EX-99.2 3 a2023q2-ex992earningspre.htm EX-99.2
Earnings Presentation Second Quarter 2023 Exhibit 99.2

2 Important Notice This presentation is prepared for Ares Management Corporation (“Aresˮ) (NYSE: ARES) for the benefit of its public stockholders. This presentation is solely for information purposes in connection with evaluating the business, operations and financial results of Ares and certain of its affiliates. Any discussion of specific Ares entities is provided solely to demonstrate such entities’ role within the Ares organization and their contribution to the business, operations and financial results of Ares. This presentation may not be referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by Ares. This presentation contains “forward looking statementsˮ within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties. Forward-looking statements can be identified by the use of forward-looking words such as “outlook,ˮ “believes,ˮ “expects,ˮ “potential,ˮ “continues,ˮ “may,ˮ “will,ˮ “should,ˮ “seeks,ˮ “predicts,ˮ “intends,ˮ “plans,ˮ “estimates,ˮ “anticipates,ˮ “foreseesˮ or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Actual outcomes and results could differ materially from those suggested by this presentation due to the impact of many factors beyond the control of Ares, as well as those described in the “Risk Factorsˮ section of our filings with the Securities and Exchange Commission (“SECˮ). These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in our periodic filings. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. Ares assumes no obligation to update or revise any such forward-looking statements except as required by law. Certain information discussed in this presentation was derived from third party sources and has not been independently verified and, accordingly, Ares makes no representation or warranty in respect of this information and assumes no responsibility for independent verification of such information. The following slides contain summaries of certain financial and statistical information about Ares. The information contained in this presentation is summary information that is intended to be considered in the context of Ares’ SEC filings and other public announcements that Ares may make, by press release or otherwise, from time to time. Ares undertakes no duty or obligation to publicly update or revise these statements or other information contained in this presentation. In addition, this presentation contains information about Ares, its affiliated funds and certain of their respective personnel and affiliates, and their respective historical performance. You should not view information related to the past performance of Ares and its affiliated funds as indicative of future results. Certain information set forth herein includes estimates and targets and involves significant elements of subjective judgment and analysis. No representations are made as to the accuracy of such estimates or targets or that all assumptions relating to such estimates or targets have been considered or stated or that such estimates or targets will be realized. Further, certain fund performance information, unless otherwise stated, is before giving effect to management fees, carried interest or incentive fees and other expenses. This presentation does not constitute, and shall not be construed as, an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, investment funds, vehicles or accounts, investment advice, or any other service by Ares of any of its affiliates or subsidiaries. Nothing in this presentation constitutes the provision of tax, accounting, financial, investment, regulatory, legal or other advice by Ares or its advisors. Management uses certain non-GAAP financial measures, including Assets Under Management, Fee Paying Assets Under Management, Fee Related Earnings and Realized Income to evaluate Ares’ performance and that of its business segments. Management believes that these measures provide investors with a greater understanding of Ares’ business and that investors should review the same supplemental non-GAAP financial measures that management uses to analyze Ares’ performance. The measures described herein represent those non-GAAP measures used by management, in each case, before giving effect to the consolidation of certain funds within its results in accordance with GAAP. These measures should be considered in addition to, and not in lieu of, Ares’ financial statements prepared in accordance with GAAP. The definitions and reconciliations of these measures to the most directly comparable GAAP measures, as well as an explanation of why we use these measures, are included in the Glossary. Amounts and percentages may reflect rounding adjustments and consequently totals may not appear to sum. For the definitions of certain terms used in this presentation, please refer to the “Glossaryˮ slide in the appendix. The results contained in this presentation are made as of June 30, 2023, unless another time is specified in relation to them, and access to this presentation at any given time shall not give rise to any interpretation that there has been no change in the facts set forth in this presentation since that date.

3 Assets Under Management Q2-23 Financial Results Corporate Actions Recent Developments Second Quarter 2023 Highlights 1. Net inflows of capital represents gross capital commitments less redemptions. 2. Unconsolidated management fees includes $12.0 million from Consolidated Funds that are eliminated upon consolidation for GAAP for Q2-23 and excludes management fees attributable to certain joint venture partners. Unconsolidated other fees represents $29.7 million for Q2-23 and excludes administrative fees that are presented as a reduction to respective expenses and administrative fees attributable to certain joint venture partners. • Total Assets Under Management (“AUMˮ) of $377.6 billion • Total Fee Paying AUM (“FPAUMˮ) of $242.4 billion • Available Capital of $95.8 billion • AUM Not Yet Paying Fees available for future deployment of $55.6 billion • Raised $17.4 billion in gross new capital with net inflows of capital(1) of $16.5 billion • Capital deployment of $15.2 billion, including $9.1 billion by our drawdown funds • In July 2023, Ares entered into a definitive agreement to acquire 100% of Crescent Point Capital, a leading Asia-focused private equity firm with approximately $3.8 billion of AUM as of March 31, 2023 • In July 2023, Ares held a first close for its third U.S. senior direct lending fund. To date, the fund has received equity commitments of $5.1 billion • GAAP net income attributable to Ares Management Corporation of $144.5 million • GAAP basic earnings per share of Class A and non-voting common stock of $0.75 and diluted earnings per share of Class A and non-voting common stock of $0.74 • GAAP management fees of $615.3 million • Unconsolidated management fees and other fees of $651.5 million(2) • Fee Related Earnings of $266.1 million • Realized Income of $312.2 million • After-tax Realized Income of $0.90 per share of Class A and non-voting common stock • Declared quarterly dividend of $0.77 per share of Class A and non-voting common stock, which is payable on September 29, 2023 to shareholders of record as of September 15, 2023

4 Gross New Capital Commitments(1) $ in billions Q2 2023 Commentary Credit Group European Direct Lending $5.0 Equity commitments to various funds, including $3.9 billion for our sixth flagship European direct lending fund U.S. Direct Lending 4.1 Debt and equity commitments to various funds, including $1.5 billion of debt commitments for SDL II Business Development Companies 0.8 Capital raised by ARCC and affiliates Alternative Credit 2.4 Equity and debt commitments to various funds, including equity commitments of $1.8 billion for our second flagship alternative credit fund and debt commitments of $0.3 billion for an open-ended core alternative credit fund Other Credit Funds 0.3 Equity commitments to various funds Asia Credit 0.1 Equity commitments to our sixth Asian special situations fund Other 0.1 Unallocated equity commitments to the platform Total Credit Group $12.8 Real Assets Group U.S. Real Estate Equity $0.7 Equity commitments to various funds, including $0.6 billion to our fourth U.S. opportunistic real estate equity fund Non-traded REITs 0.3 Capital raised of $0.2 billion and $0.1 billion by AIREIT and AREIT, respectively Real Estate Debt 0.5 Equity and debt commitments to various funds Infrastructure Opportunities 0.5 Equity commitments to our second climate infrastructure fund Total Real Assets Group $2.0 Secondaries Group Real Estate Secondaries $0.1 Equity commitments to our ninth real estate secondaries fund Total Secondaries Group $0.1 Other Insurance $2.0 Additional managed assets Ares Acquisition Corporation II (NYSE: AACT) (“AAC IIˮ) 0.5 Capital raised in the initial public offering for our second special purpose acquisition company Total Other $2.5 Total $17.4 1. Represents gross new capital commitments during the period presented, including equity and debt commitments and gross inflows into our open-ended managed accounts and sub-advised accounts. Commitments denominated in currencies other than U.S. dollar have been converted at the prevailing quarter-end exchange rate. -

5 Q2-22 Q1-23 Q2-23 Assets Under Management 1. AUM amounts include vehicles managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and a SEC-registered investment adviser (“IHAMˮ). AUM as of June 30, 2023 was $377.6 billion, an increase of 13% from prior year(1) • The increase of $43.3 billion was primarily driven by: ◦ commitments to U.S. direct lending funds, our sixth flagship European direct lending fund, our second flagship alternative credit fund and our first APAC direct lending fund within Credit, to ASOF II within Private Equity, to U.S. real estate equity funds and infrastructure debt funds within Real Assets; and ◦ additional managed assets in our insurance platform FPAUM as of June 30, 2023 was $242.4 billion, an increase of 15% from prior year • The increase of $31.1 billion was primarily driven by: ◦ the deployment of capital in funds across U.S. and European direct lending, alternative credit and special opportunities and commitments to the U.S. real estate equity strategies FPAUM Q2-22 Q1-23 Q2-23 Credit Private Equity Real Assets Secondaries Other ($ in billions) ($ in billions) AUM $211.7 $33.4 $62.6 $23.9 $2.7 $334.3 $360.3 $3.5 $23.0 $64.1 $34.6 $235.1 $250.1 $35.5 $64.8 $23.0 $4.2 $377.6 $211.3 $1.4 $17.6 $39.2 $17.7 $135.4 $2.7 $153.7 $18.8 $40.9 $17.8 $233.9 $161.7 $19.0 $41.1 $17.8 $2.8 $242.4

6 Perpetual Capital Perpetual Capital AUM Perpetual Capital as of June 30, 2023 was $99.5 billion, an increase of 15% from prior year • The increase of $12.8 billion was primarily driven by: ◦ commitments in our U.S. direct lending, alternative credit strategies, our insurance platform and capital raised by ASIF Perpetual Capital by Type Q2-22 Q1-23 Q2-23 ($ in billions) (2) ($ in billions) Credit Real Assets Secondaries Other $3.0 $3.2 $0.5 $0.3 $1.7 $57.3 $64.3 $68.1 $27.5 $27.8 $27.7 $86.7 $95.4 $99.5 $0.2 Q2-22 Q1-23 Q2-23 Publicly-Traded Vehicles Managed Accounts Private Commingled Vehicles Non-Traded Vehicles $95.4 $22.7 $19.7 $23.7 $29.3 $29.8 $25.0 $19.7 $25.0 $99.5 $86.7 $19.6 $16.4 $21.4 $29.3

7 8% 7% 7% 5% 61% 12% 26% 7% 6% 5% 51% 5% AUM and Management Fees by Type 88% 1. Long-dated funds generally have a contractual life of five years or more at inception. For the quarter ended June 30, 2023: • 88% of assets under management were perpetual capital or long-dated funds • 95% of management fees were earned from perpetual capital or long-dated funds AUM by Type Management Fees by Type 95% Perpetual Capital - Publicly-Traded Vehicles Perpetual Capital - Managed Accounts Perpetual Capital - Private Commingled Vehicles Perpetual Capital - Non-Traded Vehicles Long-Dated Funds(1) Other

8 Q2-22 Q1-23 Q2-23 Available Capital and AUM Not Yet Paying Fees Available Capital as of June 30, 2023 was $95.8 billion, an increase of 5% from prior year • The increase of $4.8 billion was primarily driven by: ◦ fundraising in the European direct lending, alternative credit, U.S. real estate equity and infrastructure debt strategies AUM Not Yet Paying Fees as of June 30, 2023 was $64.9 billion, an increase of 10% from prior year • The increase of $5.7 billion was primarily driven by: ◦ fundraising in the European direct lending, alternative credit and infrastructure debt strategies Available Capital AUM Not Yet Paying Fees Q2-22 Q1-23 Q2-23 ($ in billions) ($ in billions) Credit Private Equity Real Assets Secondaries Other $1.0 $91.0 $0.5 $88.6 $57.4 $9.6 $14.8 $8.2 $8.5 $17.2 $7.9 $54.5 $95.8 $1.0 $8.1 $17.5 $8.1 $61.1 $42.5 $6.1 $7.0 $3.6 $59.2 $60.7 $4.2 $7.8 $6.5 $42.2 $64.9 $3.3 $8.4 $6.4 $46.8

