Ares Management Corporation (ARES) Q4 2025 Earnings Call

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Welcome to ARIES Management Corporation's fourth quarter and year-end 2025 earnings conference call. At this time, all participants are in a listen-only mode. As a reminder, this conference call is being recorded on Thursday, February 5th, 2026. I'm going to turn the call over to Greg Mason, Co-Head of Public Markets Investor Relations for ARIES Management. Good morning, and thank you for joining us today for our fourth quarter and year-end 2025 conference call. I'm joined today by Michael Arrighetti, our Chief Executive Officer, and Jared Phillips, our Chief Financial Officer. We also have other executives with us today who will be available during Q&A. Before we begin, I want to remind you that comments made during this call contain forward-looking statements and are subject to risks and uncertainties, including those identified in our risk factors in our SEC filings. Our actual results could differ materially, and we undertake no obligation to update any such forward-looking statements. Please also note that past performance is not a guarantee of future results, and nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in ARIES or any ARIES fund. During this call, we will refer to certain non-GAAP financial measures, which should not be considered an isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. please refer to our fourth quarter earnings presentation available in the Investor Resources section of our website for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. Note that we plan to file our Form 10-K later this month. This morning, we announced that we declared a 20% year-over-year increase in our first q...