Slide 1: Earnings Presentation First Quarter 2026
Earnings Presentation First Quarter 2026 Exhibit 99.2
Slide 2: Important Notice
2 Important Notice This presentation is prepared for Ares Management Corporation (“Ares”) (NYSE: ARES) for the benefit of its public stockholders. This presentation is solely for information purposes in connection with evaluating the business, operations and financial results of Ares and certain of
Slide 3: First Quarter 2026 Highlights
3 Q1-26 Financial Results Assets Under Management Corporate Actions Recent Developments First Quarter 2026 Highlights 1) Unconsolidated management fees includes $21.5 million from Consolidated Funds that are eliminated upon consolidation for GAAP for Q1-26 and excludes management fees attributable t
Slide 4: GAAP Financial Results
4 Three months ended March 31, $ in thousands, except share data 2026 2025 Revenues Management fees $989,527 $816,987 Carried interest allocation 146,631 160,008 Incentive fees 161,934 32,048 Principal investment income 477 21,998 Administrative, transaction and other fees 97,867 57,764 Total revenu
Slide 5: RI and Other Measures Financial Summary
5 RI and Other Measures Financial Summary Three months ended March 31, LTM ended March 31, $ in thousands, except share data (and as otherwise noted) 2026 2025 % Change 2026 2025 % Change Management fees1 $1,001,571 $818,376 22% $3,866,117 $3,082,441 25% Fee related performance revenues 19,556 28,05
Slide 6: Gross New Capital Commitments
6 Gross New Capital Commitments1 1) Represents gross new capital commitments during the period presented, including equity and debt commitments, and gross inflows into our open-ended managed accounts, publicly-traded vehicles and perpetual wealth vehicles. Commitments denominated in currencies other
Slide 7: Assets Under Management
7 Q1-25 Q4-25 Q1-26 Assets Under Management1 1) AUM amounts include vehicles managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and a SEC-registered investment adviser (“IHAM”). AUM as of March 31, 2026 was $644.3 billion, an increase of 18% from prior year • The in
Slide 8: Perpetual Capital
8 Q1-25 Q4-25 Q1-26 $2.9 Perpetual Capital Perpetual Capital AUM Perpetual Capital as of March 31, 2026 was $215.3 billion, an increase of 39% from prior year • The increase of $60.5 billion was primarily driven by: – capital raised by our credit BDCs, our open-ended European direct lending fund, ou
Slide 9: AUM and Management Fees by Type
9 11% 10 % 7% 6% 51% 15% 19% 7% 21% 5% 4 1% 7% AUM and Management Fees by Type 85% 1) Long-dated funds generally have a contractual life of five years or more at inception. For the quarter ended March 31, 2026: • 85% of assets under management were perpetual capital or long-dated funds • 93% of mana
Slide 10: Available Capital and AUM Not Yet Paying Fees
10 Q1-25 Q4-25 Q1-26 Available Capital and AUM Not Yet Paying Fees Available Capital as of March 31, 2026 was $158.1 billion, an increase of 11% from prior year • The increase of $16.1 billion was primarily driven by: – commitments to our U.S. direct lending, opportunistic credit, real estate, priva
Slide 11: AUM Not Yet Paying Fees Available for Future Deployment
11 $61.4 $4.9 $0.5 $79.4 $4.2 $1.7 AUM Not Yet Paying Fees Available for Future Deployment AUM Not Yet Paying Fees As of March 31, 2026, AUM Not Yet Paying Fees includes $79.4 billion of AUM available for future deployment1 and $4.2 billion of development assets not yet stabilized2 that could collec
Slide 12: Incentive Eligible AUM and Incentive Generating AUM
12 Q1-25 Q4-25 Q1-26 $30.3 Incentive Eligible AUM and Incentive Generating AUM ($ in billions) ($ in billions) Credit3 Real Assets3 Secondaries3 Private Equity Other Businesses Total Incentive Generating AUM $104.1 $30.4 $16.3 $8.6 $1.6 $161.0 + Uninvested IEAUM 68.6 14.4 13.8 5.4 — 102.2 + IEAUM be
Slide 13: Capital Deployment
13 $23.7 $5.2 $1.1 $1.2 $1.1 Q1-25 Q4-25 Q1-26 Q1-26 Gross Capital Deployment Capital Deployment ($ in billions) (2) Capital Deployment in Drawdown Funds ($ in billions) $10.7 $4.9 $16.7 $13.5 $1.2 $4.1 $19.2 $17.2 $4.0 $11.1 $0.9 Credit Real Assets Secondaries Private Equity Other Businesses $0.5 $
Slide 14: Credit Group
14Note: Past performance is not indicative of future results. Please refer to the endnotes on slide 37 for additional information. Credit Group1 Alternative Credit 3.9% / 15.3% $ in thousands Q1-26 Q1-25 % Change Q1-26 LTM Q1-25 LTM % Change Management and other fees $699,762 $595,994 17% $2,685,975
Slide 15: Real Assets Group