9 $55.6 $7.8 $1.5 $41.7 $5.5 $6.9 $1.5 AUM Not Yet Paying Fees Available for Future Deployment AUM Not Yet Paying Fees As of June 30, 2023, AUM Not Yet Paying Fees includes $55.6 billion of AUM available for future deployment that could generate approximately $551.6 million in potential incremental annual management fees(1) • The $55.6 billion of AUM Not Yet Paying Fees available for future deployment primarily includes $18.9 billion in U.S. direct lending funds, $12.7 billion in European direct lending funds, $7.4 billion in alternative credit funds, $4.7 billion in special opportunities funds, $3.3 billion in infrastructure debt funds, $2.4 billion in Asia credit funds and $1.5 billion in real estate debt funds 1. No assurance can be made that such results will be achieved or capital will be deployed. Assumes the AUM Not Yet Paying Fees as of June 30, 2023 is invested and such fees are paid on an annual basis. Does not reflect any associated reductions in management fees from certain existing funds, some of which may be material. Reference to the $551.6 million includes approximately $19.5 million in potential incremental management fees from deploying cash and a portion of undrawn/available credit facilities at ARCC in excess of its leverage at June 30, 2023. Note that no potential Part I Fees are reflected in any of the amounts above. 2. Capital available for deployment for follow-on investments represents capital committed to funds that are past their investment periods but have capital available to be called for follow-on investments in existing portfolio companies. As of June 30, 2023, capital available for deployment for follow-on investments could generate approximately $87.9 million in additional potential annual management fees. There is no assurance such capital will be invested. ($ in billions)($ in billions) Capital Available for Future Deployment Capital Available for Deployment for Follow-on Investments (2) Funds in or Expected to Be in Wind-down AUM Not Yet Paying Fees Credit Private Equity Real Assets Secondaries $55.6 $64.9 Footnote 1: target leverage of ARCC is 1.25x

10 Q2-22 Q1-23 Q2-23 Incentive Eligible AUM and Incentive Generating AUM ($ in billions) ($ in billions) Credit(3) Private Equity Real Assets(3) Secondaries(3) Other Total Incentive Generating AUM $59.8 $21.3 $16.0 $6.3 $0.4 $103.8 + Uninvested IEAUM 43.1 8.8 12.2 6.9 1.0 72.0 + IEAUM below hurdle 7.9 3.9 11.9 0.4 — 24.1 ‘+ ARCC Part II Fees below Hurdle(2) 21.8 — — — — 21.8 Incentive Eligible AUM $132.6 $34.0 $40.1 $13.6 $1.4 $221.7 Credit Private Equity Real Assets Secondaries Other 1. Incentive Generating AUM includes $32.9 billion of AUM from funds generating incentive income that is not recognized by Ares until such fees are crystallized or no longer subject to reversal. 2. Represents Incentive Eligible AUM associated with ARCC Part II Fees that are paid in arrears as of the end of each calendar year when the cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of Part II Fees paid in all prior years since inception. 3. Includes $14.8 billion of perpetual capital IGAUM that will generate fee related performance revenues, composed of $13.7 billion within the Credit Group, $0.7 billion within the Real Assets Group and $0.4 billion within the Secondaries Group. Incentive Eligible AUM Incentive Eligible AUM as of June 30, 2023 was $221.7 billion, an increase of 14% from prior year • The increase of $26.6 billion was primarily driven by: ◦ fundraising across U.S. and European direct lending, alternative credit, special opportunities, U.S. real estate equity and infrastructure debt strategies Incentive Generating AUM(1) as of June 30, 2023 was $103.8 billion, an increase of 13% from prior year • The increase was primarily driven by increases in net asset values of certain funds resulting in returns exceeding hurdle rates, as well as deployment of capital within funds that are generating returns in excess of their hurdle rates as of June 30, 2023 Of the $149.7 billion of Incentive Eligible AUM that is currently invested, 69% is Incentive Generating AUM • Excluding the Incentive Eligible AUM associated with ARCC Part II Fees(2), which are based on capital gains from the largely debt oriented ARCC portfolio, 81% of Incentive Eligible AUM that is currently invested is Incentive Generating AUM Q2-23 Incentive Generating to Incentive Eligible AUM Reconciliation $40.1 $1.4 $124.2 $34.0 $39.1 $33.2 $13.5 $111.6 $32.2 $36.4 $195.1 $210.5 $221.7 $13.6 $13.9 $1.0 $0.5 $132.6

11 $12.0 $0.7 $1.9 $0.6 Q2-23 Gross Capital Deployment Capital Deployment ($ in billions) (2) Capital Deployment in Drawdown Funds ($ in billions) Total Gross Invested Capital during Q2-23 was $15.2 billion compared to $23.7 billion during Q2-22 • Deployment by our drawdown funds was $9.1 billion in Q2-23 compared to $12.9 billion in Q2-22 ◦ Of our drawdown funds, the most active investment strategies were U.S. and European direct lending, alternative credit and special opportunities • Deployment by our perpetual capital vehicles was $6.0 billion in Q2-23 compared to $8.7 billion in Q2-22 ◦ Of our perpetual capital vehicles, the most active investment strategies were U.S. direct lending and alternative credit Q2-22 Q1-23 Q2-23 $7.7 $1.9 $2.5 $12.9 $5.2 $1.2 $1.0 $7.8 $9.1 $1.7 $6.1 $0.7 Credit Private Equity Real Assets Secondaries $0.6 Credit Private Equity Real Assets Secondaries $0.4 $15.2 $0.8

12 Three months ended June 30, Six months ended June 30, $ in thousands, except share data 2023 2022 2023 2022 Revenues Management fees $615,271 $520,560 $1,215,787 $997,892 Carried interest allocation 418,466 47,304 569,954 225,593 Incentive fees 7,950 4,675 16,873 21,097 Principal investment income (loss) 6,888 (4,387) 29,646 3,939 Administrative, transaction and other fees 44,711 33,278 74,388 67,908 Total revenues 1,093,286 601,430 1,906,648 1,316,429 Expenses Compensation and benefits 367,550 375,775 728,331 729,612 Performance related compensation 315,780 41,073 427,438 173,884 General, administrative and other expenses 141,153 122,566 289,498 243,089 Expenses of Consolidated Funds 13,255 13,454 21,107 17,967 Total expenses 837,738 552,868 1,466,374 1,164,552 Other income (expense) Net realized and unrealized gains (losses) on investments 5,481 (1,775) 6,996 6,334 Interest and dividend income 2,690 1,476 6,529 2,978 Interest expense (25,839) (17,221) (50,825) (32,867) Other income (expense), net (5,887) 5,809 (6,810) 7,593 Net realized and unrealized gains (losses) on investments of Consolidated Funds 98,426 (7,907) 109,126 8,061 Interest and other income of Consolidated Funds 234,454 117,375 457,392 237,665 Interest expense of Consolidated Funds (182,904) (79,253) (339,591) (153,266) Total other income, net 126,421 18,504 182,817 76,498 Income before taxes 381,969 67,066 623,091 228,375 Income tax expense 49,714 13,460 83,520 33,871 Net income 332,255 53,606 539,571 194,504 Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds 67,681 (15,022) 94,374 32,360 Net income attributable to Ares Operating Group entities 264,574 68,628 445,197 162,144 Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities 734 (457) (1,090) (58) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 119,326 29,354 207,734 76,608 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $144,514 $39,731 $238,553 $85,594 Net income per share of Class A and non-voting common stock: Basic $0.75 $0.21 $1.25 $0.45 Diluted $0.74 $0.21 $1.24 $0.45 Weighted-average shares of Class A and non-voting common stock: Basic 182,999,515 175,157,558 180,998,934 174,694,645 Diluted 194,058,041 175,157,558 192,161,816 174,694,645 GAAP Statements of Operations

13 RI and Other Measures Financial Summary Three months ended June 30, Six months ended June 30, $ in thousands, except share data (and as otherwise noted) 2023 2022 % Change 2023 2022 % Change Management fees(1) $621,752 $524,881 18% $1,224,371 $1,007,802 21% Fee related performance revenues 854 1,240 (31) 4,725 13,951 (66) Other fees 29,714 21,954 35 50,409 41,809 21 Compensation and benefits expenses(2) (289,928) (251,452) (15) (567,959) (493,459) (15) General, administrative and other expenses (96,246) (76,844) (25) (190,763) (144,654) (32) Fee Related Earnings 266,146 219,779 21 520,783 425,449 22 Realized net performance income 41,526 26,036 59 48,803 41,329 18 Realized net investment income (loss) 4,538 1,430 217 (3,084) 2,484 NM Realized Income 312,210 247,245 26 566,502 469,262 21 After-tax Realized Income(3) $292,247 $233,256 25 $524,274 $439,953 19 After-tax Realized Income per share of Class A and non-voting common stock(4) $0.90 $0.74 22 $1.61 $1.39 16 Other Data Fee Related Earnings margin(5) 40.8% 40.1% 40.7% 40.0% Effective management fee rate(6) 1.01% 0.99% 1.01% 0.98% 1. Includes Part I Fees of $87.4 million and $59.3 million for Q2-23 and Q2-22, respectively, and $170.7 million and $110.1 million for YTD-23 and YTD-22, respectively. 2. Includes fee related performance compensation of $0.5 million and $0.8 million for Q2-23 and Q2-22, respectively, and $2.0 million and $9.3 million for YTD-23 and YTD-22, respectively. 3. For Q2-23, Q2-22, and YTD-23, YTD-22, after-tax Realized Income includes current income tax related to: (i) entity level taxes of $5.8 million, $4.4 million and $11.1 million, $8.0 million, respectively, and (ii) corporate level tax expense of $14.2 million, $9.6 million and $31.1 million, $21.3 million, respectively. For more information regarding After-tax RI, please refer to the "Glossary" slide in the appendix. 4. Calculation of after-tax Realized Income per share of Class A and non-voting common stock uses total average shares of Class A common stock outstanding and proportional dilutive effects of the Ares' equity-based awards. Please refer to slide 26 for additional details. 5. Fee related earnings margin represents the quotient of fee related earnings and the total of segment management fees, fee related performance revenues and other fees. 6. Effective management fee rate represents the quotient of management fees and the aggregate fee bases for the periods presented. The effective rate shown excludes the effect of one-time catch-up fees.

14 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis Three months ended June 30, Six months ended June 30, $ in thousands 2023 2022 2023 2022 Realized Income and Fee Related Earnings: Income before taxes $381,969 $67,066 $623,091 $228,375 Adjustments: Amortization of intangibles 35,464 33,799 73,665 65,183 Depreciation expense 7,527 6,531 14,985 13,273 Equity compensation expense(1) 62,284 50,144 130,988 103,161 Acquisition-related compensation expense(2) 600 59,491 1,242 107,492 Acquisition and merger-related expense 2,757 1,152 7,712 10,194 Placement fee adjustment (3,744) (1,425) (6,976) (2,118) Other expense, net 212 12 303 1,993 (Income) loss before taxes of non-controlling interests in consolidated subsidiaries 3,786 4,022 (1,885) (967) (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (67,762) 14,999 (94,933) (32,408) Total performance (income) loss—unrealized (288,220) 24,031 (415,933) (109,501) Total performance related compensation—unrealized 215,496 (8,549) 300,646 82,649 Total net investment (income) loss—unrealized (38,159) (4,028) (66,403) 1,936 Realized Income 312,210 247,245 566,502 469,262 Total performance income—realized (140,635) (70,094) (171,771) (113,962) Total performance related compensation—realized 99,109 44,058 122,968 72,633 Total investment (income) loss—realized (4,538) (1,430) 3,084 (2,484) Fee Related Earnings $266,146 $219,779 $520,783 $425,449 Note: This table is a reconciliation of income before taxes on a GAAP basis to RI and FRE on an unconsolidated basis, which reflects the results of the reportable segments on a combined basis together with the OMG. The OMG’s revenues and expenses are not allocated to our reportable segments but management considers the cost structure of the OMG when evaluating our financial performance. Management uses this information to assess the performance of our reportable segments and OMG and believes that this information enhances the ability of shareholders to analyze our performance. 1. For Q2-23, Q2-22, and YTD-23, YTD-22, equity compensation expense was attributable to the following: (i) non-recurring awards of $15.4 million, $12.6 million and $30.2 million, $25.4 million, respectively; (ii) annual bonus awards of $16.5 million, $12.8 million and $42.7 million, $32.8 million, respectively; and (iii) annual discretionary awards of $30.4 million, $24.2 million and $58.6 million, $45.1 million, respectively. 2. Represents contingent obligations (earnouts) recorded in connection with the acquisition of Landmark, Black Creek and Infrastructure Debt that are recorded as compensation expense.

