Ares Management Corporation is a Delaware corporation. Unless the context otherwise requires, references to “Ares,” “we,” “us,” “our,” and the “Company” are intended to mean the business and operations of Ares Management Corporation and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of the Company. “Consolidated Funds” refers collectively to certain Ares funds, co-investment vehicles, CLOs and SPACs that are required under U.S. GAAP to be consolidated in our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Additional terms used by the Company are defined in the Glossary and throughout the Management’s Discussion and Analysis in this Quarterly Report on Form 10-Q. The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements of Ares Management Corporation and the related notes included in this Quarterly Report on Form 10-Q and the audited financial statements and the related notes included in the 2025 Annual Report on Form 10-K of Ares Management Corporation. Amounts and percentages presented throughout our discussion and analysis of financial condition and results of operations may reflect rounded results in thousands (unless otherwise indicated) and consequently, totals may not appear to sum. In addition, illustrative charts may not be presented at scale. The changes from current year compared to prior year may be deemed to be not meaningful and are designated as “NM” within the discussion and analysis of financial condition and results of operations. Trends Affecting Our Business We believe that our disciplined investment philosophy across our distinct but complementary investment groups contributes to the stability of our performance throughout market cycles. For the three months ended June 30, 2026, 94% of our management fees were derived from perpetual capital vehicles or long-dated funds. Our funds have a stable base of committed capital enabling us to invest in assets with a long-term focus over different points in a market cycle and to take advantage of market volatility. However, our results from operations, including the fair value of our AUM, are affected by a variety of factors. Conditions in the global financial markets and economic and political environments may impact our business, particularly in the U.S., Europe and Asia-Pacific (“APAC”). The following table presents returns of selected market indices:- Returns (%) Type of Index Name of Index Region Three months ended June 30, 2026 Six months ended June 30, 2026 High yield bonds ICE BAML High Yield Master II Index U.S. 2.5 1.9 High yield bonds ICE BAML European Currency High Yield Index Europe 3.7 1.9 Leveraged loans S&P UBS Leveraged Loan Index U.S. 1.9 1.4 Leveraged loans S&P UBS Western European Leveraged Loan Index Europe 2.6 1.8 Equities S&P 500 Index U.S. 15.2 10.2 Equities MSCI All Country World Ex-U.S. Index Non-U.S. 14.7 14.0 Infrastructure equities S&P Global Infrastructure Index Global 1.6 10.0 Real estate equities FTSE NAREIT All Equity REITs Index U.S. 9.7 12.7 Real estate equities FTSE EPRA/NAREIT Developed Europe Index Europe 5.4 (0.2) Real estate equities Tokyo Stock Exchange REIT Index APAC (2.3) (10.3) During the second quarter of 2026, global markets continued to experience heightened volatility amid geopolitical tension in the Middle East and evolving expectations regarding monetary and U.S. trade policies. However, the possibility of a ceasefire between the U.S. and Iran eased energy market pressures, and resilient macroeconomic conditions supported positive returns across U.S. and European high yield bonds and leveraged loans. U.S. and international equity markets were also supported by first quarter corporate earnings growth and improving investor sentiment. Despite elevated uncertainty stemming from disruptions in energy markets, global commercial real estate markets continued to improve in the second quarter of 2026. Transaction volumes continued to increase, debt availability improved and property values appreciated across markets. Rising Japanese government bond yields pressured REIT performance during the quarter, however, we do not believe this reflects deterioration in our portfolio’s underlying fundamentals. While performance varies by sector and geography, we believe constrained new supply will be a meaningful tailwind for commercial real estate markets. Infrastructure investment remained robust, particularly across the digital infrastructure, energy and utilities sectors. 55 Table of Contents Renewable energy deployment also continued at a meaningful scale, underpinned by stable demand for clean energy and an expanding development pipeline. While performance varies by sector and geography, we believe increasing power demand, continued renewable energy deployment and the expansion of digital infrastructure will provide meaningful opportunities for infrastructure investment in coming periods. Private equity activity moderated during the quarter with the concentration in a smaller number of large transactions. Dealmaking and exit activity continued to reflect market selectivity and elevated uncertainty in private credit markets. Sponsors continued to prioritize businesses with resilient fundamentals and clear paths to value creation, including differentiated technology and artificial intelligence capabilities. We believe a renewed focus on value creation strategies that emphasize operational improvements, selective deployment, talent optimization and digital transformation are essential to support long-term momentum. We believe our portfolios across all strategies remain well positioned for a fluctuating interest rate environment. On a market value basis, approximately 82% of our debt assets and 51% of our total assets were floating rate instruments as of June 30, 2026. Managing Business Performance Operating Metrics We measure our business performance using certain operating metrics that are common to the alternative investment management industry and are discussed below. Assets Under Management AUM refers to the assets we manage and is viewed as a metric to measure our investment and fundraising performance as it reflects assets generally at fair value plus available uncalled capital. 56 Table of Contents The tables below present rollforwards of our total AUM by segment ($ in millions): Credit Group Real Assets Group SecondariesGroup Private Equity Group Other Businesses Total AUM Balance at 3/31/2026 $ 422,624 $ 143,384 $ 42,629 $ 24,674 $ 10,942 $ 644,253 New par/equity commitments 12,887 6,667 1,329 — 1,325 22,208 New debt commitments 10,799 3,072 345 — — 14,216 Capital reductions (3,923) (888) — — — (4,811) Distributions (3,318) (2,304) (402) (551) (382) (6,957) Redemptions (1,416) (481) (130) — — (2,027) Net allocations among investment strategies 682 407 152 — (1,241) — Change in fund value 2,209 1,373 256 328 271 4,437 Balance at 6/30/2026 $ 440,544 $ 151,230 $ 44,179 $ 24,451 $ 10,915 $ 671,319 Credit Group Real Assets Group Secondaries Group Private Equity Group Other Businesses Total AUM Balance at 3/31/2025 $ 359,076 $ 124,187 $ 31,312 $ 24,727 $ 6,571 $ 545,873 New par/equity commitments 8,922 2,094 2,519 — 1,921 15,456 New debt commitments 9,161 1,619 — — — 10,780 Capital reductions (3,862) (386) — (19) — (4,267) Distributions (5,000) (1,719) (160) (1,056) (410) (8,345) Redemptions (944) (131) (40) — (7) (1,122) Net allocations among investment strategies 185 50 72 — (307) — Change in fund value 9,568 4,060 246 114 22 14,010 Balance at 6/30/2025 $ 377,106 $ 129,774 $ 33,949 $ 23,766 $ 7,790 $ 572,385 Credit Group Real Assets Group Secondaries Group Private Equity Group Other Businesses Total AUM Balance at 12/31/2025 $ 406,866 $ 139,088 $ 42,156 $ 25,288 $ 9,107 $ 622,505 Acquisitions 5,544 — — — — 5,544 New par/equity commitments 24,462 11,919 2,070 858 2,640 41,949 New debt commitments 19,584 4,064 345 — — 23,993 Capital reductions (7,149) (1,223) (88) — — (8,460) Distributions (8,491) (3,818) (745) (1,638) (738) (15,430) Redemptions (2,782) (668) (156) — — (3,606) Net allocations among investment strategies 53 529 167 — (749) — Change in fund value 2,457 1,339 430 (57) 655 4,824 Balance at 6/30/2026 $ 440,544 $ 151,230 $ 44,179 $ 24,451 $ 10,915 $ 671,319 Credit Group Real Assets Group Secondaries Group Private Equity Group Other Businesses Total AUM Balance at 12/31/2024 $ 348,858 $ 75,298 $ 29,153 $ 24,041 $ 7,096 $ 484,446 Acquisitions — 45,281 — — — 45,281 New par/equity commitments 14,865 4,556 4,807 975 3,017 28,220 New debt commitments 13,982 4,233 — — — 18,215 Capital reductions (7,275) (1,154) (58) (54) — (8,541) Distributions (8,271) (3,177) (399) (1,205) (548) (13,600) Redemptions (1,326) (290) (63) — (7) (1,686) Net allocations among investment strategies 1,494 50 72 — (1,616) — Change in fund value 14,779 4,977 437 9 (152) 20,050 Balance at 6/30/2025 $ 377,106 $ 129,774 $ 33,949 $ 23,766 $ 7,790 $ 572,385 57 Table of Contents The components of our AUM are presented below ($ in billions): AUM: $671.3 AUM: $572.4 FPAUM Non-fee paying(1) AUM not yet paying fees (1) Includes $6.1 billion and $5.6 billion of non-fee paying AUM from our general partner and employee commitments as of June 30, 2026 and 2025, respectively. Please refer to “— Results of Operations by Segment” for a more detailed presentation of AUM by segment for each of the periods presented. 58 Table of Contents Fee Paying Assets Under Management FPAUM refers to AUM from which we directly earn management fees and is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees. The tables below present rollforwards of our total FPAUM by segment ($ in millions): Credit Group Real Assets Group SecondariesGroup Private Equity Group Other Businesses Total Balance at 3/31/2026 $ 260,187 $ 87,139 $ 30,189 $ 14,203 $ 7,880 $ 399,598 Commitments 3,519 2,710 552 — 1,325 8,106 Deployment/increase in leverage 10,058 1,162 440 96 2,580 14,336 Capital reductions (2,167) (139) — — — (2,306) Distributions (4,788) (1,365) (291) (349) (382) (7,175) Redemptions (1,397) (403) (130) — — (1,930) Net allocations among investment strategies 1,316 408 152 — (1,876) — Change in fund value 1,058 231 638 27 288 2,242 Change in fee basis (1,666) (1,129) (84) (70) — (2,949) Balance at 6/30/2026 $ 266,120 $ 88,614 $ 31,466 $ 13,907 $ 9,815 $ 409,922 Credit Group Real Assets Group Secondaries Group Private Equity Group Other Businesses Total Balance at 3/31/2025 $ 218,231 $ 76,425 $ 23,470 $ 11,352 $ 5,590 $ 335,068 Commitments 5,858 880 688 — 1,747 9,173 Deployment/increase in leverage 6,973 1,287 409 16 — 8,685 Capital reductions (1,601) (136) — (11) — (1,748) Distributions (5,314) (1,308) (11) — (410) (7,043) Redemptions (944) (131) (40) — — (1,115) Net allocations among investment strategies 452 50 72 — (574) — Change in fund value 4,498 2,924 (53) 2 28 7,399 Change in fee basis — (496) — (366) — (862) Balance at 6/30/2025 $ 228,153 $ 79,495 $ 24,535 $ 10,993 $ 6,381 $ 349,557 Credit Group Real Assets Group Secondaries Group Private Equity Group Other Businesses Total Balance at 12/31/2025 $ 249,816 $ 84,065 $ 29,481 $ 14,437 $ 7,150 $ 384,949 Acquisitions 5,495 — — — — 5,495 Commitments 9,934 5,324 1,038 — 1,865 18,161 Deployment/increase in leverage 19,039 3,467 1,514 893 2,787 27,700 Capital reductions (6,025) (221) (88) — — (6,334) Distributions (8,354) (2,655) (551) (428) (738) (12,726) Redemptions (2,831) (590) (156) — — (3,577) Net allocations among investment strategies 1,063 550 153 — (1,766) — Change in fund value (763) 38 190 (102) 517 (120) Change in fee basis (1,254) (1,364) (115) (893) — (3,626) Balance at 6/30/2026 $ 266,120 $ 88,614 $ 31,466 $ 13,907 $ 9,815 $ 409,922 Credit Group Real Assets Group Secondaries Group Private Equity Group Other Businesses Total Balance at 12/31/2024 $ 209,145 $ 44,088 $ 22,401 $ 11,427 $ 5,492 $ 292,553 Acquisitions — 30,467 — — — 30,467 Commitments 12,336 1,947 1,740 — 2,784 18,807 Deployment/increase in leverage 14,706 2,797 666 32 253 18,454 Capital reductions (5,212) (178) — (11) — (5,401) Distributions (8,605) (2,711) (69) — (548) (11,933) Redemptions (1,392) (290) (63) — — (1,745) Net allocations among investment strategies 1,624 50 72 — (1,746) — Change in fund value 5,914 3,204 (212) 2 146 9,054 Change in fee basis (363) 121 — (457) — (699) Balance at 6/30/2025 $ 228,153 $ 79,495 $ 24,535 $ 10,993 $ 6,381 $ 349,557 59 Table of Contents The charts below present FPAUM by its fee bases ($ in billions): FPAUM: $409.9 FPAUM: $349.6 Invested capital NAV/fair value/reported value(1) Capital commitments Collateral balances (at par) GAV (1)Includes $99.9 billion and $81.2 billion from funds that primarily invest in illiquid strategies as of June 30, 2026 and 2025, respectively. