DFX Intelligence

Private Credit Intelligence

The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

BDC portfolio

Ares Core Infrastructure Fund

BDCnon-tradedCIK 2031750file 814-01811LOS ANGELES, CAmanaged by ARES CAPITAL MANAGEMENT II LLC

Fair value

$14B

as of Jun 30, 2026

Principal held

$2.0B

debt pieces, the filer's figure

Cost

$8.0B

180c on cost

Unfunded

$792M

commitments not yet drawn

Positions

62 borrowers

First lien

13%

15% debt by fair value

Quarters on the tape

since Mar 31, 2025

Facilities held

3 sponsors financed

Portfolio through time

Fair value by quarter end$14B as of Jun 30, 2026

Sep 30, 2024$348M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$14B	62	100c	1	288 bp
Mar 31, 2026	$7.2B	59	100c	0	290 bp
Dec 31, 2025	$6.5B	64	100c	0	300 bp
Sep 30, 2025	$3.3B	42	100c	0	290 bp
Jun 30, 2025	$1.8B	36	100c	0	309 bp
Mar 31, 2025	$1.5B	26	99c	0	341 bp
Dec 31, 2024	$678M	3	n/a	0	n/a
Sep 30, 2024	$348M	1	n/a	0	n/a

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

New lender joined a facilityJun 30, 2026
Ares Core Infrastructure Fund joins Tiger 21, LLC term loan (first lien) held by 3 other BDCs
New borrower on a BDC scheduleJun 30, 2026
Rosen International S.a r.l first appears in a BDC schedule (2 lenders)
New lender joined a facilityJun 30, 2026
Ares Core Infrastructure Fund joins NRG Energy, Inc term loan (first lien) held by 2 other BDCs
New borrower on a BDC scheduleJun 30, 2026
Jackson Generation, LLC first appears in a BDC schedule (2 lenders)
Spread increasedJun 30, 2026
Ares Core Infrastructure Fund: spread increased in Venture Buyer, LLC (2.23% to 3.25%)
Maturity extended (observed)Jun 30, 2026
Ares Core Infrastructure Fund: maturity extended in Alpha Generation LLC (2031-09-01 to 2033-06-01)
Maturity extended (observed)Jun 30, 2026
Ares Core Infrastructure Fund: maturity extended in Colossus Acquireco LLC (2032-07-01 to 2033-01-01)
New borrower on a BDC scheduleJun 30, 2026
Commonwealth LNG Intermediate Parent, LLC first appears in a BDC schedule (1 lender)
Maturity extended (observed)Jun 30, 2026
Ares Core Infrastructure Fund: maturity extended in GIP Pilot Acquisition Partners, L.P (2030-10-01 to 2033-05-01)
New borrower on a BDC scheduleJun 30, 2026
ET Rover Pipeline LLC first appears in a BDC schedule (1 lender)
Maturity extended (observed)Jun 30, 2026
Ares Core Infrastructure Fund: maturity extended in Venture Buyer, LLC (2029-05-01 to 2033-04-01)
Lender left a facilityMar 31, 2026
Ares Core Infrastructure Fund no longer holds Talen Energy Supply, LLC term loan after 2026-03-31; 2 BDC(s) still hold it
New lender joined a facilityMar 31, 2026
Ares Core Infrastructure Fund joins Osmosis Buyer Limited term loan (first lien) held by 2 other BDCs
Lender left a facilityMar 31, 2026
Ares Core Infrastructure Fund no longer holds Project Ruby Ultimate Parent Corp term loan after 2026-03-31; 5 BDC(s) still hold it
Marked down (one lender)Mar 31, 2026
Ares Core Infrastructure Fund: fair value markdown in ConnectWise, LLC (98 to 92 cents on cost)
Marked down (one lender)Mar 31, 2026
Ares Core Infrastructure Fund: fair value markdown in Cloud Software Group, Inc (100 to 92 cents on cost)
Maturity extended (observed)Mar 31, 2026
Ares Core Infrastructure Fund: maturity extended in BCP Renaissance Parent L.L.C (2028-10-01 to 2031-10-01)
Maturity extended (observed)Mar 31, 2026
Ares Core Infrastructure Fund: maturity extended in TransMontaigne Operating Company L.P (2028-11-01 to 2030-03-01)
Maturity shortened (observed)Mar 31, 2026
Ares Core Infrastructure Fund: maturity shortened in Calpine Construction Finance Company, L.P (2031-07-01 to 2030-07-01)
Maturity extended (observed)Mar 31, 2026
Ares Core Infrastructure Fund: maturity extended in Freeport LNG Investments (2028-12-01 to 2033-02-01)

