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Ares Investor Presentation For Quarter Ended December 31, 2025
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Disclaimer The information contained in this presentation is summary information that is intended to be considered in the context of Ares Management Corporation (NYSE: ARES) (“Ares”) SEC filings and other public announcements that Ares may make, by press release or otherwise, from time to time. These materials contain information about Ares, its affiliated funds and certain of their respective personnel and affiliates, information about their respective historical performance and general information about the market. You should not view information related to the past performance of Ares and its affiliated funds or information about the market, as indicative of future results, the achievement of which cannot be assured. Certain Ares Funds may be offered through our affiliate, Ares Management Capital Markets LLC (“AMCM”), a broker-dealer registered with the SEC, and a member of FINRA. Any discussion of specific Ares entities is provided solely to demonstrate such entities’ role within the Ares organization and their contribution to the business, operations and financial results of Ares. This presentation does not constitute, and shall not be construed as, an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, investment funds, vehicles or accounts, investment advice, or any other service by Ares of any of its affiliates or subsidiaries. Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by Ares or as legal, accounting or tax advice. None of Ares, its affiliated funds or any affiliate of Ares or its affiliated funds makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. Certain information set forth herein includes estimates, projections and targets and involves significant elements of subjective judgment and analysis. Further, such information, unless otherwise stated, is before giving effect to management and incentive fees and deductions for taxes. No representations are made as to the accuracy of such estimates, projections or targets or that all assumptions relating to such estimates, projections or targets have been considered or stated or that such estimates, projections or targets will be realized. These materials are not intended as an offer to sell, or the solicitation of an offer to purchase, any security, the offer and/or sale of which can only be made by definitive offering documentation. Any offer or solicitation with respect to any securities that may be issued by Ares will be made only by means of definitive offering memoranda or prospectus, which will be provided to prospective investors and will contain material information that is not set forth herein, including risk factors relating to any such investment. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties. Forward-looking statements can be identified by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Actual outcomes and results could differ materially from those suggested by this presentation due to the impact of many factors beyond the control of Ares, including those described from time to time in our filings with the Securities and Exchange Commission (the “SEC”). Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. Ares does not undertake any obligation to update or revise any forward- looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Updated to match disclaimer used in our most recent equity offering press release. An investment in Ares will be discrete from an investment in any funds or other investment programs managed by Ares and the results or performance of such other investment programs is not indicative of the results or performance that will be achieved by Ares or such investment programs. Moreover, neither the realized returns nor the unrealized values attributable to one Ares fund are directly applicable to an investment in any other Ares fund. An investment in Ares may be volatile and can suffer from adverse or unexpected market moves or other adverse events. Investors may suffer the loss of their entire investment. Management uses certain non-GAAP financial performance measures to evaluate Ares’ performance and that of its business segments. Management believes that these measures provide investors with a greater understanding of Ares’ business and that investors should review the same supplemental non-GAAP financial measures that management uses to analyze Ares’ performance. The measures described herein represent those non-GAAP measures used by management, in each case before giving effect to the consolidation of certain funds that Ares consolidates with its results in accordance with GAAP. These measures should be considered in addition to, and not in lieu of Ares’ financial statements prepared in accordance with GAAP. Please refer to the Appendix for definitions and explanations of these non-GAAP measures and reconciliations to the most directly comparable GAAP measures. Amounts and percentages may reflect rounding adjustments and consequently totals may not appear to sum. Some funds managed by Ares or its affiliates may be unregistered private investment partnerships, funds or pools that may invest and trade in many different markets, strategies and instruments and are not subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors. Fees vary and may potentially be high. In addition, in light of the various investment strategies of such other investment partnerships, funds and/or pools, it is noted that such other investment programs may have portfolio investments inconsistent with those of the strategy or investment vehicle proposed herein. Certain historical amounts within this presentation were prepared to conform with our accounting policies that were implemented in each of the respective historical years. Therefore, historical amounts may be prepared under different accounting policies than currently implemented. The statements contained in this presentation are made as of June 30, 2025, unless another time is specified in relation to them, and access to this presentation at any given time shall not give rise to any interpretation that there has been no change in the facts set forth in this presentation since that date. This may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. Note: For Additional Important Disclosure Information, please refer to the Footnotes and Endnotes of each section of this presentation, as needed. 2
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1. Business Overview
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Confidential – Not for Publication or Distribution Founded 1997 AUM $623bn Employees 4,260+ Investment Professionals 1,600+ Global Offices 55+1 Direct Institutional Relationships 2,800+ Listing: NYSE – Market Capitalization $58.2bn2 4 Note: As of December 31, 2025. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Past performance is not indicative of future results. 1) Only counts one location per metro area. Includes only offices that Ares has leased or acquired. Does not include legacy GCP International locations where Ares is not acquiring the leases. 2) As of January 20, 2026. 3) New Delhi office is operated by a third party with whom Ares Asia maintains an ongoing relationship relating to the sourcing, acquisition and/or management of investments. 4) AUM includes Ares Acquisition Corporation II (“AACT”). 5) Risk adjusted returns do not guarantee against loss of capital. • Power of a broad and scaled platform enhancing investment capabilities • 20+ year track record of attractive risk adjusted returns through market cycles5 The Ares Differentiators Overview • Deep management team with integrated and collaborative approach • A pioneer and leader in leveraged finance, private credit and secondaries Credit Real Assets Secondaries Private Equity Other Businesses4 $406.9bn $139.1bn $42.2bn $25.3bn $9.1bn AUM by Strategy Global Footprint 3 Ares Management is a Global Leader in Private Markets With approximately $623 billion in assets under management, Ares Management Corporation is a global alternative investment manager operating an integrated platform across five business groups
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Ares is a Differentiated Investment Opportunity in the Alternative Sector Ares is a scaled, global player operating an asset light and management fee centric asset management business with multiple expansion opportunities Past performance is not indicative of future results. Diversified, Management Fee Centric, Asset Light Model • Management fee driven model • Consistent growth through cycles • Long-lived, locked-up capital • Operating margin upside • Balance sheet light approach • FRE driven dividend Positioned for compelling Growth • Growing alternatives allocations • New products/distribution • Diversified fundraising • Growing performance income • Accretive M&A opportunities 5
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Note: As of December 31, 2025. There can be no guarantee that Ares can or will sustain such growth. AUM includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. 1) Includes Part I Fees across all periods. AUM LTM Management Fee Revenu e1 # of Direct Institutional Investor ($ in billions) ($ in millions) CAGR of 18% with growth every year CAGR of 19% with growth every year Over 5x the number of direct institutional investors 6 History of Strong and Consistent Growth We have generated strong annual growth in AUM and direct investors which have led to 18% annualized growth in management fee revenues over the past 12+ years
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We Are a Solutions Provider We marry the needs of our investor with the needs of our portfolio clients Note: Investor solutions can be specific to certain strategies and not experienced within all investments. Investor Solutions • Premium Returns vs. Traded-Market Equivalents • Low-Correlation Strategies • Reduced Volatility • Durable Current Yield • Floating Rate Exposure • Diversification Into Private Markets • Inflation-Protected Exposure • Bespoke Quantitative Solutions • Portfolio Optimization (LP Secondaries) Portfolio/Client Solutions Sponsored • Flexible Debt and Equity Solutions • GP Secondary Solutions Non-Sponsored • Flexible Debt and Equity Solutions Banks and Insurance • Portfolio Purchases • Capital Relief Trades / Significant Risk Transfers • Reinsurance • Synthetic Securitization Solutions Provider 7
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We focus on multiple avenues of growth across our business in an effort to drive enhanced benefits for our investors and shareholders We Seek to Drive Value through Benefits of Scale Focus on High Quality AUM and Quality Growth Enhanced Investment Capabilities & Portfolio Management Expanded Fund Families and Add New Strategies Greater Relationships and Access to Capital Operating Efficiencies and Technological Advancements Scaled Origination and Asset Selectivity Larger Distribution Footprints Enhanced Ability to Invest in New Growth Initiatives Accretive Inorganic Growth Opportunities Capital Raising Investment Value Creation and Retention At Its Core, a Simple Business 8
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Stock Price Cumulative Dividends ($ in millions) 1) Total stockholder return for NYSE: ARES shares of Class A Common Stock from December31, 2020 through December 31, 2025. Assumes reinvestment of dividends. 2) Net accrued performance income on an unconsolidated basis. As of Q4-25 net accrued performance Income on a GAAP basis was $1,021 and as of Q4-20, net accrued performance income on a GAAP basis is the same as unconsolidated figure of $352 million. Fee Related Earnings Realized Income $1,848 $582 $177.23 Annual Gross Fundraising +22% CAGR +26% CAGR +30% CAGR +26% CAGR +32% Annualized Total Return ARES Total Return 1 FRE and Realized Income Deployment Net Accrued Performance Income 2 ($ in millions) ($ in billions) ($ in millions) +32% CAGR ($ in billions) Our Business Model Drives Strong Outcomes & Fee Related Earnings Underpinned by attractive investment performance through cycles, our business model has a demonstrated history of strong & consistent growth 9
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1) The awards and ratings noted herein may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Ares has not provided any compensation in connection with obtaining or using these awards. All investments involve risk, including loss of principal. 1 1 Foster Culture of Collaboration 2 Leverage the Platform 3 Invest in Our People 4 Align Incentives via Shared Compensation Philosophy 5 Work With a Purpose …Resulting inPrinciples Share Best Practices, Cross Pollinate Investment Committees, Town Halls Share Market Insights and Invest Across the Platform Educate, Mentor and Promote Increases Retention and Enhances Collaboration Creation of Ares Charitable Foundation and Ares Funds with Charitable Tie-Ins Our Differentiated Culture 10
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Addressable Market ($ in trillions) Ares AUM ($ in Billions) Ares Share of the Addressable Market Credit Real Estate Infrastructure Private Equity Secondaries Total Addressable Market We Are Market Leaders as Investors in Large, Growing and Fragmented Markets We believe we have meaningful opportunities for growth across fragmented markets $90+ trillion $15 3 $40 1 $12 5 $623 billion 6 $407 $25 $42 0.7% 1.0% 0.2% 0.4% $64 $25 0.4% $20 2 $114 0.6% Ares AUM information as of December 31, 2025, Ares AUM numbers do not add to $623B due to the exclusion of AUM in “Other Businesses”. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Figures shown on an as combined basis for the closing of the acquisition of GCP International. Please refer to the endnotes for additional important information. 11
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Note: Percentages may not add to 100% due to rounding. Institutional direct AUM is not directly comparable to prior periods due to changes in methodology. 1) As of December 31, 2025. Includes funds managed or co-managed by Ares. Also includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. 2) Retail Channel AUM of $131bn consists of publicly-traded entities of $45.9bn, wealth-focused semi-liquid perpetual products of $62.3bn and the High Net Worth Channel of $22.4bn. Please refer to the endnotes for additional important information. Total AUM: $6231 ($ in billions) Retail Channel AUM: $131bn2 Direct AUM: $470 AUM Mix by Investor Institutional Direct AUM Mix by Geography Americas Europe Australia Middle East & Africa Asia PacificPension Bank Investment Manager Sovereign Wealth Fund Insurance Ares Endowment/Foundation Public & Affiliated Sub-Advisory Other High Net Worth Institutional Intermediated Wealth-focused Semi - Liquid Perpetual Products 12 Our Growing, Global Investor Base We believe our deep and expanding investor relationships can be attributed to our product mix and performance ($ in billions)
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Note: Other AUM includes Other – Credit and AUM managed by Ares Insurance Solutions and excludes assets which are sub-advised by other Ares investment groups or invested in Ares funds and investment vehicles. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Figures shown on an as combined basis for the closing of the acquisition of GCP International. Totals may not foot due to rounding. There can be no guarantee that Ares can or will sustain such growth. AUM includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. 1) Commingled fund series where the most, or second most, recent fund vintage has $1+ billion in total assets under management. Includes retail products and publicly traded vehicles. Excludes CLOs. ($ in billions) Alternative Credit 9% 27% 15% 30% 7% N/A 45% CAGR Secondaries Other Real Estate Private Equity European Direct Lending US Direct Lending Liquid Credit 45% Infrastructure N/A Asia Credit 28% Opportunistic Credit N/A 2.3x the number of $1+ billion Fund Series Credit Private Equity Real Assets Secondaries $623 $197 $9 $6 $3 Assets Under Management $1+ Billion Fund Series 1 26% CAGR 13 We Have Expanded our Strategies and Scaled our Funds We have expanded our strategies and the number of our large-scaled funds