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies. Please refer to “— Results of Operations by Segment” for detailed information by segment of the activity affecting total FPAUM for each of the periods presented. Perpetual Capital Assets Under Management The chart below presents our perpetual capital AUM by segment and type ($ in billions): Credit Real Assets Secondaries Other Businesses Perpetual Wealth Funds Private Commingled Funds Publicly-Traded Funds Managed Accounts 60 Table of Contents Management Fees By Type We view the duration of funds we manage as a metric to measure the stability of our future management fees. For the three months ended June 30, 2026 and 2025, 94% and 91%, respectively, of management fees were earned from perpetual capital or long-dated funds. The charts below present the composition of our segment management fees by fund type: Perpetual Capital - Perpetual Wealth Funds Perpetual Capital - Publicly-Traded Funds Perpetual Capital - Private Commingled Funds Perpetual Capital - Managed Accounts Long-Dated Funds(1) Other (1) Long-dated funds generally have a contractual life of five years or more at inception. Available Capital and Assets Under Management Not Yet Paying Fees The charts below present our available capital and AUM not yet paying fees by segment ($ in billions): Credit Real Assets Secondaries Private Equity Other Businesses As of June 30, 2026, AUM not yet paying fees includes $92.6 billion of AUM available for future deployment and $4.1 billion of development assets not yet stabilized that could collectively generate approximately $828.2 million in potential incremental annual management fees, representing a 24% embedded growth rate in our base management fees from the last twelve month period. 61 Table of Contents Incentive Eligible Assets Under Management and Incentive Generating Assets Under Management The charts below present our IEAUM and IGAUM by segment ($ in billions): Credit Real Assets Secondaries Private Equity Other Businesses As of June 30, 2026 and 2025, IGAUM included $75.7 billion and $56.2 billion, respectively, of AUM from funds generating unrealized incentive fees that are not recognized by us until such fees are crystallized or no longer subject to reversal. As of June 30, 2026, perpetual capital IGAUM that could potentially result in crystallized fee related performance revenues totaled $44.3 billion, composed of $24.0 billion within the Credit Group, $14.4 billion within the Real Assets Group and $5.9 billion within the Secondaries Group. As of June 30, 2025, perpetual capital IGAUM that could potentially result in crystallized fee related performance revenues totaled $30.2 billion, composed of $19.8 billion within the Credit Group, $7.3 billion within the Real Assets Group and $3.1 billion within the Secondaries Group. Fund Performance Metrics Fund performance information for our funds considered to be “significant funds” is included throughout this discussion with analysis to facilitate an understanding of our results of operations for the periods presented. Our significant funds are commingled funds that either contributed at least 1% of our total management fees or comprised at least 1% of our total FPAUM for each of the last two consecutive quarters. In addition to management fees, each of our significant funds may generate carried interest or incentive fees upon the achievement of performance hurdles. The fund performance information reflected in this discussion and analysis is not indicative of our overall performance. An investment in Ares is not an investment in any of our funds. Past performance is not indicative of future results. As with any investment, there is always the potential for gains as well as the possibility of losses. There can be no assurance that any of these funds or our other existing and future funds will achieve similar returns. Fund performance metrics for significant funds may be marked as “NM” as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment. To further facilitate an understanding of the impact a significant fund may have on our results, we present our drawdown funds as either harvesting investments or deploying capital to indicate the fund’s stage in its life cycle. A fund harvesting investments is past its investment period and opportunistically seeking to monetize investments, while a fund deploying capital is generally seeking new investment opportunities. 62 Table of Contents Consolidation and Deconsolidation of Ares Funds We consolidate (i) entities that we have both the power to direct significant activities of the entity and a significant economic interest; and (ii) entities in which we hold a majority voting interest or have majority ownership and control over the operational, financial and investing decisions of that entity. Certain funds that have historically been consolidated in the financial statements may no longer be consolidated because: (i) such funds have been liquidated or dissolved; or (ii) we are no longer deemed to have a controlling interest in the entity. Consolidated Funds represented approximately 4% of our AUM as of June 30, 2026 and 4% of total revenues for the six months ended June 30, 2026. The activity of the Consolidated Funds is reflected within the unaudited condensed consolidated financial statement line items indicated by reference thereto. The impact of consolidation also typically will decrease revenues reported under GAAP to the extent these amounts are eliminated upon consolidation. The assets and liabilities of our Consolidated Funds are held within separate legal entities and, as a result, the liabilities of our Consolidated Funds are typically non-recourse to us. Generally, the consolidation of our Consolidated Funds has a significant gross-up effect on our assets, liabilities and cash flows but has no net effect on the net income attributable to us or our stockholders’ equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. The net economic ownership interests of our Consolidated Funds, to which we have no economic rights, are reflected as redeemable and non-controlling interests in the Consolidated Funds within our unaudited condensed consolidated financial statements. We have transferred certain financial interests to structured financing vehicles that we manage, including but not limited to collateralized fund obligations, rated note feeders and private asset-backed notes, among other secondary solutions. These financial interests include our capital interests and rights to performance income in funds that we manage. The purpose of these transferred interests is to provide collateral or other forms of similar credit-enhancement, including subordination and liquidity support, to the structured financing vehicles. These structured financing vehicles are typically designed to meet investors’ risk-return, liquidity, diversification and risk-based capital treatment objectives and to support capital raising efforts across our platform. The transfer of these financial interests does not subject us to the additional risk of loss; instead, our maximum risk of loss equals the value of our transferred interest in the event that the returns generated by the structured financing vehicles do not meet stated performance thresholds. These structured financing vehicles typically represent variable interest entities that are consolidated with our results. As a result, the financial interests that we transfer will typically be reclassified from investments in the funds that we manage and/or from accrued performance income to investments of the Consolidated Funds upon consolidation. Any future investment income and performance income resulting from these financial interests is typically presented within the results of operations of our Consolidated Funds as a result of consolidation. The performance of our Consolidated Funds is not necessarily consistent with, or representative of, the combined performance trends of all of our funds. For the actual impact that consolidation had on our results and further discussion on consolidation and deconsolidation of funds, see “Note 14. Consolidation” within our unaudited condensed consolidated financial statements included herein. 63 Table of Contents Results of Operations Consolidated Results of Operations Although the consolidated results presented below include the results of our operations together with those of the Consolidated Funds and other joint ventures, we separate our analysis of those items primarily impacting the Company from those of the Consolidated Funds. In connection with the acquisition of the international business of GLP Capital Partners Limited excluding its operations in Greater China (“GCP International”) (the “GCP Acquisition”), the activities of GCP International are reflected within our results of operations beginning on March 1, 2025. Since the activities of GCP International contributed four months of results during the six months ended June 30, 2025, our year-over-year analysis of the six months ended June 30, 2026 will lack comparability. The following table presents our summarized consolidated results of operations ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Total revenues $ 1,428,610 $ 1,350,128 $ 78,482 6% $ 2,825,046 $ 2,438,933 $ 386,113 16% Total expenses (1,179,977) (1,137,578) (42,399) (4) (2,348,440) (2,151,906) (196,534) (9) Total other income, net 137,309 74,388 62,921 85 222,257 140,949 81,308 58 Less: Income tax expense 72,977 60,958 (12,019) (20) 132,849 78,495 (54,354) (69) Net income 312,965 225,980 86,985 38 566,014 349,481 216,533 62 Less: Net income attributable to non-controlling interests in Consolidated Funds 71,241 3,999 67,242 NM 100,888 59,976 40,912 68 Net income attributable to Ares Operating Group entities 241,724 221,981 19,743 9 465,126 289,505 175,621 61 Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities 1,845 (274) 2,119 NM 732 42 690 NM Less: Net income attributable to non-controlling interests in Ares Operating Group entities 89,244 85,193 4,051 5 171,170 105,231 65,939 63 Net income attributable to Ares Management Corporation 150,635 137,062 13,573 10 293,224 184,232 108,992 59 Less: Series B mandatory convertible preferred stock dividends declared 25,312 25,312 — — 50,625 50,625 — — Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 125,323 $ 111,750 13,573 12 $ 242,599 $ 133,607 108,992 82 Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025 Consolidated Results of Operations of the Company The following discussion sets forth information regarding our consolidated results of operations: Revenues Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Revenues Management fees $ 1,017,563 $ 900,622 $ 116,941 13% $ 2,007,090 $ 1,717,609 $ 289,481 17% Carried interest allocation 249,914 323,901 (73,987) (23) 396,545 483,909 (87,364) (18) Incentive fees 42,753 23,079 19,674 85 204,687 55,127 149,560 271 Principal investment income 2,288 10,963 (8,675) (79) 2,765 32,961 (30,196) (92) Administrative, transaction and other fees 116,092 91,563 24,529 27 213,959 149,327 64,632 43 Total revenues $ 1,428,610 $ 1,350,128 78,482 6 $ 2,825,046 $ 2,438,933 386,113 16 Management Fees. Within the Credit Group, our publicly-traded and our perpetual wealth funds contributed $29.4 million and $66.8 million of the increases in management fees for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily driven by increases in FPAUM associated with fundraising. Capital deployment in private funds within our direct lending and alternative credit strategies led to a rise in FPAUM, contributing $27.0 million and $56.6 million of the increase in management fees for the three and six months ended June 30, 2026, 64 Table of