Amended Applications Under the Investment Company Act Other Than Those Reviewed by the Office of Insurance Products (40-app/a) (2022)

File No.812-15368

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FIRST AMENDED ANDRESTATEDApplication for an Order to Amend a PriorOrder UNDER SECTIONS 17(d)AND 57(i)OF THEINVESTMENT COMPANY ACT OF
1940 AND RULE 17d-1 UNDER THE INVESTMENT COMPANY ACT OF 1940
PERMITTING CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY
SECTIONS 17(d)AND 57(a)(4)OF THE INVESTMENT COMPANY ACTOF
1940 AND RULE 17d-1 UNDER THE INVESTMENT COMPANY ACT OF 1940

In the Matter of the Application of:

ACE III Master Fund, L.P., ACIP Investment Management LLC, ACIPParallel Fund A, L.P., ACIP Apex Co-Investment, L.P., ACOFInvestment Management LLC, ACOF IV ATD Co-Invest, L.P., ACOFOperating Manager II, L.P., ACOF Operating Manager III, LLC, ACOFOperating Manager IV, LLC, ACOF Operating Manager, L.P., ADREXAdvisor LLC, AEIF Kleen Investor, LLC, AEIF Linden Blocker II LLC,AEPEP II N Strategic Investments, L.P., AEPEP III N StrategicCo-Invest, L.P., AF Energy Feeder, L.P., AF V APR Co-Invest, L.P.,AIREX Advisor LLC, Ambition Holdings, L.P., American Capital EquityI, LLC, American Capital Equity II, LP, Apollo Poland Real EstateCo-Investment, L.P., Apollo Real Estate Investment Fund V, L.P.,Apollo Real Estate Management V L.P., Apollo Real Estate ParallelFund V-A, L.P., Apollo Real Estate Parallel Fund V-B, L.P., ApolloReal Estate Parallel Fund V-C, L.P., APSecurities Manager LP, AREAEAGLE Co-Invest Management LLC, AREA EAGLE Co-Invest Partnership,L.P., AREA European Property Enhancement Management, LLC, AREAEuropean Property Enhancement Program, L.P., AREA UK Co-Invest RealEstate Management L.P., AREA-C, L.P., AREA-CAELUS Co-InvestManagement, L.P., AREA-CAELUS Co-Invest, L.P., AREG AC MakenaHoldings LLC, AREG CC II Manager L.P., AREG CIP 601 W. 29 AIV LP,AREG CIP 601 W. 29 Co-Invest Member LLC, AREG CIP DAQ AIV LP, AREGCIP IE Portfolio AIV LP, AREG CIP Needham AIV LP, AREG CIP OneSouth Halsted AIV LP, AREG CIP Portland Industrial AIV LP, AREG CIPRW50 AIV LP, AREG CIP Wellington Bay AIV LP, AREG CV Boston HotelCo-Investor LLC, AREG ELI Co-Invest Vehicle, L.P., AREG IberianResidential Co-Invest Vehicle SCSp, AREG Kennedy Co-Invest S.C.A.,AREG Klondike Manager, L.P., AREG LPKC Partners, L.P., AREG MakenaManagement L.P., AREG Star and Garter Co-Invest Partnership, L.P.,AREG-T European Portfolio, L.P., AREG-T Manager III, L.P.,AREG-Talisman Fred Supp Partners, L.P., Ares Alternative CreditManagement LLC, Ares Apex Pooling, LLC, Ares Asia Management Ltd,Ares ASIP VII Management, L.P., Ares Asset-Backed Loan Fund LP,Ares Cactus Operating Manager, L.P., Ares Capital Corporation, AresCapital Europe IV (E)Levered, Ares Capital Europe IV(E)Unlevered, Ares Capital Europe IV (G)Levered, AresCapital Europe IV (G)Unlevered, Ares Capital Europe V(E)Levered, Ares Capital Europe V (E)Unlevered, AresCapital Europe V (G)Levered, Ares Capital Europe V(G)Unlevered, Ares Capital Europe, L.P., Ares CapitalManagement LLC, Ares Capital Management II LLC, Ares CapitalManagement III LLC, Ares Centre Street Management, L.P., AresCentre Street Partnership, L.P., Ares CIP (V)Management LLC,ARES CIP US Real Estate Opportunity Partners A, L.P., ARES CIP USReal Estate Opportunity Partners B, L.P, Ares ClimateInfrastructure Partners, L.P., Ares CLO Funding I, L.P., Ares CLOFunding III LP, Ares CLO Management LLC, Ares CLO Management XXVII,L.P., Ares CLO Management II, LLC, Ares CLO Management IIIR/IVR,L.P., Ares CLO Management VIR, L.P., Ares CLO Management VR, L.P.,Ares CLO Management X, L.P., Ares CLO Management XI, L.P., Ares CLOManagement XX, L.P., Ares CLO Management XXI, L.P., Ares CLOManagement XXIX, L.P., Ares CLO Warehouse 2021-6 Ltd., Ares CLOWarehouse 2021-8 Ltd., Ares Commercial Finance LP, Ares CommercialFinance Management, LP, Ares Commercial Real Estate Corporation,Ares Commercial Real

Estate Management LLC, Ares Corporate Opportunities Fund Asia,L.P., Ares Corporate Opportunities Fund II, L.P., Ares CorporateOpportunities Fund III, L.P., Ares Corporate Opportunities Fund IV,L.P., Ares Corporate Opportunities Fund V, L.P., Ares CorporateOpportunities Fund VI Parallel (Foreign), L.P., Ares CorporateOpportunities Fund VI Parallel (TE), L.P., Ares CorporateOpportunities Fund VI, L.P., Ares Corporate Opportunities Fund,L.P., Ares Credit Hedge Fund LP, Ares Credit Investment PartnershipI (V)L.P., Ares Credit Investment Partnership II (A), L.P.,Ares Credit Strategies Feeder III UK, L.P., Ares Credit StrategiesFund I, L.P., Ares Credit Strategies Fund III, L.P., Ares CreditStrategies Insurance Dedicated Fund - Seriesof SALI MultiSeriesFund LP, Ares CSF III Investment Management, LLC, AresCSF IV Management LLC, Ares CSF Operating Manager I, LLC, AresCustomized Credit Fund L.P., Ares Direct Finance I LP, Ares DirectInvestments (AC) LP, Ares Direct Lending Opportunities LLC, AresDirect Lending Opportunities Offshore LLC, Ares Direct LendingOpportunities Parallel LLC, Ares Diversified Credit Strategies Fund(S), L.P., Ares Diversified Credit Strategies Fund II (IM), L.P.,Ares Diversified Real Estate Exchange LLC, Ares EHP Co-InvestHoldings, L.P., Ares EIF Management, LLC, Ares Energy InvestorsFund V, L.P., Ares Energy Opportunities Fund A, L.P., Ares EnergyOpportunities Fund B, L.P., Ares Energy Opportunities Fund, L.P.,Ares Enhanced Credit Opportunities Investment Management II, LLC,Ares Enhanced Credit Opportunities Master Fund II,LTD., AresEnhanced Loan Investment Strategy Advisor IV, L.P., Ares EnhancedLoan Investment Strategy II,LTD., Ares Enhanced LoanInvestment Strategy III,LTD., Ares Enhanced Loan InvestmentStrategy IR,LTD., Ares Enhanced Loan Management II, L.P.,Ares Enhanced Loan Management III, L.P., Ares Enhanced LoanManagement IR, L.P., Ares EPIC Co-Invest II, L.P., Ares EPICCo-Invest, L.P., Ares European CLO II B.V., Ares European CLO IXDesignated Activity Company, Ares European CLO VI DesignatedActivity Company, Ares European CLO VII Designated ActivityCompany, Ares European CLO VIII Designated Activity Company, AresEuropean CLO X Designated Activity Company, Ares European CLO XIDesignated Activity Company, Ares European CLO XII DesignatedActivity Company, Ares European CLO XIII Designated ActivityCompany, Ares European CLO XIV Designated Activity Company, AresEuropean CLO XV Designated Activity Company, Ares European CLO XVIDesignated Activity Company, Ares European Credit Investments I(C), L.P., Ares European Credit Investments II (G), L.P., AresEuropean Credit Investments III (K), L.P., Ares European CreditInvestments IV (A), L.P., Ares European Credit Investments V (X),L.P., Ares European Credit Investments VI (N), L.P., Ares EuropeanCredit Investments VII (CP), L.P., Ares European Credit InvestmentsIX (AF), L.P., Ares European Credit Strategies Fund II (B), L.P.,Ares European Credit Strategies Fund III (A), L.P., Ares EuropeanCredit Strategies Fund IV (M), L.P., Ares European CreditStrategies Fund IX (C), L.P., Ares European Credit Strategies FundV (G)L.P., Ares European Credit Strategies Fund VI (B), LP,Ares European Credit Strategies Fund VII (Palo Verde), L.P., AresEuropean Credit Strategies Fund X (T), L.P., Ares European CreditStrategies Fund XI (S), L.P., Ares European Credit Strategies FundXII (Z), SCSp RAIF - Sub-Fund 1, Ares European Credit StrategiesFund XII (Z), SCSp RAIF - Sub-Fund 2, Ares European Loan FundingII, Ares European Loan Funding S.L.P., Ares European LoanManagement LLP, Ares European Property Enhancement ParallelPartners III SCSp, Ares European Property Enhancement Partners II,L.P., Ares European Property Enhancement Partners III SCSp, AresEuropean Real Estate Fund I (EU), L.P., Ares European Real EstateFund I (IF), L.P., Ares European Real Estate Fund II (EURO), L.P.,Ares European Real Estate Fund II, L.P., Ares European Real EstateFund III (EURO), L.P., Ares European Real Estate Fund III, L.P.,Ares European Real Estate Fund IV (EURO), L.P., Ares European RealEstate Fund IV, L.P., Ares European Real Estate Fund V (Dollar)SCSp, Ares European Real Estate Fund V SCSp, Ares European RealEstate Fund VI SCSp, Ares European Real Estate Management I, L.P.,Ares European Real Estate Management II, L.P., Ares European RealEstate Management III, L.P., Ares Global Credit Fund S.C.A.,SICAV-RAIF - Ares European Loan Fund (G), Ares Global Credit FundS.C.A., SICAV-RAIF - Ares U.S. Loan Fund (G), Ares Global HighGrade CLO Debt Fund, L.P., Ares Global Multi-Asset Credit MasterFund, L.P., Ares Ground Lease Partners, L.P., Ares HICOF OperatingManager, L.P., Ares High Income Credit Opportunities Fund II(Master) LP, Ares High Income Credit Opportunities Fund, L.P., AresHigh Yield Strategies Fund IV Management, L.P., Ares ICOF IIManagement, LLC, Ares ICOF II Master Fund, L.P., Ares ICOF III Fund(CAYMAN) LP, Ares ICOF III Fund (Delaware) LP, Ares ICOF IIIManagement LP, Ares IDF Management LLC, Ares IIIR/IVR CLO LTD.,Ares Income Opportunity Fund, L.P., Ares Industrial Real EstateExchange LLC, Ares Industrial Real Estate Fund GP LLC, AresIndustrial Real Estate Fund LP, Ares Industrial Real Estate FundManager LLC, Ares Industrial Real Estate Income Trust Inc., AresIndustrial Real Estate Income Trust Inc. - Build-To-Core IndustrialPartnership I LP, Ares Industrial Real Estate Income TrustInc.-

Build-To-Core Industrial Partnership II LP, Ares Industrial RealEstate Income Trust Inc.- Build-To-Core Industrial Partnership IIILLC, Ares Institutional Credit Fund L.P., Ares Institutional HighYield Master Fund LP, Ares Institutional Loan Fund, L.P., AresInstitutional Structured Credit Management, L.P., Ares Jasper Fund,L.P., Ares L CLO Ltd., Ares LI CLO Ltd., Ares LII CLO Ltd., AresLIII CLO Ltd., Ares LIV CLO Ltd., Ares LIX CLO Ltd., Ares LoanFunding I,Ltd., Ares Loan Trust 2011, Ares Loan Trust 2016,Ares LV CLO Ltd. (fka Ares CLO Warehouse 2018-6), Ares LVI CLOLtd., Ares LVII CLO Ltd., Ares LVIII CLO Ltd., Ares LX CLO Ltd.,Ares LXI CLO Ltd., Ares LXII CLO Ltd., Ares Management Limited,Ares Management LLC, Ares Management Luxembourg S.a.r.l., AresManagement UK Limited, Ares Master Employee Co-Invest Program 2015,L.P., Ares Master Employee Co-Invest Program 2019 Offshore, L.P.,Ares Master Employee Co-Invest Program 2019 Onshore, L.P., AresMezzanine Management LLC, Ares Mezzanine Partners, L.P., AresMidway Partners, L.P., Ares Minerva Co-Invest, L.P., Ares MSCF V(H)Management LLC, Ares Multi-Asset Credit Strategies FundLP, Ares Multi-Credit Fund LLC, Ares Multi-Strategy Credit Fund V(H), L.P., Ares ND Credit Strategies Fund LLC, Ares PAOpportunities Fund, L.P., Ares Pan-European Logistics Partnership,L.P., Ares Pathfinder Core Fund (Offshore), L.P., Ares PathfinderCore Fund, L.P., Ares Pathfinder Fund (Offshore), L.P., AresPathfinder Fund, L.P., Ares PBN Finance Co. LLC, Ares PE ExtendedValue Fund LP, Ares PG Co-Invest L.P., Ares Private AccountManagement I, L.P., Ares Private Credit Solutions (Cayman), L.P.,Ares Private Credit Solutions (Offshore) II, L.P., Ares PrivateCredit Solutions II, L.P., Ares Private Credit Solutions, L.P.,Ares Private Debt Strategies Fund II, L.P., Ares Private MarketsFund, Ares Private Opportunities (CP), L.P., Ares PrivateOpportunities (NYC), L.P., Ares Private Opportunities 2020 (C), LP,Ares Real Estate Enhanced Income Fund, L.P., Ares Real EstateManagement Holdings, LLC, Ares Real Estate Income Trust Inc., AresReal Estate Secured Income Fund, L.P., Ares RF Co-Invest (H), L.P.,Ares RF Co-Invest, L.P., Ares RLG Co-Invest Holdings, L.P., AresSCM Co-Invest III, L.P., Ares Secured Income Master Fund LP, AresSenior Direct Lending Master Fund Designated Activity Company, AresSenior Direct Lending Master Fund II Designated Activity Company,Ares Senior Direct Lending Parallel Fund (L)II, L.P., AresSenior Direct Lending Parallel Fund (L), L.P., Ares Senior DirectLending Parallel Fund (U)B, L.P., Ares Senior Direct LendingParallel Fund (U)II, L.P., Ares Senior Direct LendingParallel Fund (U), L.P., Ares Senior Loan Trust, Ares Senior LoanTrust Management L.P., Ares SDL II Capital Management LLC, AresSFERS Credit Strategies Fund LLC, Ares Special Opportunities Fund(Offshore), L.P., Ares Special Opportunities Fund, L.P., AresSpecial Opportunities Fund II (Jersey A) L.P., Ares SpecialOpportunities Fund II (Jersey) L.P., Ares Special OpportunitiesFund II (Offshore), L.P., Ares Special Opportunities Fund II, L.P.,Ares Special Situations Fund III, L.P., Ares Special SituationsFund IV, L.P., Ares Sports, Media and Entertainment Finance(Offshore), L.P., Ares Sports, Media and Entertainment Finance,L.P., Ares SSG Capital Management (Australia) PTY LTD, Ares SSGCapital Management (Hong Kong) Limited, Ares SSG Capital ManagementLimited, Ares SSG Capital Management (Mauritius) LTD., Ares SSGCapital Management (Singapore) PTE. LTD., Ares SSG CapitalManagement (Thailand) Limited, Ares SSG Capital Partners VI, L.P.,Ares SSG Excelsior Co-Investment, L.P., Ares SSG Direct Lending,L.P., Ares SSG Secured Lending Opportunities III, L.P., AresStrategic Income Fund, Ares Strategic Investment Partners IV, AresStrategic Real Estate Program-HHC, LLC, Ares UK Credit Strategies,L.P., Ares U.S. CLO Management III LLC – SeriesA, Ares USReal Estate Development and Redevelopment Fund II, LP, Ares US RealEstate Fund IX, L.P., Ares US Real Estate Fund VII 892, L.P., AresUS Real Estate Fund VII, L.P., Ares US Real Estate Fund VIII, L.P.,Ares US Real Estate Fund X, L.P., Ares US Real Estate Fund X-A,L.P., Ares US Real Estate Fund X-B, L.P., Ares US Real EstateOpportunity Fund III, L.P., Ares US Real Estate Opportunity Fund,L.P., Ares US Real Estate Opportunity Management, L.P., Ares USReal Estate Opportunity Parallel Fund III-A, L.P., Ares US RealEstate Opportunity Parallel Fund III-B, L.P., Ares US Real EstateParallel Fund IX, L.P., Ares US Real Estate Parallel II Fund IX,L.P., Ares US Real Estate VII Management, LLC, Ares US Real EstateVIII Management, LLC, Ares VAL Co-Invest Holdings I, L.P., Ares VALCo-Invest Holdings II, L.P., Ares VIR CLO LTD., Ares VRCLO,LTD., Ares X CLO LTD., Ares XI CLO LTD., Ares XL CLO Ltd,Ares XLI CLO Ltd, Ares XLII CLO Ltd., Ares XLIII CLO Ltd., AresXLIV CLO Ltd., Ares XLIX CLO Ltd, Ares XLV CLO Ltd., Ares XLVI CLOLTD, Ares XLVII CLO LTD, Ares XLVIII CLO Ltd., Ares XX CLO LTD,Ares XXI CLO LTD., Ares XXIX CLO LTD, Ares XXVII CLO LTD, AresXXVIIIR CLO Ltd., Ares XXXIIR CLO Ltd., Ares XXXIR CLO Ltd., ARESXXXIV CLO LTD., Ares XXXIX CLO Ltd., Ares XXXVII CLO, LTD, AresXXXVIII CLO, LTD, ASIP Operating Manager IV, LLC, ASOF DelawareFeeder, L.P., ASOF Direct Investments (A), L.P., ASOF InvestmentManagement LLC, Ares Insurance Partners, L.P., Ares InsuranceSolutions LLC, Aspida Holdings Ltd., Aspida Life Re