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Note: There can be no guarantee that Ares can or will sustain such growth. Totals may not sum due to rounding. All amounts shown are Institutional Direct AUM ($ in billions). Prior period results may be modestly updated to align with current reportingconvention. 44% 28% 28% 40% 21% 21% 27% 17% 36% Ares Sovereign Wealth Fund Endowment/Foundation/ Other Investment Manager Insurance Bank High Net Worth/ Private Bank Pension Sub-advisory CAGRInstitutional Direct AUM ($ in billions) 71% 1 Group 2 Groups 3 or More $142 $470 47% Growing Investor Base Across Nearly All Client Types Direct AUM by # of Groups 27% CAGR Investors Have Deepened Their Relationships With Ares Institutional direct AUM has increased 27% annually since Q4-20 as we have broadened our investor base and expanded our wallet share with our clients 14
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We See Significant Opportunities for Global Expansion We aim to replicate aspects of our business in America across other areas of the globe as we continue to scale • Resurgence of Real Estate activity • Growth potential in multiple sectors of Private Credit • Scaling of Retail and Insurance • Latin America represents significant white space • Expand further into Private Equity and Private Credit • Scale Real Estate Debt and Alternative Credit • Scale Secondaries • Scale new Private Equity business • Expand into Real Estate • Establish Secondaries • Scale Direct Lending Scale Global Infrastructure Investment Capabilities Continue Retail Channel Build 15
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(AUM $ in billions) Emerging Scaling More Scaled Credit Opportunistic Credit U.S Direct Lending 1 APAC Credit European Direct Lending 2 Wealth U.S. and European Direct Lending Liquid Credit Sports Media & Entertainment Alternative Credit Real Assets Infrastructure Opportunities U.S. Real Estate Debt U.S. Real Estate Equity (includes AREIT and AIREIT ) European Real Estate Debt Infrastructure Debt APAC Real Estate Equity Data Center European Real Estate Equity Private Equity APAC Private Credit Corporate Private Equity Secondaries Infrastructure Secondaries Private Equity Secondaries 3 APMF Real Estate Secondaries Credit Secondaries $31 $5 $9 $3 $8 $7 $5 $5 $20 $12 $15 $13 $25 $9 $22 $17 $165 $78 $53 ~$42 B ~$167 B ~$409 B 11.2% CAGR target market growth in Direct Lending though 2030 4 $45 $48 Note: Ares AUM information as of December 31, 2025. Ares AUM numbers do not add to $623B due to the exclusion of AUM in “Other Businesses”. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Figures shown on an as combined basis for the closing of the acquisition of GCP International. Totals may not foot due to rounding. Forward looking statements are not reliable indicators of future events, and actual results may vary from such forward looking statements. There is no assurance that such results will be achieved or sustained as expected or at all. Please refer to the endnotes for additional important information. $3 $19 We Have a Large Number of Emerging or Scaling Solutions We have many solutions that have room for continued scaling, including our larger direct lending strategies 16
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1. Themes Driving Market Opportunity 17
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Investors Remain Meaningfully Under Allocated to Alternatives Alternative Assets AUM Institutional AUM2018 2024 2030 Private Equity Private Debt Real Assets Secondaries $12.2 $23.4 $5.5 We believe individual and institutional investors remain under allocated to alternative investments as industry growth in alternative investments is projected to remain significant in the next five to ten years Note: Projections and forward-looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. There is no guarantee that any of these future commitments will occur as described or at all. Please refer to the endnotes for additional important information. 11% 14% 10% 16% Infrastructure Real Estate CAGR by Asset Class ($ in trillions) Projected Industry Growth in Alternative Asset Classes in Which Ares Invests 1 Alternative Assets Still Represent a Small Portion of a Vast Pool of Assets Under Management 2, 3 18 14% 18% 11% 16% $140T $12T Alternative Assets AUM currently represents less than 10% of the institutional assets
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Secular Tailwinds Are Drivers of Market Growth Forward looking statements are not reliable indicators of future events, and actual results may vary from such forward looking statements. There is no assurance that such results will be achieved or sustained as expected or at all. Please refer to the endnotes for additional important information. Private Debt Undersized vs. Private Equity Private Equity vs. Private Debt Dry Powder $0.4 $2.7 Private Debt Dry Powder Private Equity Dry Powder $0.9 2021 - 2018 vintage ~1/6TH Private Debt dry powder is ~16% of Private Equity dry powder (and PE dry powder is aging)1 10% 15% 20% 25% 30% 1980 1983 1985 1987 1990 1992 1994 1997 1999 2001 2004 2006 2008 2011 2013 2015 2018 2020 2022 2025 Transformation of the Banking Sector C&I Loans as a % of Bank Balance Sheets Banks have been making fewer C&I loans and have consolidated from >14,000 to ~4,000 today 2 1982: 29% 2025: 14% Growing Global Data Center Market Opportunities 3 Under current market trends, $5.2T of new investment needs are projected through 2030 The Total Addressable Market in Wealth is Significant and Growing 4,5 Innovative products and a favorable regulatory environment have opened new opportunities ($ in trillions) THEN NOW High Net Worth Mass Affluent UHNW / SFO High Net Worth • Non- Traded REIT • Non- Traded BDC • Perpetual Semi- Liquid Funds • Luxembourg UCI Part II • Collective Investment Trusts• Single Sector Interval Funds • Multi-Strategy Interval Funds • Collective Investment Trusts • Luxembourg ELTIF • Drawdown Funds • Perpetual Semi- Liquid Funds UHNW• Drawdown Funds ~$80T ~$140T $3.8 $5.2 $7.9 Downside Potential Baseline Upside Potential Power IT Equipment Data Center Infrastructure +205 GW+124 GW+78 GW 19
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Capital Is Consolidating Towards the Largest Managers 17% 50% 2021 2024 LPs Consolidating With Larger Managers We believe that with over $622 billion of AUM, our scale is a benefit for our LPs and shareholders Please refer to the endnotes for additional important information. Top 25 private credit managers have gained share1 Private Debt Fundraising 38% 61% 62% 39% 2015-2019 2021-2025 Top 25 Managers 2024 Remainder +23% Institutional and Retail Investors are allocating to larger, more scaled managers and we believe sub-scale managers are increasingly seeking opportunities to become part of a scaled platform GP consolidation has accelerated in recent years2 Scaled managers with diversified product sets are gaining share 3 % of Annual Semi-Liquid Product Sales by the Top 2-6 Sponsors in 2024 (Ares Included) +34% 125+ Acquisitions made by top 50 Alternative Asset Managers globally 2012 - 20243 Less Scaled GPs Are Seeking Partners Scaled Managers Are Taking Share in the Wealth Channel 20
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0 2 4 6 8 10 12 14 16 18 20 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 All Other PE Buyout PE Venture PE Growth PE Infrastructure Real Estate Private Debt Private Credit Growing In Line with Private Market Asset Growth Private market assets represent ~$18T of AUM and have grown at a 14% CAGR over the past 10 years. Private debt has seen similarly paced growth at a ~14% CAGR. Both the industry and private debt growth have slowed in the last 3 years Source: Preqin Pro. Analysis excludes natural resources. 10-Year CAGR 3-Year CAGR 14% 6% All Other PE 14% 5% Buyout PE 12% 9% Venture PE 19% 3% Growth PE 15% 6% Infrastructure 16% 9% Real Estate 9% 5% Private Debt 14% 8% Total Private Markets AUM as of 06/31 $18.2 T $2.8 T $4.4 T $3.16 T $1.8 T $1.7 T $2.1 T $1.8 T Total Private Markets as of June ‘25 $18.2 T 21
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Private Credit Market Fundamentals Remain Positive Private credit market fundamentals are stable to improving in key areas Average Equity Contributions in LBOs 2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD ‘07-’24 Average ~44% 49% Debt Multiples vs. Enterprise Value Multiples 2 (includes rollover equity) 22 0x 2x 4x 6x 8x 10x 12x 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Enterprise Value Multiple Debt Multiple (EBITDA multiples on all LBOs; debt multiple includes senior and subordinated debt) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD ‘07-’24 Average: ~56% Implied LTV / Risk is Declining and Below Historic Average 3 Data as of September 31, 2025, unless otherwise noted. 1. Reflects data from Golub Altman Middle Market Index. 2. PitchBook Q3-25 LBO Report. 3. Implied using the PitchBook data from “Average Equity Contribution in LBOs”. Middle Market Index 1 EBITDA vs. Russell 2000, 10 -yr Growth The Middle Market (using the Golub Altman Index as a proxy) has seen steadier LTM EBITDA growth higher relative to the Russell 2000 index over the past ten years. 10-Yr CAGR Middle Market LTM EBITDA Growth (Golub Altman) 8% Russell 2000 LTM EBITDA Growth 6% 48%
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Confidential – Not for Publication or Distribution 9.54% 6.45% 5.03% Total Net Return Cliffwater Direct Lending Index Bloomberg High Yield Index Morningstar LSTA US Leveraged Loan Index 1.01% 1.42% 0.93% Total Net Return Cliffwater Direct Lending Index High Yield Bonds Leveraged Loans Direct Lending has generated meaningfully higher net returns and similar loss rates to the liquid markets since 2005 Please refer to the endnotes for additional important information. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Last 10 Years Last 20 Years Annualized Returns 10.10% 13.70% 10.23% -6.50% 13.18% 15.79% 9.75% 14.03% 12.68% 9.57% 5.54% 11.24% 8.62% 8.07% 9.00% 5.45% 12.78% 6.29% 12.13% 13.45% 9.01% 9.54% Credit Loss -0.89% -0.63% -1.74% 0.59% 6.91% 2.96% 1.78% 0.60% 0.19% -0.01% 0.70% 1.41% 1.75% 0.93% 0.87% 3.30% -0.27% 0.09% 0.86% 0.69% 1.04% 1.01% Annualized Returns 2.74% 11.87% 1.88% -26.15% 58.21% 15.11% 4.98% 15.81% 7.46% 2.46% -4.46% 17.14% 7.50% -2.08% 14.20% 7.11% 5.28% -11.19% 13.45% 8.19% 4.86% 6.45% Credit Loss 1.23% 0.41% 0.18% 1.68% 6.59% 0.47% 0.87% 0.61% 0.33% 1.51% 1.35% 2.48% 0.60% 1.08% 2.02% 4.84% 0.15% 0.38% 1.41% 0.27% 1.46% 1.42% Annualized Returns 5.06% 6.74% 2.08% -29.10% 51.62% 10.13% 1.51% 9.67% 5.29% 1.59% -0.70% 10.11% 4.14% 0.46% 8.65% 3.12% 5.20% -0.77% 13.32% 8.95% 5.06% 5.03% Credit Loss 0.48% 0.08% 0.06% 1.55% 4.99% 0.52% 0.13% 0.63% 0.53% 1.16% 0.88% 0.56% 0.79% 0.64% 0.84% 2.08% 0.22% 0.39% 1.30% 0.84% 0.85% 0.93% Industry Annual Net Returns and Credit Loss / Charge off Detail 1 CDLI High Yield Leveraged Loans Total Annualized Net Returns for the Last 20 Years (2005 -2024) 1 Credit Loss / Charge Off Rates for the Last 20 Years (2005 -2024) 1 Confidential – Not for Publication or Distribution 23 Private Credit Market Returns and Loss Rates Versus Other Corporate Credit Assets
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In the last 10 years, bank C&I lending has contracted three times , while private credit loans outstanding continued to grow -2%-6% -6% -8% -19% -6% -5% -1% -2% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Annual % Change in Private Credit Unrealized Value Outstanding Annual % Change in C&I Loans Outstanding Source: Preqin Pro. Data sourced In February of 2026. Note: Preqin’s latest data is as of Q2-25, so 2025 data has been annualized based on the 6–month change. Federal Reserve H8 Data of Commercial Banks in the United States, Seasonally Adjusted. Over the last 25 years, bank lending has contracted 8 times at an average of 6.5% each time, while Private Debt has contracted just once , over 10 years ago, at 2% 24 Private Credit Has Been a Stabilizing Force in our Economy During market dislocations, bank lending contracts while Private Credit continues to fund economic growth
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Leveraged Credit as a Share of Nominal U.S. GDP Has Remained Steady Private Credit has expanded it’s share from 1.2% of total GDP in 2015 to nearly 4.7% in 2025, while the overall Leveraged Credit share of Nominal U.S. GDP has remained between 24%-28% Source: All data sourced as of December 15, 2025. Nominal U.S. GDP data from FRED; Bank C&I Loans data from FRED; Private Credit AUM (including BDCs) data from Preqin; High Yield Bonds data from MarketAxess; Syndicated Loans data from Pitchbook LCD. 25 0% 5% 10% 15% 20% 25% 30% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Syndicated Loans High Yield Bonds Private Credit Bank Loans (C&I)
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1. Our Business Model Drives Differentiated Results
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Focused on: • Investing for the Long Term • Consistent, High-Quality Growth • Strong FRE and RI Visibility • Reduced Investment Risk • Scale Efficiencies • Enhancing Governance We Believe Our Business Model is Well Positioned for Consistent Growth We believe we operate a distinctive business model in our sector which provides growth and stability differentiators Diversified, Management Fee Centric/FRE-Rich Earnings Stream Long Dated, Long Duration Capital Balance Sheet Light With High Free Cash Flow for Dividends and Reinvestment in Growth Economies of Scale Driving Margin Expansion European-Style Waterfall Performance Income Driving Predictable, Excess Cash Flow 27
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1) Total fee revenue refers to the total of segment management fees, other fees, fee related performance revenues and realized net performance income. Percentage of management fees includes the following amounts attributable to Part I Fees: 14% in 2020, 12% in 2021, 10% in 2022, 12% in 2023, 13% in 2024 and 12% in 2025. Stable and Diversified Management Fee Driven Business Model Consistent 80%+ Fee Revenue from Stable, Cross-Platform Management Fees Mgmt. Fees: Private Equity Mgmt. Fees: Real Assets Other Fees Fee related performance revenues Mgmt. Fees: Other Businesses Mgmt. Fees: Credit Mgmt. Fees: Secondaries Realized Net Performance Income 28 86% in Mgmt. Fees 83% in Mgmt. Fees 87% in Mgmt. Fees 6% 3% 63% 4% 12% 4% 63% 6% 7% 6% 3% 58% 4% $2,978mm $3,430mm $4,426mm Total Unconsolidated Fee Revenue Composition1 82% in Mgmt. Fees 15% 6% 7% 60% 7% 11% 5% 1% 7% 3% 7% $1,969mm 1% 83% in Mgmt. Fees 57% 5% 13% 7% 9% 4% 5% $2,630mm 13% 4% 6% 1%
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We Have a Large Number of Emerging or Scaling Solutions We have many solutions that have room for continued scaling, including our larger direct lending strategies Note: Past performance is not indicative of future results. There can be no guarantee that Ares can or will sustain such growth. ($ in millions) Management Fee Diversification By Investment Strategy 2019 2020 2021 2022 2023 2024 2025 Insurance / Other Secondaries Private Equity Infrastructure Real Estate APAC Credit Opportunistic Credit Liquid Credit Alternative Credit European Direct Lending U.S. Direct Lending ~24% CAGR 29
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$0 $300 $600 $900 $1,200 $1,500 $1,800 $2,100 $2,400 $2,700 $3,000 $3,300 $3,600 $3,900 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Management Fees LSTA LLI Annual Default Rate HY Annual Default Rate LTSA Average Annual Default Rate HY Average Annual Default Rate 12.8% ($ in millions) Ares has experienced consistent management fee growth even in times of increased credit defaults Note: Past performance is not indicative of future results. There can be no guarantee that Ares can or will sustain such growth. 1) Source: JPM Markets. LSTA Morning Star Leveraged Loan 100 Index. 2) Source: JPM Markets. Bloomberg High Yield Index. ’19-’21 Management Fee CAGR: 27% ’08-’10 Management Fee CAGR: 25% 10.3% ’09 High Yield Default Rate 12.8% ‘09 Leveraged Loan Default Rate 2006 – 2024 average Stable Management Fee Growth Through Market & Credit Cycles 30