Contents respectively, compared to the same periods in 2025. Within the Real Assets Group, funds that we manage as a result of the GCP Acquisition contributed $30.8 million of the increase in management fees for the six months ended June 30, 2026 compared to the same period in 2025, driven by fees generated for two additional months in the current year period. In addition, Part I Fees increased by $25.9 million and $55.1 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increases in Part I Fees were primarily attributable to ASIF, to our open-ended European direct lending fund and to our open-ended core infrastructure fund, driven by increases in net investment income from their growing portfolios of investments. For detail regarding the fluctuations of management fees within each of our segments, see “—Results of Operations by Segment.” Carried Interest Allocation. The following table sets forth carried interest allocation by segment ($ in millions): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Credit funds $ 153.3 $ 273.7 $ 290.6 $ 404.4 Real Assets funds 121.2 32.8 168.8 54.9 Secondaries funds (8.0) 4.7 1.8 (1.6) Private Equity funds 21.8 28.6 32.2 65.6 Other businesses (25.3) 9.7 (67.3) 12.1 Elimination of carried interest from Consolidated Funds (13.1) (6.8) (29.2) (12.0) Carried interest of non-controlling interests in consolidated subsidiaries — (18.8) (0.4) (39.5) Carried interest allocation $ 249.9 $ 323.9 $ 396.5 $ 483.9 The activity was principally composed of the following: Three months ended June 30, 2026 Three months ended June 30, 2025 Credit funds •Primarily from one alternative credit fund, one direct lending fund and three opportunistic credit funds with $24.6 billion of IGAUM generating returns in excess of their hurdle rates:◦Within alternative credit, Pathfinder II generated carried interest allocation of $44.8 million, driven by the appreciation of certain investments that primarily operate in the utilities and transportation industries◦Within direct lending, ACE VI generated carried interest allocation of $32.5 million, driven by net investment income during the period◦Within opportunistic credit, SSF IV and ASOF I generated carried interest allocation of $20.9 million and $20.7 million respectively, primarily driven by the increase in market value of their investment in Savers Value Village, Inc. (“SVV”), due to its higher stock price. ASOF II generated carried interest allocation of $16.8 million primarily driven by improved profitability of portfolio companies that operate in the consumer service industry •Primarily from four direct lending funds, two opportunistic credit funds and two alternative credit funds with $42.4 billion of IGAUM generating returns in excess of their hurdle rates:◦Within our direct lending funds, ACE V, ACE VI and PCS II generated carried interest allocation of $46.7 million, $32.7 million and $31.8 million, respectively, driven by net investment income on an increasing invested capital base. ACE IV generated carried interest allocation of $20.8 million, driven by net investment income during the period◦Within our opportunistic credit funds, ASOF II generated carried interest allocation of $53.6 million, driven by improved profitability of portfolio companies that operate in the healthcare and services industries. ASOF I generated carried interest allocation of $24.6 million, driven by the increase in market value of its investment in SVV, due to its higher stock price◦Within our alternative credit funds, Pathfinder I and Pathfinder II generated carried interest allocation of $21.4 million and $9.8 million, respectively, driven by the market appreciation of certain investments and net investment income during the period Real Assets funds •JDC I generated carried interest allocation of $54.3 million, driven by the appreciation of a data center investment•AREOF IV generated carried interest allocation of $21.2 million, driven by the appreciation of certain investments within the industrial and multifamily sector•ACIP II and ACIP I generated carried interest allocation of $14.3 million and $7.7 million, respectively, driven by the appreciation of a data center investment •IDF V generated carried interest allocation of $12.6 million, driven by net investment income during the period •ACIP II generated carried interest allocation of $10.0 million, driven by the appreciation of certain investments•IDF V generated carried interest allocation of $4.6 million, driven by net investment income during the period•US IX and US X generated carried interest allocation of $4.1 million and $3.6 million, respectively, due to increasing operating income and higher property valuations primarily from industrial property investments•AREOF III and EF IV generated carried interest allocation of $4.1 million and $3.1 million, respectively, driven by the appreciation of certain investments 65 Table of Contents Three months ended June 30, 2026 Three months ended June 30, 2025 Secondaries funds •Reversal of unrealized carried interest of $30.4 million from LREF VIII, primarily driven by the lower valuation of certain multifamily portfolio investments•ASIS III and LREF IX generated carried interest of $12.2 million and $4.2 million, respectively, primarily driven by the appreciation of certain portfolio investments •LREF VIII generated carried interest allocation of $6.7 million, primarily driven by the appreciation of certain portfolio investments Private Equity funds •ACOF VI and ACOF VII generated carried interest allocation of $14.8 million and $11.4 million, respectively, primarily driven by improved profitability from portfolio companies that primarily operate in the retail, healthcare and service industries •ACOF VI generated carried interest allocation of $36.1 million primarily driven by improved profitability from portfolio companies that primarily operate in the service and industrial industries•Reversal of unrealized carried interest allocation of $7.6 million from ACOF IV, driven by lower profitability of portfolio companies that primarily operate in the energy and healthcare industries Other businesses •Reversal of unrealized carried interest of $20.9 million attributable to the decrease in market value of our investment in Kodiak AI, Inc. (Nasdaq: KDK), driven by its lower stock price•Reversal of carried interest allocation of $4.4 million from an insurance fund that is eliminated upon consolidation •Carried interest allocation from an insurance fund that is eliminated upon consolidation Six months ended June 30, 2026 Six months ended June 30, 2025 Credit funds •Primarily from one alternative credit fund, three direct lending funds and two opportunistic credit funds with $36.2 billion of IGAUM generating returns in excess of their hurdle rates:◦Within alternative credit, Pathfinder II generated carried interest allocation of $86.9 million, driven by the market appreciation of certain investments that primarily operate in the utilities and transportation industries ◦Within direct lending, ACE VI, ACE V and PCS II generated carried interest allocation of $64.0 million, $24.5 million and $15.2 million, respectively, driven by net investment income during the period◦Within opportunistic credit, SSF IV generated carried interest allocation of $38.1 million primarily driven by improved profitability of portfolio companies that operate in utilities, energy and retail industries. ASOF II generated $24.7 million, respectively, driven by improved profitability of portfolio companies that operate in the consumer services industry •Primarily from four direct lending funds, one opportunistic credit fund and two alternative credit funds with $40.2 billion of IGAUM generating returns in excess of their hurdle rates:◦Within our direct lending funds, ACE V, ACE VI and PCS II generated carried interest allocation of $93.0 million, $59.2 million and $44.8 million, respectively, driven by net investment income on an increasing invested capital base. ACE IV generated carried interest allocation of $34.1 million, driven by net investment income during the period◦Within our opportunistic credit funds, ASOF II generated carried interest allocation of $74.7 million, driven by improved profitability of portfolio companies that operate in the services, healthcare and industrial industries◦Within our alternative credit funds, Pathfinder I and Pathfinder II generated carried interest allocation of $31.5 million and $31.4 million, respectively, driven by the market appreciation of certain investments and net investment income during the period•Reversal of unrealized carried interest allocation of $27.0 million from SSF IV, primarily due to the market depreciation of its investment in SVV, driven by its lower stock price Real Assets funds •JDC I generated carried interest allocation of $60.3 million, driven by the appreciation of a data center investment•ACIP II and ACIP I generated carried interest allocation of $25.6 million and $16.8 million, respectively, driven by the appreciation of a data center investment•IDF V generated carried interest allocation of $27.3 million, driven by net investment income during the period•AREOF IV generated carried interest allocation of $17.3 million, driven by the appreciation of certain investments within the industrial and multifamily sector •IDF V generated carried interest allocation of $14.9 million, driven by net investment income during the period•ACIP II generated carried interest allocation of $10.0 million, driven by the appreciation of certain portfolio investments•US X and US IX generated carried interest allocation of $6.7 million and $6.1 million, respectively, primarily due to the market appreciation and increasing operating income primarily from industrial property investments•AREOF III and EF IV generated carried interest allocation of $4.7 million and $3.6 million, respectively, primarily due to the appreciation of certain investments Secondaries funds •Reversal of unrealized carried interest of $35.8 million from LREF VIII, primarily driven by the lower valuation of certain multifamily portfolio investments•ASIS III, LREF IX and LEP XVII generated carried interest of $13.7 million, $7.6 million and $6.1 million, respectively, primarily driven by the appreciation of certain portfolio investments •Reversal of unrealized carried interest from LEP XVI and LREF VIII of $11.4 million and $4.3 million, respectively, driven by the lower valuation of certain investments•LEP XVII and two private equity secondaries funds generated carried interest allocation of $10.7 million, driven by improved operating performance and the appreciation of certain investments 66 Table of Contents Six months ended June 30, 2026 Six months ended June 30, 2025 Private Equity funds •ACOF VI and ACOF VII generated carried interest allocation of $37.3 million and $12.1 million, respectively, primarily driven by improved profitability from portfolio companies that primarily operate in the retail, healthcare and service industries•Reversal of unrealized carried interest of $15.8 million from ACOF IV, driven by lower operating performance from a portfolio company that operates in the healthcare industry and driven by the lower public share price of a portfolio company that operates in the consumer services industry •ACOF VI generated carried interest allocation of $78.8 million, primarily driven by improved profitability of portfolio companies that primarily operate in the healthcare, services, industrial and retail industries•Reversal of unrealized carried interest allocation of $13.1 million from a private equity fund, driven by lower operating performance from portfolio companies that primarily operate in the industrial and service industries Other businesses •Reversal of unrealized carried interest of $74.9 million attributable to the decrease in market value of our investment in Kodiak AI, Inc. (Nasdaq: KDK), driven by its lower stock price•Carried interest allocation of $7.6 million from an insurance fund that is eliminated upon consolidation •Carried interest allocation from an insurance fund that is eliminated upon consolidation Incentive Fees. The following table sets forth incentive