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"text": "\n\n## Portfolio Highlights\n\n$1.9 billion total portfolio comprised of loans held for investment and two REO properties¹\n\n* Risk rated 1-3 loans (ex. office): Represents 63% of the total portfolio including a majority of loans collateralized by multifamily and industrial properties¹\n* Risk rated 1-3 office loans: Continued to perform with stable to improving leasing trends and continued sponsor support\n* Risk rated 4 and 5 loans: The two largest loans represent 93% of the four risk rated 4 and 5 loans¹\n* REO: Both properties have income yields of 10% or greater²",
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"text": "\n\nNote: As of June 30, 2026. Ares AUM includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Past performance is not indicative of future results. 1) Only counts one location per metro area. Includes only offices that Ares has leased or acquired. Does not include legacy GCP International locations where Ares is not acquiring the leases. 2) As of July 24, 2026. 3) New Delhi office is operated by a third party with whom Ares Asia maintains an ongoing relationship relating to the sourcing, acquisition and/or management of investments. 4) Includes Ares Insurance Solutions, our dedicated, in-house team that provides solutions to insurance clients and the Ares AI and Innovation / Venture Capital Groups. 5) Investment Fund counts are reflective of commingled funds as well as SMAs, co-invest vehicles, and other types of accounts. 6) Risk adjusted returns do not guarantee against loss of capital. 7) Reflective of the current underlying companies and properties within Secondaries Group, Credit, Private Equity, Real Estate and Infrastructure commingled funds. 8) As of March 31, 2026, $89 billion in AUM represents investments by insurance companies in various Ares' funds, SMAs and co-investments versus one discrete insurance platform. The AUM for these investments is included across each of our investment strategies and presented within other businesses to demonstrate the scale of our aggregated insurance platform.",
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"text": "\n\n<::Comprehensive and Dynamic Investment Solutions\n\nDiagram illustrating a spectrum of investment strategies:\n- A curved arrow starts from 'Core/ Core-Plus' on the left.\n- It curves upwards, passing 'Value-Add' at its peak.\n- It then curves downwards to 'Opportunistic' on the right.\n- Below the curved arrow, the text reads 'Across Equity and Debt Investments'.\n: diagram::>",
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"350+ Investment Professionals¹",
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"4,000+ Global Real Estate Properties",
"~790 million Global Portfolio Square Feet",
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"text": "\n\nAres Real Estate is a Global Investment Manager and Operator",
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"text": "\n\n# Competitive Edge Delivers Demonstrated Performance\n\n**Scale and global reach** yield real-time market intelligence and drive deal flow\n\n**Combination of vertical integration and longstanding operating partners** delivers proprietary investment opportunities for investors\n\n**Regional and sector-specific offerings** across capital structure, return spectrum and vehicle types differentiate us from peers\n\n**Seasoned and collaborative team** enables us to adapt to market changes and positions us strongly for opportunities",
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"text": "\n\nThe performance, awards noted herein relate only to selected funds/strategies and may not be representative of any given client's experience and should not be viewed as indicative of Ares' past performance or its funds' future performance. Note: Data as of June 30, 2026, unless otherwise indicated. 1) Investment Professionals include Investment Management, Portfolio Management and Development personnel as of June 30, 2026. 2) Operating Professionals include Asset Management, Construction Management, Property Management, Debt ARES Capital Markets, Due Diligence & Quantitative Development personnel as of June 30, 2026. 3) Residential includes Multifamily, Single-Family Rental (SFR) and Senior Housing units.",
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"text": "\n\n<::Office Loans QoQ and YoY as Measured by Outstanding Principal Balance ($ in millions)\n\nBar chart showing outstanding principal balance for office loans across several quarters:\n- Q2 2023: $848\n- Q2 2024: $753\n- Q2 2025: $524\n\nA dashed vertical line separates Q2 2025 from Q1 2026.\n\n- Q1 2026: $447\n- Q2 2026: $442\n: bar chart::>",
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"text": "\n\nOffice Loans Progress\nOffice loans measured by outstanding principal balance decreased 1% QoQ, 16% YoY and nearly 50% in the last three years",
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"text": "\n\nAs of June 30, 2026, unless otherwise noted. Past performance is not indicative of future results.",