Every position change, including routine ones

Largest facilities held, with co-lenders

Tango Holdings LLC equity
1 BDC hold it
$802M 111c
Pioneer JV Holdings LLC equity
1 BDC hold it
$771M 109c
Sunrun Acropolis Owner 2026, LLC equity
1 BDC hold it
$500M 101c
Sierra Equity Holdings LLC equity
1 BDC hold it
$444M 106c
Retained Vantage Data Centers Intermediate Holdco, LP delayed draw term loan
1 BDC hold it
$185M n/a
Retained Vantage Data Centers Intermediate Holdco, LP unsecured or subordinated subordinated debt
1 BDC hold it · matures Dec 1, 2031
$185M 102c
CMH01 Holdings LP delayed draw term loan
1 BDC hold it
$165M n/a
CMH01 Holdings LP first lien term loan
1 BDC hold it · matures Jul 1, 2028
$150M 101c
Stack SJ Holdings Parent A-I, LLC delayed draw term loan
1 BDC hold it
$138M n/a
Stack SJ Holdings Parent A-I, LLC unsecured or subordinated subordinated debt
1 BDC hold it · matures Jun 1, 2030
$102M 99c
Galaxy Helios I, LLC delayed draw term loan
2 BDCs hold it
$100M n/a
CW Nest Property Owner LLC delayed draw term loan
1 BDC hold it
$100M n/a