Ltd.,  Aspida Holdings LLC, Aspida Re (Bermuda) Ltd., Aspida ReServices Ltd., Aspida Risk Advisors, LLC, Aspida FinancialServices, LLC, Aspida Life Insurance Company, ASSF OperatingManager III, LLC, ASSF Operating Manager IV, L.P., BCG BTC IIIManaging Member LLC, Cal Ares Real Estate Debt Partners, LLC,Chengdu Ares Yuanjing Equity Investment Fund L.P., Chengdu AresYuankang Investment Management Co Ltd, Chimney Tops Loan Fund, LLC,CION Ares Diversified Credit Fund, CION Ares Management, LLC, COLTS2005-1 LTD., COLTS 2005-2 LTD., Columbus Opportunity Fund, L.P.,Crestline Denali Capital LLC, Crestline Denali CLO XIV,Ltd.,Crestline Denali CLO XV,Ltd., Crestline Denali CLOXVI,Ltd., Crestline Denali CLO XVII,Ltd., DenaliCapital CLO X,Ltd., Denali Capital CLO XI,Ltd., DenaliCapital CLO XII,Ltd., EIF Calypso II Blocker, LLC, EIFChannelview Blocker, LLC, EIF Oregon, LLC, EIF United States PowerFund IV, L.P., Emporia Preferred Funding III,LTD., GoldmanSachs Multi-Manager Non-Core Fixed Income Fund, Hush LuxS.a.r.l.,Industrial Property Advisors Sub IILLC,Industrial Property Advisors Sub III LLC,Ivy HillAsset Management, L.P.,Ivy Hill Investment Holdings,LLC,Ivy Hill Middle Market Credit FundIV,LTD.,Ivy Hill Middle Market Credit Fund IX,LTD,Ivy Hill Middle Market Credit Fund V,LTD.,IvyHill Middle Market Credit Fund VII,LTD.,Ivy Hill MiddleMarket Credit Fund VIII,LTD.,Ivy Hill Middle MarketCredit Fund X, LTD,Ivy Hill Middle Market Credit Fund XII,LTD, Ivy Hill Middle Market Credit Fund XIV, Ltd,Ivy HillMiddle Market Credit Fund XV,Ltd.,Ivy Hill MiddleMarket Credit Fund XVI,Ltd.,Ivy Hill Middle MarketCredit Fund XVII,Ltd.,Ivy Hill Middle Market CreditFund XIX,Ltd.,Ivy Hill Middle Market Credit FundXVIII,Ltd.,Ivy Hill Revolver Funding LP, Klondike LLC,Landmark - NYC Fund I, L.P., Landmark Co-Investment Partners IX,L.P., Landmark Equity Advisors LLC, Landmark Equity Partners XIII,L.P., Landmark Equity Partners XIII-A, L.P., Landmark EquityPartners XIV, L.P., Landmark Equity Partners XV, L.P., LandmarkEquity Partners XVI Co-Investment Fund, L.P., Landmark EquityPartners XVI, L.P., Landmark Equity Partners XVII Co-InvestmentFund, L.P., Landmark Equity Partners XVII, L.P, Landmark EquityPartners XVII-B, L.P., Landmark Growth Capital Partners, L.P.,Landmark Hudson Partners I, L.P., Landmark IAM Growth Capital,L.P., Landmark IAM Real Estate Partnership V, L.P., LandmarkInfrastructure Partners II, L.P., Landmark Pacific Partners II,L.P., Landmark Pacific Partners, L.P. – SeriesA, LandmarkPacific Partners, L.P. – SeriesB, Landmark Pacific Partners,L.P. – SeriesC, Landmark Partners LLC, Landmark Partners 1907Fund I, L.P., Landmark Partners 1907 Fund II, L.P., LandmarkPartners 1907 Fund III, L.P., Landmark Partners Insurance FundSeriesInterests of the SALI Multi-SeriesFund, L.P.,Landmark Private Opportunities (FG) 2021, L.P., Landmark RealtyAdvisors LLC, Landmark Real Estate Partners IX Co-Investment Fund,L.P., Landmark Real Estate Partners IX, L.P., Landmark Real EstatePartners V, L.P., Landmark Real Estate Partners VI Offshore, L.P.,Landmark Real Estate Partners VI, L.P., Landmark Real EstatePartners VII Offshore, L.P., Landmark Real Estate Partners VIIOPERS Co-Investment, L.P., Landmark Real Estate Partners VII, L.P.,Landmark Real Estate Partners VIII Co-Investment Fund, L.P.,Landmark Real Estate Partners VIII, L.P., Landmark Real EstatePartners VIII-A, L.P., Landmark Real Estate Partners VIII-CampbellCo-Investment, L.P., Landmark Real Estate Partners IX-CampbellCo-Investment, L.P., Landmark Real Estate Partners VII-IPCo-Investment, L.P., Landmark Real Estate Partners VI-OPERSCo-Investment, L.P., Landmark Sing Co-Investment Fund I, L.P.,Landmark Tig Co-Investment Fund I, L.P., Landmark TX ERSCo-Investment Fund I, L.P., Landmark TX ERS Co-Investment Fund II,L.P., Legacy SCM Aggregator, LLC, LWFB Co-Investment Fund I, L.P.,MC European Real Estate Debt Parent LP, MC Investments Parent L.P,NCL III - Outside Opportunities B, NCL Investments II - OutsideOpportunities SeriesA, NCL Investments II - OutsideOpportunities SeriesB, NCL Investments II - PE Series, NCLInvestments II - RA Series, NCL Investments II - RE Series, NCLInvestments III PE Series, NCL Investments III RA Series, NCLInvestments III RE Series, NCL Investments III, L.P. OutsideOpportunities SeriesA, NCL Investments, L.P. - PE Series, NCLInvestments, L.P. - RA Series, NCL Investments, L.P. - RE Series,Passero 18, L.P., Private Debt Strategies Fund III, L.P., PrivateDebt Strategies Fund IV, L.P., Private Debt Strategies Fund V,L.P., Renaissance Floating Rate Income Fund, SEI Global Master FundPLC, SEI Institutional Investments Trust - High Yield Bond Fund,SEI Institutional Investments Trust - Opportunistic Income Fund,SEI Institutional Managed Trust - High Yield Bond Fund, SEIInvestments Canada Company - U.S. High Yield Bond Fund, ShanghaiSSG Investment Management Company Limited, Spring Bridge Partners(Longshore), LP, Spring Bridge Partners (PES) Fund, LP, SpringBridge Partners, L.P., SSG Capital Partners I Side Pocket, L.P.,SSG Capital Partners II, L.P., SSG Capital Partners III, LP, SSGCapital Partners IV SIDECAR, L.P., SSG Capital Partners IV, L.P.,SSG Capital Partners V SIDECAR, L.P., SSG Capital Partners V, L.P.,SSG Secured Lending Opportunities I-A, L.P., SSG Secured LendingOpportunities II, L.P., Touchstone Credit Opportunities Fund,Towers Watson Focused High Yield Master Fund,

United States Power Fund II, L.P., United States Power Fund III,L.P., USPF II Institutional Fund, L.P., Wafra Venture Master FundI, VEF Group Management, LLC

All Communications, Notices and Orders to:

R. Kipp deVeerNaseem Sagati AghiliJoshua M. Bloomstein
Chief Executive OfficerGeneral CounselGeneral Counsel
Ares Capital CorporationAresManagement CorporationAresCapital Corporation
245 Park Avenue, 44th Floor2000Avenue of the Stars, 12th Floor245Park Avenue, 44th Floor
New York, NY 10167LosAngeles, CA 90067NewYork, NY 10167
(212) 750-7300(310) 201-4200(212) 750-7300

Copies to:

Nicole M. Runyan
Kirkland& Ellis LLP
601 Lexington Avenue

New York, New York 10022

(212) 446-4800

nicole.runyan@kirkland.com

September1, 2022

I.              INTRODUCTION

A. Summary of Application

On January18, 2017, the Securities and Exchange Commission(the “Commission”) issued an order under Sections 17(d)and57(i)of the Investment Company Act of 1940, as amended (the“1940 Act”),1 and Rule17d-1 thereunder, permittingcertain joint transactions otherwise prohibited by Sections17(d)and 57(a)(4)of the 1940 Act and Rule17d-1thereunder, as described more fully therein (the “PriorOrder”).2 The Prior Order permits certain businessdevelopment companies and closed-end management investmentcompanies to co-invest in portfolio companies with each other andwith affiliated investment entities.

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The Applicants (defined below) hereby seek an amended order (the“Amended Order”) from the Commission under Sections 17(d)and57(i)of the 1940 Act, and Rule17d-1 thereunder, toamend the term “Follow-On Investment” to mean (i)with respectto a Regulated Fund, an additional investment in the same issuer inwhich the Regulated Fund is currently invested; or (ii)withrespect to an Affiliated Fund, (X)an additional investment inthe same issuer in which the Affiliated Fund and at least oneRegulated Fund are currently invested; or (Y)an investment inan issuer in which at least one Regulated Fund is currentlyinvested but in which the Affiliated Fund does not currently havean investment.

B. Applicants

·Ares Capital Corporation (“ARCC”), a closed-endnon-diversified management investment company that has elected tobe regulated as a business development company(“BDC”) under the 1940 Act;
·Ares Capital Management LLC (“ACM”), aninvestment adviser registered with the Commission under theInvestment Advisers Act of 1940, as amended (the “AdvisersAct”), which serves as ARCC's investment adviser and isexpected to serve as investment adviser to ASIF (definedbelow);
·Ares Private Markets Fund (“APMF”), a closed-endnon-diversified management investment company registered under the1940 Act;
·CION Ares Diversified Credit Fund (“CADEX, and,together with ARCC and APMF, the “Existing RegulatedFunds”), a diversified, closed-end management investmentcompany registered under the 1940 Act. Each of the ExistingRegulated Funds qualifies as a Regulated Fund under the PriorOrder;
·Ares Strategic Income Fund (“ASIF”), a closed-endnon-diversified management company that intends to elect to beregulated as a BDC under the 1940 Act, and, upon its BDC election,will be a Future Regulated Fund under the Prior Order. ASIF willqualify as a Regulated Fund under the Prior Order at the time whenit relies on the Amended Order;
·CION Ares Management, LLC (“CAM”), an investmentadviser registered with the Commission under the Advisers Act,which serves as CADEX’s investment adviser;
·Ares Capital Management II LLC (“ACM II,” andtogether with ACM and CAM, the “Existing Advisers toRegulated Funds”), an investment adviser registered withthe Commission under the Advisers Act, which serves as APMF’sinvestment adviser and CADEX’s sub-adviser. Each of the ExistingAdvisers to Regulated Funds qualifies as an Adviser to RegulatedFunds under the Prior Order;
·Ivy Hill Asset Management L.P. (“Ivy Hill”), aninvestment adviser registered with the Commission under theAdvisers Act, that is a wholly owned portfolio company of ARCC. IvyHill qualifies as an Adviser under the Prior Order;
·Ares Capital CP Funding LLC, Ares Capital JB Funding LLC, ARCCFB

1 Unless otherwise indicated, all section and rulereferences herein are to the 1940 Act and rules promulgatedthereunder.

2 See Ares Capital Corporation, et al.(File No. 812-13603) Investment Company Act Rel. Nos. 32399(December 22, 2016) (notice) and 32427 (January 18, 2017)(order).

Funding LLC, each of which is a Wholly-Owned Investment Sub ofARCC;

·The investment advisers to the Existing Affiliated Funds(defined below) that are identified in Appendix A (“ExistingAdvisers to Affiliated Funds,” and together with theExisting Advisers to Regulated Funds and Ivy Hill, the“Existing Advisers”), each of which is registered asan investment adviser under the Advisers Act. Each of the ExistingAdvisers to Affiliated Funds qualifies as an Adviser to AffiliatedFunds under the Prior Order;
·The investment vehicles identified in Appendix A, each of whichis a separate and distinct legal entity, each of which would be aninvestment company but for Section3(c)(1)or3(c)(7)of the 1940 Act (the “Existing AffiliatedFunds”). Each of the Existing Affiliated Funds qualifies asan Affiliated Fund under the Prior Order; and
·The investment vehicles identified in Appendix B,each of which is a separate and distinct legal entity and would bean investment company but for Section3(c)(1)or3(c)(7)of the 1940 Act and for each of which Ivy Hill servesas the investment adviser (the “Existing Downstream Ivy HillFunds”). Each of the Existing Downstream Ivy Hill Fundsqualifies as a Downstream Ivy Hill Fund under the Prior Order. (TheExisting Downstream Ivy Hill Funds, together with the ExistingAffiliated Funds, the Existing Advisers to Affiliated Funds, theExisting Regulated Funds, the Existing Advisers to Regulated Funds,ASIF,Ivy Hill, Ares Capital CP Funding LLC, Ares Capital JBFunding LLC and ARCC FB Funding LLC, the"Applicants").

All Applicants, except for ASIF, are eligible to rely on the PriorOrder.3 ASIF will be eligible to rely on the Prior Orderwhen it qualifies as a Regulated Fund.

C. Defined Terms

Except as stated herein, defined terms used in this application(the “Application”) have the same meanings provided in theapplication for the Prior Order, as amended and restated (the“Prior Application”).4

“Follow-On Investment” means (i)with respect to a RegulatedFund, an additional investment in the same issuer in which theRegulated Fund is currently invested; or (ii)with respect toan Affiliated Fund, (X)an additional investment in the sameissuer in which the Affiliated Fund and at least one Regulated Fundare currently invested; or (Y)an investment in an issuer inwhich at least one Regulated Fund is currently invested but inwhich the Affiliated Fund does not currently have an investment. Aninvestment in an issuer includes, but is not limited to, theexercise of warrants, conversion privileges or other rights topurchase securities of the issuer.

II. Applicants’Proposal

The Amended Order, if granted, would expand the relief provided inthe Prior Order to permit Affiliated Funds to participate inFollow-On Investments in issuers in which at least one RegulatedFund is invested, but such Affiliated Funds are not invested. Thisrelief would not permit Follow-On Investments by Regulated Fundsthat are not invested in the issuer. The requested relief is basedon the temporary relief granted by the Commission on April8,2020.5

3 All existing entitiesthat currently rely on the Prior Order and intend to rely on theAmended Order have been named as applicants and any existing orfuture entities that may rely on the Amended Order in the futurewill comply with the terms and conditions of the Amended Order asset forth in or incorporated into this Application.

4 See Ares Capital Corporation, et al. (File No.812-13603) (September 23, 2016) (application).

5 BDC TemporaryExemptive Order, Investment Company Act Rel. Nos. 33837 (April 8,2020) (order) (extension granted on January5, 2021 andfurther extension granted on April 22, 2021).

III.            STATEMENT IN SUPPORT OF RELIEFREQUESTED

Except as stated herein, the disclosure in SectionIV,“Statement in Support of Relief Requested,” of the PriorApplication is equally applicable to this Application.

IV.            CONDITIONS

Except as stated herein, the Conditions of the Prior Order, asstated in SectionV of the Prior Application, will remain ineffect. Any language in the Conditions of the Prior Order statingthat an Affiliated Fund is required to have an existing investmentin an issuer and/or needs to have previously participated in aCo-Investment Transaction with respect to such issuer in order toparticipate in a Follow-On Investment shall be deemed removed ifthe Amended Order is granted.

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V.             PROCEDURAL MATTERS

Applicants file this Application in accordance with Rule0-2under the 1940 Act. Pursuant to Rule0-2(f)under the1940 Act, Applicants state that their address is indicated on thecover pageof this Application. Applicants further requestthat all communications concerning this Application should bedirected and copied to the persons listed on the cover pageofthe Application.

