The company said that capital deployment in its Credit Group's direct lending, alternative credit and opportunistic credit funds raised FPAUM and added $54.8 million in management fees for Q1 2024 compared with the same period a year earlier. It said Part I Fees contributed $22.8 million of that increase.

10-QQuarterly reportFiled May 9, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said that capital deployment in its Credit Group's direct lending, alternative credit and opportunistic credit funds raised FPAUM and added $54.8 million in management fees for Q1 2024 compared with the same period a year earlier. It said Part I Fees contributed $22.8 million of that increase.
Ares said it recorded a reversal of unrealized carried interest allocation of $244.3 million from Ares Corporate Opportunities Fund V, L.P. (ACOF V), which it cited as driven by lower operating performance metrics at certain portfolio companies. The reversal was partially offset by carried interest allocation of $28.0 million from ACOF VI.
The company said equity-based compensation expense rose by $23.2 million for Q1 2024, and average headcount grew by 12% to 2,868 professionals from 2,558. It also said placement fees rose by $8.7 million and supplemental distribution fees rose by $8.4 million.
The company said the balance of its TRA liabilities was $191.3 million as of December 31, 2023 and $236.1 million as of March 31, 2024. It also said that, as of March 31, 2024, it must maintain net assets of approximately $64.6 million at its relevant subsidiaries to meet regulatory net capital and capital adequacy requirements.

Key figures

Quarter ended March 31, 2024

Revenue: $707M
Net income: $137M
Operating cash flow: $710M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

Q1 2024 Management Fees and Part I Fees Rise

The company said that capital deployment in its Credit Group's direct lending, alternative credit and opportunistic credit funds raised FPAUM and added $54.8 million in management fees for Q1 2024 compared with the same period a year earlier. It said Part I Fees contributed $22.8 million of that increase.

Source · Based on the MD&A text of the filing

ACOF V Unrealized Carried Interest Reversal

Ares said it recorded a reversal of unrealized carried interest allocation of $244.3 million from Ares Corporate Opportunities Fund V, L.P. (ACOF V), which it cited as driven by lower operating performance metrics at certain portfolio companies. The reversal was partially offset by carried interest allocation of $28.0 million from ACOF VI.

Source · Based on the MD&A text of the filing

Higher Equity Compensation, Headcount and Distribution Costs

The company said equity-based compensation expense rose by $23.2 million for Q1 2024, and average headcount grew by 12% to 2,868 professionals from 2,558. It also said placement fees rose by $8.7 million and supplemental distribution fees rose by $8.4 million.

Source · Based on the MD&A text of the filing

TRA Liability Balance and Regulatory Net Asset Requirements

The company said the balance of its TRA liabilities was $191.3 million as of December 31, 2023 and $236.1 million as of March 31, 2024. It also said that, as of March 31, 2024, it must maintain net assets of approximately $64.6 million at its relevant subsidiaries to meet regulatory net capital and capital adequacy requirements.

Source · Based on the MD&A text of the filing

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.

View the original filing on SEC EDGAR ↗

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