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Ares Management Corporation Class A (ARES+0.18%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $1,129,739,000 from $671,255,000 in the same quarter the previous year. This increase is primarily attributed to higher management fees and carried interest allocations.
Management fees rose to $753,597,000 from $637,517,000, driven by capital deployment in direct lending, alternative credit, and opportunistic credit funds within the Credit Group.
Carried interest allocation increased to $277,651,000 from a negative $28,126,000, with significant contributions from opportunistic credit and direct lending funds.
Incentive fees also saw a rise to $48,638,000 from $16,454,000, attributed to higher pre-incentive fee net investment income generated by certain funds.
Total expenses for the quarter were $854,887,000, up from $560,960,000 in the previous year, with increases in compensation and benefits costs.
Net income for the quarter was $280,653,000, compared to $196,974,000 in the previous year. After accounting for non-controlling interests, net income attributable to Ares Management Corporation Class A and non-voting common stockholders was $118,460,000, up from $61,823,000.
The company reported a net income per share of $0.55 for both basic and diluted shares, compared to $0.30 in the previous year.
Ares Management Corporation's assets under management (AUM) increased to $463.8 billion from $394.9 billion in the previous year, with growth across all segments.
The Credit Group's AUM rose to $335.3 billion from $283.2 billion, driven by net new commitments and positive fund value changes.
The company continues to focus on expanding its global reach and scale, with recent acquisitions and strategic initiatives contributing to its growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ares Management Corporation Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.