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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~~March 3031, ~~2025~~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~~May 411, ~~2025~~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~~May 411, ~~2025~~2026 was 65138,~~764~~486,~~907~~201, consisting of 65129,~~640~~940,~~252~~410, 020,810, 0, and ~~124~~8,~~655~~524,981 of Class I, Class D, Class N and Class S common shares, respectively. Common shares outstanding exclude May subscriptions since the issuance price is not yet finalized at this time.

Table of Contents

ARES CORE INFRASTRUCTURE FUND

Quarterly Report on Form 10-Q

Table of Contents

						Page
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024						3
Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025						3
Consolidated Statements of Operations for the three and nine months ended September 30, 2025, for the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024 (unaudited)						4
Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)						5
Consolidated Schedules of Investments as of September 30, 2025 (unaudited) and December 31, 2024						5
Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025						6
Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025, for the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024 (unaudited)						11
Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (unaudited)						17
Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and for the period from May 7, 2024 (inception) to September 30, 2024 (unaudited)						12
Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)						18
Notes to Consolidated Financial Statements (unaudited)						1319
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						4350
Item 3. Quantitative and Qualitative Disclosures About Market Risk						6168
Item 4. Controls and Procedures						6269
PART II—OTHER INFORMATION
Item 1. Legal Proceedings						6370
Item 1A. Risk Factors						6370
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						6370
Item 3. Defaults Upon Senior Securities						6371
Item 4. Mine Safety Disclosures						6371
Item 5. Other Information						6371
Item 6. Exhibits						6473
Signatures						6574

Table of Contents

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, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
	(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliated investments (Cost of $1,427,270 and $347,531, respectively)	$	1,503,533	$	339,136
Non-controlled/non-affiliated investments	$	3,128,225	$	2,867,841
Controlled/affiliated investments (Cost of $238,347 and $0, respectively)	238,264		—
Controlled/affiliated investments	338,429		252,545
Cash and cash equivalents	202,393		25,528
Total investments at fair value (amortized cost of $3,293,622 and $2,988,655, respectively)	3,466,654		3,120,386
Restricted cash	14,330		1,789
Cash and cash equivalents	865,013		296,512
Derivative contracts, at fair value (Cost of $0 and $0, respectively)	6,986		10,414
Restricted cash	17,559		24,290
Offering costs	814		3,078
Derivative contracts, at fair value (Cost of $0 and $0, respectively)	10,059		9,358
Other assets	1,071		662
Offering costs	—		134
Total assets	$	1,967,391	$	380,607
Other assets	6,319		4,349
Total assets	$	4,365,604	$	3,455,029
LIABILITIES
Term loans payable (net of deferred financing costs of $16,265 and $5,251, respectively)	$	428,203	$	207,253
Term loans payable (net of deferred financing costs of $28,783 and $24,710, respectively)	$	1,032,007	$	1,038,499
Unsettled trades payable	3186,~~643~~097		—235,961
Deferred tax liability, net	19,229		1,904
Current tax liability	359		—
Distributions payable	12,276		5,742
Deferred tax liability, net	56,584		35,920
Capital gains incentive fee payable	8,198		149
Distributions payable	26,285		17,432
Income based incentive fee payable	1,593		—
Capital gains incentive fee payable	12,355		11,344
Derivative contracts, at fair value (Cost of $0 and $0, respectively)	9,263		824
Income based incentive fee payable	1,983		2,353
Interest payable	5,376		4,541
Derivative contracts, at fair value (Cost of $0 and $0, respectively)	4,736		6,274
Accrued expenses	953		3,741
Interest payable	11,056		8,906
Management fees payable	1,482		—
Accrued expenses	743		1,529
Total liabilities	518,216		224,154
Management fees payable	3,402		2,226
Total liabilities	1,235,607		1,360,444
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.01 per share, unlimited shares authorized; 58,179,313 and 6,226,600 shares issued and outstanding, respectively	582		62
Common shares, par value $0.01 per share, unlimited shares authorized; 125,613,848 and 83,633,744 shares issued and outstanding, respectively	1,257		836
Capital in excess of par value	12,~~382~~949,~~661~~479		~~149~~1,~~861~~969,450
Accumulated undistributed earnings	65179,~~932~~261		6124,~~530~~299
Total net assets	13,~~449~~129,~~175~~997		~~156~~2,~~453~~094,585
Total liabilities and net assets	$	14,~~967~~365,~~391~~604	$	~~380~~3,~~607~~455,029
NET ASSET VALUE PER SHARE
Class I Shares:
Class I Shares
Net assets	$	12,~~449~~967,~~175~~947	$	~~156~~2,~~453~~049,085
Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1)	58119,~~179~~110,~~313~~396		681,~~226~~816,~~600~~992
Net asset value per share	$	24.~~9088~~9176	$	25.~~1266~~0447
Class S Shares
Net assets	$	161,635	$	44,843
Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1)	6,486,791		1,790,507
Net asset value per share	$	24.9176	$	25.0447
Class D Shares
Net assets	$	415	$	657
Common shares outstanding ($0.01 par value, unlimited shares authorized) (Note 1)	16,661		26,245
Net asset value per share	$	24.9176	$	25.0447

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

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands)

(unaudited)

	For the three months ended September 30, 2025		For the three months ended September 30, 2024			For the nine months ended September 30, 2025		For the period from May 7, 2024 (inception) to September 30, 2024
			Three months ended March 31,
Income:
						2026		2025
Distribution income	$	16,063	$	—		$	26,881	$	—
Income
Interest income	6,158		79			10,415		79
From non-controlled/non-affiliated investments:
Total income	22,221		79			37,296		79
Distribution income						$	20,583	$	—
Expenses:
Interest income						22,763		1,064
Interest expense	7,866		758			17,037		758
Other income						15,000		—
Organizational expenses	2		415			37		2,465
Total income from non-controlled/non-affiliated investments						58,346		1,064
Administration fees	704		545			2,202		545
From controlled/affiliated investments:
Capital gains incentive fee	3,334		—			8,049		—
Distribution income						6,673		—
Management fees	4,052		162			7,585		162
Total income from controlled/affiliated investments						6,673		—
Offering expenses	1,067		148			3,271		148
Total income						65,019		1,064
Income based incentive fee	1,593		—		—	1,593		—
Expenses
Other operating expenses	1,780		123			3,775		123
Interest expense						16,665		3,968
Total expenses	20,398		2,151			43,549		4,201
Management fees						8,476		882
Less: Expense support (Note 3)	(3,007)		(1,231)			(8,583)		(3,281)
Income based incentive fee						1,983		—
Less: Management fee waiver (Note 3)	—		(162)			(163)		(162)
Capital gains incentive fee						1,011		2,008
Net expenses	17,391		758			34,803		758
Administration fees						868		852
Net investment income / (loss) before income taxes	4,830		(679)			2,493		(679)
Offering expenses						502		1,017
Income tax expense	9,336		—			17,325		—
Shareholder servicing and distribution fees:
Net investment loss	$	(4,506)	$	(679)		$	(14,832)	$	(679)
Class S						253		—
Unrealized and Realized Gains / (Losses) On Investment And Derivatives:
Class D						1		—
Net realized gains / (losses):
Legal expenses						4,175		768
Investments	$	(93)	$	—		$	(253)	$	—
Other general and administrative						1,469		277
Derivatives	454		—			1,778		—
Total expenses						35,403		9,772
Net realized gains	361		—			1,525		—
Less: Expense support (Note 3)						(2,631)		(2,908)
Net unrealized gains / (losses):
Less: Management fee waiver (Note 3)						—		(163)
Investments	41,874		—			84,576		—
Net expenses						32,772		6,701
Derivatives	(5,716)		151			(11,867)		151
Net investment income/(loss) before income taxes						32,247		(5,637)
Net unrealized gains	36,158		151			72,709		151
Income tax benefit/(expense)						(3,524)		(2,354)
Net realized and unrealized gains on investment and derivatives	36,519		151			74,234		151
Net investment income/(loss)						28,723		(7,991)
Net increase / (decrease) in net assets resulting from operations	$	32,013	$	(528)		$	59,402	$	(528)
Net realized and unrealized gains/(losses) on investments and derivatives
Net realized gains/(losses):
Non-controlled/non-affiliated investments						83		—
Derivatives						112		919
Net realized gains						195		919
Net unrealized gains/(losses):
Non-controlled/non-affiliated investments						38,484		20,122
Controlled/affiliated investments						2,820		—
Derivatives						2,239		(4,978)
Income tax expense						(17,499)		—
Net unrealized gains						26,044		15,144
Net realized and unrealized gains on investments and derivatives						26,239		16,063
Net increase in net assets resulting from operations						$	54,962	$	8,072

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

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of ~~September~~March 3031, ~~2025~~2026

($ in thousands)

(unaudited)

