- Second quarter revenues reached $407 million, up 13% YoY, with adjusted pretax income at $80 million, up 22%.
- Six-month revenues increased 6%, with adjusted EPS up 29% for the quarter and 19% for the half.
- Management emphasized the resilience and long-term investment commitment despite market turbulence.
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- Adjusted EBITDA increased by 128% or $66 million in the second quarter and more than doubled to $356 million in the first half.
- Adjusted EBITDA margin was 17% in the quarter and 23% year-to-date, an increase of nearly 500 basis points versus last year.
- Benefits and Insurance segment revenue was $102 million, up approximately 5%, with adjusted EBITDA up 21% and margin improving by 260 basis points.
- Financial Services segment revenue was $570 million, up approximately 84%, with adjusted EBITDA more than doubling to $111 million and margin improving by 250 basis points.
- Second quarter adjusted diluted earnings per share increased by 64% to $0.95 per share, and first half adjusted diluted earnings per share increased by 47% to $3.26 per share.
- Second quarter interest expense was higher by $22 million compared to last year, driven by higher outstanding debt associated with the acquisition.
- Second quarter revenue was $684 million, and first half revenue was $1.5 billion, a 63% and 66% increase, respectively, largely driven by the Marcum acquisition.
- Second quarter tax expense was $7 million higher than last year, with an effective tax rate lower by approximately 240 basis points compared to last year.
- G&A expenses improved significantly to $13.5 million in Q2 2025 from $20.7 million in Q2 2024, reflecting ongoing cost reduction efforts.
- Same-store cash NOI was $87.1 million in Q2 2025, down from $104.1 million in Q2 2024, mainly due to lower office occupancy.
- Second quarter 2025 revenue was $190 million, down from $218 million year-over-year, primarily due to asset sales and lower office occupancy.
- Second quarter FFO excluding specified items was $8 million or $0.04 per diluted share, compared to $24.5 million or $0.17 per diluted share in the prior year.
- Specified items in Q2 2025 totaled $19.2 million or $0.09 per diluted share, including onetime expenses related to forfeited noncash compensation, debt repayment, and cost cutting.
- Studio revenue increased 3% quarter-over-quarter to $34.2 million, with studio NOI improving by $5.4 million due to cost reductions and higher occupancy.
- Ares reported strong second quarter results with significant growth in AUM and fee-paying AUM driven by fundraising, investing efforts, and market appreciation.
- Corporate private equity composite rose 3.3% gross, private equity secondaries generated 3.1% net and gross returns.
- Credit strategies delivered strong quarterly gross returns ranging from 2.2% to 5.5%, with double-digit returns over the last 12 months.
- Fee-paying AUM (FPAUM) increased to $350 billion, a 17% quarter-over-quarter organic growth on an annualized basis.
- GCP acquisition contributed $103 million in revenues and $34 million in FRE with a 33% FRE margin, temporarily compressing overall FRE margin by 90 basis points.
- Management fees grew 24% year-over-year, total fee-related revenue grew 29%, and fee-related earnings (FRE) grew 26%.
- Management fees reached a record $900 million in the quarter.
- Net accrued performance income increased 8.5% to $1.1 billion, with strong investment results across the business.
- Other fees more than tripled year-over-year due to GCP's vertically integrated real estate capabilities.
- Quarterly AUM increased to $572 billion, representing quarter-over-quarter organic growth of 19% on an annualized basis.
- Real estate equity composite increased 3.4% gross, diversified nontraded REIT generated 4.5% net return for first half of the year.
- Realized income totaled $398 million, a 10% year-over-year increase, with an effective tax rate of 9.5%.
- Second quarter fee-related performance revenues totaled $17 million, mostly from APMF, with expected seasonality in future quarters.
- Credit costs totaled $3.4 billion, including net charge-offs of $2.6 billion and a net reserve build of $810 million.
- Expenses rose 8% year-over-year to $24.3 billion, reflecting higher volume and revenue-related costs.
- JPMorgan Chase reported net income of $14.4 billion and EPS of $5.07 for Q3 2025, with a return on tangible common equity (ROTCE) of 20%.
- Net interest income (NII) growth was offset by lower interest rates despite balance sheet growth and mix benefits.
- The CET1 capital ratio ended at 14.8%, down 30 basis points from the prior quarter due to increased risk-weighted assets (RWA) from wholesale lending and markets activities.
- Total revenue increased 9% year-over-year to $47.1 billion, driven by higher markets revenue and fees across asset management, investment banking, and payments.
- Wholesale charge-offs were slightly elevated due to fraud-related losses in secured lending facilities, but overall credit performance remains in line with expectations.
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