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Ares Management Q3 2026 Earnings Presentation

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Ares Management Q3 2026 Earnings Presentation: the third-quarter 2026 results deck of Ares Management Corporation (NYSE: ARES), a global alternative asset manager. Ares filed it with the SEC as Exhibit 99.2 to a Form 8-K. It covers the quarter ended September 30, 2026: GAAP results, Fee Related Earnings, Realized Income, fundraising, AUM and FPAUM, perpetual capital, capital deployment, segment results for the Credit, Real Assets, Secondaries and Private Equity groups, fund performance tables, the balance sheet, GAAP-to-non-GAAP reconciliations and a glossary.

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Ares Management
ARES
Q3 2026 earnings presentation
Alternative asset manager
Private credit

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Description

Sujet principal

Ares Management Q3 2026 Earnings Presentation: the third-quarter 2026 results deck of Ares Management Corporation (NYSE: ARES), a global alternative asset manager. Ares filed it with the SEC as Exhibit 99.2 to a Form 8-K. It covers the quarter ended September 30, 2026: GAAP results, Fee Related Earnings, Realized Income, fundraising, AUM and FPAUM, perpetual capital, capital deployment, segment results for the Credit, Real Assets, Secondaries and Private Equity groups, fund performance tables, the balance sheet, GAAP-to-non-GAAP reconciliations and a glossary.

Avantages clés

  • •Full 47-page Q3 2026 earnings deck from Ares Management, filed with the SEC as an exhibit to Form 8-K, with a page-by-page breakdown
  • •Headline figures: AUM of $690.6 billion (+16% YoY), FPAUM of $416.4 billion (+13%), Fee Related Earnings of $524.2 million (+11%), Realized Income of $490.1 million (+8%) and after-tax RI of $1.26 per share
  • •A worked example of how an alternative asset manager reports results, including the AUM and FPAUM rollforwards, the shadow-AUM bridge, the incentive-eligible to incentive-generating AUM reconciliation, and fund-level MOIC/IRR tables
  • •Shows how a dense, table-heavy financial deck is organized: highlights, segment pages, supplemental details, reconciliations, endnotes and glossary
  • •Available as a PDF and as an editable PPTX converted from the filed PDF

Public cible

  • •Investors and equity analysts covering alternative asset managers such as Ares, Blackstone, KKR, Apollo, Blue Owl and Carlyle
  • •Private credit, private markets and wealth-channel professionals benchmarking fundraising, deployment and perpetual capital
  • •Finance students learning AUM, FPAUM, FRE, Realized Income and carried-interest accounting
  • •IR teams and presentation designers building quarterly earnings decks for asset managers

Cas d'utilisation

  • •Reviewing Ares Management's Q3 2026 results and segment trends
  • •Benchmarking fee related earnings margin, management fee rate and perpetual capital mix against peers
  • •Teaching or studying the GAAP to non-GAAP reconciliation used by publicly traded alternative asset managers
  • •Using the layout as a reference for a table-heavy quarterly earnings presentation

Propositions de valeur uniques

  • •Every page is described with its actual figures, including fund-level performance tables, so readers can find specific data without opening the PDF
  • •Covers all four investment groups (Credit, Real Assets, Secondaries, Private Equity) plus Other Businesses and the Operations Management Group
  • •Primary source: the deck as filed on SEC EDGAR, not a summary

Pages de diapositives (47)

Vue détaillée de chaque page de diapositive, incluant la mise en page, le contenu clé et les éléments visuels.

Page 1
Title slide

Earnings Presentation – Third Quarter 2026

Contenu

Cover slide for Ares Management's Third Quarter 2026 Earnings Presentation, labelled Exhibit 99.2 (the SEC filing exhibit number).

Structure de la mise en page

White background with the Ares logo at top left, a large serif title at lower left over a thin blue rule, and a 3D translucent glass ring graphic filling the right half.

Éléments visuels clés

  • •Ares wordmark
  • •Serif display title
  • •Glass ring 3D artwork
  • •Exhibit 99.2 label
Page 2
Disclaimer / legal notice

Important Notice

Contenu

Legal disclaimer. It covers forward-looking statements under Section 21E of the Exchange Act, third-party data, management's use of non-GAAP measures (AUM, FPAUM, Fee Related Earnings, Realized Income), and states that results are as of September 30, 2026 and that 'NM' means not meaningful.

Structure de la mise en page

Full-width body text in multiple justified paragraphs under a serif headline, with the logo and page number in the footer.

