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Tables in the 10-Q of Ares Management Corp
127 tables with numbers, filed Aug 7, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| Page |
| PART I—FINANCIAL INFORMATION | |
| Item 1. Financial Statements | 10 |
| Unaudited Condensed Consolidated Financial Statements: | |
| Condensed Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025 | 10 |
| Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 | 11 |
| Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 | 12 |
| Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2026 and for the year ended December 31, 2025 | 13 |
First 8 of 22 rows. The CSV has all of them.
| As of | | |
| June 30, 2026 | December 31, 2025 | |
| (unaudited) | | |
| Assets | | | |
| Cash and cash equivalents | $557,094 | | $488,896 |
| Investments (includes accrued carried interest of $4,141,111 and $3,972,748 as of June 30, 2026 and December 31, 2025, respectively) | 5,546,255 | | 5,508,447 |
| Due from affiliates | 1,377,120 | | 1,420,218 |
| Other assets | 1,090,376 | | 1,032,138 |
First 8 of 46 rows. The CSV has all of them.
| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Revenues | | | | | | |
| Management fees | $1,017,563 | | $900,622 | | $2,007,090 | $1,717,609 |
| Carried interest allocation | 249,914 | | 323,901 | | 396,545 | 483,909 |
| Incentive fees | 42,753 | | 23,079 | | 204,687 | 55,127 |
| Principal investment income | 2,288 | | 10,963 | | 2,765 | 32,961 |
| Administrative, transaction and other fees | 116,092 | | 91,563 | | 213,959 | 149,327 |
First 8 of 40 rows. The CSV has all of them.
| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Net income | $312,965 | | $225,980 | | $566,014 | $349,481 |
| Foreign currency translation adjustments, net of tax | (1,870) | | 25,541 | | (13,832) | 96,112 |
| Total comprehensive income | 311,095 | | 251,521 | | 552,182 | 445,593 |
| Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds | 70,655 | | 17,567 | | 99,725 | 79,882 |
| Less: Comprehensive income attributable to redeemable interest in Ares Operating Group entities | 1,769 | | 425 | | 649 | 939 |
| Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities | 88,903 | | 88,615 | | 167,205 | 130,587 |
First 8 of 9 rows. The CSV has all of them.
| Series B Mandatory Convertible Preferred Stock | Class A Common Stock | | Non-voting Common Stock | Class C Common Stock | Additional Paid-in-Capital | | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest in Ares Operating Group Entities | | Non-Controlling Interest in Consolidated Funds | Total Equity | | | |
| Balance as of December 31, 2025 | $1,460,030 | | $2,185 | | $35 | | $1,051 | | $4,242,678 | | $(1,452,259) | | $21,743 | $1,496,771 | $2,903,858 | $8,676,092 |
| Changes in ownership interests and related tax benefits | — | | 34 | | — | | (8) | | (190,680) | | — | | — | (122,909) | (198,361) | (511,924) |
| Issuances of common stock | — | | 1 | | — | | — | | 15,996 | | — | | — | — | — | 15,997 |
| Capital contributions | — | | — | | — | | — | | — | | — | | — | 13,727 | 321,956 | 335,683 |
| Dividends/distributions | (25,313) | | — | | — | | — | | — | | (321,588) | | — | (175,554) | (79,832) | (602,287) |
| Net income | 25,313 | | — | | — | | — | | — | | 117,276 | | — | 81,926 | 29,647 | 254,162 |
| Currency translation adjustment, net of tax | — | | — | | — | | — | | — | | — | | (7,754) | (3,624) | (577) | (11,955) |
First 8 of 17 rows. The CSV has all of them.
| Series B Mandatory Convertible Preferred Stock | Class A Common Stock | | Non-voting Common Stock | Class C Common Stock | Additional Paid-in-Capital | | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest in Ares Operating Group Entities | | Non-Controlling Interest in Consolidated Funds | Total Equity | | | |
| Balance as of December 31, 2024 | $1,458,771 | | $1,999 | | $35 | | $1,098 | | $2,936,794 | | $(837,294) | | $(17,757) | $1,254,878 | $2,025,666 | $6,824,190 |
| Changes in ownership interests and related tax benefits | — | | 47 | | — | | (20) | | (707,255) | | — | | — | 354,253 | (34,832) | (387,807) |
| Adjustment to issuance costs of Series B mandatory convertible preferred stock | 1,147 | | — | | — | | — | | — | | — | | — | — | — | 1,147 |
| Issuances of common stock | — | | 103 | | — | | — | | 1,642,214 | | — | | — | — | — | 1,642,317 |
| Issuances of AOG Units | — | | — | | — | | 3 | | — | | — | | — | 15,561 | — | 15,564 |
| Capital contributions | — | | — | | — | | — | | — | | — | | — | 120 | 295,750 | 295,870 |
| Dividends/distributions | (25,313) | | — | | — | | — | | — | | (258,691) | | — | (138,003) | (208,855) | (630,862) |
First 8 of 36 rows. The CSV has all of them.
| Six months ended June 30, | | |
| 2026 | 2025 | |
| Cash flows from operating activities | | | |
| Net income | $566,014 | | $349,481 |
| Adjustments to reconcile net income to net cash provided by operating activities | 614,650 | | 462,314 |
| Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | (1,021,132) | | 1,163,402 |
| Cash flows due to changes in operating assets and liabilities | 147,063 | | 189,680 |
| Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds | (251,525) | | 245,027 |
First 8 of 33 rows. The CSV has all of them.
Table 8 after “The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets:”
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| Weighted Average Amortization Period (in years) as of June 30, 2026 | | As of June 30, | | As of December 31, | |
| | 2026 | | 2025 | | |
| Management contracts | 4.4 | | $898,247 | | | $1,023,893 |
| Client relationships | 6.3 | | 317,920 | | | 317,920 |
| Other | 4.6 | | 12,054 | | | — |
| Finite-lived intangible assets | | | 1,228,221 | | | 1,341,813 |
| Foreign currency translation | | | 6,886 | | | 6,884 |
| Total finite-lived intangible assets | | | 1,235,107 | | | 1,348,697 |
First 8 of 13 rows. The CSV has all of them.
Table 9 after “The following table summarizes the carrying value of the Company’s goodwill:”
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| Credit Group | Real Assets Group | | Secondaries Group | Private Equity Group | | Total | |
| Balance as of December 31, 2025 | $313,830 | | $2,601,229 | | $417,640 | $121,408 | | $3,454,107 |
| Acquisitions | — | | 10,359 | | — | — | | 10,359 |
| Foreign currency translation | (1,086) | | 912 | | (3) | — | | (177) |
| Balance as of June 30, 2026 | $312,744 | | $2,612,500 | | $417,637 | $121,408 | | $3,464,289 |
Table 10 after “The following table summarizes the Company’s investments:”
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| As of | Percentage of total investments as of | | | | |
| June 30, | December 31, | | June 30, | December 31, | |
| 2026 | 2025 | | 2026 | 2025 | |
| Equity method investments | | | | | | |
| Equity method - carried interest(1) | $4,141,111 | | $3,972,748 | | 74.7% | 72.1% |
| Equity method private investment partnership interests - principal | 425,655 | | 526,372 | | 7.7 | 9.6 |
| Equity method private investment partnership interests and other (held at fair value) | 249,885 | | 675,777 | | 4.5 | 12.3 |
| Equity method private investment partnership interests and other | 52,489 | | 61,306 | | 0.9 | 1.1 |
First 8 of 14 rows. The CSV has all of them.
Table 11 after “The following table presents the Company’s share of net investment income and changes in fair value of its equity method investments, which ”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Equity method private investment partnership interests - principal, net investment income | $2,290 | | $10,760 | | $2,765 | $32,960 |
| Equity method private investment partnership interests and other, net investment income | (3,146) | | 2,685 | | (5,702) | 5,173 |
| Equity method private investment partnership interests and other (held at fair value), net investment income | 2,112 | | 2,243 | | 4,118 | 4,238 |
| Equity method private investment partnership interests and other (held at fair value), changes in fair value | 9,203 | | 4,015 | | 42,862 | 8,296 |
Table 12 after “The following table summarizes investments held in the Consolidated Funds:”
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| Fair Value as of | Percentage of total investments as of | | | | |
| June 30, | December 31, | | June 30, | December 31, | |
| 2026 | 2025 | | 2026 | 2025 | |
| Fixed income investments | | | | | | |
| Loans and securitization vehicles | $4,300,046 | | $5,507,199 | | 32.1% | 42.9% |
| Bonds | 239,643 | | 280,911 | | 1.8 | 2.2 |
| Total fixed income investments | 4,539,689 | | 5,788,110 | | 33.9 | 45.1 |
| Partnership interests | 4,643,853 | | 3,791,056 | | 34.7 | 29.6 |
First 8 of 10 rows. The CSV has all of them.
Table 13 after “The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Fu”
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| Financial Instruments of the Company | Level I | Level II | | Level III | | Total | |
| Assets, at fair value | | | | | | | |
| Investments: | | | | | | | |
| Common stock, other equity securities and equity method investments | $613,269 | | $46,275 | | $249,885 | | $909,429 |
| Common stock and other equity securities - carried interest | 31,750 | | — | | 11,375 | | 43,125 |
| Collateralized loan obligations and fixed income securities | — | | — | | 17,571 | | 17,571 |
| Total investments, at fair value | 645,019 | | 46,275 | | 278,831 | | 970,125 |
| Derivatives-foreign currency forward contracts | — | | 4,950 | | — | | 4,950 |
First 8 of 13 rows. The CSV has all of them.
Table 14 after “The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Fu”
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| Financial Instruments of the Consolidated Funds | Level I | Level II | | Level III | Investments Measured at NAV | Total | | |
| Assets, at fair value | | | | | | | | |
| Investments: | | | | | | | | |
| Fixed income investments: | | | | | | | | |
| Loans and securitization vehicles | $— | | $4,136,213 | | $163,833 | | $— | $4,300,046 |
| Bonds | — | | 239,643 | | — | | — | 239,643 |
| Total fixed income investments | — | | 4,375,856 | | 163,833 | | — | 4,539,689 |
| Partnership interests | — | | — | | — | | 4,643,853 | 4,643,853 |
First 8 of 14 rows. The CSV has all of them.
Table 15 after “The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Fu”
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| Financial Instruments of the Company | Level I | Level II | | Level III | | Total | |
| Assets, at fair value | | | | | | | |
| Investments: | | | | | | | |
| Common stock, other equity securities and equity method investments | $152,163 | | $95,612 | | $675,777 | | $923,552 |
| Common stock and other equity securities - carried interest | 68,250 | | — | | 49,813 | | 118,063 |
| Collateralized loan obligations and fixed income securities | — | | — | | 24,469 | | 24,469 |
| Total investments, at fair value | 220,413 | | 95,612 | | 750,059 | | 1,066,084 |
| Derivatives-foreign currency forward contracts | — | | 18,230 | | — | | 18,230 |
First 8 of 13 rows. The CSV has all of them.
Table 16 after “The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Fu”
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| Financial Instruments of the Consolidated Funds | Level I | Level II | | Level III | Investments Measured at NAV | Total | | |
| Assets, at fair value | | | | | | | | |
| Investments: | | | | | | | | |
| Fixed income investments: | | | | | | | | |
| Loans and securitization vehicles | $— | | $4,873,684 | | $633,515 | | $— | $5,507,199 |
| Bonds | — | | 280,911 | | — | | — | 280,911 |
| Total fixed income investments | — | | 5,154,595 | | 633,515 | | — | 5,788,110 |
| Partnership interests | — | | — | | — | | 3,791,056 | 3,791,056 |
First 8 of 17 rows. The CSV has all of them.
Table 17 after “The following tables set forth a summary of changes in the fair value of the Level III measurements:”
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| Level III Assets and (Liabilities) of the Company | Equity Securities | Fixed Income | | Contingent Consideration | Total | |
| Balance as of March 31, 2026 | $692,147 | | $22,813 | | $(780,353) | $(65,393) |
| Transfer out(1) | (434,622) | | — | | — | (434,622) |
| Purchases(2) | 1,766 | | 921 | | — | 2,687 |
| Change in fair value | — | | — | | (13,760) | (13,760) |
| Sales/settlements(3) | — | | (7,878) | | 323 | (7,555) |
| Realized and unrealized appreciation, net | 1,969 | | 1,715 | | — | 3,684 |
| Balance as of June 30, 2026 | $261,260 | | $17,571 | | $(793,790) | $(514,959) |
First 8 of 9 rows. The CSV has all of them.
