ADDED
As of February 19, 2026, there were 220,902,613 shares of the registrant s Class A common stock outstanding, 3,489,911 shares of the registrant s non-voting common stock outstanding, 1,000 shares of the registrant s Class B common stock outstanding, 105,079,121 shares of the registrant s Class C common stock outstanding and 30,000,000 shares of the registrant s Series B mandatory convertible preferred stock outstanding.
Through our registered broker-dealer subsidiary, Ares Management Capital Markets LLC ( AMCM ), AWMS facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel.
For Real Assets funds that we manage where management fees are based on gross asset value, net operating income or similar metrics including their equivalents ( GAV ), our AUM represents the sum of the GAV of such funds, undrawn debt (including any amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods).
GAV typically refers to the fair value of a fund s total assets.
For our funds other than CLOs, our FPAUM represents the amount of limited partner capital commitments for certain closed-end funds within the reinvestment period, the amount of limited partner invested capital for the aforementioned closed-end funds beyond the reinvestment period and the portfolio value, GAV or NAV.
With respect to the AUM of certain publicly-traded funds and perpetual wealth vehicles that generate Part II Fees, only Part II Fees may be generated from IEAUM; incentive generating AUM or IGAUM refers to the AUM of our funds and other entities that are currently generating carried interest and incentive fees on a realized or unrealized basis.
Certain publicly-traded funds and perpetual wealth vehicles that generate Part II Fees are only included in IGAUM when Part II Fees are being generated; management fees refers to fees we earn for advisory services provided to our funds, which are generally based on a defined percentage of fair value of assets, total commitments, invested capital, GAV, NAV, net investment income, total assets or par value of the investment portfolios managed by us.
It also includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation (NASDAQ: ARCC) ( ARCC ) and an SEC-registered investment adviser; Part I Fees refers to a quarterly fee on the net investment income of certain publicly-traded or perpetual wealth vehicles.
For periods in which the amortization of upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI; and SEC refers to the Securities and Exchange Commission.
Business Overview Ares is a leading global alternative investment manager with $622.5 billion of assets under management and over 4,250 employees in over 55 o ffices in more than 25 countries .
REMOVED
As of February 21, 2025 there were 204,107,275 of the registrant s shares of Class A common stock outstanding, 3,489,911 of the registrant s shares of non-voting common stock outstanding, 1,000 shares of the registrant s Class B common stock outstanding, 107,811,420 of the registrant s Class C common stock outstanding and 30,000,000 of the registrant s Series B mandatory convertible preferred stock outstanding.
AWMS facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel.
With respect to Ares Capital Corporation (NASDAQ: ARCC) ( ARCC ), Ares Strategic Income Fund ( ASIF ), our open-ended European direct lending fund and our infrastructure private business development company ( BDC ) AUM, only Part II Fees may be generated from IEAUM; incentive generating AUM or IGAUM refers to the AUM of our funds and other entities that are currently generating carried interest and incentive fees on a realized or unrealized basis.
ARCC, ASIF, our open-ended European direct lending fund and our infrastructure private BDC are only included in IGAUM when Part II Fees are being generated; management fees refers to fees we earn for advisory services provided to our funds, which are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value, net investment income, total assets or par value of the investment portfolios managed by us.
Management fees include Part I Fees, a quarterly fee based on the net investment income of certain funds; net performance income refers to performance income net of related compensation that is typically payable to our professionals; our funds refers to the funds, alternative asset companies, trusts, co-investment vehicles and other entities and accounts that are managed or co-managed by the Ares Operating Group, and which are structured to pay fees.
(NYSE: ARDC) ( ARDC ); (ii) our non-listed, perpetual wealth vehicles that are primarily distributed through financial intermediaries, including ASIF, CADC, our open-ended European direct lending fund, our infrastructure private BDC, our non-traded real estate investment trusts ( REITs ) and Ares Private Markets Fund ( APMF ); (iii) Aspida Holdings Ltd.
(together with its subsidiaries, Aspida ); and (iv) certain other commingled funds and managed accounts that have an indefinite term, are not in liquidation, and for which there is no immediate requirement to return invested capital to investors upon the realization of investments.
In addition, our definitions of AUM and FPAUM are not based on any definition of AUM or FPAUM that is set forth in the agreements governing the funds that we manage and may differ from definitions of AUM or FPAUM set forth in other agreements to which we are a party or definitions used by the SEC or other regulatory bodies.
Business Overview Ares is a leading global alternative investment manager with $484.4 billion of assets under management and over 3,200 employees in over 35 o ffices in more than 15 countries .
Our AUM has grown to $484.4 billion as of December 31, 2024 from $82.0 billion a decade earlier.