Financial Data and Key Metrics Changes - Ares Management achieved a record $994 million in management fees for Q4 2025, totaling $3.7 billion for the full year, representing a 27% increase quarter-over-quarter and a 25% increase year-over-year [28] - Fee-related earnings (FRE) for the full year increased by 30% compared to the prior period, with a record FRE of $528 million in Q4, reflecting a 33% year-over-year growth [31] - Realized income for Q4 reached a record $589 million, with full-year realized income exceeding $1.8 billion, marking a 26% increase from 2024 [34] Business Line Data and Key Metrics Changes - The wealth management business saw AUM grow to over $66 billion, a 69% increase year-over-year, driven by strong performance across semi-liquid wealth products [7][22] - The real estate group raised more than $16 billion for the year, including over $7 billion in Q4, with significant commitments in various real estate strategies [18] - The secondaries group raised $12.9 billion for the full year, with AUM increasing by 45%, nearly doubling in size since the acquisition of Landmark [21] Market Data and Key Metrics Changes - Ares Management's total AUM reached over $622 billion, a 29% increase year-over-year, with $113 billion in total fundraising for 2025 [5] - The company reported a record $46 billion in deployment for Q4, with full-year gross deployment totaling $146 billion, a 37% increase over 2024 [6] - The private equity business reported organic portfolio company EBITDA growth of 13% for the last 12 months in its latest fund, ACOF Six [10] Company Strategy and Development Direction - Ares Management is focused on expanding its investment platform and geographic reach, with significant investments in new data systems and AI projects to enhance decision-making and operational efficiency [7][8] - The acquisition of GCP has positioned Ares as a global top three owner and operator of industrial real estate, contributing to the growth of its real estate and digital infrastructure offerings [7] - The company aims to leverage its diverse strategies across asset classes and geographies to capture growth opportunities, particularly in real assets and secondaries [68] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving transaction environment and pent-up demand for private equity sponsors seeking liquidity solutions, supported by a large inventory of seasoned assets and an improving interest rate environment [12][13] - The company anticipates 2026 to be a significant year for realizing European-style performance fees, with expectations for substantial growth in fee-related performance revenues [28] - Management highlighted strong fundamentals across credit portfolios, with loan-to-value ratios near historical lows and improving interest coverage [34][43] Other Important Information - Ares Management declared a 20% year-over-year increase in its first quarter 2026 common dividend to $1.35 per share [3] - The company has a substantial dry powder of $156 billion, positioning it well for future investments [27] - Ares is well-prepared to navigate market challenges, including potential risks from AI disruptions, with a diversified portfolio and strong fundamentals [42][43] Q&A Session Summary Question: Impact of software AI disruption on deployment efforts - Management expressed confidence in their software investments, emphasizing the diversification and stability of their portfolio, and noted that the disruption would not significantly impact overall origination volumes [47][50] Question: Wealth channel performance and sentiment - Management reported strong flows in January and February, with broad-based demand across private credit and core infrastructure products, indicating resilience in the wealth channel despite some cyclicality [54][59] Question: Outlook for real assets and secondaries - Management highlighted ongoing growth in real estate and secondaries, with expectations for significant fundraising and deployment opportunities in these areas [64][71]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q4 2025 was $0.81, unchanged from the prior quarter, while full-year EPS increased to $3.09 from $2.93 in 2024 [4][5] - Revenue for Q4 increased by 2% sequentially to $143.8 million, and full-year revenue rose by 6.9% to $554 million [4][5] - Operating income for Q4 increased by 3% to $52.4 million, with full-year operating income up 6.3% to $195.1 million [6][5] - The effective fee rate for Q4 was stable at 59 basis points, consistent with the prior quarter [5] Business Line Data and Key Metrics Changes - Ending assets under management (AUM) in Q4 was $90.5 billion, slightly down from Q3, but average AUM was higher compared to the prior quarter [6][19] - Net inflows during Q4 were $1.2 billion, primarily from advisory and closed-end funds, offset by market depreciation and distributions [6][19] - The institutional pipeline strengthened, ending the year with $1.72 billion across 20 mandates [22] Market Data and Key Metrics Changes - U.S. REITs returned just 3.2% in 2025, ranking last among the 11 GICS sectors in the S&P 500 [20] - Natural resource equities performed well, with a return of nearly 30%, while global listed infrastructure saw returns ranging from 14% to 22% [21] - Global real estate stocks were flat in Q4, with gains in Asia-Pacific markets countered by weakness elsewhere [11] Company Strategy and Development Direction - The company aims to focus on harvesting returns on investments made in new strategies and vehicles over the past years [25] - There is an expectation for REIT earnings to accelerate above trend to roughly 8% in 2026 and 2027 due to lower supply and increasing demand [16] - The company plans to increase coverage in the RIA channel and expand its institutional presence outside the U.S. [25] Management's Comments on Operating Environment and Future Outlook - Management noted that economic activity and market returns are expected to broaden in 2026, with above-consensus global growth anticipated [14] - The company is optimistic about the return of investor interest in private real estate, driven by improving market conditions [36] - There is a belief that the combination of broadening economic growth and relative valuation attractiveness will benefit the company's asset classes in 2026 [18] Other Important Information - The company reported liquidity of $403 million at year-end, a $39 million increase from the prior quarter [8] - The effective tax rate for the quarter was 25.7%, consistent with the previous year [8] - The company celebrated its 40th anniversary in 2026, highlighting its evolution and commitment to listed markets [31][32] Q&A Session Summary Question: Signs of improving demand for private real estate - Management noted early signs of increasing interest in private real estate, with expectations for it to become a more significant contributor in 2026 [36][38] Question: Progress in the institutional channel - Management indicated a strong pipeline for the institutional channel, with improved conversations and a broader range of mandates [45][46] Question: Dynamics driving the won and unfunded pipeline - Management confirmed that the recent increase in the won and unfunded pipeline reflects broader market dynamics and improved allocator confidence [48][50] Question: Regional demand for advisory and sub-advisory - Management observed expanding demand in non-U.S. markets, with allocators from various countries showing interest [53][54] Question: Areas of demand for active ETFs - Management reported strong interest from RIAs and existing holders of open-end funds converting to active ETFs, indicating a positive trend for future growth [61][62]

