Track market-moving stories before they get noisy

The market expects Ares Management (ARES - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. 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 October 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis private equity firm is expected to post quarterly earnings of $1.25 per share in its upcoming report, which represents a year-over-year change of +5%.

Revenues are expected to be $1.26 billion, up 8.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.66% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Ares Management?For Ares Management, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.06%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Ares Management will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Ares Management would post earnings of $1.29 per share when it actually produced earnings of $1.29, delivering no surprise.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Ares Management doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, announced today that Ares Real Estate has established a European logistics investment partnership with Norges Bank Investment Management (“NBIM”). NBIM has made an equity commitment of €1.5 billion.

This transaction marks the first collaboration between Ares and NBIM. Ares will target attractive logistics investment opportunities across Europe, with a focus on modern, high-quality assets serving evolving supply chain, distribution and e-commerce needs. The strategy will leverage the insights and resources of Ares’ integrated logistics operating platform, Marq Logistics, which manages a global portfolio of over 2,250 properties totalling more than 655 million square feet. With Marq Logistics, Ares combines its scale, expertise and integrated logistics real estate capabilities to deliver consistent, best-in-class solutions to its tenants globally as a landlord of choice.

“We are proud to establish this partnership with NBIM, one of the world’s leading institutional investors,” said Julie Solomon, Partner and Head of Ares Real Estate. “Their commitment reflects our shared conviction in the scale of the European logistics market opportunity and the strength of our platform. We value the trust they have placed in Ares and look forward to building a strong and enduring relationship together.”

“This milestone is a testament to the strength of our leading real estate platform as well as the capabilities of Marq Logistics, which will enhance our ability to deliver a quality portfolio,” said Daan van den Hoven, Partner and Head of European Logistics at Ares. “Demand for modern, well-located logistics facilities continues to be supported by powerful structural trends, and we believe we can capitalize on compelling opportunities through thoughtful asset selection and management.”

“Ares is an experienced investor and developer with a strong presence in Europe's major logistics markets, and has a good track record of creating value for its investment partners. This partnership gives us access to both standing assets and development opportunities, and we look forward to building a long-lasting partnership,” said Alex Knapp, Global Head of Real Estate at Norges Bank Investment Management.

Ares Real Estate is one of the most scaled and diversified vertically integrated real estate managers globally with approximately. $121 billion in assets under management as of June 30, 2026. With over 720 professionals across offices in the Americas, Europe and APAC, the team executes equity and debt strategies across property types and spanning the breadth of the risk-return spectrum.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

About Norges Bank Investment Management

Norges Bank Investment Management manages the Norwegian Government Pension Fund Global. With assets worth approximately 22,000 billion Norwegian kroner (around 2,300 trillion US dollars), the fund is invested in international equity and fixed-income markets, as well as real estate and renewable energy infrastructure. Its purpose is to ensure responsible, long-term management of revenues from Norway's oil and gas resources so that this wealth benefits both current and future generations. It seeks to achieve the highest possible return in a safe, efficient, responsible and transparent manner, within government guidelines.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261020405013/en/

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NEW YORK--(BUSINESS WIRE)--KKR & Co. Inc. (NYSE: KKR) and Ares Management Corporation (NYSE: ARES) (“Ares”) today announced a definitive agreement under which KKR will sell Infinity Transportation (“Infinity” or the “Company”), a scaled, full-service railcar and intermodal equipment lessor, to Ares Infrastructure Equity and Ares Insurance Solutions funds for an enterprise value of approximately $2.9 billion. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2027.

Founded in 2004, Infinity owns and manages approximately 50,000 railcars leased to more than 350 unique lessees across the United States, Canada and Mexico. KKR’s wholly owned subsidiary, Global Atlantic, has invested in Infinity since 2016. Since 2021, the Company – with KKR’s support – established its standalone operating platform and expanded its fleet, increasing book value by 150% and scaling the business into one of the largest railcar lessors in the United States.

Following the close of the transaction, Ares intends to leverage its extensive infrastructure investing capabilities and scaled capital to support Infinity’s experienced management team, continued fleet growth and deep customer relationships across North America.

“Infinity is a great example of KKR's ability to scale ABF platforms into industry leaders and accelerate their long-term growth,” said Daniel Pietrzak, Partner and Head of ABF at KKR. “This transaction demonstrates the value that can be created when you combine long-term patient capital with strong partnership and deep expertise. We are proud of what we have built together over the past decade and are confident that Ares will be an exceptional partner to Infinity going forward.”

“We appreciate KKR’s partnership and support, which enabled us to invest in the team, expand our fleet and build Infinity into the industry leader it is today,” said Jeff Edelman, President and CEO of Infinity. “We're proud of what we've achieved to date and are excited to begin a new chapter with Ares, whose scale and experience will support our continued growth.”

“Infinity’s railcar portfolio is a critical component of the U.S. transportation and logistics supply chain, and we are pleased to build on our expanding activity in the sector through this transaction,” said Mike Roth, Partner in Ares Infrastructure Equity, and Anup Agarwal, Head and Chief Investment Officer of Ares Insurance Solutions. “Transportation and logistics assets continue benefiting from the reshoring of manufacturing, increased investment in domestic industrial capacity and growing need for more resilient supply chains. Alongside this strong underlying demand, Infinity’s high-quality, long-lived assets are well suited for long-term investment. We look forward to partnering with Jeff and his team to support continued fleet growth, deepen customer relationships and pursue new acquisition opportunities.”

Macquarie Capital is serving as financial advisor and Simpson Thacher & Bartlett LLP is serving as legal counsel to KKR. Citi is serving as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to Ares.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

About Infinity Transportation
Infinity Transportation Equipment Leasing is a scaled, full-service rail and intermodal equipment lessor providing net and full-service leases, as well as other structured financing solutions, that address the logistical and financial needs of its customers. Founded in 2004 and headquartered in Atlanta, Georgia, Infinity owns and manages approximately 50,000 railcars leased to more than 350 unique lessees across North America. Infinity is led by a veteran management team with a broad range of technical expertise, asset-level knowledge and transaction experience across transportation operations, maintenance and finance. For more information, please visit www.infinitytransport.com.

More News From KKR & Co. Inc.

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, /PRNewswire/ -- Ares Dynamic Credit Allocation Fund, Inc. ("ARDC" or the "Fund") (NYSE: ARDC) announced today the declaration of its distribution for the month of October 2026 of $0.1125 per common share, payable as noted below.

The following dates apply to the declared distribution:

Ex-Date: October 19, 2026
Record Date: October 19, 2026
Payable Date: October 30, 2026
Per Share Amount: $0.1125

Based on the Fund's current share price of $11.38 (as of its close on October 8, 2026), the distribution represents an annualized distribution rate of approximately 11.86% (calculated by annualizing the distribution amount and dividing it by the current price). Information regarding the distribution rate is included for informational purposes only and is not necessarily indicative of future results, the achievement of which cannot be assured. The distribution rate should not be considered the yield or total return on an investment in the Fund.

The timing and amount of future distributions, if any, are at the discretion of the Fund. As required by Section 19(a) of the Investment Company Act of 1940, a notice will be distributed to the Fund's stockholders in the event that a portion of a monthly distribution is derived from sources other than undistributed net investment income, such as from short-term capital gain, long-term capital gain, or return of capital. Such notices will also be posted on the Fund's website at www.arespublicfunds.com.  

The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment performance during the remainder of its fiscal year and may be subject to change based on tax regulations. The final determination of the source of these distributions will be made after the Fund's fiscal year end. If necessary, the Fund may elect to pay an adjusting distribution in December that includes any additional income and net realized capital gains in excess of the monthly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code. In January or February of each year, investors will be sent a Form 1099‑DIV for the previous calendar year that will define how to report these distributions for federal income tax purposes.

This press release is not intended to, and does not constitute, an offer to purchase or sell shares of ARDC.

About Ares Dynamic Credit Allocation Fund, Inc.
Ares Dynamic Credit Allocation Fund, Inc. ("ARDC") is a closed-end management company that is externally managed by Ares Capital Management II LLC, a subsidiary of Ares Management Corporation. ARDC seeks to provide an attractive level of total return primarily through current income and, secondarily, through capital appreciation.  ARDC invests in a broad, dynamically-managed portfolio of credit investments. There can be no assurance that ARDC will achieve its investment objective. ARDC's net asset value may be accessed through its NASDAQ ticker symbol, XADCX. Additional information is available at www.arespublicfunds.com. 

Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the U.S. securities laws, and may relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and others beyond the Fund's control. Ares Dynamic Credit Allocation Fund undertakes no duty to update any forward-looking statements made herein.

This document is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. An investor should consider the Fund's investment objective, risks, charges and expenses carefully before investing.

Ares Dynamic Credit Allocation Fund is a closed-end fund, which does not engage in a continuous offering of its shares. Since its initial public offering, the Fund has traded on the New York Stock Exchange under the symbol ARDC. Investors wishing to purchase or sell shares may do so by placing orders through a broker dealer or other intermediary. 

