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Ares Management Corporation ARES

Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)

136.85USD+6.14% · 1 dayClose 04 Nov 2026

Ares Management is a global alternative investment manager whose assets are spread across four investment groups: credit, real assets, secondaries and private equity. It matters now because most of its management fees come from perpetual capital vehicles or long-dated funds, which could give it stability in a volatile market. Assets under management reached 671.3 bn USD at June 30 2026.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Ares Management Corporation (ARES) stock was 136.85 USD (+6.14% on the day), with market capitalisation 14.1 bn USD, P/E 22.2, dividend yield 3.61%, beta 1.68, 52-week range 96.50–178.28 USD. Latest reported quarter (Q2 2026): revenue of 1.3 bn USD (+24.3% YoY), net income of 150.6 m USD (+9.9% YoY).

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
14.1 bn USD
shares as of 29 Apr 2019
P/E (TTM)
22.2
market cap ÷ net income
E/P (TTM)
4.50%
Dividend yield
3.61%
DPS 12m 4.94
Beta (2y)
1.68
Volatility (1y) 44%
52-week range
96.50178.28

Price history

Loading chart…

Technical reading

RSI (14)
69.2
strong (55–70)
Bollinger (20, 2)
107.29 – 134.74
above the upper band · %B 1.08 · band width 22.7%
SMA 50 / 200
125.43 / 124.23
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
2.57 / 0.29
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+16.8%−1.1%+17.9 pp—
3 months−2.1%−0.5%−1.6 pp—
6 months+10.5%+4.4%+6.1 pp—
Year to date−15.3%+12.3%−27.6 pp—
1 year−10.6%+13.5%−24.1 pp−2.5%
3 years+27.8%+76.4%−48.6 pp+31.2%
5 years+59.8%+63.7%−3.9 pp—
Max drawdown (1y)
−45.9%
10 Dec 2025 → 12 Mar 2026
Max drawdown (5y)
−51.3%
31 Jan 2025 → 12 Mar 2026
Compound annual growth (5y)
+9.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
1.3 bn USD
+24.3% YoY
Net income
150.6 m USD
+9.9% YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
11.6% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue842.0 m1.2 bn1.0 bn1.0 bn1.2 bn1.6 bn1.3 bn1.3 bn
SG&A197.0 m199.1 m227.9 m232.2 m246.2 m289.9 m240.4 m255.7 m
Pre-tax income327.1 m399.9 m141.0 m286.9 m652.3 m206.6 m312.9 m385.9 m
Income tax46.5 m49.9 m17.5 m61.0 m111.9 m8.1 m59.9 m73.0 m
Net income118.5 m177.3 m47.2 m137.1 m288.9 m54.2 m142.6 m150.6 m
Operating cash flow841.3 m ≈807.6 m2.0 bn415.7 m ≈1.3 bn ≈-483.7 m406.5 m-351.4 m ≈
Dividends paid16.2 m16.1 m21.5 m21.0 m21.1 m21.0 m25.4 m25.2 m

≈ derived quarter (cumulative difference / share-days average)

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.2 bn1.4 bn1.8 bn2.3 bn2.9 bn3.2 bn3.7 bn4.8 bn
Revenue YoY+12.3%+17.6%+22.4%+30.5%+25.8%+12.4%+14.0%+28.9%
Net income57.0 m148.9 m152.1 m408.8 m167.5 m474.3 m463.7 m527.4 m
Net income YoY−25.1%+161.1%+2.2%+168.7%−59.0%+183.1%−2.2%+13.7%
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %4.7%10.4%8.7%17.9%5.8%14.7%12.6%11.1%
Free cash flow-1.4 bnunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
488.9 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
8.7 bn USD
Total assets
28.6 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
6.8%
ROA
2.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
3.2 bn
2024
3.7 bn
2025
4.8 bn

