Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Ares Management Corporation is a Delaware corporation. Unless the context otherwise requires, references to “Ares,” “we,” “us,” “our,” and the “Company” are intended to mean the business and operations of Ares Management Corporation and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of the Company. “Consolidated Funds” refers collectively to certain Ares funds, co-investment vehicles, CLOs and SPACs that are required under U.S. GAAP to be consolidated in our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Additional terms used by the Company are defined in the Glossary and throughout the Management’s Discussion and Analysis in this Quarterly Report on Form 10-Q.

The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements of Ares Management Corporation and the related notes included in this Quarterly Report on Form 10-Q and the audited financial statements and the related notes included in the 2025 Annual Report on Form 10-K of Ares Management Corporation.

Amounts and percentages presented throughout our discussion and analysis of financial condition and results of operations may reflect rounded results in thousands (unless otherwise indicated) and consequently, totals may not appear to sum. In addition, illustrative charts may not be presented at scale.

The changes from current year compared to prior year may be deemed to be not meaningful and are designated as “NM” within the discussion and analysis of financial condition and results of operations.

Trends Affecting Our Business

We believe that our disciplined investment philosophy across our distinct but complementary investment groups contributes to the stability of our performance throughout market cycles. For the three months ended March 31, 2026, 93% of our management fees were derived from perpetual capital vehicles or long-dated funds. Our funds have a stable base of committed capital enabling us to invest in assets with a long-term focus over different points in a market cycle and to take advantage of market volatility. However, our results from operations, including the fair value of our AUM, are affected by a variety of factors. Conditions in the global financial markets and economic and political environments may impact our business, particularly in the U.S., Europe and Asia-Pacific (“APAC”).

The following table presents returns of selected market indices:

																								Returns (%)
Type of Index						Name of Index						Region												Three months ended March 31, 2026
High yield bonds						ICE BAML High Yield Master II Index						U.S.												(0.6)
High yield bonds						ICE BAML European Currency High Yield Index						Europe												(1.7)
Leveraged loans						S&P UBS Leveraged Loan Index						U.S.												(0.5)
Leveraged loans						S&P UBS Western European Leveraged Loan Index						Europe												(0.8)
Equities						S&P 500 Index						U.S.												(4.3)
Equities						MSCI All Country World Ex-U.S. Index						Non-U.S.												(0.6)
Infrastructure equities						S&P Global Infrastructure Index						Global												8.3
Real estate equities						FTSE NAREIT All Equity REITs Index						U.S.												2.8
Real estate equities						FTSE EPRA/NAREIT Developed Europe Index						Europe												(5.3)
Real estate equities						Tokyo Stock Exchange REIT Index						APAC												(8.2)

During the first quarter of 2026, global markets experienced heightened volatility amid the geopolitical tension and conflicts in the Middle East, elevated energy prices and changes in monetary policy expectations. As a result, U.S. and European high yield bonds and leveraged loans were pressured, with European markets more sensitive to the conflicts in the Middle East due to greater dependency on oil flows. U.S. and international equity markets also declined amid inflationary pressures and broader macroeconomic uncertainty. Developed and emerging international markets modestly outperformed U.S. equities, reflecting stronger performance in select regions.

Despite elevated uncertainty from the market volatility, global commercial real estate fundamentals strengthened in the first quarter of 2026. Transaction volumes continued to increase, debt availability improved and property values appreciated across markets. Notwithstanding overall strengthening trends, the European and APAC real estate markets demonstrated greater sensitivity to global conditions compared to the U.S. While performance varies by sector and geography, we believe constrained new supply will be a meaningful tailwind for the commercial real estate markets over the next few years. In

addition, renewable energy continued to scale, supported by record battery storage additions and strong corporate demand for clean energy. The climate infrastructure market remained resilient, bolstered by continued progress in clean energy deployment, the expansion of digital infrastructure and sustained adoption of artificial intelligence.

Private equity activity moderated during the quarter, with dealmaking and exit activity softening amid continued market selectivity and elevated uncertainty in private credit markets. Sponsors remained highly selective, prioritizing businesses with resilient fundamentals and clear paths to value creation, including differentiated technology and artificial intelligence capabilities. We believe a renewed focus on value creation strategies that emphasize operational improvements, selective deployment, talent optimization and digital transformation are essential to support long-term momentum.

We believe our portfolios across all strategies remain well positioned for a fluctuating interest rate environment. On a market value basis, approximately 83% of our debt assets and 51% of our total assets were floating rate instruments as of March 31, 2026.

Managing Business Performance

Operating Metrics

We measure our business performance using certain operating metrics that are common to the alternative investment management industry and are discussed below.

Assets Under Management

AUM refers to the assets we manage and is viewed as a metric to measure our investment and fundraising performance as it reflects assets generally at fair value plus available uncalled capital.

The tables below present rollforwards of our total AUM by segment ($ in millions):

						Credit Group						Real Assets Group						Secondaries Group						Private Equity Group						Other Businesses						Total AUM
Balance at 12/31/2025						$	406,866					$	139,088					$	42,156					$	25,288					$	9,107					$	622,505
Acquisitions						5,544						—						—						—						—						5,544
New par/equity commitments						11,575						5,253						741						858						1,315						19,742
New debt commitments						8,785						993						—						—						—						9,778
Capital reductions						(3,226)						(335)						(88)						—						—						(3,649)
Distributions						(5,173)						(1,515)						(344)						(1,087)						(356)						(8,475)
Redemptions						(1,366)						(188)						(26)						—						—						(1,580)
Net allocations among investment strategies						(629)						123						15						—						491						—
Change in fund value						248						(35)						175						(385)						385						388
Balance at 3/31/2026						$	422,624					$	143,384					$	42,629					$	24,674					$	10,942					$	644,253
						Credit Group						Real Assets Group						Secondaries Group						Private Equity Group						Other Businesses						Total AUM
Balance at 12/31/2024						$	348,858					$	75,298					$	29,153					$	24,041					$	7,096					$	484,446
Acquisitions						—						45,281						—						—						—						45,281
New par/equity commitments						5,944						2,461						2,289						975						1,096						12,765
New debt commitments						4,820						2,614						—						—						—						7,434
Capital reductions						(3,414)						(768)						(58)						(36)						—						(4,276)
Distributions						(3,270)						(1,458)						(239)						(149)						(138)						(5,254)
Redemptions						(381)						(159)						(23)						—						—						(563)
Net allocations among investment strategies						1,309						—						—						—						(1,309)						—
Change in fund value						5,210						918						190						(104)						(174)						6,040
Balance at 3/31/2025						$	359,076					$	124,187					$	31,312					$	24,727					$	6,571					$	545,873

The components of our AUM are presented below ($ in billions):

			AUM: $644.3						AUM: $545.9

						FPAUM						Non-fee paying(1)						AUM not yet paying fees

(1) Includes $5.4 billion and $5.2 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2026 and 2025, respectively.

Please refer to “— Results of Operations by Segment” for a more detailed presentation of AUM by segment for each of the periods presented.

Fee Paying Assets Under Management

FPAUM refers to AUM from which we directly earn management fees and is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees.

The tables below present rollforwards of our total FPAUM by segment ($ in millions):

						Credit Group						Real Assets Group						Secondaries Group						Private Equity Group						Other Businesses						Total
Balance at 12/31/2025						$	249,816					$	84,065					$	29,481					$	14,437					$	7,150					$	384,949
Acquisitions						5,495						—						—						—						—						5,495
Commitments						6,415						2,613						487						—						540						10,055
Deployment/increase in leverage						8,981						2,306						1,075						796						207						13,365
Capital reductions						(3,860)						(82)						(88)						—						—						(4,030)
Distributions						(3,565)						(1,291)						(260)						(79)						(356)						(5,551)
Redemptions						(1,434)						(188)						(26)						—						—						(1,648)
Net allocations among investment strategies						(253)						143						—						—						110						—
Change in fund value						(1,819)						(192)						(449)						(128)						229						(2,359)
Change in fee basis						411						(235)						(31)						(823)						—						(678)
Balance at 3/31/2026						$	260,187					$	87,139					$	30,189					$	14,203					$	7,880					$	399,598
						Credit Group						Real Assets Group						Secondaries Group						Private Equity Group						Other Businesses						Total
Balance at 12/31/2024						$	209,145					$	44,088					$	22,401					$	11,427					$	5,492					$	292,553
Acquisitions						—						30,467						—						—						—						30,467
Commitments						6,478						1,068						1,053						—						1,036						9,635
Deployment/increase in leverage						7,731						1,509						257						17						253						9,767
Capital reductions						(3,610)						(42)						—						—						—						(3,652)
Distributions						(3,294)						(1,403)						(59)						—						(138)						(4,894)
Redemptions						(448)						(159)						(23)						—						—						(630)
Net allocations among investment strategies						1,172						—						—						—						(1,172)						—
Change in fund value						1,420						280						(159)						(1)						119						1,659
Change in fee basis						(363)						617						—						(91)						—						163
Balance at 3/31/2025						$	218,231					$	76,425					$	23,470					$	11,352					$	5,590					$	335,068

The charts below present FPAUM by its fee bases ($ in billions):

			FPAUM: $399.6						FPAUM: $335.1

			Invested capital						NAV/fair value/reported value(1)						Capital commitments						Collateral balances (at par)						GAV

(1)Includes $98.2 billion and $76.7 billion from funds that primarily invest in illiquid strategies as of March 31, 2026 and 2025, respectively. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies.

Please refer to “— Results of Operations by Segment” for detailed information by segment of the activity affecting total FPAUM for each of the periods presented.

Perpetual Capital Assets Under Management

The chart below presents our perpetual capital AUM by segment and type ($ in billions):

			Credit						Real Assets						Secondaries						Other Businesses									Perpetual Wealth Funds						Private Commingled Funds						Publicly-Traded Funds						Managed Accounts

Management Fees By Type

We view the duration of funds we manage as a metric to measure the stability of our future management fees. For the three months ended March 31, 2026 and 2025, 93% and 92%, respectively, of management fees were earned from perpetual capital or long-dated funds.

The charts below present the composition of our segment management fees by fund type:

			Perpetual Capital - Publicly-Traded Funds						Perpetual Capital - Perpetual Wealth Funds						Perpetual Capital - Private Commingled Funds						Perpetual Capital - Managed Accounts						Long-Dated Funds(1)						Other

(1) Long-dated funds generally have a contractual life of five years or more at inception.

Available Capital and Assets Under Management Not Yet Paying Fees

The charts below present our available capital and AUM not yet paying fees by segment ($ in billions):

			Credit						Real Assets						Secondaries						Private Equity						Other Businesses

As of March 31, 2026, AUM not yet paying fees includes $79.4 billion of AUM available for future deployment and $4.2 billion of development assets not yet stabilized that could collectively generate approximately $715.9 million in potential incremental annual management fees, representing a 22% embedded growth rate in our base management fees from the last twelve month period.

Incentive Eligible Assets Under Management and Incentive Generating Assets Under Management

The charts below present our IEAUM and IGAUM by segment ($ in billions):

			Credit						Real Assets						Secondaries						Private Equity						Other Businesses

Fee related performance revenues are not recognized by us until such fees are crystallized and no longer subject to reversal. As of March 31, 2026, perpetual capital IGAUM that could potentially result in crystallized fee related performance revenues totaled $42.1 billion, composed of $23.0 billion within the Credit Group, $13.9 billion within the Real Assets Group and $5.2 billion within the Secondaries Group. As of March 31, 2025, perpetual capital IGAUM that could potentially result in crystallized fee related performance revenues totaled $25.7 billion, composed of $19.5 billion within the Credit Group, $3.5 billion within the Real Assets Group and $2.7 billion within the Secondaries Group. As of March 31, 2026 and 2025, IGAUM included $51.9 billion and $37.9 billion, respectively, of AUM from funds generating incentive income that is not recognized by us until such fees are crystallized or no longer subject to reversal.

Fund Performance Metrics

Fund performance information for our funds considered to be “significant funds” is included throughout this discussion with analysis to facilitate an understanding of our results of operations for the periods presented. Our significant funds are commingled funds that either contributed at least 1% of our total management fees or comprised at least 1% of our total FPAUM for each of the last two consecutive quarters. In addition to management fees, each of our significant funds may generate carried interest or incentive fees upon the achievement of performance hurdles. The fund performance information reflected in this discussion and analysis is not indicative of our overall performance. An investment in Ares is not an investment in any of our funds. Past performance is not indicative of future results. As with any investment, there is always the potential for gains as well as the possibility of losses. There can be no assurance that any of these funds or our other existing and future funds will achieve similar returns.

Fund performance metrics for significant funds may be marked as “NM” as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment.

To further facilitate an understanding of the impact a significant fund may have on our results, we present our drawdown funds as either harvesting investments or deploying capital to indicate the fund’s stage in its life cycle. A fund harvesting investments is past its investment period and opportunistically seeking to monetize investments, while a fund deploying capital is generally seeking new investment opportunities.