Contact
Ares Dynamic Credit Allocation Fund, Inc.
John Stilmar
[email protected]
(888) 818-5298
or
Destra Capital Advisors LLC
[email protected]
(877) 855-3434

SOURCE Ares Dynamic Credit Allocation Fund

SEATTLE and WASHINGTON, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Sabey Corporation ("Sabey") and National Real Estate Advisors, LLC ("National") today announced that Ares Secondaries funds (“Ares”) have expanded their investment in Sabey Data Center Properties, LLC ("SDCP"), an owner, developer, and operator of data centers across the United States. The additional commitment builds on Ares' minority equity investment in SDCP announced in July 2026, bringing its total investment to more than $500 million.

SDCP is a fully integrated data center platform that owns and operates hyperscale and enterprise data center campuses located in top-tier United States data center markets totaling 275 megawatts (MW), with an expansion pipeline expected to reach approximately 737 MW by 2033.

"This follow-on investment reflects continued conviction in SDCP's long-term value proposition and growth trajectory," said Kevin Verdi, Executive Vice President & Chief Investment Officer at National Real Estate Advisors. "We remain focused on disciplined growth and delivering the digital infrastructure needed to support the next generation of cloud and AI demand."

"We are pleased to deepen our relationship with Ares as we continue executing on our long-term growth strategy,” Tim Mirick, President of Sabey Data Center Properties, added. “This additional commitment reflects confidence in the strength of our platform and our ability to develop and operate the mission-critical infrastructure our customers rely on."

“We are pleased to expand our investment in SDCP and build on our relationship with the Sabey and National teams as we continue to see significant runway for growth,” said Jamie Sunday, Co-Head of Real Estate Secondaries at Ares.

The additional investment further aligns three long-term partners committed to supporting SDCP's continued growth and expanding the platform's ability to serve customers across an increasingly data-driven economy.

To learn more about Sabey Corporation, visit https://sabey.com/.  

To learn more about SDCP, visit: https://sabeydatacenters.com.

About Sabey Data Center Properties (SDCP)

With a portfolio of more than four million square feet of mission-critical space, Sabey Data Centers is one of the largest privately owned multi-tenant data center owners/developers/operators in the United States. Sabey specializes in scalable, custom-built data center solutions recognized for their efficiency, low total cost of ownership, operational maturity and sustained uptime. Sabey provides sustainable data center services to many of the world's top financial, technology and healthcare companies. The company is a joint venture between Sabey Corporation and National Real Estate Advisors, LLC, acting as the investment manager on behalf of its institutional clients.

To learn more about Sabey Data Centers, please visit sabeydatacenters.com.

About Sabey Corporation

Sabey is a privately held commercial real estate development and investment company established in 1971 specializing in data center, medical and life sciences, education, government and military properties. Headquartered in Tukwila, Sabey employs more than 270 people.

About National Real Estate Advisors, LLC

National Real Estate Advisors, LLC ("National") is an investment manager developing, operating, and managing commercial real estate and infrastructure projects across the United States.

Since 2000, National has built diversified investment portfolios currently concentrated primarily in multifamily, data centers, healthcare-related, and mixed-use facilities. The firm manages separate accounts and commingled investment vehicles on behalf of investors, applying a disciplined investment process and development-led approach to value creation.

National is an independently operated subsidiary of the National Electrical Benefit Fund ("NEBF"), a pension trust with assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

Media Contacts

Sabey Corporation:
Luke Woodcock, [email protected]

SDCP:
iMiller Public Relations, [email protected]

National Real Estate Advisors:
Jill Asher, [email protected]

Ares:
Jacob Silber | Lauren Sullivan
[email protected]

NEW YORK, Oct. 2, 2026 /PRNewswire/ -- Ares Management Corporation announced today that it has updated the time it will hold its earnings webcast/conference call for the third quarter ending September 30, 2026 to 9:00am ET on Thursday, October 29, 2026. Ares Management Corporation will report its earnings for the third quarter ending September 30, 2026 earlier that morning, prior to the opening of the New York Stock Exchange.

, /PRNewswire/ -- Ares Capital Corporation ("Ares Capital") (NASDAQ: ARCC) announced today that it will report earnings for the third quarter ended September 30, 2026 on Tuesday, October 27, 2026 prior to the opening of the Nasdaq Global Select Market. Ares Capital invites all interested persons to attend its webcast/conference call at 12:00 p.m. (Eastern Time) on the same day to discuss its third quarter ended September 30, 2026 financial results.

All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of our website at www.arescapitalcorp.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call toll free by dialing +1 (833) 419-0865. International callers can access the conference call by dialing +1 (785) 838-9333. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected and to reference the conference ID ARCCQ326. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through November 27, 2026 at 5:00 p.m. (Eastern Time) to domestic callers by dialing toll free +1 (800) 839-1247 and to international callers by dialing +1 (402) 220-0470. An archived replay will also be available through November 27, 2026 on a webcast link located on the Home page of the Investor Resources section of Ares Capital's website.

ABOUT ARES CAPITAL CORPORATION

Founded in 2004, Ares Capital is a leading specialty finance company focused on providing direct loans and other investments in private middle market companies in the United States. Ares Capital's objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which often leads to economic growth and employment. Ares Capital believes its loans and other investments in these companies can generate attractive levels of current income and potential capital appreciation for investors. Ares Capital, through its investment manager, utilizes its extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans but also subordinated debt and equity investments. Ares Capital has elected to be regulated as a business development company ("BDC") and was the largest publicly traded BDC by market capitalization as of September 30, 2026. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a publicly traded, leading global alternative investment manager. For more information about Ares Capital, visit www.arescapitalcorp.com. 

CONTACT

Ares Capital Corporation
Carl G. Drake or John Stilmar
(888) 818-5298
[email protected]

SOURCE Ares Capital Corporation

NEW YORK--(BUSINESS WIRE)--Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced today that it has raised approximately $4.2 billion of capital for its inaugural Ares Global Structured Solutions Fund (“AGSS” or the “Fund”) and affiliated vehicles. The Fund significantly exceeded its $1 billion target.Through AGSS, the Ares Private Equity Secondaries team aims to partner with managers seeking flexible capital to support a range of strategic.

Ares Management Corporation (NYSE: ARES), a leading global alternative investment manager, announced today that certain of its funds (“Ares”) provided $2.0 billion of a $6.5 billion multi-jurisdiction financing for Phoenix Tower International (“PTI”), a leading global owner and operator of telecom tower infrastructure. As part of the transaction, Ares funded approximately $1.8 billion at closing.

The new debt facility will be used to consolidate PTI’s existing loans and provide substantial additional capacity to support further growth across existing and new markets globally. PTI has built a leading global communications infrastructure platform comprising more than 33,000 wireless sites across 23 countries globally. Ares Infrastructure Debt played a key role structuring this transaction, which underscores that strategy’s commitment to delivering scaled, flexible financing solutions for premier infrastructure platforms globally and represents one of the largest private credit financings to date in the towers sector.

“We are pleased to deepen our longstanding partnership with PTI through this landmark financing,” said Roopa Murthy, Partner and Co-Head of EMEA Infrastructure Debt at Ares. “PTI has established itself as one of the premier independent telecommunications tower platforms globally, with a differentiated portfolio of high-quality assets, an exceptional management team and a proven track record of disciplined growth across diverse markets. Alongside Blackstone and the broader sponsor group, we look forward to supporting the company’s next phase of growth.”

“This $6.5 billion financing, the largest of its kind for a privately held tower company, reflects our lenders’ confidence in PTI and our team’s execution across 23 jurisdictions. It strengthens our capital structure and positions us to keep delivering for customers globally. We are grateful to Ares and Apollo for their partnership,” said Michael Bremer, Chief Financial Officer of PTI.

Ares Infrastructure Debt supports the growth of global, defensive infrastructure assets across the digital infrastructure, power, midstream, transport and utilities sectors by delivering flexible, bespoke capital solutions to borrowers. As of June 30, 2026, the Ares Infrastructure business had $29.9 billion of AUM, with over 130 investment professionals across the globe.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

About Phoenix Tower International

Phoenix Tower International (PTI) is an independent, globally active tower company headquartered in Boca Raton, Florida (USA). The company owns and operates more than 33,000 mobile network sites across 23 countries and, as a neutral host infrastructure provider, offers open access to all mobile network operators.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260930073732/en/

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

LONDON--(BUSINESS WIRE)--Ares Management Corporation (NYSE: ARES), a leading global alternative investment manager, announced today that certain of its funds (“Ares”) provided $2.0 billion of a $6.5 billion multi-jurisdiction financing for Phoenix Tower International (“PTI”), a leading global owner and operator of telecom tower infrastructure. As part of the transaction, Ares funded approximately $1.8 billion at closing. The new debt facility will be used to consolidate PTI's existing loans and.

