ARES
NYSE · Financial Services · Asset Management · US
Research · Sep 3, 2026
[ARES] Ares Management Thesis 2026: AUM Crosses Six Hundred Billion on Record Capital Raise
Ares Management FY25 (Dec 31, 2025) at $6.47B revenue (+67%). NI $527M; EPS $1.96. Crossed $600B AUM (+29% to $622B). Record $113B fundraising in 2025 ($36B Q4). Q4 deployment record $46B. Credit Group $65B+ raised. Real Estate $16B+. Infrastructure $7B+. Secondaries $12.9B (AUM +45%). FY26 fundraising as good or better; FRE margin at high end of 0-150bp annual target.
Research · Jun 10, 2026
ARES, KKR, BX: $1 Trillion SRT Credit Risk Transfer Thesis
Banks transferred $1T loan risk via SRT (+26% YoY). Alt managers ARES, KKR, BX capture premium income. Hidden side of private credit retail stress.
Research · Jun 6, 2026
BX Stock: Blackstone BCRED Redemption Gate, Explained
Blackstone raised the BCRED $79B fund redemption gate from 7.9% to 10% as withdrawals surge. What it signals for private credit and BREIT parallels.
Research · Jun 3, 2026
KKR, ARES, BX: The Cliffwater + Partners 24-Hour Rule
Cliffwater 17% and Partners Group 24 hours apart turn the retail private-credit redemption signal from idiosyncratic into systemic.