Core Insights - A recent Reddit discussion revealed that many homeowners regret their purchase decisions, indicating a widespread sentiment of dissatisfaction with their current homes [1][2][3] Group 1: Homeowner Sentiments - Many homeowners expressed that they would not buy their current home again, often citing a preference for smaller, cheaper, and newer properties in safer locations [2] - Homeowners reported feeling rushed into purchases due to market pressures, leading to regrets about location, layout, and unexpected neighbor issues [2][3] - The issue of neighbors was frequently mentioned, with complaints about noise and undesirable living conditions affecting satisfaction with their homes [3] Group 2: Regrets and Realizations - Some homeowners regretted compromising on their must-haves, wishing they had opted for larger spaces or better locations [4] - The "golden handcuffs" dilemma was highlighted, where low interest rates from 2020 to 2021 made it financially challenging to move, even when their homes no longer suited their needs [4][5] - First-time buyers often felt unprepared and misled, with some expressing a desire for more honest feedback from real estate agents regarding property negatives [5]

Core Insights - The company is preparing to release its top investment picks for 2026, emphasizing the timeliness of joining to access these opportunities [1] - Significant resources are allocated to research, with an annual investment exceeding $100,000 to identify profitable investment strategies [1] - The company has received approximately 200 five-star reviews from members who have benefited from its investment approach [2]

RT Byreal (@byreal_io)🚀 [BREAKING] Byreal just crossed $1 BILLION in cumulative trading volume.Ten weeks after launch, we’re proving what real assets + real liquidity can look like on @Solana.Thank you to every farmer, trader, partner, and builder.We are just getting warmed up.Higher. 💙 https://t.co/9NaD4mqqM9 ...

