Description of Ares Management's Business Segments

Ares Management Corporation is a global alternative investment manager specialized in various asset classes and offering a broad spectrum of products and services across multiple investment groups. Below, I detail its primary segments, as well as the specific products and services that fall under each segment.

1. Tradable Credit Group
The Tradable Credit Group is a significant player in the non-investment-grade corporate credit markets, managing around $30 billion in assets. It operates with a multi-faceted approach, catering to both institutional and retail investors through various fund structures. The groups investment strategy is supported by a team of about 40 analysts and nearly 20 portfolio managers and traders, organized by industry to provide specialized insights.

Long-Only Credit
This segment seeks to outperform indices related to performing bank loans or high-yield markets through the following strategies:
- Leveraged Loans: Focuses on non-investment-grade senior secured loans, particularly first-lien and second-lien loans, while also evaluating mezzanine loans and unsecured loans.
- High Yield Bonds: Concentrates on identifying value in non-investment-grade corporate issuers through fundamental research, targeting high-yield bonds and corporate loans.

Alternative Credit
The alternative credit investments aim to achieve attractive absolute risk-adjusted returns through:
- Credit Opportunities: This event-oriented mandate capitalizes on market inefficiencies by investing in a broad spectrum of U.S. and European debt securities, dynamically managing risk.
- Global Special Situations: This strategy targets dislocated assets, allowing the group to leverage its credit expertise across diverse asset classes including distressed and specialty finance investments.

Direct Lending Group
Ares’ Direct Lending Group stands as one of the largest self-originating direct lenders in the U.S. and Europe, managing about $33 billion in assets. The groups strategy focuses on capturing middle-market investment opportunities, emphasizing its role as a lead or sole lender to maximize influence over financing terms and structures.

Key Investment Offerings:
- Senior Debt: Investments include first and second lien loans and revolving credit facilities.
- Mezzanine Financing: Providing subordinate debt with equity features in middle-market firms.
- Equity Co-Investments: Offering non-control equity investments in emerging growth companies, often in partnership with venture capital.

Private Equity Group
The Private Equity Group manages approximately $21 billion in assets, focusing on three core strategies:
- North American/European Flexible Capital: Deploying capital across various sectors, seeking value through operational enhancements and strategic growth.
- U.S. Power and Energy Assets: Targeting investments within the rapidly evolving energy sector, emphasizing renewable energy and traditional energy sources.
- China Growth Capital: Investing in growth-oriented companies within China, leveraging local expertise and market understanding.

Real Estate Group
The Real Estate Group engages in both real estate equity and debt investing across various regions, particularly concentrating on value creation opportunities in under-managed assets and new developments.

Investment Strategies Include:
- Equity Investments: Targeting mismanaged or capital-starved assets for value addition and stabilization before re-entering the market.
- Debt Investments: Directly originating commercial mortgage investments, managing properties that vary from stabilized to those requiring hands-on management.

Access Points for Investors:
- Investments are accessible through a diverse range of vehicles, including:
- Commingled Funds: U.S. and European real estate private equity funds.
- Separately Managed Accounts: Tailored options for institutional investors.
- Publicly Traded REIT: ACRE, a commercial mortgage real estate investment trust.

Overall Approach
Each of Ares Management Corporation’s groups operates with a robust decision-making framework, utilizing deep industry knowledge, rigorous research capabilities, and a strategic focus on risk-adjusted returns. The firm emphasizes relationship-building and capitalizes on its extensive networks to identify and execute attractive investment opportunities across global markets. This operational philosophy allows Ares to adapt to changing market conditions and innovate in their investment offerings, ensuring a competitive edge in the alternative investment landscape.