15Note: Past performance is not indicative of future results. Please refer to the endnotes on slide 38 for additional information. Financial Summary and Highlights Americas Real Estate Equity 0.6% / 5.9% Strategy Performance Highlights European Real Estate Equity 0.1% / 3.1% Infrastructure Debt 1.9%
Slide 16: Secondaries Group
16Note: Past performance is not indicative of future results. Please refer to the endnotes on slide 40 for additional information. Financial Summary and Highlights Strategy Performance Highlights Real Estate Secondaries4 2.5% / 7.9% Secondaries Group1 • Management and other fees increased by 25% for
Slide 17: Private Equity Group
17 • Management and other fees increased by 4% for Q1-26 compared to Q1-25, primarily driven by management fees from ACOF VII which started generating fees in Q4-25, partially offset by lower fees from ACOF VI due to the step down in fee rate and change in fee base beginning in Q1-26 following the c
Slide 18: Supplemental Details
WARES Supplemental Details
Slide 19: Financial Details – Segments
19 Financial Details – Segments Three months ended March 31, 2026 $ in thousands Credit Group Real Assets Group Secondaries Group Private Equity Group Other Operations Management Group Total1 Management fees $684,663 $196,626 $70,275 $33,119 $16,888 $— $1,001,571 Fee related performance revenues 5,2
Slide 20: Realized Income per Share Data
20 Realized Income per Share Data Three months ended March 31, $ in thousands, except share data 2026 2025 After-tax Realized Income Realized Income before taxes $502,736 $405,924 Entity level foreign, state and local taxes (12,559) (8,805) Realized Income before corporate income taxes 490,177 397,1
Slide 21: Weighted-Average Shares
21 Weighted-Average Shares 1) Represents proportional dilutive impact based upon the weighted average percentage of Ares Operating Group owned by Ares Management Corporation (68.13% and 65.77% as of March 31, 2026 and 2025, respectively). 2) Represents units exchangeable for shares of Class A common
Slide 22: Balance Sheet
22 79% 20% 1 % 3% Balance Sheet Substantial balance sheet value related to investments primarily in Ares managed vehicles and net accrued performance income 1) Unconsolidated investments includes $1,363.3 million of investments in Consolidated Funds that are eliminated upon consolidation for GAAP an
Slide 23: Balance Sheet Investments by Strategy
23 Balance Sheet Investments by Strategy1 $ in millions As of March 31, 2026 As of December 31, 2025 Credit Liquid Credit2 $58.7 $107.3 Alternative Credit 3.6 1.7 Opportunistic Credit 21.3 19.5 U.S. Direct Lending 68.2 72.1 European Direct Lending 22.5 22.5 APAC Credit 8.3 7.9 Credit $182.6 $231.0 R
Slide 24: AUM Rollforward
24 AUM Rollforward Q1-26 AUM Rollforward $ in millions Credit Real Assets Secondaries Private Equity Other Businesses Total Q4-25 Ending Balance $406,866 $139,088 $42,156 $25,288 $9,107 $622,505 Acquisitions 5,544 — — — — 5,544 New par/equity commitments 11,575 5,253 741 858 1,315 19,742 New debt co
Slide 25: FPAUM Rollforward
25 Real Assets FPAUM increased by 14% from Q1-25, primarily driven by commitments to U.S. and European real estate equity funds and by capital raised by our open-ended infrastructure fund FPAUM Rollforward Q1-26 FPAUM Rollforward $ in millions Credit Real Assets Secondaries Private Equity Other Busi
Slide 26: AUM and FPAUM by Strategy
26 AUM and FPAUM by Strategy As of March 31, 2026 $ in billions AUM % AUM FPAUM % FPAUM Credit Liquid Credit $60.2 14% $58.5 22% Alternative Credit 48.7 12 36.0 14 Opportunistic Credit 21.4 5 10.4 4 U.S. Direct Lending1 193.2 46 102.9 40 European Direct Lending 87.0 21 46.5 18 APAC Credit 12.1 2 5.9
Slide 27: Credit Group Fund Performance Metrics
27 Credit Group Fund Performance Metrics The following table presents the performance data for our perpetual capital vehicles as of March 31, 2026: Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the appli
Slide 28: Credit Group Drawdown Fund Performance
28 Primary Investment Strategy Year of Inception Original Capital Commitments Capital Invested to Date Realized Value8 Unrealized Value9 Total Value MoIC IRR(%) $ in millions AUM Gross10 Net11 Gross12 Net13 Funds Harvesting Investments SSF IV Opportunistic Credit 2015 $1,147 $1,515 $1,402 $1,325 $1,
Slide 29: Real Assets Group Fund Performance Metrics
29 Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the applicable fund. Fund performance metrics for significant funds may be marked as “NM” as they may not be considered meaningful due to the limited time
Slide 30: Secondaries Group Fund Performance Metrics
