Ares Management Corporation Reports Fourth Quarter and Full Year 2025 Results NEW YORK--Ares Management Corporation (NYSE:ARES) today reported its financial results for its fourth quarter and full year ended December 31, 2025. GAAP net income attributable to Ares Management Corporation was $54.2 million for the quarter ended December 31, 2025. On a basic and diluted basis, net income attributable to Ares Management Corporation per share of Class A and non- voting common stock was $0.08 for the quarter ended ...

Fiscal Year 2026 Third Quarter Results February 3, 2026 Today's Speakers Erik Hirsch Co-CEO Jeff Armbrister Chief Financial Officer John Oh Head of Shareholder Relations Hamilton Lane | Global Leader in the Private Markets 2 Condensed Consolidated Statements of Income (Unaudited) • GAAP net income was $92.8 million for the quarter and $273.5 million year-to-date. GAAP net income attributable to Hamilton Lane Incorporated was $58.4 million for the quarter and $183.0 million year-to-date. | | | Three Months E ...

Financial Data and Key Metrics Changes - Patria's assets under management (AUM) exceeded $50 billion, representing a growth of over 3.5 times since its IPO in 2021 [6][7] - Organic fundraising surpassed $1.5 billion in Q3 2025, with year-to-date totals reaching $6 billion, indicating strong momentum [8][11] - Fee earning AUM grew to approximately $38.8 billion, up 4% sequentially and 14% year-over-year [19][20] - Fee related earnings (FRE) for Q3 2025 were reported at $49.5 million, reflecting a 22% increase year-over-year and a 7% increase sequentially [22][23] - Distributable earnings reached $46.9 million, up 34% year-over-year and 22% sequentially [26] Business Line Data and Key Metrics Changes - The infrastructure and credit businesses led the organic fundraising efforts, contributing significantly to the overall growth [8][12] - The infrastructure Fund V raised $2.9 billion, marking a 40% increase compared to the previous vintage, making it the largest dedicated infrastructure fund focused on Latin America [12][13] - The credit business surpassed its total 2024 fundraising by nearly 15%, reaching $1.6 billion in 2025 [12] Market Data and Key Metrics Changes - The depreciation of the U.S. dollar against other currencies is seen as a catalyst for international portfolio diversification, prompting investors to seek exposure in regions with stronger fundamentals [10][11] - There is increased global interest in infrastructure investments in Latin America, benefiting Patria as a leading infrastructure investor in the region [11][12] Company Strategy and Development Direction - The company aims to raise $21 billion from 2025 to 2027, with specific targets of $6 billion in 2025, $7 billion in 2026, and $8 billion in 2027 [16] - Patria plans to focus on organic growth in 2025, with a potential restart of acquisition efforts in 2026 and 2027, particularly in real estate and credit sectors [35][36] - The company is looking to expand its GPMS (Global Private Market Solutions) business, particularly in the U.S. and Mexico, to enhance its global presence [36][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the high end of the 2025 fundraising target of $6.6 billion, supported by strong fundraising momentum [16][18] - The company expects to generate approximately $15 million in performance-related earnings in Q4 2025, with potential for more monetization events [10][24] - The overall macroeconomic environment, characterized by persistent inflation and high interest rates, is seen as favorable for fundraising efforts [12][13] Other Important Information - The effective tax rate for Q3 2025 was reported at 3.3%, with expectations to hover around 10% annually in the coming years [26] - The Board approved an annual dividend of $0.60 per share for 2025, with a declared dividend of $0.15 per share for Q3 [27] Q&A Session Summary Question: Update on capital deployment pacing with $3.2 billion in pending fee earning AUM - Management indicated that the pending AUM will likely be deployed over the next 12 to 18 months, primarily in infrastructure investments [30][33] Question: Update on inorganic growth and asset classes of interest - Management stated that no acquisitions are planned for 2025, with a focus on organic growth, and potential acquisitions in real estate and credit sectors in 2026 and 2027 [34][35] Question: FRE guidance for the year and potential upside in Q4 - Management expects around $10 million to $12 million from incentive fees in Q4, which will be a significant contributor to surpassing the $200 million FRE target [44][46] Question: Update on GPMS product cross-sell evolution - Management highlighted successful phases in gaining client confidence and attracting new investments, with plans to launch new products in the GPMS structure [66][75]