Éléments visuels clés

  • •Dense justified text block
  • •Serif headline
Page 3
Executive summary / key highlights

Third Quarter 2026 Highlights

Contenu

Q3-26 GAAP net income attributable to Ares was $85.3 million ($0.21 per share), with GAAP management fees of $1,057.1 million, unconsolidated management and other fees of $1,155.5 million, FRE of $524.2 million, Realized Income of $490.1 million and after-tax RI of $1.26 per share. AUM was $690.6 billion, FPAUM $416.4 billion and available capital $173.8 billion. Ares raised $31.0 billion (net inflows $28.6 billion) and deployed $34.8 billion. It declared a $1.35 quarterly common dividend and a $0.84375 Series B preferred dividend. On October 26, 2026, ARCC agreed to acquire MidCap Financial Investment Corporation (MFIC) for about $2.6 billion in enterprise value.

Structure de la mise en page

Four-row table. Shaded left cells hold the category labels (Financial Results, AUM, Corporate Actions, Recent Developments) and the right cells hold bullet lists. Footnotes run along the bottom.

Éléments visuels clés

  • •Category label column
  • •Bulleted KPI list
  • •Thin blue row dividers
Page 4
Financial statement / data table

GAAP Statements of Operations

Contenu

GAAP income statement for the three and nine months ended September 30, 2026 vs 2025. Q3-26 total revenues were $1,433.4 million (vs $1,657.6 million), with management fees of $1,057.1 million and carried interest allocation of $161.7 million (vs $464.7 million). Total expenses were $1,148.5 million, net income $205.4 million, and net income attributable to Ares Management Corporation $85.3 million (vs $288.9 million). Diluted EPS was $0.21 (vs $1.15). Nine-month diluted EPS was $1.15 (vs $1.64).

Structure de la mise en page

Full-page financial table with a navy header row, light-blue section bands (Revenues, Expenses, Other income, Net income per share) and bold subtotal rows. Four numeric columns.

Éléments visuels clés

  • •Navy header bar
  • •Shaded subtotal rows
  • •Four-period comparison columns
Page 5
KPI summary table

RI and Other Measures Financial Summary

Contenu

Non-GAAP summary. Q3-26 management fees were $1,069.3 million (+10%), FRE $524.2 million (+11%), Realized Income $490.1 million (+8%), after-tax RI $449.6 million and after-tax RI per Class A share $1.26 (vs $1.19). Year-to-date FRE was $1,479.7 million (+19%) and RI $1,514.4 million (+20%). FRE margin was 42.5% (vs 41.4%) and the effective management fee rate 0.99%. Footnotes cover Part I fees, supplemental distribution fees and tax items.

Structure de la mise en page

Wide table with six numeric columns (Q3 2026, Q3 2025, % change, YTD 2026, YTD 2025, % change), blue highlight bands on FRE, RI and per-share lines, and an 'Other Data' block below.

Éléments visuels clés

  • •Highlighted FRE and RI rows
  • •Percent-change columns
  • •Footnotes
Page 6
Performance data table

Investment Performance Highlights

Contenu

Gross returns by strategy for Q3-26 and the last twelve months. Credit: Alternative Credit 3.6% (LTM 15.2%), U.S. Senior Direct Lending 3.3% (12.0%), APAC Credit 5.0% (17.0%), European Direct Lending 2.2% (8.1%). Real Assets: Infrastructure Equity 3.7% (10.7%), Americas Real Estate Equity 2.8% (4.3%). Secondaries: APMF net (1.9)% (10.1%), Infrastructure Secondaries 4.9% (14.6%), Private Equity Secondaries (1.2)% ((5.8)%). Corporate Private Equity (0.8)% ((0.4)%).

Structure de la mise en page

Two-column returns table grouped by light-blue section headers (Credit, Real Assets, Secondaries, Private Equity) under a navy header.

Éléments visuels clés

  • •Grouped section bands
  • •Quarter and LTM return columns
Page 7
Data table with commentary

Gross Fundraising

Contenu

Q3-26 gross fundraising was $31.0 billion: Credit Group $15.2 billion (U.S. Direct Lending $7.2 billion, including $3.3 billion from BDCs, of which $2.5 billion came from ARCC), Real Assets $11.2 billion (Real Estate $5.9 billion, Infrastructure $5.3 billion, including $2.7 billion for the open-ended infrastructure fund), Secondaries $2.6 billion (including $1.4 billion to AGSS) and Other Businesses $2.0 billion (Insurance $1.6 billion, plus a $0.4 billion IPO for the third SPAC, Ares Acquisition Corporation III).

Structure de la mise en page

Three-column table (strategy, Q3-26 amount, primary activities bullets) with group subtotal bands and a grand total row.

