# Ares financing-map data

`ares-map.json` is a compact reconciliation of the 26 rows in the page 7 exposure matrix of Ares Alternative Credit's *In the Gaps*, Fall 2026.

Primary source: <https://www.ares.com/content/dam/aresmgmt/Documents/In-the-Gaps/Ares_InTheGaps_Newsletter_Fall-2026.pdf>

- Source perspective: September 2026, as stated in the document disclaimer.
- Dataset review date: 2026-10-10.
- Source page: 7; context pages: 5, 6, 8 and 31.
- The copyrighted PDF is linked, not copied into public downloads.

## What the data establishes

The first 24 displayed row amounts total `547700` USD millions. Row 25 is `n/d` and contributes zero only because the source footnote says to count it at zero pending size disclosure. Row 26 contributes approximately `25000` USD millions. The source-reconciliation arithmetic therefore totals `572700` USD millions, which rounds to the source headline of approximately `$573B`.

Relationship-cell amounts, including RPO, lease, backstop and guarantee figures, are stored separately and never added to the gross source-row arithmetic. The eight bottom shares sum to `158%` because the source columns overlap by design; they are not allocations that can be added into another debt total.

## Claim ceilings

This dataset is a source-matrix reconciliation, not an all-26 primary-contract audit. It does not establish:

- actual funded cash, draws, closing proceeds or cash receipt;
- whether a commitment was fully or partly drawn;
- whether the displayed rows overlap economically or contain refinancings;
- an updated transaction state after the September 2026 source perspective;
- per-company allocations of each financing row; or
- the count of distinct legal entities represented by the visually ambiguous combined Google/Broadcom source column.

Every `actual_funded_cash_usd_millions` value therefore remains `null`. In particular, the zero arithmetic contribution for row 25 must never be presented as zero actual financing.

## Offline verification

Save the JSON and verifier in the same directory, then run with Node.js:

```text
node verify-ares-map.mjs
```

The verifier checks row count, integer arithmetic, exact displayed amount strings and flags, the not-disclosed treatment, separately recorded relationship-cell amounts, and the `158%` bottom-share sum. Passing checks prove only schema and arithmetic consistency; they do not prove transaction truth, closing, funding or absence of overlap.