Ares Management Corp-A 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period endedMarch31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 ARES MANAGEMENT CORPORATION Delaware (I.R.S. EmployerIdentification Number) (Registrant’s telephone number, including area code) N/A(Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months(or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days:Yesx No¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T (§232.405 of thischapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yesx No¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. Seethe definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accountingstandards provided pursuant to Section 13(a) of the Exchange Act.¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐Nox As of May6, 2025 there were214,973,552of the registrant’s shares of Class A common stock outstanding,3,489,911of the registrant’s shares of non-voting common stock outstanding,1,000shares of the registrant’s Class B common stock outstanding,108,114,920of the registrant’s Class C common stock outstanding and30,000,000of the registrant’s shares of SeriesB mandatory convertible preferred stock outstanding. TABLEOFCONTENTS PagePART I—FINANCIAL INFORMATIONItem 1. Financial Statements9Condensed Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 20249Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 202410Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 202411Condensed Consolidated Statements of Changes in Equity for thethreemonths endedMarch 31, 2025and for the year ended December 31, 202412Condensed Consolidated Statements of Cash Flows for thethreemonths endedMarch31, 2025and 202414Notes to the Condensed Consolidated Financial Statements15Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations52Item 3. Quantitative and Qualitative Disclosures about Market Risk101Item4.Controls and Procedures101PART II—OTHER INFORMATIONItem 1. Legal Proceedings102Item 1A.Risk Factors102Item 2. Unregistered Sales of Equity Securities and Use of Proceeds102Item 3. Defaults Upon Senior Securities102Item 4. Mine Safety Disclosure102Item 5. Other Information103Item 6. Exhibits104Signatures105 Cautionary Note Regarding Forward-Looking Statements This report contains forward-looking statements within the meaning of Section27A of the Securities Act of 1933, as amended (the“Securities Act”), and Section21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views withrespect to, among other things, future events, operations and financial performance. You can identify these forward-looking statements by the use offorward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,”“plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate tohistorical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance,taking into account all information currently available to us. Such forward-looking statements are subject to various risks and uncertainties andassumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Some of these factorsare described in this report and in ourAnnual Report on Form 10-Kfor the year ended December 31, 2024, under the headings “Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 1A. Risk Factors.” These factors should not beconstrued as exhaustive and should be read in conjunction with the risk factors and other cautionary statements that are includ