Non-controlled/non-affiliated investments

Company	~~Investment~~Coupon(4)		~~Coupon~~Reference(4)		~~Reference~~Spread(4)		~~Spread(4)~~Acquisition Date		~~Acquisition~~Maturity Date	~~Maturity~~Shares/ ~~Date~~Units	~~Shares/ Units~~Principal		~~Principal~~Cost		~~Cost~~Fair Value			~~Fair~~% ~~Value~~of Net Assets				~~% of Net Assets~~
Renewable Energy
Debt investments
Aspen Renewables Equity Holdings LLC (1)(5)	Ordinary Units								03/2025		4,900				$	431,262		$	473,880		(2)
First lien senior secured loans
Denali Equity Holdings LLC (1)(5)	Class A Units								09/2024		3,749				340,994			356,603			(2)
Chemicals
Tango Holdings LLC (1)(5)	Class A Units								07/2025		453,089				458,342			476,155			(2)
SCIH Salt Holdings Inc.	6.35	%	SOFR (Q)		2.75	%			01/2029		$	7,481	$	7,481	$	7,457
TerraForm Power Operating, LLC	First lien senior secured loan		6.00	%	SOFR (Q)		2.00	%		05/2029			$	1,492	1,472			1,489
													7,481		7,457			0.24		%
															1,232,070			1,308,127				90.27	%
Commercial services and supplies
Electric Utilities
Covanta Holding Corporation	5.93		SOFR (M)		2.25				01/2031		4,495		4,487		4,482
Alpha Generation LLC	First lien senior secured loan		6.16	%	SOFR (M)		2.00	%		09/2031			5,784		5,784			5,772
													4,487		4,482			0.14		%
Astoria Energy LLC	First lien senior secured loan		6.91	%	SOFR (M)		2.75	%		06/2032			6,281		6,262			6,293
Data centers
Bayonne Energy Center, LLC	First lien senior secured loan		7.04	%	SOFR (Q)		3.00	%		09/2032			4,000		3,988			3,990
CMH01 Holdings LP(5)(6)	8.03		SOFR (M)		4.35				07/2028		113,848		110,333		109,674
Cogentrix Finance Holdco I, LLC	First lien senior secured loan		6.41	%	SOFR (M)		2.25	%		02/2032			7,704		7,715			7,714
CW Nest Property Owner LLC(5)(6)	7.42		SOFR (M)		3.75				11/2028		52,799		48,876		49,107
Cornerstone Generation, LLC	First lien senior secured loan		7.48	%	SOFR (Q)		3.25	%		10/2031			8,760		8,791			8,815
Galaxy Helios LLC(5)(6)	8.43		SOFR (M)		4.75				08/2028		76,402		72,880		76,259
EFS Cogen Holdings I LLC	First lien senior secured loan		7.00	%	SOFR (Q)		3.00	%		10/2031			13,214		13,256			13,291
PowerHouse Data LCX, LLC(5)(6)	8.62		SOFR (M)		4.95				05/2027		29,358		28,574		28,565
Hill Top Energy Center, LLC	First lien senior secured loan		7.41	%	SOFR (Q)		3.25	%		06/2032			9,087		9,115			9,087
													260,663		263,605			8.42		%
Lackawanna Energy Center LLC	First lien senior secured loan		7.25	%	SOFR (M)		3.00	%		08/2032			4,386		4,379			4,418
Electric utilities
South Field Energy LLC	First lien senior secured loan		7.00	%	SOFR (Q)		3.00	%		08/2031			8,995		8,977			9,002
Alpha Generation LLC	5.42		SOFR (M)		1.75				09/2031		14,222		14,225		14,173
															68,267			68,382				4.72	%
Astoria Energy LLC	5.95		SOFR (Q)		2.25				06/2032		4,783		4,790		4,783
Oil, Gas and Consumable Fuels
Astoria Energy LLC	5.92		SOFR (M)		2.25				06/2032		8,874		8,889		8,876
Buckeye Partners LP	First lien senior secured loan		5.75	%	SOFR (Q)		1.75	%		09/2032			1,992		1,992			1,992
Bayonne Energy Center, LLC	6.70		SOFR (Q)		3.00				10/2032		14,078		14,094		14,078
Freeport LNG investments, LLLP	First lien senior secured loan		7.59	%	SOFR (Q)		3.26	%		11/2026			3,519		3,508			3,516
Carroll County Energy LLC	6.45		SOFR (Q)		2.75				06/2031		16,201		16,235		16,261
Freeport LNG investments, LLLP	First lien senior secured loan		7.58	%	SOFR (Q)		3.25	%		12/2028			6,183		6,150			6,178
Cogentrix Finance Holdco I, LLC	5.92		SOFR (M)		2.25				02/2032		11,242		11,258		11,236
ITT Holdings LLC	First lien senior secured loan		6.64	%	SOFR (M)		2.48	%		10/2030			1,744		1,744			1,743
Cornerstone Generation, LLC	5.92		SOFR (Q)		2.25				08/2032		18,403		18,435		18,390
M6 ETX Holdings II Midco LLC	First lien senior secured loan		9.25	%	SOFR (Q)		2.00	%		04/2032			3,990		3,986			3,990
CPV Fairview, LLC	6.20		SOFR (Q)		2.50				08/2031		4,826		4,835		4,799
M6 ETX Holdings II Midco LLC	First lien senior secured loan		6.53	%	SOFR (Q)		2.50	%		04/2032			2,095		2,098			2,095
Hamilton Projects Acquiror, LLC	6.17		SOFR (M)		2.50				05/2031		5,217		5,233		5,222
Oryx Midstream Services Permian Basin LLC	First lien senior secured loan		6.42	%	SOFR (M)		2.25	%		10/2028			6,050		6,027			6,047
Hill Top Energy Center, LLC	6.92		SOFR (Q)		3.25				06/2032		13,806		13,856		13,815
Invenergy Thermal Operating I LLC	6.38		SOFR (Q)		2.75				05/2032		4,682		4,694		4,684
Lackawanna Energy Center LLC	6.42		SOFR (M)		2.75				08/2032		24,098		24,150		24,088
Lightning Power, LLC	5.92		SOFR (M)		2.25				08/2031		5,899		5,918		5,906		(3)
South Field Energy LLC	6.70		SOFR (Q)		3.00				08/2031		12,988		12,989		12,997
													159,601		159,308			5.09		%
Electrical equipment
Resilience Parent, LLC	6.13		SOFR (Q)		2.50				02/2033		4,001		3,999		3,977
WEC US Holdings Inc.	5.67		SOFR (M)		2.00				01/2031		14,158		14,154		14,127
													18,153		18,104			0.58		%
Health care technology
Project Ruby Ultimate Parent Corp.	6.53		SOFR (M)		2.86				03/2028		6,806		6,820		6,768
													6,820		6,768			0.22		%

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of ~~September~~March 3031, ~~2025~~2026

($ in thousands)

(unaudited)

Company	~~Investment~~Coupon(4)		~~Coupon~~Reference(4)		~~Reference~~Spread(4)		~~Spread(4)~~Acquisition Date		~~Acquisition~~Maturity Date	~~Maturity~~Shares/ ~~Date~~Units	~~Shares/ Units~~Principal		~~Principal~~Cost		~~Cost~~Fair Value			~~Fair~~% ~~Value~~of Net Assets		~~% of Net Assets~~
Pasadena Performance Products, LLC (5)	First lien senior secured loan		7.25	%	SOFR (Q)		3.25	%		02/2032			1,995		1,997			1,995
Independent power and renewable electricity producers
Prairie ECI Acquiror LP	First lien senior secured loan		7.91	%	SOFR (M)		3.75	%		08/2029			7,460		7,464			7,494
Calpine Construction Finance Company, L.P.	5.42	%	SOFR (M)		1.75	%			07/2030		$	6,354	$	6,351	$	6,353
TransMontaigne Operating Company L.P.	First lien senior secured loan		6.66	%	SOFR (M)		2.50	%		11/2028			5,733		5,742			5,734
Potomac Energy Center, LLC	6.42		SOFR (Q)		2.75				08/2032		14,873		14,899		14,873
WhiteWater Matterhorn Holdings, LLC	First lien senior secured loan		6.31	%	SOFR (Q)		2.25	%		06/2032			3,550		3,548			3,546
Talen Energy Supply LLC	5.67		SOFR (M)		2.00				11/2032		11,432		11,412		11,430		(3)
															44,256			44,330		3.06	%
													32,662		32,656			1.04	%
Gas Utilities
Machinery
Potomac Energy Center, LLC	First lien senior secured loan		7.32	%	SOFR (Q)		3.00	%		08/2032			10,008		10,006			10,040
Osmosis Buyer Limited	6.41		SOFR (Q)		2.75				07/2028		2,490		2,489		2,483
Venture Global	First lien senior secured loan		6.39	%	SOFR (M)		2.23	%		05/2029			3,555		3,564			3,555
													2,489		2,483			0.08	%
Venture Global (5)	First lien senior secured loan		6.38	%	SOFR (M)		2.23	%		05/2029			445		446			445
Oil, gas and consumable fuels
															14,016			14,040		0.97	%
AL GCX Holdings, LLC	5.92		SOFR (M)		2.25				12/2032		12,000		11,956		11,989
Software
BCP Renaissance Parent L.L.C.	5.95		SOFR (Q)		2.25				10/2031		10,845		10,857		10,791
Applied Systems, Inc.	First lien senior secured loan		6.25	%	SOFR (Q)		2.25	%		02/2031			1,045		1,042			1,045
Blackfin Pipeline LLC	6.69		SOFR (M)		3.00				09/2032		5,985		5,984		6,009
Cloud Software Group, Inc.	First lien senior secured loan		7.25	%	SOFR (Q)		3.25	%		03/2031			3,995		3,983			4,009
Buckeye Partners LP	5.42		SOFR (M)		1.75				11/2032		3,982		3,989		3,993
Ellucian Holdings Inc.	First lien senior secured loan		6.91	%	SOFR (M)		2.75	%		10/2029			4,037		4,050			4,035
Colossus AcquireCo LLC	5.38		SOFR (Q)		1.75				07/2032		8,526		8,503		8,491
															9,075			9,089		0.63	%
CPPIB OVM Member U.S. LLC	5.95		SOFR (Q)		2.25				08/2031		5,832		5,829		5,825
Insurance
Freeport LNG investments, LLLP	6.89		SOFR (Q)		3.25				02/2033		22,600		22,485		22,581
Acrisure, LLC	First lien senior secured loan		7.16	%	SOFR (M)		3.00	%		11/2030			497		491			496
GIP Pilot Acquisition Partners, L.P.	5.65		SOFR (Q)		2.00				10/2030		5,000		5,013		4,999
															491			496		0.03	%
ITT Holdings LLC	5.64		SOFR (M)		1.98				10/2030		4,987		4,981		4,967
Diversified Telecommunication Services
M6 ETX Holdings II Midco LLC	6.17		SOFR (M)		2.50				04/2032		11,071		11,094		11,100
QualityTech, LP (5)	First lien senior secured loan		7.72	%	SOFR (M)		3.50	%		11/2031			5,477		5,500			5,477
Oryx Midstream Services Permian Basin LLC	5.93		SOFR (M)		2.25				10/2028		13,379		13,372		13,383
															5,500			5,477		0.38	%
Par Petroleum LLC/Par Petroleum Finance Corp	6.93		SOFR (Q)		3.25				02/2030		1,990		1,997		1,988		(3)
Capital Markets
Pasadena Performance Products, LLC (5)	6.95		SOFR (Q)		3.25				02/2032		3,811		3,820		3,782
BCP Renaissance Parent LLC	First lien senior secured loan		6.50	%	SOFR (Q)		2.50	%		10/2028			5,865		5,863			5,871
Prairie ECI Acquiror LP	6.92		SOFR (M)		3.25				08/2029		8,803		8,810		8,810
															5,863			5,871		0.41	%
TransMontaigne Operating Company L.P.	5.92		SOFR (M)		2.25				03/2030		13,507		13,543		13,477
Health Care Technology
Traverse Midstream Partners LLC	6.17		SOFR (Q)		2.50				02/2028		8,250		8,287		8,243
Project Ruby Ultimate Parent Corp.	First lien senior secured loan		7.03	%	SOFR (M)		2.86	%		03/2028			5,840		5,856			5,841
Venture Global	5.89		SOFR (M)		2.23				05/2029		1,577		1,581		1,570		(3)
															5,856			5,841		0.40	%
Venture Global (5)	5.89		SOFR (M)		2.23				05/2029		197		198		197		(3)
WhiteWater Matterhorn Holdings, LLC	5.45		SOFR (Q)		1.75				06/2032		4,138		4,123		4,112
WhiteWater Whistler Holdings, LLC	5.50		SOFR (Q)		1.75				02/2030		12,021		12,006		11,986
													158,428		158,293			5.06	%
Software
Cloud Software Group, Inc.	6.95		SOFR (Q)		3.25				03/2031		3,975		3,964		3,629
ConnectWise, LLC	7.46		SOFR (Q)		3.76				09/2028		4,961		4,970		4,568
Ellucian Holdings Inc.	6.17		SOFR (M)		2.50				10/2029		7,002		7,024		6,799
													15,958		14,996			0.48	%
Total first lien senior secured loans													666,742		668,152			21.35	%

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of ~~September~~March 3031, ~~2025~~2026

($ in thousands)

(unaudited)

