Investors interested in Financial - Investment Management stocks are likely familiar with Victory Capital Holdings (VCTR) and Ares Management (ARES) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores high ...

TORRANCE, Calif.--(BUSINESS WIRE)--Valta Energy and Black Bear Energy are proud to announce the completion of a 1.7 MW rooftop solar array on a warehouse property located in Torrance, CA and owned by Ares Management (“Ares”) Real Estate funds. The newly constructed, fully leased, best-in-class facility is located in the dynamic South Bay industrial market. The project, which is part of the Los Angeles Department of Water and Power (LADWP) Feed-in Tariff (FiT) program, will provide renewable electricity to t ...

Ares Joins Existing Investor GI Data Infrastructure to Help Accelerate Bluepeak's Fiber-to-the-Home Expansion DENVER, Feb. 29, 2024 /PRNewswire/ -- Bluepeak (the "Company"), a leading provider of fiber broadband to residential and commercial customers in communities across the Great Plains region, today announced that funds managed by Ares Management's Infrastructure Opportunities and Alternative Credit strategies ("Ares") have made a strategic investment into Bluepeak. Since its 2021 acquisition by GI Data ...

PART I [Business](index=9&type=section&id=Item%201.%20Business) Ares Management Corporation is a global alternative investment manager with **$418.8 billion** AUM, operating across five investment groups and emphasizing disciplined growth and human capital management - **Assets Under Management (AUM)** reached **$418.8 billion** as of December 31, 2023, demonstrating a **19% 10-year CAGR** and **26% 5-year CAGR**[23](index=23&type=chunk)[24](index=24&type=chunk)[65](index=65&type=chunk) - In 2023, Ares raised **$74.5 billion** in new capital and deployed **$68.1 billion**[23](index=23&type=chunk)[24](index=24&type=chunk) - The firm's growth strategy includes expanding product offerings, enhancing distribution channels, increasing global presence, and completing strategic acquisitions, such as the acquisition of Crescent Point Capital in October 2023 to bolster its APAC private equity capabilities[23](index=23&type=chunk)[32](index=32&type=chunk) - Ares emphasizes strong human capital management, focusing on talent development, diversity, equity, and inclusion (DEI), and environmental, social, and governance (ESG) integration into its investment process[39](index=39&type=chunk)[45](index=45&type=chunk)[49](index=49&type=chunk) AUM Growth and Key Metrics (as of Dec 31, 2023) | Metric | Value (USD) | | :--- | :--- | | **Assets Under Management (AUM)** | $418.8 billion | | **10-Year AUM CAGR** | 19% | | **5-Year AUM CAGR** | 26% | | **2023 Gross New Capital Raised** | $74.5 billion | | **2023 Capital Deployed** | $68.1 billion | | **Employees** | Over 2,850 | | **Direct Institutional Relationships** | Over 2,300 | AUM by Investment Group (as of Dec 31, 2023) | Investment Group | AUM (USD Billions) | | :--- | :--- | | **Credit** | $284.8 | | **Private Equity** | $39.1 | | **Real Assets** | $65.4 | | **Secondaries** | $24.7 | | **Other Businesses** | $4.8 | [Investment Groups](index=20&type=section&id=Investment%20Groups) Ares operates five distinct investment groups, with the Credit Group being the largest at **$284.8 billion** AUM, alongside Private Equity, Real Assets, Secondaries, and Other Businesses - The Credit Group is a market leader, with its direct lending strategy alone managing **$191.4 billion** in AUM across U.S. and European markets[83](index=83&type=chunk)[86](index=86&type=chunk) - The Private Equity Group expanded its Asia-Pacific presence through the acquisition of Crescent Point Capital in October 2023[32](index=32&type=chunk)[102](index=102&type=chunk) - Beginning in 2024, the Special Opportunities strategy, previously in the Private Equity Group, will be integrated into the Credit Group to form a new opportunistic credit strategy[101](index=101&type=chunk) Investment Group AUM Breakdown (as of Dec 31, 2023) | Investment Group | AUM (USD Billions) | Key Strategies | | :--- | :--- | :--- | | **Credit** | $284.8 | Direct Lending, Liquid Credit, Alternative Credit, APAC Credit | | **Private Equity** | $39.1 | Corporate Private Equity, Special Opportunities, APAC Private Equity | | **Real Assets** | $65.4 | Real Estate Equity & Debt, Infrastructure Opportunities & Debt | | **Secondaries** | $24.7 | Private Equity, Real Estate, Infrastructure, Credit Secondaries | | **Other Businesses** | $4.8 | Insurance Solutions, SPACs | [Organizational Structure and Regulation](index=31&type=section&id=Organizational%20Structure%20and%20Regulation) Ares Management