Ares Management
36 named things its latest annual report says its results depend on, each in the company's own words. 26 of them are also named by other companies we've read.
Customers
Insurance companies
earns from · $86.5 billion in AUM$86.5 billion in AUM represents investments by insurance companies in various Ares’ funds, SMAs and co-investments versus one discrete insurance platform.Business (Item 1)
Ares Capital Corporation (ARCC)
earns fromnamed as a riskThe management fees we receive from ARCC (including fees attributable to ARCC Part I Fees) comprise a significant percentage of our management fees.Risk factors (Item 1A)
Public pension funds
earns fromnamed as a riskAs we have a significant number of public pension plans that are investors in our funds, these rules could impose significant economic sanctions on our businesses if we or one of the other persons covered by the rules make any such contribution or payment, whether or not material or with an intent to secure an investment from a public pension plan.Risk factors (Item 1A)
Suppliers
Prime brokers
depends onnamed as a riskIn particular, some of our funds utilize prime brokerage arrangements with a relatively limited number of counterparties, which has the effect of concentrating the transaction volume (and related counterparty default risk) of these funds with these counterparties.Risk factors (Item 1A)
Third-party service providers
depends onnamed as a riskWe also rely on a concentrated set of vendors and third-party service providers for certain aspects of our businesses, including for certain information systems, technology and administration of our funds and compliance matters, such as accounting, investor services, investment operations, banking, software development and maintenance and legal and regulatory compliance.Risk factors (Item 1A)
Partners and platforms
Aspida Holdings Ltd.
earns from · $25.9 billion of AUMnamed as a riskAIS manages $25.9 billion of AUM as of December 31, 2025, of which $16.9 billion is sub-advised by Ares vehicles and included within other strategies.Business (Item 1)
Perpetual wealth vehicles
earns from · $108.4 billion, or 17%, of our AUMnamed as a riskAs of December 31, 2025, our publicly-traded funds and our perpetual wealth vehicles account for $108.4 billion, or 17%, of our AUM.Business (Item 1)
Sumitomo Mitsui Banking Corporation (SMBC)
5.02%(1)Assuming the full exchange of AOG Units and conversion of Series B mandatory convertible preferred stock for shares of our Class A common stock, as of December 31, 2025, Ares Owners Holdings L.P. would hold 32.54%, Sumitomo Mitsui Banking Corporation (“SMBC”) would hold 5.02% and the public would hold 62.44% of AMC.Business (Item 1)
Other companies
Direct lending
concentrated in · 44% of our total AUMnamed as a riskAs of December 31, 2025, our direct lending AUM represented 44% of our total AUM.Risk factors (Item 1A)
Collateralized loan obligations (CLOs)
concentrated innamed as a riskFor example, CLOs are subject to credit, liquidity, interest rate and other risks and we have significant exposure to these markets through our investments in our CLO funds.Risk factors (Item 1A)
GLP Capital Partners (GCP International)
The GCP Acquisition added complementary logistics and digital infrastructure investment capabilities and expanded our geographic presence.Business (Item 1)
Places
Mexico
operates innamed as a riskFor example, in connection with the acquisition of Walton Street Capital Mexico S. de R.L. de C.V. and certain of its affiliates (“WSM”) (the “WSM Acquisition”) in 2024, we expanded our real estate capabilities into Mexico.Risk factors (Item 1A)
Also named by AAP, AME, AMRC, ANET, AOS, AYI, AZO, BBY and 83 more
Los Angeles
concentrated innamed as a riskFurthermore, while we have offices and personnel located worldwide, our headquarters and a substantial portion of our personnel are located in Los Angeles.Risk factors (Item 1A)
Japan, Vietnam and Brazil
operates innamed as a riskAdditionally, in connection with the GCP Acquisition in 2025, we launched investment initiatives in Japan, Vietnam and Brazil.Risk factors (Item 1A)
Hazards
Earthquake
operates innamed as a riskAn earthquake, wildfire or other disaster or a disruption in the infrastructure that supports our businesses, including a disruption involving electronic communications, our internal human resources systems or other services used by us or third parties with whom we conduct business, or directly affecting our headquarters or other office locations, could materially disrupt our operations and adversely affect our business and financial results.Risk factors (Item 1A)
Also named by A, ADBE, AEE, ARE, BLK, CDNA, CRC, DOCU and 11 more
Commodities and inputs
SOFR
exposed to its price · $1,380 million borrowings outstandingnamed as a riskBorrowings under the Credit Facility are SOFR-based obligations.Risk factors (Item 1A)
Also named by AAP, AIOT, APG, APH, AXON, BGC, BR, CCC and 82 more
Oil and natural gas
exposed to its price · approximately 2% of our total AUMnamed as a riskAs of December 31, 2025, approximately 2% of our total AUM was invested in debt and equity investments in the energy sector, including midstream investments, oil and gas exploration, and renewable energy investments.Risk factors (Item 1A)
Also named by APO, BX, FDUS, GAIN, HON, MMM, RF, SOLV and 3 more
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskThe SEC oversees the activities of our subsidiaries that are registered investment advisers under the Investment Advisers Act.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, BAM, BCSF, BEN and 44 more
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskMany of the power, infrastructure and energy companies in which certain of our funds invest are subject to regulation by the Federal Energy Regulatory Commission (“FERC”), which oversees acquisition and disposition of electric generation, transmission and other electric facilities in most of the U.S., along with transmission of electricity in interstate commerce in the U.S., and wholesale purchases and sales of electric energy in interstate commerce in the U.S., among other things.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, AR, ATO, BKH and 62 more
