Prairie ECI Acquiror LP	7.47		SOFR (M)	3.75			08/2029		8,825		8,832		8,867
TransMontaigne Operating Company L.P.	6.22		SOFR (M)	2.50			11/2028		13,507		13,544		13,591
Traverse Midstream Partners LLC	6.34		SOFR (Q)	2.50			02/2028		8,250		8,292		8,258
Venture Global	5.94		SOFR (M)	2.23			05/2029		1,577		1,581		1,568		(3)
Venture Global (5)	5.94		SOFR (M)	2.23			05/2029		197		198		196		(3)
WhiteWater Matterhorn Holdings, LLC	5.92		SOFR (Q)	2.25			06/2032		3,550		3,548		3,560
WhiteWater Whistler Holdings, LLC	5.44		SOFR (Q)	1.75			02/2030		13,487		13,470		13,431
											137,227		137,505			6.56	%

Software
Applied Systems, Inc.	6.17		SOFR (Q)	2.50			02/2031		2,538		2,538		2,552
Cloud Software Group, Inc.	6.92		SOFR (Q)	3.25			03/2031		3,985		3,974		3,988
ConnectWise, LLC	7.43		SOFR (Q)	3.76			09/2028		4,974		4,984		4,878
Ellucian Holdings Inc.	6.47		SOFR (M)	2.75			10/2029		7,019		7,043		7,055
											18,539		18,473			0.88	%

Total first lien senior secured loans											507,515		508,273			24.27	%

Senior subordinated loans
IT Services
Stack SJ Holdings Parent A-I, LLC(5)(6)	9.25		N/A	9.25			06/2030		55,742		55,104		54,314		(2)
											55,104		54,314			2.59	%

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

($ in thousands)


Company	Coupon(4)		Reference(4)	Spread(4)		Acquisition Date	Maturity Date	Shares/ Units	Principal		Cost		Fair Value			% of Net Assets
Specialized REITs
Retained Vantage Data Centers Intermediate Holdco, L.P.(5)(6)	9.50	%	N/A	9.50	%		12/2031		$	38,542	$	35,345	$	35,304	(2)
											35,345		35,304			1.69	%

Total senior subordinated loans											90,449		89,618			4.28	%

Total debt investments											$	597,964	$	597,891		28.54	%

Equity investments
Other equity
Independent power and renewable electricity producers
Denali Equity Holdings LLC (1)(5)						09/2024		3,749			$	340,995	$	354,399	(2)
Total other equity											340,995		354,399			16.92	%

Common equity
Independent power and renewable electricity producers
Aspen Renewables Equity Holdings LLC (1)(5)						03/2025		4,900			431,267		479,667		(2)
Pioneer JV Holdings LLC (1)(5)(6)						10/2025		49			731,872		753,613		(2)
Sierra Equity Holdings LLC (1)(5)(6)						12/2025		4,900			155,587		155,587		(2)
Tango Holdings, LLC (1)(5)(6)						07/2025		488,168			492,623		526,684		(2)
Total common equity											1,811,349		1,915,551			91.45	%

Total equity investments											2,152,344		2,269,950			108.37	%

Total non-controlled/non-affiliated investments											$	2,750,308	$	2,867,841		136.91	%

Controlled/affiliated investments


Company	Coupon(4)	Reference(4)	Spread(4)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Cost		Fair Value			% of Net Assets
Equity investments
Common equity
Oil, gas & consumable fuels
Meade Pipeline Co LLC (1)(5)				09/2025		43		$	202,888	$	214,956	(2)
Redwood Meade Midstream MPC, LLC (1)(5)				09/2025		50		35,459		37,589		(2)
Total common equity								238,347		252,545			12.07	%

Total equity investments								238,347		252,545			12.07	%

Total controlled/affiliated investments								238,347		252,545			12.07	%

Total investments								$	2,988,655	$	3,120,386		148.98	%

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ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

($ in thousands)

Cash Equivalents


Company	Acquisition Date	Maturity Date	Dividend Yield		Units	Cost		Fair Value		% of Net Assets
First American U.S. Treasury Sweep (Y Shares)	02/2025	N/A	3.45	%	173	$	173	$	173
First American U.S. Treasury Sweep (Y Shares)	07/2025	N/A	3.46		174	174		174


Total Cash Equivalents						$	347	$	347	0.02	%

(1) Securities exempt from registration under the 1933 Act and may be deemed “restricted securities” subject to legal restrictions on sales. As of December 31, 2025, the aggregate fair value of these securities is $2,522.5 million, which represents 120.43% of the Fund’s net assets or 73.01% of the Fund’s total assets.

(3) This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 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 1940 Act, 0.54% 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, 2025.

(4) Variable rate loans to the Fund’s portfolio companies bear interest at a rate that may be determined by reference to 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), semiannually (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. Coupon rate represents the all-in rate as of December 31, 2025.

(6) As of December 31, 2025, the Fund had commitments to fund various delayed draw term loans and equity investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See “Note 7. Commitments and Contingencies” to the unaudited consolidated financial statements for more information on delayed draw term loan commitments related to certain portfolio companies.

(7) As defined in the Investment Company Act, the Fund is deemed both to be an “Affiliated Person” and to “Control” this portfolio company because it owns more than 25% 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). For the year ended December 31, 2025, the Fund’s controlled/affiliated investments were as follows:


Company	Fair Value as of December 31, 2024		Gross Additions		Gross Reductions		Net realized gains/(losses)		Net unrealized gains/(losses)		Fair Value as of December 31, 2025		Dividend and Interest Income
Meade Pipeline Co LLC	$	—	$	202,888	$	—	$	—	$	12,068	$	214,956	$	—
Redwood Meade Midstream MPC, LLC	—		35,459		—		—		2,130		37,589		—
	$	—	$	238,347	$	—	$	—	$	14,198	$	252,545	$	—

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ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

($ in thousands)

Derivative Instruments

Interest Rate Swaps


Description	Fund Pays		Fund Receives	Counterparty	Corresponding Debt	Maturity Date	Payment Frequency	Notional Amount		Fair Value		Upfront Payments/Receipts		Unrealized Appreciation/(Depreciation)
Interest rate swap	2.525	%	Daily SOFR	BNP Paribas	Denali Credit Agreement	09/2029	Quarterly	$	40,132	$	3,756	$	—	$	3,756
Interest rate swap	2.530		Daily SOFR	MUFG Bank, Ltd.	Denali Credit Agreement	09/2029	Quarterly	40,132		3,743		—		3,743
Interest rate swap	4.194		Daily SOFR	NatWest Markets Plc	Denali Credit Agreement	09/2029	Quarterly	20,064		(684)		—		(684)
Interest rate swap	4.194		Daily SOFR	Bayerische Landesbank	Denali Credit Agreement	09/2029	Quarterly	15,244		(519)		—		(519)
Interest rate swap	4.194		Daily SOFR	PNC Bank, National Association	Denali Credit Agreement	09/2029	Quarterly	15,244		(519)		—		(519)
Interest rate swap	4.194		Daily SOFR	Bank of China Limited New York Branch	Denali Credit Agreement	09/2029	Quarterly	12,972		(441)		—		(441)
Interest rate swap	4.194		Daily SOFR	Canadian Imperial Bank of Commerce	Denali Credit Agreement	09/2029	Quarterly	12,195		(415)		—		(415)
Interest rate swap	4.059		Daily SOFR	MUFG Bank, Ltd.	Aspen Credit Agreement	03/2030	Quarterly	18,750		(172)		—		(172)
Interest rate swap	4.058		Daily SOFR	BNP Paribas	Aspen Credit Agreement	03/2030	Quarterly	18,750		(169)		—		(169)
Interest rate swap	3.757		Daily SOFR	BNP Paribas	Aspen Credit Agreement	03/2030	Quarterly	65,430		(346)		—		(346)
Interest rate swap	3.759		Daily SOFR	MUFG Bank, Ltd.	Aspen Credit Agreement	03/2030	Quarterly	65,430		(357)		—		(357)
Interest rate swap	4.158		Daily SOFR	Canadian Imperial Bank of Commerce	Tango Credit Agreement	07/2030	Quarterly	69,281		(1,323)		—		(1,323)
Interest rate swap	4.158		Daily SOFR	Societe Generale	Tango Credit Agreement	07/2030	Quarterly	23,094		(443)		—		(443)
Interest rate swap	4.158		Daily SOFR	NatWest Markets Plc	Tango Credit Agreement	07/2030	Quarterly	23,094		(442)		—		(442)
Interest rate swap	4.158		Daily SOFR	Sumitomo Bank	Tango Credit Agreement	07/2030	Quarterly	23,094		(444)		—		(444)
Interest rate swap	3.875		Daily SOFR	Societe Generale	Pioneer Credit Agreement	10/2030	Quarterly	84,750		975		—		975
Interest rate swap	3.884		Daily SOFR	Natixis Bank, New York Branch	Pioneer Credit Agreement	10/2030	Quarterly	84,750		884		—		884
Total								$	632,406	$	3,084	$	—	$	3,084

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

($ in thousands, except share data)

(unaudited)


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Operations:
Net investment income/(loss)	$	103,998	$	(4,506)	$	188,179	$	(14,832)
Net realized gains/(losses)	(1,083)		361		(1,203)		1,525
Net unrealized gains	34,221		36,158		103,784		72,709
Net increase in net assets resulting from operations	137,136		32,013		290,760		59,402
Distributions to shareholders:
Distributed capital in excess of par—Class I	(125,081)		(33,208)		(280,327)		(62,959)
Distributed capital in excess of par—Class S	(8,607)		—		(17,252)		—
Distributed capital in excess of par—Class D	(3,967)		—		(4,647)		—
Distributed capital in excess of par—Class N	(34,741)		—		(43,995)		—
Net decrease in net assets from distributions	(172,396)		(33,208)		(346,221)		(62,959)
Share transactions:
Class I:
Proceeds from shares sold	1,459,666		639,948		3,308,699		1,294,757
Share transfers between classes	—		—		249		—
Distributions reinvested	34,898		7,021		78,244		13,184
Repurchased shares, net of early repurchase deduction of $22 and $104, respectively	(11,602)		(11,662)		(32,750)		(11,662)
Net increase in net assets from share transactions	1,482,962		635,307		3,354,442		1,296,279
Class S:
Proceeds from shares sold	116,828		—		369,012		—

Distributions reinvested	3,278		—		6,069		—
Repurchased shares, net of early repurchase deduction of $2 and $7, respectively	2		—		(142)		—
Net increase in net assets from share transactions	120,108		—		374,939		—
Class D:
Proceeds from shares sold	135,760		—		185,860		—
Share transfers between classes	—		—		(249)		—
Distributions reinvested	1,104		—		1,207		—
Repurchased shares, net of early repurchase deduction of $1 and $1, respectively	1		—		1		—
Net increase in net assets from share transactions	136,865		—		186,819		—
Class N:
Proceeds from shares sold	980,209		—		1,758,384		—

Distributions reinvested	11,168		—		12,398		—
Repurchased shares, net of early repurchase deduction of $12 and $17, respectively	(281)		—		(276)		—
Net increase in net assets from share transactions	991,096		—		1,770,506		—
Total increase in net assets	2,695,771		634,112		5,631,245		1,292,722
Net assets, beginning of period	5,030,059		815,063		2,094,585		156,453
Net assets, end of period	$	7,725,830	$	1,449,175	$	7,725,830	$	1,449,175

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in thousands)
(unaudited)


	Nine months ended September 30,
	2026		2025
OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	290,760	$	59,402
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:


Net accretion of investments	(1,195)		(12)
Net accretion of term loan payable	203		—


PIK distribution income	(47,597)		—

Purchases of investments	(7,582,021)		(1,365,868)
Amortization of deferred financing costs	6,379		1,823
Amortization of offering costs	816		3,271
Change in deferred tax liability, net	95,676		17,326
Net change in unrealized (gain)/loss on investments	(140,440)		(84,576)
Net change in unrealized (gain)/loss on derivatives	(76,788)		11,867
Realized loss on investments	120		253
Return of capital from investments	132,130		9,526
Proceeds from repayments or sales of investments	192,454		38,015
Changes in operating assets and liabilities:




Management fees payable	5,704		1,482


Capital gains incentive fee payable	(1,363)		8,049
Income based incentive fee payable	21,219		1,593


Accrued expenses	17,581		(3,795)

Other assets	(6,375)		(409)
Interest payable	4,561		835

Unsettled trades payable	129,141		31,643
Net cash used in operating activities	(6,959,035)		(1,269,575)
FINANCING ACTIVITIES
Net proceeds from issuance of common stock	5,621,955		1,294,757
Borrowings from term loans	1,944,735		234,750
Repayments of term loans	(329,939)		(2,786)
Payments for deferred financing costs	(21,899)		(12,837)

Repurchased shares, net of early repurchase deduction	(33,167)		(11,662)
Distributions to shareholders	(201,678)		(43,241)
Net cash provided by financing activities	6,980,007		1,458,981
Net change in cash, cash equivalents and restricted cash	20,972		189,406
Cash, cash equivalents and restricted cash, beginning of period	320,802		27,317
Cash, cash equivalents and restricted cash, end of period	$	341,774	$	216,723
Supplemental Information:
Interest paid during the period	$	77,259	$	14,380

Non-cash financing activity:
Offering costs	682		1,007
Distribution reinvested	97,918		13,184

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

1. ORGANIZATION

Ares Core Infrastructure Fund (together with its consolidated subsidiaries, the “Fund”) is a Delaware statutory trust that was formed on May 7, 2024. The Fund is an externally managed, closed-end management investment company. The Fund has elected to be regulated (the “BDC Election”) as a business development company (“BDC”) under the 1940 Act since December 2, 2024.

The Fund is party to an investment advisory and management agreement (the “Investment Advisory Agreement”) with Ares Capital Management II LLC (the Fund’s “Adviser”), a subsidiary of Ares Management Corporation (“Ares Management”), a publicly traded, leading global alternative investment manager. In addition, the Fund is party to an administration agreement with Ares Operations LLC (“Ares Operations” or the Fund’s “Administrator”), a subsidiary of Ares Management, pursuant to which the Administrator will provide administrative and other services necessary for the Fund to operate.

The Fund’s investment objective is to generate attractive risk-adjusted total returns consisting primarily of current income. The Fund focuses on equity, and to a lesser extent, debt, investments in infrastructure companies and assets (“Infrastructure Assets”), with a primary focus on Infrastructure Assets believed to potentially: (i) possess a higher degree of cash flow predictability; (ii) produce returns that are derived primarily from income, with limited upside through capital gains and assets that are commonly held for longer terms (more than five years); and (iii) produce revenues and cash flows that are generally governed by either rate regulation or long-term contracts with creditworthy counterparties, such as governments, municipalities and major industrial companies, with allocations in both controlling (majority) and non-controlling (minority) equity investments, as deemed appropriate by the Adviser. The Fund’s investments may include common or preferred stock, other equity investments structured with downside protection, warrants or options, first lien senior secured loans, second lien senior secured loans, subordinated secured and unsecured loans, subordinated debt, distressed securities and convertible securities. For cash management and other purposes, the Fund may 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, as well as equity investments and other investment companies such as exchange-traded funds. Under normal circumstances, the Fund expects to invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Infrastructure Assets.

On August 9, 2024, Ares Management LLC, a subsidiary of Ares Management, purchased 1,000 shares of the Fund’s common shares of beneficial interest (the “Shares”) at $25.00 per Share as the Fund’s sole initial shareholder. The Fund commenced operations on August 28, 2024.

Following the BDC Election, the Fund commenced holding monthly closings for its continuous private offering of securities (the “Private Offering”), in connection with which the Fund issues Shares to investors for a purchase price per Share equal to the Fund’s net asset value (“NAV”) as of the last calendar day of the previous month. NAV is generally expected to be available within 20 business days after the effective date of the monthly closing, at which time the number of Shares issued to each investor based on the applicable NAV will be determined and such Shares, as applicable, will be credited to the investor’s account as of the effective date of the monthly closing. Each of the Fund’s closings in connection with the Private Offering will be conducted in reliance on exemptions from the registration requirements of the 1933 Act, including the exemption provided by Section 4(a)(2) of the 1933 Act and Regulation D promulgated thereunder. The Fund reserves the right to conduct additional offerings of securities in the future in addition to the Private Offering. In addition, although the Fund intends to issue Shares on a monthly basis, the Fund retains the right, if determined by it in its sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by the Fund, more or less frequently to one or more investors for regulatory, tax or other reasons.

On April 8, 2025, the Fund received exemptive relief from the Securities and Exchange Commission (the “SEC”) that permits the Fund to offer to sell multiple classes of the Fund’s Shares with varying sales loads and to impose asset-based and/or distribution fees and early withdrawal fees, as applicable.

On May 14, 2025, in reliance on such exemptive relief, the Fund’s Board of Trustees (the “Board”) adopted a Multi-Class Plan (the “Multi-Class Plan”) in accordance with Rule 18f-3 under the 1940 Act and a distribution and shareholder servicing plan (the “Distribution and Shareholder Servicing Plan”). In connection with the approval of the Multi-Class Plan, on May 14, 2025, the Board established four classes of Shares of the Fund: Class D common shares of beneficial interest (“Class D Shares”), Class N common shares of beneficial interest (“Class N Shares”), Class S common shares of beneficial interest

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

(“Class S Shares”) and Class I common shares of beneficial interest (“Class I Shares”), and reclassified all existing Shares as Class I Shares. Other than the differences in ongoing shareholder servicing and/or distribution fees, each class of Shares has the same economics and voting rights. While an investment in any Share class of the Fund represents an investment in the same assets of the Fund, the purchase restrictions and ongoing fees and expenses for each Share class are different.

No underwriting discounts or commissions have been or will be paid in connection with the sale of such Shares. Although the Fund does not charge investors an upfront sales load (an “Upfront Sales Load”) with respect to its Shares, if Class D Shares, Class N Shares or Class S Shares are purchased through certain selling agents, shareholders may be charged an Upfront Sales Load or transaction or other fees, including brokerage commissions, in such amount as such selling agents may determine, provided that such charges are subject to a 2.0% cap on NAV for Class D Shares, a 2.0% cap on NAV for Class N Shares and a 3.5% cap on NAV for Class S Shares. To the extent any such Upfront Sales Load or other fees are received by the Placement Agent (as defined below), such amounts will be reallowed to the applicable selling agent. No Upfront Sales Loads may be charged on Class I Shares.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited 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 unaudited 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.

Basis of Consolidation

The Fund will generally not consolidate its investment in a company other than a substantially wholly-owned or wholly-owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the Fund consolidates the results of its subsidiaries that meet this criteria. All intercompany balances and transactions have been eliminated in consolidation.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include funds from time to time deposited with financial institutions, short-term, liquid investments in money market funds and/or Treasury Bills with maturity dates of 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. The following table provides a reconciliation of cash and cash equivalents reported within the statement of assets and liabilities:


	As of

	September 30, 2026		December 31, 2025
Cash	$	334,824	$	296,165
Cash equivalents	4,801		347
Total cash and cash equivalents	$	339,625	$	296,512

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

Restricted cash primarily relates to cash held as a requirement for the Denali Credit Agreement and Tango Credit Agreement (see “Note 5. Debt” to the unaudited consolidated financial statements for more information).