fees by segment ($ in millions): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Credit funds $ 3.3 $ 6.8 $ 150.9 $ 28.7 Real Assets funds 0.4 0.1 3.0 0.5 Secondaries funds 39.1 16.2 50.8 25.9 Incentive fees $ 42.8 $ 23.1 $ 204.7 $ 55.1 The increase in incentive fees for the three months ended June 30, 2026 compared to the same period in 2025 was primarily due to higher fees generated from APMF due to NAV appreciation. The increase in incentive fees for the six months ended June 30, 2026 compared to the same period in 2025 was mostly driven by fees of $138.5 million generated by SDL I in connection with the sale of its remaining assets to a continuation vehicle during the first quarter of 2026. For further detail regarding the incentive fees within each of our segments, see discussion of fee related performance revenues and realized net performance income within “—Results of Operations by Segment.” Principal Investment Income. The activity for the three and six months ended June 30, 2026 was primarily attributable to: •Dividend income of $3.3 million and $8.8 million, respectively, primarily generated from our investments in various real estate secondaries, real estate debt and U.S. direct lending funds, as well as $1.7 million for the six months ended June 30, 2026 from our Japanese open-ended industrial real estate fund, which distributes dividends semi-annually. We have contributed certain capital interests to structured financing vehicles that are presented as Consolidated Funds; therefore, any income earned after our contribution of these capital interests is presented as net realized and unrealized gains on investments of Consolidated Funds within our Condensed Consolidated Statements of Operations, contributing to the reduction in principal investment income when comparing to prior period results. •Unrealized losses of $5.3 million and $4.3 million, respectively, from our investments in various European real estate equity and real estate secondaries funds, as well as $10.6 million from our investment in a U.S. real estate equity fund for the six months ended June 30, 2026, partially offset by unrealized gains of $5.1 million and $5.7 million, respectively, from our investments in various digital infrastructure and Japanese real estate equity funds The activity for the three and six months ended June 30, 2025 was primarily attributable to: •Dividend income of $7.8 million and $16.4 million, respectively, primarily generated from our investments in various real estate debt and infrastructure debt funds •The activity for the six months ended June 30, 2025 also included (i) interest income of $7.7 million from newly admitted investors in an insurance fund, where capital account balances are reallocated from existing investors in exchange for interest to compensate for carrying costs; and (ii) net realized gains of $3.1 million generated from our investments in various U.S. real estate equity funds Administrative, Transaction and Other Fees. The increases for the three and six months ended June 30, 2026 compared to the same periods in 2025 were driven by: (i) $8.7 million and $29.9 million, respectively, of property-related fees and administrative service fees earned from funds acquired in the GCP Acquisition; (ii) $5.1 million and $11.7 million, respectively, of additional administrative service fees earned from new and existing private funds within our Credit Group and from our perpetual wealth funds; and (iii) $5.0 million and $9.7 million, respectively, of higher property management fees 67 Table of Contents earned as we expand these services across more properties and earn the fees for services that were previously provided by third-parties. Expenses Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Expenses of the Company Compensation and benefits $ 688,660 $ 643,709 $ (44,951) (7)% $ 1,381,067 $ 1,300,834 $ (80,233) (6)% Performance related compensation 231,927 234,706 2,779 1 460,263 357,339 (102,924) (29) General, administrative and other expenses 255,715 232,156 (23,559) (10) 496,152 460,070 (36,082) (8) Total $ 1,176,302 $ 1,110,571 42,399 4 $ 2,337,482 $ 2,118,243 (196,534) (9) Compensation and Benefits. The following table presents the components of change in compensation and benefits for the three and six months ended June 30, 2026 compared to the same periods in 2025 ($ in millions): Three month change Six month change Compensation and benefits Cash-based compensation and benefits $ (28.4) $ (96.7) Part I Fee compensation (15.1) (30.0) Acquisition-related compensation expense 16.1 9.9 Equity compensation expense (28.2) (59.2) Acquisition-related equity compensation expense 10.6 95.8 Total $ (45.0) $ (80.2) The increases in cash-based compensation and benefits reflected the continued growth in salary and benefits for our increased headcount. The six months ended June 30, 2026 included $30.8 million of incremental expense, reflecting two additional months of activities from the operations that we acquired in connection with the GCP Acquisition. In addition, Part I Fee compensation increased over the comparative periods, corresponding to the increases in Part I Fees. We reduced Part I Fee compensation by $5.7 million and $4.9 million for the three months ended June 30, 2026 and 2025, respectively, and $13.2 million and $9.7 million for the six months ended June 30, 2026 and 2025, respectively, to reclaim a portion of the supplemental distribution fees we paid. For the three and six months ended June 30, 2025, acquisition-related compensation expense included cash-based compensation costs of $20.8 million and $29.6 million, respectively, in connection with the GCP Acquisition. Equity compensation increased over the comparative periods as a result of newly issued discretionary and bonus-related awards granted during the first quarter of 2026 at higher stock prices relative to previously granted awards that have since fully vested. Acquisition-related equity compensation expense decreased for the six months ended June 30, 2026 compared to the same period in 2025, as the prior year period included $108.8 million of expense from the portion of these awards associated with the purchase price of the GCP Acquisition that immediately vested in the first quarter of 2025. Full-time equivalent headcount increased by 15% to 4,343 professionals for the year-to-date period in 2026 from 3,776 professionals in 2025. For detail regarding the fluctuations of compensation and benefits within each of our segments see “—Results of Operations by Segment.” Performance Related Compensation. The majority of the changes in performance related compensation are directly associated with the changes in carried interest allocation and incentive fees as described above. General, Administrative and Other Expenses. The increases in general, administrative and other expenses over the comparative periods reflect growing headcount and fundraising activities and were driven by: (i) higher marketing costs of $14.4 million and $17.1 million, respectively, associated with costs related to our firmwide annual general meeting with investors (“AGM”), as well as program sponsorships and fund formation costs; (ii) higher professional service fees of $8.0 million and $15.0 million, respectively, primarily from consulting fees to support various ongoing technology initiatives to enhance our operations; (iii) information technology of $4.8 million and $10.5 million, respectively, driven by higher internally developed software costs and our growing headcount; and (iv) occupancy costs of $3.2 million and $5.1 million, respectively, to support our growing business, including the expansion of our New York headquarters; partially offset by (v) lower placement fees of $4.6 million and $10.6 million, respectively, primarily due to commitments to an opportunistic credit fund in the prior year periods. 68 Table of Contents In addition, the increase in general, administrative and other expenses for the six months ended June 30, 2026 included two additional months of activities from the operations that we acquired in connection with the GCP Acquisition, including (i) operating costs of $13.2 million; and (ii) amortization expense of $17.1 million related to the intangible assets recorded in connection with the GCP Acquisition. Acquisition-related costs generally precede a business combination, vary with the complexity of the transaction and may occur even when acquisitions are not successfully completed. Acquisition-related costs decreased by $35.5 million for the six months ended June 30, 2026 compared to the same period in 2025. We incurred $34.7 million during the six months ended June 30, 2025 related to the GCP Acquisition. Other Income (Expense) Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Other income (expense) of the Company Net realized and unrealized gains on investments $ 72,710 $ 12,708 $ 60,002 NM $ 76,099 $ 12,976 $ 63,123 NM Interest and dividend income 6,522 7,772 (1,250) (16) 13,621 25,428 (11,807) (46) Interest expense (52,195) (43,575) (8,620) (20) (102,955) (79,962) (22,993) (29) Other income (expense), net (21,092) (46,521) 25,429 55 3,468 (57,235) 60,703 NM Total $ 5,945 $ (69,616) 62,921 85 $ (9,767) $ (98,793) 81,308 58 Net Realized and Unrealized Gains on Investments; Interest and Dividend Income. The activity for the three and six months ended June 30, 2026 was primarily attributable to: •Unrealized gains of $67.2 million and $109.9 million, respectively, from our investments in X‑Energy, Inc., which completed its initial public offering in the second quarter of 2026 (Nasdaq: XE), partially offset by unrealized losses of $12.8 million and $38.2 million, respectively, from our investments in KDK •Net gains of $5.9 million and $12.0 million, respectively, from the settlement of foreign currency hedges, primarily related to capital interests we hold in Japanese real estate equity funds •Interest and dividend income primarily included: (i) dividend income of $2.0 million and $4.0 million, respectively, from our strategic investment in a Brazilian alternative asset manager; and (ii) income of $1.5 million and $2.6 million, respectively, from our investments in CLOs and CLO-based investments. We have contributed certain capital interests to structured financing vehicles that are presented as Consolidated Funds; therefore, any income earned after our contribution of these capital interests is presented as net realized and unrealized gains on investments of Consolidated Funds within our Condensed Consolidated Statements of Operations, contributing to the reduction in interest and dividend income when comparing to prior period results. •The six months ended June 30, 2026 also included dividend income of $1.9 million from J-REIT, which distributes dividends semi-annually The activity for the three and six months ended June 30, 2025 was primarily attributable to: •Unrealized gains of $14.0 million and $12.4 million, respectively, from our investments in J-REIT and APMF •Interest and dividend income primarily included: (i) income of $2.0 million and $4.2 million, respectively, from our investments in CLOs and CLO-based investments; and (ii) dividend income of $2.0 million and $4.0 million, respectively, from our strategic investment in a Brazilian alternative asset manager. The six months ended June 30, 2025 also included $11.9 million of interest income earned from treasury-backed securities. These treasury-backed securities were sold in the first quarter of 2025 and the proceeds from the sale were used to fund the GCP Acquisition. Interest Expense. Interest expense increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to (i) higher interest expense from our Credit Facility due to its higher average outstanding balance; and (ii) the full quarter impact of interest expense from the Term Loan that was executed in March 2026. Other Income (Expense), Net. Other income (expense), net included non-cash expense of $13.6 million and $27.9 million for the three and six months ended June 30, 2026, respectively, and $25.5 million for both the three and six months ended June 30, 2025, attributable to increases in fair value of contingent