Ares Management (ARES) 8-KAres Management Corporation Reports First Quarter 2024 Results

0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Privat e Equ ity Real Esta te Strate gic Initi atives BUSINES S SECTOR PALETTE GENERA L PALE TTE Earnings Presentation First Quarter 2024 Exhibit 99.2

 

0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Privat e Equ ity Real Esta te Strate gic Initi atives BUSINES S SECTOR PALETTE GENERA L PALE TTE 2 Important Notice This presentation is prepared for Ares Management Corporation (“Aresˮ) (NYSE: ARES) for the benefit of its public stockholders. This presentation is solely for information purposes in connection with evaluating the business, operations and financial results of Ares and certain of its affiliates. 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 may not be referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by Ares. This presentation contains “forward looking statementsˮ within the meaning of 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,ˮ “believes,ˮ “expects,ˮ “potential,ˮ “continues,ˮ “may,ˮ “will,ˮ “should,ˮ “seeks,ˮ “predicts,ˮ “intends,ˮ “plans,ˮ “estimates,ˮ “anticipates,ˮ “foreseesˮ 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, as well as those described in the “Risk Factorsˮ section of our filings with the Securities and Exchange Commission (“SECˮ). These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in our periodic filings. 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 assumes no obligation to update or revise any such forward-looking statements except as required by law. Certain information discussed in this presentation was derived from third party sources and has not been independently verified and, accordingly, Ares makes no representation or warranty in respect of this information and assumes no responsibility for independent verification of such information. The following slides contain summaries of certain financial and statistical information about Ares. The information contained in this presentation is summary information that is intended to be considered in the context of Ares’ SEC filings and other public announcements that Ares may make, by press release or otherwise, from time to time. Ares undertakes no duty or obligation to publicly update or revise these statements or other information contained in this presentation. In addition, this presentation contains information about Ares, its affiliated funds and certain of their respective personnel and affiliates, and their respective historical performance. You should not view information related to the past performance of Ares and its affiliated funds as indicative of future results. Certain information set forth herein includes estimates and targets and involves significant elements of subjective judgment and analysis. No representations are made as to the accuracy of such estimates or targets or that all assumptions relating to such estimates or targets have been considered or stated or that such estimates or targets will be realized. Further, certain fund performance information, unless otherwise stated, is before giving effect to management fees, carried interest or incentive fees and other expenses. 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 this presentation constitutes the provision of tax, accounting, financial, investment, regulatory, legal or other advice by Ares or its advisors. Management uses certain non-GAAP financial measures, including Assets Under Management, Fee Paying Assets Under Management, Fee Related Earnings and Realized Income 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 within 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. The definitions and reconciliations of these measures to the most directly comparable GAAP measures, as well as an explanation of why we use these measures, are included in the Glossary. Amounts and percentages may reflect rounding adjustments and consequently totals may not appear to sum. For the definitions of certain terms used in this presentation, please refer to the “Glossaryˮ slide in the appendix. The results contained in this presentation are made as of March 31, 2024, 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.

 

0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Privat e Equ ity Real Esta te Strate gic Initi atives BUSINES S SECTOR PALETTE GENERA L PALE TTE 3 Assets Under Management Q1-24 Financial Results Corporate Actions Recent Developments First Quarter 2024 Highlights 1. Net inflows of capital represents gross capital commitments less redemptions. 2. Unconsolidated management fees includes $12.5 million from Consolidated Funds that are eliminated upon consolidation for GAAP for Q1-24 and excludes management fees attributable to certain joint venture partners. Unconsolidated other fees represents $19.9 million for Q1-24 and excludes administrative fees that are presented as a reduction to respective expenses and administrative fees attributable to certain joint venture partners. • Total Assets Under Management (“AUMˮ) of $428.3 billion • Total Fee Paying AUM (“FPAUMˮ) of $267.1 billion • Available Capital of $114.6 billion • AUM Not Yet Paying Fees available for future deployment of $64.6 billion • Raised $17.4 billion in gross new capital with net inflows of capital(1) of $14.4 billion • Capital deployment of $18.6 billion, including $9.4 billion by our drawdown funds • On January 1, 2024, Ares changed its segment composition. Our special opportunities strategy, historically part of the Private Equity Group, is now referred to as opportunistic credit and is presented within the Credit Group • GAAP net income attributable to Ares Management Corporation of $73.0 million • GAAP basic and diluted earnings per share of Class A and non-voting common stock of $0.33 • GAAP management fees of $687.7 million • Unconsolidated management fees and other fees of $713.2 million(2) • Fee related performance revenues of $3.7 million • Fee Related Earnings of $301.7 million • Realized Income of $289.2 million • After-tax Realized Income of $0.80 per share of Class A and non-voting common stock • Declared quarterly dividend of $0.93 per share of Class A and non-voting common stock, which is payable on June 28, 2024 to shareholders of record as of June 14, 2024 • Fee related performance revenues of $3.7 million [SLIDE REVIEWED AND CONFIRMED FINAL IN BOARD DECK] Q1-24 LTM

 

4 $ in billions Q1 2024 Commentary Credit Group U.S. Direct Lending $4.0 Equity and debt commitments to various funds, including debt commitments of $2.0 billion and equity commitments of $0.8 billion for our third U.S. senior direct lending fund Business Development Companies 3.2 Capital raised by ARCC and affiliates of $2.0 billion and capital raised by ASIF of $1.2 billion European Direct Lending 3.4 Equity and debt commitments to various funds, including equity commitments of $1.0 billion for our sixth European direct lending fund and $0.8 billion of capital raised by AESIF Alternative Credit 1.8 Equity commitments to various funds, including $0.3 billion for an open-ended core alternative credit fund CLOs 1.0 Closed one new U.S. CLO and priced one new European CLO Liquid Credit 0.7 Equity commitments to various funds Other 0.1 Unallocated equity commitments to the platform Total Credit Group $14.2 Real Assets Group Non-traded REITs $0.3 Capital raised of $0.2 billion by AREIT and $0.1 billion by AIREIT Infrastructure Debt 0.1 Equity commitments to an infrastructure debt vehicle Total Real Assets Group $0.4 Private Equity Group Corporate Private Equity $0.2 Equity commitments for our seventh corporate private equity fund Other 0.1 Unallocated equity commitments to the platform Total Private Equity Group $0.3 Secondaries Group Private Equity Secondaries $0.5 Capital raised of $0.3 billion by APMF and equity commitments to various funds Real Estate Secondaries 0.2 Equity commitments to a real estate secondaries fund Infrastructure Secondaries 0.2 Equity commitments to various funds, including $0.1 billion for our third infrastructure secondaries fund Credit Secondaries 0.1 Equity commitments to various funds Total Secondaries Group $1.0 Other Businesses Insurance $1.5 Additional managed assets Total Other Businesses $1.5 Total $17.4 Gross New Capital Commitments(1) 1. Represents gross new capital commitments during the period presented, including equity and debt commitments, and gross inflows into our open-ended managed accounts, publicly-traded vehicles and non-traded vehicles. Commitments denominated in currencies other than U.S. dollar have been converted at the prevailing quarter-end exchange rate. 0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equity Real Estate Strategic Initiatives CHECKS: 1) is the order of segments listed from largest to smallest by segment? 2) check for any final closes and funds that can now be named (need full legal name) - include final close amount

 

5 Q1-23 Q4-23 Q1-24 Assets Under Management 1. AUM amounts include vehicles managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and a SEC-registered investment adviser (“IHAMˮ). AUM as of March 31, 2024 was $428.3 billion, an increase of 19% from prior year(1) • The increase of $68.0 billion was primarily driven by: ◦ commitments to U.S. direct lending funds, our sixth European direct lending fund and Pathfinder II within Credit; ◦ additional managed assets from our insurance platform; and ◦ the acquisition of Crescent Point and commitments to our seventh corporate private equity fund within Private Equity FPAUM as of March 31, 2024 was $267.1 billion, an increase of 14% from prior year • The increase of $33.2 billion was primarily driven by: ◦ the deployment of capital in funds across our U.S. and European direct lending, alternative credit and opportunistic credit strategies; and ◦ the acquisition of Crescent Point FPAUM Q1-23 Q4-23 Q1-24 Credit Real Assets Private Equity Secondaries Other Businesses ($ in billions) ($ in billions) 0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equity Real Estate Strategic Initiatives AUM $249.1 $20.6 $64.1 $23.0 $3.5 $360.3 $418.8 $4.8 $24.7 $65.4 $24.5 $308.6 $24.5 $64.1 $25.6 $5.5 $428.3 $233.9 $17.8 $2.7 $40.9 $11.3 $161.2 $3.6 $185.3 $19.1 $13.1 $41.3 $262.4 $189.8 $12.6 $40.8 $19.9 $4.0 $267.1 [SLIDE REVIEWED AND CONFIRMED FINAL IN BOARD DECK] $299.4

 

6 Q1-23 Q4-23 Q1-24 $0.3 Perpetual Capital Perpetual Capital AUM Perpetual Capital as of March 31, 2024 was $109.2 billion, an increase of 14% from prior year • The increase of $13.8 billion was primarily driven by: ◦ commitments to certain funds and SMAs in our U.S. direct lending and alternative credit strategies, capital raised by our business development companies and additional managed assets from our insurance platform Perpetual Capital by Type ($ in billions) (2)($ in billions) Credit Real Assets Secondaries Other Businesses $4.2 $4.9 $1.2 $0.9 $3.0 $64.3 $72.3 $77.0 $27.8 $26.9 $26.1 $95.4 $104.3 $109.2 Q1-23 Q4-23 Q1-24 Publicly-Traded Vehicles Private Commingled Vehicles Non-Traded Vehicles Managed Accounts $104.3 $27.6 $22.3 $22.9 $31.5 $32.5 $22.6 $25.0 $29.1 $109.2 $95.4 $22.7 $19.7 $23.7 $29.3 [SLIDE REVIEWED AND CONFIRMED FINAL IN BOARD DECK]

 

7 8% 7% 6% 5% 62% 12% 26% 5% 9% 5% 50% 5% AUM and Management Fees by Type 88% 1. Long-dated funds generally have a contractual life of five years or more at inception. For the quarter ended March 31, 2024: • 88% of assets under management were perpetual capital or long-dated funds • 95% of management fees were earned from perpetual capital or long-dated funds AUM by Type Management Fees by Type 95% Perpetual Capital - Publicly-Traded Vehicles Perpetual Capital - Private Commingled Vehicles Perpetual Capital - Non-Traded Vehicles Perpetual Capital - Managed Accounts Long-Dated Funds(1) Other [SLIDE REVIEWED AND CONFIRMED FINAL IN BOARD DECK]

 