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

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the statement of assets and liabilities that sum to the total of the same such amounts shown in the statement of cash flows:


	As of

	September 30, 2026		December 31, 2025
Cash and cash equivalents	$	339,625	$	296,512
Restricted cash	2,149		24,290
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$	341,774	$	320,802

Offering Expenses

Offering costs include costs associated with the Private Offering. Offering costs may be reimbursed by the Adviser, subject to potential repayment. For continuous offerings, offering costs are then amortized over the twelve months following the expense being incurred on a straight-line basis.

Refer to “Note 3. Agreements and Organizational Documents” and “Note 7. Commitments and Contingencies” to the unaudited consolidated financial statements for more information.

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. 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 1940 Act, the Board designated the 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 Board. All investments are recorded at 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 at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Board, 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. However, the Valuation Designee may use these independent valuation firms to review the value of the Fund’s investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment.

Investments in the Fund’s portfolio that do not have readily available market quotations (i.e., substantially all of the Fund’s investments) are valued at fair value as determined in good faith by our 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

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

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 readily available market quotations, 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 Board, 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.

•The Valuation Designee will provide all relevant information related to the portfolio investments for the IVP to independently provide positive assurance on the valuation approach and inputs (monthly), provide positive assurance on the valuation of all positions (quarterly), and estimate a range of fair values (at least semiannually) for each investment:

◦Monthly, the IVP reviews and analyzes the data provided by the Valuation Designee, including the reasonableness of the valuation approach, as well as the mathematical accuracy and the appropriateness and supportability of inputs and assumptions, and provides positive assurance on the valuation approach and inputs;

◦Quarterly, the IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and provides positive assurance on the valuation of all positions;

◦At least semiannually, the IVP independently determines a range of fair values for each of the portfolio investments; and

◦the IVP provides a report for all investments reviewed to the Valuation Designee containing the IVP’s conclusions from the positive assurance procedures or the independent range of value analysis, whichever is applicable for the period.

•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 the Valuation Designee determines the fair value of each investment as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee intends to update 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 update the value of such assets using the same set of information that was used in performing the most recent quarterly valuation. Should the Valuation Designee determine 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 public equity valuations, secondary market transaction in the securities of an investment, comparable transactions, or otherwise), the Valuation Designee will determine whether to determine the fair value for each relevant investment using data that has been updated for the impact of the significant observable change. See “Note 8. Fair Value of Financial Instruments” to the unaudited consolidated financial statements for more information on the Fund’s valuation process.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

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 on loans. Discounts from and premiums to par value on loans 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. 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.

Interest income from funds deposited with financial institutions is recorded as income when received.

Distribution Income Recognition

Distribution income on common and other equity is recorded on the date it is declared by private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Because the Fund holds mostly private portfolio companies, distributions on investments are typically declared and paid to the Fund in the quarter subsequent to when the associated income is generated by the respective portfolio company. Distributions of return of capital by portfolio investments are recorded as a reduction in the cost of the portfolio investment. For the three and nine months ended September 30, 2026, the Fund received $179.8 million and $309.7 million, respectively, of distributions from common and other equity investments, of which $91.8 million and $132.1 million, respectively, were classified as a return of capital. For the three and nine months ended September 30, 2025, the Fund received $19.1 million and $36.4 million, respectively, of distributions from common and other equity investments, of which $3.0 million and $9.5 million, respectively, were classified as a return of capital.

Distribution 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. To the extent a preferred equity investment contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as distribution income and added to the principal balance of the preferred equity. PIK distributions added to the principal balance are generally collected upon redemption of the equity. For the three and nine months ended September 30, 2026, the Fund accrued $33.0 million and $47.6 million, respectively, of PIK distributions. For the three and nine months ended September 30, 2025, the Fund accrued no PIK distributions.

Other Income

Other income is recorded on an accrual basis to the extent that such amounts are earned and are expected to be collected. Other income relates to a variety of ancillary fees associated with investment transactions including commitment, termination, structuring and other miscellaneous fees.

Derivative Instruments

The Fund follows the guidance in ASC Topic 815—Derivatives and Hedging (“ASC 815”), when accounting for derivative instruments. The Fund values its derivatives at fair value with the unrealized gains or losses recorded in “derivatives” under the “net realized and unrealized gains on investments and derivatives” section in the Fund’s consolidated statements of operations. The Fund does not utilize hedge accounting under ASC 815 for any of its derivatives.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

Deferred Financing Costs

Deferred financing costs are amortized over the life of the related loan using the effective interest method.

Income Taxes

The Fund has elected to be treated as an association taxable as a corporation for U.S. federal, state and local income tax purposes. Accordingly, the Fund will be subject to U.S. federal income tax on its net income at the rates applicable to corporations without deduction for any distributions to the investors.

Distributions

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 and will depend on the Fund’s earnings, financial condition, tax considerations, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Concentration Risk

The Fund invests a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund’s investments may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and which may result in increased volatility of the Fund’s investment balances as a result. As of September 30, 2026 and December 31, 2025, the majority of the Fund’s portfolio was concentrated in six and four investments, respectively.

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 Financial Statements

The preparation of the 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 financial statements and the reported amounts of income or loss and expenses during the reporting period. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ.

Reclassification of Prior Periods

Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net investment income, net assets, or changes in net assets. Reclassifications were made within the presentation of expenses to separately disclose legal expenses.

Related Party Transactions

As of September 30, 2026 and December 31, 2025, the Fund had received aggregate capital contributions totaling approximately $52.6 million and $47.3 million, respectively, from affiliates of the Adviser.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

Recent Accounting Pronouncements

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

In November 2024, the FASB issued ASU No. 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.

In September 2026, the FASB issued ASU 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions (“ASU 2026-03”), which requires investment companies to consider the effect of contractual sale restrictions when measuring the fair value of equity securities subject to such restrictions. ASU 2026-03 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Fund is currently assessing the impact of this guidance.

3. AGREEMENTS AND ORGANIZATIONAL DOCUMENTS

Investment Advisory and Management Agreement

The Fund is party to the Investment Advisory Agreement with the Adviser. Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser provides investment advisory and management services to the Fund. For providing these services, the Adviser receives fees from the Fund consisting of a base management fee and an incentive fee. The cost of the base management fee and the incentive fee will ultimately be borne by the shareholders. No base management fee or incentive fee was payable to the Adviser until the commencement of investment activities. Both the Fund and Adviser have the right to terminate the Investment Advisory Agreement without penalty upon 60 days’ written notice to the other party.

Under the Investment Advisory Agreement, 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 Agreement, net assets means the Fund’s total assets less liabilities, determined on a consolidated basis in accordance with GAAP. For the three and nine months ended September 30, 2026, the Fund incurred $21.7 million and $43.3 million, respectively, in management fees under the Investment Advisory Agreement. The Adviser did not voluntarily waive any management fees earned in accordance with the Investment Advisory Agreement for the three and nine months ended September 30, 2026. For the three and nine months ended September 30, 2025, the Fund incurred $4.1 million and $7.6 million, respectively, in management fees under the Investment Advisory Agreement. For the three months ended September 30, 2025, no management fees were waived by the Adviser. The Adviser voluntarily waived $0.2 million of management fees for the nine months ended September 30, 2025. This waiver is not subject to recoupment.

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 Agreement, for the quarter. Pre-incentive fee net investment income means 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, distribution 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

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

(defined below) 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 income feature (such as market discount or original issue discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based fees it receives that are based on accrued interest income that the Fund never actually receives. 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 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. 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 1.25% per quarter (5.0% annualized).

The Fund will pay its 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 the 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 1.4286% (5.7144% annualized). This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.4286%) is referred to as the “catch-up”. The “catch-up” is meant to provide the Fund’s 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 1.4286% 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 1.4286% (5.7144% annualized).

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated and adjusted for any Share issuances or repurchases during the relevant quarter. Fees payable for any full period are not prorated or adjusted for share issuances or repurchases during the relevant period.

(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.

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 that 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 Advisers Act of 1940 or the Investment Advisory 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 actually payable under the Investment Advisory Agreement plus the aggregate cumulative unrealized capital 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

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods. 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. There can be no assurance that such unrealized capital appreciation will be realized in the future or that the amount accrued for will ultimately be paid.

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 Agreement be in excess of the amount permitted by the Investment Advisers Act of 1940 including Section 205 thereof. If the Investment Advisory 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 fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated and adjusted for any Share issuances or repurchases during the relevant quarter. Fees payable for any full period are not prorated or adjusted for share issuances or repurchases during the relevant period.

Notwithstanding anything to the contrary in the Investment Advisory Agreement, and other than the repayment of principal in respect of a loan, distributions received by the Fund in respect of its investments that are treated as a return of capital for GAAP purposes will, without duplication, (i) be treated as income for the purpose of calculating the income portion of the Incentive Fee and (ii) not be taken into account to the extent they would increase the capital gain or decrease the capital loss related to a particular investment for the purposes of calculating the capital gains portion of the Incentive Fee.

The base management fee, income based fee and capital gains incentive fee for the three and nine months ended September 30, 2026 and 2025 were as follows:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025

Base management fee	$	21,737	$	4,052	$	43,302	$	7,585
Income based incentive fee	23,573		1,593		36,941		1,593
Capital gains incentive fee (1)	(6,406)		3,334		(1,363)		8,049

(1) Accrued in accordance with GAAP as discussed above.

There was no capital gains incentive fee actually payable to the Fund’s Adviser as calculated under the Investment Advisory Agreement for the three and nine months ended September 30, 2026 and 2025. In addition, in accordance with GAAP, the Fund had cumulatively accrued a capital gains incentive fee of $10.0 million and $11.3 million, respectively, as of September 30, 2026 and December 31, 2025. As of September 30, 2026, the Fund has not paid any capital gains incentive fee since inception.

Administration Agreement

The Fund is party to an administration agreement with its administrator, Ares Operations (the “Administration Agreement”). Pursuant to the Administration Agreement, the Fund’s Administrator furnishes the Fund with office equipment and clerical, bookkeeping and record keeping services at the Fund’s office facilities. Under the Administration Agreement, the Fund’s Administrator also arranges for the services of, and oversees sub-administrators, custodians, depositories, transfer

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

agents, escrow agents, dividend 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. The Fund’s Administrator 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 reports to its shareholders and reports and other materials required to be filed with the SEC or any other regulatory authority.

In addition, the Fund’s Administrator 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 the Fund’s shareholders, and generally oversees the payment of the Fund’s expenses and the performance of administrative and professional services rendered to the Fund by others. Payments under the Administration Agreement equal to an amount based upon the Fund’s allocable portion of the Fund’s Administrators’ overhead and other expenses (including travel expenses) incurred by the Fund’s Administrator in performing its obligations under the Administration Agreement, including the Fund’s allocable portion of the compensation, rent and other expenses of certain of its 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.

The Fund incurred $1.0 million and $0.4 million for the three months ended September 30, 2026 and 2025, respectively, and $2.2 million and $1.7 million for the nine months ended September 30, 2026 and 2025, respectively, in administrative fees allocated to the Fund from the Administrator, which are included in “Administration fees” in the Fund’s consolidated statements of operations, including certain costs that are reimbursable under the Administration Agreement, all of which have been supported by the Fund’s Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement (as defined below).

Expense Support and Conditional Reimbursement Agreement

The Fund is party to an amended and restated expense support and conditional reimbursement agreement (as such may be further amended from time to time, the “Expense Support and Conditional Reimbursement Agreement”) with the Fund’s Adviser pursuant to which, among other things, the Fund’s Adviser may advance a portion of the Fund’s organization and initial offering expenses, which includes the Fund’s organization and initial offering expenses incurred in connection with the Private Offering through the date of the BDC Election. The Fund’s Adviser may elect to pay certain of the Fund’s other expenses on the Fund’s behalf (collectively with the organization and initial offering expenses, each, an “Expense Payment”), provided that no portion of the Expense Payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Fund. Any Expense Payment that the Fund’s Adviser has committed to pay must be paid by the Fund’s Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Fund’s Adviser or its affiliates.

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 Adviser until such time as all Expense Payments made by the Fund’s 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 have been reimbursed. Any such 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 (calculated in accordance with the Expense Support and Conditional Reimbursement Agreement) that, after giving effect to the recoupment, is lower than the expense ratio (calculated in accordance with the Expense Support and Conditional Reimbursement Agreement) at the time of the fee waiver or expense reimbursement and (ii) a distribution rate (exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, 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 income or loss, (ii) net realized gains or losses on investments, derivatives and foreign currency transactions and (iii) other dividends and 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).

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

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 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.

On January 13, 2025, the Fund and the Adviser entered into an amended and restated Expense Support and Conditional Reimbursement Agreement (the “A&R Expense Support and Conditional Reimbursement Agreement”). The A&R Expense Support and Conditional Reimbursement Agreement amends and restates in its entirety the Expense Support and Conditional Reimbursement Agreement, dated August 12, 2024, by and between the Fund and the Adviser. Pursuant to the A&R Expense Support and Conditional Reimbursement Agreement, the Fund clarified the definition of “Available Operating Funds,” from which the Fund is expected to reimburse the Adviser for expense payment made on the Fund’s behalf, to better align with the line items reported in the Fund’s financial statements. The Board determined that the A&R Expense Support and Conditional Reimbursement Agreement was in the best interest of the Fund.

Declaration of Trust and Bylaws

On January 14, 2025, the Fund amended and restated the Declaration of Trust of the Fund (the “Declaration of Trust”) in its entirety (the “A&R Declaration of Trust”) to, among other things, clarify that any action of the Board or any committee thereof may be taken by unanimous written consent and any action that requires the separate vote of independent trustees may be taken by the unanimous written consent of such independent trustees. In addition, the provision relating to agreements with shareholders previously contained in Article XI of the Declaration of Trust was deleted in its entirety. Finally, certain provisions of the Declaration of Trust were clarified to reference relevant limitations applicable pursuant to federal securities laws.

On January 14, 2025, the Fund amended and restated its bylaws (the “A&R Bylaws”) to make changes that conform with the A&R Declaration of Trust. The A&R Bylaws became effective concurrently with the A&R Declaration of Trust.

On March 12, 2025, the Fund amended and restated the A&R Declaration of Trust in its entirety. The A&R Declaration of Trust was amended to comply with Japanese regulations relating to marketing the Fund to Japanese investors.

Placement Agent Agreement

On May 14, 2025, the Fund and Ares Wealth Management Services, LLC (“AWMS”) as placement agent (“Placement Agent”) for the Shares, entered into an Amended and Restated Placement Agent Agreement (as further amended, restated or amended and restated from time to time, the “Placement Agent Agreement”).

The Fund will indemnify the Placement Agent in connection with its activities. Pursuant to the Placement Agent Agreement, the Placement Agent has access to the officers and employees of the Adviser and its affiliates, to conduct private placement activities. The Placement Agent may retain affiliated and unaffiliated broker-dealers to act as selling agents in the private offering.

The Placement Agent Agreement may be terminated at any time, without the payment of any penalty, by (i) the vote of a majority of the Independent Trustees of the Fund, or by vote of a majority of the outstanding voting securities of the Fund, or (ii) by the Placement Agent, in each case on 60 days’ written notice to the other party. The Placement Agent Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act. Effective January 2, 2026, AWMS was consolidated with and into Ares Management Capital Markets LLC (“AMCM”), and AMCM became the Placement Agent; in connection with such consolidation, the Placement Agent Agreement was amended to reflect that, effective as of January 2, 2026, AMCM is the Placement Agent. Like AWMS, AMCM is a broker-dealer registered with the SEC, a member of FINRA, an affiliate of the Adviser and an indirect subsidiary of Ares.

Distribution and Shareholder Servicing Plan

On May 14, 2025, the Fund adopted a Distribution and Shareholder Servicing Plan (the “Distribution and Shareholder Servicing Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to the Class D Shares, Class N Shares and Class S Shares. Pursuant to the Distribution and Shareholder Servicing Plan, the Fund may pay to the Placement Agent for the Shares, a

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

fee for distribution and/or shareholder services with respect to Class D Shares, Class N Shares and Class S Shares. Pursuant to the Distribution and Shareholder Servicing Plan, the Placement Agent is entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.25%, 0.50% and 0.85% of the value of the Fund’s net assets attributable to Class D Shares, Class N Shares and Class S 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 Placement Agent, but the Placement Agent 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.

Selected Dealer Agreement

On May 14, 2025, the Board approved a form of Selected Dealer Agreement, to be entered into by and between the Placement Agent and any dealers party thereto, pursuant to which such dealers will sell various classes of the Fund’s Shares.

The Fund does not charge investors an Upfront Sales Load with respect to Class D Shares, Class N Shares, Class S Shares or Class I Shares. However, pursuant to the Selected Dealer Agreement, if a shareholder buys Class D Shares, Class N Shares or Class S Shares through certain selling agents, such shareholders may be charged an Upfront Sales Load or transaction or other fees, including brokerage commissions, in such amount as such selling agents may determine, provided that such charges are subject to a 2.0% cap on NAV for Class D Shares, a 2.0% cap on NAV for Class N Shares and a 3.5% cap on NAV for Class S Shares. To the extent any such Upfront Sales Load or other fees are received by the Placement Agent, such amounts will be reallowed to the applicable selling agent.