Table 18 after “The following tables set forth a summary of changes in the fair value of the Level III measurements:”
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| Level III Net Assets of Consolidated Funds | | Equity Securities | Fixed Income | | Derivatives, Net | | Total | | |
| Balance as of March 31, 2026 | | $3,414,814 | | $266,169 | | | $65 | | $3,681,048 |
| Transfer in(1) | | — | | 24,897 | | | — | | 24,897 |
| Transfer out(1) | | — | | (112,758) | | | — | | (112,758) |
| Purchases(2) | | 180,000 | | 41,569 | | | — | | 221,569 |
| Sales/settlements(3) | | — | | (54,493) | | | (118) | | (54,611) |
| Realized and unrealized appreciation (depreciation), net | 81,429 | | (1,551) | | | 53 | | 79,931 | |
| Balance as of June 30, 2026 | $3,676,243 | | $163,833 | | | $— | | $3,840,076 | |
First 8 of 10 rows. The CSV has all of them.
Table 19 after “The following tables set forth a summary of changes in the fair value of the Level III measurements:”
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| Level III Assets and (Liabilities) of the Company | Equity Securities | Fixed Income | | Contingent Consideration | Total | |
| Balance as of March 31, 2025 | $426,377 | | $18,662 | | $(484,954) | $(39,915) |
| Transfer in(1) | — | | 10,004 | | — | 10,004 |
| Transfer out(1) | (10,000) | | — | | — | (10,000) |
| Purchases(2) | — | | 35,641 | | — | 35,641 |
| Sales/settlements(3) | — | | (14,780) | | — | (14,780) |
| Change in fair value | — | | — | | (25,536) | (25,536) |
| Realized and unrealized appreciation, net | 5,061 | | 884 | | — | 5,945 |
First 8 of 10 rows. The CSV has all of them.
Table 20 after “The following tables set forth a summary of changes in the fair value of the Level III measurements:”
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| Level III Net Assets of Consolidated Funds | Equity Securities | Fixed Income | | Derivatives, Net | Total | |
| Balance as of March 31, 2025 | $1,844,907 | | $580,992 | | $(749) | $2,425,150 |
| Transfer in(1) | — | | 85,051 | | — | 85,051 |
| Transfer out(1) | — | | (78,800) | | — | (78,800) |
| Purchases(2) | 90,043 | | 197,191 | | 1 | 287,235 |
| Sales/settlements(3) | (29) | | (286,046) | | — | (286,075) |
| Realized and unrealized appreciation, net | 69,422 | | 2,661 | | 28 | 72,111 |
| Balance as of June 30, 2025 | $2,004,343 | | $501,049 | | $(720) | $2,504,672 |
First 8 of 10 rows. The CSV has all of them.
Table 21 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Level III Assets and (Liabilities) of the Company | Equity Securities | Fixed Income | | Contingent Consideration | Total | |
| Balance as of December 31, 2025 | $725,590 | | $24,469 | | $(765,370) | $(15,311) |
| Established in connection with acquisition (see Note 7) | — | | — | | (713) | (713) |
| Transfer in(1) | — | | 209 | | — | 209 |
| Transfer out(1) | (468,866) | | — | | — | (468,866) |
| Purchases(2) | 1,816 | | 921 | | — | 2,737 |
| Sales/settlements(3) | — | | (8,578) | | 323 | (8,255) |
| Change in fair value | — | | — | | (28,030) | (28,030) |
First 8 of 11 rows. The CSV has all of them.
Table 22 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Level III Net Assets of Consolidated Funds | Equity Securities | Fixed Income | | Derivatives, Net | Total | |
| Balance as of December 31, 2025 | $3,003,449 | | $633,515 | | $(114) | $3,636,850 |
| Transfer in(1) | — | | 139,004 | | — | 139,004 |
| Transfer out(1) | (3,326) | | (556,640) | | — | (559,966) |
| Purchases(2) | 483,224 | | 89,291 | | — | 572,515 |
| Sales/settlements(3) | (4,234) | | (126,107) | | (468) | (130,809) |
| Realized and unrealized appreciation (depreciation), net | 197,130 | | (15,230) | | 582 | 182,482 |
| Balance as of June 30, 2026 | $3,676,243 | | $163,833 | | $— | $3,840,076 |
First 8 of 10 rows. The CSV has all of them.
Table 23 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Level III Assets and (Liabilities) of the Company | Equity Securities | Fixed Income | | Contingent Consideration | Total | |
| Balance as of December 31, 2024 | $411,179 | | $41,833 | | $(17,550) | $435,462 |
| Established in connection with acquisition (see Note 7) | — | | — | | (465,080) | (465,080) |
| Transfer in(1) | — | | 10,004 | | — | 10,004 |
| Transfer out(1) | (10,000) | | — | | — | (10,000) |
| Purchases(2) | 10,546 | | 37,171 | | — | 47,717 |
| Sales/settlements(3) | — | | (38,437) | | — | (38,437) |
| Change in fair value | — | | — | | (27,860) | (27,860) |
First 8 of 11 rows. The CSV has all of them.
Table 24 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Level III Net Assets of Consolidated Funds | Equity Securities | Fixed Income | | Derivatives, Net | Total | |
| Balance as of December 31, 2024 | $1,829,927 | | $593,817 | | $(1,846) | $2,421,898 |
| Transfer in(1) | 1 | | 167,529 | | — | 167,530 |
| Transfer out(1) | — | | (151,064) | | — | (151,064) |
| Purchases(2) | 90,327 | | 445,050 | | 124 | 535,501 |
| Sales/settlements(3) | (118) | | (553,791) | | — | (553,909) |
| Realized and unrealized appreciation (depreciation), net | 84,206 | | (492) | | 1,002 | 84,716 |
| Balance as of June 30, 2025 | $2,004,343 | | $501,049 | | $(720) | $2,504,672 |
First 8 of 10 rows. The CSV has all of them.
Table 25 after “The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurem”
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| Level III Measurements of the Company | Fair Value | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average(1) | |
| Assets | | | | | | | | | |
| Equity securities | | | | | | | | | |
| $89,518 | | Market approach | | Multiple of book value | | 0.5x - 1.5x | | 1.3x |
| 39,108 | | Discounted cash flow | | Discount rate | | 11.0% - 15.0% | | 13.0% |
| 35,615 | | Option pricing model | | Volatility | | 20.0% - 52.5% | | 26.9% |
| 33,879 | | Income approach | | Credit spread | | 3.0% - 4.5% | | 3.6% |
| 33,879 | | Market approach | | N/A | | N/A | | N/A |
First 8 of 18 rows. The CSV has all of them.
Table 26 after “The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurem”
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| Level III Measurements of the Consolidated Funds | Fair Value | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average(1) | |
| Assets | | | | | | | | | |
| Equity securities | | | | | | | | | |
| $1,341,920 | | Discounted cash flow | | Discount rate | | 9.0% - 13.0% | | 11.0% |
| 1,272,981 | | Market approach | | Multiple of book value | | 1.0x - 1.7x | | 1.4x |
| 1,061,342 | | Market approach | | EBITDA multiple(2) | | 14.7x - 25.4x | | 19.1x |
| Fixed income investments | | | | | | | | | |
| 161,463 | | Broker quotes and/or third-party pricing services | | N/A | | N/A | | N/A |
First 8 of 11 rows. The CSV has all of them.
Table 27 after “The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurem”
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| Level III Measurements of the Company | Fair Value | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average(1) | |
| Assets | | | | | | | | | |
| Equity securities | | | | | | | | | |
| $307,942 | | Transaction price | | N/A | | N/A | | N/A |
| 100,000 | | Market yield analysis | | Market interest rate | | 8.0% | | 8.0% |
| 84,737 | | Market approach | | Multiple of book value | | 0.6x - 1.5x | | 1.2x |
| 81,905 | | Option pricing model | | Volatility | | 50.0% | | 50.0% |
| 59,136 | | Discounted cash flow | | Discount rate | | 11.0% - 17.0% | | 14.0% |
First 8 of 18 rows. The CSV has all of them.
Table 28 after “The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurem”
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| Level III Measurements of the Consolidated Funds | Fair Value | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average(1) | |
| Assets | | | | | | | | | |
| Equity securities | | | | | | | | | |
| $1,295,564 | | Discounted cash flow | | Discount rate | | 9.0% - 20.0% | | 11.0% |
| 1,078,401 | | Market approach | | Multiple of book value | | 1.0x - 1.7x | | 1.3x |
| 350,000 | | Transaction price | | N/A | | N/A | | N/A |
| 278,992 | | Market approach | | EBITDA multiple(2) | | 5.4x - 33.0x | | 13.9x |
| 492 | | Market approach | | Yield | | 10.5% - 14.0% | | 11.5% |
First 8 of 17 rows. The CSV has all of them.
Table 29 after “The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using ”
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| As of June 30, 2026 | As of December 31, 2025 | |
| Investments (held at fair value) | $4,643,853 | | $3,791,056 |
| Unfunded commitments | 4,115,398 | | 3,658,819 |
Table 30 after “The following table summarizes the Company’s and its subsidiaries’ debt obligations:”
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| | As of June 30, 2026 | | As of December 31, 2025 | | | | | | | | | | | | | |
| Original Borrowing Amount | Carrying Value | | Fair Value(1) | | Interest Rate | Carrying Value | | Fair Value(1) | | Interest Rate | | | | | | |
| Credit Facility maturing on 5/21/2031(2) | N/A | $1,615,000 | | | $1,615,000 | | 4.52% | | | $1,380,000 | | | $1,380,000 | | | 4.86% | |
| Senior notes due 11/10/2028(3) | 500,000 | | 497,343 | | | 516,980 | | 6.42 | | | 496,785 | | | 529,140 | | | 6.42 |
| Senior notes due 6/15/2030(4) | 400,000 | | 398,182 | | | 373,904 | | 3.28 | | | 397,954 | | | 379,280 | | | 3.28 |
| Senior notes due 2/1/2052(5) | 500,000 | | 485,219 | | | 343,785 | | 3.77 | | | 485,011 | | | 348,840 | | | 3.77 |
| Senior notes due 10/11/2054(6) | 750,000 | | 736,534 | | | 676,583 | | 5.65 | | | 736,355 | | | 709,073 | | | 5.65 |
| Subordinated notes due 6/30/2051(7) | 450,000 | | 445,401 | | | 448,983 | | 4.16 | | | 445,310 | | | 443,943 | | | 4.13 |
First 8 of 10 rows. The CSV has all of them.
Table 31 after “The following table presents the activity of the Company’s debt issuance costs:”
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| Credit Facility | Term Debt Obligations | |
| Unamortized debt issuance costs as of December 31, 2025 | $5,760 | | $21,682 |
| Debt issuance costs incurred | 2,679 | | 585 |
| Amortization of debt issuance costs | (696) | | (1,030) |
| Unamortized debt issuance costs as of June 30, 2026 | $7,743 | | $21,237 |
Table 32 after “The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:”
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| As of June 30, 2026 | | As of December 31, 2025 | | | | | | | |
| Fair Value of Loan Obligations | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (in years) | | Fair Value of Loan Obligations | | Weighted Average Interest Rate | Weighted Average Remaining Maturity (in years) | |
| Senior secured notes | $6,171,017 | | 5.44% | | 9.2 | | $6,561,286 | | 5.19% | 9.0 |
| Subordinated notes(1) | 780,640 | | N/A | | 10.5 | | 797,786 | | N/A | 10.4 |
| Total loan obligations of Consolidated CLOs | $6,951,657 | | | | | | $7,359,072 | | | |
Table 33 after “The Consolidated Funds had the following credit facilities outstanding:”
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| As of June 30, 2026 | As of December 31, 2025 | | | | | | | | | | | | | | | |
| Total Capacity | Outstanding Loan | | Fair Value | Weighted Average Interest Rate | Weighted Average Remaining Maturity (in years) | | Total Capacity | | Outstanding Loan | | Fair Value | Weighted Average Interest Rate | Weighted Average Remaining Maturity (in years) | | | |
| Credit Facilities(1) | $4,677,635 | | $2,531,196 | | $2,531,196 | | 5.77% | | 4.2 | | $4,878,724 | | $2,251,780 | | $2,251,780 | 5.95% | 3.4 |
Table 34 after “The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:”
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| Maturity of operating lease liabilities | As of June 30, 2026 |
| 2026 | $38,689 |
| 2027 | 77,164 |
| 2028 | 94,412 |
| 2029 | 90,743 |
| 2030 | 88,983 |
| Thereafter | 830,518 |
| Total future payments | 1,220,509 |
First 8 of 10 rows. The CSV has all of them.
