ARES · Ares Management Corp

210 filings

ARES SEC Filings

Ares Management Corp - 210 total filings

Filing record · 2016–202610-K1110-Q328-K128

Showing 1–50 of 210 filings

Ares Management Corp 8-K Report, Regulation FD Disclosure (Sep 30, 2026)

Ares Management Corporation (ARES) has filed an 8-K to provide preliminary guidance on a key performance metric: realized net performance income. For the quarter ending September 30, 2026, the company anticipates this income to be approximately $10 million, representing an increase from the $9 million reported for the same period in the prior year. This disclosure offers investors an early look at a component of the company's operating performance. However, it is crucial for investors to understand that this figure is a preliminary estimate and a non-GAAP measure. Actual results may differ materially, and this figure should not be used to predict other financial results like net investment income or net income. Investors are advised to await the full third-quarter results for a comprehensive view and should not place undue reliance on this preliminary information.

Sep 30, 2026 10-Q

Ares Management Corp Quarterly Report for Q2 Ended Jun 30, 2026

Ares Management Corporation's (ARES) Q2 2026 filing demonstrates continued growth and operational strength. Total revenues increased by 6% year-over-year to $1.43 billion for the quarter and 16% for the six months to $2.83 billion, primarily driven by a significant rise in management fees. This growth was supported by strong fundraising across its credit and real assets segments, leading to a 20% increase in Fee Related Earnings (FRE) for the company. Despite a decline in carried interest allocation due to market conditions and a decrease in certain investment income, the company maintained robust net income growth of 38% year-over-year for the quarter and 62% for the six months. The company's Assets Under Management (AUM) saw a substantial increase, reaching $671.3 billion as of June 30, 2026, up from $622.5 billion at the end of 2025. Fee-Paying AUM also grew by 6.6% year-over-year to $409.9 billion. This growth reflects successful deployment of capital and strategic acquisitions, notably the GCP International business. The company's balance sheet remains solid with significant cash reserves and ample credit facilities. The company also continues to return capital to shareholders, with increased dividends and distributions declared.

Aug 7, 2026 8-K

Ares Management Corp 8-K Report, Financial Results (Jul 31, 2026)

Ares Management Corp. (NYSE: ARES) reported second-quarter 2026 results on July 31, 2026, showing continued strong top-line and fee-based growth. GAAP net income attributable to Ares Management Corporation was $150.6 million, or $0.49 per share, up from $137.1 million in Q2-25. The more closely watched non-GAAP metrics were stronger: Fee Related Earnings (FRE) rose 20% year over year to $491.1 million, and After-tax Realized Income per Class A share was $1.29, up 25% from $1.03. Total Assets Under Management reached $671.3 billion (up 17% year over year), and Fee Paying AUM reached $409.9 billion (also up 17%). Fundraising was a highlight, with $36.4 billion raised in the quarter and net inflows of $34.4 billion, which management described as a record quarter for fundraising. Gross capital deployment was $35.9 billion, and firmwide available capital (dry powder) reached a record $170.0 billion. Management said the investment pipeline is picking up after a slower transaction environment in the first half, and it expects to maintain its annual financial targets. Note that the GAAP results include consolidated fund effects, so investors should focus on FRE and After-tax RI for underlying operating performance. Capital return remains a key feature of the story. Ares declared a quarterly Class A common dividend of $1.35 per share, payable September 30, 2026, and a Series B mandatory convertible preferred dividend of $0.84375 per share. The filing also notes a dividend reinvestment program that becomes effective with the September dividend. The quarter also included a $395.0 million IPO by the third sponsored SPAC, Ares Acquisition Corporation III, which closed on July 1, 2026.

Jul 31, 2026 8-K

Ares Management Corp 8-K Report, Financial Results (Jul 10, 2026)

Ares Management Corporation (ARES) has filed a Form 8-K on July 10, 2026, to provide a preliminary update on its financial performance for the quarter ending June 30, 2026. The company anticipates that its realized net performance income will exceed $50 million, a significant increase from the $16 million reported for the same period in the prior year. This projection suggests a substantial improvement in the profitability derived from the company's investment strategies and fee-generating activities. Investors should note that this figure represents a preliminary estimate and a non-GAAP financial measure. Ares Management cautions that actual results may differ materially once the full financial closing procedures are completed. The company is unable to provide a GAAP reconciliation at this time due to the early stage of its financial close. This disclosure is intended to provide early insight into performance trends and should be viewed in conjunction with the company's full second-quarter results when they are officially released.

Jul 10, 2026 8-K

Ares Management Corp 8-K Report, Shareholder Vote Results (Jun 11, 2026)

Ares Management Corporation (ARES) filed an 8-K on June 11, 2026, reporting the results of its Annual Meeting of Stockholders held on June 8, 2026. The primary focus of the filing is the outcome of shareholder votes on two key proposals: the election of directors and the ratification of the independent registered public accounting firm. All director nominees were elected, and the appointment of Ernst & Young LLP as the independent auditor for the 2026 fiscal year was ratified. For investors, the smooth and overwhelmingly positive voting outcomes on both director elections and auditor ratification suggest continued confidence in the current management and governance structure of Ares Management. The significant "FOR" votes across all director nominees, with minimal opposition and a consistent number of broker non-votes, indicate strong shareholder alignment. Similarly, the near-unanimous approval for the auditor ratification reinforces the market's trust in the company's financial reporting and oversight.

Jun 11, 2026 8-K

Ares Management Corp 8-K Report, Material Agreement (May 28, 2026)

Ares Management Corporation (ARES) has filed an 8-K detailing significant amendments to its credit facility. The primary focus of this filing is Amendment No. 14 to its Sixth Amended and Restated Credit Agreement, dated May 21, 2026. This amendment introduces several key changes designed to enhance the company's financial flexibility and extend its borrowing capacity. Investors should note the extension of the credit facility's maturity date to May 21, 2031, which provides a longer-term runway for the company's operations and strategic initiatives. Furthermore, the revolver commitments have been substantially increased to $2.5 billion, with an additional uncommitted accordion feature that allows for a potential expansion up to $3.0 billion. These changes indicate a strengthened credit profile and increased access to liquidity.

May 28, 2026 10-Q

Ares Management Corp Quarterly Report for Q1 Ended Mar 31, 2026

Ares Management Corporation's Q1 2026 filing shows robust growth and operational strength, with total revenues increasing by 28% year-over-year to $1.4 billion. This growth was primarily driven by a significant surge in incentive fees, which more than quadrupled compared to the prior year's first quarter, indicating successful performance generation across its investment strategies. Management fees also saw a healthy 21% increase, reflecting continued AUM growth. The company's diverse segments—Credit, Real Assets, Secondaries, and Private Equity—all contributed positively to Fee Related Earnings (FRE), which grew by 26% overall, demonstrating the recurring nature and underlying strength of its business model. Despite an overall increase in expenses, largely due to higher compensation and benefits associated with growth and strategic acquisitions, Ares Management Corporation maintained a strong profitability profile. The substantial increase in net income attributable to Ares Management Corporation by 202% year-over-year highlights the company's ability to leverage its growing revenue base effectively. Liquidity remains strong, with significant cash on hand and available credit facilities, positioning the company to pursue further growth initiatives and strategic opportunities.