Key Takeaways ARES targets sustained AUM expansion by 2028, supported by strong growth momentum.ARES is benefiting from sustained fundraising, net inflows and strong capital deployment.Acquisitions are expanding ARES' capabilities and broadening its product and distribution reach. Ares Management Corporation (ARES - Free Report) continues to scale its alternative asset management platform, backed by strong fundraising, robust capital deployment and expanding demand across private credit, real assets and secondaries. Management expects assets under management (AUM) to exceed $750 billion by 2028, rising from $671.3 billion as of June 30, 2026.

The target appears to be supported by Ares Management’s solid AUM growth trajectory. Total AUM rose 17% year over year as of the end of the second quarter of 2026, while fee-paying AUM increased at the same pace to $409.9 billion. Since 2013 to the second quarter of 2026, AUM saw a CAGR of 19%, highlighting the company’s ability to consistently attract and deploy capital across its diversified investment platform.

AUM Growth Trend

Image Source: Ares Management Corporation

Strong fundraising should remain an important growth driver. The company’s annual gross fundraising saw a 19% CAGR over the past five years, reaching $133 billion for the 12 months ended June 2026 from $56 billion in second-quarter 2021. In the second quarter of 2026, ARES raised $36.4 billion in capital, recorded $34.4 billion in net inflows and deployed $35.9 billion. This sustained fundraising momentum, supported by successor funds, institutional demand and the expanding wealth channel, should aid AUM growth toward the company’s 2028 target.

Annual Gross Fundraising

Image Source: Ares Management Corporation

Ares Management had roughly $170 billion in available capital as of June 30, 2026, providing substantial dry powder for future deployment. As this capital is invested, it should help expand fee-paying AUM and support higher management fees. The company’s broader growth initiatives also support its AUM ambitions. Acquisitions, such as GCP International and BlueCove, have expanded ARES’ capabilities across real assets, digital infrastructure and systematic fixed income, while widening its product and distribution reach. These additions complement organic fundraising and provide more avenues to attract institutional and individual investors.

A growing AUM base is also central to Ares Management’s medium-term financial goals. Management expects 16-20% or more annual organic growth in fee-related earnings and above 20% annual growth in realized income over the medium term.

Overall, with AUM already above $670 billion, strong fundraising momentum and a sizable pool of available capital, Ares Management has several growth levers supporting its 2028 ambition. Sustained net inflows and continued conversion of undeployed capital into fee-paying assets will be the key to maintaining the company’s AUM expansion and translating that growth into higher recurring fee revenues.

AUM Performance of ARES’ PeersApollo Global Management’s (APO - Free Report) AUM has witnessed a CAGR of 19.6% over the past three years (2022-2025), with the rising trend continuing in the first half of 2026. The increase in Apollo’s AUM is primarily driven by growth in its retirement services client assets, subscriptions across the platform and new financing facilities.

By 2029, Apollo Global Management expects its total AUM to reach $1.5 trillion by scaling its private equity business.

Similarly, Blackstone Inc. (BX - Free Report) has been witnessing a rise in its AUM balance. Over the past five years (2020-2025), total AUM and fee-earning AUM have seen a CAGR of 15.6% and 14.4%, respectively. The total AUM rose 12% year over year in the first half of 2026.

Blackstone’s robust AUM base supports its long-term earnings growth by providing a larger pool of fee-generating capital across its private equity, real estate, credit and infrastructure platforms.

ARES’ Price Performance & Zacks RankThe company’s shares have gained 13.3% in the past six months compared with the industry’s 10.8% rise.

Price Performance

Image Source: Zacks Investment Research

Currently, Ares Management carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Renewed facility upsized by C$152.1 million and extended through January 2029

Provides additional financing capacity to support continued growth in Canada and fund new products expected to launch in Canada and the United States

, /PRNewswire/ -- Momentum Financial Services Group, a provider of financial solutions under the Money Mart® brand, is pleased to announce the renewal and upsize of its secured loan facility with Ares Alternative Credit funds ("Ares"). As part of this renewal, Ares has increased its commitment from C$657.9 million to C$810 million, with an accordion feature providing up to an additional C$130 million. The facility has also been extended through January 2029.

The expanded facility reflects the significant growth Momentum has experienced in its Canadian business over the past year. The additional financing capacity will support the company's growing loan receivables portfolio and help fund new products expected to launch in Canada and the United States in the near future.

"This renewal builds on a longstanding  and productive partnership with Ares and gives us the funding needed to keep pace with the growth we are seeing in Canada," said Peter Kalen, CEO of Momentum Financial Services Group. "It also positions us to bring new products to market in Canada and the U.S., expanding the range of financial solutions available to our customers and connecting them to money when they need it most."

"We are pleased to further extend our longstanding relationship with Momentum Financial Services Group as the company prepares to launch additional products in Canada and the U.S.," said Felix Zhang, Partner in Ares Alternative Credit. "As a scaled capital provider, we look forward to supporting the company's continued growth through this expanded facility."

Momentum Financial Services Group

Momentum Financial Services Group is a leading provider of accessible financial solutions, dedicated to empowering individuals and families to achieve their goals. As the team behind the trusted brand, Money Mart®, making up over 360 stores in Canada and 60 in the United States, Momentum specializes in providing flexible omni-channel solutions that fit real-life needs, whether it's a quick personal loan, cheque cashing, money transfers, or currency exchange.

Operating across North America, Momentum Financial Services Group leverages decades of expertise to meet the evolving needs of their customers. Momentum's mission is to provide fast, flexible, and reliable financial tools, helping communities thrive with confidence and security.

For more information, visit www.mfsg.com.

Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

SOURCE Momentum Financial Services Group

Ares Management Corporation (ARES) Barclays 24th Annual Global Financial Services Conference September 16, 2026 9:00 AM EDT

Company Participants

Michael Arougheti - Co-Founder, Partner, CEO & Director

Conference Call Participants

Benjamin Budish - Barclays Bank PLC, Research Division

Presentation

Benjamin Budish
Barclays Bank PLC, Research Division

All right. Good morning, everybody. Welcome to day 3 of our Financial Services Conference. I'm Ben Budish. I cover the U.S. brokers, Asset Managers and Exchanges. And really delighted for our next fireside chat to have Mike Arougheti, CEO of Ares. Mike?

Michael Arougheti
Co-Founder, Partner, CEO & Director

Happy to be here. In the darkest conference room, I think I've ever walked in before.

Question-and-Answer Session

Benjamin Budish
Barclays Bank PLC, Research Division

Well, all the lights are on you. Thank you. Maybe just to kick things off, give us a bit of your current view on the macro backdrop. What are you seeing in terms of underlying growth, health of portfolio companies across your credit business and the broader platform?

Michael Arougheti
Co-Founder, Partner, CEO & Director

Yes. Look, we're seeing continued fundamental strength in pretty much everything that we own. If you were to look at the middle market corporate portfolios, which I think is a pretty good representation of the real economy.

As we reported last quarter, EBITDA growth year-over-year for that portfolio is about 9%. Credit metrics are still very strong when we look at interest coverage well above 2x. You look at where we sit on a loan-to-value basis, nonaccruals and defaults well below historical averages. Tone in the boardroom is strong.

Deal activity is picking up. So it feels pretty good out there. And I think the reality, when you look around the world, there are a lot of secular tailwinds, whether it's the AI CapEx that we're seeing globally.

, /PRNewswire/ -- Ares Dynamic Credit Allocation Fund, Inc. ("ARDC" or the "Fund") (NYSE: ARDC) announced today the declaration of its distribution for the month of September 2026 of $0.1125 per common share, payable as noted below.

The following dates apply to the declared distribution:

Ex-Date: September 21, 2026
Record Date: September 21, 2026
Payable Date: September 30, 2026
Per Share Amount: $0.1125

Based on the Fund's current share price of $12.17 (as of its close on September 10, 2026), the distribution represents an annualized distribution rate of approximately 11.09% (calculated by annualizing the distribution amount and dividing it by the current price). Information regarding the distribution rate is included for informational purposes only and is not necessarily indicative of future results, the achievement of which cannot be assured. The distribution rate should not be considered the yield or total return on an investment in the Fund.

The timing and amount of future distributions, if any, are at the discretion of the Fund. As required by Section 19(a) of the Investment Company Act of 1940, a notice will be distributed to the Fund's stockholders in the event that a portion of a monthly distribution is derived from sources other than undistributed net investment income, such as from short-term capital gain, long-term capital gain, or return of capital. Such notices will also be posted on the Fund's website at www.arespublicfunds.com.

The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment performance during the remainder of its fiscal year and may be subject to change based on tax regulations. The final determination of the source of these distributions will be made after the Fund's fiscal year end. If necessary, the Fund may elect to pay an adjusting distribution in December that includes any additional income and net realized capital gains in excess of the monthly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code. In January or February of each year, investors will be sent a Form 1099‑DIV for the previous calendar year that will define how to report these distributions for federal income tax purposes.

This press release is not intended to, and does not constitute, an offer to purchase or sell shares of ARDC.