Table 35 after “The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| Classification within general, administrative and other expenses | 2026 | 2025 | | 2026 | 2025 | |
| Operating lease expense | $25,716 | | $22,773 | | $49,538 | $43,728 |
Table 36 after “The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:”
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| Six months ended June 30, | | |
| Supplemental information on the measurement of operating lease liabilities | 2026 | 2025 | |
| Operating cash flows for operating leases | $41,075 | | $31,126 |
| Leased assets obtained in exchange for new operating lease liabilities | 146,342 | | 48,353 |
Table 37 after “The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:”
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| As of June 30, | As of December 31, |
| Lease term and discount rate | 2026 | 2025 |
| Weighted-average remaining lease terms (in years) | 13.2 | 12.9 |
| Weighted-average discount rate | 5.7% | 5.8% |
Table 38 after “The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the”
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| As of June 30, | As of December 31, | |
| 2026 | 2025 | |
| Due from affiliates | | | |
| Management fees receivable from non-consolidated funds | $863,480 | | $817,767 |
| Incentive fee receivable from non-consolidated funds | 41,956 | | 150,674 |
| Payments made on behalf of and amounts due from non-consolidated funds and employees | 471,684 | | 451,777 |
| Due from affiliates—Company | $1,377,120 | | $1,420,218 |
| Due to affiliates | | | |
First 8 of 13 rows. The CSV has all of them.
Table 39 after “The following table presents the computation of basic and diluted earnings per common share:”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Basic earnings per share of Class A and non-voting common stock | | | | | | |
| Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $125,323 | | $111,750 | | $242,599 | $133,607 |
| Dividends declared and paid on Class A and non-voting common stock | (306,504) | | (245,650) | | (610,843) | (490,238) |
| Distributions on unvested restricted units | (13,066) | | (10,384) | | (26,289) | (21,188) |
| Dividends in excess of earnings available to Class A and non-voting common stockholders | $(194,247) | | $(144,284) | | $(394,533) | $(377,819) |
| Basic weighted-average shares of Class A and non-voting common stock | 226,304,870 | | 218,915,599 | | 225,175,788 | 214,158,085 |
First 8 of 17 rows. The CSV has all of them.
Table 40 after “Equity-based compensation expense, net of forfeitures, recorded by the Company is presented in the following table:”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Unvested awards | $179,755 | | $162,064 | | $380,397 | $418,966 |
| AOG Unit awards | 3,024 | | 3,027 | | 6,014 | 3,987 |
| Total equity-based compensation expense | $182,779 | | $165,091 | | $386,411 | $422,953 |
Table 41 after “The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the six months ended June 30, 2026:”
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| Record Date | Dividends Per Share | Dividend Equivalents Paid | |
| March 17, 2026 | $1.35 | | $25,442 |
| June 15, 2026 | 1.35 | | 25,194 |
Table 42 after “The following table presents unvested awards’ activity:”
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| Unvested Awards | Weighted Average Grant Date Fair Value Per Unvested Award | |
| Balance as of December 31, 2025 | 19,760,606 | | $118.49 |
| Granted | 4,928,284 | | 152.99 |
| Vested | (5,851,767) | | 96.54 |
| Forfeited | (78,648) | | 152.32 |
| Balance as of June 30, 2026 | 18,758,475 | | $134.26 |
Table 43 after “The following table presents unvested AOG Unit awards’ activity:”
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| Unvested AOG Unit Awards | Weighted Average Grant Date Fair Value Per Unvested AOG Unit Award | |
| Balance as of December 31, 2025 | 212,448 | | $170.94 |
| Vested | (70,816) | | 170.94 |
| Balance as of June 30, 2026 | 141,632 | | $170.94 |
Table 44 after “The following table presents the changes in each class of common stock:”
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| Class A Common Stock | Non-Voting Common Stock | | Class B Common Stock | Class C Common Stock | Total | | |
| Balance as of December 31, 2025 | 218,465,429 | | 3,489,911 | | 1,000 | | 105,079,121 | 327,035,461 |
| Issuance of common stock, net of unvested share forfeitures | 105,715 | | — | | — | | — | 105,715 |
| Exchanges of common stock | 2,250,545 | | — | | — | | (2,250,545) | — |
| Vesting of restricted unit awards, net of shares withheld for tax | 3,060,628 | | — | | — | | — | 3,060,628 |
| Balance as of June 30, 2026 | 223,882,317 | | 3,489,911 | | 1,000 | | 102,828,576 | 330,201,804 |
Table 45 after “The following table presents each partner’s AOG Units and corresponding ownership interest in each of the AOG entities, as well as its daily”
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| | | | | | Daily Average Ownership | | | | | | | |
| As of June 30, 2026 | As of December 31, 2025 | | Three months ended June 30, | Six months ended June 30, | | | | | | | | |
| AOG Units | Direct Ownership Interest | | AOG Units | Direct Ownership Interest | 2026 | | 2025 | 2026 | 2025 | | | |
| Ares Management Corporation | 227,372,228 | | 68.86% | | 221,955,340 | | 67.87% | | 68.61% | | 67.03% | 68.37% | 66.41% |
| Ares Owners Holdings, L.P. | 102,828,576 | | 31.14 | | 105,079,121 | | 32.13 | | 31.39 | | 32.97 | 31.63 | 33.59 |
| Total | 330,200,804 | | 100.00% | | 327,034,461 | | 100.00% | | | | | | |
Table 46 after “The following table summarizes the activities associated with the redeemable interest in AOG entities:”
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| Total |
| Balance as of December 31, 2024 | $23,496 |
| Net income | 316 |
| Currency translation adjustment, net of tax | 198 |
| Distributions | (300) |
| Balance as of March 31, 2025 | 23,710 |
| Net loss | (274) |
| Currency translation adjustment, net of tax | 699 |
First 8 of 22 rows. The CSV has all of them.
Table 47 after “The following table summarizes the activities associated with the redeemable interest in Consolidated Funds:”
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| Total |
| Balance as of December 31, 2024 | $550,700 |
| Change in redemption value | 5,698 |
| Balance as of March 31, 2025 | 556,398 |
| Redemptions from Class A ordinary shares of Ares Acquisition Corporation II (“AAC II”) (subsequently renamed to Kodiak AI, Inc. (Nasdaq: KDK)) | (7,143) |
| Change in redemption value | 8,795 |
| Balance as of June 30, 2025 | 558,050 |
| Redemptions from Class A ordinary shares of AAC II | (502,360) |
First 8 of 11 rows. The CSV has all of them.
Table 48 after “The following tables present the financial results for the Company’s operating segments, as well as the OMG:”
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| Three months ended June 30, 2026 | | | | | | | | | | | | |
| Credit Group | Real Assets Group | | Secondaries Group | Private Equity Group | Other | | Total Segments | OMG | Total | | | |
| Management fees | $703,460 | | $202,590 | | $71,875 | | $33,800 | | $18,291 | | $1,030,016 | $— | $1,030,016 |
| Fee related performance revenues | 1,081 | | 354 | | 39,094 | | — | | — | | 40,529 | — | 40,529 |
| Other fees | 17,848 | | 62,318 | | 1,804 | | 677 | | 136 | | 82,783 | 9,179 | 91,962 |
| Compensation and benefits | (178,500) | | (80,760) | | (37,358) | | (14,102) | | (8,933) | | (319,653) | (153,045) | (472,698) |
| General, administrative and other expenses | (45,436) | | (37,314) | | (14,507) | | (5,072) | | (2,880) | | (105,209) | (93,545) | (198,754) |
| Fee related earnings | 498,453 | | 147,188 | | 60,908 | | 15,303 | | 6,614 | | 728,466 | (237,411) | 491,055 |
First 8 of 32 rows. The CSV has all of them.
Table 49 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Six months ended June 30, 2026 | | | | | | | | | | | | |
| Credit Group | Real Assets Group | | Secondaries Group | Private Equity Group | Other | | Total Segments | OMG | Total | | | |
| Management fees | $1,388,123 | | $399,216 | | $142,150 | | $66,919 | | $35,179 | | $2,031,587 | $— | $2,031,587 |
| Fee related performance revenues | 6,337 | | 2,955 | | 50,793 | | — | | — | | 60,085 | — | 60,085 |
| Other fees | 32,947 | | 109,070 | | 3,589 | | 1,177 | | 186 | | 146,969 | 18,960 | 165,929 |
| Compensation and benefits | (354,737) | | (160,851) | | (57,857) | | (27,886) | | (16,897) | | (618,228) | (303,117) | (921,345) |
| General, administrative and other expenses | (96,781) | | (71,233) | | (23,134) | | (10,050) | | (5,443) | | (206,641) | (174,156) | (380,797) |
| Fee related earnings | 975,889 | | 279,157 | | 115,541 | | 30,160 | | 13,025 | | 1,413,772 | (458,313) | 955,459 |
First 8 of 32 rows. The CSV has all of them.
Table 50 after “The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss)”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Segment revenues | | | | | | |
| Management fees | $1,030,016 | | $900,285 | | $2,031,587 | $1,718,661 |
| Fee related performance revenues | 40,529 | | 16,697 | | 60,085 | 44,748 |
| Other fees | 82,783 | | 68,287 | | 146,969 | 100,920 |
| Performance income—realized | 140,329 | | 55,554 | | 353,877 | 181,002 |
| Total segment revenues | $1,293,657 | | $1,040,823 | | $2,592,518 | $2,045,331 |
First 8 of 18 rows. The CSV has all of them.
Table 51 after “The following table reconciles the Company’s consolidated revenues to segment revenue:”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Total consolidated revenue | $1,428,610 | | $1,350,128 | | $2,825,046 | $2,438,933 |
| Performance income—unrealized | (124,837) | | (300,592) | | (216,872) | (365,035) |
| Management fees of Consolidated Funds eliminated in consolidation | 21,614 | | 8,954 | | 43,127 | 18,848 |
| Performance income of Consolidated Funds eliminated in consolidation | 13,060 | | 7,096 | | 29,178 | 12,224 |
| Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation | 2,378 | | 6,555 | | 2,461 | 6,679 |
| Administrative fees(1) | (26,562) | | (22,027) | | (50,597) | (41,755) |
First 8 of 13 rows. The CSV has all of them.
Table 52 after “The following table reconciles the Company’s consolidated expenses to segment expenses:”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Total consolidated expenses | $1,179,977 | | $1,137,578 | | $2,348,440 | $2,151,906 |
| Performance related compensation-unrealized | (123,748) | | (207,731) | | (205,170) | (248,281) |
| Expenses of Consolidated Funds added in consolidation | (27,668) | | (42,778) | | (56,546) | (59,462) |
| Expenses of Consolidated Funds eliminated in consolidation | 23,993 | | 15,771 | | 45,588 | 25,799 |
| Administrative fees(1) | (26,562) | | (22,027) | | (50,597) | (41,755) |
| Depreciation and amortization expense | (60,449) | | (63,180) | | (120,143) | (111,409) |
First 8 of 16 rows. The CSV has all of them.
Table 53 after “The following table reconciles the Company’s consolidated other income to segment realized net investment loss:”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Total consolidated other income | $137,309 | | $74,388 | | $222,257 | $140,949 |
| Investment income—unrealized | (64,839) | | (106,579) | | (84,977) | (128,217) |
| Interest and other investment loss—unrealized | 6,060 | | 24,083 | | 2,687 | 27,857 |
| Other income, net of Consolidated Funds added in consolidation | (130,696) | | (145,705) | | (237,416) | (232,127) |
| Other expense (income), net of Consolidated Funds eliminated in consolidation | (335) | | 10,971 | | (571) | 12,771 |
| OMG other income | (1,044) | | (4,927) | | (1,719) | (730) |
First 8 of 13 rows. The CSV has all of them.
Table 54 after “The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Income before taxes | $385,942 | | $286,938 | | $698,863 | $427,976 |
| Adjustments: | | | | | | |
| Depreciation and amortization expense | 60,449 | | 63,180 | | 120,143 | 111,409 |
| Equity compensation expense | 182,779 | | 165,091 | | 386,411 | 422,953 |
| Acquisition-related compensation expense(1) | 28,239 | | 44,305 | | 56,439 | 66,304 |
| Acquisition and merger-related expense | 692 | | 2,791 | | 1,936 | 37,399 |
First 8 of 21 rows. The CSV has all of them.
