Ares Management Corporation Reports Third Quarter 2024 Results

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NEW YORK, November 01, 2024--(BUSINESS WIRE)--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.