Ares Management Corp-A 2025年度报告

ManagementCorporation Dear Fellow Ares Shareholders, We are pleased to report that 2025 was a year of excellent progress forAres, including the achievement of several important milestones. We closed2025 with a record of more than $620 billion1in assets under management.We also established new firm records for fundraising and investmentdeployment, with more than $100 billion in each during 2025. Collectively,our results demonstrate the growing scale and increasing diversificationof our global investment platform and our investors’ continued confidencein our investment approach and demonstrated fund performance. Of strategic significance, we completed the acquisition of GCPInternational and made substantial progress integrating GCP into Ares.In addition to strengthening our global industrial real estate presencein Europe and the Americas, the GCP acquisition provided a strategicindustrial investing platform in Japan and an emerging global data centerdevelopment business. Ares is now the third largest global owner andoperator of logistics properties, and we have consolidated our globallogistics platform under a single brand, Marq Logistics. Overall, theGCP integration is going very well, and we expect to see increasingcontributions from these new businesses in 2026 and beyond. We expanded our investment capabilities by adding to our investmenttalent and geographic footprint. During the year, we added 470 investmentprofessionals from the GCP acquisition and organically added another78 investment professionals. We opened offices in Miami and Milanand added offices in another 13 new metropolitan areas from the GCPacquisition. We ended the year with over 1,650 investment professionalsand 4,250 total employees across more than 55 global offices. We believethat our deep origination networks and local insights are a differentiatedcompetitive advantage. Our expansion also included the successful introduction of new investmentproducts for both individual and institutional investors. For example, weraised our first ever data center development fund totaling $2.4 billion,and we believe our large portfolio of seed projects places us in a strongposition for further fundraising in the growing data center sector. Wealso successfully introduced new products in credit secondaries, coreinfrastructure and sports, media and entertainment. These new productsrepresent just a small portion of the more than 38 investment products weoffered to investors last year. We also formalized and expanded our CapitalSolutions Group to improve capital markets and financing execution andcapture new revenue opportunities in the coming quarters and years. 2025Key Financial Metrics In December 2025, Ares was honored to be included in the S&P 500stock index, a notable milestone for our company. The selection ofAres for this prestigious index reflects our evolution over nearly threedecades from a small private partnership into a global leader in privatemarket investing. Our growth is a testament to the strong support wehave received from our investors, portfolio companies, partners, andemployees. It also underscores the broader maturation and expansionof the alternative investment management industry. $623BAUM1 $385BFPAUM These achievements were delivered while remaining faithful to ourcore disciplines of rigorous investment selection and due diligence,investor alignment, proactive portfolio management, and capitalstewardship. We also remained steadfast in our commitment to ourcore values of being collaborative, respectful, entrepreneurial, self-aware and trustworthy. $113BFundraising $146BDeployment Going forward, our objectives remain simple and unchanged: performfor our investors by deploying and managing our investors’ capitalwith great foresight and discipline, scale our businesses where wehold structural and competitive advantages and expand individualand institutional investor access to our products that meet theirinvestment objectives. With more than $150 billion in available capitalmatched with our asset-light balance sheet approach, we believe weare very well positioned for growth in the year ahead. We enter thecoming year with high conviction that we can continue to generatedifferentiated risk-adjusted investment returns for our investors andincreasing value for our ARES shareholders while maintaining our strictunderwriting standards and highly selective investment approach. $3,863MManagement Fees $1,775MFee Related Earnings We want to thank our investors for entrusting us with their capital, ouremployees for their commitment and dedication to the platform andour shareholders and credit partners for their continued support ofour company. $1,848MRealized Income 96%FRE as % of Realized Income With gratitude, $884MGAAP Net Income Michael AroughetiCo-Founder, Chief Executive Officer Antony ResslerCo-Founder, Executive Chairman 2026 Priorities As both institutional and individual investors continue to increase allocations