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Ares Strategic Income Fund (ASIF)
Key Statistics
Fund Size
$10,300M
Target Return
N/A
Annualized Return
9.9%
Launch Year
2022
Min. Investment
€2,500
Availability
Open through selected distributors
Structure
Non-Traded BDC
Product Category
Open-end
Domicile
United States
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.25%
Carry
12.5% incentive fee on income over 5.0% annualized hurdle (100% catch-up to 5.72%), plus 12.5% of cumulative realized capital gains net of realized and unrealized losses
Hurdle Rate
5%
Catch-Up Mechanism
100% catch-up (to 1.43% quarterly / 5.72% annualized)
Ticker
ASIF
CUSIP
04020E404
Currencies
USD
Investor Eligibility
Retail
Liquidity Options
Quarterly tender offers up to 5% of shares outstanding
Highlights
US Fund Metrics
NAV per Share
$26.67
Market Yield
9.64%
Distribution Frequency
Monthly
Redemption Notice
Quarterly tender window of roughly four weeks; requests due about 18-20 days after the pricing date (e.g. deadline 18 Sep 2026 for the 31 Aug 2026 NAV)
Tax Form
1099-DIV
Liquidity Terms
Shares are not listed. The fund intends, at the board's discretion, to conduct quarterly tender offers for up to 5% of shares outstanding at the NAV per share as of the last day of the quarter's second month (e.g. 31 Aug for the Q3 offer); shares held less than one year are repurchased at 98% of NAV (2% Early Repurchase Deduction, waived on death/disability and not applied to DRIP shares). The board may amend, suspend or terminate the program. Requests exceeded the cap in 2026: Q1 requests were 11.6% of shares outstanding and 43.1% of tendered shares were accepted pro rata (19.5M shares, $524M at $26.86); Q2 requests were about 14.4% and 34.7% were accepted (19.8M shares, $534M at $27.00). Unfulfilled requests do not carry over and must be resubmitted. The Q3 2026 offer (20 Aug to 18 Sep 2026) is capped at 19,264,139 shares.
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
Class I — Performance from 2022-12-05 to 2026-07-31
NAV: $26.67
Performance Comparison
MTD
0.65%
3 Months
1.35%
Year to Date
2.60%
1-Year Return
6.38%
3-Year Return
9.32%
Annualized Since Inception
9.89%
Monthly Total Returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.02% | -0.68% | 0.76% | 1.17% | 0.98% | -0.28% | 0.65% | — | — | — | — | — | 2.60% |
| 2025 | 0.74% | 0.31% | 0.38% | 0.45% | 1.34% | 1.11% | 0.92% | 0.60% | 1.07% | 0.67% | 0.49% | 0.82% | 9.25% |
| 2024 | 0.60% | 0.86% | 1.19% | 0.75% | 1.15% | 1.00% | 0.74% | 0.67% | 0.93% | 0.93% | 1.11% | 0.89% | 11.37% |
| 2023 | 1.63% | 0.71% | 0.52% | 1.60% | -0.15% | 2.57% | 0.97% | 1.00% | 0.70% | 0.18% | 1.20% | 1.50% | 13.13% |
| 2022 | — | — | — | — | — | — | — | — | — | — | — | -0.05% | -0.05% |
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $27.26 | $26.86 | $26.85 | $26.95 | $27.00 | $26.71 | $26.67 | — | — | — | — | — |
| 2025 | $27.60 | $27.47 | $27.36 | $27.27 | $27.42 | $27.51 | $27.55 | $27.50 | $27.58 | $27.55 | $27.47 | $27.48 |
| 2024 | $27.17 | $27.19 | $27.30 | $27.29 | $27.39 | $27.45 | $27.44 | $27.41 | $27.45 | $27.49 | $27.58 | $27.61 |
| 2023 | $25.40 | $25.58 | $25.71 | $26.12 | $26.08 | $26.75 | $27.01 | $27.08 | $27.07 | $26.92 | $27.03 | $27.22 |
| 2022 | — | — | — | — | — | — | — | — | — | — | — | $24.99 |
Class S (0.85% shareholder servicing/distribution fee) — Performance from 2023-08-01 to 2026-07-31
NAV: $26.67
Performance Comparison
MTD
0.58%
3 Months
1.14%
Year to Date
2.09%
1-Year Return
5.49%
Annualized Since Inception
8.40%
Monthly Total Returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.09% | -0.75% | 0.69% | 1.10% | 0.91% | -0.35% | 0.58% | — | — | — | — | — | 2.09% |
| 2025 | 0.67% | 0.24% | 0.31% | 0.38% | 1.26% | 1.04% | 0.85% | 0.52% | 1.00% | 0.60% | 0.42% | 0.74% | 8.34% |
| 2024 | 0.53% | 0.79% | 1.12% | 0.68% | 1.08% | 0.93% | 0.67% | 0.60% | 0.86% | 0.85% | 1.04% | 0.81% | 10.44% |
| 2023 | — | — | — | — | — | — | — | 0.92% | 0.63% | 0.11% | 1.13% | 1.42% | — |
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $27.26 | $26.86 | $26.85 | $26.95 | $27.00 | $26.71 | $26.67 | — | — | — | — | — |
| 2025 | $27.60 | $27.47 | $27.36 | $27.27 | $27.42 | $27.51 | $27.55 | $27.50 | $27.58 | $27.55 | $27.47 | $27.48 |
| 2024 | $27.17 | $27.19 | $27.30 | $27.29 | $27.39 | $27.45 | $27.44 | $27.41 | $27.45 | $27.49 | $27.58 | $27.61 |
| 2023 | — | — | — | — | — | — | $27.01 | $27.08 | $27.07 | $26.92 | $27.03 | $27.22 |