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Composition of Ares Management Corporation Revenues by Segments


Management fees	65.58 %	of total Revenue
Total Management fees	66.37 %	of total Revenue
Total Fee related performance revenues	1.3 %	of total Revenue
Total Other fees	4.9 %	of total Revenue
segment	-6.1 %	of total Revenue
OMG Other fees	0.65 %	of total Revenue
Ares Management L P	92.54 %	of total Revenue
Ares Management L P segment	86.08 %	of total Revenue
Ares Management L P Credit Group	11.02 %	of total Revenue
Ares Management L P Real Assets Group	0.77 %	of total Revenue
Ares Management L P Private Equity Group	2.36 %	of total Revenue
Ares Management L P Management fees	66.37 %	of total Revenue
Ares Management L P Management fees Credit Group	45.37 %	of total Revenue
Ares Management L P Management fees Real Assets Group	13.03 %	of total Revenue
Ares Management L P Management fees Secondaries Group	4.66 %	of total Revenue
Ares Management L P Management fees Private Equity Group	2.19 %	of total Revenue
Ares Management L P Management fees Other	1.12 %	of total Revenue
Ares Management L P Fee related performance revenues	1.3 %	of total Revenue
Ares Management L P Fee related performance revenues Credit Group	0.35 %	of total Revenue
Ares Management L P Fee related performance revenues Real Assets Group	0.17 %	of total Revenue
Ares Management L P Fee related performance revenues Secondaries Group	0.78 %	of total Revenue
Ares Management L P Other fees	4.25 %	of total Revenue
Ares Management L P Other fees Credit Group	1 %	of total Revenue
Ares Management L P Other fees Real Assets Group	3.1 %	of total Revenue
Ares Management L P Other fees Secondaries Group	0.12 %	of total Revenue
Ares Management L P Other fees Private Equity Group	0.03 %	of total Revenue
Ares Management L P Other fees Other	0 %	of total Revenue
Carried interest	9.72 %	of total Revenue
Administrative transaction and other fees	6.49 %	of total Revenue
Principal investment income	0.03 %	of total Revenue
Eliminations Management fees Consolidated Funds	1.43 %	of total Revenue
Eliminations Carried interest Consolidated Funds	1.07 %	of total Revenue
Reconciling items	-6.47 %	of total Revenue
Reconciling items Administrative transaction and other fees	-1.59 %	of total Revenue
Reconciling items Administrative transaction and other fees Consolidated Funds	0.01 %	of total Revenue

Q1 three months ended (Mar 31 2026)
Revenues by Business Segments	Revenues (in millions $)	% (of total Revenues)
Management fees	989.53	65.58 %
Total Management fees	1,001.57	66.37 %
Total Fee related performance revenues	19.56	1.3 %
Total Other fees	73.97	4.9 %
segment	-92.04	-6.1 %
OMG Other fees	9.78	0.65 %
Ares Management L P	1,396.44	92.54 %
Ares Management L P segment	1,298.86	86.08 %
Ares Management L P Credit Group	166.23	11.02 %
Ares Management L P Real Assets Group	11.66	0.77 %
Ares Management L P Private Equity Group	35.66	2.36 %
Ares Management L P Management fees	1,001.57	66.37 %
Ares Management L P Management fees Credit Group	684.66	45.37 %
Ares Management L P Management fees Real Assets Group	196.63	13.03 %
Ares Management L P Management fees Secondaries Group	70.28	4.66 %
Ares Management L P Management fees Private Equity Group	33.12	2.19 %
Ares Management L P Management fees Other	16.89	1.12 %
Ares Management L P Fee related performance revenues	19.56	1.3 %
Ares Management L P Fee related performance revenues Credit Group	5.26	0.35 %
Ares Management L P Fee related performance revenues Real Assets Group	2.60	0.17 %
Ares Management L P Fee related performance revenues Secondaries Group	11.70	0.78 %
Ares Management L P Other fees	64.19	4.25 %
Ares Management L P Other fees Credit Group	15.10	1 %
Ares Management L P Other fees Real Assets Group	46.75	3.1 %
Ares Management L P Other fees Secondaries Group	1.79	0.12 %
Ares Management L P Other fees Private Equity Group	0.50	0.03 %
Ares Management L P Other fees Other	0.05	0 %
Carried interest	146.63	9.72 %
Administrative transaction and other fees	97.87	6.49 %
Principal investment income	0.48	0.03 %
Eliminations Management fees Consolidated Funds	21.51	1.43 %
Eliminations Carried interest Consolidated Funds	16.12	1.07 %
Reconciling items	-97.58	-6.47 %
Reconciling items Administrative transaction and other fees	-24.04	-1.59 %
Reconciling items Administrative transaction and other fees Consolidated Funds	0.08	0.01 %
Total	1,508.98	100 %

