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Ares Management Corporation

ARES

Filing: SEC 10-Q
Period: As of 2026-03-31
Basis: Editorial filing; Read original SEC 10-Q ↗

Sankey diagram of Ares Management Corporation. A complete text table follows the diagram.

Ares Manages $644 Billion, but Only $400 Billion Pays Fees Today

The alternative-asset manager's economic engine is the conversion of committed capital into fee-paying assets, with private credit supplying two-thirds of the platform

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Source & review

Read original SEC 10-Q ↗

SEC accession: 0001628280-26-032990
Filed: Date not recorded
Reviewed: 2026-07-26
Status: Individual filing review complete

How to read these figures

All segment AUM and fee-paying AUM values are directly reported. The not-currently-fee-paying portion is the arithmetic difference between reported AUM and reported fee-paying AUM for each segment; it includes both non-fee-paying capital and AUM not yet paying fees. Financial results are used as annotations rather than forcing capital stocks into an income-statement flow.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

Credit is the center of gravity: it holds 66% of AUM and generated $685M, or 68%, of quarterly segment management fees.
Ares added $19.7B of new equity and par commitments plus $9.8B of debt commitments during the quarter.
Fee-paying AUM rose to $399.6B as new commitments and deployment more than offset distributions, redemptions and lower fund values.
The $244.7B gap is not simply idle capital: some assets never pay fees, while committed capital can begin paying only when invested or activated.
The strategy groups produced $685M of fee-related earnings before $221M of central operations costs, leaving $464M at the company level.
Real Assets was the fastest-growing fee franchise: quarterly management fees rose 51% to $197M after Ares expanded the platform through acquisitions.

View accessible tables

Financial categories · As of 2026-03-31 · Billions of USD
Category	Stage	Value	Notes
Credit	1	$423	Direct lending, liquid and alternative credit
Real assets	1	$143	Real estate and infrastructure
Secondaries	1	$42.6	Private-market liquidity across asset classes
Private equity	1	$24.7	Corporate and Asia-Pacific strategies
Insurance, venture & other	1	$10.9	Newer platforms and strategic initiatives
Fee-paying AUM	2	$400	62% of capital currently generates management fees
Not currently fee-paying	2	$245	Non-fee-paying or not-yet-paying AUM
Total Ares AUM	3	$644	Up $98.4B, or 18%, from a year earlier

Financial flows · Billions of USD
From	To	Value
Credit	Fee-paying AUM	$260
Credit	Not currently fee-paying	$162
Real assets	Fee-paying AUM	$87.1
Real assets	Not currently fee-paying	$56.2
Secondaries	Fee-paying AUM	$30.2
Secondaries	Not currently fee-paying	$12.4
Private equity	Fee-paying AUM	$14.2
Private equity	Not currently fee-paying	$10.5
Insurance, venture & other	Fee-paying AUM	$7.9
Insurance, venture & other	Not currently fee-paying	$3.1
Fee-paying AUM	Total Ares AUM	$400
Not currently fee-paying	Total Ares AUM	$245