4. INVESTMENTS

As of September 30, 2026 and December 31, 2025, investments consisted of the following:


	As of

	September 30, 2026				December 31, 2025
	Cost		Fair Value		Cost		Fair Value
Common equity	$	6,293,428	$	6,516,384	$	2,049,696	$	2,168,096
Preferred equity	1,047,597		1,047,597		—		—
Other equity	945,844		987,596		340,995		354,399
First lien senior secured loans	1,441,230		1,446,172		507,515		508,273
Senior subordinated loans	506,866		510,064		90,449		89,618
Corporate bonds	59,799		59,122		—		—
Total investments	$	10,294,764	$	10,566,935	$	2,988,655	$	3,120,386

Derivative contracts, at fair value (asset)	$	—	$	80,813	$	—	$	9,358
Derivative contracts, at fair value (liability)	—		(941)		—		(6,274)
Total derivative contracts	$	—	$	79,872	$	—	$	3,084

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

The Fund generally uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions as a percentage of the Fund’s portfolio at fair value as of September 30, 2026 and December 31, 2025 were as follows:


	As of

	September 30, 2026		December 31, 2025
Industry
Independent power and renewable electricity producers	35.4	%	73.8	%
Oil, gas and consumable fuels	31.9		12.5
Data centers	14.3		—

Transportation infrastructure	12.2		—

Electric utilities	2.9		3.9
Electrical equipment	0.6		0.2
Commercial services and supplies	0.5		0.2
IT services	0.5		7.0
Chemicals	0.4		0.2
Energy equipment and services	0.4		—
Technology hardware and equipment	0.3		—

Diversified telecommunication services	0.2		—
Machinery	0.2		0.1
Software	0.1		0.6
Construction and engineering	0.1		—
Specialized REITs	—		1.1
Multi-utilities	—		0.2
Health care technology	—		0.2
Total	100.0	%	100.0	%



	As of

	September 30, 2026		December 31, 2025
Geographic region
United States	99.7	%	100.0	%
Europe	0.3		—
Total	100.0	%	100.0	%

As of September 30, 2026 and December 31, 2025, there were no investments on non-accrual status.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

5. DEBT

The Fund’s average outstanding debt and weighted average interest rate for the three and nine months ended September 30, 2026 and 2025 was as follows:


		Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
	Maturity Date	Average Outstanding Amount		Weighted Average Rate		Average Outstanding Amount		Weighted Average Rate		Average Outstanding Amount		Weighted Average Rate		Average Outstanding Amount		Weighted Average Rate
Denali Credit Agreement	09/2029	$	203,674	5.66	%	$	210,198	6.37	%	$	205,053	5.66	%	$	211,429	6.36	%
Aspen Credit Agreement	03/2030	231,950		5.28		50,000		6.12		226,998		5.31		36,813		4.50
ACI Portfolio Aggregator Credit Agreement	04/2027	1,359		6.26		—		—		33,663		6.24		—		—
Tango Credit Agreement	07/2030	334,750		5.16		130,530		4.14		264,970		5.16		43,988		1.39
BNP Funding Facility	03/2028	60,870		5.03		—		—		153,114		4.92		—		—
Pioneer Credit Agreement	10/2030	378,283		5.17		—		—		306,705		5.16		—		—
Rover Credit Agreement	06/2033	910,000		5.99		—		—		546,952		5.96		—		—
Total		$	2,120,886	5.57	%	$	390,728	5.54	%	$	1,737,455	5.49	%	$	292,230	4.08	%

Denali Credit Agreement

The Fund’s indirect and direct wholly-owned subsidiaries ACI Denali Member, LLC and ACI Denali Holdings, LLC (together, “ACI Denali”), and Ares Denali Member, LLC (together with ACI Denali, the “Denali Co-Borrowers”), an affiliated entity managed by an affiliate of the Adviser, are party to a Credit Agreement (the “Denali Credit Agreement”), dated as of September 11, 2024, with MUFG Bank, LTD, as Administrative Agent (“MUFG”), and BNP Paribas, as Collateral Agent, the lenders from time to time party to the Denali Credit Agreement and certain other signatories thereto. The Denali Credit Agreement is related to ACI Denali’s investment in a portfolio company and ACI Denali’s portion includes an amortizing $212.5 million term loan (“the Denali Term Loan”), of which $203.0 million was available and drawn as of September 30, 2026, and a $10.2 million debt service letters of credit facility (“Denali DSR LC Facility”), of which nothing was drawn as of September 30, 2026. As of December 31, 2025, the Denali Term Loan was approximately $212.5 million, of which $208.0 million was available and drawn. As of December 31, 2025, nothing was drawn on the Denali DSR LC Facility. The remaining portion of the Denali Credit Agreement and Denali DSR LC Facility are with Ares Denali Member, LLC. Outstanding borrowings under the Denali Term Loan bear interest annually at SOFR plus 2.00%, with a 0.125% step-up after three years. Since February 2025, ACI Denali has been making quarterly interest payments. The Denali DSR LC Facility is to provide letters of credit (“Denali LC”) or loans for draws under such Denali LC to support contractual obligations related to the minimum debt service reserve amount under the Denali Credit Agreement. Denali LC fees are payable quarterly in arrears, at an amount equal to 0.5% multiplied by the stated amount of the Denali LC.

The Denali Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Denali Co-Borrowers, and (b) all tangible and intangible assets of the Denali Co-Borrowers. Under the Denali Credit Agreement, the Denali Co-Borrowers 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. The Denali Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Denali Co-Borrowers, the Denali Credit Agreement is non-recourse to any upstream affiliate of the Denali Co-Borrowers, including the Fund.

Aspen Credit Agreement

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

to time party to the Aspen Credit Agreement and certain other signatories thereto. The Aspen Credit Agreement is related to the Aspen Borrower’s investment in two portfolio companies of the Fund.

On March 13, 2026 (the “Aspen Amendment Effective Date”), the Aspen Borrower and the Aspen Pledgor entered into the First Amendment to the Aspen Credit Agreement (the “First Aspen Amendment”).

The First Aspen Amendment, among other things, provides for an additional (a) $249.9 million delayed draw term loan, and (b) $16.1 million debt service letters of credit facility. After giving effect to the First Aspen Amendment, the Aspen Credit Agreement provides for an aggregate amortizing term loan facility of approximately $478.0 million (the “Aspen Term Loan”), of which $453.8 million was available and drawn as of September 30, 2026, and a $31.7 million debt service letters of credit facility (“Aspen DSR LC Facility”), of which nothing was drawn as of September 30, 2026. As of December 31, 2025, the Aspen Term Loan was approximately $228.1 million, of which $224.5 million was available and drawn. As of December 31, 2025, nothing was drawn on the Aspen DSR LC Facility. Pursuant to the terms of the First Aspen Amendment, the interest rate charged on outstanding borrowings under the Aspen Credit Agreement for the period from the Aspen Amendment Effective Date until March 14, 2028, decreased from SOFR plus 1.75% to SOFR plus 1.625%, with a 0.125% step-up after March 14, 2028 and outstanding undrawn commitments under the Aspen Term Loan have a commitment fee of 0.60% annually. In addition, pursuant to the terms of the First Aspen Amendment, the rate for Aspen DSR LC Facility fees under the Aspen Credit Agreement decreased from 1.725% to 1.625%, in each case multiplied by the stated amount of the applicable letter of credit and with a 0.125% step-up after March 14, 2028. Since August 2025, Aspen Borrower has been making quarterly interest payments.

The Aspen Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Aspen Borrower, and (b) all tangible and intangible assets of the Aspen Borrower. Under the Aspen Credit Agreement, the Aspen Borrower and the Aspen Pledgor, 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. The Aspen Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Aspen Borrower, the Aspen Credit Agreement is non-recourse to any upstream affiliate of the Aspen Borrower, including the Fund.

ACI Portfolio Aggregator Credit Agreement

On April 14, 2025, ACI Portfolio Aggregator SPV LLC, as borrower (“ACI Portfolio Aggregator”), a wholly-owned subsidiary of the Fund, entered into a Revolving Credit Agreement that provides a revolving line of credit (as amended, the “ACI Portfolio Aggregator Credit Agreement”) by and among ACI Portfolio Aggregator, NatWest Markets Plc (“NatWest”), as administrative agent, and the lenders from time to time party thereto. On March 25, 2026, ACI Portfolio Aggregator increased the aggregate amount of total commitments available under the ACI Portfolio Aggregator Credit Agreement from $50.0 million to $200.0 million. As of September 30, 2026, $200.0 million was available of which nothing was drawn under ACI Portfolio Aggregator Credit Agreement. As of December 31, 2025, $50.0 million was available of which $20.0 million was drawn under the ACI Portfolio Aggregator Credit Agreement.

Borrowings under the ACI Portfolio Aggregator Credit Agreement may take the form of base rate loans or SOFR loans, at the option of the ACI Portfolio Aggregator. Base rate loans will bear interest at a rate per annum equal to (a) the Base Rate (as defined in the ACI Portfolio Aggregator Credit Agreement), which is subject to a floor of 0.00% per annum, plus (b) an applicable margin of 1.60% per annum. SOFR loans will bear interest at a rate per annum equal to (a) Term SOFR (as defined in the ACI Portfolio Aggregator Credit Agreement) for a period of one, three or six months (as selected by ACI Portfolio Aggregator), subject to a floor of 0.00% per annum, plus (b) an applicable margin of 2.60% per annum. As of December 31, 2025, the $20.0 million amount outstanding was drawn as a SOFR loan.

The ACI Portfolio Aggregator Credit Agreement contains various representations and warranties, affirmative covenants, and negative covenants, which are typical for this type of revolving facility.

All obligations under the ACI Portfolio Aggregator Credit Agreement and the other loan documents are secured by a first priority perfected lien on, and security interest in, (i) all membership interests of ACI Portfolio Aggregator owned by the Fund, including all proceeds thereof, and (ii) a certain collateral account of ACI Portfolio Aggregator, and all sums or other property now or at any time hereafter on deposit therein, subject to certain exceptions. Other than with respect to the pledge of

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

the equity interests of the ACI Portfolio Aggregator, the ACI Portfolio Aggregator Credit Agreement is otherwise non-recourse to any upstream affiliate of ACI Portfolio Aggregator, including the Fund.

Tango Credit Agreement

On July 28, 2025, ACI Tango Member, LLC, as borrower (“ACI Tango”), and ACI Tango Holdings, LLC, as pledgor (“ACI Tango Holdings”), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (the “Tango Credit Agreement”) with Canadian Imperial Bank of Commerce, New York Branch, as Administrative Agent (“CIBC”), U.S. Bank National Association, as Collateral Agent, the lenders from time to time party to the Tango Credit Agreement and certain other signatories thereto. The Tango Credit Agreement is related to ACI Tango's investment in a portfolio company of the Fund and includes an amortizing $334.8 million delayed draw term loan (the “Tango Term Loan”), of which $334.8 million was available and drawn as of September 30, 2026, and a $18.8 million debt service letters of credit facility (“Tango DSR LC Facility”), of which nothing was drawn as of September 30, 2026. As of December 31, 2025, the Tango Term Loan was approximately $334.8 million, of which $334.8 million was available and $184.8 million was drawn. As of December 31, 2025, nothing was drawn on the Tango DSR LC Facility. Borrowings under the Tango Credit Agreement may take the form of Base Rate Loans (as defined in the Tango Credit Agreement) or SOFR loans, at the option of ACI Tango. Outstanding borrowings under the Tango Term Loan Facility bear interest annually at (i) for SOFR loans, the SOFR plus 1.50%, and (ii) for the Base Rate Loans, a fluctuating rate determined by reference to the Adjusted Base Rate (as defined in the Tango Credit Agreement) plus 0.50%, each with a 0.125% step-up after three years. The $334.8 million amount outstanding as of September 30, 2026 was drawn as a SOFR loan. Outstanding undrawn commitments under the Tango Term Loan Facility have a commitment fee of 0.50% annually. Since November 2025, ACI Tango has been making quarterly interest payments. The Tango DSR LC Facility provides letters of credit (“LC”) or loans for draws under such LC to support contractual obligations related to the minimum debt service reserve amount under the Tango Credit Agreement. LC fees are payable quarterly in arrears, at an amount equal to 1.50% multiplied by the stated amount of the LC, with a 0.125% step-up after three years.

The Tango Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of ACI Tango, (b) all of the equity interests of Tango Holdings, LLC owned by ACI Tango and (c) all tangible and intangible assets of ACI Tango and the equity interests of ACI Tango owned by the ACI Tango Holdings. Under the Tango Credit Agreement, ACI Tango and ACI Tango Holdings, 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. The Tango Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of ACI Tango, the Tango Credit Agreement is non-recourse to any upstream affiliate of ACI Tango, including the Fund.

BNP Funding Facility and Contribution Agreement

On September 23, 2025, the Fund entered into a Revolving Credit and Security Agreement (as amended, the “BNP Funding Facility”) with ACI Liquid Aggregator SPV, LLC (“ACI Liquid Aggregator”), a wholly owned subsidiary of the Fund, as borrower (the “BNP Borrower”), the Fund, as equityholder and servicer, the lenders from time to time party thereto, BNP Paribas, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent. The BNP Funding Facility has a reinvestment period ending on September 23, 2027 and a maturity date of March 23, 2028. On June 26, 2026, ACI Liquid Aggregator increased the aggregate amount of total commitments available under the BNP Funding Facility from $200.0 million to (i) a $375.0 million tranche secured by broadly syndicated loans and (ii) a tranche secured by data center loans with a maximum facility amount equal to the lesser of (a) $175.0 million and (b) the sum of the products obtained by multiplying (x) the advance rate of each eligible data center collateral asset by (y) the data center commitment amount of such data center collateral asset. In addition, on September 23, 2025, the Fund, as transferor, and the BNP Borrower, as transferee, entered into a Contribution Agreement, pursuant to which the Fund will transfer to the BNP Borrower certain originated or acquired loans and related assets (collectively, the “BNP Loans”) from time to time.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

reductions in commitments under the BNP Funding Facility, which facility reduction fee would be equal to the cumulative amount of the commitment fee that would have otherwise been payable from the date of any such termination or reduction through the end of the reinvestment period. Under the BNP Funding Facility, the Fund and the BNP Borrower, 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. The BNP Funding Facility includes usual and customary events of default for facilities of this nature. As of September 30, 2026, $550.0 million was available, of which $300.0 million was drawn on the BNP Funding Facility. As of December 31, 2025, $200.0 million was available and drawn on the BNP Funding Facility.

Proceeds from the BNP Funding Facility must be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans, pay certain fees and expenses and make permitted distributions. Other than with respect to the pledge of the equity interests of the BNP Borrower, the BNP Funding Facility is non-recourse to any upstream affiliates of the BNP Borrower, including the Fund.

Pioneer Credit Agreement

On October 3, 2025, ACI Pioneer Member, LLC, as borrower (the “Pioneer Borrower”) and ACI Pioneer Holdings, LLC, as pledgor (the “Pioneer Pledgor”), each a wholly-owned subsidiary of the Fund, entered into a credit agreement (the “Pioneer Credit Agreement”) with Natixis, New York Branch as administrative agent and collateral agent (“Natixis”) and Société Générale as coordinating lead arranger and bookrunner (together with Natixis in the same roles). The Pioneer Credit Agreement is related to Pioneer Borrower’s investment in a portfolio investment of the Fund and includes an amortizing $542.2 million delayed draw term loan facility (the “Pioneer Term Loan”), of which $534.2 million was available and $481.0 million was drawn as of September 30, 2026, and a $23.5 million debt service reserve letter of credit facility (the “Pioneer DSR LC Facility”), of which nothing was drawn as of September 30, 2026. As of December 31, 2025, the Pioneer Term Loan was approximately $542.2 million, of which $542.2 million was available and $226.0 million was drawn. As of December 31, 2025, nothing was drawn on the Pioneer DSR LC Facility.

Borrowings under the Pioneer Term Loan bear interest annually at a rate equal to daily compounded SOFR plus 1.50% per annum, with a step up of 0.125% after three years and outstanding undrawn commitments under the Pioneer Term Loan facility have a commitment fee of 0.50% annually on the average daily unused amount. Since January 2026, the Pioneer Borrower has been making quarterly interest payments.

The Pioneer DSR LC Facility provides letters of credit or loans for draws under such LC to support contractual obligations related to the minimum debt service reserve amount under the Pioneer Credit Agreement. An LC commitment fee is due in respect of unused LC commitments in an amount of 0.50% multiplied by the average unused daily LC commitments. LC fees follow the applicable margin of the Pioneer Term Loan, payable quarterly in arrears, at an amount equal to 1.50% annually multiplied by the stated amount of the LC, with a 0.125% step up after three years.

The Pioneer Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Pioneer Borrower, (b) all of the equity interests of Pioneer JV Holdings, LLC, a portfolio investment of the Fund, owned by the Pioneer Borrower and (c) all tangible and intangible assets of the Pioneer Borrower and the equity interests of the Pioneer Borrower owned by the Pioneer Pledgor. Under the Pioneer Credit Agreement, the Pioneer Borrower and the Pioneer Pledgor, 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. The Pioneer Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Pioneer Borrower, the Pioneer Credit Agreement is non-recourse to any upstream affiliate of the Pioneer Borrower, including the Fund.

Rover Credit Agreement

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

other lenders party thereto from time to time. The Rover Credit Agreement includes a $910.0 million senior secured first lien term loan B credit facility (the “Rover Term Loan”). Borrowings under the Rover Term Loan bear interest annually at a rate equal to Term SOFR (as defined in the Rover Credit Agreement) plus 2.25% per annum. As of September 30, 2026, borrowings outstanding under the Rover Term Loan totaled $905.7 million, net of original issue discount. Since June 2026, the Rover Borrower has been making quarterly interest payments.

The Rover Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of Rover Borrower Subsidiary owned by the Rover Borrower, (b) all of the equity interests of ET Rover Pipeline LLC owned by Rover Borrower Subsidiary and (c) all tangible and intangible assets of the Rover Borrower and Rover Borrower Subsidiary. Under the Rover Credit Agreement, the Rover Borrower and Rover Borrower Subsidiary, 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. The Rover Credit Agreement includes usual and customary events of default for facilities of this nature. The Rover Credit Agreement is non-recourse to any upstream affiliate of the Rover Borrower, including the Fund.

Espresso Credit Agreement

See "Note 13. Subsequent Events" for a subsequent event relating to the Espresso Credit Agreement (as defined below).

6. DERIVATIVE INSTRUMENTS

Interest Rate Swaps

The Fund entered into interest rate swaps to reduce the Fund’s exposure to interest rate volatility in relation to the Denali Credit Agreement, the Aspen Credit Agreement, the Tango Credit Agreement, the Pioneer Credit Agreement and the Rover Credit Agreement. Under the interest rate swap agreements, the Fund pays a fixed interest rate and receives a floating interest rate of SOFR. The interest rate swaps of the Fund are not hedging instruments in accordance with ASC 815.

As of September 30, 2026 and December 31, 2025, the counterparties to the Fund’s interest rate swap agreements and certain information related to the Fund’s interest rate swap instruments are presented on the consolidated schedules of investments.