15 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis (cont'd) Note: These tables reconcile consolidated carried interest allocation and incentive fees reported in accordance with GAAP to unconsolidated realized performance income and consolidated GAAP other income to unconsolidated realized net investment income. These reconciliations show the results of the reportable segments on a combined basis together with the OMG. The OMG’s revenues and expenses are not allocated to our reportable segments but management considers the cost structure of the OMG when evaluating our financial performance. Management uses this information to assess the performance of our reportable segments and OMG and believes that this information enhances the ability of shareholders to analyze our performance. Three months ended June 30, Six months ended June 30, $ in thousands 2023 2022 2023 2022 Performance income and net investment income reconciliation: Carried interest allocation $418,466 $47,304 $569,954 $225,593 Incentive fees 7,950 4,675 16,873 21,097 Carried interest allocation and incentive fees 426,416 51,979 586,827 246,690 Performance income—realized from Consolidated Funds — — 138 34 Fee related performance revenues (854) (1,240) (4,725) (13,951) Total performance income—unrealized (284,274) 24,031 (408,580) (109,501) Performance (income) loss of non-controlling interests in consolidated subsidiaries (653) (4,676) (1,889) (9,310) Performance income—realized $140,635 $70,094 $171,771 $113,962 Total consolidated other income $126,421 $18,504 $182,817 $76,498 Net investment income from Consolidated Funds (157,426) (31,785) (224,794) (106,151) Principal investment income 65,242 13,493 100,699 27,983 Other expense, net 212 13 303 1,994 Other expense of non-controlling interests in consolidated subsidiaries 8,248 5,233 4,294 224 Investment loss (income)—unrealized (43,939) 2,676 (72,924) 11,726 Interest and other investment loss (income)—unrealized 5,780 (6,704) 6,521 (9,790) Total realized net investment income $4,538 $1,430 $(3,084) $2,484

16 Credit Group(1) 1. This table is a financial summary only and segment results are shown before the unallocated support costs of the Operations Management Group. Please refer to “Financial Details - Segmentsˮ on slide 24-25 for complete financial results. 2. Composite returns are calculated by asset-weighting the underlying fund-level time-weighted returns. Returns include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Gross time-weighted returns do not reflect the deduction of management fees, carried interest, as applicable, or other expenses, while net time-weighted returns are after giving effect to these items. We believe aggregated performance returns reflect overall quarterly performance returns in a strategy, but are not necessarily investable funds or products themselves. Additional information for performance by strategy is as follows: • Performance for the alternative credit strategy is represented by Pathfinder. The net returns were 5.1% for Q2-23 and 6.3% for Q2-23 LTM. • Performance for the U.S. senior direct lending strategy is represented the U.S. senior direct lending composite, which is comprised of SDL I and SDL II levered feeder funds. The net returns were 3.7% for Q2-23 and 7.8% for Q2-23 LTM. The gross and net returns for the composite made up of the SDL I and SDL II unlevered feeder funds were 3.2% and 2.5% for Q2-23, respectively, and 8.4% and 6.4% for Q2-23 LTM, respectively. • Performance for the U.S. junior direct lending strategy is represented the U.S. junior direct lending composite, which is comprised of PCS I and PCS II. The net returns were 3.2% for Q2-23 and 6.0% for Q2-23 LTM. • Performance for the European direct lending strategy is represented by the European direct lending composite, which is comprised of ACE III, ACE IV and ACE V levered Euro-denominated feeder funds. Returns presented above for the European direct lending composite are Euro-denominated as this is the base denomination of the funds. The net returns were 1.5% for Q2-23 and 8.3% for Q2-23 LTM. The gross and net returns for the composite made up of ACE III, ACE IV and ACE V U.S. dollar denominated feeder funds were 2.0% and 1.4% for Q2-23, respectively, and 12.5% and 10.0% for Q2-23 LTM, respectively. • Performance for the Asia credit strategy is represented by SSG Fund V. The net returns were 8.7% for Q2-23 and 16.8% for Q2-23 LTM. Alternative Credit(2) 6.6% / 8.9% U.S. Senior Direct Lending(2) 4.8% / 10.9% U.S. Junior Direct Lending(2) 3.8% / 7.9% European Direct Lending(2) 2.0% / 10.8% Asia Credit(2) 12.3% / 27.5% Q2-23 / Q2-23 LTM gross returns $ in thousands Q2-23 Q2-22 % Change YTD-23 YTD-22 % Change Management and other fees $431,804 $344,767 25% $846,324 $668,022 27% Fee related performance revenues 222 275 (19) 822 12,628 (93) Fee Related Earnings 285,661 226,909 26 562,970 433,613 30 Realized net performance income 23,720 19,175 24 25,316 21,958 15 Realized net investment income 15,236 4,632 229 14,340 7,307 96 Realized Income $324,617 $250,716 29 $602,626 $462,878 30 AUM ($ in billions) $250.1 $211.7 18 FPAUM ($ in billions) $161.7 $135.4 19 Note: Past performance is not indicative of future results. The Credit Group had ~430 investment professionals, ~260 active funds, ~1,650 portfolio companies and ~1,250 alternative credit investments as of June 30, 2023. • Management and other fees increased by 25% for Q2-23 compared to Q2-22, primarily driven by deployment within U.S. and European direct lending and alternative credit • Fee Related Earnings increased by 26% for Q2-23 compared to Q2-22, primarily driven by the increase in management fees • Realized Income increased by 29% for Q2-23 compared to Q2-22, primarily driven by the increase in Fee Related Earnings and realized gains from the sale of our investment in a commercial finance fund • Capital deployment totaled $12.0 billion for Q2-23, primarily driven by $5.2 billion in U.S. direct lending, $4.2 billion in alternative credit and $1.2 billion in European direct lending Financial Summary and Highlights(1)

17 Private Equity Group(1) Note: Past performance is not indicative of future results. The Private Equity Group had ~90 investment professionals, ~45 portfolio companies and ~10 active funds and related co-investment vehicles as of June 30, 2023. 1. This table is a financial summary only and segment results are shown before the unallocated support costs of the Operations Management Group. Please refer to “Financial Details - Segmentsˮ on slides 24-25 for complete financial results. 2. All returns are gross fund-level time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments, and also reflect the deduction of all trading expenses. Gross time-weighted returns do not reflect the deduction of management fees, carried interest, or other expenses, as applicable, while net time-weighted returns are after giving effect to these items. Returns for special opportunities are further reduced by credit facility interest expense. We believe aggregated performance returns reflect overall quarterly performance returns in a strategy, but are not necessarily investable funds or products themselves. Additional information for performance by strategy is as follows: • Performance for the corporate private equity strategy is represented by the corporate private equity composite, which is comprised of ACOF IV, ACOF V and ACOF VI. The net fund-level returns were 4.1% for Q2-23 and 5.7% for Q2-23 LTM. • Performance for the special opportunities strategy is represented by ASOF I. The net fund-level returns were 6.1% for Q2-23 and 14.7% for Q2-23 LTM. • Management and other fees increased by 18% for Q2-23 compared to Q2-22, primarily driven by deployment in ASOF II • Fee Related Earnings increased by 80% for Q2-23 compared to Q2-22, primarily driven by the increase in management fees and lower compensation and benefits • Realized Income increased by 229% for Q2-23 compared to Q2-22, primarily driven by the increase in Fee Related Earnings and by realized net performance income from ACOF IV and ASOF I • Capital deployment totaled $0.7 billion for Q2-23, primarily driven by $0.6 billion in special opportunities $ in thousands Q2-23 Q2-22 % Change YTD-23 YTD-22 % Change Management and other fees $56,256 $47,804 18% $111,586 $94,058 19% Fee Related Earnings 28,174 15,631 80 51,628 36,031 43 Realized net performance income 15,955 — NM 19,308 426 NM Realized net investment loss (1,788) (2,762) 35 (4,663) (3,030) (54) Realized Income $42,341 $12,869 229 $66,273 $33,427 98 AUM ($ in billions) $35.5 $33.4 6 FPAUM ($ in billions) $19.0 $17.7 7 Financial Summary and Highlights(1) Corporate Private Equity(2) 5.5% / 8.3% Special Opportunities(2) 8.1% / 20.6% Q2-23 / Q2-23 LTM gross returns

18 Real Assets Group(1) Note: Past performance is not indicative of future results. The Real Assets Group had ~290 investment professionals, ~505 properties, ~70 infrastructure assets and ~60 active funds and related co-investment vehicles as of June 30, 2023. 1. This table is a financial summary only and segment results are shown before the unallocated support costs of the Operations Management Group. Please refer to “Financial Details - Segmentsˮ on slides 24-25 for complete financial results 2. Includes results of AMP Capital’s Infrastructure Debt platform following the acquisition close date of February 10, 2022. As the YTD periods are not comparable, no percentage change is presented for those periods. 3. Gross time-weighted returns do not reflect the deduction of management fees, carried interest, or other expenses, as applicable, while net time-weighted returns are after giving effect to these items. We believe aggregated performance returns reflect overall quarterly performance returns in a strategy, but are not necessarily investable funds or products themselves. Additional information for performance by strategy is as follows: • Performance for the U.S. real estate equity strategy is represented by the U.S. real estate equity composite, which is comprised of DEV II, AREOF III, US VIII and US IX. The net returns were 2.6% for Q2-23 and (1.9)% for Q2-23 LTM. • Performance for the European real estate equity strategy is represented by the European real estate equity composite, which is comprised of EPEP II, EPEP III, EF IV and EF V. EF IV and EF V are each made up of two feeder funds, one denominated in U.S. dollars and one denominated in Euros. Returns presented above for European real estate equity are shown for the Euro- denominated composite as this is the base denomination of the funds. The net returns were 1.1% for Q2-23 and (7.8)% for Q2-23 LTM. The gross and net returns for the U.S. dollar denominated feeder fund for European real estate equity were 1.8% and 1.3% for Q2-23, respectively, and (5.0)% and (1.6)% for Q2-23 LTM, respectively. • Performance for the infrastructure debt strategy is represented by the infrastructure debt composite, which is comprised of U.S. dollar denominated hedged feeder funds for IDF III, IDF IV and IDF V. The net returns were (0.6)% for Q2-23 and 6.9% for Q2-23 LTM. • Management and other fees increased by 8% for Q2-23 compared to Q2-22, primarily due to capital raised by our non-traded REITs, deployment in IDF V and commitments to our fourth U.S. opportunistic real estate equity fund, including catch-up fees of $0.4 million. Other fees in Q2-23 included $6.7 million of transaction fees, which are generated periodically within the infrastructure debt strategy. Management fees in Q2-22 included catch-up fees of $6.0 million from US X and our sixth European real estate equity fund • Fee Related Earnings increased by 14% for Q2-23 compared to Q2-22, primarily driven by higher management and other fees • Realized Income decreased by 3% for Q2-23 compared to Q2-22, primarily due to interest expense exceeding realized net performance income in Q2-23 and higher realized net performance income from U.S. real estate equity funds in Q2-22 • Capital deployment totaled $1.9 billion for Q2-23, primarily driven by $0.6 billion in European real estate equity, $0.4 billion in infrastructure debt and $0.4 billion in U.S. real estate equity U.S. Real Estate Equity(3) 4.1% / 0.4% European Real Estate Equity(3) 1.8% / (10.0)% Infrastructure Debt(3) (0.5)% / 9.2% Q2-23 / Q2-23 LTM gross returns $ in thousands Q2-23 Q2-22 % Change YTD-23 YTD-22(2) Management and other fees $107,085 $99,298 8% $211,017 $179,651 Fee related performance revenues 334 965 (65) 334 1,323 Fee Related Earnings 55,918 49,025 14 109,580 88,462 Realized net performance income 1,069 6,219 (83) 3,397 18,303 Realized net investment income (loss) (3,262) 359 NM (7,109) 4,200 Realized Income $53,725 $55,603 (3) $105,868 $110,965 AUM ($ in billions) $64.8 $62.6 4 FPAUM ($ in billions) $41.1 $39.2 5 Financial Summary and Highlights(1)