About Ares Dynamic Credit Allocation Fund, Inc.
Ares Dynamic Credit Allocation Fund, Inc. ("ARDC") is a closed-end management company that is externally managed by Ares Capital Management II LLC, a subsidiary of Ares Management Corporation. ARDC seeks to provide an attractive level of total return primarily through current income and, secondarily, through capital appreciation. ARDC invests in a broad, dynamically-managed portfolio of credit investments. There can be no assurance that ARDC will achieve its investment objective. ARDC's net asset value may be accessed through its NASDAQ ticker symbol, XADCX. Additional information is available at www.arespublicfunds.com. 

Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the U.S. securities laws, and may relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and others beyond the Fund's control. Ares Dynamic Credit Allocation Fund undertakes no duty to update any forward-looking statements made herein.

This document is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. An investor should consider the Fund's investment objective, risks, charges and expenses carefully before investing.

Ares Dynamic Credit Allocation Fund is a closed-end fund, which does not engage in a continuous offering of its shares. Since its initial public offering, the Fund has traded on the New York Stock Exchange under the symbol ARDC. Investors wishing to purchase or sell shares may do so by placing orders through a broker dealer or other intermediary. 

Contact
Ares Dynamic Credit Allocation Fund, Inc.
John Stilmar
[email protected]
(888) 818-5298
or
Destra Capital Advisors LLC
[email protected]
(877) 855-3434

SOURCE Ares Dynamic Credit Allocation Fund

Key Takeaways Ares Management shares have gained 28.8% in six months, outperforming the industry and the S&P 500.Ares Management AUM rose 17% to $671.3B, while fee-paying AUM climbed 17% to $409.9B as of June 30, 2026.ARES' rising expenses and debt, plus a 27.11X P/E, point to near-term pressure and a premium valuation. Shares of Ares Management (ARES - Free Report) have jumped 28.8% in the past six months, outperforming the industry's 15.3% growth. In the same time frame, the S&P 500 has rallied 13.1%.

Also, the company’s shares have fared better than its peers like Ameriprise Financial, Inc. (AMP - Free Report) and Federated Hermes (FHI - Free Report) . In the past six months, Ameriprise Financial and Federated Hermes shares have gained 21.5% and 12.8%, respectively.

6-Month Price Performance

Image Source: Zacks Investment Research

Does ARES stock have more upside left despite recent price strength? Let us find out by looking at its fundamentals and growth prospects.

Key Factors Supporting Ares ManagementStrong AUM growth: Ares Management’s expanding assets under management (AUM) continues to strengthen its recurring fee base and support long-term revenue growth. Total AUM rose 17% year over year to $671.3 billion as of June 30, 2026, while fee-paying AUM increased 17% to $409.9 billion. This builds on a 26.9% AUM compound annual growth rate (CAGR) during 2019-2025 and reflects sustained demand for private credit, growing fundraising through the wealth management channel, and higher insurance-related allocations. With investor interest in private credit, real assets, and secondaries remaining strong, Ares Management’s $170 billion of available capital provides significant capacity for further investment and fundraising. Continued capital deployment and fundraising should support additional growth in AUM and fee-paying AUM.

AUM Growth Trend

Image Source: Ares Management

Organic Expansion: Ares Management’s growing fee-paying asset base continues to provide a strong foundation for organic revenue and earnings growth. Revenues increased at a 21.2% CAGR during 2019-2025, supported by sustained growth in management and performance fees. This momentum continued in the first half of 2026, with the company benefiting from continued expansion across its investment platforms as well as contributions from the GCP International acquisition. Management expects organic fee-related earnings (FRE) to grow 16-20% or more annually and realized income to increase more than 20% annually over the medium term. Continued fundraising, capital deployment and scaling of private credit and real assets strategies should support fee-paying AUM growth and provide further upside to recurring management fee revenues.

Strategic Acquisitions: Ares Management’s strategic acquisitions continue to strengthen its investment capabilities, diversify its product offerings and expand its addressable market. The February 2026 acquisition of BlueCove enhanced Ares Management's systematic fixed-income capabilities, while the GCP International acquisition expanded its real assets and digital infrastructure platform. Earlier acquisitions, including Landmark Partners, Black Creek Group and SSG Capital Holdings, added scale in secondaries, U.S. real estate and Asian private credit.

By adding complementary capabilities and broadening distribution channels, these transactions enhance Ares Management’s ability to capture growing investor demand across alternative asset classes while creating additional opportunities for AUM, fee-paying assets and long-term revenue growth.

Shareholder Returns: Ares Management’s strong earnings and cash generation support continued shareholder returns through dividends and potential share repurchases. The company declared a second-quarter 2026 dividend of $1.35 per share, more than 20% higher than the year-ago level, while management targets long-term annual dividend growth of more than 20%. Additionally, the board renewed its $750-million Class A share repurchase authorization through March 2027.

Although no shares were repurchased in the first half of 2026, the authorization provides flexibility to return excess capital to shareholders while maintaining capacity to fund growth initiatives. The Zacks Consensus Estimate for earnings is pegged at $5.94 per share for 2026 and $7.34 per share for 2027, indicating year-over-year growth of 24.8% and 23.5%, respectively, supporting the company’s ability to sustain and grow shareholder distributions.

Earnings Estimate

Image Source: Zacks Investment Research

Ares Management Near-Term HeadwindsAres Management’s rising operating expenses and elevated debt levels could weigh on near-term financial performance and financial flexibility. Total expenses increased at a 21.5% CAGR during 2019-2025, with the upward trend continuing in the first half of 2026, driven primarily by higher compensation and benefits, investments in fundraising and platform expansion, and acquisition and integration costs related to GCP International and BlueCove.

At the same time, corporate debt obligations increased to $4.58 billion as of June 30, 2026, from $3.94 billion at the end of 2025, while cash and cash equivalents were $557.1 million. The company also had $1.62 billion drawn on its revolving credit facility, with $885 million remaining available. Continued spending on platform expansion and integration, coupled with elevated debt obligations, could put pressure on near-term profitability and liquidity, particularly if economic conditions deteriorate.

Ares Management Valuation AnalysisIn terms of its valuation, Ares Management stock is currently trading at a trailing 12-month price-to-earnings (P/E) ratio of 27.11X, compared with the industry average of 17.64X. This indicates that ARES is currently trading at a premium to its industry.

Price-to-Earnings TTM

Image Source: Zacks Investment Research

Ares Management also trades at a premium compared with Ameriprise Financial and Federated Hermes. At present, Ameriprise Financial and Federated Hermes trade at a trailing 12-month P/E of 13.01X and 11.6X, respectively.

Final Thoughts in ARESDespite Ares Management’s robust AUM growth, expanding fee-paying asset base and continued strategic progress across its core investment platforms, the stock’s current risk-reward profile appears balanced.

The company continues to benefit from healthy fundraising, strong capital deployment, and solid earnings momentum, which should support long-term revenue growth and shareholder returns. However, elevated operating expenses and acquisition-related costs remain key concerns. In addition, rising corporate debt and greater utilization of its revolving credit facility could constrain financial flexibility.

Continued investments in platform expansion may also weigh on near-term profitability, particularly if AUM growth slows, fundraising conditions soften, or expense growth remains elevated. Moreover, the stock’s premium valuation leaves limited room for execution missteps and warrants a cautious stance at current levels.

Given these factors, prospective investors may prefer to wait for a more attractive entry point.

Ares Management currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

, /PRNewswire/ -- Ares Management Corporation announced today that its Co-Founder and Chief Executive Officer, Michael Arougheti, is scheduled to present at the Barclays Global Financial Services Conference on Wednesday, September 16, 2026 at 9:00am ET.

A live audio webcast of the presentation will be available in the Investor Resources section of the Company's website at www.ares.com. For those unable to listen to the live audio webcast, a replay will be available on the Company's website shortly after the event.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

Investor Relations Contacts

Greg Mason
[email protected]
(800) 340-6597

Carl Drake
[email protected]
(800) 340-6597

SOURCE Ares Management Corporation

NEW YORK & TOKYO--(BUSINESS WIRE)--Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced today the final close of Japan Logistics Development Partners V LP (“JDP V” or the “Fund”), the latest vintage in its Japan-focused logistics real estate development fund series. Raising ¥612 billion (approximately US$4 billion1), including LP equity commitments and GP commitment, JDP V closed at its hard cap and is nearly 50% larger than its predecess.

, /PRNewswire/ -- Ares Dynamic Credit Allocation Fund, Inc. ("ARDC" or the "Fund") (NYSE: ARDC) announced today the declaration of its distribution for the month of August 2026 of $0.1125 per common share, payable as noted below.