Q1 three months ended (Mar 31 2026)
Revenue Growth rates by Segment	Y/Y Revenue %	Q/Q Revenue %
Management fees	21.12 %	-
Total Management fees	22.39 %	-
Total Fee related performance revenues	-30.28 %	-
Total Other fees	93.78 %	-
segment	-	-
OMG Other fees	76.65 %	-
Ares Management L P	28.25 %	-
Ares Management L P segment	29.3 %	-
Ares Management L P Credit Group	207.19 %	-
Ares Management L P Real Assets Group	-82.14 %	-
Ares Management L P Private Equity Group	491.23 %	-
Ares Management L P Management fees	22.39 %	-
Ares Management L P Management fees Credit Group	16.96 %	-
Ares Management L P Management fees Real Assets Group	50.73 %	-
Ares Management L P Management fees Secondaries Group	21.9 %	-
Ares Management L P Management fees Private Equity Group	3.5 %	-
Ares Management L P Management fees Other	31.13 %	-
Ares Management L P Fee related performance revenues	-30.28 %	-
Ares Management L P Fee related performance revenues Credit Group	-71.43 %	-
Ares Management L P Fee related performance revenues Real Assets Group	-	-
Ares Management L P Fee related performance revenues Secondaries Group	21.16 %	-
Ares Management L P Other fees	96.69 %	-
Ares Management L P Other fees Credit Group	42.47 %	-
Ares Management L P Other fees Real Assets Group	118.67 %	-
Ares Management L P Other fees Secondaries Group	1363.11 %	-
Ares Management L P Other fees Private Equity Group	25.94 %	-
Ares Management L P Other fees Other	-63.24 %	-
Carried interest	-8.36 %	-
Administrative transaction and other fees	69.43 %	-
Principal investment income	-97.83 %	-
Eliminations Management fees Consolidated Funds	117.43 %	-
Eliminations Carried interest Consolidated Funds	214.31 %	-
Reconciling items	-	-
Reconciling items Administrative transaction and other fees	-	-
Reconciling items Administrative transaction and other fees Consolidated Funds	-33.06 %	-
Total	19.14 %	-75.76 %

Q1 three months ended (Mar 31 2026)
Income by Business Segments	Income (in millions $)	% (Profit Margin)
Total	223.40	14.8 %

Q1 three months ended (Mar 31 2026)
Income Growth rates by Segment	Y/Y Income %	Q/Q Income %
Total	230.85 %	-73.23 %