Table 55 after “The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Co”
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| As of June 30, | As of December 31, | |
| 2026 | 2025 | |
| Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs | $369,983 | | $469,455 |
| Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs | 1,657,779 | | 1,346,592 |
| Assets of consolidated VIEs | 13,788,662 | | 13,468,979 |
| Liabilities of consolidated VIEs | 8,957,382 | | 9,354,024 |
Table 56 after “The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Co”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Net income attributable to non-controlling interests related to consolidated VIEs | $(2,632) | | $2,298 | | $24,393 | $55,274 |
Table 57 after “The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial ”
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| As of June 30, 2026 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Assets | | | | | | |
| Cash and cash equivalents | $557,094 | | $— | | $— | $557,094 |
| Investments (includes $4,141,111 of accrued carried interest) | 7,333,193 | | — | | (1,786,938) | 5,546,255 |
| Due from affiliates | 1,402,537 | | — | | (25,417) | 1,377,120 |
| Other assets | 1,090,945 | | — | | (569) | 1,090,376 |
| Right-of-use operating lease assets | 633,385 | | — | | — | 633,385 |
First 8 of 47 rows. The CSV has all of them.
Table 58 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| As of December 31, 2025 | | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | | |
| Assets | | | | | | | |
| Cash and cash equivalents | $488,896 | | $— | | $— | | $488,896 |
| Investments (includes $3,972,748 of accrued carried interest) | 6,940,314 | | — | | (1,431,867) | | 5,508,447 |
| Due from affiliates | 1,446,083 | | — | | (25,865) | | 1,420,218 |
| Other assets | 1,032,138 | | — | | — | | 1,032,138 |
| Right-of-use operating lease assets | 517,351 | | — | | — | | 517,351 |
First 8 of 46 rows. The CSV has all of them.
Table 59 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Three months ended June 30, 2026 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Revenues | | | | | | |
| Management fees | $1,039,177 | | $— | | $(21,614) | $1,017,563 |
| Carried interest allocation | 262,974 | | — | | (13,060) | 249,914 |
| Incentive fees | 42,753 | | — | | — | 42,753 |
| Principal investment income | 18,442 | | — | | (16,154) | 2,288 |
| Administrative, transaction and other fees | 118,470 | | — | | (2,378) | 116,092 |
First 8 of 34 rows. The CSV has all of them.
Table 60 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Three months ended June 30, 2025 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Revenues | | | | | | |
| Management fees | $909,576 | | $— | | $(8,954) | $900,622 |
| Carried interest allocation | 330,735 | | — | | (6,834) | 323,901 |
| Incentive fees | 23,341 | | — | | (262) | 23,079 |
| Principal investment income | 91,377 | | — | | (80,414) | 10,963 |
| Administrative, transaction and other fees | 98,118 | | — | | (6,555) | 91,563 |
First 8 of 34 rows. The CSV has all of them.
Table 61 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Six months ended June 30, 2026 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Revenues | | | | | | |
| Management fees | $2,050,217 | | $— | | $(43,127) | $2,007,090 |
| Carried interest allocation | 425,723 | | — | | (29,178) | 396,545 |
| Incentive fees | 204,687 | | — | | — | 204,687 |
| Principal investment income | 47,454 | | — | | (44,689) | 2,765 |
| Administrative, transaction and other fees | 216,420 | | — | | (2,461) | 213,959 |
First 8 of 34 rows. The CSV has all of them.
Table 62 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Six months ended June 30, 2025 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Revenues | | | | | | |
| Management fees | $1,736,457 | | $— | | $(18,848) | $1,717,609 |
| Carried interest allocation | 495,861 | | — | | (11,952) | 483,909 |
| Incentive fees | 55,399 | | — | | (272) | 55,127 |
| Principal investment income | 118,216 | | — | | (85,255) | 32,961 |
| Administrative, transaction and other fees | 156,006 | | — | | (6,679) | 149,327 |
First 8 of 34 rows. The CSV has all of them.
Table 63 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Six months ended June 30, 2026 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Cash flows from operating activities | | | | | | |
| Net income | $465,126 | | $174,184 | | $(73,296) | $566,014 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities | 449,016 | | — | | 165,634 | 614,650 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds | — | | (1,022,900) | | 1,768 | (1,021,132) |
| Cash flows due to changes in operating assets and liabilities | 106,539 | | — | | 40,524 | 147,063 |
| Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds | — | | 82,628 | | (334,153) | (251,525) |
First 8 of 32 rows. The CSV has all of them.
Table 64 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
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| Six months ended June 30, 2025 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Cash flows from operating activities | | | | | | |
| Net income | $289,505 | | $169,954 | | $(109,978) | $349,481 |
| Adjustments to reconcile net income to net cash provided by operating activities | 548,460 | | — | | (86,146) | 462,314 |
| Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | — | | 1,175,691 | | (12,289) | 1,163,402 |
| Cash flows due to changes in operating assets and liabilities | 326,562 | | — | | (136,882) | 189,680 |
| Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds | — | | (189,822) | | 434,849 | 245,027 |
First 8 of 32 rows. The CSV has all of them.
Table 65 after “The following table presents returns of selected market indices:-”
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| | | Returns (%) | |
| Type of Index | Name of Index | Region | Three months ended June 30, 2026 | Six months ended June 30, 2026 |
| High yield bonds | ICE BAML High Yield Master II Index | U.S. | 2.5 | 1.9 |
| High yield bonds | ICE BAML European Currency High Yield Index | Europe | 3.7 | 1.9 |
| Leveraged loans | S&P UBS Leveraged Loan Index | U.S. | 1.9 | 1.4 |
| Leveraged loans | S&P UBS Western European Leveraged Loan Index | Europe | 2.6 | 1.8 |
| Equities | S&P 500 Index | U.S. | 15.2 | 10.2 |
| Equities | MSCI All Country World Ex-U.S. Index | Non-U.S. | 14.7 | 14.0 |
First 8 of 12 rows. The CSV has all of them.
Table 66 after “The tables below present rollforwards of our total AUM by segment ($ in millions):”
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| Credit Group | Real Assets Group | | SecondariesGroup | Private Equity Group | Other Businesses | | Total AUM | | |
| Balance at 3/31/2026 | $422,624 | | $143,384 | | $42,629 | | $24,674 | | $10,942 | $644,253 |
| New par/equity commitments | 12,887 | | 6,667 | | 1,329 | | — | | 1,325 | 22,208 |
| New debt commitments | 10,799 | | 3,072 | | 345 | | — | | — | 14,216 |
| Capital reductions | (3,923) | | (888) | | — | | — | | — | (4,811) |
| Distributions | (3,318) | | (2,304) | | (402) | | (551) | | (382) | (6,957) |
| Redemptions | (1,416) | | (481) | | (130) | | — | | — | (2,027) |
| Net allocations among investment strategies | 682 | | 407 | | 152 | | — | | (1,241) | — |
First 8 of 42 rows. The CSV has all of them.
Table 67 after “The tables below present rollforwards of our total FPAUM by segment ($ in millions):”
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| | Credit Group | Real Assets Group | | SecondariesGroup | | Private Equity Group | Other Businesses | | Total | | | | |
| Balance at 3/31/2026 | | $260,187 | | $87,139 | | | $30,189 | | $14,203 | | | $7,880 | | $399,598 |
| Commitments | | 3,519 | | 2,710 | | | 552 | | — | | | 1,325 | | 8,106 |
| Deployment/increase in leverage | 10,058 | | 1,162 | | | 440 | | 96 | | | 2,580 | | 14,336 | |
| Capital reductions | | (2,167) | | (139) | | | — | | — | | | — | | (2,306) |
| Distributions | | (4,788) | | (1,365) | | | (291) | | (349) | | | (382) | | (7,175) |
| Redemptions | | (1,397) | | (403) | | | (130) | | — | | | — | | (1,930) |
| Net allocations among investment strategies | | 1,316 | | 408 | | | 152 | | — | | | (1,876) | | — |
First 8 of 46 rows. The CSV has all of them.
Table 68 after “The following table presents our summarized consolidated results of operations ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Total revenues | $1,428,610 | | $1,350,128 | | $78,482 | | 6% | | $2,825,046 | | $2,438,933 | $386,113 | 16% |
| Total expenses | (1,179,977) | | (1,137,578) | | (42,399) | | (4) | | (2,348,440) | | (2,151,906) | (196,534) | (9) |
| Total other income, net | 137,309 | | 74,388 | | 62,921 | | 85 | | 222,257 | | 140,949 | 81,308 | 58 |
| Less: Income tax expense | 72,977 | | 60,958 | | (12,019) | | (20) | | 132,849 | | 78,495 | (54,354) | (69) |
| Net income | 312,965 | | 225,980 | | 86,985 | | 38 | | 566,014 | | 349,481 | 216,533 | 62 |
| Less: Net income attributable to non-controlling interests in Consolidated Funds | 71,241 | | 3,999 | | 67,242 | | NM | | 100,888 | | 59,976 | 40,912 | 68 |
First 8 of 14 rows. The CSV has all of them.
| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Revenues | | | | | | | | | | | | | |
| Management fees | $1,017,563 | | $900,622 | | $116,941 | | 13% | | $2,007,090 | | $1,717,609 | $289,481 | 17% |
| Carried interest allocation | 249,914 | | 323,901 | | (73,987) | | (23) | | 396,545 | | 483,909 | (87,364) | (18) |
| Incentive fees | 42,753 | | 23,079 | | 19,674 | | 85 | | 204,687 | | 55,127 | 149,560 | 271 |
| Principal investment income | 2,288 | | 10,963 | | (8,675) | | (79) | | 2,765 | | 32,961 | (30,196) | (92) |
| Administrative, transaction and other fees | 116,092 | | 91,563 | | 24,529 | | 27 | | 213,959 | | 149,327 | 64,632 | 43 |
First 8 of 9 rows. The CSV has all of them.
Table 70 after “The following table sets forth carried interest allocation by segment ($ in millions):”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Credit funds | $153.3 | | $273.7 | | $290.6 | $404.4 |
| Real Assets funds | 121.2 | | 32.8 | | 168.8 | 54.9 |
| Secondaries funds | (8.0) | | 4.7 | | 1.8 | (1.6) |
| Private Equity funds | 21.8 | | 28.6 | | 32.2 | 65.6 |
| Other businesses | (25.3) | | 9.7 | | (67.3) | 12.1 |
| Elimination of carried interest from Consolidated Funds | (13.1) | | (6.8) | | (29.2) | (12.0) |
First 8 of 10 rows. The CSV has all of them.