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Balance-Sheet Light Model Delivers Thru-Cycle Performance Ares has delivered consistent through-cycle growth in Management Fee & Assets Under Management There can be no guarantee that Ares can or will sustain such growth. *Rising rate environment refers to 2014-2019 and 2021-2023. Declining rate environment refers to 2006-2008, and 2019-2020 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Management Fees (in $B) Fed Funds Rate 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% $0 $100 $200 $300 $400 $500 $600 $700 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 AUM ($B) Fed Funds Rate Rising Rate Environment Average Management Fee CAGR* 18.3% Declining Rate Environment Average Management Fee CAGR* 21.4% Year Management Fee YoY Growth AUM YoY Growth 2014 18.7% 10.5% 2015 8.8% 14.5% 2016 1.3% 5.6% 2017 12.9% 7.7% 2018 12.3% 22.7% 2019 21.0% 14.0% 2020 17.2% 32.2% 2021 37.8% 55.3% 2022 31.6% 15.0% 2023 19.5% 19.0% 2024 15.0% 15.6% 2025 24.5% 28.5% 31
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85% 1. Long-dated funds generally have a contractual life of five years or more at inception. AUM by Type YTD Management Fees by Type 93% 93% of management fees are from perpetual capital or long-dated funds85% of AUM is from perpetual capital or long-dated funds The long-term nature of our AUM and management fees enhance earnings stability through periods of volatility and provides a stable base to generate asset and management fee growth Perpetual Capital - Publicly-Traded Vehicles Perpetual Capital - Perpetual Wealth Vehicles Perpetual Capital - Private Commingled Vehicles Perpetual Capital - Managed Accounts Long-Dated Funds1 Other Long Term, Locked Up Capital 85% of AUM and 93% of management fees were from perpetual capital or long-dated funds 32
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$101.0 ($ in billions) $78.8 billion of AUM Not Yet Paying Fees was available for future deployment ($ in billions) Please refer to the endnotes for additional important information. $78.8 AUM Not Yet Paying Fees AUM Not Yet Paying Fees Available for Future Deployment Funds in or Expected to Be in Wind-down Capital Available for Future Deployment1 Capital Available for Deployment for Follow-on Investments1 Development Assets Not Yet Stabilized2 Credit Real Assets Private Equity Secondaries As of December 31, 2025, AUM Not Yet Paying Fees includes $78.8 billion of AUM available for future deployment3 and $4.3 billion of development assets not yet stabilized2 that could collectively generate approximately $730.4 million in potential incremental annual management fees Visibility On Potential Earnings Growth We have good visibility on FPAUM and management fee growth based on funds raised that earn fees upon deployment 33
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($ in billions) • Net accrued performance income has increased at a ~25% CAGR since Q4 -20 • $102 billion of IEAUM is uninvested ($ in millions) Note: Past performance is not indicative of future results There can be no guarantee that Ares can or will sustain such growth. Please refer to the endnotes for additional important information. Unconsolidated Net Accrued Performance Income 1,2Incentive Eligible and Incentive Generating AUM CAGR of ~25% IEAUM CAGR 23% IGAUM CAGR 36% Strong IEAUM Growth Underpins Future Performance Fees We have generated strong annual growth in Incentive Eligible and Incentive Generating AUM 34
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Growth of European-style Waterfall Incentive Eligible Funds The significant growth of our Incentive Eligible European-style funds has increased by a CAGR of 33% over the last 6 years, reaching over $170 billion; Credit–oriented funds now account for ~70% of our EU-style waterfall funds Note: Past performance is not indicative of future results. There can be no guarantee that Ares will sustain such growth. Please refer to the endnotes for additional important information. $31 $53 $88 $100 $132 $152 $172 2019 2020 2021 2022 2023 2024 2025 Credit Funds Private Equity Funds Real Assets Funds Secondaries Funds Other Businesses Funds 33% CAGR Select Notable Funds Highlighted We expect 2025 -2026 realized net performance income primarily from 2019 and earlier vintages ($ in billions) European Waterfall Incentive Eligible AUM IDF Series ~70% Credit Oriented Funds1 35
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History of Increased Performance Strong Balance Sheet Positions Company for Future Growth Opportunity Management Fees Realized Income Balance Sheet Investments by Strategy Assets Cash $489 Investments 2,825 Net Accrued Performance Income 1,107 Credit Real Assets Private Equity Other Businesses Debt Capitalization Maturity Outstanding Credit Facility ($1,840) 2030 $1,380 Senior Notes 2028, 2030, 2052 and 2054 2,116 Subordinated Notes 2051 445 Total Debt Obligations $3,941 ($ in millions) Fee Related Earnings Note: Past performance is not indicative of future results. There can be no guarantee that Ares can or will sustain such growth. As of 12/31/2025, total liquidity of over $0.9 billion from available cash and undrawn commitments on Credit Facility Secondaries ($ in millions) 25% CAGR 33% CAGR 26% CAGR ($ in millions) 36 Growth in Key Financial Metrics Well Positioned for Future Opportunities
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1. Appendix
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Confidential – Not for Publication or Distribution Ares Credit Group Integrated scaled global platform combines direct origination, deep fundamental credit research and broad perspective of relative value 38 Note: As of December 31, 2025, unless otherwise noted. Please see the Notes at the end of this presentation. 1) AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. 2) The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Refinitiv Lipper Fund Awards applicable to Ares Institutional Loan Fund, Ares U.S. Bank Loan Aggregate Composite and Ares U.S. High Yield Composite. Ares has not provided any compensation in connection with obtaining these awards but may have paid to use the award logo. All investments involve risk, including loss of principal. 85+ Partners averaging 26+ years of experience 560+ dedicated investment professionals Origination, Research & Investment Management • 20 portfolio managers • 150+ industry research, alternative credit, and opportunistic credit professionals • 290+ direct origination professionals Syndication, Trading & Servicing • 5 trading professionals in the U.S. and Europe • 5 dedicated capital markets professionals • 90+ professionals focused on asset management, including 20+ with restructuring experience Over 2+ decades, Ares has developed market leading positions across a range of complementary credit strategies Differentiators Accolades 2 Deep Investment Opportunity Set Access to Differentiated Information to Inform Credit Decisions Broad Expression of Relative Value A Leading Global Platform of Liquid Credit, Alternative Credit & Direct Lending Strategies Liquid Credit Illiquid Credit Syndicated Loans Alternative Credit High Yield Asset Based Lending Middle Market Cash Flow Loans Project Finance Opportunistic Credit Top Quartile Rankings for Several Funds 3Q’25 2024 Alternative Fund Manager of the Year Pathfinder II received Innovative Fund of the Year ($1bn+) 2024 Global Fund Manager of the Year 2024; Senior Lender of the year (Americas) 2024, Junior Lender of the Year (Asia-Pacific) 2024, Fundraising of the Year (Asia-Pacific) 2024 2023 Distressed Debt Investor of the Year in North America Profile$406.9 Billion AUM1
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Confidential – Not for Publication or Distribution Ares Real Assets Group: Real Estate Global investment manager and operator with a local approach to deliver a full range of capital solutions across new economy sectors 39 Note: As of December 31, 2025, unless otherwise noted. References to “risk-adjusted performance” or similar phrases are not guarantees against loss of investment capital or value. Diversification does not assure profit or protect against market loss. Please see the Notes at the end of this presentation. 1.)The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Ares has not provided any compensation in connection with obtaining these awards but may have paid to use the award logo. All investments involve risk, including loss of principal. 30 Investment Partners with 26+ years of experience navigating market cycles and dislocations 340+ real estate investment professionals and 400+ real estate operating professionals Regional and sector focused teams in 38 offices and markets across the Americas, Europe and Asia Pacific Equity and debt products across the risk/return spectrum, designed to meet the diverse needs of investors • 2024 Global Firm of the Year (PERE) • 2024 Alternative US RE Lender of the Year ($5 -$15B AUM) (PERE) • 2024 Global Figure of the Year (Julie Solomon) (PERE) • 2024 Hotels & Leisure Investor of the Year (N. America) (PERE) • 2024 Capital Raise of the Year (North America & Europe) (PERE) Global scale & local insights to inform investment decisions Industry leadership in new economy investing Invest across asset sizes and transaction structures to capitalize on market opportunities Vertically integrated with differentiated deal flow and an informational differentiation Industry Recognition Across Our Platform 1 Comprehensive and Dynamic Investment Solutions Differentiated Investment Approach & Capability Set Drives Performance for Our Investors Profile $113.7 Billion AUM CORE/ CORE-plus Opportunistic Value-add Across Equity & Debt Investments
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Confidential – Not for Publication or Distribution Ares Real Assets Group: Infrastructure Long-tenured global team utilizing deep local sourcing capabilities and extensive sector experience to seek to originate and manage diverse, high-quality investments in private infrastructure assets across the globe 40 Note: As of December 31, 2025, unless otherwise noted. Please see endnotes at the end of this presentation. 1) The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Ares has not provided any compensation in connection with obtaining these awards but may have paid to use the award logo. Please see endnotes for additional information about accolades. All investments involve risk, including loss of principal. 130+ infrastructure investment professionals located across 9 offices in the U.S., Europe, Asia, and Australia 14 Partners averaging 20+ years of experience Specialized experience across the capital structure in a rapidly evolving asset class • High barriers to entry • Low correlation to public markets • Inflation protected assets Key Asset Attributes Accolades 1 Climate Energy Transport UtilitiesDigital $9.2bn $13.0bn Infrastructure Debt Infrastructure Opportunities $3.2bn • Digital Infrastructure Infrastructure Digital • Provides essential services • Low volatility • Long term contracted cash flows Infrastructure Debt Manager of the year, Europe Energy Transition Investor of the Year (North America) • Assets / Projects • Platforms / Companies • Structured Solutions • Subordinated Debt • Senior Debt Profile $25.3 Billion AUM
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Confidential – Not for Publication or Distribution Ares Private Equity Group Flexible capital approach to private equity provides ability to deploy capital across market environments 41Note: As of December 31, 2025, unless otherwise noted. Totals may not tie due to rounding. 1) Figures shown on a combined basis following the closing of the Northstar transaction on July 31, 2025 to assume control of Northstar’s most recent fund vintages 90 investment professionals across 10 offices in the U.S., Europe and Asia 15 Partners averaging ~23 years of experience Middle market focused solutions provider across transaction type, industry and geography Global Presence • Leveraging the power of the Ares platform • Broad experience across industry and transaction type • Seek to generate value primarily through EBITDA growth • Serve as a partner of choice Key Attributes of the Private Equity Group ⓿ Corporate Private Equity ⓿ APAC Private Equity AUM $21.9BN $3.4BN Strategies For-Control or Significant Influence Structured Consumer Growth Equity Deep Value Geography North America Europe Southeast Asia China Portfolio Companies ~35 651 Profile London Los Angeles New York Houston Singapore Hong Kong Shanghai Chicago Jakarta Sydney $25.3 Billion AUM
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Confidential – Not for Publication or Distribution Ares Secondaries A pioneer and innovator within the secondaries market across three decades and across a range of alternative asset classes, including private equity, real estate, infrastructure and credit 30+ year track record of secondaries investing 20 Partners with 23-year average tenure1 90+ dedicated investment and research professionals Secondaries Investment Capabilities Across Four Private Markets Strategies • Demonstrated and customized structuring capabilities • Access to differentiated information via QRG • “Thought Partner” approach to investing • Deep relationships with institutional investors, fund sponsors and market advisors Platform Differentiators Private Equity Real Estate Infrastructure Credit Total AUM $22.1bn $8.2BN $7.0bn $4.9bn $42.2bn Transaction Count2 535+ 255+ 60+ 10+ 865+ Sponsor Coverage2 680 245+ 50 10+ 985+ Partnership Interests2 1,935+ 850+ 80+ 25+ 2,900+ Ares Provides a Wide Range of Secondary Solutions Profile $42.2 Billion AUM Note: As of December 31, 2025, unless otherwise noted. 1) As of January 1, 2026. Includes tenure with Landmark Partners. In 2021, Landmark Partners was acquired by Ares Management, and in 2022 Landmark was fully rebranded as Ares Secondaries. 2) As of September 30, 2025. Includes both secondary deals and primary investments made within Ares’ secondary funds. 42 LP-Led Solutions GP-Led Solutions Preferred Structures
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Confidential – Not for Publication or Distribution Other Businesses Ares’ other businesses include Ares Insurance Solutions, our dedicated, in-house team that provides solutions to insurance clients and the Ares AI and Innovation / Venture Capital Groups 43 Note: All data is as of December 31, 2025, unless otherwise noted. 1) AUM managed by Ares Insurance Solutions excludes assets which are sub-advised by other Ares investment groups or invested in Ares funds and investment vehicles 2) As of September 30, 2025, $83.5 billion in AUM represents investments by insurance companies in various Ares' funds, SMAs and co-investments versus one discrete insurance platform 3) Aspida is an indirectly-owned subsidiary of Ares Management Corporation. 30+ professionals with significant insurance experience Dedicated team leveraging Ares’ 4,260+ global professionals managing $83.5bn 2 of investments across Credit, Private Equity, Real Assets and Secondaries Key Functions AIS delivers the Ares platform to our insurance partners AIS Provides Strategic Support to Aspida 3 Asset Management Aim to enhance return on capital through oversight and active management of portfolio investment plans Capital Solutions Seek to optimize required capital through asset, capital and liability management Corporate Development Seek to drive growth and manage risk through reinsurance and M&A origination and advisory • Created to execute on AIS’ plans to issue insurance and reinsurance products for individuals and institutions seeking to fund long -term capital needs • Aspida seeks to be a trusted partner focused on customers’ financial security and success Profile $9.0 Billion AUM1 BootstrapLabs Focus Areas for AI Implementation • In early 2024, Ares acquired BootstrapLabs, an AI dedicated venture capital firm, to accelerate and enhance Ares’ AI strategy • BootstrapLabs continues to invest in the space as the Ares Venture Capital Group, and seeks to improve Ares’ AI capabilities Investment Portfolio Drive incremental earnings at portfolio companies and assets, striving to deliver improved returns & differentiation Investment Process Improve decision making, efficiency of processes, and apply AI risk management Sales and Marketing Better serve investors through improved accessibility, and scale fundraising abilities Business Operations Increase productivity by automating low order workflows and streamlining cost inefficiencies Profile In-House AI Professionals Ares AI & Innovation / Venture Capital (AIIG / AVCG) Dedicated team of AI industry experts exploring AI solutions at Ares, alongside AI -focused venture capital investing
