Ares Management Corporation (NYSE:ARES) today reported its
financial results for its third quarter ended September 30,
2024.
GAAP net income attributable to Ares Management
Corporation was $118.5 million for the quarter ended September
30, 2024. On a basic and diluted basis, net income attributable to
Ares Management Corporation per share of Class A and non-voting
common stock was $0.55 for the quarter ended September 30,
2024.
After-tax realized income was $316.0 million for the
quarter ended September 30, 2024. After-tax realized income per
share of Class A common stock was $0.95 for the quarter ended
September 30, 2024. Fee related earnings were $339.3 million for
the quarter ended September 30, 2024.
“We reported strong third quarter results with continued
fundraising momentum, increasing deployment, strong fund
performance, and year-over-year growth in many of our key financial
metrics ranging from the high teens to more than twenty percent,”
said Michael Arougheti, Chief Executive Officer and President of
Ares. “We continue to experience heightened demand for our
alternative strategies across all three of our distribution
channels. With over $64 billion of fundraising year-to-date and
good visibility into the fourth quarter, we now expect 2024 will be
a record fundraising year with gross commitments in the mid-$80
billion range.”
“Based upon a more positive market tone, our third quarter
deployment reached nearly $30 billion and we expect to see our
investing activities broaden out further across our strategies in
the next 12 months,” said Jarrod Phillips, Chief Financial Officer
of Ares. “With a record amount of available capital, including more
than $85 billion in AUM not yet paying fees, we are well positioned
to generate meaningful future earnings growth.”
Common Stock Dividend
Ares declared a quarterly dividend of $0.93 per share of its
Class A and non-voting common stock, payable on December 31, 2024
to its Class A and non-voting common stockholders of record at the
close of business on December 17, 2024.
Preferred Stock Dividend
Ares declared a quarterly dividend of $0.759375 per share of its
6.75% Series B mandatory convertible preferred stock, payable on
January 1, 2025 to its preferred stockholders of record at the
close of business on December 15, 2024.
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, 2024. 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
2024 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 2024
Earnings Presentation.”
Conference Call and Webcast Information
Ares will host a conference call on November 1, 2024 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) 445-7795. International callers
can access the conference call by dialing +1 (203) 518-9848. 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 ARESQ324. For interested parties, an archived
replay of the call will be available through December 1, 2024 to
domestic callers by dialing +1 (800) 839-5241 and to international
callers by dialing +1 (402) 220-2698. An archived replay will also
be available through December 1, 2024 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
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, 2024, Ares Management Corporation's global platform
had approximately $464 billion of assets under management with more
than 3,100 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/20241101133665/en/
Investor Relations Contacts Greg Mason
gmason@aresmgmt.com (800) 340-6597
Carl Drake cdrake@aresmgmt.com (800) 340-6597
Ares Management (NYSE:ARES)
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