The net change in unrealized appreciation (depreciation) related to the interest rate swaps was approximately $74.3 million and $(5.7) million for the three months ended September 30, 2026 and 2025, respectively, and $76.8 million and $(11.9) million for the nine months ended September 30, 2026 and 2025, respectively, which is included in “derivatives” under “net unrealized gains/(losses)” in the Fund’s consolidated statements of operations. The net swap amounts are settled quarterly, which began in February 2025, and are recorded as net realized gains/(losses) in “net realized and unrealized gains on investments and derivatives” in the Fund’s consolidated statements of operations. There were net interest rate swap payments received (paid) resulting in a realized gain (loss) of $(1.0) million and $0.5 million for the three months ended September 30, 2026 and 2025, respectively, and $(1.1) million and $1.8 million for the nine months ended September 30, 2026 and 2025, respectively.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

The balance sheet impact of fair valuing the interest rate swaps as of September 30, 2026 is presented below:


Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Collateral (Received) Pledged		Net Amount		Consolidated Statements of Assets and Liabilities
Interest rate swap	$	39,180	09/2029	$	5,989	$	—	$	—	$	5,989	Derivative contracts, at fair value
Interest rate swap	39,180		09/2029	5,983		—		—		5,983		Derivative contracts, at fair value
Interest rate swap	19,588		09/2029	706		—		—		706		Derivative contracts, at fair value
Interest rate swap	14,882		09/2029	535		—		—		535		Derivative contracts, at fair value
Interest rate swap	14,882		09/2029	536		—		—		536		Derivative contracts, at fair value
Interest rate swap	12,664		09/2029	456		—		—		456		Derivative contracts, at fair value
Interest rate swap	11,905		09/2029	429		—		—		429		Derivative contracts, at fair value
Interest rate swap	18,750		03/2030	1,538		—		—		1,538		Derivative contracts, at fair value
Interest rate swap	18,750		03/2030	1,538		—		—		1,538		Derivative contracts, at fair value
Interest rate swap	65,425		03/2030	3,815		—		—		3,815		Derivative contracts, at fair value
Interest rate swap	65,425		03/2030	3,816		—		—		3,816		Derivative contracts, at fair value
Interest rate swap	85,986		03/2030	—		(788)		—		(788)		Derivative contracts, at fair value
Interest rate swap	85,985		03/2030	—		(153)		—		(153)		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	1,756		—		—		1,756		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	1,757		—		—		1,757		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	1,758		—		—		1,758		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	1,759		—		—		1,759		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	1,759		—		—		1,759		Derivative contracts, at fair value
Interest rate swap	18,750		07/2030	823		—		—		823		Derivative contracts, at fair value
Interest rate swap	18,750		07/2030	824		—		—		824		Derivative contracts, at fair value
Interest rate swap	18,750		07/2030	825		—		—		825		Derivative contracts, at fair value
Interest rate swap	18,750		07/2030	826		—		—		826		Derivative contracts, at fair value
Interest rate swap	18,750		07/2030	825		—		—		825		Derivative contracts, at fair value
Interest rate swap	18,750		07/2030	826		—		—		826		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	1,758		—		—		1,758		Derivative contracts, at fair value
Interest rate swap	84,750		10/2030	8,451		—		—		8,451		Derivative contracts, at fair value
Interest rate swap	84,750		10/2030	8,387		—		—		8,387		Derivative contracts, at fair value
Interest rate swap	35,580		10/2030	2,098		—		—		2,098		Derivative contracts, at fair value
Interest rate swap	25,640		10/2030	1,483		—		—		1,483		Derivative contracts, at fair value
Interest rate swap	25,640		10/2030	1,487		—		—		1,487		Derivative contracts, at fair value
Interest rate swap	25,640		10/2030	1,480		—		—		1,480		Derivative contracts, at fair value
Interest rate swap	455,000		06/2033	16,590		—		—		16,590		Derivative contracts, at fair value
Total				$	80,813	$	(941)	$	—	$	79,872

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

The balance sheet impact of fair valuing the interest rate swaps as of December 31, 2025 is presented below:


Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Collateral (Received) Pledged		Net Amount		Consolidated Statements of Assets and Liabilities
Interest rate swap	$	40,132	09/2029	$	3,756	$	—	$	—	$	3,756	Derivative contracts, at fair value
Interest rate swap	40,132		09/2029	3,743		—		—		3,743		Derivative contracts, at fair value
Interest rate swap	20,064		09/2029	—		(684)		—		(684)		Derivative contracts, at fair value
Interest rate swap	15,244		09/2029	—		(519)		—		(519)		Derivative contracts, at fair value
Interest rate swap	15,244		09/2029	—		(519)		—		(519)		Derivative contracts, at fair value
Interest rate swap	12,972		09/2029	—		(441)		—		(441)		Derivative contracts, at fair value
Interest rate swap	12,195		09/2029	—		(415)		—		(415)		Derivative contracts, at fair value
Interest rate swap	18,750		03/2030	—		(172)		—		(172)		Derivative contracts, at fair value
Interest rate swap	18,750		03/2030	—		(169)		—		(169)		Derivative contracts, at fair value
Interest rate swap	65,430		03/2030	—		(346)		—		(346)		Derivative contracts, at fair value
Interest rate swap	65,430		03/2030	—		(357)		—		(357)		Derivative contracts, at fair value
Interest rate swap	69,281		07/2030	—		(1,323)		—		(1,323)		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	—		(443)		—		(443)		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	—		(442)		—		(442)		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	—		(444)		—		(444)		Derivative contracts, at fair value
Interest rate swap	84,750		10/2030	975		—		—		975		Derivative contracts, at fair value
Interest rate swap	84,750		10/2030	884		—		—		884		Derivative contracts, at fair value
Total				$	9,358	$	(6,274)	$	—	$	3,084

For the three and nine months ended September 30, 2026, the average outstanding notional value of interest rate swaps was $1,312.9 million and $1,112.8 million, respectively. For the three and nine months ended September 30, 2025, the average outstanding notional value of interest rate swaps was $293.2 million and $219.3 million, respectively.

7. COMMITMENTS AND CONTINGENCIES

In the normal course of business and related to its investments in Infrastructure Assets, the Fund may from time to time enter into customary guarantee arrangements related to portfolio companies. As of September 30, 2026 and December 31, 2025, the Fund has guaranteed obligations under certain portfolio-company agreements with a maximum risk of loss of $93.3 million. The Fund has also entered into certain separate back-to-back indemnification agreements which, subject to certain conditions, indemnify the Fund from most payments that would otherwise need to be made under the related guarantee arrangement. As of September 30, 2026, the Fund has not been required to make payments under the guarantee arrangements and believes the credit risks to be remote and the fair value of this guarantee arrangement to be immaterial.

Expense Support and Conditional Reimbursement Agreement

The Fund’s Adviser may elect to pay certain of the Expense Payments on the Fund’s behalf, provided that no portion of an Expense Payment will be used to pay any interest expense or distributions and/or shareholder servicing fees of the Fund. Any Expense Payment that the Fund’s Adviser has committed to pay must be paid by the Fund’s Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Fund’s Adviser or its affiliates. The Fund may be obligated to reimburse the Fund’s Adviser for such advanced expenses, subject to the applicable recoupment provisions under the Expense Support and Conditional Reimbursement Agreement, within three years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

As of September 30, 2026 and December 31, 2025, the total amount of advanced expenses subject to recoupment by the Adviser was $31.1 million and $14.9 million, respectively, with expirations as follows:


For the Quarter Ended	Expense Support from the Adviser		Expense Support Reimbursed to the Adviser		Expense Support No Longer Eligible for Reimbursement		Unreimbursed Expense Support (1)		Eligible for Reimbursement through (1)
June 30, 2024	$	2,050	$	(2,050)	$	—	$	—	June 30, 2027
September 30, 2024	1,231		(1,231)		—		—		September 30, 2027
December 31, 2024	493		(493)		—		—		December 31, 2027
March 31, 2025	2,908		(2,908)		—		—		March 31, 2028
June 30, 2025	2,668		(2,668)		—		—		June 30, 2028
September 30, 2025	3,007		(3,007)		—		—		September 30, 2028
December 31, 2025	2,564		(2,035)		—		529		December 31, 2028
March 31, 2026	2,631		(2,631)		—		—		March 31, 2029
June 30, 2026	4,248		(3,839)		—		409		June 30, 2029
September 30, 2026	30,149		—		—		30,149		September 30, 2029

(1) Individual expenses are eligible for reimbursement within three years prior to the last business day of the applicable month in which they were incurred, which may be prior to the end of the respective quarter noted.

As of September 30, 2026, in accordance with the terms of the Expense Support and Conditional Reimbursement Agreement, the Fund had no reimbursement payable in “accrued expenses” in the Fund’s consolidated statements of assets and liabilities for expenses previously advanced by the Adviser. As of December 31, 2025, no amounts were currently payable in accordance with the terms of the Expense Support and Conditional Reimbursement Agreement.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

Investment Commitments

As of September 30, 2026, the Fund had unfunded commitments on delayed draw term loans and equity investments of $85.3 million and $1,938.2 million, respectively. As of December 31, 2025, the Fund had unfunded commitments on delayed draw term loans and equity investments of $450.4 million and $344.2 million, respectively. As of September 30, 2026 and December 31, 2025, the Fund’s unfunded commitments consisted of:


		As of
		September 30, 2026				December 31, 2025
Company	Commitment Type(1)(2)	Total Commitment		Unfunded Amount		Total Commitment		Unfunded Amount
Stack SJ Holdings Parent A-I, LLC	Delayed Draw Term Loan	$	137,500	$	8,435	$	137,500	$	81,758
Retained Vantage Data Centers Intermediate Holdco, L.P.	Delayed Draw Term Loan	185,000		—		185,000		146,458
CMH01 Holdings LP	Delayed Draw Term Loan	165,000		14,721		125,000		44,071
PowerHouse Data LCX, LLC	Delayed Draw Term Loan	75,000		19,300		75,000		59,622
Galaxy Helios LLC	Delayed Draw Term Loan	97,019		5,347		100,000		37,287
CW Nest Property Owner LLC	Delayed Draw Term Loan	100,000		17,112		100,000		81,159
Coreweave Financing DDTL V-V, LLC	Delayed Draw Term Loan	40,071		16,111		—		—
Pinnacle Buyer, LLC	Delayed Draw Term Loan	9,979		1,616		—		—
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan	16,974		1,865		—		—
Saber Power Services, LLC	Delayed Draw Term Loan	5,500		839		—		—
Tango Holdings, LLC	Equity	803,569		94,661		517,419		29,250
Pioneer JV Holdings LLC	Equity	770,725		45,145		768,580		43,000
Sunrun Acropolis Owner 2026, LLC	Equity	500,000		462,500		—		—
Sierra Equity Holdings LLC	Equity	443,991		—		425,424		271,994
Voyager JV Holdings LLC	Equity	445,098		222,549		—		—
SI SNM01A Aggregator LLC	Equity	219,853		33,236		—		—
SI SNM01B Aggregator JV LLC	Equity	723,016		116,393		—		—
Ravens Edge Renewables, LLC	Equity	1,405,333		963,728		—		—

(1) The unfunded debt/delayed draw term loan obligations may or may not be funded to the borrowing party in the future. The Fund’s commitment to fund delayed draw term loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. Total commitment is net of paydowns for delayed draw term loans.

(2) The Fund’s equity commitments are based on either a pre-agreed funding schedule, performance milestones, or completion of assets that move into the investment portfolio. Certain terms of these investments are not finalized at the time of the commitment and the Fund’s allocation may change prior to the date of funding. In this regard, the Fund may have to fund additional commitments in the future that it is currently not obligated to but may be at a future point in time.

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 funds 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 funds that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the Fund’s choice to use fair value on its earnings. ASC 825-10 also requires entities 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.

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 market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

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 the net asset valuation policy and procedures that have been reviewed by the Board and are consistent with the provisions of Rule 2a-5 under the 1940 Act and ASC 820-10 (see “Note 2. Significant Accounting Policies” to the unaudited consolidated financial statements for more information). Consistent with its valuation policies 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 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 technique 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).

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

The following table presents fair value measurements of investments, cash equivalents and derivatives as of September 30, 2026:


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
Investments and cash equivalents
Common equity	$	—	$	—	$	6,516,384	$	6,516,384
Preferred equity	—		—		1,047,597		1,047,597
Other equity	—		—		987,596		987,596
First lien senior secured loans	—		1,056,131		390,041		1,446,172
Senior subordinated loans	—		—		510,064		510,064
Corporate bonds	—		29,722		29,400		59,122

Money market funds	4,801		—		—		4,801
Derivative contracts, at fair value
Interest rate swap contracts (asset)	—		80,813		—		80,813
Interest rate swap contracts (liability)	—		(941)		—		(941)
Total	$	4,801	$	1,165,725	$	9,481,082	$	10,651,608

The following table presents fair value measurements of investments, cash equivalents and derivatives as of December 31, 2025:


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
Investments
Common equity	$	—	$	—	$	2,168,096	$	2,168,096
Other equity	—		—		354,399		354,399
First lien senior secured loans	—		342,904		165,369		508,273
Senior subordinated loans	—		—		89,618		89,618
Money market funds	347		—		—		347
Derivative contracts, at fair value
Interest rate swap contracts (asset)	—		9,358		—		9,358
Interest rate swap contracts (liability)	—		(6,274)		—		(6,274)
Total	$	347	$	345,988	$	2,777,482	$	3,123,817

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the Fund’s investments categorized within Level 3 as of September 30, 2026 and December 31, 2025. 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, 2026

Fair Value

Primary Valuation Techniques

Unobservable Input

Asset Category

Input

Estimated Range(1)

Weighted Average(2)

Common equity

5,055,961

Discounted cash flow

Discount rate

8.65% - 10.97%

9.42%

1,460,423

Recent transaction price

N/A

Preferred equity

1,047,597

Recent transaction price

N/A

Other equity

390,937

Discounted cash flow

Discount rate

9.15% - 11.25%

9.36%

596,659

Recent transaction price

N/A

First lien senior secured loans

377,230

Yield analysis

Market yield

6.52% - 9.71%

7.98%

12,811

Broker quotes

N/A

Senior subordinated loans

314,064

Yield analysis

Market yield

9.03% - 9.50%

9.31%

196,000

Recent transaction price

N/A

Corporate bonds

29,400

Recent transaction price

N/A

Total Level 3 investments

9,481,082

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

(1) No range indicates a single investment in the asset category.

(2) Weighted average based on relative fair values as of period end.

As of December 31, 2025

Fair Value

Primary Valuation Techniques

Unobservable Input

Asset Category

Input

Estimated Range(1)

Weighted Average(2)

Common equity

2,012,509

Discounted cash flow

Discount rate

9.36% - 9.77%

9.57%

Other equity

354,399

Discounted cash flow

Discount rate

8.98%

Common equity

155,587

Recent transaction price

N/A

Senior subordinated loans

35,304

Recent transaction price

N/A

Senior subordinated loans

54,314

Discounted cash flow

Discount rate

9.91%

First lien senior secured loans

165,173

Recent transaction price

N/A

First lien senior secured loans

196

Broker quotes

N/A

Total Level 3 investments

2,777,482

(1) No range indicates a single investment in the asset category.

(2) Weighted average based on relative fair values as of period end.

Changes in market yields and discount rates, each in isolation, may change the fair value of certain of the Fund’s investments. Generally, a material increase in market yields or discount rates 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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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

The following tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, 2026 and 2025:


	As of and for the three months ended September 30, 2026
Balance as of June 30, 2026	$	6,772,422
Purchases	2,809,358
Net unrealized gains on investments	9,641
Return of capital	(91,789)
Proceeds from repayments or sales of investments	(1,187)
Transfers in to/(out of) Level 3(1)	(17,363)
Balance as of September 30, 2026	$	9,481,082

	As of and for the three months ended September 30, 2025
Balance as of June 30, 2025	$	795,517
Purchases	743,649
Net unrealized gains on investments	41,772
Return of capital	(2,990)
Proceeds from repayments or sales of investments	(6)
Transfers in to/(out of) Level 3(1)	—
Balance as of September 30, 2025	$	1,577,942

	As of and for the nine months ended September 30, 2026
Balance as of December 31, 2025	$	2,777,482
Purchases	6,710,109
Net unrealized gains on investments	143,733
Return of capital	(132,130)
Proceeds from repayments or sales of investments	(551)
Transfers in to Level 3(1)	751
Transfers out of Level 3(1)	(18,312)
Balance as of September 30, 2026	$	9,481,082

	As of and for the nine months ended September 30, 2025
Balance as of December 31, 2024	$	339,136
Purchases	1,164,039
Net unrealized gains on investments	84,313
Return of capital	(9,526)
Proceeds from repayments or sales of investments	(20)
Transfers in to/(out of) Level 3(1)	—
Balance as of September 30, 2025	$	1,577,942

(1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

There were no investment transfers into or out of Level 3 for the three and nine months ended September 30, 2025.

The net change in unrealized appreciation/(depreciation) on the investments held at the end of the period that use Level 3 inputs was $9.6 million and $41.8 million for the three months ended September 30, 2026 and 2025, respectively, and $143.8 million and $84.3 million for the nine months ended September 30, 2026 and 2025, respectively.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

The following are the carrying and fair values of the Fund’s debt obligations as of September 30, 2026 and December 31, 2025:


	As of

	September 30, 2026				December 31, 2025
	Carrying Value(1)(2)		Fair Value(1)		Carrying Value(1)(2)		Fair Value(1)
Denali Credit Agreement	$	203,041	$	203,041	$	207,978	$	207,978
Aspen Credit Agreement	453,763		453,763		224,481		224,481
ACI Portfolio Aggregator Credit Agreement	—		—		20,000		20,000
Tango Credit Agreement	334,750		334,750		184,750		184,750
BNP Funding Facility	300,000		300,000		200,000		200,000
Pioneer Credit Agreement	481,000		481,000		226,000		226,000
ACI Rover Term Loan (3)	905,653		905,653		—		—
Total	$	2,678,207	$	2,678,207	$	1,063,209	$	1,063,209

(1)The fair value of the debt obligations would be categorized as Level 2 under ASC 820-10. The fair value of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

(2)Represents the aggregate principal amount outstanding.

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

9. INCOME TAXES

The Fund primarily generates its income within the U.S. The Fund has elected to be treated as a corporation for U.S. federal and state income tax purposes. As a result, U.S. federal and state tax will be assessed on the Fund’s net income.

For federal income tax purposes, the estimated cost of investments held on September 30, 2026 was $10,010.8 million. For all investments in which there was an excess of value over tax cost, there was $298.0 million in gross unrealized appreciation and $22.5 million in gross unrealized depreciation. For all investments in which there is an excess of tax cost over value, gross unrealized depreciation was $3.3 million. Overall net unrealized appreciation was $272.2 million. The excess value of investments over their estimated tax cost resulting from differences other than net unrealized appreciation (e.g. book versus tax treatment of distributions received from investments) was $283.9 million.

Income taxes are accounted for using the liability method of accounting. Under such method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized as income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reflected on a net basis in the financial statements.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

The provision for income taxes consists of the following for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Current
U.S. federal income tax (expense)/benefit	$	—	$	—	$	—	$	—
State and local income tax (expense)/benefit	—		—		—		—
	—		—		—		—
Deferred
U.S. federal income tax (expense)/benefit	(36,455)		(8,509)		(77,291)		(15,790)
State and local income tax (expense)/benefit	(6,970)		(827)		(18,386)		(1,535)
	(43,425)		(9,336)		(95,677)		(17,325)
Total
U.S. federal income tax (expense)/benefit	(36,455)		(8,509)		(77,291)		(15,790)
State and local income tax (expense)/benefit	(6,970)		(827)		(18,386)		(1,535)
Income tax (expense)/benefit	$	(43,425)	$	(9,336)	$	(95,677)	$	(17,325)

The reconciliation of taxes from the statutory tax rate to the Fund’s effective tax rate as calculated in accordance with ASU 2023-09 for the nine months ended September 30, 2026 is presented below:


	Nine months ended September 30, 2026


U.S. federal statutory tax rate	21.0	%
State and local income taxes, net of federal income tax effect	3.0
Effect of changes in state tax laws or rates enacted in the current period	0.8

Total effective rate	24.8	%

The reconciliation of the statutory tax rate to the Fund’s effective tax rate for the period prior to the adoption of ASU 2023-09 for the nine months ended September 30, 2025 is as follows:


	Nine months ended September 30, 2025
Income tax expense at federal statutory rate	21.0	%
State income tax (net of federal benefit)	1.6
Total effective rate	22.6	%

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of September 30, 2026 and December 31, 2025:


	As of

	September 30, 2026		December 31, 2025
Deferred tax assets
Net operating loss	$	20,910	$	1,880
Interest expense	1,646		2,765
Incentive fees	2,400		2,544

Total gross deferred tax assets	24,956		7,189
Valuation allowance	—		—
Total deferred tax assets	24,956		7,189
Deferred tax liabilities
Investments(1)	137,344		42,417
Interest rate swaps(1)	19,208		692

Total deferred tax liabilities	156,552		43,109
Net deferred tax (liabilities) assets	$	(131,596)	$	(35,920)

(1)Represents the tax impact of the difference in book and tax basis for investments and interest rate swaps.

In assessing the realizability of deferred tax assets, the Fund considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred taxes are realizable, the Fund considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. Valuation allowances are provided to reduce the amounts of deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts.

The Fund analyzes its tax filing positions in all U.S. federal, state and local tax jurisdictions where it is required to file income tax returns for all open tax years (2024 - 2026). The Fund recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination.

The Fund recognizes both accrued interest and penalties, where appropriate, related to UTBs in general, administrative and other expenses.

Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Fund reviews its tax positions monthly and adjusts its tax balances as new information becomes available.

As of September 30, 2026 and December 31, 2025, the Fund had no significant uncertain tax positions.

The Fund files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal, state and local tax regulators. As of September 30, 2026, the Fund is subject to potential examination by federal, state and local tax regulators for returns filed since the Fund’s inception in 2024.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

10. NET ASSETS

The Fund has the authority to issue an unlimited number of Shares.

