Ares Management Corporation reported significant financial performance for the three and nine months ended September 30, 2024, reflecting robust growth in revenues and net income compared to the same periods in 2023. Total revenues for Q3 2024 reached $1,129.7 million, a substantial increase of 68% from $671.3 million in Q3 2023. For the nine months ended September 30, 2024, total revenues were $2,625.8 million, up 2% from $2,577.9 million in the prior year.

Net income for Q3 2024 was $280.7 million, a 42% increase from $197.0 million in Q3 2023. For the nine-month period, net income rose to $760.7 million, compared to $736.5 million in the same timeframe last year. Notably, net income attributable to Ares Management Corporation Class A and non-voting common stockholders for Q3 2024 was $118.5 million, nearly doubling from $61.8 million in Q3 2023.

Management fees also saw a significant uptick, with Q3 2024 management fees totaling $757.3 million, an 18% increase from $637.5 million in Q3 2023. For the nine months, management fees reached $2,162.9 million, up 17% from $1,853.3 million in the previous year. The increase in management fees was attributed to capital deployment in direct lending and alternative credit funds.

The company’s total assets as of September 30, 2024, were reported at $24.5 billion, a slight decrease from $24.7 billion at the end of 2023. Total liabilities increased to $3.3 billion from $3.5 billion, while total stockholders’ equity rose to $2.1 billion from $1.9 billion. Ares also reported a significant increase in accrued compensation, which rose to $401.0 million from $287.3 million at the end of 2023.

Strategically, Ares Management announced its intention to acquire the international business of GLP Capital Partners Limited for approximately $3.7 billion, which includes $1.8 billion in cash and $1.9 billion in equity. This acquisition is expected to enhance Ares' asset management capabilities significantly. Additionally, the company issued 30 million shares of Series B mandatory convertible preferred stock, raising $1.5 billion, and $750 million in senior notes.

Overall, Ares Management's performance in Q3 2024 reflects strong operational growth, strategic acquisitions, and a favorable market environment, positioning the company for continued success in the asset management sector.