Éléments visuels clés

  • •Group subtotal bands
  • •Bullet commentary column
Page 8
Data visualization – stacked bar charts

Assets Under Management

Contenu

AUM reached $690.6 billion, up 16% from $595.7 billion a year earlier, driven by drawdown fund commitments, perpetual vehicle fundraising and insurance assets. FPAUM was $416.4 billion, up 13% from $367.6 billion. Credit AUM was $446.2 billion, Real Assets $161.6 billion, Secondaries $46.3 billion, Private Equity $24.5 billion and Other Businesses $12.0 billion.

Structure de la mise en page

Two side-by-side commentary blocks on top, a mint divider line, then two stacked bar charts (AUM and FPAUM across Q3-25, Q2-26 and Q3-26) with a shared five-color legend.

Éléments visuels clés

  • •Stacked column charts
  • •Navy, light blue, teal, beige and mauve segment palette
  • •Totals above the bars
Page 9
Data visualization – stacked bar charts

Perpetual Capital

Contenu

Perpetual capital was $233.9 billion, up 23% from $190.3 billion, helped by the credit BDCs, the open-ended infrastructure and European direct lending funds, the non-traded REIT and APMF. By type: perpetual wealth funds $81.7 billion, private commingled funds $65.6 billion, publicly traded funds $47.2 billion and managed accounts $39.4 billion.

Structure de la mise en page

Commentary header followed by two stacked bar charts: perpetual capital AUM by group, and by vehicle type.

Éléments visuels clés

  • •Two stacked column charts
  • •Bar totals
  • •Legends
Page 10
Data visualization – donut charts

AUM and Management Fees by Type

Contenu

84% of AUM and 93% of management fees came from perpetual capital or long-dated funds. Long-dated funds were 50% of AUM and 39% of fees. Perpetual wealth funds were 12% of AUM and 22% of fees, and publicly traded funds 7% of AUM and 19% of fees.

Structure de la mise en page

Two donut charts side by side, each with a headline percentage in the center (84% and 93%), above a six-item legend.

Éléments visuels clés

  • •Donut charts with center KPI
  • •Exploded 'Other' slice
  • •Six-color legend
Page 11
Data visualization – stacked bar charts

Available Capital and AUM Not Yet Paying Fees

Contenu

Available capital (dry powder) was $173.8 billion, up 16% from $149.5 billion, of which Credit was $109.9 billion. AUM not yet paying fees was $117.1 billion, up 14% from $103.0 billion, of which Credit was $82.0 billion and Real Assets $27.0 billion.

Structure de la mise en page

Two commentary blocks over two stacked bar charts comparing Q3-25, Q2-26 and Q3-26.

Éléments visuels clés

  • •Stacked bars
  • •Shared group legend
Page 12
Data visualization – donut drill-down

AUM Not Yet Paying Fees

Contenu

Of the $117.1 billion in shadow AUM, $93.8 billion is available for future deployment and $2.3 billion is development assets not yet stabilized. Together they could generate about $826.9 million of potential incremental annual management fees. The $93.8 billion includes $29.2 billion in U.S. direct lending, $17.0 billion in alternative credit and $13.3 billion in European direct lending. By group it splits Credit $68.2 billion, Real Assets $19.4 billion, Secondaries $5.7 billion and Private Equity $0.5 billion.

Structure de la mise en page

Bold summary sentence and bullet on top, then two donut charts linked by a mint arrow, showing the total and then the breakdown of deployable capital. Long footnotes at the bottom.

Éléments visuels clés

  • •Donut-to-donut arrow
  • •Center totals $117.1 and $93.8
  • •Footnotes
Page 13
Chart plus reconciliation table

Incentive Eligible AUM and Incentive Generating AUM

Contenu

Incentive eligible AUM was $364.0 billion (+15%) and incentive generating AUM $168.6 billion (+14%). Of the $251.1 billion of invested IEAUM, 67% is generating incentives, or 83% excluding Part II fee AUM. A reconciliation table bridges IGAUM to IEAUM by group, adding uninvested IEAUM ($112.9 billion), IEAUM below hurdle ($35.5 billion) and Part II fees below hurdle ($47.0 billion).

Structure de la mise en page

Bulleted commentary across the top. On the left, a stacked bar chart of IEAUM; on the right, a reconciliation table with highlighted first and last rows, linked by an arrow.

Éléments visuels clés

  • •Stacked bars
  • •Reconciliation grid
  • •Mint arrow connector
Page 14
Data visualization – donut and bar

Capital Deployment

Contenu

Gross capital deployment was $34.8 billion in Q3-26, down from $41.7 billion in Q3-25. Drawdown funds deployed $18.4 billion (vs $20.2 billion) and perpetual vehicles $18.7 billion (vs $21.2 billion). By group: Credit $22.3 billion, Real Assets $9.7 billion, Other $1.3 billion, Secondaries $1.1 billion and Private Equity $0.4 billion.

