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Ares Management Corporation Business Segments

Business, geographic, and product segment breakdowns

Ares Management Corporation generates $5.9B in annual revenue across 4 key segments: Credit Group ($1.9B), Other ($29.3M), Private Equity Group ($58.9M), and Real Assets Group ($522.4M). Based on the Q1 2026 filing.

Credit Group (TTM)$1.9BOther (TTM)$29.3MPrivate Equity Group (TTM)$58.9MReal Assets Group (TTM)$522.4MSecondaries Group (TTM)$222.5M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$30.0B
P/E Ratio48.10
ROE14.69%

Products & Services

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Management fees$789.6M$826.9M$909.6M$980.3M$1B$1B
Carried interest$204.5M$165.1M$330.7M$473M$216.7M$162.7M
Incentive fees$240.4M$32.1M$23.3M$100.7M$208.7M$161.9M
Administrative, transaction and other fees$43.8M$57.9M$98.1M$105.5M$104.6M$98M
Principal investment income$877K$26.8M$91.4M$73.5M—$29M

Principal investment income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Principal investment income$877K$22M—$18M—$477K

Business Segments

Acquisitions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Assets Group$28.4M$2.3B——$15.8M$10.4M
Credit Group$0$0$0$0$0$0
Private Equity Group—$0———$0
Secondaries Group$0$0$0$0$0$0

Compensation and benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$234.8M$164.7M$160.2M$212.7M$251.3M$176.2M
Real Assets Group$41M$56.7M$80.3M$85.5M$93.1M$80.1M
Secondaries Group$18.3M$18.4M$23.1M$25M$25.4M$20.5M
Private Equity Group$14.1M$13.8M$16.8M$15.8M$14.3M$13.8M
Other$3.5M$7.1M$6.5M$10.2M$2.3M$8M

Foreign currency translation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group-$2M$194K$0$1.3M$347K-$1.2M
Real Assets Group-$727K$38.8M—$715K$557K$115K
Secondaries Group-$12K$5K$11K——-$4K
Private Equity Group—$0———$0

General, administrative and other expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$45.9M$41M$44.3M$46.5M$47M$51.3M
Real Assets Group$12.9M$20.9M$30.7M$27.5M$35.8M$33.9M
Secondaries Group$7.5M$8.5M$10.1M$9.6M$9.7M$8.6M
Private Equity Group$6.2M$4.3M$5.6M$4.9M$7.3M$5M
Other$1.5M$1.5M$2.7M$2.1M$2.7M$2.6M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Assets Group$311.6M$2.6B$2.6B$2.6B$2.6B$2.6B
Secondaries Group$417.6M$417.6M$417.6M$417.6M$417.6M$417.6M
Credit Group$312M$312.2M$312.1M$313.5M$313.8M$312.7M
Private Equity Group$121.4M$121.4M$121.4M$121.4M$121.4M$121.4M

Income Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$1.5M$2.5M$2.5M$2.5M$2.5M—
Other$0$0$0$0$0—
Private Equity Group$6.9M$188K$188K$188K$188K—
Real Assets Group$2.3M$6.6M$6.6M$6.6M$6.6M—
Secondaries Group$0$0$0$0$0—

Interest and dividend income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$589.3M$655M$655M$655M$655M—
Other$0$0$0$0$0—
Private Equity Group$49.2M$28.5M$28.5M$28.5M$28.5M—
Real Assets Group$254.7M$346.5M$346.5M$346.5M$346.5M—
Secondaries Group$2.6M$346.3K$346.3K$346.3K$346.3K—

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$6M$4.4M$1.1M$577K$572K$832K
Real Assets Group$4.1M$2.6M$665K$1.6M$2M$184K
Secondaries Group$908K$957K$23K$68K$128K$19K
Other$4.3M$11.7M$1.1M$1.3M$445K$0
Private Equity Group$2M$2M$1K$1K$1K$0

Investment Income, Investment Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Assets Group$8.3M$15.7M$24.6M$26.5M$26M$31.1M
Other$8.2M$7.9M$8.6M$9.2M$9.2M$11.1M
Private Equity Group$5.1M$4.2M$3.8M$3.8M$3.8M$3.4M
Credit Group$8.2M$6.3M$4.7M$4.7M$4.3M$3.4M
Secondaries Group$7.6M$2M$1.9M$2.1M$2.1M$1.6M

Investment Income (Loss) Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Assets Group$0-$5.2M-$17.4M-$14.5M-$17.5M-$25.5M
Other—$6.3M-$5.4M-$6.3M-$6.5M-$8.9M
Private Equity Group-$2.5M-$6.8M-$3.4M-$3.3M-$15.7M-$3.3M
Credit Group$1M$3.5M$517K-$2.1M—$1.5M
Secondaries Group-$4.6M-$913K-$1.8M-$1.8M-$655K-$1.4M