19 Secondaries Group(1) Note: Past performance is not indicative of future results. The Secondaries Group had ~70 investment professionals, ~865 limited partnership interests and ~70 active funds and related co- investment vehicles as of June 30, 2023. 1. This table is a financial summary only and segment results are shown before the unallocated support costs of the Operations Management Group. Please refer to “Financial Details - Segmentsˮ on slides 24-25 for complete financial results. 2. Gross time-weighted returns do not reflect the deduction of management fees, carried interest, or other expenses, as applicable, while net time-weighted returns are after giving effect to these items. For all funds in the Secondaries Group, returns are calculated from results of the underlying portfolio that are generally reported on a three month lag and may not include the impact of economic and market activities occurring in the current reporting period. Additional information for performance by strategy is as follows: • Performance for the private equity secondaries is represented by LEP XVI. The net returns were 1.5% for Q2-23 and (12.0)% for Q2-23 LTM. • Performance for the real estate secondaries strategies is represented by LREP VIII. The net returns were (1.5)% for Q2-23 and 1.8% for Q2-23 LTM. • Management and other fees decreased by 10% for Q2-23 compared to Q2-22, primarily driven by a step down in fee base for LEP XV, and partially offset by commitments to our ninth real estate secondaries fund, including catch-up fees of $1.5 million. Management fees in Q2-22 included catch- up fees of $4.1 million from LEP XVII and our ninth real estate secondaries fund • Fee Related Earnings decreased by 24% for Q2-23 compared to Q2-22, primarily driven by the decrease in management fees and higher operating expenses • Realized Income decreased by 33% for Q2-23 compared to Q2-22, primarily driven by the decrease in Fee Related Earnings and interest expense exceeding realized net performance income in Q2-23 • Capital deployment totaled $0.6 billion for Q2-23, primarily driven by $0.3 billion in private equity secondaries and $0.2 billion in real estate secondaries Private Equity Secondaries(2) 2.0% / (11.1)% Real Estate Secondaries(2) (1.3)% / 3.6% Q2-23 / Q2-23 LTM gross returns $ in thousands Q2-23 Q2-22 % Change YTD-23 YTD-22 % Change Management and other fees $41,790 $46,201 (10)% $81,653 $90,705 (10)% Fee related performance revenues 298 — NM 3,569 — NM Fee Related Earnings 21,314 28,111 (24) 46,744 57,897 (19) Realized net performance income 782 642 22 782 642 22 Realized net investment income (loss) (2,269) 643 NM (3,349) 822 NM Realized Income $19,827 $29,396 (33) $44,177 $59,361 (26) AUM ($ in billions) $23.0 $23.9 (4) FPAUM ($ in billions) $17.8 $17.6 1 Financial Summary and Highlights(1)

20 Realized Income per Share Data Three months ended June 30, Six months ended June 30, $ in thousands, except share data 2023 2022 2023 2022 After-tax Realized Income Realized Income before taxes $312,210 $247,245 $566,502 $469,262 Entity level foreign, state and local taxes (5,804) (4,438) (11,086) (7,996) Realized Income 306,406 242,807 555,416 461,266 Income taxes(1) (14,159) (9,551) (31,142) (21,313) After-tax Realized Income $292,247 $233,256 $524,274 $439,953 After-tax Realized Income per share(2) $0.93 $0.76 $1.68 $1.44 After-tax Realized Income per share of Class A and non-voting common stock Realized Income $306,406 $242,807 $555,416 $461,266 x Average ownership % of Ares Operating Group 60.37% 59.66% 60.27% 59.59% Realized Income attributable to Class A and non-voting common stockholders $184,977 $144,859 $334,732 $274,864 Income taxes(1) (14,159) (9,551) (31,142) (21,313) After-tax Realized Income attributable to Class A and non-voting common stockholders $170,818 $135,308 $303,590 $253,551 After-tax Realized Income per share of Class A and non-voting common stock(3) $0.90 $0.74 $1.61 $1.39 1. For Q2-23, Q2-22 and YTD-23, YTD-22 amount represents the current corporate taxes paid by Ares for the periods presented and exclude the effects of $29.7 million, $(0.6) million and $40.7 million, $4.5 million, respectively, of deferred income tax expense (benefit) primarily related to net unrealized performance income and net unrealized investment income. These effects have been excluded as net unrealized performance income and net unrealized investment income have been excluded from RI. The primary differences between the current portion of taxable income and RI relate to the timing of certain items, primarily vesting of equity awards, exercise of stock options, payment of placement fees, and amortization of intangibles. Tax deductions associated with the vesting of restricted stock units and the exercise of options reduced our current tax provision by $22.9 million, $14.5 million and $33.0 million, $23.3 million for Q2-23, Q2-22 and YTD-23, YTD-22, respectively. The inclusion of the benefit in the after-tax RI per share calculation had the effect of increasing this metric by $0.12, $0.08 and $0.17, $0.13 for Q2-23, Q2-22 and YTD-23, YTD-22, respectively. The impact of its inclusion in the metric decreased the RI cash tax rate by 12.1%, 9.8% and 8.7%, 8.3% for Q2-23, Q2-22 and YTD-23, YTD-22, respectively, from the Company’s statutory tax rate of 24.0% and 24.1% for the YTD-23 and YTD-22, respectively. For more information regarding RI and After-tax RI, please refer to the "Glossary" slide in the appendix. 2. Weighted average shares used for after-tax RI per share for Q2-23 and Q2-22 were 314,195,351 and 305,427,020, respectively. Please refer to slide 26 in this presentation for further information. 3. Weighted average shares used for after-tax RI per share of Class A and non-voting common stock for Q2-23 and Q2-22 were 189,675,547 and 182,204,451, respectively. Please refer to slide 26 for additional details.

21 32% 45% 18% 5% Substantial balance sheet value related to investments primarily in Ares managed vehicles and net accrued performance income • As of June 30, 2023, our balance sheet included $276.8 million in cash and cash equivalents and $2,299.7 million in debt obligations, including $725.0 million drawn against our $1,325.0 million revolving credit facility • As of June 30, 2023, the fair value of our corporate investment portfolio was $941.6 million in accordance with GAAP. On an unconsolidated basis, our corporate investment portfolio was $1,666.9 million(1) • As of June 30, 2023, gross accrued performance income reported on a GAAP basis was $3,524.6 million and was $3,539.5 million on an unconsolidated basis • As of June 30, 2023, accrued performance income, net of performance related compensation reported on a GAAP basis and unconsolidated basis was $945.1 million(2) and $960.0 million(2), respectively Balance Sheet 1. Unconsolidated investments includes $791.7 million of investments in Consolidated Funds that are eliminated upon consolidation for GAAP and excludes $66.4 million of investments that are attributable to non-controlling interests. Corporate investment portfolio excludes accrued carried interest allocation, a component of gross accrued performance income, of $3,524.6 million. 2. Net accrued performance income on a GAAP basis as of June 30, 2023 and December 31, 2022 excludes $14.9 million and $7.5 million, respectively, of accrued performance income related to our insurance platform that has been eliminated upon consolidation. 3. Net accrued performance income excludes net performance income—realized that has not been received by the Company as of the reporting date. For both periods presented, accrued performance income represents the accrued carried interest allocation. June 30, 2023 29% 45% 21% 5% December 31, 2022 Credit Private Equity Real Assets Secondaries $824.4 million(2) $945.1 million(2) Net Accrued Performance Income by Group(3)

22 Corporate Data Board of Directors Michael Arougheti Co-Founder, Chief Executive Officer and President of Ares Ashish Bhutani Former Chairman and Chief Executive Officer of Lazard Asset Management and Former Vice Chairman of Lazard Ltd Antoinette Bush Senior Advisor to News Corp Kipp deVeer Head of Credit Group Paul G. Joubert Founding Partner of EdgeAdvisors and Investing Partner in Converge Venture Partners David Kaplan Co-Founder Michael Lynton Chairman of Snap Inc. Eileen Naughton Former Chief People Officer and Vice President of People Operations at Google, Inc. Dr. Judy D. Olian President of Quinnipiac University Antony P. Ressler Co-Founder and Executive Chairman of Ares Bennett Rosenthal Co-Founder and Chairman of Private Equity Group Executive Officers Michael Arougheti Co-Founder, Chief Executive Officer and President Ryan Berry Chief Marketing and Strategy Officer Kipp deVeer Head of Credit Group David Kaplan Co-Founder Jarrod Phillips Chief Financial Officer Antony P. Ressler Co-Founder and Executive Chairman Bennett Rosenthal Co-Founder and Chairman of Private Equity Group Naseem Sagati Aghili General Counsel and Corporate Secretary Corporate Headquarters 2000 Avenue of the Stars 12th Floor Los Angeles, CA 90067 Tel: (310) 201-4100 Fax: (310) 201-4170 Corporate Counsel Kirkland & Ellis LLP Los Angeles, CA Independent Registered Public Accounting Firm Ernst & Young LLP Los Angeles, CA Research Coverage Autonomous Patrick Davitt (646) 561-6254 Bank of America Merrill Lynch Craig Siegenthaler (646) 855-5004 Bank of Montreal Rufus Hone (416) 359-8304 Barclays Benjamin Budish (212) 526-2418 Goldman Sachs Alexander Blostein (212) 357-9976 Jefferies Dan Fannon (415) 229-1523 JMP Securities Brian McKenna (212) 906-3545 JP Morgan Kenneth Worthington (212) 622-6613 Keefe, Bruyette & Woods Michael Brown (212) 887-3801 Morgan Stanley Michael Cyprys (212) 761-7619 Oppenheimer Chris Kotowski (212) 667-6699 Piper Sandler Sumeet Mody (312) 281-3414 RBC Capital Markets Kenneth Lee (212) 905-5995 UBS Investment Bank Adam Beatty (212) 713-2481 Wells Fargo Finian O’Shea (704) 410-0067 Investor Relations Contacts Carl Drake Partner/Head of Public Markets Investor Relations and Corporate Communications Tel: (678) 538-1981 cdrake@aresmgmt.com Greg Mason Managing Director Tel: (314) 282-2533 gmason@aresmgmt.com Cameron Rudd Vice President Tel: (678) 538-1986 crudd@aresmgmt.com General IR Contact Tel (U.S.): (800) 340-6597 Tel (International): (212) 808-1101 IRARES@aresmgmt.com Please visit our website at: www.aresmgmt.com Transfer Agent Equiniti Trust Company, LLC. 6201 15th Avenue Brooklyn, NY 11219 Tel: (800) 937-5449 Fax: (718) 236-2641 www.equiniti.com Securities Listing NYSE: ARES

Appendix

24 Financial Details – Segments Three months ended June 30, 2023 $ in thousands Credit Group Private Equity Group Real Assets Group Secondaries Group Other Operations Management Group Total(1) Management fees $422,662 $55,518 $95,239 $41,785 $6,548 $— $621,752 Fee related performance revenues 222 — 334 298 — — 854 Other fees 9,142 738 11,846 5 135 7,848 29,714 Compensation and benefits (122,772) (20,348) (40,430) (16,441) (3,386) (86,011) (289,388) Compensation and benefits—fee related performance compensation (150) — (208) (182) — — (540) General, administrative and other expenses (23,443) (7,734) (10,863) (4,151) (588) (49,467) (96,246) Fee related earnings 285,661 28,174 55,918 21,314 2,709 (127,630) 266,146 Performance income—realized 62,760 69,678 2,737 5,460 — — 140,635 Performance related compensation—realized (39,040) (53,723) (1,668) (4,678) — — (99,109) Realized net performance income 23,720 15,955 1,069 782 — — 41,526 Investment income (loss)—realized 17,565 2,084 (1,549) — — — 18,100 Interest and other investment income—realized 5,672 1,863 2,393 182 1,839 328 12,277 Interest expense (8,001) (5,735) (4,106) (2,451) (5,535) (11) (25,839) Realized net investment income (loss) 15,236 (1,788) (3,262) (2,269) (3,696) 317 4,538 Realized income $324,617 $42,341 $53,725 $19,827 $(987) $(127,313) $312,210 Three months ended June 30, 2022 $ in thousands Credit Group Private Equity Group Real Assets Group Secondaries Group Other Operations Management Group Total(1) Management fees $338,134 $47,396 $90,733 $46,201 $2,417 $— $524,881 Fee related performance revenues 275 — 965 — — — 1,240 Other fees 6,633 408 8,565 — 50 6,298 21,954 Compensation and benefits (98,427) (24,293) (39,996) (15,133) (1,398) (71,341) (250,588) Compensation and benefits—fee related performance compensation (261) — (603) — — — (864) General, administrative and other expenses (19,445) (7,880) (10,639) (2,957) (698) (35,225) (76,844) Fee related earnings 226,909 15,631 49,025 28,111 371 (100,268) 219,779 Performance income—realized 48,533 — 17,405 4,156 — — 70,094 Performance related compensation—realized (29,358) — (11,186) (3,514) — — (44,058) Realized net performance income 19,175 — 6,219 642 — — 26,036 Investment income (loss)—realized 1,607 672 432 — (1) — 2,710 Interest and other investment income (expense)—realized 6,682 195 2,640 2,200 5,219 (995) 15,941 Interest expense (3,657) (3,629) (2,713) (1,557) (5,486) (179) (17,221) Realized net investment income (loss) 4,632 (2,762) 359 643 (268) (1,174) 1,430 Realized income $250,716 $12,869 $55,603 $29,396 $103 $(101,442) $247,245 1. Includes results of the reportable segments on a combined basis together with the Operations Management Group. Please refer to “GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basisˮ on slides 14-15.