8 Q1-23 Q4-23 Q1-24 Available Capital and AUM Not Yet Paying Fees Available Capital as of March 31, 2024 was $114.6 billion, an increase of 29% from prior year • The increase of $26.0 billion was primarily driven by: ◦ commitments to the U.S. and European direct lending and alternative credit strategies AUM Not Yet Paying Fees as of March 31, 2024 was $77.4 billion, an increase of 28% from prior year • The increase of $16.7 billion was primarily driven by: ◦ commitments to the U.S. and European direct lending and alternative credit strategies Available Capital AUM Not Yet Paying Fees Q1-23 Q4-23 Q1-24 ($ in billions) ($ in billions) Credit Real Assets Private Equity Secondaries Other Businesses $0.5 $0.5 $59.5 $2.9 $17.2 $8.5 $9.0 $16.8 $3.8 $81.3 $114.6 $0.5 $9.2 $15.7 $4.1 $85.1 $47.1 $1.6 $7.8 $4.2 $60.7 $74.3 $3.3 $7.0 $2.2 $61.8 $77.4 $3.4 $6.7 $2.4 $64.9 [SLIDE REVIEWED AND CONFIRMED FINAL IN BOARD DECK] $88.6 $111.4

 

9 $64.6 $11.5 $1.3 $57.2 $4.1 $1.5 $1.8 AUM Not Yet Paying Fees Available for Future Deployment AUM Not Yet Paying Fees As of March 31, 2024, AUM Not Yet Paying Fees includes $64.6 billion of AUM available for future deployment that could generate approximately $621.5 million in potential incremental annual management fees(1) • The $64.6 billion of AUM Not Yet Paying Fees available for future deployment primarily includes $27.5 billion in U.S. direct lending funds, $14.7 billion in European direct lending funds, $9.6 billion in alternative credit funds, $2.7 billion in APAC credit funds, $2.2 billion in real estate equity funds and $2.1 billion in opportunistic credit funds 1. 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 March 31, 2024 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 $621.5 million includes approximately $35.9 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 March 31, 2024. Note that no potential Part I Fees are reflected in any of the amounts above. 2. 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 March 31, 2024, capital available for deployment for follow-on investments could generate approximately $115.5 million in additional potential annual management fees. There is no assurance such capital will be invested. ($ in billions)($ in billions) Capital Available for Future Deployment Capital Available for Deployment for Follow-on Investments (2) Funds in or Expected to Be in Wind-down AUM Not Yet Paying Fees Credit Real Assets Private Equity Secondaries $64.6 $77.4 Footnote 1: target leverage of ARCC is 1.25x Q4: ARCC potential incremental mfees was 0 as of 12/31, per ashley the target leverage rate was 1.25 and they were currently above that target, so nothing more to deploy if 0, to remove “Reference to the $621.5 million includes approximately $35.9 million in potential incremental management fees from deploying cash and a portion of undrawn/ available credit facilities at “ [SLIDE REVIEWED AND CONFIRMED FINAL IN BOARD DECK]

 

10 Q1-23 Q4-23 Q1-24 $15.8 Incentive Eligible AUM and Incentive Generating AUM ($ in billions) ($ in billions) Credit(3) Real Assets Private Equity Secondaries(3) Other Businesses Total Incentive Generating AUM $81.8 $16.2 $16.1 $7.7 $0.7 $122.5 + Uninvested IEAUM 60.3 9.6 3.9 7.5 0.5 81.8 + IEAUM below hurdle 1.9 13.7 0.6 0.6 — 16.8 ‘+ Part II Fees below Hurdle(2) 26.0 — — — — 26.0 Incentive Eligible AUM $170.0 $39.5 $20.6 $15.8 $1.2 $247.1 Credit Real Assets Private Equity Secondaries Other Businesses 1. Incentive Generating AUM includes $37.6 billion of AUM from funds generating incentive income that is not recognized by Ares until such fees are crystallized or no longer subject to reversal. 2. Represents Incentive Eligible AUM associated with Part II Fees that are paid in arrears as of the end of each calendar year when the cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of Part II Fees paid in all prior years since inception. 3. Includes $19.2 billion of perpetual capital IGAUM that will generate fee related performance revenues, composed of $18.2 billion within the Credit Group and $1.0 billion within the Secondaries Group. Incentive Eligible AUM Incentive Eligible AUM as of March 31, 2024 was $247.1 billion, an increase of 17% from prior year • The increase of $36.6 billion was primarily driven by: ◦ commitments to funds across our U.S. and European direct lending and alternative credit strategies Incentive Generating AUM(1) as of March 31, 2024 was $122.5 billion, an increase of 26% from prior year • The increase was primarily driven by increases in net asset values of certain credit funds resulting in returns exceeding hurdle rates, as well as deployment of capital within credit funds that are generating returns in excess of their hurdle rates as of March 31, 2024 Of the $165.3 billion of Incentive Eligible AUM that is currently invested, 74% is Incentive Generating AUM • Excluding the Incentive Eligible AUM associated with Part II Fees,(2) which are based on capital gains from the largely debt oriented portfolios of ARCC and ASIF, 88% of Incentive Eligible AUM that is currently invested is Incentive Generating AUM Q1-24 Incentive Generating to Incentive Eligible AUM Reconciliation $39.5 $1.2 $167.5 $20.6 $40.2 $20.6 $15.1 $137.9 $19.5 $39.1 $210.5 $244.4 $247.1 $13.5 $0.5 $1.0 $170.0 [SLIDE REVIEWED AND CONFIRMED FINAL IN BOARD DECK]

 

11 $16.4 $1.0 $0.1 $0.5 $0.6 Q1-24 Gross Capital Deployment Capital Deployment ($ in billions) (2) Capital Deployment in Drawdown Funds ($ in billions) Total Gross Capital Deployment during Q1-24 was $18.6 billion compared to $12.2 billion during Q1-23 • Deployment by our drawdown funds was $9.4 billion in Q1-24 compared to $7.8 billion in Q1-23 ◦ Of our drawdown funds, the investment strategies with the highest deployment were U.S. and European direct lending and alternative credit • Deployment by our perpetual capital vehicles was $9.2 billion in Q1-24 compared to $4.7 billion in Q1-23 ◦ Of our perpetual capital vehicles, the investment strategies with the highest deployment were U.S. direct lending and alternative credit Q1-23 Q4-23 Q1-24 $5.7 $0.7 $1.0 $7.8 $12.6 $0.6 $1.5 $15.4 $9.4 $0.8 $8.1 $0.1 Credit Real Assets Private Equity Secondaries $0.4 Credit Real Assets Private Equity Secondaries Other Businesses $0.7 $18.6 $0.4

 

12 Three months ended March 31, $ in thousands, except share data 2024 2023 Revenues Management fees $687,692 $600,516 Carried interest allocation (32,478) 151,488 Incentive fees 8,667 8,923 Principal investment income 7,050 22,758 Administrative, transaction and other fees 36,432 29,677 Total revenues 707,363 813,362 Expenses Compensation and benefits 412,951 360,781 Performance related compensation (50,532) 111,658 General, administrative and other expenses 170,928 148,345 Expenses of Consolidated Funds 5,146 7,852 Total expenses 538,493 628,636 Other income (expense) Net realized and unrealized gains on investments 10,516 1,515 Interest and dividend income 5,382 3,839 Interest expense (37,824) (24,986) Other income (expense), net 270 (923) Net realized and unrealized gains on investments of Consolidated Funds 34,424 10,700 Interest and other income of Consolidated Funds 257,276 222,938 Interest expense of Consolidated Funds (207,866) (156,687) Total other income, net 62,178 56,396 Income before taxes 231,048 241,122 Income tax expense 27,233 33,806 Net income 203,815 207,316 Less: Net income attributable to non-controlling interests in Consolidated Funds 66,716 26,693 Net income attributable to Ares Operating Group entities 137,099 180,623 Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities 73 (1,824) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 63,999 88,408 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $73,027 $94,039 Net income per share of Class A and non-voting common stock: Basic $0.33 $0.49 Diluted $0.33 $0.49 Weighted-average shares of Class A and non-voting common stock: Basic 192,622,609 178,976,022 Diluted 192,622,609 178,976,022 GAAP Statements of Operations

 

13 RI and Other Measures Financial Summary Three months ended March 31, LTM ended March 31, $ in thousands, except share data (and as otherwise noted) 2024 2023 % Change 2024 2023 % Change Management fees(1) $693,365 $602,619 15% $2,662,259 $2,272,226 17% Fee related performance revenues 3,717 3,871 (4) 180,295 230,585 (22) Other fees 19,876 20,695 (4) 91,290 95,402 (4) Compensation and benefits expenses(2) (300,015) (278,031) (8) (1,298,099) (1,208,528) (7) General, administrative and other expenses (115,273) (94,517) (22) (424,971) (346,368) (23) Fee Related Earnings 301,670 254,637 18 1,210,774 1,043,317 16 Realized net performance income 10,025 7,277 38 136,241 135,464 1 Realized net investment loss (22,539) (7,622) (196) (46,623) (15,479) (201) Realized Income 289,156 254,292 14 1,300,392 1,163,302 12 After-tax Realized Income(3) $265,103 $232,027 14 $1,218,790 $1,087,077 12 After-tax Realized Income per share of Class A and non-voting common stock(4) $0.80 $0.71 13 $3.74 $3.41 10 Other Data Fee Related Earnings margin 42.1% 40.6% 41.3% 40.2% Effective management fee rate 1.02% 1.01% 1. Includes Part I Fees of $105.3 million and $83.4 million for Q1-24 and Q1-23, respectively, and $391.1 million and $298.8 million for Q1-24 LTM and Q1-23 LTM, respectively. 2. Includes fee related performance compensation of $0.1 million and $1.4 million for Q1-24 and Q1-23, respectively, and $109.7 million and $142.4 million for Q1-24 LTM and Q1-23 LTM, respectively. 3. For Q1-24, Q1-23, and Q1-24 LTM, Q1-23 LTM, after-tax Realized Income includes current income tax related to: (i) entity level taxes of $5.9 million, $5.3 million and $29.2 million, $19.0 million, respectively, and (ii) corporate level tax expense of $18.1 million, $17.0 million and $52.4 million, $57.3 million, respectively. For more information regarding after-tax RI, please refer to the "Glossary" slide in the appendix. 4. 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. Please refer to slide 26 for additional details.