Consolidation and Deconsolidation of Ares Funds

We consolidate (i) entities that we have both the power to direct significant activities of the entity and a significant economic interest; and (ii) entities in which we hold a majority voting interest or have majority ownership and control over the operational, financial and investing decisions of that entity. Certain funds that have historically been consolidated in the financial statements may no longer be consolidated because: (i) such funds have been liquidated or dissolved; or (ii) we are no longer deemed to have a controlling interest in the entity. Consolidated Funds represented approximately 6% of our AUM as of March 31, 2026 and 5% of total revenues for the three months ended March 31, 2026.

The activity of the Consolidated Funds is reflected within the unaudited condensed consolidated financial statement line items indicated by reference thereto. The impact of consolidation also typically will decrease revenues reported under GAAP to the extent these amounts are eliminated upon consolidation.

The assets and liabilities of our Consolidated Funds are held within separate legal entities and, as a result, the liabilities of our Consolidated Funds are typically non-recourse to us. Generally, the consolidation of our Consolidated Funds has a significant gross-up effect on our assets, liabilities and cash flows but has no net effect on the net income attributable to us or our stockholders’ equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. The net economic ownership interests of our Consolidated Funds, to which we have no economic rights, are reflected as redeemable and non-controlling interests in the Consolidated Funds within our unaudited condensed consolidated financial statements.

We have transferred certain financial interests to structured financing vehicles that we manage, including but not limited to collateralized fund obligations, rated note feeders and private asset-backed notes, among other secondary solutions. These financial interests include our capital interests and rights to performance income in funds that we manage. The purpose of these transferred interests is to provide collateral or other forms of similar credit-enhancement, including subordination and liquidity support, to the structured financing vehicles. These structured financing vehicles are typically designed to meet investors’ risk-return, liquidity, diversification and risk-based capital treatment objectives and to support capital raising efforts across our platform. The transfer of these financial interests does not subject us to the additional risk of loss; instead, our maximum risk of loss equals the value of our transferred interest in the event that the returns generated by the structured financing vehicles do not meet stated performance thresholds. These structured financing vehicles typically represent variable interest entities that are consolidated with our results. As a result, the financial interests that we transfer will typically be reclassified from investments in the funds that we manage and/or from accrued performance income to investments of the Consolidated Funds upon consolidation. Any future investment income and performance income resulting from these financial interests is typically presented within the results of operations of our Consolidated Funds as a result of consolidation.

The performance of our Consolidated Funds is not necessarily consistent with, or representative of, the combined performance trends of all of our funds.

For the actual impact that consolidation had on our results and further discussion on consolidation and deconsolidation of funds, see “Note 14. Consolidation” within our unaudited condensed consolidated financial statements included herein.

Results of Operations

Consolidated Results of Operations

Although the consolidated results presented below include the results of our operations together with those of the Consolidated Funds and other joint ventures, we separate our analysis of those items primarily impacting the Company from those of the Consolidated Funds.

The following table presents our summarized consolidated results of operations ($ in thousands):

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Total revenues																											$	1,396,436					$	1,088,805					$	307,631					28%
Total expenses																											(1,168,463)						(1,014,328)						(154,135)						(15)
Total other income, net																											84,948						66,561						18,387						28
Less: Income tax expense																											59,872						17,537						(42,335)						(241)
Net income																											253,049						123,501						129,548						105
Less: Net income attributable to non-controlling interests in Consolidated Funds																											29,647						55,977						(26,330)						(47)
Net income attributable to Ares Operating Group entities																											223,402						67,524						155,878						231
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities																											(1,113)						316						(1,429)						NM
Less: Net income attributable to non-controlling interests in Ares Operating Group entities																											81,926						20,038						61,888						NM
Net income attributable to Ares Management Corporation																											142,589						47,170						95,419						202
Less: Series B mandatory convertible preferred stock dividends declared																											25,313						25,313						—						—
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders																											$	117,276					$	21,857					95,419						NM

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Consolidated Results of Operations of the Company

The following discussion sets forth information regarding our consolidated results of operations:

Revenues

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Revenues
Management fees																											$	989,527					$	816,987					$	172,540					21%
Carried interest allocation																											146,631						160,008						(13,377)						(8)
Incentive fees																											161,934						32,048						129,886						NM
Principal investment income																											477						21,998						(21,521)						(98)
Administrative, transaction and other fees																											97,867						57,764						40,103						69
Total revenues																											$	1,396,436					$	1,088,805					307,631						28

Management Fees. Within the Credit Group, our publicly-traded and our perpetual wealth funds contributed $37.4 million of the increase in management fees for the three months ended March 31, 2026 compared to the same period in 2025, primarily driven by increases in the average size of their portfolios. Capital deployment in private funds within our direct lending and alternative credit strategies led to a rise in FPAUM, contributing $29.6 million of the increase in management fees for the three months ended March 31, 2026 compared to the same period in 2025. Within the Real Assets Group, funds that we manage as a result of the acquisition of the international business of GLP Capital Partners Limited excluding its operations in Greater China (the “GCP Acquisition”) generated $34.6 million in additional management fees for the three months ended March 31, 2026 compared to one month of fees for the three months ended March 31, 2025.

In addition, Part I Fees increased by $29.2 million for the three months ended March 31, 2026 compared to the same period in 2025. The increase in Part I Fees was primarily attributable to ASIF and our open-ended European direct lending fund, driven by increases in net investment income from their growing portfolios of investments.

For detail regarding the fluctuations of management fees within each of our segments, see “—Results of Operations by Segment.”

Carried Interest Allocation. The following table sets forth carried interest allocation by segment ($ in millions):

									Three months ended March 31,
															2026						2025
Credit funds															$	137.3					$	130.7
Real Assets funds															47.5						22.0
Secondaries funds															9.8						(6.2)
Private Equity funds															10.6						37.0
Other businesses															(42.0)						2.4
Elimination of carried interest from Consolidated Funds															(16.1)						(5.1)
Carried interest of non-controlling interests in consolidated subsidiaries															(0.5)						(20.8)
Carried interest allocation															$	146.6					$	160.0

The activity was principally composed of the following:

Three months ended March 31, 2026						Three months ended March 31, 2025
Credit funds
•Primarily from one alternative credit fund, three direct lending funds and one opportunistic credit fund with $29.3 billion of IGAUM generating returns in excess of their hurdle rates: ◦Within alternative credit, Pathfinder II generated carried interest allocation of $42.2 million, driven by market appreciation of certain investments that primarily operate in the utilities and transportation industries ◦Within direct lending, ACE VI, ACE V and PCS II generated carried interest allocation of $31.5 million, $25.5 million and $19.0 million, respectively, driven by net investment income during the period ◦Within opportunistic credit, SSF IV generated carried interest allocation of $17.1 million, driven by improved profitability of portfolio companies that operate in the utilities, energy and services industries						•Primarily from four direct lending funds, one opportunistic credit fund and two alternative credit funds with $37.8 billion of IGAUM generating returns in excess of their hurdle rates: ◦Within direct lending, ACE V, ACE VI and PCS II generated carried interest allocation of $46.3 million, $26.6 million and $13.0 million, respectively, driven by net investment income on an increasing invested capital base. ACE IV generated carried interest allocation of $13.3 million driven by net investment income during the period ◦Within opportunistic credit, ASOF II generated carried interest allocation of $21.0 million, driven by improved operating performance metrics from portfolio companies that operate in the services and retail industries ◦Within alternative credit, Pathfinder II and Pathfinder I generated carried interest allocation of $21.6 million and $10.1 million, respectively, driven by market appreciation of certain investments and net investment income during the period •Reversal of unrealized carried interest allocation of $27.0 million and $24.7 million from SSF IV and ASOF I, respectively, primarily due to the market depreciation of their investment in Savers Value Village, Inc. (“SVV”), driven by its lower stock price
Real Assets funds
•IDF V generated carried interest allocation of $14.7 million, driven by net investment income during the period •ACIP II and ACIP I generated carried interest allocation of $11.3 million and $9.1 million, respectively, driven by the appreciation of certain portfolio investments						*•*IDF V generated carried interest allocation of $10.3 million, driven by net investment income during the period •Carried interest allocation of $5.1 million and $1.6 million generated from two U.S. real estate equity funds and EIF V, respectively, primarily due to appreciation of certain investments •Reversal of unrealized carried interest allocation of $1.3 million from ACIP I was driven by the lower valuation of certain investments
Secondaries funds
•LEP XVII and LREF IX generated carried interest allocation of $7.3 million and $3.5 million, respectively, primarily driven by appreciation of certain portfolio investments						•Reversal of unrealized carried interest of $10.9 million from LREF VIII, primarily driven by the lower valuation of certain investments •Reversal of unrealized carried interest of $9.3 million from LEP XVI, due to the lower valuation of certain investments •LEP XVII generated carried interest allocation of $6.0 million, driven by improved operating performance and appreciation of certain investments
Private Equity funds
•ACOF VI generated carried interest allocation of $22.4 million, driven by improved profitability of portfolio companies that primarily operate in the industrial and retail industries •Reversal of unrealized carried interest of $12.2 million from ACOF IV, driven by lower operating performance from a portfolio company that operates in the healthcare and by decreasing share price of a portfolio company that operates in the consumer services						•ACOF VI and ACOF IV generated carried interest allocation of $42.7 million and $6.6 million, respectively, primarily driven by improved operating performance metrics from portfolio companies that primarily operate in the healthcare, services, industrial and retail industries •Reversal of unrealized carried interest allocation of $13.1 million from a private equity fund driven by lower operating performance from portfolio companies that primarily operate in the industrial and service industries
Other businesses
•Reversal of unrealized carried interest of $54.1 million attributable to the decrease in market value of our investment in Kodiak AI, Inc. (Nasdaq: KDK), driven by its lower stock price •Carried interest allocation of $12.0 million from an insurance fund that is eliminated upon consolidation						•Carried interest allocation from an insurance fund that is eliminated upon consolidation

Incentive Fees. The following table sets forth incentive fees by segment ($ in millions):

									Three months ended March 31,
															2026						2025
Credit funds															$	147.6					$	21.9
Real Assets funds															2.6						0.4
Secondaries funds															11.7						9.7
Incentive fees															$	161.9					$	32.0

The increase in incentive fees for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to (i) fees of $138.5 million generated by SDL I in connection with the sale of its remaining assets to a continuation vehicle; and (ii) higher fees generated from APMF resulting from increased IGAUM over the comparative period. For further detail regarding the incentive fees within each of our segments, see discussion of fee related performance revenues and realized net performance income within “—Results of Operations by Segment.”

Principal Investment Income. The activity for the three months ended March 31, 2026 was primarily attributable to:

• Dividend income of $7.2 million primarily generated from our investments in various U.S. direct lending, Japanese real estate equity and real estate debt funds

• Unrealized losses of $10.5 million from our investment in a U.S. real estate equity fund, partially offset by unrealized gains of $3.1 million from our investments in various European real estate equity funds and opportunistic credit funds

The activity for the three months ended March 31, 2025 was primarily attributable to:

• Interest income of $7.7 million from newly admitted investors in an insurance fund, where capital account balances are reallocated from existing investors in exchange for interest to compensate for carrying costs

• Dividend income of $4.7 million generated from our investments in various real estate debt funds

• Net realized gains of $3.5 million generated from our investments in various U.S. real estate equity funds

Administrative, Transaction and Other Fees. The increase for the three months ended March 31, 2026 compared to the same period in 2025 was driven by: (i) an increase of $21.0 million reflecting the full quarter impact of property-related fees and administrative service fees earned from funds acquired in the GCP Acquisition; (ii) an increase in administrative service fees of $6.5 million, earned from new and existing private funds within our Credit Group that are based on invested capital and from our perpetual wealth funds; and (iii) an increase in capital markets transaction fees of $5.2 million, reflecting increased transaction volumes.

Expenses

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Expenses
Compensation and benefits																											$	692,407					$	657,125					$	(35,282)					(5)%
Performance related compensation																											228,336						122,633						(105,703)						(86)
General, administrative and other expenses																											240,437						227,914						(12,523)						(5)
Expenses of Consolidated Funds																											7,283						6,656						(627)						(9)
Total expenses																											$	1,168,463					$	1,014,328					(154,135)						(15)

Compensation and Benefits. The following table presents the components of change in compensation and benefits for the three months ended March 31, 2026 compared to the same period in 2025 ($ in millions):

									Year-over-year change
Compensation and benefits
Cash-based compensation and benefits									$	(68.4)
Part I Fee compensation									(14.9)
Acquisition-related compensation expense									(6.2)
Equity compensation expense									(31.0)
Acquisition-related equity compensation expense									85.2
Total									$	(35.3)

The increase in cash-based compensation and benefits reflected the continued growth in salary and benefits for our increased staffing levels, as well as the full quarter impact of employment related costs of $30.8 million from the GCP Acquisition.

In addition, Part I Fee compensation increased over the comparative period, corresponding to the increase in Part I Fees. We reduced Part I Fee compensation by $7.5 million and $4.8 million for the three months ended March 31, 2026 and 2025, respectively, to reclaim a portion of the supplemental distribution fees that we paid to distribution partners.

