Q3 document for presentation 2026

Exhibit 99.2

As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. See relevant endnotes on page 24. 3

$1.8 billion total portfolio comprised of loans held for investment and one REO property1

• Risk rated 1-3 loans (ex. office): Approximately 65% of loans are new vintage and originated in 2025 or 20261

• Risk rated 1-3 office loans: Stable to improving performance, supported by leasing momentum and continued sponsor support

• Risk rated 4 and 5 loans: The two largest loans represent 94% of the four risk rated 4 and 5 loans1

  65%1

  15%1

  16%1

  4%1

  100%1

• REO: Successfully exited one REO property and have one REO property remaining with an income yield of 10%2

  ACRE's Total Portfolio ($ in millions)

  Risk Rated 1-3 Loans (ex. Office)

  Risk Rated 1-3 Office Loans

  Risk Rated 4 and 5 Loans

  REO

  Total

  Number of Loans or REO Properties	28	5	4	1	38
  Carrying Amount1	$1,174	$265	$299	$76	$1,814

  Progress on Largest Risk Rated 4 and 5 Loans

  Chicago Office (Risk Rated 5)

As of September 30, 2026, unless otherwise noted. Past performance may not be indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Based on carrying value of loans held for investment, which excludes the CECL Reserve. REO 4 property is held at carrying amount net of accumulated depreciation and amortization. 2) Income yield is calculated as the annualized property level net operating income based on the three months ended September 30, 2026 (excluding non-recurring items) divided by the carrying amount. 3) As of November 3, 2026.

Founded

AUM

Employees Investment Professionals Global Offices Direct Institutional Relationships

Listing: NYSE - Market Capitalization

1997

$691 billion

4,610+

1,740+

55+1

2,975+

$40 billion2

Overview

With approximately $691 billion in assets under management, Ares Management Corporation is a global alternative investment manager operating an integrated platform across five business groups

Global Footprint3

The Ares Differentiators

• Power of a broad and scaled platform enhancing investment capabilities

• 25+ year track record of attractive risk adjusted returns through market cycles6

• Deep management team with integrated and collaborative approach

• A leader in leveraged finance and private credit, and a pioneer in secondaries7

Professionals

Local Market Presence

North America, Europe & Asia-Pacific

North America, Europe & Asia-Pacific

135+ infra projects and

North America, Europe & Asia-Pacific

North America

North America, Europe & Asia-Pacific

Current Portfolio

4,030+ companies

companies

4,300+ real estate properties8

11,600+ companies9 115+ companies $93 billion10

5

As of September 30, 2026, unless otherwise noted. Ares AUM includes funds managed by Ivy Hill Asset Management, L.P., a wholly-owned portfolio company of Ares Capital Corporation and registered investment adviser. Past performance is not indicative of future results. 1) Only counts one location per metro area. Includes only offices that Ares has leased or acquired. Does not include legacy GCP International locations where Ares is not acquiring the leases. 2) As of October 26, 2026. 3) New Delhi office is operated by a third party with whom Ares Asia maintains an ongoing relationship relating to the sourcing, acquisition and/or management of investments. 4) Includes Ares Insurance Solutions, our dedicated, in-house team that provides solutions to insurance clients and the Ares AI and Innovation / Venture Capital Groups.

5) Investment Fund counts are reflective of commingled funds as well as SMAs, co-invest vehicles, and other types of accounts. 6) Risk adjusted returns do not guarantee against loss of capital. 7) Based on leverage finance, private credit and secondaries AUM and number of investment professionals as of September 30, 2026. 8) Reflects the total number of individual real estate properties across Ares Real Estate funds; prior periods were based on deal count, where a single deal may include multiple properties. 9) Reflective of the current underlying companies and properties within Secondaries Group, Credit, Private Equity, Real Estate and Infrastructure commingled funds.10) As of June 30, 2026, $93 billion in AUM represents investments by insurance companies in various Ares' funds, SMAs and co-investments versus one discrete insurance platform. The AUM for these investments is included across each of our investment strategies and presented within other businesses to demonstrate the scale of our aggregated insurance platform.

