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15:00
Jul 31 ◎

ARES FY2026 Q2 Watch

Ares Management Corporation (ARES) FY2026 Q2 Earnings Call

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Michael Arougheti

Management references their own BDC, ARCC, to validate deployment activity building in US direct lending, indicating organic growth for their own vehicle.

"talking about activity really building towards the end of 2Q and into 3Q. That said, sponsor M&A remains fairly subdued based on what we see in the public data."

ARCC WATCH

Jarrod Phillips

Management is confident in achieving its long-term growth targets, driven by record fundraising, a strong deployment pipeline, and margin improvements, positioning the company for continued growth.

"we remain on track to achieve our financial objectives for 2026, which remain consistent with our long-term compound annual growth targets of 16% to 20% for FRA, 20% plus for RI and dividend growth."

ARES WATCH

Michael Arougheti

The firm's digital infrastructure platform, ADA Infrastructure, is not just an investor but a vertically integrated developer, owning the development process from power procurement to construction, with ~1GW under construction. — As Ares vertically integrates into power and construction, it will likely drive a more efficient build-out, impacting power suppliers and equipment manufacturers who rely on such developers.

"Our ADA team... is currently executing on seven large data center campuses, representing 22 individual data center investments with approximately one gigawatt of compute."

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HIGH

15:00
May 01 ◎

ARES FY2026 Q1 Watch

Ares Management Corporation (ARES) FY2026 Q1 Earnings Call

16:00
Feb 05 ◎

ARES FY2025 Q4 Watch

Ares Management Corporation (ARES) FY2025 Q4 Earnings Call

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Michael Arrighetti

Management is highly optimistic, guiding for another record year of fundraising and deployment, supported by strong pipeline and margin expansion opportunities.

"At this point, we expect our total fundraising for 2026 to be as good or better than our record year in 2025."

ARES WATCH

Michael Arrighetti

Ares' software lending exposure is concentrated in senior secured loans with high LTV in high-30s, EBITDA growth faster than the portfolio, and near-zero non-accruals, contradicting market fears of broad AI disruption. — This provides a differentiated view that software credit risk is manageable and not uniformly exposed to AI disruption, which could support the stock if credit fears abate.

"We lend at lower loans to value on software, which are in the high 30% range, compared to mid-40s LTV on the rest of the portfolio."

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Michael Arrighetti

Ares' ABF (Asset-Based Finance) strategy has zero exposure to e-commerce aggregators and minimal exposure to subprime consumer and auto, suggesting its portfolio is higher quality than peers. — Highlights the quality of Ares' ABF book versus competitors, reducing the risk of credit losses and potentially leading to better fund performance and fundraising outcomes.

"number one, we have zero exposure to e-commerce aggregators. number two, we have de minimis exposure to subprime consumer. It's less than 1% of what we do."

KKR WATCH

Michael Arrighetti

Ares' digital infrastructure business is expected to be a key contributor in 2026, with significant capital raising and a vertically integrated model through ADA infrastructure. — This could indicate increased capital deployment into data centers and power, benefiting the broader digital infrastructure ecosystem and related suppliers.

"we expect digital infrastructure to be a key contributor to our business in 2026 and beyond"

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HIGH

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