Company	~~Investment~~Coupon(4)		~~Coupon~~Reference(4)		~~Reference~~Spread(4)		~~Spread(4)~~Acquisition Date		~~Acquisition~~Maturity Date	~~Maturity~~Shares/ ~~Date~~Units	~~Shares/ Units~~Principal		~~Principal~~Cost		~~Cost~~Fair Value			~~Fair~~% ~~Value~~of Net Assets				~~% of Net Assets~~
Multi-Utilities
Senior subordinated loans
Hamilton Projects Acquiror, LLC	First lien senior secured loan		6.66	%	SOFR (M)		2.50	%		05/2031			5,405		5,423			5,416
Data centers
															5,423			5,416				0.37	%
Retained Vantage Data Centers Intermediate Holdco, L.P.(5)(6)	9.50	%	N/A		9.50	%			12/2031		$	63,979	$	60,915	$	60,741
Energy Equipment and Services
Stack SJ Holdings Parent A-I, LLC(5)(6)	9.25		N/A		9.25				06/2030		83,753		83,149		80,730
CPPIB OVM Member U.S. LLC	First lien senior secured loan		6.50	%	SOFR (Q)		2.50	%		08/2031			2,288		2,277			2,291
Total senior subordinated loans													144,064		141,471			4.52		%
															2,277			2,291				0.16	%
Total debt investments													$	810,806	$	809,623		25.87		%
Technology Hardware, Storage and Peripherals
Equity investments
ConnectWise, LLC	First lien senior secured loan		7.76	%	SOFR (Q)		3.76	%		09/2028			2,487		2,492			2,490
Other equity
Stack SJ Holdings Parent A-I, LLC (5)	Senior Subordinated Loan		9.25	%	N/A		9.25	%		06/2030			137,500		25,136			25,123
Independent power and renewable electricity producers
															27,628			27,613				1.91	%
Denali Equity Holdings LLC (1)(5)							03/2025			3,749			330,908		352,185		(2)
Commercial Services and Supplies
Total other equity													330,908		352,185			11.25		%
Covanta Holding Corporation	First lien senior secured loan		6.41	%	SOFR (M)		2.25	%		01/2031			2,000		1,995			1,994
Common equity
															1,995			1,994				0.14	%
Independent power and renewable electricity producers
Financial Services
Aspen Renewables Equity Holdings LLC (1)(5)							09/2024			4,900			431,267		483,667		(2)
Colossus AcquireCo LLC	First lien senior secured loan		5.87	%	SOFR (Q)		1.75	%		07/2032			1,500		1,494			1,491
Pioneer JV Holdings LLC (1)(5)(6)							10/2025			49			729,355		761,208		(2)
															1,494			1,491				0.10	%
Sierra Equity Holdings LLC (1)(5)(6)							12/2025			4,900			155,589		164,062		(2)
Construction and Engineering
Tango Holdings, LLC (1)(5)(6)							07/2025			511,202			514,285		557,480		(2)
Traverse Midstream Partners LLC	First lien senior secured loan		6.81	%	SOFR (Q)		2.50	%		02/2028			1,250		1,249			1,251
													1,830,496		1,966,417			62.82		%
															1,249			1,251				0.09	%
Total common equity													1,830,496		1,966,417			62.82		%
Electrical Equipment
Total equity investments													2,161,404		2,318,602			74.08		%
WEC US Holdings Ltd.	First lien senior secured loan		6.53	%	SOFR (M)		2.25	%		01/2031			1,077		1,070			1,077
Total non-controlled/non-affiliated investments													$	2,972,210	$	3,128,225		99.94		%
															1,070		1,070	1,077				0.07	%
Machinery
AI Aqua Merger Sub, Inc.	First lien senior secured loan		7.28	%	SOFR (M)		3.00	%		07/2028			746		740			747			(3)
															740			747				0.05	%
Total Investments															$	1,427,270		$	1,503,533			103.75	%

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of ~~September~~March 3031, ~~2025~~2026

($ in thousands)

(unaudited)

Controlled/affiliated investments

Company	~~Investment~~Coupon(4)	~~Coupon~~Reference(4)	~~Reference~~Spread(4)	~~Spread(4)~~Acquisition Date	~~Acquisition~~Maturity Date	~~Maturity~~Shares/ ~~Date~~Units	~~Shares/ Units~~Principal	~~Principal~~Cost		~~Cost~~Fair Value			~~Fair~~% ~~Value~~of Net Assets				~~% of Net Assets~~
Gas Utilities
Equity investments
Meade Pipeline Co LLC (1)(5)(7)	Class A Units				09/2025		43			$	202,888		$	202,805		(2)
Common equity
Redwood Meade Midstream MPC, LLC (1)(5)(7)	Class A Units				09/2025		50			35,459			35,459			(2)
Oil, gas & consumable fuels
										238,347			238,264				16.44	%
Meade Pipeline Co LLC (1)(5)				09/2025		43		$	201,487	$	215,952	(2)
Total Investments										$	238,347		$	238,264			16.44	%
Redwood Meade Midstream MPC, LLC (1)(5)				09/2025		50		35,212		37,764		(2)
								236,699		253,716			8.11		%
Transportation infrastructure
AEJV SPV LP (1)(5)				03/2026		84,546,000		84,713		84,713		(2)
								84,713		84,713			2.70		%
Total common equity								321,412		338,429			10.81		%
Total equity investments								321,412		338,429			10.81		%
Total controlled/affiliated investments								321,412		338,429			10.81		%
Total investments								$	3,293,622	$	3,466,654		110.76		%

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of March 31, 2026

($ in thousands)

(unaudited)

Cash Equivalents

Company	~~Investment~~	~~Coupon(4)~~Acquisition Date	Maturity Date	Dividend Yield		~~Maturity Date~~Units	Cost		~~Interest~~Fair ~~Rate(6)~~Value			~~Principal~~% of Net Assets		~~Cost~~		~~Fair Value~~		~~% of Net Assets~~
First American U.S. Treasury Sweep (Y Shares)	Money Market Fund	—				N/A			3.76		%	169		169		169
Treasury Bill		01/2026	04/2026	3.41	%	225,000	$	224,665	$	224,660
First American U.S. Treasury Sweep (Y Shares)	Money Market Fund	—				N/A			3.80		%	235		235		235
Treasury Bill		03/2026	06/2026	3.58		200,000	198,434		198,442
														404		404		0.03	%
First American U.S. Treasury Sweep (Y Shares)		02/2025	N/A	3.24		165	165		165
Total Cash Equivalents														$	404	$	404	0.03	%
First American U.S. Treasury Sweep (Y Shares)		07/2025	N/A	3.24		174	174		174
Total Cash Equivalents							$	423,438	$	423,441		13.53	%

(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~~March 3031, ~~2025~~2026, the aggregate fair value of these securities ~~was~~is $12,~~544~~657.90 million, orwhich ~~106~~represents 84.6189% of the Fund'’s (as defined below) net assets. ~~The~~or ~~initial~~60.86% ~~acquisition~~of ~~dates~~the ~~have~~Fund’s ~~been~~total ~~included for such securities~~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, 0.0548% 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~~March 3031, ~~2025~~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), ~~semi-annually~~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~~March 3031, ~~2025~~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 investment.

(6) ~~These~~As ~~rates~~of ~~indicate~~March ~~dividend~~31, ~~yield~~2026, asthe ~~they~~Fund ~~relate~~had commitments to ~~Money~~fund ~~Market~~various ~~Funds~~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 March 31, 2026.

(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 three months ended ~~September~~ 30March 31, ~~2025~~2026, ~~there~~the ~~were~~Fund’s ~~purchases of~~ controlled/affiliated investments ofwere ~~$202,888~~as ~~related~~follows: to Meade Pipeline Co, LLC and $35,459 related to Redwood Meade Midstream MPC, LLC and there was no net realized gain or loss, net increase or decrease related to unrealized gain or loss, or distribution income recognized for these affiliated investments.


Company	Fair value as of December 31, 2025		Gross Additions		Gross Reductions		Net realized gains/(losses)		Net unrealized gains/(losses)		Fair value as of March 31, 2026		Dividend and Interest Income
Meade Pipeline Co LLC	$	214,956	$	—	$	1,401	$	—	$	2,397	$	215,952	$	5,672
Redwood Meade Midstream MPC, LLC	37,589		—		248		—		423		37,764		1,001
AEJV SPV LP	—		84,713		—		—		—		84,713		—
	$	252,545	$	84,713	$	1,649	$	—	$	2,820	$	338,429	$	6,673

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of ~~September~~March 3031, ~~2025~~2026

($ in thousands)

(unaudited)

Derivative Instruments

Interest Rate Swaps

Description

~~Fund Pays~~

Fund ~~Receives~~Pays

~~Counterparty~~

~~Maturity~~Fund ~~Date~~Receives

~~Payment Frequency~~

~~Notional Amount~~Counterparty

~~Fair~~Corresponding ~~Value~~Debt

~~UpfrontPayments/Receipts~~Maturity Date

~~Unrealized~~Payment ~~Appreciation / (Depreciation)~~Frequency

Notional Amount

Fair Value

Upfront Payments/Receipts

Unrealized Appreciation/(Depreciation)

Interest rate swap

~~2.525~~

~~Daily SOFR~~2.525

~~BNP Paribas~~

~~09/2029~~Daily SOFR

~~Quarterly~~

$BNP Paribas

~~40,468~~

$Denali Credit Agreement

~~3,500~~

$09/2029

—

$Quarterly

~~3,500~~

39,666

3,880

—

3,880

Interest rate swap

~~2.530~~

~~Daily SOFR~~2.530

~~MUFG Bank, Ltd.~~

~~09/2029~~Daily SOFR

~~Quarterly~~

40MUFG Bank,~~468~~ Ltd.

~~3,486~~Denali Credit Agreement

—09/2029

~~3,486~~Quarterly

39,666

3,867

—

3,867

Interest rate swap

~~4.194~~

~~Daily SOFR~~4.194

~~NatWest Markets Plc~~

~~09/2029~~Daily SOFR

~~Quarterly~~

~~20,232~~NatWest Markets Plc

~~(823)~~Denali Credit Agreement

—09/2029

~~(823)~~Quarterly

19,831

(544)

—

(544)

Interest rate swap

~~4.194~~

~~Daily SOFR~~4.194

~~Bayerische Landesbank~~

~~09/2029~~Daily SOFR

~~Quarterly~~

~~15,372~~Bayerische Landesbank

~~(625)~~Denali Credit Agreement

—09/2029

~~(625)~~Quarterly

15,067

(413)

—

(413)

Interest rate swap

~~4.194~~

~~Daily SOFR~~4.194

~~PNC Bank, National Association~~

~~09/2029~~Daily SOFR

~~Quarterly~~

15PNC Bank,~~372~~ National Association

~~(625)~~Denali Credit Agreement

—09/2029

~~(625)~~Quarterly

15,067

(413)

—

(413)

Interest rate swap

~~4.194~~

~~Daily SOFR~~4.194

~~Bank of China Limited New York Branch~~

~~09/2029~~Daily SOFR

~~Quarterly~~

~~13,080~~Bank of China Limited New York Branch

~~(532)~~Denali Credit Agreement

—09/2029

~~(532)~~Quarterly

12,821

(351)

—

(351)

Interest rate swap

~~4.194~~

~~Daily SOFR~~4.194

~~Canadian Imperial Bank of Commerce~~

~~09/2029~~Daily SOFR

~~Quarterly~~

~~12,296~~Canadian Imperial Bank of Commerce

~~(500)~~Denali Credit Agreement

—09/2029

~~(500)~~Quarterly

12,053

(330)

—

(330)

Interest rate swap

~~4.059~~

~~Daily SOFR~~4.059

~~MUFG Bank, Ltd.~~

~~03/2030~~Daily SOFR

~~Quarterly~~

18MUFG Bank,~~750~~ Ltd.

