Slide 1: Earnings Presentation Fourth Quarter and Full Year 2025
Earnings Presentation Fourth Quarter and Full Year 2025 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: Fourth Quarter and Full Year 2025 Highlights
3 Q4-25 and FY-25 Financial Results Assets Under Management Corporate Actions Fourth Quarter and Full Year 2025 Highlights 1) Unconsolidated management fees includes $17.4 million and $44.8 million from Consolidated Funds that are eliminated upon consolidation for Q4-25 and FY-25, respectively, and
Slide 4: GAAP Financial Results
4 Quarter ended December 31, Year ended December 31, $ in thousands, except share data 2025 2024 2025 2024 Revenues Management fees $991,096 $779,156 $3,680,467 $2,942,126 Carried interest allocation 205,401 196,174 1,153,976 390,180 Incentive fees 206,658 239,118 362,453 344,157 Principal investmen
Slide 5: RI and Other Measures Financial Summary
5 RI and Other Measures Financial Summary Quarter ended December 31, Year ended December 31, $ in thousands, except share data (and as otherwise noted) 2025 2024 % Change 2025 2024 % Change Management fees1 $993,655 $780,692 27% $3,682,922 $2,957,430 25% Fee related performance revenues 171,158 161,
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 Q4-24 Q3-25 Q4-25 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 December 31, 2025 was $622.5 billion, an increase of 29% from prior year • The
Slide 8: Perpetual Capital
8 Q4-24 Q3-25 Q4-25 $2.4 Perpetual Capital Perpetual Capital AUM Perpetual Capital as of December 31, 2025 was $200.0 billion, an increase of 50% from prior year • The increase of $66.4 billion was primarily driven by: – capital raised by our credit BDCs, our open-ended European direct lending fund,
Slide 9: AUM and Management Fees by Type
9 7% 10% 9% 6% 53% 15% 23% 16% 6% 5% 43% 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 year ended December 31, 2025: • 85% of assets under management were perpetual capital or long-dated funds • 93% of managem
Slide 10: Available Capital and AUM Not Yet Paying Fees
10 Q4-24 Q3-25 Q4-25 Available Capital and AUM Not Yet Paying Fees Available Capital as of December 31, 2025 was $156.0 billion, an increase of 17% from prior year • The increase of $22.9 billion was primarily driven by: – commitments to our infrastructure, opportunistic credit, infrastructure secon
Slide 11: AUM Not Yet Paying Fees
11 $60.5 $12.7 $5.6 $78.8 $16.0 $4.3 $1.9 AUM Not Yet Paying Fees Available for Future Deployment AUM Not Yet Paying Fees As of December 31, 2025, AUM Not Yet Paying Fees includes $78.8 billion of AUM available for future deployment1 and $4.3 billion of development assets not yet stabilized2 that co
Slide 12: Incentive Eligible AUM and Incentive Generating AUM
12 Q4-24 Q3-25 Q4-25 $29.5 Incentive Eligible AUM and Incentive Generating AUM ($ in billions) ($ in billions) Credit Real Assets Private Equity Secondaries Other Businesses Total Incentive Generating AUM $102.1 $32.6 $8.7 $15.2 $1.5 $160.1 + Uninvested IEAUM 66.5 15.6 5.6 14.1 — 101.8 + IEAUM below
Slide 13: Fee Related Performance Revenues
13 Fee Related Performance Revenues Fee related performance revenues were $301.3 million during FY-25, generated primarily in our U.S. and European direct lending, alternative credit and private equity secondaries strategies Real Estate U.S. Direct Lending European Direct Lending Alternative Credit
Slide 14: Gross Capital Deployment
14 $32.9 $10.0 $0.5 $1.7 $0.7 Q4-25 Gross Capital Deployment Capital Deployment ($ in billions) Capital Deployment in Drawdown Funds ($ in billions) Total Gross Capital Deployment during Q4-25 was $45.8 billion compared to $32.1 billion during Q4-24 • Deployment by our drawdown funds was $19.2 billi
Slide 15: Credit Group
15Note: Past performance is not indicative of future results. Please refer to the endnotes on slide 39 for additional information. Credit Group1 Alternative Credit 2.8% / 14.4% $ in thousands Q4-25 Q4-24 % Change FY-25 FY-24 % Change Management and other fees $690,275 $585,643 18% $2,582,207 $2,219,
Slide 16: Real Assets 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 Americas Real Estate Equity 0.5% / 7.6% Strategy Performance Highlights European Real Estate Equity 1.0% / 3.7% Infrastructure Debt 2.3%
Slide 17: Private Equity Group
17 • Management and other fees increased by 24% and 2% for Q4-25 and FY-25, respectively, compared to Q4-24 and FY-24, primarily driven by management fees from ACOF VII which started generating fees in the fourth quarter of 2025 – Management fees in Q4-25 and FY-25 included catch-up fees2 of $2.2 mi
Slide 18: Secondaries Group
18Note: Past performance is not indicative of future results. Please refer to the endnotes on slide 42 for additional information. Financial Summary and Highlights Strategy Performance Highlights Real Estate Secondaries4 1.3% / 7.2% Q4-25 / since inception Q4-25 net returns(2) Secondaries Group1 • M
Slide 19: Supplemental Details
WARES Supplemental Details
Slide 20: Financial Details – Segments Reconciliation – Q4-25
20 Financial Details – Segments onciliation – Unconsolidated Reporting $0.0 million for Q4-25 and Q4-24, Quarter ended December 31, 2025 $ in thousands Credit Group Real Assets Group Private Equity Group Secondaries Group Other Operations Management Group Total1 Management fees $674,811 $194,323 $42
Slide 21: Financial Details – Segments, Year Ended December 31, 2025
21 Year ended December 31, 2025 $ in thousands Credit Group Real Assets Group Private Equity Group Secondaries Group Other Operations Management Group Total1 Management fees $2,529,312 $678,355 $139,172 $276,292 $59,791 $— $3,682,922 Fee related performance revenues 210,356 35,665 — 55,288 — — 301,3