May 8, 2026 8-K

Ares Management Corp 8-K Report, Financial Results (May 1, 2026)

Ares Management Corp. (NYSE: ARES) reported first quarter 2026 results on May 1, 2026, with GAAP net income attributable to Ares Management Corporation of $142.6 million, or $0.46 per basic and diluted share of Class A and non-voting common stock, versus $47.2 million (about $0.00 per share) a year earlier. The headline operating metrics were strong: Fee Related Earnings rose 26% to $464.4 million, After-tax Realized Income rose 19% to $452.4 million ($1.24 per share, up 14%), and management fees grew 22% to $1.0 billion on an unconsolidated basis. Management cited record first-quarter fundraising of $29.5 billion (up more than 45% year over year), net inflows of $27.9 billion, and gross capital deployment of $32.3 billion. Total AUM reached $644.3 billion (up 18%) and fee-paying AUM reached $399.6 billion (up 19%), with roughly $158.1 billion of available capital. The quarter also included a few items that flatter or complicate the comparison. Realized net performance income was boosted by $53.9 million from SDL I's sale of remaining assets to a continuation vehicle, and GAAP results include a $37.4 million bargain purchase gain from the BlueCove acquisition. Performance-related compensation rose sharply, and GAAP income tax expense increased to $59.9 million from $17.5 million. Incentive fees surged to $161.9 million from $32.0 million, though fee related performance revenues fell 30% to $19.6 million. Investors should also note that GAAP net income is heavily affected by consolidated fund results and by non-controlling interests, which absorbed $81.9 million of Ares Operating Group income. Ares declared a quarterly common dividend of $1.35 per Class A share, payable June 30, 2026 to holders of record on June 16, 2026, and a quarterly dividend of $0.84375 on its 6.75% Series B mandatory convertible preferred stock, payable July 1, 2026. Management stated that it is on track for another record fundraising year and that the company has a record investment pipeline and nearly $160 billion of available capital. The results are unaudited press release and presentation materials furnished under Items 2.02 and 7.01, not filed. Forward-looking statements carry the usual risks, and the presentation notes that X-Energy's April 2026 IPO implied an unrealized gain of roughly $600 million on Ares's stake.

May 1, 2026 8-K

Ares Management Corp 8-K Report, Regulation FD Disclosure (Mar 31, 2026)

Ares Management Corporation (ARES) has filed a Form 8-K to provide preliminary guidance on its realized net performance income for the quarter ending March 31, 2026. The company anticipates approximately $75 million in realized net performance income for the quarter, which is below its prior expectation of $100 million. This shortfall is attributed to the delayed realization of performance income from certain European-style funds, now expected in future quarters of 2026. Despite this quarterly miss, Ares Management reaffirms its full-year 2026 outlook, expecting to generate over $350 million in realized net performance income, a significant increase from the $169 million reported for the full year 2025. Investors are cautioned that these figures are preliminary estimates and actual results could differ materially. This disclosure is intended to provide early insight and should not be considered predictive of other financial metrics or indicative of future periods. The company emphasizes that these forward-looking statements involve risks and uncertainties and does not undertake to update them except as legally required. The full first-quarter results will provide a more complete picture.

Mar 31, 2026 8-K

Ares Management Corp 8-K Report, Material Agreement (Mar 31, 2026)

Ares Management Corp. (ARES) has announced the entry into a new Credit Agreement, dated March 27, 2026, through its subsidiary Ares Holdings L.P. This agreement provides a $400 million term loan facility, which was fully funded at closing and matures on March 27, 2029. The facility's proceeds are designated for refinancing existing debt, covering fees and expenses, and supporting ongoing working capital and general corporate purposes. This new debt issuance is accompanied by financial covenants that investors should monitor. Key among these are a maximum net debt to Adjusted EBITDA ratio of 4.00 to 1.00 and a minimum Assets Under Management (AUM) threshold of approximately $179.8 billion. The agreement also includes standard provisions for events of default, which could lead to commitment termination and acceleration of borrowings. The interest rate on the loans is variable, based on either the Term SOFR Rate or the Base Rate, plus an applicable margin determined by ARES's senior unsecured debt ratings.

Mar 31, 2026 10-K

Ares Management Corp Annual Report, Year Ended Dec 31, 2025

Ares Management Corp. (NYSE: ARES) closed 2025 with record scale and a sharp step-up in earnings power. Assets under management reached $622.5 billion, up 29% year over year, and the firm raised $113.2 billion of gross new capital and deployed $145.8 billion. Total revenues rose 44% to $5.60 billion, driven largely by a $1.15 billion carried interest allocation (up from $390 million), management fees up 25% to $3.68 billion, and a $1.1 billion lift in administrative, transaction and other fees tied to the March 2025 GCP International acquisition. GAAP net income attributable to Ares Management Corporation rose 14% to $527 million, but net income to Class A and non-voting common holders fell 3% to $426 million after $101 million of Series B preferred dividends, and GAAP results were weighed down by a $301 million non-cash revaluation of GCP earnout liabilities. The more important investor metric is fee related earnings (FRE), which grew 30% to $1.78 billion, and realized income (RI), which grew 26% to $1.85 billion. Management highlights that 93% of management fees came from perpetual capital or long-dated funds, that AUM not yet paying fees implies roughly $730 million of potential incremental annual management fees, and that dry powder reached $156.0 billion. Management fees are expected to decline by about $40 million in 2026 from the ACOF VI fee step-down. The quarterly dividend on Class A common stock was set at $1.35 for 2026, up from $1.12 per quarter in 2025, and it is tied to FRE after current taxes. Key risks include a higher leverage profile after the GCP deal (Credit Facility borrowings of $1.38 billion and total debt of $3.94 billion), goodwill and intangibles that rose to $5.6 billion, a 2025 effective tax rate of 15.3%, a $580 million TRA liability, the concentration of management fees in ARCC (about 31% of Credit Group fees), and a governance structure in which the Holdco Members control the Class B vote while the Ares Ownership Condition is met. The auditor (Ernst & Young) issued an unqualified opinion and excluded GCP International from the internal control assessment, which covers about 2% of assets and 6% of revenue.

Feb 25, 2026 8-K

Ares Management Corp 8-K Report, Financial Results (Feb 5, 2026)

Ares Management Corp (NYSE: ARES) reported a strong fourth quarter and full year 2025 in its February 5, 2026 8-K. Q4-25 GAAP net income attributable to Ares Management Corporation was $54.2 million ($0.08 per share), down sharply from $177.3 million in Q4-24, largely because of a $255.7 million charge from the change in value of contingent consideration tied to the GCP International acquisition and a $66.4 million unrealized performance loss. For the full year, GAAP net income attributable to Ares was $527.4 million ($1.71 per share, versus $2.04 in 2024). The more important metrics for investors are the non-GAAP measures management emphasizes: Q4-25 Fee Related Earnings rose 33% year over year to $527.7 million, Realized Income rose 24% to $589.1 million, and after-tax Realized Income per Class A share was $1.45, up 18%. For FY-25, FRE was $1.78 billion (up 30%) and after-tax RI per share was $4.76 (up 20%). Scale and fundraising were the key operating story. AUM reached $622.5 billion, up 29% year over year, and FPAUM reached $384.9 billion, up 32%. Ares raised $113.2 billion of gross new capital in 2025 and deployed a record $145.8 billion. Available capital stood at $156.0 billion, and AUM not yet paying fees was $101.0 billion, including $78.8 billion available for future deployment that management estimates could generate roughly $708 million in incremental annual management fees. Management expects 2026 fundraising to match or exceed 2025's record. Mechanically, the GCP International acquisition (closed March 1, 2025) contributed meaningfully to AUM and fee growth, and the Real Assets segment's management fees rose 100% for the year. The company also announced a 20% increase in its quarterly Class A common dividend to $1.35 per share, payable March 31, 2026 to holders of record on March 17, 2026. The Series B mandatory convertible preferred dividend is $0.84375 per share, payable April 1, 2026. Investors should note that GAAP results were volatile, driven by acquisition-related earnout accounting and unrealized performance income swings, so the non-GAAP FRE and RI figures are the primary lens for assessing the underlying business.

Feb 5, 2026 10-Q

Ares Management Corp Quarterly Report for Q3 Ended Sep 30, 2025

Ares Management Corporation (ARES) reported robust financial performance for the nine months ended September 30, 2025, with total revenues reaching $4.1 billion, a significant 56% increase year-over-year, driven by strong growth across all segments. The GCP Acquisition, completed in March 2025, significantly contributed to this growth, particularly in the Real Assets segment, adding complementary real estate and digital infrastructure capabilities. Net income attributable to Ares Management Corporation also saw a substantial increase of 65% to $473.1 million for the nine-month period. The company's Assets Under Management (AUM) grew to $595.7 billion, up from $463.8 billion at the end of the prior year, reflecting successful fundraising and deployment of capital. Key drivers included strong performance in credit strategies and the strategic integration of the GCP acquisition. Despite increased operating expenses, largely due to the GCP acquisition and associated integration costs and compensation, the company maintained healthy profitability margins.