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"text": "\n\nContinued to Maintain Balance Sheet Flexibility\n($ in millions)\n<::Bar chart showing financial data over several quarters.\n\n**X-axis (Quarters):**\n- Q2 2025\n- Q3 2025\n- Q4 2025\n- Q1 2026\n- Q2 2026\n\n**Data Series:**\n- **Total Outstanding Borrowings¹** (represented by dark blue bars):\n - Q2 2025: $889\n - Q3 2025: $811\n - Q4 2025: $1,048\n - Q1 2026: $1,272\n - Q2 2026: $1,263\n- **Net Debt to Equity Excluding CECL²** (represented by light blue dots within the bars):\n - Q2 2025: 1.2x\n - Q3 2025: 1.1x\n - Q4 2025: 1.6x\n - Q1 2026: 1.9x\n - Q2 2026: 2.0x\n: bar chart::>",
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"text": "\n\nBalance Sheet and Capital Position\nMaintained balance sheet flexibility which supports the ability to resolve risk rated 4 and 5 loans\nand continued investment activity",
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"text": "\n\nAs of June 30, 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. 1) Total outstanding borrowings is based on total outstanding principal balance. 2) Net debt to equity ratio (excluding CECL reserve) is calculated as (i) $1.3 billion outstanding principal of borrowings less $18 million of cash, (ii) divided by the sum of total stockholders' equity of $489 million plus CECL reserve of $139 million. Net debt to equity ratio including CECL reserve is 2.5x as of June 30, 2026. Total debt to equity ratio excluding CECL reserve is 2.0x and including CECL reserve is 2.6x as of June 30, 2026. Please see prior earnings presentations for calculations of net debt to equity ratio for prior periods. 3) As of June 30, 2026, includes $18 million of cash and approximately $88 million of available financing proceeds under our secured funding agreements.",
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"text": "\n\nRepayments on Loans Held for Investment\n\n$16 million in Q2 2026\n$111 million YTD",
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"text": "\n\nAvailable Capital³\n\n$106 million",
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"text": "\n\n<::Change in CECL Reserve Q2 2026 ($ in millions)\n\nBar chart showing the change in CECL Reserve:\n- Q1 2026 CECL Reserve: $138\n- Net Change in CECL Reserve on Existing Loans: $-\n- Impact from New Loan Commitments: $1\n- Q2 2026 CECL Reserve: $139\n: bar chart::>",
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"text": "\n\nARES As of June 30, 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.",
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"text": "\n\n<::CECL Reserve by Risk Rating\n: donut chart::>\nThe donut chart shows the CECL reserve by risk rating. The outer ring is divided into three sections: 6% (dark blue), 39% (light blue), and 55% (teal). The inner circle states: \"CECL reserve related to risk rated 4 and 5 loans: 94%\". The legend indicates:\n- Dark blue: Risk Rated 1-3 Loans\n- Light blue: Risk Rated 4 Loans\n- Teal: Risk Rated 5 Loans\n\n<::CECL Reserve by Property Type\n: donut chart::>\nThe donut chart shows the CECL reserve by property type. The outer ring is divided into three sections: 11% (teal), 37% (light blue), and 52% (dark blue). The inner circle states: \"CECL reserve related to office and residential/condo loans: 89%\". The legend indicates:\n- Dark blue: Office\n- Light blue: Residential/Condo\n- Teal: Other",
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"text": "\n\n$139 million\nTotal\nCECL Reserve¹\n\n---\n\n8%\nCECL Reserve as a Percent of Loans\nHeld for Investment²",
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"text": "\n\n$130 million\nCECL Reserve¹ for\nRisk Rated 4 and 5 Loans\n---\n34%\nCECL Reserve as a Percent of\nRisk Rated 4 and 5 Loan Balance²",
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"text": "\n\n<::Risk Rated 4 and 5 Loans CECL Reserve by Property Type\n: donut chart\n\nOffice: 53%\nResidential/Condo: 40%\nIndustrial: 7%::>",
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"text": "\n\n<::Risk Rated 4 and 5 Loans CECL Reserve as a Percent of Loan Balance²\n\nBar chart with three bars:\n- Office: 39%\n- Residential/Condo: 27%\n- Industrial: 75%\n: bar chart::>",
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"text": "\n\nARES\nAs of June 30, 2026, unless otherwise noted. Past performance may not be indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Carrying amount is net of accumulated depreciation and amortization of $9 million for the Florida mixed-use property and $7 million for the North Carolina office property. The North Carolina office property was reclassified as held for sale in Q1 2026 and therefore did not accumulate additional depreciation and amortization in Q2 2026. 2) Income yield is calculated as the annualized property level net operating income based on the three months ended June 30, 2026 (excluding non-recurring items) divided by the carrying amount.",
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