Ares Management Corp.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 3 November 2025: press release. Guidance figures: 1 raised, 2 kept. The quarter’s numbers.

Key takeaways

Net income rose to $288.9 million: Net income attributable to Ares was $288.9 million, or $1.15 per Class A share on a basic and diluted basis, compared with $137.1 million and $0.46 in the second quarter. Source
After-tax realized income rose: After-tax realized income was $425.8 million, or $1.19 per Class A share, against $367.9 million and $1.03 in the second quarter. Source
Fee related earnings reached $471.2 million: Fee related earnings were $471.2 million, compared with $409.1 million in the second quarter. Source
Fee-paying AUM and fees grew 28%: AUM, fee-paying AUM and management fees each rose 28% year over year, after growth of 24% or more in the second quarter. The CFO tied this to fundraising and investing activity. Source
2025 fundraising expected above $93 billion: Management expects 2025 fundraising to meaningfully exceed the previous annual record of $93 billion, up from the second quarter's expectation to meet or exceed it. Source
$150 billion of available capital: Available capital was $150 billion at the end of the third quarter. Management said it plans to deploy this capital and expects future earnings growth. Source
AUM above $596 billion: Assets under management were over $596 billion at September 30, 2025, compared with over $572 billion at June 30, 2025. Source

“We reported an outstanding third quarter, highlighted by strong financial results, quality fund performance, improving credit quality, a record quarter of fundraising and increased investment activity across the platform,”
Michael Arougheti, Chief Executive Officer of Ares

Guidance

Area	Period	Figure	Against last quarter
Annual fundraising Source	2025 calendar year	meaningfully exceed previous annual record of $93 billion	Raised from on pace to meet or exceed previous annual record for fundraising (no figure given)
Common stock dividend Source	Payable December 31, 2025	$1.12 per share	Kept
Series B mandatory convertible preferred dividend Source	Payable January 1, 2026	$0.84375 per share	Kept

What changed from last quarter

Guidance raised: Fundraising expectation changed from meeting or exceeding the prior annual record to meaningfully exceeding the $93 billion record.
Guidance kept: Common dividend declared at $1.12 per share, the same level as the second quarter declaration.
Guidance kept: Series B preferred dividend declared at $0.84375 per share, the same level as the second quarter declaration.

Results and growth drivers

Net income rose to $288.9 million: Net income attributable to Ares was $288.9 million, or $1.15 per Class A share on a basic and diluted basis, compared with $137.1 million and $0.46 in the second quarter. Source
After-tax realized income rose: After-tax realized income was $425.8 million, or $1.19 per Class A share, against $367.9 million and $1.03 in the second quarter. Source
Fee related earnings reached $471.2 million: Fee related earnings were $471.2 million, compared with $409.1 million in the second quarter. Source
Fee-paying AUM and fees grew 28%: AUM, fee-paying AUM and management fees each rose 28% year over year, after growth of 24% or more in the second quarter. The CFO tied this to fundraising and investing activity. Source

Fundraising and investment activity

Record quarter of fundraising: Management described the third quarter as a record quarter of fundraising, with increased investment activity across the platform. Source
2025 fundraising expected above $93 billion: Management expects 2025 fundraising to meaningfully exceed the previous annual record of $93 billion, up from the second quarter's expectation to meet or exceed it. Source
Investor demand broadening across channels: Management attributed the expected fundraising to growing breadth of investor demand across investment strategies and distribution channels. Source

“We now expect to meaningfully exceed our previous annual fundraising record of $93 billion this year, driven by the growing breadth of investor demand across our various investment strategies and distribution channels.”
Michael Arougheti, Chief Executive Officer of Ares

Capital available for deployment

$150 billion of available capital: Available capital was $150 billion at the end of the third quarter. Management said it plans to deploy this capital and expects future earnings growth. Source
Improving markets and pipeline cited: The CFO cited an improving tone in markets and a healthy investment pipeline as the basis for future earnings growth. Source
Capital previously called a record: The second quarter release described available capital as a record amount of more than $150 billion.