Nov 6, 2025 8-K

Ares Management Corp 8-K Report, Financial Results (Nov 3, 2025)

Ares Management reported strong third-quarter 2025 results, with growth in fee-related earnings and fundraising. GAAP net income attributable to Ares Management Corporation was $288.9 million, or $1.15 per share of Class A and non-voting common stock. After-tax Realized Income, the company's key cash-earnings measure, was $425.8 million, or $1.19 per share, up 25% year over year. Fee Related Earnings (FRE) rose 39% to $471.2 million, with a 41.4% margin. Total AUM reached $595.7 billion (up 28%), and FPAUM reached $367.6 billion (up 28%). Management fees grew with the platform, though part of the growth came from the acquisition of GCP International. Fundraising was a standout. Ares raised $30.9 billion in the quarter, with net inflows of $28.5 billion, and deployed $41.7 billion of capital. Management said it now expects to meaningfully exceed its prior annual fundraising record of $93 billion in 2025. Available capital stood at $149.5 billion, and AUM Not Yet Paying Fees was $103.0 billion, which management estimates could generate substantial future fees as capital is deployed. Carried interest allocation rose to $464.7 million from $277.7 million a year earlier, and performance-related compensation rose to $404.1 million, so the GAAP results are sensitive to unrealized performance income. The company declared a quarterly dividend of $1.12 per Class A share, payable December 31, 2025, to holders of record on December 17, 2025. It also declared a $0.84375 quarterly dividend on its 6.75% Series B mandatory convertible preferred stock, payable January 1, 2026. Investors should note that the results and presentation are furnished under Items 2.02 and 7.01 and are not deemed filed for Section 18 purposes. Forward-looking statements, including the fundraising outlook, carry risk.

Nov 3, 2025 8-K

Ares Management Corp 8-K Report, Regulation FD Disclosure (Sep 25, 2025)

Ares Management Corporation (ARES) has filed a Form 8-K to announce the posting of a presentation on its Investor Resources website. This presentation is intended for an analyst event scheduled for September 25, 2025. While the content of the presentation itself is not detailed in this filing, the disclosure signifies that the company is providing updated information or strategic insights to its analysts, which may be of interest to investors monitoring the company's forward-looking statements and strategic direction. Investors should note that this filing is primarily for informational purposes under Regulation FD, indicating the company's commitment to broad dissemination of material information. The actual presentation, available on the company's website, will likely contain the substantive details regarding any new financial performance updates, business strategies, or market outlooks that Ares Management intends to share with the analyst community. It is recommended that investors visit the provided URL to access and review the presentation for a comprehensive understanding of the information being communicated.

Sep 25, 2025 10-Q

Ares Management Corp Quarterly Report for Q2 Ended Jun 30, 2025

Ares Management Corporation reported a strong second quarter for 2025, driven by significant growth in management fees and a substantial increase in Assets Under Management (AUM). Total revenues increased by 71% year-over-year to $1.35 billion, primarily due to a 25% rise in management fees, bolstered by strong performance across its Credit and Real Assets segments. The acquisition of GCP International in March 2025 significantly contributed to the Real Assets Group's revenue growth, adding new capabilities and geographic reach. Despite increased operating expenses, largely due to integration costs and equity-based compensation, the company's Fee Related Earnings (FRE) saw a robust 26% increase, indicating the core profitability of its operations. Net income attributable to Ares Management Corporation Class A and non-voting common stockholders rose by 18% to $111.75 million, reflecting disciplined cost management and successful integration of recent acquisitions. The company's balance sheet remains strong with total assets growing to $27.26 billion, supported by continued fundraising and strategic capital deployment.

Aug 8, 2025 8-K

Ares Management Corp 8-K Report, Financial Results (Aug 1, 2025)

Ares Management (ARES) reported strong second-quarter 2025 results, with GAAP net income attributable to Ares Management Corporation of $137.1 million, or $0.46 per share, and After-tax Realized Income of $367.9 million, or $1.03 per Class A share, up 11% year over year. Fee Related Earnings rose 26% to $409.1 million, with a 41.2% margin. Management fees reached $900.6 million, and total AUM grew 28% year over year to $572.4 billion, while fee-paying AUM rose 27% to $349.6 billion. The growth was driven by the GCP International acquisition, record-level market appreciation, and strong fundraising. Gross capital raised was $26.2 billion, with net inflows of $25.1 billion, and management said it is on pace to meet or exceed its prior annual fundraising record. Available capital stood at $150.8 billion, and AUM not yet paying fees was $104.8 billion, including $86.8 billion available for future deployment that management estimates could generate roughly $822.7 million in potential incremental annual management fees. Capital deployment was $26.9 billion. Perpetual capital reached $166.6 billion, and 91% of management fees came from perpetual or long-dated funds. The company declared a quarterly Class A dividend of $1.12 per share, payable September 30, 2025, and a Series B mandatory convertible preferred dividend of $0.84375 per share. Investors should note that GAAP results were more volatile than the non-GAAP measures, with a large carried interest allocation of $323.9 million in the quarter, while the Series B preferred dividends reduced net income available to Class A holders. Fee Related Performance Revenues fell 23% year over year to $16.7 million, and realized net performance income declined 59%.

Aug 1, 2025 8-K

Ares Management Corp 8-K Report, Shareholder Vote Results (Jun 11, 2025)

Ares Management Corporation (ARES) filed an 8-K on June 10, 2025, detailing the results of its Annual Meeting of Stockholders held on June 6, 2025. The primary focus of this filing is the voting outcomes on several key proposals. All director nominees were overwhelmingly elected, reflecting strong board support. Furthermore, the appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2025 received broad approval, indicating continued confidence in their audit services. In addition to governance matters, the meeting addressed executive compensation. The stockholders approved, on a non-binding advisory basis, the compensation of the Company's named executive officers for fiscal year 2024. Crucially, the stockholders also approved, on an advisory basis, a triennial frequency for future say-on-pay votes. Consequently, Ares Management Corporation has affirmed its intention to hold advisory votes on executive compensation every three years, aligning with the stockholders' preference.

Jun 11, 2025 10-Q

Ares Management Corp Quarterly Report for Q1 Ended Mar 31, 2025

Ares Management Corporation (ARES) reported a strong first quarter of 2025, with total revenues increasing significantly to $1.09 billion, driven by robust growth in management fees and a notable recovery in carried interest allocation. The company's strategic acquisition of GCP International in March 2025 bolstered its Real Assets segment, contributing substantially to revenue and AUM growth. Despite increased operating expenses, particularly in compensation and benefits due to the acquisition and equity awards, Ares maintained healthy fee-related earnings (FRE) across its segments. Total Assets under Management (AUM) saw a substantial increase, reaching $545.9 billion, with Fee-Paying AUM (FPAUM) also growing to $335.1 billion. This growth reflects successful fundraising efforts and the strategic integration of GCP International. The company's credit segment continues to be a strong performer, with significant contributions to both FRE and realized income. While the overall net income attributable to common stockholders declined year-over-year, this was primarily due to increased preferred stock dividends and a shift in income allocation. The company's liquidity remains strong, supported by operating cash flows and available credit facilities.