Class D (0.25% shareholder servicing/distribution fee) — Performance from 2023-08-01 to 2026-07-31
NAV: $26.67
Performance Comparison
MTD
0.63%
3 Months
1.29%
Year to Date
2.45%
1-Year Return
6.12%
Annualized Since Inception
9.05%
Monthly Total Returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.04% | -0.70% | 0.74% | 1.15% | 0.96% | -0.30% | 0.63% | — | — | — | — | — | 2.45% |
| 2025 | 0.72% | 0.29% | 0.36% | 0.43% | 1.31% | 1.09% | 0.90% | 0.58% | 1.05% | 0.65% | 0.47% | 0.80% | 8.98% |
| 2024 | 0.58% | 0.84% | 1.17% | 0.73% | 1.13% | 0.98% | 0.72% | 0.65% | 0.91% | 0.91% | 1.09% | 0.86% | 11.10% |
| 2023 | — | — | — | — | — | — | — | 0.98% | 0.68% | 0.16% | 1.18% | 1.47% | — |
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $27.26 | $26.86 | $26.85 | $26.95 | $27.00 | $26.71 | $26.67 | — | — | — | — | — |
| 2025 | $27.60 | $27.47 | $27.36 | $27.27 | $27.42 | $27.51 | $27.55 | $27.50 | $27.58 | $27.55 | $27.47 | $27.48 |
| 2024 | $27.17 | $27.19 | $27.30 | $27.29 | $27.39 | $27.45 | $27.44 | $27.41 | $27.45 | $27.49 | $27.58 | $27.61 |
| 2023 | — | — | — | — | — | — | $27.01 | $27.08 | $27.07 | $26.92 | $27.03 | $27.22 |
Information about fund
Ares Strategic Income Fund at a Glance
Ares Strategic Income Fund (ASIF) is a perpetual-life, non-exchange-traded business development company formed as a Delaware statutory trust in March 2022 and operating since 5 December 2022. Externally managed by Ares Capital Management, the adviser to the listed Ares Capital Corporation, it directly originates first lien senior secured loans to US middle-market and larger companies and had grown to about $10.3 billion of net assets and a $21.9 billion portfolio across 812 companies by 31 July 2026.
Key Figures (31 July 2026)
Net Assets
$10.3B
NAV $26.67 per share; portfolio $21.9B at fair value
Since Inception
9.89%
Class I annualized; 3-year 9.32%, 1-year 6.38%
2025 Return
9.25%
Class I; 2024: 11.37%, 2023: 13.13%; 2026 YTD 2.60%
Distribution Rate
9.64%
Class I annualized; $0.2143 per share monthly; D 9.39%, S 8.79%
Management Fee
1.25%
Plus 12.5% incentive fee over a 5% hurdle and 12.5% of gains
Leverage
1.16x
Debt to equity (1.13x net of cash); asset coverage 183%
Terms & Liquidity
| Structure | Non-traded BDC under the 1940 Act, taxed as a RIC; continuous offering registered for $15 billion, $12.09 billion raised; distributions on Form 1099-DIV |
| Portfolio | 812 companies; 77.5% first lien, 79% senior secured, 92% floating rate; non-accruals 0.3% at cost; PIK about 7.3% of income |
| Minimum | $2,500 for Class S and D; $1,000,000 for Class I (may be reduced by selling agents) |
| Class fees | Servicing/distribution fee 0.85% (S), 0.25% (D), none (I); placement fees up to 3.5% (S) and 2.0% (D, I) |
| Subscriptions | Monthly at NAV |
| Repurchases | Quarterly tenders capped at 5% of shares; 2% early repurchase deduction under one year; Q1 2026 fulfilled 43.1% of tendered shares, Q2 2026 34.7% |
| Suitability | US investors with $70,000 income plus $70,000 net worth, or $250,000 net worth; stricter in some states; not accredited-only |
| CUSIP | 04020E404 (Class I) |
Portfolio Managers
Mitchell Goldstein
Partner, Co-Head of Ares Credit Group; Co-CEO of ASIF
Michael L. Smith
Partner, Co-Head of Ares Credit Group; Co-CEO of ASIF
Points to weigh: the 5% quarterly repurchase cap became binding in 2026, with only a third to a half of tendered shares bought back in the first two quarters; NAV per share fell from $27.48 at end-2025 to $26.67 by July 2026; the fund runs at 1.16x leverage and its total operating expenses of 8.79% include 6.13% of interest costs; and the shares are a US-only product with no secondary market, so they should be treated as a long-term holding.
Deepdive & Related Funds
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Ares European Strategic Income Fund (AESIF)
Ares European Strategic Income Fund (AESIF) is Ares’ evergreen European direct-lending vehicle: a perpetual-life Luxembourg Part II SICAV (inception January 2024) holding senior secured, floating-rate loans to Western European mid-market companies. €4.7 billion across 358 investments by January 2026, 9.5% annualized net return since inception with ~1% volatility, monthly dealing with 2%/5% gates, 1.25% management fee plus 12.5% performance fee over a 5% hurdle, from €25,000.
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