Ares Management Corp-A 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period ended March31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period fromtoCommission File No.001-36429 ARES MANAGEMENT CORPORATION(Exact name of Registrant as specified in its charter) (I.R.S. EmployerIdentification Number) 1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067(Address of principal executive office) (Zip Code) (310)201-4100 (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:Yes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).Yes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. Accelerated Filer☐Non-Accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company 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☐No As of May5, 2026, there were 222,028,421 shares of the registrant’s Class A common stock outstanding, 3,489,911 shares of the registrant’s non-voting common stock outstanding,1,000 shares of the registrant’s Class B common stock outstanding, 104,328,294 shares of the registrant’s Class C common stock outstanding and 30,000,000 shares of the registrant’sSeries B mandatory convertible preferred stock outstanding. TABLEOFCONTENTS PagePART I—FINANCIAL INFORMATIONItem 1. Financial Statements9Unaudited Condensed Consolidated Financial Statements:Condensed Consolidated Statements of Financial Condition as of March 31, 2026 and December 31, 20259Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 202510Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 202511Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2026 and for the year ended December 31, 202512Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 202514Notes to the Condensed Consolidated Financial Statements15Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations48Item 3. Quantitative and Qualitative Disclosures about Market Risk95Item4.Controls and Procedures95PART II—OTHER INFORMATIONItem 1. Legal Proceedings96Item 1A.Risk Factors96Item 2. Unregistered Sales of Equity Securities and Use of Proceeds96Item 3. Defaults Upon Senior Securities96Item 4. Mine Safety Disclosures96Item 5. Other Information96Item 6. Exhibits96Signatures98 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 i