Articles from Ares Management Corporation

Ares Management Corporation (“Ares”) (NYSEARES), a leading global alternative investment manager, announced today the final closing of its sixth commingled European direct lending fund, Ares Capital Europe VI (“ACE VI” or the “Fund”). With total commitments of €17.1 billion, the Fund closed above its €15 billion target and reached its hard cap. Ares believes that ACE VI is the largest institutional fund in the global direct lending market to date based on LP equity commitments. The final Fund size represents an approximate 53% increase in LP commitments relative to its predecessor fund, Ares Capital Europe V, which closed in 2021 at its €11.1 billion hard cap. Including related vehicles and anticipated leverage, the total available capital for the Ares European Direct Lending strategy is expected to be approximately €30 billion.

Ares Management Corporation (NYSEARES) (“Ares”) announced today that Kevin Alexander, Partner in Ares’ Alternative Credit strategy, has been promoted to Co-Head of Alternative Credit alongside current Co-Heads Keith Ashton and Joel Holsinger, effective immediately.

Ares Management Corporation (“Ares”) (NYSEARES), a leading global alternative investment manager, announced today that it has raised over $2.3 billion of equity commitments from third parties, Ares and affiliates of Ares to support the long-term growth of Aspida Holdings Ltd. (“Aspida”). Aspida is a life insurance and annuity company based in Durham, N.C. and supported by the Ares Insurance Solutions (“AIS”) business as its dedicated investment management, capital solutions and corporate development partner. In addition, Aspida recently closed an oversubscribed offering of $700 million in credit facilities bringing total capital raised to more than $3 billion.

Ares Management Corporation (NYSEARES) today reported its financial results for its third quarter ended September 30, 2024.

Certified Automotive Lease Corp ("CAL Automotive"), a wholly-owned subsidiary of Auto Lender’s Liquidation Center, Inc. (“Auto Lenders”), and Ares Management Alternative Credit funds (“Ares”) announced today that CAL Automotive and Ares have entered a joint venture to purchase and invest up to $1.5 billion in prime new vehicle leases originated by CAL.

Ares Management Corporation (“Ares” or the “Company”) (NYSEARES) today announced that it has priced an offering (the “Offering”) of $750,000,000 aggregate principal amount of its 5.600% Senior Notes due 2054 (the “notes”). The notes will be fully and unconditionally guaranteed by Ares Holdings L.P., Ares Management LLC, Ares Investments Holdings LLC, Ares Finance Co. LLC, Ares Finance Co. II LLC, Ares Finance Co. III LLC and Ares Finance Co. IV LLC. The Offering is expected to close on October 11, 2024, subject to the satisfaction of customary closing conditions.

Ares Management Corporation (NYSEARES) (“Ares” or the “Company”) today announced the pricing of its previously announced underwritten public offering (the “Offering”) of 27,000,000 shares of Series B Mandatory Convertible Preferred Stock, par value $0.01 per share (“Mandatory Convertible Preferred Stock”), of the Company at a public offering price of $50.00 per share of Mandatory Convertible Preferred Stock. In addition, Ares has granted to the underwriters of the Offering a 30-day option to purchase up to an additional 3,000,000 shares of Mandatory Convertible Preferred Stock at the public offering price, less underwriting discounts and commissions, solely to cover over-allotments. The Offering is expected to close on or about October 10, 2024, subject to customary closing conditions.

Ares Management Corporation (NYSEARES) (“Ares” or the “Company”) today announced the launch of an underwritten public offering (the “Offering”) of 27,000,000 shares of Series B Mandatory Convertible Preferred Stock, par value $0.01 per share (“Mandatory Convertible Preferred Stock”), of the Company. Ares expects to grant to the underwriters of the Offering a 30-day option to purchase up to 3,000,000 additional shares of Mandatory Convertible Preferred Stock solely to cover over-allotments. Ares intends to use the net proceeds from the Offering for (i) the payment of a portion of the cash consideration due in respect of the Company’s previously announced acquisition of the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (“GCP International”), and existing capital commitments to certain managed funds (the “GCP Acquisition”) and related fees, costs and expenses and/or (ii) general corporate purposes, including repayment of debt, other strategic acquisitions and growth initiatives. Pending such use, Ares may invest the net proceeds in short-term investments and/or repay borrowings under its subsidiaries’ revolving credit facility.