Structure de la mise en page

Commentary bullets above a donut chart of Q3-26 deployment (center $34.8) on the left and a stacked bar chart of drawdown fund deployment over three quarters on the right.

Éléments visuels clés

  • •Donut with center total
  • •Stacked bars
  • •Five-group legend
Page 15
Segment overview

Credit Group

Contenu

Credit Group management and other fees were $731.0 million (+10%), FRE $521.4 million (+11%) and Realized Income $518.0 million (+9%). YTD RI was $1,604.7 million (+20%). Gross deployment was $22.3 billion, down 33%, including $9.1 billion in U.S. direct lending and $5.3 billion in European direct lending. AUM was $446.2 billion (+14%) and FPAUM $271.2 billion (+13%).

Structure de la mise en page

Five bullet points on top, then a 'Financial Summary and Highlights' table (in $ thousands) and a smaller table of deployment, AUM and FPAUM (in $ billions).

Éléments visuels clés

  • •Bullet commentary
  • •Two stacked summary tables
  • •Highlighted FRE and RI rows
Page 16
Segment overview

Real Assets Group

Contenu

Real Assets management fees rose 29% to $229.5 million, driven by the open-ended core infrastructure fund, the diversified non-traded REIT and US XI. FRE rose 32% to $166.6 million and Realized Income 33% to $149.1 million. Fee related performance revenues rose 57% to $9.3 million, from the Japanese open-ended industrial real estate fund. Deployment was $9.7 billion (+80%). AUM was $161.6 billion (+22%) and FPAUM $91.6 billion (+14%).

Structure de la mise en page

Same segment template as page 15: bullets, a $ thousands summary table and a $ billions KPI table.

Éléments visuels clés

  • •Bullet commentary
  • •Summary tables
  • •Percent-change column
Page 17
Segment overview

Secondaries Group

Contenu

Secondaries management and other fees fell 19% to $73.9 million, because Q3-25 included $27.2 million of ASIS III catch-up fees. Fee related performance revenues fell 67% to $5.7 million on lower APMF incentive fees. FRE was $50.7 million (-32%) and RI $50.0 million (-31%), while YTD FRE was up 1%. Deployment was $1.1 billion. AUM was $46.3 billion (+21%) and FPAUM $32.0 billion (+14%).

Structure de la mise en page

Segment template: bullet commentary and two summary tables.

Éléments visuels clés

  • •Bullets
  • •Summary tables
Page 18
Segment overview

Private Equity Group

Contenu

Private Equity management and other fees rose 3% to $34.9 million, as ACOF VII fees offset the ACOF VI fee step-down. FRE rose 25% to $16.4 million and Realized Income 32% to $14.0 million. Deployment was $0.4 billion. AUM was $24.5 billion (-2%) and FPAUM $13.5 billion (+14%).

Structure de la mise en page

Segment template: bullet commentary and two summary tables.

Éléments visuels clés

  • •Bullets
  • •Summary tables
Page 19
Section divider

Supplemental Details

Contenu

Section divider that opens the supplemental financial detail section.

Structure de la mise en page

White slide with the Ares logo at top left, a large serif section title at bottom left, and a glass ring graphic sweeping across the top right.

Éléments visuels clés

  • •Large serif title
  • •Glass ring artwork
Page 20
Financial statement / segment table

Financial Details – Segments (Q3)

Contenu

Segment-by-segment FRE and Realized Income build for the three months ended September 30, 2026 and 2025. Columns cover the Credit, Real Assets, Secondaries and Private Equity groups, Other, and the Operations Management Group. Q3-26 total FRE was $524.2 million and RI $490.1 million, after OMG costs of $(236.1) million in FRE. Real Assets carried $(35.3) million of interest expense.

Structure de la mise en page

Two stacked dense tables (Q3 2026 and Q3 2025), each with seven numeric columns, highlighted FRE, realized net performance income and RI rows.

Éléments visuels clés

  • •Two-period stacked tables
  • •Navy multi-line column headers
  • •Highlighted subtotal rows
Page 21
Financial statement / segment table

Financial Details – Segments (Year-to-Date)

Contenu

The same segment build for the nine months ended September 30. YTD-26 FRE was $1,479.7 million and RI $1,514.4 million, vs $1,247.6 million and $1,259.2 million in YTD-25. Credit Group YTD RI was $1,604.7 million, and realized net performance income totaled $138.0 million.