Competitive Edge Delivers Demonstrated Performance Comprehensive and Dynamic Investment Solutions

Value-Add

Core/ Core-Plus

Across Equity and Debt Investments

Opportunistic

The performance, awards noted herein relate only to selected funds/strategies and may not be representative of any given client's experience and should not be viewed as indicative of Ares' past performance or its funds' future performance. Note: Data as of September 30, 2026, unless otherwise indicated. 1) Investment Professionals include Investment Management, Portfolio Management and Development personnel as of September 30, 2026. 2) Operating Professionals include Asset Management, Construction Management, Property

Management, Debt Capital Markets, Due Diligence & Quantitative Development personnel as of September 30, 2026. 3) Residential includes Multifamily, Single-Family Rental (SFR) and Senior Housing units. 6

4%

1%

10%

25%

11%

11%

24%

14%

As of September 30, 2026. Due to rounding, numbers presented may not add up to the totals provided. 1) Based on outstanding principal balance of loans held for investment.

Multifamily

Office

Industrial

Residential/Condo

Self Storage

Hotel

Retail

Mixed-Use

7

($ in millions)

$858

$666

$495

$442

$444

Q3 2023 Q3 2024 Q3 2025 Q2 2026 Q3 2026

As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. 8

($ in millions)

$1,197

$1,048

$811

1.1x

1.6x

1.9x

2.0x

1.9x

$1,272 $1,263

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

Total Outstanding Borrowings 1 Net Debt to Equity Excluding CECL 2

As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total outstanding borrowings is based on total outstanding principal balance. 2) Net debt to equity ratio (excluding CECL reserve) is calculated as (i) $1.2 billion outstanding principal of borrowings less

$22 million of cash, (ii) divided by the sum of total stockholders' equity of $492 million plus CECL reserve of $141 million. Net debt to equity ratio including CECL reserve is 2.4x as of September 30, 2026. Total debt to equity ratio excluding CECL reserve is 1.9x and including CECL reserve is 2.4x as of September 30, 2026. Please see prior earnings presentations for calculations of net debt to equity ratio for prior periods. 3) As of September 30, 2026, includes $22 million of cash and approximately $94 million of available financing proceeds under our secured funding agreements. As of November 3, 2026, available capital is $87 million and includes $43 million of cash and approximately $44 million of available financing proceeds under our secured funding agreements.

Repayments on Loans Held for Investment

Available Capital3

9

($ in millions)

$139 $2 $- $141

Q2 2026 CECL Reserve Net Change in CECL Reserve on

Existing Loans

Impact from

New Loan Commitments

Q3 2026 CECL Reserve

As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 10

CECL reserve related to risk rated 4 and 5 loans:

94%

6%

3%

91%

Risk Rated 1-3 Loans

Risk Rated 4 Loans

Risk Rated 5 Loans

Office

11%

CECL reserve related to office and residential/ condo loans:

89%

52%

37%

Residential/ Condo

Other

As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total CECL Reserve includes reserve on both the outstanding balances and unfunded commitments on loans held for investment. 11

Risk Rated 4 and 5 Loans CECL Reserve as a Percent of Outstanding Principal Balance

7%

40%

53%

72%

40%

26%

Office Residential/Condo Industrial

Office Residential/ Condo

Industrial

As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total CECL Reserve includes reserve on both the outstanding balances and unfunded commitments on loans held for investment with risk ratings of 4 or 5. As of September 30, 2026, each of the risk rated 5 loans were assessed individually and the Company elected to assign a CECL Reserve of $52 million on the New York residential/condo loan, $66 million on

the Illinois office loan and $9 million on the subordinated California industrial loan. 12

As of September 30, 2026, unless otherwise noted. Past performance may not be indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Carrying amount is net of accumulated depreciation and amortization of $9 million for 13

the Florida mixed-use property. 2) Income yield is calculated as the annualized property level net operating income based on the three months ended September 30, 2026 (excluding non-recurring items) divided by the carrying amount.