Equity compensation increased over the comparative period as a result of newly issued discretionary and bonus-related awards granted at higher stock prices relative to previously granted awards that have since fully vested. Acquisition-related equity compensation expense decreased over the comparative period as the prior year period included $108.8 million of expense from the portion of the awards associated with the purchase price of the GCP Acquisition that immediately vested.

Full-time equivalent headcount increased by 24% to 4,297 professionals for the year-to-date period in 2026 from 3,474 professionals in 2025, including the impact from the GCP Acquisition of 511 full-time equivalents.

For detail regarding the fluctuations of compensation and benefits within each of our segments see “—Results of Operations by Segment.”

Performance Related Compensation. The majority of the changes in performance related compensation are directly associated with the changes in carried interest allocation and incentive fees as described above.

General, Administrative and Other Expenses. The increase in general, administrative and other expenses reflect growing staffing levels and fundraising activities, as well as the full quarter impact of operating costs of $13.2 million from the GCP Acquisition. Excluding the impact from the GCP Acquisition, information technology costs for software licenses and capitalized software amortization increased by $5.7 million for the three months ended March 31, 2026 compared to the same period in 2025, driven by continued build-out of internally developed software and to support our growing headcount. Travel and marketing costs also increased by $4.4 million over the comparative period, driven by new sponsorships and investor events held during the quarter. Furthermore, supplemental distribution fees increased by $4.2 million over the comparative period due to the expansion of our distribution relationships and wealth product offerings.

Amortization of intangible assets increased by $9.8 million over the comparative period, primarily due to the full quarter impact from the GCP Acquisition.

Conversely, acquisition-related costs decreased by $33.4 million for the three months ended March 31, 2026 compared to the same period in 2025. Acquisition-related costs generally precede a business combination, vary with the complexity of the transaction and may occur even when acquisitions are not successfully completed. We incurred costs in the current quarter primarily related to the acquisition of the remaining outstanding shares of BlueCove Limited (the “BlueCove Acquisition”), while we incurred $33.7 million during the three months ended March 31, 2025 related to the GCP Acquisition.

Other Income (Expense)

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Other income (expense)
Net realized and unrealized gains on investments																											$	3,389					$	268					$	3,121					NM
Interest and dividend income																											7,099						17,656						(10,557)						(60)
Interest expense																											(50,760)						(36,387)						(14,373)						(40)
Other income (expense), net																											24,560						(10,714)						35,274						NM
Net realized and unrealized gains on investments of Consolidated Funds																											134,016						88,406						45,610						52
Interest and other income of Consolidated Funds																											105,445						160,072						(54,627)						(34)
Interest expense of Consolidated Funds																											(138,801)						(152,740)						13,939						9
Total other income, net																											$	84,948					$	66,561					18,387						28

Net Realized and Unrealized Gains on Investments; Interest and Dividend Income. The activity for the three months ended March 31, 2026 was primarily attributable to:

• Unrealized gains of $42.7 million from our strategic investments in X‑Energy, Inc., which completed its initial public offering after the first quarter of 2026 (Nasdaq: XE), partially offset by unrealized losses of $36.4 million primarily from our investments in KDK and J-REIT

• Interest and dividend income primarily included: (i) dividend income of $3.9 million from our strategic investment in a Brazilian alternative asset manager and from our investment in J-REIT; and (ii) income of $1.1 million from our investments in CLOs and CLO-based investments

The activity for the three months ended March 31, 2025 was primarily attributable to:

• Interest and dividend income primarily included: (i) income of $2.1 million from our investments in CLOs and CLO-based investments; (ii) dividend income of $2.0 million from our strategic investment in a Brazilian alternative asset manager; and (iii) $11.9 million of interest income earned from treasury-backed securities. These treasury-backed securities were sold in the first quarter of 2025 and the proceeds from the sale were used to fund the GCP Acquisition.

Interest Expense. Interest expense increased for the three months ended March 31, 2026 compared to the same period in 2025 due to a higher average outstanding balance of our Credit Facility. At the end of March 2026, we borrowed $400.0 million under the Term Loan. We expect interest expense attributable to the Term Loan to be approximately $4.7 million per quarter in future periods.

Other Income (Expense), Net. Other income (expense), net for the three months ended March 31, 2026 included a $37.4 million bargain purchase gain from the BlueCove Acquisition. A bargain purchase gain resulted from the fair value of the identifiable tangible and intangible assets acquired exceeding the purchase consideration. A portion of the purchase price payable to certain senior professionals is dependent upon the achievement of revenue targets and has been excluded from purchase consideration as it is subject to continued and future service.

Other income (expense), net for the three months ended March 31, 2026 also included non-cash expense of $14.3 million from an increase in fair value of contingent consideration, reflecting our progress toward achieving the earnouts established in connection with the GCP Acquisition. These earnouts are based on revenue targets of certain digital infrastructure funds and fundraising targets of certain Japanese real estate funds. See “Note 7. Commitments and Contingencies” within our unaudited condensed consolidated financial statements for a further description of these contingent earnout arrangements.

Income Tax Expense

The majority of our Consolidated Funds are not subject to income tax as the funds’ investors are responsible for reporting their share of income or loss on a pass-through basis. Accordingly, the following discussion focuses on the change in income tax expense attributable to the Company:

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Consolidated Company Entities
Income before taxes																											$	279,497					$	83,059					$	196,438					237%
Less: Income tax expense																											56,095						15,535						(40,560)						(261)
Net income																											$	223,402					$	67,524					155,878						231

The increase in income tax expense was primarily attributable to higher pre-tax income allocable to AMC and higher entity level taxes in foreign and local jurisdictions for the three months ended March 31, 2026 compared to the same period in 2025.

The allocation of taxable income is also sensitive to any changes in weighted average daily ownership as the income attributed to redeemable and non-controlling interests is generally passed through to partners and not subject to corporate income taxes. The following table summarizes weighted average daily ownership:

												Three months ended March 31,
																		2026						2025
AMC common stockholders																		68.13		%				65.77		%
Non-controlling AOG unitholders																		31.87						34.23

The change in ownership compared to the prior year period was primarily driven by the issuances of shares of Class A common stock in connection with the vesting of restricted unit awards and exchanges of AOG Units.

Redeemable and Non-Controlling Interests

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Net income																											$	253,049					$	123,501					$	129,548					105%
Less: Net income attributable to non-controlling interests in Consolidated Funds																											29,647						55,977						(26,330)						(47)
Net income attributable to Ares Operating Group entities																											223,402						67,524						155,878						231
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities																											(1,113)						316						(1,429)						NM
Less: Net income attributable to non-controlling interests in Ares Operating Group entities																											81,926						20,038						61,888						NM
Net income attributable to Ares Management Corporation																											142,589						47,170						95,419						202
Less: Series B mandatory convertible preferred stock dividends declared																											25,313						25,313						—						—
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders																											$	117,276					$	21,857					95,419						NM

The change in net income attributable to non-controlling interests in AOG entities compared to the prior year period was primarily a result of the respective change in income before taxes of the Company as presented above.

Consolidated Results of Operations of the Consolidated Funds

The following table presents the results of operations of the Consolidated Funds ($ in thousands):

															Three months ended March 31,																		Favorable (Unfavorable)
																														2026						2025												$ Change						% Change
Expenses of the Consolidated Funds																														$	(7,283)					$	(6,656)											$	(627)					(9)%
Net realized and unrealized gains on investments of Consolidated Funds																														134,016						88,406												45,610						52
Interest and other income of Consolidated Funds																														105,445						160,072												(54,627)						(34)
Interest expense of Consolidated Funds																														(138,801)						(152,740)												13,939						9
Income before taxes																														93,377						89,082												4,295						5
Less: Income tax expense of Consolidated Funds																														3,777						2,002												(1,775)						(89)
Net income																														89,600						87,080												2,520						3
Less: Revenues attributable to Ares Management Corporation eliminated upon consolidation																														66,249						19,987												46,262						231
Other expense (income), net attributable to Ares Management Corporation eliminated upon consolidation (loss)																														6,296						(11,116)												(17,412)						NM
Net income attributable to non-controlling interests in Consolidated Funds																														$	29,647					$	55,977											(26,330)						(47)

The results of operations of the Consolidated Funds primarily represent activities from certain funds that we are deemed to control. When a fund is consolidated, we reflect the revenues and expenses of the entity on a gross basis, subject to eliminations from consolidation. A substantial portion of our results of operations related to the Consolidated Funds are attributable to ownership interests that third parties hold in those funds. The Consolidated Funds are not necessarily the same funds in each year presented due to changes in ownership, changes in limited partners’ or investor rights, and the creation or termination of funds and entities. Accordingly, such amounts may not be comparable for the periods presented, and in any event have no material impact on net income attributable to Ares Management Corporation.

Segment Analysis

For segment reporting purposes, revenues and expenses are presented before giving effect to the results of our Consolidated Funds and the results attributable to non-controlling interests of joint ventures that we consolidate. As a result, segment revenues are different than those presented on a consolidated basis in accordance with GAAP. Revenues recognized from Consolidated Funds are eliminated in consolidation and those attributable to the non-controlling interests of joint ventures have been excluded by us. Furthermore, expenses and the effects of other income (expense) are different than related amounts presented on a consolidated basis in accordance with GAAP due to the exclusion of the results of Consolidated Funds and the non-controlling interests of joint ventures.

Non-GAAP Financial Measures

We use Realized Income (“RI”) as a non-GAAP profit measure in making operating decisions, assessing performance and allocating resources. Fee Related Earnings (“FRE”) is a component of RI that excludes realized activities associated with investment income and performance income.

FRE and RI should be considered in addition to and not in lieu of, the results of operations, which are discussed further under “—Consolidated Results of Operations of the Company” and are prepared in accordance with GAAP.

The following table sets forth FRE and RI by reportable segment and the OMG ($ in thousands):

																		Three months ended March 31,												Favorable (Unfavorable)
																														2026						2025						$ Change						% Change
Fee Related Earnings
Credit Group																														$	477,436					$	408,594					$	68,842					17%
Real Assets Group																														131,969						74,279						57,690						78
Secondaries Group																														54,633						40,584						14,049						35
Private Equity Group																														14,857						14,307						550						4
Other																														6,411						4,469						1,942						43
Operations Management Group																														(220,902)						(174,957)						(45,945)						(26)
Fee Related Earnings																														$	464,404					$	367,276					97,128						26
Realized Income
Credit Group																														$	542,916					$	431,939					$	110,977					26%
Real Assets Group																														110,773						87,597						23,176						26
Secondaries Group																														53,198						39,671						13,527						34
Private Equity Group																														18,613						10,227						8,386						82
Other																														(2,536)						10,769						(13,305)						NM
Operations Management Group																														(220,228)						(174,279)						(45,949)						(26)
Realized Income																														$	502,736					$	405,924					96,812						24

Income before provision for income taxes is the GAAP financial measure most comparable to RI. The following table presents the reconciliation of income before taxes as reported within the Condensed Consolidated Statements of Operations to RI and FRE of the reportable segments and the OMG ($ in thousands):

			Three months ended March 31,
			2026						2025
Income before taxes			$	312,921					$	141,038
Adjustments:
Depreciation and amortization expense			59,694						48,229
Equity compensation expense			203,632						257,862
Acquisition-related compensation expense(1)			28,200						21,999
Acquisition and merger-related expense			1,244						34,608
Placement fee adjustment			(6,822)						(6)
Other (income) expense, net			(23,006)						2,526
Income before taxes of non-controlling interests in consolidated subsidiaries			(5,578)						(5,471)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations			(33,424)						(57,979)
Total performance income—unrealized			(92,035)						(64,443)
Total performance related compensation—unrealized			81,422						40,550
Total net investment income—unrealized			(23,512)						(12,989)
Realized Income			502,736						405,924
Total performance income—realized			(213,548)						(125,448)
Total performance related compensation—realized			138,212						84,416
Total net investment loss—realized			37,004						2,384
Fee Related Earnings			$	464,404					$	367,276

(1)Represents bonus payments, a portion of earnouts and other costs in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within our Condensed Consolidated Statements of Operations.

For the specific components and calculations of these non-GAAP measures, as well as additional reconciliations to the most comparable measures in accordance with GAAP, see “Note 13. Segment Reporting” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Discussed below are our results of operations for our reportable segments and the OMG.