30 Secondaries Group Fund Performance Metrics Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the applicable fund. Fund performance metrics for significant funds may be marked as “NM” as they may not be co
Slide 31: Private Equity Group Fund Performance Metrics
31 Private Equity Group Fund Performance Metrics Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the applicable fund. Fund performance metrics for significant funds may be marked as “NM” as they may not be
Slide 32: Corporate Data
32 Corporate Data Board of Directors Michael Arougheti Ashish Bhutani Antoinette Bush Kipp deVeer Paul G. Joubert David Kaplan Co-Founder and Chief Executive Officer of Ares Former Chairman and Chief Executive Officer of Lazard Asset Management and Former Vice Chairman of Lazard Ltd Former Senior Ad
Slide 33: Corporate Data (cont'd)
33 Corporate Data (cont'd) Research Coverage Autonomous Bank of America Merrill Lynch Barclays BMO Capital Markets Deutsche Bank Goldman Sachs Patrick Davitt (646) 561-6254 Craig Siegenthaler (646) 855-5004 Benjamin Budish (212) 526-2418 Brennan Hawken (646) 648-2408 Brian Bedell (212) 250-6600 Alex
Slide 34: Reconciliation and Disclosures
Reconciliation and Disclosures
Slide 35: GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis
35 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis Three months ended March 31, LTM ended March 31, $ in thousands 2026 2025 2026 2025 Realized Income and Fee Related Earnings: Income before taxes $312,921 $141,038 $1,458,776 $1,185,342 Adjustments: Amortization of intangibles 47,10
Slide 36: GAAP to Non-GAAP Reconciliation (cont'd)
36 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis (cont'd) Note: These tables reconcile consolidated carried interest allocation and incentive fees reported in accordance with GAAP to unconsolidated realized performance income and consolidated GAAP other income to unconsolidated re
Slide 37: Credit Group Endnotes
37 Credit Group 1) The Credit Group had ~655 investment and investor relations professionals, ~320 active funds, ~2,000 portfolio companies and ~1,900 alternative credit investments as of March 31, 2026. 2) Composite returns are calculated by asset-weighting the underlying fund-level time-weighted r
Slide 38: Credit Group (cont'd) Endnotes
38 Credit Group (cont’d) 14) ACE VI is made up of six parallel funds, four denominated in Euros and two denominated in GBP: ACE VI (E) Unlevered, ACE VI (E) II Unlevered, ACE VI (G) Unlevered, ACE VI (E) Levered, ACE VI (E) II Levered, and ACE VI (G) Levered, and three feeder funds: ACE VI (D) Lever
Slide 39: Real Assets Group Endnotes
39 Investment Group Highlights and Fund Performance Endnotes (cont'd) Real Assets Group (cont’d) 7) Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. S
Slide 40: Private Equity Group Endnotes
40 Private Equity Group 1) The Private Equity Group had ~90 investment and investor relations professionals, ~115 portfolio companies and ~60 active funds as of March 31, 2026. 2) All returns are gross fund-level time-weighted rates of return and include the reinvestment of income and other earnings
Slide 41: Private Equity Group Endnotes (cont'd)
41 Investment Group Highlights and Fund Performance Endnotes (cont'd) Private Equity Group (cont’d) 7) The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRRs reflec
Slide 42: Glossary
42 Glossary Ares Operating Group entities Ares Operating Group entities or an “AOG Entity” refers to, collectively, Ares Holdings L.P. (“Ares Holdings”) and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity. Ares Operating Group Unit Ares
Slide 43: Glossary: Fee Related Performance Revenues
43 Fee Related Performance Revenues Fee Related Performance Revenues refers to performance revenues from perpetual capital vehicles that are: (i) measured and eligible to be received on a recurring basis; and (ii) not dependent on realization events from the underlying investments. Certain vehicles
Slide 44: Glossary (cont'd)
44 Glossary (cont'd) Perpetual Capital Perpetual Capital refers to the AUM of publicly-traded funds, perpetual wealth vehicles, commingled funds and managed accounts that have an indefinite term, are not in liquidation, and for which there is no immediate requirement to return invested capital to in
Slide 45: Glossary (cont'd): Fund Names
45 Glossary (cont'd) Acronym Fund Name Acronym Fund Name ACE III Ares Capital Europe III, L.P. EPEP III European Property Enhancement Partners III SCSp ACE IV Ares Capital Europe IV, L.P. IDF III Ares Infrastructure Debt Fund III, L.P. ACE V Ares Capital Europe V, L.P. IDF IV Ares Infrastructure Deb