In accordance with Rule0-2(c)under the 1940 Act,Applicants state that all actions necessary to authorize theexecution and filing of this Application have been taken, and thepersons signing and filing this document are authorized to do so onbehalf of Applicants pursuant to their corporate organizationaldocuments, and in the case of the Existing Regulated Funds andASIF, the attached resolutions. Applicants also have attached theverifications required by Rule0-2(d)under the 1940Act.

In accordance with Rule0-5 under the 1940 Act, Applicantsrequest that the Commission issue the requested Amended Orderwithout holding a hearing.

All requirements for the execution and filing of this Applicationin the name and on behalf of each Applicant by the undersigned havebeen complied with and the undersigned is fully authorized to do soand has duly executed this Application as of this 1stday of September2022.

ARES CAPITAL CORPORATION
By:/s/ Joshua M. Bloomstein
Name: JoshuaM. Bloomstein
Title: GeneralCounsel
ARES PRIVATE MARKETS FUND
By:/s/ Ian Fitzgerald
Name: IanFitzgerald
Title: GeneralCounsel
ARES STRATEGIC INCOME FUND
By:/s/ Joshua M. Bloomstein
Name: Joshua M. Bloomstein
Title: SoleTrustee
CION ARES DIVERSIFIED CREDIT FUND
By:/s/ Ian Fitzgerald
Name: IanFitzgerald
Title: GeneralCounsel

ACE III Master Fund, L.P., ACIP Investment Management LLC, ACIPParallel Fund A, L.P., ACIP Apex Co-Investment, L.P., ACOFInvestment Management LLC, ACOF IV ATD Co-Invest, L.P., ACOFOperating Manager II, L.P., ACOF Operating Manager III, LLC, ACOFOperating Manager IV, LLC, ACOF Operating Manager, L.P., ADREXAdvisor LLC, AEIF Kleen Investor, LLC, AEIF Linden Blocker II LLC,AEPEP II N Strategic Investments, L.P., AEPEP III N StrategicCo-Invest, L.P., AF Energy Feeder, L.P., AF V APR Co-Invest, L.P.,AIREX Advisor LLC, Ambition Holdings, L.P., American Capital EquityI, LLC, American Capital Equity II, LP, Apollo Poland Real EstateCo-Investment, L.P., Apollo Real Estate Investment Fund V, L.P.,Apollo Real Estate Management V L.P., Apollo Real Estate ParallelFund V-A, L.P., Apollo Real Estate Parallel Fund V-B, L.P., ApolloReal Estate Parallel Fund V-C, L.P., APSecurities Manager LP, AREAEAGLE Co-Invest Management LLC, AREA EAGLE Co-Invest Partnership,L.P., AREA European Property Enhancement Management, LLC, AREAEuropean Property Enhancement Program, L.P., AREA UK Co-Invest RealEstate Management L.P., AREA-C, L.P., AREA-CAELUS Co-InvestManagement, L.P., AREA-CAELUS Co-Invest, L.P., AREG AC MakenaHoldings LLC, AREG CC II Manager L.P., AREG CIP 601 W. 29 AIV LP,AREG CIP 601 W. 29 Co-Invest Member LLC, AREG CIP DAQ AIV LP, AREGCIP IE Portfolio AIV LP, AREG CIP Needham AIV LP, AREG CIP OneSouth Halsted AIV LP, AREG CIP Portland Industrial AIV LP, AREG CIPRW50 AIV LP, AREG CIP Wellington Bay AIV LP, AREG CV Boston HotelCo-Investor LLC, AREG ELI Co-Invest Vehicle, L.P., AREG IberianResidential Co-Invest Vehicle SCSp, AREG Kennedy Co-Invest S.C.A.,AREG Klondike Manager, L.P., AREG LPKC Partners, L.P., AREG MakenaManagement L.P., AREG Star and Garter Co-Invest Partnership, L.P.,AREG-T European Portfolio, L.P., AREG-T Manager III, L.P.,AREG-Talisman Fred Supp Partners, L.P., Ares Alternative CreditManagement LLC, Ares Apex Pooling, LLC, Ares Asia Management Ltd,Ares ASIP VII Management, L.P., Ares Asset-Backed Loan Fund LP,Ares Cactus Operating Manager, L.P., Ares Capital Europe IV(E)Levered, Ares Capital Europe IV (E)Unlevered, AresCapital Europe IV (G)Levered, Ares Capital Europe IV(G)Unlevered, Ares Capital Europe V (E)Levered, AresCapital Europe V (E)Unlevered, Ares Capital Europe V(G)Levered, Ares Capital Europe V (G)Unlevered, AresCapital Europe, L.P., Ares Capital Management LLC, Ares CapitalManagement II LLC, Ares Capital Management III LLC, Ares CentreStreet Management, L.P., Ares Centre Street Partnership, L.P., AresCIP (V)Management LLC, ARES CIP US Real Estate OpportunityPartners A, L.P., ARES CIP US Real Estate Opportunity Partners B,L.P, Ares Climate Infrastructure Partners, L.P., Ares CLO FundingI, L.P., Ares CLO Funding III LP, Ares CLO Management LLC, Ares CLOManagement XXVII, L.P., Ares CLO Management II, LLC, Ares CLOManagement IIIR/IVR, L.P., Ares CLO Management VIR, L.P., Ares CLOManagement VR, L.P., Ares CLO Management X, L.P., Ares CLOManagement XI, L.P., Ares CLO Management XX, L.P., Ares CLOManagement XXI, L.P., Ares CLO Management XXIX, L.P., Ares CLOWarehouse 2021-6 Ltd., Ares CLO Warehouse 2021-8 Ltd., AresCommercial Finance LP, Ares Commercial Finance Management, LP, AresCommercial Real Estate Corporation, Ares Commercial Real EstateManagement LLC, Ares Corporate Opportunities Fund Asia, L.P., AresCorporate Opportunities Fund II, L.P., Ares Corporate OpportunitiesFund III, L.P., Ares Corporate Opportunities Fund IV, L.P., AresCorporate Opportunities Fund V, L.P., Ares Corporate OpportunitiesFund VI Parallel (Foreign), L.P., Ares Corporate Opportunities FundVI

Parallel (TE), L.P., Ares Corporate Opportunities Fund VI, L.P.,Ares Corporate Opportunities Fund, L.P., Ares Credit Hedge Fund LP,Ares Credit Investment Partnership I (V)L.P., Ares CreditInvestment Partnership II (A), L.P., Ares Credit Strategies FeederIII UK, L.P., Ares Credit Strategies Fund I, L.P., Ares CreditStrategies Fund III, L.P., Ares Credit Strategies InsuranceDedicated Fund - Seriesof SALI Multi SeriesFund LP,Ares CSF III Investment Management, LLC, Ares CSF IV ManagementLLC, Ares CSF Operating Manager I, LLC, Ares Customized Credit FundL.P., Ares Direct Finance I LP, Ares Direct Investments (AC) LP,Ares Direct Lending Opportunities LLC, Ares Direct LendingOpportunities Offshore LLC, Ares Direct Lending OpportunitiesParallel LLC, Ares Diversified Credit Strategies Fund (S), L.P.,Ares Diversified Credit Strategies Fund II (IM), L.P., AresDiversified Real Estate Exchange LLC , Ares EHP Co-Invest Holdings,L.P., Ares EIF Management, LLC, Ares Energy Investors Fund V, L.P.,Ares Energy Opportunities Fund A, L.P., Ares Energy OpportunitiesFund B, L.P., Ares Energy Opportunities Fund, L.P., Ares EnhancedCredit Opportunities Investment Management II, LLC, Ares EnhancedCredit Opportunities Master Fund II,LTD., Ares Enhanced LoanInvestment Strategy Advisor IV, L.P., Ares Enhanced Loan InvestmentStrategy II,LTD., Ares Enhanced Loan Investment StrategyIII,LTD., Ares Enhanced Loan Investment StrategyIR,LTD., Ares Enhanced Loan Management II, L.P., AresEnhanced Loan Management III, L.P., Ares Enhanced Loan ManagementIR, L.P., Ares EPIC Co-Invest II, L.P., Ares EPIC Co-Invest, L.P.,Ares European CLO II B.V., Ares European CLO IX Designated ActivityCompany, Ares European CLO VI Designated Activity Company, AresEuropean CLO VII Designated Activity Company, Ares European CLOVIII Designated Activity Company, Ares European CLO X DesignatedActivity Company, Ares European CLO XI Designated Activity Company,Ares European CLO XII Designated Activity Company, Ares EuropeanCLO XIII Designated Activity Company, Ares European CLO XIVDesignated Activity Company, Ares European CLO XV DesignatedActivity Company, Ares European CLO XVI Designated ActivityCompany, Ares European Credit Investments I (C), L.P., AresEuropean Credit Investments II (G), L.P., Ares European CreditInvestments III (K), L.P., Ares European Credit Investments IV (A),L.P., Ares European Credit Investments V (X), L.P., Ares EuropeanCredit Investments VI (N), L.P., Ares European Credit InvestmentsVII (CP), L.P., Ares European Credit Investments IX (AF), L.P.,Ares European Credit Strategies Fund II (B), L.P., Ares EuropeanCredit Strategies Fund III (A), L.P., Ares European CreditStrategies Fund IV (M), L.P., Ares European Credit Strategies FundIX (C), L.P., Ares European Credit Strategies Fund V (G)L.P.,Ares European Credit Strategies Fund VI (B), LP, Ares EuropeanCredit Strategies Fund VII (Palo Verde), L.P., Ares European CreditStrategies Fund X (T), L.P., Ares European Credit Strategies FundXI (S), L.P., Ares European Credit Strategies Fund XII (Z), SCSpRAIF - Sub-Fund 1, Ares European Credit Strategies Fund XII (Z),SCSp RAIF - Sub-Fund 2, Ares European Loan Funding II, AresEuropean Loan Funding S.L.P., Ares European Loan Management LLP,Ares European Property Enhancement Parallel Partners III SCSp, AresEuropean Property Enhancement Partners II, L.P., Ares EuropeanProperty Enhancement Partners III SCSp, Ares European Real EstateFund I (EU), L.P., Ares European Real Estate Fund I (IF), L.P.,Ares European Real Estate Fund II (EURO), L.P., Ares European RealEstate Fund II, L.P., Ares European Real Estate Fund III (EURO),L.P., Ares European Real Estate Fund III, L.P., Ares European RealEstate Fund IV (EURO), L.P., Ares European Real Estate Fund IV,L.P., Ares European Real Estate Fund V (Dollar) SCSp, Ares EuropeanReal Estate Fund V SCSp, Ares European Real Estate Fund VI SCSp,Ares European Real Estate Management I, L.P., Ares European RealEstate Management II, L.P., Ares European Real Estate ManagementIII, L.P., Ares Global Credit Fund S.C.A., SICAV-RAIF - AresEuropean Loan Fund (G), Ares Global Credit Fund S.C.A., SICAV-RAIF- Ares U.S. Loan Fund (G), Ares Global High Grade CLO Debt Fund,L.P., Ares Global Multi-Asset Credit Master Fund, L.P., Ares GroundLease Partners, L.P., Ares HICOF Operating Manager, L.P., Ares HighIncome Credit Opportunities Fund II (Master) LP, Ares High IncomeCredit Opportunities Fund, L.P., Ares High Yield Strategies Fund IVManagement, L.P., Ares ICOF II Management, LLC, Ares ICOF II MasterFund, L.P., Ares ICOF III Fund (CAYMAN) LP, Ares ICOF III Fund(Delaware) LP, Ares ICOF III Management LP, Ares IDF ManagementLLC, Ares IIIR/IVR CLO LTD., Ares Income Opportunity Fund, L.P.,Ares Industrial Real Estate Exchange LLC, Ares Industrial RealEstate Fund GP LLC, Ares Industrial Real Estate Fund LP, AresIndustrial Real Estate Fund Manager LLC, Ares Industrial RealEstate Income Trust Inc., Ares Industrial Real Estate Income

Trust Inc. - Build-To-Core Industrial Partnership I LP, AresIndustrial Real Estate Income Trust Inc.- Build-To-Core IndustrialPartnership II LP, Ares Industrial Real Estate Income Trust Inc.-Build-To-Core Industrial Partnership III LLC, Ares InstitutionalCredit Fund L.P., Ares Institutional High Yield Master Fund LP,Ares Institutional Loan Fund, L.P., Ares Institutional StructuredCredit Management, L.P., Ares Jasper Fund, L.P., Ares L CLO Ltd.,Ares LI CLO Ltd., Ares LII CLO Ltd., Ares LIII CLO Ltd., Ares LIVCLO Ltd., Ares LIX CLO Ltd., Ares Loan Funding I,Ltd., AresLoan Trust 2011, Ares Loan Trust 2016, Ares LV CLO Ltd. (fka AresCLO Warehouse 2018-6), Ares LVI CLO Ltd., Ares LVII CLO Ltd., AresLVIII CLO Ltd., Ares LX CLO Ltd., Ares LXI CLO Ltd., Ares LXII CLOLtd., Ares Management Limited, Ares Management LLC, Ares ManagementLuxembourg S.a.r.l., Ares Management UK Limited, Ares MasterEmployee Co-Invest Program 2015, L.P., Ares Master EmployeeCo-Invest Program 2019 Offshore, L.P., Ares Master EmployeeCo-Invest Program 2019 Onshore, L.P., Ares Mezzanine ManagementLLC, Ares Mezzanine Partners, L.P., Ares Midway Partners, L.P.,Ares Minerva Co-Invest, L.P., Ares MSCF V (H)Management LLC,Ares Multi-Asset Credit Strategies Fund LP, Ares Multi-Credit FundLLC, Ares Multi-Strategy Credit Fund V (H), L.P., Ares ND CreditStrategies Fund LLC, Ares PA Opportunities Fund, L.P., AresPan-European Logistics Partnership, L.P., Ares Pathfinder Core Fund(Offshore), L.P., Ares Pathfinder Core Fund, L.P., Ares PathfinderFund (Offshore), L.P., Ares Pathfinder Fund, L.P., Ares PBN FinanceCo. LLC, Ares PE Extended Value Fund LP, Ares PG Co-Invest L.P.,Ares Private Account Management I, L.P., Ares Private CreditSolutions (Cayman), L.P., Ares Private Credit Solutions (Offshore)II, L.P., Ares Private Credit Solutions II, L.P., Ares PrivateCredit Solutions, L.P., Ares Private Debt Strategies Fund II, L.P.,Ares Private Opportunities (CP), L.P., Ares Private Opportunities(NYC), L.P., Ares Private Opportunities 2020 (C), LP, Ares RealEstate Enhanced Income Fund, L.P., Ares Real Estate ManagementHoldings, LLC, Ares Real Estate Income Trust Inc., Ares Real EstateSecured Income Fund, L.P., Ares RF Co-Invest (H), L.P., Ares RFCo-Invest, L.P., Ares RLG Co-Invest Holdings, L.P., Ares SCMCo-Invest III, L.P., Ares Secured Income Master Fund LP, AresSenior Direct Lending Master Fund Designated Activity Company, AresSenior Direct Lending Master Fund II Designated Activity Company,Ares Senior Direct Lending Parallel Fund (L)II, L.P., AresSenior Direct Lending Parallel Fund (L), L.P., Ares Senior DirectLending Parallel Fund (U)B, L.P., Ares Senior Direct LendingParallel Fund (U)II, L.P., Ares Senior Direct LendingParallel Fund (U), L.P., Ares Senior Loan Trust, Ares Senior LoanTrust Management L.P., Ares SDL II Capital Management LLC, AresSFERS Credit Strategies Fund LLC, Ares Special Opportunities Fund(Offshore), L.P., Ares Special Opportunities Fund, L.P., AresSpecial Opportunities Fund II (Jersey A) L.P., Ares SpecialOpportunities Fund II (Jersey) L.P., Ares Special OpportunitiesFund II (Offshore), L.P., Ares Special Opportunities Fund II, L.P.,Ares Special Situations Fund III, L.P., Ares Special SituationsFund IV, L.P., Ares Sports, Media and Entertainment Finance(Offshore), L.P., Ares Sports, Media and Entertainment Finance,L.P., Ares SSG Capital Management (Australia) PTY LTD, Ares SSGCapital Management (Hong Kong) Limited, Ares SSG Capital ManagementLimited, Ares SSG Capital Management (Mauritius) LTD., Ares SSGCapital Management (Singapore) PTE. LTD., Ares SSG CapitalManagement (Thailand) Limited, Ares SSG Capital Partners VI, L.P.,Ares SSG Excelsior Co-Investment, L.P., Ares SSG Direct Lending,L.P., Ares SSG Secured Lending Opportunities III, L.P., AresStrategic Investment Partners IV, Ares Strategic Real EstateProgram-HHC, LLC, Ares UK Credit Strategies, L.P., Ares U.S. CLOManagement III LLC – SeriesA, Ares US Real Estate Developmentand Redevelopment Fund II, LP, Ares US Real Estate Fund IX, L.P.,Ares US Real Estate Fund VII 892, L.P., Ares US Real Estate FundVII, L.P., Ares US Real Estate Fund VIII, L.P., Ares US Real EstateFund X, L.P., Ares US Real Estate Fund X-A, L.P., Ares US RealEstate Fund X-B, L.P., Ares US Real Estate Opportunity Fund III,L.P., Ares US Real Estate Opportunity Fund, L.P., Ares US RealEstate Opportunity Management, L.P., Ares US Real EstateOpportunity Parallel Fund III-A, L.P., Ares US Real EstateOpportunity Parallel Fund III-B, L.P., Ares US Real Estate ParallelFund IX, L.P., Ares US Real Estate Parallel II Fund IX, L.P., AresUS Real Estate VII Management, LLC, Ares US Real Estate VIIIManagement, LLC, Ares VAL Co-Invest Holdings I, L.P., Ares VALCo-Invest Holdings II, L.P., Ares VIR CLO LTD., Ares VRCLO,LTD., Ares X CLO LTD., Ares XI CLO LTD., Ares XL CLO Ltd,Ares XLI CLO Ltd, Ares XLII CLO Ltd., Ares XLIII CLO Ltd., AresXLIV CLO Ltd., Ares XLIX CLO Ltd, Ares XLV CLO Ltd., Ares XLVI CLOLTD, Ares XLVII CLO LTD,