Bermuda Monetary Authority
subject tonamed as a riskAspida Re is subject to regulation and supervision by the BMA, and compliance with all applicable Bermuda law and Bermuda insurance statutes and regulations, including but not limited to the Bermuda Insurance Act.Risk factors (Item 1A)
Also named by AFL, AIG, APO, CAT, CB, CG, COIN, FNF and 8 more
National Association of Insurance Commissioners (NAIC)
subject tonamed as a riskThe NAIC adopted multiple revisions to risk-based capital (“RBC”) formulas applicable to insurers, including new RBC treatment for pledged assets used in certain reinsurance arrangements.Risk factors (Item 1A)
Also named by ALL, BX, FNF, KKR, MET, OWL, PFG, PGR and 3 more
Committee on Foreign Investment in the United States (CFIUS)
subject tonamed as a riskCertain of our investments may be subject to review and approval by CFIUS or any non-U.S. equivalents thereof, which may have outsized impacts on transaction certainty, timing, feasibility and cost, and may prevent us from maintaining or pursuing investment opportunities that we otherwise would have maintained or pursued.Risk factors (Item 1A)
FINRA
subject toThe Financial Industry Regulatory Authority (“FINRA”) and the SEC oversee the activities of our wholly owned subsidiary, AMCM, as a registered broker-dealer.Business (Item 1)
Also named by AJG, BGC, CBOE, CG, GLXY, JXN, KKR, LNC and 7 more
U.K. Financial Conduct Authority (FCA)
subject toIn the U.K., Ares Management Limited (“AML”) and Ares Management U.K. Limited (“AMUKL”) are subject to regulation and authorization by the U.K. Financial Conduct Authority (the “FCA”).Business (Item 1)
Laws and programs
Investment Company Act of 1940
subject to · 150%named as a riskARCC, ASIF and our open-ended core infrastructure fund’s ability to pay dividends will be restricted if their respective asset coverage ratio falls below 150% and any amounts that they use to service their respective indebtedness are not available for dividends to its common stockholders.Risk factors (Item 1A)
Also named by ABR, AMG, AMP, ARCC, BAM, BCSF, BEN, BX and 28 more
Tax Receivable Agreement
approximately $2.4 billionnamed as a riskAssuming that the market value of a share of our Class A common stock were to be equal to $161.63, which is the closing price per share of our Class A common stock as of December 31, 2025, and that SOFR were to be 3.87% and a blended federal and state corporate tax rate of 23.4%, we estimate that the aggregate amount of these termination payments would be approximately $2.4 billion on the 105 million AOG Units that have not been exchanged for Class A common stock.Risk factors (Item 1A)
Brexit
operates innamed as a riskAs a result, the performance of our funds which are focused on investing in the U.K. and to a lesser extent across Europe, such as certain funds in our Credit and Real Assets Groups may be disproportionately affected compared to those funds that invest more broadly across global geographies or are focused on different regions.Risk factors (Item 1A)
Regulation Best Interest
subject tonamed as a riskAs such, Regulation Best Interest may reduce the ability of our funds to raise capital, which would adversely affect our business and results of operations.Business (Item 1)
Alternative Investment Fund Managers Directive (AIFMD II)
subject tonamed as a riskAIFMD II imposes a range of requirements on AIFMs which may increase the cost of doing business for AM Lux and Ares’ non-EEA AIFMs (including AMUKL) to the extent they market funds in the EEA and potentially disadvantages our funds as investors in private companies located in EEA member states compared to non-AIF/AIFM competitors that may not be subject to such requirements.Risk factors (Item 1A)
Sustainable Finance Disclosure Regulation (SFDR)
subject tonamed as a riskThere is also a risk that market expectations in relation to SFDR categorization of financial products could adversely affect our ability to raise capital, especially from EEA investors.Risk factors (Item 1A)
Also named by OWL
U.S. outbound investment rules (China)
subject tonamed as a riskThe final rule prohibits or imposes notification requirements on certain outbound investments involving semiconductors and microelectronics, quantum information technologies and artificial intelligence by U.S. persons into certain entities with a nexus to China.Risk factors (Item 1A)
Also named by RBLX
Hong Kong National Security Law
subject tonamed as a riskThe application of these laws and related developments could limit the activities of or negatively affect the Company, our funds and/or our portfolio companies.Risk factors (Item 1A)
Also named by META
EU Securitisation Regulation
subject tonamed as a riskThis lack of clarity may hamper our ability to raise capital for some of our non-EEA funds from investors in the EEA or subject such fund raising to additional risks, including, if application of the Securitisation Regulation to non-EEA AIFMs is confirmed, that their funds that market in the EEA could be required to divest of interests in non-compliant securitizations at sub-optimal prices.Risk factors (Item 1A)
U.K. carried interest tax regime
subject tonamed as a riskHowever, the anticipated new regime is expected to result in a change to the taxation of carried interest with respect to our U.K. investment professionals.Risk factors (Item 1A)
Technology
Digital infrastructure (data centers)
operates innamed as a riskIn addition, advancements in computing and artificial intelligence tools and technologies without related increases in the adoption and development of such technologies could negatively impact demand for, and the valuation of, digital infrastructure assets.Risk factors (Item 1A)
Also named by APO