Ares Management Corporation · NYSE:ARES
Ares Management — Q3 2026 Earnings Presentation
47 slides from Ares Management's earnings presentation, Oct 29, 2026
Slide 1: Earnings Presentation Third Quarter 2026
Earnings Presentation Third Quarter 2026 Exhibit 99.2
Slide 2: Important Notice
2 Important Notice This presentation is prepared for Ares Management Corporation (“Ares”) (NYSE: ARES) for the benefit of its public stockholders. This presentation is solely for information purposes in connection with evaluating the business, operations and financial results of Ares and certain of
Slide 3: Third Quarter 2026 Highlights
3 Q3-26 Financial Results Assets Under Management Corporate Actions Recent Developments Third Quarter 2026 Highlights 1) Unconsolidated management fees includes $21.1 million from Consolidated Funds that are eliminated upon consolidation for GAAP for Q3-26 and excludes management fees attributable t
Slide 4: GAAP Consolidated Statements of Operations
4 Three months ended September 30, Nine months ended September 30, $ in thousands, except share data 2026 2025 2026 2025 Revenues Management fees $1,057,116 $971,762 $3,064,206 $2,689,371 Carried interest allocation 161,748 464,666 558,293 948,575 Incentive fees 82,299 100,668 286,986 155,795 Princi
Slide 5: RI and Other Measures Financial Summary
5 RI and Other Measures Financial Summary Three months ended September 30, Nine months ended September 30, $ in thousands, except share data (and as otherwise noted) 2026 2025 % Change 2026 2025 % Change Management fees1 $1,069,310 $970,606 10% $3,100,897 $2,689,267 15% Fee related performance reven
Slide 6: Investment Performance Highlights
6 Investment Performance Highlights Gross Returns (%) Q3-26 Q3-26 LTM Credit1 Alternative Credit 3.6 15.2 Opportunistic Credit 2.5 7.0 U.S. Senior Direct Lending 3.3 12.0 U.S. Junior Direct Lending 2.8 6.8 European Direct Lending 2.2 8.1 APAC Credit 5.0 17.0 Real Assets1 Americas Real Estate Equity
Slide 7: Capital Raised by Strategy
7 $ in billions Q3-26 Primary Activities Credit Group U.S. Direct Lending $7.2 • Capital raised of $3.3 billion by our business development companies (“BDCs”) and affiliates, including $2.5 billion by ARCC and its affiliates • Debt and equity commitments to various funds, including debt commitments
Slide 8: Assets Under Management
8 Q3-25 Q2-26 Q3-26 Assets Under Management1 1) AUM amounts include vehicles managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and a SEC-registered investment adviser (“IHAM”). AUM as of September 30, 2026 was $690.6 billion, an increase of 16% from prior year • Th
Slide 9: Perpetual Capital
9 Q3-25 Q2-26 Q3-26 $4.7 Perpetual Capital Perpetual Capital AUM Perpetual Capital as of September 30, 2026 was $233.9 billion, an increase of 23% from prior year • The increase of $43.6 billion was primarily driven by: – capital raised by our credit BDCs, our open-ended infrastructure fund, our ope
Slide 10: AUM and Management Fees by Type
10 12% 9% 7% 6% 50% 16% 22% 8% 19% 5% 39% 7% AUM and Management Fees by Type 84% 1) Long-dated funds generally have a contractual life of five years or more at inception. For the quarter ended September 30, 2026: • 84% of assets under management were perpetual capital or long-dated funds • 93% of ma
Slide 11: Available Capital and AUM Not Yet Paying Fees
11 Q3-25 Q2-26 Q3-26 Available Capital and AUM Not Yet Paying Fees Available Capital as of September 30, 2026 was $173.8 billion, an increase of 16% from prior year • The increase of $24.3 billion was primarily driven by: – commitments to our alternative credit, real estate, U.S. direct lending, inf
Slide 12: AUM Not Yet Paying Fees
12 $68.2 $19.4 $5.7 $0.5 $93.8 $19.2 $2.3 $1.8 AUM Not Yet Paying Fees Available for Future Deployment AUM Not Yet Paying Fees As of September 30, 2026, AUM Not Yet Paying Fees includes $93.8 billion of AUM available for future deployment1 and $2.3 billion of development assets not yet stabilized2 t
Slide 13: Incentive Eligible AUM and Incentive Generating AUM
13 Q3-25 Q2-26 Q3-26 $32.1 Incentive Eligible AUM and Incentive Generating AUM ($ in billions) ($ in billions) Credit3 Real Assets3 Secondaries Private Equity Other Businesses Total Incentive Generating AUM $109.1 $40.8 $7.2 $9.7 $1.8 $168.6 + Uninvested IEAUM 75.8 16.4 14.9 5.4 0.4 112.9 + IEAUM be
Slide 14: Gross Capital Deployment
14 $22.3 $9.7 $1.1 $0.4 $1.3 Q3-25 Q2-26 Q3-26 Q3-26 Gross Capital Deployment Capital Deployment ($ in billions) (2) Capital Deployment in Drawdown Funds ($ in billions) $15.1 $4.1 $20.2 $10.4 $0.4 $3.3 $15.2 $18.4 $4.7 $12.4 $0.9 Credit Real Assets Secondaries Private Equity Other Businesses $0.1 $
Slide 15: Credit Group