Results of Operations by Segment

Credit Group—Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Fee Related Earnings

The following table presents the components of the Credit Group’s FRE ($ in thousands):

												Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Management fees																											$	684,663					$	585,396					$	99,267					17%
Fee related performance revenues																											5,256						18,395						(13,139)						(71)
Other fees																											15,099						10,598						4,501						42
Compensation and benefits																											(176,237)						(164,747)						(11,490)						(7)
General, administrative and other expenses																											(51,345)						(41,048)						(10,297)						(25)
Fee Related Earnings																											$	477,436					$	408,594					68,842						17

Management Fees. The chart below presents Credit Group management fees and effective management fee rates ($ in millions):

The following table presents the components of and causes for changes in the Credit Group’s management fees for the three months ended March 31, 2026 compared to the prior year period ($ in millions):

									Year-over-year change
Perpetual wealth funds:
Base management fees from ASIF, our open-ended European direct lending fund and CADC, due to increases in the average size of their portfolios									$	25.4
Part I Fees from ASIF, our open-ended European direct lending fund and CADC, driven by increases in net investment income from their growing portfolio of investments									23.7
Fees from our open-ended sports, media and entertainment opportunities fund, which began generating fees during the first quarter of 2026 following the expiration of its fee waiver									2.1
Fees from SDL III, ACE VI, Pathfinder II, our open-ended core alternative credit fund and ASOF III, driven by capital deployment									37.6
Fees from ARCC due to an increase in the average size of its portfolio									8.8
Fees from funds acquired in the BlueCove Acquisition									3.6
Distributions that reduced the fee base of SDL II, ACE IV and SSG IV as the funds are past their investment periods									(10.1)
SDL I no longer pays fees in connection with the sale of its remaining assets to a continuation vehicle in the first quarter of 2026									(4.8)
Cumulative effect of other changes									13.0
Total									$	99.3

The decrease in effective management fee rate for the three months ended March 31, 2026 compared to the same period in 2025 was primarily attributable to increases in FPAUM from our funds in the liquid credit strategy, which have an effective fee rate of less than 0.50%.

Fee Related Performance Revenues. Fee related performance revenues decreased for the three months ended March 31, 2026 compared to the same period in 2025. Fee related performance revenues for the three months ended March 31, 2026 were primarily attributable to incentive fees from our open-ended sports, media and entertainment opportunities fund, which has a quarterly measurement period and a fee waiver that expired at the end of 2025. Fee related performance revenues for the three months ended March 31, 2025 were primarily attributable to incentive fees from a European direct lending fund that crystallized fees following the restructuring of its hold back provisions.

Other Fees. The increase in other fees for the three months ended March 31, 2026 compared to the same period in 2025 was primarily driven an increase in administrative service fees of $3.1 million, which are earned from certain private funds that pay on invested capital. In addition, capital markets transaction fees were higher by $1.7 million, reflecting increased transaction volumes.

Compensation and Benefits. The increase in compensation and benefits for the three months ended March 31, 2026 compared to the same period in 2025 was primarily driven by an increase in: (i) Part I Fee compensation of $14.9 million, corresponding to the increase in Part I Fees; (ii) incentive-based compensation of $6.3 million; and (iii) salary expenses of $2.9 million, primarily attributable to headcount growth; partially offset by (iv) lower fee related performance compensation of $9.8 million, corresponding to the decrease in fee related performance revenues. We reduced Part I Fee compensation by $3.9 million and $4.8 million for the three months ended March 31, 2026 and 2025, respectively, to reclaim a portion of the supplemental distribution fees that we paid to distribution partners.

Full-time equivalent headcount increased by 4% to 729 investment and investment support professionals for the year-to-date period in 2026 from 698 professionals in 2025 primarily due to the impact of the BlueCove Acquisition and also to support our growing direct lending and alternative credit platforms.

General, Administrative and Other Expenses. The increase in general, administrative and other expenses for the three months ended March 31, 2026 compared to the same period in 2025 was driven by: (i) an increase in professional service fees of $4.4 million; (ii) an increase in supplemental distribution fees of $2.6 million as we continue to expand our wealth product offerings and distribution relationships; and (iii) an increase in information technology costs of $1.1 million to support our growing headcount.

Realized Income

The following table presents the components of the Credit Group’s RI ($ in thousands):

												Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Fee Related Earnings																											$	477,436					$	408,594					$	68,842					17%
Performance income—realized																											166,228						54,112						112,116						207
Performance related compensation—realized																											(102,249)						(34,258)						(67,991)						(198)
Realized net performance income																											63,979						19,854						44,125						222
Investment income—realized																											4,024						5,379						(1,355)						(25)
Interest income																											832						4,420						(3,588)						(81)
Interest expense																											(3,355)						(6,308)						2,953						47
Realized net investment income																											1,501						3,491						(1,990)						(57)
Realized Income																											$	542,916					$	431,939					110,977						26

The Credit Group’s realized activities were principally composed of and caused by the following:

Three months ended March 31, 2026						Three months ended March 31, 2025
Realized net performance income
Incentive fees: •$53.9 million from SDL I in connection with the sale of its remaining assets to a continuation vehicle Carried interest: •Tax distributions of $8.0 million, primarily from ACE V						Carried interest: •Tax distributions of $17.2 million, primarily from ACE IV, ACE V and an alternative credit
Realized investment income and interest income
•Income of $2.3 million generated from a U.S. direct lending fund •Income of $1.9 million generated from our investments in 14 CLOs and CLO-based investments						•Income of $3.3 million generated from our investments in 12 CLOs and CLO-based investments •Income of $1.1 million generated from our investment in SSF IV

Interest expense allocated to the Credit Group decreased for the three months ended March 31, 2026 compared to the same period in 2025 as a significant portion of the current period’s interest expense was allocated based on capital used to finance the GCP Acquisition in the prior year, which occurred within the Real Assets Group.

Credit Group—Performance Income

The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Credit Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions):

			As of March 31, 2026																		As of December 31, 2025
			Accrued Performance Income						Accrued Performance Compensation						Accrued Net Performance Income						Accrued Performance Income						Accrued Performance Compensation						Accrued Net Performance Income
Pathfinder I			$	220.1					$	186.9					$	33.2					$	216.3					$	183.9					$	32.4
Pathfinder II			176.9						136.3						40.6						134.7						105.4						29.3
ASOF I			256.3						189.7						66.6						276.4						204.6						71.8
ASOF II			332.5						232.9						99.6						324.6						227.3						97.3
PCS I			140.5						83.1						57.4						150.5						88.9						61.6
PCS II			281.9						166.9						115.0						262.6						155.5						107.1
ACE IV			175.2						114.4						60.8						185.7						120.5						65.2
ACE V			355.0						224.1						130.9						347.6						218.9						128.7
ACE VI			221.8						140.0						81.8						190.3						119.7						70.6
Other Credit funds			286.2						175.9						110.3						246.0						149.1						96.9
Total Credit Group			$	2,446.4					$	1,650.2					$	796.2					$	2,334.7					$	1,573.8					$	760.9

The following table presents the change in accrued performance income for the Credit Group ($ in millions):

												As of December 31, 2025						Activity during the period																		As of March 31, 2026
						Waterfall Type						Accrued Performance Income						Change in Unrealized						Realized						Other Adjustments						Accrued Performance Income
Accrued Carried Interest
Pathfinder I						European						$	216.3					$	3.8					$	—					$	—					$	220.1
Pathfinder II						European						134.7						42.2						—						—						176.9
ASOF I						European						276.4						(17.4)						(2.7)						—						256.3
ASOF II						European						324.6						7.9						—						—						332.5
PCS I						European						150.5						(9.8)						—						(0.2)						140.5
PCS II						European						262.6						19.0						—						0.3						281.9
ACE IV						European						185.7						(9.4)						(1.1)						—						175.2
ACE V						European						347.6						25.5						(18.3)						0.2						355.0
ACE VI						European						190.3						31.5						—						—						221.8
Other Credit funds						European						220.3						42.9						—						0.9						264.1
Other Credit funds						American						25.7						1.1						(1.8)						(2.9)						22.1
Total accrued carried interest												2,334.7						137.3						(23.9)						(1.7)						2,446.4
SDL I						Incentive						—						138.5						(138.5)						—						—
Other credit funds						Incentive						—						3.8						(3.8)						—						—
Total Credit Group												$	2,334.7					$	279.6					$	(166.2)					$	(1.7)					$	2,446.4

Credit Group—Assets Under Management

The tables below present rollforwards of AUM for the Credit Group ($ in millions):

									Liquid Credit						Alternative Credit						Opportunistic Credit						U.S. Direct Lending						European Direct Lending						APAC Credit						Other**(1)**						Total Credit Group
Balance at 12/31/2025									$	53,061					$	48,060					$	19,841					$	189,610					$	84,662					$	11,557					$	75					$	406,866
Acquisitions									5,544						—						—						—						—						—						—						5,544
New par/equity commitments									2,418						1,145						1,602						2,727						3,141						542						—						11,575
New debt commitments									944						289						—						6,716						836						—						—						8,785
Capital reductions									(668)						(11)						—						(2,399)						(148)						—						—						(3,226)
Distributions									(77)						(570)						(90)						(3,219)						(1,180)						(37)						—						(5,173)
Redemptions									(566)						—						—						(739)						(61)						—						—						(1,366)
Net allocations among investment strategies									(3)						(611)						—						30						—						—						(45)						(629)
Change in fund value									(423)						372						52						472						(267)						42						—						248
Balance at 3/31/2026									$	60,230					$	48,674					$	21,405					$	193,198					$	86,983					$	12,104					$	30					$	422,624
									Liquid Credit						Alternative Credit						Opportunistic Credit						U.S. Direct Lending						European Direct Lending						APAC Credit						Other**(1)**						Total Credit Group
Balance at 12/31/2024									$	46,895					$	41,565					$	14,964					$	159,129					$	74,560					$	11,470					$	275					$	348,858
New par/equity commitments									459						560						1,072						2,983						856						14						—						5,944
New debt commitments									1,005						—						—						3,815						—						—						—						4,820
Capital reductions									(1,920)						(277)						(175)						(943)						—						(99)						—						(3,414)
Distributions									(29)						(862)						(142)						(1,232)						(973)						(32)						—						(3,270)
Redemptions									(260)						—						—						(121)						—						—						—						(381)
Net allocations among investment strategies									—						1,309						—						—						—						—						—						1,309
Change in fund value									396						612						(71)						1,119						3,044						107						3						5,210
Balance at 3/31/2025									$	46,546					$	42,907					$	15,648					$	164,750					$	77,487					$	11,460					$	278					$	359,076
(1) Amounts represent equity commitments to the platform that have not yet been allocated to an investment strategy.

The components of our AUM for the Credit Group are presented below ($ in billions):

			AUM: $422.6						AUM: $359.1

						FPAUM						Non-fee paying(1)						AUM not yet paying fees

(1) Includes $2.3 billion and $2.0 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2026 and 2025, respectively.

Credit Group—Fee Paying AUM

The tables below present rollforwards of fee paying AUM for the Credit Group ($ in millions):

						Liquid Credit						Alternative Credit						Opportunistic Credit						U.S. Direct Lending						European Direct Lending						APAC Credit												Total Credit Group
Balance at 12/31/2025						$	51,958					$	35,303					$	9,821					$	102,310					$	45,095					$	5,329											$	249,816
Acquisitions						5,495						—						—						—						—						—												5,495
Commitments						2,784						—						—						1,918						1,189						524												6,415
Deployment/increase in leverage						—						1,507						619						4,472						2,233						150												8,981
Capital reductions						(682)						—						—						(2,988)						(104)						(86)												(3,860)
Distributions						(78)						(448)						(5)						(2,488)						(530)						(16)												(3,565)
Redemptions						(555)						—						—						(818)						(61)						—												(1,434)
Net allocations among investment strategies						(3)						(250)						—						—						—						—												(253)
Change in fund value						(465)						(95)						—						117						(1,381)						5												(1,819)
Change in fee basis						—						—						—						412						—						(1)												411
Balance at 3/31/2026						$	58,454					$	36,017					$	10,435					$	102,935					$	46,441					$	5,905											$	260,187
						Liquid Credit						Alternative Credit						Opportunistic Credit						U.S. Direct Lending						European Direct Lending						APAC Credit												Total Credit Group
Balance at 12/31/2024						$	44,629					$	29,384					$	7,899					$	86,415					$	35,786					$	5,032											$	209,145
Commitments						2,189						—						—						3,641						634						14												6,478
Deployment/increase in leverage						9						1,467						428						3,552						1,906						369												7,731
Capital reductions						(1,920)						—						—						(1,641)						(49)						—												(3,610)
Distributions						(34)						(539)						(22)						(1,897)						(531)						(271)												(3,294)
Redemptions						(247)						—						—						(121)						(80)						—												(448)
Net allocations among investment strategies						—						1,172						—						—						—						—												1,172
Change in fund value						(88)						(18)						—						440						1,085						1												1,420
Change in fee basis						—						—						—						—						(332)						(31)												(363)
Balance at 3/31/2025						$	44,538					$	31,466					$	8,305					$	90,389					$	38,419					$	5,114											$	218,231

The charts below present FPAUM for the Credit Group by its fee bases ($ in billions):

			FPAUM: $260.2									FPAUM: $218.2

			Invested capital						NAV/fair value(1)						Collateral balances (at par)						Capital commitments

(1)Includes $61.9 billion and $50.4 billion from funds that primarily invest in illiquid strategies as of March 31, 2026 and 2025, respectively. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies.

Credit Group—Fund Performance Metrics as of March 31, 2026

ARCC contributed approximately 29% of the Credit Group’s total management fees for the three months ended March 31, 2026. In addition, the Credit Group’s other significant funds, which are presented in the tables below, collectively contributed approximately 45% of the Credit Group’s management fees for the three months ended March 31, 2026.