Structure de la mise en page

Mirror of page 20 with nine-month figures in two stacked tables.

Éléments visuels clés

  • •Dense numeric tables
  • •Highlighted subtotals
Page 22
Financial bridge table

Realized Income per Share Data

Contenu

Bridge from Realized Income to after-tax RI. Q3-26 RI before taxes was $490.1 million, less $17.4 million of entity-level taxes and $23.2 million of corporate income taxes, giving after-tax RI of $449.6 million ($1.30 per total share). Applying a 68.89% average ownership of the Ares Operating Group gives $302.5 million attributable to Class A and non-voting stockholders, or $1.26 per share (YTD $3.79). Footnotes explain tax deductions from RSU vesting and the Tax Receivable Agreement.

Structure de la mise en page

Two-section table with four numeric columns and highlighted after-tax rows, followed by a long block of footnotes.

Éléments visuels clés

  • •Highlighted per-share rows
  • •Tax footnotes
Page 23
Data table

Weighted-Average Shares

Contenu

Share count used for Realized Income. In Q3-26 there were 227.5 million Class A and non-voting shares, 102.8 million exchangeable AOG units, 9.78 million dilutive shares from the Series B mandatory convertible preferred and 5.4 million from unvested restricted units. That totals 345.5 million shares, or 241.0 million on the common-shares-as-adjusted basis.

Structure de la mise en page

Short single table with four numeric columns (total shares and as-adjusted shares, for Q3-26 and Q3-25), with footnotes below.

Éléments visuels clés

  • •Highlighted total row
  • •Footnotes
Page 24
Balance sheet / mixed charts

Balance Sheet

Contenu

Cash was $597.7 million, term debt $2,963.2 million and $1,815.0 million was drawn on the $2.5 billion revolver. The corporate investment portfolio was $1,429.4 million GAAP ($3,068.1 million unconsolidated), with net accrued performance income of $1,027.1 million GAAP. Ares is rated BBB+/A- by S&P and Fitch and has $1,282.7 million of available liquidity. Net accrued performance income was 76% Credit and 22% Real Assets. The rollforward goes from $1,021.4 million to $1,027.1 million.

Structure de la mise en page

Balance table at top left with three KPI callout boxes at right. Below are two donut charts (December 31, 2025 vs September 30, 2026) and a waterfall bar chart of the accrued performance income rollforward.

Éléments visuels clés

  • •KPI callout boxes
  • •Twin donut charts
  • •Waterfall chart
Page 25
Data table

Balance Sheet Investments by Strategy

Contenu

Unconsolidated balance sheet investments of $3,068.1 million at September 30, 2026, vs $2,824.8 million at December 31, 2025. Credit was $93.7 million (down from $231.0 million), Real Assets $459.4 million, Secondaries $186.2 million and Private Equity $509.4 million. Other was $1,699.4 million, including $628.3 million in insurance and $1,071.1 million in other investments. A new Operations Management Group line holds $120.0 million.

Structure de la mise en page

Single two-column table grouped by strategy with light-blue section headers and subtotals.

Éléments visuels clés

  • •Grouped subtotal rows
  • •Period comparison columns
Page 26
Rollforward table

AUM Rollforward

Contenu

Quarterly and LTM AUM rollforwards by group. AUM went from $671.3 billion to $690.6 billion in the quarter (+$19.3 billion), with $18.8 billion of new equity commitments and $12.3 billion of new debt commitments offset by $8.6 billion of distributions. Over the LTM it went from $595.7 billion (+$95.0 billion), including $5.5 billion of acquisitions. Commentary boxes explain the YoY change for each group: Credit +14%, Real Assets +22%, Secondaries +21%, Private Equity -2%, Other +43%.

Structure de la mise en page

Two stacked rollforward tables (quarter and LTM) with five group columns plus total, and a row of five beige commentary boxes at the bottom.

Éléments visuels clés

  • •Stacked rollforward tables
  • •Commentary card strip
Page 27
Rollforward table

FPAUM Rollforward

Contenu

FPAUM went from $409.9 billion to $416.4 billion in the quarter (+$6.5 billion), on $10.2 billion of commitments and $11.3 billion of deployment, less distributions and a $(1.7) billion change in fee basis. Over the LTM it rose $48.8 billion from $367.6 billion. Group commentary: Credit +13%, Real Assets +14%, Secondaries +14%, Private Equity +14% (ACOF VII fees), Other +15%.

Structure de la mise en page

Same structure as page 26: two rollforward tables and five commentary cards.