May 12, 2025 8-K

Ares Management Corp 8-K Report, Financial Results (May 5, 2025)

Ares Management (ARES) reported first quarter 2025 results on May 5, 2025, with GAAP net income attributable to Ares Management Corporation of $47.2 million, though GAAP EPS for Class A and non-voting common stock was $0.00 after deducting $25.3 million of Series B mandatory convertible preferred dividends. The more closely watched non-GAAP metrics were stronger: After-tax Realized Income rose 44% year-over-year to $381.4 million ($1.09 per share, up 36%), Fee Related Earnings grew 22% to $367.3 million, and total Realized Income reached $405.9 million, up 40%. Fee-related revenue growth was driven by the March 1, 2025 closing of the GCP International acquisition, which added $45.3 billion of AUM and boosted Real Assets management fees by 54% year-over-year. Fundraising and deployment were robust. Ares raised $20.2 billion of gross new capital commitments (net inflows of $19.6 billion) and deployed $31.4 billion, up from $18.6 billion a year earlier. AUM reached a record $545.9 billion, up 27% year-over-year, and Fee Paying AUM rose 25% to $335.1 billion. Available Capital of $142.0 billion and AUM Not Yet Paying Fees of $99.2 billion (including $81.5 billion available for future deployment, which management estimates could generate about $764.4 million in incremental annual management fees) give the firm substantial visibility into future fee growth, though these figures are not guaranteed. The company declared a quarterly Class A common dividend of $1.12 per share, payable June 30, 2025, and a Series B preferred dividend of $0.84375 per share. Investors should note that management fees and FRE remain the core earnings engine, with roughly 92% of management fees coming from perpetual capital or long-dated funds, while the GAAP EPS figure is depressed by the preferred dividend and by acquisition-related compensation charges. Note that the filing furnishes these results under Items 2.02 and 7.01 rather than filing them, and that the figures and forward-looking statements are management's.

May 5, 2025 8-K

Ares Management Corp 8-K Report, Material Agreement (Apr 25, 2025)

Ares Management Corp (ARES) announced a significant amendment to its credit facility, extending its maturity date to April 22, 2030, and increasing the total borrowing capacity. The primary borrower, Ares Holdings L.P., along with certain subsidiaries, entered into Amendment No. 13 to their Sixth Amended and Restated Credit Agreement. This amendment is a positive development for investors as it enhances financial flexibility and strengthens the company's liquidity position by increasing the revolver commitments and accordion feature, allowing for a potential aggregate borrowing of up to $2.5 billion. Furthermore, the amendment includes more favorable pricing terms, reducing the applicable margins for various loan types and the unused commitment fee. These lower borrowing costs, tied to the company's debt ratings, suggest improved creditworthiness or a strategic effort to optimize its cost of capital. The extended maturity also provides long-term certainty for funding operations and strategic initiatives, which is a key consideration for evaluating the stability and growth prospects of Ares Management Corp.

Apr 25, 2025 8-K

Ares Management Corp 8-K Report, Unregistered Securities Sale (Mar 3, 2025)

Ares Management Corporation (NYSE: ARES) filed this Form 8-K to report the March 1, 2025 closing of its acquisition of GCP International, the international business of GLP Capital Partners (excluding Greater China), along with existing capital commitments to certain managed funds. With the deal, Ares reports over $525 billion in total assets under management as of December 31, 2024 (pro forma for the acquisition), including more than $115 billion in its global Real Assets business. The transaction is positioned as a significant expansion of Ares' real assets franchise, adding logistics exposure in Japan, Brazil and Vietnam, and strengthening its digital infrastructure and self-storage capabilities. For investors, the most concrete financial item is the equity issuance: up to 10,464,654 shares of Class A common stock plus 2,098,332 RSUs issued to certain service-provider sellers as partial consideration. The filing does not disclose purchase price, expected accretion, or revenue contribution, so the economic impact on per-share results cannot be assessed from this document. Dilution from the share and RSU issuance should be weighed against the strategic benefits, and the 10-Q or subsequent disclosures would be the place to look for purchase accounting, financial effects, and integration costs. Management highlighted the logistics platform (with Walton Street Mexico, over 570 million square feet globally, making Ares a top three global logistics owner/operator) and a digital infrastructure business with over 1GW of IT capacity in process, including about 500MW under construction. Key personnel joined Ares, including Michael Steele as a Partner in the Real Assets Group. The press release notes forward-looking risks, particularly the ability to integrate GCP International and Walton Street Mexico and achieve expected benefits.

Mar 3, 2025 10-K

Ares Management Corp Annual Report, Year Ended Dec 31, 2024

Ares Management Corp (NYSE: ARES) closed 2024 with $484.4 billion in assets under management, up 16% year over year, and grew management fees 15% to $2.94 billion. Total revenues rose 7% to $3.88 billion, while GAAP net income attributable to Ares Management Corporation declined 2% to $463.7 million. Growth was driven by fundraising of $92.7 billion in gross new capital commitments and $106.7 billion of capital deployed, though carried interest allocation fell 37% to $390.2 million, reflecting reversals tied to weaker valuations in certain private equity funds. The most important investor metric is Fee Related Earnings (FRE), a non-GAAP measure of core, recurring profitability, which rose 17% to $1.36 billion. Realized Income, which adds realized performance and investment income, grew 16% to $1.47 billion. Management highlights 95% of management fees coming from perpetual capital or long-dated funds, supporting earnings stability. AUM not yet paying fees includes $81.0 billion available for deployment, which management estimates could generate roughly $728.8 million in incremental annual management fees. Balance sheet and capital return items include the October 2024 issuance of $1.46 billion of 6.75% Series B mandatory convertible preferred stock, a $750 million 5.60% senior note due 2054 issued to refinance near-term debt, and a Credit Facility balance reduced to zero. The Class A dividend rose to $0.93 quarterly in 2024 and was set at $1.12 per quarter for 2025, a fixed-dividend policy tied to FRE after taxes. Risks flagged include ARCC's concentration in management fees, the potential $2.8 billion TRA termination liability, fundraising sensitivity, and regulatory scrutiny of private fund practices.

Feb 27, 2025 8-K

Ares Management Corp 8-K Report, Financial Results (Feb 5, 2025)

Ares Management (NYSE: ARES) reported strong fourth-quarter and full-year 2024 results, highlighted by record gross fundraising and capital deployment. Fourth-quarter GAAP net income attributable to Ares Management Corporation was $177.3 million, or $0.72 per share, versus $0.88 a year earlier. The more important metrics for the asset-management model are non-GAAP: Fee Related Earnings (FRE) reached $396.2 million in Q4-24, up 7% year over year, and full-year FRE was $1.36 billion, up 17%. After-tax Realized Income per Class A share was $1.23 for the quarter, up 2%, and $3.97 for the full year, up 9%. Assets under management ended the year at $484.4 billion, up 16%, and fee-paying AUM rose 12% to $292.6 billion. Growth drivers were fundraising and deployment. Ares raised $92.7 billion of gross new capital in 2024 and deployed $106.7 billion, with net inflows of $86.3 billion. Available capital stood at $133.1 billion, and AUM not yet paying fees rose to a record $95.0 billion, of which $81.0 billion is available for future deployment and could generate roughly $728.8 million of potential incremental annual management fees. Management said it expects a more active transaction environment in 2025 and that the pending GCP International acquisition should close in the first quarter of 2025. The board declared a $1.12 per share quarterly common dividend, payable March 31, 2025, and a $0.84375 per share dividend on the 6.75% Series B mandatory convertible preferred stock. Investors should note that quarterly GAAP earnings fell and that the Q4 performance-related compensation expense was elevated. Fee-related performance revenues and carried interest are volatile, so the quarterly figures can swing materially even when the underlying fee base grows steadily.

Feb 5, 2025 8-K

Ares Management Corp 8-K Report, Executive Changes (Feb 5, 2025)

Ares Management Corporation (NYSE: ARES) filed an 8-K on February 5, 2025 announcing a leadership change at the top of the firm. Effective immediately, the Board appointed R. Kipp deVeer and Blair Jacobson as the new Co-Presidents of Ares. Michael Arougheti, a Co-Founder, stepped down as President but remains Chief Executive Officer and a Board member. The filing reports no financial results, guidance, or changes to compensation disclosed in the 8-K itself, so the event is primarily a governance and succession announcement. Both new Co-Presidents are long-tenured insiders. Mr. deVeer joined Ares in 2004, helped found and build the Ares Credit Group (described as the firm's largest business), and has served as CEO of Ares Capital Corporation since 2014. Mr. Jacobson joined in 2012 to build the European Direct Lending platform. Both are stepping back from day-to-day management of the Credit Group so they can focus on firm-wide strategic and operational initiatives, investor and counterparty relationships, and developing the next generation of leaders. Credit Group day-to-day leadership transfers to Mitchell Goldstein and Michael Smith (Co-Heads since 2017), and European Direct Lending continues under Michael Dennis and Matt Theodorakis. For investors, the key items are continuity and succession planning rather than a change in strategy. The move also has a knock-on effect at Ares Capital (ARCC), where Kort Schnabel will become CEO effective April 30, 2025, and Jim Miller will remain sole President. Investors should watch whether the new structure keeps Credit Group execution steady and whether the Co-Presidents' broader remit affects the firm's growth in its credit, real estate, private equity and infrastructure platforms. Ares reported over $484 billion in assets under management as of December 31, 2024.