Market Cycle Analysis - Atoria Portfolio Advisors 认为市场已进入新周期，与普遍观点不同 [1] - 过去 25 年，美联储降息通常预示着新的市场周期 [2] - 美联储去年已降息四次，今年也有几次降息 [2] Asset Class Performance - 新兴市场今年上涨 27% [2] - 发达国际市场上涨 27% [3] - 黄金价格上涨 54% [3] - Atoria Portfolio Advisors 的 PPI ETF 上涨 24% [3] - 银行板块上涨 19%，受益于更陡峭的收益率曲线和更高的利率 [3] - XLI (工业精选板块) 上涨 17% [3] - 多个板块和资产类别的表现明显优于标准普尔 500 指数 [3] Investment Strategy - 投资者需要调整投资组合以适应新的市场环境 [4] - 过去五年主要集中于大型科技股和成长股 [4] - 长期来看，结构性通胀将高于以往，目前仍比美联储 2% 的通胀目标高出 50% [5] - 如果要回到 2% 的通胀目标，美联储需要加息，但他们正在做相反的事情 [5]

Financial Data and Key Metrics Changes - Distributed earnings before realizations were $1.3 billion for the quarter, or $0.56 per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the same period last year [4][13] - Total distributed earnings, including realizations, were $1.5 billion, or $0.63 per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months [13] - Total net income was $1.7 billion over the same period [13] Business Line Data and Key Metrics Changes - The asset management business generated distributed earnings of $687 million, or $0.29 per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months [13] - Wealth Solutions business delivered distributed earnings of $420 million, or $0.18 per share in the quarter, and $1.7 billion, or $0.70 per share over the last 12 months, representing organic growth of over 15% year-over-year [15][16] - Infrastructure and renewable power businesses remain at the forefront of global investment opportunities, with significant initiatives announced [18] Market Data and Key Metrics Changes - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values [5][23] - The real estate business showed strong performance with 96% occupancy in the Super Core portfolio and 95% in the Core Plus portfolio [19] - Leasing activity in high-quality assets remains strong, with rents on newly signed leases averaging 15% above those expiring [20] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key growth drivers [8] - Strategic transactions include the acquisition of Just Group in the U.K. and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [9][17] - The company aims to leverage its scale and expertise to capture opportunities in energy transition and AI infrastructure [10][18] Management's Comments on Operating Environment and Future Outlook - The economic backdrop remains constructive, with healthy corporate earnings and open capital markets supporting real assets [4][6] - Management anticipates a period of declining real yields and low nominal rates, which would benefit real asset investments [7] - The company expects continued growth in financial results over the remainder of the year and into 2026 [23] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - The board declared a quarterly dividend of $0.06 per share, consistent with the previous quarter's dividend [24] Q&A Session Summary Question: Discussion on AI and humanoids creating another leg for Brookfield - Management emphasized that capital deployment is focused on building infrastructure to support AI growth, with significant investment in renewable energy and data centers [28][30] Question: Update on the reinsurance agreement in Japan - The reinsurance agreement is expected to scale over time, with a focus on long-duration low-risk liabilities [32] Question: Timeline for achieving the 200 basis point target net investment yield spread - Management indicated that achieving the target is a medium to long-term goal, with expectations for spread to broaden as capital is deployed [38] Question: Impact of the Oaktree acquisition on share repurchases - The acquisition will not materially impact the company's buyback strategy, with plans to repurchase shares issued as part of the transaction [40] Question: Progress on the Just acquisition and its financial implications - Management is working through regulatory approvals and expects to scale PRT origination significantly post-acquisition [47] Question: Downside protections for nuclear project investments - Investments in nuclear projects will be structured to provide strong downside protection, focusing on scaling Westinghouse's services [52][54] Question: Outlook for Carry Generation and realizations - Management expects a step-up in carried interest in 2026, with a healthy transaction market supporting this outlook [59][61]