Table 71 after “The activity was principally composed of the following:”
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| Three months ended June 30, 2026 | Three months ended June 30, 2025 |
| Credit funds | |
| •Primarily from one alternative credit fund, one direct lending fund and three opportunistic credit funds with $24.6 billion of IGAUM generating returns in excess of their hurdle rates:◦Within alternative credit, Pathfinder II generated carried interest allocation of $44.8 million, driven by the appreciation of certain investments that primarily operate in the utilities and transportation industries◦Within direct lending, ACE VI generated carried interest allocation of $32.5 million, driven by net investment income during the period◦Within opportunistic credit, SSF IV and ASOF I generated carried interest allocation of $20.9 million and $20.7 million respectively, primarily driven by the increase in market value of their investment in Savers Value Village, Inc. (“SVV”), due to its higher stock price. ASOF II generated carried interest allocation of $16.8 million primarily driven by improved profitability of portfolio companies that operate in the consumer service industry | •Primarily from four direct lending funds, two opportunistic credit funds and two alternative credit funds with $42.4 billion of IGAUM generating returns in excess of their hurdle rates:◦Within our direct lending funds, ACE V, ACE VI and PCS II generated carried interest allocation of $46.7 million, $32.7 million and $31.8 million, respectively, driven by net investment income on an increasing invested capital base. ACE IV generated carried interest allocation of $20.8 million, driven by net investment income during the period◦Within our opportunistic credit funds, ASOF II generated carried interest allocation of $53.6 million, driven by improved profitability of portfolio companies that operate in the healthcare and services industries. ASOF I generated carried interest allocation of $24.6 million, driven by the increase in market value of its investment in SVV, due to its higher stock price◦Within our alternative credit funds, Pathfinder I and Pathfinder II generated carried interest allocation of $21.4 million and $9.8 million, respectively, driven by the market appreciation of certain investments and net investment income during the period |
| Real Assets funds | |
| •JDC I generated carried interest allocation of $54.3 million, driven by the appreciation of a data center investment•AREOF IV generated carried interest allocation of $21.2 million, driven by the appreciation of certain investments within the industrial and multifamily sector•ACIP II and ACIP I generated carried interest allocation of $14.3 million and $7.7 million, respectively, driven by the appreciation of a data center investment •IDF V generated carried interest allocation of $12.6 million, driven by net investment income during the period | •ACIP II generated carried interest allocation of $10.0 million, driven by the appreciation of certain investments•IDF V generated carried interest allocation of $4.6 million, driven by net investment income during the period•US IX and US X generated carried interest allocation of $4.1 million and $3.6 million, respectively, due to increasing operating income and higher property valuations primarily from industrial property investments•AREOF III and EF IV generated carried interest allocation of $4.1 million and $3.1 million, respectively, driven by the appreciation of certain investments |
| Three months ended June 30, 2026 | Three months ended June 30, 2025 |
| Secondaries funds | |
| •Reversal of unrealized carried interest of $30.4 million from LREF VIII, primarily driven by the lower valuation of certain multifamily portfolio investments•ASIS III and LREF IX generated carried interest of $12.2 million and $4.2 million, respectively, primarily driven by the appreciation of certain portfolio investments | •LREF VIII generated carried interest allocation of $6.7 million, primarily driven by the appreciation of certain portfolio investments |
| Private Equity funds | |
| •ACOF VI and ACOF VII generated carried interest allocation of $14.8 million and $11.4 million, respectively, primarily driven by improved profitability from portfolio companies that primarily operate in the retail, healthcare and service industries | •ACOF VI generated carried interest allocation of $36.1 million primarily driven by improved profitability from portfolio companies that primarily operate in the service and industrial industries•Reversal of unrealized carried interest allocation of $7.6 million from ACOF IV, driven by lower profitability of portfolio companies that primarily operate in the energy and healthcare industries |
| Other businesses | |
| •Reversal of unrealized carried interest of $20.9 million attributable to the decrease in market value of our investment in Kodiak AI, Inc. (Nasdaq: KDK), driven by its lower stock price•Reversal of carried interest allocation of $4.4 million from an insurance fund that is eliminated upon consolidation | •Carried interest allocation from an insurance fund that is eliminated upon consolidation |
| Six months ended June 30, 2026 | Six months ended June 30, 2025 |
First 8 of 14 rows. The CSV has all of them.
| Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| Private Equity funds | |
| •ACOF VI and ACOF VII generated carried interest allocation of $37.3 million and $12.1 million, respectively, primarily driven by improved profitability from portfolio companies that primarily operate in the retail, healthcare and service industries•Reversal of unrealized carried interest of $15.8 million from ACOF IV, driven by lower operating performance from a portfolio company that operates in the healthcare industry and driven by the lower public share price of a portfolio company that operates in the consumer services industry | •ACOF VI generated carried interest allocation of $78.8 million, primarily driven by improved profitability of portfolio companies that primarily operate in the healthcare, services, industrial and retail industries•Reversal of unrealized carried interest allocation of $13.1 million from a private equity fund, driven by lower operating performance from portfolio companies that primarily operate in the industrial and service industries |
| Other businesses | |
| •Reversal of unrealized carried interest of $74.9 million attributable to the decrease in market value of our investment in Kodiak AI, Inc. (Nasdaq: KDK), driven by its lower stock price•Carried interest allocation of $7.6 million from an insurance fund that is eliminated upon consolidation | •Carried interest allocation from an insurance fund that is eliminated upon consolidation |
Table 74 after “The following table sets forth incentive fees by segment ($ in millions):”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Credit funds | $3.3 | | $6.8 | | $150.9 | $28.7 |
| Real Assets funds | 0.4 | | 0.1 | | 3.0 | 0.5 |
| Secondaries funds | 39.1 | | 16.2 | | 50.8 | 25.9 |
| Incentive fees | $42.8 | | $23.1 | | $204.7 | $55.1 |
| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Expenses of the Company | | | | | | | | | | | | | |
| Compensation and benefits | $688,660 | | $643,709 | | $(44,951) | | (7)% | | $1,381,067 | | $1,300,834 | $(80,233) | (6)% |
| Performance related compensation | 231,927 | | 234,706 | | 2,779 | | 1 | | 460,263 | | 357,339 | (102,924) | (29) |
| General, administrative and other expenses | 255,715 | | 232,156 | | (23,559) | | (10) | | 496,152 | | 460,070 | (36,082) | (8) |
| Total | $1,176,302 | | $1,110,571 | | 42,399 | | 4 | | $2,337,482 | | $2,118,243 | (196,534) | (9) |
Table 76 after “The following table presents the components of change in compensation and benefits for the three and six months ended June 30, 2026 compared”
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| Three month change | Six month change | |
| Compensation and benefits | | | |
| Cash-based compensation and benefits | $(28.4) | | $(96.7) |
| Part I Fee compensation | (15.1) | | (30.0) |
| Acquisition-related compensation expense | 16.1 | | 9.9 |
| Equity compensation expense | (28.2) | | (59.2) |
| Acquisition-related equity compensation expense | 10.6 | | 95.8 |
| Total | $(45.0) | | $(80.2) |
| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Other income (expense) of the Company | | | | | | | | | | | | | |
| Net realized and unrealized gains on investments | $72,710 | | $12,708 | | $60,002 | | NM | | $76,099 | | $12,976 | $63,123 | NM |
| Interest and dividend income | 6,522 | | 7,772 | | (1,250) | | (16) | | 13,621 | | 25,428 | (11,807) | (46) |
| Interest expense | (52,195) | | (43,575) | | (8,620) | | (20) | | (102,955) | | (79,962) | (22,993) | (29) |
| Other income (expense), net | (21,092) | | (46,521) | | 25,429 | | 55 | | 3,468 | | (57,235) | 60,703 | NM |
| Total | $5,945 | | $(69,616) | | 62,921 | | 85 | | $(9,767) | | $(98,793) | 81,308 | 58 |
Table 78 after “The majority of our Consolidated Funds are not subject to income tax as the funds’ investors are responsible for reporting their share of in”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Consolidated Company Entities | | | | | | | | | | | | | |
| Income before taxes | $311,792 | | $282,230 | | $29,562 | | 10% | | $591,289 | | $365,289 | $226,000 | 62% |
| Less: Income tax expense | 70,068 | | 60,249 | | (9,819) | | (16) | | 126,163 | | 75,784 | (50,379) | (66) |
| Net income | $241,724 | | $221,981 | | 19,743 | | 9 | | $465,126 | | $289,505 | 175,621 | 61 |
Table 79 after “The allocation of taxable income is also sensitive to any changes in weighted average daily ownership as the income attributed to redeemable”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| AMC common stockholders | 68.61% | | 67.03% | | 68.37% | 66.41% |
| Non-controlling AOG unitholders | 31.39 | | 32.97 | | 31.63 | 33.59 |
Table 80 after “Redeemable and Non-Controlling Interests”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Net income | $312,965 | | $225,980 | | $86,985 | | 38% | | $566,014 | | $349,481 | $216,533 | 62% |
| Less: Net income attributable to non-controlling interests in Consolidated Funds | 71,241 | | 3,999 | | 67,242 | | NM | | 100,888 | | 59,976 | 40,912 | 68 |
| Net income attributable to Ares Operating Group entities | 241,724 | | 221,981 | | 19,743 | | 9 | | 465,126 | | 289,505 | 175,621 | 61 |
| Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities | 1,845 | | (274) | | 2,119 | | NM | | 732 | | 42 | 690 | NM |
| Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 89,244 | | 85,193 | | 4,051 | | 5 | | 171,170 | | 105,231 | 65,939 | 63 |
| Net income attributable to Ares Management Corporation | 150,635 | | 137,062 | | 13,573 | | 10 | | 293,224 | | 184,232 | 108,992 | 59 |
First 8 of 10 rows. The CSV has all of them.
Table 81 after “The following table presents the results of operations of the Consolidated Funds ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | | | Favorable (Unfavorable) | | | | | | | | |
| 2026 | | 2025 | | $ Change | % Change | | 2026 | | 2025 | | $ Change | % Change | | |
| Expenses of the Consolidated Funds | $(3,675) | | | $(27,007) | | $23,332 | | | 86% | | $(10,958) | $(33,663) | | $22,705 | 67% |
| Net realized and unrealized gains on investments of Consolidated Funds | 176,396 | | | 127,752 | | 48,644 | | | 38 | | 310,412 | 216,158 | | 94,254 | 44 |
| Interest and other income of Consolidated Funds | 59,123 | | | 161,890 | | (102,767) | | | (63) | | 164,568 | 321,962 | | (157,394) | (49) |
| Interest expense of Consolidated Funds | (104,155) | | | (145,638) | | 41,483 | | | 28 | | (242,956) | (298,378) | | 55,422 | 19 |
| Income before taxes | 127,689 | | | 116,997 | | 10,692 | | | 9 | | 221,066 | 206,079 | | 14,987 | 7 |
| Less: Income tax expense of Consolidated Funds | 2,909 | | | 709 | | (2,200) | | | NM | | 6,686 | 2,711 | | (3,975) | (147) |
First 8 of 12 rows. The CSV has all of them.
Table 82 after “The following table sets forth FRE and RI by reportable segment and the OMG ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Fee Related Earnings | | | | | | | | | | | | | |
| Credit Group | $498,453 | | $426,310 | | $72,143 | | 17% | | $975,889 | | $834,904 | $140,985 | 17% |
| Real Assets Group | 147,188 | | 113,645 | | 33,543 | | 30 | | 279,157 | | 187,924 | 91,233 | 49 |
| Secondaries Group | 60,908 | | 50,537 | | 10,371 | | 21 | | 115,541 | | 91,121 | 24,420 | 27 |
| Private Equity Group | 15,303 | | 9,846 | | 5,457 | | 55 | | 30,160 | | 24,153 | 6,007 | 25 |
| Other | 6,614 | | 4,764 | | 1,850 | | 39 | | 13,025 | | 9,233 | 3,792 | 41 |
First 8 of 18 rows. The CSV has all of them.
Table 83 after “Income before provision for income taxes is the GAAP financial measure most comparable to RI. The following table presents the reconciliatio”
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| Three months ended June 30, | Six months ended June 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Income before taxes | $385,942 | | $286,938 | | $698,863 | $427,976 |
| Adjustments: | | | | | | |
| Depreciation and amortization expense | 60,449 | | 63,180 | | 120,143 | 111,409 |
| Equity compensation expense | 182,779 | | 165,091 | | 386,411 | 422,953 |
| Acquisition-related compensation expense(1) | 28,239 | | 44,305 | | 56,439 | 66,304 |
| Acquisition and merger-related expense | 692 | | 2,791 | | 1,936 | 37,399 |
First 8 of 20 rows. The CSV has all of them.
Table 84 after “The following table presents the components of the Credit Group’s FRE ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | | Favorable (Unfavorable) | | | | | | | | | |
| 2026 | | 2025 | | $ Change | | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Management fees | $703,460 | | | $617,141 | | | $86,319 | | 14% | | $1,388,123 | | $1,202,537 | $185,586 | 15% |
| Fee related performance revenues | 1,081 | | | 314 | | | 767 | | 244 | | 6,337 | | 18,709 | (12,372) | (66) |
| Other fees | 17,848 | | | 13,362 | | | 4,486 | | 34 | | 32,947 | | 23,960 | 8,987 | 38 |
| Compensation and benefits | (178,500) | | | (160,205) | | | (18,295) | | (11) | | (354,737) | | (324,952) | (29,785) | (9) |
| General, administrative and other expenses | (45,436) | | | (44,302) | | | (1,134) | | (3) | | (96,781) | | (85,350) | (11,431) | (13) |
| Fee Related Earnings | $498,453 | | | $426,310 | | | 72,143 | | 17 | | $975,889 | | $834,904 | 140,985 | 17 |
Table 85 after “The following table presents the components of and causes for changes in the Credit Group’s management fees for the three and six months end”
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| Three month change | Six month change | |
| Perpetual wealth funds: | | | |
| Base management fees from ASIF, our open-ended European direct lending fund and CADC, due to increases in FPAUM associated with fundraising | $21.0 | | $46.7 |
| Part I Fees from ASIF and our open-ended European direct lending fund, driven by increases in net investment income from their growing portfolio of investments | 21.8 | | 44.7 |
| Fees from our open-ended sports, media and entertainment opportunities fund, which began generating fees during the first quarter of 2026 following the expiration of its fee waiver | 2.5 | | 4.6 |
| Private commingled funds and SMAs: | | | |
| Fees from SDL III, ACE VI, our open-ended core alternative credit fund, ASOF III and Pathfinder II, driven by capital deployment | 39.4 | | 77.0 |
| Distributions that reduced the fee base of SDL II, ACE IV, SSG IV, Pathfinder I and ASOF I, as these funds are past their investment periods | (15.1) | | (28.8) |
First 8 of 12 rows. The CSV has all of them.