~~(482)~~Aspen Credit Agreement

—03/2030

~~(482)~~Quarterly

18,750

(127)

—

(127)

Interest rate swap

~~4.058~~

~~Daily SOFR~~4.058

~~BNP Paribas~~

~~03/2030~~Daily SOFR

~~Quarterly~~

~~18,750~~BNP Paribas

~~(480)~~Aspen Credit Agreement

—03/2030

~~(480)~~Quarterly

18,750

(125)

—

(125)

Interest rate swap

~~4.158~~

~~Daily SOFR~~3.757

~~Canadian Imperial Bank of Commerce~~

~~07/2030~~Daily SOFR

~~Quarterly~~

~~92,375~~BNP Paribas

~~(3,464)~~Aspen Credit Agreement

—03/2030

~~(3,464)~~Quarterly

65,430

152

—

152

Interest rate swap

~~4.158~~

~~Daily SOFR~~3.759

~~Société Générale SA~~

~~07/2030~~Daily SOFR

~~Quarterly~~

23MUFG Bank,~~094~~ Ltd.

~~(866)~~Aspen Credit Agreement

—03/2030

~~(866)~~Quarterly

65,430

143

—

143

Interest rate swap

~~4.158~~

~~Daily SOFR~~4.158

~~NatWest Markets Plc~~

~~07/2030~~Daily SOFR

~~Quarterly~~

~~23,094~~Canadian Imperial Bank of Commerce

~~(866)~~Tango Credit Agreement

—07/2030

~~(866)~~Quarterly

69,281

(1,216)

—

(1,216)

Total

(2,277)

—

(2,277)

Interest rate swap

4.158

Daily SOFR

Societe Generale

Tango Credit Agreement

07/2030

Quarterly

23,094

(406)

—

(406)

Interest rate swap

4.158

Daily SOFR

NatWest Markets Plc

Tango Credit Agreement

07/2030

Quarterly

23,094

(405)

—

(405)

Interest rate swap

4.158

Daily SOFR

Sumitomo Bank

Tango Credit Agreement

07/2030

Quarterly

23,094

(406)

—

(406)

Interest rate swap

3.875

Daily SOFR

Societe Generale

Pioneer Credit Agreement

10/2030

Quarterly

84,750

1,054

—

1,054

Interest rate swap

3.884

Daily SOFR

Natixis Bank, New York Branch

Pioneer Credit Agreement

10/2030

Quarterly

84,750

963

—

963

Total

630,594

5,323

—

5,323

911

Table of Contents

ARES CORE INFRASTRUCTURE FUND

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, ~~2024~~2025

($ in thousands)

~~(unaudited)~~Non-controlled/non-affiliated investments

Non-controlled/non-affiliated investment


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	%

Company (1)	Investment	Acquisition Date	Shares/ Units	Cost		Fair Value		% of Net Assets
Renewable Energy
Denali Equity Holdings LLC (2)	Class A units	09/2024	3,749	$	347,531	$	339,136	216.77	%
Total Investment				$	347,531	$	339,136	216.77	%

~~(1)~~Table ~~The Fund's portfolio company investment, which as~~ of ~~December 31, 2024 represented 216.77% of the Fund’s net assets or 89.10% of the Fund’s total assets, may be subject to legal restrictions on sales.~~Contents

~~(2)~~ARES ~~The~~CORE ~~fair~~INFRASTRUCTURE value of the Fund’s investment is determined using unobservable inputs that are significant to the overall fair value measurement. 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 investment.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	%

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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.

(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 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.


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~~Pays		~~Counterparty~~	~~Maturity~~Fund ~~Date~~Receives	~~Payment Frequency~~	~~Notional Amount~~Counterparty		~~Fair~~Corresponding ~~Value~~Debt		~~UpfrontPayments/Receipts~~Maturity Date		~~Unrealized~~Payment ~~Appreciation / (Depreciation)~~Frequency		Notional Amount		Fair Value		Upfront Payments/Receipts		Unrealized Appreciation/(Depreciation)
Interest rate swap	~~2.525~~	%	~~Daily SOFR~~2.525	%	~~BNP Paribas~~	~~09/2029~~Daily SOFR	~~Quarterly~~	$BNP Paribas	~~41,006~~	$Denali Credit Agreement	~~5,200~~	$09/2029	—	$Quarterly	~~5,200~~	$	40,132	$	3,756	$	—	$	3,756
Interest rate swap	~~2.530~~	%	~~Daily SOFR~~2.530		~~MUFG Bank, Ltd.~~	~~09/2029~~Daily SOFR	~~Quarterly~~	41MUFG Bank,~~006~~ Ltd.		~~5,214~~Denali Credit Agreement		—09/2029		~~5,214~~Quarterly		40,132		3,743		—		3,743
Interest rate swap	~~4.194~~	%	~~Daily SOFR~~4.194		~~NatWest Markets Plc~~	~~09/2029~~Daily SOFR	~~Quarterly~~	~~20,500~~NatWest Markets Plc		~~(215)~~Denali Credit Agreement		—09/2029		~~(215)~~Quarterly		20,064		(684)		—		(684)
Interest rate swap	~~4.194~~	%	~~Daily SOFR~~4.194		~~Bayerische Landesbank~~	~~09/2029~~Daily SOFR	~~Quarterly~~	~~15,576~~Bayerische Landesbank		~~(127)~~Denali Credit Agreement		—09/2029		~~(127)~~Quarterly		15,244		(519)		—		(519)
Interest rate swap	~~4.194~~	%	~~Daily SOFR~~4.194		~~PNC Bank, National Association~~	~~09/2029~~Daily SOFR	~~Quarterly~~	15PNC Bank,~~576~~ National Association		~~(173)~~Denali Credit Agreement		—09/2029		~~(173)~~Quarterly		15,244		(519)		—		(519)
Interest rate swap	~~4.194~~	%	~~Daily SOFR~~4.194		~~Bank of China Limited New York Branch~~	~~09/2029~~Daily SOFR	~~Quarterly~~	~~13,254~~Bank of China Limited New York Branch		~~(177)~~Denali Credit Agreement		—09/2029		~~(177)~~Quarterly		12,972		(441)		—		(441)
Interest rate swap	~~4.194~~	%	~~Daily SOFR~~4.194		~~Canadian Imperial Bank of Commerce~~	~~09/2029~~Daily SOFR	~~Quarterly~~	~~12,460~~Canadian Imperial Bank of Commerce		~~(132)~~Denali Credit Agreement		—09/2029		~~(132)~~Quarterly		12,195		(415)		—		(415)
Total										$	9,590	$	—	$	9,590
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)

	For the three months ended September 30, 2025		For the three months ended September 30, 2024		For the nine months ended September 30, 2025		For the period from May 7, 2024 (inception) to September 30, 2024
			Three months ended March 31,
Operations:
					2026		2025
Net investment loss	$	(4,506)	$	(679)	$	(14,832)	$	(679)
Operations:
Net realized gains	361		—		1,525		—
Net investment income/(loss)					$	28,723	$	(7,991)
Net unrealized gains	36,158		151		72,709		151
Net realized gains					195		919
Net increase / (decrease) in net assets resulting from operations	32,013		(528)		59,402		(528)
Net unrealized gains					26,044		15,144
Distributions to shareholders:
Net increase in net assets resulting from operations					54,962		8,072
Distributed capital in excess of par - Class I	(33,208)		—		(62,959)		—
Distributions to shareholders:
Net decrease in net assets from distributions	(33,208)		—		(62,959)		—
Distributed capital in excess of par—Class I					(66,221)		(11,355)
Share transactions:
Distributed capital in excess of par—Class S					(2,767)		—
Class I:
Distributed capital in excess of par—Class D					(14)		—
Proceeds from shares sold	639,948		155,665		1,294,757		155,665
Net decrease in net assets from distributions					(69,002)		(11,355)
Distributions reinvested	7,021		—		13,184		—
Share transactions:
Repurchased shares, net of early repurchase deduction	(11,662)		—		(11,662)		—
Class I:
Net increase in net assets from share transactions	635,307		155,665		1,296,279		155,665
Proceeds from shares sold					930,749		412,827
Total increase in net assets	634,112		155,137		1,292,722		155,137
Share transfers between classes					249		—
Net assets, beginning of period	815,063		—		156,453		—
Distributions reinvested					17,694		2,597
Net assets, end of period	$	1,449,175	$	155,137	$	1,449,175	$	155,137
Repurchased shares, net of early repurchase deduction of $35					(16,375)		—
Net increase in net assets from share transactions					932,317		415,424
Class S:
Proceeds from shares sold					116,553		—
Share transfers between classes					—		—
Distributions reinvested					821		—
Repurchased shares, net of early repurchase deduction					—		—
Net increase in net assets from share transactions					117,374		—
Class D:
Proceeds from shares sold					—		—
Share transfers between classes					(249)		—
Distributions reinvested					10		—
Repurchased shares, net of early repurchase deduction					—		—
Net decrease in net assets from share transactions					(239)		—
Total increase in net assets					1,035,412		412,141
Net assets, beginning of period					2,094,585		156,453
Net assets, end of period					$	3,129,997	$	568,594

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)

	For the nine months ended September 30, 2025		For the period from May 7, 2024 (inception) to September 30, 2024
	Three months ended March 31,
OPERATING ACTIVITIES:
	2026		2025
Net increase / (decrease) in net assets resulting from operations	$	59,402	$	(528)
OPERATING ACTIVITIES
Adjustments to reconcile net increase / (decrease) in net assets resulting from operations to net cash used in operating activities:
Net increase in net assets resulting from operations	$	54,962	$	8,072
Net accretion of investments	(12)		—
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments	(1,365,868)		(347,854)
Net accretion of investments	(1,061)		—
Amortization of deferred debt issuance costs	1,823		61
Purchases of investments	(357,812)		(430,935)
Amortization of offering costs	3,271		148
Amortization of deferred financing costs	1,625		329
Change in deferred tax liability, net	17,326		—
Amortization of offering costs	173		1,017
Net change in unrealized (gain) / loss on investments	(84,576)		—
Change in deferred tax liability, net	21,023		2,354
Net change in unrealized (gain) / loss on derivatives	11,867		(151)
Net change in unrealized (gain)/loss on investments	(41,304)		(20,122)
Realized (gain) / loss on investments	253		—
Net change in unrealized (gain)/loss on derivatives	(2,239)		4,978
Return of capital from investments	9,526		—
Realized gain on investments	(83)		—
Proceeds from repayments or sales of investments	38,015		—
Return of capital from investments	13,479		6,407
Proceeds from repayments or sales of investments	40,513		—
Changes in operating assets and liabilities:
Management fee payable	1,482		—
Prepaid expenses	—		324
Capital gains and income based incentive fee payable	9,642		—
Management fees payable	1,176		555
Accrued expenses	(3,795)		(148)
Capital gains incentive fee payable	1,011		2,008
Other assets	(409)		—
Income based incentive fee payable	(370)		—
Interest payable	835		697
Accrued expenses	(825)		(1,355)
Unsettled trades payable	31,643		—
Other assets	(1,970)		—
Net cash used in operating activities	(1,269,575)		(347,775)
Interest payable	2,150		(2,048)
FINANCING ACTIVITIES:
Unsettled trades payable	(149,864)		23,536
Net proceeds from issuance of common stock	1,294,757		155,665
Net cash used in operating activities	(419,416)		(404,880)
Borrowings from term loans	234,750		212,504
FINANCING ACTIVITIES
Repayments of term loans	(2,786)		—
Net proceeds from issuance of common stock	1,047,302		412,827
Payments for debt issuance costs	(12,837)		(5,594)
Borrowings from term loans	—		50,000
Repurchased shares, net of early repurchase deduction	(11,662)		—
Repayments of term loans	(2,419)		—
Distributions to shareholders	(43,241)		—
Payments for deferred financing costs	(5,699)		(4,934)
Net cash provided by financing activities	1,458,981		362,575
Repurchased shares, net of early repurchase deduction	(16,375)		—
Net change in cash, cash equivalents and restricted cash	189,406		14,800
Distributions to shareholders	(41,623)		(9,368)
Cash, cash equivalents and restricted cash, beginning of period	27,317		—
Net cash provided by financing activities	981,186		448,525
Cash, cash equivalents and restricted cash, end of period	$	216,723	$	14,800
Net change in cash, cash equivalents and restricted cash	561,770		43,645
Cash, cash equivalents and restricted cash, beginning of period	320,802		27,317
Cash, cash equivalents and restricted cash, end of period	$	882,572	$	70,962
Supplemental Information:
Interest paid during the period	$	1412,~~380~~891	$	—5,687
Distribution declared and payable during the period	$	12,276	$	—
Non-cash financing activity:
Offering costs	$39	~~1,007~~	$9	~~1,771~~
Net proceeds from distribution reinvestment plan	$	13,184	$	—
Distribution reinvested	18,525		2,597

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

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~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.