Schedule of investments at Jun 30, 2026

83 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
Denali Equity Holdings LLC	unstated lien unstated	n/a	$6.1B
ET Rover Pipeline LLC	equity equity	n/a	$1.6B 99c
Commonwealth LNG Intermediate Parent, LLC	equity equity	n/a	$1.0B 100c	PIK 13.00%
First lien senior secured loans	term loan first lien	n/a	$926M 100c
Pioneer JV Holdings LLC	equity equity	n/a	$780M 109c
Tango Holdings LLC	equity equity	n/a	$720M 111c
Aspen Renewables Equity Holdings LLC	equity equity	n/a	$498M 115c
Sierra Equity Holdings LLC	equity equity	n/a	$475M 106c
AEJV SPV LP	equity equity	n/a	$370M 100c
Denali Equity Holdings LLC	equity equity	n/a	$356M 109c
Meade Pipeline Co LLC	equity equity	n/a	$223M 106c
Retained Vantage Data Centers Intermediate Holdco, L.P.	subordinated debt unsecured or subordinated	$185M	$185M 102c	S+950 bp	Dec 1, 2031
CMH01 Holdings LP	term loan first lien	$150M	$147M 101c	S+435 bp	Jul 1, 2028
Stack SJ Holdings Parent A-I, LLC	subordinated debt unsecured or subordinated	$102M	$100M 99c	S+925 bp	Jun 1, 2030
Galaxy Helios LLC	term loan first lien	$90.6M	$88.5M 101c	S+475 bp	Aug 1, 2028
CW Nest Property Owner LLC	term loan first lien	$69.8M	$67.5M 102c	S+375 bp	Nov 1, 2028
PowerHouse Data LCX, LLC	term loan first lien	$47.2M	$46.9M 101c	S+495 bp	May 1, 2027
Potomac Energy Center, LLC	term loan first lien	$41.9M	$41.8M 99c	S+275 bp	Aug 1, 2032
Redwood Meade Midstream MPC, LLC	equity equity	n/a	$38.9M 106c
Hill Top Energy Center, LLC	term loan first lien	$38.7M	$38.7M 100c	S+275 bp	Jun 1, 2032
Sunrun Acropolis Owner 2026, LLC	equity equity	n/a	$38.0M 101c
Freeport LNG investments, LLLP	term loan first lien	$27.6M	$27.6M 100c	S+325 bp	Feb 1, 2033
South Field Energy LLC	term loan first lien	$26.1M	$26.1M 100c	S+300 bp	Aug 1, 2031
Lackawanna Energy Center LLC	term loan first lien	$24.0M	$24.0M 100c	S+275 bp	Aug 1, 2032
CPV Fairview, LLC	term loan first lien	$22.9M	$22.9M 100c	S+250 bp	Aug 1, 2031
WEC US Holdings Inc.	term loan first lien	$21.2M	$21.2M 100c	S+200 bp	Jan 1, 2031
Carroll County Energy LLC	term loan first lien	$20.9M	$20.9M 100c	S+275 bp	Jun 1, 2031
SCIH Salt Holdings Inc.	term loan first lien	$20.8M	$20.8M 100c	S+275 bp	Jan 1, 2029
Bayonne Energy Center, LLC	term loan first lien	$17.8M	$17.9M 100c	S+300 bp	Oct 1, 2032
TransMontaigne Operating Company L.P.	term loan first lien	$16.1M	$16.0M 100c	S+225 bp	Mar 1, 2030
Tiger Acquisition, LLC	term loan first lien	$15.6M	$15.6M 100c	S+275 bp	Aug 1, 2032
Pathfinder Power, LLC	term loan first lien	$15.0M	$15.0M 100c	S+200 bp	Jun 1, 2033
AL GCX Holdings, LLC	term loan first lien	$14.5M	$14.4M 100c	S+225 bp	Dec 1, 2032
Alpha Generation LLC	term loan first lien	$14.2M	$14.0M 99c	S+175 bp	Sep 1, 2031
Hamilton Projects Acquiror, LLC	term loan first lien	$13.5M	$13.5M 100c	S+250 bp	May 1, 2031
ITT Holdings LLC	term loan first lien	$13.0M	$13.0M 100c	S+198 bp	Oct 1, 2030
Cogentrix Finance Holdco I, LLC	term loan first lien	$13.0M	$12.9M 100c	S+225 bp	Feb 1, 2032
WhiteWater Whistler Holdings, LLC	term loan first lien	$12.0M	$12.0M 100c	S+175 bp	Feb 1, 2030
CPPIB OVM Member U.S. LLC	term loan first lien	$11.8M	$11.8M 100c	S+225 bp	Aug 1, 2031
M6 ETX Holdings II Midco LLC	term loan first lien	$11.0M	$11.1M 100c	S+250 bp	Apr 1, 2032
Blackfin Pipeline LLC	term loan first lien	$9.5M	$9.5M 100c	S+300 bp	Sep 1, 2032
Colossus AcquireCo LLC	term loan first lien	$9.5M	$9.5M 100c	S+175 bp	Jan 1, 2033