Table 86 after “The following table presents the components of the Credit Group’s RI ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | | Favorable (Unfavorable) | | | | | | | | | |
| 2026 | | 2025 | | $ Change | | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Fee Related Earnings | $498,453 | | | $426,310 | | | $72,143 | | 17% | | $975,889 | | $834,904 | $140,985 | 17% |
| Performance income—realized | 128,422 | | | 21,915 | | | 106,507 | | NM | | 294,650 | | 76,027 | 218,623 | 288 |
| Performance related compensation—realized | (80,091) | | | (13,248) | | | (66,843) | | NM | | (182,340) | | (47,506) | (134,834) | (284) |
| Realized net performance income | 48,331 | | | 8,667 | | | 39,664 | | NM | | 112,310 | | 28,521 | 83,789 | 294 |
| Investment income (loss)—realized | (676) | | | 4,096 | | | (4,772) | | NM | | 3,348 | | 9,475 | (6,127) | (65) |
| Interest income | 490 | | | 1,135 | | | (645) | | (57) | | 1,322 | | 5,555 | (4,233) | (76) |
First 8 of 11 rows. The CSV has all of them.
Table 87 after “The Credit Group’s realized activities were principally composed of and caused by the following:”
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| Three months ended June 30, 2026 | Three months ended June 30, 2025 |
| Realized net performance income | |
| Carried interest:•Distribution of $47.4 million from ACE V following the end of its investment period in 2025 | Carried interest:•Distributions of $3.9 million from an alternative credit fund that is in liquidation Incentive fees:•Incentive fees of $2.6 million, primarily from two alternative credit funds that have annual measurement periods in the second quarter |
| Realized investment income and interest income | |
| •No significant activities | •Income of $3.4 million generated from 12 CLO and CLO-based investments |
| Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| Realized net performance income | |
| Carried interest:•Distribution of $47.4 million from ACE V following the end of its investment period in 2025•Tax distributions of $8.0 million, primarily from ACE VIncentive fees:•Distribution of $53.9 million from SDL I in connection with the sale of its remaining assets to a continuation vehicle | Carried interest:•Aggregate tax distributions of $12.3 million, primarily from ACE IV, ACE V and Pathfinder I•Distributions of $9.4 million from two alternative credit funds that are in liquidationIncentive fees:•Incentive fees of $3.6 million, primarily generated from two alternative credit funds that have annual measurement periods in the second quarter and from a U.S. direct lending fund |
First 8 of 10 rows. The CSV has all of them.
Table 88 after “The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensat”
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| As of June 30, 2026 | As of December 31, 2025 | | | | | | | | |
| Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | | |
| Pathfinder I | $228.5 | | $194.3 | | $34.2 | | $216.3 | | $183.9 | $32.4 |
| Pathfinder II | 221.6 | | 173.4 | | 48.2 | | 134.7 | | 105.4 | 29.3 |
| ASOF I | 277.1 | | 205.1 | | 72.0 | | 276.4 | | 204.6 | 71.8 |
| ASOF II | 349.3 | | 244.7 | | 104.6 | | 324.6 | | 227.3 | 97.3 |
| ACE IV | 177.3 | | 115.3 | | 62.0 | | 185.7 | | 120.5 | 65.2 |
| ACE V | 230.8 | | 144.9 | | 85.9 | | 347.6 | | 218.9 | 128.7 |
First 8 of 13 rows. The CSV has all of them.
Table 89 after “The following table presents the change in accrued performance income for the Credit Group ($ in millions):”
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| | As of December 31, 2025 | Activity during the period | | As of June 30, 2026 | | | | |
| Waterfall Type | Accrued Performance Income | Change in Unrealized | | Realized | Other Adjustments | Accrued Performance Income | | |
| Accrued Carried Interest | | | | | | | | | |
| Pathfinder I | European | $216.3 | | $12.2 | | $— | | $— | $228.5 |
| Pathfinder II | European | 134.7 | | 86.9 | | — | | — | 221.6 |
| ASOF I | European | 276.4 | | 3.4 | | (2.7) | | — | 277.1 |
| ASOF II | European | 324.6 | | 24.7 | | — | | — | 349.3 |
| ACE IV | European | 185.7 | | (7.3) | | (1.1) | | — | 177.3 |
First 8 of 18 rows. The CSV has all of them.
Table 90 after “The tables below present rollforwards of AUM for the Credit Group ($ in millions):”
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| Liquid Credit | Alternative Credit | | Opportunistic Credit | U.S. Direct Lending | European Direct Lending | | APAC Credit | Other(1) | Total Credit Group | | | |
| Balance at 3/31/2026 | $60,230 | | $48,674 | | $21,405 | | $193,198 | | $86,983 | | $12,104 | $30 | $422,624 |
| New par/equity commitments | 1,115 | | 9,080 | | — | | 624 | | 1,525 | | 543 | — | 12,887 |
| New debt commitments | 698 | | — | | — | | 8,220 | | 1,881 | | — | — | 10,799 |
| Capital reductions | (173) | | (80) | | — | | (3,433) | | (237) | | — | — | (3,923) |
| Distributions | (63) | | (182) | | (300) | | (1,471) | | (974) | | (328) | — | (3,318) |
| Redemptions | (390) | | — | | — | | (798) | | (228) | | — | — | (1,416) |
| Net allocations among investment strategies | 5 | | 885 | | — | | (178) | | — | | — | (30) | 682 |
First 8 of 42 rows. The CSV has all of them.
Table 91 after “The tables below present rollforwards of fee paying AUM for the Credit Group ($ in millions):”
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| Liquid Credit | Alternative Credit | | Opportunistic Credit | U.S. Direct Lending | European Direct Lending | | APAC Credit | | Total Credit Group | | |
| Balance at 3/31/2026 | $58,454 | | $36,017 | | $10,435 | | $102,935 | | $46,441 | | $5,905 | $260,187 |
| Commitments | 1,725 | | — | | — | | 1,245 | | 546 | | 3 | 3,519 |
| Deployment/increase in leverage | 7 | | 1,851 | | 501 | | 5,311 | | 2,266 | | 122 | 10,058 |
| Capital reductions | (173) | | — | | — | | (1,191) | | (803) | | — | (2,167) |
| Distributions | (59) | | (307) | | (60) | | (3,600) | | (324) | | (438) | (4,788) |
| Redemptions | (386) | | — | | — | | (783) | | (228) | | — | (1,397) |
| Net allocations among investment strategies | 5 | | 1,299 | | — | | 12 | | — | | — | 1,316 |
First 8 of 44 rows. The CSV has all of them.
Table 92 after “The following table presents the performance data for our significant perpetual capital funds in the Credit Group as of June 30, 2026 ($ in ”
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| | | | | | Returns(%) | | | | | | | | | | | | |
| Primary Investment Strategy | Year of Inception | | AUM | | Current Quarter | | Year-To-Date | | Since Inception(1) | | | | | | | | |
| Fund | | | Gross | | Net | | Gross | | Net | | Gross | | Net | | | | | |
| ARCC(2) | U.S. Direct Lending | 2004 | | $36,555 | | | N/A | | 1.2 | | | N/A | | 1.9 | | N/A | 11.8 | |
| CADC(3) | U.S. Direct Lending | 2017 | | 8,213 | | | N/A | | 0.7 | | | N/A | | (0.5) | | N/A | 6.5 | |
| Open-ended core alternative credit fund(4) | Alternative Credit | 2021 | | 8,680 | | | 2.9 | | | 2.1 | | | 5.7 | | 4.1 | | 11.9 | 8.8 |
| ASIF(3) | U.S. Direct Lending | 2023 | | 26,634 | | | N/A | | 1.9 | | | N/A | | 1.9 | | N/A | 9.9 | |
| Open-ended European direct lending fund(5) | European Direct Lending | 2024 | | 8,706 | | | N/A | | 2.5 | | | N/A | | 2.9 | | N/A | 8.8 | |
Table 93 after “The following table presents the performance data of the Credit Group’s significant drawdown funds as of June 30, 2026 ($ in millions):”
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| Primary Investment Strategy | Year of Inception | | AUM | Original Capital Commitments | | Capital Invested to Date | | Realized Value(1) | Unrealized Value(2) | | Total Value | | MoIC | IRR(%) | | | | | | |
| Fund | | | | | | | Gross(3) | | Net(4) | Gross(5) | | Net(6) | | | | | | | | | |
| Funds Deploying Capital | | | | | | | | | | | | | | | | | | | | | |
| PCS II | U.S. Direct Lending | 2020 | | $6,595 | | $5,114 | | | $4,053 | | $1,626 | | | $3,979 | | $5,605 | | 1.4x | 1.3x | 12.2 | 8.6 |
| ASOF II | Opportunistic Credit | 2021 | | 8,922 | | 7,128 | | | 6,302 | | 755 | | | 7,721 | | 8,476 | | 1.5x | 1.3x | 15.8 | 11.4 |
| ACE VI Unlevered(7) | European Direct Lending | 2022 | | 24,406 | | 7,439 | | | 3,578 | | 315 | | | 3,717 | | 4,032 | | 1.2x | 1.1x | 11.7 | 8.5 |
| ACE VI Levered(7) | | | 9,667 | | 3,661 | | | 307 | | 3,857 | | | 4,164 | | 1.2x | | 1.2x | 17.1 | 12.2 | | |
| SDL III Unlevered(8) | U.S. Direct Lending | 2023 | | 28,971 | | 3,311 | | | 1,824 | | 153 | | | 1,829 | | 1,982 | | 1.1x | 1.1x | 11.0 | 8.2 |
First 8 of 17 rows. The CSV has all of them.
Table 94 after “The following table presents the components of the Real Assets Group’s FRE ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Management fees | $202,590 | | $175,924 | | $26,666 | | 15% | | $399,216 | | $306,377 | $92,839 | 30% |
| Fee related performance revenues | 354 | | 147 | | 207 | | 141 | | 2,955 | | 147 | 2,808 | NM |
| Other fees | 62,318 | | 48,558 | | 13,760 | | 28 | | 109,070 | | 69,938 | 39,132 | 56 |
| Compensation and benefits | (80,760) | | (80,289) | | (471) | | (1) | | (160,851) | | (136,991) | (23,860) | (17) |
| General, administrative and other expenses | (37,314) | | (30,695) | | (6,619) | | (22) | | (71,233) | | (51,547) | (19,686) | (38) |
| Fee Related Earnings | $147,188 | | $113,645 | | 33,543 | | 30 | | $279,157 | | $187,924 | 91,233 | 49 |
Table 95 after “The following table presents the components of and causes for changes in the Real Assets Group’s management fees for the three and six month”
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| Three month change | Six month change | |
| Fees from acquisitions: | | | |
| Fees from funds acquired in the GCP Acquisition, including catch-up fees from USLP IV | $(3.8) | | $30.8 |
| Perpetual wealth funds: | | | |
| Base management fees from our open-ended core infrastructure fund; our diversified non-traded REIT; and our industrial non-traded REIT, driven by additional capital raised | 17.4 | | 30.5 |
| Part I Fees from our open-ended core infrastructure fund, driven by an increase in net investment income from its growing portfolio of investments | 7.3 | | 13.3 |
| Capital commitments to private commingled funds: | | | |
| Fees from US XI and EPEP IV, excluding catch-up fees | 7.3 | | 11.6 |
First 8 of 11 rows. The CSV has all of them.
Table 96 after “The following table presents the components of the Real Assets Group’s RI ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Fee Related Earnings | $147,188 | | $113,645 | | $33,543 | | 30% | | $279,157 | | $187,924 | $91,233 | 49% |
| Performance income—realized | 5,946 | | 3,681 | | 2,265 | | 62 | | 17,609 | | 68,986 | (51,377) | (74) |
| Performance related compensation—realized | (3,402) | | (2,317) | | (1,085) | | (47) | | (10,802) | | (49,124) | 38,322 | 78 |
| Realized net performance income | 2,544 | | 1,364 | | 1,180 | | 87 | | 6,807 | | 19,862 | (13,055) | (66) |
| Investment income—realized | 26,433 | | 6,544 | | 19,889 | | NM | | 31,879 | | 14,463 | 17,416 | 120 |
| Interest income | 301 | | 665 | | (364) | | (55) | | 485 | | 3,283 | (2,798) | (85) |
First 8 of 11 rows. The CSV has all of them.