The following table presents the performance data for our significant perpetual capital funds in the Credit Group as of March 31, 2026 ($ in millions):

																								Returns(%)
						Primary Investment Strategy						Year of Inception						AUM						Current Quarter																		Since Inception**(1)**
Fund															Gross						Net																		Gross						Net
ARCC(2)						U.S. Direct Lending						2004						$	35,743					N/A						0.7																		N/A						11.9
CADC(3)						U.S. Direct Lending						2017						8,510						N/A						(1.2)																		N/A						6.6
Open-ended core alternative credit fund(4)						Alternative Credit						2021						8,663						2.6						1.9																		11.9						8.8
ASIF(3)						U.S. Direct Lending						2023						26,303						N/A						0.1																		N/A						10.1
Open-ended European direct lending fund(5)						European Direct Lending						2024						7,897						N/A						0.4																		N/A						8.6

(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 and ASIF 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 M”) and a Constrained Class (“Class C”). 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 2.6% and 1.8%, respectively. The since inception gross and net returns for Class M (offshore) are 11.8% and 8.4%, respectively. The current quarter gross and net returns for Class C (offshore) are 2.4% and 1.7%, respectively. The since inception gross and net returns for Class C (offshore) are 11.3% and 8.1%, respectively. Metrics for the rated note feeder funds are not shown separately.

(5)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 the Euro hedged distributing institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees, and currency hedging. 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 following table presents the performance data of the Credit Group’s significant drawdown funds as of March 31, 2026 ($ in millions):

						Primary Investment Strategy						Year of Inception						AUM						Original Capital Commitments						Capital Invested to Date						Realized Value**(1)**						Unrealized Value**(2)**						Total Value						MoIC												IRR(%)
Fund																														Gross**(3)**						Net**(4)**						Gross**(5)**						Net**(6)**
Funds Deploying Capital
PCS II						U.S. Direct Lending						2020						$	6,615					$	5,114					$	4,053					$	1,447					$	4,178					$	5,625					1.4x						1.3x						13.0						9.2
ASOF II						Opportunistic Credit						2021						9,115						7,128						6,202						462						7,836						8,298						1.5x						1.3x						16.6						12.1
ACE VI Unlevered(7)						European Direct Lending						2022						24,506						7,439						3,376						263						3,498						3,761						1.2x						1.1x						12.0						8.6
ACE VI Levered(7)															9,667						3,648						295						3,878						4,173						1.2x						1.2x						17.7						12.6
SDL III Unlevered(8)						U.S. Direct Lending						2023						27,447						3,311						1,735						122						1,748						1,870						1.1x						1.1x						10.8						7.8
SDL III Levered															11,959						5,325						543						5,500						6,043						1.2x						1.1x						21.3						14.8
Pathfinder II						Alternative Credit						2023						7,429						6,612						3,576						202						4,071						4,273						1.3x						1.2x						22.8						16.0
Funds Harvesting Investments
ACE IV Unlevered(9)						European Direct Lending						2018						4,904						2,851						2,454						2,351						887						3,238						1.4x						1.3x						7.9						5.6
ACE IV Levered(9)															4,819						4,095						4,213						1,689						5,902						1.6x						1.4x						10.7						7.6
ACE V Unlevered(10)						European Direct Lending						2020						17,005						7,026						5,734						2,083						5,283						7,366						1.4x						1.3x						10.0						7.4
ACE V Levered(10)															6,376						5,216						2,628						4,848						7,476						1.5x						1.4x						13.9						10.2
SDL II Unlevered						U.S. Direct Lending						2021						14,667						1,989						1,700						713						1,405						2,118						1.3x						1.3x						10.9						8.6
SDL II Levered															6,047						4,924						3,097						3,572						6,669						1.5x						1.4x						16.8						13.0

(1)For funds other than our 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 our 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 funds other than our opportunistic credit funds, the unrealized value is based on all partners. For our opportunistic credit funds, the unrealized value is based on the fee-paying limited partners.

(3)The gross multiple of invested capital (“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 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.

(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 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.

(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 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.

(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 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.

(7)ACE VI is made up of six parallel funds, four denominated in Euros and two denominated in GBP: ACE VI (E) Unlevered, ACE VI (E) II Unlevered, ACE VI (G) Unlevered, ACE VI (E) Levered, ACE VI (E) II Levered, and ACE VI (G) Levered, and three feeder funds: ACE VI (D) Levered, ACE VI (Y) Unlevered and ACE VI (D) Rated Notes. ACE VI (E) II Levered includes ACE VI (D) Levered feeder fund and ACE VI (E) II Unlevered includes ACE VI (Y) Unlevered and ACE VI (D) Rated Notes feeder funds. The gross and net IRR and gross and net MoIC presented in the table are for ACE VI (E) Unlevered and ACE VI (E) Levered. Metrics for ACE VI (E) II Levered exclude the ACE VI (D) Levered feeder fund and metrics for ACE VI (E) II Unlevered exclude ACE VI (Y) Unlevered and ACE VI (D) Rated Notes feeder funds. The gross and net IRR for ACE VI (G) Unlevered are 13.9% and 9.9%, respectively. The gross and net MoIC for ACE VI (G) Unlevered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE VI (G) Levered are 21.8% and 12.9%, respectively. The gross and net MoIC for ACE VI (G) Levered are 1.3x and 1.2x, respectively. The gross and net IRR for ACE VI (E) II Unlevered are 12.1% and 8.5%, respectively. The gross and net MoIC for ACE VI (E) II Unlevered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE VI (E) II Levered are 18.8% and 13.2%, respectively. The gross and net MoIC for ACE VI (E) II Levered are 1.2x and 1.2x, respectively. The gross and net IRR for ACE VI (D) Levered are 21.0% and 16.1%, respectively. The gross and net MoIC for ACE VI (D) Levered are 1.3x and 1.2x, respectively. The gross and net IRR for ACE VI (Y) Unlevered are 10.2% and 6.9%, respectively. The gross and net MoIC for ACE VI (Y) Unlevered are 1.1x and 1.1x, respectively. The gross and net IRR for ACE VI (D) Rated Notes are 19.8% and 13.3%, respectively. The gross and net MoIC for ACE VI (D) Rated Notes 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 the fund’s closing. All other values for ACE VI Unlevered and ACE VI Levered are for the combined levered and unlevered parallel funds and are converted to U.S. Dollars at the prevailing quarter-end exchange rate.

(8)SDL III Unlevered includes investor commitments in three currencies: U.S. Dollars, GBP, and Yen. The gross and net IRR and MoIC presented in the table are for investors committed in U.S. Dollars. The gross and net IRR for investors committed in GBP are 11.2% and 8.2%, respectively. The gross and net MoIC for investors committed in GBP are 1.1x and 1.1x, respectively. The gross and net IRR for investors committed in Yen are 6.8% and 3.8%, respectively. The gross and net MoIC for investors committed in Yen are 1.1x and 1.0x, 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 SDL III Unlevered are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate.

(9)ACE IV is made up of four parallel funds, two denominated in Euros and two denominated in GBP: 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 9.4% and 6.9%, respectively. The gross and net MoIC for ACE IV (G) Unlevered are 1.5x and 1.4x, respectively. The gross and net IRR for ACE IV (G) Levered are 12.1% and 8.6%, respectively. The gross and net MoIC for ACE IV (G) Levered are 1.7x and 1.5x, respectively. The gross and net IRR for ACE IV (D) Levered are 12.2% and 8.9%, respectively. The gross and net MoIC for ACE IV (D) Levered 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 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.

(10)ACE V is made up of four parallel funds, two denominated in Euros and two denominated in GBP: 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 11.6% and 8.7%, respectively. The gross and net MoIC for ACE V (G) Unlevered are 1.4x and 1.3x, respectively. The gross and net IRR for ACE V (G) Levered are 15.2% and 10.9%, respectively. The gross and net MoIC for ACE V (G) Levered are 1.6x and 1.4x, respectively. The gross and net IRR for ACE V (D) Levered are 14.5% and 10.8%, respectively. The gross and net MoIC for ACE V (D) Levered are 1.5x and 1.4x, respectively. The gross and net IRR for ACE V (Y) Unlevered are 11.4% and 8.3%, respectively. The gross and net MoIC for ACE V (Y) Unlevered are 1.4x and 1.3x, 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.

Real Assets Group—Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Fee Related Earnings

The following table presents the components of the Real Assets Group’s FRE ($ in thousands):

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Management fees																											$	196,626					$	130,453					$	66,173					51%
Fee related performance revenues																											2,601						—						2,601						NM
Other fees																											46,752						21,380						25,372						119
Compensation and benefits																											(80,091)						(56,702)						(23,389)						(41)
General, administrative and other expenses																											(33,919)						(20,852)						(13,067)						(63)
Fee Related Earnings																											$	131,969					$	74,279					57,690						78

Management Fees. The chart below presents Real Assets Group management fees and effective management fee rates ($ in millions):

The following table presents the components of and causes for changes in the Real Assets Group’s management fees for the three months ended March 31, 2026 compared to the prior year ($ in millions):

									Year-over-year change
Fees from acquisitions:
Full quarter impact of fees from funds acquired in the GCP Acquisition, excluding catch-up fees									$	38.3
Catch-up fees from USLP V recognized in the first quarter of 2025									(3.7)
Perpetual wealth funds:
Base management fees from our open-ended core infrastructure fund, our diversified non-traded REIT and our industrial non-traded REIT, driven by additional capital raised									13.1
Part I Fees from our open-ended core infrastructure fund									6.0
Capital commitments:
Fees from US XI and EPEP IV, excluding catch-up fees									4.6
Catch-up fees from US XI									4.1
Cumulative effect of other changes									3.8
Total									$	66.2

The decrease in effective management fee rate for the three months ended March 31, 2026 compared to the same period in 2025 was primarily driven by lower effective management fee rates from funds that we manage as a result of the GCP Acquisition. Certain of these funds pay management fees based on net operating income and we present the associated effective management fee rates as a percentage of fund assets, which may result in greater variability in the Real Assets Group’s effective management fee rate. In addition, due to the vertically integrated focus of the acquired platform following the GCP Acquisition, we expect the size and composition of other fees earned from certain funds will increase relative to management fees.

Fee Related Performance Revenues. Fee related performance revenues for the three months ended March 31, 2026 were primarily attributable to incentive fees earned from our U.S. open-ended industrial real estate equity fund that crystallizes fees by investor based on performance over three-year measurement periods.

Other Fees. The increase in other fees for the three months ended March 31, 2026 compared to the same period in 2025 was driven by: (i) an increase of $18.9 million reflecting the full quarter impact of property-related fees and administrative service fees earned from funds acquired in the GCP Acquisition; and (ii) an increase in property management fees of $4.6 million from our U.S. open-ended industrial real estate equity fund and our non-traded REITs, driven by the internalization of certain property management services. We expect property management fees to increase in future periods as we expand property management services across more properties and retain the fees for services that were previously outsourced to third-parties.

Compensation and Benefits. The increase in compensation and benefits over the comparative period was driven by: (i) an increase of $19.9 million from the full quarter impact of employment related costs from the GCP Acquisition; and (ii) an increase in fee related performance compensation of $1.4 million, corresponding to the increase in fee related performance revenues. There was no Part I Fee compensation for the three months ended March 31, 2026 as we reduced Part I Fee compensation by $3.6 million to reclaim a portion of the supplemental distribution fees paid to distribution partners.

Full-time equivalent headcount increased by 66% to 1,019 investment and investment support professionals for the year-to-date period in 2026 from 615 professionals for the same period in 2025, including the impact from the GCP Acquisition of 351 full-time equivalents.

General, Administrative and Other Expenses. The increase in general, administrative and other expenses for the three months ended March 31, 2026 compared to the same period in 2025 was driven by: (i) an increase of $9.4 million from the full quarter impact of operating costs from the GCP Acquisition; and (ii) an increase in supplemental distribution fees of $4.0 million due to the expansion of our distribution relationships for our open-ended core infrastructure fund.

Realized Income

The following table presents the components of the Real Assets Group’s RI ($ in thousands):

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Fee Related Earnings																											$	131,969					$	74,279					$	57,690					78%
Performance income—realized																											11,663						65,305						(53,642)						(82)
Performance related compensation—realized																											(7,400)						(46,807)						39,407						84
Realized net performance income																											4,263						18,498						(14,235)						(77)
Investment income—realized																											5,446						7,919						(2,473)						(31)
Interest income																											184						2,618						(2,434)						(93)
Interest expense																											(31,089)						(15,717)						(15,372)						(98)
Realized net investment loss																											(25,459)						(5,180)						(20,279)						NM
Realized Income																											$	110,773					$	87,597					23,176						26

The Real Assets Group’s realized activities were principally composed of and caused by the following:

Three months ended March 31, 2026						Three months ended March 31, 2025
Realized net performance income
Carried interest: •Distributions of $3.3 million from US VIII, which is a European-style waterfall fund that is past its investment period and monetizing investments						Carried interest: •Tax distributions of $12.6 million from EIF V •Distributions of $2.8 million from US VIII and a U.S. real estate equity fund, which are both European-style waterfall funds that are past their investment periods and monetizing investments •Realized gains of $2.1 million from the sale of an ACIP I co-investment vehicle’s investment in a renewable energy company
Realized investment income and interest income
•Income of $3.6 million from Japanese real estate equity funds that distribute dividends semi-annually						•Income of $5.6 million, primarily from our real estate debt funds

Our interest expense increased for the three months ended March 31, 2026 compared to the same period in 2025 due to a higher average outstanding balance of our Credit Facility. In addition, interest expense is allocated among our segments primarily based on the cost basis of our balance sheet investments and the cost of acquisitions. The financing costs to complete the GCP Acquisition in the prior year resulted in a greater allocation of interest expense to the Real Assets Group in the current year period.