Ares XLVIII CLO Ltd., Ares XX CLO LTD, Ares XXI CLO LTD., Ares XXIXCLO LTD, Ares XXVII CLO LTD, Ares XXVIIIR CLO Ltd., Ares XXXIIR CLOLtd., Ares XXXIR CLO Ltd., ARES XXXIV CLO LTD., Ares XXXIX CLOLtd., Ares XXXVII CLO, LTD, Ares XXXVIII CLO, LTD, ASIP OperatingManager IV, LLC, ASOF Delaware Feeder, L.P., ASOF DirectInvestments (A), L.P., ASOF Investment Management LLC, AresInsurance Partners, L.P., Ares Insurance Solutions LLC, AspidaHoldings Ltd., Aspida Life Re Ltd., Aspida Holdings LLC, Aspida Re(Bermuda) Ltd., Aspida Re Services Ltd., Aspida Risk Advisors, LLC,Aspida Financial Services, LLC, Aspida Life Insurance Company, ASSFOperating Manager III, LLC, ASSF Operating Manager IV, L.P., BCGBTC III Managing Member LLC, Cal Ares Real Estate Debt Partners,LLC, Chengdu Ares Yuanjing Equity Investment Fund L.P., ChengduAres Yuankang Investment Management Co Ltd, Chimney Tops Loan Fund,LLC, CION Ares Management, LLC, COLTS 2005-1 LTD., COLTS 2005-2LTD., Columbus Opportunity Fund, L.P., Crestline Denali CapitalLLC, Crestline Denali CLO XIV,Ltd., Crestline Denali CLOXV,Ltd., Crestline Denali CLO XVI,Ltd., CrestlineDenali CLO XVII,Ltd., Denali Capital CLO X,Ltd., DenaliCapital CLO XI,Ltd., Denali Capital CLO XII,Ltd., EIFCalypso II Blocker, LLC, EIF Channelview Blocker, LLC, EIF Oregon,LLC, EIF United States Power Fund IV, L.P., Emporia PreferredFunding III,LTD., Goldman Sachs Multi-Manager Non-Core FixedIncome Fund, Hush Lux S.a.r.l.,Industrial Property AdvisorsSub II LLC,Industrial Property Advisors Sub III LLC,IvyHill Asset Management, L.P.,Ivy Hill Investment Holdings,LLC,Ivy Hill Middle Market Credit FundIV,LTD.,Ivy Hill Middle Market Credit Fund IX,LTD,Ivy Hill Middle Market Credit Fund V,LTD.,IvyHill Middle Market Credit Fund VII,LTD.,Ivy Hill MiddleMarket Credit Fund VIII,LTD.,Ivy Hill Middle MarketCredit Fund X, LTD,Ivy Hill Middle Market Credit Fund XII,LTD, Ivy Hill Middle Market Credit Fund XIV, Ltd,Ivy HillMiddle Market Credit Fund XV,Ltd.,Ivy Hill MiddleMarket Credit Fund XVI,Ltd.,Ivy Hill Middle MarketCredit Fund XVII,Ltd.,Ivy Hill Middle Market CreditFund XIX,Ltd.,Ivy Hill Middle Market Credit FundXVIII,Ltd.,Ivy Hill Revolver Funding LP, Klondike LLC,Landmark - NYC Fund I, L.P., Landmark Co-Investment Partners IX,L.P., Landmark Equity Advisors LLC, Landmark Equity Partners XIII,L.P., Landmark Equity Partners XIII-A, L.P., Landmark EquityPartners XIV, L.P., Landmark Equity Partners XV, L.P., LandmarkEquity Partners XVI Co-Investment Fund, L.P., Landmark EquityPartners XVI, L.P., Landmark Equity Partners XVII Co-InvestmentFund, L.P., Landmark Equity Partners XVII, L.P, Landmark EquityPartners XVII-B, L.P., Landmark Growth Capital Partners, L.P.,Landmark Hudson Partners I, L.P., Landmark IAM Growth Capital,L.P., Landmark IAM Real Estate Partnership V, L.P., LandmarkInfrastructure Partners II, L.P., Landmark Pacific Partners II,L.P., Landmark Pacific Partners, L.P. – SeriesA, LandmarkPacific Partners, L.P. – SeriesB, Landmark Pacific Partners,L.P. – SeriesC, Landmark Partners LLC, Landmark Partners 1907Fund I, L.P., Landmark Partners 1907 Fund II, L.P., LandmarkPartners 1907 Fund III, L.P., Landmark Partners Insurance FundSeriesInterests of the SALI Multi-SeriesFund, L.P.,Landmark Private Opportunities (FG) 2021, L.P., Landmark RealtyAdvisors LLC, Landmark Real Estate Partners IX Co-Investment Fund,L.P., Landmark Real Estate Partners IX, L.P., Landmark Real EstatePartners V, L.P., Landmark Real Estate Partners VI Offshore, L.P.,Landmark Real Estate Partners VI, L.P., Landmark Real EstatePartners VII Offshore, L.P., Landmark Real Estate Partners VIIOPERS Co-Investment, L.P., Landmark Real Estate Partners VII, L.P.,Landmark Real Estate Partners VIII Co-Investment Fund, L.P.,Landmark Real Estate Partners VIII, L.P., Landmark Real EstatePartners VIII-A, L.P., Landmark Real Estate Partners VIII-CampbellCo-Investment, L.P., Landmark Real Estate Partners IX-CampbellCo-Investment, L.P., Landmark Real Estate Partners VII-IPCo-Investment, L.P., Landmark Real Estate Partners VI-OPERSCo-Investment, L.P., Landmark Sing Co-Investment Fund I, L.P.,Landmark Tig Co-Investment Fund I, L.P., Landmark TX ERSCo-Investment Fund I, L.P., Landmark TX ERS Co-Investment Fund II,L.P., Legacy SCM Aggregator, LLC, LWFB Co-Investment Fund I, L.P.,MC European Real Estate Debt Parent LP, MC Investments Parent L.P,NCL III - Outside Opportunities B, NCL Investments II - OutsideOpportunities SeriesA, NCL Investments II - OutsideOpportunities SeriesB, NCL Investments II - PE Series, NCLInvestments II - RA Series, NCL Investments II - RE Series, NCLInvestments III PE Series, NCL Investments III RA Series, NCLInvestments III RE Series, NCL Investments III, L.P. OutsideOpportunities SeriesA, NCL Investments, L.P. - PE Series, NCLInvestments, L.P. - RA Series, NCL Investments, L.P. - RE Series,Passero 18, L.P., Private Debt Strategies Fund III, L.P.,

Private Debt Strategies Fund IV, L.P., Private Debt Strategies FundV, L.P., Renaissance Floating Rate Income Fund, SEI Global MasterFund PLC, SEI Institutional Investments Trust - High Yield BondFund, SEI Institutional Investments Trust - Opportunistic IncomeFund, SEI Institutional Managed Trust - High Yield Bond Fund, SEIInvestments Canada Company - U.S. High Yield Bond Fund, ShanghaiSSG Investment Management Company Limited, Spring Bridge Partners(Longshore), LP, Spring Bridge Partners (PES) Fund, LP, SpringBridge Partners, L.P., SSG Capital Partners I Side Pocket, L.P.,SSG Capital Partners II, L.P., SSG Capital Partners III, LP, SSGCapital Partners IV SIDECAR, L.P., SSG Capital Partners IV, L.P.,SSG Capital Partners V SIDECAR, L.P., SSG Capital Partners V, L.P.,SSG Secured Lending Opportunities I-A, L.P., SSG Secured LendingOpportunities II, L.P., Touchstone Credit Opportunities Fund,Towers Watson Focused High Yield Master Fund, United States PowerFund II, L.P., United States Power Fund III, L.P., USPF IIInstitutional Fund, L.P., Wafra Venture Master Fund I, VEF GroupManagement, LLC

By:/s/ Miriam Krieger
Name: MiriamKrieger
Title:Authorized Person

The undersigned states that he has duly executed the attachedapplication dated as of September1, 2022 for and on behalf ofAres Capital Corporation; that he is the Vice President and GeneralCounsel of such company; and that all action by officers,directors, and other bodies necessary to authorize the undersignedto execute and file such instrument has been taken. The undersignedfurther states that he is familiar with such instrument, and thecontents thereof, and that the facts therein set forth are true tothe best of his knowledge, information and belief.

ARES CAPITAL CORPORATION
By:/s/ Joshua M. Bloomstein
Name: JoshuaM. Bloomstein
Title: GeneralCounsel

The undersigned states that he has duly executed the attachedapplication dated as of September1, 2022 for and on behalf ofAres Private Markets Fund; that he is the Vice President andGeneral Counsel of such company; and that all action by officers,directors, and other bodies necessary to authorize the undersignedto execute and file such instrument has been taken. The undersignedfurther states that he is familiar with such instrument, and thecontents thereof, and that the facts therein set forth are true tothe best of his knowledge, information and belief.

ARES PRIVATE MARKETS FUND
By:/s/ Ian Fitzgerald
Name: IanFitzgerald
Title: GeneralCounsel

The undersigned states that he has duly executed the attachedapplication dated as of September1, 2022 for and on behalf ofAres Strategic Income Fund; that he is the sole Trustee of suchcompany; and that all action by officers, directors, and otherbodies necessary to authorize the undersigned to execute and filesuch instrument has been taken. The undersigned further states thathe is familiar with such instrument, and the contents thereof, andthat the facts therein set forth are true to the best of hisknowledge, information and belief.

ARES STRATEGIC INCOME FUND
By:/s/ Joshua M. Bloomstein
Name: JoshuaM. Bloomstein
Title: SoleTrustee

The undersigned states that he has duly executed the attachedapplication dated as of September1, 2022 for and on behalf ofCION Ares Diversified Credit Fund; that he is the Vice Presidentand General Counsel of such company; and that all action byofficers, directors, and other bodies necessary to authorize theundersigned to execute and file such instrument has been taken. Theundersigned further states that he is familiar with suchinstrument, and the contents thereof, and that the facts thereinset forth are true to the best of his knowledge, information andbelief.

CION ARES DIVERSIFIED CREDIT FUND
By:/s/ Ian Fitzgerald
Name: IanFitzgerald
Title:General Counsel

The undersigned states that she has duly executed the attachedapplication dated as of September1, 2022 for and on behalf ofeach entity listed below; that she is the authorized person of eachsuch entity; and that all action by officers, directors, and otherbodies necessary to authorize the undersigned to execute and filesuch instrument has been taken. The undersigned further states thatshe is familiar with such instrument, and the contents thereof, andthat the facts therein set forth are true to the best of herknowledge, information and belief.

ACE III Master Fund, L.P., ACIP Investment Management LLC, ACIPParallel Fund A, L.P., ACIP Apex Co-Investment, L.P., ACOFInvestment Management LLC, ACOF IV ATD Co-Invest, L.P., ACOFOperating Manager II, L.P., ACOF Operating Manager III, LLC, ACOFOperating Manager IV, LLC, ACOF Operating Manager, L.P., ADREXAdvisor LLC, AEIF Kleen Investor, LLC, AEIF Linden Blocker II LLC,AEPEP II N Strategic Investments, L.P., AEPEP III N StrategicCo-Invest, L.P., AF Energy Feeder, L.P., AF V APR Co-Invest, L.P.,AIREX Advisor LLC, Ambition Holdings, L.P., American Capital EquityI, LLC, American Capital Equity II, LP, Apollo Poland Real EstateCo-Investment, L.P., Apollo Real Estate Investment Fund V, L.P.,Apollo Real Estate Management V L.P., Apollo Real Estate ParallelFund V-A, L.P., Apollo Real Estate Parallel Fund V-B, L.P., ApolloReal Estate Parallel Fund V-C, L.P., APSecurities Manager LP, AREAEAGLE Co-Invest Management LLC, AREA EAGLE Co-Invest Partnership,L.P., AREA European Property Enhancement Management, LLC, AREAEuropean Property Enhancement Program, L.P., AREA UK Co-Invest RealEstate Management L.P., AREA-C, L.P., AREA-CAELUS Co-InvestManagement, L.P., AREA-CAELUS Co-Invest, L.P., AREG AC MakenaHoldings LLC, AREG CC II Manager L.P., AREG CIP 601 W. 29 AIV LP,AREG CIP 601 W. 29 Co-Invest Member LLC, AREG CIP DAQ AIV LP, AREGCIP IE Portfolio AIV LP, AREG CIP Needham AIV LP, AREG CIP OneSouth Halsted AIV LP, AREG CIP Portland Industrial AIV LP, AREG CIPRW50 AIV LP, AREG CIP Wellington Bay AIV LP, AREG CV Boston HotelCo-Investor LLC, AREG ELI Co-Invest Vehicle, L.P., AREG IberianResidential Co-Invest Vehicle SCSp, AREG Kennedy Co-Invest S.C.A.,AREG Klondike Manager, L.P., AREG LPKC Partners, L.P., AREG MakenaManagement L.P., AREG Star and Garter Co-Invest Partnership, L.P.,AREG-T European Portfolio, L.P., AREG-T Manager III, L.P.,AREG-Talisman Fred Supp Partners, L.P., Ares Alternative CreditManagement LLC, Ares Apex Pooling, LLC, Ares Asia Management Ltd,Ares ASIP VII Management, L.P., Ares Asset-Backed Loan Fund LP,Ares Cactus Operating Manager, L.P., Ares Capital Europe IV(E)Levered, Ares Capital Europe IV (E)Unlevered, AresCapital Europe IV (G)Levered, Ares Capital Europe IV(G)Unlevered, Ares Capital Europe V (E)Levered, AresCapital Europe V (E)Unlevered, Ares Capital Europe V(G)Levered, Ares Capital Europe V (G)Unlevered, AresCapital Europe, L.P., Ares Capital Management LLC, Ares CapitalManagement II LLC, Ares Capital Management III LLC, Ares CentreStreet Management, L.P., Ares Centre Street Partnership, L.P., AresCIP (V)Management LLC, ARES CIP US Real Estate OpportunityPartners A, L.P., ARES CIP US Real Estate Opportunity Partners B,L.P, Ares Climate Infrastructure Partners, L.P., Ares CLO FundingI, L.P., Ares CLO Funding III LP, Ares CLO Management LLC, Ares CLOManagement XXVII, L.P., Ares CLO Management II, LLC, Ares CLOManagement IIIR/IVR, L.P., Ares CLO Management VIR, L.P., Ares CLOManagement VR, L.P., Ares CLO Management X, L.P., Ares CLOManagement XI, L.P., Ares CLO Management XX, L.P., Ares CLOManagement XXI, L.P., Ares CLO Management XXIX, L.P., Ares CLOWarehouse 2021-6 Ltd., Ares CLO Warehouse 2021-8 Ltd., AresCommercial Finance LP, Ares Commercial Finance Management, LP, AresCommercial Real Estate Corporation, Ares Commercial Real EstateManagement LLC, Ares Corporate Opportunities Fund Asia, L.P., AresCorporate Opportunities Fund II, L.P., Ares Corporate OpportunitiesFund III, L.P., Ares Corporate Opportunities Fund IV, L.P., AresCorporate Opportunities Fund V, L.P., Ares Corporate OpportunitiesFund VI Parallel (Foreign), L.P., Ares Corporate Opportunities FundVI Parallel (TE), L.P., Ares Corporate Opportunities Fund VI, L.P.,Ares Corporate Opportunities Fund, L.P., Ares Credit Hedge Fund LP,Ares Credit Investment Partnership I (V)L.P., Ares CreditInvestment Partnership II (A), L.P., Ares Credit Strategies FeederIII UK, L.P., Ares Credit Strategies Fund I, L.P., Ares CreditStrategies Fund III, L.P., Ares Credit Strategies InsuranceDedicated Fund - Seriesof SALI Multi SeriesFund LP,Ares CSF III Investment Management, LLC, Ares CSF IV ManagementLLC, Ares CSF Operating Manager I, LLC, Ares Customized Credit FundL.P., Ares Direct Finance I LP, Ares Direct Investments (AC) LP,Ares Direct Lending Opportunities LLC, Ares Direct LendingOpportunities Offshore LLC, Ares Direct Lending OpportunitiesParallel LLC, Ares Diversified Credit Strategies Fund (S), L.P.,Ares Diversified Credit Strategies Fund II (IM), L.P., AresDiversified Real Estate Exchange LLC , Ares EHP Co-Invest Holdings,L.P., Ares EIF Management, LLC, Ares Energy Investors Fund V, L.P.,Ares Energy Opportunities Fund A, L.P., Ares Energy OpportunitiesFund B, L.P., Ares Energy Opportunities Fund, L.P., Ares EnhancedCredit Opportunities Investment Management II, LLC, Ares EnhancedCredit Opportunities Master Fund II,LTD., Ares Enhanced LoanInvestment Strategy Advisor IV, L.P., Ares Enhanced Loan InvestmentStrategy II,LTD., Ares Enhanced Loan Investment StrategyIII,LTD., Ares Enhanced Loan Investment StrategyIR,LTD., Ares Enhanced Loan Management II, L.P., AresEnhanced Loan Management III, L.P., Ares Enhanced Loan ManagementIR, L.P., Ares EPIC Co-Invest II, L.P.,

