Short answer
Ares Management (ARES) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $3.9B (+7.0% year over year) and net income of $464M.
- Top risk flagged: Regulatory risk: SEC oversight on CLO consolidation given 27 consolidated CLOs with $37.4 billion in IGAUM as of Dec 31, 2024
FY2024 key financial metrics · XBRL
- Revenue
- $3.9B
- +7.0% YoY
- Net income
- $464M
- −2.2% YoY
- ROE
- 13.1%
- −12.0 pp YoY
- Operating cash flow
- $2.8B
- +1296.6% YoY
Source: XBRL data from the Ares Management (ARES) FY2024 10-K on SEC EDGAR. USD.
Ares Management FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global alternative investment manager focusing on Credit, Real Assets, Private Equity, Secondaries with $484.4B AUM and 3,200+ employees in 15+ countries
- New segment composition in 2024: Special opportunities strategy moved from Private Equity to Credit as opportunistic credit
- Strategic expansion via acquisition of Walton Street Capital Mexico, integrating into North American real estate equity strategy
- Capital raised $92.7B in 2024 with $70.4B from 660+ direct institutional investors, including 310+ new investors
- Noteworthy: 85% of 2024 direct institutional fundraising came from existing investors re-upping or committing to new products
Management Discussion & Analysis
- Revenue growth driven by AUM up 16% in 2024; raised $92.7B gross new capital; $81.0B AUM not yet fee-paying
- Capital deployed $106.7B in 2024 vs $68.1B in 2023; capital available for investment $133.1B vs $111.4B prior year
- Best segment: private equity with increased deal value and favorable deal-making; worst: European real estate with volatility impacting recovery and negative returns (–6.5%)
- Forward outlook: expectation for continued fundraising in NA, Europe, APAC; focus on multi-asset class products and disciplined capital deployment
Risk Factors
- Regulatory risk: SEC oversight on CLO consolidation given 27 consolidated CLOs with $37.4 billion in IGAUM as of Dec 31, 2024
- Macroeconomic threat: Market depreciation impacts SVV investment causing $474.9M carried interest reversal in Private Equity funds
- Operational risk: Dependency on interest and fees from direct lending funds including ACE V and PCS II generating $153.2M and $131.1M carried interest respectively
- Competitive risk: Private equity segment facing reversals from SVV lower stock price impacting carried interest by hundreds of millions
- Financial risk: Convertible preferred stock dividends declared $22.8M in 2024, introducing additional capital structure complexity
Generated from the filing text; verify against the original. How to read a 10-K
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