Ares Management Corporation (NYSEARES) (“Ares”) announced today that it has entered into a definitive agreement to acquire the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (“GCP International”), and existing capital commitments to certain managed funds, in a transaction valued at $3.7 billion. The consideration includes approximately $1.8 billion in cash and approximately $1.9 billion in Ares Class A Common Shares, subject to customary adjustments. The transaction is structured to include long-term performance incentives designed to align GCP International leadership with the interests of fund clients and Ares stockholders. The acquisition will firmly establish Ares Real Estate as one of the largest global vertically integrated platforms and nearly doubles its assets under management (“AUM”) to approximately $96 billion across North America, Europe, Asia and Latin America. The transaction is expected to be modestly accretive to Ares’ after-tax realized income per share of Class A and non-voting common stock in the first full calendar year following the acquisition with meaningfully higher accretion expected in future years.

Ares Management Corporation (NYSEARES) (“Ares”) announced today that one of its subsidiaries has entered into a definitive agreement to acquire 100% of Walton Street Capital Mexico S. de R.L. de C.V. and certain of its affiliates (“Walton Street Mexico”), a leading real estate asset management platform focused primarily on the industrial sector with US$2.1 billion in assets under management as of June 30, 2024, from Walton Street Capital, L.L.C. (“Walton Street”).

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today the final closing of Ares U.S. Real Estate Opportunity Fund IV, L.P. (“AREOF IV” or the “Fund”). Ares raised over $3.3 billion to invest in opportunistic real estate in the U.S. through equity commitments to the Fund and related transaction vehicles. This marks the largest Ares Real Estate closed-end fundraise to date and is a significant increase from the $2.2 billion of commitments raised for the predecessor fund and related transaction vehicles.

Ares Management Corporation (NYSEARES) today reported its financial results for its second quarter ended June 30, 2024.

Ares Management Corporation (“Ares”) (NYSEARES), a leading global alternative investment manager, announced today the final closing of Ares Senior Direct Lending Fund III (“SDL III” or the “Fund”). With total equity commitments of approximately $15.3 billion, SDL III was oversubscribed relative to its initial target of $10.0 billion. The total capital base for SDL III is expected to be approximately $33.6 billion, which includes equity commitments in related vehicles and anticipated leverage. The Fund is nearly double the size of SDL II, its 2021 predecessor fund, which had $14.9 billion in total debt and equity commitments. Approximately $6.4 billion in debt and equity commitments for SDL III were raised during the second quarter of 2024 alone.

Ares Management Corporation (NYSEARES) (“Ares”) announced today that funds managed by its Alternative Credit strategy have led a £755 million preferred equity commitment in Quintain, the award-winning development and asset management company which owns and manages the iconic 85-acre Wembley Park estate in London. Quintain is owned by funds managed by Lone Star Funds (“Lone Star”), which will be contributing £337 million to the preferred equity instrument.

Ares Management Corporation (NYSEARES) (“Ares” or the “Company”) today announced the pricing of its previously announced underwritten public offering (the “Offering”) of 2,650,000 shares of Class A common stock, par value $0.01 per share (“Class A common stock”), of the Company at a public offering price of $134.75 per share of Class A common stock. In addition, Ares has granted to the underwriters of the Offering an option to purchase up to an additional 397,500 shares of Class A common stock at the public offering price, less underwriting discounts and commissions. The Offering is expected to close on or about June 14, 2024, subject to customary closing conditions.

Ares Management Corporation (NYSEARES) (“Ares” or the “Company”) today announced the launch of an underwritten public offering (the “Offering”) of 2,650,000 shares of Class A common stock, par value $0.01 per share (“Class A common stock”), of the Company. Ares expects to grant to the underwriters of the offering an option to purchase up to 397,500 additional shares of Class A common stock. Ares intends to use the net proceeds from the offering for general corporate purposes, including repayment of debt, strategic acquisitions and to fund growth initiatives.

Ares Management Corporation (NYSEARES) today reported its financial results for its first quarter ended March 31, 2024.

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today that funds managed by its Alternative Credit strategy (“Ares Alternative Credit”) have launched Ansley Park Capital (“Ansley Park”), a newly-formed lending and specialty finance company that delivers full spectrum, customized financing solutions for essential-use, large-ticket equipment. Ansley Park’s management team and integrated operating platform were acquired from BciCapital, Inc. (“BciCapital”), a top 50 Monitor 100 company and the equipment finance business of regional bank City National Bank of Florida. Ansley Park will offer scaled, flexible equipment-based capital solutions ranging from $5 million to over $100 million to a diversified array of industries, including manufacturing, rail, construction, marine, infrastructure, energy, healthcare and corporate air travel. Ares Alternative Credit funds have committed approximately $400 million in initial equity capital to support originations, which the team expects to be in excess of $3 billion.