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Confidential – Not for Publication or Distribution Ares Americas Ares' distinct capabilities in the Americas are rooted in its deep sector experience, and disciplined underwriting approach across asset classes 44Note: Past performance is not indicative of future results. Employee / investment professional headcount and office locations shown as of December 31, 2025. 1) Primary office locations listed. Employees 2,440+ Investment professionals 905+ Offices 27 The Americas Footprint 1 • Long and attractive track record of seeking to generate attractive risk -adjusted returns throughout market cycles, with distinguished credit accolades • Trusted partner to investors and asset owners through a deep -rooted culture of partnership and collaboration • Deep network of market relationships and insights across asset classes enhance ability to identify and capitalize on investment opportunities • Disciplined approach to help build better businesses with a time-tested relative value lens on the most attractive assets The Ares Americas Differentiators Ares Americas Strategies Credit Real Assets Secondaries Private Equity Other Businesses • Direct Lending • Liquid Credit • Alternative Credit • Opportunistic Credit • Real Estate Equity • Real Estate Debt • Digital Infrastructure • Infrastructure Opportunities • Infrastructure Debt • Private Equity Secondaries • Real Estate Secondaries • Infrastructure Secondaries • Credit Secondaries • Corporate Private Equity • Ares Insurance Solutions • Ares Acquisition Corporation Profile Ares Americas Profile
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Confidential – Not for Publication or Distribution Ares Europe / Middle East Long-standing relationships with key market players drive the ability to deploy, manage, and realize investments to seek attractive risk-adjusted returns 45Note: Past performance is not indicative of future results. Employee / investment professional headcount and office locations shown as of December 31, 2025. 1) Primary office locations listed. Employees 695+ Investment professionals 325+ Offices 15 • A leading credit platform with deep roots in direct lending and track record of navigating both public and private credit markets • Comprehensive market coverage with local presence to enhance asset selection and execution skill • Robust risk management framework in a rapidly evolving regulatory regime, including ESG experience and governance • A deep commitment to innovation and the use of technology to enhance market insights and cross-platform communication The Ares Europe / Middle East Differentiators Ares Europe / Middle East Strategies Credit Real Assets Secondaries Private Equity • Direct Lending • Liquid Credit • Alternative Credit • Opportunistic Credit • Real Estate Debt • Real Estate Equity • Digital Infrastructure • Infrastructure Debt • Private Equity Secondaries • Real Estate Secondaries • Infrastructure Secondaries • Credit Secondaries • Corporate Private Equity Profile Europe / Middle East Footprint 1 Ares Europe / Middle East Profile
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Confidential – Not for Publication or Distribution Ares Asia Accoladed, long-standing investors in the region with a cycle-tested leadership team and distinctly local market capabilities 46Note: Employee / investment professional headcount and office locations shown as of December 31, 2025. Information shown above relates to the geographic area and is not solely respective of the Ares Asia Team and strategies. 1) Primary office locations listed. Employees 1,110+ Investment professionals 325+ Offices 15 Asia Footprint 1 • Breadth and depth in the region with footprint across countries and boots -on- the-ground local market experience • Tenured senior leadership team with experience across multiple macro cycles • One of the first alternative managers in the private credit and special situations asset classes • Robust investment infrastructure with comprehensive licenses, entities, and servicing required for highly local markets The Ares Asia Differentiators Ares Asia Strategies Credit Real Assets Secondaries Private Equity • Direct Lending • APAC Credit • Real Estate Equity • Digital Infrastructure • Infrastructure Debt • Private Equity Secondaries • Real Estate Secondaries • Corporate Private Equity • APAC Private Equity Profile Ares Asia Profile
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Confidential – Not for Publication or Distribution Collaborative Responsible Entrepreneurial Self-Aware Trustworthy We achieve more together We strive to be a force for good We innovate and build We reflect and evolve We are dedicated stewards Impact As a leading alternative investment manager, Ares Management strives to be a catalyst for shared prosperity for its stakeholders and communities 47 Note: No assurance that ESG activities occur in all strategies or investments. ESG activities differ across investment strategies and may depend on type of investment. Different approaches may be taken across and within an investment strategy and not all investments will participate in elements of the ESG program. Underpinned By Our Core Values Ares pursues a strategy that is designed to mitigate risks and create value by seeking to address business-relevant ESG issues for our firm and investments. ESG Ares seeks to make a meaningful difference through grants, opportunities for our team members to give and get involved, and corporate sponsorships. Our support of nonprofits demonstrates our core values in action globally. Philanthropy Our strategy harnesses the power of difference to be a force for good and contribute to the long-term success of Ares, the companies in which we invest, and the communities in which we operate. DEI Channels That Drive Change
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($ in billions) 1) Includes $14.5 billion, $14.0 billion, and $14.4 billion of AUM of funds from which we indirectly earn management fees as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively. 2) Includes $5.1 billion, $5.7 billion and $4.7 billion of non- fee paying AUM from our general partner and employee commitments as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively. 3) Other consists of ACRE’s FPAUM, which is based on ACRE’s stockholders' equity. 4) Includes $91.8 billion, $87.8 billion and $71.9 billion from funds that primarily invest in illiquid strategies as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies. AUM: $622.5 AUM: $595.7 Q3-25Q4-25 Q4-24 AUM: $484.4 FPAUM Non-fee paying1, 2 AUM not yet paying fees Q4-25 FPAUM: $384.9 Q3-25 FPAUM: $367.6 FPAUM: $292.6 Q4-24 Invested capital/other3 Market value / reported value4 Capital commitments Collateral balances (at par) GAV ($ in billions) Components of AUM FPAUM by Fee Basis AUM and FPAUM Fee Basis Analysis
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GAAP Statements of Operations 49 Year Ended December 31, $ in thousands, except share data 2025 2024 2023 2022 2021 Revenues Management fees $3,680,467 $2,942,126 $2,551,150 $2,136,433 $1,611,047 Carried interest allocation 1,153,976 390,180 618,579 458,012 2,073,551 Incentive fees 362,453 344,157 276,627 301,187 332,876 Principal investment income 48,149 45,424 36,516 12,279 99,433 Administrative, transaction and other fees 356,437 162,894 149,012 147,532 95,184 Total revenues 5,601,482 3,884,781 3,631,884 3,055,443 4,212,091 Expenses Compensation and benefits 2,565,625 1,731,747 1,486,698 1,498,590 1,162,633 Performance related compensation 1,094,355 449,564 607,522 518,829 1,740,786 General, administrative and other expenses 996,075 736,501 660,146 695,256 444,178 Expenses of Consolidated Funds 52,711 20,879 43,492 36,410 62,486 Total expenses 4,708,766 2,938,691 2,797,858 2,749,085 3,410,083 Other income (expense) Net realized and unrealized gains (losses) on investments 307,582 16,570 77,573 4,732 19,102 Interest and dividend income 47,451 43,054 19,276 9,399 9,865 Interest expense (171,642) (142,966) (106,276) (71,356) (36,760) Other income (expense), net (319,745) 627 4,819 13,119 14,402 Net realized and unrealized gains (losses) on investments of Consolidated Funds 551,076 313,963 262,700 73,386 77,303 Interest and other income of Consolidated Funds 575,273 933,349 995,545 586,529 437,818 Interest expense of Consolidated Funds (595,818) (835,335) (754,600) (411,361) (258,048) Total other income, net 394,177 329,262 499,037 204,448 263,682 Income before taxes 1,286,893 1,275,352 1,333,063 510,806 1,065,690 Income tax expense 198,535 164,617 172,971 71,891 147,385 Net income 1,088,358 1,110,735 1,160,092 438,915 918,305 Less: Net income attributable to non-controlling interests in Consolidated Funds 253,904 295,772 274,296 119,333 120,369 Less: Net income attributable to redeemable interests in Consolidated Funds — 295,772 — — — Net income attributable to Ares Operating Group entities 834,454 814,963 885,796 319,582 797,936 Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities 1,349 103 226 (851) (1,341) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 305,743 351,118 411,244 152,892 390,440 Net income attributable to Ares Management Corporation 527,362 463,742 474,326 167,541 408,837 Less: Series A Preferred Stock dividends paid — — — — 10,850 Less: Series A Preferred Stock redemption premium — — — — 11,239 Less: Series B mandatory convertible preferred stock dividends declared 101,250 22,781 — — — Net income attributable to Ares Management Corporation Class A and non -voting common stockholders $426,112 $440,961 $474,326 $167,541 $386,748 Net income per share of Class A and non-voting common stock: Basic $1.71 $2.04 $2.44 $0.87 $2.24 Diluted $1.71 $2.04 $2.42 $0.87 $2.15 Weighted-average shares of Class A and non-voting common stock: Basic 217,361,945 198,054,451 184,523,524 175,510,798 163,703,626 Diluted 217,361,945 198,054,451 195,773,426 175,510,798 180,112,271 Dividend declared and paid per share of Class A and non-voting common stock $4.48 $3.72 $3.08 $2.44 $1.88
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RI and Other Measures Financial Summary Note: All historical filings can be found on the SEC’s website. 1) Includes Part I Fees of $533.6 million and $462.4 million for 2025 and 2024, respectively. 2) Includes fee related performance compensation of $180.8million and $141.7 million for 2025 and 2024, respectively. 3) Includes supplemental distribution fees of $80.7 million and $51.2 million for 2025 and 2024, respectively. 4) Includes $5.5 million of one-time interest expense for 2024 related to the $2.0 billion bridge facility commitment used as backup financing for the acquisition of the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (“GCP International”). The facility was not utilized and was terminated in Q4-24. 5) For 2025 and 2024, after-tax Realized Income includes current income tax related to: (i) entity level taxes of $49.8 million and $28.5 million, respectively, and (ii) corporate level tax expense of $94.2 million and $90.8 million, respectively. 6) Calculation of after-tax Realized Income per share of Class A and non-voting common stock uses the total average shares of Class A and non-voting common stock outstanding and the proportional dilutive effects of the Ares’ equity-based awards and Series B mandatory convertible preferred stock. 7) Fee related earnings margin represents the quotient of fee related earnings and the sum of segment management fees, fee related performance revenues and other fees. 8) Effective management fee rate represents annualized management fees divided by the average fee paying AUM for the period, excluding the impact of catch-up fees. 50 Year Ended December 31, $ in thousands, except share data (and as otherwise noted) 2025 2024 2023 2022 2021 Management fees1 $3,682,922 $2,957,430 $2,571,513 $2,152,528 $1,635,277 Fee related performance revenues 301,309 231,537 180,449 239,425 137,879 Other fees 272,707 91,879 92,109 94,562 49,771 Compensation and benefits expenses2 (1,817,319) (1,418,536) (1,276,115) (1,172,504) (894,842) General, administrative and other expenses3 (664,319) (500,573) (404,215) (319,661) (215,777) Fee Related Earnings 1,775,300 1,361,737 1,163,741 994,350 712,308 Realized net performance income 169,011 148,878 133,493 143,480 145,844 Investment income—realized 41,443 39,651 46,185 45,540 54,005 Net interest expense4 (137,446) (83,146) (77,891) (52,343) (29,220) Realized Income 1,848,308 1,467,120 1,265,528 1,131,027 882,937 After -tax Realized Income 5 $1,704,236 $1,347,823 $1,185,714 $1,061,747 $803,719 After -tax Realized Income per share of Class A and non -voting common stock 6 $4.76 $3.97 $3.65 $3.35 $2.57 Other Data Fee Related Earnings margin 7 41.7% 41.5% 40.9% 40.0% 39.1% Effective management fee rate 8 1.00% 1.02% 1.01% 0.99% 1.06%
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51 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis Note: This table is a reconciliation of income before provision for income taxes on a GAAP basis to RI and FRE on an unconsolidated basis, which reflects the results of the reportable segments on a combined basis together with the Operations Management Group ("OMG"). The OMG’s revenues and expenses are not allocated to our reportable segments but management considers the cost structure of the OMG when evaluating our financial performance. Management uses this information to assess the performance of our reportable segments and OMG and believes that this information enhances the ability of stockholders to analyze our performance. 1) Represents equity compensation expense associated with certain acquisitions for a portion of the purchase price that is required to be recorded as employee compensation. 2) Represents bonus payments, a portion of contingent liabilities (earnouts) and other costs recorded in connection with various acquisitions that are recorded as compensation expense. 3) Represents a component of the purchase price from realized performance income associated with one-time contingent consideration recorded in connection with the Black Creek acquisition. 100% of the realized performance income earned in 2021 is presented in incentive fees reported in accordance with GAAP, of which 50% is included on an unconsolidated basis. 4) For FY-25, the change in value of contingent consideration primarily reflects progress toward achieving the earnouts established in connection with the acquisition of GCP International. 51 Year Ended December 31, $ in thousands 2025 2024 2023 2022 2021 Realized Income and Fee Related Earnings: Income before taxes $1,286,893 $1,275,352 $1,333,063 $510,806 $1,065,690 Adjustments: Amortization of intangibles 195,740 125,190 201,521 308,215 84,185 Depreciation expense 46,185 32,151 31,664 26,868 22,520 Equity compensation expenses 506,365 348,303 249,089 194,015 213,246 Acquisition-related equity compensation expense1 234,184 4,548 6,330 4,933 23,946 Acquisition-related compensation expense2 105,202 38,150 7,334 206,252 66,893 Acquisition-related incentive fees3 — — — — (47,873) Acquisition, merger and transaction-related expense 65,363 57,360 12,000 15,197 21,162 Placement fees adjustment (3,891) 5,715 (5,819) 2,088 78,883 Change in value of contingent consideration4 301,120 (4,037) — 1,438 23,114 Other (income) expense, net 2,080 (8,135) 976 436 (43,000) (Income) loss before taxes of non-controlling interests in consolidated subsidiaries (15,112) (22,267) (17,249) (357) (23,397) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (260,032) (302,846) (278,119) (119,664) (120,457) Total performance (income) loss—unrealized (762,534) (109,533) (305,370) (106,978) (1,744,056) Total performance related compensation—unrealized 594,661 36,823 206,923 88,502 1,316,205 Total net investment (income) loss—unrealized (447,916) (9,654) (176,815) (724) (54,123) Realized Income 1,848,308 1,467,120 1,265,528 1,131,027 882,938 Total performance income—realized (526,284) (430,179) (415,899) (418,021) (474,427) Total performance related compensation—realized 357,273 281,301 282,406 274,541 328,583 Total net investment (income) loss—realized 96,003 43,495 31,706 6,803 (24,785) Fee Related Earnings $1,775,300 $1,361,737 $1,163,741 $994,350 $712,309