14

($ in millions)

As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) The Illinois loan is structured as both a senior and mezzanine loan with the Company holding contiguous positions. The senior position has a per annum interest rate of S + 2.25% and the mezzanine position has a fixed per annum interest rate of 10.00%. The senior and mezzanine loans were both on non-accrual status as of September 30, 2026 and the Unleveraged Effective Yield is not applicable. In July 2026, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the Illinois loan from July 2026 to October 2026. 3) The Arizona loan is structured as a senior A-Note with an outstanding principal balance of $65.0 million, a subordinated B-Note with no initial outstanding principal balance and an unfunded commitment of $12.0 million for certain lender approved leasing costs and a subordinated C-Note with an outstanding principal balance of $8.8 million. The subordinated B-Note is pari-passu with new borrower contributions for the loan principal paydown and other additional capital contributions. The subordinated C-Note is subordinate to the A-Note, B-Note and the new borrower contributions. The senior A-Note has a per annum interest rate of S + 2.00%, the subordinated B-Note has a fixed per annum interest rate of 12.00% and the subordinated C-Note has a fixed per annum interest rate of 5.50%. 4) In July 2026, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior diversified loan from July 2026 to January 2027. 5) In October 2026, the Company and the borrower entered into a modification and

extension agreement to, among other things, extend the maturity date on the senior Illinois loan from October 2026 to November 2026. 15

($ in millions)

21 Senior CA Oct 2025 55.3 55.3 54.9 S+3.00% 3.0% 7.3% Nov 2028 I/O

23 Senior NJ Jun 2021 27.8 27.8 27.8 S+8.85% 0.2% 12.8% Nov 20242 I/O

25 Senior Diversified Aug 2026 28.5 10.3 10.2 S+2.85% 2.5% 7.1% Aug 2029 I/O

$252.5

$255.5

$278.7

Total Industrial

I/O

Jan 20273

7.8%

2.0%

S+3.85%

7.0

7.0

7.0

Aug 2019

CA

Senior

26

As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) As of September 30, 2026, the senior New Jersey loan, which was collateralized by an industrial property, was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the November 2024 maturity date and the borrower was current on all contractual interest payments. On October 30, 2026, the senior New Jersey loan was fully repaid. 3) The California loan is structured as a senior A-Note, with an outstanding principal balance of $7.0 million as of September 30, 2026, a subordinated B-Note with no outstanding principal balance and an unfunded commitment of $500 thousand for certain lender approved leasing costs and a subordinated C-Note with an outstanding principal balance of $12.6 million as of September 30, 2026. The subordinated B-Note and C-Note are subordinate to new borrower equity related to additional capital contributions. As of September 30, 2026, the subordinated C-Note was on non-accrual status and therefore, the Unleveraged Effective Yield is not applicable. 4) In October 2026, the Company and the borrower entered into a modification and

extension agreement to, among other things, extend the maturity date on the senior Texas loan from December 2026 to December 2027. 5) In October 2026, the borrower exercised a 12-month extension option in accordance with the loan agreement, which extended the 16

maturity date on the senior Ohio loan to October 2027.

($ in millions)

#

Loan Type

Location

Origination

Date

Current Loan

Commitment

Outstanding

Principal

Carrying

Value

Interest

Rate

SOFR

Floor

Unleveraged

Effective Yield

Maturity

Date

Payment

Terms1

Residential/Condominium Loans:

27 Senior NY Mar 2022 $200.5 $200.5 $144.9 S+8.95% 0.4% -%2 Dec 2026 I/O

Total Residential/Condominium

$200.5

$200.5

$144.9

Mixed-Use Loans:

28 Senior NY Feb 2026 $26.5 $23.6 $23.3 S+3.25% 2.8% 7.9% Jan 2028 I/O

Total Mixed-Use

$26.5

$23.6

$23.3

Retail Loans:

29 Senior CA Mar 2026 $75.0 $67.2 $66.6 S+2.75% 2.5% 7.1% Mar 2029 I/O

Total Retail $75.0 $67.2 $66.6

As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) The New York loan is structured as both a senior and mezzanine loan with the Company holding contiguous positions. The senior and mezzanine positions each have a per annum interest rate of S + 8.95%. The senior and mezzanine loans were both on non-accrual status as of September 30, 2026 and the

Unleveraged Effective Yield is not applicable. 17

($ in millions)

As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) In August 2026, the Company and the borrower entered into a modification and extension agreement to, among other things, reduce the per annum interest rate on the senior Indiana loan from S + 3.60% to S + 2.60% and extend the maturity date from August 2026 to August 2028. 3) The weighted average floor is

calculated based on loans with SOFR floors. 18

Additional paid-in capital 823,504 820,827

19

See relevant endnotes on page 24. 20

Reconciliation of Net Income (Loss) to Non-GAAP Distributable Earnings (Loss)

