There is a principle I have followed for 30 years in this business. When the smartest credit team on the planet starts aggressively buying a beaten-down asset class they understand better than anyone alive, you do not sit on your hands and debate whether the timing is perfect.
You take notes, you do your homework, and you act.
Something went wrong.
Ares Management (NYSE:ARES) filed its Q1 2026 13F, and what it shows is worth a careful read. This is not a firm shooting in the dark. This is the firm that essentially invented modern direct lending going on a systematic shopping spree in the exact corner of the credit market where it has the deepest knowledge and the longest track record.
Here’s exactly what they bought, what they sold, and why.