 

14 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis Three months ended March 31, LTM ended March 31, $ in thousands 2024 2023 2024 2023 Realized Income and Fee Related Earnings: Income before taxes $231,048 $241,122 $1,322,989 $590,619 Adjustments: Amortization of intangibles(1) 29,180 38,201 192,500 315,032 Depreciation expense 7,464 7,458 31,670 27,584 Equity compensation expense 92,421 68,704 279,136 214,635 Acquisition-related compensation expense(2) 5,504 642 12,196 158,893 Acquisition and merger-related expense 10,578 4,955 17,623 11,110 Placement fee adjustment 5,540 (3,232) 2,953 (451) Other (income) expense, net 131 91 1,016 (16) Income before taxes of non-controlling interests in consolidated subsidiaries (3,662) (5,671) (15,240) (1,039) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (65,586) (27,171) (316,534) (99,428) Total performance (income) loss—unrealized 45,476 (127,713) (132,181) (101,159) Total performance related compensation—unrealized (64,514) 85,150 57,259 82,454 Total net investment income—unrealized (4,424) (28,244) (152,995) (34,932) Realized Income 289,156 254,292 1,300,392 1,163,302 Total performance income—realized (23,181) (31,136) (407,944) (405,289) Total performance related compensation—realized 13,156 23,859 271,703 269,825 Total investment loss—realized 22,539 7,622 46,623 15,479 Fee Related Earnings $301,670 $254,637 $1,210,774 $1,043,317 Note: This table is a reconciliation of income before 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 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 shareholders to analyze our performance. 1. Amortization of intangibles for Q1-23, Q1-24 LTM and Q1-23 LTM include non-cash impairment charges of $7.8 million, $70.9 million and $189.4 million, respectively. 2. Represents contingent obligations (earnouts) recorded in connection with the acquisitions of Landmark, Black Creek, Infrastructure Debt and Crescent Point that are recorded as compensation expense. Note: This table is a reconciliation of income before 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 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 shareholders to analyze our performance. 1. For Q1-24, Q1-23, and Q1-24 LTM, Q1-23 LTM, equity compensation expense was attributable to the following: (i) IPO awards and other non-recurring awards of $21.3 million, $14.8 million and $21.3 million, $52.9 million, respectively; (ii) annual bonus awards of $37.8 million, $26.3 million and $37.8 million, $62.0 million, respectively; and (iii) annual discretionary awards of $33.3 million, $28.2 million and $33.3 million, $101.1 million, respectively 2. Q1-21 LTM includes a $0.0 million### T 3. The contingent liability was excluded from the purchase consideration and resulted in a mismatch between the consideration transferred and net assets recognized. 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. 1. For Q1-24 LTM, amortization of intangibles includes non-cash impairment charges of ### related to our decision to rebrand Ares SSG to Ares Asia and to discontinue the ongoing use of the SSG trade name. 1. Includes a $42.3 million bargain purchase gain recognized in connection with the Black Creek Acquisition. The bargain purchase gain is related to the contingent liability established with the Black Creek Acquisition that was excluded from the purchase consideration. 2. For Q1-24, Q1-23, and Q1-24 LTM, Q1-23 LTM, equity compensation expense was attributable to the following: (i) non-recurring awards of $21.3 million, $14.8 million and $68.7 million, $52.9 million, respectively; (ii) annual bonus awards of $37.8 million, $26.3 million and $84.9 million, $62.0 million, respectively; and (iii) annual discretionary awards of $33.3 million, $28.2 million and $125.5 million, $101.1 million, respectively.

 

15 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 shareholders to analyze our performance. Three months ended March 31, LTM ended March 31, $ in thousands 2024 2023 2024 2023 Performance income and net investment income reconciliation: Carried interest allocation $(32,478) $151,488 $434,613 $431,211 Incentive fees 8,667 8,923 276,371 293,688 Carried interest allocation and incentive fees (23,811) 160,411 710,984 724,899 Performance income (loss)—realized from Consolidated Funds (3) 138 960 4,084 Fee related performance revenues (3,717) (3,871) (180,295) (230,585) Total performance (income) loss—unrealized 51,404 (124,306) (117,089) (90,203) Performance income of non-controlling interests in consolidated subsidiaries (692) (1,236) (6,616) (2,906) Performance income—realized $23,181 $31,136 $407,944 $405,289 Total consolidated other income $62,178 $56,396 $504,819 $202,850 Net investment income from Consolidated Funds (79,075) (67,368) (521,040) (259,630) Principal investment income (loss) (2,666) 35,457 117,509 69,190 Other expense (income), net 131 91 1,016 (17) Other expense (income) of non-controlling interests in consolidated subsidiaries 1,317 (3,954) 4,068 7,060 Investment income—unrealized (3,685) (28,985) (159,629) (23,478) Interest and other investment loss (income)— unrealized (739) 741 6,634 (11,454) Total realized net investment loss $(22,539) $(7,622) $(46,623) $(15,479)

 

16 Credit Group(1) Alternative Credit 1.6% / 15.3% Opportunistic Credit 3.4% / 18.1% U.S. Senior Direct Lending 4.9% / 21.0% U.S. Junior Direct Lending 4.7% / 18.0% European Direct Lending 2.9% / 10.5% APAC Credit 7.2% / 38.4% Q1-24 / Q1-24 LTM gross returns(2) $ in thousands Q1-24 Q1-23 % Change Q1-24 LTM Q1-23 LTM % Change Management and other fees $520,877 $439,616 18% $1,971,227 $1,625,886 21% Fee related performance revenues 755 600 26 167,488 59,744 180 Fee Related Earnings 352,417 291,640 21 1,377,789 1,096,740 26 Realized net performance income 8,032 1,529 NM 118,260 83,047 42 Realized net investment income (loss) (4,481) (11) NM 12,076 14,254 (15) Realized Income $355,968 $293,158 21 $1,029,028 $1,194,041 (14) AUM ($ in billions) $308.6 $249.1 24 FPAUM ($ in billions) $189.8 $161.2 18 Note: Past performance is not indicative of future results. Please refer to investment group highlights endnotes on slide 20 for additional information. • Management and other fees increased by 18% for Q1-24 compared to Q1-23, primarily driven by deployment within U.S. and European direct lending and alternative credit ◦ Management fees in Q1-23 included catch-up fees from SSG VI of $0.7 million • Fee Related Earnings increased by 21% for Q1-24 compared to Q1-23, primarily driven by the increase in management fees • Realized Income increased by 21% for Q1-24 compared to Q1-23, primarily driven by the increase in Fee Related Earnings and higher realized net performance income from PCS I and an alternative credit fund in Q1-24 • Capital deployment totaled $16.4 billion for Q1-24, primarily driven by $9.4 billion in U.S. direct lending, $2.9 billion in alternative credit, $2.3 billion in European direct lending and $1.4 billion in liquid credit Financial Summary and Highlights • Fee related performance revenues increased by 26% for Q1-24 compared to Q1-23, primarily due to the timing of incentive fees recognized from U.S. and European direct lending vehicles • Fee related performance revenues increased by 26% for Q1-24 compared to Q1-23, primarily due to higher incentive fees recognized from U.S. and European direct lending vehicles in Q1-24 Performance Highlights

 

17 Real Assets Group(1) Note: Past performance is not indicative of future results. Please refer to investment group highlights endnotes on slide 20 for additional information. • Management and other fees decreased by 5% for Q1-24 compared to Q1-23, primarily due to lower management fees from the reduction in fee bases from AREOF III and IDF IV and from the decrease in the average capital base of AIREIT. The decrease was partially offset by higher management fees from deployment in IDF V and commitments to our second climate infrastructure fund ◦ Management fees in Q1-24 and Q1-23 included catch-up fees of $0.2 million and $0.4 million, respectively, mostly from our fourth U.S. opportunistic real estate equity fund ◦ Other fees decreased primarily due to lower development fees from a reduction in property-related activities • Fee Related Earnings decreased by 13% for Q1-24 compared to Q1-23, primarily due to lower management and other fees and higher operating expenses • Realized Income decreased by 13% for Q1-24 compared to Q1-23, primarily due to the decrease in Fee Related Earnings • Capital deployment totaled $1.0 billion for Q1-24, primarily driven by $0.4 billion in infrastructure debt, $0.3 billion in U.S. real estate equity and $0.2 billion in real estate debt U.S. Real Estate Equity 2.4% / 6.1% European Real Estate Equity 0.1% / (1.6)% Infrastructure Debt 2.8% / 6.8% Q1-24 / Q1-24 LTM gross returns(2) $ in thousands Q1-24 Q1-23 % Change Q1-24 LTM Q1-23 LTM % Change Management and other fees $98,889 $103,932 (5)% $414,089 $407,266 2% Fee related performance revenues — — — 334 167,335 (100) Fee Related Earnings 46,518 53,662 (13) 211,663 285,851 (26) Realized net performance income 1,449 2,328 (38) 7,343 40,269 (82) Realized net investment loss (2,571) (3,847) 33 (8,558) (6,874) (24) Realized Income $45,396 $52,143 (13) $210,448 $319,246 (34) AUM ($ in billions) $64.1 $64.1 0 FPAUM ($ in billions) $40.8 $40.9 0 Financial Summary and Highlights

 

18 Private Equity Group(1) Note: Past performance is not indicative of future results. Please refer to investment group highlights endnotes on slide 20 for additional information. • Management and other fees increased by 17% for Q1-24 compared to Q1-23, primarily driven by the acquisition of Crescent Point • Fee Related Earnings increased by 68% for Q1-24 compared to Q1-23, primarily driven by increase in management fees and lower compensation and benefits • Realized Income increased by 18% for Q1-24 compared to Q1-23, primarily driven by the increase in Fee Related Earnings, partially offset by lower realized net performance income from ACOF IV in Q1-24 • Capital deployment totaled $0.1 billion for Q1-24, primarily driven by corporate private equity $ in thousands Q1-24(2) Q1-23 % Change Q1-24 LTM(2) Q1-23 LTM % Change Management and other fees $35,372 $30,234 17% $133,552 $124,690 7% Fee Related Earnings 15,371 9,123 68 59,305 39,278 51 Realized net performance income 544 3,420 (84) 9,856 11,507 (14) Realized net investment loss (5,585) (3,760) (49) (21,489) (11,973) (79) Realized Income $10,330 $8,783 18 $47,672 $38,812 23 AUM ($ in billions) $24.5 $20.6 19 FPAUM ($ in billions) $12.6 $11.3 12 Financial Summary and Highlights Corporate Private Equity 0.1% / 6.7% Q1-24 / Q1-24 LTM gross returns(3)

 