The following table reflects the net assets activity for the three and nine months ended September 30, 2026 and 2025:


	Common Shares			Capital in Excess of Par Value		Accumulated Undistributed Earnings		Net Assets
	Shares	Amount
Balance at December 31, 2025	83,633,744	$	836	$	1,969,450	$	124,299	$	2,094,585
Issuances of common shares	41,897,277	419		1,046,883		—		1,047,302
Shares issued in connection with dividend reinvestment plan	741,183	7		18,518		—		18,525
Dividends declared and payable ($0.6249, $0.5725, $0.6095 per Class I Share, Class S Share and Class D Share, respectively) as return of capital	—	—		(69,002)		—		(69,002)
Repurchased shares, net of early repurchase deduction	(658,356)	(5)		(16,370)		—		(16,375)
Net investment income	—	—		—		28,723		28,723
Net realized gains on investments and derivatives	—	—		—		195		195
Net unrealized gains on investments and derivatives	—	—		—		26,044		26,044
Balance at March 31, 2026	125,613,848	1,257		2,949,479		179,261		3,129,997
Issuances of common shares	75,563,115	756		1,881,434		—		1,882,190
Shares issued in connection with dividend reinvestment plan	1,161,958	11		28,934		—		28,945
Dividends declared and payable ($0.6249, $0.5721, $0.6094, $0.3958 per Class I Share, Class S Share, Class D Share and Class N Share, respectively) as return of capital	—	—		(104,823)		—		(104,823)
Repurchased shares, net of early repurchase deduction	(199,367)	(2)		(4,910)		—		(4,912)
Net investment income	—	—		—		55,458		55,458
Net realized losses on investments and derivatives	—	—		—		(315)		(315)
Net unrealized gains on investments and derivatives	—	—		—		43,519		43,519
Balance at June 30, 2026	202,139,554	2,022		4,750,114		277,923		5,030,059
Issuances of common shares	108,476,157	1,085		2,691,378		—		2,692,463
Shares issued in connection with dividend reinvestment plan	2,033,696	20		50,428		—		50,448
Dividends declared and payable ($0.6249, $0.5718, $0.6093, $0.5936 per Class I Share, Class S Share, Class D Share and Class N Share, respectively) as return of capital	—	—		(172,396)		—		(172,396)
Repurchased shares, net of early repurchase deduction	(480,845)	(5)		(11,875)		—		(11,880)
Net investment income	—	—		—		103,998		103,998
Net realized losses on investments and derivatives	—	—		—		(1,083)		(1,083)
Net unrealized gains on investments and derivatives	—	—		—		34,221		34,221
Balance at September 30, 2026	312,168,562	$	3,122	$	7,307,649	$	415,059	$	7,725,830

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)


	Common Shares			Capital in Excess of Par Value		Accumulated Undistributed Earnings		Net Assets
	Shares	Amount
Balance at December 31, 2024	6,226,600	$	62	$	149,861	$	6,530	$	156,453
Issuances of common shares	16,479,636	165		412,662		—		412,827
Shares issued in connection with dividend reinvestment plan	103,669	1		2,596		—		2,597
Dividends declared and payable ($0.6750 per share) as return of capital	—	—		(11,355)		—		(11,355)
Net investment loss	—	—		—		(7,991)		(7,991)
Net realized gains on investments and derivatives	—	—		—		919		919
Net unrealized gains on investments and derivatives	—	—		—		15,144		15,144
Balance at March 31, 2025	22,809,905	228		553,764		14,602		568,594
Issuances of common shares	9,716,022	97		241,885		—		241,982
Shares issued in connection with dividend reinvestment plan	143,160	2		3,564		—		3,566
Dividends declared and payable ($0.6330 per share) as return of capital	—	—		(18,396)		—		(18,396)
Net investment loss	—	—		—		(2,335)		(2,335)
Net realized gains on investments and derivatives	—	—		—		245		245
Net unrealized gains on investments and derivatives	—	—		—		21,407		21,407
Balance at June 30, 2025	32,669,087	327		780,817		33,919		815,063
Issuances of common shares	25,697,617	257		639,691		—		639,948
Shares issued in connection with dividend reinvestment plan	282,410	2		7,019		—		7,021
Dividends declared and payable ($0.6330 per share) as return of capital	—	—		(33,208)		—		(33,208)
Repurchase of shares, net of early repurchase	(469,801)	(4)		(11,658)		—		(11,662)
Net investment loss	—	—		—		(4,506)		(4,506)
Net realized gains on investments and derivatives	—	—		—		361		361
Net unrealized gains on investments and derivatives	—	—		—		36,158		36,158
Balance at September 30, 2025	58,179,313	$	582	$	1,382,661	$	65,932	$	1,449,175

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

The following tables summarize transactions in Shares during the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,						Nine months ended September 30,
	2026			2025(1)			2026			2025(1)
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Class I
Subscriptions	58,802,791	$	1,459,666	25,697,617	$	639,948	132,897,278	$	3,308,699	51,893,275	$	1,294,757
Distributions reinvested	1,406,790	34,898		282,410	7,021		3,144,469	78,244		529,239	13,184
Share transfers between classes	—	—		—	—		9,984	249		—	—
Repurchased shares	(469,052)	(11,624)		(469,801)	(11,662)		(1,320,785)	(32,854)		(469,801)	(11,662)
Early repurchase deduction	—	22		—	—		—	104		—	—
Dividends declared and payable	—	(125,081)		—	—		—	(280,327)		—	—
Net increase	59,740,529	1,357,881		25,510,226	635,307		134,730,946	3,074,115		51,952,713	1,296,279
Class S
Subscriptions	4,709,014	116,828		—	—		14,817,469	369,012		—	—
Distributions reinvested	132,102	3,278		—	—		244,061	6,069		—	—

Repurchased shares	—	—		—	—		(5,990)	(149)		—	—
Early repurchase deduction	—	2		—	—		—	7		—	—
Dividends declared and payable	—	(8,607)		—	—		—	(17,252)		—	—
Net increase	4,841,116	111,501		—	—		15,055,540	357,687		—	—
Class D
Subscriptions	5,467,541	135,760		—	—		7,479,580	185,860		—	—
Distributions reinvested	44,494	1,104		—	—		48,644	1,207		—	—
Share transfers between classes	—	—		—	—		(9,984)	(249)		—	—
Repurchased shares	—	—		—	—		—	—		—	—
Early repurchase deduction	—	1		—	—		—	1		—	—
Dividends declared and payable	—	(3,967)		—	—		—	(4,647)		—	—
Net increase	5,512,035	132,898		—	—		7,518,240	182,172		—	—
Class N
Subscriptions	39,496,811	980,209		—	—		70,742,222	1,758,384		—	—
Distributions reinvested	450,310	11,168		—	—		499,663	12,398		—	—

Repurchased shares	(11,793)	(293)		—	—		(11,793)	(293)		—	—
Early repurchase deduction	—	12		—	—		—	17		—	—
Dividends declared and payable	—	(34,741)		—	—		—	(43,995)		—	—
Net increase	39,935,328	956,355		—	—		71,230,092	1,726,511		—	—

Total net increase	110,029,008	$	2,558,635	25,510,226	$	635,307	228,534,818	$	5,340,485	51,952,713	$	1,296,279

(1) As of September 30, 2025, the Fund had no Class D Shares, Class N Shares or Class S Shares outstanding.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

NAV Per Share and Offering Price

The Fund determines NAV for the Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions will be effective the first business day of each month. The NAV per Share is determined by dividing the value of total assets minus liabilities by the total number of Shares outstanding at the date as of which the determination is made. The following tables summarize each month-end NAV per Share for the nine months ended September 30, 2026 and 2025:


	NAV Per Share
	Class I		Class S		Class D		Class N
January 31, 2026	$	25.0263	$	25.0263	$	25.0263	N/A
February 28, 2026	24.9252		24.9252		24.9252		N/A
March 31, 2026	24.9176		24.9176		24.9176		N/A
April 30, 2026	24.8805		24.8805		24.8805		N/A
May 31, 2026	24.9295		24.9295		24.9295		$	24.9295
June 30, 2026	24.8841		24.8841		24.8841		24.8841
July 31, 2026	24.7711		24.7711		24.7711		24.7711
August 31, 2026	24.7808		24.7808		24.7808		24.7808
September 30, 2026	24.7489		24.7489		24.7489		24.7489


	NAV per Share (1)
	Class I
January 31, 2025	$	25.0625
February 28, 2025	24.9241
March 31, 2025	24.9275
April 30, 2025	24.8195
May 31, 2025	24.9464
June 30, 2025	24.9490
July 31, 2025	24.8587
August 31, 2025	24.8316
September 30, 2025	24.9088

(1) On May 14, 2025, the Board established four classes of Shares of the Fund and all issued and outstanding shares were reclassified as Class I Shares. As of September 30, 2025, the Fund had no Class D Shares, Class N Shares or Class S Shares outstanding.

Distribution Reinvestment Plan

The Fund has adopted a distribution reinvestment plan that provides for reinvestment of any distributions the Fund declares in cash on behalf of its shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes, and the Fund declares, a cash distribution, then the shareholders who have not “opted out” of 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 (the “Share Repurchase Program”) pursuant to which the Fund intends to offer to repurchase, at the discretion of the Fund’s Board, up to 5% of its Shares outstanding as of the close of the previous calendar quarter. The Fund may from time to time seek to retire or repurchase its Shares through cash purchases, as well as retire, cancel or purchase any of the Fund’s outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material.

In accordance with the Share Repurchase Program, Shares repurchased in the Fund’s tender offer completed during the nine months ended September 30, 2026 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 Board, except that the Fund deducted 2.00% from such NAV for Shares

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

that were not outstanding for at least one year (the “Early Repurchase Deduction”). For the three and nine months ended September 30, 2026, the Fund repurchased and retired 480,845 Shares and 1,338,568 Shares for a total price of $11.9 million and $33.2 million, respectively.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

11. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights as of and for the nine months ended September 30, 2026 and 2025:


	Nine months ended September 30, 2026
	Class I			Class S			Class D			Class N(5)
Per share data:
Net asset value at the beginning of period	$	25.0447		$	25.0447		$	25.0447		$	24.8805
Net investment income (loss) for period(1)	0.9955			0.8372			0.9489			0.5260
Net realized and unrealized gain (loss)(1)	0.5830			0.5830			0.5830			0.3314
Net increase (decrease) in net assets from operations	1.5785			1.4202			1.5319			0.8574
Distributions as a return of capital	(1.8747)			(1.7164)			(1.8281)			(0.9894)
Net increase (decrease) in net assets from shareholders’ distributions	(1.8747)			(1.7164)			(1.8281)			(0.9894)
Early repurchase deduction	0.0004			0.0004			0.0004			0.0004
Total increase (decrease) in net assets	(0.2958)			(0.2958)			(0.2958)			(0.1316)
Net asset value at the end of period	$	24.7489		$	24.7489		$	24.7489		$	24.7489
Total return based on net asset value(2)	6.30		%	5.67		%	6.12		%	3.45		%
Shares outstanding, end of period	216,547,938			16,846,047			7,544,485			71,230,092
Ratio/Supplemental Data:
Net assets at end of period (in thousands)	$	5,359,324		$	416,921		$	186,718		$	1,762,867
Ratio of operating expenses (excluding expense support and management fee waiver) to average net assets(3)(6)(7)	5.09		%	5.93		%	4.87		%	5.24		%
Ratio of expense support to average net assets(3)	(0.41)			(0.42)			(1.00)			(0.75)


Ratio of operating expenses (including expense support and management fee waiver) to average net assets(3)(6)	4.68			5.51			3.87			4.49
Ratio of net investment income (loss) to average net assets(3)(6)	5.42			4.63			5.79			5.67
Portfolio turnover rate(4)	8.72			8.72			8.72			8.72

(1)Weighted average basic per Share data.

(2)For the nine months ended September 30, 2026, the total return based on NAV equaled the change in NAV during the period plus distributions declared and payable divided by the beginning NAV for the period. The Fund’s performance 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)Expenses are allocated to the Classes outstanding each month. The ratios reflect an annualized amount based on all expenses other than income based fee and capital gains incentive fee which are not annualized.

(4)Portfolio turnover is calculated using the lesser of the year-to-date sales or year-to-date purchases over the monthly average net assets for the period reported and has not been annualized.

(5)Sales of Class N Shares commenced May 1, 2026.

(6)The ratio of net investment income (loss) to average net assets excludes income taxes related to net unrealized gains and losses. The ratio of operating expenses excludes income tax benefit/(expense). For the nine months ended September 30, 2026, the ratio of income tax benefit related to net investment income (loss) to average net assets was (0.50)%, (0.60)%, (0.49)% and (0.60)% for Class I, Class S, Class D and Class N, respectively, and the ratio of income tax expense related to unrealized gain and loss to average net assets was 3.28%, 3.35%, 3.13% and 3.21% for Class I, Class S, Class D and Class N, respectively.

(7)For the nine months ended September 30, 2026, the ratio of operating expenses to average net assets consisted of the following:


	Nine months ended September 30, 2026
	Class I		Class S		Class D		Class N
Management fees(3)	1.24	%	1.25	%	1.25	%	1.25	%
Income based fee and capital gains incentive fee(3)	0.74		0.80		0.85		0.91

Interest expense(3)	2.59		2.58		2.17		2.23
Organizational and offering expenses(3)	0.03		0.02		0.01		0.01
Other operating expenses	0.49		0.43		0.34		0.34
Trailing fees	—		0.85		0.25		0.50
Total operating expenses	5.09	%	5.93	%	4.87	%	5.24	%

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)


	Nine months ended September 30, 2025
	Class I(4)
Per share data:
Net asset value at the beginning of period	$	25.1266
Net investment income (loss) for period(1)	(0.6168)
Net realized and unrealized gain (loss)(1)	2.3357
Net increase in net assets from operations	1.7189
Distributions as a return of capital	(1.9367)
Total increase in net assets	(0.2178)
Net asset value at the end of period	$	24.9088
Total return based on net asset value(2)	6.84		%
Shares outstanding, end of period	58,179,313
Ratios/Supplemental Data:
Net assets at end of period (in thousands)	$	1,449,175
Ratio of operating expenses (excluding expense support and management fee waiver) to average net assets(3)(5)	8.77		%
Ratio of expense support to average net assets(3)	(1.40)
Ratio of management fee waiver to average net assets(3)	(0.02)

Ratio of operating expenses (including expense support and management fee waiver) to average net assets(3)	7.35
Ratio of net investment income (loss) to average net assets(3)	(1.21)
Portfolio turnover rate	5.89

(1)Weighted average basic per Share data.

(2)For the nine months ended September 30, 2025, the total return based on NAV equaled the change in NAV during the period plus dividends declared and payable divided by the beginning NAV for the period. The Fund’s performance 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 based on all expenses other than organizational expenses, management fee, management fee waiver, income based fee and capital gains incentive fee, incentive fee waiver, income tax expense, audit and tax expense which are not annualized.

(4)On May 14, 2025, the Board established four classes of Shares of the Fund and all issued and outstanding shares were reclassified as Class I Shares.

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


	Nine months ended September 30, 2025
	Class I
Management fees(3)	1.25	%
Income based fee and capital gains incentive fee(3)	1.19
Income tax expense(3)	2.13
Interest expense (3)	2.81
Organizational and offering expenses(3)	0.41
Other operating expenses(3)	0.98
Total operating expenses	8.77	%

12. SEGMENT REPORTING

The Fund operates through a single operating and reporting segment with an investment objective to generate attractive risk-adjusted total returns consisting primarily of current income. The chief operating decision maker (the “CODM”) is comprised of the Fund’s Co-Chief Executive Officers and Chief Financial 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 investment income. In addition to numerous other factors and metrics, the CODM utilizes consolidated net investment income as a key metric in determining the amount of distributions to be paid to the Fund’s shareholders. As the Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

13. SUBSEQUENT EVENTS

The Fund’s management has evaluated subsequent events through the date of the issued unaudited 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 unaudited consolidated financial statements or accompanying notes as of and for the nine months ended September 30, 2026, except as discussed below.

October Capital Raise

In its monthly closing for October 2026, the Fund issued and sold 31,066,687 Shares (consisting of 17,890,593 Class I Shares, 1,222,277 Class D Shares, 1,137,779 Class S Shares and 10,816,038 Class N Shares at an offering price of $24.7489 per Share for each class), and received approximately $768.9 million as payment for such Shares.

November Capital Raise

In its monthly closing for November 2026, the Fund has agreed to sell Shares, including Class I Shares, Class D Shares, Class N Shares and Class S Shares for an aggregate purchase price of $642.4 million. The purchase price per Share will equal the Fund’s net asset value (“NAV”) per Share of such class as of the last calendar day of October 2026, which is generally expected to be available within 20 business days after November 1, 2026.

No underwriting discounts or commissions have been or will be paid in connection with the sale of such Shares. Although the Fund does not charge investors an Upfront Sales Load with respect to its Shares, if Class D Shares, Class N Shares or Class S Shares are purchased through certain selling agents, shareholders may be charged an Upfront Sales Load or transaction or other fees, including brokerage commissions, in such amount as such selling agents may determine, provided that such charges are subject to a 2.0% cap on NAV for Class D Shares, a 2.0% cap on NAV for Class N Shares and a 3.5% cap on NAV for Class S Shares. No Upfront Sales Loads may be charged on Class I Shares. The issuance of the Shares is exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof, by Rule 506(b) of Regulation D promulgated thereunder and/or Regulation S promulgated thereunder.

Espresso Credit Agreement

On November 2, 2026, ACI Espresso Member, LLC (the “Espresso Borrower”) and ACI Espresso Holdings, LLC (the “Espresso Pledgor”), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (the “Espresso Credit Agreement”) with Canadian Imperial Bank of Commerce, New York Branch, as Administrative Agent, Wilmington Trust, National Association, as Collateral Agent, the lenders from time to time party to the Espresso Credit Agreement and certain other signatories thereto. The Espresso Credit Agreement relates to the Espresso Borrower's investment in a portfolio company of the Fund and includes a senior secured delayed draw term loan facility of up to $983.7 million (the “Espresso Term Loan”) and a $66.50 million debt service reserve letter of credit facility. The Espresso Term Loan may be drawn during the 18 months after closing and may be used to fund the Espresso Borrower’s capital contributions to the portfolio company and for related costs and other purposes permitted under the Espresso Credit Agreement. As of November 6, 2026, no Espresso Term Loan had been drawn under the Espresso Credit Agreement. Borrowings under the Espresso Credit Agreement bear interest annually at (i) for SOFR Loans (as defined in the Espresso Credit Agreement), Daily Compounded SOFR (as defined in the Espresso Credit Agreement) plus 1.375%, and (ii) for Base Rate Loans (as defined in the Espresso Credit Agreement), a fluctuating rate determined by reference to the Adjusted Base Rate (as defined in the Espresso Credit Agreement) plus 0.375%, in each case subject to a 0.00% floor. These margins step up to 1.50% and 0.50%, respectively, on the second anniversary of closing, and to 1.625% and 0.625%, respectively, on the third anniversary if the maturity date is extended. Unused Espresso Term Loan commitments bear a commitment fee of 0.40% per annum. The Espresso Borrower is required to repay any Espresso Term Loan in scheduled installments under an amortization schedule, starting February 2027. The remaining balance is due on the maturity date of November 2029, which the Espresso Borrower may extend once by one year at the election of the Espresso Borrower and payment of a 0.125% extension fee on the principal amount of the extended Espresso Term Loan.

