Ares Strategic Income Fund
Inside Ares Strategic Income Fund’s $21.8B private-credit portfolio — 1,280 holdings disclosed in SEC filings. The portfolio is 77% first-lien by fair value, concentrated in Software and Services (21%).
Aug 7 · SEC EDGAR
Credit Snapshot
How AGTC’s own Schedule of Investments reads as a credit. Fair values are the manager’s own estimates; balance-sheet metrics (NAV, leverage) appear once annual financials are on file.
| Metric | Value | What healthy looks like |
|---|---|---|
| Top-5 Borrower Concentration | 7% of portfolio FV largest: ADLP LLC (3.5% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 4.0% (1.3% below 80) of marked debt FV (97% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 9.4% of debt FV carries a PIK component 17th pct of 23 upper-MM peers | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 90% floating, mostly SOFR of rate-classified debt (94% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | 0.2% of debt FV (100% coverage) | Parsed from the filing’s own non-accrual footnotes. 1–3% of portfolio fair value is normal; 5%+ is a warning sign. Trend4 qtrs |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-07 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (99% of debt FV carries a parsed maturity). The refinancing question: 2% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-07 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $30M | 0.1% |
| 2027 | $282M | 1.4% |
| 2028 | $1.4B | 6.8% |
| 2029 | $1.5B | 7.3% |
| 2030 | $2.7B | 13.0% |
| 2031+ | $14.6B | 71.4% |
Where this book is marked differently
1 of this BDC’s borrowers is marked 10+ points away from another BDC’s mark on the same borrower and seniority, as of the same quarter. Level-3 fair values are model-based — each manager marks to its own model, so dispersion is information about assumptions, not proof either mark is wrong.
- Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC — marked 86.0 here (filed 2026-08-07) vs 96.1 at MSDL (filed 2026-08-06) — a 10.1pt gap, same seniority, period 2026-06-30.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith under the oversight of each BDC’s board (often by the adviser as valuation designee), so figures are estimates as of the period end each filing reports, not its filing date, and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-12 and 2026-08-07 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise. 34 mark moves held out as suspect (over 15 points in one quarter, a mark at exactly par, or a mark outside 30–105) rather than ranked.
New this quarter 219
- Valcourt Holdings Ii, Llc And Jobs Holdings, Inc.$119M
- Auctane, Inc.$118M
- Invited, Inc. And Ksl Longdrive Co-Invest, L.P.$111M
- Fiber Intermediate Holdings, Llc$108M
- Edgeconnex Mcn Us Finance Co 1, Llc$95M
- 365Rm Holdco, Llc$84M
Exited 238
- Dino Bidco S.P.A.$371M
- The Edelman Financial Center, Llc$100M
- Madison Iaq Llc$87M
- Jpmmt 2026-Aces1 , Residential Mortgage-Backed Security$75M
- Resonetics, Llc$49M
- Oryx Midstream Services Permian Basin Llc$42M
Biggest mark moves
- Avalign Holdings, Inc. And Avalign Technologies, Inc.↓ 71→56
- Inszone Mid, Llc And Insz Holdings, Llc↑ 84→99
- Cornerstone Ondemand, Inc. And Sunshine Software Holdings, Inc.↓ 74→64
- Priority Waste Holdings Llc And Priority Waste Holdings Indiana Llc↑ 92→100
- Bvi Medical, Inc. And Bvi Group Limited↓ 92→84
- Vertex Service Partners, Llc And Vertex Service Partners Holdings, Llc↓ 93→86
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV |
|---|---|---|---|---|---|---|---|
| 1 | ADLP LLC | 2L / Mezz | Investment Funds and Vehicles | SOFR + 9.50% | Oct 2035 | $755M | 3.5% |
| 2 | Covert HoldCo, LP | 2L / Mezz | Commercial and Professional Services | SOFR + 5.75% | Mar 2031 | $220M | 1.0% |
| 3 | Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | 1L Sr Secured | Commercial and Professional Services | SOFR + 5.50% | Aug 2032 | $217M | 1.0% |
| 4 | Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP | 2L / Mezz | Data Centers | — | Dec 2031 | $204M | 0.9% |
| 5 | FEH Group, LLC. | Equity | Sports, Media and Entertainment | — | — | $203M | 0.9% |
| 6 | WorkWave Intermediate II, LLC | 1L Sr Secured | Software and Services | SOFR + 5.75% | Sep 2032 | $177M | 0.8% |
| 7 | Pike Corporation | 1L Sr Secured | Capital Goods | SOFR + 4.25% | Dec 2032 | $173M | 0.8% |
| 8 | HealthEdgeHimalaya TopCo LLC and BCPE Hyperlink Holdings, LP | 1L Sr SecuredPIK 2.25% | Health Care Equipment and Services | SOFR + 5.25% | Jun 2032 | $159M | 0.7% |
| 9 | Reddy Ice LLC | 1L Sr Secured | Consumer Distribution and Retail | SOFR + 5.25% | Apr 2029 | $156M | 0.7% |
| 10 | Gula Buyer Inc. and Gula Co-Invest II, L.P. | 1L Sr Secured | Pharmaceuticals, Biotechnology and Life Sciences | SOFR + 4.50% | Oct 2031 | $148M | 0.7% |
| Full schedule — all 1,280 holdings, sortable and screenable → | |||||||
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — Ares Strategic Income Fund shares 428 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have widened from 461 to 484 bps over 13 quarters while marks held near 98.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 549 | 685 | 422 | 97.7 | $13.2B |
| Q2 2025 | 622 | 775 | 424 | 97.6 | $15.4B |
| Q3 2025 | 681 | 848 | 431 | 97.1 | $18.7B |
| Q4 2025 | 692 | 869 | 441 | 95.6 | $20.6B |
| Q1 2026 | 650 | 854 | 454 | 93.1 | $20.3B |
| Q2 2026 | 618 | 863 | 484 | 97.4 | $20.7B |
1 quarter omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith under the oversight of each BDC’s board (often by the adviser as valuation designee), so figures are estimates as of the period end each filing reports, not its filing date, and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
What does Ares Strategic Income Fund invest in?
Ares Strategic Income Fund's portfolio breaks down by total portfolio fair value into approximately 78% first-lien senior secured, 11% second-lien or mezzanine, 7% other or unclassified debt, and 4% equity or other, with its largest sector exposure in Software and Services (~21% of the holdings that disclose a sector) as of its 2026-08-07 SEC filing.
How large is Ares Strategic Income Fund's portfolio?
Ares Strategic Income Fund reported $21.8B in portfolio fair value across 1,280 holdings and 861 unique borrowers as of its 2026-08-07 SEC filing.
What do Ares Strategic Income Fund's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across Ares Strategic Income Fund's fixed-rate income-producing holdings is approximately 8.4%, measured over the fixed-rate holdings representing 2% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-08-07 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from Ares Strategic Income Fund's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-07 filing date.
About Ares Strategic Income Fund
Ares Strategic Income Fund (AGTC) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. Ares Strategic Income Fund discloses its full loan portfolio through SEC filings.