Ares Management Corporation (NYSEARES) today announced that its Special Opportunities strategy, currently a business within its Private Equity Group, will be joining the firm’s Credit Group and will be named Opportunistic Credit. Moving the strategy to the Credit Group is expected to enable greater collaboration across the Ares platform, enhancing benefits to Ares’ limited partners, sponsor partners and portfolio companies.

Ares Management Corporation (NYSEARES) today reported its financial results for its fourth quarter and full year ended December 31, 2023.

Ares Management Corporation (NYSEARES) (“Ares”) announced today that Julie Solomon, Global Chief Operating Officer of Ares Real Estate, has been promoted to Co-Head of Real Estate alongside Bill Benjamin, current Head of Real Estate. Effective immediately, Ms. Solomon and Mr. Benjamin together will co-lead the Ares Real Estate business globally.

Ares Management Corporation (NYSEARES) announced today the launch of Automated Industrial Robotics Inc. (“AIR” or the “Company”), a newly formed industrial automation company designed to capitalize on increasing global demand for manufacturing automation solutions. An Ares Private Equity fund (“Ares”) has invested substantial equity capital to support AIR’s acquisition and organic growth strategy.

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today that it has raised approximately $3.3 billion of real estate secondaries capital, which comprises the Landmark Real Estate Fund IX (“LREF IX” or the “Fund”), General Partner commitments and affiliated vehicles.

Ares Management Corporation (the “Company”) (NYSEARES) today announced that it has priced an offering of $500,000,000 aggregate principal amount of its 6.375% Senior Notes due 2028 (the “notes”). The notes will be fully and unconditionally guaranteed by Ares Holdings L.P., Ares Management LLC, Ares Investments Holdings LLC, Ares Finance Co. LLC, Ares Finance Co. II LLC, Ares Finance Co. III LLC and Ares Finance Co. IV LLC. The offering is expected to close on November 10, 2023, subject to the satisfaction of customary closing conditions.

Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $6.1 billion in U.S. direct lending commitments across 53 transactions during the third quarter of 2023 and approximately $20.6 billion in direct lending commitments across 189 transactions in the last twelve-month period ended September 30, 2023. Below is a description of selected transactions that Ares closed during the third quarter.

Ares Management Corporation (NYSEARES) today reported its financial results for its third quarter ended September 30, 2023.

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today the final closing of Ares Pathfinder Fund II, L.P. and Ares Pathfinder Fund II (Offshore), L.P. (and together with parallel vehicles, “Pathfinder II” or the “Fund”) at $6.6 billion in commitments. The Fund was oversubscribed and closed at its hard cap, which exceeded its $5 billion target and was approximately 80 percent larger than the predecessor fund which had total commitments of $3.7 billion. The Fund held its final closing only seven months following its first closing in March 2023.

Ares Management Corporation announced today that it will report earnings for the third quarter ending September 30, 2023 on Tuesday, October 31, 2023 prior to the opening of the New York Stock Exchange. Ares Management Corporation will hold its webcast/conference call on the same day at 11:00 a.m. (Eastern Time) to discuss its third quarter ending September 30, 2023 financial results.

Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $4.1 billion in U.S. direct lending commitments across 51 transactions during the second quarter of 2023 and approximately $20.2 billion in direct lending commitments across 181 transactions in the last twelve-month period ended June 30, 2023. Below is a description of selected transactions that Ares closed during the second quarter.

Ares Management Corporation (NYSEARES) today reported its financial results for its second quarter ended June 30, 2023.

Ares Management Corporation (NYSEARES) (“Ares”) announced today that Ares has entered into a definitive agreement to acquire 100% of Crescent Point Capital (“CPC”), a leading Asia-focused private equity firm with approximately $3.8 billion of assets under management, as of March 31, 2023.

Ares Management Corporation announced today that it will report earnings for the second quarter ending June 30, 2023 on Tuesday, August 1, 2023 prior to the opening of the New York Stock Exchange. Ares Management Corporation will hold its webcast/conference call on the same day at 12:00 p.m. (Eastern Time) to discuss its second quarter ending June 30, 2023 financial results.

