Ares Management Corp (ARES) Reports Q3 2023 Earnings: Net Income at $61.8 Million
GAAP net income attributable to Ares Management Corporation was $61.8 million for Q3 2023.
After-tax realized income was $261.1 million for the quarter.
Fee related earnings were $274.2 million for the quarter.
Ares declared a quarterly dividend of $0.77 per share of its Class A and non-voting common stock.
On October 31, 2023, Ares Management Corp (NYSE:ARES) released its financial results for the third quarter ended September 30, 2023. The company reported a GAAP net income attributable to Ares Management Corporation of $61.8 million. On a basic and diluted basis, net income attributable to Ares Management Corporation per share of Class A and non-voting common stock was $0.30 for the quarter.
Financial Highlights
ARES's after-tax realized income for the quarter was $261.1 million, with an after-tax realized income per share of Class A and non-voting common stock of $0.83. The company's fee-related earnings stood at $274.2 million for the quarter.
Despite a more challenging market, we continued to deliver for our investors and shareholders in the third quarter with strong fund performance and continued growth in our key financial metrics, said Michael Arougheti, Chief Executive Officer and President of Ares.
Fundraising and Deployment
The company reported its second-highest ever quarter of fundraising, with gross new commitments totaling nearly $22 billion. This was supported by consistent performance through market cycles and market leadership across diversified global private credit strategies. The quarterly deployment has continued to improve sequentially this year.
Our available capital balance surpassed $100 billion for the first time in our firms history which provides us with significant visibility on further margin expansion and future earnings growth, said Jarrod Phillips, Chief Financial Officer of Ares.
Dividend Announcement
Ares declared a quarterly dividend of $0.77 per share of its Class A and non-voting common stock, payable on December 29, 2023, to its Class A and non-voting common stockholders of record at the close of business on December 15, 2023. Ares also has a Dividend Reinvestment Program for its Class A common stockholders that will be effective for the quarterly dividend on December 29, 2023.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate, and infrastructure asset classes. As of September 30, 2023, Ares Management Corporation's global platform had approximately $395 billion of assets under management with approximately 2,800 employees operating across North America, Europe, Asia Pacific, and the Middle East.
Explore the complete 8-K earnings release (here) from Ares Management Corp for further details.
This article first appeared on GuruFocus.