Corporation operates as a holding company through its Ares Operating Group, subject to extensive U.S. and international financial regulations, and maintains a multi-class stock structure - AMC is a holding company and operates and controls the business through its general partner interest in the Ares Operating Group[137](index=137&type=chunk) - The multi-class stock structure (Class A, B, C, and non-voting) grants significant voting control to the Holdco Members, making Ares a "controlled company" under NYSE rules[139](index=139&type=chunk)[497](index=497&type=chunk) - The firm's businesses are subject to extensive regulation by governmental and self-regulatory organizations in the U.S. and foreign jurisdictions, including the SEC, FINRA, the U.K.'s FCA, and Luxembourg's CSSF[149](index=149&type=chunk)[152](index=152&type=chunk)[160](index=160&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) Ares faces significant risks from market volatility, complex regulations, intense competition, operational failures, and its multi-class stock structure, all potentially impacting financial performance and reputation - **Business & Market Risks:** Difficult market conditions, inflation, and political instability can reduce investment values, hamper performance, and limit the ability to raise or deploy capital; the business is intensely competitive and depends on raising capital from investors[179](index=179&type=chunk)[187](index=187&type=chunk)[193](index=193&type=chunk) - **Regulatory & Compliance Risks:** The company operates in a complex and extensive regulatory environment; changes in laws, increased scrutiny (especially regarding ESG), and failure to comply with regulations like "pay to play" could lead to significant liabilities, increased costs, and reputational damage[236](index=236&type=chunk)[306](index=306&type=chunk)[309](index=309&type=chunk) - **Fund & Performance Risks:** Poor performance of funds can lead to lower revenues, repayment of previously paid carried interest ("clawback"), and difficulty raising future funds; the use of significant leverage, investments in illiquid or high-risk assets, and subjective valuation methodologies pose substantial risks[214](index=214&type=chunk)[395](index=395&type=chunk)[382](index=382&type=chunk) - **Organizational & Structural Risks:** The company's multi-class stock structure concentrates voting power with Holdco Members, making it a "controlled company" and limiting the influence of Class A stockholders; potential conflicts of interest may arise between different stockholder classes[494](index=494&type=chunk)[497](index=497&type=chunk)[509](index=509&type=chunk) - **Operational Risks:** The business is exposed to operational risks, including cybersecurity failures, data security incidents, employee misconduct, and dependence on third-party service providers, which could disrupt operations and cause financial or reputational harm[366](index=366&type=chunk)[566](index=566&type=chunk) [Unresolved Staff Comments](index=100&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - None[585](index=585&type=chunk) [Cybersecurity](index=100&type=section&id=Item%201C.%20Cybersecurity) Ares maintains an enterprise-wide cybersecurity program aligned with NIST, overseen by the CISO and board, with no material breaches in the last three fiscal years - The company's cybersecurity strategy is aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework and is managed by an internal team led by the CISO[586](index=586&type=chunk)[592](index=592&type=chunk) - Oversight is provided by the cross-functional Enterprise Risk Committee (ERC) and the audit committee of the board of directors, with periodic reporting from the CISO[587](index=587&type=chunk)[593](index=593&type=chunk) - The company has not experienced a material information security breach in the last three fiscal years and does not consider any current cybersecurity risks reasonably likely to have a material impact[590](index=590&type=chunk) [Properties](index=101&type=section&id=Item%202.%20Properties) Ares leases its principal executive offices in Los Angeles and other global locations, owning no real property, which management deems suitable for operations - The company's principal executive offices are leased at 2000 Avenue of the Stars, 12th Floor, Los Angeles, California[594](index=594&type=chunk) - Ares does not own any real property and leases all its office spaces worldwide[594](index=594&type=chunk) [Legal Proceedings](index=101&type=section&id=Item%203.