25 Six months ended June 30, 2023 $ in thousands Credit Group Private Equity Group Real Assets Group Secondaries Group Other Operations Management Group Total(1) Management fees $828,312 $110,175 $192,709 $81,648 $11,527 $— $1,224,371 Fee related performance revenues 822 — 334 3,569 — — 4,725 Other fees 18,012 1,411 18,308 5 185 12,488 50,409 Compensation and benefits (238,598) (42,658) (79,335) (27,886) (6,526) (170,978) (565,981) Compensation and benefits—fee related performance compensation (540) — 711 (2,149) — — (1,978) General, administrative and other expenses (45,038) (17,300) (23,147) (8,443) (1,196) (95,639) (190,763) Fee related earnings 562,970 51,628 109,580 46,744 3,990 (254,129) 520,783 Performance income—realized 69,353 88,135 8,823 5,460 — — 171,771 Performance related compensation—realized (44,037) (68,827) (5,426) (4,678) — — (122,968) Realized net performance income 25,316 19,308 3,397 782 — — 48,803 Investment income (loss)—realized 18,071 2,963 (3,321) — 170 — 17,883 Interest and other investment income—realized 12,090 3,724 4,214 1,407 8,187 236 29,858 Interest expense (15,821) (11,350) (8,002) (4,756) (10,859) (37) (50,825) Realized net investment income (loss) 14,340 (4,663) (7,109) (3,349) (2,502) 199 (3,084) Realized income $602,626 $66,273 $105,868 $44,177 $1,488 $(253,930) $566,502 Six months ended June 30, 2022 $ in thousands Credit Group Private Equity Group Real Assets Group Secondaries Group Other Operations Management Group Total(1) Management fees $655,623 $93,353 $163,220 $90,705 $4,901 $— $1,007,802 Fee related performance revenues 12,628 — 1,323 — — — 13,951 Other fees 12,399 705 16,431 — 100 12,174 41,809 Compensation and benefits (200,898) (43,859) (73,411) (26,773) (3,784) (135,408) (484,133) Compensation and benefits—fee related performance compensation (8,501) — (825) — — — (9,326) General, administrative and other expenses (37,638) (14,168) (18,276) (6,035) (928) (67,609) (144,654) Fee related earnings 433,613 36,031 88,462 57,897 289 (190,843) 425,449 Performance income—realized 55,896 2,212 51,698 4,156 — — 113,962 Performance related compensation—realized (33,938) (1,786) (33,395) (3,514) — — (72,633) Realized net performance income 21,958 426 18,303 642 — — 41,329 Investment income—realized 2,022 2,275 3,885 — 860 — 9,042 Interest and other investment income (expense)—realized 12,410 1,697 5,417 2,844 5,220 (1,279) 26,309 Interest expense (7,125) (7,002) (5,102) (2,022) (11,270) (346) (32,867) Realized net investment income (loss) 7,307 (3,030) 4,200 822 (5,190) (1,625) 2,484 Realized income $462,878 $33,427 $110,965 $59,361 $(4,901) $(192,468) $469,262 Financial Details – Segments 1. Includes results of the reportable segments on a combined basis together with the Operations Management Group. Please refer to “GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basisˮ on slides 14-15.

26 Weighted Average Shares 1. Represents proportional dilutive impact based upon the weighted average percentage of Ares Operating Group owned by Ares Management Corporation (60.37% and 59.66% as of June 30, 2023 and 2022, respectively). 2. We apply the treasury stock method to determine the dilutive weighted-average common shares represented by our restricted units to be settled in shares of Class A common stock and options to acquire shares of Class A common stock. Under the treasury stock method, compensation expense attributed to future services and not yet recognized is presumed to be used to acquire outstanding shares of Class A common stock, thus reducing the weighted-average number of shares and the dilutive effect of these awards. 3. Excludes Class B common stock and Class C common stock as they are not entitled to any economic benefits of Ares in an event of dissolution, liquidation, or winding up of Ares. Q2-23 Q2-22 Total Shares Common Shares, As Adjusted(1) Total Shares Common Shares, As Adjusted(1) Weighted average shares of Class A and non-voting common stock 182,999,515 182,999,515 175,157,558 175,157,558 Ares Operating Group Units exchangeable into shares of Class A common stock 120,137,310 — 118,456,835 — Dilutive effect of unvested restricted common units(2) 8,489,883 5,125,342 7,453,495 4,446,427 Dilutive effect of unexercised options(2) 2,568,643 1,550,690 4,359,132 2,600,466 Total Weighted Average Shares Used For Realized Income(3) 314,195,351 189,675,547 305,427,020 182,204,451

27 Credit • AUM increased by 18% from Q2-22, primarily driven by commitments to U.S. direct lending funds, our sixth flagship European direct lending fund and our second flagship alternative credit fund Private Equity • AUM increased by 6% from Q2-22, primarily driven by commitments to ASOF II Real Assets • AUM increased by 4% from Q2-22, primarily driven by commitments across funds within U.S. real estate equity, by additional capital raised by our non-traded REITs and by commitments within infrastructure debt Secondaries • AUM decreased by 4% from Q2-22, primarily driven by distributions from LEP XV and LEP XVI, partially offset by commitments within credit secondaries Other • AUM increased by 56% from Q2-22, primarily driven by additional managed assets within our insurance platform and capital raised in the initial public offering for AAC II AUM Rollforward Q2-23 AUM Rollforward $ in millions Credit Private Equity Real Assets Secondaries Other(1) Total Q1-23 Ending Balance $235,143 $34,647 $64,114 $22,894 $3,497 $360,295 Net new par/equity commitments 9,936 — 1,824 142 2,493 14,395 Net new debt commitments 2,835 — 150 — — 2,985 Capital reductions (352) (2) (1) — — (355) Distributions (1,882) (473) (1,314) (129) (112) (3,910) Redemptions (434) — (418) — — (852) Net allocations among investment strategies 1,739 — — — (1,739) — Change in fund value 3,156 1,281 416 95 67 5,015 Q2-23 Ending Balance $250,141 $35,453 $64,771 $23,002 $4,206 $377,573 QoQ change $14,998 $806 $657 $108 $709 $17,278 Q2-23 LTM AUM Rollforward $ in millions Credit Private Equity Real Assets Secondaries Other(1) Total Q2-22 Ending Balance $211,730 $33,412 $62,577 $23,892 $2,702 $334,313 Net new par/equity commitments 26,698 1,451 6,802 1,954 8,265 45,170 Net new debt commitments 12,197 — 854 — — 13,051 Capital reductions (3,253) (9) (624) — — (3,886) Distributions (7,393) (1,613) (4,145) (2,214) (1,897) (17,262) Redemptions (3,420) — (1,686) — (539) (5,645) Net allocations among investment strategies 3,955 — — — (3,955) — Change in fund value 9,627 2,212 993 (630) (370) 11,832 Q2-23 Ending Balance $250,141 $35,453 $64,771 $23,002 $4,206 $377,573 YoY change $38,411 $2,041 $2,194 $(890) $1,504 $43,260 1. Equity commitments and distributions reported during Q1-23 were each overstated by $1.8 billion for our insurance platform, which is presented within Other. These amounts have been properly reflected in the current period and had no impact on AUM, FPAUM, net flows or any other amounts for any period presented.

28 Credit • FPAUM increased by 19% from Q2-22, primarily driven by deployment within U.S. and European direct lending and alternative credit Private Equity • FPAUM increased by 7% from Q2-22, primarily driven by deployment within special opportunities Real Assets • FPAUM increased by 5% from Q2-22, primarily driven by commitments across funds within U.S. real estate equity, capital raised by our non- traded REITs and deployment within infrastructure debt Secondaries • FPAUM increased by 1% from Q2-22, primarily driven by commitments to our ninth real estate secondaries fund and LEP XVII, partially offset by the change in fee bases for certain funds within private equity secondaries and real estate secondaries Other • FPAUM increased by 99% from Q2-22, primarily driven by additional managed assets within our insurance platform FPAUM Rollforward Q2-23 FPAUM Rollforward $ in millions Credit Private Equity Real Assets Secondaries Other(1) Total Q1-23 Ending Balance $153,749 $18,750 $40,928 $17,747 $2,735 $233,909 Commitments 1,444 — 870 136 1,975 4,425 Deployment/subscriptions/increase in leverage 6,315 901 988 193 (118) 8,279 Capital reductions (347) — (50) — — (397) Distributions (1,931) (693) (1,096) (73) (104) (3,897) Redemptions (473) — (431) — — (904) Net allocations among investment strategies 1,770 — — — (1,770) — Change in fund value 1,224 — (173) (220) 57 888 Change in fee basis — (4) 98 12 — 106 Q2-23 Ending Balance $161,751 $18,954 $41,134 $17,795 $2,775 $242,409 QoQ change $8,002 $204 $206 $48 $40 $8,500 Q2-23 LTM FPAUM Rollforward $ in millions Credit Private Equity Real Assets Secondaries Other(1) Total Q2-22 Ending Balance $135,423 $17,691 $39,231 $17,554 $1,392 $211,291 Commitments 6,461 — 3,885 778 6,522 17,646 Deployment/subscriptions/increase in leverage 27,015 3,880 2,782 539 49 34,265 Capital reductions (2,782) — (438) — — (3,220) Distributions (8,370) (2,019) (2,570) (725) (851) (14,535) Redemptions (3,661) — (1,703) — — (5,364) Net allocations among investment strategies 4,018 — — — (4,018) — Change in fund value 3,647 (2) (125) (258) (319) 2,943 Change in fee basis — (596) 72 (93) — (617) Q2-23 Ending Balance $161,751 $18,954 $41,134 $17,795 $2,775 $242,409 YoY change $26,328 $1,263 $1,903 $241 $1,383 $31,118 1. Commitments and distributions reported during Q1-23 were each overstated by $1.8 billion for our insurance platform, which is presented within Other. These amounts have been properly reflected in the current period and had no impact on AUM, FPAUM, net flows or any other amounts for any period presented.