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today that certain funds managed by its Alternative Credit strategy (“Alternative Credit”) have completed the acquisition of a $3.5 billion specialty finance loan portfolio (the “Portfolio”) from PacWest Bancorp (Nasdaq: PACW).

Ares Management Corporation announced today that its Chief Financial Officer, Jarrod Phillips, is scheduled to present at the Morgan Stanley US Financials, Payments & CRE Conference on Tuesday, June 13, 2023 at 11:00am ET.

Ares Management Corporation announced today that its Chief Executive Officer and President, Michael Arougheti, is scheduled to present at the Bernstein 39th Annual Strategic Decisions Conference on Wednesday, May 31, 2023 at 2:30pm ET.

Ares Management Corporation (NYSEARES) (“Ares”) announced today that funds managed by its U.S. Direct Lending and Alternative Credit strategies served as the lead arranger and junior agent for $3 billion in asset-backed and operating company financing for Merchants Fleet (the “Company”) as part of the acquisition by Bain Capital, a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Merchants executive team. BNP Paribas served as financing advisor and program agent for the financing.

Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $2.1 billion in U.S. direct lending commitments across 35 transactions during the first quarter of 2023 and approximately $23.5 billion in U.S. direct lending commitments across 189 transactions in the last twelve-month period ended March 31, 2023. Below is a description of selected transactions that Ares closed during the first quarter.

Ares Management Corporation (NYSEARES) today reported its financial results for its first quarter ended March 31, 2023.

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today the launch of Ares Strategic Income Fund (“ASIF” or the “Fund”), a perpetual capital, continuously offered, non-traded business development company, which seeks to primarily invest in directly originated, senior secured, floating-rate loans to U.S. middle-market companies. The Fund has launched with approximately $1.5 billion in initial investible capital, including more than $847 million of equity commitments raised from certain existing institutional relationships in a private placement, and approximately $625 million in credit facility commitments.

Ares Management Corporation announced today that it will report earnings for the first quarter ending March 31, 2023 on Friday, April 28, 2023 prior to the opening of the New York Stock Exchange. Ares Management Corporation will hold its webcast/conference call on the same day at 11:00 a.m. (Eastern Time) to discuss its first quarter ending March 31, 2023 financial results.

Ares Management Corporation (“Ares”) (NYSEARES), a leading global alternative investment manager, and Mubadala Investment Company (“Mubadala”), a global sovereign investor, today announced the formation of a joint venture to invest in global credit secondaries opportunities.

BlueCove Limited ("BlueCove”), the London-based scientific fixed income manager, and Ares Management Corporation (“Ares”) (NYSEARES), a leading global alternative investment manager, announced today that they have reached an agreement under which Ares will acquire a minority equity stake in BlueCove with the option to acquire control of the business over a multi-year term. Terms of the transaction were not disclosed.

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today that Dwight Merriman has been appointed as the Chair of Ares Industrial Management (“AIM”). In connection therewith, Mr. Merriman has been named the Co-Chair of the Board of Directors of Ares Industrial Real Estate Income Trust (“AIREIT”), alongside Bill Benjamin, Partner and Global Head of Ares Real Estate, as well as the Chair of the Ares Real Estate Industrial Investment Committee (the “Industrial IC”). Dave Fazekas will be stepping into Mr. Merriman’s previous role as Head of AIM and will also join Jeff Taylor, Partner and Head of Product Development and Operations within Ares Wealth Management Solutions, as Co-President of AIREIT while continuing to lead as Chief Investment Officer of AIM.

Ares Management Corporation announced today that its Chief Executive Officer and President, Michael Arougheti, is scheduled to present at the BofA Securities Financial Services Conference on Thursday, February 16, 2023 at 9:40 am ET.

Ares Management Corporation announced today that its Chief Financial Officer, Jarrod Phillips, is scheduled to present at the Credit Suisse 24th Annual Financial Services Forum on Tuesday, February 14, 2022 at 12:45pm ET.

Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $8.3 billion in U.S. direct lending commitments across 50 transactions during the fourth quarter of 2022 and approximately $26.4 billion in direct lending commitments across 208 transactions in the last twelve-month period ended December 31, 2022. Below is a description of selected transactions that Ares closed during the fourth quarter.

Ares Management Corporation (“Ares”) (NYSEARES) today reported its financial results for its fourth quarter and full year ended December 31, 2022.