SEC (XBRL)· 25 Feb 2026verified

SG&A
2023
660.1 m
2024
736.5 m
2025
996.1 m

SEC (XBRL)· 25 Feb 2026verified

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 24 Feb 2023verified

Pre-tax income
2023
1.3 bn
2024
1.3 bn
2025
1.3 bn

SEC (XBRL)· 25 Feb 2026verified

Income tax
2023
173.0 m
2024
164.6 m
2025
198.5 m

SEC (XBRL)· 25 Feb 2026verified

Net income
2023
474.3 m
2024
463.7 m
2025
527.4 m

SEC (XBRL)· 25 Feb 2026verified

Dividend per share
2023
—
2024
—
2025
—

SEC (XBRL)· 28 Feb 2022verified

Balance sheet · USD

Cash
2023
348.3 m
2024
1.5 bn
2025
488.9 m

SEC (XBRL)· 25 Feb 2026verified

Goodwill
2023
1.1 bn
2024
1.2 bn
2025
3.5 bn

SEC (XBRL)· 25 Feb 2026verified

Intangibles (excl. goodwill)
2023
490.7 m
2024
408.0 m
2025
798.4 m

SEC (XBRL)· 25 Feb 2026verified

Total assets
2023
24.7 bn
2024
24.9 bn
2025
28.6 bn

SEC (XBRL)· 25 Feb 2026verified

Total liabilities
2023
19.7 bn
2024
17.5 bn
2025
19.9 bn

SEC (XBRL)· 25 Feb 2026verified

Equity
2023
4.5 bn
2024
6.8 bn
2025
8.7 bn

SEC (XBRL)· 25 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-233.3 m
2024
2.8 bn
2025
3.3 bn

SEC (XBRL)· 25 Feb 2026verified

Investing cash flow
2023
-111.1 m
2024
-159.4 m
2025
-1.8 bn

SEC (XBRL)· 25 Feb 2026verified

Financing cash flow
2023
292.1 m
2024
-1.4 bn
2025
-2.4 bn

SEC (XBRL)· 25 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
28.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
18.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
22.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
13.7%
computed by olivLawFY 2025
Net income CAGR 3Y
46.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
28.2%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
12.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
15.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
2.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
912.1 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
14.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
22.2x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
22.2x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
4.5%
computed by olivLawTTM to 30 Jun 2026
P/B
3.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
2.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
3.6%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
0.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 31.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

136.85 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 14.1 bn USD

Key indicators

Market capitalisation
14.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
22.2x
computed by olivLawTTM to 30 Jun 2026
P/B
3.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
15.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
12.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
28.9%
computed by olivLawFY 2025
Dividend yield
3.6%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

16/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 29 Apr 2019
Source: SEC (XBRL)published 07 Aug 2026
verified 1024derived 75

Score by group

31% · Insufficient data

Estimated value range

Low
48.87
USD per share
Mid
79.99
USD per share
High
108.90
USD per share
Price: 136.85 USD
The price is above the range
Potential to the central value: -41.5% (value / price − 1)
Margin of safety: -71.1% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 24.71 – 184.58 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E73.04 – 184.58 (Mid 131.64)
    29 companies used · median multiple 21.4x · quartiles 11.9x – 30.0x
    AAMI, ABX, AMG, AMP, APAM, APO, BEN, BVC, BX, CG, EVR, FHI, GCMG, GROW, HLI, HNNA, KKR, LAZ, MORN, NOAH, PAX, PJT, RILY, RPC, TROW, VALU, VCTR, VRTS, WHG
  • Dividend discount (DDM)24.71 – 33.22 (Mid 28.34)
Multiple comparisons use the SIC vertical: Investment Advice (SIC 6282)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality12.0%44 (vs peers)20%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth18.2%100 (on a fixed band)27%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuation22.2x48 (vs peers)33%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns0.7%9 (on a fixed band)20%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial44/100 · 1/3 factors with a value
  • Returns· partial9/100 · 1/2 factors with a value
  • Valuation· partial48/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ARES MANAGEMENT CORPORATION (ARES). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 4.8 bn USD in 2025; YoY growth 28.9%; net margin 12.0%; ROE 15.3%.

The estimated value range is 48.87–108.90 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 79.99 USD, the price of 136.85 USD leaves a potential of -41.5% (value / price − 1) and a margin of safety of -71.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 18.2%

