Ares Management (ARES) Q1 2026 earnings summary

Executive summary

• Achieved record fundraising of $30 billion in Q1, up over 45% year-over-year, with AUM rising 18% to over $644 billion and fee-paying AUM up 19% to $400 billion.

• Management fees surpassed $1 billion for the first time, up 25% year-over-year, and fee-related earnings grew 26% to $464.4 million.

• Declared a quarterly dividend of $1.35 per share for Class A and non-voting common stock, and $0.84375 per share for Series B preferred stock, representing a 20% increase year-over-year.

• Strong institutional and broad-based investor demand, with diversified product offerings driving growth across credit, real assets, infrastructure, and secondaries.

• Achieved GAAP net income of $142.6 million and EPS of $0.46 for Q1 2026, with after-tax realized income of $452.4 million and after-tax realized income per share of $1.24.

Financial highlights

• Fee-related earnings margin was 42.4%, and realized income totaled $503 million, up 24% year-over-year.

• GAAP management fees were $989.5 million; unconsolidated management and other fees reached $1,075.5 million.

• Perpetual capital AUM reached $215.3 billion, up 39% year-over-year.

• Available capital stood at $158.1 billion, up 11% year-over-year.

• Net inflows for the quarter were $27.9 billion.

Outlook and guidance

• Management expects another record year of fundraising, supported by a record investment pipeline and nearly $160 billion of available capital.

• On track to meet 2026 goals: 16%-20% compound annual FRE growth, 20%-25% realized income growth, and 20% dividend growth.

• FRE margin expected to expand toward the high end of the 0-150 basis points annual target.

• Confident in achieving the $125 billion 2028 fundraising target.

• Positioned to invest opportunistically and meet financial objectives for the year despite market volatility.