consideration that reflect our progress toward achieving the earnouts established in connection with the GCP Acquisition. These earnouts are based on revenue targets of certain digital infrastructure funds and fundraising targets of certain Japanese real estate funds. See “Note 7. Commitments and 69 Table of Contents Contingencies” within our unaudited condensed consolidated financial statements for a further description of these contingent earnout arrangements. Other income (expense), net during the six months ended June 30, 2026 also included a $37.3 million bargain purchase gain from the BlueCove Acquisition. A bargain purchase gain resulted from the fair value of the identifiable tangible and intangible assets acquired exceeding the purchase consideration. A portion of the purchase price payable to certain senior professionals is dependent upon the achievement of revenue targets and has been excluded from purchase consideration as it is subject to continued and future service. Income Tax Expense The majority of our Consolidated Funds are not subject to income tax as the funds’ investors are responsible for reporting their share of income or loss on a pass-through basis. Accordingly, the following discussion focuses on the change in income tax expense attributable to the Company: Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Consolidated Company Entities Income before taxes $ 311,792 $ 282,230 $ 29,562 10% $ 591,289 $ 365,289 $ 226,000 62% Less: Income tax expense 70,068 60,249 (9,819) (16) 126,163 75,784 (50,379) (66) Net income $ 241,724 $ 221,981 19,743 9 $ 465,126 $ 289,505 175,621 61 The increases in income tax expense were primarily attributable to higher pre-tax income allocable to AMC and higher entity level taxes in foreign and local jurisdictions, with both increasing the effective tax rate for the three and six months ended June 30, 2026 compared to the same periods in 2025. The allocation of taxable income is also sensitive to any changes in weighted average daily ownership as the income attributed to redeemable and non-controlling interests is generally passed through to partners and not subject to corporate income taxes. The following table summarizes weighted average daily ownership: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 AMC common stockholders 68.61 % 67.03 % 68.37 % 66.41 % Non-controlling AOG unitholders 31.39 32.97 31.63 33.59 The changes in ownership compared to the prior year periods were primarily driven by the issuances of shares of Class A common stock in connection with the vesting of restricted unit awards and with exchanges of AOG Units. Redeemable and Non-Controlling Interests Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Net income $ 312,965 $ 225,980 $ 86,985 38% $ 566,014 $ 349,481 $ 216,533 62% Less: Net income attributable to non-controlling interests in Consolidated Funds 71,241 3,999 67,242 NM 100,888 59,976 40,912 68 Net income attributable to Ares Operating Group entities 241,724 221,981 19,743 9 465,126 289,505 175,621 61 Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities 1,845 (274) 2,119 NM 732 42 690 NM Less: Net income attributable to non-controlling interests in Ares Operating Group entities 89,244 85,193 4,051 5 171,170 105,231 65,939 63 Net income attributable to Ares Management Corporation 150,635 137,062 13,573 10 293,224 184,232 108,992 59 Less: Series B mandatory convertible preferred stock dividends declared 25,312 25,312 — — 50,625 50,625 — — Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 125,323 $ 111,750 13,573 12 $ 242,599 $ 133,607 108,992 82 The changes in net income attributable to non-controlling interests in AOG entities compared to the prior year periods were primarily a result of the respective changes in ownership and in income before taxes of the Company, as presented above. 70 Table of Contents Consolidated Results of Operations of the Consolidated Funds The following table presents the results of operations of the Consolidated Funds ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Expenses of the Consolidated Funds $ (3,675) $ (27,007) $ 23,332 86% $ (10,958) $ (33,663) $ 22,705 67% Net realized and unrealized gains on investments of Consolidated Funds 176,396 127,752 48,644 38 310,412 216,158 94,254 44 Interest and other income of Consolidated Funds 59,123 161,890 (102,767) (63) 164,568 321,962 (157,394) (49) Interest expense of Consolidated Funds (104,155) (145,638) 41,483 28 (242,956) (298,378) 55,422 19 Income before taxes 127,689 116,997 10,692 9 221,066 206,079 14,987 7 Less: Income tax expense of Consolidated Funds 2,909 709 (2,200) NM 6,686 2,711 (3,975) (147) Net income 124,780 116,288 8,492 7 214,380 203,368 11,012 5 Less: Revenues attributable to Ares Management Corporation eliminated upon consolidation 53,206 103,019 (49,813) (48) 119,455 123,006 (3,551) (3) Other expense (income), net attributable to Ares Management Corporation eliminated upon consolidation (333) (9,270) (8,937) (96) 5,963 (20,386) (26,349) NM Net income attributable to non-controlling interests in Consolidated Funds $ 71,241 $ 3,999 67,242 NM $ 100,888 $ 59,976 40,912 68 The results of operations of the Consolidated Funds primarily represent activities from certain funds that we are deemed to control. When a fund is consolidated, we reflect the revenues and expenses of the entity on a gross basis, subject to eliminations from consolidation. A substantial portion of our results of operations related to the Consolidated Funds are attributable to ownership interests that third parties hold in those funds. The Consolidated Funds are not necessarily the same funds in each year presented due to changes in ownership, changes in limited partners’ or investor rights, and the creation or termination of funds and entities. Accordingly, such amounts may not be comparable for the periods presented, and in any event have no material impact on net income attributable to Ares Management Corporation. 71 Table of Contents Segment Analysis For segment reporting purposes, revenues and expenses are presented before giving effect to the results of our Consolidated Funds and the results attributable to non-controlling interests of joint ventures that we consolidate. As a result, segment revenues are different than those presented on a consolidated basis in accordance with GAAP. Revenues recognized from Consolidated Funds are eliminated in consolidation and those attributable to the non-controlling interests of joint ventures have been excluded by us. Furthermore, expenses and the effects of other income (expense) are different than related amounts presented on a consolidated basis in accordance with GAAP due to the exclusion of the results of Consolidated Funds and the non-controlling interests of joint ventures. Non-GAAP Financial Measures We use Realized Income (“RI”) as a non-GAAP profit measure in making operating decisions, assessing performance and allocating resources. Fee Related Earnings (“FRE”) is a component of RI that excludes realized activities associated with investment income and performance income. FRE and RI should be considered in addition to and not in lieu of, the results of operations, which are discussed further under “—Consolidated Results of Operations of the Company” and are prepared in accordance with GAAP. The following table sets forth FRE and RI by reportable segment and the OMG ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Fee Related Earnings Credit Group $ 498,453 $ 426,310 $ 72,143 17% $ 975,889 $ 834,904 $ 140,985 17% Real Assets Group 147,188 113,645 33,543 30 279,157 187,924 91,233 49 Secondaries Group 60,908 50,537 10,371 21 115,541 91,121 24,420 27 Private Equity Group 15,303 9,846 5,457 55 30,160 24,153 6,007 25 Other 6,614 4,764 1,850 39 13,025 9,233 3,792 41 Operations Management Group (237,411) (195,991) (41,420) (21) (458,313) (370,948) (87,365) (24) Fee Related Earnings $ 491,055 $ 409,111 81,944 20 $ 955,459 $ 776,387 179,072 23 Realized Income Credit Group $ 543,808 $ 435,494 $ 108,314 25% $ 1,086,724 $ 867,433 $ 219,291 25% Real Assets Group 144,400 97,648 46,752 48 255,173 185,245 69,928 38 Secondaries Group 59,697 48,715 10,982 23 112,895 88,386 24,509 28 Private Equity Group 12,146 12,858 (712) (6) 30,759 23,085 7,674 33 Other (1,928) (657) (1,271) (193) (4,464) 10,112 (14,576) NM Operations Management Group (236,622) (196,244) (40,378) (21) (456,850) (370,523) (86,327) (23) Realized Income $ 521,501 $ 397,814 123,687 31 $ 1,024,237 $ 803,738 220,499 27 72 Table of Contents Income before provision for income taxes is the GAAP financial measure most comparable to RI. The following table presents the reconciliation of income before taxes as reported within the Condensed Consolidated Statements of Operations to RI and FRE of the reportable segments and the OMG ($ in thousands): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Income before taxes $ 385,942 $ 286,938 $ 698,863 $ 427,976 Adjustments: Depreciation and amortization expense 60,449 63,180 120,143 111,409 Equity compensation expense 182,779 165,091 386,411 422,953 Acquisition-related compensation expense(1) 28,239 44,305 56,439 66,304 Acquisition and merger-related expense 692 2,791 1,936 37,399 Placement fee adjustment (8,096) (1,092) (14,918) (1,098) Other (income) expense, net 14,672 27,163 (8,334) 29,689 Income before taxes of non-controlling interests in consolidated subsidiaries (8,903) (5,317) (14,481) (10,788) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (74,150) (4,708) (107,574) (62,687) Total performance income—unrealized (124,837) (300,592) (216,872) (365,035) Total performance related compensation—unrealized 123,748 207,731 205,170 248,281 Total net investment income—unrealized (59,034) (87,676) (82,546) (100,665) Realized Income 521,501 397,814 1,024,237 803,738 Total performance income—realized (140,329) (55,554) (353,877) (181,002) Total performance related compensation—realized 89,426 39,071 227,638 123,487 Total net investment loss—realized 20,457 27,780 57,461 30,164 Fee Related Earnings $ 491,055 $ 409,111 $ 955,459 $ 776,387 (1)Represents bonus payments, a portion of earnouts and other costs in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within our Condensed Consolidated Statements of Operations. For the specific components and calculations of these non-GAAP measures, as well as additional reconciliations to the most comparable measures in accordance with GAAP, see “Note 13. Segment Reporting” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Discussed below are our results of operations for our reportable segments and the OMG. 73 Table of Contents Results of Operations by Segment Credit Group—Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025 Fee Related Earnings The following table presents the components of the Credit Group’s FRE ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Management fees $ 703,460 $ 617,141 $ 86,319 14% $ 1,388,123 $ 1,202,537 $ 185,586 15% Fee related performance revenues 1,081 314 767 244 6,337 18,709 (12,372) (66) Other fees 17,848 13,362 4,486 34 32,947 23,960 8,987 38 Compensation and benefits (178,500) (160,205) (18,295) (11) (354,737) (324,952) (29,785) (9) General, administrative and other expenses (45,436) (44,302) (1,134) (3) (96,781) (85,350) (11,431) (13) Fee Related Earnings $ 498,453 $ 426,310 72,143 17 $ 975,889 $ 834,904 140,985 17 Management Fees. The chart below presents Credit Group management fees and effective management fee rates ($ in millions): 74 Table of Contents The following table presents the components of and causes for changes in the Credit Group’s management fees for the three and six months ended June 30, 2026 compared to the prior year period ($ in millions): Three month change Six month change Perpetual wealth funds: Base management fees from ASIF, our open-ended European direct lending fund and CADC, due to increases in FPAUM associated with fundraising $ 21.0 $ 46.7 Part I Fees from ASIF and our open-ended European direct lending fund, driven by increases in net investment income from their growing portfolio of investments 21.8 44.7 Fees from our open-ended sports, media and entertainment opportunities fund, which began generating fees