{
 "markdown": "Trends in CECL Reserves\n\n\n<figure type=\"CHART\">Change in CECL Reserve Q1 2026 ($ in millions) <table><tr><td>Category</td><td>Value</td></tr><tr><td>Q4 2025 CECL Reserve</td><td>$127</td></tr><tr><td>Reversal of CECL Reserve Due to Exits</td><td>$(2)</td></tr><tr><td>Net Increase in CECL Reserve on Existing Loans</td><td>$11</td></tr><tr><td>Impact from New Loan Commitments</td><td>$2</td></tr><tr><td>Q1 2026 CECL Reserve</td><td>$138</td></tr></table>\n\n<description>The figure is a waterfall chart illustrating the changes in the Current Expected Credit Losses (CECL) reserve from Q4 2025 to Q1 2026. The chart starts with a dark blue bar representing the Q4 2025 CECL Reserve at $127 million. It then shows a small downward adjustment for 'Reversal of CECL Reserve Due to Exits' of $(2) million, followed by an upward adjustment for 'Net Increase in CECL Reserve on Existing Loans' of $11 million, and another upward adjustment for 'Impact from New Loan Commitments' of $2 million. The chart concludes with a final dark blue bar representing the Q1 2026 CECL Reserve at $138 million.</description></figure>\n\n\u00d8 ARES As of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided.\n\n\n9\n\n<!-- doc_id=parse-01m2rrjhrb65qws447whjypzs0 -->",
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