Ares EPIC Co-Invest, L.P., Ares European CLO II B.V., Ares EuropeanCLO IX Designated Activity Company, Ares European CLO VI DesignatedActivity Company, Ares European CLO VII Designated ActivityCompany, Ares European CLO VIII Designated Activity Company, AresEuropean CLO X Designated Activity Company, Ares European CLO XIDesignated Activity Company, Ares European CLO XII DesignatedActivity Company, Ares European CLO XIII Designated ActivityCompany, Ares European CLO XIV Designated Activity Company, AresEuropean CLO XV Designated Activity Company, Ares European CLO XVIDesignated Activity Company, Ares European Credit Investments I(C), L.P., Ares European Credit Investments II (G), L.P., AresEuropean Credit Investments III (K), L.P., Ares European CreditInvestments IV (A), L.P., Ares European Credit Investments V (X),L.P., Ares European Credit Investments VI (N), L.P., Ares EuropeanCredit Investments VII (CP), L.P., Ares European Credit InvestmentsIX (AF), L.P., Ares European Credit Strategies Fund II (B), L.P.,Ares European Credit Strategies Fund III (A), L.P., Ares EuropeanCredit Strategies Fund IV (M), L.P., Ares European CreditStrategies Fund IX (C), L.P., Ares European Credit Strategies FundV (G)L.P., Ares European Credit Strategies Fund VI (B), LP,Ares European Credit Strategies Fund VII (Palo Verde), L.P., AresEuropean Credit Strategies Fund X (T), L.P., Ares European CreditStrategies Fund XI (S), L.P., Ares European Credit Strategies FundXII (Z), SCSp RAIF - Sub-Fund 1, Ares European Credit StrategiesFund XII (Z), SCSp RAIF - Sub-Fund 2, Ares European Loan FundingII, Ares European Loan Funding S.L.P., Ares European LoanManagement LLP, Ares European Property Enhancement ParallelPartners III SCSp, Ares European Property Enhancement Partners II,L.P., Ares European Property Enhancement Partners III SCSp, AresEuropean Real Estate Fund I (EU), L.P., Ares European Real EstateFund I (IF), L.P., Ares European Real Estate Fund II (EURO), L.P.,Ares European Real Estate Fund II, L.P., Ares European Real EstateFund III (EURO), L.P., Ares European Real Estate Fund III, L.P.,Ares European Real Estate Fund IV (EURO), L.P., Ares European RealEstate Fund IV, L.P., Ares European Real Estate Fund V (Dollar)SCSp, Ares European Real Estate Fund V SCSp, Ares European RealEstate Fund VI SCSp, Ares European Real Estate Management I, L.P.,Ares European Real Estate Management II, L.P., Ares European RealEstate Management III, L.P., Ares Global Credit Fund S.C.A.,SICAV-RAIF - Ares European Loan Fund (G), Ares Global Credit FundS.C.A., SICAV-RAIF - Ares U.S. Loan Fund (G), Ares Global HighGrade CLO Debt Fund, L.P., Ares Global Multi-Asset Credit MasterFund, L.P., Ares Ground Lease Partners, L.P., Ares HICOF OperatingManager, L.P., Ares High Income Credit Opportunities Fund II(Master) LP, Ares High Income Credit Opportunities Fund, L.P., AresHigh Yield Strategies Fund IV Management, L.P., Ares ICOF IIManagement, LLC, Ares ICOF II Master Fund, L.P., Ares ICOF III Fund(CAYMAN) LP, Ares ICOF III Fund (Delaware) LP, Ares ICOF IIIManagement LP, Ares IDF Management LLC, Ares IIIR/IVR CLO LTD.,Ares Income Opportunity Fund, L.P., Ares Industrial Real EstateExchange LLC, Ares Industrial Real Estate Fund GP LLC, AresIndustrial Real Estate Fund LP, Ares Industrial Real Estate FundManager LLC, Ares Industrial Real Estate Income Trust Inc., AresIndustrial Real Estate Income Trust Inc. - Build-To-Core IndustrialPartnership I LP, Ares Industrial Real Estate Income Trust Inc.-Build-To-Core Industrial Partnership II LP, Ares Industrial RealEstate Income Trust Inc.- Build-To-Core Industrial Partnership IIILLC, Ares Institutional Credit Fund L.P., Ares Institutional HighYield Master Fund LP, Ares Institutional Loan Fund, L.P., AresInstitutional Structured Credit Management, L.P., Ares Jasper Fund,L.P., Ares L CLO Ltd., Ares LI CLO Ltd., Ares LII CLO Ltd., AresLIII CLO Ltd., Ares LIV CLO Ltd., Ares LIX CLO Ltd., Ares LoanFunding I,Ltd., Ares Loan Trust 2011, Ares Loan Trust 2016,Ares LV CLO Ltd. (fka Ares CLO Warehouse 2018-6), Ares LVI CLOLtd., Ares LVII CLO Ltd., Ares LVIII CLO Ltd., Ares LX CLO Ltd.,Ares LXI CLO Ltd., Ares LXII CLO Ltd., Ares Management Limited,Ares Management LLC, Ares Management Luxembourg S.a.r.l., AresManagement UK Limited, Ares Master Employee Co-Invest Program 2015,L.P., Ares Master Employee Co-Invest Program 2019 Offshore, L.P.,Ares Master Employee Co-Invest Program 2019 Onshore, L.P., AresMezzanine Management LLC, Ares Mezzanine Partners, L.P., AresMidway Partners, L.P., Ares Minerva Co-Invest, L.P., Ares MSCF V(H)Management LLC, Ares Multi-Asset Credit Strategies FundLP, Ares Multi-Credit Fund LLC, Ares Multi-Strategy Credit Fund V(H), L.P., Ares ND Credit Strategies Fund LLC, Ares PAOpportunities Fund, L.P., Ares Pan-European Logistics Partnership,L.P., Ares Pathfinder Core Fund (Offshore), L.P., Ares PathfinderCore Fund, L.P., Ares Pathfinder Fund (Offshore), L.P., AresPathfinder Fund, L.P., Ares PBN Finance Co. LLC, Ares PE ExtendedValue Fund LP, Ares PG Co-Invest L.P., Ares Private AccountManagement I, L.P., Ares Private Credit Solutions (Cayman), L.P.,Ares Private Credit Solutions (Offshore) II, L.P., Ares PrivateCredit Solutions II, L.P., Ares Private Credit Solutions, L.P.,Ares Private Debt Strategies Fund II, L.P., Ares PrivateOpportunities (CP), L.P., Ares Private Opportunities (NYC), L.P.,Ares Private Opportunities 2020 (C), LP, Ares Real Estate EnhancedIncome Fund, L.P., Ares Real Estate Management Holdings, LLC, AresReal Estate Income Trust Inc., Ares Real Estate Secured IncomeFund, L.P., Ares RF Co-Invest (H), L.P., Ares RF Co-Invest, L.P.,Ares RLG Co-Invest Holdings, L.P., Ares SCM Co-Invest III, L.P.,Ares Secured Income Master Fund LP, Ares Senior Direct LendingMaster Fund Designated Activity Company, Ares Senior Direct LendingMaster Fund II Designated Activity Company, Ares Senior DirectLending Parallel Fund (L)II, L.P., Ares Senior Direct LendingParallel Fund (L), L.P., Ares Senior Direct Lending Parallel Fund(U)B, L.P., Ares Senior Direct Lending Parallel

Fund (U)II, L.P., Ares Senior Direct Lending Parallel Fund(U), L.P., Ares Senior Loan Trust, Ares Senior Loan TrustManagement L.P., Ares SDL II Capital Management LLC, Ares SFERSCredit Strategies Fund LLC, Ares Special Opportunities Fund(Offshore), L.P., Ares Special Opportunities Fund, L.P., AresSpecial Opportunities Fund II (Jersey A) L.P., Ares SpecialOpportunities Fund II (Jersey) L.P., Ares Special OpportunitiesFund II (Offshore), L.P., Ares Special Opportunities Fund II, L.P.,Ares Special Situations Fund III, L.P., Ares Special SituationsFund IV, L.P., Ares Sports, Media and Entertainment Finance(Offshore), L.P., Ares Sports, Media and Entertainment Finance,L.P., Ares SSG Capital Management (Australia) PTY LTD, Ares SSGCapital Management (Hong Kong) Limited, Ares SSG Capital ManagementLimited, Ares SSG Capital Management (Mauritius) LTD., Ares SSGCapital Management (Singapore) PTE. LTD., Ares SSG CapitalManagement (Thailand) Limited, Ares SSG Capital Partners VI, L.P.,Ares SSG Excelsior Co-Investment, L.P., Ares SSG Direct Lending,L.P., Ares SSG Secured Lending Opportunities III, L.P., AresStrategic Investment Partners IV, Ares Strategic Real EstateProgram-HHC, LLC, Ares UK Credit Strategies, L.P., Ares U.S. CLOManagement III LLC – SeriesA, Ares US Real Estate Developmentand Redevelopment Fund II, LP, Ares US Real Estate Fund IX, L.P.,Ares US Real Estate Fund VII 892, L.P., Ares US Real Estate FundVII, L.P., Ares US Real Estate Fund VIII, L.P., Ares US Real EstateFund X, L.P., Ares US Real Estate Fund X-A, L.P., Ares US RealEstate Fund X-B, L.P., Ares US Real Estate Opportunity Fund III,L.P., Ares US Real Estate Opportunity Fund, L.P., Ares US RealEstate Opportunity Management, L.P., Ares US Real EstateOpportunity Parallel Fund III-A, L.P., Ares US Real EstateOpportunity Parallel Fund III-B, L.P., Ares US Real Estate ParallelFund IX, L.P., Ares US Real Estate Parallel II Fund IX, L.P., AresUS Real Estate VII Management, LLC, Ares US Real Estate VIIIManagement, LLC, Ares VAL Co-Invest Holdings I, L.P., Ares VALCo-Invest Holdings II, L.P., Ares VIR CLO LTD., Ares VRCLO,LTD., Ares X CLO LTD., Ares XI CLO LTD., Ares XL CLO Ltd,Ares XLI CLO Ltd, Ares XLII CLO Ltd., Ares XLIII CLO Ltd., AresXLIV CLO Ltd., Ares XLIX CLO Ltd, Ares XLV CLO Ltd., Ares XLVI CLOLTD, Ares XLVII CLO LTD, Ares XLVIII CLO Ltd., Ares XX CLO LTD,Ares XXI CLO LTD., Ares XXIX CLO LTD, Ares XXVII CLO LTD, AresXXVIIIR CLO Ltd., Ares XXXIIR CLO Ltd., Ares XXXIR CLO Ltd., ARESXXXIV CLO LTD., Ares XXXIX CLO Ltd., Ares XXXVII CLO, LTD, AresXXXVIII CLO, LTD, ASIP Operating Manager IV, LLC, ASOF DelawareFeeder, L.P., ASOF Direct Investments (A), L.P., ASOF InvestmentManagement LLC, Ares Insurance Partners, L.P., Ares InsuranceSolutions LLC, Aspida Holdings Ltd., Aspida Life Re Ltd., AspidaHoldings LLC, Aspida Re (Bermuda) Ltd., Aspida Re Services Ltd.,Aspida Risk Advisors, LLC, Aspida Financial Services, LLC, AspidaLife Insurance Company, ASSF Operating Manager III, LLC, ASSFOperating Manager IV, L.P., BCG BTC III Managing Member LLC, CalAres Real Estate Debt Partners, LLC, Chengdu Ares Yuanjing EquityInvestment Fund L.P., Chengdu Ares Yuankang Investment ManagementCo Ltd, Chimney Tops Loan Fund, LLC, CION Ares Management, LLC,COLTS 2005-1 LTD., COLTS 2005-2 LTD., Columbus Opportunity Fund,L.P., Crestline Denali Capital LLC, Crestline Denali CLOXIV,Ltd., Crestline Denali CLO XV,Ltd., CrestlineDenali CLO XVI,Ltd., Crestline Denali CLO XVII,Ltd.,Denali Capital CLO X,Ltd., Denali Capital CLO XI,Ltd.,Denali Capital CLO XII,Ltd., EIF Calypso II Blocker, LLC, EIFChannelview Blocker, LLC, EIF Oregon, LLC, EIF United States PowerFund IV, L.P., Emporia Preferred Funding III,LTD., GoldmanSachs Multi-Manager Non-Core Fixed Income Fund, Hush LuxS.a.r.l.,Industrial Property Advisors Sub IILLC,Industrial Property Advisors Sub III LLC,Ivy HillAsset Management, L.P.,Ivy Hill Investment Holdings,LLC,Ivy Hill Middle Market Credit FundIV,LTD.,Ivy Hill Middle Market Credit Fund IX,LTD,Ivy Hill Middle Market Credit Fund V,LTD.,IvyHill Middle Market Credit Fund VII,LTD.,Ivy Hill MiddleMarket Credit Fund VIII,LTD.,Ivy Hill Middle MarketCredit Fund X, LTD,Ivy Hill Middle Market Credit Fund XII,LTD, Ivy Hill Middle Market Credit Fund XIV, Ltd,Ivy HillMiddle Market Credit Fund XV,Ltd.,Ivy Hill MiddleMarket Credit Fund XVI,Ltd.,Ivy Hill Middle MarketCredit Fund XVII,Ltd.,Ivy Hill Middle Market CreditFund XIX,Ltd.,Ivy Hill Middle Market Credit FundXVIII,Ltd.,Ivy Hill Revolver Funding LP, Klondike LLC,Landmark - NYC Fund I, L.P., Landmark Co-Investment Partners IX,L.P., Landmark Equity Advisors LLC, Landmark Equity Partners XIII,L.P., Landmark Equity Partners XIII-A, L.P., Landmark EquityPartners XIV, L.P., Landmark Equity Partners XV, L.P., LandmarkEquity Partners XVI Co-Investment Fund, L.P., Landmark EquityPartners XVI, L.P., Landmark Equity Partners XVII Co-InvestmentFund, L.P., Landmark Equity Partners XVII, L.P, Landmark EquityPartners XVII-B, L.P., Landmark Growth Capital Partners, L.P.,Landmark Hudson Partners I, L.P., Landmark IAM Growth Capital,L.P., Landmark IAM Real Estate Partnership V, L.P., LandmarkInfrastructure Partners II, L.P., Landmark Pacific Partners II,L.P., Landmark Pacific Partners, L.P. – SeriesA, LandmarkPacific Partners, L.P. – SeriesB, Landmark Pacific Partners,L.P. – SeriesC, Landmark Partners LLC, Landmark Partners 1907Fund I, L.P., Landmark Partners 1907 Fund II, L.P., LandmarkPartners 1907 Fund III, L.P., Landmark Partners Insurance FundSeriesInterests of the SALI Multi-SeriesFund, L.P.,Landmark Private Opportunities (FG) 2021, L.P., Landmark RealtyAdvisors LLC, Landmark Real Estate Partners IX Co-Investment Fund,L.P., Landmark Real Estate Partners IX, L.P., Landmark Real EstatePartners V, L.P., Landmark Real Estate Partners VI Offshore, L.P.,Landmark Real Estate Partners VI, L.P., Landmark Real EstatePartners VII Offshore, L.P., Landmark Real Estate Partners VIIOPERS Co-Investment, L.P.,