during the first quarter of 2026 following the expiration of its fee waiver 2.5 4.6 Private commingled funds and SMAs: Fees from SDL III, ACE VI, our open-ended core alternative credit fund, ASOF III and Pathfinder II, driven by capital deployment 39.4 77.0 Distributions that reduced the fee base of SDL II, ACE IV, SSG IV, Pathfinder I and ASOF I, as these funds are past their investment periods (15.1) (28.8) Fees from ARCC due to an increase in FPAUM associated with fundraising 5.6 14.4 Fees from funds acquired in the BlueCove Acquisition 5.6 9.2 Cumulative effect of other changes 5.5 17.8 Total $ 86.3 $ 185.6 The decreases in effective management fee rates for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily attributable to increases in FPAUM from funds in our liquid credit strategy, which have an effective fee rate of less than 0.50%. Fee Related Performance Revenues. Fee related performance revenues for the three and six months ended June 30, 2026 were primarily attributable to incentive fees from our open-ended sports, media and entertainment opportunities fund, which has a quarterly measurement period and a fee waiver that expired at the end of 2025. Fee related performance revenues for the six months ended June 30, 2025 were primarily attributable to incentive fees from a European direct lending fund that crystallized a deferred payment during the first quarter of 2025 due to the restructuring of its hold back provisions. Other Fees. The increases in other fees for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily driven by: (i) higher administrative service fees of $2.9 million and $6.1 million, respectively, which are earned on invested capital from certain private funds; and (ii) higher capital markets transaction fees of $2.3 million and $4.1 million, respectively, reflecting increased transaction volumes. Compensation and Benefits. The increases in compensation and benefits for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily driven by: (i) higher Part I Fee compensation of $15.1 million and $30.0 million, respectively, corresponding to the increases in Part I Fees; and (ii) higher salary expenses of $2.3 million and $5.2 million, respectively, primarily attributable to headcount growth. The increase in compensation and benefits for the six months ended June 30, 2026 compared to the same period in 2025 was partially offset by lower fee related performance compensation of $11.7 million corresponding to the decrease in fee related performance revenues. In order to reclaim a portion of the supplemental distribution fees we paid, we reduced: (i) fee related performance compensation by $2.3 million for both the three and six months ended June 30, 2026; and (ii) Part I Fee compensation by $1.3 million and $4.9 million for the three months ended June 30, 2026 and 2025, respectively, and $5.2 million and $9.7 million for the six months ended June 30, 2026 and 2025, respectively. Full-time equivalent headcount increased by 6% to 739 investment and investment support professionals for the year-to-date period in 2026 from 698 professionals in 2025 primarily due to the impact of the BlueCove Acquisition and also to support our growing direct lending and alternative credit platforms. General, Administrative and Other Expenses. The increases in general, administrative and other expenses for the three and six months ended June 30, 2026 compared to the same periods in 2025 reflect growing headcount and fundraising activities, including our firmwide AGM event. The increases over the comparative periods were partially offset by decreases in supplemental distribution fees of $7.7 million and $5.1 million, respectively, primarily driven by lower sales in ASIF and our open-ended European direct lending fund in the current quarter. 75 Table of Contents Realized Income The following table presents the components of the Credit Group’s RI ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Fee Related Earnings $ 498,453 $ 426,310 $ 72,143 17% $ 975,889 $ 834,904 $ 140,985 17% Performance income—realized 128,422 21,915 106,507 NM 294,650 76,027 218,623 288 Performance related compensation—realized (80,091) (13,248) (66,843) NM (182,340) (47,506) (134,834) (284) Realized net performance income 48,331 8,667 39,664 NM 112,310 28,521 83,789 294 Investment income (loss)—realized (676) 4,096 (4,772) NM 3,348 9,475 (6,127) (65) Interest income 490 1,135 (645) (57) 1,322 5,555 (4,233) (76) Interest expense (2,790) (4,714) 1,924 41 (6,145) (11,022) 4,877 44 Realized net investment income (loss) (2,976) 517 (3,493) NM (1,475) 4,008 (5,483) NM Realized Income $ 543,808 $ 435,494 108,314 25 $ 1,086,724 $ 867,433 219,291 25 The Credit Group’s realized activities were principally composed of and caused by the following: Three months ended June 30, 2026 Three months ended June 30, 2025 Realized net performance income Carried interest:•Distribution of $47.4 million from ACE V following the end of its investment period in 2025 Carried interest:•Distributions of $3.9 million from an alternative credit fund that is in liquidation Incentive fees:•Incentive fees of $2.6 million, primarily from two alternative credit funds that have annual measurement periods in the second quarter Realized investment income and interest income •No significant activities •Income of $3.4 million generated from 12 CLO and CLO-based investments Six months ended June 30, 2026 Six months ended June 30, 2025 Realized net performance income Carried interest:•Distribution of $47.4 million from ACE V following the end of its investment period in 2025•Tax distributions of $8.0 million, primarily from ACE VIncentive fees:•Distribution of $53.9 million from SDL I in connection with the sale of its remaining assets to a continuation vehicle Carried interest:•Aggregate tax distributions of $12.3 million, primarily from ACE IV, ACE V and Pathfinder I•Distributions of $9.4 million from two alternative credit funds that are in liquidationIncentive fees:•Incentive fees of $3.6 million, primarily generated from two alternative credit funds that have annual measurement periods in the second quarter and from a U.S. direct lending fund Realized investment income and interest income •Income of $2.3 million generated from a U.S. direct lending fund •Income of $6.7 million generated from 14 CLO and CLO-based investments Interest expense is allocated among our segments primarily based on the cost basis of our balance sheet investments and the cost of acquisitions. We have contributed certain capital interests to structured financing vehicles; therefore, the cost basis of our balance sheet investments during the current year periods was lower than the comparative periods. As a result, interest expense allocated to the Credit Group decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025. 76 Table of Contents Credit Group—Performance Income The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Credit Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions): As of June 30, 2026 As of December 31, 2025 Accrued Performance Income Accrued Performance Compensation Accrued Net Performance Income Accrued Performance Income Accrued Performance Compensation Accrued Net Performance Income Pathfinder I $ 228.5 $ 194.3 $ 34.2 $ 216.3 $ 183.9 $ 32.4 Pathfinder II 221.6 173.4 48.2 134.7 105.4 29.3 ASOF I 277.1 205.1 72.0 276.4 204.6 71.8 ASOF II 349.3 244.7 104.6 324.6 227.3 97.3 ACE IV 177.3 115.3 62.0 185.7 120.5 65.2 ACE V 230.8 144.9 85.9 347.6 218.9 128.7 ACE VI 254.3 160.2 94.1 190.3 119.7 70.6 PCS I 141.7 83.7 58.0 150.5 88.9 61.6 PCS II 278.1 164.4 113.7 262.6 155.5 107.1 Other Credit funds 318.5 197.3 121.2 246.0 149.1 96.9 Total Credit Group $ 2,477.2 $ 1,683.3 $ 793.9 $ 2,334.7 $ 1,573.8 $ 760.9 The following table presents the change in accrued performance income for the Credit Group ($ in millions): As of December 31, 2025 Activity during the period As of June 30, 2026 Waterfall Type Accrued Performance Income Change in Unrealized Realized Other Adjustments Accrued Performance Income Accrued Carried Interest Pathfinder I European $ 216.3 $ 12.2 $ — $ — $ 228.5 Pathfinder II European 134.7 86.9 — — 221.6 ASOF I European 276.4 3.4 (2.7) — 277.1 ASOF II European 324.6 24.7 — — 349.3 ACE IV European 185.7 (7.3) (1.1) — 177.3 ACE V European 347.6 24.5 (144.0) 2.7 230.8 ACE VI European 190.3 64.0 — — 254.3 PCS I European 150.5 (8.7) — (0.1) 141.7 PCS II European 262.6 15.2 — 0.3 278.1 Other Credit funds European 220.3 73.7 — 2.1 296.1 Other Credit funds American 25.7 2.0 (2.3) (3.0) 22.4 Total accrued carried interest 2,334.7 290.6 (150.1) 2.0 2,477.2 SDL I Incentive — 138.5 (138.5) — — Other credit funds Incentive — 6.1 (6.1) — — Total Credit Group $ 2,334.7 $ 435.2 $ (294.7) $ 2.0 $ 2,477.2 77 Table of Contents Credit Group—Assets Under Management The tables below present rollforwards of AUM for the Credit Group ($ in millions): Liquid Credit Alternative Credit Opportunistic Credit U.S. Direct Lending European Direct Lending APAC Credit Other(1) Total Credit Group Balance at 3/31/2026 $ 60,230 $ 48,674 $ 21,405 $ 193,198 $ 86,983 $ 12,104 $ 30 $ 422,624 New par/equity commitments 1,115 9,080 — 624 1,525 543 — 12,887 New debt commitments 698 — — 8,220 1,881 — — 10,799 Capital reductions (173) (80) — (3,433) (237) — — (3,923) Distributions (63) (182) (300) (1,471) (974) (328) — (3,318) Redemptions (390) — — (798) (228) — — (1,416) Net allocations among investment strategies 5 885 — (178) — — (30) 682 Change in fund value 547 756 280 578 35 13 — 2,209 Balance at 6/30/2026 $ 61,969 $ 59,133 $ 21,385 $ 196,740 $ 88,985 $ 12,332 $ — $ 440,544 Liquid Credit Alternative Credit Opportunistic Credit U.S. Direct Lending European Direct Lending APAC Credit Other(1) Total Credit Group Balance at 3/31/2025 $ 46,546 $ 42,907 $ 15,648 $ 164,750 $ 77,487 $ 11,460 $ 278 $ 359,076 New par/equity commitments 1,278 310 2,439 2,928 1,923 44 — 8,922 New debt commitments 1,412 — 350 7,399 — — — 9,161 Capital reductions (478) — — (1,303) (2,071) (10) — (3,862) Distributions (331) (315) (961) (1,257) (1,461) (675) — (5,000) Redemptions (674) — — (270) — — — (944) Net allocations among investment strategies — 185 — 278 — — (278) 185 Change in fund value 1,067 629 509 1,719 5,413 231 — 9,568 Balance at 6/30/2025 $ 48,820 $ 43,716 $ 17,985 $ 174,244 $ 81,291 $ 11,050 $ — $ 377,106 Liquid Credit Alternative Credit Opportunistic Credit U.S. Direct Lending European Direct Lending APAC Credit Other(1) Total Credit Group Balance at 12/31/2025 $ 53,061 $ 48,060 $ 19,841 $ 189,610 $ 84,662 $ 11,557 $ 75 $ 406,866 Acquisitions 5,544 — — — — — — 5,544 New par/equity commitments 3,533 10,225 1,602 3,351 4,666 1,085 — 24,462 New debt commitments 1,642 289 — 14,936 2,717 — — 19,584 Capital reductions (841) (91) — (5,832) (385) — — (7,149) Distributions (140) (752) (390) (4,690) (2,154) (365) — (8,491) Redemptions (956) — — (1,537) (289) — — (2,782) Net allocations among investment strategies 2 274 — (148) — — (75) 53 Change in fund value 124 1,128 332 1,050 (232) 55 — 2,457 Balance at 6/30/2026 $ 61,969 $ 59,133 $ 21,385 $ 196,740 $ 88,985 $ 12,332 $ — $ 440,544 Liquid Credit Alternative Credit Opportunistic Credit U.S. Direct Lending European Direct Lending APAC Credit Other(1) Total Credit Group Balance at 12/31/2024 $ 46,895 $ 41,565 $ 14,964 $ 159,129 $ 74,560 $ 11,470 $ 275 $ 348,858 New par/equity commitments 1,736 870 3,511 5,911 2,779 58 — 14,865 New debt commitments 2,417 — 350 11,215 — — — 13,982 Capital reductions (2,398) (277) (175) (2,246) (2,071) (108) — (7,275) Distributions (361) (1,177) (1,103) (2,489) (2,434) (707) — (8,271) Redemptions (935) — — (391) — — — (1,326) Net allocations among investment strategies — 1,494 — 278 — — (278) 1,494 Change in fund value 1,466 1,241 438 2,837 8,457 337 3 14,779 Balance at 6/30/2025 $ 48,820 $ 43,716 $ 17,985 $ 174,244 $ 81,291 $ 11,050 $ — $ 377,106 (1) Amounts represent equity commitments to the platform that have not yet been allocated to an investment strategy. 78 Table of Contents The components of our AUM for the Credit Group are presented below ($ in billions): AUM: $440.5 AUM: $377.1 FPAUM Non-fee paying(1) AUM not yet paying fees (1) Includes $2.4 billion and $2.0 billion of non-fee paying AUM from our general partner and employee commitments as of June 30, 2026 and 2025, respectively. 