LOS ANGELES--(BUSINESS WIRE)--Ares Management Corporation (NYSE:ARES) today reported its financial results for its second quarter ended June 30, 2020.
GAAP net income attributable to Ares Management Corporation was $56.4 million for the quarter ended June 30, 2020. On a basic and diluted basis, net income attributable to Ares Management Corporation per share of Class A common stock was $0.36 and $0.35, respectively, for the quarter ended June 30, 2020.
After-tax realized income, net of Series A preferred stock dividends, was $105.3 million for the quarter ended June 30, 2020. After-tax realized income per share of Class A common stock, net of Series A preferred stock dividends, was $0.39 for the quarter ended June 30, 2020. Fee related earnings were $97.0 million for the quarter ended June 30, 2020.
“Despite the volatile markets, we are pleased to see the durability and resiliency of our business deliver strong growth across our core metrics for the second quarter, including 26% growth in our fee related earnings and 18% growth in our fee paying AUM,” said Michael Arougheti, Chief Executive Officer and President of Ares. “With more than $15 billion in gross capital raised organically year to date, our clients continue to entrust us with greater amounts of capital, which puts us on track to have one of our best fundraising years yet.”
“In the second quarter, we generated our 13th consecutive quarter of sequential fee related earnings growth and our fee related earnings margin reached a post IPO high,” said Michael McFerran, Chief Operating Officer and Chief Financial Officer of Ares. “With a record amount of available capital, we are well positioned to continue to drive growth in management fees and fee related earnings in the years ahead.”
Ares declared a quarterly dividend of $0.40 per share of its Class A common stock, payable on September 30, 2020 to its Class A common stockholders of record at the close of business on September 16, 2020.
Dividend Reinvestment Program
Ares approved a Dividend Reinvestment Program for its Class A common stockholders that will be effective for the third quarter dividend on September 30, 2020. American Stock Transfer and Trust Company has been engaged to administer the plan on behalf of the Company. Additional information can be located on the Investor Resources section of our website.
Ares declared a quarterly dividend of $0.4375 per share of its Series A preferred stock with a payment date of September 30, 2020 to its Series A preferred stockholders of record as of the close of business on September 15, 2020.
Ares issued a full detailed presentation of its second quarter 2020 results, which can be viewed at www.aresmgmt.com on the Investor Resources section of our home page under Events and Presentations. The presentation is titled "Second Quarter 2020 Earnings Presentation."
Conference Call and Webcast Information
Ares will host a conference call on August 5, 2020 at 12:00 p.m. ET to discuss second quarter results. All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of our website at http://www.aresmgmt.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing (888) 317-6003. International callers can access the conference call by dialing +1 (412) 317-6061. All callers will need to enter the Participant Elite Entry Number 9560779 followed by the # sign and reference “Ares Management Corporation” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For interested parties, an archived replay of the call will be available through September 2, 2020 to domestic callers by dialing (877) 344-7529 and to international callers by dialing +1 (412) 317-0088. For all replays, please reference conference number 10145530. An archived replay will also be available through September 2, 2020 on a webcast link located on the Home page of the Investor Resources section of our website.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity and Real Estate. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management's global platform had approximately $165 billion of assets under management as of June 30, 2020 with more than 1,300 employees operating across North America, Europe, Asia and Australia, pro forma for the acquisition of SSG Capital Holdings Limited which closed on July 1, 2020.
Statements included herein contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. Forward-looking statements can be identified by the use of forward looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including but not limited to the impact of the COVID-19 pandemic and the pandemic's impact on the U.S. and global economy, as well as those described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Ares Management Corporation undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future developments or otherwise, except as required by law.
Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of Ares or an investment fund managed by Ares or its affiliates.