ARES - Ares Management Corporation (ARES) Q2 2024 Earnings Call Transcript

2024-08-02 16:14:10 ET

Ares Management Corporation (ARES)

Q2 2024 Earnings Conference Call

August 02, 2024 11:00 AM ET

Company Participants

Greg Mason - Co-Head-Public Markets IR

Michael Arougheti - CEO

Jarrod Phillips - CFO

Conference Call Participants

Craig Siegenthaler - Bank of America

Steven Chubak - Wolfe Research

Alex Blostein - Goldman Sachs

Brennan Hawken - UBS

Bill Katz - TD Cowen

Ben Budish - Barclays

Ken Worthington - JPMorgan

Patrick Davitt - Autonomous Research

Michael Cyprys - Morgan Stanley

Brian Bedell - Deutsche Bank

Presentation

Operator

Good morning, everyone, and welcome to the Ares Management Corporation's Second Quarter Earnings Conference Call. All this time all participants are in a listen-only mode. Later you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Also today's call is being recorded.

And now at this time, I would like to turn things over to Mr. Greg Mason, Co-Head of Public Markets, Investor Relations for Ares Management. Please go ahead, sir.

Greg Mason

Good morning and thank you for joining us today for our second quarter conference call. Speaking on the call today will be Michael Arougheti, our Chief Executive Officer; and Jarrod Phillips, our Chief Financial Officer. We also have several executives with us today who will be available during the Q&A session.

Before we begin, I want to remind you that comments made during this call contain forward-looking statements and are subject to risks and uncertainties including those identified in our risk factors in our SEC filings. Our actual results could differ materially and we undertake no obligation to update any such forward-looking statements.

Please also note that past performance is not a guarantee of future results and nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Ares fund. During this call, we will refer to certain non-GAAP financial measures, which should not be considered in isolation from or as a substitute for measures prepared in accordance with Generally Accepted Accounting Principles. Please refer to our second quarter earnings presentation available on the Investor Resources section of our website for reconciliations of the measures to the most directly comparable GAAP measures. Note that we plan to file our Form 10-Q later this month.

This morning, we announced that we declared our third quarter common dividend of $0.93 per share on the company's Class A and non-voting common stock, representing an increase of 21% over our dividend for the same quarter a year ago. The dividend will be paid on September 30, 2024, to holders of record on September 16.

Now I will turn the call over to Michael Arougheti, who will start with some quarterly business and financial highlights....

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