The following dates apply to the declared distribution:

Ex-Date: August 21, 2026
Record Date: August 21, 2026
Payable Date: August 31, 2026
Per Share Amount: $0.1125

Based on the Fund's current share price of $12.48 (as of its close on August 10, 2026), the distribution represents an annualized distribution rate of approximately 10.82% (calculated by annualizing the distribution amount and dividing it by the current price). Information regarding the distribution rate is included for informational purposes only and is not necessarily indicative of future results, the achievement of which cannot be assured. The distribution rate should not be considered the yield or total return on an investment in the Fund.

The timing and amount of future distributions, if any, are at the discretion of the Fund. As required by Section 19(a) of the Investment Company Act of 1940, a notice will be distributed to the Fund's stockholders in the event that a portion of a monthly distribution is derived from sources other than undistributed net investment income, such as from short-term capital gain, long-term capital gain, or return of capital. Such notices will also be posted on the Fund's website at www.arespublicfunds.com.  

The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment performance during the remainder of its fiscal year and may be subject to change based on tax regulations. The final determination of the source of these distributions will be made after the Fund's fiscal year end. If necessary, the Fund may elect to pay an adjusting distribution in December that includes any additional income and net realized capital gains in excess of the monthly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code. In January or February of each year, investors will be sent a Form 1099‑DIV for the previous calendar year that will define how to report these distributions for federal income tax purposes.

This press release is not intended to, and does not constitute, an offer to purchase or sell shares of ARDC.

About Ares Dynamic Credit Allocation Fund, Inc.
Ares Dynamic Credit Allocation Fund, Inc. ("ARDC") is a closed-end management company that is externally managed by Ares Capital Management II LLC, a subsidiary of Ares Management Corporation. ARDC seeks to provide an attractive level of total return primarily through current income and, secondarily, through capital appreciation.  ARDC invests in a broad, dynamically-managed portfolio of credit investments. There can be no assurance that ARDC will achieve its investment objective. ARDC's net asset value may be accessed through its NASDAQ ticker symbol, XADCX. Additional information is available at www.arespublicfunds.com. 

Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the U.S. securities laws, and may relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and others beyond the Fund's control. Ares Dynamic Credit Allocation Fund undertakes no duty to update any forward-looking statements made herein.

This document is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. An investor should consider the Fund's investment objective, risks, charges and expenses carefully before investing.

Ares Dynamic Credit Allocation Fund is a closed-end fund, which does not engage in a continuous offering of its shares. Since its initial public offering, the Fund has traded on the New York Stock Exchange under the symbol ARDC. Investors wishing to purchase or sell shares may do so by placing orders through a broker dealer or other intermediary. 

Contact
Ares Dynamic Credit Allocation Fund, Inc.
John Stilmar
[email protected]
(888) 818-5298 
or 
Destra Capital Advisors LLC 
[email protected] 
(877) 855-3434

SOURCE Ares Dynamic Credit Allocation Fund

Ares Management Corp (NYSE:ARES) reported in-line earnings for the second quarter on Friday.

The company posted quarterly earnings of $1.29 per share which met the analyst consensus estimate. The company reported quarterly sales of $1.018 billion which missed the analyst consensus estimate of $1.200 billion.

Ares Management shares gained 5.5% to trade at $135.10 on Monday.

These analysts made changes to their price targets on Ares Management following earnings announcement.

Considering buying ARES stock? Here’s what analysts think:

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Release Date: July 31, 2026For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Ares Management

Key Takeaways Ares Management posted Q2 after-tax realized income per share of $1.29, matching estimates and rising Y/Y.Ares Management's total AUM grew to $671.3B and fee-paying AUM rose to $409.9B from a year ago.ARES raised $36.4B, generated $34.4B in net inflows and declared a $1.35 per share quarterly dividend. Ares Management Corporation’s (ARES - Free Report) second-quarter 2026 after-tax realized income per share of $1.29 met the Zacks Consensus Estimate. The bottom line increased from $1.03 in the prior-year quarter.

Results reflected growth from higher management fees and fee-related performance revenues. A higher AUM balance was another positive. However, the upside was partly offset by higher expenses. 

Net income attributable to the company was $150.6 million, up from $137.1 million in the year-ago quarter.

ARES’ Revenues & ExpensesThe company's total revenues of $1.26 billion missed the Zacks Consensus Estimate of $1.32 billion by 4.2%.  This compares to year-ago revenues of $1.05 billion.

Management fees rose to $1.02 billion from $900.6 million in the prior-year quarter. Carried interest allocation declined to $249.9 million from $323.9 million, while incentive fees increased to $42.8 million from $23.1 million. Administrative, transaction and other fees rose to $116.1 million from $91.6 million.

Total expenses increased 3.7% year over year to $1.18 billion from the year-ago quarter. The increase was primarily driven by higher compensation and benefits as well as general, administrative and other expenses.

Ares Management’s AUM BalanceAs of June 30, 2026, total assets under management (AUM) were $671.3 billion, up from $565.3 billion a year earlier. Fee-paying AUM increased to $409.9 billion from $343.9 billion in the prior-year period.

During the quarter, the company raised $36.4 billion in capital, generated $34.4 billion in net inflows and deployed $35.9 billion.

Ares Management’s Capital Distribution UpdateThe company announced a quarterly cash dividend of $1.35 per share of its Class A and non-voting common stock, payable Sept. 30, 2026, to shareholders of record as of Sept. 16, 2026.

Our Viewpoint on Ares ManagementAres Management continues to benefit from strong AUM growth across fee-paying and perpetual capital platforms, supported by steady capital inflows and strategic acquisitions such as BlueCove and GCP International. However, softer revenue relative to expectations and higher operating expenses are likely to remain near-term headwinds.

Currently, the company carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of ARES PeersInvesco’s (IVZ - Free Report) second-quarter 2026 adjusted earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 67 cents. The bottom line surged 97.2% from the prior-year quarter.

IVZ’s results primarily benefited from an increase in adjusted revenues and substantial growth in the AUM balance. Record net long-term inflows also supported the quarterly results. However, an increase in adjusted expenses was a headwind.

SEI Investments Co.’s (SEIC - Free Report) second-quarter 2026 adjusted earnings per share of $1.66 surpassed the Zacks Consensus Estimate of $1.45. The bottom line reflected a rise of 38.3% from the prior-year quarter.

SEIC's results were aided by higher revenues and a rise in AUM. However, higher expenses acted as a spoilsport.

Ares Management NYSE: ARES reported second-quarter results marked by record fundraising, higher fee-paying assets under management and double-digit growth in fee-related earnings and realized income, as the alternative investment manager expanded activity across credit, real assets, secondaries and wealth products.

, /PRNewswire/ -- Ares Management Corporation (NYSE:ARES) today reported its financial results for its second quarter ended June 30, 2026.

GAAP net income attributable to Ares Management Corporation was $150.6 million for the quarter ended June 30, 2026. On a basic and diluted basis, net income attributable to Ares Management Corporation per share of Class A and non-voting common stock was $0.49 for the quarter ended June 30, 2026.

After-tax realized income was $467.6 million for the quarter ended June 30, 2026. After-tax realized income per share of Class A common stock was $1.29 for the quarter ended June 30, 2026. Fee related earnings were $491.1 million for the quarter ended June 30, 2026.

"We generated strong second-quarter results, including another record quarter of fundraising with more than $36 billion of inflows as our clients continue to reward us due to our strong and consistent fund performance across our strategies," said Michael Arougheti, Chief Executive Officer of Ares. "Our diverse global origination platform enabled us to remain active investing in attractive opportunities across the platform in a slower transaction environment and we are now seeing a meaningful pickup in our firmwide investment pipeline."

"We continue to translate the scale and diversification of our platform into strong financial performance with many of our key financial metrics growing more than 20% year over year and we remain on track to achieve our financial goals for the year," said Jarrod Phillips, Chief Financial Officer of Ares. "We have a record $170 billion of dry powder, which positions us well to execute on our largest ever forward investment pipeline and support continued earnings growth."

Common Stock Dividend

Ares declared a quarterly dividend of $1.35 per share of its Class A and non-voting common stock, payable on September 30, 2026 to its Class A and non-voting common stockholders of record at the close of business on September 16, 2026.

Preferred Stock Dividend

Ares declared a quarterly dividend of $0.84375 per share of its 6.75% Series B mandatory convertible preferred stock, payable on October 1, 2026 to its preferred stockholders of record at the close of business on September 15, 2026.

Dividend Reinvestment Program

Ares has a Dividend Reinvestment Program for its Class A common stockholders that will be effective for the quarterly dividend on September 30, 2026. Equiniti Trust Company is engaged to administer the plan on behalf of Ares. Additional information can be located on the Investor Resources section of our website.

Additional Information

Ares issued a full detailed presentation of its second quarter 2026 results, which can be viewed at www.ares.com on the Investor Resources section of our home page under Events and Presentations. The presentation is titled "Second Quarter 2026 Earnings Presentation."

