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Ares Management (ARES) investor relations material

Ares Management Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary3 Nov, 2025

Executive summary

  • Achieved record quarterly fundraising of over $30.9 billion, with year-to-date capital raised surpassing $77 billion and trailing 12-month fundraising up 24% year-over-year to $105 billion.

  • Assets under management reached $596 billion as of September 30, 2025, up 28% year-over-year, with fee-paying AUM at $368 billion.

  • Management fees grew 28% year-over-year to $971.8 million, and fee-related earnings (FRE) increased 39% year-over-year to $471.2 million.

  • After-tax realized income per share rose 25% year-over-year to $1.19, with realized income totaling $456 million.

  • Declared a quarterly dividend of $1.12 per share for common stock and $0.84375 for Series B preferred stock, with plans for further increases.

Financial highlights

  • Gross deployment hit $41.7 billion, 55% higher than the previous quarter and 30% above the prior record.

  • Fee related performance revenues (FRPR) totaled $85.4 million, with strong growth expected in Q4 and into 2026.

  • Available capital stood at $150 billion at the end of Q3 2025, up 19% year-over-year.

  • Perpetual capital AUM reached $190.3 billion, a 53% increase from prior year.

  • Effective management fee rate was 1.00% with a Fee Related Earnings margin of 41.4%.

Outlook and guidance

  • Expect to meaningfully exceed last year’s $93 billion fundraising record, supported by strong investor demand and a robust investment pipeline.

  • Anticipate continued strong demand for institutional and wealth products, with new fund launches in special opportunities, real estate, and digital infrastructure.

  • FRE margins expected to expand in 2026 as GCP integration synergies are realized.

  • Projected $125 million in FRPR from the credit group in Q4, with 17% year-over-year growth.

  • Positioned for future earnings growth as significant available capital is deployed.

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Frequently asked questions

Ares Management Corporation is a global alternative investment manager operating across credit, private equity, real estate, and infrastructure asset classes. The company manages investments for institutional and retail clients through a combination of direct lending, opportunistic strategies, and structured products. Its operations span North America, Europe, and Asia. The company is headquartered in Los Angeles, California, and its shares are listed on the NYSE.

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