The Espresso Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Espresso Borrower, and (b) all tangible and intangible assets of the Espresso Borrower. Under the Espresso Credit Agreement, the Espresso Borrower and the Espresso Pledgor, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, cash management procedures, reporting requirements and other customary requirements for similar facilities. The Espresso Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the Espresso Pledgor’s pledge of its equity interests in the Espresso

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

Borrower, the Espresso Credit Agreement is non-recourse to any upstream affiliate of the Espresso Borrower, including the Fund.

Distributions

The Fund has announced the declaration of regular monthly distributions for October, November and December 2026 and for January, February and March 2027, in each case for its Class I Shares, Class D Shares, Class N Shares and Class S Shares in the amounts per Share set forth below:


		Gross Distribution Per Common Share
Record Date	Payment Date(1)	Class I		Class S		Class D		Class N






October 30, 2026	November 20, 2026	$	0.20830	$	0.20830	$	0.20830	$	0.20830
November 30, 2026	December 24, 2026	0.20830		0.20830		0.20830		0.20830
December 31, 2026	January 25, 2027	0.20830		0.20830		0.20830		0.20830
January 29, 2027	February 23, 2027	0.20830		0.20830		0.20830		0.20830
February 26, 2027	March 25, 2027	0.20830		0.20830		0.20830		0.20830
March 31, 2027	April 23, 2027	0.20830		0.20830		0.20830		0.20830

(1) The distributions on the Fund’s Shares will be paid on or about the payment dates set above.

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

Table of Contents

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 unaudited 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 Core Infrastructure Fund (together with its consolidated subsidiaries, where applicable, the “Fund,” “we,” “us,” or “our”). The forward-looking statements contained in this Quarterly 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;

•our ability to deploy any capital raised in our continuous private offering of securities (the “Private Offering”);

•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 the recent U.S. midterm elections, and 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, South America 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;

•an increase in negative global media coverage relating to the private credit industry and investment funds that conduct periodic repurchase offers;

•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 the development and use of artificial intelligence and potential impact to certain of our portfolio companies;

•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;

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

•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 Adviser (as defined below) to locate suitable investments for us and to monitor and administer our investments.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “project,” “estimates,” “will,” “should,” “could,” “would,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. 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, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2026 (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 on 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 SEC, including annual reports on Form 10-K, 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 May 7, 2024; we have elected to be regulated (the “BDC Election”) as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”) on December 2, 2024.

We elected to be treated as an association taxable as a corporation for U.S. federal income tax purposes. Accordingly, we are subject to U.S. federal income tax on our net income (regardless of whether such income is U.S. source) at the rates applicable to corporations without deduction for any distributions to the investors.

We hold monthly closings for our Private Offering, in connection with which we issue Shares to our investors for immediate cash investment in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “1933 Act”). We reserve the right to conduct additional offerings of securities in the future in addition to the Private Offering. In addition, although we intend to issue Shares on a monthly basis, we also retain the right, if determined by us in our sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by us, more or less frequently to one or more investors for regulatory, tax or other reasons.

Subject to the overall supervision of the Board of Trustees (the “Board”), we are externally managed by Ares Capital Management II LLC (our “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 Agreement”). Our 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 Adviser is registered as an investment adviser with the SEC. Our administrator, Ares Operations LLC (“Ares Operations” or the Fund’s “Administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.

Our investment objective is to generate attractive risk-adjusted total returns consisting primarily of current income and secondarily of capital appreciation. We invest in infrastructure companies and assets (“Infrastructure Assets”). We define Infrastructure Assets as investments in equity and debt interests in infrastructure-related assets or businesses, including investments in the power generation (such as renewable energy and thermal power plants), renewable natural gas, liquified natural gas, transportation, telecommunications, digital infrastructure (such as data centers, fiber optic cables and cell phone towers), midstream and energy infrastructure, regulated utilities, social infrastructure (such as water treatment and management, waste management and recycling) and environmental services (such as carbon capture and storage, soil and air remediation and climate change mitigation) sectors. Within Infrastructure Assets, we focus primarily on investing in Core Infrastructure Assets,

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which are Infrastructure Assets that we believe could: (i) possess a higher degree of cash flow predictability; (ii) produce returns that are derived primarily from income, with limited upside through capital gains and assets that are commonly held for longer terms (more than five years); and (iii) produce revenues and cash flows that are generally predictable as a result of being governed by either rate regulation by governmental agencies or by long-term contractual arrangements with creditworthy counterparties, such as governments, municipalities and major companies, which can shield these assets from near-term economic and market trends (“Core Infrastructure Assets”).

We focus on equity, and to a lesser extent, debt, investments with allocations in both controlling (majority) and non-controlling (minority) equity investments, as deemed appropriate by our Adviser. Our investments may include common or preferred stock, warrants or options, first lien senior secured loans, second lien senior secured loans, subordinated secured and unsecured loans, subordinated debt, distressed securities and convertible securities. For cash management and other purposes, we may 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, as well as equity investments and other investment companies such as exchange-traded funds. Under normal circumstances, we intend to invest at least 80% of our net assets, plus the amount of any borrowings for investment purposes, in assets and companies that derive at least 50% of their revenue from Infrastructure Assets and/or devote at least 50% of their assets to Infrastructure Assets (the “Investment Policy”). Shareholders will be provided with 60 days’ notice in the manner prescribed by the SEC in the event of any change to the Investment Policy.

To seek to enhance our returns, we employ leverage as market conditions permit and at the discretion of our Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act. Effective December 2, 2024, our initial shareholders and the Board have approved a proposal that allows us to reduce our minimum asset coverage ratio to 150%. We have used and intend to continue to use leverage in the form of borrowings, including loans from certain financial institutions, including the Revolving Credit Facilities (as defined herein) and the Investment Credit Facilities (as defined herein) and any potential borrowings under any future credit facilities 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.

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 1940 Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the 1940 Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the 1940 Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the 1940 Act. In addition, our Adviser and certain of our affiliates have received the Co-Investment Exemptive 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 affiliated investment entities (the “Co-Investment Exemptive Order”). As required by the Co-Investment Exemptive Order, we have adopted, and our Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Co-Investment Exemptive Order, and our Adviser and our Chief Compliance Officer will provide reporting to our Board. 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. As a result of investments permitted by the Co-Investment Exemptive Order, there could be significant overlap in our investment portfolio and the investment portfolio of affiliated Ares Management entities that can rely on the Co-Investment Exemptive Order and 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 Adviser’s allocation policy.

Trends Affecting Our Business

Infrastructure investment opportunities in the Core Infrastructure Sector continue to be supported by demand catalysts. Growing AI adoption and digitalization is driving accelerated demand for digital infrastructure such as data centers and the corresponding power infrastructure needed to power them. Re-industrialization and electrification are further fueling power demand growth, and the resurgence in power demand growth has supported elevated contract prices for power generation resources and continued deployment of power generation assets. This dynamic has also benefited existing generation assets, which have generally increased in value. The deployment of new power generation assets is increasingly focused on reliable, baseload generation such as thermal generation and nuclear as part of an “all-of-the-above” power solution. Renewable energy assets continue to represent the majority of new generation supply additions and renewable energy transaction volumes have

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remained strong. Midstream transaction activity has increased, driven by structural demand growth from expanding LNG export capacity and rapidly increasing power demand. These dynamics have tightened takeaway capacity from core gas production zones, supporting improved fundamentals for natural gas gathering, processing and transmission infrastructure, and are underpinning new infrastructure investment.

Portfolio and Investment Activity

Our investment activity is presented below ($ in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
New investment commitments:
Common equity	$	3,169,597	$	732,449	$	5,471,206	$	1,135,319
Other equity	596,659		—		1,096,659		—
Preferred equity	—		—		1,000,000		—
First lien senior secured loans	577,540		175,709		981,556		344,618
Treasuries	—		—		421,374		98,945
Senior subordinated loans	196,000		137,500		196,000		137,500
Corporate Bonds	59,801		—		59,801		—
Total new investment commitments	$	4,599,597	$	1,045,658	$	9,226,596	$	1,716,382

Amount of investments funded: (1)
Common equity	$	1,885,307	$	732,449	$	4,329,634	$	1,135,319
Other equity	605,000		—		632,500		—
Preferred equity	—		—		1,000,000		—
First lien senior secured loans	588,522		104,094		1,123,241		202,353
Treasuries	—		—		421,374		98,945
Senior subordinated loans	223,250		25,123		415,780		25,123
Corporate Bonds	59,801		—		59,801		—
Total amount of investments funded	$	3,361,880	$	861,666	$	7,982,330	$	1,461,740

Principal amount of investments sold or repaid:
Common equity	$	(76,314)	$	(2,989)	$	(102,532)	$	(2,989)
Other equity	(15,474)		—		(29,598)		(6,536)
Preferred equity	—		—		—		—
First lien senior secured loans	(72,885)		(17,267)		(193,063)		(38,021)
Treasuries	—		(98,945)		(423,976)		(98,945)
Senior subordinated loans	—		—		—		—
Corporate Bonds	—		—		—		—
Total principal amount of investment sold or repaid	$	(164,673)	$	(119,201)	$	(749,169)	$	(146,491)

(1)The amount of investments funded in the table excludes purchases of investments during the respective period that had not settled as of the end of the period.

For the nine months ended September 30, 2026, we committed to and closed nine equity investments.

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Our investments consisted of the following ($ in thousands):


		As of

		September 30, 2026				December 31, 2025
	Total Underlying Projects (15)	Cost		Fair Value		Cost		Fair Value
Denali Equity Holdings, LLC (1)	15	$	317,124	$	352,779	$	340,995	$	354,399
Aspen Renewables Equity Holdings, LLC (2)	4	432,982		487,701		431,267		479,667
Tango Holdings, LLC (3)	6	701,762		775,406		492,623		526,684
Meade Pipeline Co LLC (4)	1	209,829		222,918		202,888		214,956
Redwood Meade Midstream MPC, LLC (4)	N/A	36,730		38,994		35,459		37,589
Pioneer JV Holdings LLC (5)	9	713,559		758,886		731,872		753,613
Sierra Equity Holdings LLC (6)	3	443,672		499,710		155,587		155,587
AEJV SPV LP (7)	3	691,674		692,076		—		—
Commonwealth LNG Intermediate Parent, LLC (8)	1	1,047,597		1,047,597		—		—
ET Rover Pipeline LLC (9)	1	1,602,797		1,580,270		—		—
Sunrun Acropolis Owner 2026, LLC (10)	1	32,061		38,158		—		—
Meridiam North America Core Infrastructure Fund I (Domestic), LP (11)	15	596,659		596,659		—		—
Voyager JV Holdings LLC (12)	2	224,981		224,981		—		—
SI SNM01A Aggregator LLC (13)	1	186,667		186,667		—		—
SI SNM01B Aggregator JV LLC (13)	1	607,170		607,170		—		—
Ravens Edge Renewables, LLC (14)	6	441,605		441,605		—		—
Senior subordinated loans	N/A	506,866		510,064		90,449		89,618
First lien senior secured loans	N/A	1,441,230		1,446,172		507,515		508,273
Corporate Bonds	N/A	59,799		59,122		—		—
Total		$	10,294,764	$	10,566,935	$	2,988,655	$	3,120,386

(1)The underlying 2.6 gigawatt portfolio consists of 15 projects in operation across Electric Reliability Council of Texas, Midcontinent Independent System Operator, PJM and Southwest Power Pool, of which 53% is solar, 25% is wind and 22% is co-located battery storage capacity.

(2)The underlying 0.9 gigawatt portfolio consists of 4 projects in the Electric Reliability Council of Texas and the Midcontinent Independent System Operator, of which 83% is solar and 17% is co-located battery storage capacity.

(3)The underlying 0.7 gigawatt portfolio consists of 6 projects across the Pennsylvania–New Jersey–Maryland Interconnection, the Southwest Power Pool, and the Electric Reliability Council of Texas regions, of which 100% is solar capacity.

(4)Represents an investment in an entity holding a ~40% interest in the Central Penn Line, a fully contracted natural gas pipeline transporting gas from Northeast to Southeastern Pennsylvania via the Transco system. The pipeline spans 178 miles and has a total capacity of 3,380 MMcf/d, with ~1,332 MMcf/d net to Meade, under long-term triple net leases through 2042. Redwood Meade Midstream MPC, LLC is a holding company that structurally owns a minority interest in Meade Pipeline Co LLC.

(5)The underlying 1.5 gigawatt portfolio consists of 9 projects in operation across the Midcontinent Independent System Operator, Electric Reliability Council of Texas, Western Electricity Coordinating Council, and Pennsylvania-New Jersey-Maryland Interconnection (PJM), of which 61% is solar, 26% is wind, and 13% is battery storage capacity.

(6)The underlying 0.7 gigawatt portfolio consists of 3 projects in the Electric Reliability Council of which 63% is solar and 37% is wind capacity.

(7)Represents an investment in an entity holding, directly or indirectly, a 99% stake in sixty-four aircraft engines, each on lease to major commercial airlines.

(8)Represents an investment in a ~9.3 mtpa liquefied natural gas export facility under construction in Louisiana. The asset will be ~91% contracted under long-term take-or-pay Sale and Purchase Agreements with creditworthy counterparties upon reaching commercial operation.

(9)Represents an investment in an entity holding a ~32.4% stake in the Rover pipeline, a ~713‑mile interstate natural gas pipeline that transports Appalachian Basin gas from Ohio and West Virginia westward into the Midwest and onward to the US / Canada border with transportation capacity of 3.425 Bcf/d that is substantially contracted under long-term agreements.

(10)The underlying portfolio consists of approximately 4,258 residential solar and storage systems across 18 states and Puerto Rico, totaling ~33 MW of capacity. When fully deployed, the portfolio is expected to consist of over 70,000 systems with approximately 600 MW of total generation capacity across 21 states and Puerto Rico.

(11)Represents an investment in a portfolio of 15 transportation assets.

(12)The underlying 0.4 gigawatt portfolio consists of 2 projects in the California Independent System Operator region, of which 52% is solar and 48% is co-located battery storage capacity.

(13)The underlying ~646 MW portfolio consists of two hyperscale data centers in the U.S.

(14)The underlying ~0.9 gigawatt portfolio consists of 6 projects across the Midcontinent Independent System Operator, Southwest Power Pool, Western Electricity Coordinating Council and SERC Reliability Corporation, of which 49% is solar, 27% is battery storage and 24% is wind capacity

(15)Represents the number of infrastructure projects undertaken by each entity in which we have an equity investment as of September 30, 2026.

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Components of our Results of Operations

Revenues

We generate revenue in the form of interest income, from bank interest or interest from loans, and distribution income, by investing primarily in Core Infrastructure Assets, including investments in the power generation (such as renewable energy and thermal power plants), renewable natural gas, liquified natural gas, transportation, telecommunications, digital infrastructure (such as data centers, fiber optic cables and cell phone towers), midstream and energy infrastructure, regulated utilities, social infrastructure (such as water treatment and management, waste management and recycling) and environmental services (such as carbon capture and storage, soil and air remediation and climate change mitigation) sectors.

Expenses

The services of all investment professionals of our Adviser and its staff, when and to the extent engaged in providing investment advisory services to us and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by our Adviser. Under the Investment Advisory Agreement, we bear all other costs and expenses of our operations and transactions. See “Note 3. Agreements and Organizational Documents” to our unaudited consolidated financial statements for more information on fees and expenses.

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

Expense Support and Conditional Reimbursement Agreement

We have entered into an amended and restated expense support and conditional reimbursement agreement (the “Expense Support and Conditional Reimbursement Agreement”), with our Adviser, pursuant to which our Adviser may elect to pay certain of our expenses on our behalf. The Adviser has agreed to advance a portion of our organization, initial offering and operational expense, which includes our organization and initial offering expenses incurred in connection with the Private Offering through the date of the BDC Election. See “Note 3. Agreements and Organizational Documents” and “Note 7. Commitments and Contingencies” to our unaudited consolidated financial statements for more information on the Expense Support and Conditional Reimbursement Agreement.

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Results of Operations

Operating results for the three and nine months ended September 30, 2026 and 2025 were as follows ($ in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Total income	$	159,208	$	22,221	$	342,471	$	37,296
Net expenses	61,093		17,391		172,059		34,803
Net investment income before income taxes	98,115		4,830		170,412		2,493
Income tax benefit/(expense)	5,883		(9,336)		17,767		(17,325)
Net investment income/(loss)	103,998		(4,506)		188,179		(14,832)
Net realized and unrealized gains on investments and derivatives	33,138		36,519		102,581		74,234
Net increase in net assets resulting from operations	$	137,136	$	32,013	$	290,760	$	59,402

Net increase in net assets resulting from operations 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.

Income


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Income
Distribution income	$	120,974	$	16,063	$	225,175	$	26,881
Interest income	38,234		6,158		87,296		10,415
Other income	—		—		30,000		—
Total income	$	159,208	$	22,221	$	342,471	$	37,296

For the three and nine months ended September 30, 2026, distribution income increased by $104.9 million and $198.3 million, respectively, compared to the same period in 2025 due to the increase in the portfolio of income yielding investments.

For the three and nine months ended September 30, 2026, interest income increased by $32.1 million and $76.9 million, respectively, compared to the same period in 2025 primarily due to the building of a liquid and private credit portfolio in 2025 and 2026.

For the nine months ended September 30, 2026, other income increased by $30.0 million compared to the same period in 2025 due to receipt of a commitment fee and a deal termination fee in 2026.

For the three and nine months ended September 30, 2026, we received $179.8 million and $309.7 million, respectively, of distributions from common and other equity investments, of which $91.8 million and $132.1 million, respectively, were classified as a return of capital. For the three and nine months ended September 30, 2025, we received $19.1 million and $36.4 million, respectively, of distributions from common and other equity investments, of which $3.0 million and $9.5 million, respectively, were classified as a return of capital. Because our common and other equity investments are in private portfolio companies, there is no recognition of distribution income by us for the income generated by the underlying portfolio companies during the quarter, with such income recognized by us when the distribution is declared by the portfolio company, typically in the following quarter.

For the three and nine months ended September 30, 2026, we accrued $33.0 million and $47.6 million of PIK distribution income from our preferred equity investment. For the three and nine months ended September 30, 2025, we accrued no PIK distribution income.

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Operating Expenses


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Expenses
Interest expense	$	34,926	$	7,866	$	88,199	$	17,037
Management fees	21,737		4,052		43,302		7,585
Income based incentive fee	23,573		1,593		36,941		1,593
Capital gains incentive fee	(6,406)		3,334		(1,363)		8,049
Administration fees	2,187		704		4,692		2,202
Offering expense	80		1,067		815		3,271
Shareholder servicing and distribution fees:
Class S	799		—		1,594		—
Class D	101		—		118		—
Class N	1,826		—		2,310		—
Organizational expenses	—		2		—		37
Legal expenses	841		814		5,835		2,342
Other general and administrative	2,662		966		5,782		1,433
Total expenses	82,326		20,398		188,225		43,549
Less: Expense support	(30,149)		(3,007)		(37,028)		(8,583)
Add: Expense support recoupment	8,916		—		20,862		—
Less: Management fee waiver	—		—		—		(163)

Net expenses	61,093		17,391		172,059		34,803
Net investment income before income taxes	98,115		4,830		170,412		2,493
Income tax benefit/(expense)	5,883		(9,336)		17,767		(17,325)
Net investment income/(loss)	$	103,998	$	(4,506)	$	188,179	$	(14,832)

For the three and nine months ended September 30, 2026, interest expense increased by $27.1 million and $71.2 million, respectively, compared to the same period in 2025 due to the additional debt entered into in 2025 and 2026.