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52 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 realized net investment income. These reconciliations show the results of the reportable segments on a combined basis together with the OMG. The OMG’s revenues and expenses are not allocated to our reportable segments but management considers the cost structure of the OMG when evaluating our financial performance. Management uses this information to assess the performance of our reportable segments and OMG and believes that this information enhances the ability of stockholders to analyze our performance. 1) Represents a component of the purchase price from realized performance income associated with one-time contingent consideration recorded in connection with the Black Creek acquisition. 100% of the realized performance income earned in 2021 is presented in incentive fees reported in accordance with GAAP, of which 50% is included on an unconsolidated basis. 2) For FY-25, the change in value of contingent consideration primarily reflects progress toward achieving the earnouts established in connection with the acquisition of GCP International. 52 Year Ended December 31, $ in thousands 2025 2024 2023 2022 2021 Performance income and net investment income reconciliation: Carried interest allocation $1,153,976 $390,180 $618,579 $458,012 $2,073,551 Incentive fees 362,453 344,157 276,627 301,187 332,876 Carried interest allocation and incentive fees 1,516,429 734,337 895,206 759,199 2,406,427 Performance income—realized from Consolidated Funds 2,265 1,320 1,101 3,980 5,458 Fee related performance revenues (301,309) (231,537) (180,449) (239,425) (137,879) Acquisition-related incentive fees1 — — — — (47,873) Total performance (income) loss—unrealized (730,926) (82,718) (292,799) (99,429) (1,744,056) Performance (income) loss of non-controlling interests in consolidated subsidiaries 39,825 8,777 (7,160) (6,304) (7,650) Performance income realized $526,284 $430,179 $415,899 $418,021 $474,427 Total consolidated other income $394,177 $329,262 $499,037 $204,448 $263,682 Net investment income of Consolidated Funds (491,516) (391,925) (509,333) (266,628) (259,243) Principal investment income 138,608 38,367 155,632 48,223 120,896 Change in value of contingent consideration2 301,120 (4,037) — 1,438 23,114 Other expense (income), net 2,080 (8,135) 976 435 (43,000) Other loss (income) of non-controlling interests in consolidated subsidiaries 7,444 2,627 (1,203) 6,005 (26,541) Investment loss (income)—unrealized (447,916) (9,654) (176,815) (724) (54,123) Total realized net investment (loss) income $(96,003) $(43,495) $(31,706) $(6,803) $24,785
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53 Credit Group Fund Performance Metrics The following table presents the performance data for funds that are not drawdown funds as of December 31, 2025: The following table presents the performance data for our drawdown funds as of December 31, 2025: Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the applicable fund. Fund performance metrics for significant funds may be marked as “NM” as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment. Please refer to endnotes at the end of this presentation for additional information. * Denotes significant funds, which represent commingled funds that contributed at least 1% of total management fees or comprised at least 1% of Ares’ total FPAUM for the past two consecutive quarters. All other funds included in the table were previously reported as significant funds. 53 Returns(%) Primary Investment Strategy Year of Inception Quarter -to-Date Year-to-Date Since Inception 1 ($ in millions) AUM Gross Net Gross Net Gross Net ARCC2* U.S. Direct Lending 2004 $35,901 N/A 2.1 N/A 10.3 N/A 12.0 CADC3* U.S. Direct Lending 2017 8,730 N/A 0.9 N/A 7.6 N/A 7.0 Open-ended core alternative credit fund4* Alternative Credit 2021 7,546 3.0 2.2 12.7 9.3 11.8 8.8 ASIF3* U.S. Direct Lending 2023 24,334 N/A 2.0 N/A 9.3 N/A 10.9 Open-ended European direct lending fund5* European Direct Lending 2024 6,410 N/A 1.6 N/A 7.4 N/A 9.6 Primary Investment Strategy Year of Inception Original Capital Commitments Capital Invested to Date Realized Value 6 Unrealized Value 7 Total Value MoIC IRR(%) ($ in millions) AUM Gross 8 Net 9 Gross 10 Net 11 Funds Deploying Capital PCS II* U.S. Direct Lending 2020 $6,512 $5,114 $4,053 $1,426 $4,087 $5,513 1.4x 1.3x 13.0 9.2 ASOF II* Opportunistic Credit 2021 9,134 7,128 6,202 399 7,859 8,258 1.5x 1.3x 17.9 13.1 ACE VI Unlevered12* European Direct Lending 2022 24,675 7,439 3,299 216 3,404 3,620 1.1x 1.1x 12.3 8.8 ACE VI Levered12* 9,667 3,679 286 3,928 4,214 1.2x 1.1x 18.6 13.2 SDL III Unlevered13* U.S. Direct Lending 2023 27,353 3,311 1,473 93 1,496 1,589 1.1x 1.1x 12.9 9.6 SDL III Levered* 11,959 4,540 407 4,766 5,173 1.2x 1.1x 24.6 17.3 Pathfinder II* Alternative Credit 2023 7,233 6,612 3,576 155 3,947 4,102 1.2x 1.2x 22.2 15.3
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54 Credit Group Fund Performance Metrics (cont'd) The following table presents the performance data for our drawdown funds as of December 31, 2025: Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the applicable fund. Fund performance metrics for significant funds may be marked as “NM” as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment. Please refer to endnotes at the end of this presentation for additional information. * Denotes significant funds, which represent commingled funds that contributed at least 1% of total management fees or comprised at least 1% of Ares’ total FPAUM for the past two consecutive quarters. All other funds included in the table were previously reported as significant funds. 54 Primary Investment Strategy Year of Inception Original Capital Commitments Capital Invested to Date Realized Value 6 Unrealized Value 7 Total Value MoIC IRR(%) ($ in millions) AUM Gross 8 Net9 Gross 10 Net11 Funds Harvesting Investments SSF IV Opportunistic Credit 2015 $1,105 $1,515 $1,402 $1,325 $985 $2,310 1.7x 1.6x 9.2 8.0 ACE III14 European Direct Lending 2015 1,777 2,822 2,583 2,752 1,202 3,954 1.6x 1.5x 9.0 6.5 SSG Fund IV APAC Credit 2016 613 1,181 1,731 1,707 317 2,024 1.3x 1.2x 10.5 6.8 PCS I U.S. Direct Lending 2017 2,523 3,365 2,653 3,018 924 3,942 1.6x 1.4x 11.6 8.3 SSG Fund V APAC Credit 2018 1,615 1,878 2,631 2,798 288 3,086 1.3x 1.2x 25.1 15.6 SDL I Unlevered U.S. Direct Lending 2018 2,214 922 872 883 232 1,115 1.4x 1.3x 9.0 7.0 SDL I Levered 2,045 2,022 2,134 705 2,839 1.6x 1.4x 14.3 10.7 ACE IV Unlevered15* European Direct Lending 2018 5,215 2,851 2,454 2,273 956 3,229 1.4x 1.3x 7.9 5.7 ACE IV Levered15* 4,819 4,095 4,055 1,793 5,848 1.6x 1.4x 10.8 7.7 ASOF I Opportunistic Credit 2019 2,057 3,518 3,136 3,609 1,395 5,004 1.8x 1.6x 19.0 14.3 Pathfinder I Alternative Credit 2020 3,778 3,683 3,180 1,308 3,027 4,335 1.5x 1.4x 14.3 10.3 ACE V Unlevered16* European Direct Lending 2020 17,387 7,026 5,831 1,832 5,582 7,414 1.4x 1.3x 10.1 7.5 ACE V Levered16* 6,376 5,304 2,364 5,130 7,494 1.5x 1.4x 14.1 10.3 SDL II Unlevered* U.S. Direct Lending 2021 16,275 1,989 1,700 494 1,606 2,100 1.3x 1.2x 11.2 8.9 SDL II Levered* 6,047 4,924 2,051 4,564 6,615 1.5x 1.3x 17.5 13.3
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55Note: 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 since the initial investment and/or early stage of capital deployment. Please refer to endnotes at the end of this presentation for additional information. * Denotes significant funds, which represent commingled funds that contributed at least 1% of total management fees or comprised at least 1% of Ares’ total FPAUM for the past two consecutive quarters. All other funds included in the table were previously reported as significant funds. Real Assets Group Fund Performance Metrics The following table presents the performance data for funds that are not drawdown funds as of December 31, 2025: The following table presents the performance data for our drawdown funds as of December 31, 2025: 55 Returns(%) Primary Investment Strategy Year of Inception Quarter -to-Date Year-to-Date Since Inception 1 ($ in millions) AUM Gross Net Gross Net Gross Net Diversified non-traded REIT2* Real Estate 2012 $7,417 N/A 3.4 N/A 11.6 N/A 6.5 J-REIT3* Real Estate 2012 7,547 N/A N/A N/A N/A N/A 13.3 Industrial non-traded REIT4* Real Estate 2017 7,648 N/A 1.8 N/A 8.3 N/A 8.5 U.S. open-ended industrial real estate fund5* Real Estate 2017 5,983 2.9 2.6 7.7 6.5 16.3 13.3 Japanese open-ended industrial real estate fund5* Real Estate 2020 3,915 2.6 2.4 10.1 9.4 13.1 11.8 Primary Investment Strategy Year of Inception Original Capital Commitments Capital Invested to Date Realized Value 6 Unrealized Value 7 Total Value MoIC IRR(%) ($ in millions) AUM Gross 8 Net 9 Gross 10 Net 11 Fund Deploying Capital IDF V12 Infrastructure 2020 $5,077 $4,585 $4,481 $2,273 $3,167 $5,440 1.3x 1.2x 12.7 10.0 Funds Harvesting Investments USPF IV Infrastructure 2010 321 1,688 2,121 2,571 299 2,870 1.4x 1.2x 5.7 2.5 US VIII Real Estate 2013 104 824 790 1,533 52 1,585 2.0x 1.7x 20.4 16.6 EF IV13 Real Estate 2014 270 1,299 1,437 1,942 164 2,106 1.5x 1.3x 13.5 8.8 EPEP II14 Real Estate 2015 141 747 707 749 121 870 1.2x 1.1x 8.6 4.5 EIF V Infrastructure 2015 594 801 1,439 1,849 510 2,359 1.6x 1.8x 18.6 13.9 US IX Real Estate 2017 486 1,040 977 1,396 413 1,809 1.9x 1.6x 18.5 15.5 EF V15 Real Estate 2018 1,523 1,968 2,048 1,189 1,408 2,597 1.3x 1.1x 8.2 3.6 IDF IV16 Infrastructure 2018 1,773 4,012 4,562 3,647 1,548 5,195 1.2x 1.2x 5.8 4.5 AREOF III Real Estate 2019 1,324 1,697 1,565 980 1,056 2,036 1.3x 1.2x 12.2 7.0 EIP II17* Real Estate 2020 4,144 1,839 1,790 346 1,639 1,985 1.2x 1.1x 2.8 2.4
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56 Private Equity Group Fund Performance Metrics Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the applicable fund. Fund performance metrics for significant funds may be marked as “NM” as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment. Please refer to endnotes at the end of this presentation for additional information. * Denotes significant funds, which represent commingled funds that contributed at least 1% of total management fees or comprised at least 1% of Ares’ total FPAUM for the past two consecutive quarters. All other funds included in the table were previously reported as significant funds. The following table presents the performance data for our drawdown funds as of December 31, 2025: 56 Primary Investment Strategy Year of Inception Original Capital Commitments Capital Invested to Date Realized Value 1 Unrealized Value 2 Total Value MoIC IRR(%) ($ in millions) AUM Gross 3 Net 4 Gross 5 Net 6 Fund Deploying Capital ACOF VI* Corporate Private Equity 2020 $8,852 $5,743 $5,966 $2,224 $8,417 $10,641 1.7x 1.5x 21.3 16.0 Funds Harvesting Investments ACOF IV Corporate Private Equity 2012 874 4,700 4,319 9,359 728 10,087 2.3x 1.9x 18.8 13.6 ACOF V* Corporate Private Equity 2017 6,332 7,850 7,611 4,499 5,891 10,390 1.4x 1.2x 6.2 4.4 AEOF Corporate Private Equity 2018 168 1,120 977 556 76 632 0.6x 0.6x (8.2) (10.5)
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57 Secondaries Group Fund Performance Metrics Note: Past performance is not indicative of future results. Return information presented may not reflect actual returns earned by investors in the applicable fund. Fund performance metrics for significant funds may be marked as “NM” as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment. Please refer to endnotes at the end of this presentation for additional information. For our drawdown funds within the Secondaries Group, returns are calculated from results of the underlying portfolio that are generally reported on a three month lag and may not include the impact of economic and market activities occurring in the current reporting period. * Denotes significant funds, which represent commingled funds that contributed at least 1% of total management fees or comprised at least 1% of Ares’ total FPAUM for the past two consecutive quarters. All other funds included in the table were previously reported as significant funds. The following table presents the performance data for our drawdown funds as of December 31, 2025: The following table presents the performance data for fund that is not drawdown fund as of December 31, 2025: 57 Primary Investment Strategy Year of Inception Original Capital Commitments Capital Invested to Date Realized Value 3 Unrealized Value 4 Total Value MoIC IRR(%) ($ in millions) AUM Gross 5 Net 6 Gross 7 Net 8 Funds Harvesting Investments LEP XV9 Private Equity Secondaries 2013 $1,123 $3,250 $2,653 $3,101 $484 $3,585 1.5x 1.4x 15.3 10.1 LEP XVI9* Private Equity Secondaries 2016 4,146 4,896 4,318 2,079 3,264 5,343 1.4x 1.2x 14.2 8.6 LREF VIII9 Real Estate Secondaries 2016 2,789 3,300 2,682 1,640 1,661 3,301 1.4x 1.2x 13.1 7.9 Returns(%) Primary Investment Strategy Year of Inception Quarter -to-Date Year-to-Date Since Inception 1 ($ in millions) AUM Gross Net Gross Net Gross Net APMF2* Private Equity Secondaries 2022 $5,008 N/A 1.8 N/A 13.4 N/A 14.2
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1. Endnotes
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We Are Market Leaders as Investors in Large, Growing and Fragmented Markets 1. Includes the sum of APAC Credit, Other U.S. and EU Opportunities, EU Net Lease, EU Household Credit, EU Direct Lending, EU High Yield and Leveraged Loan, U.S. BBB-, U.S. Middle Market Financing, U.S. High Yield and Leveraged Loan, Commercial Finance, U.S. Consumer Debt, U.S. Private Equity Installed Base, U.S. Net Lease and U.S. CMBS. Please refer to the Ares Investor Day 2024 presentation and the slide titled “Our Credit Group Operates in a $40 Trillion Total Addressable Market” for additional important information on the size of the total addressable market. • APAC Credit: Total Addressable Market Includes Special Situations estimated market of $1.5 trillion based on the NPL market for Asia from Ares and S&P estimates. China NPL amount includes gross NPL and special mention loans from CBIRC. India NPL amount includes gross NLPs as reported by RBI. NPL amounts for Indonesia includes restructured, special mention loans and gross NPLs as of December 2022. The TAM also includes $300 billion of corporate non-sponsor loans sourced from Asia Development Bank, Bloomberg, Dealogic and Ares estimates. Ares estimates assumes a 10% portion of the Asian syndicated loans and 10% portion of the Asian high yield market and 1% of the non-bank lending market. Data and assessment as of December 2022. Finally, the TAM includes $100 billion of sponsored lending based on 2021 annual volumes of $28 billion, assuming a 4 year weighted average life. • Other U.S. and EU Opportunities: Includes NAV Loans (Ares, White & Case, Coller Capital, 2022), U.S. Private Placements (Private Placement Monitor estimate as of December 31, 2023), U.S. Public ABS Markets (J.P. Morgan Weekly Volume Datasheet; Public ABS Outstanding as of December 31, 2023. Excludes consumer ABS), European CMBS (J.P. Morgan International ABS Weekly Volume Datasheet; as of December 31, 2023. CMBS Outstanding), European Public ABS (J.P. Morgan International ABS Weekly Volume Datasheet; as of December 31, 2023. Excludes consumer ABS.), and European CLOs (BofA Research as of December 31, 2023). • EU Net Lease: Realty Income, February 2024. Ares estimates that European Net Lease is 25% of the total market. • EU Household Credit: Bank for International Settlements, September 2023 & Australian Bureau of Statistics. (2023, December). Australian National Accounts: Finance and Wealth. Includes Australia as Alternative Credit has capabilities in Australia. • EU Direct Lending: Based on Ares’ own data calculations using information from Deloitte, S&P Global Market Intelligence, Preqin and Ares’ own observations. The addressable market is based on the approach outlined, which uses a 3-year life assumption. *Annual Direct Lending Market Volume: Ares deployment annualized (3-year average from 2021- 2023) divided by Ares average annual market share from 2013 through 2023 according to the Deloitte Annual Market Share study. **Assumed Bank Market Share: Represents the assumed bank share of the market based on Ares’ observations. ***Addressable Syndicated Loan Market Volume: Average S&P Market Intelligence loan volume for loans with tranche size less than €1.5 billion for 2023. 59 Debt Market Share Analysis $ in billions 2023 Annual Direct Lending Market Volume* $197 Average Life of European Direct Lending Loans (Years) x 3.5 Direct Lending Middle Market Loan Outstanding 690 Assumed Bank Market Share** 50% Total Direct Lending & bank middle Market Loans Outstanding $1,380 Addressable Public, Syndicated Loan Market Volume*** $42 Average Life of European Direct Lending Loans (Years) x 3.5 Est. Middle Market Loans Outstanding $146 Total Direct Lending Addressable Market $1,526