Conference Call and Webcast Information

Ares will host a conference call on July 31, 2026 at 9:00 a.m. (Eastern Time) to discuss second quarter results. All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of our website at http://www.ares.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing +1 (800) 267-6316. International callers can access the conference call by dialing +1 (203) 518-9783. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected and to reference the conference ID ARESQ226. For interested parties, an archived replay of the call will be available through August 31, 2026 to domestic callers by dialing +1 (800) 839-5676 and to international callers by dialing +1 (402) 220-2565. An archived replay will also be available through August 31, 2026 on a webcast link located on the Home page of the Investor Resources section of our website.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

Forward-Looking Statements

Statements included herein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which reflect our current views with respect to, among other things, future events, operations and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "predicts," "intends," "plans," "estimates," "anticipates," "foresees" or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Actual results may vary materially from those indicated in these forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Ares Management Corporation does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of Ares or an investment fund managed by Ares or its affiliates.

Investor Relations Contacts

SOURCE Ares Management Corporation

Approximately $8.2 Billion in New Commitments Closed in the Second Quarter and approximately $52.3 Billion Closed in the 12 Months Ended June 30, 2026

, /PRNewswire/ -- Ares Management Corporation (NYSE: ARES) announced today that Ares Credit funds (collectively "Ares") closed U.S. direct lending commitments of approximately $8.2 billion across 69 transactions during the second quarter of 2026 and approximately $52.3 billion across 347 transactions in the 12 months ended June 30, 2026. Below is a description of selected transactions that Ares closed during the second quarter of 2026.

AeriTek / Mill Point Capital
Ares served as administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Mill Point Capital-backed AeriTek's acquisition of National Refrigeration & A/C Products ("NRAC"). AeriTek is a leading international manufacturer of commercial refrigeration and foodservice equipment.

Atwell / Advent International
Ares served as administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Advent International's acquisition of Atwell. Atwell is a scaled, full-service engineering, consulting and construction management firm operating within the power & energy, residential and commercial development, and digital infrastructure segments.

Firebird Music / Raine Group
Ares supported Raine Group-backed Firebird Music in its continued growth plan. Firebird Music is a next-generation music company that integrates artist management, recorded music, expanded rights & brands, and music IP acquisition into a holistic, artist-centered ecosystem.

Frontline Road Safety Holdings / Bain Capital
Ares served as a lead arranger and bookrunner for a senior secured credit facility to support Bain Capital's continued growth plans for Frontline Road Safety Holdings. Frontline Road Safety Holdings is a leading national provider of pavement marking services to roadways and airports across the U.S.

Jiffy Lube / Monomoy Capital Partners
Ares served as a joint lead arranger for a senior secured credit facility to support Monomoy Capital Partners' acquisition of Jiffy Lube International, Inc. Jiffy Lube is the leading quick lube and automotive service franchisor in North America, serving approximately 19 million customers annually through more than 2,000 service centers across the country.

Mai Capital Management / Carlyle
Ares served as a lead arranger and bookrunner for a senior secured credit facility to support MAI Capital Management's continued M&A strategy following its acquisition by Carlyle. MAI Capital Management is a provider of financial planning, investment advisory, investment management, family office administration, and advisory services.

Precinmac / Centerbridge Partners
Ares served as administrative agent, joint lead arranger, and joint bookrunner for an incremental commitment to Precinmac's senior secured credit facility to support the company's continued growth. Precinmac is a leading manufacturer of high-complexity precision components, serving aerospace, defense, space, semiconductor, and power generation customers.

Relation Insurance / BayPine LP
Ares served as a joint lead arranger and joint bookrunner for a senior secured credit facility to support BayPine's acquisition of Relation Insurance. Relation Insurance is a leading insurance brokerage platform providing commercial lines, personal lines, and employee benefits solutions to clients across a diverse range of industries, including construction, transportation, agriculture, entertainment, healthcare, manufacturing, hospitality, and real estate.

Sunvair Aerospace Group / Greenbriar Equity Group
Ares served as administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Greenbriar Equity Group's continued growth plans for Sunvair Aerospace Group. Sunvair Aerospace Group is a global provider of aircraft component maintenance, repair, and overhaul (MRO) services, offering a broad range of engineered solutions across accessory component repair and landing gear overhaul.

Valcourt Group / Littlejohn & Co. ("Littlejohn")
Ares served as administrative agent, lead arranger, and bookrunner for a senior secured credit facility to support Littlejohn's continued growth plans for Valcourt Group ("Valcourt"). Valcourt is a leading provider of building envelope maintenance and restoration services for mid- and high-rise properties.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

Investor Relations:
[email protected]

Media:
[email protected]

SOURCE Ares Management Corporation

DIVIDEND DECLARATIONS

, /PRNewswire/ -- Ares Capital Corporation ("Ares Capital") (NASDAQ: ARCC) announced that its Board of Directors has declared a third quarter 2026 dividend of $0.48 per share. The third quarter 2026 dividend is payable on September 30, 2026 to stockholders of record as of September 15, 2026.

JUNE 30, 2026 FINANCIAL RESULTS

Ares Capital also announced financial results for its second quarter ended June 30, 2026.

OPERATING RESULTS

Q2-26(3)

Q2-25(3)

(dollar amounts in millions, except per share data)

Total
Amount

Per Share

Total
Amount

Per Share

GAAP net income per share(1)

$   0.24

$   0.52

Core EPS(2)

$   0.47

$   0.50

Dividends declared and payable

$   0.48

$   0.48

Net investment income(1)

$   359

$   0.50

$   342

$   0.49

Net realized gains (losses)(1)

$      (5)

$  (0.01)

$     34

$   0.05

Net unrealized losses(1)

$  (183)

$  (0.25)

$    (15)

$  (0.02)

GAAP net income(1)

$   171

$   0.24

$   361

$   0.52

As of

(dollar amounts in millions, except per share data)

June 30, 2026

December 31, 2025

Portfolio investments at fair value

$           29,349

$          29,485

Total assets

$           30,498

$          31,235

Stockholders' equity

$           13,891

$          14,318

Net asset value per share

$             19.35

$            19.94

Debt/equity ratio

1.15x

1.12x

Debt/equity ratio, net of available cash(4)

1.12x

1.08x

(1)

All per share amounts and weighted average shares outstanding are basic and diluted. The basic and diluted weighted average shares outstanding for the three months ended June 30, 2026 and 2025 were approximately 718 million and 695 million, respectively.

(2)

Core EPS is a non-GAAP financial measure. Core EPS is the net increase (decrease) in stockholders' equity resulting from operations, and excludes net realized and unrealized gains and losses, any capital gains incentive fee attributable to such net realized and unrealized gains and losses and any income taxes (including excise taxes) related to such net realized gains and losses, divided by the basic weighted average shares outstanding for the relevant period. GAAP net income (loss) per share is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of GAAP net income, the most directly comparable GAAP financial measure, to Core EPS are set forth in Schedule 1 hereto.

(3)

Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful.

(4)

Computed as total principal debt outstanding less available cash divided by stockholders' equity. Available cash excludes restricted cash as well as cash held for uses specifically designated for paying interest and expenses on certain debt.

"We reported solid second quarter results, supported by consistent Core Earnings, healthy portfolio performance and historically low levels of non-accruing loans and problem assets," said Kort Schnabel, Chief Executive Officer of Ares Capital. "In the slower transaction environment of the second quarter, our scale, stable capital base and longstanding borrower relationships enabled us to capture enhanced economics in attractive credits while remaining highly selective. Given our market leadership and competitive advantages, we remain well positioned to continue to generate attractive long-term shareholder returns, anchored by 17 years of stable or increasing regular quarterly dividends."

"We continued to enhance our balance sheet during the second quarter by raising approximately $1.2 billion of additional financing, including the upsizing and extension of two of our bank-led revolving credit facilities, while improving the economics of our largest revolving credit facility," said Scott Lem, Chief Financial Officer of Ares Capital. "During the quarter, we also launched the first commercial paper program in the BDC sector, establishing access to a lower-cost source of capital while preserving the durability and flexibility that have long differentiated ARCC. We ended the quarter once again in a position of strength with approximately $6.0 billion of available liquidity (after giving effect to the repayment of our unsecured notes that matured in July), modest leverage and no meaningful near-term debt maturities."

PORTFOLIO AND INVESTMENT ACTIVITY

(dollar amounts in millions)

Q2-26

Q2-25

Portfolio Activity During the Period:

Gross commitments

$        2,592

$        2,573

Exits of commitments

$        2,915

$        1,963

Portfolio Information:

As of

June 30, 2026

December 31, 2025

Portfolio investments at fair value

$       29,349

$       29,485

Fair value of accruing debt and other income producing securities(5)

$       26,262

$       26,510

Number of portfolio company investments

619

603

Percentage of floating rate securities at fair value(6)

71 %

72 %

Weighted average yields on debt and other income producing securities(7):

At amortized cost

10.3 %

10.3 %

At fair value

10.5 %

10.3 %

Weighted average yields on total investments(8):

At amortized cost

9.3 %

9.4 %

At fair value

9.4 %

9.3 %

Asset class percentage at fair value:

First lien senior secured loans

59 %

61 %

Second lien senior secured loans

4 %

5 %

Subordinated certificates of the SDLP

4 %

4 %

Senior subordinated loans

6 %

5 %

Preferred equity

8 %

9 %

Ivy Hill Asset Management, L.P.(9)

10 %

8 %

Other equity

9 %

8 %

(5)

Includes the fair value of Ares Capital's equity investment in Ivy Hill Asset Management, L.P. ("IHAM").