19 Secondaries Group(1) Note: Past performance is not indicative of future results. Please refer to investment group highlights endnotes on slide 20 for additional information. • Management and other fees increased by 11% for Q1-24 compared to Q1-23 primarily driven by higher management fees from APMF and commitments to LREF IX and our third infrastructure secondaries fund ◦ Management fees in Q1-24 included catch-up fees of $0.2 million from our third infrastructure secondaries fund and Q1-23 included catch-up fees of $0.9 million from LREF IX • Fee Related Earnings increased by 1% for Q1-24 compared to Q1-23, reflecting increases in management fees and operating expenses, including an increase in supplemental distribution fees for APMF shares • Realized Income decreased by 5% for Q1-24 compared to Q1-23, primarily driven by lower dividend income from APMF for Q1-24 • Capital deployment totaled $0.5 billion for Q1-24, primarily driven by $0.2 billion in private equity secondaries, $0.2 billion in real estate secondaries and $0.1 billion in infrastructure secondaries $ in thousands Q1-24 Q1-23 % Change Q1-24 LTM Q1-23 LTM % Change Management and other fees $44,425 $39,863 11% $179,526 $172,053 4% Fee related performance revenues 2,962 3,271 (9) 12,473 3,506 256 Fee Related Earnings 25,605 25,430 1 104,562 106,145 (1) Realized net performance income — — — 782 641 22 Realized net investment loss (2,488) (1,080) (130) (5,521) (3,236) (71) Realized Income $23,117 $24,350 (5) $99,823 $103,550 (4) AUM ($ in billions) $25.6 $23.0 11 FPAUM ($ in billions) $19.9 $17.8 12 Financial Summary and Highlights • Fee Related Earnings increased by 1% for Q1-24 compared to Q1-23, primarily driven by lower operating expenses Private Equity Secondaries (1.7)% / 1.8% Real Estate Secondaries (1.7)% / (6.4)% Q1-24 / Q1-24 LTM gross returns(2)

 

20 The tables for each of the investment group highlights on slides 16-19 are a financial summary only and segment results are shown before the unallocated support costs of the Operations Management Group. Please refer to “Financial Details - Segmentsˮ on slide 25 for complete financial results. Credit Group 1. The Credit Group had ~575 investment and investor relations professionals, ~275 active funds, ~1,750 portfolio companies and ~1,400 alternative credit investments as of March 31, 2024. 2. Composite returns are calculated by asset-weighting the underlying fund-level time-weighted returns. Returns include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Gross time-weighted returns do not reflect the deduction of management fees, carried interest, as applicable, or other expenses, while net time-weighted returns are after giving effect to these items. We believe aggregated performance returns reflect overall quarterly performance returns in a strategy, but are not necessarily investable funds or products themselves. Additional information for performance by strategy is as follows: • Performance for the alternative credit strategy is represented by Pathfinder I. The net returns were 1.0% for Q1-24 and 10.5% for Q1-24 LTM. • Performance for the opportunistic credit strategy is represented by the composite made up of ASOF I and ASOF II. The net fund-level returns were 2.3% for Q1-24 and 13.2% for Q1-24 LTM. • Performance for the U.S. senior direct lending strategy is represented by the composite made up of SDL I and SDL II levered feeder funds. The net returns were 3.8% for Q1-24 and 16.3% for Q1-24 LTM. The gross and net returns for the composite made up of the SDL I and SDL II unlevered feeder funds were 3.3% and 2.6% for Q1-24, respectively, and 13.6% and 10.8% for Q1-24 LTM, respectively. • Performance for the U.S. junior direct lending strategy is represented by the composite made up of PCS I and PCS II. The net returns were 2.7% for Q1-24 and 12.8% for Q1-24 LTM. • Performance for the European direct lending strategy is represented by the composite made up of ACE III, ACE IV and ACE V levered Euro-denominated feeder funds. Returns presented on slide 16 for the European direct lending composite are Euro-denominated as this is the base denomination of the funds. The net returns were 2.3% for Q1-24 and 7.6% for Q1-24 LTM. The gross and net returns for the composite made up of ACE III, ACE IV and ACE V U.S. dollar denominated feeder funds were 2.9% and 2.1% for Q1-24, respectively, and 11.2% and 8.0% for Q1-24 LTM, respectively. • Performance for the APAC credit strategy is represented by the composite made up of SSG V and SSG VI. The net returns were 5.5% for Q1-24 and 26.7% for Q1-24 LTM. Real Assets Group 1. The Real Assets Group had ~350 investment and investor relations professionals, ~500 properties, ~65 infrastructure assets and ~65 active funds and related co-investment vehicles as of March 31, 2024. 2. Gross time-weighted returns do not reflect the deduction of management fees, carried interest, or other expenses, as applicable, while net time-weighted returns are after giving effect to these items. We believe aggregated performance returns reflect overall quarterly performance returns in a strategy, but are not necessarily investable funds or products themselves. Additional information for performance by strategy is as follows: • Performance for the U.S. real estate equity strategy is represented by the composite made up of DEV II, AREOF III, US VIII, US IX and US X. The net returns were 1.4% for Q1-24 and 3.2% for Q1-24 LTM. • Performance for the European real estate equity strategy is represented by the composite made up of EPEP II, EPEP III, EF IV and EF V. EF IV and EF V are each made up of two feeder funds, one denominated in U.S. dollars and one denominated in Euros. Returns presented on slide 17 for European real estate equity are shown for the Euro-denominated composite as this is the base denomination of the funds. The net returns were (0.1)% for Q1-24 and (2.2)% for Q1-24 LTM. The gross and net returns for the U.S. dollar denominated feeder fund for European real estate equity were (0.2)% and (0.4)% for Q1-24, respectively, and (1.6)% and (2.1)% for Q1-24 LTM, respectively. • Performance for the infrastructure debt strategy is represented by the composite made up of U.S. dollar denominated hedged feeder funds for IDF III, IDF IV and IDF V. The net returns were 2.1% for Q1-24 and 5.6% for Q1-24 LTM. Private Equity Group 1. The Private Equity Group had ~85 investment and investor relations professionals, ~70 portfolio companies and ~60 active funds and related co-investment vehicles as of March 31, 2024. 2. Includes results of Crescent Point following the acquisition close date of October 2, 2023. 3. All returns are gross fund-level time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments, and also reflect the deduction of all trading expenses. Gross time-weighted returns do not reflect the deduction of management fees, carried interest, or other expenses, as applicable, while net time-weighted returns are after giving effect to these items. We believe aggregated performance returns reflect overall quarterly performance returns in a strategy, but are not necessarily investable funds or products themselves. Additional information for performance by strategy is as follows: • Performance for the corporate private equity strategy is represented by the composite made up of ACOF V and ACOF VI. The net fund-level returns were 1.4% for Q1-24 and 7.2% for Q1-24 LTM. Secondaries Group 1. The Secondaries Group had ~100 investment and investor relations professionals, ~820 underlying limited partnerships and ~80 active funds and related co-investment vehicles as of March 31, 2024. 2. Gross time-weighted returns do not reflect the deduction of management fees, carried interest, or other expenses, as applicable, while net time-weighted returns are after giving effect to these items. For all funds in 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. Additional information for performance by strategy is as follows: • Performance for the private equity secondaries is represented by the composite made up of LEP XVI and LEP XVII. The net returns were (2.0)% for Q1-24 and 0.04% for Q1-24 LTM. • Performance for the real estate secondaries strategies is represented by LREF VIII. The net returns were (2.0)% for Q1-24 and (7.5)% for Q1-24 LTM. Investment Group Highlights Endnotes

 

21 Realized Income per Share Data Three months ended March 31, $ in thousands, except share data 2024 2023 After-tax Realized Income Realized Income before taxes $289,156 $254,292 Entity level foreign, state and local taxes (5,908) (5,282) Realized Income before corporate income taxes 283,248 249,010 Corporate income taxes(1) (18,146) (16,983) After-tax Realized Income $265,102 $232,027 After-tax Realized Income per share(2) $0.83 $0.75 After-tax Realized Income per share of Class A and non-voting common stock Realized Income before corporate income taxes $283,248 $249,010 x Average ownership % of Ares Operating Group 62.32% 60.14% Realized Income before corporate income taxes attributable to Class A and non-voting common stockholders $176,521 $149,755 Corporate income taxes(1) (18,146) (16,983) After-tax Realized Income attributable to Class A and non-voting common stockholders $158,375 $132,772 After-tax Realized Income per share of Class A and non-voting common stock(3) $0.80 $0.71 1. For Q1-24 and Q1-23 amount represents accrued corporate taxes payable or receivable by Ares, net of deductions, for the periods presented and exclude the effects of $4.3 million and $11.1 million of deferred income tax expense primarily related to net unrealized performance income and net unrealized investment income. These effects have been excluded as net unrealized performance income and net unrealized investment income have been excluded from RI. The primary differences between the current portion of taxable income and RI relate to the timing of certain items, primarily vesting of equity awards, exercise of stock options, payment of placement fees, and amortization of intangibles. Tax deductions associated with the vesting of restricted stock units and the exercise of options reduced our current tax provision by $14.5 million and $10.1 million for Q1-24 and Q1-23. The inclusion of the benefit in the after-tax RI per share calculation had the effect of increasing this metric by $0.07 and $0.05 for Q1-24 and Q1-23. The impact of its inclusion in the metric decreased the RI cash tax rate by 8.0% and 6.5% for Q1-24 and Q1-23, from the Company’s statutory tax rate of 24.0% and 24.0% for Q1-24 and Q1-23, respectively. Corporate income taxes represent the current portion of our GAAP tax provision and is presented before giving effect to the tax benefits recorded in connection with the Tax Receivable Agreement (“TRAˮ). As a result, a higher corporate income tax is used to calculate after-tax RI per share than the current taxes paid by the Company. The current tax benefits associated with the TRA, which represent 85.0% of the tax benefits, were $2.0 million and $1.2 million for Q1-24 and Q1-23, respectively. For more information regarding RI and After-tax RI, please refer to the "Glossary" slide in the appendix. 2. Weighted average shares used for after-tax RI per share for Q1-24 and Q1-23 were 318,829,264 and 308,880,377, respectively. Please refer to slide 26 in this presentation for further information. 3. Weighted average shares used for after-tax RI per share of Class A and non-voting common stock for Q1-24 and Q1-23 were 198,704,897 and 185,752,140, respectively. Please refer to slide 26 for additional details. To be brought back in Q2 for YTD commentary and #s 1. For Q1-24, Q1-23 and Q1-24 LTM, Q1-23 LTM amount represents accrued corporate taxes payable or receivable by Ares, net of deductions, for the periods presented and exclude the effects of $4.3 million, $11.1 million and $0.0 million, $0.0 million, respectively, of deferred income tax expense primarily related to net unrealized performance income and net unrealized investment income. These effects have been excluded as net unrealized performance income and net unrealized investment income have been excluded from RI. The primary differences between the current portion of taxable income and RI relate to the timing of certain items, primarily vesting of equity awards, exercise of stock options, payment of placement fees, and amortization of intangibles. Tax deductions associated with the vesting of restricted stock units and the exercise of options reduced our current tax provision by $14.5 million, $10.1 million and $0.0 million, $67.0 million for Q1-24, Q1-23 and Q1-24 LTM, Q1-23 LTM, respectively. The inclusion of the benefit in the after-tax RI per share calculation had the effect of increasing this metric by $0.07, $0.05 and $0.00, $0.37 for Q1-24, Q1-23 and Q1-24 LTM, Q1-23 LTM, respectively. The impact of its inclusion in the metric decreased the RI cash tax rate by 8.0%, 6.5% and 0.0%, 9.9% for Q1-24, Q1-23 and Q1-24 LTM, Q1-23 LTM, respectively, from the Company’s statutory tax rate of 24.0% and 24.0% for Q1-24 LTM and Q1-23 LTM, respectively. Income tax expense represents the current portion of our GAAP tax provision and is presented before giving effect to the tax benefits recorded in connection with the Tax Receivable Agreement (“TRAˮ). As a result, a higher income tax expense is used to calculate after-tax RI per share than the current taxes paid by the Company. The current tax benefits associated with the TRA, which represent 85.0% of the tax benefits, were $8.3 million and $5.9 million for FY-23 and FY-22, respectively. For more information regarding RI and After-tax RI, please refer to the "Glossary" slide in the appendix. 2. Weighted average shares used for after-tax RI per share for Q1-24 and Q1-23 were 318,829,264 and 308,880,377, respectively. Please refer to slide 26 in this presentation for further information. 3. Weighted average shares used for after-tax RI per share of Class A and non-voting common stock for Q1-24 and Q1-23 were 198,704,897 and 185,752,140, respectively. Please refer to slide 26 for additional details.