29 AUM and FPAUM by Strategy 1. AUM includes ARCC, IHAM and Senior Direct Lending Program ("SDLP") AUM of $26.2 billion, $10.9 billion and $4.1 billion, respectively. ARCC’s wholly owned portfolio company, IHAM, an SEC- registered investment adviser, manages 22 vehicles and serves as the sub-manager or sub-adviser for one other vehicle as of June 30, 2023. SDLP is a program co-managed by a subsidiary of Ares through which ARCC co-invests with Varagon Capital Partners. 2. Excludes $6.5 billion of AUM and FPAUM that is sub-advised by Ares vehicles and included within other strategies. As of June 30, 2023 $ in billions AUM % AUM FPAUM % FPAUM Credit Liquid Credit $44.7 18% $43.5 27% Alternative Credit 27.8 11 19.9 12 U.S. Direct Lending(1) 105.4 42 60.4 37 European Direct Lending 60.5 24 32.3 20 Asia Credit 11.4 4 5.6 4 Other 0.3 1 — — Credit $250.1 100% $161.7 100% Private Equity Corporate Private Equity $21.0 59% $11.3 59% Special Opportunities 14.5 41 7.7 41 Private Equity $35.5 100% $19.0 100% Real Assets U.S. Real Estate Equity $29.4 45% $20.7 50% European Real Estate Equity 8.6 13 6.0 15 Real Estate Debt 11.1 17 3.3 8 Infrastructure Opportunities 5.5 8 4.9 12 Infrastructure Debt 10.2 17 6.2 15 Real Assets $64.8 100% $41.1 100% Secondaries Credit Secondaries $0.9 4% $— —% Private Equity Secondaries 12.6 55 10.8 61 Real Estate Secondaries 7.7 33 5.7 32 Infrastructure Secondaries 1.7 7 1.3 7 Other 0.1 1 — — Secondaries $23.0 100% $17.8 100% Other Insurance(2) $3.2 76% $2.8 100% SPACs 1.0 24 — — Other $4.2 100% $2.8 100% Total $377.6 $242.4

30 Balance Sheet Investments by Strategy(1) $ in millions June 30, 2023 December 31, 2022 Credit Liquid Credit(2) $121.3 $93.0 Alternative Credit 52.3 54.6 U.S. Direct Lending 81.6 111.9 European Direct Lending 40.3 33.4 Asia Credit 27.1 18.7 Credit $322.6 $311.6 Private Equity Corporate Private Equity $263.6 $241.2 Special Opportunities 49.6 73.9 Private Equity $313.2 $315.1 Real Assets U.S. Real Estate Equity $99.8 $87.2 European Real Estate Equity 9.8 9.4 Real Estate Debt 79.7 53.9 Infrastructure Opportunities 27.1 31.4 Infrastructure Debt 26.7 28.9 Real Assets $243.1 $210.8 Secondaries Private Equity Secondaries $105.8 $97.0 Real Estate Secondaries 11.6 11.1 Infrastructure Secondaries 1.6 1.3 Secondaries $119.0 $109.4 Other Insurance $497.9 $226.8 Other Investments 171.1 157.5 Other $669.0 $384.3 Total $1,666.9 $1,331.2 1. As of June 30, 2023, the fair value of our corporate investment portfolio was $941.6 million as reported in accordance with GAAP. The difference between GAAP and unconsolidated investments represents $791.7 million of investments in Consolidated Funds that are eliminated upon consolidation and excludes $66.4 million of investments that are attributable to non-controlling interests. Corporate investment portfolio excludes accrued carried interest allocation, a component of gross accrued performance income, of $3,524.6 million. 2. Includes $77.9 million and $82.0 million in syndicated loans as of June 30, 2023 and December 31, 2022, respectively, which represents Ares' maximum exposure of loss from its investments in Ares CLOs.

31 Significant Fund Performance Metrics The following table presents the performance data for the significant funds that are not drawdown funds: Note: Past performance is not indicative of future results. AUM and net returns are as of June 30, 2023 unless otherwise noted. The above table includes fund performance metrics for significant funds which includes commingled funds that contributed at least 1% of total management fees or comprised 1% or more of Ares' total FPAUM for the past two consecutive quarters. Please refer to significant fund performance endnotes on slides 34-36 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. ARCC is a publicly traded vehicle. As of June 30, 2023 Returns(%) Quarter-to-Date Year-to-Date Since Inception(1) Primary Investment Strategy($ in millions) Year of Inception AUM Gross Net Gross Net Gross Net Credit ARCC(2) 2004 $26,230 N/A 3.3 N/A 6.3 N/A 11.9 U.S. Direct Lending CADC(3) 2017 4,497 N/A 2.7 N/A 5.6 N/A 5.6 U.S. Direct Lending Real Assets AREIT(2) 2012 5,174 N/A (1.7) N/A (2.8) N/A 7.2 U.S. Real Estate Equity AIREIT(3) 2017 8,164 N/A (2.8) N/A (3.7) N/A 12.1 U.S. Real Estate Equity Open-ended industrial real estate fund(4) 2017 5,339 (1.9) (1.8) (4.5) (4.2) 22.7 18.6 U.S. Real Estate Equity

32 Significant Fund Performance Metrics (cont’d) Note: Past performance is not indicative of future results. Fund performance metrics for significant funds may be marked as “NMˮ as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment. AUM and net returns are as of June 30, 2023 unless otherwise noted. The above table includes fund performance metrics for significant funds which includes commingled funds that contributed at least 1% of total management fees or comprised 1% or more of Ares' total FPAUM for the past two consecutive quarters. Please refer to significant fund performance endnotes on slide 34 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. The following table presents the performance data for our significant drawdown funds: As of June 30, 2023 Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(4) Unrealized Value(5) Total Value MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Gross(6) Net(7) Gross(8) Net(9) Credit Fund Harvesting Investment SDL I Unlevered 2018 $5,122 $922 $872 $253 $762 $1,015 1.2x 1.2x 8.5 6.4 U.S. Direct Lending SDL I Levered 2,045 2,022 779 1,764 2,543 1.4x 1.3x 14.8 10.8 ACE IV Unlevered(10) 2018 10,258 2,851 2,288 611 2,188 2,799 1.3x 1.2x 8.4 6.1 European Direct Lending ACE IV Levered(10) 4,819 3,870 1,326 3,822 5,148 1.4x 1.3x 12.1 8.8 Funds Deploying Capital ACE V Unlevered(11) 2020 16,994 7,026 5,148 298 5,377 5,675 1.1x 1.1x 11.3 8.3 European Direct Lending ACE V Levered(11) 6,376 4,669 417 4,890 5,307 1.2x 1.1x 17.6 12.4 PCS II 2020 5,412 5,114 3,180 142 3,189 3,331 1.1x 1.1x 6.4 4.2 U.S. Direct Lending Pathfinder 2020 4,160 3,683 2,496 169 2,832 3,001 1.3x 1.2x 20.2 14.7 Alternative Credit SDL II Unlevered 2021 15,413 1,989 1,026 72 1,040 1,112 1.1x 1.1x 11.3 8.6 U.S. Direct Lending SDL II Levered 6,047 3,237 356 3,288 3,644 1.2x 1.1x 19.6 14.5 Open-ended core alternative credit fund(12) 2021 3,494 3,479 2,463 151 2,476 2,627 1.1x 1.1x 9.8 7.0 Alternative Credit

33 Note: Past performance is not indicative of future results. Fund performance metrics for significant funds may be marked as “NMˮ as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment. AUM and net returns are as of June 30, 2023 unless otherwise noted. The above table includes fund performance metrics for significant funds which includes commingled funds that contributed at least 1% of total management fees or comprised 1% or more of Ares' total FPAUM for the past two consecutive quarters. Please refer to significant fund performance endnotes on slides 35-37 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. For all funds within the Secondaries Group, returns are calculated from results of the underlying portfolio that are generally reported on a three month lag and may not include the impact of economic and market activities occurring in the current reporting period. Significant Fund Performance Metrics (cont’d) The following table presents the performance data for our significant drawdown funds (cont'd): As of June 30, 2023 Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(1) Unrealized Value(2) Total Value MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Gross(3) Net(4) Gross(5) Net(6) Private Equity Fund Harvesting Investments ACOF V 2017 $9,461 $7,850 $7,415 $3,492 $8,701 $12,193 1.6x 1.4x 14.2 9.9 Corporate Private Equity Funds Deploying Capital ASOF I 2019 5,902 3,518 5,404 3,944 4,183 8,127 1.8x 1.6x 30.2 23.6 Special Opportunities ACOF VI 2020 6,881 5,743 4,398 371 5,562 5,933 1.3x 1.2x 25.4 18.3 Corporate Private Equity ASOF II 2021 7,065 7,128 4,603 884 3,798 4,682 1.0x 1.0x 0.6 (2.1) Special Opportunities Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(5) Unrealized Value(6) Total Value MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Gross(7) Net(8) Gross(9) Net(10) Real Assets Fund Harvesting Investments IDF IV(11) 2018 $3,764 $4,012 $4,419 $1,706 $3,233 $4,939 1.2x 1.1x 7.4 5.3 Infrastructure Debt Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(1) Unrealized Value(2) MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Total Value Gross(3) Net(4) Gross(5) Net(6) Secondaries Funds Harvesting Investments LEP XVI(7) 2016 $4,820 $4,896 $3,433 $1,990 $2,871 $4,861 1.6x 1.4x 32.0 21.7 Private Equity Secondaries LREP VIII(7) 2016 3,417 3,300 2,182 1,350 1,682 3,032 1.5x 1.4x 24.5 17.0 Real Estate Secondaries

34 Credit 1. Since inception returns are annualized. 2. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Net returns are calculated using the fund’s NAV and assume dividends are reinvested at the closest quarter-end NAV to the relevant quarterly ex-dividend dates. Additional information related to ARCC can be found in its filings with the SEC, which are not part of this report. 3. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. Additional information related to CADC can be found in its filings with the SEC, which are not part of this report. 4. Realized value represents the sum of all cash distributions to all partners and if applicable, exclude tax and incentive distributions made to the general partner. 5. Unrealized value represents the fund’s NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. 6. The gross multiple of invested capital (“MoICˮ) is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest and other expenses, as applicable, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 7. The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 8. The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, as applicable, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 9. The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 10. ACE IV is made up of four parallel funds, two denominated in Euros and two denominated in pound sterling: ACE IV (E) Unlevered, ACE IV (G) Unlevered, ACE IV (E) Levered and ACE IV (G) Levered. The gross and net IRR and MoIC presented in the table are for ACE IV (E) Unlevered and ACE IV (E) Levered. Metrics for ACE IV (E) Levered are inclusive of a U.S. dollar denominated feeder fund, which has not been presented separately. The gross and net IRR for ACE IV (G) Unlevered are 9.8% and 7.2%, respectively. The gross and net MoIC for ACE IV (G) Unlevered are 1.4x and 1.3x, respectively. The gross and net IRR for ACE IV (G) Levered are 13.3% and 9.6%, respectively. The gross and net MoIC for ACE IV (G) Levered are 1.5x and 1.4x, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE IV Unlevered and ACE IV Levered are for the combined levered and unlevered parallel funds and are converted to U.S. dollars at the prevailing quarter-end exchange rate. 11. ACE V is made up of four parallel funds, two denominated in Euros and two denominated in pound sterling: ACE V (E) Unlevered, ACE V (G) Unlevered, ACE V (E) Levered, and ACE V (G) Levered, and two feeder funds: ACE V (D) Levered and ACE V (Y) Unlevered. ACE V (E) Levered includes the ACE V (D) Levered feeder fund and ACE V (E) Unlevered includes the ACE V (Y) Unlevered feeder fund. The gross and net IRR and gross and net MoIC presented in the table are for ACE V (E) Unlevered and ACE V (E) Levered. Metrics for ACE V (E) Levered exclude the ACE V (D) Levered feeder fund and metrics for ACE V (E) Unlevered exclude the ACE V (Y) Unlevered feeder fund. The gross and net IRR for ACE V (G) Unlevered are 12.6% and 9.3%, respectively. The gross and net MoIC for ACE V (G) Unlevered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE V (G) Levered are 17.9% and 12.7%, respectively. The gross and net MoIC for ACE V (G) Levered are 1.2x and 1.2x, respectively. The gross and net IRR for ACE V (D) Levered are 16.3% and 11.7%, respectively. The gross and net MoIC for ACE V (D) Levered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE V (Y) Unlevered are 10.5% and 7.4%, respectively. The gross and net MoIC for ACE V (Y) Unlevered are 1.1x and 1.1x, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of the fund's closing. All other values for ACE V Unlevered and ACE V Levered are for the combined levered and unlevered parallel funds and are converted to U.S. dollars at the prevailing quarter-end exchange rate. 12. Performance for the open-ended core alternative credit fund, a perpetual capital vehicle, is presented as a drawdown fund as investor commitments to the fund are drawn sequentially in order of closing date, typically over a period of approximately 12 to 18 months. The fund is made up of a Class M (“Main Classˮ) and a Class C (“Constrained Classˮ). The Main Class includes investors electing to participate in all investments and the Constrained Class includes investors electing to be excluded from exposure to liquid investments. The gross and net IRR and gross and net MoIC presented in the table are for the Main Class. The gross and net IRRs for the Constrained Class are 9.4% and 6.7%, respectively. The gross and net MoIC for the Constrained Class are 1.1x and 1.1x, respectively. Significant Fund Performance Metrics Endnotes

35 Significant Fund Performance Metrics Endnotes (cont’d) Private Equity 1. Realized value represents the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments. Realized value excludes any proceeds related to bridge financings. 2. Unrealized value represents the fair market value of remaining investments. Unrealized value does not take into account any bridge financings. There can be no assurance that unrealized investments will be realized at the valuations indicated. 3. The gross MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross MoICs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 4. The net MoIC is calculated at the fund-level. The net MoIC is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or performance fees. The net MoIC is after giving effect to management fees, carried interest, as applicable, and other expenses. The net MoICs are also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net MoIC would be 1.4x for ACOF V and 1.2x for ACOF VI. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 5. The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRRs reflect returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross IRRs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 6. The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculation are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees, carried interest as applicable, and other expenses and exclude commitments by the general partner and Schedule I investors who do not pay either management fees or carried interest. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. The net IRRs are also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net IRRs would be 10.0% for ACOF V and 16.6% for ACOF VI.