Financial Data and Key Metrics Changes - Distributed earnings before realizations were $1.3 billion for the quarter, or $0.56 per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the same period last year [5][14] - Total distributed earnings, including realizations, were $1.5 billion, or $0.63 per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months, with total net income of $1.7 billion [14][15] - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values [5][25] Business Line Data and Key Metrics Changes - The asset management business generated distributed earnings of $687 million, or $0.29 per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months [14] - Wealth Solutions business delivered distributed earnings of $420 million, or $0.18 per share in the quarter, and $1.7 billion, or $0.70 per share over the last 12 months, representing organic growth of over 15% year over year [17] - The infrastructure and renewable power businesses remain at the forefront of secular trends, with significant initiatives announced for next-generation power and AI infrastructure [20] Market Data and Key Metrics Changes - Economic activity and corporate earnings remain healthy, with capital markets open and transaction activity picking up across most asset classes [5] - The real estate recovery is gaining momentum, with strong leasing activity and high occupancy rates in the Super Core and Core Plus portfolios [20][21] - The company has advanced $75 billion of monetizations across its franchise, including various asset classes [21][24] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key trends for future growth [9] - Strategic transactions include the acquisition of Just Group in the UK and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [10][19] - The company aims to leverage its scale and expertise in real assets to capture opportunities in energy transition and AI infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment, noting potential policy easing from the Federal Reserve and the benefits of real assets in a low nominal rate environment [6][8] - The company anticipates continued strong growth in its results over the remainder of the year and into 2026, supported by a record $180 billion of deployable capital [9][25] - Management highlighted the importance of disciplined capital deployment and the potential for significant growth in AI and renewable energy sectors [29][79] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - A quarterly dividend of $0.06 per share was declared, consistent with the previous quarter's dividend [26] - The company maintains a conservatively capitalized balance sheet with high levels of liquidity [25] Q&A Session Summary Question: How do you see humanoids and AI potentially creating another leg of the stool for Brookfield over time? - Management indicated that capital deployment is focused on building infrastructure to support AI growth, with significant investment in renewable energy and data centers [29][31] Question: Can you talk about the reinsurance agreement in Japan and its contribution to global ambitions? - Management confirmed that the reinsurance agreement is a flow arrangement that will build over time, with a focus on growth in both the UK and Japan markets [33][34] Question: How long to reach the 200 basis point target net investment yield spread? - Management stated that achieving the target is a medium to long-term goal, with expectations for the spread to widen as attractive investment opportunities arise [37][38] Question: What is the impact of the Oaktree acquisition on share repurchases? - Management confirmed that the acquisition will not impact the broader buyback strategy, with a portion of shares issued being repurchased [41] Question: Can you elaborate on the trajectory of the insurance business and spread dynamics? - Management acknowledged the current spread of 165 basis points, emphasizing a disciplined approach to capital deployment and a focus on long-term performance [44][46] Question: What are the downside protections sought in nuclear project investments? - Management indicated that investments in nuclear projects will be structured to provide strong downside protection, with a focus on scaling Westinghouse's services [53][55] Question: How is the outlook for Kerry Generation shaping up for 2026? - Management expects a step-up in carried interest in 2026, with a healthy transaction market supporting continued activity [61][62]

Market Dynamics - The market has largely focused on short-term PvP knife fighting and momentum trading, overlooking real price discovery [1] - The market seems to have forgotten the existence of real assets and PvEs (Proof of Valuable Efforts) [1] Cryptocurrency Assessment - The continued presence of XRP/ADA in the top 10 cryptocurrencies is considered an anomaly [1]

人事变动 - Rivera 将在 Capital Solutions Group 内的基础设施和实物资产融资部门承担新职责 [1] 公司战略 - 银行在 Capital Solutions Group 内调整基础设施和实物资产融资团队 [1]