15Note: Past performance is not indicative of future results. Please refer to the endnotes on slide 39 for additional information. Credit Group2 $ in thousands Q3-26 Q3-25 % Change YTD-26 YTD-25 % Change Management and other fees $731,007 $665,435 10% $2,152,077 $1,891,932 14% Fee related performanc
Slide 16: Real Assets Group
16Note: Past performance is not indicative of future results. Please refer to the endnotes on slide 40 for additional information. Financial Summary and Highlights Real Assets Group2 • Management fees increased by 29% for Q3-26 compared to Q3-25, primarily from capital raised by our open-ended core
Slide 17: Secondaries Group
17Note: Past performance is not indicative of future results. Please refer to the endnotes on slide 42 for additional information. Financial Summary and Highlights Secondaries Group3 • Management and other fees decreased by 19% for Q3-26 compared to Q3-25, driven by $27.2 million of catch-up fees fr
Slide 18: Private Equity Group
18 • Management and other fees increased by 3% for Q3-26 compared to Q3-25, primarily driven by management fees from ACOF VII which started generating fees in Q4-25, partially offset by lower fees from ACOF VI due to the step down in fee rate and change in fee base beginning in Q1-26 following the c
Slide 19: Supplemental Details
MARES Supplemental Details
Slide 20: Financial Details – Segments, Three Months
20 Financial Details – Segments Three months ended September 30, 2026 $ in thousands Credit Group Real Assets Group Secondaries Group Private Equity Group Other Operations Management Group Total1 Management fees $713,941 $229,503 $73,273 $34,000 $18,593 $— $1,069,310 Fee related performance revenues
Slide 21: Financial Details – Segments, Nine Months
21 Nine months ended September 30, 2026 $ in thousands Credit Group Real Assets Group Secondaries Group Private Equity Group Other Operations Management Group Total1 Management fees $2,102,064 $628,719 $215,423 $100,919 $53,772 $— $3,100,897 Fee related performance revenues 70,155 12,226 56,474 — —
Slide 22: Realized Income per Share Data
22 Realized Income per Share Data Three months ended September 30, Nine months ended September 30, $ in thousands, except share data 2026 2025 2026 2025 After-tax Realized Income Realized Income before taxes $490,142 $455,509 $1,514,379 $1,259,247 Entity level foreign, state and local taxes (17,362)
Slide 23: Weighted-Average Shares
23 Weighted-Average Shares 1) Represents proportional dilutive impact based upon the weighted average percentage of Ares Operating Group owned by Ares Management Corporation (68.89% and 67.29% as of September 30, 2026 and 2025, respectively). 2) Represents units exchangeable for shares of Class A co
Slide 24: Balance Sheet
24 Balance Sheet Substantial balance sheet value related to investments primarily in Ares managed vehicles and net accrued performance income 1) Unconsolidated investments include $1,686.3 million of investments in Consolidated Funds that are eliminated upon consolidation for GAAP and exclude $47.6
Slide 25: Balance Sheet Investments by Strategy
25 Balance Sheet Investments by Strategy1 $ in millions As of September 30, 2026 As of December 31, 2025 Credit Liquid Credit2 $35.1 $107.3 Alternative Credit 10.8 1.7 Opportunistic Credit 6.2 19.5 U.S. Direct Lending 35.6 72.1 European Direct Lending 4.9 22.5 APAC Credit 1.1 7.9 Credit $93.7 $231.0
Slide 26: AUM Rollforward
26 AUM Rollforward Q3-26 AUM Rollforward $ in millions Credit Real Assets Secondaries Private Equity Other Businesses Total Q2-26 Ending Balance $440,544 $151,230 $44,179 $24,451 $10,915 $671,319 New par/equity commitments 6,371 7,847 2,579 — 1,967 18,764 New debt commitments 8,832 3,397 32 — — 12,2
Slide 27: FPAUM Rollforward
27 Real Assets FPAUM increased by 14% from Q3-25, primarily driven by capital raised by our perpetual wealth funds and commitments to US XI FPAUM Rollforward Q3-26 FPAUM Rollforward $ in millions Credit Real Assets Secondaries Private Equity Other Businesses Total Q2-26 Ending Balance $266,120 $88,6
Slide 28: AUM and FPAUM by Strategy
28 AUM and FPAUM by Strategy As of September 30, 2026 $ in billions AUM % AUM FPAUM % FPAUM Credit Liquid Credit $62.2 14% $60.3 22% Alternative Credit 62.2 14 41.2 15 Opportunistic Credit 20.8 5 10.3 4 U.S. Direct Lending1 199.7 45 104.3 38 European Direct Lending 88.7 20 49.3 18 APAC Credit 12.6 2
Slide 29: Credit Group Fund Performance Metrics
29 Credit Group Fund Performance Metrics The following table presents the performance data for certain perpetual capital vehicles as of September 30, 2026: Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in t
Slide 30: Credit Group Drawdown Fund Performance
30 Primary Investment Strategy Year of Inception Original Capital Commitments Capital Invested to Date Realized Value8 Unrealized Value9 Total Value MoIC IRR(%) $ in millions AUM Gross10 Net11 Gross12 Net13 Funds Harvesting Investments SSF IV Opportunistic Credit 2015 $1,135 $1,515 $1,402 $1,345 $1,