 

22 64% 19% 16% 4% Substantial balance sheet value related to investments primarily in Ares managed vehicles and net accrued performance income as of March 31, 2024 • Our balance sheet included $346.3 million in cash and cash equivalents and $3,046.2 million in debt obligations, including $975.0 million drawn against our $1,400.0 million revolving credit facility • The fair value of our corporate investment portfolio reported on a GAAP basis was $1,123.4 million and on an unconsolidated basis was $1,953.3 million(1) • Gross accrued performance income reported on a GAAP basis was $3,361.5 million(2) and on an unconsolidated basis was $3,387.6 million(2) • Accrued performance income, net of performance related compensation reported on a GAAP basis was $911.8 million(2) and on an unconsolidated basis was $937.8 million(2) Balance Sheet 1. Unconsolidated investments includes $899.4 million of investments in Consolidated Funds that are eliminated upon consolidation for GAAP and excludes $69.5 million of investments that are attributable to non-controlling interests. Corporate investment portfolio excludes accrued carried interest allocation, a component of gross accrued performance income, of $3,361.5 million. 2. Gross and net accrued performance income on a GAAP basis as of March 31, 2024 and December 31, 2023 excludes $26.0 million and $20.1 million, respectively, of accrued performance income related to our insurance platform that has been eliminated upon consolidation. 3. Net accrued performance income excludes net performance income—realized that has been recognized but not yet received by the Company as of the reporting date. For both periods presented, accrued performance income represents the accrued carried interest allocation. March 31, 2024 57% 19% 21% 5% December 31, 2023 Credit Real Assets Private Equity Secondaries $898.4 million(2) $911.8 million(2) Net Accrued Performance Income by Group(3) Substantial balance sheet value related to investments primarily in Ares managed vehicles and net accrued performance income • As of March 31, 2024, our balance sheet included $346.3 million in cash and cash equivalents and $3,046.2 million in debt obligations with no amounts drawn against our $1.065 billion revolving credit facility • As of March 31, 2024, the fair value of our corporate investment portfolio was $1,123.4 million in accordance with GAAP. On an unconsolidated basis, our corporate investment portfolio was $1,953.3 million(1) • As of March 31, 2024, gross accrued performance income on a GAAP basis and unconsolidated basis was $3,361.5 million and $0.0 million, respectively • As of March 31, 2024, accrued performance income, net of performance related compensation reported on a GAAP basis and unconsolidated basis was $911.8 million No difference between gaap/unconsolidated since incentives removed - no carry from consol vehicles [SLIDE REVIEWED AND CONFIRMED FINAL IN BOARD DECK]

 

23 Corporate Data Board of Directors Michael Arougheti Co-Founder, Chief Executive Officer and President of Ares Ashish Bhutani Former Chairman and Chief Executive Officer of Lazard Asset Management and Former Vice Chairman of Lazard Ltd Antoinette Bush Senior Advisor to News Corp Kipp deVeer Head of Credit Group Paul G. Joubert Founding Partner of EdgeAdvisors and Investing Partner in Converge Venture Partners David Kaplan Co-Founder Michael Lynton Chairman of Snap Inc. Eileen Naughton Former Chief People Officer and Vice President of People Operations at Google, Inc. Dr. Judy D. Olian President of Quinnipiac University Antony P. Ressler Co-Founder and Executive Chairman of Ares Bennett Rosenthal Co-Founder and Chairman of Private Equity Group Executive Officers Michael Arougheti Co-Founder, Chief Executive Officer and President Ryan Berry Chief Marketing and Strategy Officer Kipp deVeer Head of Credit Group David Kaplan Co-Founder Jarrod Phillips Chief Financial Officer Antony P. Ressler Co-Founder and Executive Chairman Bennett Rosenthal Co-Founder and Chairman of Private Equity Group Naseem Sagati Aghili General Counsel and Corporate Secretary Corporate Headquarters 2000 Avenue of the Stars 12th Floor Los Angeles, CA 90067 Tel: (310) 201-4100 Fax: (310) 201-4170 Corporate Counsel Kirkland & Ellis LLP Los Angeles, CA Independent Registered Public Accounting Firm Ernst & Young LLP Los Angeles, CA Research Coverage Autonomous Patrick Davitt (646) 561-6254 Bank of America Merrill Lynch Craig Siegenthaler (646) 855-5004 Barclays Benjamin Budish (212) 526-2418 Goldman Sachs Alexander Blostein (212) 357-9976 Jefferies Dan Fannon (415) 229-1523 JMP Securities Brian McKenna (212) 906-3545 JP Morgan Kenneth Worthington (212) 622-6613 Keefe, Bruyette & Woods Kyle Voigt (212) 887-7715 Morgan Stanley Michael Cyprys (212) 761-7619 Oppenheimer Chris Kotowski (212) 667-6699 RBC Capital Markets Kenneth Lee (212) 905-5995 UBS Investment Bank Adam Beatty (212) 713-2481 Wolfe Research Steven Chubak (646) 582-9315 Investor Relations Contacts Carl Drake Partner/Senior Advisor to Public Markets Investor Relations and Corporate Communications Tel: (678) 538-1981 cdrake@aresmgmt.com Greg Mason Partner/Co-Head of Public Markets Investor Relations Tel: (314) 282-2533 gmason@aresmgmt.com Cameron Rudd Vice President Tel: (678) 538-1986 crudd@aresmgmt.com General IR Contact Tel (U.S.): (800) 340-6597 Tel (International): (212) 808-1101 IRARES@aresmgmt.com Please visit our website at: www.aresmgmt.com Securities Listing NYSE: ARES Transfer Agent Equiniti Trust Company, LLC

 

0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equity Real Estate Strategic Initiative s BUSINESS SECTOR PALETTE GENERAL PALETTE Appendix

 

25 Financial Details – Segments 1. Includes results of the reportable segments on a combined basis together with the Operations Management Group. Please refer to “GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basisˮ on slides 14-15. 2. Includes fee related performance compensation of $0.1 million and (390) for Q1-24 and Q1-23, respectively, for the Credit Group and $0.0 million and $0.9 million for Q1-24 and Q1-23, respectively, for the Real Assets Group. Three months ended March 31, 2024 $ in thousands Credit Group Real Assets Group Private Equity Group Secondaries Group Other Operations Management Group Total(1) Management fees $510,966 $93,814 $34,933 $44,421 $9,231 $— $693,365 Fee related performance revenues 755 — — 2,962 — — 3,717 Other fees 9,911 5,075 439 4 114 4,333 19,876 Compensation and benefits (134,715) (37,918) (14,785) (12,714) (5,592) (94,157) (299,881) Compensation and benefits—fee related performance compensation (134) — — — — — (134) General, administrative and other expenses (34,366) (14,453) (5,216) (9,068) (1,690) (50,480) (115,273) Fee related earnings 352,417 46,518 15,371 25,605 2,063 (140,304) 301,670 Performance income—realized 16,766 3,677 2,738 — — — 23,181 Performance related compensation—realized (8,734) (2,228) (2,194) — — — (13,156) Realized net performance income 8,032 1,449 544 — — — 10,025 Investment income (loss)—realized (398) (457) 120 — — — (735) Interest and other investment income—realized 4,930 3,835 184 210 6,409 452 16,020 Interest expense (9,013) (5,949) (5,889) (2,698) (14,235) (40) (37,824) Realized net investment income (loss) (4,481) (2,571) (5,585) (2,488) (7,826) 412 (22,539) Realized income $355,968 $45,396 $10,330 $23,117 $(5,763) $(139,892) $289,156 Three months ended March 31, 2023 $ in thousands Credit Group Real Assets Group Private Equity Group Secondaries Group Other Operations Management Group Total(1) Management fees $430,467 $97,470 $29,840 $39,863 $4,979 $— $602,619 Fee related performance revenues 600 — — 3,271 — — 3,871 Other fees 9,149 6,462 394 — 50 4,640 20,695 Compensation and benefits (121,510) (38,905) (16,626) (11,445) (3,140) (84,967) (276,593) Compensation and benefits—fee related performance compensation (390) 919 — (1,967) — — (1,438) General, administrative and other expenses (26,676) (12,284) (4,485) (4,292) (608) (46,172) (94,517) Fee related earnings 291,640 53,662 9,123 25,430 1,281 (126,499) 254,637 Performance income—realized 7,410 6,086 17,640 — — — 31,136 Performance related compensation—realized (5,881) (3,758) (14,220) — — — (23,859) Realized net performance income 1,529 2,328 3,420 — — — 7,277 Investment income (loss)—realized 506 (1,772) 879 — 170 — (217) Interest and other investment income (expense)—realized 8,113 1,821 166 1,225 6,348 (92) 17,581 Interest expense (8,630) (3,896) (4,805) (2,305) (5,324) (26) (24,986) Realized net investment income (loss) (11) (3,847) (3,760) (1,080) 1,194 (118) (7,622) Realized income $293,158 $52,143 $8,783 $24,350 $2,475 $(126,617) $254,292 1. Includes results of the reportable segments on a combined basis together with the Operations Management Group. Please refer to “GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basisˮ on slides 14-15.