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Landmark Real Estate Partners VII, L.P., Landmark Real EstatePartners VIII Co-Investment Fund, L.P., Landmark Real EstatePartners VIII, L.P., Landmark Real Estate Partners VIII-A, L.P.,Landmark Real Estate Partners VIII-Campbell Co-Investment, L.P.,Landmark Real Estate Partners IX-Campbell Co-Investment, L.P.,Landmark Real Estate Partners VII-IP Co-Investment, L.P., LandmarkReal Estate Partners VI-OPERS Co-Investment, L.P., Landmark SingCo-Investment Fund I, L.P., Landmark Tig Co-Investment Fund I,L.P., Landmark TX ERS Co-Investment Fund I, L.P., Landmark TX ERSCo-Investment Fund II, L.P., Legacy SCM Aggregator, LLC, LWFBCo-Investment Fund I, L.P., MC European Real Estate Debt Parent LP,MC Investments Parent L.P, NCL III - Outside Opportunities B, NCLInvestments II - Outside Opportunities SeriesA, NCLInvestments II - Outside Opportunities SeriesB, NCLInvestments II - PE Series, NCL Investments II - RA Series, NCLInvestments II - RE Series, NCL Investments III PE Series, NCLInvestments III RA Series, NCL Investments III RE Series, NCLInvestments III, L.P. Outside Opportunities SeriesA, NCLInvestments, L.P. - PE Series, NCL Investments, L.P. - RA Series,NCL Investments, L.P. - RE Series, Passero 18, L.P., Private DebtStrategies Fund III, L.P., Private Debt Strategies Fund IV, L.P.,Private Debt Strategies Fund V, L.P., Renaissance Floating RateIncome Fund, SEI Global Master Fund PLC, SEI InstitutionalInvestments Trust - High Yield Bond Fund, SEI InstitutionalInvestments Trust - Opportunistic Income Fund, SEI InstitutionalManaged Trust - High Yield Bond Fund, SEI Investments CanadaCompany - U.S. High Yield Bond Fund, Shanghai SSG InvestmentManagement Company Limited, Spring Bridge Partners (Longshore), LP,Spring Bridge Partners (PES) Fund, LP, Spring Bridge Partners,L.P., SSG Capital Partners I Side Pocket, L.P., SSG CapitalPartners II, L.P., SSG Capital Partners III, LP, SSG CapitalPartners IV SIDECAR, L.P., SSG Capital Partners IV, L.P., SSGCapital Partners V SIDECAR, L.P., SSG Capital Partners V, L.P., SSGSecured Lending Opportunities I-A, L.P., SSG Secured LendingOpportunities II, L.P., Touchstone Credit Opportunities Fund,Towers Watson Focused High Yield Master Fund, United States PowerFund II, L.P., United States Power Fund III, L.P., USPF IIInstitutional Fund, L.P., Wafra Venture Master Fund I, VEF GroupManagement, LLC

By:/s/ Miriam Krieger
Name: MiriamKrieger
Title:Authorized Person

APPENDIX A

The Existing Advisers to Affiliated Funds are comprised of thefollowing investment advisers:

a)ACIPInvestment Management LLC
b)ACOFInvestment Management LLC
c)ACOFOperating Manager II, L.P.
d)ACOFOperating Manager III, LLC
e)ACOFOperating Manager IV, LLC
f)ACOFOperating Manager, L.P.
g)ADREXAdvisor LLC
h)AIREXAdvisor LLC
i)ApolloReal Estate Management V, L.P.
j)APSecuritiesManager LP
k)AREAEAGLE Co-Invest Management LLC
l)AREAEuropean Property Enhancement Management, LLC
m)AREAUK Co-Invest Real Estate Management L.P.
n)AREA-CAELUSCo-Invest Management, L.P.
o)AREGCC II Manager L.P.
p)AREGKlondike Manager, L.P.
q)AREGMakena Management L.P.
r)AREG-TManager III, L.P.
s)AresAlternative Credit Management LLC
t)AresAsia Management Ltd
u)AresASIP VII Management, L.P.
v)AresCactus Operating Manager, L.P.
w)AresCapital Management II LLC
x)AresCapital Management III LLC
y)AresCapital Management LLC
z)AresCentre Street Management, L.P.
aa)AresCIP (V)Management LLC
bb)AresCLO Management XXVII, L.P.
cc)AresCLO Management II, LLC
dd)AresCLO Management IIIR/IVR, L.P.
ee)AresCLO Management LLC
ff)AresCLO Management VIR, L.P.
gg)AresCLO Management VR, L.P.
hh)AresCLO Management X, L.P.
ii)AresCLO Management XI, L.P.
jj)AresCLO Management XX, L.P.
kk)AresCLO Management XXI, L.P.
ll)AresCLO Management XXIX, L.P.
mm)AresCommercial Finance Management, LP
nn)AresCommercial Real Estate Management LLC
oo)AresCSF III Investment Management, LLC
pp)AresCSF IV Management LLC
qq)AresCSF Operating Manager I, LLC
rr)AresEIF Management, LLC
ss)AresEnhanced Credit Opportunities Investment Management II,LLC
tt)AresEnhanced Loan Investment Strategy Advisor IV, L.P.
uu)AresEnhanced Loan Management II, L.P.
vv)AresEnhanced Loan Management III, L.P.
ww)AresEnhanced Loan Management IR, L.P.
xx)AresEuropean Loan Management LLP
yy)AresEuropean Real Estate Management I, L.P.
zz)AresEuropean Real Estate Management II, L.P.
aaa)AresEuropean Real Estate Management III, L.P.
bbb)AresHICOF Operating Manager, L.P.
ccc)AresHigh Yield Strategies Fund IV Management, L.P.
ddd)AresICOF II Management, LLC
eee)AresICOF III Management LP
fff)AresIDF Management LLC
ggg)AresIndustrial Real Estate Fund GP LLC
hhh)AresIndustrial Real Estate Fund Manager LLC
iii)AresInstitutional Structured Credit Management, L.P.
jjj)AresInsurance Solutions LLC
kkk)AresManagement Limited
lll)AresManagement LLC
mmm)AresManagement Luxembourg S.a.r.l.
nnn)AresManagement UK Limited
ooo)AresMezzanine Management LLC
ppp)AresMSCF V (H)Management LLC
qqq)AresPrivate Account Management I, L.P.
rrr)AresReal Estate Management Holdings, LLC
sss)AresSenior Loan Trust Management L.P.
ttt)AresSDL II Capital Management LLC
uuu)AresSSG Capital Management Limited
vvv)AresSSG Capital Management (Australia) PTY LTD
www)AresSSG Capital Management (Hong Kong) Limited
xxx)AresSSG Capital Management (Mauritius) LTD.
yyy)AresSSG Capital Management (Singapore) PTE. LTD.
zzz)AresSSG Capital Management (Thailand) Limited
aaaa)AresUS Real Estate Opportunity Management, L.P.
bbbb)AresUS Real Estate VII Management, LLC
cccc)AresUS Real Estate VIII Management, LLC
dddd)AresU.S. CLO Management III LLC – SeriesA
eeee)ASIPOperating Manager IV, LLC
ffff)ASOFInvestment Management LLC
gggg)ASSFOperating Manager III, LLC
hhhh)ASSFOperating Manager IV, L.P.
iiii)BCGBTC III Managing Member LLC
jjjj)ChengduAres Yuankang Investment Management Co Ltd
kkkk)CIONAres Management, LLC
llll)CrestlineDenali Capital LLC
mmmm)IndustrialProperty Advisors Sub II LLC
nnnn)IndustrialProperty Advisors Sub III LLC
oooo)IvyHill Asset Management, L.P.
pppp)LandmarkEquity Advisors LLC
qqqq)LandmarkPartners LLC
rrrr)LandmarkRealty Advisors LLC
ssss)ShanghaiSSG Investment Management Company Limited
tttt)VEFGroup Management, LLC

The Existing Affiliated Funds are comprised of the followinggroups, and all Existing Affiliated Funds are managed by ExistingAdvisers to Affiliated Funds:

1.      Private Equity: The Ares Private Equity Groupgenerally focuses on control-oriented investments, as well asinvestments in under-capitalized companies or companies withcapital structure issues, in amounts substantially larger thanthose made by ARCC. The Private Equity Group includes, among otherentities that are currently in existence but that are not currentlyexpected to participate in Co-Investment Transactions, thefollowing Existing Affiliated Funds:

a)ACIPParallel Fund A, L.P.
b)ACIPApex Co-Investment, L.P.
c)ACOFIV ATD Co-Invest, L.P.
d)AEIFKleen Investor, LLC
e)AEIFLinden Blocker II LLC
f)AFEnergy Feeder, L.P.
g)AF VAPR Co-Invest, L.P.
h)AmbitionHoldings, L.P.
i)AresApex Pooling, LLC
j)AresClimate Infrastructure Partners, L.P.
k)ARESCORPORATE OPPORTUNITIES FUND ASIA, L.P.
l)ARESCORPORATE OPPORTUNITIES FUND II, L.P.
m)ARESCORPORATE OPPORTUNITIES FUND III, L.P.
n)ARESCORPORATE OPPORTUNITIES FUND IV, L.P.
o)ARESCORPORATE OPPORTUNITIES FUND V, L.P.
p)AresCorporate Opportunities Fund VI Parallel (Foreign),L.P.
q)AresCorporate Opportunities Fund VI Parallel (TE), L.P.
r)AresCorporate Opportunities Fund VI, L.P.
s)ARESCORPORATE OPPORTUNITIES FUND, L.P.
t)ARESCREDIT STRATEGIES FUND I, L.P.
u)AresDirect Investments (AC) LP
v)AresEHP Co-Invest Holdings, L.P.
w)ARESENERGY INVESTORS FUND V, L.P.
x)AresEnergy Opportunities Fund A, L.P.
y)AresEnergy Opportunities Fund B, L.P.
z)AresEnergy Opportunities Fund, L.P.
aa)AresEPIC Co-Invest II, L.P.
bb)AresEPIC Co-Invest, L.P.
cc)AresMaster Employee Co-Invest Program 2015, L.P.
dd)AresMaster Employee Co-Invest Program 2019 Offshore, L.P.
ee)AresMaster Employee Co-Invest Program 2019 Onshore, L.P.
ff)AresPA Opportunities Fund, L.P.
gg)AresPBN Finance Co. LLC
hh)AresPE Extended Value Fund LP
ii)AresPG Co-Invest L.P.
jj)AresPrivate Opportunities (CP), L.P.
kk)AresPrivate Opportunities (NYC), L.P.
ll)AresPrivate Opportunities 2020 (C), LP
mm)AresRF Co-Invest (H), L.P.
nn)AresRF Co-Invest, L.P.
oo)AresRLG Co-Invest Holdings, L.P.
pp)
qq)AresSCM Co-Invest III, L.P.
rr)AresSpecial Opportunities Fund (Offshore), L.P.
ss)AresSpecial Opportunities Fund, L.P.
tt)AresSpecial Opportunities Fund II (Jersey A) L.P.
uu)AresSpecial Opportunities Fund II (Jersey) L.P.
vv)AresSpecial Opportunities Fund II (Offshore), L.P.
ww)AresSpecial Opportunities Fund II, L.P.
xx)ARESSPECIAL SITUATIONS FUND III, L.P.
yy)ARESSPECIAL SITUATIONS FUND IV, L.P.
zz)AresSSG Capital Partners VI, L.P.
aaa)AresSSG Excelsior Co-Investment, L.P.
bbb)ARESSSG SECURED LENDING OPPORTUNITIES III, L.P.
ccc)AresVAL Co-Invest Holdings I, L.P.
ddd)AresVAL Co-Invest Holdings II, L.P.
eee)ASOFDelaware Feeder, L.P.
fff)ASOFDirect Investments (A), L.P.
ggg)ChengduAres Yuanjing Equity Investment Fund L.P.
hhh)EIFCALYPSO II BLOCKER, LLC
iii)EIFCHANNELVIEW BLOCKER, LLC
jjj)EIFOREGON, LLC
kkk)EIFUNITED STATES POWER FUND IV, L.P.
lll)LegacySCM Aggregator, LLC
mmm)SSGCAPITAL PARTNERS I SIDE POCKET, L.P.
nnn)SSGCAPITAL PARTNERS II, L.P.
ooo)SSGCAPITAL PARTNERS III, LP
ppp)SSGCAPITAL PARTNERS IV SIDECAR, L.P.
qqq)SSGCAPITAL PARTNERS IV, L.P.
rrr)SSGCAPITAL PARTNERS V SIDECAR, L.P.
sss)SSGCAPITAL PARTNERS V, L.P.
ttt)SSGSECURED LENDING OPPORTUNITIES I-A, L.P.
uuu)SSGSECURED LENDING OPPORTUNITIES II, L.P.
vvv)UNITEDSTATES POWER FUND II, L.P.
www)UNITEDSTATES POWER FUND III, L.P.
xxx)USPFII INSTITUTIONAL FUND, L.P.

2.      Direct Lending: The Ares Direct Lending Groupfocuses primarily on non-syndicated first and second lien seniorloans and mezzanine debt, which in some cases may include an equitycomponent. The Direct Lending Group includes, among other entitiesthat are currently in existence but that are not currently expectedto participate in the Co-Investment Transactions, the followingExisting Affiliated Funds:

a)ACEIII MASTER FUND, L.P.
b)ARESCAPITAL CORPORATION
c)AresCapital Europe IV (E)Levered
d)AresCapital Europe IV (E)Unlevered
e)AresCapital Europe IV (G)Levered
f)AresCapital Europe IV (G)Unlevered
g)AresCapital Europe V (E)Levered
h)AresCapital Europe V (E)Unlevered
i)AresCapital Europe V (G)Levered
j)AresCapital Europe V (G)Unlevered
k)ARESCAPITAL EUROPE, L.P.
l)ARESCENTRE STREET PARTNERSHIP, L.P.
m)ARESCOMMERCIAL FINANCE LP
n)AresCredit Investment Partnership I (V)L.P.
o)AresCredit Investment Partnership II (A), L.P.
p)AresCredit Strategies Feeder III UK, L.P.
q)ARESCREDIT STRATEGIES FUND III, L.P.
r)AresCredit Strategies Insurance Dedicated Fund - Seriesof SALIMulti SeriesFund LP
s)ARESCUSTOMIZED CREDIT FUND L.P.
t)AresDirect Finance I LP
u)AresDirect Lending Opportunities LLC
v)AresDirect Lending Opportunities Offshore LLC
w)AresDirect Lending Opportunities Parallel LLC
x)AresEuropean Credit Investments I (C), L.P.
y)AresEuropean Credit Investments II (G), L.P.
z)AresEuropean Credit Investments III (K), L.P.
aa)AresEuropean Credit Investments IV (A), L.P.
bb)AresEuropean Credit Investments V (X), L.P.
cc)AresEuropean Credit Investments VI (N), L.P.
dd)AresEuropean Credit Investments VII (CP), L.P.
ee)AresEuropean Credit Investments IX (AF), L.P.,
ff)ARESEUROPEAN CREDIT STRATEGIES FUND II (B), L.P.
gg)ARESEUROPEAN CREDIT STRATEGIES FUND III (A), L.P.
hh)AresEuropean Credit Strategies Fund IV (M), L.P.
ii)AresEuropean Credit Strategies Fund IX (C), L.P.
jj)AresEuropean Credit Strategies Fund V (G)L.P.
kk)AresEuropean Credit Strategies Fund VI (B), LP
ll)AresEuropean Credit Strategies Fund VII (Palo Verde), L.P.
mm)AresEuropean Credit Strategies Fund X (T), L.P.
nn)AresEuropean Credit Strategies Fund XI (S), L.P.
oo)AresEuropean Credit Strategies Fund XII (Z), SCSp RAIF - Sub-Fund1
pp)AresEuropean Credit Strategies Fund XII (Z), SCSp RAIF - Sub-Fund2
qq)AresJasper Fund, L.P.
rr)ARESMEZZANINE PARTNERS, L.P.
ss)AresND Credit Strategies Fund LLC
tt)AresPrivate Credit Solutions (Cayman), L.P.
uu)AresPrivate Credit Solutions (Offshore) II, L.P.
vv)AresPrivate Credit Solutions II, L.P.
ww)AresPrivate Credit Solutions, L.P.
xx)AresSenior Direct Lending Master Fund Designated ActivityCompany
yy)AresSenior Direct Lending Master Fund II Designated ActivityCompany
zz)AresSenior Direct Lending Parallel Fund (L)II, L.P.
aaa)AresSenior Direct Lending Parallel Fund (L), L.P.
bbb)AresSenior Direct Lending Parallel Fund (U)B, L.P.
ccc)AresSenior Direct Lending Parallel Fund (U)II, L.P.
ddd)AresSenior Direct Lending Parallel Fund (U), L.P.
eee)AresSFERS Credit Strategies Fund LLC
fff)AresSports, Media and Entertainment Finance (Offshore),L.P.
ggg)AresSports, Media and Entertainment Finance, L.P.
hhh)AresSSG Direct Lending, L.P.
iii)AresStrategic Income Fund
jjj)ARESUK CREDIT STRATEGIES, L.P.
kkk)ChimneyTops Loan Fund, LLC
lll)CIONAres Diversified Credit Fund
mmm)MCInvestments Parent L.P