What contradicts it

  • Shareholder yield (distributions): 0.7%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
22.2x
vertical median 21.9x
at median
EV/EBITDA
—
vertical median 11.6x
P/S
2.7x
vertical median 2.3x
above median (+17.3%)
P/B
3.6x
vertical median 2.1x
above median (+68.7%)
ROE
15.3%
vertical median 13.3%
above median (+14.7%)
Net margin
12.0%
vertical median 15.2%
below median (−20.9%)
EBIT margin
—
vertical median 21.9%
Revenue YoY
28.9%
vertical median 7.6%
above median (+279.2%)
Net debt/EBITDA
—
vertical median 1.3x
Dividend yield
3.6%
vertical median 2.9%
above median (+22.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BXBlackstone Inc.94.3 bn28.140.5%21.8%+9.2%−14% / +12%
KKRKkr & Co. Inc.91.0 bn28.910.6%14.8%−11.0%−17% / +34%
APOApollo Global Management, Inc.72.5 bn43.89.3%5.2%+22.7%−7% / +33%
AMPAmeriprise Financial, Inc.45.8 bn11.972.0%20.7%+5.5%+16% / +49%
TROWPrice T Rowe Group Inc24.0 bn11.319.7%28.4%+3.1%+10% / +12%
BENFranklin Resources Inc17.2 bn22.86.8%8.7%+3.5%+50% / +37%
CGCarlyle Group Inc.15.2 bn44.65.2%10.1%−11.9%−22% / +25%
ARESAres Management Corporation14.1 bn22.215.3%12.0%+28.9%−11% / +28%
IVZInvesco Ltd.12.9 bn—-0.6%-1.2%+5.1%+20% / +106%
AMGAffiliated Managers Group, Inc.9.4 bn17.818.9%26.9%+1.6%+36% / +169%
MORNMorningstar, Inc.9.1 bn21.435.1%17.0%+7.5%+14% / −14%
VCTRVictory Capital Holdings, Inc.7.4 bn20.619.0%29.6%+46.2%+91% / +274%
MAASMAASE Inc.4.9 bn—-7.2%-102.1%−75.2%+182% / −95%
LAZLazard, Inc.4.5 bn24.420.6%5.5%+1.5%−19% / +36%
PJTPJT Partners Inc.3.9 bn19.783.2%10.6%+14.8%−6% / +76%
APAMArtisan Partners Asset Management Inc.3.3 bn9.373.1%24.5%+7.6%−2% / +7%
AAMIAcadian Asset Management Inc.3.3 bn32.4—15.2%+11.5%+104% / +425%
NOAHNoah Holdings Ltd2.4 bn30.75.8%21.4%+4.8%−31% / −45%
ABXAbacus Global Management, Inc.885.0 m32.56.6%10.5%+110.2%+37% / +31%
VRTSVirtus Investment Partners, Inc.853.6 m7.412.6%14.0%−6.0%−19% / −34%
GCMGGCM Grosvenor Inc.550.6 m30.0682.1%7.8%+8.5%+19% / +61%
VALUValue Line, Inc.416.6 m21.018.7%60.3%−4.7%+20% / +6%
WHGWestwood Holdings Group, Inc.182.5 m21.96.4%7.8%+3.2%+14% / +75%
RILYBRC Group Holdings, Inc.154.0 m0.3—35.9%+29.6%−12% / −79%
BVCBitVentures Limited138.6 m39.828.9%687.6%unavailable+1,203% / −76%

1- and 3-year price returns: for ARES from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
89.43
Total return -35% · Per year -35%
157.38
Total return 15% · Per year 15%
236.07
Total return 73% · Per year 73%
3 years
106.07
Total return -22% · Per year -8%
208.13
Total return 52% · Per year 15%
339.94
Total return 148% · Per year 35%
5 years
125.82
Total return -8% · Per year -2%
275.25
Total return 101% · Per year 15%
489.51
Total return 258% · Per year 29%
What moves the 3-year price the most
  • Exit P/E± 52.03
  • Net margin± 36.42
  • Annual revenue growth± 27.16
  • Annual dilution± 3.06

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).

In brief

Ares Management is a global alternative investment manager whose assets are spread across four investment groups: credit, real assets, secondaries and private equity. It matters now because most of its management fees come from perpetual capital vehicles or long-dated funds, which could give it stability in a volatile market 12. Assets under management reached 671.3 bn USD at June 30 2026 3.

SWOT

Strengths

  • A diversified platform across several asset classes, with internal market knowledge and a culture of collaboration between groups.
  • A large base of stable fees from perpetual or long-dated vehicles.
  • Substantial reserves of capital available for investment, which allow opportunistic action in volatile periods.

Weaknesses

  • Revenue depends on the ability to raise and invest capital; a decline in these activities could significantly reduce revenue.
  • A significant part of management fees comes from one listed fund, which creates concentration.
  • Asset valuations are sometimes based on subjective methods, and the realized value could differ significantly from the reported one.

Opportunities

  • Demand for digital infrastructure, energy and real assets could support new strategies and fee growth.
  • Expanding distribution through the wealth management channel could bring new categories of investors.
  • A better pace of transactions could accelerate investments already scheduled in the pipeline.