 

26 Weighted Average Shares 1. Represents proportional dilutive impact based upon the weighted average percentage of Ares Operating Group owned by Ares Management Corporation (62.32% and 60.14% as of March 31, 2024 and 2023, respectively). 2. Represents units exchangeable for shares of Class A common stock on a one-for-one basis. 3. We apply the treasury stock method to determine the dilutive weighted-average common shares represented by our restricted units to be settled in shares of Class A common stock and options to acquire shares of Class A common stock. Under the treasury stock method, compensation expense attributed to future services and not yet recognized is presumed to be used to acquire outstanding shares of Class A common stock, thus reducing the weighted-average number of shares and the dilutive effect of these awards. 4. Excludes Class B common stock and Class C common stock as they are not entitled to any economic benefits of Ares in an event of dissolution, liquidation or winding up of Ares. Q1-24 Q1-23 Total Shares Common Shares, As Adjusted(1) Total Shares Common Shares, As Adjusted(1) Weighted average shares of Class A and non-voting common stock 192,622,609 192,622,609 178,976,022 178,976,022 Ares Operating Group Units exchangeable into shares of Class A common stock(2) 116,446,886 — 118,637,116 — Dilutive effect of unvested restricted common units(3) 9,727,243 6,062,018 7,492,241 4,505,834 Dilutive effect of unexercised options(3) 32,526 20,270 3,774,998 2,270,284 Total Weighted Average Shares Used For Realized Income(4) 318,829,264 198,704,897 308,880,377 185,752,140

 

27 Credit • AUM increased by 24% from Q1-23, primarily driven by commitments to U.S. direct lending funds, our sixth European direct lending fund and Pathfinder II Real Assets • AUM remained relatively flat from Q1-23 as commitments for our fourth U.S. opportunistic real estate equity fund and our second climate infrastructure fund were offset by distributions and redemptions from certain funds within our U.S. real estate equity strategy Private Equity • AUM increased by 18% from Q1-23, primarily driven by the acquisition of Crescent Point and by commitments for our seventh corporate private equity fund Secondaries • AUM increased by 12% from Q1-23, primarily driven by commitments across funds within our infrastructure and private equity secondaries strategies Other Businesses • AUM increased by 57% from Q1-23, primarily driven by additional managed assets from our insurance platform AUM Rollforward Q1-24 AUM Rollforward $ in millions Credit Real Assets Private Equity Secondaries Other Businesses Total Q4-23 Ending Balance $299,350 $65,413 $24,551 $24,760 $4,772 $418,846 Acquisitions — — — — 71 71 Net new par/equity commitments 7,735 408 315 969 1,515 10,942 Net new debt commitments 6,112 — — — — 6,112 Capital reductions (1,485) (128) (2) — — (1,615) Distributions (3,563) (846) (36) (164) (135) (4,744) Redemptions (2,517) (434) (2) — — (2,953) Net allocations among investment strategies 715 — (47) — (668) — Change in fund value 2,292 (309) (303) 76 (76) 1,680 Q1-24 Ending Balance $308,639 $64,104 $24,476 $25,641 $5,479 $428,339 QoQ change $9,289 $(1,309) $(75) $881 $707 $9,493 Q1-24 LTM AUM Rollforward $ in millions Credit Real Assets Private Equity Secondaries Other Businesses Total Q1-23 Ending Balance $249,134 $64,114 $20,656 $22,894 $3,497 $360,295 Acquisitions — — 3,697 — 71 3,768 Net new par/equity commitments 39,088 5,719 1,886 3,370 6,877 56,940 Net new debt commitments 19,587 726 — — — 20,313 Capital reductions (3,262) (205) (8) — — (3,475) Distributions (9,660) (3,978) (1,580) (858) (472) (16,548) Redemptions (4,487) (1,656) (2) (1) (507) (6,653) Net allocations among investment strategies 4,157 — (47) 5 (4,115) — Change in fund value 14,082 (616) (126) 231 128 13,699 Q1-24 Ending Balance $308,639 $64,104 $24,476 $25,641 $5,479 $428,339 YoY change $59,505 $(10) $3,820 $2,747 $1,982 $68,044 1. [Equity commitments and distributions reported during Q1-23 were each overstated by $1.8 billion for our insurance platform, which is presented within Other. These amounts have been properly reflected in the current period and had no impact on AUM, FPAUM, net flows or any other amounts for any period presented.]

 

28 Credit • FPAUM increased by 18% from Q1-23, primarily driven by deployment of capital in funds across U.S. and European direct lending, alternative credit and opportunistic credit strategies Real Assets • FPAUM remained relatively flat from Q1-23 as commitments for our fourth U.S. opportunistic real estate equity fund and our second climate infrastructure fund were offset by distributions and redemptions from certain funds within our U.S. real estate equity and infrastructure debt strategies Private Equity • FPAUM increased by 11% from Q1-23, primarily driven by the acquisition of Crescent Point Secondaries • FPAUM increased by 12% from Q1-23, primarily driven by commitments for LREF IX and to funds within our infrastructure secondaries strategy, and capital raised by APMF Other Businesses • FPAUM increased by 46% from Q1-23, primarily driven by additional managed assets from our insurance platform FPAUM Rollforward Q1-24 FPAUM Rollforward $ in millions Credit Real Assets Private Equity Secondaries Other Businesses Total Q4-23 Ending Balance $185,280 $41,338 $13,124 $19,040 $3,575 $262,357 Acquisitions — — — — 55 55 Commitments 3,778 296 — 900 1,321 6,295 Deployment/subscriptions/increase in leverage 7,221 862 — 61 — 8,144 Capital reductions (2,764) (12) — — — (2,776) Distributions (3,662) (306) — (99) (135) (4,202) Redemptions (2,149) (434) (2) — — (2,585) Net allocations among investment strategies 886 — — — (886) — Change in fund value 543 (404) (19) (2) 68 186 Change in fee basis 693 (504) (538) (9) — (358) Q1-24 Ending Balance $189,826 $40,836 $12,565 $19,891 $3,998 $267,116 QoQ change $4,546 $(502) $(559) $851 $423 $4,759 Q1-24 LTM FPAUM Rollforward $ in millions Credit Real Assets Private Equity Secondaries Other Businesses Total Q1-23 Ending Balance $161,218 $40,928 $11,281 $17,747 $2,735 $233,909 Acquisitions — — 1,692 — 55 1,747 Commitments 11,029 3,373 — 2,438 5,857 22,697 Deployment/subscriptions/increase in leverage 28,458 3,609 234 424 (16) 32,709 Capital reductions (4,888) (188) — — — (5,076) Distributions (10,249) (3,534) (38) (514) (464) (14,799) Redemptions (5,245) (1,671) (2) (1) — (6,919) Net allocations among investment strategies 4,433 — — 30 (4,463) — Change in fund value 4,377 (1,275) (19) (277) 623 3,429 Change in fee basis 693 (406) (583) 44 (329) (581) Q1-24 Ending Balance $189,826 $40,836 $12,565 $19,891 $3,998 $267,116 YoY change $28,608 $(92) $1,284 $2,144 $1,263 $33,207

 

29 AUM and FPAUM by Strategy 1. AUM includes ARCC, IHAM and Senior Direct Lending Program ("SDLP") AUM of $29.2 billion, $10.6 billion and $4.1 billion, respectively. ARCC’s wholly owned portfolio company, IHAM, an SEC- registered investment adviser, manages 21 vehicles as of March 31, 2024. SDLP is a program co-managed by a subsidiary of Ares through which ARCC co-invests with Varagon Capital Partners. 2. Excludes $9.1 billion of AUM and $8.9 billion of FPAUM that is sub-advised by Ares vehicles and included within other strategies. As of March 31, 2024 $ in billions AUM % AUM FPAUM % FPAUM Credit Liquid Credit $46.2 15% $45.0 24% Alternative Credit 36.5 12 25.0 13 Opportunistic Credit 14.5 5 8.6 5 U.S. Direct Lending(1) 129.2 42 70.4 37 European Direct Lending 70.2 23 35.2 19 APAC Credit 11.7 2 5.6 2 Other 0.3 1 — — Credit $308.6 100% $189.8 100% Real Assets U.S. Real Estate Equity $28.7 45% $20.1 49% European Real Estate Equity 9.2 14 6.1 15 Real Estate Debt 10.9 17 3.2 8 Infrastructure Opportunities 6.3 10 5.2 13 Infrastructure Debt 9.0 14 6.2 15 Real Assets $64.1 100% $40.8 100% Private Equity Corporate Private Equity $21.2 87% $10.9 87% APAC Private Equity 3.3 13 1.7 13 Private Equity $24.5 100% $12.6 100% Secondaries Private Equity Secondaries $13.5 53% $11.6 58% Real Estate Secondaries 8.0 31 6.2 31 Infrastructure Secondaries 2.6 10 2.0 10 Credit Secondaries 1.5 6 0.1 1 Secondaries $25.6 100% $19.9 100% Other Businesses Insurance(2) $4.9 89% $3.9 98% Other 0.6 11 0.1 2 Other Businesses $5.5 100% $4.0 100% Total $428.3 $267.1 Insurance - FPAUM could be higher. AIS credit funds have fee basis on invested capital, so the reduction in AUM for Aspida in Insurance could be higher than FPAUM reduction 1. or sub-adviser for zero other vehicle

 

30 Balance Sheet Investments by Strategy(1) $ in millions As of March 31, 2024 As of December 31, 2023 Credit Liquid Credit(2) $127.4 $127.3 Alternative Credit 43.3 37.8 Opportunistic Credit 44.8 42.8 U.S. Direct Lending 86.9 84.6 European Direct Lending 64.3 55.7 APAC Credit 17.0 32.9 Credit $383.7 $381.1 Real Assets U.S. Real Estate Equity $74.4 $95.9 European Real Estate Equity 89.4 87.2 Real Estate Debt 25.0 108.6 Infrastructure Opportunities 29.1 28.6 Infrastructure Debt 39.6 33.3 Real Assets $257.5 $353.6 Private Equity Corporate Private Equity $286.6 $277.3 APAC Private Equity 16.6 21.9 Private Equity $303.2 $299.2 Secondaries Private Equity Secondaries $112.8 $105.9 Real Estate Secondaries 11.9 11.9 Infrastructure Secondaries 3.2 2.8 Credit Secondaries 0.4 — Secondaries $128.3 $120.6 Other Insurance $502.9 $510.4 Other Investments 377.7 376.4 Other $880.6 $886.8 Total $1,953.3 $2,041.3 1. As of March 31, 2024, the fair value of our corporate investment portfolio was $1,123.4 million as reported in accordance with GAAP. The difference between GAAP and unconsolidated investments represents $899.4 million of investments in Consolidated Funds that are eliminated upon consolidation and excludes $69.5 million of investments that are attributable to non-controlling interests. Corporate investment portfolio excludes accrued carried interest allocation, a component of gross accrued performance income, of $3,361.5 million. 2. Includes $83.2 million and $83.1 million in syndicated loans as of March 31, 2024 and December 31, 2023, respectively, which represents Ares' maximum exposure of loss from its investments in Ares CLOs.