Feb 5, 2025 10-Q

Ares Management Corp Quarterly Report for Q3 Ended Sep 30, 2024

Ares Management Corporation (ARES) reported solid financial results for the nine months ended September 30, 2024. Total revenues increased to $2.63 billion, up 2% year-over-year, driven by strong growth in management fees, which rose 17% to $2.18 billion. This growth was primarily attributed to increased fee-paying assets under management (FPAUM) across its Credit, Real Assets, and Secondaries segments, supported by successful capital deployment and new fund launches. Net income attributable to Ares Management Corporation common stockholders saw a slight decrease of 5% to $286.4 million for the nine-month period, influenced by higher operating expenses, particularly in compensation and benefits, and acquisition-related costs. Despite these increases in expenses, the company's Fee Related Earnings (FRE) and Realized Income (RI) demonstrated robust growth, indicating the strength of its core recurring revenue streams and operational efficiency. The company also reported significant growth in Assets Under Management (AUM) to $463.8 billion, up 17.4% year-over-year, highlighting continued fundraising success and investor confidence. The company is actively pursuing strategic growth, with significant acquisitions announced in September and October 2024, including Walton Street Capital Mexico and GLP Capital Partners' international business, which are expected to enhance its global real estate and alternative asset management capabilities. These strategic moves, coupled with consistent growth in its core segments and a strong focus on generating Fee Related Earnings, position Ares Management for continued expansion and value creation for its shareholders.

Nov 8, 2024 8-K

Ares Management Corp 8-K Report, Financial Results (Nov 1, 2024)

Ares Management (NYSE: ARES) reported third-quarter 2024 results that showed strong top-line and fundraising momentum. GAAP net income attributable to Ares Management Corporation was $118.5 million, or $0.55 per share, up from $61.8 million ($0.30 per share) a year earlier. The more important investor metrics are non-GAAP: Fee Related Earnings (FRE) rose 24% to $339.3 million with a 41.1% margin, and After-tax Realized Income per Class A share was $0.95, up 14% year over year. Management fees grew 18% to $757.3 million on an unconsolidated basis, driven by deployment across direct lending and alternative credit and by the Crescent Point acquisition. Fundraising and deployment were the standout items. Ares raised $20.9 billion in gross new capital in the quarter, with net inflows of $19.8 billion, and has over $64 billion raised year to date. Management now expects 2024 to be a record fundraising year with gross commitments in the mid-$80 billion range. Capital deployment reached $29.6 billion, up from $16.7 billion a year earlier. Total AUM grew 17% to $463.8 billion, and Fee Paying AUM rose 16% to $286.8 billion. Available capital stands at $125.3 billion, and AUM not yet paying fees is $85.2 billion, of which $74.1 billion is available for future deployment and could generate roughly $721.5 million in potential incremental annual fees. This backlog supports management's expectation of meaningful future earnings growth. The filing also declared a quarterly Class A common dividend of $0.93 per share, payable December 31, 2024 to holders of record on December 17, 2024. It also disclosed two pending acquisitions, Walton Street Capital Mexico (AUM of $2.1 billion) and the international business of GLP Capital Partners (AUM of $44.0 billion). In October 2024, Ares issued 30 million Series B mandatory convertible preferred shares for proceeds of $1.46 billion. Investors should weigh the strong fee growth and fundraising against GAAP earnings that are volatile because of carried interest and performance compensation swings, and against a sizable fixed-cost base that grows with headcount and deal activity.

Nov 1, 2024 8-K

Ares Management Corp 8-K Report, Material Agreement (Oct 11, 2024)

Ares Management Corporation (ARES) has announced the issuance of $750 million in aggregate principal amount of 5.600% Senior Notes due 2054. This debt offering, facilitated by an underwriting agreement with Morgan Stanley & Co. LLC and Citigroup Global Markets Inc., expands the company's long-term debt obligations. The notes are unsecured and unsubordinated, and are fully and unconditionally guaranteed by several of Ares' subsidiaries, providing an additional layer of security for noteholders. These notes mature in 2054 and carry a fixed interest rate of 5.600%, payable semi-annually. The issuance leverages a previously established shelf registration statement, indicating a strategic move to access capital markets to support its ongoing operations and growth initiatives. The indenture includes standard covenants related to debt incurrence and asset dispositions, along with provisions for default and early redemption options for the company. Investors should note the long-term nature of this debt and its implications for the company's capital structure.

Oct 11, 2024 8-K

Ares Management Corp 8-K Report, Material Agreement (Oct 10, 2024)

Ares Management Corporation (ARES) has filed an 8-K report detailing the issuance of its new 6.75% Series B Mandatory Convertible Preferred Stock. This offering, which successfully closed on October 10, 2024, raised approximately $1.5 billion in aggregate liquidation preference, with an additional $150 million potentially raised from the underwriters' over-allotment option. The net proceeds are earmarked for the acquisition of the international business of GLP Capital Partners Ltd. and related fees, as well as general corporate purposes such as debt repayment and strategic growth initiatives. The Series B Mandatory Convertible Preferred Stock carries a significant liquidation preference and ranks senior to the Company's common stock regarding dividends and asset distribution. The preferred stock accumulates cumulative dividends at a 6.75% annual rate, payable quarterly, with the option for Ares to pay these dividends in cash, common stock, or a combination thereof. A critical feature is the mandatory conversion into common stock on or about October 1, 2027, with the conversion rate dependent on the average common stock price over a specified period, subject to anti-dilution adjustments and potential adjustments for unpaid dividends.

Oct 10, 2024 8-K

Ares Management Corp 8-K Report, Unregistered Securities Sale (Oct 8, 2024)

On October 4, 2024, Ares Management Corporation (ARES) signed a definitive agreement to acquire the international business of GLP Capital Partners (GCP International, excluding Greater China), plus existing capital commitments to certain managed funds. Total initial consideration is approximately $3.7 billion: about $1.8 billion in cash and about $1.9 billion in Class A common stock and RSUs, with the equity portion representing roughly 6% of Ares' outstanding Class A shares as of September 30, 2024. An additional earn-out of up to $1.5 billion, measured through the end of 2027 (with a possible six-month extension), is tied to growth in Japan and data center businesses, and Ares may pay up to 85% of it in stock. Strategically, the deal nearly doubles Ares Real Estate AUM to roughly $96 billion, adding GCP International's $44 billion of AUM (as of June 30, 2024), including nearly $20 billion in Japan industrial assets and a large data center development pipeline of over 1 GW of IT capacity. Management expects the deal to be modestly accretive to after-tax realized income per share in the first full calendar year after closing, with meaningfully higher accretion in later years. Most of the consideration flows to GCP International management and employees in stock subject to long-term retention mechanisms, which supports leadership continuity. Key risks for investors include the roughly $1.8 billion cash requirement, which Ares plans to fund mainly with cash on hand and other debt or equity financing, with a $2.0 billion 364-day bridge facility as a backstop only if necessary; dilution from the stock issuance and potential earn-out shares; and execution risk in integrating a large international platform. The transaction is expected to close in the first half of 2025, subject to regulatory approvals and customary conditions.