~~Prior~~Following to the BDC Election, the Fund ~~operated~~commenced asholding amonthly closings for its continuous private ~~fund~~offering inof ~~reliance~~securities on(the an“Private ~~exemption~~Offering”), ~~from~~in connection with which the ~~definition~~Fund ofissues ~~“investment~~Shares ~~company”~~to ~~under~~investors ~~Section~~for 3a purchase price per Share equal to the Fund’s net asset value (c“NAV”)~~(7)~~ as of the ~~1940~~last ~~Act~~calendar day of the previous month. AsNAV ais ~~private~~generally ~~fund,~~expected to be available within 20 business days after the ~~Fund~~effective ~~held~~date ~~closings~~of ~~from~~the monthly closing, at which time the number of Shares issued to ~~time~~each investor based on the applicable NAV will be determined and such Shares, as applicable, will be credited to ~~investors~~the ~~who~~investor’s ~~are~~account ~~(i)~~as ~~“accredited~~of ~~investors”~~the ~~within~~effective date of the ~~meaning~~monthly closing. Each of ~~Regulation~~the DFund’s ~~under~~closings in connection with the ~~1933~~Private ~~Act,~~Offering will be conducted in reliance on exemptions from the registration requirements of the 1933 Act, ~~and~~including ~~(ii)~~the ~~“qualified~~exemption ~~purchasers”~~provided asby ~~defined~~Section ~~under~~4(a)(2) of the ~~1940~~1933 Act. Atand ~~each~~Regulation ~~such~~D ~~closing,~~promulgated ~~each~~thereunder. ~~investor~~The ~~made~~Fund areserves ~~capital~~the ~~commitment~~right to ~~purchase~~conduct ~~Shares~~additional ~~pursuant~~offerings toof asecurities ~~subscription~~in ~~agreement~~the ~~entered~~future ~~into~~in ~~with~~addition to the ~~Fund~~Private Offering. ~~Investors~~In ~~are~~addition, ~~required~~although tothe ~~fund~~Fund ~~drawdowns~~intends to ~~purchase~~issue Shares upon toa monthly basis, the ~~amount~~Fund ofretains ~~their~~the ~~respective~~right, ~~capital~~if ~~commitment~~determined ~~(“Capital~~by ~~Commitment”)~~it onin anits ~~as-needed~~sole ~~basis~~discretion, ~~each~~to ~~time~~accept subscriptions and issue Shares, in amounts to be determined by the Fund, ~~delivers~~more aor ~~drawdown~~less ~~notice.~~frequently Asto ofone ~~the~~or ~~date~~more ofinvestors ~~this~~for ~~report~~regulatory, notax ~~Capital~~or ~~Commitments~~other ~~remain outstanding~~reasons.

~~The~~On ~~Fund~~April ~~converted~~8, ~~to a BDC on December 2~~2025, ~~2024~~the ~~and~~Fund ~~has~~received ~~commenced~~exemptive ~~holding~~relief ~~monthly~~from ~~closings effective as of~~ the ~~first~~Securities ~~business~~and ~~day~~Exchange ofCommission ~~each month for its continuous private offering of securities~~ (the “~~Private Offering~~SEC”), inthat ~~connection~~permits ~~with which~~ the Fund ~~issues Shares~~ to ~~investors~~offer ~~for a purchase price per Share equal~~ to ~~the~~sell ~~Fund’s~~multiple ~~net~~classes ~~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~~Shares ~~in connection~~ with ~~the~~varying ~~Private~~sales ~~Offering~~loads ~~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~~impose ~~additional~~asset-based 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~~distribution ~~frequently~~fees toand ~~one~~early orwithdrawal ~~more investors for regulatory~~fees, ~~tax~~as ~~or other reasons~~applicable.

13On 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~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

On(“Class ~~April~~S 8,Shares”) ~~2025~~and Class I common shares of beneficial interest (“Class I Shares”), ~~the~~and ~~Fund~~reclassified ~~received~~all ~~exemptive~~existing ~~relief~~Shares ~~from~~as Class I Shares. Other than the ~~Securities~~differences in ongoing shareholder servicing and/or ~~Exchange~~distribution ~~Commission~~fees, ~~(the~~each ~~“SEC”)~~class ~~that~~of ~~permits~~Shares has the ~~Fund~~same toeconomics ~~offer~~and tovoting ~~sell~~rights. ~~multiple~~While ~~classes~~an investment in any Share class of the Fund’s ~~Shares~~represents ~~with~~an ~~varying~~investment ~~sales~~in ~~loads~~the ~~and~~same toassets ~~impose~~of ~~asset-based~~the Fund, the purchase restrictions and~~/or~~ ~~distribution~~ongoing fees and ~~early~~expenses ~~withdrawal~~for ~~fees,~~each asShare ~~applicable~~class are different.

OnNo ~~May~~underwriting ~~14,~~discounts ~~2025,~~or incommissions ~~reliance~~have onbeen ~~such~~or ~~exemptive~~will ~~relief,~~be ~~the~~paid ~~Fund’s~~in ~~Board~~connection ofwith ~~Trustees (~~the ~~“Board”)~~sale ~~adopted~~of asuch ~~Multi-Class~~Shares. ~~Plan~~Although (the ~~“Multi-Class~~Fund ~~Plan”)~~does innot ~~accordance~~charge ~~with~~investors ~~Rule~~an ~~18f-3~~upfront ~~under~~sales ~~the~~load ~~1940 Act and a distribution and shareholder servicing plan~~ (~~the~~an “~~Distribution~~Upfront ~~and~~Sales ~~Shareholder Servicing Plan~~Load”). ~~In connection~~ with ~~the~~respect ~~approval~~to ofits ~~the Multi-Class Plan~~Shares, onif ~~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 ~~shares~~or ~~of beneficial interest (“~~Class NS Shares~~”),~~ ~~Class~~are Spurchased ~~common~~through ~~shares~~certain ofselling ~~beneficial~~agents, ~~interest~~shareholders ~~(“Class~~may Sbe ~~Shares”)~~charged ~~and~~an ~~Class~~Upfront ISales ~~common~~Load ~~shares~~or oftransaction ~~beneficial~~or ~~interest~~other ~~(“Class I Shares”)~~fees, ~~and~~including ~~reclassified~~brokerage ~~all~~commissions, ~~existing~~in ~~Shares~~such amount as ~~Class~~such Iselling ~~Shares.~~agents ~~Other~~may ~~than~~determine, ~~the~~provided ~~differences~~that insuch ~~ongoing~~charges ~~shareholder~~are ~~servicing~~subject ~~and/or~~to ~~distribution~~a ~~fees,~~2.0% ~~each~~cap ~~class~~on ofNAV ~~Shares~~for ~~has~~Class ~~the~~D ~~same~~Shares, ~~economics~~a ~~and voting rights~~2.0% ~~While~~cap anon ~~investment~~NAV infor ~~any~~Class ~~Share~~N ~~class~~Shares ofand ~~the~~a ~~Fund~~3.5% ~~represents~~cap anon ~~investment~~NAV infor ~~the~~Class ~~same~~S ~~assets~~Shares. ofTo the ~~Fund,~~extent ~~the~~any ~~purchase~~such ~~restrictions~~Upfront ~~and~~Sales ~~ongoing~~Load ~~fees~~or ~~and~~other ~~expenses~~fees ~~for each Share class~~ are ~~different.~~received Asby ofthe ~~September~~Placement 30Agent, ~~2025,~~such ~~the~~amounts ~~Fund~~will ~~had~~be ~~not~~reallowed ~~issued~~to ~~any~~the ~~Class~~applicable Dselling ~~Shares, Class N Shares or Class S Shares~~agent. ~~See~~No ~~“Subsequent~~Upfront ~~Events”~~Sales ~~for~~Loads ~~information~~may ~~about~~be ~~issuances~~charged ofon ~~Shares~~Class ~~subsequent~~I ~~to September 30, 2025~~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 ~~accounts~~funds and/or Treasury Bills ~~held~~with ~~for~~maturity dates of 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. AsThe offollowing ~~September~~table ~~30,~~provides ~~2025~~a ~~and~~reconciliation ~~December 31,~~of ~~2024,~~cash ~~the~~and ~~Fund~~cash ~~had~~equivalents ~~$0.4~~reported ~~million~~within ~~and~~the ~~$0,~~statement ~~respectively,~~ of ~~cash~~assets ~~equivalents.~~and liabilities:


	As of

	March 31, 2026		December 31, 2025
Cash	$	441,572	$	296,165
Cash equivalents	423,441		347
Total cash and cash equivalents	$	865,013	$	296,512

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~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, Tango Credit Agreement and ~~Tango~~Pioneer 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 ~~accounts~~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 ~~financial~~assets ~~position~~and liabilities that sum to the total of the same such amounts shown in the statement of cash flows:

	As of
	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	~~202~~865,~~393~~013	$	25296,~~528~~512
Restricted cash	1417,~~330~~559		124,~~789~~290
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$	~~216~~882,~~723~~572	$	27320,~~317~~802

~~Organization and~~ Offering Expenses

~~Organization~~Offering costs ~~are~~include ~~expensed~~costs asassociated ~~incurred.~~with ~~Organization~~the ~~costs~~Private ~~consist~~Offering. ofOffering costs ~~incurred~~may tobe ~~establish~~reimbursed by the ~~Fund~~Adviser, ~~and~~subject ~~enable~~to itpotential ~~legally~~repayment. toFor docontinuous ~~business.~~offerings, ~~Organization~~offering costs ~~may~~are bethen ~~reimbursed~~amortized byover the ~~Adviser,~~twelve ~~subject~~months tofollowing ~~potential~~the ~~repayment~~expense being incurred on a straight-line basis.

