["Personal Relationships, Volume 33, Issue 3, September 2026. ", "\nABSTRACT\nPrior research has mostly focused on the role of negative interpersonal processes in the association between adverse childhood experiences (ACEs) and depression. However, disruptions of positive interpersonal experiences may also be important. ACEs may reduce capitalization, the process of sharing good news with others, which contributes to experiencing closeness in relationships. This study examined whether capitalization and relationship closeness mediate the association between ACEs and depressive symptoms, over and above relationship stress, and whether these associations are amplified in a chronic stress context. Participants were 222 middle‐aged mothers experiencing varying degrees of chronic caregiving stress who reported on ACEs at baseline, and depressive symptoms as well as interpersonal processes at three time points over 30 months. Between‐person analyses of data aggregated across days and waves showed that higher ACEs were associated with lower capitalization, lower relationship closeness, and greater relationship stress. Relationship closeness and stress were associated with greater depressive symptoms, and a significant serial pathway emerged from ACEs to depressive symptoms via capitalization and relationship closeness. Caregiving stress amplified the association between ACEs and relationship stress. Findings suggest that ACEs may contribute to depressive symptoms in midlife through diminished positive interpersonal processes, independently of relationship stress and caregiving demands.\n"]