Ares Management concluded 2025 with assets under management (AUM) of $623 billion, representing a 29% year-over-year increase. The firm surpassed $600 billion in AUM for the first time, set new annual records by raising and investing over $100 billion, and completed the GCP International acquisition to expand its real estate and digital infrastructure capabilities. Fee-paying AUM (FPAUM) rose 32% year-over-year, underpinned by robust investor demand across credit, private equity and real estate channels.

In the fourth quarter, GAAP net income attributable to Ares was $54.2 million, or $0.08 per share on a basic and diluted basis. After-tax realized income reached $529.1 million, equivalent to $1.45 per share of Class A common stock. Fee related earnings totaled $527.7 million, reflecting strong management fee contribution despite elevated general and administrative expenses during the quarter.

For the full year, management fees grew 25% driven by higher AUM and an enlarged global platform. Jarrod Phillips, CFO, highlighted that with over $150 billion of available capital, the firm is positioned for continued earnings generation. Ares declared a 20% increase in its quarterly common stock dividend to $1.35 per share, payable March 31, 2026, and maintained its preferred stock dividend at $0.84375 per share, payable April 1, 2026. A dividend reinvestment program will be effective for the March distribution.

CEO Michael Arougheti emphasized that Ares enters 2026 with a strong fundraising pipeline, visible fee growth, and a sticky, long-duration capital base. The platform’s enhanced global fundraising and investment capabilities, coupled with a $150 billion dry powder backlog, support expectations for another year of record fundraising levels and sustained margin expansion as markets normalize.