Ares Management Corporation (ARES) SEC Filings & Earnings Calls

Preliminary estimate subject to change; actual results may differ materially.

“The Company has not completed its financial closing procedures as of the date of this filing.” · word for word

Geopolitical and trade policy uncertainty

“global markets continued to experience heightened volatility amid geopolitical tension in the Middle East and evolving expectations regarding monetary and U.S. trade policies.” · word for word

Private credit market moderation

“Dealmaking and exit activity continued to reflect market selectivity and elevated uncertainty in private credit markets.” · word for word

Carried interest reversal risk

“Reversal of unrealized carried interest of $30.4 million from LREF VIII, primarily driven by the lower valuation of certain multifamily portfolio investments” · word for word

Concentration in data center investments

“JDC I generated carried interest allocation of $54.3 million, driven by the appreciation of a data center investment” · word for word

Forward-looking statements subject to risks; no specific risks identified in excerpt.

“Standard boilerplate risk factor language.”

Preliminary estimate subject to change; actual results may differ materially.

“actual results for the quarter ending June 30, 2026 may differ, possibly materially, from this preliminary estimate” · word for word

Increased leverage; debt covenant compliance risk.

“Modifies certain covenant restrictions and events of default.” · word for word

Market Volatility and Geopolitical Risk

“During the first quarter of 2026, global markets experienced heightened volatility amid the geopolitical tension and conflicts in the Middle East, elevated energy prices and changes in monetary policy expectations.” · word for word

Private Equity Activity Slowdown

“Private equity activity moderated during the quarter, with dealmaking and exit activity softening amid continued market selectivity and elevated uncertainty in private credit markets.” · word for word

Controlled Company Governance Risk

“the Holdco Members will control at least 80% of any vote of all classes of our common stock.” · word for word

Tax Receivable Agreement Liability

“Future payments under the tax receivable agreement in respect of subsequent exchanges are expected to be substantial. There may be a material negative effect on our liquidity if, as a result of timing discrepancies or otherwise, the payments under the tax receivable agreement exceed the actual cash tax savings we realize.” · word for word

Increased leverage; debt covenant compliance risk (net debt/EBITDA <= 4.00x).

“Requires the maintenance of a net debt to Adjusted EBITDA ratio not to exceed 4.00 to 1.00.” · word for word

Timing risk on European-style fund realizations may cause further quarterly volatility in performance income.

“primarily due to the expected timing of realized net performance income generated by certain European-style funds, which is now expected to be realized in future quarters” · word for word

Leverage Risk

“As of December 31, 2025, we had $1,380 million borrowings outstanding under the Credit Facility and aggregate principal amount of senior notes and subordinated notes of $2,150.0 million and $450.0 million, respectively, are outstanding.” · word for word

Interest Rate Risk

“Borrowings under the Credit Facility are SOFR-based obligations. As a result, an increase in short-term interest rates will increase our interest costs if such borrowings have not been hedged into fixed rates.” · word for word

Regulatory Risk

“Our businesses are subject to extensive regulation, including periodic examinations and potential investigations, by governmental agencies and self-regulatory organizations in the jurisdictions in which we operate.” · word for word

Counterparty Risk

“We are subject to risks of errors made by these third parties, which may be attributed to us and subject us or our fund investors to reputational damage, penalties or losses.” · word for word

Market volatility could impact AUM and fee income.

“Standard risk for asset managers; no specific new risks identified.”

Integration risk from GCP Acquisition

“The GCP Acquisition contributed incremental employment related costs of $58.2 million and $121.3 million for the three and nine months ended September 30, 2025, respectively.” · word for word

Performance income volatility

“Carried interest allocation can be volatile, as seen with reversals in certain funds (e.g., SSF IV reversal of $27.6 million in Q3 2025).”

Contingent consideration liability

“Other expense, net includes non-cash expense from the revaluation of contingent liabilities of $17.4 million and $45.3 million for the three and nine months ended September 30, 2025, respectively.”

Exposure to natural catastrophes and geopolitical conflicts

“Risk factors mention frequency/severity of natural and man-made catastrophes, geopolitical conflicts”

Social and economic inflation impacting claims

“Risk factors include 'adverse impact of social and economic inflation'”