Private credit is booming, but it's not without risk. Ares Management's Raj Dhanda says this is the moment when experience matters most. From underwriting discipline to navigating rate cuts and illiquidity risk he joined Bloomberg Open Interest to break down how Ares is positioning for the next phase of the credit cycle, and why he thinks private markets still have plenty of upside. ...

When I wrote about Ares ( ARES ) back in April, I saw an opportunity to buy into a leading name in the private credit space following a sharp sell-off in the stock. Since myProfessional equity portfolio manager for a boutique buy-side asset manager.My focus is on finding high-quality companies, applying a disciplined approach to valuation and identifying underappreciated opportunities. My goal is to identify opportunities in cash-rich companies with strong balance sheets and shareholder friendly policies. I ...

When I wrote about Ares ( ARES ) back in April, I saw an opportunity to buy into a leading name in the private credit space following a sharp sell-off in the stock. Since myProfessional equity portfolio manager for a boutique buy-side asset manager.My focus is on finding high-quality companies, applying a disciplined approach to valuation and identifying underappreciated opportunities. My goal is to identify opportunities in cash-rich companies with strong balance sheets and shareholder friendly policies. I ...

Core Insights - Emirates has announced an order for eight Airbus A350-900 jets, which was previously undisclosed [1] - The announcement comes after Emirates ruled out an immediate order for larger A350-1000 aircraft [1] Company Summary - Emirates is expanding its fleet with the addition of eight A350-900 jets, indicating a strategic move to enhance its operational capacity [1] - The decision to not pursue larger A350-1000 aircraft suggests a focused approach on specific aircraft models that align with current operational needs [1]

Industry Overview - The alternative asset management industry has shown incredible growth and strong investment performance over the past decade [2] - The industry is characterized by resilience, even in the face of double-digit drawdowns in stock prices [2] Key Players - Marc Lipschultz, co-CEO of Blue Owl, has a background in founding the legacy credit business at Blue Owl and previously worked at KKR [3] - Kip DeVeer, Co-President of Ares, has extensive experience, having previously run ARCC and served as Head of Credit [3]

Ares Management (NYSE:ARES) 2025 Conference November 18, 2025 12:00 PM ET Company ParticipantsMarc Lipschultz - Co-CEOKipp deVeer - Co-PresidentConference Call ParticipantsBrian McKenna - Director and Equity Research AnalystBrian McKennaAll right. I know everyone's eating their lunch here, filing in, but why don't we get going? Hopefully, everyone can hear us okay. My name is Brian McKenna. I cover the alternative asset managers and the BDCs and equity research at Citizens. I've actually covered the space f ...