Assets under management and platform

AUM above $596 billion: Assets under management were over $596 billion at September 30, 2025, compared with over $572 billion at June 30, 2025. Source
Credit, real estate, equity and infrastructure: The company offers primary and secondary investment solutions across credit, real estate, private equity and infrastructure asset classes. Source
Operations span five regions: The company reports operations across North America, South America, Europe, Asia Pacific and the Middle East. Source

“we are well positioned to generate future earnings growth as we deploy our significant available capital, which stood at $150 billion at the end of the third quarter.”
Jarrod Phillips, Chief Financial Officer of Ares

Dividends and reinvestment

Common dividend held at $1.12: Ares declared a quarterly common dividend of $1.12 per share, payable December 31, 2025 to holders of record December 17, 2025. Source
Series B preferred dividend declared: Ares declared $0.84375 per share on its 6.75% Series B mandatory convertible preferred stock, payable January 1, 2026, to holders of record December 15, 2025. Source
Dividend reinvestment starts December 31: A dividend reinvestment program for Class A common stockholders takes effect with the December 31, 2025 dividend, administered by Equiniti Trust Company. Source

Executives and disclosure

CEO and CFO gave commentary: Michael Arougheti (Chief Executive Officer) and Jarrod Phillips (Chief Financial Officer) gave the management commentary in the release. Source
Full earnings presentation published: A full third quarter 2025 earnings presentation is available on the company website under Events and Presentations. Source
Investor relations contacts listed: Investor relations contacts are Greg Mason and Carl Drake. Source

Figures management reported

Figure	Reported
Assets under management Source	over $596 billion as of September 30, 2025
Available capital Source	$150 billion at end of third quarter

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

ARES MANAGEMENT CORPORATION REPORTS THIRD QUARTER 2025 RESULTS

NEW YORK--Ares Management Corporation (NYSE:ARES) today reported its financial results for its third quarter ended September 30, 2025.

GAAP net income attributable to Ares Management Corporation was $288.9 million for the quarter ended September 30, 2025. On a basic and diluted basis, net income attributable to Ares Management Corporation per share of Class A and non-voting common stock was $1.15 for the quarter ended September 30, 2025.

After-tax realized income was $425.8 million for the quarter ended September 30, 2025. After-tax realized income per share of Class A common stock was $1.19 for the quarter ended September 30, 2025. Fee related earnings were $471.2 million for the quarter ended September 30, 2025.

“We reported an outstanding third quarter, highlighted by strong financial results, quality fund performance, improving credit quality, a record quarter of fundraising and increased investment activity across the platform,” said Michael Arougheti, Chief Executive Officer of Ares. “We now expect to meaningfully exceed our previous annual fundraising record of $93 billion this year, driven by the growing breadth of investor demand across our various investment strategies and distribution channels.”

“Our strong fundraising and investing activities supported a 28% year-over-year increase in AUM, FPAUM and management fees in the third quarter,” said Jarrod Phillips, Chief Financial Officer of Ares. “Based upon an improving tone in our markets and a healthy investment pipeline, we are well positioned to generate future earnings growth as we deploy our significant available capital, which stood at $150 billion at the end of the third quarter.”

Common Stock Dividend

Ares declared a quarterly dividend of $1.12 per share of its Class A and non-voting common stock, payable on December 31, 2025 to its Class A and non-voting common stockholders of record at the close of business on December 17, 2025.

Preferred Stock Dividend

Ares declared a quarterly dividend of $0.84375 per share of its 6.75% Series B mandatory convertible preferred stock, payable on January 1, 2026 to its preferred stockholders of record at the close of business on December 15, 2025.

Dividend Reinvestment Program

Ares has a Dividend Reinvestment Program for its Class A common stockholders that will be effective for the quarterly dividend on December 31, 2025. Equiniti Trust Company is engaged to administer the plan on behalf of Ares. Additional information can be located on the Investor Resources section of our website.

Additional Information

Ares issued a full detailed presentation of its third quarter 2025 results, which can be viewed at www.aresmgmt.com on the Investor Resources section of our home page under Events and Presentations. The presentation is titled “Third Quarter 2025 Earnings Presentation.”

Conference Call and Webcast Information

Ares will host a conference call on November 3, 2025 at 9:00 a.m. (Eastern Time) to discuss third quarter results. All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of our website at http://www.aresmgmt.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing +1 (800) 245-3047. International callers can access the conference call by dialing +1 (203) 518-9765. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected and to reference the conference ID ARESQ325. For interested parties, an archived replay of the call will be available through December 3, 2025 to domestic callers by dialing +1 (800) 839-4992 and to international callers by dialing +1 (402) 220-2686. An archived replay will also be available through December 3, 2025 on a webcast link located on the Home page of the Investor Resources section of our website.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2025, Ares Management Corporation's global platform had over $596 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

Forward-Looking Statements

Forward-looking statements notice

Statements included herein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views with respect to, among other things, future events, operations and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Actual results may vary materially from those indicated in these forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Ares Management Corporation does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of Ares or an investment fund managed by Ares or its affiliates.

Investor Relations Contacts

Contacts
Greg Mason · gmason@aresmgmt.com · (800) 340-6597
Carl Drake · cdrake@aresmgmt.com · (800) 340-6597