Ares Management Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 29 October 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Key takeaways

GAAP net income fell from second quarter: Net income attributable to Ares was $85.3 million, against $150.6 million in the second quarter. Basic and diluted EPS was $0.21, against $0.49. Source
Fee related earnings rose: Fee related earnings were $524.2 million, up from $491.1 million in the second quarter. Source
Raised over $31 billion in commitments: The company raised more than $31 billion in gross capital commitments. The second quarter release cited more than $36 billion of inflows; the two releases use different terms. Source
Invested $35 billion across strategies: The company invested $35 billion across diversified strategies. The CEO described increased demand for its scaled and reliable capital. Source
Embedded fee growth into 2027: The CFO said capital raised but not yet earning fees gives visibility into continued management fee and earnings growth in 2027 and beyond. Source
Assets under management near $691 billion: Assets under management were approximately $691 billion at September 30, 2026, compared with over $671 billion at June 30, 2026 in the prior release. Source

“We continue to expect another record year in fundraising with visibility for a strong fourth quarter, driven by sustained demand in our global institutional and wealth channels.”
Michael Arougheti, Chief Executive Officer of Ares

Guidance

Area	Period	Figure	Against last quarter
Common stock dividend Source	Quarterly dividend payable December 31, 2026	$1.35 per share	Kept
Preferred dividend, 6.75% Series B mandatory convertible preferred stock Source	Quarterly dividend payable January 1, 2027	$0.84375 per share	Kept

What changed from last quarter

Guidance kept: The second quarter release declared the same $1.35 per share quarterly common dividend, so the common dividend rate is unchanged between releases.

Results and growth drivers

GAAP net income fell from second quarter: Net income attributable to Ares was $85.3 million, against $150.6 million in the second quarter. Basic and diluted EPS was $0.21, against $0.49. Source
Fee related earnings rose: Fee related earnings were $524.2 million, up from $491.1 million in the second quarter. Source
After-tax realized income edged lower: After-tax realized income was $449.6 million against $467.6 million in the second quarter, and $1.26 per Class A share against $1.29. Source

Fundraising and deployment

Raised over $31 billion in commitments: The company raised more than $31 billion in gross capital commitments. The second quarter release cited more than $36 billion of inflows; the two releases use different terms. Source
Invested $35 billion across strategies: The company invested $35 billion across diversified strategies. The CEO described increased demand for its scaled and reliable capital. Source
Another record fundraising year expected: Management continues to expect another record year in fundraising, with visibility into the fourth quarter, driven by sustained demand in institutional and wealth channels. Source

“We also have substantial embedded growth from capital already raised but not yet earning fees, which provides meaningful visibility into continued management fee and earnings growth in 2027 and beyond.”
Jarrod Phillips, Chief Financial Officer of Ares

Segments and channels

Over half of inflows outside Credit Group: Over half of fundraising inflows came from outside the Credit Group, which management described as the depth and breadth of the investment platform. Source
Demand from institutional and wealth channels: Management named its global institutional and wealth channels as the source of sustained demand during the quarter. Source

Fee growth and embedded capital

Embedded fee growth into 2027: The CFO said capital raised but not yet earning fees gives visibility into continued management fee and earnings growth in 2027 and beyond. Source
Fourth-quarter deployment expected to improve: The CFO cited expectations for improved fourth-quarter deployment as supporting the company's position to meet or exceed its key 2026 financial objectives. Source
Four asset classes, primary and secondary: The company describes its platform as offering primary and secondary solutions across credit, real estate, private equity and infrastructure. Source

Platform and assets under management

Assets under management near $691 billion: Assets under management were approximately $691 billion at September 30, 2026, compared with over $671 billion at June 30, 2026 in the prior release. Source
Operations across five regions: The global platform has operations in North America, South America, Europe, Asia Pacific and the Middle East. Source

Capital and shareholder returns

Dividend reinvestment starts at year-end: The Class A dividend reinvestment program takes effect with the December 31, 2026 quarterly dividend. Equiniti Trust Company administers the plan. Source
Common dividend record date set: Holders of Class A and non-voting common stock at the close of business on December 17, 2026 are the record holders for the common dividend. Source
Preferred dividend record date set: The preferred dividend has a record date of December 15, 2026 and is payable January 1, 2027. Source

Coming up, as management said on 29 October 2026

Fourth-quarter fundraising visibility cited: Management cited visibility into the fourth quarter and expects another record fundraising year. Source

Figures management reported

Figure	Reported
Assets under management Source	approximately $691 billion as of September 30, 2026
Gross capital commitments raised Source	more than $31 billion
Capital invested Source	$35 billion
Inflows from outside Credit Group Source	over half of inflows

Earlier plans management reported on

On track: In the second quarter release, management said the company remained on track to achieve its financial goals for the year.
Not stated: The CFO said the company is positioned to meet or exceed its key financial objectives for 2026. The release gives no further status. Source

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 2026 RESULTS

NEW YORK--Ares Management Corporation (NYSE:ARES) today reported its financial results for its third quarter ended September 30, 2026.

GAAP net income attributable to Ares Management Corporation was $85.3 million for the quarter ended September 30, 2026. On a basic and diluted basis, net income attributable to Ares Management Corporation per share of Class A and non-voting common stock was $0.21 for the quarter ended September 30, 2026.

After-tax realized income was $449.6 million for the quarter ended September 30, 2026. After-tax realized income per share of Class A common stock was $1.26 for the quarter ended September 30, 2026. Fee related earnings were $524.2 million for the quarter ended September 30, 2026.

“Our strong third quarter results demonstrate the depth and breadth of our investment platform as we raised more than $31 billion in gross capital commitments with over half of inflows coming outside of our Credit Group,” said Michael Arougheti, Chief Executive Officer of Ares. “We continue to expect another record year in fundraising with visibility for a strong fourth quarter, driven by sustained demand in our global institutional and wealth channels. We invested $35 billion across our diversified strategies and as we head into our strongest seasonal quarter, we are seeing increased demand for our scaled and reliable capital.”

“Our strong year-to-date financial performance and expectations for improved fourth-quarter deployment position us well to meet or exceed our key financial objectives for 2026,” said Jarrod Phillips, Chief Financial Officer of Ares. “We also have substantial embedded growth from capital already raised but not yet earning fees, which provides meaningful visibility into continued management fee and earnings growth in 2027 and beyond.”

Common Stock Dividend

Ares declared a quarterly dividend of $1.35 per share of its Class A and non-voting common stock, payable on December 31, 2026 to its Class A and non-voting common stockholders of record at the close of business on December 17, 2026.

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, 2027 to its preferred stockholders of record at the close of business on December 15, 2026.

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, 2026. 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 2026 results, which can be viewed at www.ares.com on the Investor Resources section of our home page under Events and Presentations. The presentation is titled “Third Quarter 2026 Earnings Presentation.”

Conference Call and Webcast Information

Ares will host a conference call on October 29, 2026 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.ares.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing +1 (800) 579-2543. International callers can access the conference call by dialing +1 (785) 424-1789. 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 ARESQ326. For interested parties, an archived replay of the call will be available through November 29, 2026 to domestic callers by dialing +1 (800) 839-1192 and to international callers by dialing +1 (402) 220-0402. An archived replay will also be available through November 29, 2026 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, 2026, Ares Management Corporation’s global platform had approximately $691 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.ares.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.

Contacts
Greg Mason · irares@ares.com · (800) 340-6597
Carl Drake · irares@ares.com · (800) 340-6597