Éléments visuels clés

  • •Rollforward tables
  • •Commentary cards
Page 28
Data table

AUM and FPAUM by Strategy

Contenu

AUM and FPAUM by strategy at September 30, 2026. U.S. Direct Lending had $199.7 billion of AUM (45% of Credit), European Direct Lending $88.7 billion, Liquid Credit and Alternative Credit $62.2 billion each, Real Estate $126.4 billion, Infrastructure $35.2 billion, Private Equity Secondaries $26.0 billion, Corporate Private Equity $21.4 billion and Insurance $11.4 billion. Total AUM was $690.6 billion and FPAUM $416.4 billion.

Structure de la mise en page

Single long table with four numeric columns (AUM, % AUM, FPAUM, % FPAUM), grouped by section with subtotals.

Éléments visuels clés

  • •Grouped sections
  • •Percent mix columns
Page 29
Fund performance table

Credit Group Fund Performance Metrics

Contenu

Returns for the perpetual credit vehicles: ARCC ($36.4 billion AUM, 11.8% net since inception), CADC, the open-ended core alternative credit fund, ASIF ($26.3 billion, 9.9% net) and the open-ended European direct lending fund. Drawdown funds deploying capital include ACE VI (levered net IRR 12.2%), SDL III (levered net IRR 12.9%) and Pathfinder II (1.3x gross MOIC, 15.6% net IRR).

Structure de la mise en page

Two tables: a perpetual vehicle returns grid (QTD, YTD and since-inception gross/net), and a drawdown fund table with commitments, invested capital, realized/unrealized value, MOIC and IRR.

Éléments visuels clés

  • •Multi-level column headers
  • •MOIC and IRR columns
  • •Significant-fund asterisks
Page 30
Fund performance table

Credit Group Fund Performance Metrics (cont'd)

Contenu

Credit funds harvesting investments, including SSF IV (1.7x net MOIC, 8.0% net IRR), ACE III, SSG IV, PCS I, SSG V (25.0% gross / 15.7% net IRR), ACE IV, ASOF I (13.5% net IRR), Pathfinder I, ACE V, PCS II, SDL II and ASOF II ($8.3 billion AUM, 11.3% net IRR).

Structure de la mise en page

Single wide drawdown fund performance table continuing the format of page 29.

Éléments visuels clés

  • •Dense numeric grid
  • •Merged strategy cells for levered/unlevered pairs
Page 31
Fund performance table

Real Assets Group Fund Performance Metrics

Contenu

Returns for the perpetual real assets vehicles: the diversified non-traded REIT ($8.6 billion), J-REIT, the industrial non-traded REIT, the U.S. and Japanese open-ended industrial real estate equity funds, and the open-ended core infrastructure fund ($8.5 billion, 10.2% net since inception). Drawdown funds include IDF V (9.8% net IRR) and harvesting funds EPEP II, EIF V, US IX, EF V, IDF IV, AREOF III and EIP II.

Structure de la mise en page

Perpetual vehicle returns table on top and drawdown fund table below, in the same format as the credit pages.

Éléments visuels clés

  • •Two-table layout
  • •MOIC and IRR columns
Page 32
Fund performance table

Secondaries Group Fund Performance Metrics

Contenu

APMF ($5.9 billion AUM) returned (1.9)% net for the quarter, 8.1% YTD and 13.7% since inception. Harvesting drawdown funds: LEP XV (10.1% net IRR), LEP XVI (6.1%) and LREF VIII (6.3%). A note explains that secondaries returns use a three-month lag.

Structure de la mise en page

One-row perpetual vehicle table and a three-row drawdown table, leaving white space below.

Éléments visuels clés

  • •Compact tables
  • •Lag disclosure note
Page 33
Fund performance table

Private Equity Group Fund Performance Metrics

Contenu

Private equity drawdown funds: ACOF VI ($9.0 billion AUM, 1.8x gross / 1.5x net MOIC, 14.0% net IRR), ACOF VII (NM, early stage), ACOF IV (2.3x gross MOIC, 13.4% net IRR), ACOF V (3.5% net IRR) and AEOF (0.7x MOIC, (7.4)% net IRR).

Structure de la mise en page

Single drawdown fund table split into 'Funds Deploying Capital' and 'Funds Harvesting Investments' bands.

Éléments visuels clés

  • •Section bands
  • •NM markers
Page 34
Team / contact directory

Corporate Data

Contenu

Ares board of directors, including Co-Founder and CEO Michael Arougheti, Executive Chairman Antony Ressler, Chairman of Snap Inc. Michael Lynton, and former Google Chief People Officer Eileen Naughton. Also lists the executive officers, including CFO Jarrod Phillips and Co-Presidents Kipp deVeer and Blair Jacobson, and the investor relations contacts.