Core Points - Danish Iqbal has been appointed to the Bermuda Long Term Insurers and Reinsurers (BILTIR) Board of Directors, effective November 1, 2025 [1] - Iqbal has extensive experience in the life re/insurance industry, having held senior roles focused on pricing, valuation, risk, and ALM [3] - Somerset Re emphasizes that Iqbal's appointment reflects its commitment to supporting Bermuda's life and annuity sector and positively contributing to the local community, economy, and environment [4] Company Summary - Somerset Re has recently welcomed Danish Iqbal back to the firm, highlighting his previous role as Chief Actuary at Aspida Re, where he managed all actuarial functions and led the sale process to Ares Management Corporation [3] - The company aims to enhance its influence in Bermuda's insurance landscape through Iqbal's leadership and expertise [4] Industry Summary - The appointment of Iqbal to the BILTIR Board signifies a strategic move to strengthen the governance and oversight of Bermuda's life and annuity insurance sector [1][4] - Iqbal's diverse background in both traditional and non-traditional actuarial roles positions him as a valuable asset to the industry [3]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Asset Management and Growth - The company reported a significant increase in assets under management (AUM), reaching $X billion, representing a Y% growth compared to the previous quarter[12]. - Fee paying AUM (FPAUM) increased to $X billion, reflecting a Z% rise, driven by strong capital inflows and performance[17]. - Future outlook includes a projected increase in AUM to $X billion by the end of the fiscal year, driven by new client acquisitions and market expansion[12]. - The company anticipates a growth in fee related earnings (FRE) by approximately Y% in the upcoming quarter, supported by ongoing investment strategies[17]. - New product offerings in the wealth management sector are expected to contribute an additional $X million in revenue over the next fiscal year[14]. - The company is exploring strategic acquisitions to enhance market presence, with a target of increasing market share by Y%[14]. - The company is focusing on expanding its international footprint, aiming for a Z% increase in revenue from overseas markets[14]. Financial Performance - Total revenues for Q3 2025 reached $1,657.6 million, a 46.5% increase from $1,129.7 million in Q3 2024[25]. - Net income for Q3 2025 was $540.4 million, compared to $280.7 million in Q3 2024, representing a 92.5% year-over-year growth[28]. - Management fees increased to $971.8 million in Q3 2025, up 29.0% from $753.6 million in Q3 2024[25]. - Carried interest allocation rose to $464.7 million in Q3 2025, a significant increase of 67.3% from $277.7 million in Q3 2024[25]. - Total expenses for Q3 2025 were $1,308.2 million, up 53.0% from $854.9 million in Q3 2024[25]. - Net income attributable to Ares Management Corporation was $288.9 million in Q3 2025, compared to $118.5 million in Q3 2024, marking a 143.4% increase[25]. - Basic net income per share for Class A and non-voting common stock was $1.15 in Q3 2025, doubling from $0.55 in Q3 2024[25]. - Total comprehensive income for Q3 2025 was $535.6 million, compared to $317.8 million in Q3 2024, reflecting a 68.7% increase[28]. Assets and Liabilities - Total assets increased to $27.03 billion as of September 30, 2025, up from $24.88 billion at December 31, 2024, representing a growth of approximately 8.6%[23]. - Total liabilities increased to $18.40 billion from $17.49 billion, reflecting a rise of about 5.2%[23]. - Stockholders' equity grew to $4.47 billion, up from $3.54 billion, indicating an increase of approximately 26.3%[23]. - Cash and cash equivalents decreased to $496.67 million from $1.51 billion, a decline of about 67%[23]. - Investments rose to $5.76 billion, compared to $4.64 billion, marking an increase of approximately 24%[23]. - Goodwill surged to $3.44 billion from $1.16 billion, representing a significant increase of approximately 196%[23]. - Accumulated deficit widened to $1.22 billion from $837.29 million, indicating a deterioration of about 45.8%[23]. - Additional paid-in capital increased significantly to $4.20 billion from $2.94 billion, a growth of approximately 42.8%[23]. Acquisitions and Strategic Initiatives - The company completed the acquisition of GCP International on March 1, 2025, with a total consideration of $3.91 billion, including $1.79 billion in cash and $1.66 billion in equity[51]. - The GCP Acquisition is expected to enhance the company's real estate and digital infrastructure investment capabilities and expand its geographic presence[50]. - Goodwill associated with the GCP Acquisition was $2.27 billion, with $1.1 billion deductible for tax purposes[54]. - Acquisition-related costs incurred totaled $68.7 million, with $35.3 million incurred during the nine months ended September 30, 2025[56]. Compensation and Expenses - Performance-related compensation payable increased to $2.99 billion from $2.54 billion, a rise of about 17.5%[23]. - Compensation and benefits expenses increased to $493.578 million in Q3 2025 from $360.013 million in Q3 2024, representing a 37.0% rise[182]. - Total segment expenses for the nine months ended September 30, 2025, amounted to $1,295,629, compared to $987,558 in 2024, indicating a rise of 31.1%[188]. - Total consolidated expenses for Q3 2025 were $1,308,216, a significant increase from $854,887 in Q3 2024, representing a 53% rise[189]. Tax and Deferred Assets - The income tax expense for the three months ended September 30, 2025, was $111.9 million, and for the nine months ended September 30, 2025, it was $190.4 million[138]. - As of September 30, 2025, the Company recorded a net deferred tax asset of $289.1 million[139]. Equity and Shareholder Returns - The company declared dividends of $1.12 per share for each of the three dividend payments made in 2025, totaling $63.6 million in dividends paid for the nine months ended September 30, 2025[154]. - The Series B mandatory convertible preferred stock has a cumulative dividend rate of 6.75% and will automatically convert into Class A common stock on October 1, 2027[162]. - The company did not repurchase any shares under the $750 million stock repurchase program during the nine months ended September 30, 2025[158]. Investment Performance - The company reported net realized and unrealized gains on investments of $188.4 million in Q3 2025, compared to a loss of $5.1 million in Q3 2024[25]. - The company’s share of net investment income and net realized and unrealized gains related to equity method investments was $195,215 for Q3 2025, significantly higher than $8,093 for Q3 2024[67]. - The company reported a total of $31,924 in collateralized loan obligations and fixed income securities at fair value as of September 30, 2025[65].

Core Viewpoint - Ares Management Corporation's Co-President, Kipp deVeer, will present at the Citizens Financial Services Conference on November 18, 2025, at 12:00 pm ET [1] Company Information - The presentation will be accessible via a live audio webcast in the Investor Resources section of Ares Management's website [1]