Slide 22: Realized Income per Share Data
22 Realized Income per Share Data Quarter ended December 31, Year ended December 31, $ in thousands, except share data 2025 2024 2025 2024 After-tax Realized Income Realized Income before taxes $589,061 $476,050 $1,848,308 $1,467,120 Entity level foreign, state and local taxes (18,544) (6,152) (49,8
Slide 23: Weighted-Average Shares
23 Weighted-Average Shares 1) Represents proportional dilutive impact based upon the weighted average percentage of Ares Operating Group owned by Ares Management Corporation (67.65% and 64.71% as of December 31, 2025 and 2024, respectively). 2) Represents units exchangeable for shares of Class A com
Slide 24: Balance Sheet
24 74% 19% 4% 2% Substantial balance sheet value related to investments primarily in Ares managed vehicles and net accrued performance income Balance Sheet 1) Unconsolidated investments includes $1,346.7 million of investments in Consolidated Funds that are eliminated upon consolidation for GAAP and
Slide 25: Balance Sheet Investments by Strategy
25 Balance Sheet Investments by Strategy1 $ in millions As of December 31, 2025 As of December 31, 2024 Credit Liquid Credit $107.3 $139.8 Alternative Credit 1.7 0.8 Opportunistic Credit 19.5 36.8 U.S. Direct Lending 72.1 93.6 European Direct Lending 22.5 40.3 APAC Credit 7.9 10.1 Credit $231.0 $321
Slide 26: AUM Rollforward
26 AUM Rollforward Q4-25 AUM Rollforward $ in millions Credit Real Assets Private Equity Secondaries Other Businesses Total Q3-25 Ending Balance $391,454 $132,354 $25,096 $38,375 $8,377 $595,656 Net new par/equity commitments 10,175 6,412 779 3,699 1,963 23,028 Net new debt commitments 8,608 3,905 —
Slide 27: FPAUM Rollforward
27 Real Assets FPAUM increased by 91% from Q4-24, primarily driven by the acquisition of GCP International and by capital raised by our open-ended infrastructure fund FPAUM Rollforward Q4-25 FPAUM Rollforward $ in millions Credit Real Assets Private Equity Secondaries Other Businesses Total Q3-25 En
Slide 28: AUM and FPAUM by Strategy
28 AUM and FPAUM by Strategy As of December 31, 2025 $ in billions AUM % AUM FPAUM % FPAUM Credit Liquid Credit $53.1 13% $52.0 21% Alternative Credit 48.1 12 35.3 14 Opportunistic Credit 19.8 5 9.8 4 U.S. Direct Lending1 189.6 47 102.3 41 European Direct Lending 84.7 21 45.1 18 APAC Credit 11.5 1 5
Slide 29: Credit Group Fund Performance Metrics
29 Credit Group Fund Performance Metrics The following table presents the performance data for funds that are not drawdown funds as of December 31, 2025: Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the
Slide 30: Credit Group Drawdown Fund Performance
30 Primary Investment Strategy Year of Inception Original Capital Commitments Capital Invested to Date Realized Value8 Unrealized Value9 Total Value MoIC IRR(%) ($ in millions) AUM Gross10 Net11 Gross12 Net13 Funds Harvesting Investments SSF IV Opportunistic Credit 2015 $1,105 $1,515 $1,402 $1,325 $
Slide 31: Real Assets Group Fund Performance Metrics
31 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 32: Private Equity Group Fund Performance Metrics
32 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 33: Secondaries Group Fund Performance Metrics
33 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 34: Corporate Data
34 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 35: Corporate Data (cont'd)
35 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 36: Reconciliation and Disclosures
Reconciliation and Disclosures
Slide 37: GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis
37 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis Quarter ended December 31, Year ended December 31, $ in thousands 2025 2024 2025 2024 Realized Income and Fee Related Earnings: Income before taxes $206,646 $399,873 $1,286,893 $1,275,352 Adjustments: Amortization of intangibles 51,
Slide 38: GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis (cont'd)
38 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 39: Credit Group Endnotes
39 Credit Group 1) The Credit Group had ~635 investment and investor relations professionals, ~305 active funds, ~2,000 portfolio companies and ~1,900 alternative credit investments as of December 31, 2025. 2) Composite returns are calculated by asset-weighting the underlying fund-level time-weighte
Slide 40: Credit Group Endnotes (cont'd)
40 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 41: Investment Group Highlights and Fund Performance Endnotes (cont'd)
41 Investment Group Highlights and Fund Performance Endnotes (cont'd) Real Assets Group (cont’d) 8) 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 42: Private Equity Group Endnotes
42 Private Equity Group 1) The Private Equity Group had ~90 investment and investor relations professionals, ~110 portfolio companies and ~60 active funds as of December 31, 2025. 2) Catch-up fees reflect the management fees generated between the fund’s initial close date and the last day of the qua
Slide 43: Secondaries Group Endnotes (cont'd)
43 Secondaries Group (cont’d) 9) The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees
Slide 44: Glossary
44 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 45: Glossary: Fee Related Performance Revenues
45 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 46: Glossary (cont'd)
46 Glossary (cont'd) Perpetual Capital Perpetual Capital refers to the AUM of publicly-traded, 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 investor