Structure de la mise en page

Grid of beige name cards in six columns under three section labels (Board of Directors, Executive Officers, Investor Relations Contacts).

Éléments visuels clés

  • •Card grid
  • •Bold names with role text
Page 35
Contact directory

Corporate Data (cont'd)

Contenu

Lists the sell-side research coverage: 20 brokers, including Goldman Sachs, JP Morgan, Morgan Stanley, BofA, Wells Fargo and UBS. Also gives the Los Angeles headquarters at 1800 Avenue of the Stars, corporate counsel Kirkland & Ellis, auditor Ernst & Young, the NYSE: ARES listing and transfer agent Equiniti.

Structure de la mise en page

Six-column card grid of analyst names and phone numbers, with a second row of corporate information cards.

Éléments visuels clés

  • •Card grid
  • •Section rule lines
Page 36
Section divider

Reconciliation and Disclosures

Contenu

Section divider that opens the GAAP to non-GAAP reconciliations, endnotes and glossary.

Structure de la mise en page

White slide with a large serif title at the bottom and a glass ring graphic at the top right, matching page 19.

Éléments visuels clés

  • •Large serif title
  • •Glass ring artwork
Page 37
Reconciliation table

GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis

Contenu

Reconciles GAAP income before taxes ($241.6 million in Q3-26) to Realized Income ($490.1 million) and FRE ($524.2 million). Add-backs include $48.2 million of amortization of intangibles and $150.7 million of equity compensation, and it removes unrealized performance income and investment results. Footnotes cite the GCP International earnout and a $37.3 million bargain purchase gain from the BlueCove acquisition.

Structure de la mise en page

Single full-width reconciliation table with four numeric columns and highlighted RI and FRE rows, with a note and footnotes below.

Éléments visuels clés

  • •Highlighted anchor rows
  • •Adjustment line items
Page 38
Reconciliation table

GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis (cont'd)

Contenu

Reconciles carried interest and incentive fees ($244.0 million) to realized performance income ($31.3 million), and total consolidated other income of $(43.2) million to the realized net investment loss of $(45.9) million.

Structure de la mise en page

Two-section reconciliation table with highlighted totals and an explanatory note.

Éléments visuels clés

  • •Highlighted subtotal rows
  • •Footnotes
Page 39
Endnotes / disclosures

Investment Group Highlights and Fund Performance Endnotes

Contenu

Credit Group endnotes defining the composite returns behind page 6. Examples: alternative credit net 2.3% for the quarter and 10.0% LTM, and U.S. senior direct lending net 2.4% and 8.3%. Also covers the methodology for ARCC, CADC and ASIF returns and the MOIC and IRR definitions. The Credit Group had about 685 investment professionals and about 340 active funds.

Structure de la mise en page

Three columns of small-print numbered endnotes under a serif headline.

Éléments visuels clés

  • •Three-column small text
  • •Numbered notes
Page 40
Endnotes / disclosures

Investment Group Highlights and Fund Performance Endnotes (cont'd)

Contenu

Continues the Credit Group endnotes with the fund structures and currency-class returns for ACE VI, SDL III, ACE III, ACE IV and ACE V. Begins the Real Assets endnotes: composite definitions, about 945 professionals and about 4,300 properties, and the J-REIT and non-traded REIT return methodology.

Structure de la mise en page

Three-column small-print endnotes.

Éléments visuels clés

  • •Dense multi-column text
Page 41
Endnotes / disclosures

Investment Group Highlights and Fund Performance Endnotes (cont'd)

Contenu

Real Assets endnotes 7–18: the methodology for realized and unrealized value, MOIC and IRR, plus currency-class details for IDF V, EPEP II and EF V.

Structure de la mise en page

Three-column small-print endnotes.

Éléments visuels clés

  • •Dense multi-column text
Page 42
Endnotes / disclosures

Investment Group Highlights and Fund Performance Endnotes (cont'd)

Contenu

Real Assets endnotes for IDF IV and EIP II, followed by the Secondaries Group endnotes: APMF return methodology, composite returns (private equity secondaries net (1.2)% for the quarter), about 120 professionals and about 105 active funds, and the MOIC and IRR definitions.

Structure de la mise en page

Three-column small-print endnotes.

Éléments visuels clés

  • •Dense multi-column text
Page 43
Endnotes / disclosures

Investment Group Highlights and Fund Performance Endnotes (cont'd)

Contenu

Private Equity Group endnotes: composite methodology (corporate private equity net (1.1)% for the quarter), about 85 professionals and about 60 active funds, and the MOIC and IRR definitions, including bridge-financing-inclusive net IRRs (ACOF VI 13.6%, AEOF (7.4)%).