Table 97 after “The Real Assets Group’s realized activities were principally composed of and caused by the following:”
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| Three months ended June 30, 2026 | Three months ended June 30, 2025 |
| Realized net performance income | |
| Carried interest:•Distributions of $2.5 million from a European real estate equity fund | Carried interest:•Distributions of $1.3 million from US VIII and a U.S. real estate equity fund, which are both European-style waterfall funds that are past their investment periods and monetizing investments |
| Realized investment income and interest income | |
| •Realized gains of $23.8 million from the settlement of foreign currency hedges, primarily related to capital interests we hold in Japanese real estate equity funds | •Distributions of investment income of $4.6 million from our real estate debt and infrastructure debt funds |
| Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| Realized net performance income | |
| Carried interest:•Distributions of $3.3 million from US VIII, which is a European-style waterfall fund that is past its investment period and monetizing investments•Distributions of $2.5 million from a European real estate equity fund | Carried interest:•Tax distributions of $12.6 million from EIF V•Distributions of $4.1 million from US VIII and a U.S. real estate equity fund, which are both European-style waterfall funds that are past their investment periods and monetizing investments•Distributions of $2.1 million from the sale of an ACIP I co-investment vehicle’s investment in a renewable energy company |
First 8 of 10 rows. The CSV has all of them.
Table 98 after “The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensat”
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| As of June 30, 2026 | As of December 31, 2025 | | | | | | | | |
| Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | | |
| US IX | $78.7 | | $48.8 | | $29.9 | | $85.0 | | $52.7 | $32.3 |
| IDF V | 194.5 | | 120.5 | | 74.0 | | 172.5 | | 106.9 | 65.6 |
| EIF V | 102.9 | | 76.9 | | 26.0 | | 93.6 | | 70.0 | 23.6 |
| ACIP I | 101.6 | | 70.1 | | 31.5 | | 84.8 | | 58.2 | 26.6 |
| JDC I | 84.0 | | 71.4 | | 12.6 | | 26.0 | | 22.1 | 3.9 |
| Other Real Assets funds | 168.6 | | 109.4 | | 59.2 | | 125.1 | | 82.5 | 42.6 |
First 8 of 9 rows. The CSV has all of them.
Table 99 after “The following table presents the change in accrued performance income for the Real Assets Group ($ in millions):”
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| | As of December 31, 2025 | Activity during the period | | As of June 30, 2026 | | | | |
| Waterfall Type | Accrued Performance Income | Change in Unrealized | | Realized | Other Adjustments | Accrued Performance Income | | |
| Accrued Carried Interest | | | | | | | | | |
| US IX | European | $85.0 | | $(6.3) | | $— | | $— | $78.7 |
| IDF V | European | 172.5 | | 27.3 | | — | | (5.3) | 194.5 |
| EIF V | European | 93.6 | | 9.3 | | — | | — | 102.9 |
| ACIP I | European | 84.8 | | 16.8 | | — | | — | 101.6 |
| JDC I | European | 26.0 | | 60.3 | | — | | (2.3) | 84.0 |
First 8 of 11 rows. The CSV has all of them.
Table 100 after “The tables below present rollforwards of AUM for the Real Assets Group ($ in millions):”
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| Real Estate | Infrastructure | | Total Real Assets Group | |
| Balance at 3/31/2026 | $117,161 | | $26,223 | | $143,384 |
| New equity commitments | 3,720 | | 2,947 | | 6,667 |
| New debt commitments | 2,722 | | 350 | | 3,072 |
| Capital reductions | (888) | | — | | (888) |
| Distributions | (1,591) | | (713) | | (2,304) |
| Redemptions | (476) | | (5) | | (481) |
| Net allocations among investment strategies | 136 | | 271 | | 407 |
First 8 of 41 rows. The CSV has all of them.
Table 101 after “The tables below present rollforwards of fee paying AUM for the Real Assets Group ($ in millions):”
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| Real Estate | Infrastructure | | Total Real Assets Group | |
| Balance at 3/31/2026 | $72,675 | | $14,464 | | $87,139 |
| Commitments | 800 | | 1,910 | | 2,710 |
| Deployment/increase in leverage | 548 | | 614 | | 1,162 |
| Capital reductions | (139) | | — | | (139) |
| Distributions | (852) | | (513) | | (1,365) |
| Redemptions | (398) | | (5) | | (403) |
| Net allocations among investment strategies | 128 | | 280 | | 408 |
First 8 of 45 rows. The CSV has all of them.
Table 102 after “The following table presents the performance data for our significant perpetual capital funds in the Real Assets Group as of June 30, 2026 (”
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| | | | | | Returns(%) | | | | | | | | | | | | | |
| Primary Investment Strategy | Year of Inception | | AUM | | Current Quarter | | Year-To-Date | | Since Inception(1) | | | | | | | | | |
| Fund | | | Gross | | Net | | Gross | | Net | | Gross | | Net | | | | | | |
| Diversified non-traded REIT(2) | Real Estate | 2012 | | $8,395 | | | N/A | | 2.2 | | | N/A | | 5.0 | | | N/A | 6.6 | |
| J-REIT(3) | Real Estate | 2012 | | 7,256 | | | N/A | | N/A | | N/A | | N/A | | N/A | | 13.0 | | |
| Industrial non-traded REIT(4) | Real Estate | 2017 | | 7,967 | | | N/A | | 2.0 | | | N/A | | 3.8 | | | N/A | 8.5 | |
| U.S. open-ended industrial real estate equity fund(5) | Real Estate | 2017 | | 7,426 | | | 2.2 | | | 1.9 | | | 4.9 | | | 4.2 | | 15.9 | 13.0 |
| Open-ended core infrastructure fund(6) | Infrastructure | 2024 | | 5,794 | | | N/A | | 2.4 | | | N/A | | 4.4 | | | N/A | 10.5 | |
Table 103 after “The following table presents the components of the Secondaries Group’s FRE ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Management fees | $71,875 | | $61,643 | | $10,232 | | 17% | | $142,150 | | $119,293 | $22,857 | 19% |
| Fee related performance revenues | 39,094 | | 16,236 | | 22,858 | | 141 | | 50,793 | | 25,892 | 24,901 | 96 |
| Other fees | 1,804 | | 5,801 | | (3,997) | | (69) | | 3,589 | | 5,923 | (2,334) | (39) |
| Compensation and benefits | (37,358) | | (23,067) | | (14,291) | | (62) | | (57,857) | | (41,438) | (16,419) | (40) |
| General, administrative and other expenses | (14,507) | | (10,076) | | (4,431) | | (44) | | (23,134) | | (18,549) | (4,585) | (25) |
| Fee Related Earnings | $60,908 | | $50,537 | | 10,371 | | 21 | | $115,541 | | $91,121 | 24,420 | 27 |
Table 104 after “The following table presents the components of and causes for changes in the Secondaries Group’s management fees for the three and six month”
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| Three month change | Six month change | |
| Fees from APMF, driven by additional capital raised | $8.4 | | $16.9 |
| Capital commitments to private commingled funds: | | | |
| Fees from ASIS III and a private equity secondaries fund, excluding catch-up fees | 2.8 | | 7.1 |
| Catch-up fees from ASIS III | (3.2) | | (6.4) |
| Fees from ACS, driven by capital deployment | 2.7 | | 4.8 |
| Cumulative effect of other changes | (0.5) | | 0.5 |
| Total | $10.2 | | $22.9 |
Table 105 after “The following table presents the components of the Secondaries Group’s RI ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Fee Related Earnings | $60,908 | | $50,537 | | $10,371 | | 21% | | $115,541 | | $91,121 | $24,420 | 27% |
| Investment income—realized | 800 | | 17 | | 783 | | NM | | 969 | | 155 | 814 | NM |
| Interest income | 16 | | 23 | | (7) | | (30) | | 35 | | 980 | (945) | (96) |
| Interest expense | (2,027) | | (1,862) | | (165) | | (9) | | (3,650) | | (3,870) | 220 | 6 |
| Realized net investment loss | (1,211) | | (1,822) | | 611 | | (34) | | (2,646) | | (2,735) | 89 | 3 |
| Realized Income | $59,697 | | $48,715 | | 10,982 | | 23 | | $112,895 | | $88,386 | 24,509 | 28 |
Table 106 after “The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensat”
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| As of June 30, 2026 | As of December 31, 2025 | | | | | | | | |
| Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | | |
| LEP XVII | $41.7 | | $34.7 | | $7.0 | | $35.5 | | $29.5 | $6.0 |
| LREF VIII | 38.2 | | 32.4 | | 5.8 | | 74.0 | | 62.8 | 11.2 |
| LREP IX | 34.7 | | 27.4 | | 7.3 | | 27.1 | | 21.4 | 5.7 |
| Other Secondaries funds | 68.8 | | 46.6 | | 22.2 | | 45.1 | | 31.1 | 14.0 |
| Total Secondaries Group | $183.4 | | $141.1 | | $42.3 | | $181.7 | | $144.8 | $36.9 |
Table 107 after “The following table presents the change in accrued performance income for the Secondaries Group ($ in millions):”
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| | As of December 31, 2025 | Activity during the period | | As of June 30, 2026 | | | |
| Waterfall Type | Accrued Performance Income | Change in Unrealized | | Realized | | Accrued Performance Income | |
| Accrued Carried Interest | | | | | | | | |
| LEP XVII | European | $35.5 | | $6.2 | | $— | | $41.7 |
| LREF VIII | European | 74.0 | | (35.8) | | — | | 38.2 |
| LREP IX | European | 27.0 | | 7.7 | | — | | 34.7 |
| Other Secondaries funds | European | 45.1 | | 23.7 | | — | | 68.8 |
| Total Secondaries Group | | $181.6 | | $1.8 | | $— | | $183.4 |
Table 108 after “The table below presents the rollforwards of AUM for the Secondaries Group ($ in millions):”
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| Private Equity Secondaries | Real Estate Secondaries | | Infrastructure Secondaries | Credit Secondaries | | Total SecondariesGroup | |
| Balance at 3/31/2026 | $22,633 | | $8,152 | | $7,023 | $4,821 | | $42,629 |
| New equity commitments | 1,282 | | 47 | | — | — | | 1,329 |
| New debt commitments | 345 | | — | | — | — | | 345 |
| Distributions | (61) | | (324) | | (7) | (10) | | (402) |
| Redemptions | (130) | | — | | — | — | | (130) |
| Net allocations among investment strategies | — | | 25 | | 25 | 102 | | 152 |
| Change in fund value | 158 | | (93) | | 173 | 18 | | 256 |
First 8 of 36 rows. The CSV has all of them.
Table 109 after “The table below presents the rollforwards of fee paying AUM for the Secondaries Group ($ in millions):”
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| Private Equity Secondaries | Real Estate Secondaries | | Infrastructure Secondaries | Credit Secondaries | | Total Secondaries Group | |
| Balance at 3/31/2026 | $16,654 | | $6,662 | | $4,864 | $2,009 | | $30,189 |
| Commitments | 505 | | 47 | | — | — | | 552 |
| Deployment/increase in leverage | 75 | | 34 | | — | 331 | | 440 |
| Distributions | (4) | | (271) | | (7) | (9) | | (291) |
| Redemptions | (130) | | — | | — | — | | (130) |
| Net allocations among investment strategies | — | | 25 | | 25 | 102 | | 152 |
| Change in fund value | 68 | | 109 | | 13 | 448 | | 638 |
First 8 of 39 rows. The CSV has all of them.