Real Assets Group—Performance Income

The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Real Assets Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions):

			As of March 31, 2026																		As of December 31, 2025
			Accrued Performance Income						Accrued Performance Compensation						Accrued Net Performance Income						Accrued Performance Income						Accrued Performance Compensation						Accrued Net Performance Income
IDF V			$	184.1					$	114.1					$	70.0					$	172.5					$	106.9					$	65.6
EIF V			98.5						73.7						24.8						93.6						70.0						23.6
ACIP I			93.9						64.7						29.2						84.8						58.2						26.6
US IX			83.2						51.6						31.6						85.0						52.7						32.3
Other Real Assets funds			159.3						110.5						48.8						151.1						104.6						46.5
Total Real Assets Group			$	619.0					$	414.6					$	204.4					$	587.0					$	392.4					$	194.6

The following table presents the change in accrued performance income for the Real Assets Group ($ in millions):

												As of December 31, 2025						Activity during the period																		As of March 31, 2026
						Waterfall Type						Accrued Performance Income						Change in Unrealized						Realized						Other Adjustments						Accrued Performance Income
Accrued Carried Interest
IDF V						European						$	172.5					$	14.7					$	—					$	(3.1)					$	184.1
EIF V						European						93.6						4.9						—						—						98.5
ACIP I						European						84.8						9.1						—						—						93.9
US IX						European						85.0						(1.8)						—						—						83.2
Other Real Assets funds						European						115.1						19.4						(11.7)						(0.7)						122.1
Other Real Assets funds						American						36.0						1.2						—						—						37.2
Total Real Assets Group												$	587.0					$	47.5					$	(11.7)					$	(3.8)					$	619.0

Real Assets Group—Assets Under Management

The tables below present rollforwards of AUM for the Real Assets Group ($ in millions):

																											Real Estate																								Infrastructure						Total Real Assets Group
Balance at 12/31/2025																											$	113,745																							$	25,343					$	139,088
New equity commitments																											4,167																								1,086						5,253
New debt commitments																											843																								150						993
Capital reductions																											(335)																								—						(335)
Distributions																											(1,089)																								(426)						(1,515)
Redemptions																											(172)																								(16)						(188)
Net allocations among investment strategies																											93																								30						123
Change in fund value																											(91)																								56						(35)
Balance at 3/31/2026																											$	117,161																							$	26,223					$	143,384
																											Real Estate																								Infrastructure						Total Real Assets Group
Balance at 12/31/2024																											$	58,246																							$	17,052					$	75,298
Acquisitions																											43,273																								2,008						45,281
New par/equity commitments																											1,403																								1,058						2,461
New debt commitments																											2,447																								167						2,614
Capital reductions																											(768)																								—						(768)
Distributions																											(791)																								(667)						(1,458)
Redemptions																											(159)																								—						(159)
Net allocations among investment strategies																											(27)																								27						—
Change in fund value																											816																								102						918
Balance at 3/31/2025																											$	104,440																							$	19,747					$	124,187

The components of our AUM for the Real Assets Group are presented below ($ in billions):

			AUM: $143.4						AUM: $124.2

			FPAUM						Non-fee paying(1)						AUM not yet paying fees

(1) Includes $1.5 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2026 and 2025.

Real Assets Group—Fee Paying AUM

The tables below present rollforwards of fee paying AUM for the Real Assets Group ($ in millions):

																														Real Estate																								Infrastructure						Total Real Assets Group
Balance at 12/31/2025																														$	71,063																							$	13,002					$	84,065
Commitments																														1,547																								1,066						2,613
Deployment/increase in leverage																														1,133																								1,173						2,306
Capital reductions																														(82)																								—						(82)
Distributions																														(430)																								(861)						(1,291)
Redemptions																														(172)																								(16)						(188)
Net allocations among investment strategies																														99																								44						143
Change in fund value																														(248)																								56						(192)
Change in fee basis																														(235)																								—						(235)
Balance at 3/31/2026																														$	72,675																							$	14,464					$	87,139
																														Real Estate																								Infrastructure						Total Real Assets Group
Balance at 12/31/2024																														$	32,896																							$	11,192					$	44,088
Acquisitions																														30,178																								289						30,467
Commitments																														890																								178						1,068
Deployment/increase in leverage																														717																								792						1,509
Capital reductions																														(42)																								—						(42)
Distributions																														(551)																								(852)						(1,403)
Redemptions																														(159)																								—						(159)
Net allocations among investment strategies																														(27)																								27						—
Change in fund value																														596																								(316)						280
Change in fee basis																														258																								359						617
Balance at 3/31/2025																														$	64,756																							$	11,669					$	76,425

The charts below present FPAUM for the Real Assets Group by its fee bases ($ in billions):

			FPAUM: $87.1						FPAUM: $76.4

			Invested capital						GAV						NAV/fair value						Capital commitments

Real Assets Group—Fund Performance Metrics as of March 31, 2026

The significant funds presented in the tables below collectively contributed approximately 28% of the Real Assets Group’s management fees for the three months ended March 31, 2026.

The following table presents the performance data for our significant perpetual capital funds in the Real Assets Group as of March 31, 2026 ($ in millions):

																								Returns(%)
						Primary Investment Strategy						Year of Inception						AUM						Current Quarter																		Since Inception**(1)**
Fund															Gross						Net																		Gross						Net
Diversified non-traded REIT(2)						Real Estate						2012						$	7,785					N/A						2.7																		N/A						6.6
J-REIT(3)						Real Estate						2012						7,529						N/A						N/A																		N/A						13.0
Industrial non-traded REIT(4)						Real Estate						2017						7,866						N/A						1.8																		N/A						8.5
U.S. open-ended industrial real estate equity fund(5)						Real Estate						2017						6,094						2.6						2.3																		16.1						13.2

(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.

(3)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at NAV on the semi-annual period-end date. NAVs are calculated semi-annually in February and August, and therefore, only the since inception return is presented. The inception date used in the calculation of the since inception return is the date in which the fund’s investment units began to be listed on the Tokyo Stock Exchange. The since inception return is calculated based on the most recent NAV date. Additional information related to J-REIT can be found in its materials posted to its website, which are not part of this report.

(4)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.

(5)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.

The following table presents the performance data of the Real Assets Group’s significant drawdown fund as of March 31, 2026 ($ in millions):

						Primary Investment Strategy						Year of Inception						AUM						Original Capital Commitments						Capital Invested to Date						Realized Value**(1)**						Unrealized Value**(2)**						Total Value						MoIC												IRR(%)
Fund																														Gross**(3)**						Net**(4)**						Gross**(5)**						Net**(6)**
Fund Harvesting Investments
EIP II(7)						Real Estate						2020						$	4,071					$	1,839					$	1,756					$	348					$	1,631					$	1,979					1.2x						1.1x						3.0						2.6

(1)Realized proceeds include distributions of operating income, sales and financing proceeds received to the limited partners.

(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)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 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.

(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 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.

(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 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.

(7)EIP II is a Euro-denominated fund. 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 EIP II are converted to U.S. Dollars at the prevailing quarter-end exchange rate.

Secondaries Group—Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Fee Related Earnings

The following table presents the components of the Secondaries Group’s FRE ($ in thousands):

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Management fees																											$	70,275					$	57,650					$	12,625					22%
Fee related performance revenues																											11,699						9,656						2,043						21
Other fees																											1,785						122						1,663						NM
Compensation and benefits																											(20,499)						(18,371)						(2,128)						(12)
General, administrative and other expenses																											(8,627)						(8,473)						(154)						(2)
Fee Related Earnings																											$	54,633					$	40,584					14,049						35

Management Fees. The chart below presents Secondaries Group management fees and effective management fee rates ($ in millions):

The following table presents the components of and causes for changes in the Secondaries Group’s management fees for the three months ended March 31, 2026 compared to the prior year period ($ in millions):

									Year-over-year change
Fees from APMF that are driven by additional capital raised									$	8.5
Fees from ACS that are driven by capital deployment									2.1
Cumulative effect of other changes									2.0
Total									$	12.6

Fee Related Performance Revenues. The increase in fee related performance revenues for the three months ended March 31, 2026 compared to the same period in 2025 was attributable to higher incentive fees earned from APMF, driven by increased IGAUM over the comparative period.

Other Fees. The increase in other fees for the three months ended March 31, 2026 compared to the same period in 2025 was primarily attributable to capital markets transaction fees, reflecting increased transaction volumes.

Compensation and Benefits. The increase in compensation and benefits for the three months ended March 31, 2026 compared to the same period in 2025 was driven by: (i) an increase in incentive-based compensation of $1.5 million; and (ii) an increase in fee related performance compensation of $0.6 million, corresponding to the increase in fee related performance revenues. We reduced fee related performance compensation by $2.6 million and $2.7 million for the three months ended March 31, 2026 and 2025, respectively, to reclaim a portion of the supplemental distribution fees paid to distribution partners.

Full-time equivalent headcount increased by 7% to 120 investment and investment support professionals for the year-to-date period in 2026 from 112 professionals in 2025.

Realized Income

The following table presents the components of the Secondaries Group’s RI ($ in thousands):

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Fee Related Earnings																											$	54,633					$	40,584					$	14,049					35%
Investment income—realized																											169						138						31						22
Interest income																											19						957						(938)						(98)
Interest expense																											(1,623)						(2,008)						385						19
Realized net investment loss																											(1,435)						(913)						(522)						(57)
Realized Income																											$	53,198					$	39,671					13,527						34

Realized net investment loss for the three months ended March 31, 2026 and 2025 largely represents allocated interest expense exceeding investment income during these periods.

Secondaries Group—Performance Income

The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Secondaries Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions):

			As of March 31, 2026																		As of December 31, 2025
			Accrued Performance Income						Accrued Performance Compensation						Accrued Net Performance Income						Accrued Performance Income						Accrued Performance Compensation						Accrued Net Performance Income
LREF VIII			$	68.6					$	58.1					$	10.5					$	74.0					$	62.8					$	11.2
Other Secondaries funds			122.9						94.1						28.8						107.7						82.0						25.7
Total Secondaries Group			$	191.5					$	152.2					$	39.3					$	181.7					$	144.8					$	36.9

The following table presents the change in accrued performance income for the Secondaries Group ($ in millions):

												As of December 31, 2025						Activity during the period												As of March 31, 2026
						Waterfall Type						Accrued Performance Income						Change in Unrealized						Realized												Accrued Performance Income
Accrued Carried Interest
LREF VIII						European						$	74.0					$	(5.4)					$	—											$	68.6
Other Secondaries funds						European						107.7						15.2						—												122.9
Total Secondaries Group												$	181.7					$	9.8					$	—											$	191.5

Secondaries Group—Assets Under Management

The table below presents the rollforwards of AUM for the Secondaries Group ($ in millions):

									Private Equity Secondaries						Real Estate Secondaries						Infrastructure Secondaries						Credit Secondaries												Total Secondaries Group
Balance at 12/31/2025									$	22,104					$	8,196					$	6,975					$	4,881											$	42,156
New equity commitments									682						—						9						50												741
Capital reductions									(88)						—						—						—												(88)
Distributions									(172)						(55)						(36)						(81)												(344)
Redemptions									(26)						—						—						—												(26)
Net allocations among investment strategies									15						—						—						—												15
Change in fund value									118						11						75						(29)												175
Balance at 3/31/2026									$	22,633					$	8,152					$	7,023					$	4,821											$	42,629
									Private Equity Secondaries						Real Estate Secondaries						Infrastructure Secondaries						Credit Secondaries												Total Secondaries Group
Balance at 12/31/2024									$	15,805					$	7,779					$	3,691					$	1,878											$	29,153
New equity commitments									1,249						228						337						475												2,289
Capital reductions									—						(58)						—						—												(58)
Distributions									(178)						(39)						(18)						(4)												(239)
Redemptions									(23)						—						—						—												(23)
Change in fund value									126						35						20						9												190
Balance at 3/31/2025									$	16,979					$	7,945					$	4,030					$	2,358											$	31,312

The components of our AUM for the Secondaries Group are presented below ($ in billions):

			AUM: $42.6						AUM: $31.3

			FPAUM						Non-fee paying(1)						AUM not yet paying fees

(1) Includes $0.6 billion and $0.5 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2026 and 2025, respectively.

