Ares Management Corporation (NYSE:ARES) today reported its
financial results for its third quarter ended September 30,
2023.
GAAP net income attributable to Ares Management
Corporation was $61.8 million for the quarter ended September
30, 2023. On a basic and diluted basis, net income attributable to
Ares Management Corporation per share of Class A and non-voting
common stock was $0.30 for the quarter ended September 30,
2023.
After-tax realized income was $261.1 million for the
quarter ended September 30, 2023. After-tax realized income per
share of Class A and non-voting common stock was $0.83 for the
quarter ended September 30, 2023. Fee related earnings were $274.2
million for the quarter ended September 30, 2023.
“Despite a more challenging market, we continued to deliver for
our investors and shareholders in the third quarter with strong
fund performance and continued growth in our key financial
metrics,” said Michael Arougheti, Chief Executive Officer and
President of Ares. “We had our second highest ever quarter of
fundraising with gross new commitments totaling nearly $22 billion
supported by our consistent performance through market cycles and
our market leadership across our diversified global private credit
strategies.”
“Our quarterly deployment has continued to improve sequentially
this year as we gain share from traditional providers in a slower
market environment,” said Jarrod Phillips, Chief Financial Officer
of Ares. “Our available capital balance surpassed $100 billion for
the first time in our firm’s history which provides us with
significant visibility on further margin expansion and future
earnings growth.”
Common Dividend
Ares declared a quarterly dividend of $0.77 per share of its
Class A and non-voting common stock, payable on December 29, 2023
to its Class A and non-voting common stockholders of record at the
close of business on December 15, 2023.
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 29, 2023. 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
2023 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 2023
Earnings Presentation.”
Conference Call and Webcast Information
Ares will host a conference call on October 31, 2023 at 11:00
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
www.aresmgmt.com. Please visit the website to test your connection
before the webcast. Domestic callers can access the conference call
by dialing +1 (877) 407-0890. International callers can access the
conference call by dialing +1 (201) 389-0918. All callers are asked
to dial in 10-15 minutes prior to the call so that name and company
information can be collected. For interested parties, an archived
replay of the call will be available through November 28, 2023 to
domestic callers by dialing +1 (877) 660-6853 and to international
callers by dialing +1 (201) 612-7415. For all replays, please
reference access code 13740717. An archived replay will also be
available through November 28, 2023 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,
private equity, real estate and infrastructure asset classes. We
seek to provide flexible capital to support businesses and create
value for our stakeholders 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, 2023, Ares Management Corporation's
global platform had approximately $395 billion of assets under
management with approximately 2,800 employees operating across
North America, Europe, Asia Pacific and the Middle East. For more
information, please visit www.aresmgmt.com.
Forward-Looking Statements
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231030925647/en/
Investor Relations Carl Drake cdrake@aresmgmt.com (800)
340-6597
Greg Mason gmason@aresmgmt.com (800) 340-6597
Cameron Rudd crudd@aresmgmt.com (800) 340-6597
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