36 Real Assets 1. Since inception returns are annualized. 2. Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. The inception date used in the calculation of the since inception return is the date in which the first shares of common stock were sold after converting to a NAV-based REIT. Additional information related to AREIT can be found in its filings with the SEC, which are not part of this report. 3. Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. Additional information related to AIREIT can be found in its filings with the SEC, which are not part of this report. 4. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Gross returns do not reflect the deduction of management fees, incentive fees, as applicable, or other expenses. Net returns are calculated by subtracting the applicable management fees, incentive fees, as applicable and other expenses from the gross returns on a quarterly basis. 5. Realized value includes distributions of operating income, sales and financing proceeds received. 6. Unrealized value represents the fund's NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. 7. The gross MoIC is calculated at the fund level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 8. The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and, if applicable, excludes interests attributable to the non fee-paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees, carried interest, as applicable, credit facility interest expense, as applicable, and other expenses. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 9. The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 10. The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 11. IDF IV is made up of U.S. Dollar hedged, U.S. Dollar unhedged, Euro unhedged, Yen hedged parallel funds and a single investor U.S. Dollar parallel fund. The gross and net IRR and MoIC presented in the table are for the U.S. Dollar hedged parallel fund. The gross and net IRR for the U.S. Dollar unhedged parallel fund are 6.8% and 4.7%, respectively. The gross and net MoIC for the U.S. Dollar unhedged parallel fund are 1.2x and 1.1x, respectively. The gross and net IRR for the Euro unhedged parallel fund are 7.1% and 4.9%, respectively. The gross and net MoIC for the Euro unhedged parallel fund are 1.2x and 1.1x, respectively. The gross and net IRR for the Yen hedged parallel fund are 5.6% and 3.7%, respectively. The gross and net MoIC for the Yen hedged parallel fund are 1.2x and 1.1x, respectively. The gross and net IRR for the single investor U.S. Dollar parallel fund are 5.7% and 4.3%, respectively. The gross and net MoIC for the single investor U.S. Dollar parallel fund are 1.1x and 1.1x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund's closing. All other values for IDF IV are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. Significant Fund Performance Metrics Endnotes (cont’d)

37 Significant Fund Performance Metrics Endnotes (cont’d) Secondaries 1. Realized value represents the sum of all cash distributions to all limited partners and if applicable, exclude tax and incentive distributions made to the general partner. 2. Unrealized value represents the limited partners’ share of fund’s NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. 3. The gross MoIC is calculated at the fund-level and is based on the interests of all partners. If applicable, limiting the gross MoIC to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documentation. The gross fund-level MoIC would have generally been lower had such fund called capital from its partners instead of utilizing the credit facility. 4. The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees and other expenses, carried interest and credit facility interest expense, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documentation. The net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 5. The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to all partners. If applicable, limiting the gross IRR to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documents. The gross fund- level IRR would generally have been lower had such fund called capital from its partners instead of utilizing the credit facility. 6. The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and other expenses, carried interest and credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long- term credit facility as permitted by the respective fund’s governing documents. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 7. The results of each fund is presented on a combined basis with the affiliated parallel funds or accounts, given that the investments are substantially the same.

38 Supplemental Performance Metrics The following table presents the performance data for a non-drawdown fund that was previously reported as a significant fund: Note: Past performance is not indicative of future results. AUM and net returns are as of June 30, 2023 unless otherwise noted. Please refer to supplemental performance metric endnotes on slide 40 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. As of June 30, 2023 Returns(%) Quarter-to-Date Year-to-Date Since Inception(1) Primary Investment Strategy($ in millions) Year of Inception AUM Gross Net Gross Net Gross Net Credit Open-ended secured finance fund(2) 2018 $1,044 2.5 2.4 3.1 2.8 3.0 2.4 Alternative Credit As of June 30, 2023 Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(3) Unrealized Value(4) Total Value MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Gross(5) Net(6) Gross(7) Net(8) Credit Fund Harvesting Investments ACE III(9) 2015 $3,678 $2,822 $2,400 $1,377 $2,361 $3,738 1.6x 1.5x 10.9 7.8 European Direct Lending SSG Fund IV 2016 1,064 1,181 1,520 1,225 557 1,782 1.3x 1.2x 13.1 8.0 Asia Credit PCS I 2017 3,423 3,365 2,653 1,786 1,824 3,610 1.4x 1.3x 11.7 8.3 U.S. Direct Lending Fund Deploying Capital SSG Fund V 2018 2,158 1,878 1,752 1,626 398 2,024 1.3x 1.2x 26.7 15.3 Asia Credit The following table presents the performance data for commingled funds that were previously reported as significant funds:

39 Supplemental Performance Metrics (cont'd) The following table presents the performance data for commingled funds that were previously reported as significant funds: As of June 30, 2023 Year of Inception Original Capital Commitments Capital Invested to Date Realized Value(1) Unrealized Value(2) Total Value MoIC IRR(%) Primary Investment Strategy($ in millions) AUM Gross(3) Net(4) Gross(5) Net(6) Private Equity Funds Harvesting Investments ACOF III 2008 $268 $3,510 $3,922 $10,293 $27 $10,320 2.6x 2.1x 27.5 20.2 Corporate Private Equity ACOF IV 2012 2,149 4,700 4,251 8,740 1,460 10,200 2.4x 1.9x 19.6 14.3 Corporate Private Equity SSF IV 2015 1,364 1,515 3,636 3,444 1,257 4,701 1.7x 1.5x 11.1 8.4 Special Opportunities Fund Deploying Capital AEOF 2018 642 1,120 977 106 539 645 0.6x 0.6x (12.1) (14.8) Corporate Private Equity Real Assets Funds Harvesting Investments US VIII 2013 225 824 842 1,465 183 1,648 2.0x 1.7x 21.1 17.3 U.S. Real Estate Equity US IX 2017 691 1,040 941 1,037 603 1,640 1.7x 1.5x 20.4 17.3 U.S. Real Estate Equity EF IV(7) 2014 383 1,299 1,221 1,592 346 1,938 1.6x 1.4x 15.1 10.4 European Real Estate Equity EPEP II(8) 2015 265 747 652 670 245 915 1.4x 1.3x 14.4 11.0 European Real Estate Equity EF V(9) 2018 1,903 1,968 1,567 587 1,370 1,957 1.3x 1.1x 12.0 6.5 European Real Estate Equity USPF IV 2010 637 1,688 2,121 2,021 628 2,649 1.2x 1.1x 4.8 1.4 Infrastructure Opportunities EIF V 2015 665 801 1,408 1,482 551 2,033 1.4x 1.6x 18.0 12.7 Infrastructure Opportunities Fund Deploying Capital AREOF III 2019 1,655 1,697 1,274 523 1,079 1,602 1.3x 1.1x 21.7 11.0 U.S. Real Estate Equity Secondaries Fund Harvesting Investments LEP XV(7) 2013 1,355 3,250 2,632 3,021 707 3,728 1.6x 1.4x 17.4 12.1 Private Equity Secondaries Note: Past performance is not indicative of future results. AUM and net returns are as of June 30, 2023 unless otherwise noted. Please refer to supplemental performance metric endnotes on slides 40-42 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. For all funds within the Secondaries Group, returns are calculated from results of the underlying portfolio that are generally reported on a three month lag and may not include the impact of economic and market activities occurring in the current reporting period.

40 Supplemental Performance Metrics Endnotes Credit 1. Since inception returns are annualized. 2. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Gross returns do not reflect the deduction of management fees or other expenses. Net returns are calculated by subtracting the applicable management fees and other expenses from the gross returns on a monthly basis. This fund is a master/feeder structure and its AUM and returns include activity from its' investment in an affiliated Ares fund. Returns presented in the table are expressed in U.S. Dollars and are for the master fund, excluding the share class hedges. The current quarter, year-to-date, and since inception returns (gross / net) for the pound sterling hedged Cayman feeder, the fund's sole feeder, are as follows: 1.9% / 1.8%, 2.6% / 2.3%, and 2.0% / 1.3%. 3. Realized value represents the sum of all cash distributions to all partners and if applicable, exclude tax and incentive distributions made to the general partner. 4. Unrealized value represents the fund's NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. 5. The gross MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 6. The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees and other expenses, carried interest and credit facility interest expense, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 7. The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. The gross fund-level IRR would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 8. The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and other expenses, carried interest and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 9. ACE III is made up of two feeder funds, one denominated in U.S. dollars and one denominated in Euros. The gross and net IRR and MoIC presented in the table are for the Euro denominated feeder fund. The gross and net IRR for the U.S. dollar denominated feeder fund are 11.6% and 8.5%, respectively. The gross and net MoIC for the U.S. dollar denominated feeder fund are 1.7x and 1.5x, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE III are for the combined fund and are converted to U.S. dollars at the prevailing quarter-end exchange rate. Private Equity 1. Realized proceeds represent the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments. Realized proceeds excludes any proceeds related to bridge financings. 2. Unrealized value represents the fair market value of remaining investments. Unrealized value does not take into account any bridge financings. There can be no assurance that unrealized investments will be realized at the valuations indicated. 3. The gross MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross MoICs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 4. The net MoIC is calculated at the fund-level. The net MoIC is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or performance fees. The net MoIC is after giving effect to management fees, carried interest, as applicable, and other expenses. The net MoICs for the corporate private equity and special opportunities funds are also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net MoIC would be 2.1x for ACOF III, 1.8x for ACOF IV and 0.6x for AEOF. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.

41 Supplemental Performance Metrics Endnotes (cont’d) Private Equity (cont’d) 5. The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRRs reflect returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross IRRs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 6. The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest. The cash flow dates used in the net IRR calculation are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees, carried interest as applicable, and other expenses and exclude commitments by the general partner and Schedule I investors who do not pay either management fees or carried interest. The net IRRs are also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net IRRs would be 20.2% for ACOF III, 14.3% for ACOF IV and (14.8)% for AEOF. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would have generally been lower had such fund called capital from its limited partners instead of utilizing the credit facility. Real Assets 1. For the infrastructure opportunities funds, realized proceeds represent the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments. Realized proceeds excludes any proceeds related to bridge financings. For the real estate funds, realized proceeds include distributions of operating income, sales and financing proceeds received. 2. Unrealized value represents the fair value of remaining investments. There can be no assurance that unrealized investments will be realized at the valuations indicated. 3. For the infrastructure opportunities funds, the gross MoIC is calculated at the investment-level and is based on the interests of all partners. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses. For the real estate funds, the gross MoIC is calculated at the investment level and is based on the interests of all partners. The gross MoIC for all funds is before giving effect to management fees, carried interest, as applicable, and other expenses. 4. The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying partners and, if applicable, excludes interests attributable to the non fee-paying partners and/or the general partner who does not pay management fees or carried interest or has such fees rebated outside of the fund. The net MoIC is after giving effect to management fees, carried interest, as applicable, and other expenses. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 5. The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from investments and the residual value of the investments at the end of the measurement period. Gross IRRs reflect returns to all partners. For the real estate funds, cash flows used in the gross IRR calculation are assumed to occur at quarter-end. For the infrastructure opportunities funds, cash flows used in the gross IRR calculation are assumed to occur at month-end. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses. 6. The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying partners and, if applicable, excludes interests attributable to the non fee-paying partners and/or the general partner who does not pay management fees or carried interest or has such fees rebated outside of the fund. The cash flow dates used in the net IRR calculation are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees, carried interest, as applicable, and other expenses. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 7. EF IV is made up of two parallel funds, one denominated in U.S. Dollars and one denominated in Euros. The gross and net MoIC presented in the table are for the Euro denominated parallel fund. The gross and net MoIC for the U.S. Dollar denominated parallel fund are 1.6x and 1.4x, respectively. The gross and net IRR for the U.S. Dollar denominated parallel fund are 14.9% and 10.9%, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund's closing. All other values for EF IV are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 8. EPEP II is made up of dual currency investors and Euro currency investors. The gross and net MoIC and gross and net IRR presented in the table are for dual currency investors as dual currency investors represent the largest group of investors in the fund. Multiples exclude foreign currency gains and losses since dual currency investors fund capital contributions and receive distributions in local deal currency (GBP or EUR) and therefore, do not realize foreign currency gains or losses. The gross and net IRRs for the euro currency investors, which include foreign currency gains and losses, are 14.5% and 11.1%, respectively. The gross and net MoIC for the euro currency investors are 1.4x and 1.3x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund's closing. All other values for EPEP II are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 9. EF V is made up of two parallel funds, one denominated in U.S. dollars and one denominated in Euros. The gross and net IRR and MoIC presented in the table are for the Euro denominated parallel fund. The gross and net MoIC for the U.S. Dollar denominated parallel fund are both 1.2x. The gross and net IRR for the U.S. Dollar denominated parallel fund are 11.5% and 8.3%, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of fund's closing. All other values for EF V are for the combined fund and are converted to U.S. dollars at the prevailing quarter-end exchange rate.

