Ares Management Corporation (NYSE:ARES) today reported its
financial results for its first quarter ended March 31, 2024.
GAAP net income attributable to Ares Management
Corporation was $73.0 million for the quarter ended March 31,
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 $0.33 for the quarter ended March 31, 2024.
After-tax realized income was $265.1 million for the
quarter ended March 31, 2024. After-tax realized income per share
of Class A common stock was $0.80 for the quarter ended March 31,
2024. Fee related earnings were $301.7 million for the quarter
ended March 31, 2024.
“During the first quarter, we continued to see strong
year-over-year growth across our key financial metrics, including
19% growth in our assets under management, robust fundraising of
more than $17 billion, higher deployment and attractive investment
performance,” said Michael Arougheti, Chief Executive Officer and
President of Ares. “Our portfolios continue to perform well and we
are finding compelling investment opportunities across many
segments of our expanding global platform.”
“With a record amount of available capital at nearly $115
billion along with 28% growth in our AUM not yet paying fees, we
believe we have significant capacity for growth when there is a
return to higher levels of transaction activity,” said Jarrod
Phillips, Chief Financial Officer of Ares.
Common Stock Dividend
Ares declared a quarterly dividend of $0.93 per share of its
Class A and non-voting common stock, payable on June 28, 2024 to
its Class A and non-voting common stockholders of record at the
close of business on June 14, 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
June 28, 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 first 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 “First Quarter 2024
Earnings Presentation.”
Conference Call and Webcast Information
Ares will host a conference call on May 2, 2024 at 11:00 a.m.
(Eastern Time) to discuss first 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) 245-3047. International callers
can access the conference call by dialing +1 (203) 518-9783. 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 ARESQ124. For interested parties, an archived
replay of the call will be available through June 2, 2024 to
domestic callers by dialing +1 (800) 839-5631 and to international
callers by dialing +1 (402) 220-2558. An archived replay will also
be available through June 2, 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 March
31, 2024, Ares Management Corporation's global platform had
approximately $428 billion of assets under management with
approximately 2,900 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/20240501327887/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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