Astoria Energy LLC	term loan first lien	$9.2M	$9.2M 100c	S+225 bp	Jun 1, 2032
Resilience Parent, LLC	term loan first lien	$9.2M	$9.2M 100c	S+250 bp	Feb 1, 2033
Prairie ECI Acquiror LP	term loan first lien	$8.8M	$8.8M 100c	S+325 bp	Aug 1, 2029
Traverse Midstream Partners LLC	term loan first lien	$8.2M	$8.2M 100c	S+250 bp	Feb 1, 2028
WhiteWater Matterhorn Holdings, LLC	term loan first lien	$8.0M	$7.9M 99c	S+175 bp	Jun 1, 2032
Osmosis Buyer Limited	term loan first lien	$7.1M	$7.1M 100c	S+250 bp	Jul 1, 2028
Rosen International S.a r.l.	term loan first lien	$7.1M	$7.1M 100c	S+200 bp	Mar 1, 2031
Venture Global	term loan first lien	$6.8M	$6.8M 100c	S+223 bp	May 1, 2029
Ellucian Holdings Inc.	term loan first lien	$7.0M	$6.7M 96c	S+250 bp	Oct 1, 2029
Calpine Construction Finance Company, L.P.	term loan first lien	$6.4M	$6.3M 100c	S+175 bp	Jul 1, 2030
Astoria Energy LLC	term loan first lien	$6.1M	$6.1M 100c	S+225 bp	Jun 1, 2032
NRG Energy Inc	term loan first lien	$6.0M	$6.0M 100c	S+175 bp	Apr 1, 2033
Alpha Generation LLC	term loan first lien	$6.0M	$5.9M 99c	S+175 bp	Jun 1, 2033
Lightning Power, LLC	term loan first lien	$5.9M	$5.9M 100c	S+200 bp	Aug 1, 2031
Pasadena Performance Products, LLC	term loan first lien	$5.6M	$5.6M 100c	S+325 bp	Feb 1, 2032
Coreweave Financing DDTL V, LLC	term loan first lien	$5.3M	$5.6M 101c	S+450 bp	Nov 1, 2031
GIP Pilot Acquisition Partners, L.P.	term loan first lien	$5.4M	$5.4M 100c	S+200 bp	May 1, 2033
Invenergy Thermal Operating I LLC	term loan first lien	$4.7M	$4.7M 100c	S+275 bp	May 1, 2032
ConnectWise, LLC	term loan first lien	$4.9M	$4.5M 92c	S+376 bp	Sep 1, 2028
Covanta Holding Corporation	term loan first lien	$4.5M	$4.5M 100c	S+225 bp	Jan 1, 2031
Buckeye Partners LP	term loan first lien	$4.0M	$4.0M 100c	S+175 bp	Nov 1, 2032
Cloud Software Group, Inc.	term loan first lien	$3.7M	$3.2M 88c	S+325 bp	Mar 1, 2031
Venture Global	term loan first lien	$3.0M	$3.0M 102c	S+325 bp	Apr 1, 2033
Jackson Generation, LLC	term loan first lien	$2.5M	$2.5M 100c	S+250 bp	Jun 1, 2033
Tiger Acquisition, LLC	term loan first lien	$1.1M	$1.1M 100c	S+250 bp	Aug 1, 2032
First American U.S. Treasury Sweep (Y Shares)	unstated lien unstated	$177,000	$177,000 100c
First American U.S. Treasury Sweep (Y Shares)	unstated lien unstated	$165,000	$165,000 100c
Meade Pipeline Co LLC	unstated lien unstated	n/a	n/a
Pioneer JV Holdings LLC	equity equity	$771M	n/a
Galaxy Helios LLC	delayed draw term loan lien unstated	$100M	n/a
PowerHouse Data LCX, LLC	delayed draw term loan lien unstated	$75.0M	n/a
Sunrun Acropolis Owner 2026, LLC	equity equity	$500M	n/a
Sierra Equity Holdings LLC	equity equity	$444M	n/a
CMH01 Holdings LP	delayed draw term loan lien unstated	$165M	n/a
Redwood Meade Midstream MPC, LLC	unstated lien unstated	n/a	n/a
Coreweave Financing DDTL V, LLC	delayed draw term loan lien unstated	$15.0M	n/a
Retained Vantage Data Centers Intermediate Holdco, L..P	delayed draw term loan lien unstated	$185M	n/a
Stack SJ Holdings Parent A-I, LLC	delayed draw term loan lien unstated	$138M	n/a
AEJV SPV LP	equity equity	n/a	n/a
CW Nest Property Owner LLC	delayed draw term loan lien unstated	$100M	n/a
Tango Holdings, LLC	equity equity	$802M	n/a

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2025 to 2026reported
Filings listed: 8reported10-Q and 10-K since 2022
Latest schedule: 0002031750-26-000064reported