ThZeal - The Zeal

Delaware

814-01512

88-6432468

(State or Other Jurisdiction
of Incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. o

During January 2025, Ares Strategic Income Fund (the “Fund”) sold Class I common shares of beneficial interest. The number of shares to be issued was finalized on January 21, 2025. The purchase price per Class I common share equaled the Fund’s net asset value (“NAV”) per Class I common share as of December 31, 2024. The offer and sale of the Class I common shares was exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and/or Regulation S promulgated thereunder. The following table details the Class I common shares sold:


Date of Unregistered Sales (dollar amount in millions)	Amount of Class I Common Shares	Total Consideration
During January 2025 (number of shares finalized on January 21, 2025)	12,001,709	$	331.4

The NAV per share of each class of the Fund as of December 31, 2024, as determined in accordance with the valuation policies and procedures of Ares Capital Management LLC, the Fund’s investment adviser, was as follows:

As of December 31, 2024, the Fund’s aggregate NAV was approximately $5.9 billion, the fair value of its portfolio investments was approximately $11.6 billion, and it had approximately $4.6 billion of debt outstanding. The Fund’s debt-to-equity ratio as of December 31, 2024 was 0.78x.

As previously disclosed, on November 8, 2024, the Fund announced the declaration of regular monthly distributions for each class of the Fund’s common shares of beneficial interest, including Class I shares, Class S shares and Class D shares (the “Common Shares”) in the amounts per share set forth below:


	Gross Distribution		Shareholder Servicing and/or Distribution Fee		Net Distribution
Class I	$	0.21430	$	0.00000	$	0.21430
Class S	$	0.21430	$	0.01993	$	0.19437
Class D	$	0.21430	$	0.00586	$	0.20844

The distributions for each class of Common Shares are payable to shareholders of record as of the open of business on January 31, 2025 and will be paid on or about February 21, 2025.

The January 2025 distributions will be paid in cash or reinvested in the Common Shares for shareholders participating in the Fund’s distribution reinvestment plan.

Also, as previously disclosed, on November 8, 2024, the Fund announced the declaration of regular monthly gross distributions for February and March 2025, in each case for each class of its Common Shares in the amounts per share set forth below:


		Gross Distribution Per Share
Record Date	Payment Date(1)	Class I		Class S		Class D
February 28, 2025	March 21, 2025	$	0.21430	$	0.21430	$	0.21430
March 31, 2025	April 21, 2025	$	0.21430	$	0.21430	$	0.21430

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

As of December 31, 2024, the Fund had investments in 589 portfolio companies with total fair value of approximately $11.6 billion. As of December 31, 2024, 95% of the debt investments at fair value in the Fund’s portfolio were floating rate. As of December 31, 2024, based on fair value, the Fund’s portfolio investments consisted of the following:


	As of December 31, 2024
Portfolio Investments
First lien senior secured loans	87.8	%
Second lien senior secured loans	1.4
Senior subordinated loans	1.8
Corporate bonds	0.6
Collateralized loan obligations	3.2
Commercial mortgage-backed securities	0.3
Private asset-backed investments	1.7
Preferred equity	1.1
Other equity	2.1
Total	100.0	%

As of December 31, 2024, the ten largest industries in which the Fund was invested, represented as a percentage of fair value, were as follows:


	As of December 31, 2024
Industry
Software and Services	21.8	%
Health Care Equipment and Services	9.0	%
Consumer Services	8.7	%
Capital Goods	8.3	%
Commercial and Professional Services	7.3	%
Financial Services	6.7	%
Insurance	6.3	%
Media and Entertainment	5.7	%
Pharmaceuticals, Biotechnology and Life Sciences	4.7	%
Investment Funds and Vehicles	4.2	%

The Fund is currently publicly offering on a continuous basis up to $7.5 billion of its Common Shares, pursuant to a registered offering (the “Offering”). Additionally, the Fund has sold unregistered shares as part of private offerings (the “Private Placements”). The following table lists the Common Shares issued and total consideration for both the Offering and the Private Placements as of the date of this filing. The table below does not include Common Shares issued through the Fund’s distribution reinvestment plan. The Fund intends to continue selling Common Shares in the Offering on a monthly basis.


(dollar amounts in millions)	Common Shares Issued	Total Consideration
Registered Offering:
Class I	73,180,307	$	1,999.3
Class S	31,725,265	$	864.7
Class D	13,776,336	$	377.6
Private Placements
Class I	113,730,838	$	3,076.6
Class S	—	—
Class D	—	—
Total Registered Offering and Private Placements*	232,412,746	$	6,318.2

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		ARES STRATEGIC INCOME FUND

Date: January 22, 2025

	By:	/s/ SCOTT C. LEM
	Name:	Scott C. Lem
	Title:	Chief Financial Officer and Treasurer


245 Park Avenue, 44th Floor, New York, NY						10167
(Address of Principal Executive Offices)						(Zip Code)


	NAV as of December 31, 2024
Class I	$	27.61
Class S	$	27.61
Class D	$	27.61


Title of each class	Trading symbol	Name of each exchange on which registered