Financial Performance - GAAP net income attributable to Ares Management Corporation was $288.9 million for the quarter ended September 30, 2025[1] - After-tax realized income was $425.8 million for the quarter ended September 30, 2025[2] - Fee related earnings were $471.2 million for the quarter ended September 30, 2025[2] - Total assets under management reached $595.7 billion as of September 30, 2025, a 28% year-over-year increase[9,3] - Total fee paying AUM was $367.6 billion as of September 30, 2025, a 28% year-over-year increase[3,37] Fundraising and Capital Deployment - Ares expects to exceed its previous annual fundraising record of $93 billion this year[3] - The company raised $30.9 billion in Q3 2025, with net inflows of capital of $28.5 billion[25] - Capital deployment reached $41.7 billion, including $20.2 billion by drawdown funds[25] - Available capital stood at $150 billion at the end of the third quarter[3] Dividends - Ares declared a quarterly dividend of $1.12 per share of Class A and non-voting common stock[4] - Ares declared a quarterly dividend of $0.84375 per share of its 6.75% Series B mandatory convertible preferred stock[5]

Financial Performance - GAAP net income was $77.1 million for the quarter, a decrease of 12% compared to the three months ended June 30, 2024[8] - Net income attributable to Hamilton Lane Incorporated was $53.7 million for the quarter, a decrease of 9% compared to the three months ended June 30, 2024[8] - Management and advisory fees were $133.7 million, a decrease of 4% year-over-year[14, 29] - Incentive fees decreased by 26% year-over-year to $42 million[9, 37] - Fee Related Earnings increased 31% compared to the three months ended June 30, 2024, reaching $83.7 million[10, 16] - Adjusted EBITDA was $95.8 million, remaining flat year-over-year[14, 45] Assets Under Management - Assets under management reached $141 billion as of June 30, 2025, an increase of 9% compared to June 30, 2024[16] - Fee-earning assets under management were $74 billion as of June 30, 2025, an increase of 10% compared to June 30, 2024[16] Unrealized Carried Interest - Unrealized carried interest was $1.309 billion as of June 30, 2025[38, 40] - 52% of the unrealized carry is from vehicles aged 5-8 years[41] Other - The company declared a quarterly dividend of $0.54 per share of Class A common stock[15]

Financial Performance - GAAP net income attributable to Ares Management Corporation was $137.1 million[1] - After-tax realized income was $367.9 million, with after-tax realized income per share of Class A common stock at $1.03[2] - Fee related earnings reached $409.1 million[2] Assets Under Management (AUM) - Total AUM reached $572.4 billion, a 28% increase year-over-year[9, 32, 35] - Total fee paying AUM was $349.6 billion, a 27% increase year-over-year[23, 32, 35] - Available capital stood at $150.8 billion[3, 23, 46] - AUM not yet paying fees available for future deployment was $86.8 billion, potentially generating $822.7 million in incremental annual management fees[23, 49] Capital Activity - Gross new capital commitments totaled $26.2 billion[23, 31] - Capital deployment amounted to $26.9 billion, including $13.0 billion by drawdown funds[23, 61, 65] Dividends - A quarterly dividend of $1.12 per share was declared for Class A and non-voting common stock[4, 23] - A quarterly dividend of $0.84375 per share was declared for the 6.75% Series B mandatory convertible preferred stock[5, 23]