79 Table of Contents Credit Group—Fee Paying AUM The tables below present rollforwards of fee paying AUM for the Credit Group ($ in millions): Liquid Credit Alternative Credit Opportunistic Credit U.S. Direct Lending European Direct Lending APAC Credit Total Credit Group Balance at 3/31/2026 $ 58,454 $ 36,017 $ 10,435 $ 102,935 $ 46,441 $ 5,905 $ 260,187 Commitments 1,725 — — 1,245 546 3 3,519 Deployment/increase in leverage 7 1,851 501 5,311 2,266 122 10,058 Capital reductions (173) — — (1,191) (803) — (2,167) Distributions (59) (307) (60) (3,600) (324) (438) (4,788) Redemptions (386) — — (783) (228) — (1,397) Net allocations among investment strategies 5 1,299 — 12 — — 1,316 Change in fund value 288 36 — 262 470 2 1,058 Change in fee basis — — (714) — — (952) (1,666) Balance at 6/30/2026 $ 59,861 $ 38,896 $ 10,162 $ 104,191 $ 48,368 $ 4,642 $ 266,120 Liquid Credit Alternative Credit Opportunistic Credit U.S. Direct Lending European Direct Lending APAC Credit Total Credit Group Balance at 3/31/2025 $ 44,538 $ 31,466 $ 8,305 $ 90,389 $ 38,419 $ 5,114 $ 218,231 Commitments 2,457 10 — 2,551 816 24 5,858 Deployment/increase in leverage — 697 1,024 2,971 1,642 639 6,973 Capital reductions (486) — — (672) (366) (77) (1,601) Distributions (335) (1,092) (546) (1,843) (1,109) (389) (5,314) Redemptions (674) — — (270) — — (944) Net allocations among investment strategies — 452 — — — — 452 Change in fund value 1,129 48 — 814 2,503 4 4,498 Balance at 6/30/2025 $ 46,629 $ 31,581 $ 8,783 $ 93,940 $ 41,905 $ 5,315 $ 228,153 Liquid Credit Alternative Credit Opportunistic Credit U.S. Direct Lending European Direct Lending APAC Credit Total Credit Group Balance at 12/31/2025 $ 51,958 $ 35,303 $ 9,821 $ 102,310 $ 45,095 $ 5,329 $ 249,816 Acquisitions 5,495 — — — — — 5,495 Commitments 4,509 — — 3,163 1,735 527 9,934 Deployment/increase in leverage 7 3,358 1,120 9,783 4,499 272 19,039 Capital reductions (854) — — (4,178) (907) (86) (6,025) Distributions (137) (755) (66) (6,088) (854) (454) (8,354) Redemptions (941) — — (1,601) (289) — (2,831) Net allocations among investment strategies 2 1,049 — 12 — — 1,063 Change in fund value (178) (59) 1 378 (911) 6 (763) Change in fee basis — — (714) 412 — (952) (1,254) Balance at 6/30/2026 $ 59,861 $ 38,896 $ 10,162 $ 104,191 $ 48,368 $ 4,642 $ 266,120 Liquid Credit Alternative Credit Opportunistic Credit U.S. Direct Lending European Direct Lending APAC Credit Total Credit Group Balance at 12/31/2024 $ 44,629 $ 29,384 $ 7,899 $ 86,415 $ 35,786 $ 5,032 $ 209,145 Commitments 4,646 10 — 6,192 1,450 38 12,336 Deployment/increase in leverage 9 2,165 1,452 6,524 3,548 1,008 14,706 Capital reductions (2,406) — — (2,314) (415) (77) (5,212) Distributions (369) (1,630) (568) (3,739) (1,640) (659) (8,605) Redemptions (921) — — (391) (80) — (1,392) Net allocations among investment strategies — 1,624 — — — — 1,624 Change in fund value 1,041 28 — 1,253 3,588 4 5,914 Change in fee basis — — — — (332) (31) (363) Balance at 6/30/2025 $ 46,629 $ 31,581 $ 8,783 $ 93,940 $ 41,905 $ 5,315 $ 228,153 80 Table of Contents The charts below present FPAUM for the Credit Group by its fee bases ($ in billions): FPAUM: $266.1 FPAUM: $228.2 Invested capital NAV/fair value(1) Collateral balances (at par) Capital commitments (1)Includes $62.5 billion and $54.1 billion from funds that primarily invest in illiquid strategies as of June 30, 2026 and 2025, respectively. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies. 81 Table of Contents Credit Group—Fund Performance Metrics as of June 30, 2026 ARCC contributed approximately 28% of the Credit Group’s total management fees for the six months ended June 30, 2026. In addition, the Credit Group’s other significant funds, which are presented in the tables below, collectively contributed approximately 45% of the Credit Group’s management fees for the six months ended June 30, 2026. The following table presents the performance data for our significant perpetual capital funds in the Credit Group as of June 30, 2026 ($ in millions): Returns(%) Primary Investment Strategy Year of Inception AUM Current Quarter Year-To-Date Since Inception(1) Fund Gross Net Gross Net Gross Net ARCC(2) U.S. Direct Lending 2004 $ 36,555 N/A 1.2 N/A 1.9 N/A 11.8 CADC(3) U.S. Direct Lending 2017 8,213 N/A 0.7 N/A (0.5) N/A 6.5 Open-ended core alternative credit fund(4) Alternative Credit 2021 8,680 2.9 2.1 5.7 4.1 11.9 8.8 ASIF(3) U.S. Direct Lending 2023 26,634 N/A 1.9 N/A 1.9 N/A 9.9 Open-ended European direct lending fund(5) European Direct Lending 2024 8,706 N/A 2.5 N/A 2.9 N/A 8.8 (1)Since inception returns are annualized. (2)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Net returns are calculated using the fund’s NAV and assume dividends are reinvested at the closest quarter-end NAV to the relevant quarterly ex-dividend dates. Additional information related to ARCC can be found in its filings with the SEC, which are not part of this report. (3)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. Additional information related to CADC and ASIF can be found in their respective filings with the SEC, which are not part of this report. (4)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. The fund is made up of a Main Class (“Class M”) and a Constrained Class (“Class C”). Class M includes investors electing to participate in all investments and Class C includes investors electing to be excluded from exposure to liquid investments. Returns presented in the table are for onshore Class M. The current quarter gross and net returns for Class M (offshore) are 3.0% and 2.1%, respectively. The year-to-date gross and net returns for Class M (offshore) are 5.8% and 4.0%, respectively. The since inception gross and net returns for Class M (offshore) are 11.8% and 8.4%, respectively. The current quarter gross and net returns for Class C (offshore) are 2.7% and 1.9%, respectively. The year-to-date gross and net returns for Class C (offshore) are 5.2% and 3.7%, respectively. The since inception gross and net returns for Class C (offshore) are 11.3% and 8.1%, respectively. Metrics for the rated note feeder funds are not shown separately. (5)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for the Euro hedged distributing institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees, and currency hedging. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. 82 Table of Contents The following table presents the performance data of the Credit Group’s significant drawdown funds as of June 30, 2026 ($ in millions): Primary Investment Strategy Year of Inception AUM Original Capital Commitments Capital Invested to Date Realized Value(1) Unrealized Value(2) Total Value MoIC IRR(%) Fund Gross(3) Net(4) Gross(5) Net(6) Funds Deploying Capital PCS II U.S. Direct Lending 2020 $ 6,595 $ 5,114 $ 4,053 $ 1,626 $ 3,979 $ 5,605 1.4x 1.3x 12.2 8.6 ASOF II Opportunistic Credit 2021 8,922 7,128 6,302 755 7,721 8,476 1.5x 1.3x 15.8 11.4 ACE VI Unlevered(7) European Direct Lending 2022 24,406 7,439 3,578 315 3,717 4,032 1.2x 1.1x 11.7 8.5 ACE VI Levered(7) 9,667 3,661 307 3,857 4,164 1.2x 1.2x 17.1 12.2 SDL III Unlevered(8) U.S. Direct Lending 2023 28,971 3,311 1,824 153 1,829 1,982 1.1x 1.1x 11.0 8.2 SDL III Levered 11,959 5,980 698 6,110 6,808 1.2x 1.1x 19.2 13.3 Pathfinder II Alternative Credit 2023 7,645 6,612 4,021 250 4,640 4,890 1.3x 1.2x 22.9 16.1 Funds Harvesting Investments ACE IV Unlevered(9) European Direct Lending 2018 4,463 2,851 2,394 2,398 752 3,150 1.4x 1.3x 7.8 5.5 ACE IV Levered(9) 4,819 4,011 4,139 1,580 5,719 1.6x 1.4x 10.5 7.4 ACE V Unlevered(10) European Direct Lending 2020 17,086 7,026 5,685 2,212 5,105 7,317 1.4x 1.3x 9.6 7.0 ACE V Levered(10) 6,376 5,163 2,744 4,657 7,401 1.5x 1.4x 13.4 9.7 SDL II Unlevered U.S. Direct Lending 2021 14,146 1,989 1,700 787 1,349 2,136 1.3x 1.3x 10.7 8.5 SDL II Levered 6,047 4,924 3,350 3,366 6,716 1.5x 1.4x 16.4 12.4 (1)For funds other than our opportunistic credit funds, realized value represents the sum of all cash distributions to all partners and if applicable, excludes tax and incentive distributions made to the general partner. For our opportunistic credit funds, realized value represents the sum of all cash distributions to the fee-paying limited partners and if applicable, excludes tax and incentive distributions made to the general partner. (2)Unrealized value represents the fund’s NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. For funds other than our opportunistic credit funds, the unrealized value is based on all partners. For our opportunistic credit funds, the unrealized value is based on the fee-paying limited partners. (3)The gross multiple of invested capital (“MoIC”) is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest and other expenses, as applicable, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. (4)The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. (5)The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, as applicable, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. (6)The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. (7)ACE VI is made up of six parallel funds, four denominated in Euros and two denominated in GBP: ACE VI (E) Unlevered, ACE VI (E) II Unlevered, ACE VI (G) Unlevered, ACE VI (E) Levered, ACE VI (E) II Levered and ACE VI (G) Levered, and three feeder funds: ACE VI (D) Levered, ACE VI (Y) Unlevered and ACE VI (D) Rated Notes. ACE VI (E) II Levered includes ACE VI (D) Levered feeder fund and ACE VI (E) II Unlevered includes ACE VI (Y) Unlevered and ACE VI (D) Rated Notes feeder funds. The gross and net IRR and gross and net MoIC presented in the table are for ACE VI (E) Unlevered and ACE VI (E) Levered. Metrics for ACE VI (E) II Levered exclude the ACE VI (D) Levered feeder fund and metrics for ACE VI (E) II Unlevered exclude ACE VI (Y) Unlevered and ACE VI (D) Rated Notes feeder funds. The gross and net IRR for ACE VI (G) Unlevered are 13.6% and 9.8%, respectively. The gross and net MoIC for ACE VI (G) Unlevered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE VI (G) Levered are 21.2% and 12.6%, respectively. The gross and net MoIC for ACE VI (G) Levered are 1.3x and 1.2x, respectively. The gross and net IRR for ACE VI (E) II Unlevered are 11.9% and 8.4%, respectively. The gross and net MoIC for ACE VI (E) II Unlevered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE VI (E) II Levered are 18.4% and 12.9%, respectively. The gross and net MoIC for ACE VI (E) II Levered are 1.3x and 1.2x, respectively. The gross and net IRR for ACE VI (D) Levered are 20.0% and 15.3%, respectively. The gross and net MoIC for ACE VI (D) Levered are 1.3x and 1.2x, respectively. The gross and net IRR for ACE VI (Y) Unlevered are 9.7% and 6.5%, respectively. The gross and net MoIC for ACE VI (Y) Unlevered are 1.1x and 1.1x, respectively. The gross and net IRR for ACE VI (D) Rated Notes are 18.4% and 12.1%, respectively. The gross and net MoIC for ACE VI (D) Rated Notes are 1.3x and 1.2x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE VI Unlevered and ACE VI Levered are for the combined levered and unlevered parallel funds and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. (8)SDL III Unlevered includes investor commitments in three currencies: U.S. Dollars, GBP and Yen. The gross and net IRR and MoIC presented in the table are for investors committed in U.S. Dollars. The gross and net IRR for investors committed in GBP are 11.4% and 8.7%, respectively. The gross and net MoIC for investors committed in GBP are 1.1x and 1.1x, respectively. The gross and net IRR for investors committed in Yen are 7.1% and 4.2%, respectively. The gross and net MoIC for investors committed in Yen are 1.1x and 1.1x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for SDL III Unlevered are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 83 Table of Contents (9)ACE IV is made up of four parallel funds, two denominated in Euros and two denominated in GBP: ACE IV (E) Unlevered, ACE IV (G) Unlevered, ACE IV (E) Levered and ACE IV (G) Levered and one feeder fund: ACE IV (D) Levered. ACE