3.     Alternative Credit. The Ares Alternative Credit Groupfocuses on investment opportunities that fall outside oftraditional, well-defined markets. The Alternative Credit Grouputilizes strategies that feature a differentiated approach tocapture value through direct origination, credit arbitrage anddisruptions in traditional markets. The Alternative Credit Groupincludes, among other entities that are currently in existence butthat are not currently expected to participate in Co-InvestmentTransactions, the following Existing Affiliated Funds:

a)AresAsset-Backed Loan Fund LP
b)AresGlobal High Grade CLO Debt Fund, L.P.
c)AresHigh Income Credit Opportunities Fund II (Master) LP
d)AresHigh Income Credit Opportunities Fund, L.P.
e)AresICOF II Master Fund, L.P.
f)AresICOF III Fund (CAYMAN) LP
g)AresICOF III Fund (Delaware) LP
h)AresMulti-Credit Fund LLC
i)AresPathfinder Core Fund (Offshore), L.P.
j)AresPathfinder Core Fund, L.P.
k)AresPathfinder Fund (Offshore), L.P.
l)AresPathfinder Fund, L.P.
m)AresSecured Income Master Fund LP

4.      Tradable Credit: The Ares Tradable Credit Groupfocuses primarily on syndicated senior secured loans, high-yieldbonds, distressed debt, other liquid fixed-income investments, andother publicly-traded debt securities. The Tradable Credit Groupincludes, among other entities that are currently in existence butthat are not currently expected to participate in Co-InvestmentTransactions, the following Existing Affiliated Funds:

a)AresCLO Funding I, L.P.
b)AresCLO Funding III LP
c)AresCLO Warehouse 2021-6 Ltd.
d)AresCLO Warehouse 2021-8 Ltd.
e)AresCredit Hedge Fund LP
f)AresDiversified Credit Strategies Fund (S), L.P.
g)AresDiversified Credit Strategies Fund II (IM), L.P.
h)ARESENHANCED CREDIT OPPORTUNITIES MASTER FUND II,LTD.
i)ARESENHANCED LOAN INVESTMENT STRATEGY II,LTD.
j)ARESENHANCED LOAN INVESTMENT STRATEGY III,LTD.
k)ARESENHANCED LOAN INVESTMENT STRATEGY IR,LTD.
l)ARESEUROPEAN CLO II B.V.
m)AresEuropean CLO IX Designated Activity Company
n)ARESEUROPEAN CLO VI Designated Activity Company
o)ARESEUROPEAN CLO VII Designated Activity Company
p)AresEuropean CLO VIII Designated Activity Company
q)AresEuropean CLO X Designated Activity Company
r)AresEuropean CLO XI Designated Activity Company
s)AresEuropean CLO XII Designated Activity Company
t)AresEuropean CLO XIII Designated Activity Company
u)AresEuropean CLO XIV Designated Activity Company
v)AresEuropean CLO XV Designated Activity Company
w)AresEuropean CLO XVI Designated Activity Company
x)AresEuropean Loan Funding II
y)AresEuropean Loan Funding S.L.P.
z)AresGlobal Credit Fund S.C.A., SICAV-RAIF - Ares European Loan Fund(G)
aa)AresGlobal Credit Fund S.C.A., SICAV-RAIF - Ares U.S. Loan Fund(G)
bb)AresGlobal Multi-Asset Credit Master Fund, L.P.
cc)ARESIIIR/IVR CLO LTD.
dd)ARESINCOME OPPORTUNITY FUND, L.P.
ee)ARESINSTITUTIONAL CREDIT FUND L.P.
ff)AresInstitutional High Yield Master Fund LP
gg)AresInstitutional Loan Fund, L.P.
hh)AresL CLO Ltd.
ii)AresLI CLO Ltd.
jj)AresLII CLO Ltd.
kk)AresLIII CLO Ltd.
ll)AresLIV CLO Ltd.
mm)AresLIX CLO Ltd.
nn)AresLoan Funding I,Ltd.
oo)AresLoan Trust 2011
pp)AresLoan Trust 2016
qq)AresLV CLO Ltd. (fka Ares CLO Warehouse 2018-6)
rr)AresLVI CLO Ltd.
ss)AresLVII CLO Ltd.
tt)AresLVIII CLO Ltd.
uu)AresLX CLO Ltd.
vv)AresLXI CLO Ltd.
ww)AresLXII CLO Ltd.
xx)AresMulti-Asset Credit Strategies Fund LP
yy)AresMulti-Strategy Credit Fund V (H), L.P.
zz)ARESSENIOR LOAN TRUST
aaa)ARESSTRATEGIC INVESTMENT PARTNERS IV
bbb)ARESVIR CLO LTD.
ccc)ARESVR CLO,LTD.
ddd)ARESX CLO LTD.
eee)ARESXI CLO LTD.
fff)AresXL CLO Ltd
ggg)AresXLI CLO Ltd
hhh)AresXLII CLO Ltd.
iii)AresXLIII CLO Ltd.
jjj)AresXLIV CLO Ltd.
kkk)AresXLIX CLO Ltd
lll)AresXLV CLO Ltd.
mmm)AresXLVI CLO LTD
nnn)AresXLVII CLO LTD
ooo)AresXLVIII CLO Ltd.
ppp)ARESXX CLO LTD
qqq)ARESXXI CLO LTD.
rrr)ARESXXIX CLO LTD
sss)ARESXXVII CLO LTD
ttt)AresXXVIIIR CLO Ltd.
uuu)AresXXXIIR CLO Ltd.
vvv)AresXXXIR CLO Ltd.
www)ARESXXXIV CLO LTD.
xxx)AresXXXIX CLO Ltd.
yyy)ARESXXXVII CLO LTD
zzz)ARESXXXVIII CLO LTD
aaaa)CrestlineDenali CLO XIV,Ltd.
bbbb)CrestlineDenali CLO XV,Ltd.
cccc)CrestlineDenali CLO XVI,Ltd.
dddd)CrestlineDenali CLO XVII,Ltd.
eeee)DenaliCapital CLO X,Ltd.
ffff)DenaliCapital CLO XI,Ltd.
gggg)DenaliCapital CLO XII,Ltd.
hhhh)GoldmanSachs Multi-Manager Non-Core Fixed Income Fund
iiii)RenaissanceFloating Rate Income Fund
jjjj)SEIGlobal Master Fund PLC
kkkk)SEIInstitutional Investments Trust - High Yield Bond Fund
llll)SEIInstitutional Investments Trust - Opportunistic IncomeFund
mmmm)SEIInstitutional Managed Trust - High Yield Bond Fund
nnnn)SEIInvestments Canada Company - U.S. High Yield Bond Fund
oooo)TouchstoneCredit Opportunities Fund
pppp)TowersWatson Focused High Yield Master Fund

5.      Aspida: AspidaHoldings Ltd.( together with its successor entities, “AspidaHoldings”) engages in the insurance business through wholly-ownedsubsidiary insurance companies and insurance-related businesses,some organized in countries other than the United States and somein the United States. Aspida invests most of its assets insecurities, including investments in debt issued by privatecompanies. Aspida includes, among other entities that arecurrently in existence but that are not currently expected toparticipate in Co-Investment Transactions, the following ExistingAffiliated Funds:

a)AresInsurance Partners, L.P.
b)AresInsurance Solutions LLC
c)AspidaHoldings Ltd.
d)AspidaLife Re Ltd.
e)AspidaHoldings LLC
f)AspidaRe (Bermuda) Ltd.
g)AspidaRe Services Ltd.
h)AspidaRisk Advisors, LLC
i)AspidaFinancial Services, LLC
j)AspidaLife Insurance Company

6.      Real Assets: Ares Real Assets Group manages severalvehicles: U.S. and European real estate private equity commingledfunds, real estate equity and debt separately managed accounts anda publicly traded commercial mortgage REIT. The Real Assets Groupincludes, among other entities that are currently in existence butthat are not currently expected to participate in Co-InvestmentTransactions, the following Existing Affiliated Funds:

a)AEPEPII N Strategic Investments, L.P.
b)AEPEPIII N Strategic Co-Invest, L.P.
c)ApolloPoland Real Estate Co-Investment, L.P.
d)APOLLOREAL ESTATE INVESTMENT FUND V, L.P.
e)APOLLOREAL ESTATE PARALLEL FUND V-A, L.P.
f)APOLLOREAL ESTATE PARALLEL FUND V-B, L.P.
g)APOLLOREAL ESTATE PARALLEL FUND V-C, L.P.
h)AREAEAGLE CO-INVEST PARTNERSHIP, L.P.
i)AREAEUROPEAN PROPERTY ENHANCEMENT PROGRAM, L.P.
j)AREA-C,L.P.
k)AREA-CAELUSCO-INVEST, L.P.
l)AREGAC Makena Holdings LLC
m)AREGCIP 601 W. 29 AIV LP
n)AREGCIP 601 W. 29 Co-Invest Member LLC
o)AREGCIP DAQ AIV LP
p)AREGCIP IE Portfolio AIV LP
q)AREGCIP Needham AIV LP
r)AREGCIP One South Halsted AIV LP
s)AREGCIP Portland Industrial AIV LP
t)AREGCIP RW50 AIV LP
u)AREGCIP Wellington Bay AIV LP
v)AREGCV BOSTON HOTEL CO-INVESTOR LLC
w)AREGELI Co-Invest Vehicle, L.P.
x)AREGIberian Residential Co-Invest Vehicle SCSp
y)AREGKennedy Co-Invest S.C.A.
z)AREGLPKC Partners, L.P.
aa)AREGSTAR AND GARTER CO-INVEST PARTNERSHIP, L.P.
bb)AREG-TEUROPEAN PORTFOLIO, L.P.
cc)AREG-TalismanFred Supp Partners, L.P.
dd)ARESCIP US Real Estate Opportunity Partners A, L.P.
ee)ARESCIP US Real Estate Opportunity Partners B, L.P
ff)AresCommercial Real Estate Corporation
gg)AresEuropean Property Enhancement Parallel Partners IIISCSp
hh)ARESEUROPEAN PROPERTY ENHANCEMENT PARTNERS II, L.P.
ii)AresEuropean Property Enhancement Partners III SCSp
jj)ARESEUROPEAN REAL ESTATE FUND I (EU), L.P.
kk)ARESEUROPEAN REAL ESTATE FUND I (IF), L.P.
ll)ARESEUROPEAN REAL ESTATE FUND II (EURO), L.P.
mm)ARESEUROPEAN REAL ESTATE FUND II, L.P.
nn)ARESEUROPEAN REAL ESTATE FUND III (EURO), L.P.
oo)ARESEUROPEAN REAL ESTATE FUND III, L.P.
pp)ARESEUROPEAN REAL ESTATE FUND IV (EURO), L.P.
qq)ARESEUROPEAN REAL ESTATE FUND IV, L.P.
rr)AresEuropean Real Estate Fund V (Dollar) SCSp
ss)AresEuropean Real Estate Fund V SCSp
tt)AresEuropean Real Estate Fund VI SCSp
uu)AresGround Lease Partners, L.P.
vv)AresIndustrial Real Estate Fund LP
ww)AresMidway Partners, L.P.
xx)AresMinerva Co-Invest, L.P.
yy)AresPan-European Logistics Partnership, L.P.
zz)AresReal Estate Enhanced Income Fund, L.P.
aaa)AresReal Estate Secured Income Fund, L.P.
bbb)ARESSTRATEGIC REAL ESTATE PROGRAM-HHC, LLC
ccc)AresUS Real Estate Development and Redevelopment Fund II,LP
ddd)AresUS Real Estate Fund IX, L.P.
eee)ARESUS REAL ESTATE FUND VII 892, L.P.
fff)ARESUS REAL ESTATE FUND VII, L.P.
ggg)ARESUS REAL ESTATE FUND VIII, L.P.
hhh)AresUS Real Estate Fund X, L.P.
iii)AresUS Real Estate Fund X-A, L.P.
jjj)AresUS Real Estate Fund X-B, L.P.
kkk)AresUS Real Estate Opportunity Fund III, L.P.
lll)ARESUS REAL ESTATE OPPORTUNITY FUND, L.P.
mmm)AresUS Real Estate Opportunity Parallel Fund III-A, L.P.
nnn)AresUS Real Estate Opportunity Parallel Fund III-B, L.P.
ooo)AresUS Real Estate Parallel Fund IX, L.P.
ppp)AresUS Real Estate Parallel II Fund IX, L.P.
qqq)AresReal Estate Income Trust Inc.
rrr)AresDiversified Real Estate Exchange LLC
sss)AresIndustrial Real Estate Exchange LLC
ttt)AresIndustrial Real Estate Income Trust Inc.
uuu)AresIndustrial Real Estate Income Trust Inc. - Build-To-Core IndustrialPartnership I LP
vvv)AresIndustrial Real Estate Income Trust Inc.- Build-To-Core IndustrialPartnership II LP
www)AresIndustrial Real Estate Income Trust Inc.- Build-To-Core IndustrialPartnership III LLC
xxx)CalAres Real Estate Debt Partners, LLC
yyy)HushLux S.a.r.l.
zzz)KlondikeLLC
aaaa)MCEUROPEAN REAL ESTATE DEBT PARENT LP

7.     Secondary Solutions: The Ares Secondary Solutions Groupgenerally focuses on investments in secondary markets across arange of alternative asset class strategies, including privateequity and credit, real estate and infrastructure with equity anddebt strategies. The Secondary Solutions Group includes, amongother entities that are currently in existence but that are notcurrently expected to participate in Co-Investment Transactions,the following Existing Affiliated Funds:

a)AresPrivate Markets Fund
b)ColumbusOpportunity Fund, L.P.
c)Landmark- NYC Fund I, L.P.
d)LandmarkCo-Investment Partners IX, L.P.
e)LandmarkEquity Partners XIII, L.P.
f)LandmarkEquity Partners XIII-A, L.P.
g)LandmarkEquity Partners XIV, L.P.
h)LandmarkEquity Partners XV, L.P.
i)LandmarkEquity Partners XVI Co-Investment Fund, L.P.
j)LandmarkEquity Partners XVI, L.P.
k)LandmarkEquity Partners XVII Co-Investment Fund, L.P.
l)LandmarkEquity Partners XVII, L.P
m)LandmarkEquity Partners XVII-B, L.P.
n)LandmarkGrowth Capital Partners, L.P.
o)LandmarkHudson Partners I, L.P.
p)LandmarkIAM Growth Capital, L.P.
q)LandmarkIAM Real Estate Partnership V, L.P.
r)LandmarkInfrastructure Partners II, L.P.
s)LandmarkPacific Partners II, L.P.
t)LandmarkPacific Partners, L.P. – SeriesA
u)LandmarkPacific Partners, L.P. – SeriesB
v)LandmarkPacific Partners, L.P. – SeriesC
w)LandmarkPartners 1907 Fund I, L.P.
x)LandmarkPartners 1907 Fund II, L.P.
y)LandmarkPartners 1907 Fund III, L.P.
z)LandmarkPartners Insurance Fund SeriesInterests of the SALIMulti-SeriesFund, L.P.
aa)LandmarkPrivate Opportunities (FG) 2021, L.P.
bb)LandmarkReal Estate Partners IX Co-Investment Fund, L.P.
cc)LandmarkReal Estate Partners IX, L.P.
dd)LandmarkReal Estate Partners V, L.P.
ee)LandmarkReal Estate Partners VI Offshore, L.P.
ff)LandmarkReal Estate Partners VI, L.P.
gg)LandmarkReal Estate Partners VII Offshore, L.P.
hh)LandmarkReal Estate Partners VII OPERS Co-Investment, L.P.
ii)LandmarkReal Estate Partners VII, L.P.
jj)LandmarkReal Estate Partners VIII Co-Investment Fund, L.P.
kk)LandmarkReal Estate Partners VIII, L.P.
ll)LandmarkReal Estate Partners VIII-A, L.P.
mm)LandmarkReal Estate Partners VIII-Campbell Co-Investment, L.P.
nn)LandmarkReal Estate Partners IX-Campbell Co-Investment, L.P.
oo)LandmarkReal Estate Partners VII-IP Co-Investment, L.P.
pp)LandmarkReal Estate Partners VI-OPERS Co-Investment, L.P.
qq)LandmarkSing Co-Investment Fund I, L.P.
rr)LandmarkTig Co-Investment Fund I, L.P.
ss)LandmarkTX ERS Co-Investment Fund I, L.P.
tt)LandmarkTX ERS Co-Investment Fund II, L.P.,
uu)LWFBCO-INVESTMENT FUND I, L.P.
vv)NCLIII - Outside Opportunities B
ww)NCLINVESTMENTS II - OUTSIDE OPPORTUNITIES SERIES A
xx)NCLINVESTMENTS II - OUTSIDE OPPORTUNITIES SERIES B
yy)NCLInvestments II - PE Series
zz)NCLInvestments II - RA Series
aaa)NCLInvestments II – RE Series
bbb)NCLInvestments III PE Series
ccc)NCLInvestments III RA Series
ddd)NCLInvestments III RE Series
eee)NCLInvestments III, L.P. Outside OpportunitiesSeriesA
fff)NCLINVESTMENTS, L.P. - PE SERIES
ggg)NCLINVESTMENTS, L.P. - RA SERIES
hhh)NCLINVESTMENTS, L.P. - RE SERIES
iii)PASSERO18, L.P.
jjj)SPRINGBRIDGE PARTNERS (LONGSHORE), LP
kkk)SPRINGBRIDGE PARTNERS (PES) FUND, LP
lll)SPRINGBRIDGE PARTNERS, L.P.
mmm)WafraVenture Master Fund I