Threats

  • Complex regulation and changes in tax or sanctions policy could restrict activity or raise compliance costs.
  • Cyber-attacks and security incidents could affect operations and reputation.
  • Artificial intelligence could disrupt the markets in which the company operates and increase competition.

Risks

  • Dependence on fundraisinghigh

    If investors reduce allocations or funds delay fundraising, fee revenue could decline.

  • Market and interest-rate volatilityhigh

    Sudden market or interest-rate changes could reduce investment values and the funds' access to financing.

  • Regulatory and tax riskmedium

    Changes in rules across several jurisdictions could require operational adjustments and additional compliance costs.

  • Fee pressuremedium

    Investor demands for lower fees or other terms could reduce future revenue.

  • Operational and cyber risklow

    Security incidents or errors at third-party providers could affect operations and reputation.

Investment thesis

What would need to be true (bull case)

  • Steady growth in assets under management and a record fundraising quarter in Q2 2026 show that investors continue to allocate capital to the company.
  • The large share of fees from perpetual vehicles offers a stable base that could support revenue growth even in a volatile environment.
  • Large reserves of available capital could allow opportunistic investment and faster fee growth if deal activity improves.

What would break the thesis

  • Revenue could be affected if fundraising slows or if investors demand lower fees.
  • Geopolitical and interest-rate volatility could reduce portfolio value and the ability of funds to invest or exit.
  • A complex regulatory environment and cyber risks could generate additional costs and reputational damage.

What to watch

  • Trend in fundraising and the reserves of available capitalQ3 2026
  • Pace of investments from the forward pipeline and fund returns2026
  • Impact of regulation and trade policy on activity2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).

The business

Its revenue model relies on management fees and on performance or carried interest tied to capital raised, capital invested and returns achieved 1. In fiscal 2025 the majority of fees came from perpetual or long-dated vehicles 12. For the quarter ended June 30 2026 the company reported GAAP net income attributable to Ares of 150.6 mn USD and after-tax realized income of 467.6 mn USD 3.

Segments

Real assets

The real assets group grew to 151.2 bn USD at June 30 2026 2 and covers real estate and infrastructure strategies, including digital infrastructure, energy and utilities 12.

Market context

The alternative asset management market is large and competitive, and Ares grew assets under management from 94.0 bn USD a decade earlier to 622.5 bn USD at December 31 2025 1. The indices cited in the annual report show positive returns across several asset classes in fiscal 2025, alongside volatility in real estate and private transactions 12.

In the first half of 2026 private equity activity moderated, with transactions concentrated in fewer large deals and uncertainty in private credit markets remaining elevated 2. If this selectivity persists, the pace of investment and exits could stay below earlier levels 2.

Trends

  • Stability of perpetual-vehicle feestailwind

    The large share of fees from perpetual or long-dated vehicles supports the stability of management fee revenue even when markets are volatile 12.

  • Market and policy volatilityheadwind

    Geopolitical tension, trade policy changes and uncertainty over interest rates can reduce the value of investments and the ability of funds to raise capital 12.

  • Infrastructure and renewable energytailwind

    Demand for power, the expansion of digital infrastructure and renewable deployment could create infrastructure investment opportunities over the medium term 2.

  • Deal pace and interest-rate exposuremixed

    Interest rates and deal pace affect both investment returns and access to financing; most of the company's debt assets were floating rate at June 30 2026, which partly cushions rate changes 2. A slower pace of exits could, however, delay the realization of gains 12.

Competitive position

Ares operates in a competitive alternative investment industry, where competition concerns both access to investment opportunities and attracting capital from investors 1. The company argues that its cross-platform sourcing and local market knowledge help it stand out 1.

Competitive risks include pressure on fees from investors and the possibility of changed terms, which could affect future revenue 1. The company also identifies technological competition generated by artificial intelligence as a risk factor 1.

  • Other US-listed alternative asset managers

    The sources do not name specific competitors; comparison should be made with their public reports.

  • Private credit and infrastructure funds

    Competition comes from funds investing in the same asset classes, but the sources do not identify them individually.

  • Institutional investors managing assets in-house

    Pension and sovereign funds may prefer direct investment over external managers, according to the competitive risks in the source.

  • Wealth investment platforms for retail investors

    Wealth management distribution channels are contested by several managers; the sources do not name companies.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ares Management Corporation · 25 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ares Management Corporation · 07 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ares Management Corporation · 31 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.