ARES Management LP

Q2 FY2026 EarningsQ2 FY26 results were mixed relative to consensus, with Normalized EPS of $1.29 slightly beating the $1.27 mean estimate (+1.44%). However, GAAP Net Income of $150.6M missed the expected $306.6M by a significant margin, likely due to unrealized mark-to-market adjustments or performance fee accruals. Record fundraising of $36B and a $170B dry powder reserve highlight strong institutional demand, offsetting a slower transaction environment.