Offering costs include costs associated with the preparation of the Registration Statement on Form 10, initially filed with the SEC on October 3, 2024 and offering of Shares. Offering costs were accounted for as deferred costs until operations commenced on August 28, 2024. 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

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

~~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 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

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

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.

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. Discounts from and premiums to par value on investments 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 anthe ~~accrual~~date ~~basis~~it tois ~~the~~declared ~~extent~~by ~~that~~private ~~such~~portfolio ~~amounts~~companies ~~are~~or ~~payable~~on by the ~~portfolio~~ex-dividend ~~company~~date ~~and~~for ~~are~~publicly ~~expected~~traded toportfolio ~~be collected~~companies. ~~Distribution~~Because ~~income~~we onhold ~~common~~mostly ~~and~~private ~~other~~portfolio companies, distributions on equity isinvestments ~~recorded~~are ontypically ~~the~~declared ~~date~~and itpaid isto ~~received~~the ~~for~~Fund ~~private~~in ~~portfolio~~the ~~companies~~quarter orsubsequent onto when the ~~ex-dividend~~associated ~~date~~income ~~for~~is ~~publicly~~generated ~~traded~~by the respective portfolio ~~companies~~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~~March 3031, 2026 and 2025, the Fund received $1940.1 7 million and $366.4 3 million, ~~respectively,~~ of distributions from investments, of which $313.0 5 million and $96.5 3 million, respectively, were classified as a return of capital.

Other Income

Other income is recorded on an accrual basis to the extent that such amounts are payable and are expected to be collected. For the three months ended March 31, 2026, other income relates to deal termination 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.

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 ~~(regardless of whether such income is U.S. source)~~ at the rates applicable to corporations without deduction for any distributions to the investors.

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

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~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the majority of the Fund’s portfolio was concentrated in four investments ~~and one investment, 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.

Related Party Transactions

OnAs ~~February~~of 3,March ~~2025~~31, ~~the~~2026 ~~Fund~~and ~~agreed~~December to31, ~~sell~~2025, ~~Shares~~the toFund ~~affiliates~~had ~~and~~received ~~employees~~aggregate ofcapital ~~the~~contributions ~~Adviser~~totaling ~~for~~approximately an$52.0 ~~aggregate~~million ~~purchase~~and ~~price of~~ $5047.03 million, inrespectively, ~~full~~from ~~satisfaction~~affiliates of ~~all~~the ~~remaining capital call obligations of such affiliates and employees~~Adviser.

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 ~~December~~November ~~2023~~2024, the FASB issued ASU No. ~~2023~~2024-0903, “Income ~~Taxes~~Statement—Reporting ~~(Topic~~Comprehensive ~~740): Improvements to~~ Income—Expense ~~Tax~~Disaggregation Disclosures (“ASU ~~2023~~2024-0903”),” which isrequires ~~intended~~disaggregated todisclosure ~~enhance~~of ~~the~~certain ~~transparency~~costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income ~~tax~~statement ~~disclosures~~captions. ASU ~~2023~~2024-0903 is effective for ~~annual~~fiscal ~~periods~~years beginning after December 15, ~~2024~~2026, and isinterim toperiods bebeginning ~~adopted~~with onthe afirst ~~prospective~~quarter ~~basis~~ended ~~with~~March ~~the~~31, ~~option~~2028. toEarly ~~apply~~adoption ~~retrospectively~~and retrospective application is permitted. The Fund is currently assessing the impact of this guidance.

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.24

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

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.

On September 29, 2025, the Investment Advisory Agreement was amended and restated to clarify certain language related to the treatment of distributions received when calculating incentive fees payable under the Investment Advisory Agreement. The terms of the Investment Advisory Agreement were otherwise unchanged.

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. The Adviser waived its right to receive its management fee for the period prior to the BDC Election. The Adviser extended the waiver until the Fund'’s first monthly closing as a BDC. The Fund incurred $48.15 million and $70.69 million for the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, respectively, ~~and~~in ~~$0.2 million~~management ~~for~~fees ~~both~~under the ~~three~~Investment ~~months~~Advisory ~~ended~~Agreement. ~~September~~The ~~30,~~Adviser ~~2024~~did ~~and~~not ~~for~~voluntarily ~~the~~waive ~~period~~any ~~from~~management ~~May~~fees 7,earned ~~2024 (inception) to September 30, 2024,~~ in ~~management~~accordance ~~fees~~with ~~under~~ the Investment Advisory Agreement. ~~For~~for the three months ended ~~September 30,~~March ~~2025~~31, ~~no management fees were waived by the Adviser~~2026. The Adviser ~~has chosen to~~ voluntarily ~~waive~~waived $0.2 million ~~for~~of ~~the~~management ~~nine~~fees ~~months~~earned ~~ended September 30, 2025 and $0.2 million~~ for ~~both~~ the three months ended ~~September~~March 3031, ~~2024 and for the period from May 7, 2024 (inception) to September 30, 2024, of management fees earned in accordance with the Investment Advisory Agreement~~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 (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.

1925

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

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 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.

2026

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

~~attributable~~Each toyear, the ~~amortization~~fee paid for the capital gains incentive fee is net of ~~such~~the ~~investment,~~aggregate ~~whether~~amount ~~such~~of ~~calculated~~any ~~Contractual~~previously ~~Cost~~paid ~~Basis~~capital isgains ~~higher~~incentive orfee ~~lower~~for ~~than~~all prior periods. In no event will the ~~fair~~capital ~~value~~gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of ~~such~~the ~~investment~~amount (permitted by the Investment Advisers Act of 1940 including Section 205 thereof. If the Investment Advisory Agreement shall terminate as ~~determined~~of ina ~~accordance~~date ~~with~~that ~~GAAP)~~is atnot a calendar year end, the ~~time~~termination shall be treated as though it were a calendar year end for purposes of ~~acquisition~~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.

~~Each~~Notwithstanding ~~year,~~anything to the ~~fee~~contrary ~~paid~~in ~~for~~ the ~~capital~~Investment ~~gains~~Advisory ~~incentive~~Agreement, ~~fee~~and isother ~~net~~than of the ~~aggregate~~repayment ~~amount~~ of ~~any~~principal ~~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~~respect of ~~the~~a ~~amount~~loan, ~~permitted~~distributions received by the ~~Investment~~Fund ~~Advisers~~in ~~Act~~respect of ~~1940~~its ~~including~~investments ~~Section~~that ~~205~~are ~~thereof.~~treated ~~If the Investment Advisory Agreement shall terminate~~ as of a ~~date~~return ~~that~~of iscapital ~~not~~for aGAAP ~~calendar~~purposes ~~year end~~will, ~~the~~without ~~termination~~duplication, ~~shall~~(i) be treated as ~~though~~income itfor ~~were~~the apurpose ~~calendar~~of ~~year~~calculating ~~end~~the ~~for~~income ~~purposes~~portion of ~~calculating~~the Incentive Fee and ~~paying~~(ii) anot ~~capital~~be ~~gains~~taken ~~incentive~~into ~~fee.~~account ~~The~~to ~~fees~~the ~~that~~extent ~~are~~they ~~payable~~would ~~under~~increase the ~~Investment~~capital ~~Advisory~~gain ~~Agreement~~or ~~for~~decrease ~~any~~the ~~partial~~capital ~~period~~loss ~~will~~related beto ~~appropriately~~a ~~prorated~~particular ~~and~~investment ~~adjusted~~ for ~~any~~the ~~Share~~purposes ~~issuances~~of orcalculating ~~repurchases~~the ~~during~~capital gains portion of the ~~relevant~~Incentive ~~period~~Fee.

~~For~~The ~~the~~base ~~three~~management ~~and nine months ended September 30~~fee, ~~2025, the Fund accrued an~~ income based fee of $1.6 million. No income based fee was earned for the three months ended September 30, 2024 or for the period from May 7, 2024 (inception) to September 30, 2024. There were no capital gains incentive fees payable to the Adviser as calculated under the Investment Advisory Agreement for the three and ~~nine months ended September 30, 2025, for the three months ended September 30, 2024 or for the period from May 7, 2024 (inception) to September 30, 2024. In accordance with GAAP, the Fund accrued a~~ capital gains incentive fee ~~of $3.3 million and $8.0 million, respectively,~~ for the three ~~and nine~~ months ended ~~September~~March ~~30, 2025. As of September 30, 2025 and December~~ 31, ~~2024,~~2026 ~~the Fund has accrued a cumulative capital gains incentive fee in accordance with GAAP of $8.2 million~~ and ~~$0.1 million,~~2025 ~~respectively.~~were as follows:


	Three months ended March 31,
	2026		2025

Base management fee	$	8,476	$	882
Income based incentive fee	1,983		—
Capital gains incentive fee (1)	1,011		2,008

(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 months ended March 31, 2026 and 2025. In addition, in accordance with GAAP, the Fund had cumulatively accrued a capital gains incentive fee of $12.4 million and $11.3 million, respectively, as of March 31, 2026 and December 31, 2025. As of March 31, 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 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 $0.4 million and $1.7 million for the three and nine months ended September 30, 2025, respectively, and $0.5 million for both the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024, 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).27

Expense Support and Conditional Reimbursement Agreement

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

~~Adviser~~The ~~pursuant to which, among other things, the~~ Fund’s ~~Adviser~~incurred ~~may~~$0.3 million ~~advance~~and a$0.7 million ~~portion~~for of the ~~Fund’s~~three ~~organization~~months ~~and~~ended ~~initial~~March ~~offering expenses~~31, ~~which~~2026 ~~includes the Fund’s organization~~ and ~~initial~~2025, ~~offering~~respectively, ~~expenses incurred~~ in ~~connection~~administrative ~~with~~fees ~~the~~allocated ~~Private~~to ~~Offering through~~ the ~~date~~Fund offrom the ~~BDC~~Administrator, ~~Election.~~which ~~The~~are ~~Fund’s~~included ~~Adviser~~in ~~may~~“Administration ~~elect~~fees” toin ~~pay certain of~~ the Fund’s ~~other~~consolidated ~~expenses~~statements onof ~~the Fund’s behalf (collectively with the organization and initial offering expenses~~operations, ~~each,~~including ancertain ~~“Expense~~costs ~~Payment”), provided~~ that noare ~~portion~~reimbursable ofunder the ~~Expense~~Administration ~~Payment~~Agreement, ~~will~~all ~~be used to pay any interest expense or distribution and/or shareholder servicing fees~~ of ~~the~~which ~~Fund.~~have ~~Any~~been ~~Expense~~supported ~~Payment~~by ~~that~~ the Fund’s Adviser ~~has~~pursuant ~~committed~~ to ~~pay must be paid by~~ the ~~Fund’s~~Expense ~~Adviser~~Support ~~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~~Conditional ~~against~~Reimbursement ~~amounts~~Agreement ~~due~~(as ~~from~~defined ~~the Fund to the Fund’s Adviser or its affiliates~~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. 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 (excluding any management or incentive fee) that, after giving effect to the recoupment, is lower than the expense ratio (excluding any management or incentive fee) at the time of the fee waiver or expense reimbursement and (ii) a distribution rate (exclusive of return of capital, 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).

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.28

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.

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

~~A&R~~provisions ~~Placement~~of ~~Agent~~the ~~Agreement~~Declaration of Trust were clarified to reference relevant limitations applicable pursuant to federal securities laws.