(6)

Includes Ares Capital's investment in the subordinated certificates of the SDLP (as defined below).

(7)

Weighted average yields on debt and other income producing securities are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the regular dividend received by Ares Capital related to its equity investment in IHAM during the most recent quarter end), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of Ares Capital's equity investment in IHAM as applicable), as applicable.

(8)

Weighted average yields on total investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the regular dividend received by Ares Capital related to its equity investment in IHAM during the most recent quarter end), divided by (b) total investments at amortized cost or at fair value, as applicable.

(9)

Includes Ares Capital's subordinated loan and equity investments in IHAM, as applicable.

In the second quarter of 2026, Ares Capital made new investment commitments of approximately $2.6 billion, of which approximately $2.2 billion were funded. New investment commitments were made to 14 new portfolio companies, 41 existing portfolio companies and 3 additional existing portfolio companies purchased from the Senior Direct Lending Program (the "SDLP"), through which Ares Capital co-invests with Varagon Capital Partners, and its clients, to fund first lien senior secured loans. As of June 30, 2026, 273 separate private equity sponsors were represented in Ares Capital's portfolio. Of the approximately $2.6 billion in new commitments made during the second quarter of 2026, 68% were in first lien senior secured loans, 2% were in subordinated certificates of the SDLP, 4% were in senior subordinated loans, 21% were in Ares Capital's subordinated loan to IHAM, 2% were in preferred equity and 3% were in other equity. Of the approximately $2.6 billion in new commitments, 94% were in floating rate debt securities, of which 76% contained interest rate floors and 2% were in the subordinated certificates of the SDLP. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 9.4% and the weighted average yield on total investments funded during the period at amortized cost was 9.1%. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that Ares Capital will be able to do so. Also in the second quarter of 2026, Ares Capital funded approximately $758 million related to previously existing unfunded revolving and delayed draw loan commitments.

In the second quarter of 2026, Ares Capital exited approximately $2.9 billion of investment commitments, including approximately $1.1 billion of loans sold to IHAM or certain vehicles managed by IHAM and approximately $361 million of loans sold to the SDLP. Of the approximately $2.9 billion of exited investment commitments, 69% were first lien senior secured loans, 4% were second lien senior secured loans, 1% were subordinated certificates of the SDLP, 7% were senior subordinated loans, 13% were Ares Capital's subordinated loan to IHAM, 5% were preferred equity and 1% were other equity. Of the approximately $2.9 billion of exited investment commitments, 88% were floating rate, 9% were fixed rate, 1% were non-income producing and 2% were on non-accrual status.

As of June 30, 2026 and December 31, 2025, the weighted average grade of the portfolio at fair value was 3.1 and 3.1, respectively, and loans on non-accrual status represented 2.4% of the total investments at amortized cost (or 1.4% at fair value) and 1.8% at amortized cost (or 1.2% at fair value), respectively. For more information on Ares Capital's portfolio investment grades and loans on non-accrual status, see "Part I—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity" in Ares Capital's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission ("SEC") on July 29, 2026.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2026, Ares Capital had $383 million in cash and cash equivalents and $15.9 billion in total aggregate principal amount of debt outstanding ($15.8 billion at carrying value). Subject to borrowing base and other restrictions, Ares Capital had approximately $6.7 billion available for additional borrowings under its existing credit facilities as of June 30, 2026.

In May 2026, Ares Capital issued $800 million in aggregate principal amount of unsecured notes, which bear interest at a rate of 5.550% per annum and mature on January 15, 2030 (the "January 2030 Notes"). The January 2030 Notes pay interest semi-annually and all principal is due upon maturity. The January 2030 Notes may be redeemed in whole or in part at any time at Ares Capital's option at a redemption price equal to par plus a "make whole" premium, if applicable, as determined pursuant to the indenture governing the January 2030 Notes, and any accrued and unpaid interest. The January 2030 Notes were issued at a discount to the principal amount. In connection with the January 2030 Notes, Ares Capital entered into an interest rate swap for a total notional amount of $800 million that matures on January 15, 2030. Under the interest rate swap, Ares Capital will receive a fixed interest rate of 5.550% and pay a floating interest rate of one-month SOFR plus 1.69950%.

In May 2026, Ares Capital amended and restated its senior secured credit facility (as amended and restated, the "A&R Credit Facility"). The amendment, among other things, (a) increased the total commitment and loans under the A&R Credit Facility from approximately $5.3 billion to approximately $5.5 billion, (b) amended the base interest rate charged on the USD loans under the A&R Credit Facility from (x) Term Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of 0.10% plus an applicable spread to (y) Term SOFR in each case, (c) modified certain covenant restrictions, (d) extended the expiration of the revolving period for lenders electing to extend their revolving commitments in an amount equal to approximately $4.2 billion from April 15, 2029 to May 21, 2030, (e) extended the stated maturity date for lenders electing to extend their revolving commitments in an amount equal to approximately $4.2 billion from April 15, 2030 to May 21, 2031 and (f) extended the stated maturity date for lenders electing to extend their term loan commitments in an amount equal to approximately $1.0 billion from April 15, 2030 to May 21, 2031. Lenders who elected not to extend their revolving commitments in an amount equal to approximately $37.5 million and $131 million will remain subject to a revolving period expiration of April 12, 2028 and April 15, 2029, respectively, and a stated maturity date of April 12, 2029 and April 15, 2030, respectively. Lenders who elected not to extend the stated maturity of their term loan commitments in an amount equal to $40 million, $12.5 million and $70 million will remain subject to a maturity date of April 19, 2028, April 12, 2029 and April 15, 2030, respectively.

Subject to certain exceptions, the interest rate charged on the A&R Credit Facility is based on Term SOFR (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.525%, 1.650% or 1.775% or an alternate base rate (as defined in the documents governing the A&R Credit Facility) plus an applicable spread of either 0.525%, 0.650% or 0.775%, in each case determined monthly based on the borrowing base.

In June 2026, Ares Capital established a commercial paper program (the "CP Program") under which it may issue short-term unsecured commercial paper notes. The CP Program provides for borrowings of up to $1.0 billion, with individual commercial paper notes having maturities of up to 397 days and interest rates determined at issuance. The CP Program is backed by Ares Capital's A&R Credit Facility, and Ares Capital expects to maintain available capacity under the A&R Credit Facility at least equal to the amount of any commercial paper notes outstanding.

In June 2026, Ares Capital and its wholly owned consolidated subsidiary, ARCC FB Funding LLC ("AFB"), entered into an agreement to amend AFB's revolving funding facility (the "BNP Funding Facility"). The amendment among other things increased the total commitment under the BNP Funding Facility from approximately $1.3 billion to approximately $1.5 billion and modified certain concentration limitations and the advance rate applicable to certain collateral loans. The other terms of the BNP Funding Facility remained materially unchanged.

SECOND QUARTER 2026 DIVIDENDS PAID

On April 28, 2026, Ares Capital announced that its Board of Directors declared a second quarter 2026 dividend of $0.48 per share for a total of approximately $345 million. The second quarter 2026 dividend was paid on June 30, 2026 to stockholders of record as of June 15, 2026.

RECENT DEVELOPMENTS

In July 2026, Ares Capital's wholly owned, consolidated subsidiary, Ares Direct Lending CLO 1 LLC ("ADL CLO 1"), completed a refinancing of its approximately $708.7 million term debt securitization (as refinanced, the "ADL CLO 1 Debt Securitization"). The ADL CLO 1 Debt Securitization is also known as a collateralized loan obligation and is an on-balance-sheet financing incurred by Ares Capital.

The notes offered in the ADL CLO 1 Debt Securitization that mature on July 25, 2038 (collectively, the "July 2038 CLO Notes") were issued by ADL CLO 1 pursuant to the amended and restated indenture and security agreement governing the July 2038 CLO Notes and include (i) $267.0 million of Class A-1-R Senior Floating Rate Notes, which bear interest at Term SOFR plus 1.46%; (ii) $24.5 million of Class A-2-R Senior Floating Rate Notes, which bear interest at Term SOFR plus 1.70%; (iii) $45.5 million of Class B-R Senior Floating Rate Notes, which bear interest at Term SOFR plus 1.90% and (iv) an additional $7.1 million of additional subordinated notes (in addition to the $225.6 million of existing subordinated notes issued by ADL CLO 1), which do not bear interest. Ares Capital retained all of the $7.1 million of subordinated notes, which are unsecured obligations of ADL CLO 1 and will accordingly be eliminated in consolidation. In addition, in connection with the ADL CLO 1 Debt Securitization, ADL CLO 1 incurred $139.0 million of Class A-1-LR term loans that mature on July 25, 2038, which bear interest at Term SOFR plus 1.46%, under a Class A-1-LR credit agreement. The proceeds from the ADL CLO 1 Debt Securitization were used in part to redeem all outstanding April 2036 CLO Secured Notes issued by ADL CLO 1.