Annual Report on Ares Management Corporation Divisions, Sales by Country


Management fees	59.13 %	of total Revenue
Total Management fees	59.17 %	of total Revenue
Total Fee related performance revenues	4.84 %	of total Revenue
Total Other fees	4.38 %	of total Revenue
segment	-8.46 %	of total Revenue
OMG Other fees	0.44 %	of total Revenue
Ares Management L P	90 %	of total Revenue
Ares Management L P segment	76.41 %	of total Revenue
Ares Management L P Credit Group	6.17 %	of total Revenue
Ares Management L P Real Assets Group	1.6 %	of total Revenue
Ares Management L P Private Equity Group	0.68 %	of total Revenue
Ares Management L P Management fees	59.17 %	of total Revenue
Ares Management L P Management fees Credit Group	40.64 %	of total Revenue
Ares Management L P Management fees Real Assets Group	10.9 %	of total Revenue
Ares Management L P Management fees Secondaries Group	4.44 %	of total Revenue
Ares Management L P Management fees Private Equity Group	2.24 %	of total Revenue
Ares Management L P Management fees Other	0.96 %	of total Revenue
Ares Management L P Fee related performance revenues	4.84 %	of total Revenue
Ares Management L P Fee related performance revenues Credit Group	3.38 %	of total Revenue
Ares Management L P Fee related performance revenues Real Assets Group	0.57 %	of total Revenue
Ares Management L P Fee related performance revenues Secondaries Group	0.89 %	of total Revenue
Ares Management L P Other fees	3.94 %	of total Revenue
Ares Management L P Other fees Credit Group	0.85 %	of total Revenue
Ares Management L P Other fees Real Assets Group	2.91 %	of total Revenue
Ares Management L P Other fees Secondaries Group	0.11 %	of total Revenue
Ares Management L P Other fees Private Equity Group	0.03 %	of total Revenue
Ares Management L P Other fees Other	0.04 %	of total Revenue
Carried interest	18.54 %	of total Revenue
Administrative transaction and other fees	5.73 %	of total Revenue
Principal investment income	0.77 %	of total Revenue
Eliminations Management fees Consolidated Funds	0.72 %	of total Revenue
Eliminations Carried interest Consolidated Funds	0.54 %	of total Revenue
Reconciling items	-13.59 %	of total Revenue
Reconciling items Administrative transaction and other fees	-1.5 %	of total Revenue
Reconciling items Administrative transaction and other fees Consolidated Funds	0.16 %	of total Revenue
Ares Management L P Secondaries Group	0 %	of total Revenue
OMG	12.98 %	of total Revenue
Subsidiaries Reconciling items	-0.04 %	of total Revenue

Twelve months ended 2025
ARES s Annual Revenue by Geography and Business Segments	Sales (in millions $)	% (of total Sales)
Management fees	3,680.47	59.13 %
Total Management fees	3,682.92	59.17 %
Total Fee related performance revenues	301.31	4.84 %
Total Other fees	272.71	4.38 %
segment	-526.28	-8.46 %
OMG Other fees	27.60	0.44 %
Ares Management L P	5,601.48	90 %
Ares Management L P segment	4,755.62	76.41 %
Ares Management L P Credit Group	383.89	6.17 %
Ares Management L P Real Assets Group	99.81	1.6 %
Ares Management L P Private Equity Group	42.40	0.68 %
Ares Management L P Management fees	3,682.92	59.17 %
Ares Management L P Management fees Credit Group	2,529.31	40.64 %
Ares Management L P Management fees Real Assets Group	678.36	10.9 %
Ares Management L P Management fees Secondaries Group	276.29	4.44 %
Ares Management L P Management fees Private Equity Group	139.17	2.24 %
Ares Management L P Management fees Other	59.79	0.96 %
Ares Management L P Fee related performance revenues	301.31	4.84 %
Ares Management L P Fee related performance revenues Credit Group	210.36	3.38 %
Ares Management L P Fee related performance revenues Real Assets Group	35.67	0.57 %
Ares Management L P Fee related performance revenues Secondaries Group	55.29	0.89 %
Ares Management L P Other fees	245.10	3.94 %
Ares Management L P Other fees Credit Group	52.90	0.85 %
Ares Management L P Other fees Real Assets Group	181.10	2.91 %
Ares Management L P Other fees Secondaries Group	6.58	0.11 %
Ares Management L P Other fees Private Equity Group	1.82	0.03 %
Ares Management L P Other fees Other	2.70	0.04 %
Carried interest	1,153.98	18.54 %
Administrative transaction and other fees	356.44	5.73 %
Principal investment income	48.15	0.77 %
Eliminations Management fees Consolidated Funds	44.77	0.72 %
Eliminations Carried interest Consolidated Funds	33.87	0.54 %
Reconciling items	-845.86	-13.59 %
Reconciling items Administrative transaction and other fees	-93.61	-1.5 %
Reconciling items Administrative transaction and other fees Consolidated Funds	9.67	0.16 %
Total	6,224.21	100 %
Ares Management L P Secondaries Group	0.18	0 %
OMG	808.20	12.98 %
Subsidiaries Reconciling items	-2.28	-0.04 %

