$ARES · Ares Management Corp
Ares Management Corp filed its 10-Q for the quarter ended September 30, 2026. Total revenue declined 13.5% YoY to $1.433B, driven by a sharp drop in carried interest allocation to $161.7M from $464.7M. GAAP net income attributable to Ares Operating Group entities fell to $128.2M from $473.0M a year earlier, with consolidated net income of $85.3M ($0.21/share).
- Total revenue fell 13.5% YoY to $1.433B in Q3 FY2026.
- Carried interest allocation dropped to $161.7M from $464.7M a year ago.
- GAAP net income was $85.3M, or $0.21 per share.
- Management fees rose to $1.057B from $971.8M a year earlier.
- Net realized/unrealized losses on investments were $147.4M versus a $188.4M gain last year.
Price data unavailable.
Ares' core management fees grew, but a collapse in carried interest and swing to investment losses drove a sharp YoY earnings decline.
The decline mirrors pressure on performance-related revenue across alternative asset managers as carried interest realization slowed versus the prior-year period.
Volatility in carried interest and incentive fees, plus net realized/unrealized investment losses of $147.4M, weigh on earnings; performance-related compensation remains elevated relative to realized performance income.