By Denny Jacob
Ares Management recorded a smaller profit in its latest quarter despite an increase in fee-related earnings and overall revenue as a surge in expenses ate away at the bottom line.
The asset manager posted a net income of $47.2 million, or zero cents a share, down from about $73 million, or 33 cents a share, in the prior-year period.
Meanwhile, fee-related earnings totaled $1.43 billion in the quarter, up from $1.21 billion.
Total revenue rose to $1.09 billion from $707.4 million. Analysts polled by FactSet had expected $927.9 million.
Expenses surged to $1.01 billion from $538.5 million, with increases across all categories including compensation and benefits.
After-tax realized income, or cash that can be returned to shareholders, rose to $1.46 billion from $1.22 billion.
At the end of March, the company had available capital of $142 billion and assets under management of $545.9 billion.
Chief Financial Officer Jarrod Phillips said Ares remains positioned to make attractive investments despite market volatility given its $81.5 billion in assets under management not yet paying fees.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 05, 2025 06:33 ET (10:33 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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