Twelve months ended 2025
ARES s Annual Income by Country and Business Segments	Income (in millions $)	% (Profit Margin)
Total	834.45	13.41 %

Twelve months ended 2025
Annual Revenue and Income Growth by Country and Business Segments	% Y/Y Sales Growth	% Y/Y Income Growth
Management fees	25.1 %	-
Total Management fees	24.53 %	-
Total Fee related performance revenues	30.13 %	-
Total Other fees	196.81 %	-
segment	-	-
OMG Other fees	35.6 %	-
Ares Management L P	44.19 %	-
Ares Management L P segment	28.86 %	-
Ares Management L P Credit Group	17.69 %	-
Ares Management L P Real Assets Group	65.48 %	-
Ares Management L P Private Equity Group	-2.07 %	-
Ares Management L P Management fees	24.53 %	-
Ares Management L P Management fees Credit Group	16.14 %	-
Ares Management L P Management fees Real Assets Group	68.76 %	-
Ares Management L P Management fees Secondaries Group	40.05 %	-
Ares Management L P Management fees Private Equity Group	1.49 %	-
Ares Management L P Management fees Other	38.31 %	-
Ares Management L P Fee related performance revenues	30.13 %	-
Ares Management L P Fee related performance revenues Credit Group	3.78 %	-
Ares Management L P Fee related performance revenues Secondaries Group	91.75 %	-
Ares Management L P Other fees	242.7 %	-
Ares Management L P Other fees Credit Group	26.49 %	-
Ares Management L P Other fees Real Assets Group	564.28 %	-
Ares Management L P Other fees Secondaries Group	2863.96 %	-
Ares Management L P Other fees Private Equity Group	7.61 %	-
Ares Management L P Other fees Other	416.25 %	-
Carried interest	195.75 %	-
Administrative transaction and other fees	118.82 %	-
Principal investment income	6 %	-
Eliminations Management fees Consolidated Funds	-3.92 %	-
Eliminations Carried interest Consolidated Funds	20.39 %	-
Reconciling items	-	-
Reconciling items Administrative transaction and other fees	-	-
Reconciling items Administrative transaction and other fees Consolidated Funds	1741.71 %	-
Total	28.04 %	2.39 %
Ares Management L P Secondaries Group	-50.97 %	-
OMG	30.16 %	-
Subsidiaries Reconciling items	-	-
Management fees Total	-	-
Management fees Ares Management L P segment	-	-
Management fees Ares Management L P Credit Group	-	-
Management fees Ares Management L P Real Assets Group	-	-
Management fees Ares Management L P Private Equity Group	-	-
Management fees Ares Management L P Secondaries Group	-	-
Management fees Ares Management L P Other	-	-
Fee related performance revenues Total	-	-
Fee related performance revenues Ares Management L P segment	-	-
Fee related performance revenues Ares Management L P Credit Group	-	-
Fee related performance revenues Ares Management L P Secondaries Group	-	-
Other fees Total	-	-
Other fees OMG	-	-
Other fees Ares Management L P segment	-	-
Other fees Ares Management L P Credit Group	-	-
Other fees Ares Management L P Real Assets Group	-	-
Other fees Ares Management L P Private Equity Group	-	-
Other fees Ares Management L P Secondaries Group	-	-
Other fees Ares Management L P Other	-	-
Reconciling items Non-Controlling interest Subsidiaries	-	-
Management fees Ares Management L P	-	-
Management fees Consolidated Funds Eliminations	-	-
Carried interest Consolidated Funds Eliminations	-	-
Administrative transaction and other fees Reconciling items	-	-
Administrative transaction and other fees Consolidated Funds Reconciling items	-	-

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