Secondaries Group—Fee Paying AUM

The table below presents the rollforwards of fee paying AUM for the Secondaries Group ($ in millions):

			Private Equity Secondaries						Real Estate Secondaries						Infrastructure Secondaries						Credit Secondaries												Total Secondaries Group
Balance at 12/31/2025			$	16,592					$	6,721					$	4,859					$	1,309											$	29,481
Commitments			487						—						—						—												487
Deployment/increase in leverage			16						58						—						1,001												1,075
Capital reductions			(88)						—						—						—												(88)
Distributions			(17)						(52)						—						(191)												(260)
Redemptions			(26)						—						—						—												(26)
Change in fund value			(279)						(65)						5						(110)												(449)
Change in fee basis			(31)						—						—						—												(31)
Balance at 3/31/2026			$	16,654					$	6,662					$	4,864					$	2,009											$	30,189
			Private Equity Secondaries						Real Estate Secondaries						Infrastructure Secondaries						Credit Secondaries												Total Secondaries Group
Balance at 12/31/2024			$	12,788					$	6,441					$	2,582					$	590											$	22,401
Commitments			549						170						334						—												1,053
Deployment/increase in leverage			85						32						13						127												257
Distributions			(9)						(33)						(17)						—												(59)
Redemptions			(23)						—						—						—												(23)
Change in fund value			(21)						(80)						15						(73)												(159)
Balance at 3/31/2025			$	13,369					$	6,530					$	2,927					$	644											$	23,470

The chart below presents FPAUM for the Secondaries Group by its fee bases ($ in billions):

FPAUM: $30.2						FPAUM: $23.5

			Reported value						Capital commitments						Invested capital

Secondaries Group—Fund Performance Metrics as of March 31, 2026

The significant funds presented in the tables below collectively contributed approximately 42% of the Secondaries Group’s management fees for the three months ended March 31, 2026.

The following table presents the performance data for our significant perpetual capital fund in the Secondaries Group as of March 31, 2026 ($ in millions):

																								Returns(%)
						Primary Investment Strategy						Year of Inception						AUM						Current Quarter																		Since Inception**(1)**
Fund															Gross						Net																		Gross						Net
APMF(2)						Private Equity Secondaries						2022						$	5,203					N/A						3.1																		N/A						14.1

(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. 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 APMF can be found in its filings with the SEC, which are not part of this report.

The following table presents the performance data of the significant drawdown fund in the Secondaries Group as of March 31, 2026 ($ in millions):

						Primary Investment Strategy						Year of Inception						AUM						Original Capital Commitments						Capital Invested to Date						Realized Value**(1)**						Unrealized Value**(2)**						Total Value						MoIC												IRR(%)
Fund																														Gross**(3)**						Net**(4)**						Gross**(5)**						Net**(6)**
Fund Harvesting Investments
LEP XVI(7)						Private Equity Secondaries						2016						$	4,122					$	4,896					$	4,318					$	2,079					$	3,244					$	5,323					1.4x						1.2x						13.4						8.0

Returns for LEP XVI 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.

(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 the fund are presented on a combined basis with the affiliated parallel funds or accounts, given that the investments are substantially the same.

Private Equity Group—Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Fee Related Earnings

The following table presents the components of the Private Equity Group’s FRE ($ in thousands):

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Management fees																											$	33,119					$	31,998					$	1,121					4%
Other fees																											500						397						103						26
Compensation and benefits																											(13,784)						(13,831)						47						0
General, administrative and other expenses																											(4,978)						(4,257)						(721)						(17)
Fee Related Earnings																											$	14,857					$	14,307					550						4

Management Fees. The chart below presents Private Equity Group management fees and effective management fee rates ($ in millions):

The following table presents the components of and causes for changes in the Private Equity Group’s management fees for the three months ended March 31, 2026 compared to the same period in 2025 ($ in millions):

									Year-over-year change
Fees from ACOF VII, which started generating fees in the fourth quarter of 2025									$	11.1
Fees from acquired APAC private equity funds effective August 2025									2.2
Fees from ACOF VI, due to the step down in fee rate and change in fee base following the commencement of fees from ACOF VII									(10.1)
Cumulative effect of other changes									(2.1)
Total									$	1.1

The decrease in effective management fee rate for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to a step down in fee rate to 0.75% for ACOF VI, following the commencement of fees from ACOF VII in the fourth quarter of 2025.

Compensation and Benefits. Although salary and benefits costs have increased over the comparative periods to reflect changes from the increase in headcount in connection with the acquisition of an APAC private equity company, compensation and benefits remained relatively flat for the three months ended March 31, 2026 compared to the same period in 2025.

Full-time equivalent headcount increased by 9% to 113 investment and investment support professionals for the year-to-date period in 2026 from 104 professionals in 2025.

General, Administrative and Other Expenses. The increases in general, administrative and other expenses for the three months ended March 31, 2026 compared to the same period in 2025 largely reflect the increase in operating expenses to support our growth in APAC.

Realized Income

The following table presents the components of the Private Equity Group’s RI ($ in thousands):

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Fee Related Earnings																											$	14,857					$	14,307					$	550					4%
Performance income—realized																											35,657						6,031						29,626						NM
Performance related compensation—realized																											(28,563)						(3,351)						(25,212)						NM
Realized net performance income																											7,094						2,680						4,414						165
Investment income (loss)—realized																											78						(4,602)						4,680						NM
Interest income																											—						2,022						(2,022)						(100)
Interest expense																											(3,416)						(4,180)						764						18
Realized net investment loss																											(3,338)						(6,760)						3,422						51
Realized Income																											$	18,613					$	10,227					8,386						82

The Private Equity Group’s realized activities were principally composed of and caused by the following:

Three months ended March 31, 2026						Three months ended March 31, 2025
Realized net performance income
Carried interest: •Distributions from partial sales of ACOF IV’s investments in various energy companies						Carried interest: •Realized gains from ACOF IV’s investment in an energy company
Realized investment income (loss) and interest income
•No significant activities						•Realized investment loss from ACOF III as the fund continues to liquidate its remaining assets

Private Equity Group—Performance Income

The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Private Equity Group ($ in millions):

			As of March 31, 2026																		As of December 31, 2025
			Accrued Performance Income						Accrued Performance Compensation						Accrued Net Performance Income						Accrued Performance Income						Accrued Performance Compensation						Accrued Net Performance Income
ACOF IV			$	94.9					$	76.0					$	18.9					$	142.8					$	114.4					$	28.4
ACOF VI			616.7						600.9						15.8						594.3						584.1						10.2
Other Private Equity funds			11.5						9.2						2.3						11.1						8.9						2.2
Total Private Equity Group			$	723.1					$	686.1					$	37.0					$	748.2					$	707.4					$	40.8

The following table presents the change in accrued carried interest for the Private Equity Group ($ in millions):

												As of December 31, 2025						Activity during the period												As of March 31, 2026
						Waterfall Type						Accrued Carried Interest						Change in Unrealized						Realized												Accrued Carried Interest
ACOF IV						American						$	142.8					$	(12.2)					$	(35.7)											$	94.9
ACOF VI						American						594.3						22.4						—												616.7
Other Private Equity funds						American						10.2						0.3						—												10.5
Other Private Equity funds						European						0.9						0.1						—												1.0
Total Private Equity Group												$	748.2					$	10.6					$	(35.7)											$	723.1

Private Equity Group—Assets Under Management

The tables below present rollforwards of AUM for the Private Equity Group ($ in millions):

						Corporate Private Equity						APAC Private Equity												Total Private Equity Group
Balance at 12/31/2025						$	21,875					$	3,413											$	25,288
New equity commitments						858						—												858
Distributions						(1,070)						(17)												(1,087)
Change in fund value						(309)						(76)												(385)
Balance at 3/31/2026						$	21,354					$	3,320											$	24,674
						Corporate Private Equity						APAC Private Equity												Total Private Equity Group
Balance at 12/31/2024						$	21,064					$	2,977											$	24,041
New equity commitments						959						16												975
Capital reductions						(36)						—												(36)
Distributions						(149)						—												(149)
Change in fund value						64						(168)												(104)
Balance at 3/31/2025						$	21,902					$	2,825											$	24,727

The components of our AUM for the Private Equity Group are presented below ($ in billions):

						AUM: $24.7						AUM: $24.7

			FPAUM						Non-fee paying(1)						AUM not yet paying fees

(1) Includes $1.0 billion and $1.2 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2026 and 2025, respectively.

Private Equity Group—Fee Paying AUM

The tables below present rollforwards of fee paying AUM for the Private Equity Group ($ in millions):

						Corporate Private Equity						APAC Private Equity												Total Private Equity Group
Balance at 12/31/2025						$	12,206					$	2,231											$	14,437
Deployment/increase in leverage						794						2												796
Distributions						(79)						—												(79)
Change in fund value						(27)						(101)												(128)
Change in fee basis						(823)						—												(823)
Balance at 3/31/2026						$	12,071					$	2,132											$	14,203
						Corporate Private Equity						APAC Private Equity												Total Private Equity Group
Balance at 12/31/2024						$	9,860					$	1,567											$	11,427
Deployment/increase in leverage						10						7												17
Change in fund value						(1)						—												(1)
Change in fee basis						(44)						(47)												(91)
Balance at 3/31/2025						$	9,825					$	1,527											$	11,352

The charts below present FPAUM for the Private Equity Group by its fee bases ($ in billions):

			FPAUM: $14.2						FPAUM: $11.4

						Invested capital									Capital commitments

Private Equity Group—Fund Performance Metrics as of March 31, 2026

The significant funds presented in the table below collectively contributed approximately 21% of the Private Equity Group’s management fees for the three months ended March 31, 2026.

The following table presents the performance data of the Private Equity Group’s significant drawdown fund as of March 31, 2026 ($ in millions):

						Primary Investment Strategy						Year of Inception						AUM						Original Capital Commitments						Capital Invested to Date						Realized Value**(1)**						Unrealized Value**(2)**						Total Value						MoIC												IRR(%)
Fund																														Gross**(3)**						Net**(4)**						Gross**(5)**						Net**(6)**
Fund Deploying Capital
ACOF VI						Corporate Private Equity						2020						$	8,945					$	5,743					$	5,976					$	2,434					$	8,370					$	10,804					1.7x						1.5x						20.4						15.3

(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 MoIC is also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net MoIC would be 1.5x for ACOF VI. The fund 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 MoIC 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 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 net IRR calculation are based on the actual dates of the cash flows. The net IRR is 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 fund may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRR would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. The net IRR is also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net IRR would be 14.9% for ACOF VI.

Operations Management Group—Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Fee Related Earnings

The following table presents the components of the Operations Management Group’s FRE ($ in thousands):

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Other fees																											$	9,781					$	5,537					$	4,244					77%
Compensation and benefits																											(150,072)						(116,468)						(33,604)						(29)
General, administrative and other expenses																											(80,611)						(64,026)						(16,585)						(26)
Fee Related Earnings																											$	(220,902)					$	(174,957)					(45,945)						(26)

Other Fees. The increase in other fees for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily attributable to higher facilitation fees from the 1031 exchange program associated with our non-traded REITs, as well as higher capital markets transaction fees, in each case driven by increased transaction volumes.

Compensation and Benefits. The increase in compensation and benefits was driven by: (i) an increase in salary expenses and incentive-based compensation of $19.0 million, excluding the impact from the GCP Acquisition, primarily attributable to the increase in headcount to expand our capabilities and support the growth of our business and other strategic initiatives, including transferring investment professionals from our operating segments during the current quarter to support the efforts of our Capital Solutions Group within OMG; and (ii) an increase of $8.8 million reflecting the full quarter impact of employment related costs from the GCP Acquisition.

Full-time equivalent headcount increased by 19% to 2,270 professionals for the year-to-date period in 2026 from 1,910 professionals in 2025, including the impact from the GCP Acquisition of 158 full-time equivalents.

General, Administrative and Other Expenses. The increase in general, administrative and other expenses for the three months ended March 31, 2026 compared to the same period in 2025 was driven by: (i) an increase in information technology and occupancy costs of $4.8 million to support our growing headcount; (ii) an increase of $3.7 million reflecting the full quarter impact of operating costs from the GCP Acquisition; and (iii) an increase in marketing costs of $3.1 million, driven by new sponsorships and investor events held during the quarter.

Realized Income

The following table presents the components of the OMG’s RI ($ in thousands):

															Three months ended March 31,												Favorable (Unfavorable)
																											2026						2025						$ Change						% Change
Fee Related Earnings																											$	(220,902)					$	(174,957)					$	(45,945)					(26)%
Investment income (loss)—realized																											(131)						331						(462)						NM
Interest income																											941						603						338						56
Interest expense																											(136)						(256)						120						47
Realized net investment income																											674						678						(4)						(1)
Realized Income																											$	(220,228)					$	(174,279)					(45,949)						(26)

Liquidity and Capital Resources

Management assesses liquidity in terms of our ability to generate cash to fund operating, investing and financing activities. Management believes that we are well-positioned and our liquidity will continue to be sufficient for our foreseeable working capital needs, contractual obligations, dividend payments and strategic initiatives.

