Fourth Quarter and Year-End 2014 Earnings Presentation
Fourth Quarter and 2014 Highlights Total Assets Under Management increased 10.5% to 81.8 billion vs. Q4-13 Total Fee Earning AUM as of 12/31/14 increased 3.7% to 61.4 billion compared to Q4-13 Assets Under Including the EIF…
Gross New Capital Commitments Fourth Quarter(1) in millions Comments Tradable Credit Group Long Only Ares XXXII CLO, Ltd. 511 Priced 4th U.S. CLO in 2014 Other Funds 352 Gross inflows to other Long Only Funds Alternative…
Gross New Capital Commitments Full Year 2014(1) in millions Comments Tradable Credit Group Long Only U.S and European CLOs 3,129 Closed 5 CLOs during the year, including largest CLO in Ares history (1.26 billion) European Loan…
Assets Under Management AUM as of Q4-14 of 81.8 billion is up 10.5% year over year; pro forma for EIF acquisition which closed January 1, 2015, Q4-14 AUM increased 15.8% to 85.7 billion and Q4-14 Fee Earning AUM increased 10.5% to 65.4…
Incentive Generating AUM and Incentive Eligible AUM Q4-14 Incentive Generating AUM of 22.5 billion grew 4.8% over the last three months o Direct Lending Groups Incentive Generating AUM of 11.0 billion increased 6.2% vs. Q3-14 primarily…
Available Capital and AUM Not Yet Earning Fees Summary Available Capital declined modestly from 18.5 billion in Q3-14 to 18.2 billion in Q4-14 o 2.9 billion of net new capital raised and 0.3 billion of recycled capital was offset by 3.3…
Financial Summary in thousands unless otherwise noted, except per unit data Q4-14 Q4-13 % Change FY 2014 FY 2013 % Change As Adjusted(1) Management Fees (2) 161,106 140,188 14.9% 598,046 516,657 15.8% 19.2% Other Fees 8,438 8,725…
Tradable Credit Group(1) Management fee revenues increased 7.0% vs. Q4-13 and declined 0.5% in thousands As Adjusted. on a full year basis primarily driven by the recognition of deferred Q4-14 Q4-13 FY 2014 FY 2013 FY 2013(2)…
Direct Lending Group(1) Q4-14 and FY 2014 management fee revenues rose 16.2% and 15.6% in thousands compared to Q4-13 and FY 2013, respectively, primarily as a result of Q4-14 Q4-13 FY 2014 FY 2013 3.9 billion in net capital…
Private Equity Group(1) Q4-14 and FY 2014 management fee revenues declined 1.0% and 2.9% in thousands compared to Q4-13 and FY 2013, respectively, driven by a decrease in Q4-14 Q4-13 FY 2014 FY 2013 invested capital attributable to…
Real Estate Group(1) Q4-14 and FY 2014 management fee revenues increased 8.2 million and in thousands 47.6 million compared to Q4-13 and FY 2013, respectively, primarily Q4-14 Q4-13 FY 2014 FY 2013 driven by fees from new funds (EU IV…
Financial Details - Total Standalone(1) in thousands Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Management fees Management fees (2) 161,106 153,676 143,403 139,861 140,188 Total management fees 161,106 153,676 143,403 139,861 140,188…
Economic Net Income per Unit Data Pro Forma Q4-14 Q3-14 Q2-14(2) Q1-14(2) Economic Net Income Per Unit Economic Net Income Before Taxes 64,696 72,055 75,051 77,405 (-) Entity Level Foreign, State and Local Taxes (1,155) (626) (348)…
Distributable Earnings per Unit Data Pro Forma Q4-14 Q3-14 Q2-14(3) Q1-14(3) Distributable Earnings per Ares Operating Group Unit(1) Outstanding Distributable Earnings 64,538 65,324 48,553 53,418 x Ares Operating Group Units(1)…
Balance Sheet Highlights Strong liquidity position with 148.9 million in cash & cash equivalents and no balance outstanding under our 1.03 billion credit facility Substantial balance sheet value related to investments in Ares managed…
Corporate Data Board of Directors Management Committee Corporate Officers Research Coverage Corporate Counsel MICHAEL AROUGHETI MICHAEL AROUGHETI MICHAEL AROUGHETI AUTONOMOUS PROSKAUER ROSE LLP Co-Founder, President and Senior Partner…
Appendix
Balance Sheet Investments at Fair Value by Strategy in thousands December 31, 2014 December 31, 2013 Private Equity Group ACOF I 777 1,009 ACOF II 12,578 19,982 ACOF III 101,216 90,909 ACOF IV 21,836 8,326 ACOF Asia 118,954 96,630…
Significant Fund Performance Metrics as of December 31, 2014 in millions Returns Assets Under Fund Year of Inception Since Inception Past 5 years Past 3 years Segment Investment Strategy Management(1) ECO I 2006 2,568 1.7 11.6 8.1…
Significant Fund Performance Metrics Endnotes (1) Assets under management equals the sum of the NAV for such fund, the drawn and undrawn debt (at the fund-level including amounts subject to restrictions) and uncalled committed capital.…
Unit Information Q4-14 Q3-14 Adjusted Common Adjusted Common GAAP Units Pro Forma Units Units Units Ares Management, L.P. Common 80,667,664 80,667,664 80,667,664 80,667,664 Units Outstanding Ares Operating Group Units 130,858,662 -…
Additional Information as of December 31, 2014 Targeted Net Returns* Capital Base by Duration Investor Base as % of AUM(3) Tradable Credit Group: 72 Active Funds Permanent Capital: 16.3% Public Entity & Related: 28% Bank Loans:…
Stand Alone Segments Annual Financial Data in millions Year ended December 31 Three months ended December 31, (3) 2012 2013 2014 2013 2014 Direct Lending Group 190 238 276 65 76 Tradable Credit Group 145 146 144 35 37 Private Equity…
GAAP to Non-GAAP Reconciliation Stand Alone Reporting Basis in millions Year ended December 31, Three months ended December 31, 2012 2013 2014 2013 2014 Economic net income and fee related earnings: Income before taxes 1,262 873 557…
GAAP to Non-GAAP Reconciliation Stand Alone Reporting Basis (continued) in millions Year ended December 31, Three months ended December 31, 2012 2013 2014 2013 2014 Performance related earnings Income before taxes 1,262 873 557 344…
Glossary ARCC Part I Fees ARCC Part I Fees refers to fees based on ARCCs net investment income (before ARCC Part I Fees and fees based on ARCCs net capital gains, which are paid annually (ARCC Part II Fees)), which are paid quarterly.…
Glossary (continued) Fee Related Earnings Fee related earnings (or FRE) is a component of ENI and is used to assess the ability of our business to cover direct base compensation and operating expenses from management fees. FRE differs…
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