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We Are Market Leaders in Large, Growing and Fragmented Markets (cont.) 1. (cont.) Includes the sum of APAC Credit, Other U.S. and EU Opportunities, EU Net Lease, EU Household Credit, EU Direct Lending, EU High Yield and Leveraged Loan, U.S. BBB-, U.S. Middle Market Financing, U.S. High Yield and Leveraged Loan, Commercial Finance, U.S. Consumer Debt, U.S. Private Equity Installed Base, U.S. Net Lease and U.S. CMBS. Please refer to the Ares Investor Day 2024 presentation and the slide titled “Our Credit Group Operates in a $40 Trillion Total Addressable Market” for additional important information on the size of the total addressable market. • EU High Yield and Leveraged Loan: Sum of the WELLI and HE00 indices as of 3/26/2024. - WELLI: S&P UBS Western European Leveraged Loan indices are designed to mirror the investable universe of the Western European leveraged loan market. Loans denominated in US$ or Western European currencies are eligible for inclusion in the index. The indices were incepted on January 1998 and are published weekly and monthly. The indices are rebalanced monthly on the last business day of the month instead of daily rebalancing. - HE00: ICE BofA Euro High Yield Index tracks the performance of Euro denominated below investment grade corporate debt publicly issued in the euro domestic or eurobond markets. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P, and Fitch). Qualifying securities must have at least one year remaining term to maturity, a fixed coupon schedule, and a minimum amount outstanding of Euro 100 million. Original issue zero coupon bonds, "global" securities (debt issued simultaneously in the eurobond and euro domestic markets), 144a securities and pay-in-kind securities, including toggle notes, qualify for inclusion in the Index. Callable perpetual securities qualify provided they are at least one year from the first call date. Fixed-to-floating rate securities also qualify provided they are callable within the fixed rate period and are at least one year from the last call prior to the date the bond transitions from a fixed to a floating rate security. Defaulted, warrant-bearing and euro legacy currency securities are excluded from the Index. • U.S. BBB-: C0A0 index as of 4/8/2024. - C0A0: ICE BofA US Corporate Index tracks the performance of US dollar denominated investment grade rated corporate debt publicly issued in the US domestic market. To qualify for inclusion in the index, securities must have an investment grade rating (based on an average of Moody's, S&P, and Fitch) and an investment grade rated country of risk (based on an average of Moody's, S&P, and Fitch foreign currency long term sovereign debt ratings). Each security must have greater than 1 year of remaining maturity, a fixed coupon schedule, and a minimum amount outstanding of $250 million. Original issue zero coupon bonds, "global" securities (debt issued simultaneously in the eurobond and US domestic bond markets), 144a securities and pay-in-kind securities, including toggle notes, qualify for inclusion in the Index. Callable perpetual securities qualify provided they are at least one year from the first call date. Fixed-to-floating rate securities also qualify provided they are callable within the fixed rate period and are at least one year from the last call prior to the date the bond transitions from a fixed to a floating rate security. DRD-eligible and defaulted securities are excluded from the Index. • U.S. Middle Market Financing: Traditional middle market total addressable market is based on the following: estimated Enterprise Value of Middle Market Companies of $9.3 trillion is based on data from NAICS Association on Companies with $100 million to $ 1 billion in revenue (January 2024), J.P. Morgan’s 2023 Next Street: The Middle Matters Report, Capstone Partners (March 2024), GF Data an ACG Company (Association for Corporate Growth), and Ares’ view of the market. The financing opportunity on the $9.3 trillion total Middle Market Enterprise Value is estimated to be 40%. This results in an estimated $3.7 trillion debt opportunity, which is further reduced by $0.7 trillion in estimated investment grade loans with $100 million - $1 billion in revenues held at banks based on data reported by the FDIC Shared National Credit Review and Ares’ view of the market. This results in a $3 trillion estimated middle market private debt opportunity. Additional addressable liquid market private debt opportunity of $2.4 trillion is based on the Face value of the ICE BofA U.S. High Yield Index (H0A0) and Credit Suisse Leveraged Loan Index (CSLLI) of $2.7 trillion as of 12/31/23 less the percent of U.S. High Yield and Leveraged Loan Market with Revenues <$1 billion based on Ares’ view of the market. This sums to a total addressable market for U.S. Direct Lending of approximately $5 trillion. 60
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We Are Market Leaders in Large, Growing and Fragmented Markets (cont.) 1. (cont.) Includes the sum of APAC Credit, Other U.S. and EU Opportunities, EU Net Lease, EU Household Credit, EU Direct Lending, EU High Yield and Leveraged Loan, U.S. BBB-, U.S. Middle Market Financing, U.S. High Yield and Leveraged Loan, Commercial Finance, U.S. Consumer Debt, U.S. Private Equity Installed Base, U.S. Net Lease and U.S. CMBS. Please refer to the Ares Investor Day 2024 presentation and the slide titled “Our Credit Group Operates in a $40 Trillion Total Addressable Market” for additional important information on the size of the total addressable market. • U.S. High Yield and Leveraged Loan: Sum of H0A0 and S&P UBS LLI as of 3/26/2024. - H0A0: ICE BofA US High Yield Index value tracks the performance of US dollar denominated below investment grade rated corporate debt publicly issued in the US domestic market. To qualify for inclusion in the index, securities must have a below investment grade rating (based on an average of Moody's, S&P, and Fitch) and an investment grade rated country of risk (based on an average of Moody's, S&P, and Fitch foreign currency long term sovereign debt ratings). Each security must have greater than 1 year of remaining maturity, a fixed coupon schedule, and a minimum amount outstanding of $100 million. Original issue zero coupon bonds, "global" securities (debt issued simultaneously in the eurobond and US domestic bond markets), 144a securities and pay-in-kind securities, including toggle notes, qualify for inclusion in the Index. Callable perpetual securities qualify provided they are at least one year from the first call date. Fixed-to-floating rate securities also qualify provided they are callable within the fixed rate period and are at least one year from the last call prior to the date the bond transitions from a fixed to a floating rate security. DRD-eligible and defaulted securities are excluded from the Index. - S&P UBS LLI: The S&P UBS Leveraged Loan Index (S&P UBS LLI) is designed to mirror the investable universe of the $US-denominated leveraged loan market. The index inception is January 1992. The index frequency is daily, weekly and monthly. New loans are added to the index on their effective date if they qualify according to the following criteria: 1) Loan facilities must be rated “5B” or lower. That is, the highest Moody’s/S&P ratings are Baa1/BB+ or Ba1/BBB+. If unrated, the initial spread level must be Libor plus 125 basis points or higher. 2) Only fully-funded term loan facilities are included. 3) The tenor must be at least one year. 4) Issuers must be domiciled in developed countries; issuers from developing countries are excluded. • Commercial Finance: Federal Reserve Board, Statistical Release H8, “Assets and Liabilities of Commercial Banks in the United States. Seasonally adjusted, Table 2. See below additional notes. Adjusted to address government financing. 1. Loans to nondepository financial institutions: FN 17. Includes loans to real estate investment trusts, insurance companies, holding companies of other depository institutions, finance companies, mortgage finance companies, factors, federally- sponsored lending agencies, investment banks, banks’ own trust departments, and other nondepository financial intermediaries. 2. All loans not elsewhere defined: FN 18. Includes loans for purchasing or carrying securities, loans to finance agricultural production, loans to foreign governments and foreign banks, obligations of states and political subdivisions, loans to nonbank depository institutions, unplanned overdrafts, loans not elsewhere classified, and lease financing receivables. • U.S. Consumer Debt: Source, New York FED, non-household related debt as of 12/31. • U.S. Private Equity Installed Base: Preqin data as of September 30, 2023. • U.S. Net Lease: Realty Income, February 2024. Ares estimates that U.S. Net Lease is 75% of the total market. • U.S. CMBS: J.P. Morgan; CMBS Weekly Volume Data Sheet - CMBS Outstanding as of December 31, 2023. 2. Source: MSCI Real Assets, as of July 2023. 3. Source: Inframation. Addressable market estimated by Ares using an estimate of deal activity from 2024 to 2032 based on the historical growth rate of the asset class. 4. Source Preqin. Reflects private equity assets under management using most recent data as of May 2024. Excludes Venture Capital, Secondaries, and Fund of Funds. 5. Source: Preqin. Includes Private Equity, Infrastructure, Real Estate and Private Debt AUM. Private Equity excludes Venture Capital. All strategies exclude Secondaries using most recent data as of May 2024. 6. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. We Have a Large Number of Emerging or Less Scaled Solutions 1. Excludes Ares Strategic Income Fund (“ASIF”) and Sports Media and Entertainment vehicles. 2. Excludes Ares European Strategic Income Fund (“AESIF”). 3. Excludes Ares Private Markets Fund (“APMF”). 4. Source: Preqin, Future of Alternatives 2029. Investors Remain Meaningfully Under Allocated to Alternatives 1. Source: Prequin’s Future of Alternatives 2029. 2. Source: Bain & Company: Why Private Equity is Targeting Individual Investors, February 2023. Calculated by taking the mid-rage of Bain’s estimated AUM for institutional investors. 3. McKinsey & Company April 2025. Rounding may be present. Note: For illustrative purposes only. There is no assurance the trends shown will continue. 61
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Secular Tailwinds Are Driving Market Growth 1. Source: Preqin. Preqin tracks institutional commingled fundraises and this generally excludes BDC capital, SMAs and other types of private capital. Data as of June 30, 2024 and retrieved in February of 2025. 2. Bank consolidation source: FDIC; Historical Bank Data through 2023. C&I loans source: Federal Reserve H8 Data of Commercial Banks in the United States as of December 2025. Bank balance sheet defined as bank credit. 3. McKinsey & Company April 2025. Rounding may be present. Note: For illustrative purposes only. There is no assurance the trends shown will continue. 4. Estimated per Ares analysis and PwC’s 2024 Asset and Wealth Management Revolution report. “Then” & “Now” refer to 2021 and 2025, respectively. 5. 2. “UHNW” and “SFO” stand for Ultra High Net Worth and Single-Family Office, respectively. Capital Is Consolidating Towards the Largest Managers 1. Ares’ analysis of Preqin Pro fundraising data. Ares includes Ares SSG and TPG Angelo Gordon includes Twin Book Capital Partners that are separate from Ares and TPG AG in Preqin data. 2. Bain & Company. Is Strategic M&A Finally catching on in Private Capital? – May 2023 (for data between 2012-2022). 2023 & 2024 data based on Ares analysis of select publicly traded peers. 3. Data per the Stanger report and fund filings; Only select sponsors highlighted on the table; Includes select Private Placements: Private Placement NT-REITs & NT-BDCs, DSTs with a dedicated UPREIT program, Apollo's Infrastructure Company, KKR'S private placement K- INFRA and K-PEC products (onshore & offshore), and Blackstone's BXPE; Capital raise excludes DRP; BREIT's $4bn UC Investment in Jan-23 and $500mm in Mar-23 is excluded; UPREIT transactions excluded; Ares Credit sales include CADC, ASIF (including seed capital), and AESIF; Real Estate data includes NT-REITs plus any associated DST program sales (debt and equity) and RE Interval Funds; Credit data includes NT-BDCs and Credit Interval Funds. Private Credit Market Fundamentals Remain Positive 1. Data is measured for approximately 10 years. Source for Private Debt, Private Equity, Real Assets (Real Estate and Infrastructure) is Preqin Pro. Period measured is 2014 vs. December of 2024, with data retrieved in July of 2025. 2. Source: PitchBook Q3-25 LBO Report. 3. As of September 30, 2025. Represents the yield per unit of leverage of Ares U.S. Direct Lending senior investments. U.S. Direct Lending new senior investments include private commingled funds and separately managed accounts. Private Credit Market Returns and Loss Rates Versus Other Corporate Credit Assets 1. Source: Cliffwater Direct Lending 2024 Report. Please reference the following links for additional information about index composition. CDLI (https://www.cliffwaterdirectlendingindex.com/), Bloomberg High Yield Index (https://www.bloomberg.com/quote/LF98TRUU:IND?embedded-checkout=true) and Morningstar LSTA US Leveraged Loan Index (https://indexes.morningstar.com/indexes/details/morningstar-lsta-us-leveraged-loan-index- FSUSA084ZT?tab=overview). Cliffwater Direct Lending Index, “CDLI” is an asset-weighted index of 17300+ directly originated middle market loans totaling $393 billion. The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance. The Morningstar LSTA US Leveraged Loan Index is designed to deliver comprehensive, precise coverage of the US leveraged loan market. Underpinned by PitchBook | LCD data, the index brings transparency to the performance, activity, and key characteristics of the market. The Bloomberg US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Bloomberg EM country definition, are excluded (Future Ticker: I00012US). 62
