Ares Management LP vs Ares Capital: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Ares Management LP (ARES)

Q3 202622 Jun – 2 Oct 2026

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Ares hits record fundraising but faces credit and redemption risks

Record Q2 fundraising and AUM growth Ares raised a record $36B in Q2, pushing assets under management up 17% to $671B. Fee-related earnings rose 20%, helped by $170B of dry powder ready to invest.
This shows the core growth engine that drove positive sentiment and price support.
New fund and private credit deals expand footprint Ares raised $4.2B for its first Global Structured Solutions Fund, far above target, and closed major private credit deals like Phoenix Tower and Plenitude, broadening its investment reach.
These new initiatives signal future fee income and strategic expansion.
Retail redemptions and high default rates pressure outlook Retail investors are pulling money from the $23B Strategic Income Fund, keeping withdrawals above its 5% quarterly cap. A record 6.0% US private-credit default rate raises credit-quality concerns.
These are the main headwinds that could hurt fee income and investor confidence.
Redemption pressure eases slightly but retail access expands Redemption pressure eased slightly from 14.4% to 13.1%, but expanded retail access via Revolut adds new redemption exposure, keeping the risk of sudden outflows alive.
This captures the nuanced balance between improving outflows and new sources of potential volatility.

September 202627 Sep – 2 Oct 2026

▲4

Ares Expands Private Credit and Infrastructure with Big Deals and Fundraise

Redemption pressure eases Ares Strategic Income Fund's withdrawal requests fell to 13.1% from 14.4%, signaling stabilizing private credit redemptions. This reduces forced selling and supports fee income, a positive for ARES stock.
Shows improving capital stability, directly impacting ARES's private credit business.
AUM target and growth Ares targets over $750B AUM by 2028, with 17% YoY growth and $34.4B net inflows. This ambitious plan signals confidence and future fee growth, likely lifting investor sentiment and ARES's valuation.
Provides forward-looking growth target that drives long-term earnings expectations.
Major private credit deals Ares provided $2B of a $6.5B financing for Phoenix Tower and upsized Plenitude investment by over €1B. These large deals expand Ares's private credit footprint and demonstrate deal-sourcing strength, boosting revenue and reputation.
Highlights significant capital deployment that directly increases fee-paying AUM and earnings.
Successful fundraise Ares raised $4.2B for its inaugural Global Structured Solutions Fund, far above its $1B target. This adds fee-paying AUM and validates Ares's ability to attract capital, supporting future management fees.
Demonstrates strong fundraising capability, a key driver of ARES's revenue growth.

Latest27 Sep – 2 Oct 2026

▲4

Ares Expands Private Credit and Infrastructure with Big Deals and Fundraise

Redemption pressure eases Ares Strategic Income Fund's withdrawal requests fell to 13.1% from 14.4%, signaling stabilizing private credit redemptions. This reduces forced selling and supports fee income, a positive for ARES stock.
Shows improving capital stability, directly impacting ARES's private credit business.
AUM target and growth Ares targets over $750B AUM by 2028, with 17% YoY growth and $34.4B net inflows. This ambitious plan signals confidence and future fee growth, likely lifting investor sentiment and ARES's valuation.
Provides forward-looking growth target that drives long-term earnings expectations.
Major private credit deals Ares provided $2B of a $6.5B financing for Phoenix Tower and upsized Plenitude investment by over €1B. These large deals expand Ares's private credit footprint and demonstrate deal-sourcing strength, boosting revenue and reputation.
Highlights significant capital deployment that directly increases fee-paying AUM and earnings.
Successful fundraise Ares raised $4.2B for its inaugural Global Structured Solutions Fund, far above its $1B target. This adds fee-paying AUM and validates Ares's ability to attract capital, supporting future management fees.
Demonstrates strong fundraising capability, a key driver of ARES's revenue growth.

July 202622 Jun – 31 Jul 2026

▲2▼1

Ares hits record fundraising, but retail credit redemptions and defaults weigh

Retail private credit funds cap withdrawals again Ares again limited withdrawals from its $23 billion Strategic Income Fund after redemption requests topped 14%, above the 5% quarterly cap. This shows retail investors pulling money out, which pressures Ares's fee income and signals stress in its fastest-growing retail channel.
Directly explains a key force pushing ARES down: retail redemption pressure forcing withdrawal caps.
Record $36B fundraising and 17% AUM growth Ares raised a record $36 billion in Q2, with assets under management up 17% to $671 billion and fee-related earnings up 20%. Strong institutional demand and $170 billion of dry powder support future fee growth, a clear positive for the stock.
Shows the core earnings engine still growing strongly, the main positive force for ARES.
Record 6% private credit default rate clouds resilient earnings Fitch reported a record 6.0% US private-credit default rate, even as Ares and Blue Owl posted solid results. Rising defaults raise concerns about credit quality and future fund performance, a real counterweight to Ares's strong fundraising and earnings.
Provides the key counterweight: credit deterioration that could offset Ares's growth story.
Revolut opens private market funds to retail investors Revolut now offers Ares private credit and equity funds to eligible European customers via ELTIF 2.0. This widens Ares's retail reach and could boost long-term fundraising, though it also adds exposure to retail redemption risk.
New distribution channel expands demand for Ares funds, a positive growth driver.