For the three and nine months ended September 30, 2026, the income based incentive fee increased by $22.0 million and $35.3 million, respectively, compared to the same period in 2025 mainly due to the increase in pre-incentive fee net investment income, as defined in our Investment Advisory Agreement.

For the three and nine months ended September 30, 2026, management fees increased by $17.7 million and $35.7 million, respectively, compared to the same period in 2025 due to the increase in net assets primarily as a result of our continuous offering of common shares.

For the three and nine months ended September 30, 2026, expense support increased by $27.1 million and $28.4 million, respectively. Refer to Note 3 of our consolidated financial statements for additional details of the Expense Support and Conditional Reimbursement Agreement.

For the three and nine months ended September 30, 2026, expenses payable as reimbursements under the Expense Support and Conditional Reimbursement Agreement increased by $8.9 million and $20.9 million, respectively, mainly due to the increase in Excess Operating Funds, as defined in the Expense Support and Conditional Reimbursement Agreement.

For the three and nine months ended September 30, 2026, capital gains incentive fee decreased by $9.7 million and $9.4 million, respectively, compared to the same period in 2025 primarily due to the increase in the deferred tax liability, net, offset by the net unrealized gains on the Fund’s investments in the current period. 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 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, 2026, there was $10.0 million of capital gains incentive fee accrued in accordance with GAAP. As of September 30, 2026, there was no capital gains incentive fee actually payable under our Investment Advisory Agreement.

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For the three and nine months ended September 30, 2026, income tax benefit increased by $15.2 million and $35.1 million, respectively, compared to the same period in 2025 mainly due to the increase in tax net operating loss in the current period.

See “Note 3. Agreements and Organizational Documents” to our consolidated financial statements for the three and nine months ended September 30, 2026 and 2025, for more information on the base management fee, income-based fee and capital gains incentive fee.

Realized and Unrealized Gains/(Losses) on Investments and Derivatives


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Realized and unrealized gains/(losses) on investment and derivatives
Net realized gains/(losses):
Investments	$	(81)	$	(93)	$	(120)	$	(253)
Derivatives	(1,002)		454		(1,083)		1,778
Net realized gains	(1,083)		361		(1,203)		1,525
Net unrealized gains/(losses):
Investments	9,232		41,874		140,440		84,576
Derivatives	74,297		(5,716)		76,788		(11,867)
Income tax expense	(49,308)		—		(113,444)		—
Net unrealized gains	34,221		36,158		103,784		72,709
Net realized and unrealized gains on investments and derivatives	$	33,138	$	36,519	$	102,581	$	74,234

For the three months ended September 30, 2026, net unrealized gains on investments decreased by $32.6 million compared to the same period in 2025 due to receipt of large distributions in the quarter by the portfolio’s investments. For the nine months ended September 30, 2026, net unrealized gains on investments increased by $55.9 million compared to the same period in 2025 due to the net increase in fair value of the portfolio’s investments.

For the three and nine months ended September 30, 2026, net unrealized gains on derivatives increased by $80.0 million and $88.7 million, respectively, compared to the same period in 2025 due to the additional swaps entered into in 2025 and 2026.

For the three and nine months ended September 30, 2026, income tax expense increased by $49.3 million and $113.4 million, respectively, compared to the same period in 2025 mainly due to an increase in the deferred tax liability on investments.

For the nine months ended September 30, 2026, the cost basis of investments increased from $2,988.7 million to $10,294.8 million and the number of equity investments increased from seven to 16.

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Financial Condition, Liquidity and Capital Resources

Our current liquidity and capital resources are generated primarily from the proceeds received from the sale of our Shares pursuant to our Private Offering at a price per Share equal to the then-current NAV per Share and cash flows from our operations. Further, we expect to generate additional liquidity and capital resources from the net proceeds of the Private Offering and, any future offerings of our debt or equity securities, and any financing arrangements we may enter into in the future. We believe we have sufficient liquidity to operate our business, with $339.6 million of immediate liquidity as of September 30, 2026, comprised of cash and cash equivalents. In addition to our immediate liquidity, as of September 30, 2026, we had approximately $503.2 million available for borrowing through our credit arrangements which are subject to various draw covenants.

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 Adviser and our Administrator), (iii) cost of any borrowings or other financing arrangements, if any and (iv) cash distributions to the holders of our Shares.

In accordance with the 1940 Act, we may borrow amounts such that our asset coverage calculated pursuant to the 1940 Act, is at least 150% (or 200% if certain requirements under the 1940 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, 2026, we had $2,678.2 million in total aggregate principal debt outstanding, $11,000.2 million of total assets, $596.2 million of liabilities (other than indebtedness) and our asset coverage ratio was 388%.

We have commenced a Share repurchase program, pursuant to which we intend to offer to repurchase, at the discretion of our Board, up to 5% of our Shares outstanding in each quarter. We may from time to time seek to retire or repurchase our Shares through cash purchases, as well as 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 our Shares 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.

Equity Capital Activities

We hold monthly closings for our Private Offering, in connection with which we will issue Shares to investors for immediate cash investment. Each of our closings in connection with the Private Offering will be conducted in reliance on exemptions from the registration requirements of the 1933 Act, including the exemption provided by Section 4(a)(2) of the 1933 Act and Regulation D promulgated thereunder, and other exemptions from the registration requirements of the 1933 Act. We reserve the right to conduct additional offerings of securities in the future in addition to the Private Offering. In addition, although we intend to issue Shares on a monthly basis, we also retain the right, if determined in our sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by us, more or less frequently to one or more investors for regulatory, tax or other reasons.

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The following table summarizes transactions in Shares during the three and nine months ended September 30, 2026:


	Three months ended September 30, 2026			Nine months ended September 30, 2026
	Shares	Amount		Shares	Amount
Class I
Subscriptions (1)	58,802,791	$	1,459,666	132,897,278	$	3,308,699
Distributions reinvested	1,406,790	34,898		3,144,469	78,244
Share transfers between classes	—	—		9,984	249
Repurchased shares	(469,052)	(11,624)		(1,320,785)	(32,854)
Early repurchase deduction	—	22		—	104
Dividends declared and payable	—	(125,081)		—	(280,327)
Net increase	59,740,529	1,357,881		134,730,946	3,074,115
Class S
Subscriptions (1)	4,709,014	116,828		14,817,469	369,012
Distributions reinvested	132,102	3,278		244,061	6,069

Repurchased shares	—	—		(5,990)	(149)
Early repurchase deduction	—	2		—	7
Dividends declared and payable	—	(8,607)		—	(17,252)
Net increase	4,841,116	111,501		15,055,540	357,687
Class D
Subscriptions (1)	5,467,541	135,760		7,479,580	185,860
Distributions reinvested	44,494	1,104		48,644	1,207
Share transfers between classes	—	—		(9,984)	(249)
Repurchased shares	—	—		—	—
Early repurchase deduction	—	1		—	1
Dividends declared and payable	—	(3,967)		—	(4,647)
Net increase	5,512,035	132,898		7,518,240	182,172
Class N
Subscriptions (1)	39,496,811	980,209		70,742,222	1,758,384
Distributions reinvested	450,310	11,168		499,663	12,398

Repurchased shares	(11,793)	(293)		(11,793)	(293)
Early repurchase deduction	—	12		—	17
Dividends declared and payable	—	(34,741)		—	(43,995)
Net increase	39,935,328	956,355		71,230,092	1,726,511

Total net increase	110,029,008	2,558,635		228,534,818	5,340,485

(1) See “Recent Developments” as well as “Note 13. Subsequent Events” to our unaudited consolidated financial statements for subsequent events relating to subscription activities.

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NAV Per Share and Offering Price

We determine NAV for our Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first business day of each month. The following table summarizes each month-end NAV per Share for the nine months ended September 30, 2026:


	NAV Per Share
	Class I		Class S		Class D		Class N
January 31, 2026	$	25.0263	$	25.0263	$	25.0263	N/A
February 28, 2026	24.9252		24.9252		24.9252		N/A
March 31, 2026	24.9176		24.9176		24.9176		N/A
April 30, 2026	24.8805		24.8805		24.8805		N/A
May 31, 2026	24.9295		24.9295		24.9295		$	24.9295
June 30, 2026	24.8841		24.8841		24.8841		24.8841
July 31, 2026	24.7711		24.7711		24.7711		24.7711
August 31, 2026	24.7808		24.7808		24.7808		24.7808
September 30, 2026	24.7489		24.7489		24.7489		24.7489

Distributions

We have declared distributions each month beginning December 2024 and, to the extent that we have excess cash flows, we intend to continue making monthly distributions to our shareholders. Distributions to our shareholders are recorded on the record date. All distributions will be paid at the sole discretion of the Board and will depend on our earnings, financial condition, tax considerations, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

The following tables present our distributions that were declared and payable for the nine months ended September 30, 2026 ($ in thousands, except per Share amount):


			Class I
Declaration Date	Record Date	Payment Date	Net Distribution per Share		Distribution Amount
November 07, 2025	January 30, 2026	February 23, 2026	$	0.20830	$	19,140
November 07, 2025	February 27, 2026	March 25, 2026	0.20830		22,271
November 07, 2025	March 31, 2026	April 23, 2026	0.20830		24,810
March 05, 2026	April 30, 2026	May 21, 2026	0.20830		27,068
March 05, 2026	May 29, 2026	June 24, 2026	0.20830		29,293
March 05, 2026	June 30, 2026	July 23, 2026	0.20830		32,664
August 07, 2026	July 31, 2026	August 21, 2026	0.20830		38,120
August 07, 2026	August 31, 2026	September 23, 2026	0.20830		41,854
August 07, 2026	September 30, 2026	October 23, 2026	0.20830		45,107
			$	1.87470	$	280,327


			Class S
Declaration Date	Record Date	Payment Date	Net Distribution per Share		Distribution Amount
November 07, 2025	January 30, 2026	February 23, 2026	$	0.19022	$	635
November 07, 2025	February 27, 2026	March 25, 2026	0.19198		898
November 07, 2025	March 31, 2026	April 23, 2026	0.19031		1,234
March 05, 2026	April 30, 2026	May 21, 2026	0.19089		1,626
March 05, 2026	May 29, 2026	June 24, 2026	0.19034		1,752
March 05, 2026	June 30, 2026	July 23, 2026	0.19088		2,500
August 07, 2026	July 31, 2026	August 21, 2026	0.19034		2,562
August 07, 2026	August 31, 2026	September 23, 2026	0.19042		2,828
August 07, 2026	September 30, 2026	October 23, 2026	0.19099		3,217
			$	1.71637	$	17,252

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			Class D
Declaration Date	Record Date	Payment Date	Net Distribution per Share		Distribution Amount
November 07, 2025	January 30, 2026	February 23, 2026	$	0.20298	$	5
November 07, 2025	February 27, 2026	March 25, 2026	0.20350		5
November 07, 2025	March 31, 2026	April 23, 2026	0.20301		4
March 05, 2026	April 30, 2026	May 21, 2026	0.20318		4
March 05, 2026	May 29, 2026	June 24, 2026	0.20302		239
March 05, 2026	June 30, 2026	July 23, 2026	0.20318		423
August 07, 2026	July 31, 2026	August 21, 2026	0.20302		985
August 07, 2026	August 31, 2026	September 23, 2026	0.20304		1,420
August 07, 2026	September 30, 2026	October 23, 2026	0.20321		1,562
			$	1.82814	$	4,647


			Class N
Declaration Date	Record Date	Payment Date	Net Distribution per Share		Distribution Amount
November 07, 2025	January 30, 2026	February 23, 2026	$	—	$	—
November 07, 2025	February 27, 2026	March 25, 2026	—		—
November 07, 2025	March 31, 2026	April 23, 2026	—		—
March 05, 2026	April 30, 2026	May 21, 2026	—		—
March 05, 2026	May 29, 2026	June 24, 2026	0.19773		2,736
March 05, 2026	June 30, 2026	July 23, 2026	0.19805		6,518
August 07, 2026	July 31, 2026	August 21, 2026	0.19773		9,186
August 07, 2026	August 31, 2026	September 23, 2026	0.19778		11,472
August 07, 2026	September 30, 2026	October 23, 2026	0.19812		14,083
			$	0.98941	$	43,995

(1) See “Recent Developments” as well as “Note 13. Subsequent Events” to our unaudited consolidated financial statements for a subsequent event relating to regular distributions declared by our Board.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan, pursuant to which we reinvest cash distributions declared by us on behalf of our shareholders unless such shareholders elect for their distributions not to be automatically reinvested. As a result, if the Board authorizes, and we declare, a cash distribution, then our shareholders who have not opted out of 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, up to 5% of our Shares outstanding (either by number of Shares or aggregate NAV) as of the close of the previous calendar quarter. We may from time to time seek to retire or repurchase our Shares through cash purchases, as well as 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 accordance with the Share Repurchase Program, Shares repurchased in our tender offer completed during the three months ended September 30, 2026 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 Board, except that we deducted 2.00% from such NAV for Shares that were not outstanding for at least one year.

We adopted a plan pursuant to Rule 18f-3 under the Investment Company Act so that we may issue multiple classes of Shares (the “Multi-Class Plan”), which 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) due to trade or operational errors; (iii) submitted by discretionary model

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portfolio management programs (and similar arrangements); (iv) from feeder funds (or similar vehicles) primarily created to hold our 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 (v) in the event that a shareholder’s 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, 2026 (dollar amounts in thousands except per Share amounts):


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, 2026	658,356	0.59	%	March 20, 2026	$	24.9252	$	16,375	—
May 31, 2026	199,367	0.14		June 18, 2026	24.9295		4,912		—
August 31, 2026	480,845	0.19		September 18, 2026	24.7808		11,880		—

(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) Amount shown net of the Early Repurchase Deduction.

(3) All repurchase requests were satisfied in full.

Credit Agreements

The following table summarizes the average outstanding amount and rate for each of our credit agreements for the three and nine months ended September 30, 2026 and 2025:


		Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
	Maturity Date	Average Outstanding Amount		Weighted Average Rate		Average Outstanding Amount		Weighted Average Rate		Average Outstanding Amount		Weighted Average Rate		Average Outstanding Amount		Weighted Average Rate
Denali Credit Agreement	09/2029	$	203,674	5.66	%	$	210,198	6.37	%	$	205,053	5.66	%	$	211,429	6.36	%
Aspen Credit Agreement	03/2030	231,950		5.28		50,000		6.12		226,998		5.31		36,813		4.50
ACI Portfolio Aggregator Credit Agreement	04/2027	1,359		6.26		—		—		33,663		6.24		—		—
Tango Credit Agreement	07/2030	334,750		5.16		130,530		4.14		264,970		5.16		43,988		1.39
BNP Funding Facility	03/2028	60,870		5.03		—		—		153,114		4.92		—		—
Pioneer Credit Agreement	10/2030	378,283		5.17		—		—		306,705		5.16		—		—
Rover Credit Agreement	06/2033	910,000		5.99		—		—		546,952		5.96		—		—
Total		$	2,120,886	5.57	%	$	390,728	5.54	%	$	1,737,455	5.49	%	$	292,230	4.08	%

Denali Credit Agreement

The Fund’s indirect and direct wholly-owned subsidiaries ACI Denali Member, LLC and ACI Denali Holdings, LLC (together, “ACI Denali”), and Ares Denali Member, LLC (together with ACI Denali, the “Denali Co-Borrowers”), an affiliated entity managed by an affiliate of the Adviser, are party to a Credit Agreement (the “Denali Credit Agreement” and together with the Aspen Credit Agreement, the Tango Credit Agreement, the Pioneer Credit Agreement and the Rover Credit Agreement, the “Investment Credit Facilities”), dated as of September 11, 2024, with MUFG Bank, LTD, as Administrative Agent (“MUFG”), and BNP Paribas, as Collateral Agent, the lenders from time to time party to the Denali Credit Agreement and certain other signatories thereto. The Denali Credit Agreement is related to ACI Denali’s investment in a portfolio company and ACI Denali’s portion includes an amortizing $212.5 million term loan (“the Denali Term Loan”), of which $203.0 million was available and drawn as of September 30, 2026, and a $10.2 million debt service letters of credit facility (“Denali DSR LC Facility”), of which nothing was drawn as of September 30, 2026. As of December 31, 2025, the Denali Term Loan was approximately $212.5 million, of which $208.0 million was available and drawn. As of December 31, 2025, nothing was drawn on the Denali DSR LC Facility. The remaining portion of the Denali Credit Agreement and Denali DSR LC Facility are with Ares Denali Member, LLC. Outstanding borrowings under the Denali Term Loan bear interest annually at SOFR plus 2.00%, with a 0.125% step-up after three years. Since February 2025, ACI Denali has been making quarterly interest payments. The Denali DSR LC Facility is to provide letters of credit (“Denali LC”) or loans for draws under such Denali LC to support

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contractual obligations related to the minimum debt service reserve amount under the Denali Credit Agreement. Denali LC fees are payable quarterly in arrears, at an amount equal to 0.5% multiplied by the stated amount of the Denali LC.

Aspen Credit Agreement

On March 14, 2025, Ares Aspen Member LLC as borrower (the “Aspen Borrower”) and Ares Aspen Holdings LLC as pledgor (the “Aspen Pledgor”), each a wholly-owned subsidiary of the Fund, entered into a Credit Agreement (as amended, the “Aspen Credit Agreement”) with MUFG, as Administrative Agent, and BNP Paribas, as Collateral Agent, the lenders from time to time party to the Aspen Credit Agreement and certain other signatories thereto. The Aspen Credit Agreement is related to the Aspen Borrower’s investment in two portfolio companies of the Fund.

The First Aspen Amendment, among other things, provides for an additional (a) $249.9 million delayed draw term loan, and (b) $16.1 million debt service letters of credit facility. After giving effect to the First Aspen Amendment, the Aspen Credit Agreement provides for an aggregate amortizing term loan facility of approximately $478.0 million (the “Aspen Term Loan”), of which $453.8 million was available and drawn as of September 30, 2026, and a $31.7 million debt service letters of credit facility (“Aspen DSR LC Facility”), of which nothing was drawn as of September 30, 2026. As of December 31, 2025, the Aspen Term Loan was approximately $228.1 million, of which $224.5 million was available and was drawn. As of December 31, 2025, nothing was drawn on the Aspen DSR LC Facility. Pursuant to the terms of the First Aspen Amendment, the interest rate charged on outstanding borrowings under the Aspen Credit Agreement for the period from the Aspen Amendment Effective Date until March 14, 2028, decreased from SOFR plus 1.75% to SOFR plus 1.625%, with a 0.125% step-up after March 14, 2028 and outstanding undrawn commitments under the Aspen Term Loan have a commitment fee of 0.60% annually. In addition, pursuant to the terms of the First Aspen Amendment, the rate for Aspen DSR LC Facility fees under the Aspen Credit Agreement decreased from 1.725% to 1.625%, in each case multiplied by the stated amount of the applicable letter of credit and with a 0.125% step-up after March 14, 2028. Since August 2025, Aspen Borrower has been making quarterly interest payments.

ACI Portfolio Aggregator Credit Agreement

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Rate (as defined in the ACI Portfolio Aggregator Credit Agreement), which is subject to a floor of 0.00% per annum, plus (b) an applicable margin of 1.60% per annum. SOFR loans will bear interest at a rate per annum equal to (a) Term SOFR (as defined in the ACI Portfolio Aggregator Credit Agreement) for a period of one, three or six months (as selected by ACI Portfolio Aggregator), subject to a floor of 0.00% per annum, plus (b) an applicable margin of 2.60% per annum. As of December 31, 2025, the $20.0 million amount outstanding was drawn as a SOFR loan.