Slide 31: Real Assets Group Fund Performance Metrics
31 Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the applicable fund. Fund performance metrics for significant funds may be marked as “NM” as they may not be considered meaningful due to the limited time
Slide 32: Secondaries Group Fund Performance Metrics
32 Secondaries Group Fund Performance Metrics Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the applicable fund. Fund performance metrics for significant funds may be marked as “NM” as they may not be co
Slide 33: Private Equity Group Fund Performance Metrics
33 Private Equity Group Fund Performance Metrics Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the applicable fund. Fund performance metrics for significant funds may be marked as “NM” as they may not be
Slide 34: Corporate Data
34 Corporate Data Board of Directors Michael Arougheti Ashish Bhutani Antoinette Bush Kipp deVeer Paul G. Joubert David Kaplan Co-Founder and Chief Executive Officer of Ares Former Chairman and Chief Executive Officer of Lazard Asset Management and Former Vice Chairman of Lazard Ltd Former Senior Ad
Slide 35: Corporate Data (cont'd) Research Coverage
35 Corporate Data (cont'd) Research Coverage Autonomous Bank of America Merrill Lynch Barclays BMO Capital Markets Deutsche Bank Goldman Sachs Patrick Davitt (646) 561-6254 Craig Siegenthaler (646) 855-5004 Benjamin Budish (212) 526-2418 Brennan Hawken (646) 648-2408 Brian Bedell (212) 250-6600 Alex
Slide 36: Reconciliation and Disclosures
Reconciliation and Disclosures
Slide 37: GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis
37 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis Three months ended September 30, Nine months ended September 30, $ in thousands 2026 2025 2026 2025 Realized Income and Fee Related Earnings: Income before taxes $241,636 $652,271 $940,499 $1,080,247 Adjustments: Amortization of int
Slide 38: GAAP to Non-GAAP Reconciliation (cont'd)
38 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis (cont'd) Note: These tables reconcile consolidated carried interest allocation and incentive fees reported in accordance with GAAP to unconsolidated realized performance income and consolidated GAAP other income to unconsolidated re
Slide 39: Credit Group Endnotes
39 Credit Group 1) Composite returns are calculated by asset-weighting the underlying fund-level time-weighted returns. Returns include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Gross time-weighted returns do
Slide 40: Credit Group Endnotes (cont'd)
40 Credit Group (cont’d) 14) ACE VI is made up of six parallel funds, four denominated in Euros and two denominated in GBP: ACE VI (E) Unlevered, ACE VI (E) II Unlevered, ACE VI (G) Unlevered, ACE VI (E) Levered, ACE VI (E) II Levered and ACE VI (G) Levered, and three feeder funds: ACE VI (D) Levere
Slide 41: Fund Performance Endnotes: Real Assets Group
41 Investment Group Highlights and Fund Performance Endnotes (cont'd) Real Assets Group (cont’d) 7) Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. S
Slide 42: Fund Performance Endnotes: Secondaries Group
42 Investment Group Highlights and Fund Performance Endnotes (cont'd) Secondaries Group 1) Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. Shares of
Slide 43: Fund Performance Endnotes (cont'd)
43 Investment Group Highlights and Fund Performance Endnotes (cont'd) 7) The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRRs reflect returns to the fee-paying li
Slide 44: Glossary
44 Glossary Ares Operating Group entities Ares Operating Group entities or an “AOG Entity” refers to, collectively, Ares Holdings L.P. (“Ares Holdings”) and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity. Ares Operating Group Unit Ares
Slide 45: Glossary: Fee Related Performance Revenues
45 Fee Related Performance Revenues Fee Related Performance Revenues refers to performance revenues from perpetual capital vehicles that are: (i) measured and eligible to be received on a recurring basis; and (ii) not dependent on realization events from the underlying investments. Certain vehicles
Slide 46: Glossary (cont'd): Perpetual Capital
46 Glossary (cont'd) Perpetual Capital Perpetual Capital refers to the AUM of publicly-traded funds, perpetual wealth funds, commingled funds and managed accounts that have an indefinite term, are not in liquidation, and for which there is no immediate requirement to return invested capital to inves
Slide 47: Glossary (cont'd): Fund Names
47 Glossary (cont'd) Acronym Fund Name Acronym Fund Name Acronym Fund Name ACE III Ares Capital Europe III, L.P. EF V Ares European Real Estate Fund V SCSp SDL III Ares Senior Direct Lending Fund III, L.P. ACE IV Ares Capital Europe IV, L.P. EF VI Ares European Real Estate Fund VI SCSp SSF IV Ares S