APPENDIX B

1.      The Existing Downstream Ivy Hill Funds are each managed byIvy Hill and include, among other entities that are currently inexistence but that are not currently expected to participate inCo-Investment Transactions, the following entities:

a)AMERICANCAPITAL EQUITY I, LLC
b)AMERICANCAPITAL EQUITY II, LP
c)ARESPRIVATE DEBT STRATEGIES FUND II, L.P.
d)COLTS2005-1 LTD.
e)COLTS2005-2 LTD.
f)EMPORIAPREFERRED FUNDING III,LTD.
g)IVYHILL INVESTMENT HOLDINGS, LLC
h)IVYHILL MIDDLE MARKET CREDIT FUND IV,LTD.
i)IVYHILL MIDDLE MARKET CREDIT FUND IX, LTD
j)IVYHILL MIDDLE MARKET CREDIT FUND V,LTD.
k)IVYHILL MIDDLE MARKET CREDIT FUND VII,LTD.
l)IVYHILL MIDDLE MARKET CREDIT FUND VIII,LTD.
m)IVYHILL MIDDLE MARKET CREDIT FUND X, LTD
n)IVYHILL MIDDLE MARKET CREDIT FUND XII, LTD
o)IvyHill Middle Market Credit Fund XIV, Ltd
p)IvyHill Middle Market Credit Fund XV,Ltd.
q)IvyHill Middle Market Credit Fund XVI,Ltd.
r)IvyHill Middle Market Credit Fund XVII,Ltd.
s)IvyHill Middle Market Credit Fund XVIII,Ltd.
t)IvyHill Middle Market Credit Fund XIX,Ltd.
u)IvyHill Revolver Funding LP
v)PRIVATEDEBT STRATEGIES FUND III, L.P.
w)PRIVATEDEBT STRATEGIES FUND IV, L.P.
x)PRIVATEDEBT STRATEGIES FUND V, L.P.

APPENDIX C

Resolutions of the Board of Directors of Ares CapitalCorporation (the “Corporation”)

WHEREAS:The Board of Trustees (the “Board”) deems itadvisable and in the best interest of the Corporation to file withthe Securities and Exchange Commission (the “Commission”) anapplication to amend the Corporation’s current Order of Exemptionpursuant to Sections 17(d), 57(c)and 57(i)of theInvestment Company Act, as amended (the “1940 Act”), andRule17d-1promulgated thereunder (the “AmendedApplication”), to permanently authorize the participation infollow-on investments with one or more regulated funds and/oraffiliated funds, in accordance with the requirements provided bythe Commission in Investment Company Act of 1940 ReleaseNo.33837 (dated April8, 2020); now therefore be it

RESOLVED:That the officers of the Corporation be, andeach of them hereby is, authorized and directed on behalf of theCorporation and in its name to prepare, execute, and cause to befiled with the Commission the Amended Application, and any furtheramendments thereto; and further

RESOLVED:That the officers of the Corporation be, andeach of them hereby is, authorized and directed to take suchfurther action and execute such other documents as such officer orofficers shall deem necessary or advisable in order to effectuatethe intent of the foregoing resolution.

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Adopted July14, 2022

Resolutions of the Board of Trustees of CION Ares DiversifiedCredit Fund (the “Fund”)

WHEREAS:The Board of Trustees (the “Board”) deems itadvisable and in the best interest of the Fund to file with theSecurities and Exchange Commission (the “Commission”) anapplication to amend the Fund’s current Order of Exemption pursuantto Sections 17(d), 57(c)and 57(i)of the InvestmentCompany Act, as amended (the “1940 Act”), andRule17d-1promulgated thereunder (the “AmendedApplication”), to permanently authorize the participation infollow-on investments with one or more regulated funds and/oraffiliated funds, in accordance with the requirements provided bythe Commission in Investment Company Act of 1940 ReleaseNo.33837 (dated April8, 2020); now therefore be it

RESOLVED:That the officers of the Fund be, and each ofthem hereby is, authorized and directed on behalf of the Fund andin its name to prepare, execute, and cause to be filed with theCommission the Amended Application, and any further amendmentsthereto; and further

RESOLVED:That the officers of the Fund be, and each ofthem hereby is, authorized and directed to take such further actionand execute such other documents as such officer or officers shalldeem necessary or advisable in order to effectuate the intent ofthe foregoing resolution.

Adopted July14, 2022

Resolutions of the Board of Trustees of Ares Private MarketsFund (the “Fund”)

WHEREAS:The Board of Trustees (the “Board”) deems itadvisable and in the best interest of the Fund to file with theSecurities and Exchange Commission (the “Commission”) anapplication to amend the Order of Exemption previously granted toAres Capital Corporation and its affiliates pursuant to Sections17(d), 57(c)and 57(i)of the Investment Company Act, asamended (the “1940 Act”), and Rule17d-1promulgatedthereunder (the “Amended Application”), to permanently authorizethe participation in follow-on investments with one or moreregulated funds and/or affiliated funds, in accordance with therequirements provided by the Commission in Investment Company Actof 1940 Release No.33837 (dated April8, 2020); nowtherefore be it

RESOLVED:That the officers of the Fund be, and each ofthem hereby is, authorized and directed on behalf of the Fund andin its name to prepare, execute, and cause to be filed with theCommission the Amended Application, and any further amendmentsthereto; and further

RESOLVED:That the officers of the Fund be, and each ofthem hereby is, authorized and directed to take such further actionand execute such other documents as such officer or officers shalldeem necessary or advisable in order to effectuate the intent ofthe foregoing resolution.

Adopted July12, 2022

Resolutions of the Sole Trustee (the “Trustee”) of AresStrategic Income Fund (the “Fund”)

WHEREAS:The Trustee deems it advisable and in the bestinterest of the Fund to file with the Securities and ExchangeCommission (the “Commission”) an application to amend the Order ofExemption previously granted to Ares Capital Corporation and itsaffiliates pursuant to Sections 17(d), 57(c)and 57(i)ofthe Investment Company Act, as amended (the “1940 Act”), andRule17d-1promulgated thereunder (the “AmendedApplication”), to permanently authorize the participation infollow-on investments with one or more regulated funds and/oraffiliated funds, in accordance with the requirements provided bythe Commission in Investment Company Act of 1940 ReleaseNo.33837 (dated April8, 2020); now therefore be it

RESOLVED:That the Trustee be, and hereby is,authorized and directed on behalf of the Fund and in his name toprepare, execute, and cause to be filed with the Commission theAmended Application, and any further amendments thereto; andfurther

RESOLVED:That the Trustee be, and hereby is,authorized and directed to take such further action and executesuch other documents as the Trustee shall deem necessary oradvisable in order to effectuate the intent of the foregoingresolution.

Adopted June22, 2022

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FAQs

What does the Investment Company Act of 1940 regulate? ›

Investment Company Act of 1940

This Act regulates the organization of companies, including mutual funds, that engage primarily in investing, reinvesting, and trading in securities, and whose own securities are offered to the investing public.

Who does the Investment Company Act of 1940 apply to? ›

The Investment Company Act applies to all investment companies, but exempts several types of investment companies from the act's coverage. The most common exemptions are found in Sections 3(c)(1) and 3(c)(7) of the act and include hedge funds.

What is Section 3 A of the Investment Company Act? ›

Section 3(a)(1)(A) of the Investment Company Act defines an investment company as an issuer which is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in “securities.” See Section 2(a)(36) of the Investment Company Act of the Investment ...

Which of the following organizations are excluded from the Investment Company Act definition of an investment company? ›

The exclusions from this definition include any bank or bank holding company and any person whose advice or services is related only to U.S. Government securities.

What qualifies as an investment company? ›

A company that issues and invests in securities. The three types of investment companies are mutual funds, closed-end funds, and unit investment trusts.

Which of the following is not defined as an investment company under the Investment Company Act of 1940? ›

Real Estate Investment Trusts are not defined under the Investment Company Act of 1940 because they do not invest in securities; rather, they make real estate investments.

Who is exempt from Investment Advisers Act 1940? ›

The private fund adviser exemption in Advisers Act section 203(m) directs the Commission to provide an exemption from registration to any investment adviser who solely advises private funds and has assets under management in the United States of less than $150 million.

Do I have to register as an investment company? ›

If a company is created or organized under the federal or state law definition of an investment company, they are required to file a notification of registration with the Securities Exchange Commission (SEC).

Who is subject to the Investment Company Act? ›

Any person primarily engaged in the business of underwriting and distributing securities issued by other persons, selling securities to customers, acting as broker, and acting as market intermediary, or any one or more of such activities, whose gross income normally is derived principally from such business and related ...

Which of the following must be registered under the Securities Exchange Act of 1934? ›

Under Section 15 of the Securities Exchange Act of 1934, most "brokers" and "dealers" must register with the SEC and join a "self-regulatory organization," or SRO.

Which of the following are restrictions on the operations of registered open-end investment companies under the Investment Company Act of 1940? ›

Among the restrictions placed on open-end investment companies by the Investment Company Act of 1940 are: mutual funds are only allowed to maintain TIC accounts with other funds that are members of the same family of funds. no public offering may commence unless the fund has at least $100,000 in net assets.

Which of the following are not included in the definition of an investment adviser? ›

"Investment adviser" does not include (a) a bank, savings institution, or trust company, (b) a lawyer, accountant, certified public accountant licensed under chapter 18.04 RCW, engineer, or teacher whose performance of these services is solely incidental to the practice of his or her profession, (c) a broker-dealer or ...

Which of the following investment companies do not redeem their shares? ›

Which of the following investment companies do not redeem their shares? Face amount certificates, unit investment trusts, and open end funds all redeem their shares. Closed end funds do not redeem their shares.

What is a security under the Investment Company Act? ›

“Security” means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust ...

What are 4 types of investments? ›

There are four main investment types, or asset classes, that you can choose from, each with distinct characteristics, risks and benefits.
  • Growth investments. ...
  • Shares. ...
  • Property. ...
  • Defensive investments. ...
  • Cash. ...
  • Fixed interest.

What is an example of a regulated investment company? ›

Definition of Regulated Investment Company

A “regulated investment company” is a company that uses its capital to invest in securities or other certain other assets. Examples include a mutual fund or real estate investment trust.

What qualifies you as an accredited investor? ›

Accredited Investor Definition

Income: Has an annual income of at least $200,000, or $300,000 if combined with a spouse's income. This level of income should be sustained from year to year. Professional: Is a “knowledgeable employee” of certain investment funds or holds a valid Series 7, 65 or 82 license.

Which three reports are mandatory for every public company to file? ›

Companies subject to Public Company SEC Reporting Requirements must file Annual Reports on Form 10-K, Quarterly Reports on Form 10Q's and Current Reports on Form 8-K.

What is defined as an investment company private equity fund? ›

A private equity fund is a type of private fund that is managed by a private equity firm, which may be required to register with the SEC as an investment adviser. Private equity funds pursue a variety of investment strategies (for example, buyout, growth equity, and venture capital).

How often must an investment company file reports with the SEC as required by the Investment Company Act of 1940? ›

The Investment Company Act of 1940 requires that an open-end investment company have a minimum of $100,000 in net assets prior to commencing a public offering. Reports must be sent to shareholders on a semiannual basis.

Are banks exempt from the Investment Advisers Act of 1940? ›

Banks are exempt from definition of investment company for the Act (§ 3(c)(3)). Investment Advisers Act of 1940 : To provide for the registration and regulation of investment companies and investment advisers, and for other purposes.

Who would be defined as an investment adviser under the Investment Advisers Act of 1940? ›

-Under the Investment Advisers Act of 1940, an investment adviser is defined as a "person who receives compensation for advising others about securities, or about the advisability of investing in securities."

Which of the following persons would be considered an investment adviser under the Investment Advisers Act of 1940? ›

Which of the following persons would be considered an investment adviser under the Investment Advisers Act of 1940? Any firm that offers wrap accounts is considered an investment adviser.

Who regulates investment companies? ›

The SEC is the federal agency responsible for overseeing the securities industry, including the registration and regulation of investment companies, investment advisers and broker-dealers.

Who is registered investment company? ›

Registered Investment Company means an investment company that is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. 80a). Examples of registered investment companies are mutual funds and unit investment trusts.

How much do you need to start an investment company? ›

How much does it cost to start an investment firm? The initial costs of setting up an investment company may range from $10,000 to $20,000 for covering expenses like office rent, your legal documents (including your form ADV client brochure and fee disclosure), and the fees of your vendors.

Are hedge funds regulated under the Investment Company Act of 1940? ›

Hedge funds are typically required to register with the SEC if they maintain investor assets of more than $100 million. New legislation pertaining to the regulation and registration of hedge funds was enacted through the 2010 Dodd-Frank Act and implemented in the Investment Advisers Act of 1940.

What is a security under the Investment Company Act? ›

“Security” means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust ...

Is a REIT an investment company under the Investment Company Act of 1940? ›

REITs rely on Section 3(c)(5)(C) of the Investment Company Act to qualify for exemption from regulation as “investment companies.” Exemption from the Investment Company Act is considered critical for REITs because the operations of most if not all mortgage REITs are incompatible with the Investment Company Act's rules ...

What qualifies you as an accredited investor? ›

Accredited Investor Definition

Income: Has an annual income of at least $200,000, or $300,000 if combined with a spouse's income. This level of income should be sustained from year to year. Professional: Is a “knowledgeable employee” of certain investment funds or holds a valid Series 7, 65 or 82 license.

Why are hedge funds exempt from Investment Company Act of 1940? ›

The Investment Company Act provides very strict regulations for entities which are “investment companies” such as mutual funds. While hedge funds do fall within the definition of “investment company” they will seek an exemption from the registration provisions because such restrictions are onerous.

Do venture capital firms have to register with the SEC? ›

However, venture firms can be exempt from registering with the SEC as an RIA if they meet certain requirements. They must manage the investments by pursuing a venture capital strategy within a private fund structure only.

Do private equity firms need to register with the SEC? ›

Private funds are not required to be registered or regulated as investment companies under the federal securities laws. A private fund cannot publicly offer its securities.

Do I have to register as an investment company? ›

If a company is created or organized under the federal or state law definition of an investment company, they are required to file a notification of registration with the Securities Exchange Commission (SEC).

Who is exempt from Investment Advisers Act 1940? ›

The private fund adviser exemption in Advisers Act section 203(m) directs the Commission to provide an exemption from registration to any investment adviser who solely advises private funds and has assets under management in the United States of less than $150 million.

Which of the following securities are exempt from registration under the Securities Act of 1933 choose 3 answers? ›

Government bonds, municipal bonds, and Small Business Investment Company issues are all exempt securities under the 1933 Act.

Are REITs registered as investment companies? ›

Many REITs (whether equity or mortgage) are registered with the SEC and are publicly traded on a stock exchange. These are known as publicly traded REITs. In addition, there are REITs that are registered with the SEC, but are not publicly traded.

Is a REIT considered an investment company? ›

REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. These real estate companies have to meet a number of requirements to qualify as REITs. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors.

How do you qualify for REIT status? ›

What Qualifies as a REIT?
  1. Invest at least 75% of total assets in real estate, cash, or U.S. Treasuries.
  2. Derive at least 75% of gross income from rents, interest on mortgages that finance real property, or real estate sales.
  3. Pay a minimum of 90% of taxable income in the form of shareholder dividends each year.

How hard is it to become an accredited investor? ›

In the U.S., an accredited investor is anyone who meets one of the below criteria: Individuals who have an income greater than $200,000 in each of the past two years or whose joint income with a spouse is greater than $300,000 for those years, and a reasonable expectation of the same income level in the current year.

How do I get an accredited investor certificate? ›

To claim accredited investor status, you must meet at least one of the following requirements: Hold (in good standing) a Series 7, 65 or 82 license. Have a net worth exceeding $1 million individually or combined with a spouse or spousal equivalent (excluding value of primary residence)

What is considered a sophisticated investor? ›

An investor who either alone or together with his, her or its purchaser representative, has sufficient knowledge and experience with financial and business matters that the investor can evaluate the risks and merits of a contemplated investment.

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