Oct 8, 2024 10-Q

Ares Management Corp Quarterly Report for Q2 Ended Jun 30, 2024

Ares Management Corporation (ARES) reported its second quarter 2024 financial results, showing a decrease in net income attributable to common stockholders compared to the prior year. Total revenues declined significantly, largely due to a substantial drop in carried interest allocation, which swung from a strong positive in the prior year's comparable period to a negative in the current quarter. This was partially offset by strong growth in management fees, driven by capital deployment and new fund launches across various segments, particularly Credit and Real Assets. The company's Fee Related Earnings (FRE) saw a healthy increase, indicating resilience in its core, recurring revenue streams despite the overall revenue decline. Despite the headline revenue decrease, the company's operational execution appears solid, with Fee Related Earnings (FRE) growing 22% year-over-year, underscoring the sticky nature of its management fee base. Assets Under Management (AUM) and Fee Paying Assets Under Management (FPAUM) also continued to grow across key segments. Management's commentary highlights continued opportunities in private credit due to constrained bank lending and a focus on resilient industries in private equity. While the report indicates a challenging market for private equity realizations, Ares' diversified business model and focus on value-add strategies position it to navigate these conditions.

Aug 7, 2024 8-K

Ares Management Corp 8-K Report, Financial Results (Aug 2, 2024)

Ares Management (ARES) reported second quarter 2024 results on August 2, 2024, with GAAP net income attributable to Ares Management of $94.9 million, or $0.43 per share, down from $144.5 million ($0.75) a year earlier. The more relevant headline metrics for investors are operating ones: After-tax Realized Income rose 14% year over year to $332.0 million ($0.99 per Class A share), and Fee Related Earnings grew 22% to $324.5 million, with the FRE margin at 42.1%. Fundraising was strong, with $26.0 billion of gross new capital commitments (the firm's highest quarterly gross fundraising level) and $25.1 billion of net inflows. Capital deployment of $26.4 billion was the second highest in the firm's history. Assets under management reached $447.2 billion, up 18% year over year, and fee-paying AUM reached $275.8 billion, up 14%. Available capital hit a record $122.1 billion, and AUM not yet paying fees rose to $83.4 billion, which management says could generate roughly $674.7 million in potential incremental annual fees once deployed. Management fees were $721.7 million on a GAAP basis, and the effective management fee rate held at 1.02%. The company also declared a quarterly dividend of $0.93 per Class A share, payable September 30, 2024 to holders of record on September 16, 2024. The GAAP earnings decline is driven largely by volatile performance allocations: carried interest allocation swung to a $51.2 million loss in Q2 2024 from a $418.5 million gain in Q2 2023. Investors should therefore focus on the fee-based and realized metrics, which are more predictable, and on the sizable pipeline of AUM ready for deployment. Realized Income, which excludes unrealized performance swings, is the metric management emphasizes. The filing contains forward-looking statements and non-GAAP measures that should be read alongside the company's SEC filings.

Aug 2, 2024 8-K

Ares Management Corp 8-K Report, Corporate Update (Jul 11, 2024)

Ares Management Corporation (ARES) has filed an 8-K report detailing the full exercise of an over-allotment option related to a previous stock offering. The company sold an additional 397,500 shares of its Class A common stock to the underwriters on July 11, 2024. This exercise of the option brings the total net proceeds from the offering to approximately $408.21 million, after accounting for underwriting discounts and commissions but before other offering expenses. This event indicates a successful placement of additional equity, enhancing the company's capital base.

Jul 11, 2024 8-K

Ares Management Corp 8-K Report, Corporate Update (Jun 14, 2024)

Ares Management Corporation (ARES) announced the closing of a secondary offering of 2,650,000 shares of Class A common stock on June 14, 2024. This offering was conducted under a shelf registration statement previously filed with the SEC. The company also granted the underwriters an option to purchase an additional 397,500 shares, indicating potential for further equity issuance. As part of the underwriting agreement, Ares Management has agreed to a 45-day lock-up period on the sale or transfer of its Class A common stock or related convertible securities, starting from June 12, 2024. This event signifies a capital markets activity undertaken by Ares to potentially enhance its liquidity or fund ongoing operations and growth initiatives. Investors should note the size of the offering and the associated lock-up period, which temporarily restricts significant selling pressure from insiders and early investors. The company has also included standard forward-looking statements, reminding investors of inherent risks and uncertainties in its business and future performance, referencing its previously filed 10-K and 10-Q reports for more detailed risk factor discussions.

Jun 14, 2024 8-K

Ares Management Corp 8-K Report, Shareholder Vote Results (Jun 6, 2024)

Ares Management Corporation (ARES) held its Annual Meeting of Stockholders on June 4, 2024, where key governance matters were voted upon. The primary outcomes included the election of all director nominees and the ratification of Ernst & Young LLP as the independent registered public accounting firm for the upcoming fiscal year. These outcomes are generally positive for the company, indicating strong shareholder support for the existing board and its chosen auditor. Investors should note the overwhelming support for the director nominees, with 'FOR' votes significantly outnumbering 'AGAINST' votes across all candidates. Similarly, the ratification of the independent auditor received widespread approval. The high number of broker non-votes on the director election proposal, while not uncommon, suggests that a portion of shares held in street name did not have their beneficial owners provide voting instructions on this specific matter. Overall, the meeting reflects shareholder confidence in the current leadership and financial oversight of Ares Management.

Jun 6, 2024 8-K

Ares Management Corp 8-K Report, Regulation FD Disclosure (May 21, 2024)

Ares Management Corporation filed an 8-K on May 21, 2024, to announce its previously scheduled Investor Day, which is taking place on May 21, 2024. The company is making a presentation available on the Investor Resources section of its website, www.ares-ir.com, which will be used during the event. This filing serves primarily as a notification and to provide access to the presentation materials for investors. A replay of the event will also be accessible via the company's website following the live stream.

May 21, 2024 10-Q

Ares Management Corp Quarterly Report for Q1 Ended Mar 31, 2024

Ares Management Corporation reported mixed financial results for the first quarter of 2024. Total revenues decreased by 13% year-over-year to $707.4 million, primarily due to a significant drop in carried interest allocation, which was down 150% from the prior year. This was partially offset by a 15% increase in management fees, reaching $687.7 million, and a 23% rise in administrative, transaction, and other fees. Net income attributable to common stockholders declined by 22% to $73.0 million. Despite the revenue dip, the company saw growth in Fee Related Earnings (FRE), up 18% to $301.7 million, and Realized Income (RI), up 14% to $289.2 million, highlighting the resilience of its core fee-generating businesses. Assets Under Management (AUM) grew to $428.3 billion, an increase from $360.3 billion in the prior year, demonstrating continued fundraising success. The company also amended its credit facility, increasing commitments and extending its maturity, indicating proactive balance sheet management.

May 9, 2024 8-K

Ares Management Corp 8-K Report, Financial Results (May 2, 2024)

Ares Management reported first-quarter 2024 results on May 2, 2024, with growth in its recurring, fee-driven earnings alongside a sharp drop in GAAP net income. GAAP net income attributable to Ares Management Corporation was $73.0 million, or $0.33 per share, down from $94.0 million, or $0.49 per share, a year earlier. The decline was driven mainly by a negative carried interest allocation of $(32.5) million, compared with $151.5 million in Q1 2023, which reflects unrealized performance income and related compensation. Management fees rose to $687.7 million from $600.5 million. The more closely watched non-GAAP metrics were stronger. Fee Related Earnings (FRE) increased 18% to $301.7 million, with a 42.1% margin, and After-tax Realized Income rose 14% to $265.1 million, or $0.80 per Class A share versus $0.71. Assets under management grew 19% to $428.3 billion, and fee-paying AUM grew 14% to $267.1 billion. Gross new capital commitments were $17.4 billion, with net inflows of $14.4 billion, and capital deployment reached $18.6 billion. Management highlighted $114.6 billion of available capital (up 29%) and $77.4 billion of AUM not yet paying fees (up 28%), which it views as capacity for growth once transaction activity recovers. The board declared a quarterly dividend of $0.93 per Class A share, payable June 28, 2024 to holders of record on June 14, 2024. The filing contains no forward guidance, and the earnings presentation includes internal review annotations that were not finalized in the public version, so some figures should be checked against the company's 10-Q.