22 Jun – 31 Jul 2026

▲2▼1

Ares hits record fundraising, but retail credit redemptions and defaults weigh

Retail private credit funds cap withdrawals again Ares again limited withdrawals from its $23 billion Strategic Income Fund after redemption requests topped 14%, above the 5% quarterly cap. This shows retail investors pulling money out, which pressures Ares's fee income and signals stress in its fastest-growing retail channel.
Directly explains a key force pushing ARES down: retail redemption pressure forcing withdrawal caps.
Record $36B fundraising and 17% AUM growth Ares raised a record $36 billion in Q2, with assets under management up 17% to $671 billion and fee-related earnings up 20%. Strong institutional demand and $170 billion of dry powder support future fee growth, a clear positive for the stock.
Shows the core earnings engine still growing strongly, the main positive force for ARES.
Record 6% private credit default rate clouds resilient earnings Fitch reported a record 6.0% US private-credit default rate, even as Ares and Blue Owl posted solid results. Rising defaults raise concerns about credit quality and future fund performance, a real counterweight to Ares's strong fundraising and earnings.
Provides the key counterweight: credit deterioration that could offset Ares's growth story.
Revolut opens private market funds to retail investors Revolut now offers Ares private credit and equity funds to eligible European customers via ELTIF 2.0. This widens Ares's retail reach and could boost long-term fundraising, though it also adds exposure to retail redemption risk.
New distribution channel expands demand for Ares funds, a positive growth driver.

Ares Capital Corporation (ARCC)

Q3 202630 Jun – 21 Sep 2026

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Private credit stress tests ARCC's dividend as defaults rise

Rising non-accruals and dividend coverage gap Loans not paying interest rose to 2.4% of the portfolio from 1.8%, and core earnings of $0.47 fell short of the $0.48 dividend. That makes the payout less safe and pressures ARCC's price.
This is the core new credit-quality deterioration directly threatening ARCC's dividend.
Record private credit defaults and sector dividend cuts Private credit defaults hit a record 6%, and peer Blue Owl cut its dividend. This raises fears ARCC may follow, weighing on its shares even though ARCC kept its own dividend steady.
Sector-wide default record and a peer dividend cut are new negative signals for ARCC's payout.
Falling loan rates squeeze income ARCC's average loan rate dropped to 10.3% from higher levels, and peers show similar declines. Lower rates mean less interest income, making it harder to cover the dividend and pressuring the stock.
Declining portfolio yield is a new earnings headwind for ARCC.
New $750M bond issue at higher cost ARCC priced $750 million of 6.250% notes due 2033 to repay bank debt. It locks in higher borrowing costs but extends maturities and keeps liquidity strong, so the effect on the stock is mixed.
This new financing event affects ARCC's capital costs and liquidity.

August 202630 Jun – 21 Sep 2026

▼3

Private credit stress tests ARCC's dividend as defaults rise

Rising non-accruals and dividend coverage gap Loans not paying interest rose to 2.4% of the portfolio from 1.8%, and core earnings of $0.47 fell short of the $0.48 dividend. That makes the payout less safe and pressures ARCC's price.
This is the core new credit-quality deterioration directly threatening ARCC's dividend.
Record private credit defaults and sector dividend cuts Private credit defaults hit a record 6%, and peer Blue Owl cut its dividend. This raises fears ARCC may follow, weighing on its shares even though ARCC kept its own dividend steady.
Sector-wide default record and a peer dividend cut are new negative signals for ARCC's payout.
Falling loan rates squeeze income ARCC's average loan rate dropped to 10.3% from higher levels, and peers show similar declines. Lower rates mean less interest income, making it harder to cover the dividend and pressuring the stock.
Declining portfolio yield is a new earnings headwind for ARCC.
New $750M bond issue at higher cost ARCC priced $750 million of 6.250% notes due 2033 to repay bank debt. It locks in higher borrowing costs but extends maturities and keeps liquidity strong, so the effect on the stock is mixed.
This new financing event affects ARCC's capital costs and liquidity.

Latest30 Jun – 21 Sep 2026

▼3

Private credit stress tests ARCC's dividend as defaults rise

Rising non-accruals and dividend coverage gap Loans not paying interest rose to 2.4% of the portfolio from 1.8%, and core earnings of $0.47 fell short of the $0.48 dividend. That makes the payout less safe and pressures ARCC's price.
This is the core new credit-quality deterioration directly threatening ARCC's dividend.
Record private credit defaults and sector dividend cuts Private credit defaults hit a record 6%, and peer Blue Owl cut its dividend. This raises fears ARCC may follow, weighing on its shares even though ARCC kept its own dividend steady.
Sector-wide default record and a peer dividend cut are new negative signals for ARCC's payout.
Falling loan rates squeeze income ARCC's average loan rate dropped to 10.3% from higher levels, and peers show similar declines. Lower rates mean less interest income, making it harder to cover the dividend and pressuring the stock.
Declining portfolio yield is a new earnings headwind for ARCC.
New $750M bond issue at higher cost ARCC priced $750 million of 6.250% notes due 2033 to repay bank debt. It locks in higher borrowing costs but extends maturities and keeps liquidity strong, so the effect on the stock is mixed.
This new financing event affects ARCC's capital costs and liquidity.