AI English summary of an SEC filing — figures as filed
Ares Management ARESAres said capital deployment in direct lending, alternative credit and opportunistic credit funds within the Credit Group raised FPAUM and lifted management fees by $59.8 million and $114.7 million for Q2 2024 and the six months, respectively, compared with the same periods a year earlier.
Key points
AI summaryAres said capital deployment in direct lending, alternative credit and opportunistic credit funds within the Credit Group raised FPAUM and lifted management fees by $59.8 million and $114.7 million for Q2 2024 and the six months, respectively, compared with the same periods a year earlier.
The company said Part I Fees rose by $29.1 million and $52.0 million for Q2 2024 and the six months, respectively. It also said funds it manages following the Crescent Point Acquisition, which was completed on October 2, 2023, generated additional fees of $7.2 million and $14.6 million, respectively.
The company said that in Q2 2024, unrealized carried interest allocation of $230.6 million was reversed at ACOF V due to market depreciation of its investment in Savers Value Village (SVV) driven by a lower stock price, and that this was partially offset by $90.0 million at ACOF VI.
The company said equity-based compensation expense rose by $26.0 million for Q2 2024 and by $49.1 million for the six months, and that supplemental distribution fees within general, administrative and other expenses increased by $13.8 million and $22.1 million, respectively.
Key figures
Quarter ended June 30, 2024
- Revenue
- $789M
- Net income
- $171M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis 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.
Credit Group capital deployment and higher management fees
Ares said capital deployment in direct lending, alternative credit and opportunistic credit funds within the Credit Group raised FPAUM and lifted management fees by $59.8 million and $114.7 million for Q2 2024 and the six months, respectively, compared with the same periods a year earlier.
Source · Based on the MD&A text of the filing
Part I Fees and Crescent Point Acquisition fees
The company said Part I Fees rose by $29.1 million and $52.0 million for Q2 2024 and the six months, respectively. It also said funds it manages following the Crescent Point Acquisition, which was completed on October 2, 2023, generated additional fees of $7.2 million and $14.6 million, respectively.
Source · Based on the MD&A text of the filing
Carried interest reversal on lower SVV stock price
The company said that in Q2 2024, unrealized carried interest allocation of $230.6 million was reversed at ACOF V due to market depreciation of its investment in Savers Value Village (SVV) driven by a lower stock price, and that this was partially offset by $90.0 million at ACOF VI.
Source · Based on the MD&A text of the filing
Higher compensation and general and administrative expenses
The company said equity-based compensation expense rose by $26.0 million for Q2 2024 and by $49.1 million for the six months, and that supplemental distribution fees within general, administrative and other expenses increased by $13.8 million and $22.1 million, respectively.
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.
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