Ares Management Corporation (“Ares”) (NYSEARES), a leading global alternative investment manager, announced today the final closing of its Infrastructure Debt Fund V (“IDF V”), which is focused on making subordinated investments across the digital, utilities, renewables, energy and transportation sectors. IDF V held its final close on December 29, 2022, at approximately $5.0 billion, including General Partner commitments and related transaction vehicles.

Ares Management Corporation announced today that it will report earnings for the fourth quarter and full year ending December 31, 2022 on Thursday, February 9, 2023 prior to the opening of the New York Stock Exchange. Ares Management Corporation will hold its webcast/conference call on the same day at 12:00 p.m. (Eastern Time) to discuss its fourth quarter and full year ending December 31, 2022 financial results.

Ares Management Corporation (NYSEARES) (“Ares”) announced today that Ashish Bhutani has joined its Board of Directors (the “Board”) as an independent director. With Mr. Bhutani’s appointment, the Board now comprises 11 members, including six independent directors.

Ares Management Corporation announced today that its Chief Financial Officer, Jarrod Phillips, is scheduled to present at the Goldman Sachs US Financial Services Conference on Tuesday, December 6, 2022, at 11:20am ET.

Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $5.7 billion in U.S. direct lending commitments across 45 transactions during the third quarter of 2022 and approximately $32 billion in direct lending commitments across 251 transactions in the last twelve-month period ended September 30, 2022. This compares to the $7.2 billion in commitments closed on 54 transactions during the third quarter of 2021 and approximately $27 billion in commitments on 244 transactions in the twelve-month period ended September 30, 2021. Below is a description of selected transactions that Ares closed during the third quarter.

Ares Management Corporation (NYSEARES) today reported its financial results for its third quarter ended September 30, 2022.

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today the final closing of its Ares Special Opportunities Fund II, L.P. (together with Ares Special Opportunities Fund II (Jersey), L.P. and each of their parallel vehicles, “ASOF II”). With strong global investor support, ASOF II closed at its hard cap with $7.1 billion of commitments, including General Partner commitments, which far surpassed its $4.0 billion target.

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today that it held the final closing of its Ares U.S. Real Estate Fund X, L.P. (“U.S. X” or the “Fund”) on September 30, 2022. U.S. X was oversubscribed with $1.8 billion of commitments relative to its $1.5 billion target and is more than 75% larger than its predecessor fund, which closed at $1.04 billion in November 2018.

Ares Management Corporation announced today that it will report earnings for the third quarter ending September 30, 2022 on Thursday, October 27, 2022 prior to the opening of the New York Stock Exchange. Ares Management Corporation will hold its webcast/conference call on the same day at 10:00 a.m. (Eastern Time) to discuss its third quarter ending September 30, 2022 financial results.

Ares Management Corporation (“Ares”) (NYSEARES), a leading global alternative investment manager, announced today that it has raised $3.7 billion of dedicated capital focused exclusively on investing in sports leagues, sports teams and sports-related franchises, as well as media and entertainment companies. Ares Sports, Media and Entertainment Finance (“SME” or the “Fund”), Ares’ inaugural fund focused on the sector, includes total equity commitments of nearly $2.2 billion. Including anticipated leverage and related transaction vehicles, the total available capital for SME is expected to be $3.7 billion. The Fund was oversubscribed relative to its initial target of $1.5 billion.

Ares Management Corporation (the “Company”) announced today that its Chief Executive Officer and President, Michael Arougheti, is scheduled to present at the Barclays Global Financial Services Conference on Tuesday, September 13, 2022 at 12:00pm ET.

Ares Private Markets Fund (“APMF” or the “Fund”) announced today that it has appointed Barry Miller as Chief Executive Officer, effective August 11, 2022. Mr. Miller is currently a Partner in the Ares Secondary Solutions Group, where he focuses on private equity secondaries. Mr. Miller has 24 years of experience across private equity and secondary investing.

Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $5.9 billion in U.S. direct lending commitments across 58 transactions during the second quarter of 2022 and approximately $31.8 billion in direct lending commitments across 259 transactions in the last twelve-month period ended June 30, 2022. In addition, Ares also acquired a portfolio of approximately $2.4 billion of middle market loans during the second quarter. This compares to the $9.0 billion in commitments closed on 77 transactions during the second quarter of 2021 and approximately $21.8 billion in commitments on 221 transactions in the twelve-month period ended June 30, 2021. Below is a description of selected transactions that Ares closed during the second quarter.