In July 2026, Ares Capital repaid in full the $1,000 million aggregate principal amount outstanding of its unsecured notes upon their maturity, which bore interest at a rate of 2.150% per annum.

From July 1, 2026 through July 23, 2026, Ares Capital made new investment commitments of approximately $244 million, of which approximately $179 million were funded. Of the approximately $244 million in new investment commitments, 47% were in first lien senior secured loans, 17% were in second lien senior secured loans, 5% were in subordinated certificates of the SDLP, 19% were in senior subordinated loans, 11% were in Ares Capital's subordinated loan to IHAM and 1% were in other equity. Of the approximately $244 million in new investment commitments, 64% were floating rate, 35% were fixed rate and 1% were non-income producing. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 10.2% and the weighted average yield on total investments funded during the period at amortized cost was 10.0%. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that it will be able to do so.

From July 1, 2026 through July 23, 2026, Ares Capital exited approximately $132 million of investment commitments. All of the approximately $132 million of exited investment commitments were first lien senior secured loans, all of which were floating rate. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 8.3% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 8.3%. Of the approximately $132 million of investment commitments exited from July 1, 2026 through July 23, 2026, Ares Capital recognized total net realized losses of approximately $2 million.

In addition, as of July 23, 2026, Ares Capital had an investment backlog of approximately $1.5 billion. Investment backlog includes transactions approved by Ares Capital's investment adviser's U.S. direct lending investment committee and/or for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore Ares Capital believes are likely to close. The consummation of any of the investments in this backlog depends upon, among other things, one or more of the following: Ares Capital's acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, Ares Capital may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. Ares Capital cannot assure you that it will make any of these investments or that Ares Capital will sell all or any portion of these investments.

WEBCAST / CONFERENCE CALL

Ares Capital will host a webcast/conference call on Wednesday, July 29, 2026 at 12:00 p.m. (Eastern Time) to discuss its quarter ended June 30, 2026 financial results. PLEASE VISIT ARES CAPITAL'S WEBCAST LINK LOCATED ON THE HOME PAGE OF THE INVESTOR RESOURCES SECTION OF ARES CAPITAL'S WEBSITE FOR A SLIDE PRESENTATION THAT COMPLEMENTS THE EARNINGS CONFERENCE CALL.

All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of Ares Capital's website at www.arescapitalcorp.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call toll free by dialing +1 (800) 245-3047. International callers can access the conference call by dialing +1 (203) 518-9765. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected and to reference the conference ID ARCCQ226. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through August 29, 2026 at 5:00 p.m. (Eastern Time) to domestic callers by dialing toll free +1 (800) 839-3736 and to international callers by dialing +1 (402) 220-2978. An archived replay will also be available through August 29, 2026 on a webcast link located on the Home page of the Investor Resources section of Ares Capital's website.

ABOUT ARES CAPITAL CORPORATION

Founded in 2004, Ares Capital is a leading specialty finance company focused on providing direct loans and other investments in private middle market companies in the United States. Ares Capital's objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which oftentimes can lead to economic growth and employment. Ares Capital believes its loans and other investments in these companies can help generate attractive levels of current income and potential capital appreciation for investors. Ares Capital, through its investment manager, utilizes its extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans but also subordinated debt and equity investments. Ares Capital has elected to be regulated as a business development company ("BDC") and was the largest publicly traded BDC by market capitalization as of June 30, 2026. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a publicly traded, leading global alternative investment manager. For more information about Ares Capital, visit www.arescapitalcorp.com. 

FORWARD-LOOKING STATEMENTS

Statements included herein or on the webcast/conference call may constitute "forward-looking statements," which relate to future events or Ares Capital's future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital's filings with the SEC. Ares Capital undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.

INVESTOR RELATIONS CONTACTS

Ares Capital Corporation
John Stilmar or Carl Drake
(888) 818-5298
[email protected]

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions, except per share data)

As of

June 30, 2026

December 31, 2025

(unaudited)

ASSETS

Total investments at fair value (amortized cost of $29,675 and $29,250, respectively)

$          29,349

$          29,485

Cash and cash equivalents

383

638

Restricted cash

241

286

Interest receivable

299

288

Receivable for open trades

50

317

Other assets

176

221

Total assets

$          30,498

$          31,235

LIABILITIES

Debt

$          15,773

$          15,991

Base management fee payable

110

111

Income based fee payable

84

89

Capital gains incentive fee payable

—

82

Interest and facility fees payable

199

193

Payable to participants

104

131

Interest rate swap collateral payable

97

155

Payable for open trades

2

5

Accounts payable and other liabilities

167

132

Deferred tax liabilities

71

28

Total liabilities

16,607

16,917

STOCKHOLDERS' EQUITY

Common stock, par value $0.001 per share, 1,000 common shares authorized; 718
common shares issued and outstanding

1

1

Capital in excess of par value

13,359

13,359

 Accumulated undistributed earnings

531

958

Total stockholders' equity

13,891

14,318

Total liabilities and stockholders' equity

$          30,498

$          31,235

NET ASSET VALUE PER SHARE

$            19.35

$            19.94

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026

2025

2026

2025

INVESTMENT INCOME

Interest income from investments

$              557

$              533

$           1,107

$           1,059

Capital structuring service fees

40

34

79

80

Dividend income

152

158

308

301

Other income

19

20

37

37

  Total investment income

768

745

1,531

1,477

EXPENSES

Interest and credit facility fees

214

188

427

374

Base management fee

110

104

221

206

Income based fee

84

86

168

171

Capital gains incentive fee

(21)

4

(82)

(21)

Administrative fees

4

4

8

8

Other general and administrative

10

9

18

17

  Total expenses

401

395

760

755

NET INVESTMENT INCOME BEFORE
INCOME TAXES

367

350

771

722

Income tax expense, including excise taxes

8

8

14

15

NET INVESTMENT INCOME

359

342

757

707

REALIZED AND UNREALIZED GAINS
(LOSSES) ON INVESTMENTS, FOREIGN
CURRENCY AND OTHER
TRANSACTIONS:

Net realized gains (losses) on investments

(7)

117

107

25

Net realized gains (losses) on foreign
currency and other transactions

2

(39)

(6)

(8)

Net income tax expense on net realized gains

—

(44)

—

(44)

Net realized gains (losses)

(5)

34

101

(27)

Net unrealized losses on investments

(180)

(40)

(596)

(37)

Net unrealized gains (losses) on foreign
currency and other transactions

8

(10)

38

(54)

Net change in deferred tax liabilities

(11)

35

(37)

13

Net unrealized losses

(183)

(15)

(595)

(78)

Net realized and unrealized gains (losses) on
investments, foreign currency and other
transactions

(188)

19

(494)

(105)

NET INCREASE IN STOCKHOLDERS'
EQUITY RESULTING FROM OPERATIONS

$              171

$              361

$              263

$              602

Basic and diluted net income per common
share

$             0.24

$             0.52

$             0.36

$             0.88

Basic and diluted weighted average shares of
common stock outstanding

718

695

718

686

SCHEDULE 1

Reconciliations of GAAP net income per share to Core EPS 

Reconciliations of GAAP net income per share, the most directly comparable GAAP financial measure, to Core EPS for the three and six months ended June 30, 2026 and 2025 are provided below.

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026

2025

2026

2025

(unaudited)

(unaudited)

(unaudited)

(unaudited)

GAAP net income per share(1)

$             0.24

$             0.52

$            0.36

$            0.88

Adjustments:

Net realized and unrealized (gains) losses(1)

0.26

(0.03)

0.69

0.15

Capital gains incentive fee attributable to net
realized and unrealized gains and losses(1)

(0.03)

0.01

(0.11)

(0.03)

Other income tax expense (including excise
taxes) related to net realized gains and losses(1)

—

—

—

—

Core EPS(2)

$             0.47

$             0.50

$            0.94

$            1.00

(1)

All per share amounts and weighted average shares outstanding are basic and diluted. The basic and diluted weighted average shares outstanding for the three and six months ended June 30, 2026 were approximately 718 million and 718 million, respectively, and approximately 695 million and 686 million, respectively, for the comparable periods in 2025.

(2)

Core EPS is a non-GAAP financial measure. Core EPS is the net increase (decrease) in stockholders' equity resulting from operations, and excludes net realized and unrealized gains and losses, any capital gains incentive fee attributable to such net realized and unrealized gains and losses and any income taxes (including excise taxes) related to such net realized gains and losses, divided by the basic weighted average shares outstanding for the relevant period. GAAP net income (loss) per share is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

SOURCE Ares Capital Corporation