DEBT (Tables)

12 Months Ended

Dec. 31, 2025

The following table summarizes the Company’s and its subsidiaries’ debt obligations:



		As of December 31,
		2025						2024
	Original Borrowing Amount	Carrying Value		Fair Value(1)		Interest Rate		Carrying Value		Interest Rate
Credit Facility(2)	N/A	$	1,380,000	$	1,380,000	4.86	%	$	—	—	%
Senior notes due 11/10/2028(3)	500,000	496,785		529,140		6.42		495,677		6.42
Senior notes due 6/15/2030(4)	400,000	397,954		379,280		3.28		397,501		3.28
Senior notes due 2/1/2052(5)	500,000	485,011		348,840		3.77		484,601		3.77
Senior notes due 10/11/2054(6)	750,000	736,355		709,073		5.65		736,010		5.65
Subordinated notes due 6/30/2051(7)	450,000	445,310		443,943		4.13		445,125		4.13
Total debt obligations		$	3,941,415	$	3,790,276			$	2,558,914

(1)The senior notes and subordinated notes would be classified as Level II within the fair value hierarchy and fair value is based on quoted prices in inactive markets.

(2)In April 2025, the Company amended its Credit Facility to, among other things: (i) extend the maturity from March 31, 2029 to April 22, 2030; (ii) increase commitments from $1.400 billion, with an accordion feature of $600.0 million, to $1.840 billion with an accordion feature of $660.0 million; and (iii) provide a sub-limit for the issuance of swingline loans up to an aggregate amount of $75.0 million (with the amount available for borrowing under the Credit Facility amendment being reduced by any swingline loans issued). The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“SOFR”) or a base rate plus an applicable margin, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of December 31, 2025, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.09% per annum. The Credit Facility has a base rate and SOFR floor of zero.

(3)The senior notes were issued by the Company at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(4)The senior notes were issued by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(5)The senior notes were issued by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(6)The senior notes were issued by the Company at 99.24% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(7)The subordinated notes were issued by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the subordinated notes prior to maturity or defer interest payments up to five consecutive years, subject to the terms of the indenture governing the subordinated notes.

The following table presents the activity of the Company’s debt issuance costs:


	Credit Facility		Senior Notes		Subordinated Notes
Unamortized debt issuance costs as of December 31, 2023	$	4,213	$	11,784	$	5,059
Debt issuance costs incurred	1,832		8,662		—
Amortization of debt issuance costs	(1,187)		(1,721)		(184)
Unamortized debt issuance costs as of December 31, 2024	4,858		18,725		4,875
Debt issuance costs incurred	2,181		11		—
Amortization of debt issuance costs	(1,279)		(1,745)		(184)
Unamortized debt issuance costs as of December 31, 2025	$	5,760	$	16,991	$	4,691

The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:



	As of December 31,
	2025				2024
	Fair Value of Loan Obligations		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)	Fair Value of Loan Obligations		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)
Senior secured notes	$	6,561,286	5.19%	9.0	$	8,937,972	6.08%	8.0
Subordinated notes(1)	797,786		N/A	10.4	734,217		N/A	5.6
Total loan obligations of Consolidated CLOs	$	7,359,072			$	9,672,189

(1)The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to the excess cash flows generated by each Consolidated CLO.

Schedule of Line of Credit Facilities

The Consolidated Funds had the following credit facilities outstanding:



	As of December 31,
	2025								2024
	Total Capacity		Outstanding Loan		Fair Value		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)	Total Capacity		Outstanding Loan		Weighted Average Interest Rate
Credit Facilities(1)	$	4,878,724	$	2,251,780	$	2,251,780	5.95%	3.4	$	554,000	$	275,000	7.52%

(1)The credit facilities have varying maturities and bear interest at spreads to market rates or at stated fixed rates. The fair values of floating-rate borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. The fair values of fixed-rate borrowings approximate the carrying value as the facility arrangements were recently entered into. These liabilities would be classified within Level II of the fair value hierarchy.