Table 110 after “The following table presents the performance data for our significant perpetual capital fund in the Secondaries Group as of June 30, 2026 ($”
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| | | | | | Returns(%) | | | | | | | | | | |
| Primary Investment Strategy | Year of Inception | | AUM | | Current Quarter | | Year-To-Date | | Since Inception(1) | | | | | | |
| Fund | | | Gross | | Net | | Gross | | Net | | Gross | | Net | | | |
| APMF(2) | Private Equity Secondaries | 2022 | | $5,870 | | | N/A | | 6.9 | | | N/A | | 10.2 | N/A | 15.0 |
Table 111 after “The following table presents the performance data of the significant drawdown fund in the Secondaries Group as of June 30, 2026 ($ in millio”
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| Primary Investment Strategy | Year of Inception | AUM | Original Capital Commitments | | Capital Invested to Date | Realized Value(1) | Unrealized Value(2) | | Total Value | MoIC | IRR(%) | | | | | |
| Fund | | | | | | Gross(3) | Net(4) | Gross(5) | | Net(6) | | | | | | | |
| Fund Harvesting Investments | | | | | | | | | | | | | | | | | |
| LEP XVI(7) | Private Equity Secondaries | 2016 | $3,969 | | $4,896 | | $4,479 | | $2,079 | | $3,276 | | $5,355 | 1.3x | 1.2x | 11.5 | 6.8 |
Table 112 after “The following table presents the components of the Private Equity Group’s FRE ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Management fees | $33,800 | | $31,767 | | $2,033 | | 6% | | $66,919 | | $63,765 | $3,154 | 5% |
| Other fees | 677 | | 434 | | 243 | | 56 | | 1,177 | | 831 | 346 | 42 |
| Compensation and benefits | (14,102) | | (16,796) | | 2,694 | | 16 | | (27,886) | | (30,627) | 2,741 | 9 |
| General, administrative and other expenses | (5,072) | | (5,559) | | 487 | | 9 | | (10,050) | | (9,816) | (234) | (2) |
| Fee Related Earnings | $15,303 | | $9,846 | | 5,457 | | 55 | | $30,160 | | $24,153 | 6,007 | 25 |
Table 113 after “The following table presents the components of and causes for changes in the Private Equity Group’s management fees for the three and six mo”
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| Three month change | Six month change | |
| Private commingled funds: | | | |
| Fees from ACOF VII, which started generating fees in the fourth quarter of 2025 | $11.1 | | $22.1 |
| Fees from acquired APAC private equity funds effective August 2025 | 2.2 | | 4.4 |
| Fees from ACOF VI, due to the step down in fee rate and change in fee base following the commencement of fees from ACOF VII | (10.1) | | (20.1) |
| Fees from ACOF V, due to distributions that reduced the fee base as the fund has passed its investment period | (1.6) | | (3.4) |
| Cumulative effect of other changes | 0.4 | | 0.2 |
| Total | $2.0 | | $3.2 |
Table 114 after “The following table presents the components of the Private Equity Group’s RI ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Fee Related Earnings | $15,303 | | $9,846 | | $5,457 | | 55% | | $30,160 | | $24,153 | $6,007 | 25% |
| Performance income—realized | 5,961 | | 29,958 | | (23,997) | | (80) | | 41,618 | | 35,989 | 5,629 | 16 |
| Performance related compensation—realized | (5,933) | | (23,506) | | 17,573 | | (75) | | (34,496) | | (26,857) | (7,639) | (28) |
| Realized net performance income | 28 | | 6,452 | | (6,424) | | (100) | | 7,122 | | 9,132 | (2,010) | (22) |
| Investment income (loss)—realized | 289 | | 369 | | (80) | | (22) | | 367 | | (4,233) | 4,600 | NM |
| Interest income | 1 | | 1 | | — | | — | | 1 | | 2,023 | (2,022) | (100) |
First 8 of 11 rows. The CSV has all of them.
Table 115 after “The Private Equity Group’s realized activities were principally composed of and caused by the following:”
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| Three months ended June 30, 2026 | Three months ended June 30, 2025 |
| Realized net performance income | |
| •No significant activities | Carried interest:•Distributions from partial sales of ACOF VI’s investment in Frontier Communications Parent, Inc. (“FYBR”) and ACOF IV’s investment in an energy company |
| Realized investment income (loss) and interest income | |
| •No significant activities | •No significant activities |
| Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| Realized net performance income | |
| Carried interest:•Distributions from partial sales of ACOF IV’s investments in various energy companies | Carried interest:•Distributions from partial sales of ACOF VI’s investment in FYBR and ACOF IV’s investment in an energy company |
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Table 116 after “The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensat”
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| As of June 30, 2026 | As of December 31, 2025 | | | | | | | | |
| Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | | |
| ACOF IV | $91.4 | | $73.2 | | $18.2 | | $142.8 | | $114.4 | $28.4 |
| ACOF VI | 625.6 | | 609.1 | | 16.5 | | 594.3 | | 584.1 | 10.2 |
| ACOF VII | 14.2 | | 11.4 | | 2.8 | | 2.1 | | 1.7 | 0.4 |
| Other Private Equity funds | 7.7 | | 6.0 | | 1.7 | | 9.0 | | 7.2 | 1.8 |
| Total Private Equity Group | $738.9 | | $699.7 | | $39.2 | | $748.2 | | $707.4 | $40.8 |
Table 117 after “The following table presents the change in accrued carried interest for the Private Equity Group ($ in millions):”
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| | As of December 31, 2025 | Activity during the period | | As of June 30, 2026 | | | |
| Waterfall Type | Accrued Carried Interest | Change in Unrealized | | Realized | | Accrued Carried Interest | |
| ACOF IV | American | $142.8 | | $(15.8) | | $(35.6) | | $91.4 |
| ACOF VI | American | 594.3 | | 37.3 | | (6.0) | | 625.6 |
| ACOF VII | American | 2.1 | | 12.1 | | — | | 14.2 |
| Other Private Equity funds | American | 8.1 | | (1.1) | | — | | 7.0 |
| Other Private Equity funds | European | 0.9 | | (0.2) | | — | | 0.7 |
| Total Private Equity Group | | $748.2 | | $32.3 | | $(41.6) | | $738.9 |
Table 118 after “The tables below present rollforwards of AUM for the Private Equity Group ($ in millions):”
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| Corporate Private Equity | APAC Private Equity | | Total Private Equity Group | |
| Balance at 3/31/2026 | $21,354 | | $3,320 | | $24,674 |
| Distributions | (526) | | (25) | | (551) |
| Change in fund value | 532 | | (204) | | 328 |
| Balance at 6/30/2026 | $21,360 | | $3,091 | | $24,451 |
| Corporate Private Equity | APAC Private Equity | | Total Private Equity Group | |
| Balance at 3/31/2025 | $21,902 | | $2,825 | | $24,727 |
| Capital reductions | (19) | | — | | (19) |
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Table 119 after “The tables below present rollforwards of fee paying AUM for the Private Equity Group ($ in millions):”
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| Corporate Private Equity | APAC Private Equity | | Total Private Equity Group | |
| Balance at 3/31/2026 | $12,071 | | $2,132 | | $14,203 |
| Deployment/increase in leverage | 96 | | — | | 96 |
| Distributions | (349) | | — | | (349) |
| Change in fund value | 27 | | — | | 27 |
| Change in fee basis | (70) | | — | | (70) |
| Balance at 6/30/2026 | $11,775 | | $2,132 | | $13,907 |
| Corporate Private Equity | APAC Private Equity | | Total Private Equity Group | |
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Table 120 after “The following table presents the performance data of the Private Equity Group’s significant drawdown funds as of June 30, 2026 ($ in million”
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| Primary Investment Strategy | Year of Inception | AUM | Original Capital Commitments | | Capital Invested to Date | Realized Value(1) | Unrealized Value(2) | | Total Value | MoIC | IRR(%) | | | | | | |
| Fund | | | | | | Gross(3) | Net(4) | Gross(5) | | Net(6) | | | | | | | | |
| Funds Deploying Capital | | | | | | | | | | | | | | | | | | |
| ACOF VI | Corporate Private Equity | 2020 | $8,909 | | $5,743 | | $5,977 | | $2,485 | | $8,427 | | $10,912 | 1.8x | 1.5x | 19.5 | | 14.6 |
| ACOF VII | Corporate Private Equity | 2023 | 3,932 | | 3,846 | | 764 | | — | | 930 | | 930 | NM | NM | NM | NM | |
Table 121 after “The following table presents the components of the Operations Management Group’s FRE ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Other fees | $9,179 | | $7,831 | | $1,348 | | 17% | | $18,960 | | $13,368 | $5,592 | 42% |
| Compensation and benefits | (153,045) | | (134,645) | | (18,400) | | (14) | | (303,117) | | (251,113) | (52,004) | (21) |
| General, administrative and other expenses | (93,545) | | (69,177) | | (24,368) | | (35) | | (174,156) | | (133,203) | (40,953) | (31) |
| Fee Related Earnings | $(237,411) | | $(195,991) | | (41,420) | | (21) | | $(458,313) | | $(370,948) | (87,365) | (24) |
Table 122 after “The following table presents the components of the OMG’s RI ($ in thousands):”
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| Three months ended June 30, | Favorable (Unfavorable) | | Six months ended June 30, | Favorable (Unfavorable) | | | | | | | | |
| 2026 | 2025 | | $ Change | % Change | 2026 | | 2025 | | $ Change | % Change | | |
| Fee Related Earnings | $(237,411) | | $(195,991) | | $(41,420) | | (21)% | | $(458,313) | | $(370,948) | $(87,365) | (24)% |
| Investment loss—realized | (448) | | (893) | | 445 | | (50) | | (579) | | (562) | (17) | (3) |
| Interest income | 1,314 | | 646 | | 668 | | 103 | | 2,255 | | 1,249 | 1,006 | 81 |
| Interest expense | (77) | | (6) | | (71) | | NM | | (213) | | (262) | 49 | 19 |
| Realized net investment income (loss) | 789 | | (253) | | 1,042 | | NM | | 1,463 | | 425 | 1,038 | 244 |
| Realized Income | $(236,622) | | $(196,244) | | (40,378) | | (21) | | $(456,850) | | $(370,523) | (86,327) | (23) |
Table 123 after “The following tables summarize our condensed consolidated statements of cash flows by activities attributable to the Company and Consolidate”
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| Six months ended June 30, | | |
| 2026 | 2025 | |
| Net cash provided by the Company’s operating activities | $1,020,681 | | $1,164,527 |
| Net cash provided by (used in) the Consolidated Funds’ operating activities, net of eliminations | (965,611) | | 1,245,377 |
| Net cash provided by operating activities | 55,070 | | 2,409,904 |
| Net cash used in the Company’s investing activities | (40,363) | | (1,767,608) |
| Net cash used in the Company’s financing activities | (753,863) | | (173,078) |
| Net cash provided by (used in) the Consolidated Funds’ financing activities, net of eliminations | 831,808 | | (1,571,850) |
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Table 124 after “In the table below, cash flows from operations are summarized to present: (i) cash generated from our core operating activities, primarily c”
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| Six months ended June 30, | Favorable (Unfavorable) | | | | |
| 2026 | 2025 | | $ Change | % Change | |
| Core operating activities | $1,239,448 | | $1,002,904 | | $236,544 | 24% |
| Net realized performance income | 8,920 | | 46,780 | | (37,860) | (81) |
| Net cash provided by (used in) investment related activities | (227,687) | | 114,843 | | (342,530) | (298) |
| Net cash provided by the Company’s operating activities | $1,020,681 | | $1,164,527 | | (143,846) | (12) |
| Six months ended June 30, | | |
| 2026 | 2025 | |
| Purchase of furniture, equipment and leasehold improvements | $(48,693) | | $(44,893) |
| Acquisitions, net of cash acquired | 8,330 | | (1,722,715) |
| Net cash used in investing activities | $(40,363) | | $(1,767,608) |
| Six months ended June 30, | | |
| 2026 | 2025 | |
| Net borrowings of Credit Facility | $235,000 | | $1,115,000 |
| Borrowings from Term Loan | 399,415 | | — |
| Dividends and distributions | (1,036,513) | | (873,259) |
| Taxes paid related to net share settlement of equity awards | (364,484) | | (416,609) |
| Other financing activities | 12,719 | | 1,790 |
| Net cash used in the Company’s financing activities | $(753,863) | | $(173,078) |
Table 127 after “The following is a list of all exhibits filed or furnished as part of this report:”
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| Exhibit No. | Description |
| 3.1 | Second Amended and Restated Certificate of Incorporation of Ares Management Corporation (incorporated by reference to Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-36429) filed with the SEC on May 6, 2021). |
| 3.2 | Bylaws of Ares Management Corporation (incorporated by reference to Exhibit 99.4 to the Registrant’s Current Report on Form 8-K (File No. 001-36429) filed with the SEC on November 15, 2018). |
| 3.3 | Certificate of Designations of 6.75% Series B Mandatory Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-36429) filed with the SEC on October 10, 2024). |
| 10.1 | Amendment No. 14, dated as of May 21, 2026, to the Sixth Amended and Restated Senior Credit Agreement, dated as of April 21, 2014, by and among Ares Holdings L.P., the Guarantors party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as agent (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-36429) filed with the SEC on May 28, 2026). |
| 31.1* | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a). |
| 31.2* | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a). |
| 32.1** | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350. |
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