Due to rounding, numbers presented may not add up to the totals provided. 21

Financing sources totaling $1.5 billion with $343 million of undrawn capacity1,2

($ in millions)

Citibank Facility

425.0

276.1

SOFR+1.50 to 3.00%

Morgan Stanley Facility

350.03

273.7

SOFR+1.55 to 3.50%

CNB Facility

75.02

-

SOFR+3.25%

Secured Term Loan (repaid Oct 2026)

$90.0

$90.0

6.00% (Fixed)4

$1,197.0

$1,540.0

Total Debt

$90.0

$90.0

Subtotal

Capital Markets

$1,107.0

$1,450.0

Subtotal

SOFR+1.35 to 3.75%

$557.2

$600.0

Wells Fargo Facility

Secured Funding Agreements

Non Spread Based

Mark to Market

Mark

to Credit

Pricing

Range

Outstanding

Principal

Total

Commitments1

Financing Sources

As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) For the Secured Funding Agreements, total commitments are available subject to the pledge of additional collateral. 2) Amount immediately available under the CNB Facility at any given time can fluctuate based on the fair value of the collateral in the borrowing base that secures the CNB Facility. As of September 30, 2026, there was no immediate availability under the CNB Facility based on the fair value of the collateral in the borrowing base at such time. The amount immediately available under the CNB Facility may be increased to up to $75.0 million by the pledge of additional collateral into the borrowing base in accordance with the CNB Facility agreement. 3) The Morgan Stanley facility contains an accordion provision such that the maximum commitment may be increased to up to $400.0 million at the Company's option, subject to the satisfaction of certain conditions, including payment of an upsize fee. 4) On October 20, 2026, the Company fully repaid and terminated the Secured Term Loan. The Secured Term Loan included interest rate increases on advances to the following fixed interest rates: (i) 4.50% per annum until May 1, 2025 and (ii) after May 1, 2025, the interest rate increased

0.25% every three months. 22

23

Glossary

Q3 2026 Company Results and Highlights; page 3

As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers may not add up to the totals provided.

1. Distributable Earnings (Loss) and Distributable Earnings excluding realized gains (losses) are non-GAAP financial measures. See page 23 for Distributable Earnings (Loss) and Distributable Earnings excluding realized gains (losses) definitions and page 21 for the Reconciliation of Net Income (Loss) to Non-GAAP Distributable Earnings (Loss) and Distributable Earnings excluding realized gains (losses).

2. Book value per common share excluding CECL reserve is calculated as (i) total stockholders' equity of $492 million plus CECL reserve of $141 million divided by (ii) total outstanding common shares of 55,486,279 as of September 30, 2026.

3. Based on outstanding principal balance of loans held for investment.

4. As of September 30, 2026, includes $22 million of cash and approximately $94 million of available financing proceeds under our secured funding agreements. As of November 3, 2026, available capital is $87 million and includes $43 million of cash and approximately $44 million of available financing proceeds under our secured funding agreements.

5. As of September 30, 2026, the total outstanding principal balance for co-investments held by the Company was $876 million.

6. Source: Bloomberg stock price for ACRE as of November 3, 2026.

Consolidated Statements of Operations; page 20

1. Our interest income and expense will generally change directionally with index rates. The impact of declining interest rates may be mitigated by interest rate floors and the impact of rising or declining interest rates may be mitigated by certain hedging transactions that we have entered into or may enter into in the future. The following estimates the hypothetical changes in net income for a twelve month period assuming (a) an immediate increase or decrease in 30-day SOFR as of September 30, 2026 and (b) no change in the outstanding principal balance of our loans held for investment portfolio and borrowings as of September 30, 2026: (i) approximately $3.4 million increase in net income resulting from a 100 basis point increase in 30-day SOFR; (ii) approximately $3.1 million decrease in net income resulting from a 100 basis point decrease in 30-day SOFR. The severity of any such impact depends on our asset/liability composition at the time, as well as the magnitude and duration of the interest rate increase and any applicable floors or hedging transactions. If any of these events happen, we could experience a decrease in net income or incur a net loss during these periods, which could adversely affect our liquidity and results of operations.

2. There is no assurance dividends will continue at these levels or at all.

24