ARES STRATEGIC INCOME FUND 8-K

What Happened

• Ares Strategic Income Fund filed an 8-K (Feb 19, 2026) reporting the unregistered February 2026 sale of 3,648,980 Class I common shares for total consideration of $99.5 million; the per-share purchase price equaled the Fund’s net asset value (NAV) per Class I share as of January 31, 2026. The sale was exempt from SEC registration under Section 4(a)(2) and/or Regulation S.
• The Fund reported NAV per share for all classes as of January 31, 2026: Class I $27.26, Class S $27.26, Class D $27.26. Aggregate NAV was approximately $10.6 billion, the fair value of portfolio investments was ~ $21.4 billion, and total debt outstanding was ~ $10.6 billion (debt-to-equity ratio 1.03x).
• The filing also reiterated the Fund’s monthly distribution schedule (gross distribution $0.21430 per share for Feb–June 2026) and provided portfolio composition, industry exposures and the status of its ongoing public offering and private placements.

Key Details

• Unregistered sale: 3,648,980 Class I shares for $99.5M (closing date finalized Feb 19, 2026); price = Jan 31 Class I NAV $27.26.
• NAV & balance sheet (as of Jan 31, 2026): Aggregate NAV ≈ $10.6B; portfolio fair value ≈ $21.4B; debt ≈ $10.6B; debt-to-equity = 1.03x.
• Portfolio & exposure: 854 portfolio companies; 93% of debt investments (by fair value) are floating rate; asset mix: first‑lien senior secured loans 80.0%, second lien 1.9%, senior subordinated 5.1%, CLOs 4.5%, other equity/preferred/joint ventures ~6.4% combined. Top industry: Software & Services 21.1%.
• Distributions & offering: Monthly gross distribution $0.21430 per share (Feb record date Feb 27, payable ~Mar 25, 2026); March–June 2026 gross distributions also $0.21430 with stated record/payment dates. The Fund is offering up to $15.0B of common shares; total issued (registered + private) to date: 419,528,348 shares for $11,460.8M.

Why It Matters

• Share issuance at NAV: The Fund sold new Class I shares at NAV, increasing capital by $99.5M in this transaction. Continued offerings and private placements (part of an active $15B capacity) can increase shares outstanding, which investors should monitor for potential dilution and changes in per-share metrics.
• Portfolio and leverage snapshot: The Fund’s large portfolio fair value (~$21.4B) and leverage (debt-to-equity ~1.03x) provide a clear view of scale and risk posture. The high proportion (93%) of floating‑rate debt investments means interest income largely resets with market rates, which affects income sensitivity to rate changes.
• Income continuity: The Fund affirmed steady monthly distributions ($0.21430 per share) through June 2026 and offers cash or reinvestment options; net payout for Class S and D is reduced by class servicing/distribution fees while Class I receives the full gross amount.

This 8‑K contains factual updates on capital raising, NAV, portfolio composition, leverage and distribution schedule — important items for current and prospective shareholders.