Ares Management Corporation Q3 2026 Earnings Recap

Ares’ third-quarter results were mixed but broadly on pace with its stated goals, and the stock rose 2.9% after earnings—within the range that calls for a neutral read. Fundraising and AUM grew, while uneven transaction activity and a pickup in U.S. direct lending were part of the outlook.

Key Takeaways

• Ares raised more than $31 billion of gross capital in the quarter and said it expects another strong fourth quarter, setting up a potential record fundraising year.
• AUM reached $691 billion, up 16% year over year; fee-paying AUM was $416 billion, up 13%.
• The firm deployed $35 billion despite uneven transaction activity. Its most active areas were European direct lending, alternative credit and infrastructure equity.
• Management said it expects U.S. direct lending activity to pick up in the fourth quarter; 83% of credit-group debt assets are floating rate, making higher base rates generally constructive for credit returns and firm profitability.
• Ares declared a quarterly dividend of $1.35 per share, more than 20% above the year-ago quarter.