The ACI Portfolio Aggregator Credit Agreement contains various representations and warranties, affirmative covenants, and negative covenants, which are typical for this type of revolving facility.

All obligations under the ACI Portfolio Aggregator Credit Agreement and the other loan documents are secured by a first priority perfected lien on, and security interest in, (i) all membership interests of ACI Portfolio Aggregator owned by us, including all proceeds thereof, and (ii) a certain collateral account of ACI Portfolio Aggregator, and all sums or other property now or at any time hereafter on deposit therein, subject to certain exceptions. Other than with respect to the pledge of the equity interests of the ACI Portfolio Aggregator, the ACI Portfolio Aggregator Credit Agreement is otherwise non-recourse to any upstream affiliate of ACI Portfolio Aggregator, including to us.

Tango Credit Agreement

BNP Funding Facility and Contribution Agreement

On September 23, 2025, the Fund entered into a Revolving Credit and Security Agreement (as amended, the “BNP Funding Facility”, and together with the ACI Portfolio Aggregator Credit Agreement, the “Revolving Credit Facilities”) with ACI Liquid Aggregator SPV, LLC (“ACI Liquid Aggregator”), a wholly owned subsidiary of the Fund, as borrower (the “BNP Borrower”), the Fund, as equityholder and servicer, the lenders from time to time party thereto, BNP Paribas, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent. The BNP Funding Facility has a reinvestment period ending on September 23, 2027 and a maturity date of March 23, 2028. On June 26, 2026, ACI Liquid Aggregator increased the aggregate amount of total commitments available under the BNP Funding Facility from $200.0 million to (i) a $375.0 million tranche secured by broadly syndicated loans and (ii) a tranche secured by data center loans with a maximum facility amount equal to the lesser of (a) $175.0 million and (b) the sum of the products obtained by multiplying (x) the advance rate of each eligible data center collateral asset by (y) the data center commitment amount of such data center collateral asset. In

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addition, on September 23, 2025, the Fund, as transferor, and the BNP Borrower, as transferee, entered into a Contribution Agreement, pursuant to which the Fund will transfer to the BNP Borrower certain originated or acquired loans and related assets (collectively, the “BNP Loans”) from time to time.

The obligations of the BNP Borrower under the BNP Funding Facility are secured by substantially all assets held by the BNP Borrower, including the BNP Loans. The interest rate charged on the BNP Funding Facility is based on SOFR plus an applicable margin of 1.25%. Advances under the tranche secured by data center loans bear interest at a rate equal to SOFR Rate (as defined in the BNP Funding Facility) plus an applicable margin of 1.35%. In addition, the BNP Borrower is required to pay, among other fees, a commitment fee of up to 0.50% per annum on any excess unused portion of the BNP Funding Facility and, subject to certain exceptions, a one-time facility reduction fee if the BNP Funding Facility is terminated or there are certain reductions in commitments under the BNP Funding Facility, which facility reduction fee would be equal to the cumulative amount of the commitment fee that would have otherwise been payable from the date of any such termination or reduction through the end of the reinvestment period. Under the BNP Funding Facility, the Fund and the BNP Borrower, 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. The BNP Funding Facility includes usual and customary events of default for facilities of this nature. As of September 30, 2026, $550.0 million was available, of which $300.0 million was drawn on the BNP Funding Facility. As of December 31, 2025, $200.0 million was available and drawn on the BNP Funding Facility.

Pioneer Credit Agreement

The Pioneer Credit Agreement is secured by a first-priority pledge on (a) all of the equity interests of the Pioneer Borrower, (b) all of the equity interests of Pioneer JV Holdings, LLC, one of our portfolio investments, owned by the Pioneer Borrower and (c) all tangible and intangible assets of the Pioneer Borrower and the equity interests of the Pioneer Borrower owned by the Pioneer Pledgor. Under the Pioneer Credit Agreement, the Pioneer Borrower and the Pioneer Pledgor, 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. The Pioneer Credit Agreement includes usual and customary events of default for facilities of this nature. Other than with respect to the pledge of the equity interests of the Pioneer Borrower, the Pioneer Credit Agreement is non-recourse to any upstream affiliate of the Pioneer Borrower, including to us.

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Rover Credit Agreement

On June 9, 2026 (the “Closing Date”), ACI Rover Parent, LLC (f/k/a BCP Renaissance Parent L.L.C.), as borrower (the “Rover Borrower”), ACI Rover, LLC (f/k/a BCP Renaissance, L.L.C.), as subsidiary guarantor (“Rover Borrower Subsidiary”), each a wholly-owned subsidiary of the Fund, entered into a credit agreement (the “Rover Credit Agreement”) with Morgan Stanley Senior Funding, Inc. as administrative agent, collateral agent, joint lead arranger and bookrunner (“Morgan Stanley”), MUFG Bank, LTD. and Wells Fargo Securities, LLC as joint lead arrangers and bookrunners, and the other lenders party thereto from time to time. The Rover Credit Agreement includes a $910.0 million senior secured first lien term loan B credit facility (the “Rover Term Loan”). Borrowings under the Rover Term Loan bear interest annually at a rate equal to Term SOFR (as defined in the Rover Credit Agreement) plus 2.25% per annum. As of September 30, 2026, borrowings outstanding under the Rover Term Loan totaled $905.7 million, net of original issue discount. Since June 2026, the Rover Borrower has been making quarterly interest payments.

Espresso Credit Agreement

See "Recent Developments" and "Item 5. Other Information" for a subsequent event relating to the Espresso Credit Agreement (as defined below).

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations are based on our unaudited consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of these unaudited consolidated financial statements requires our management 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. The critical accounting estimates should be read in conjunction with the risk factors elsewhere in this Quarterly Report. See “Note 2. Significant Accounting Policies” to our unaudited consolidated financial statements for more information on our critical accounting policies.

Investments

We value our investments in accordance with Section 2(a)(41) of the 1940 Act and Rule 2a-5 thereunder, which sets forth requirements for determining fair value in good faith. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Adviser as its “Valuation Designee” to perform fair value determinations for investments held by us without readily available market quotations, subject to the oversight by our Board. Investments for which market quotations are readily available will typically be valued at such market quotations. In order to validate market quotations, the Valuation Designee will review 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 investments that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined in good faith by the Adviser, as our Valuation Designee, subject to the Board’s oversight, based on, among other things, the input of the Fund’s independent third-party valuation firm that has been engaged to support the valuation of such portfolio investments by providing positive assurance monthly and an independent valuation at least semiannually (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. However, we may use these independent valuation firms to review the value of our investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment.

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Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as our Valuation Designee to perform fair value determinations for investments held by us without readily available market quotations, subject to the oversight of the Board. All investments are recorded at 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 at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our Board, 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. However, the Valuation Designee may use these independent valuation firms to review the value of our investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment.

Investments in our portfolio that do not have readily available market quotations (i.e., substantially all of our investments) are valued at fair value as determined in good faith by our 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 its valuation.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotations, 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.

The Valuation Designee, subject to the oversight of the Board, 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 team and valuation team.

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

◦At least semiannually, the IVP independently determines a range of fair values for each of the portfolio investments; and

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•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.

Fair Value of Financial Instruments

We follow ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides funds 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 funds that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of our choice to use fair value on its earnings. ASC 825-10 also requires entities 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.

Investments held by us are valued in accordance with Section 2(a)(41) of the 1940 Act and Rule 2a-5 thereunder and the provisions of 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 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 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 the net asset valuation policy and procedures that have been reviewed by the Board and are consistent with the provisions of Rule 2a-5 under the 1940 Act and ASC 820-10. Consistent with its valuation policies and procedures, the Valuation Designee will evaluate 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. Where 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 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

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values of debt and equity securities used to capitalize the enterprise at a point in time. The primary technique 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).

See “Note 8. Fair Value of Financial Instruments” to our unaudited consolidated financial statements for more information on our valuation process.

Recent Developments

October Capital Raise

In our monthly closing for October 2026, we issued and sold 31,066,687 Shares (consisting of 17,890,593 Class I Shares, 1,222,277 Class D Shares, 1,137,779 Class S Shares and 10,816,038 Class N Shares at an offering price of $24.7489 per Share for each class), and received approximately $768.9 million as payment for such Shares.

November Capital Raise

In our monthly closing for November 2026, we agreed to sell Shares, including Class I Shares, Class D Shares, Class N Shares and Class S Shares for an aggregate purchase price of $642.4 million. The purchase price per Share will equal the Fund’s NAV per Share of such class as of the last calendar day of October 2026, which is generally expected to be available within 20 business days after November 1, 2026.

Espresso Credit Agreement

On November 2, 2026, ACI Espresso Member, LLC (the “Espresso Borrower”) and ACI Espresso Holdings, LLC (the “Espresso Pledgor”), each a wholly-owned subsidiary of ours, entered into a Credit Agreement (as amended, the “Espresso Credit Agreement”) with Canadian Imperial Bank of Commerce, New York Branch, as Administrative Agent, Wilmington Trust, National Association, as Collateral Agent, the lenders from time to time party to the Espresso Credit Agreement and certain other signatories thereto. The Espresso Credit Agreement relates to the Espresso Borrower's investment in a portfolio company of ours and includes a senior secured delayed draw term loan facility of up to $983.7 million (the “Espresso Term Loan”) and a $66.50 million debt service reserve letter of credit facility. The Espresso Term Loan may be drawn during the 18 months after closing and may be used to fund the Espresso Borrower's capital contributions to the portfolio company and for related costs and other purposes permitted under the Espresso Credit Agreement. As of November 6, 2026, no Espresso Term Loan had been drawn under the Espresso Credit Agreement. Borrowings under the Espresso Credit Agreement bear interest annually at (i) for SOFR Loans (as defined in the Espresso Credit Agreement), Daily Compounded SOFR (as defined in the Espresso Credit Agreement) plus 1.375%, and (ii) for Base Rate Loans (as defined in the Espresso Credit Agreement), a fluctuating rate determined by reference to the Adjusted Base Rate (as defined in the Espresso Credit Agreement) plus 0.375%, in each case subject to a 0.00% floor. These margins step up to 1.50% and 0.50%, respectively, on the second anniversary of closing, and to 1.625% and 0.625%, respectively, on the third anniversary if the maturity date is extended. Unused Espresso Term Loan commitments bear a commitment fee of 0.40% per annum. The Espresso Borrower is required to repay any Espresso Term Loan in scheduled installments under an amortization schedule, starting February 2027. The remaining balance is due on the maturity date of November 2029, which the Espresso Borrower may extend once by one year at the election of the Espresso Borrower and payment of a 0.125% extension fee on the principal amount of the extended Espresso Term Loan.

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interests in the Espresso Borrower, the Espresso Credit Agreement is non-recourse to any upstream affiliate of the Espresso Borrower, including to us.

Distributions

We have announced the declaration of regular monthly gross distributions for October, November and December 2026 and for January, February and March 2027, in each case for our Class I Shares, Class D Shares, Class N Shares and Class S Shares in the amounts per Share set forth below:


		Gross Distribution Per Common Share
Record Date	Payment Date(1)	Class I		Class S		Class D		Class N






October 30, 2026	November 20, 2026	$	0.20830	$	0.20830	$	0.20830	$	0.20830
November 30, 2026	December 24, 2026	0.20830		0.20830		0.20830		0.20830
December 31, 2026	January 25, 2027	0.20830		0.20830		0.20830		0.20830
January 29, 2027	February 23, 2027	0.20830		0.20830		0.20830		0.20830
February 26, 2027	March 25, 2027	0.20830		0.20830		0.20830		0.20830
March 31, 2027	April 23, 2027	0.20830		0.20830		0.20830		0.20830

(1) The distributions on our Shares will be paid on or about the payment dates set above.

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

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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 “Item 1A. Risk Factors—General Risk Factors—Difficult market and political conditions may adversely affect our businesses in many ways, including by reducing the value or hampering the performance of our investments or reducing our ability to raise or deploy capital, each of which could have a significant adverse effect on our business, financial condition and results of operations,” “Item 1A. Risk Factors—Risks Relating to Our Investments—Economic recessions or downturns could impair our portfolio companies and harm our operating results” and “Item 1A. Risk Factors—Risks Relating to Our Business and Structure—Inflation may adversely affect our business, results of operations and financial condition of our portfolio companies.” in our Annual Report.

Investment Valuation Risk

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by the Adviser, as our Valuation Designee, subject to the oversight of our Board, based on, among other things, the input of the independent third-party valuation firms that have been engaged to support the valuation of each portfolio investment without a readily available market quotation by providing positive assurance monthly and an independent valuation at least semiannually (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 “Note 2. Significant Accounting Policies” and “Note 8. Fair Value of Financial Instruments” to our unaudited consolidated financial statements for more information relating to our investment valuation.

Interest Rate Risk

In addition to other sources of financings, we use variable rate debt to finance our operations which exposes us to fluctuations in interest rates. Interest rate changes on the variable portion of our consolidated variable-rate debt could impact our future earnings and cash flows, but would not necessarily affect the fair value of such debt. We manage our exposure to interest rate fluctuations by entering into derivative instruments such as interest rate swaps. These contracts reduce exposure to interest rate volatility and result in primarily fixed rate debt obligations when taking into account the combination of the variable rate debt and the interest rate derivative instrument. See “Note 6. Derivative Instruments” to our unaudited consolidated financial statements for more information relating to our derivative instruments. A hypothetical 25 basis points increase in the all-in rate on the outstanding balance of our consolidated variable interest rate debt as of September 30, 2026, would increase our annual interest expense by approximately $6.7 million, excluding the impact of interest rate swaps. In addition, we have invested in debt securities with a total fair value of approximately $2,015.4 million, which can offset the interest rate risk associated with our variable interest rate borrowings.

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 “1934 Act”)) that are designed to ensure that information required to be disclosed in our reports under the 1934 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

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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, 2026. Based upon that evaluation and subject to the foregoing, our principal executive officers and principal financial officer concluded that, as of September 30, 2026, 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 1934 Act) during the quarter ended September 30, 2026 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we, our executive officers, trustees and our 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, as a result, incur significant costs and expenses in connection with such legal proceedings.

We and our Adviser are also subject to extensive regulation, which, from time to time, results in requests for information from us or our Adviser or legal or regulatory proceedings or investigations against us or our Adviser, respectively. 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 Quarterly Report, you should carefully consider the risk factors described under the caption “Risk Factors” in our Annual Report and our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026, filed with the SEC on May 14, 2026 (“Q1 Quarterly Report”) and for the fiscal quarter ended June 30, 2026, filed with the SEC on August 7, 2026 (“Q2 Quarterly Report”), which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report, Q1 Quarterly Report and Q2 Quarterly Report 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

Share Repurchase Program

The following information is incorporated by reference into this Item 2: The information set forth in Note 10 to our consolidated financial statements for the three months ended September 30, 2026 included in Part I, Item 1 of this Form 10-Q as well as Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources” regarding our share repurchase program.

Share Issuances

Refer to Item 3.02 in our Current Reports on Form 8-K filed with the SEC on July 8, 2026, July 21, 2026, August 19, 2026, September 8, 2026, September 22, 2026 and our Q2 Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026, filed with the SEC on August 7, 2026 for information about unregistered sales of our equity securities during the quarter.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information

Rule 10b5-1 Trading Plans

During the three months ended September 30, 2026, no trustee or officer adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

November Subscriptions

In our monthly closing for November 2026, we agreed to sell Class I Shares, Class D Shares, Class N Shares and Class S Shares for an aggregate purchase price of $642.4 million. The purchase price per Share will equal the Fund's NAV per Share of such class as of the last calendar day of October 2026, which is generally expected to be available within 20 business days after November 1, 2026. See “Recent Developments” in Item 2 for more information.

January, February and March 2027 Distributions

The following table presents the regular monthly gross distributions per share that were declared:

Record Date

Payment Date(1)

Gross Distribution Per Common Share

January 29, 2027

February 23, 2027

0.2083

February 26, 2027

March 25, 2027

0.2083

March 31, 2027

April 23, 2027

0.2083

(1) The distributions on the Fund’s Shares will be paid on or about the payment dates set above.

These distributions will be paid in cash or reinvested in the Fund’s Shares for shareholders participating in the Fund’s distribution reinvestment plan.

Espresso Credit Agreement

On November 2, 2026, Espresso Borrower and Espresso Pledgor, each a wholly-owned subsidiary of ours, entered into the Espresso Credit Agreement with Canadian Imperial Bank of Commerce, New York Branch, as Administrative Agent, Wilmington Trust, National Association, as Collateral Agent, the lenders from time to time party to the Espresso Credit Agreement and certain other signatories thereto. The Espresso Agreement relates to the Espresso Borrower's investment in a portfolio company of ours and includes the Espresso Term Loan facility of up to $983.7 million and a $66.50 million debt service reserve letter of credit facility. The Espresso Term Loan may be drawn during the 18 months after closing and may be used to fund the Espresso Borrower's capital contributions to the portfolio company and for related costs and other purposes permitted under the Espresso Credit Agreement. As of November 6, 2026, no Espresso Term Loan had been drawn under the Espresso Credit Agreement. Borrowings under the Espresso Credit Agreement bear interest annually at (i) for SOFR Loans (as defined in the Espresso Credit Agreement), Daily Compounded SOFR (as defined in the Espresso Credit Agreement) plus 1.375%, and (ii) for Base Rate Loans (as defined in the Espresso Credit Agreement), a fluctuating rate determined by reference to the Adjusted Base Rate (as defined in the Espresso Credit Agreement) plus 0.375%, in each case subject to a 0.00% floor. These margins step up to 1.50% and 0.50%, respectively, on the second anniversary of closing, and to 1.625% and 0.625%, respectively, on the third anniversary if the maturity date is extended. Unused Espresso Term Loan commitments bear a commitment fee of 0.40% per annum. The Espresso Borrower is required to repay any Espresso Term Loan in scheduled installments under an amortization schedule, starting February 2027. The remaining balance is due on the maturity date of November 2029, which the Espresso Borrower may extend once by one year at the election of the Espresso Borrower and payment of a 0.125% extension fee on the principal amount of the extended Espresso Term Loan.

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Item 6. Exhibits


Exhibit No.						Description
3.1						Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund’s Form 10-K, filed with the SEC on March 13, 2025).
3.2						Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Fund’s Form 10-K, filed with the SEC on March 13, 2025).












10.1*						Credit Agreement, dated as of November 2, 2026, by and among ACI Espresso Member, LLC, as borrower, ACI Espresso Holdings, LLC, as pledgor, Canadian Imperial Bank of Commerce, New York Branch, as administrative agent, Wilmington Trust, National Association, as collateral agent, and the lenders and DSR LC Issuers from time to time party thereto.
31.1*						Certification of Co-Chief Executive Officers pursuant to Rule 13a-14(a) under the 1934 Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of Co-Chief Executive Officers pursuant to Rule 13a-14(a) under the 1934 Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.3*						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the 1934 Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**						Certification of Co-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						XBRL Instance Document
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						XBRL Taxonomy Extension Labels Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

* Filed herewith.

** 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 CORE INFRASTRUCTURE FUND


Dated: November 6, 2026		By:	/s/ Keith Derman
		Name:	Keith Derman
		Title:	Co-Chief Executive Officer and Trustee

Dated: November 6, 2026		By:	/s/ Steven Porto
		Name:	Steven Porto
		Title:	Co-Chief Executive Officer

Dated: November 6, 2026		By:	/s/ Christina Oh
		Name:	Christina Oh
		Title:	Chief Financial Officer and Treasurer