Strong Performance Reported by Ares Management for Q3 2024
Ares Management Corporation Reports Third Quarter 2024 Results
NEW YORK-- Ares Management Corporation (NYSE: ARES) recently revealed its financial performance for the third quarter ended September 30, 2024, showcasing substantial growth and success across various metrics.
Financial Highlights
In the latest report, GAAP net income attributable to Ares Management Corporation reached an impressive $118.5 million. This translates to a net income per share of Class A and non-voting common stock at $0.55 for the quarter.
After-Tax Realized Income
The company recorded strong after-tax realized income totaling $316.0 million, which equates to $0.95 per Class A common stock share for the same period. This indicates a robust performance, complemented by fee-related earnings of $339.3 million.
Strong Demand and Fund Performance
Highlighting the quarter's success, Michael Arougheti, Chief Executive Officer and President of Ares, expressed optimism: "We reported strong third quarter results with continued fundraising momentum and impressive growth in several key financial metrics. With over $64 billion raised year-to-date and favorable visibility into the fourth quarter, we anticipate reaching $80 billion in commitments by year-end."
Strategic Positioning
According to Jarrod Phillips, Chief Financial Officer of Ares, the firm is in an elevated position for growth: “Our deployment activities have reached nearly $30 billion this quarter, and with over $85 billion in assets under management not yet generating fees, we are well-placed for meaningful future earnings growth."
Dividend Announcements
Ares Management has declared a quarterly dividend of $0.93 per share for its Class A and non-voting common stock. This dividend is scheduled to be paid on December 31, 2024.
Preferred Stock Dividend
In addition, a quarterly dividend of $0.759375 per share will be paid on January 1, 2025, for its 6.75% Series B mandatory convertible preferred stock.
Dividend Reinvestment Program
The company has a Dividend Reinvestment Program for its Class A common stockholders effective from the upcoming quarterly dividend. Equiniti Trust Company will manage this program on Ares' behalf. Further details are available in the Investor Resources section of their website.
Additional Insights
For comprehensive insights into the company's third quarter results, Ares Management has provided a detailed presentation accessible via its Investors Resources webpage. This presentation aims to guide investors through the financial outcomes and future strategies as they relate to ongoing market dynamics.
Conference Call and Webcast Information
The firm will host a conference call on November 1, 2024, at 9:00 a.m. to discuss its third-quarter results. Interested participants are encouraged to join via telephone or through a live webcast available on the Investor Resources section of their website.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) stands as a premier global alternative investment manager. The firm provides diversified investment solutions spanning credit, real estate, private equity, and infrastructure asset classes. Ares is committed to delivering innovative capital solutions while creating value for communities and stakeholders alike. As of September 30, 2024, Ares Management reported approximately $464 billion in assets under management, guided by a dedicated team of over 3,100 employees within a global framework.
Frequently Asked Questions
What are the key financial highlights of Ares Management for Q3 2024?
Ares Management reported GAAP net income of $118.5 million for Q3 2024, translating to $0.55 per share. After-tax realized income was $316.0 million, or $0.95 per share.
How has Ares Management been performing in fundraising?
The company has achieved over $64 billion in fundraising year-to-date and expects record commitments of approximately $80 billion by the end of 2024.
What dividends has Ares Management declared?
Ares has declared a quarterly dividend of $0.93 per share on Class A and non-voting common stock, payable on December 31, 2024, alongside a preferred stock dividend of $0.759375 per share.
When is the Ares Management conference call?
The conference call is scheduled for November 1, 2024, at 9:00 a.m., where they will discuss the Q3 results.
What is the focus of Ares Management Corporation?
Ares Management Corporation focuses on providing alternative investment solutions across various asset classes to create value and deliver attractive returns throughout different market conditions.
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