Ares Management (ARES) Q3 2026 earnings summary

Executive summary

• Q3-26 fundraising reached $31.0 billion, net inflows were $28.6 billion and gross capital deployment totaled $34.8 billion.

• GAAP net income was $85.3 million, or $0.21 per diluted share; FRE was $524.2 million and after-tax Realized Income was $449.6 million.

• Management cited sustained institutional and wealth-channel demand, with expectations for record FY26 fundraising and a strong Q4.

Financial highlights

• GAAP net income attributable to common stockholders was $85.3 million; basic and diluted EPS was $0.21.

• FRE rose 11% YoY to $524.2 million; Realized Income rose 8% to $490.1 million and after-tax Realized Income rose 6% to $449.6 million.

• After-tax Realized Income per share was $1.26, up 6% YoY.

• GAAP management fees were $1,057.1 million; unconsolidated management and other fees were $1,155.5 million.

• AUM was $690.6 billion, up 16% YoY; FPAUM was $416.4 billion, up 13%.

Outlook and guidance

• Management expects another record fundraising year, with visibility for a strong Q4 from institutional and wealth channels.

• YTD results and anticipated higher Q4 deployment position FY26 to meet or exceed key financial objectives.

• Previously raised capital not yet earning fees is expected to support management-fee and earnings growth in 2027 and beyond.

• $93.8 billion of AUM available for future deployment could generate $814.7 million in potential annual management fees; deployment and fee realization are not assured.