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Select Emerging Private Credit Opportunities Forward looking statements are not reliable indicators of future events, and actual results may vary from such forward looking statements. There is no assurance that such results will be achieved or sustained as expected or at all. 1. Federal Reserve Board as of December 31, 2023. 2. Based on Ares’ analysis and shown for illustrative purposes only and not based on actual holdings. As of March 2024. As such, our views are subject to change at any time. There is no guarantee or assurance investment objectives will be achieved. There is no guarantee against loss of investment capital or value. Long Term, Locked Up Capital Note: 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 investors upon the realization of investments. Perpetual Capital - Managed Accounts refers to managed accounts for single investors primarily in illiquid strategies that meet the perpetual capital criteria. Perpetual Capital - Private Commingled Funds refers to commingled funds that meet the perpetual capital criteria, not including our publicly-traded or perpetual wealth vehicles. Perpetual capital may be withdrawn by investors under certain conditions, including through an election to redeem an investor’s fund investment or to terminate the investment management agreement, which in certain cases may be terminated on 30 days’ prior written notice. In addition, the investment management or advisory agreements of certain of our publicly-traded and perpetual wealth vehicles have one year terms, which are subject to annual renewal by such vehicles. Visibility On Potential Earnings Growth 1. Capital available for deployment for follow-on investments represents capital committed to funds that are past their investment periods but have capital available to be called for follow- on investments in existing portfolio companies. As of December 31, 2025, capital available for deployment for follow-on investments could generate approximately $165.7 million in additional potential annual management fees. There is no assurance such capital will be invested. 2. Development assets not yet stabilized represents fund assets that are in the development stage. Upon completion of development, management fees generally increase with a change in fee base, in fee rate or both. As of December 31, 2025, development assets not yet stabilized could generate approximately $22.0 million in potential incremental annual management fees. There is no assurance such assets will stabilize. 3. No assurance can be made that such results will be achieved or capital will be deployed. Assumes the AUM Not Yet Paying Fees as of December 31, 2025 is invested and such fees are paid on an annual basis. Does not reflect any associated reductions in management fees from certain existing funds, some of which may be material. Reference to the $708.4 million includes approximately $37.4 million in potential incremental management fees from deploying cash and a portion of undrawn/available credit facilities at ARCC in excess of its leverage at December 31, 2025. Note that no potential Part I Fees are reflected in any of the amounts above. Strong IEAUM Growth Underpins Future Performance Fees 1. Net accrued performance income on an unconsolidated basis as of December 31, 2025, includes $85.2 million of accrued performance income related to our Consolidated Funds that has been eliminated upon consolidation for GAAP. GAAP net accrued performance income for December 31, 2025, is $1,021.4 million. For December 31, 2020, net accrued performance income was the same on a GAAP and unconsolidated basis. 2. Net accrued performance income represents accrued carried interest allocation and excludes net performance income—realized that has been recognized but not yet received by the Company as of the reporting date. Growth of European-style Waterfall Incentive Eligible Funds 1. Credit Oriented Funds includes all strategies that earn incentive fees via a European-style waterfall within our Credit Group and other strategies that invest primarily in debt securities such as Infrastructure Debt within our Real Assets Group. 63
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Ares Credit Group Slide Lipper Rankings reported in Lipper Marketplace Best Money Managers, September 30, 2025. Lipper Marketplace is the source of the long-only and multi-strategy credit rankings. Lipper’s Best Money Managers rankings consider only those funds that meet the following qualification: performance must be calculated “net” of all fees and commissions; must include cash; performance must be calculated in U.S. dollars; asset base must be at least $10 million in size for “traditional” U.S. asset classes (equity, fixed income, and balanced accounts); and the classification of the product must fall into one of the categories which they rank. Lipper defines Short Duration as 1-5 years. Lipper’s Active Duration definition does not specify a time period but rather refers to an Active rather than Passive strategy. Ares Institutional Loan Fund was ranked 4 out of 41 for the 40 quarters ended September 30, 2025. Composites for Ares U.S. Bank Loan Aggregate and Ares U.S. High Yield additionally received rankings of 3 of 41 and 4 of 40, respectively, for the 40 quarters ended September 30, 2025.. Private Equity International selected Ares Management as Lender of the Year in North America – 2022. Awards based on an industry wide global survey across 77 categories conducted by Private Equity International. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category. Private Debt Investor selected Ares Management for 2024 Global Fund Manager of the Year, Senior Lender of the year in Americas, Junior Lender of the Year in Asia-Pacific, and APAC fundraise of the year. Awards based on an industry wide global survey across 51 categories conducted by Private Debt Investor. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category. Private Equity Investor selected Ares Management for 2023 Distressed Debt Investor of the Year in North America. Rankings based on an industry wide global survey across 75 categories conducted by Private Equity Investor. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category. Alternative Credit Investor Selected Ares Management as Fund Manager of the Year and Pathfinder II as Innovative Fund of the Year ($1bn+) at the Alternative Credit Awards 2024. The shortlist and winners were decided by Alternative Credit Investor’s editorial team and a panel of independent judges. 64
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Ares Real Assets Group: Real Estate PERE 2024 Global Firm of the Year: Awarded to Ares Real Estate by PERE in March 2025. The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Ares has not provided any compensation in connection with obtaining these awards but may have paid to use the award logo. All investments involve risk, including loss of principal. PERE Credit 2024 Alternative US RE Lender of the Year: Awarded to Ares Real Estate by PERE in March 2025. The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Ares has not provided any compensation in connection with obtaining these awards but may have paid to use the award logo. All investments involve risk, including loss of principal. PERE 2024 Hotels & Leisure Investor of the Year (N. America): Awarded to Ares Real Estate by PERE in March 2025 for investment activity in the Hotel and Leisure sector in North America, including the acquisition of the Hyatt Regency Orlando in Q3 2024. The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Ares has not provided any compensation in connection with obtaining these awards but may have paid to use the award logo. All investments involve risk, including loss of principal. PERE 2024 Global Figure of the Year: Awarded to Julie Solomon, Co-Head of Ares Real Estate, by PERE in March 2025. The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Ares has not provided any compensation in connection with obtaining these awards but may have paid to use the award logo. All investments involve risk, including loss of principal. PERE 2024 Capital Raise of the Year (N. America): Awarded to Ares Real Estate by PERE in March 2025, for the $3.3 billion fundraise of Ares U.S. Real Estate Opportunity Fund IV, L.P. (“AREOF IV”) and related vehicles, which closed in 2024. The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Ares has not provided any compensation in connection with obtaining these awards but may have paid to use the award logo. All investments involve risk, including loss of principal. PERE 2024 Capital Raise of the Year (Europe): Awarded to Ares Real Estate by PERE in March 2025, for the €2.24 billion fundraise of Ares European Real Estate Fund VI (“EF VI) and related vehicles, which closed in 2024. The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Ares has not provided any compensation in connection with obtaining these awards but may have paid to use the award logo. All investments involve risk, including loss of principal. 65
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Ares Real Assets Group: Infrastructure Infrastructure Investors selected Ares Infrastructure and Power Energy Transition Investor of the Year – North America for the year 2022. Ares received the award represented by survey participants that voted independently. In addition, survey participants could nominate another firm not listed in the category. Infrastructure Investors is a publication that covers the flow of private capital into infrastructure projects around the world, as published by PEI, which is a group focused exclusively on private equity, private debt, private real estate and infrastructure and agri- investing. Ares was selected as the winner of the aforementioned award through a selection process by those persons choosing to vote in each category, which may include firms that submitted for awards, but which are not allowed to vote for themselves. Ares did submit for this category but did not pay a fee to participate in the selection process. The selection of Ares Infrastructure and Power Group to receive this award was based in part on subjective criteria and a potentially limited universe of competitors. Private Debt Investor selected Ares Management for 2023 Infrastructure Debt Manager of the Year, Europe. Rankings based on an industry wide global survey across 51 categories conducted by Private Debt Investor. Private Debt Investor is a publication that tracks the institutions, funds and transactions shaping the private debt markets. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category. There may be other award categories for which Ares, its funds or its portfolio companies were considered but did not receive awards. The annual PDI Awards recognize fund managers, investors and those working in advisory roles assisting the global private debt industry. Winners are voted on by thousands of PDI's industry readers, making them determined solely by the industry for the industry. Ares submitted for this award in Q4-23 but did not pay a fee to participate in the selection process. 66
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Ares Awards and Accolades There may be other award categories for which Ares, its funds or its portfolio companies were considered but did not receive awards. The awards noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. All investments involve risk, including loss of principal. 67
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Fund Performance Metrics Endnotes 8. The gross multiple of invested capital (“MoIC”) is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest and other expenses, as applicable, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 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 or carried interest. The net MoIC is after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 10. 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 IRR reflects returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, as applicable, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 11. The net IRR is an annualized since inception net 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. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. Credit Group 1. Since inception returns are annualized. 2. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Net returns are calculated using the fund’s NAV and assume dividends are reinvested at the closest quarter-end NAV to the relevant quarterly ex-dividend dates. Additional information related to ARCC can be found in its filings with the SEC, which are not part of this report. 3. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. Additional information related to CADC and ASIF can be found in its filings with the SEC, which are not part of this report. 4. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. The fund is made up of a Main Class (“Class M”) and a Constrained Class (“Class C”). Class M includes investors electing to participate in all investments and Class C includes investors electing to be excluded from exposure to liquid investments. Returns presented in the table are for onshore Class M. The current quarter gross and net returns for Class M (offshore) are 2.9% and 2.3%, respectively. The year-to-date gross and net returns for Class M (offshore) are 12.5% and 9.2%, respectively. The since inception gross and net returns for Class M (offshore) are 11.8% and 8.4%, respectively. The current quarter gross and net returns for Class C (offshore) are 2.8% and 2.1%, respectively. The year-to-date gross and net returns for Class C (offshore) are 11.5% and 8.5%, respectively. The since inception gross and net returns for Class C (offshore) are 11.3% and 8.1%, respectively. 5. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for the Euro hedged distributing institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees, and currency hedging. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. 6. For funds other than our opportunistic credit funds, realized value represent the sum of all cash distributions to all partners and if applicable, exclude tax and incentive distributions made to the general partner. For our opportunistic credit funds, realized value represent the sum of all cash distributions to the fee-paying limited partners and if applicable, exclude tax and incentive distributions made to the general partner. 7. Unrealized value represents the fund’s NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. For funds other than our opportunistic credit funds, the unrealized value is based on all partners. For our opportunistic credit funds, the unrealized value is based on the fee-paying limited partners. 12. 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) Levered, ACE VI (Y) Unlevered and ACE VI (D) Rated Notes. ACE VI (E) II Levered includes ACE VI (D) Levered feeder fund and ACE VI (E) II Unlevered includes ACE VI (Y) Unlevered and ACE VI (D) Rated Notes feeder funds. The gross and net IRR and gross and net MoIC presented in the table are for ACE VI (E) Unlevered and ACE VI (E) Levered. Metrics for ACE VI (E) II Levered exclude the ACE VI (D) Levered feeder fund and metrics for ACE VI (E) II Unlevered exclude ACE VI (Y) Unlevered and ACE VI (D) Rated Notes feeder funds. The gross and net IRR for ACE VI (G) Unlevered are 14.3% and 10.1%, respectively. The gross and net MoIC for ACE VI (G) Unlevered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE VI (G) Levered are 22.4% and 13.3%, respectively. The gross and net MoIC for ACE VI (G) Levered are 1.2x and 1.2x, respectively. The gross and net IRR for ACE VI (E) II Unlevered are 12.1% and 8.5%, respectively. The gross and net MoIC for ACE VI (E) II Unlevered are 1.1x and 1.1x, respectively. The gross and net IRR for ACE VI (E) II Levered are 19.4% and 13.8%, respectively. The gross and net MoIC for ACE VI (E) II Levered are 1.2x and 1.2x, respectively. The gross and net IRR for ACE VI (D) Levered are 22.2% and 16.9%, respectively. The gross and net MoIC for ACE VI (D) Levered are 1.2x and 1.2x, respectively. The gross and net IRR for ACE VI (Y) Unlevered are 10.7% and 7.3%, respectively. The gross and net MoIC for ACE VI (Y) Unlevered are 1.1x and 1.1x, respectively. The gross and net IRR for ACE VI (D) Rated Notes are 19.1% and 12.0%, respectively. The gross and net MoIC for ACE VI (D) Rated Notes are 1.2x and 1.1x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE VI Unlevered and ACE VI Levered are for the combined levered and unlevered parallel funds and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 13. SDL III Unlevered includes investor commitments in three currencies: U.S. Dollars, GBP, and Yen. The gross and net IRR and MoIC presented in the table are for investors committed in U.S. Dollars. The gross and net IRR for investors committed in GBP are 13.8% and 10.3%, respectively.The gross and net MoIC for investors committed in GBP are 1.1x and 1.1x, respectively. The gross and net IRR for investors committed in Yen are 7.3% and 3.7%, respectively. The gross and net MoIC for investors committed in Yen are 1.1x and 1.0x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for SDL III Unlevered are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 14. ACE III is made up of two parallel funds, one denominated in U.S. Dollars and one denominated in Euros. The gross and net IRR and MoIC presented in the table are for the Euro denominated fund. The gross and net IRR for the U.S. Dollar denominated fund are 10.0% and 7.2%, respectively. The gross and net MoIC for the U.S. Dollar denominated fund are 1.7x and 1.5x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE III are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 68