On ~~May~~January 14, 2025, the Fund amended and ~~Ares~~restated ~~Wealth~~its ~~Management~~bylaws ~~Services, LLC~~ (the “~~AWMS~~A&R Bylaws”) asto ~~placement~~make ~~agent~~changes ~~for~~that ~~the~~conform ~~Shares,~~with ~~entered into an Amended and Restated Placement Agent Agreement (~~the “A&R ~~Placement~~Declaration ~~Agent~~of ~~Agreement”)~~Trust. The A&R ~~Placement~~Bylaws ~~Agent~~became ~~Agreement~~effective ~~amends~~concurrently ~~and~~with ~~restates in its entirety~~ the ~~existing~~A&R ~~placement~~Declaration ~~agent agreement, by and between the Fund and AWMS, to account for the sale~~ of ~~multiple classes of the Fund's Shares~~Trust.

~~The~~On ~~Fund~~March ~~will~~12, ~~indemnify~~2025, ~~AWMS~~the inFund ~~connection~~amended ~~with~~and ~~its~~restated ~~activities. Pursuant to~~ the A&R ~~Placement~~Declaration ~~Agent~~of ~~Agreement,~~Trust ~~AWMS~~in ~~has~~its ~~access~~entirety. toThe ~~the~~A&R ~~officers~~Declaration ~~and employees~~ of ~~the~~Trust ~~Adviser~~was ~~and~~amended ~~its~~to ~~affiliates,~~comply ~~including~~with ~~Ares~~Japanese ~~Management~~regulations ~~Capital~~relating ~~Markets LLC,~~ to ~~conduct~~marketing ~~private~~the ~~placement~~Fund ~~activities. AWMS may retain affiliated and unaffiliated broker-dealers~~ to ~~act~~Japanese ~~as selling agents in the private offering~~investors.

~~The A&R~~ 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 AWMS, in each case on 60 days’ written notice to the other party. The A&R Placement Agent Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act.

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 ~~AWMS,~~the asPlacement ~~placement~~Agent ~~agent~~ for the Shares, a 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, ~~AWMS~~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~~Shares, Class N ~~shares~~Shares and Class S ~~shares~~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 ~~AWMS~~the Placement Agent, but ~~AWMS~~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 AWMS and any dealers party thereto, pursuant to which such dealers will sell various classes of the Fund’s Shares.

~~Pursuant~~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 ~~agents~~shareholders may ~~directly~~be ~~charge~~charged ~~such shareholders~~ an Upfront Sales Load (as defined below) or transaction or other fees, including brokerage commissions, in such amount as ~~they~~such selling agents may determine, provided that ~~selling agents limit~~ 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. ~~The~~To ~~Fund~~the ~~does~~extent ~~not~~any ~~charge~~such ~~investors an~~ Upfront Sales Load ~~with~~or ~~respect~~other tofees ~~Class~~are Dreceived ~~Shares,~~by ~~Class~~the NPlacement ~~Shares~~Agent, ~~Class~~such Samounts ~~Shares~~will orbe ~~Class~~reallowed Ito ~~Shares~~the applicable selling agent.

2329

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ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

4. INVESTMENTS

As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, investments consisted of the following:

	As of
	September 30, 2025				December 31, 2024
	March 31, 2026				December 31, 2025
	Cost		Fair Value		Cost		Fair Value
Common equity	$	12,~~127~~151,~~951~~908	$	12,~~188~~304,~~299~~846	$	—2,049,696	$	—2,168,096
First lien senior secured loans	171,536		171,772		$	—	$	—
Other equity	330,908		352,185		340,995		354,399
Senior Subordinated Loans	25,136		25,123		—		—
First lien senior secured loans	666,742		668,152		507,515		508,273
Other equity	340,994		356,603		347,531		339,136
Senior subordinated loans	144,064		141,471		90,449		89,618
Total investments	$	13,~~665~~293,~~617~~622	$	13,~~741~~466,~~797~~654	$	~~347~~2,~~531~~988,655	$	~~339~~3,~~136~~120,386
Derivative contracts, at fair value (asset)	$	—	$	610,~~986~~059	$	—	$	109,~~414~~358
Derivative contracts, at fair value (liability)	—		(94,~~263~~736)		—		(~~824~~6,274)
Total derivative contracts	$	—	$	(25,~~277)~~323	$	—	$	93,~~590~~084

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~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 were as follows:

	As of
	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
Industry
Renewable Energy	75.1	%	100.0	%
Independent power and renewable electricity producers	67.8	%	73.8	%
Gas Utilities	14.5	%	—	%
Oil, gas and consumable fuels	11.9		12.5
Electric Utilities	3.9	%	—	%
Data centers (1)	11.7		—
Oil, Gas and Consumable Fuels	2.6	%	—	%
Electric utilities	4.6		3.9
Technology Hardware, Storage and Peripherals	1.6	%	—	%
Transportation infrastructure	2.5		—
Software	0.5	%	—	%
Electrical equipment	0.5		0.2
Capital Markets	0.3	%	—	%
Software	0.4		0.6
Health Care Technology	0.3	%	—	%
Chemicals	0.2		0.2
Diversified Telecommunication Services	0.3	%	—	%
Health care technology	0.2		0.2
Multi-Utilities	0.3	%	—	%
Commercial services and supplies	0.1		0.2
Financial Services	0.1	%	—	%
Machinery	0.1		0.1
Commercial Services and Supplies	0.1	%	—	%
IT services	—		7.0
Construction and Engineering	0.1	%	—	%
Multi-utilities	—		0.2
Electrical Equipment	0.1	%	—	%
Specialized REITs	—		1.1
Energy Equipment and Services	0.1	%	—	%
Machinery	0.1	%	—	%
Total	100.0	%	100.0	%
(1) As of March 31, 2026, the Fund reclassified the industry classifications of certain investments from IT services and specialized REITs to data centers. The reclassification had no impact on the consolidated statement of assets and liabilities as of December 31, 2025.
	As of
	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
Geographic Region
Geographic region
United States	100.0	%	100.0	%
Total	100.0	%	100.0	%

As of ~~September 30~~March 31, ~~2025~~2026 and December 31, ~~2024~~2025, there were no investments on non-accrual status.

2430

Table of Contents

ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~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 ~~September 30, 2025 and for the three months~~ ended ~~September~~March 3031, ~~2024~~2026 and ~~for~~2025 ~~the period from May 7, 2024 (inception) to September 30, 2024~~ was as follows:

		For the three months ended September 30, 2025				For the three months ended September 30, 2024				For the nine months ended September 30, 2025				For the period from May 7, 2024 (inception) to September 30, 2024
				Three months ended March 31,
	Maturity Date	Average Outstanding Amount		Average Rate		Average Outstanding Amount		Average Rate		Average Outstanding Amount		Average Rate		Average Outstanding Amount		Average Rate
						2026				2025
Denali Credit Agreement	September 2029	$	210,198	6.37	%	$	46,196	1.57	%	$	211,429	6.36	%	$	28,912	0.98	%
	Maturity Date									Average Outstanding Amount		Weighted Average Rate		Average Outstanding Amount		Weighted Average Rate
Aspen Credit Agreement	March 2030	50,000		6.12	%	—		—	%	36,813		4.50	%	—		—	%
Denali Credit Agreement	09/2029									$	206,527	5.69	%	$	212,504	6.36	%
ACI Portfolio Aggregator Credit Agreement	April 2027	—		—	%	—		—	%	—		—	%	—		—	%
Aspen Credit Agreement	03/2030									224,481		5.39		10,000		6.07
Tango Credit Agreement	July 2030	130,530		4.14	%	—		—	%	43,988		1.39	%	—		—	%
ACI Portfolio Aggregator Credit Agreement	04/2027									20,000		6.29		—		—
BNP Funding Facility	September 2027	—		—	%	—		—	%	—		—	%	—		—	%
Tango Credit Agreement	07/2030									184,750		5.18		—		—
Total for all Loans		$	390,728	5.54	%	$	46,196	1.57	%	$	292,230	4.08	%	$	28,912	0.98	%
BNP Funding Facility	03/2028									200,000		4.93		—		—
Pioneer Credit Agreement	10/2030									226,000		5.18		—		—
Total										$	1,061,758	5.30	%	$	222,504	6.35	%

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 a $~~209~~205.76 million term loan (the “Denali Term Loan”), of which $205.6 million was drawn as of March 31, 2026, and a $10.2 million debt service letters of credit facility (“Denali DSR LC Facility”), of which nothing was drawn as of March 31, 2026. As of December 31, 2025, $208.0 million was drawn on the Denali Term Loan and 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. ACI Denali will make interest payments quarterly, which payments began in February 2025. 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

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 atwo portfolio ~~company~~companies of the Fund ~~and includes a $228~~.~~1 million~~ delayed draw term loan (the “Aspen Term Loan”), of which $50.0 million was drawn as of September 30, 2025, and a $15.6 million debt service letters of credit facility (“Aspen DSR LC Facility”). Outstanding borrowings under the Aspen Term Loan bear interest annually at the SOFR plus 1.75%, with a 0.125% step-up after three years, and outstanding undrawn commitments under the Aspen Term Loan have a commitment fee of 0.60% annually. The Aspen Borrower will make interest payments quarterly, which payments began in

25On 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”).

Table of Contents

ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

~~August~~The ~~2025~~First Aspen Amendment, among other things, provides for an additional (a) $249.9 million ~~The~~delayed draw term loan, and (b) $16.1 million debt service letters of credit facility. After giving effect to the First Aspen ~~DSR~~Amendment, LCthe ~~Facility~~Aspen Credit Agreement provides for an aggregate term loan facility of approximately $478.0 million (the “Aspen Term Loan”), of which $224.5 million was drawn as of March 31, 2026, and debt service letters of credit facility of $31.7 million (“Aspen DSR LC Facility”), orof ~~loans~~which ~~for~~nothing ~~draws~~was ~~under~~drawn ~~such~~as of March 31, 2026. As of December 31, 2025, $224.5 million was drawn on the Aspen Term Loan and nothing was drawn on the Aspen DSR LC Facility. Pursuant to ~~support~~the ~~contractual~~terms ~~obligations~~of ~~related~~the toFirst Aspen Amendment, the ~~minimum~~interest ~~debt~~rate ~~service~~charged ~~reserve~~on ~~amount~~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 LCTerm ~~fees~~Loan ~~are~~have ~~payable~~a ~~quarterly~~commitment infee ~~arrears~~of 0.60% annually. In addition, atpursuant anto ~~amount~~the ~~equal~~terms of the First Aspen Amendment, the rate for Aspen DSR LC Facility fees under the Aspen Credit Agreement decreased from 1.725% to 1.75625%, in each case multiplied by the stated amount of the ~~Aspen~~applicable ~~LC,~~letter of credit and with a 0.125% step-up after ~~three~~March ~~years.~~14, 2028.

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, ~~the Fund’s wholly owned subsidiary~~ ACI Portfolio Aggregator SPV LLC, aas ~~Delaware~~borrower ~~limited liability company~~ (~~the~~ “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, ~~as the borrower,~~ NatWest Markets Plc (“NatWest”), as administrative agent, and the lenders from time to time party thereto. ~~The~~On March 25, 2026 ACI Portfolio Aggregator ~~Credit~~increased ~~Agreement~~the ~~provides~~aggregate aamount ~~revolving~~of ~~line~~total ofcommitments ~~credit~~available inunder anthe ~~aggregate~~ACI ~~principal~~Portfolio ~~amount~~Aggregator ofCredit Agreement from $50.0 million ~~(each~~to ~~borrowing thereunder, the “ACI Portfolio Aggregator Loans”)~~$200.0 million. There were no$20.0 million in borrowings drawn on the ACI Portfolio Aggregator Credit Agreement as of ~~September~~March 3031, 2026 and December 31, 2025.