%20Legal%20Proceedings) As of December 31, 2023, the company was not subject to any material pending legal proceedings that would significantly impact its financial condition - As of December 31, 2023, the company was not subject to any material pending legal proceedings[595](index=595&type=chunk) [Mine Safety Disclosures](index=101&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[596](index=596&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=102&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ares Management Corporation's Class A common stock trades on the NYSE under "ARES", with a dividend policy aligned to fee-related earnings, and no issuer share repurchases in the period - The company's Class A common stock is traded on the New York Stock Exchange (NYSE) under the ticker symbol "ARES"[599](index=599&type=chunk) - The dividend policy is to provide a fixed quarterly dividend based on expected fee-related earnings after an allocation of current taxes paid, with the amount reassessed annually[603](index=603&type=chunk)[604](index=604&type=chunk) - No issuer purchases of equity securities were made during the period[602](index=602&type=chunk) Quarterly Dividend per Share | Year | Quarterly Dividend per Share (USD) | Annual Dividend per Share (USD) | | :--- | :--- | :--- | | **2022** | $0.61 | $2.44 | | **2023** | $0.77 | $3.08 | | **2024 (Q1 Declared)** | $0.93 | - | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=104&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, Ares achieved strong growth with **$418.8 billion** AUM and **$1.16 billion** Fee Related Earnings, primarily driven by the Credit Group, while maintaining a robust liquidity position - Global markets finished 2023 positively despite volatility, with U.S. and European high-yield bonds and leveraged loans showing positive returns; private markets faced valuation pressures and muted realization opportunities, highlighting the need for flexible capital solutions[616](index=616&type=chunk)[617](index=617&type=chunk) - As of December 31, 2023, the company had **$111.4 billion** in available capital and **$62.9 billion** in AUM not yet paying fees, which could generate approximately **$621.6 million** in potential incremental annual management fees[621](index=621&type=chunk)[643](index=643&type=chunk) - On a consolidated GAAP basis, total revenues increased **19%** to **$3.6 billion**, and net income attributable to Ares Management Corporation increased **183%** to **$474.3 million** for the year ended December 31, 2023[696](index=696&type=chunk) Key Performance Metrics (Year Ended Dec 31) | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | **AUM** | $418.8B | $352.0B | 19% | | **FPAUM** | $262.4B | $231.1B | 14% | | **Fee Related Earnings (FRE)** | $1,163.7M | $994.4M | 17% | | **Realized Income (RI)** | $1,265.5M | $1,131.0M | 12% | [Results of Operations by Segment](index=128&type=section&id=Results%20of%20Operations%20by%20Segment) In 2023, the Credit Group drove segment growth with **29%** FRE increase, while Real Assets declined due to lower performance fees, and Private Equity and Secondaries saw mixed results - **Credit Group:** Growth was driven by a **$333.3 million (24%)** increase in management fees, including a **$109.6 million** rise in Part I Fees from ARCC, CADC, and ASIF, and a **$95.8 million (134%)** increase in fee-related performance revenues[743](index=743&type=chunk)[745](index=745&type=chunk)[747](index=747&type=chunk) - **Real Assets Group:** The decline was primarily caused by a **$167.4 million (100%)** decrease in fee-related performance revenues, as non-traded REITs (AREIT and AIREIT) did not meet performance hurdles in 2023 after generating significant fees in 2022[804](index=804&type=chunk)[807](index=807&type=chunk) - **Private Equity Group:** Growth was supported by a **$35.3 million** increase in management fees from ASOF II deployment and a **$7.4 million** contribution from the Crescent Point acquisition[780](index=780&type=chunk) Fee Related Earnings (FRE) by Segment (Year Ended Dec 31, 2023) | Segment | FRE (USD Millions) | % Change YoY | | :--- | :--- | :--- | | **Credit Group** | $1,257.5 | 29% | | **Private Equity Group** | $112.5 | 33% | | **Real Assets Group** | $218.8 | (19)% | | **Secondaries Group** | $104.4 | (6)% | | **Operations Management Group** | ($538.1) | (20)% | [Liquidity and Capital Resources](index=154&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2023, Ares maintained a strong liquidity position with **$348.3 million** cash and **$430.0 million** credit facility availability, funding commitments and TRA liabilities - Primary liquidity needs include funding investment commitments, operating expenses, debt service, dividend payments, and strategic growth