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Fund Performance Metrics Endnotes (cont'd) Credit Group (cont’d) 15. ACE IV is made up of four parallel funds, two denominated in Euros and two denominated in GBP: ACE IV (E) Unlevered, ACE IV (G) Unlevered, ACE IV (E) Levered and ACE IV (G) Levered and one feeder fund: ACE IV (D) Levered. ACE IV (E) Levered includes the ACE IV (D) Levered feeder fund. The gross and net IRR and MoIC presented in the table are for ACE IV (E) Unlevered and ACE IV (E) Levered. Metrics for ACE IV (E) Levered exclude the U.S. Dollar denominated feeder fund. The gross and net IRR for ACE IV (G) Unlevered are 9.5% and 6.9%, respectively. The gross and net MoIC for ACE IV (G) Unlevered are 1.5x and 1.4x, respectively. The gross and net IRR for ACE IV (G) Levered are 12.2% and 8.6%, respectively. The gross and net MoIC for ACE IV (G) Levered are 1.7x and 1.5x, respectively. The gross and net IRR for ACE IV (D) Levered are 12.2% and 8.9%, respectively. The gross and net MoIC for ACE IV (D) Levered are 1.7x and 1.5x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE IV Unlevered and ACE IV Levered are for the combined levered and unlevered parallel funds and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 16. ACE V is made up of four parallel funds, two denominated in Euros and two denominated in GBP: ACE V (E) Unlevered, ACE V (G) Unlevered, ACE V (E) Levered, and ACE V (G) Levered, and two feeder funds: ACE V (D) Levered and ACE V (Y) Unlevered. ACE V (E) Levered includes the ACE V (D) Levered feeder fund and ACE V (E) Unlevered includes the ACE V (Y) Unlevered feeder fund. The gross and net IRR and gross and net MoIC presented in the table are for ACE V (E) Unlevered and ACE V (E) Levered. Metrics for ACE V (E) Levered exclude the ACE V (D) Levered feeder fund and metrics for ACE V (E) Unlevered exclude the ACE V (Y) Unlevered feeder fund. The gross and net IRR for ACE V(G) Unlevered are 11.8% and 8.9%, respectively. The gross and net MoIC for ACE V (G) Unlevered are 1.4x and 1.3x, respectively. The gross and net IRR for ACE V (G) Levered are 15.5% and 11.1%, respectively. The gross and net MoIC for ACE V (G) Levered are 1.5x and 1.4x, respectively. The gross and net IRR for ACE V (D) Levered are 14.6% and 10.9%, respectively. The gross and net MoIC for ACE V (D) Levered are 1.5x and 1.4x, respectively. The gross and net IRR for ACE V (Y) Unlevered are 11.9% and 8.8%, respectively. The gross and net MoIC for ACE V (Y) Unlevered are 1.4x and 1.3x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE V Unlevered and ACE V Levered are for the combined levered and unlevered parallel funds and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. Real Assets Group 1. Since inception returns are annualized. 2. 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. Shares of other classes may have lower returns due to higher selling commissions and fees. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. The inception date used in the calculation of the since inception return is the date in which the first shares of common stock were sold after converting to a NAV-based REIT. 3. Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at NAV on the semi-annual period-end date. NAVs are calculated semi-annually in February and August, and therefore, only the since inception return is presented. The inception date used in the calculation of the since inception return is the date in which the fund’s investment units began to be listed on the Tokyo Stock Exchange. The since inception return is calculated based on the most recent NAV date. Additional information related to J-REIT can be found in its materials posted to its website, which are not part of this report. 4. 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. Shares of other classes may have lower returns due to higher selling commissions and fees. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. 5. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Gross returns do not reflect the deduction of management fees, incentive fees, as applicable, or other expenses. Net returns are calculated by subtracting the applicable management fees, incentive fees, as applicable and other expenses from the gross returns on a quarterly basis. 6. For the real estate funds (excluding EIP II), USPF IV and EIF V, realized value represents distributions of operating income, interest income, other fees and proceeds from realizations of interests in portfolio investments. For IDF V, IDF IV and EIP II, realized proceeds include distributions of operating income, sales and financing proceeds received to the limited partners. Realized value excludes any proceeds related to bridge financings. 7. For the real estate funds (excluding EIP II), USPF IV and EIF V, the unrealized value represents the fair value of remaining investments. For IDF V, IDF IV and EIP II, unrealized value represents the fund’s NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. 8. For the real estate funds (excluding EIP II), USPF IV and EIF V, the gross MoIC is calculated at the investment-level and is based on the interests of all partners. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses. For IDF V, IDF IV and EIP II, the gross MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 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 interests attributable to the non fee-paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees, carried interest, as applicable, credit facility interest expense, as applicable, and other expenses. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 10. For the real estate funds (excluding EIP II), USPF IV and EIF V, the gross IRR is an annualized since inception gross internal rate of return of cash flows to and from investments and the residual value of the investments at the end of the measurement period. Gross IRRs reflect returns to all partners. For the real estate funds (excluding EIP II), cash flows used in the gross IRR calculation are assumed to occur at quarter-end. For USPF IV and EIF V, cash flows used in the gross IRR calculation are assumed to occur at month-end. The gross IRRs are calculated before giving effect to management fees, carried interest as applicable, and other expenses. For IDF V, IDF IV and EIP II, 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 IRR reflects returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 69
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Fund Performance Metrics Endnotes (cont'd) Real Assets Group (cont’d) 11. The net IRR is an annualized since inception net 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. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 12. IDF V is made up of U.S. Dollar hedged, Euro unhedged, GBP hedged, Yen hedged, and single investor parallel funds. The gross and net IRR and MoIC presented in the table are for the U.S. Dollar hedged parallel fund. The gross and net IRR for the single investor U.S. Dollar parallel fund are 11.6% and 9.2%, respectively. The gross and net MoIC for the single investor U.S. Dollar parallel fund are 1.3x and 1.2x, respectively. The gross and net IRR for the Euro unhedged parallel fund are 10.9% and 8.1%, respectively. The gross and net MoIC for the Euro unhedged parallel fund are 1.3x and 1.2x, respectively. The gross and net IRR for the GBP hedged parallel fund are 12.2% and 9.3%, respectively. The gross and net MoIC for the GBP hedged parallel fund are 1.3x and 1.2x, respectively. The gross and net IRR for the Yen hedged parallel fund are 8.6% and 6.1%, respectively. The gross and net MoIC for the Yen hedged parallel fund are 1.2x and 1.1x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund’s closing. All other values for IDF V are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 13. EF IV is made up of two parallel funds, one denominated in U.S. Dollars and one denominated in Euros. The gross and net MoIC presented in the table are for the Euro denominated parallel fund. The gross and net MoIC for the U.S. Dollar denominated parallel fund are 1.5x and 1.3x, respectively. The gross and net IRR for the U.S. Dollar denominated parallel fund are 13.3% and 9.6%, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund’s closing. All other values for EF IV are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 14. EPEP II is made up of dual currency investors and Euro currency investors. The gross and net MoIC and gross and net IRR presented in the table are for dual currency investors as dual currency investors represent the largest group of investors in the fund. Multiples exclude foreign currency gains and losses since dual currency investors fund capital contributions and receive distributions in local deal currency (GBP or EUR) and therefore, do not realize foreign currency gains or losses. The gross and net IRRs for the Euro currency investors, which include foreign currency gains and losses, are 8.6% and 4.5%, respectively. The gross and net MoIC for the Euro currency investors are 1.2x and 1.1x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund’s closing. All other values for EPEP II are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 15. EF V is made up of two parallel funds, one denominated in U.S. Dollars and one denominated in Euros. The gross and net IRR and MoIC presented in the table are for the Euro denominated parallel fund. The gross and net MoIC for the U.S. Dollar denominated parallel fund are 1.3x and 1.2x, respectively. The gross and net IRR for the U.S. Dollar denominated parallel fund are 7.9% and 5.4%, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund’s closing. All other values for EF V are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 16. IDF IV is made up of U.S. Dollar hedged, U.S. Dollar unhedged, Euro unhedged, Yen hedged parallel funds and a single investor U.S. Dollar parallel fund. The gross and net IRR and MoIC presented in the table are for the U.S. Dollar hedged parallel fund. The gross and net IRR for the U.S. Dollar unhedged parallel fund are 5.7% and 4.4%, respectively. The gross and net MoIC for the U.S. Dollar unhedged parallel fund are 1.2x and 1.1x, respectively. The gross and net IRR for the Euro unhedged parallel fund are 4.8% and 3.5%, respectively. The gross and net MoIC for the Euro unhedged parallel fund are 1.2x and 1.1x, respectively. The gross and net IRR for the Yen hedged parallel fund are 2.0% and 0.8%, respectively. The gross and net MoIC for the Yen hedged parallel fund are 1.1x and 1.0x, respectively. The gross and net IRR for the single investor U.S. Dollar parallel fund are 4.3% and 3.1%, respectively. The gross and net MoIC for the single investor U.S. Dollar parallel fund are 1.1x and 1.1x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund’s closing. All other values for IDF IV are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 17. EIP II is a Euro-denominated fund. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund’s closing. All other values for EIP II are converted to U.S. Dollars at the prevailing quarter-end exchange rate. Private Equity Group 1. Realized value represents the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments. Realized value excludes any proceeds related to bridge financings. 2. Unrealized value represents the fair market value of remaining investments. Unrealized value does not take into account any bridge financings. There can be no assurance that unrealized investments will be realized at the valuations indicated. 3. The gross MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross MoICs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 4. The net MoIC is calculated at the fund-level. The net MoIC is based on the interests of the fee- paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or performance fees. The net MoIC is after giving effect to management fees, carried interest, as applicable, and other expenses. The net MoICs are also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net MoIC would be 1.8x for ACOF IV, 1.2x for ACOF V, 1.4x for ACOF VI and 0.6x for AEOF. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 5. 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 reflect returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross IRRs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 70
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Fund Performance Metrics Endnotes (cont'd) Private Equity Group (cont’d) 6. The net IRR is an annualized since inception net 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. Net IRRs reflect returns to the fee-paying limited partners and if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculation are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees, carried interest as applicable, and other expenses and exclude commitments by the general partner and Schedule I investors who do not pay either management fees or carried interest. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. The net IRRs are also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net IRRs would be 13.6% for ACOF IV, 4.5% for ACOF V, 15.5% for ACOF VI and (10.5)% for AEOF. Secondaries Group 1. Since inception returns are annualized. 2. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. Additional information related to APMF can be found in its filings with the SEC, which are not part of this report. 3. Realized value represents the sum of all cash distributions to all limited partners and if applicable, exclude tax and incentive distributions made to the general partner. 4. Unrealized value represents the limited partners’ share of fund’s NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. 5. The gross MoIC is calculated at the fund-level and is based on the interests of all partners. If applicable, limiting the gross MoIC to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documentation. The gross fund-level MoIC would have generally been lower had such fund called capital from its partners instead of utilizing the credit facility. 6. 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 or carried interest. The net MoIC is after giving effect to management fees and other expenses, carried interest and credit facility interest expense, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documentation. The net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 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 IRR reflects returns to all partners. If applicable, limiting the gross IRR to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documents. The gross fund-level IRR would generally have been lower had such fund called capital from its partners instead of utilizing the credit facility. 8. The net IRR is an annualized since inception net 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. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and other expenses, carried interest and credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documents. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 9. The results of the fund are presented on a combined basis with the affiliated parallel funds or accounts, given that the investments are substantially the same. Software Exposure Total investment exposure to the software industry represents 6% of total AUM and less than 9% of private credit AUM. Private credit AUM includes our Credit Group AUM, excluding our liquid credit AUM, and adding our real estate debt and infrastructure debt AUM. 71