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. 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 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 a $334.8 million delayed draw term loan (the “Tango Term Loan Facility”), of which $184.8 million was drawn as of September 30, 2025, and a $18.8 million debt service letters of credit facility (“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 $184.8 million amount outstanding was drawn as a SOFR loan. Outstanding undrawn commitments under the Tango Term Loan Facility have a commitment fee of 0.50% annually. ACI Tango will make interest payments quarterly beginning on November 7, 2025. The

2632

Table of Contents

ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

signatories thereto. The Tango Credit Agreement is related to ACI Tango's investment in a portfolio company of the Fund and includes a $334.8 million delayed draw term loan (the “Tango Term Loan”), of which $184.8 million was drawn as of March 31, 2026, and a $18.8 million debt service letters of credit facility (“Tango DSR LC Facility”), of which nothing was drawn as of March 31, 2026. As of December 31, 2025, $184.8 million was drawn on the Tango Term Loan and 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 $184.8 million amount outstanding was drawn as a SOFR loan. Outstanding undrawn commitments under the Tango Term Loan Facility have a commitment fee of 0.50% annually. ACI Tango will make interest payments quarterly, which payments began in November 2025. 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 (the “BNP Funding Facility”) with ACI Liquid Aggregator SPV, LLC, 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, that (i) provides a facility amount of $200.0 million and (ii) has a reinvestment period ending on September 23, 2027 ~~and a final maturity date of March 23, 2028~~. 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.

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%. 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. There were no$200.0 million in borrowings drawn on the BNP Funding Facility as of ~~September~~March 3031, 2026 and December 31, 2025.

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.

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ARES CORE INFRASTRUCTURE FUND

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of March 31, 2026
($ in thousands, except share data, percentages and as otherwise indicated)

Pioneer Credit Agreement

~~See~~On October 3, 2025, ACI Pioneer Member, LLC as borrower (the “~~Note~~Pioneer ~~13.~~Borrower”) ~~Subsequent~~and ~~Events~~ACI Pioneer Holdings, LLC as pledgor (the “Pioneer Pledgor”), ~~for~~each a ~~subsequent~~wholly-owned ~~event~~subsidiary ~~relating~~of tothe 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 ~~defined~~coordinating ~~below~~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 a $542.2 million delayed draw term loan facility (the “Pioneer Term Loan”), of which $226.0 million was drawn as of March 31, 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 March 31, 2026. As of December 31, 2025, $226.0 million was drawn on the Pioneer Term Loan and 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. The Pioneer Borrower began making interest payments quarterly in January 2026, and ending on the maturity date in accordance with an amortization schedule attached to the Pioneer Credit Agreement.

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

See “Note 13. Subsequent Events” for a subsequent event relating to the Fund’s acquisition of two wholly owned indirect subsidiaries who are parties to the Rover 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 and the ~~Tango~~Pioneer Credit Agreement. Under the interest rate swap agreements, the Fund pays a fixed interest rate and receives a floating interest rate of SOFR ~~plus an applicable spread~~. The interest rate swaps of the Fund are not hedging instruments in accordance with ASC 815.

As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~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.

27The net change in unrealized appreciation (depreciation) related to the interest rate swaps was approximately $2.2 million and $(5.0) million for the three months ended March 31, 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

Table of Contents

ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

The net unrealized appreciation (depreciation) related to the interest rate swaps was approximately $(5.7) million and $(11.9) million for the three and nine months ended September 30, 2025, respectively, and $0.2 million for both the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024, 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. For the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, there were net interest rate swap payments received resulting in a realized gain of $0.51 million and $10.89 million, respectively. ~~For both the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024, there were no net swap payments.~~

The balance sheet impact of fair valuing the interest rate swaps as of ~~September~~March 3031, ~~2025~~2026 is presented below:

Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of RecognizedLiabilities		Collateral (Received) Pledged		Net Amount		Consolidated ~~Statement~~Statements of Assets and Liabilities
Interest rate swap	$	4039,~~468~~666	09/2029	$	3,~~500~~880	$	—	$	—	$	3,~~500~~880	Derivative contracts, at fair value
Interest rate swap	4039,~~468~~666		09/2029	3,~~486~~867		—		—		3,~~486~~867		Derivative contracts, at fair value
Interest rate swap	2019,~~232~~831		09/2029	—		(~~823~~544)		—		(~~823~~544)		Derivative contracts, at fair value
Interest rate swap	15,~~372~~067		09/2029	—		(~~625~~413)		—		(~~625~~413)		Derivative contracts, at fair value
Interest rate swap	15,~~372~~067		09/2029	—		(~~625~~413)		—		(~~625~~413)		Derivative contracts, at fair value
Interest rate swap	1312,~~080~~821		09/2029	—		(~~532~~351)		—		(~~532~~351)		Derivative contracts, at fair value
Interest rate swap	12,~~296~~053		09/2029	—		(~~500~~330)		—		(~~500~~330)		Derivative contracts, at fair value
Interest rate swap	18,750		03/2030	—		(~~482~~127)		—		(~~482~~127)		Derivative contracts, at fair value
Interest rate swap	18,750		03/2030	—		(~~480~~125)		—		(~~480~~125)		Derivative contracts, at fair value
Interest rate swap	9265,~~375~~430		0703/2030	—152		~~(3,464)~~—		—		~~(3,464)~~152		Derivative contracts, at fair value
Interest rate swap	2365,~~094~~430		0703/2030	—143		~~(866)~~—		—		~~(866)~~143		Derivative contracts, at fair value
Interest rate swap	2369,~~094~~281		07/2030	—		(~~866~~1,216)		—		(~~866~~1,216)		Derivative contracts, at fair value
Total				$	6,986	$	(9,263)	$	—	$	(2,277)
Interest rate swap	23,094		07/2030	—		(406)		—		(406)		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	—		(405)		—		(405)		Derivative contracts, at fair value
Interest rate swap	23,094		07/2030	—		(406)		—		(406)		Derivative contracts, at fair value
Interest rate swap	84,750		10/2030	1,054		—		—		1,054		Derivative contracts, at fair value
Interest rate swap	84,750		10/2030	963		—		—		963		Derivative contracts, at fair value
Total				$	10,059	$	(4,736)	$	—	$	5,323

28The 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

Table of Contents

ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

~~The~~For ~~balance~~the ~~sheet~~three ~~impact~~months ofended ~~fair~~March ~~valuing~~31, 2026 and 2025, the average outstanding notional value of interest rate swaps aswas of$631.3 million ~~December~~and $166.9 31million, ~~2024~~respectively. ~~is presented below:~~

Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of RecognizedLiabilities		Collateral (Received) Pledged		Net Amount		Consolidated Statement of Assets and Liabilities
Interest rate swap	$	41,006	09/2029	$	5,200	$	—	$	—	$	5,200	Derivative contracts, at fair value
Interest rate swap	41,006		09/2029	5,214		—		—		5,214		Derivative contracts, at fair value
Interest rate swap	20,500		09/2029	—		(215)		—		(215)		Derivative contracts, at fair value
Interest rate swap	15,576		09/2029	—		(127)		—		(127)		Derivative contracts, at fair value
Interest rate swap	15,576		09/2029	—		(173)		—		(173)		Derivative contracts, at fair value
Interest rate swap	13,254		09/2029	—		(177)		—		(177)		Derivative contracts, at fair value
Interest rate swap	12,460		09/2029	—		(132)		—		(132)		Derivative contracts, at fair value
Total				$	10,414	$	(824)	$	—	$	9,590

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. For the three months ended September 30, 2024 and for the period from May 7, 2024 (inception) to September 30, 2024, the average outstanding interest rate swap amount was $34.6 million and $21.7 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~~March 31, ~~2025~~2026, 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~~March 31, ~~2025~~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 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 will be obligated to reimburse the Fund’s Adviser for such advanced expenses within three years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the total amount of advanced expenses subject to recoupment by the Adviser was $1217.46 million and $314.89 million, respectively, with expirations as follows:

For the Quarter Ended

Amount

Eligible for Reimbursement through (1)

June 30, 2024

2,050

June 30, 2027

September 30, 2024

1,231

September 30, 2027

December 31, 2024

~~494~~493

December 31, 2027

March 31, 2025

2,908

March 31, 2028

June 30, 2025

2,668

June 30, 2028

September 30, 2025

3,007

September 30, 2028

December 31, 2025

2,564

December 31, 2028

March 31, 2026

2,631

March 31, 2029

(1) Individual expenses are only 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.

~~The~~As ~~corresponding~~of ~~amount~~March 31, ~~due~~2026 toand ~~the~~December 31, ~~Fund’s~~2025, ~~Adviser~~Available isOperating ~~netted~~Funds ~~against~~did not exceed the ~~amount~~cumulative ~~due~~distributions ~~from~~accrued to the Fund’s ~~Adviser~~shareholders ~~on the face of the consolidated statement of assets~~ and, ~~liabilities~~therefore, asa ~~the~~Reimbursement ~~amount~~Payment isobligation was not ~~due~~deemed ~~unless~~probable and ~~until~~was ~~the Fund has Available Operating Funds. As of September 30, 2025 and December 31, 2024, Available Operating Funds did~~ not ~~exceed the cumulative~~ recorded.

2936

Table of Contents

ARES CORE INFRASTRUCTURE FUND

~~Notes~~NOTES toTO ~~the~~THE ~~Unaudited~~UNAUDITED ~~Consolidated~~CONSOLIDATED ~~Financial~~FINANCIAL ~~Statements~~STATEMENTS

As of ~~September~~March 3031, ~~2025~~2026($ in thousands, except share data, percentages and as otherwise indicated)

distributions accrued to the Fund’s shareholders and, therefore, a Reimbursement Payment obligation was not deemed probable and was not recorded.

Investment Commitments

~~The~~As ~~Fund’s~~of ~~investment~~March in31, ~~Stack~~2026, SJthe ~~Holdings~~Fund ~~Parent~~had ~~A-I,~~unfunded ~~LLC~~commitments ison a delayed ~~drawn~~draw term ~~loan~~loans ~~with~~and aequity ~~total~~investments ~~commitment~~ of $~~137~~301.56 million and $323.4 million, respectively. As of ~~which~~December 31, 2025, the Fund had unfunded commitments on delayed draw term loans and equity investments of $25450.14 million ~~was~~and ~~funded~~$344.2 asmillion, respectively. As of ~~September~~March 31, 2026 and December 3031, 2025., the Fund’s unfunded commitments consisted of:

The Fund has made a $517.4 million equity commitment to Tango Holdings, LLC of which $453.1 million was funded as of September 30, 2025.


		As of
		March 31, 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	$	53,747	$	137,500	$	81,758
Retained Vantage Data Centers Intermediate Holdco, L.P.	Delayed Draw Term Loan	185,000		121,021		185,000		146,458
CMH01 Holdings LP	Delayed Draw Term Loan	125,000		11,152		125,000		44,071
PowerHouse Data LCX, LLC	Delayed Draw Term Loan	75,000

Filing Compare · Ares Core Infrastructure Fund