initiatives[871](index=871&type=chunk) - The Tax Receivable Agreement (TRA) liability, which requires payment to certain unitholders for tax benefits realized by the company, increased to **$191.3 million** as of December 31, 2023[889](index=889&type=chunk) Liquidity Position (as of Dec 31, 2023) | Component | Value (USD Millions) | | :--- | :--- | | **Cash and cash equivalents** | $348.3 | | **Available under Credit Facility** | $430.0 | | **Total Debt Obligations** | $2,965.5 | | **Unfunded Capital Commitments** | $1,030.6 | [Quantitative and Qualitative Disclosures About Market Risk](index=161&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Ares is exposed to market, interest rate, and exchange rate risks impacting fund investments and revenues, though management fees are largely insulated from market value fluctuations - **Market Risk:** The firm's revenue is sensitive to the fair value of fund investments; however, the impact on management fees is mitigated as most are based on committed or invested capital rather than market value, and a hypothetical **10%** decrease in fair value would not materially impact management fees[910](index=910&type=chunk)[913](index=913&type=chunk)[914](index=914&type=chunk) - **Interest Rate Risk:** The company is exposed to interest rate risk through its variable-rate Credit Facility; a **100 basis point** increase in interest rates would increase interest expense on any outstanding revolver balance, while its funds are also exposed, with rising rates negatively affecting fixed-rate securities but benefiting floating-rate securities[923](index=923&type=chunk)[924](index=924&type=chunk) - **Exchange Rate Risk:** The company has exposure to foreign currency movements through its international investments and operations, managing this risk through operational hedging and derivative instruments; a hypothetical **10%** decline in foreign currencies against the USD is not expected to have a material impact[920](index=920&type=chunk)[921](index=921&type=chunk)[922](index=922&type=chunk) [Financial Statements and Supplementary Data](index=163&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates by reference the company's consolidated financial statements and accompanying notes from the F-pages of the Annual Report on Form 10-K - The required information is incorporated by reference to the consolidated financial statements and notes located in the F-pages of the report[928](index=928&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=163&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[928](index=928&type=chunk) [Controls and Procedures](index=163&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with no material changes reported - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[929](index=929&type=chunk) - There were no material changes in internal control over financial reporting during the quarter ended December 31, 2023[930](index=930&type=chunk) - The independent registered public accounting firm, Ernst & Young LLP, issued an unqualified audit report on the effectiveness of the company's internal control over financial reporting as of December 31, 2023[933](index=933&type=chunk)[936](index=936&type=chunk) [Other Information](index=166&type=section&id=Item%209B.%20Other%20Information) Several executive officers and directors adopted Rule 10b5-1 trading plans in Q4 2023 to pre-establish future sales of Class A common stock Adoption of Rule 10b5-1 Trading Plans (Q4 2023) | Plan Participant | Title | Plan Date | Max Shares to be Sold | | :--- | :--- | :--- | :--- | | Bennett Rosenthal | Director, Co-Founder | Dec 14, 2023 | 250,000 | | David Kaplan | Director, Co-Founder | Dec 14, 2023 | 250,000 | | Michael Arougheti | CEO & President | Dec 14, 2023 | 999,585 | | Antony Ressler | Executive Chairman | Dec 15, 2023 | 2,000,000 | PART III [Directors, Executive Officers and Corporate Governance](index=166&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2024 Annual Meeting of Stockholders Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders[945](index=945&type=chunk) [Executive Compensation](index=166&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the 2024 Annual Meeting of Stockholders Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders[946](index=946&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=166&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) Information on security ownership of beneficial owners and management is incorporated by reference from the 2024 Annual Meeting of Stockholders Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders[947](index=947&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=166&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2024 