 

31 Significant Fund Performance Metrics The following table presents the performance data for the significant funds that are not drawdown funds: Note: Past performance is not indicative of future results. AUM and net returns are as of March 31, 2024 unless otherwise noted. The above table includes fund performance metrics for significant funds which includes commingled funds that contributed at least 1% of total management fees or comprised 1% or more of Ares' total FPAUM for the past two consecutive quarters. Please refer to significant fund performance endnotes on slides 34-35 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. ARCC is a publicly traded vehicle. As of March 31, 2024 Returns(%) Quarter-to-Date Since Inception(1) Primary Investment Strategy($ in millions) Year of Inception AUM Gross Net Gross Net Credit ARCC(2) 2004 $29,169 N/A 4.0 N/A 12.1 U.S. Direct Lending CADC(3) 2017 5,569 N/A 2.8 N/A 6.6 U.S. Direct Lending Open-ended core alternative credit fund(4) 2021 5,023 3.2 2.4 10.5 7.9 Alternative Credit Real Assets AREIT(2) 2012 5,289 N/A (2.8) N/A 6.3 U.S. Real Estate Equity AIREIT(3) 2017 7,499 N/A (4.0) N/A 8.8 U.S. Real Estate Equity Open-ended industrial real estate fund(4) 2017 4,666 (1.9) (1.9) 18.7 15.2 U.S. Real Estate Equity

 

32 Significant Fund Performance Metrics (cont’d) Note: Past performance is not indicative of future results. Fund performance metrics for significant funds may be marked as “NMˮ as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment. AUM and net returns are as of March 31, 2024 unless otherwise noted. The above table includes fund performance metrics for significant funds which includes commingled funds that contributed at least 1% of total management fees or comprised 1% or more of Ares' total FPAUM for the past two consecutive quarters. Please refer to significant fund performance endnotes on slide 34 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. The following table presents the performance data for our significant drawdown funds: As of March 31, 2024 Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(5) Unrealized Value(6) Total Value MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Gross(7) Net(8) Gross(9) Net(10) Credit Funds Harvesting Investments SDL I Unlevered 2018 $4,684 $922 $872 $380 $688 $1,068 1.3x 1.2x 9.2 7.1 U.S. Direct Lending SDL I Levered 2,045 2,022 1,211 1,514 2,725 1.5x 1.3x 15.4 11.5 ACE IV Unlevered(11) 2018 9,996 2,851 2,265 934 1,914 2,848 1.3x 1.2x 8.2 5.8 European Direct Lending ACE IV Levered(11) 4,819 3,838 2,184 3,052 5,236 1.5x 1.3x 11.1 8.3 ASOF I 2019 5,337 3,518 3,134 1,967 3,193 5,160 1.9x 1.6x 24.9 19.4 Opportunistic Credit Funds Deploying Capital Pathfinder I 2020 4,255 3,683 3,177 277 3,560 3,837 1.3x 1.2x 16.6 11.8 Alternative Credit PCS II 2020 5,702 5,114 3,522 448 3,693 4,141 1.2x 1.1x 11.7 7.8 U.S. Direct Lending ACE V Unlevered(12) 2020 16,901 7,026 5,095 810 5,172 5,982 1.2x 1.2x 11.5 8.5 European Direct Lending ACE V Levered(12) 6,376 4,618 1,077 4,720 5,797 1.3x 1.2x 17.1 12.4 ASOF II 2021 7,746 7,128 4,062 10 4,580 4,590 1.2x 1.1x 15.4 10.4 Opportunistic Credit SDL II Unlevered 2021 15,936 1,989 1,320 163 1,342 1,505 1.2x 1.1x 12.5 9.8 U.S. Direct Lending SDL II Levered 6,047 3,896 758 3,995 4,753 1.3x 1.2x 20.4 15.5

 

33 Note: Past performance is not indicative of future results. Fund performance metrics for significant funds may be marked as “NMˮ as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment. AUM and net returns are as of March 31, 2024 unless otherwise noted. The above table includes fund performance metrics for significant funds which includes commingled funds that contributed at least 1% of total management fees or comprised 1% or more of Ares' total FPAUM for the past two consecutive quarters. Please refer to significant fund performance endnotes on slides 35-37 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. For all 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. Significant Fund Performance Metrics (cont’d) The following table presents the performance data for our significant drawdown funds (cont'd): As of March 31, 2024 Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(5) Unrealized Value(6) Total Value MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Gross(7) Net(8) Gross(9) Net(10) Real Assets Fund Deploying Capital IDF V(11) 2020 $4,768 $4,585 $3,645 $566 $3,455 $4,021 1.1x 1.1x 12.4 9.5 Infrastructure Debt Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(1) Unrealized Value(2) Total Value MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Gross(3) Net(4) Gross(5) Net(6) Private Equity Fund Harvesting Investments ACOF V 2017 $8,597 $7,850 $7,611 $3,515 $8,087 $11,602 1.5x 1.4x 10.7 8.1 Corporate Private Equity Fund Deploying Capital ACOF VI 2020 7,575 5,743 5,129 746 6,745 7,491 1.4x 1.3x 23.6 16.7 Corporate Private Equity Secondaries Fund Harvesting Investments LEP XVI(7) 2016 4,691 4,896 3,806 1,990 3,116 5,106 1.5x 1.3x 24.3 16.1 Private Equity Secondaries

 

34 Credit 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 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 Mˮ) and a Constrained Class (“Class Cˮ). 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 3.4% and 2.5%, respectively. The since inception gross and net returns for Class M (offshore) are 10.5% and 7.5%, respectively. The current quarter gross and net returns for Class C (offshore) are 2.6% and 1.9%, respectively. The since inception gross and net returns for Class C (offshore) are 10.4% and 7.5%, respectively. Prior to the current period, returns were reported using the annualized since inception IRR and MoIC. The gross and net IRR for Class M (onshore) are 12.2% and 9.0%, respectively. The gross and net MoIC for Class M (onshore) are 1.1x and 1.1x, respectively. The gross and net IRR for Class M (offshore) are 12.2% and 8.8%, respectively. The gross and net MoIC for Class M (offshore) are 1.1x and 1.1x, respectively. The gross and net IRR for Class C (offshore) are 10.8% and 7.9%, respectively. The gross and net MoIC for Class C (offshore) are 1.2x and 1.1x, respectively. 5. For the non-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 the 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. 6. 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 the non-opportunistic credit funds, the unrealized value is based on all partners. For the opportunistic credit funds, the unrealized value is based on the fee-paying limited partners. 7. The gross multiple of invested capital (“MoICˮ) 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. 8. 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. 9. 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. 10. 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. 11. ACE IV is made up of four parallel funds, two denominated in Euros and two denominated in pound sterling: 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 9.7% and 7.1%, respectively. The gross and net MoIC for ACE IV (G) Unlevered are 1.4x and 1.3x, respectively. The gross and net IRR for ACE IV (G) Levered are 12.8% and 9.1%, respectively. The gross and net MoIC for ACE IV (G) Levered are 1.5x and 1.4x, respectively. The gross and net IRR for ACE IV (D) Levered are 13.0% and 9.6%, respectively. The gross and net MoIC for ACE IV (D) Levered are 1.6x and 1.4x, 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. 12. ACE V is made up of four parallel funds, two denominated in Euros and two denominated in pound sterling: 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 13.2% and 10.0%, respectively. The gross and net MoIC for ACE V (G) Unlevered are 1.3x and 1.2x, respectively. The gross and net IRR for ACE V (G) Levered are 17.8% and 13.1%, respectively. The gross and net MoIC for ACE V (G) Levered are 1.3x and 1.3x, respectively. The gross and net IRR for ACE V (D) Levered are 16.3% and 12.1%, respectively. The gross and net MoIC for ACE V (D) Levered are 1.3x and 1.2x, respectively. The gross and net IRR for ACE V (Y) Unlevered are 11.2% and 8.1%, respectively. The gross and net MoIC for ACE V (Y) Unlevered are 1.2x and 1.2x, 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. Significant Fund Performance Metrics Endnotes

 

35 Real Assets 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. Additional information related to AREIT can be found in its filings with the SEC, which are not part of this report. 3. 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. Additional information related to AIREIT 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. 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. 5. Realized value includes distributions of operating income, sales and financing proceeds received. 6. 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. 7. 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. 8. 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. 9. 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. 10. 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. 11. 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 9.9% and 7.6%, respectively. The gross and net MoIC for the single investor U.S. Dollar parallel fund are 1.1x and 1.1x, respectively. The gross and net IRR for the Euro unhedged parallel fund are 11.9% and 9.0%, respectively. The gross and net MoIC for the Euro unhedged parallel fund are 1.1x and 1.1x, respectively. The gross and net IRR for the GBP hedged parallel fund are 12.0% and 8.9%, respectively. The gross and net MoIC for the GBP hedged parallel fund are 1.1x and 1.1x, respectively. The gross and net IRR for the Yen hedged parallel fund are 11.0% and 7.7%, respectively. The gross and net MoIC for the Yen hedged 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 V are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. Significant Fund Performance Metrics Endnotes (cont’d)

 

36 Significant Fund Performance Metrics Endnotes (cont’d) Private Equity 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 1.4x for ACOF V and 1.2x for ACOF VI. 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. 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 8.2% for ACOF V and 15.7% for ACOF VI.

 

37 Significant Fund Performance Metrics Endnotes (cont’d) Secondaries 1. 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. 2. 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. 3. 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. 4. 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. 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 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. 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 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. 7. The results of each fund is presented on a combined basis with the affiliated parallel funds or accounts, given that the investments are substantially the same.

 

38 Supplemental Performance Metrics Note: Past performance is not indicative of future results. AUM and net returns are as of March 31, 2024 unless otherwise noted. Please refer to supplemental performance metric endnotes on slide 40-41 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. As of March 31, 2024 Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(1) Unrealized Value(2) Total Value MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Gross(3) Net(4) Gross(5) Net(6) Credit Funds Harvesting Investments SSF IV 2015 $1,394 $1,515 $1,402 $1,087 $1,119 $2,206 1.8x 1.6x 10.7 8.3 Opportunistic Credit ACE III(7) 2015 3,659 2,822 2,373 2,416 1,217 3,633 1.6x 1.4x 9.9 7.0 European Direct Lending SSG IV 2016 890 1,181 1,731 1,430 595 2,025 1.3x 1.2x 13.3 8.0 APAC Credit PCS I 2017 3,371 3,365 2,653 2,166 1,606 3,772 1.5x 1.3x 11.8 8.5 U.S. Direct Lending SSG V 2018 2,213 1,878 2,238 1,882 681 2,563 1.2x 1.1x 25.9 15.2 APAC Credit Real Assets Funds Harvesting Investments USPF IV 2010 582 1,688 2,120 2,047 572 2,619 1.2x 1.1x 4.5 1.0 Infrastructure Opportunities US VIII 2013 211 824 842 1,494 143 1,637 1.9x 1.7x 20.7 16.9 U.S. Real Estate Equity EF IV(7) 2014 351 1,299 1,201 1,609 263 1,872 1.6x 1.4x 14.5 9.9 European Real Estate Equity EPEP II(8) 2015 207 747 645 665 188 853 1.3x 1.2x 11.8 8.4 European Real Estate Equity EIF V 2015 672 801 1,439 1,504 588 2,092 1.5x 1.6x 17.3 12.1 Infrastructure Opportunities US IX 2017 632 1,040 950 1,128 547 1,675 1.8x 1.5x 19.4 16.3 U.S. Real Estate Equity EF V(9) 2018 1,759 1,968 1,700 631 1,443 2,074 1.2x 1.1x 9.4 4.2 European Real Estate Equity IDF IV(10) 2018 2,647 4,012 4,498 2,722 2,405 5,127 1.2x 1.2x 7.1 5.4 Infrastructure Debt AREOF III 2019 1,593 1,697 1,398 590 1,146 1,736 1.2x 1.1x 15.4 7.5 U.S. Real Estate Equity The following table presents the performance data for commingled funds that were previously reported as significant funds:

 

39 Supplemental Performance Metrics (cont'd) The following table presents the performance data for commingled funds that were previously reported as significant funds: As of March 31, 2024 Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(1) Unrealized Value(2) Total Value MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Gross(3) Net(4) Gross(5) Net(6) Private Equity Funds Harvesting Investments ACOF IV 2012 $1,084 $4,700 $4,319 $9,153 $910 $10,063 2.3x 1.9x 19.1 13.8 Corporate Private Equity AEOF 2018 595 1,120 977 112 495 607 0.6x 0.5x (11.8) (14.2) Corporate Private Equity Secondaries Funds Harvesting Investments LEP XV(7) 2013 1,330 3,250 2,635 3,054 668 3,722 1.6x 1.4x 16.9 11.7 Private Equity Secondaries LREF VIII(7) 2016 3,161 3,300 2,482 1,525 1,702 3,227 1.4x 1.3x 19.6 13.0 Real Estate Secondaries Note: Past performance is not indicative of future results. AUM and net returns are as of March 31, 2024 unless otherwise noted. Please refer to supplemental performance metric endnotes on slides 41-42 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. For all 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.

 

40 Supplemental Performance Metrics Endnotes Credit 1. For the non-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 the 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. 2. 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 the non-opportunistic credit funds, the unrealized value is based on all partners. For the opportunistic credit funds, the unrealized value is based on the fee-paying limited partners. 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 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 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 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 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, 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. The gross fund-level IRR would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 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 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 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. 7. ACE III is made up of two feeder 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 feeder fund. The gross and net IRR for the U.S. dollar denominated feeder fund are 10.7% and 7.7%, respectively. The gross and net MoIC for the U.S. dollar denominated feeder 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. Real Assets 1. For the infrastructure opportunities funds, realized proceeds represent the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments. Realized proceeds excludes any proceeds related to bridge financings. For the real estate funds, realized proceeds include distributions of operating income, sales and financing proceeds received. 2. 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. 3. For the infrastructure opportunities funds, 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 the real estate funds, the gross MoIC is calculated at the investment level and is based on the interests of all partners. The gross MoIC for all funds is before giving effect to management fees, carried interest, as applicable, and other expenses. 4. The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying partners and, if applicable, excludes interests attributable to the non fee-paying partners and/or the general partner who does not pay management fees or carried interest or has such fees rebated outside of the fund. The net MoIC is after giving effect to management fees, carried interest, 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. 5. 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, cash flows used in the gross IRR calculation are assumed to occur at quarter-end. For the infrastructure opportunities funds, 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. 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 partners and, if applicable, excludes interests attributable to the non fee-paying partners and/or the general partner who does not pay management fees or carried interest or has such fees rebated outside of the fund. 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. 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.

 

41 Supplemental Performance Metrics Endnotes (cont’d) Real Assets (cont’d) 7. 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 1.6x and 1.4x, respectively. The gross and net IRR for the U.S. Dollar denominated parallel fund are 14.2% and 10.4%, 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 IV are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 8. 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 11.9% and 8.4%, respectively. The gross and net MoIC for the euro currency investors are 1.3x and 1.2x, 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. 9. 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 1.2x and 1.1x, respectively. The gross and net IRR for the U.S. Dollar denominated parallel fund are 9.0% and 5.8%, 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. 10. 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 6.6% 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 6.8% and 5.5%, respectively. The gross and net MoIC for the Euro unhedged parallel fund are 1.2x and 1.2x, respectively. The gross and net IRR for the Yen hedged parallel fund are 4.8% and 3.0%, respectively. The gross and net MoIC for the Yen hedged parallel fund are 1.2x and 1.1x, respectively. The gross and net IRR for the single investor U.S. Dollar parallel fund are 5.5% and 4.4%, 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. Private Equity 1. Realized proceeds represent the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments. Realized proceeds 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 who 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 for the corporate private equity funds are calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net MoIC would be 1.8x for ACOF IV and 0.5x 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. 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 who 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 net IRRs are also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net IRRs would be 13.9% for ACOF IV and (14.2)% for AEOF. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would have generally been lower had such fund called capital from its limited partners instead of utilizing the credit facility.

 

42 Supplemental Performance Metrics Endnotes (cont’d) Secondaries 1. 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. 2. 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. 3. 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 generally have been lower had such fund called capital from its partners instead of utilizing the credit facility. 4. 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. 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 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. 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 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. 7. The results of each fund is presented on a combined basis with the affiliated parallel funds or accounts, given that the investments are substantially the same.

 

43 Glossary Ares Operating Group Entities Ares Operating Group entities or an “AOG Entityˮ refers to, collectively, Ares Holdings, L.P. (“Ares Holdingsˮ) and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity. Ares Operating Group Unit Ares Operating Group Unit or an “AOG Unitˮ refers to, collectively, a partnership unit in the Ares Operating Group entities. Assets Under Management Assets Under Management or “AUMˮ generally refers to the assets we manage. For our funds other than CLOs, our AUM represents the sum of the net asset value (“NAVˮ) of such funds, the drawn and undrawn debt (at the fund-level including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). NAV refers to the fair value of the assets of a fund less the fair value of the liabilities of the fund. For the CLOs we manage, our AUM is equal to initial principal of collateral adjusted for paydowns. AUM also includes the proceeds raised in the initial public offerings of special purpose acquisition companies (“SPACsˮ) sponsored by us, less any redemptions. AUM Not Yet Paying Fees AUM Not Yet Paying Fees (also referred to as “shadow AUMˮ) refers to AUM that is not currently paying fees and is eligible to earn management fees upon deployment. Available Capital Available Capital (also referred to as “dry powderˮ) is comprised of uncalled committed capital and undrawn amounts under credit facilities and may include AUM that may be canceled or not otherwise available to invest. Consolidated Funds Consolidated Funds refers collectively to certain Ares funds, co-investment vehicles, CLOs and SPACs that are required under GAAP to be consolidated in our consolidated financial statements. Dividend Policy In the normal course of business, we expect to pay dividends to our Class A and non-voting common stockholders that are aligned with our expected annual fee related earnings after an allocation of current taxes paid. For the purpose of determining this amount, we allocate the total current taxes paid between FRE and realized incentive and investment income in a manner that is expected to be disproportionate to earnings generated by these metrics and the actual taxes paid on these metrics should they be measured separately. Additionally, our methodology uses the tax benefits from certain expenses that are not included in these non-GAAP metrics, such as equity-based compensation from the vesting of restricted units, and the exercise of stock options and from the amortization of intangible assets, among others. The portion of the current tax allocated to performance and net investment income is calculated by multiplying the statutory tax rate currently in effect by the realized performance and net investment income attributable to the Company. We subtract this amount from the total current tax and the remainder is allocated to FRE. We use this method to allocate the portion of the current income tax provision to FRE to approximate the amount of cash that is available to pay dividends to our shareholders. If cash flows from FRE were insufficient to fund dividends over a sustained period of time, we expect that we would reduce dividends or suspend paying such dividends. Accordingly, there is no assurance that dividends would continue at the current levels or at all. Effective Management Fee Rate Effective management fee rate represents represents annualized management fees divided by the average fee paying AUM for the period, excluding the impact of catch-up fees.

 

44 Glossary (cont’d) Fee Paying AUM Fee Paying AUM or “FPAUMˮ refers to the AUM from which we directly earn management fees. FPAUM is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees. For our funds other than CLOs, our FPAUM represents the amount of limited partner capital commitments for certain closed-end funds within the reinvestment period, the amount of limited partner invested capital for the aforementioned closed-end funds beyond the reinvestment period and the portfolio value, gross asset value or NAV. For the CLOs we manage, our FPAUM is equal to the gross amount of aggregate collateral balance, at par, adjusted for defaulted or discounted collateral. Fee Related Earnings Fee Related Earnings or “FREˮ, a non-GAAP measure, is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as FRE excludes net performance income, investment income from our funds and adjusts for certain other items that we believe are not indicative of our core operating performance. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that are measured and eligible to be received on a recurring basis and are not dependent on realization events from the underlying investments. Fee Related Earnings Margin 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. Fee Related Performance Revenues Fee Related Performance Revenues refers to incentive fees from perpetual capital vehicles that are: (i) measured and eligible to be received on a recurring basis; and (ii) not dependent on realization events from the underlying investments. Certain vehicles are subject to hold back provisions that limit the amounts paid in a particular year. Such hold back amounts may be paid in subsequent years, subject to their extended performance conditions. Gross Capital Deployment Gross Capital Deployment refers to the aggregate amount of capital invested by our funds during a given period, and includes investments made by our drawdown funds and perpetual capital vehicles and new capital raised and invested by our open- ended managed accounts, sub-advised accounts and CLOs, but excludes capital that is reinvested (after receiving repayments of capital) by our open-ended managed accounts, sub-advised accounts and CLOs. Incentive Eligible AUM Incentive Eligible AUM or “IEAUMˮ generally refers to the AUM of our funds and other entities from which carried interest and incentive fees may be generated, regardless of whether or not they are currently generating carried interest and incentive fees. It generally represents the NAV plus uncalled equity or total assets plus uncalled debt, as applicable, of our funds for which we are entitled to receive carried interest and incentive fees, excluding capital committed by us and our professionals (from which we generally do not earn carried interest and incentive fees), as well as proceeds raised in the initial public offerings of SPACs sponsored by us, less any redemptions. With respect to Ares Capital Corporation (NASDAQ: ARCC) (“ARCCˮ), Ares Strategic Income Fund (“ASIFˮ) and Ares European Strategic Income Fund’s (“AESIFˮ) AUM, only Part II Fees may be generated from IEAUM. Incentive Generating AUM Incentive Generating AUM or “IGAUMˮ refers to the AUM of our funds and other entities that are currently generating carried interest and incentive fees on a realized or unrealized basis. It generally represents the NAV or total assets of our funds, as applicable, for which we are entitled to receive carried interest and incentive fees, excluding capital committed by us and our professionals (from which we generally do not earn carried interest and incentive fees). ARCC, ASIF and AESIF are only included in IGAUM when Part II Fees are being generated.