Sources and Uses of Liquidity

Our sources of liquidity are: (i) cash on hand; (ii) net working capital; (iii) cash from operations, including management fees, other fees, fee related performance revenues and net realized performance income; (iv) fund distributions related to our investments that are unpredictable as to amount and timing; and (v) net borrowings from the Credit Facility. As of March 31, 2026, our cash and cash equivalents were $568.8 million and we have $415.0 million available under our Credit Facility. Our ability to draw from the Credit Facility is subject to leverage and other covenants. We remain in compliance with all covenants as of March 31, 2026. We believe that these sources of liquidity will be sufficient to fund our working capital requirements and to meet our commitments in the ordinary course of business and under the current market conditions for the foreseeable future. Cash flows from management fees may be impacted by a slowdown in deployment, declines in valuations or negatively impacted fundraising. In addition, management fees may be subject to deferral and fee related performance revenues may be subject to hold backs. Transfers of our financial interests, such as capital interests and rights to performance income earned by us from funds that we manage, to structured financing vehicles that we manage, may reduce or delay our cash flows and liquidity associated with these financial interests. Declines or delays in transaction activity may also impact our fund distributions and net realized performance income, which could adversely impact our cash flows and liquidity. Market conditions may make it difficult to extend the maturity or refinance our existing indebtedness or obtain new indebtedness with similar terms.

We expect that our primary liquidity needs will continue to be to: (i) provide capital to facilitate the growth of our existing investment management businesses; (ii) fund our investment commitments; (iii) provide capital to facilitate our expansion into businesses that are complementary to our existing investment management businesses as well as other strategic growth initiatives; (iv) pay operating expenses, including cash compensation to our employees and tax payments for net settlement of equity awards; (v) fund capital expenditures; (vi) service our debt; (vii) pay income taxes and make payments under the tax receivable agreement; (viii) make dividend payments to our Class A and non-voting common stockholders and our Series B mandatory convertible preferred stockholders in accordance with our dividend policies; and (ix) pay distributions to AOG unitholders.

Our ability to obtain debt financing and complete stock offerings provides us with additional sources of liquidity. For further discussion of financing transactions occurring in the current period, see “Cash Flows” within this section and “Note 6. Debt” and “Note 12. Equity and Redeemable Interest” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Our unaudited condensed consolidated financial statements reflect the cash flows of our operating businesses as well as those of our Consolidated Funds. The assets of our Consolidated Funds, on a gross basis, are significantly larger than the assets of our operating businesses and therefore have a substantial effect on the amounts reported within our condensed consolidated statements of cash flows. The primary cash flow activities of our Consolidated Funds include: (i) raising capital from third-party investors, which is reflected as non-controlling interests of our Consolidated Funds; (ii) financing certain investments by issuing debt; (iii) purchasing and selling investment securities; (iv) generating cash through the realization of certain investments; (v) collecting interest and dividend income; and (vi) distributing cash to investors. Our Consolidated Funds are generally accounted for as investment companies under GAAP; therefore, the character and classification of all Consolidated Fund transactions are presented as cash flows from operations. Liquidity available at our Consolidated Funds is not available for corporate liquidity needs, and the debt of these Consolidated Funds is non-recourse to us except to the extent of our investment in the fund or, in limited cases, where we provide temporary guarantees prior to certain funds obtaining sufficient equity commitments from third-party investors.

Cash Flows

The following tables summarize our condensed consolidated statements of cash flows by activities attributable to the Company and Consolidated Funds. For more details on the activity of the Company and Consolidated Funds, refer to “Note 14. Consolidation” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

			Three months ended March 31,
			2026						2025
Net cash provided by the Company’s operating activities			$	494,100					$	707,294
Net cash provided by (used in) the Consolidated Funds’ operating activities, net of eliminations			(87,585)						1,286,909
Net cash provided by operating activities			406,515						1,994,203
Net cash used in the Company’s investing activities			(7,166)						(1,744,690)
Net cash provided by (used in) the Company’s financing activities			(384,046)						143,647
Net cash provided by (used in) the Consolidated Funds’ financing activities, net of eliminations			91,135						(1,321,374)
Net cash used in financing activities			(292,911)						(1,177,727)
Effect of exchange rate changes			(26,555)						38,774
Net change in cash and cash equivalents			$	79,883					$	(889,440)

The Consolidated Funds had no effect on cash flows attributable to the Company for the periods presented and are excluded from the discussion below. The following discussion focuses on cash flow by activities attributable to the Company.

Operating Activities

In the table below, cash flows from operations are summarized to present: (i) cash generated from our core operating activities, primarily consisting of profits generated principally from fee revenues after covering for operating expenses and fee related performance compensation; (ii) net realized performance income; and (iii) net cash from investment related activities including purchases, sales, realized net investment income and interest expense. We generated meaningful cash flow from operations in each period presented.

			Three months ended March 31,												Favorable (Unfavorable)
			2026						2025						$ Change						% Change
Core operating activities			$	516,858					$	577,520					$	(60,662)					(11)%
Net realized performance income			6,848						148,842						(141,994)						(95)
Net cash used in investment related activities			(29,606)						(19,068)						(10,538)						55
Net cash provided by the Company’s operating activities			$	494,100					$	707,294					(213,194)						(30)

While cash from our core operating activities increased as a result of growing fee revenues and sustained profitability, cash flows generated from our core operating activities have varied based on timing of cash collection of our receivables.

Net realized performance income includes (i) carried interest distributions that may represent tax distributions or other distributions of income and (ii) incentive fees that are realized annually at the end of the measurement period, which is typically at the end of the calendar year. Cash received from carried interest distributions and the subsequent payments to employees may not necessarily occur in the same quarter. Cash from incentive fees is generally received in the period subsequent to the measurement period. The decrease in net realized performance income over the comparative period was primarily due to timing of payments to employees as a portion of the distributions we received in the fourth quarter of 2025 were paid to our employees in the first quarter of 2026, while distributions received in the first quarter of 2025 were paid to our employees in the second quarter of 2025.

Net cash used in investment related activities for the three months ended March 31, 2026 and 2025 primarily represents: (i) purchases associated with funding capital commitments and strategic investments in our investment portfolio; and (ii) interest payments on our debt obligations; offset by (iii) distributions received from our capital investments and the collection of principal and interest from loans that we have made; and (iv) sales of certain capital investments to employees. Net cash used in investment related activities for the three months ended March 31, 2025 also included the rebalancing of and associated return of our capital commitments upon admitting new limited partners, partially offset by interest income from treasury-backed securities that were sold in the first quarter of 2025, providing proceeds to support the GCP Acquisition. As we are committed to invest alongside the investors in our funds, our capital commitments will increase with our growing assets under management and our investment related activities may fluctuate depending on timing of capital investments and distributions of each fund from year to year. For further discussion of our capital commitments, see “Note 7. Commitments and

Contingencies” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Our working capital needs are generally rising to support the growth of our business, while the capital requirements needed to support fund-related activities vary based upon the specific investment activities being conducted during each period.

Investing Activities

			Three months ended March 31,
			2026						2025
Purchase of furniture, equipment and leasehold improvements			$	(15,643)					$	(21,975)
Acquisitions, net of cash acquired			8,477						(1,722,715)
Net cash used in investing activities			$	(7,166)					$	(1,744,690)

Net cash used in investing activities for both periods included cash to purchase furniture, equipment and leasehold improvements to support the growth in our staffing levels, including the expansion of our New York headquarters. Net cash used in investing activities for the three months ended March 31, 2026 also included net cash acquired from the BlueCove Acquisition. Cash acquired from BlueCove exceeded the cash purchase consideration as a portion of the purchase price payable to certain senior professionals is dependent upon the achievement of revenue targets and has been excluded from purchase consideration as it is subject to continued and future service. Net cash used in investing activities for the three months ended March 31, 2025 was predominately cash used to complete the GCP Acquisition.

Financing Activities

			Three months ended March 31,
			2026						2025
Net borrowings of Credit Facility			$	45,000					$	985,000
Borrowings from Term Loan			399,415						—
Dividends and distributions			(522,752)						(445,088)
Taxes paid related to net share settlement of equity awards			(318,428)						(396,722)
Other financing activities			12,719						457
Net cash provided by (used in) the Company’s financing activities			$	(384,046)					$	143,647

As a result of generating higher fee related earnings, we increased the level of dividends paid to a growing shareholder base of Class A and non-voting common stockholders and distributions paid to AOG unitholders, representing net cash used for the three months ended March 31, 2026 and 2025. In addition, net cash used in the Company’s financing activities included dividend payments on the Series B mandatory convertible preferred stock made during the three months ended March 31, 2026 and 2025 to our preferred stockholders.

Net cash provided by (used in) the Company’s financing activities for the three months ended March 31, 2026 and 2025 included net borrowings under the Credit Facility. These proceeds were used primarily to support general operating cash needs in the current period and to fund the GCP Acquisition in the prior period. Net cash provided by (used in) the Company’s financing activities for the three months ended March 31, 2026 also included borrowings under the Term Loan that were used to repay a portion of our Credit Facility.

In connection with the vesting of equity awards that are granted to our employees under the Equity Incentive Plan, we withhold shares equal to the fair value of our employees’ tax withholding liabilities and pay the taxes on their behalf in cash and thus issue fewer net shares. Cash used in connection with these awards decreased during the current period primarily as a result of the lower stock price on the vesting date. For the three months ended March 31, 2026, we net settled and did not issue 2.1 million shares. For the three months ended March 31, 2025, we net settled and did not issue 2.0 million shares.

Capital Resources

We intend to use a portion of our available liquidity to pay cash dividends and distributions to our Series B mandatory convertible preferred stockholders, Class A and non-voting common stockholders and AOG unitholders on a quarterly basis in accordance with our dividend and distribution policies. Our ability to make cash dividends and distributions is dependent on a myriad of factors, including: (i) general economic and business conditions; (ii) our strategic plans and prospects; (iii) our business and investment opportunities; (iv) timing of capital calls by our funds in support of our commitments; (v) our financial condition and operating results; (vi) working capital requirements and other anticipated cash needs; (vii) contractual restrictions

and obligations; (viii) legal, tax and regulatory restrictions; (ix) restrictions on the payment of distributions by our subsidiaries to us; and (x) other relevant factors.

We are required to maintain minimum net capital balances for regulatory purposes for our registered broker-dealers. These net capital requirements are met in part by retaining cash, cash equivalents and investment securities. Additionally, certain of our subsidiaries operating outside the U.S. are also subject to capital adequacy requirements in each of the applicable jurisdictions. As a result, we may be restricted in our ability to transfer cash between different operating entities and jurisdictions. As of March 31, 2026, we were required to maintain approximately $101.1 million in net assets within these subsidiaries to meet regulatory net capital and capital adequacy requirements. We remain in compliance with these regulatory requirements.

Holders of AOG Units, subject to the terms of the exchange agreement, may exchange their AOG Units for shares of our Class A common stock on a one-for-one basis. These exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of AMC that otherwise would not have been available. These increases in tax basis may increase depreciation and amortization for U.S. income tax purposes and thereby reduce the amount of tax that we would otherwise be required to pay in the future. We entered into the tax receivable agreement (the “TRA”) that provides payment to the TRA recipients of 85% of the amount of actual cash savings, if any, in U.S. federal, state, local and foreign income tax or franchise tax that we actually realize as a result of these increases in tax basis and of certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA and interest accrued thereon. Future payments under the TRA in respect of subsequent exchanges are expected to be substantial. The TRA liability balance was $581.7 million and $579.9 million as of March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, payments under the TRA were $18.0 million and $8.1 million, respectively.

For a discussion of our debt obligations, including the debt obligations of our consolidated funds, see “Note 6. Debt” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

For a discussion of our equity, see “Note 12. Equity and Redeemable Interest” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Critical Accounting Estimates

We prepare our unaudited condensed consolidated financial statements in accordance with GAAP. In applying many of these accounting principles, we need to make assumptions, estimates or judgments that affect the reported amounts of assets, liabilities, revenues and expenses in our unaudited condensed consolidated financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable under the circumstances. These assumptions, estimates or judgments, however, are both subjective and subject to change, and actual results may differ from our assumptions and estimates. If actual amounts are ultimately different from our estimates, the revisions are included in our results of operations for the period in which the actual amounts become known. For a summary of our significant accounting policies, see “Note 2. Summary of Significant Accounting Policies,” to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025. For a summary of our critical accounting estimates, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K.

Recent Accounting Pronouncements

Information regarding recent accounting pronouncements and their impact on Ares can be found in “Note 2. Summary of Significant Accounting Policies,” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Commitments and Contingencies

In the normal course of business, we enter into contractual obligations that may require future cash payments. We may also engage in off-balance sheet arrangements, including transactions in derivatives, guarantees, capital commitments to funds, indemnifications and potential contingent payment obligations. For further discussion of these arrangements, see “Note 7. Commitments and Contingencies” to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.