Annual Meeting of Stockholders Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders[948](index=948&type=chunk) [Principal Accounting Fees and Services](index=167&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the 2024 Annual Meeting of Stockholders Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders[949](index=949&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=168&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists consolidated financial statements, the independent auditor's report, and a comprehensive catalog of exhibits filed with the Form 10-K - This item contains the consolidated financial statements and the report of the independent registered public accounting firm[951](index=951&type=chunk) - A comprehensive list of exhibits is provided, including the company's certificate of incorporation, bylaws, debt indentures, equity incentive plans, and various material agreements[952](index=952&type=chunk)[954](index=954&type=chunk)[956](index=956&type=chunk) [Form 10-K Summary](index=172&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates no Form 10-K summary is provided - None[961](index=961&type=chunk)

NEW YORK, Feb. 12, 2024 /PRNewswire/ -- Interstate Waste Services, Inc. ("IWS"), a leading, vertically integrated waste-by-rail provider of solid waste collection, disposal and recycling services announced it has entered into a definitive agreement to acquire Oak Ridge Waste & Recycling ("Oak Ridge"), one of Connecticut's preeminent providers of waste collection, transfer, and recycling services in Southwestern Connecticut and Suburban New York, further expanding IWS's service footprint into the tristate ar ...

Financial Highlights - GAAP net income attributable to Ares Management Corporation was $174.0 million for the quarter and $474.3 million for the year ended December 31, 2023[1] - After-tax realized income was $400.4 million for the quarter and $1,185.7 million for the year ended December 31, 2023[2] - Fee related earnings were $368.7 million for the quarter and $1,163.7 million for the year ended December 31, 2023[2] - Ares declared a quarterly dividend of $0.93 per share of Class A and non-voting common stock[3] Assets Under Management (AUM) - Total AUM reached $418.8 billion, a 19% increase year-over-year[17, 24] - Total Fee Paying AUM (FPAUM) was $261.7 billion, up 13% from the previous year[17, 24] - Available capital ended at a record level of $111 billion[2] - The company raised $21 billion in the fourth quarter and more than $74 billion for the year[2] Capital Deployment - Capital deployment reached $24.0 billion in Q4 2023 and $68.1 billion for the full year[17] - $15.4 billion and $42.5 billion, respectively, was deployed by drawdown funds during these periods[17] Segment Performance (Credit Group) - Management and other fees increased by 19% for the quarter and 23% for the year[79, 80] - Fee related performance revenues increased by 183% for the quarter and 134% for the year[79, 80] - Realized Income increased by 34% for the quarter and 30% for the year[79, 80]

Ares Management Corporation (NYSE:ARES) Q4 2023 Earnings Conference Call February 8, 2024 11:00 AM ET Company Participants Greg Mason – Co-Head-Public Markets Investor Relations Michael Arougheti – Chief Executive Officer Jarrod Phillips – Chief Financial Officer Conference Call Participants Steven Chubak – Wolfe Research Craig Siegenthaler – Bank of America Patrick Davitt – Autonomous Research Nick Benoit – Barclays Luke Bianculli – Goldman Sachs Michael Cyprys – Morgan Stanley Brennan Hawken – UBS Mike Br ...

For the quarter ended December 2023, Ares Management (ARES) reported revenue of $951.78 million, up 6.7% over the same period last year. EPS came in at $1.21, compared to $1.21 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $862.71 million, representing a surprise of +10.32%. The company delivered an EPS surprise of +10.00%, with the consensus EPS estimate being $1.10.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Ares Management (ARES) came out with quarterly earnings of $1.21 per share, beating the Zacks Consensus Estimate of $1.10 per share. This compares to earnings of $1.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10%. A quarter ago, it was expected that this private equity firm would post earnings of $0.86 per share when it actually produced earnings of $0.83, delivering a surprise of -3.49%.Over the last four quarters, the ...

The market expects Ares Management (ARES) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 8, 2024, might help the stock move higher if these key number ...