Structure de la mise en page

Two columns of small-print endnotes, leaving the right third blank.

Éléments visuels clés

  • •Two-column small text
Page 44
Glossary

Glossary

Contenu

Defines AOG entities and units, AUM, AUM Not Yet Paying Fees (shadow AUM), Available Capital (dry powder), Consolidated Funds, the common stock dividend policy, Effective Management Fee Rate, Fee Paying AUM, Fee Related Earnings and FRE margin.

Structure de la mise en page

Two-column definition table, with the term in a shaded left cell and the definition on the right.

Éléments visuels clés

  • •Term/definition table
  • •Beige term column
Page 45
Glossary

Glossary (cont'd)

Contenu

Defines fee related performance revenues, gross capital deployment, incentive eligible and incentive generating AUM, management fees, net inflows of capital, the Operations Management Group (including Ares Wealth Management Solutions), Our Funds, Part I and Part II fees, and performance income.

Structure de la mise en page

Continuation of the two-column definition table.

Éléments visuels clés

  • •Term/definition table
Page 46
Glossary

Glossary (cont'd)

Contenu

Defines perpetual capital (including its managed-account and private-commingled subtypes) and Realized Income and after-tax Realized Income, including how the current income tax provision is applied.

Structure de la mise en page

Two long definition rows, leaving the lower half empty.

Éléments visuels clés

  • •Term/definition table
Page 47
Glossary / reference table

Glossary (cont'd) – Fund Acronyms

Contenu

Lists the full legal names of the funds cited in the deck, e.g. ACE III–VI (Ares Capital Europe), ACOF IV–VII (Ares Corporate Opportunities Fund), APMF (Ares Private Markets Fund), ARCC (Ares Capital Corporation), ASIF (Ares Strategic Income Fund), the Landmark LEP and LREF funds, SDL II/III (Ares Senior Direct Lending) and US IX–XI (U.S. Real Estate Fund).

Structure de la mise en page

Three side-by-side acronym/fund-name tables.

Éléments visuels clés

  • •Three-column acronym tables

Questions fréquemment posées

Questions courantes sur cette diapositive et le contenu de présentation sous-jacent.

What is the Ares Management Q3 2026 Earnings Presentation?

It is the 47-page results deck Ares Management Corporation (NYSE: ARES) released for the quarter ended September 30, 2026. Ares filed it with the SEC as Exhibit 99.2 to a Form 8-K. It covers GAAP and non-GAAP results, fundraising, AUM, segment performance, fund returns, the balance sheet and reconciliations.

What were Ares Management's key Q3 2026 numbers?

Fee Related Earnings were $524.2 million (+11% YoY), Realized Income $490.1 million (+8%) and after-tax Realized Income $1.26 per share. GAAP net income attributable to Ares was $85.3 million ($0.21 per share). AUM reached $690.6 billion (+16%) and FPAUM $416.4 billion (+13%).

How much capital did Ares raise and deploy in Q3 2026?

Ares raised $31.0 billion gross, with net inflows of $28.6 billion. The Credit Group raised $15.2 billion and Real Assets $11.2 billion. Gross capital deployment was $34.8 billion, of which $22.3 billion was in Credit.

Is Ares Management a bank?

No. Ares is an alternative asset manager (GICS sub-industry Asset Management & Custody Banks) that runs private credit, real estate, infrastructure, secondaries and private equity funds. Its revenue comes mainly from management fees and performance income, not lending spreads on deposits.

Where does the original document come from?

It was filed on SEC EDGAR as an exhibit to Ares Management's Form 8-K. The slides are images rasterized at filing, so the very smallest footnote text can be hard to read. This page's page-by-page notes give the figures shown on each slide.

Can I download the deck as PowerPoint?

Yes. The page offers the original PDF and an editable PPTX converted from it. Because the filed slides are images, the PPTX is best used as a layout reference rather than as live, editable tables.

What does this deck show about how asset managers present earnings?

It follows a common alternative-manager structure: a highlights page, a GAAP income statement, a non-GAAP FRE and RI summary, AUM and fundraising charts, one page per investment group, then supplemental segment tables, rollforwards, fund performance metrics, reconciliations, endnotes and a glossary.

What recent development did Ares announce alongside Q3 2026 results?

On October 26, 2026, ARCC (Ares Capital Corporation) agreed to acquire MidCap Financial Investment Corporation (NASDAQ: MFIC) in a stock-and-cash deal valued at about $2.6 billion of enterprise value. A subsidiary of Ares will provide the cash portion of the consideration.

Sources et lectures complémentaires

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