The record $36.4B quarterly fundraising and $170B dry powder signal strong future fee-earning potential. The $92.6B of AUM not yet paying fees available for deployment could generate ~$807M in incremental annual management fees. Monitor deployment pace and the forward investment pipeline for continued FRE growth.
Price Chart
Executive Summary
Ares Management Corp reported Q2 2026 results with Fee Related Earnings of $491.1M (+20% YoY), Realized Income of $521.5M (+31% YoY), and After-tax Realized Income per share of $1.29 (+25% YoY). AUM grew 17% YoY to $671.3B, with record quarterly fundraising of $36.4B. The company also announced its third SPAC IPO (AAC) generated $395M in gross proceeds. The beat on the key Street metric (After-tax Realized Income per share of $1.29 vs consensus of $1.27) combined with strong AUM growth and record fundraising signals accelerating earnings power.
Key Financial Metrics
Key Facts
- Fee Related Earnings of $491.1M, up 20% YoY from $409.1M
- Realized Income of $521.5M, up 31% YoY from $397.8M
- After-tax Realized Income per share of $1.29, up 25% YoY from $1.03
- AUM of $671.3B, up 17% YoY; FPAUM of $409.9B, up 17% YoY
- Record quarterly fundraising of $36.4B with net inflows of $34.4B
- Available capital (dry powder) of $170.0B, up 13% YoY
- Ares Acquisition Corporation III (AAC) SPAC IPO generated $395M gross proceeds
- Quarterly dividend maintained at $1.35 per share of Class A common stock
- GAAP net income attributable to Ares Management Corp of $150.6M, up 10% YoY
- GAAP EPS of $0.49 vs $0.46 in prior year quarter
Financial Impact
After-tax Realized Income per share of $1.29 beat consensus estimate of $1.27 by ~1.6%. Fee Related Earnings grew 20% YoY to $491.1M. AUM growth of 17% YoY to $671.3B with record $36.4B quarterly fundraising.
Risk Factors
- Slower transaction environment could delay deployment of record dry powder
- Net interest expense increased 23% YoY to $49.1M, pressuring margins
- Private equity secondaries composite returned -5.3% in Q2, indicating mark-to-market risk in certain strategies
- Effective management fee rate declined to 0.97% from 1.00% YoY
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-051191 |
| Document: ares-20260731.htm | 0001628280-26-051191 |
| Document: a2026q2-ex991.htm | 0001628280-26-051191 |
| Document: 0001628280-26-051191-index-headers.html | 0001628280-26-051191 |
| Document: 0001628280-26-051191-index.html | 0001628280-26-051191 |
| Document: 0001628280-26-051191.txt | 0001628280-26-051191 |
| 8-K Data (Synthetic) | 0001628280-26-051191 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 15, 2026 6w ago | Institutional Cluster | $141.34 $129.10 | ▼ −8.66% | ▼ −6.68% | $117.55 (−16.83%) |
Jul 31, 2026 9w ago | Press Release | $128.09 $142.53 | ▲ +11.27% | ▲ +8.29% | $117.55 (−8.23%) |
Jul 31, 2026 9w ago | 8-K | $128.09 $142.53 | ▲ +11.27% | ▲ +8.29% | $117.55 (−8.23%) |
Apr 21, 2026 23w ago | DEFA14A | $40.39 $40.39 | · 0.00% | ▼ −3.17% | $117.55 (+191.04%) |
US Market Status
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