The company said it raised $74.5 billion of gross new capital in 2023 across its commingled funds, SMAs and other vehicles, and that this fundraising drove AUM growth of 19% in 2023.

1. 01

   The company said it raised $74.5 billion of gross new capital in 2023 across its commingled funds, SMAs and other vehicles, and that this fundraising drove AUM growth of 19% in 2023.

2. 02

   Ares said management fees for 2023 rose $166.1 million from the prior year, driven by capital deployment in Credit Group direct lending funds that increased FPAUM, and that Part I Fees contributed $109.6 million of the increase.

3. 03

   The company said it recognized non-cash impairment charges of $78.7 million related to intangible assets in 2023, comprised of $65.7 million for Landmark client relationships, $7.8 million for the SSG trade name and $5.2 million for fund management contracts.

4. 04

   Ares said it recognized a net gain of $70.9 million from its X-energy investment in 2023, and that the Senior Notes it issued in November 2023 increased its interest expense by $4.6 million in 2028 and will result in interest expense of $8.2 million for a full quarter going forward.

Key figures

Fiscal year ended December 31, 2023

Revenue

$3.6B

Net income

$474M

Operating cash flow

−$233M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.