LOS ANGELES--(BUSINESS WIRE)--Ares Management Corporation (NYSE:ARES) today reported its financial results for its third quarter ended September 30, 2020.

GAAP net income attributable to Ares Management Corporation was $47.5 million for the quarter ended September 30, 2020. On a basic and diluted basis, net income attributable to Ares Management Corporation per share of Class A common stock was $0.27 for the quarter ended September 30, 2020.

After-tax realized income, net of Series A preferred stock dividends, was $134.1 million for the quarter ended September 30, 2020. After-tax realized income per share of Class A common stock, net of Series A preferred stock dividends, was $0.48 for the quarter ended September 30, 2020. Fee related earnings were $106.8 million for the quarter ended September 30, 2020.

“Despite the broad effects of the COVID crisis, we continue to execute well across our key financial metrics with record setting third quarter results,” said Michael Arougheti, Chief Executive Officer and President of Ares. “In our third quarter, we generated year over year growth of 24% in our assets under management driven by a record quarter of fundraising, 23% growth in our fee related earnings and nearly 50% growth in our realized income as we continue to deliver for our investors. We believe our fundraising success demonstrates that we are viewed as an experienced manager during challenging markets and that our strategies are responsive to the growing needs of our global investor base.”

“We continue to see the benefits of scale as we reported our highest FRE margin since our IPO,” said Michael McFerran, Chief Operating Officer and Chief Financial Officer. “We have high conviction for continued strong growth in our fee related earnings in the years ahead based on the increases in our AUM and undeployed capital, the available deployment opportunities and our pipeline of funds we are bringing to the market.”

Common Dividend

Ares declared a quarterly dividend of $0.40 per share of its Class A common stock, payable on December 31, 2020 to its Class A common stockholders of record at the close of business on December 17, 2020.

Dividend Reinvestment Program

Ares has a Dividend Reinvestment Program for its Class A common stockholders that will be effective for the fourth quarter dividend on December 31, 2020. American Stock Transfer and Trust Company is engaged to administer the plan on behalf of the Company. Additional information can be located on the Investor Resources section of our website.

Preferred Dividend

Ares declared a quarterly dividend of $0.4375 per share of its Series A preferred stock with a payment date of December 31, 2020 to its Series A preferred stockholders of record as of the close of business on December 15, 2020.

Additional Information

Ares issued a full detailed presentation of its third quarter 2020 results, which can be viewed at www.aresmgmt.com on the Investor Resources section of our home page under Events and Presentations. The presentation is titled "Third Quarter 2020 Earnings Presentation."

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity, Real Estate and Strategic Initiatives. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management's global platform had approximately $179 billion of assets under management as of September 30, 2020 with more than 1,400 employees operating across North America, Europe and Asia Pacific.