Core Insights - KKR & Co. Inc. reported revenue of $1.28 billion for the quarter ended June 2025, reflecting a year-over-year increase of 15.9% and a slight revenue surprise of +0.43% over the Zacks Consensus Estimate [1] - The earnings per share (EPS) for the quarter was $1.18, up from $1.09 in the same quarter last year, resulting in an EPS surprise of +0.85% compared to the consensus estimate of $1.17 [1] Financial Performance Metrics - Private Equity Assets Under Management (AUM) reached $214.58 billion, exceeding the average estimate of $213.53 billion [4] - Fee Paying Assets Under Management in Private Equity stood at $141.22 billion, surpassing the estimated $136.29 billion [4] - Real Assets Segment AUM at the end of the period was $179.45 billion, compared to the average estimate of $177.73 billion [4] - Fee Related Earnings from Management Fees were $995.76 million, exceeding the estimated $964.4 million and representing a +17.5% change year-over-year [4] - Net Transaction and Monitoring Fees were reported at $234.25 million, below the average estimate of $273.75 million [4] - Total Fee Related Revenue in Private Equity was $392.52 million, higher than the estimated $382.8 million [4] - Realized Performance Income in Private Equity was $355.49 million, exceeding the average estimate of $336.12 million [4] - Credit and Liquid Strategies Segment AUM at the end of the period was $291.78 billion, slightly below the average estimate of $292.43 billion [4] Stock Performance - KKR & Co. shares have returned +11.8% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Performance - Management and advisory fees for FY25 reached $513.9 million, a 14% increase compared to FY24[4] - GAAP net income for FY25 was $217.4 million, a 54% increase compared to FY24[4] - GAAP EPS for FY25 was $5.41, a 47% increase compared to FY24[4] - Adjusted EBITDA for FY25 was $366.1 million, a 34% increase compared to FY24[4] - Incentive fees YTD increased by 95% from $102 million in FY24 to $199 million in FY25[25] - Total revenues YTD increased by 29% from $554 million in FY24 to $713 million in FY25[20] Assets Under Management (AUM) - Assets under management reached $138 billion as of March 31, 2025, an 11% increase compared to March 31, 2024[6] - Fee-earning assets under management reached $72 billion as of March 31, 2025, a 10% increase compared to March 31, 2024[6] - Total assets under advisement (AUA) reached $819.473 billion as of March 31, 2025, a 3% increase compared to March 31, 2024[57] Other Key Items - The company declared a quarterly dividend of $0.54 per share of Class A common stock[5] - Unrealized carried interest as of March 31, 2025, was $1.3 billion diversified across 3,000+ assets and over 110 funds[26]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $18.5 million or $0.24 per share for the fourth quarter [5] - Fee related earnings reached $94.1 million, an increase of 85% from the prior year quarter, with an FRE margin of 44% [5][31] - Adjusted net income for the quarter was $80.6 million or $0.68 per share, up from $37.7 million or $0.33 per share in the same quarter last year [6][31] - The total dividend payout for the fiscal year was $1.36, up from $0.99 the previous year [6][29] Business Line Data and Key Metrics Changes - The company raised over $31 billion in assets under management (AUM) for the fiscal year, with a growth of $27.5 billion in fee earning AUM, marking a 29% growth rate [8][18] - Managed account re-up rates remained above 90%, with average growth of approximately 30% [9] - The private wealth platform saw significant growth, increasing from $3.4 billion to over $8 billion in assets [11] Market Data and Key Metrics Changes - Total gross inflows for the quarter were $9.9 billion, the second highest on record [12] - Fee earning assets under management grew to over $121 billion, up $7.2 billion from the previous quarter [13] - The undeployed fee earning capital (UFEC) increased from approximately $22 billion to $25 billion [22] Company Strategy and Development Direction - The company aims to continue expanding its private wealth offerings and has introduced new products to enhance distribution [11][27] - The strategy includes focusing on scenario planning to assess impacts by asset class, strategy, region, and sector amid a volatile market environment [14] - The company is actively pursuing opportunities in private markets, leveraging its scale and expertise to navigate through cycles [17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the operating environment, noting recent progress in trade policy but acknowledging ongoing uncertainty [14] - The company believes that private markets will continue to outperform public markets, emphasizing the importance of a long-term investment approach [15][16] - Management highlighted the importance of maintaining a disciplined investment strategy to capitalize on market dislocations [17] Other Important Information - The company plans to conduct a buy-in of non-controlling interests using $10 million in cash and $161 million in equity [28] - The board declared a supplemental dividend of $0.40 per share, in addition to a base quarterly dividend of $0.24 [29] Q&A Session Summary Question: What were the one-time fees mentioned in the quarter? - The one-time fees were approximately $4 million in advisory fees, which were larger than usual for the quarter [39] Question: How does the pipeline of new business look? - Management expressed a positive outlook on the pipeline, noting strong opportunities in new capital allocations to private markets [44] Question: How do you see the fundraising environment evolving? - Management noted a barbell fundraising trend with strong first and final closes, indicating a healthy fundraising environment [50] Question: What is the outlook for the secondaries marketplace? - Management expects increased selling in the secondaries market due to liquidity constraints among investors, positioning the company as an active buyer [59] Question: How is the private wealth product platform evolving? - The company sees significant growth potential in the private wealth space, particularly in expanding its offerings and distribution in Europe [63]

Financial Performance - Vinci Compass reported Fee Related Earnings (FRE) of R$657 million in 1Q'25, a 22% increase year-over-year[12] - The company's Performance Related Earnings (PRE) reached R$17 million in 1Q'25, up 37% compared to the same period last year[12] - Adjusted Distributable Earnings (DE) stood at R$623 million in 1Q'25, reflecting a 26% increase year-over-year[12] - Adjusted DE per share was R$098 in 1Q'25, a 6% increase year-over-year[12] - The company declared a quarterly dividend of US$015 per common share[88] Assets Under Management (AUM) - Total AUM reached R$3046 billion, a significant 342% increase year-over-year, primarily driven by the combination with Compass, as well as acquisitions of Lacan and MAV[17] - Capital subscriptions in 1Q'25 totaled R$11 billion, mainly from the Credit segment with PEPCO II and SPS IV[17] - AUM decreased 7% quarter-over-quarter, mainly due to a R$189 billion negative impact from FX variation[17] Segment Performance - Private Equity contributed 37% to Fee Related Earnings (FRE) in 1Q'25 LTM[48] - Real Assets accounted for 20% of FRE in 1Q'25 LTM[48] - Global IP&S contributed 17% to FRE in 1Q'25 LTM[48]