Ares Management Corporation (NYSE:ARES) today reported its
financial results for its fourth quarter and full year ended
December 31, 2023.
GAAP net income attributable to Ares Management
Corporation was $174.0 million and $474.3 million,
respectively, for the quarter and year ended December 31, 2023. On
a basic basis, net income attributable to Ares Management
Corporation per share of Class A and non-voting common stock was
$0.88 and $2.44, respectively, for the quarter and year ended
December 31, 2023. On a diluted basis, net income attributable to
Ares Management Corporation per share of Class A and non-voting
common stock was $0.86 and $2.42, respectively, for the quarter and
year ended December 31, 2023.
After-tax realized income was $400.4 million and $1,185.7
million, respectively, for the quarter and year ended December 31,
2023. After-tax realized income per share of Class A and non-voting
common stock was $1.21 and $3.65, respectively, for the quarter and
year ended December 31, 2023. Fee related earnings were $368.7
million and $1,163.7 million, respectively, for the quarter and
year ended December 31, 2023.
“In 2023, we generated significant year-over-year growth in many
of our key financial metrics, continued our fundraising momentum,
and accelerated our investment activity, resulting in a strong
quarter to end the year,” said Michael Arougheti, Chief Executive
Officer and President of Ares. “We raised $21 billion in the fourth
quarter and more than $74 billion for the year, our second highest
level ever, as we continue to expand our investment platform and
generate compelling investment performance.”
“We ended the year with a record level of available capital of
$111 billion, positioning us to invest opportunistically and drive
continued strong growth in our key financial metrics,” said Jarrod
Phillips, Chief Financial Officer of Ares. “We are experiencing
growing contributions from the more recent investments we have made
to expand our investment platform, and we are excited about their
future growth in the coming years.”
Common Stock Dividend
Ares declared a quarterly dividend of $0.93 per share of its
Class A and non-voting common stock, payable on March 29, 2024 to
its Class A and non-voting common stockholders of record at the
close of business on March 15, 2024.
Dividend Reinvestment Program
Ares has a Dividend Reinvestment Program for its Class A common
stockholders that will be effective for the quarterly dividend on
March 29, 2024. 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 fourth quarter
and full year 2023 results, which can be viewed at www.aresmgmt.com
on the Investor Resources section of our home page under Events and
Presentations. The presentation is titled “Fourth Quarter and Full
Year 2023 Earnings Presentation.”
2024 Annual Stockholders Meeting
The Board of Directors set April 5, 2024 as the record date for
Ares’ 2024 Annual Meeting of Stockholders. The 2024 Annual Meeting
of Stockholders will be held on June 4, 2024.
Conference Call and Webcast Information
Ares will host a conference call on February 8, 2024 at 11:00
a.m. (Eastern Time) to discuss fourth quarter and full year
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.aresmgmt.com. Please visit the website to test
your connection before the webcast. Domestic callers can access the
conference call by dialing +1 (800) 245-3047. 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. For interested
parties, an archived replay of the call will be available through
March 8, 2024 to domestic callers by dialing +1 (800) 753-5212 and
to international callers by dialing +1 (402) 220-2673. An archived
replay will also be available through March 8, 2024 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,
private equity, real estate and infrastructure asset classes. We
seek to provide flexible capital to support businesses and create
value for our stakeholders and within our communities. By
collaborating across our investment groups, we aim to generate
consistent and attractive investment returns throughout market
cycles. As of December 31, 2023, Ares Management Corporation's
global platform had approximately $419 billion of assets under
management with approximately 2,850 employees operating across
North America, Europe, Asia Pacific and the Middle East. For more
information, please visit www.aresmgmt.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240207129143/en/
Investor Relations Carl Drake cdrake@aresmgmt.com (800)
340-6597 Greg Mason gmason@aresmgmt.com (800) 340-6597 Cameron Rudd
crudd@aresmgmt.com (800) 340-6597
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