Ares Management said capital raised by its publicly-traded and perpetual wealth vehicles in the Credit Group contributed to increases in management fees of $41.8 million and $83.3 million for the 3 and 6 months ended June 30, 2025, respectively, compared to the same periods in the prior year. The company said funds from the GCP Acquisition and the WSM Acquisition in the Real Assets Group generated additional management fees of $67.6 million and $97.0 million, respectively.

1. 01

   Ares Management said capital raised by its publicly-traded and perpetual wealth vehicles in the Credit Group contributed to increases in management fees of $41.8 million and $83.3 million for the 3 and 6 months ended June 30, 2025, respectively, compared to the same periods in the prior year. The company said funds from the GCP Acquisition and the WSM Acquisition in the Real Assets Group generated additional management fees of $67.6 million and $97.0 million, respectively.

2. 02

   The company said equity-based compensation expense related to the GCP Acquisition was $40.8 million for the 3 months and $159.9 million for the 6 months, with $108.8 million of expense from the portion of these awards that immediately vested in Q1 2025. It said cash-settled compensation costs were $20.8 million and $29.6 million, respectively, and compensation expense for certain contingent compensation arrangements was $15.4 million and $20.6 million, respectively.

3. 03

   Excluding the impact of the GCP Acquisition, compensation and benefits increased by $101.6 million and $194.8 million, or 24% and 23%, for the 3 months and 6 months, respectively, compared to the same periods in the prior year. The company cited newly granted unvested compensation and higher stock prices as factors for the increases in equity-based compensation of $35.9 million and $82.4 million.

4. 04

   Ares Management said the TRA liability balance was $508.6 million as of June 30, 2025 and $402.4 million as of December 31, 2024. The company said TRA payments for the 6 months ended 2025 and 2024 were $8.1 million and $6.1 million, respectively, and it expects that payments in connection with future exchanges will be substantial.

Key figures

Quarter ended June 30, 2025

Revenue

$1.4B

Net income

$137M

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

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