Ares Management (ARES) Q2 2026 earnings summary

Executive summary

• Achieved record fundraising in Q2 2026, raising over $36 billion and bringing H1 total to $66 billion, with 70% of capital raised outside the four largest credit fund families.

• AUM reached $671.3 billion as of June 30, 2026, up 17% year-over-year, with fee-paying AUM at $410 billion.

• Institutional investors represent 75% of AUM and over 80% of gross equity inflows in the last 12 months.

• Maintained strong and consistent fund performance across credit, real estate, infrastructure, and secondaries, supporting robust management fee and earnings growth.

• 94% of management fees derived from perpetual capital or long-dated funds, supporting fee stability.

Financial highlights

• Management fees exceeded $1 billion for the quarter, up 14% year-over-year; GAAP management fees were $1,017.6 million.

• Total revenues for Q2 2026 were $1.43 billion, up 6% year-over-year; fee-related earnings reached $491.1 million, up 20%.

• Realized income was $521.5 million for the quarter, up 31% year-over-year; after-tax realized income per share was $1.29, up 25%.

• Declared a quarterly dividend of $1.35 per share for common stock and $0.84375 for Series B preferred stock, over 20% higher than the same quarter last year.

• Over $170 billion in dry powder available as of June 30, 2026, up 13% year-over-year.

Outlook and guidance

• On track to achieve 2026 financial objectives, consistent with long-term targets of 16%-20% FRE and 20%+ RI and dividend growth.

• Management expects continued growth in AUM and management fees, supported by robust fundraising, deployment, and a stable base of perpetual capital.

• Noted a meaningful pickup in the firmwide investment pipeline and expects continued strong fundraising and deployment activity.

• Market volatility and macroeconomic uncertainty remain, but diversified strategies and floating rate exposure position the business for resilience.