Ares Management Corporation (NYSEARES) today reported its financial results for its second quarter ended June 30, 2022.

Ares Management Corporation announced today that it will report earnings for the second quarter ended June 30, 2022 on Thursday, July 28, 2022 prior to the opening of the New York Stock Exchange. Ares Management Corporation will hold its webcast/conference call on the same day at 12:00 p.m. (Eastern Time) to discuss its second quarter ended June 30, 2022 financial results.

Ares Management Corporation (“Ares”) (NYSEARES), a leading global alternative investment manager, announced today the release of its first-ever TCFD Climate Action Report alongside its annual sustainability report titled Accelerating Our Impact.

Ares Management Corporation (“Ares”) (NYSEARES) announced today that funds managed by its Infrastructure Debt strategy have committed a delayed draw sustainability-linked debt facility to EdgeConneX®, a leading global provider of full-range data center solutions.

Ares Management Corporation (“Ares”) announced today that Henry Lee has joined Ares Wealth Management Solutions (“AWMS”) to lead its Asia efforts as part of the Firm’s commitment to build out dedicated wealth management teams that cater to the growing retail opportunity in this region.

Ares Management Corporation announced today that its Chief Financial Officer, Jarrod Phillips, is scheduled to present at the Morgan Stanley US Financials, Payments & CRE Conference on Tuesday, June 14, 2022 at 2:30pm ET.

Ares Management Corporation announced today that its Chief Executive Officer and President, Michael Arougheti, is scheduled to present at the Bernstein 38th Annual Strategic Decisions Conference on Thursday, June 2, 2022 at 2:30pm ET.

Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $5.0 billion in U.S. direct lending commitments across 54 transactions during the first quarter of 2022 and approximately $35 billion in direct lending commitments across 287 transactions in the last twelve-month period ended March 31, 2022. This compares to the $3.6 billion in commitments closed on 45 transactions during the first quarter of 2021 and approximately $14.5 billion in commitments for 168 transactions in the twelve-month period ended March 31, 2021. Below is a description of selected transactions that Ares closed during the first quarter.

Ares Management Corporation (NYSEARES) today reported its financial results for its first quarter ended March 31, 2022.

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today that its subsidiary, Ares Capital Management LLC, has entered into a definitive agreement to acquire, on behalf of funds managed by the Ares Credit Group, the Middle Market Lending portfolio (the “Portfolio”) from Annaly Capital Management, Inc. NYSE: NLYNYSENLY)

The Ares Charitable Foundation (“Ares Foundation”), a 501(c)(3) qualifying organization sponsored by Ares Management Corporation (“Ares”) (NYSEARES), announced today the launch of Climate-Resilient Employees for a Sustainable Tomorrow (“CREST”), a five-year, $25 million grant-funded initiative that intends to prepare and reskill individuals for climate-resilient jobs in the U.S. and India. CREST is a partnership with Jobs for the Future (“JFF”) and World Resources Institute (“WRI”).

Ares Management Corporation (NYSEARES) (“Ares”), a leading global alternative investment manager, announced today the launch of Ares Private Markets Fund (the “Fund”), a new registered, continuously offered, non-traded, closed-end fund that intends to invest in an actively managed portfolio of private equity and other private assets principally through secondary market fund investments, and, to a lesser degree, primary fund investments and direct co-investments. The Fund has been launched with more than $250 million in initial capital, including investments from two significant institutional investors as well as a $75 million investment directly from Ares.

Ares Management Corporation announced today that it will report earnings for the first quarter ending March 31, 2022 on Thursday, April 28, 2022 prior to the opening of the New York Stock Exchange. Ares Management Corporation will hold its webcast/conference call on the same day at 11:00 a.m. (Eastern Time) to discuss its first quarter ending March 31, 2022 financial results.

Ares Capital Management II LLC today announced that monthly fund composition and performance data for Ares Dynamic Credit Allocation Fund, Inc. (NYSEARDC) as of January 31, 2022 is now available via www.arespublicfunds.com.

Ares Management Corporation (“Ares”) (NYSEARES) announced today that funds managed by its Alternative Credit strategy and Real Estate Group have acquired Capital Automotive LLC (“CARS”) from a Brookfield private real estate fund for $3.8 billion. This latest transaction highlights Ares’ increased focus on serving sponsors and companies in need of flexible net lease solutions.