May 2, 2024 8-K

Ares Management Corp 8-K Report, Material Agreement (Apr 3, 2024)

Ares Management Corp (ARES) announced a significant amendment to its credit facility, extending its maturity date and increasing its borrowing capacity. Specifically, Ares Holdings L.P., a subsidiary, entered into Amendment No. 12 to its Sixth Amended and Restated Credit Agreement, pushing the maturity to March 28, 2029. This amendment also boosts the revolving credit commitments to $1.4 billion, with an additional accordion feature allowing for a further $600 million, bringing the total potential borrowing to $2 billion. Investors should note the inclusion of sustainability-linked metrics that can adjust fees and margins, aligning with current ESG trends. While the core purpose is to enhance financial flexibility, the company has also made adjustments to certain covenant restrictions and other technical provisions within the agreement.

Apr 3, 2024 10-K

Ares Management Corp Annual Report, Year Ended Dec 31, 2023

Ares Management Corp. (NYSE: ARES) closed 2023 with record scale: $418.8 billion of AUM (up 19% year over year), $74.5 billion of gross new capital commitments, and $68.1 billion deployed. Growth was led by Credit, which holds $284.8 billion (68% of AUM), while Private Equity, Real Assets and Secondaries contributed the rest. Management fees rose 19% to $2.55 billion, and roughly 95% of management fees came from perpetual capital vehicles and long-dated funds, which supports earnings durability. Profitability improved sharply. Fee related earnings (FRE, the non-GAAP measure of recurring core earnings) grew 17% to $1.16 billion, and realized income grew 12% to $1.27 billion. GAAP net income attributable to Class A and non-voting stockholders rose 183% to $474.3 million, or $2.42 diluted EPS, helped by higher carried interest allocation ($618.6 million, up 35%) and performance income. Carried interest and incentive fees remain volatile by nature, so investors should weigh the recurring fee base separately from performance revenue. Key risks include a heavy reliance on Ares Capital Corporation (ARCC), which contributed about 37% of Credit Group management fees; elevated leverage (about $2.97 billion of debt obligations); a $1.7 billion estimated TRA termination exposure; and a controlled-company structure in which Class B and C holders effectively control director elections. The Board also raised the dividend policy anchor, declaring a $0.93 quarterly dividend for Q1 2024 (up from $0.77), which reflects a fixed dividend tied to FRE after taxes.

Feb 27, 2024 8-K

Ares Management Corp 8-K Report, Financial Results (Feb 8, 2024)

Ares Management Corp. (NYSE: ARES) reported fourth-quarter and full-year 2023 results on February 8, 2024, alongside a declared quarterly dividend of $0.93 per Class A share. GAAP net income attributable to Ares Management was $174.0 million for Q4 and $474.3 million for the full year, with diluted EPS of $0.86 and $2.42, respectively. The more closely watched non-GAAP metrics were strong: Fee Related Earnings rose to $368.7 million in Q4 and $1,163.7 million for FY-23 (up 17% year over year), and after-tax Realized Income per Class A share was $1.21 for Q4 and $3.65 for the year (up 9%). Fee-paying AUM grew to $261.7 billion and total AUM reached $418.8 billion, up 19% year over year. Fundraising and deployment were the main growth drivers. Ares raised $21.1 billion of gross new capital in Q4 and $74.5 billion for the year, its second-highest annual total, with net inflows of $68.3 billion for FY-23. Available capital reached a record $111.4 billion, and AUM not yet paying fees stood at $74.3 billion, which management says could generate significant future management fees. Capital deployment was $68.1 billion for FY-23, down from $79.8 billion in FY-22, with the Credit Group producing most of the activity. The Crescent Point acquisition, completed October 2, 2023, added $3.7 billion in AUM to the Private Equity Group. Investors should weigh the strong fee-based growth against several softer areas. Real Assets Fee Related Earnings fell 19% for the year after the absence of prior-year real estate incentive fees, and Fee Related Performance Revenues were lower overall for FY-23 at $180.4 million versus $239.4 million in FY-22. Realized Income from the Real Assets Group fell 33% for the year. Fee Related Performance Revenues remain concentrated in the Credit Group's direct lending strategies, and the filing's supplementary materials note that ARCC's Part II fee hurdle was not met at year-end, so incentive income depends on future portfolio performance.

Feb 8, 2024 8-K

Ares Management Corp 8-K Report, Executive Changes (Feb 2, 2024)

Ares Management Corporation (ARES) announced a significant compensation restructuring for key executives and senior professionals within its Credit Group, including CEO Michael J. Arougheti and Kipp deVeer. Effective January 31, 2024, these individuals have agreed to reduce their 2024 incentive fee allocations in exchange for restricted stock units (RSUs). This move is designed to align executive compensation more closely with long-term shareholder value and potentially reduce immediate cash payouts for the company. The company granted an aggregate of 1.6 million RSUs, with 400,000 RSUs each for Messrs. Arougheti and deVeer. These RSUs vest over four years, commencing in June 2026 and concluding in June 2029, contingent upon continued service. Furthermore, the company retains the option to grant additional RSUs in 2025 and 2026 in exchange for further reductions in incentive fee allocations for those years, demonstrating a commitment to sustained executive engagement and performance.

Feb 2, 2024 8-K

Ares Management Corp 8-K Report, Material Agreement (Nov 13, 2023)

Ares Management Corporation (ARES) has filed an 8-K report detailing the issuance of $500 million in aggregate principal amount of 6.375% Senior Notes due 2028. These notes were issued on November 10, 2023, under an underwritten public offering and are governed by an indenture that includes the company and several of its subsidiaries as guarantors. The offering was made pursuant to a previously filed shelf registration statement. The notes are unsecured and unsubordinated obligations of the company, fully and unconditionally guaranteed by the specified guarantors. The indenture contains customary covenants restricting the company and its guarantors from incurring certain secured indebtedness or engaging in mergers or asset sales. The report also outlines provisions for redemption of the notes, including an option for early redemption under certain conditions.

Nov 13, 2023 10-Q

Ares Management Corp Quarterly Report for Q3 Ended Sep 30, 2023

Ares Management Corporation (ARES) reported its third-quarter 2023 financial results, demonstrating solid growth in management fees and resilient performance across its diverse investment strategies despite a challenging macroeconomic environment. Total revenues saw a significant increase year-over-year, driven by a robust rise in management fees across its Credit, Real Assets, and Secondaries segments. While performance fees and carried interest allocation experienced volatility due to market conditions and valuation adjustments, particularly in the Private Equity segment, the overall Fee Related Earnings (FRE) and Realized Income (RI) showed strong year-over-year growth, underscoring the stability of its recurring revenue streams. Financially, the company maintained a healthy liquidity position, with significant assets under management (AUM) and fee-paying AUM (FPAUM) growth driven by successful capital deployment and fundraising efforts. The company's diversified business model, with a strong emphasis on perpetual capital and long-dated funds, provides a stable foundation. Key strategic initiatives, including recent acquisitions and partnerships, are positioning Ares for continued expansion and market leadership in alternative investments. Investors should note the company's ongoing focus on expanding its global reach and enhancing its product offerings, particularly in the wealth management channel.