Investment income (loss)—realized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Assets Group$5.8M$7.9M$6.5M$10.4M$6.5M$5.4M
Credit Group$3.3M$5.4M$4.1M$2.1M$2.8M$4M
Other$0$2.5M$2.1M$1.6M$2.2M$2.2M
Secondaries Group$2.2M$138K$17K$221K$1.3M$169K
Private Equity Group$640K-$4.6M$369K$513K-$11.9M$78K

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$503.5M$514.6M$514.6M$514.6M$514.6M—
Other-$354.5K-$2.8M-$2.8M-$2.8M-$2.8M—
Private Equity Group$149.4M$178.3M$178.3M$178.3M$178.3M—
Real Assets Group$206.8M$335.1M$335.1M$335.1M$335.1M—
Secondaries Group-$71.9M$84.7M$84.7M$84.7M$84.7M—

Net realized and unrealized gains (losses) from investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$139M$82M$82M$82M$82M—
Other-$104.3K-$2M-$2M-$2M-$2M—
Private Equity Group$124M$170.2M$170.2M$170.2M$170.2M—
Real Assets Group$95.7M$196.8M$196.8M$196.8M$196.8M—
Secondaries Group$52.2M$133.3M$133.3M$133.3M$133.3M—

Non-cash impairment charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group———$2.3M——

Operating expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$223.3M$219.9M$219.9M$219.9M$219.9M—
Other$250.3K$838.5K$838.5K$838.5K$838.5K—
Private Equity Group$16.9M$20.2M$20.2M$20.2M$20.2M—
Real Assets Group$141.2M$201.6M$201.6M$201.6M$201.6M—
Secondaries Group$126.8M$48.9M$48.9M$48.9M$48.9M—

Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$458.8M$408.6M$426.3M$468.6M$521.2M$477.4M
Real Assets Group$57.4M$74.3M$113.6M$126.1M$150.6M$132M
Secondaries Group$39.2M$40.6M$50.5M$74M$43.3M$54.6M
Private Equity Group$14.2M$14.3M$9.8M$13.1M$21.1M$14.9M
Other$7.5M$4.5M$4.8M$6.3M$11.9M$6.4M

Performance Fees Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$70.3M$19.9M$8.7M$8M$90.1M$64M
Private Equity Group$5.2M$2.7M$6.5M$745K$531K$7.1M
Real Assets Group$13.8M$18.5M$1.4M$431K$11.6M$4.3M
Other$0$0$0$0$0$0
Secondaries Group$0$0$0$71K$0$0

Performance income—realized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$205M$54.1M$21.9M$19.4M$288.4M$166.2M
Private Equity Group$34.3M$6M$30M$3.7M$2.7M$35.7M
Real Assets Group$36M$65.3M$3.7M$1.2M$29.6M$11.7M
Other$0$0$0$0$0$0
Secondaries Group$0$0$0$177K$0$0

Realized Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$530.1M$431.9M$435.5M$474.6M$610.3M$542.9M
Real Assets Group$72.9M$87.6M$97.6M$112.1M$144.8M$110.8M
Secondaries Group$34.6M$39.7M$48.7M$72.3M$42.6M$53.2M
Private Equity Group$16.8M$10.2M$12.9M$10.6M$5.9M$18.6M
Other$3.4M$10.8M-$657K-$29K$5.3M-$2.5M

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$28B———$34B—
Other$36.5M———$99M—
Private Equity Group$5.9B———$6.2B—
Real Assets Group$21.4B———$38.9B—
Secondaries Group$15.6B———$8.2B—

Total equity

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$21.6B———$26.2B—
Other$36.4M———$98M—
Private Equity Group$5.7B———$6B—
Real Assets Group$13.8B———$23.9B—
Secondaries Group$11.3B———$6.2B—

Total investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$24.6B———$30B—
Other$35.8M———$96M—
Private Equity Group$5.9B———$6.1B—
Real Assets Group$20B———$36.6B—
Secondaries Group$15.2B———$8B—

Total Liabilities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$6.4B———$7.9B—
Other$100K———$974K—
Private Equity Group$151.5M———$189.6M—
Real Assets Group$7.5B———$15B—
Secondaries Group$4.3B———$2B—

Total performance related compensation—realized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit Group$134.7M$34.3M$13.2M$11.4M$198.4M$102.2M
Private Equity Group$29.1M$3.4M$23.5M$3M$2.1M$28.6M
Real Assets Group$22.1M$46.8M$2.3M$769K$18M$7.4M
Other$0$0$0$0$0$0
Secondaries Group$0$0$0$106K$0$0

Partnership interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-core investments$2B$2.3B$2.5B$2.7B$3.8B$4.1B

Unfunded commitments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-core investments$932473000.00$1088937000.00$2248528000.00$2330124000.00$3658819000.00$3755464000.00