Ares Management reports Q3 realized EPS 95c, consensus 94c

“We reported strong Q3 results with continued fundraising momentum, increasing deployment, strong fund performance, and year-over-year growth in many of our key financial metrics ranging from the high teens to more than 20%,” said CEO Michael Arougheti. “We continue to experience heightened demand for our alternative strategies across all three of our distribution channels. With over $64B of fundraising year-to-date and good visibility into Q4, we now expect 2024 will be a record fundraising year with gross commitments in the mid-$80B range”. “Based upon a more positive market tone, our third quarter deployment reached nearly $30 billion and we expect to see our investing activities broaden out further across our strategies in the next 12 months,” said CFO Jarrod Phillips. “With a record amount of available capital, including more than $85B in AUM not yet paying fees, we are well positioned to generate meaningful future earnings growth.”