42 Supplemental Performance Metrics Endnotes (cont’d) Secondaries 1. Realized value represents the sum of all cash distributions to all limited partners and if applicable, exclude tax and incentive distributions made to the general partner. 2. Unrealized value represents the limited partners' share of fund's NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. 3. The gross MoIC is calculated at the fund-level and is based on the interests of all partners. If applicable, limiting the gross MoIC to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund's governing documentation. The gross fund-level MoIC would generally have been lower had such fund called capital from its partners instead of utilizing the credit facility. 4. The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees and other expenses, carried interest and credit facility interest expense, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund's governing documentation. The net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 5. The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to all partners. If applicable, limiting the gross IRR to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short- term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund's governing documents. The gross fund-level IRR would generally have been lower had such fund called capital from its partners instead of utilizing the credit facility. 6. The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and other expenses, carried interest and credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund's governing documents. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 7. The results of each fund is presented on a combined basis with the affiliated parallel funds or accounts, given that the investments are substantially the same.

43 Glossary ARCC Part II Fees ARCC Part II Fees refers to fees from Ares Capital Corporation (NASDAQ: ARCC) (“ARCCˮ) that are paid in arrears as of the end of each calendar year when the cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of ARCC Part II Fees paid in all prior years since inception. Ares Operating Group Entities Ares Operating Group entities refers to, collectively, Ares Holdings, L.P. (“Ares Holdingsˮ) and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity. Ares Operating Group Unit Ares Operating Group Unit or an “AOG Unitˮ refers to, collectively, a partnership unit in the Ares Operating Group entities. Assets Under Management Assets Under Management or “AUMˮ generally refers to the assets we manage. For our funds other than CLOs, our AUM represents the sum of the net asset value (“NAVˮ) of such funds, the drawn and undrawn debt (at the fund-level including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). NAV refers to the fair value of the assets of a fund less the fair value of the liabilities of the fund. For the CLOs we manage, our AUM is equal to initial principal amounts adjusted for paydowns. AUM also includes the proceeds raised in the initial public offerings of special purpose acquisition companies (“SPACsˮ) sponsored by us. AUM Not Yet Paying Fees AUM Not Yet Paying Fees (also referred to as “shadow AUMˮ) refers to AUM that is not currently paying fees and is eligible to earn management fees upon deployment. Available Capital Available Capital (also referred to as “dry powderˮ) is comprised of uncalled committed capital and undrawn amounts under credit facilities and may include AUM that may be canceled or not otherwise available to invest. Consolidated Funds Consolidated Funds refers collectively to certain Ares funds, co-investment vehicles, CLOs and SPACs that are required under GAAP to be consolidated in our consolidated financial statements. Dividend Policy In the normal course of business, we expect to pay dividends to our Class A and non-voting common stockholders that are aligned with our expected annual fee related earnings after an allocation of current taxes paid. For the purpose of determining this amount, we allocate the total current taxes paid between FRE and realized incentive and investment income in a manner that is expected to be disproportionate to earnings generated by these metrics and the actual taxes paid on these metrics should they be measured separately. Additionally, our methodology uses the tax benefits from certain expenses that are not included in these non-GAAP metrics, such as equity-based compensation from the vesting of restricted units, and the exercise of stock options and from the amortization of intangible assets, among others. The portion of the current tax allocated to performance and net investment income is calculated by multiplying the statutory tax rate currently in effect by the realized performance and net investment income attributable to the Company. We subtract this amount from the total current tax and the remainder is allocated to FRE. We use this method to allocate the portion of the current income tax provision to FRE to approximate the amount of cash that is available to pay dividends to our shareholders. If cash flows from FRE were insufficient to fund dividends over a sustained period of time, we expect that we would reduce dividends or suspend paying such dividends. Accordingly, there is no assurance that dividends would continue at the current levels or at all.

44 Glossary (cont’d) Fee Paying AUM Fee Paying AUM or “FPAUMˮ refers to the AUM from which we directly earn management fees. FPAUM is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees. For our funds other than CLOs, our FPAUM represents the amount of limited partner capital commitments for certain closed-end funds within the reinvestment period, the amount of limited partner invested capital for the aforementioned closed-end funds beyond the reinvestment period and the portfolio value, gross asset value or NAV. For the CLOs we manage, our FPAUM is equal to the gross amount of aggregate collateral balance, at par, adjusted for defaulted or discounted collateral. Fee Related Earnings Fee Related Earnings or “FREˮ, a non-GAAP measure, is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as FRE excludes net performance income, investment income from our funds and adjusts for certain other items that we believe are not indicative of our core operating performance. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that are measured and received on a recurring basis and are not dependent on realization events from the underlying investments. Fee Related Performance Revenues Fee Related Performance Revenues refers to incentive fees from perpetual capital vehicles that are: (i) measured and expected to be received on a recurring basis and (ii) not dependent on realization events from the underlying investments. Certain vehicles are subject to hold back provisions that limit the amounts paid in a particular year. Such hold back amounts may be paid in subsequent years, subject to their extended performance conditions. Gross Invested Capital Gross Invested Capital refers to the aggregate amount of capital invested by our funds during a given period, and includes investments made by our drawdown funds and perpetual capital vehicles and new capital raised and invested by our open- ended managed accounts, sub-advised accounts and CLOs, but excludes capital that is reinvested (after receiving repayments of capital) by our open-ended managed accounts, sub-advised accounts and CLOs. Incentive Eligible AUM Incentive Eligible AUM or “IEAUMˮ generally refers to the AUM of our funds and other entities from which carried interest and incentive fees may be generated, regardless of whether or not they are currently generating carried interest and incentive fees. It generally represents the NAV plus uncalled equity or total assets plus uncalled debt, as applicable, of our funds for which we are entitled to receive carried interest and incentive fees, excluding capital committed by us and our professionals (from which we generally do not earn carried interest and incentive fees), as well as proceeds raised in the initial public offerings of SPACs sponsored by us. With respect to ARCC’s AUM, only ARCC Part II Fees may be generated from IEAUM. Incentive Generating AUM Incentive Generating AUM or “IGAUMˮ refers to the AUM of our funds and other entities that are currently generating carried interest and incentive fees on a realized or unrealized basis. It generally represents the NAV or total assets of our funds, as applicable, for which we are entitled to receive carried interest and incentive fees, excluding capital committed by us and our professionals (from which we generally do not earn carried interest and incentive fees). ARCC is only included in IGAUM when ARCC Part II Fees are being generated. Management Fees Management Fees refers to fees we earn for advisory services provided to our funds, which are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value, net investment income, total assets or par value of the investment portfolios managed by us. Management fees include Part I Fees, a quarterly fee based on the net investment income of certain funds.

45 Glossary (cont’d) Net Inflows of Capital Net Inflows of Capital refers to net new commitments during the period, including equity and debt commitments and gross inflows into our open-ended managed accounts and sub-advised accounts, as well as new debt and equity issuances by our publicly-traded vehicles minus redemptions from our open-ended funds, managed accounts and sub-advised accounts. Operations Management Group In addition to our reportable segments, we have an Operations Management Group (the “OMGˮ) that consists of shared resource groups to support our reportable segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, strategy and relationship management, legal, compliance and human resources. The OMG includes Ares Wealth Management Solutions, LLC (“AWMSˮ) that facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. The OMG’s revenues and expenses are not allocated to our reportable segments but we consider the cost structure of the OMG when evaluating our financial performance. Our management uses this information to assess the performance of our reportable segments and OMG, and we believe that this information enhances the ability of shareholders to analyze our performance. Our Funds Our Funds refers to the funds, alternative asset companies, trusts, co-investment vehicles and other entities and accounts that are managed or co-managed by the Ares Operating Group, and which are structured to pay fees. It also includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and an SEC-registered investment adviser. Part I Fees Part I Fees refers to a quarterly fee on the net investment income of ARCC and CION Ares Diversified Credit Fund (“CADCˮ). Such fees are classified as management fees as they are predictable and recurring in nature, not subject to contingent repayment and generally cash-settled each quarter, unless subject to a payment deferral. Performance Income Performance Income refers to income we earn based on the performance of a fund that is generally based on certain specific hurdle rates as defined in the fund’s investment management or partnership agreements and may be either performance revenue or carried interest, but in all cases excludes fee related performance revenues. Perpetual Capital Perpetual Capital refers to the AUM of: (i) our publicly-traded vehicles including ARCC, Ares Commercial Real Estate Corporation (NYSE: ACRE) (“ACREˮ) and Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC) (“ARDCˮ); (ii) our non-traded vehicles, including our non-traded Real Estate Investment Trusts (“REITsˮ), Ares Private Markets Fund (“APMFˮ), Ares Strategic Income Fund (“ASIFˮ) and CADC; (iii) Aspida Holdings Ltd. (together with its subsidiaries, “Aspidaˮ); and (iv) certain other commingled funds and managed accounts that have an indefinite term, are not in liquidation, and for which there is no immediate requirement to return invested capital to investors upon the realization of investments. Perpetual Capital - Managed Accounts refers to managed accounts for single investors primarily in illiquid strategies that meet the Perpetual Capital criteria. Perpetual Capital - Private Commingled Funds refers to commingled funds that meet the Perpetual Capital criteria, not including our publicly traded vehicles or non-traded vehicles. Perpetual Capital may be withdrawn by investors under certain conditions, including through an election to redeem an investor’s fund investment or to terminate the investment management agreement, which in certain cases may be terminated on 30 days’ prior written notice. In addition, the investment management or advisory agreements of certain of our publicly-traded and non-traded vehicles have one year terms, which are subject to annual renewal by such vehicles.

46 Glossary (cont’d) Realized Income Realized Income or “RIˮ, a non-GAAP measure, is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and losses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding: (i) operating results of our Consolidated Funds; (ii) depreciation and amortization expense; (iii) the effects of changes arising from corporate actions; (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance; and adjusting for (v) certain other items that we believe are not indicative of our operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital activities, underwriting costs and expenses incurred in connection with corporate reorganization. Placement fee adjustment represents the net portion of either expense deferral or amortization that is required to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes but have been expensed up front in accordance with GAAP. For periods in which the amortization of placement fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. After-tax RI is RI less the current income tax provision. For this purpose, the current income tax provision represents the sum of (i) taxes paid or payable as reflected in the Company’s GAAP financial statements for the period and (ii) amounts payable under the Tax Receivable Agreement for which a tax benefit was included in the current period provision. The current income tax provision reflects the tax benefits associated with deductions available to the Company on certain expense items that have been excluded from the underlying calculation of RI, such as equity-based compensation deductions. If tax deductions related to the vesting of restricted units and exercise of stock options were excluded, the resulting current income tax provision and the implied tax rate would be higher, which would reduce After-tax RI. The assumptions applied in calculating our current income tax provision as presented under U.S. GAAP and in determining After-tax RI are consistent. Management believes that utilizing the current income tax provision, calculated as described above, in determining After-tax RI is meaningful because it increases comparability between periods and more accurately reflects amounts that are available for distribution to stockholders.