Nov 6, 2023 8-K

Ares Management Corp 8-K Report, Financial Results (Oct 31, 2023)

Ares Management Corp. (NYSE: ARES) reported third quarter 2023 results on October 31, 2023, with GAAP net income attributable to Ares Management Corporation of $61.8 million, or $0.30 per share, compared with a net loss of $35.5 million, or $(0.22) per share, in Q3 2022. The headline earnings metrics that management emphasizes were stronger: After-tax Realized Income was $261.1 million, or $0.83 per share (up 11% from $0.75), and Fee Related Earnings rose 18% year over year to $274.2 million, with a 41.2% FRE margin. Management fees grew 16% to $637.5 million, reflecting deployment across direct lending and alternative credit. The GAAP swing to a profit was largely driven by lower carried interest and performance-related compensation, which are volatile and do not reflect recurring fee income. The firm's scale and capital position improved meaningfully. Assets Under Management reached $394.9 billion (up 16% year over year), Fee Paying AUM rose 13% to $247.7 billion, and Available Capital surpassed $100 billion for the first time, at $104.6 billion. Gross new capital commitments were $21.9 billion, the firm's second-highest fundraising quarter ever, with net inflows of $20.9 billion. Management pointed to $65.7 billion of AUM Not Yet Paying Fees available for future deployment, which could generate roughly $647.4 million in potential incremental annual management fees, though this is not assured. The company also completed its acquisition of Crescent Point Capital on October 2, 2023, and declared a quarterly dividend of $0.77 per Class A share. Investors should weigh the strong recurring fee growth against the cyclical and volatile nature of performance income. Several fund returns were negative or weak in the quarter, including the Corporate Private Equity strategy (-1.9% net) and European Real Estate Equity, and the filing carries forward-looking caveats about a more challenging market. Realized Income was held back by a $17.1 million realized net investment loss and a $65.9 million non-cash impairment on Landmark client relationships, which was recorded in the GAAP amortization of intangibles line.

Oct 31, 2023 10-Q

Ares Management Corp Quarterly Report for Q2 Ended Jun 30, 2023

Ares Management Corporation (ARES) reported a strong second quarter of 2023, driven by significant growth in management fees and a substantial increase in carried interest allocation. Total revenues surged by 82% year-over-year to $1.09 billion, primarily fueled by a 153% increase in carried interest allocation, reaching $418.5 million. This growth reflects the strong performance of their underlying investments across various segments. Fee Related Earnings (FRE) saw a healthy increase of 21% to $266.1 million, indicating the company's ability to generate consistent, recurring revenue streams that cover its operational expenses. The Credit Group, in particular, demonstrated robust FRE growth of 26%, driven by strong management fee contributions from its direct lending and alternative credit strategies. Overall, the company continues to exhibit effective management of its assets under management (AUM), with AUM growing to $377.6 billion, up from $334.3 billion in the prior year period, demonstrating successful fundraising and capital deployment.

Aug 3, 2023 8-K

Ares Management Corp 8-K Report, Financial Results (Aug 1, 2023)

Ares Management Corporation (NYSE: ARES) reported second quarter 2023 results on August 1, 2023, with GAAP net income attributable to Ares Management Corporation of $144.5 million, or $0.75 basic and $0.74 diluted per Class A share, up substantially from $39.7 million ($0.21 per share) in Q2 2022. The more closely watched non-GAAP metrics also grew: Fee Related Earnings (FRE) rose 21% year over year to $266.1 million, with a 40.8% FRE margin, and After-tax Realized Income per Class A share was $0.90, up 22% from $0.74. GAAP results were boosted by a large increase in carried interest allocation ($418.5 million versus $47.3 million a year earlier), so investors should weight the recurring fee-based metrics more heavily when judging underlying business quality. Fundraising and scale remained strong. Ares raised $17.4 billion in gross new capital commitments, with net inflows of $16.5 billion, and total AUM reached $377.6 billion (up 13% year over year). Fee-paying AUM rose 15% to $242.4 billion, and available capital (dry powder) totaled $95.8 billion. Capital deployment was $15.2 billion, of which $9.1 billion came from drawdown funds. Management also highlighted a definitive agreement announced in July 2023 to acquire Crescent Point Capital (about $3.8 billion AUM) and a first close of $5.1 billion for the third U.S. senior direct lending fund. The board declared a quarterly dividend of $0.77 per Class A share, payable September 29, 2023 to holders of record on September 15, 2023. Investors should note that the dividend policy is tied to expected annual fee related earnings after an allocation of current taxes, and the filing states that dividends could be reduced or suspended if FRE cash flows proved insufficient. Balance sheet items disclosed include $276.8 million in cash and $2,299.7 million of debt obligations, with $725.0 million drawn on a $1,325.0 million revolving credit facility.

Aug 1, 2023 8-K

Ares Management Corp 8-K Report, Shareholder Vote Results (Jun 15, 2023)

Ares Management Corporation (ARES) filed an 8-K on June 15, 2023, detailing the results of its Annual Meeting of Stockholders held on June 12, 2023. The primary outcomes of the meeting include the overwhelming election of all nominated directors to serve one-year terms and the ratification of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year 2023. Additionally, stockholders approved the Ares Management Corporation 2023 Equity Incentive Plan. The voting results across all proposals indicate strong shareholder support, with significant 'FOR' votes and relatively low 'AGAINST' and 'ABSTAIN' tallies, reflecting broad confidence in the company's governance and executive compensation strategies.

Jun 15, 2023 10-Q

Ares Management Corp Quarterly Report for Q1 Ended Mar 31, 2023

Ares Management Corporation reported solid financial performance for the first quarter of 2023, with total revenues increasing by 14% year-over-year to $813.4 million. Net income attributable to Ares Management Corporation Class A and non-voting common stockholders surged by 105% to $94.0 million, or $0.49 per diluted share. This growth was driven by a significant increase in management fees, up 26% to $600.5 million, reflecting strong fundraising and capital deployment across its Credit, Private Equity, Real Assets, and Secondaries segments. Despite a decrease in carried interest and incentive fees compared to the prior year, the company demonstrated resilience and effective management of its diverse investment strategies. The company's Assets Under Management (AUM) grew to $360.3 billion, up from $325.0 billion in the prior year's first quarter, highlighting continued investor confidence and the success of its long-term investment focus. The company's Fee Paying Assets Under Management (FPAUM) also saw a healthy increase, reaching $233.9 billion from $199.0 billion year-over-year. This growth underscores the increasing revenue-generating base for Ares. The company's Fee Related Earnings (FRE) increased by 24% to $254.6 million, demonstrating the core profitability of its asset management operations. The company's diversified business segments performed well, with the Credit Group showing particularly strong growth in Fee Related Earnings. The company maintains a robust liquidity position, with $272.2 million in cash and cash equivalents at the end of the quarter.

May 8, 2023 8-K

Ares Management Corp 8-K Report, Financial Results (Apr 28, 2023)

Ares Management Corp (NYSE: ARES) reported first quarter 2023 results on April 28, 2023, showing continued growth in its recurring fee base despite what management described as market volatility and slower transaction activity. GAAP net income attributable to Ares Management Corporation was $94.0 million, or $0.49 per share, compared with $45.9 million ($0.24 per share) in Q1 2022. The more important metrics for the company's valuation are non-GAAP: Fee Related Earnings (FRE) rose 24% year over year to $254.6 million, and After-tax Realized Income per Class A share was $0.71, up 9% from $0.65. Management fees grew 25% to $602.6 million, and total assets under management reached $360.3 billion, up 11% from a year earlier, with fee paying AUM up 18% to $233.9 billion. Fundraising and deployment were the key operating developments. Ares raised $16.0 billion in gross new capital, producing net inflows of $13.5 billion, and deployed $12.9 billion. Available capital (dry powder) stood at $88.6 billion, down 4% year over year, and AUM not yet paying fees was $50.5 billion available for future deployment, which management estimates could generate roughly $483 million in incremental annual management fees. Perpetual capital AUM reached $95.4 billion, up 15%, and 95% of management fees came from perpetual capital or long-dated funds, which supports earnings durability. Management noted that fee related performance revenues fell sharply, to $3.9 million from $12.7 million, reflecting the timing of incentive fee recognition, so investors should expect lumpiness in that line. The company declared a quarterly dividend of $0.77 per Class A share, payable June 30, 2023 to holders of record on June 16, 2023. Management stated that it remains on track with its growth objectives and expects margin expansion in the second half of 2023. Two developments were also disclosed: the company acquired the remaining interest in its former Ares SSG business (rebranded Ares Asia) and launched Ares Strategic Income Fund, a perpetual, non-traded BDC. Its second sponsored SPAC, Ares Acquisition Corporation II, completed a $500 million IPO on April 25, 2023.

Apr 28, 2023