IV (E) Levered includes the ACE IV (D) Levered feeder fund. The gross and net IRR and MoIC presented in the table are for ACE IV (E) Unlevered and ACE IV (E) Levered. Metrics for ACE IV (E) Levered exclude the U.S. Dollar denominated feeder fund. The gross and net IRR for ACE IV (G) Unlevered are 9.3% and 6.8%, respectively. The gross and net MoIC for ACE IV (G) Unlevered are 1.5x and 1.4x, respectively. The gross and net IRR for ACE IV (G) Levered are 11.9% and 8.4%, respectively. The gross and net MoIC for ACE IV (G) Levered are 1.7x and 1.5x, respectively. The gross and net IRR for ACE IV (D) Levered are 11.9% and 8.7%, respectively. The gross and net MoIC for ACE IV (D) Levered are 1.7x and 1.5x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE IV Unlevered and ACE IV Levered are for the combined levered and unlevered parallel funds and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. (10)ACE V is made up of four parallel funds, two denominated in Euros and two denominated in GBP: ACE V (E) Unlevered, ACE V (G) Unlevered, ACE V (E) Levered and ACE V (G) Levered, and two feeder funds: ACE V (D) Levered and ACE V (Y) Unlevered. ACE V (E) Levered includes the ACE V (D) Levered feeder fund and ACE V (E) Unlevered includes the ACE V (Y) Unlevered feeder fund. The gross and net IRR and gross and net MoIC presented in the table are for ACE V (E) Unlevered and ACE V (E) Levered. Metrics for ACE V (E) Levered exclude the ACE V (D) Levered feeder fund and metrics for ACE V (E) Unlevered exclude the ACE V (Y) Unlevered feeder fund. The gross and net IRR for ACE V (G) Unlevered are 11.3% and 8.5%, respectively. The gross and net MoIC for ACE V (G) Unlevered are 1.5x and 1.3x, respectively. The gross and net IRR for ACE V (G) Levered are 14.7% and 10.5%, respectively. The gross and net MoIC for ACE V (G) Levered are 1.6x and 1.4x, respectively. The gross and net IRR for ACE V (D) Levered are 13.9% and 10.3%, respectively. The gross and net MoIC for ACE V (D) Levered are 1.6x and 1.4x, respectively. The gross and net IRR for ACE V (Y) Unlevered are 10.9% and 7.9%, respectively. The gross and net MoIC for ACE V (Y) Unlevered are 1.4x and 1.3x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE V Unlevered and ACE V Levered are for the combined levered and unlevered parallel funds and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. 84 Table of Contents Real Assets Group—Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025 Fee Related Earnings The following table presents the components of the Real Assets Group’s FRE ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Management fees $ 202,590 $ 175,924 $ 26,666 15% $ 399,216 $ 306,377 $ 92,839 30% Fee related performance revenues 354 147 207 141 2,955 147 2,808 NM Other fees 62,318 48,558 13,760 28 109,070 69,938 39,132 56 Compensation and benefits (80,760) (80,289) (471) (1) (160,851) (136,991) (23,860) (17) General, administrative and other expenses (37,314) (30,695) (6,619) (22) (71,233) (51,547) (19,686) (38) Fee Related Earnings $ 147,188 $ 113,645 33,543 30 $ 279,157 $ 187,924 91,233 49 Management Fees. The chart below presents Real Assets Group management fees and effective management fee rates ($ in millions): 85 Table of Contents The following table presents the components of and causes for changes in the Real Assets Group’s management fees for the three and six months ended June 30, 2026 compared to the prior year ($ in millions): Three month change Six month change Fees from acquisitions: Fees from funds acquired in the GCP Acquisition, including catch-up fees from USLP IV $ (3.8) $ 30.8 Perpetual wealth funds: Base management fees from our open-ended core infrastructure fund; our diversified non-traded REIT; and our industrial non-traded REIT, driven by additional capital raised 17.4 30.5 Part I Fees from our open-ended core infrastructure fund, driven by an increase in net investment income from its growing portfolio of investments 7.3 13.3 Capital commitments to private commingled funds: Fees from US XI and EPEP IV, excluding catch-up fees 7.3 11.6 Catch-up fees from US XI in the first quarter of 2026 and from EPEP IV and ACIP II in the second quarter of 2025 (2.9) 1.7 Cumulative effect of other changes 1.4 4.9 Total $ 26.7 $ 92.8 The increases in effective management fee rates for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily driven by additional capital raised and Part I Fees generated by our open-ended core infrastructure fund. These increases were partially offset by lower effective management fee rates from funds that we manage as a result of the GCP Acquisition. Due to the vertically integrated focus of the acquired platform following the GCP Acquisition, we expect the size and composition of other fees earned from certain funds will increase relative to management fees. Fee Related Performance Revenues. Fee related performance revenues for the three and six months ended June 30, 2026 were primarily attributable to incentive fees earned from our U.S. open-ended industrial real estate equity fund that crystallizes fees by investor based on performance over three-year measurement periods. Other Fees. The increases in other fees for the three and six months ended June 30, 2026 compared to the same periods in 2025 were driven by: (i) higher property-related fees and administrative service fees of $5.6 million and $24.5 million, respectively, from funds acquired in the GCP Acquisition; and (ii) higher property management fees of $5.0 million and $9.7 million, respectively, as we expand these services across more properties and earn the fees for services that were previously provided by third-parties. Compensation and Benefits. The increase in compensation and benefits for the six months ended June 30, 2026 included $19.9 million from two additional months of activities from the operations that we acquired in connection with the GCP Acquisition. The increases in compensation and benefits for the three and six months ended June 30, 2026 compared to the same periods in 2025 were also driven by higher incentive-based compensation. There was no Part I Fee compensation for the three and six months ended June 30, 2026 as we reduced Part I Fee compensation by $4.4 million and $8.0 million, respectively, to reclaim a portion of the supplemental distribution fees we paid. Full-time equivalent headcount increased by 28% to 1,030 investment and investment support professionals for the year-to-date period in 2026 from 806 professionals for the same period in 2025, including the impact from the GCP Acquisition of 166 full-time equivalents. General, Administrative and Other Expenses. The increases in general, administrative and other expenses for the three and six months ended June 30, 2026 compared to the same periods in 2025 were driven by: (i) higher supplemental distribution fees of $5.8 million and $9.8 million, respectively, due to the expansion of our distribution relationships for our open-ended core infrastructure fund; and (ii) higher marketing costs of $2.9 million and $1.3 million, respectively, largely attributable to fund formation costs for US XI that exceeded amounts contractually recoverable from the fund and to investor events, including our firmwide AGM event. In addition, the increase in general, administrative and other expenses for the six months ended June 30, 2026 included $9.4 million from two additional months of activities from the operations that we acquired in connection with the GCP Acquisition. 86 Table of Contents Realized Income The following table presents the components of the Real Assets Group’s RI ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Fee Related Earnings $ 147,188 $ 113,645 $ 33,543 30% $ 279,157 $ 187,924 $ 91,233 49% Performance income—realized 5,946 3,681 2,265 62 17,609 68,986 (51,377) (74) Performance related compensation—realized (3,402) (2,317) (1,085) (47) (10,802) (49,124) 38,322 78 Realized net performance income 2,544 1,364 1,180 87 6,807 19,862 (13,055) (66) Investment income—realized 26,433 6,544 19,889 NM 31,879 14,463 17,416 120 Interest income 301 665 (364) (55) 485 3,283 (2,798) (85) Interest expense (32,066) (24,570) (7,496) (31) (63,155) (40,287) (22,868) (57) Realized net investment loss (5,332) (17,361) 12,029 (69) (30,791) (22,541) (8,250) (37) Realized Income $ 144,400 $ 97,648 46,752 48 $ 255,173 $ 185,245 69,928 38 The Real Assets Group’s realized activities were principally composed of and caused by the following: Three months ended June 30, 2026 Three months ended June 30, 2025 Realized net performance income Carried interest:•Distributions of $2.5 million from a European real estate equity fund Carried interest:•Distributions of $1.3 million from US VIII and a U.S. real estate equity fund, which are both European-style waterfall funds that are past their investment periods and monetizing investments Realized investment income and interest income •Realized gains of $23.8 million from the settlement of foreign currency hedges, primarily related to capital interests we hold in Japanese real estate equity funds •Distributions of investment income of $4.6 million from our real estate debt and infrastructure debt funds Six months ended June 30, 2026 Six months ended June 30, 2025 Realized net performance income Carried interest:•Distributions of $3.3 million from US VIII, which is a European-style waterfall fund that is past its investment period and monetizing investments•Distributions of $2.5 million from a European real estate equity fund Carried interest:•Tax distributions of $12.6 million from EIF V•Distributions of $4.1 million from US VIII and a U.S. real estate equity fund, which are both European-style waterfall funds that are past their investment periods and monetizing investments•Distributions of $2.1 million from the sale of an ACIP I co-investment vehicle’s investment in a renewable energy company Realized investment income and interest income •Realized gains of $23.8 million from the settlement of foreign currency hedges, primarily related to capital interests we hold in Japanese real estate equity funds•Income of $3.6 million from our Japanese real estate equity funds that distribute dividends semi-annually •Distributions of investment income of $9.7 million from our real estate debt and infrastructure debt funds Interest expense increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to a higher average outstanding balance of our Credit Facility and the full quarter impact of interest expense for the Term Loan that was executed in March 2026. In addition, financing costs to complete the GCP Acquisition resulted in a greater allocation of interest expense to the Real Assets Group and the current year period reflected two additional months of interest expense that was allocated based on capital used to finance the GCP Acquisition. 87 Table of Contents Real Assets Group—Performance Income The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Real Assets Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions): As of June 30, 2026 As of December 31, 2025 Accrued Performance Income Accrued Performance Compensation Accrued Net Performance Income Accrued Performance Income Accrued Performance Compensation Accrued Net Performance Income US IX $ 78.7 $ 48.8 $ 29.9 $ 85.0 $ 52.7 $ 32.3 IDF V 194.5 120.5 74.0 172.5 106.9 65.6 EIF V 102.9 76.9 26.0 93.6 70.0 23.6 ACIP I 101.6 70.1 31.5 84.8 58.2 26.6 JDC I 84.0 71.4 12.6 26.0 22.1 3.9 Other Real Assets funds 168.6 109.4 59.2 125.1 82.5 42.6 Total Real Assets Group $ 730.3 $ 497.1 $ 233.2 $ 587.0 $ 392.4 $ 194.6 The following table presents the change in accrued performance income for the Real Assets Group ($ in millions): As of December 31, 2025 Activity during the period As of June 30, 2026 Waterfall Type Accrued Performance Income Change in Unrealized Realized Other Adjustments Accrued Performance Income Accrued Carried Interest US IX European $ 85.0 $ (6.3) $ — $ — $ 78.7 IDF V European 172.5 27.3 — (5.3) 194.5 EIF V European 93.6 9.3 — — 102.9 ACIP I European 84.8 16.8 — — 101.6 JDC I European 26.0 60.3 — (2.3) 84.0 Other Real Assets funds European 89.1 54.3 (11.6) (0.4) 131.4 Other Real Assets funds American 36.0 7.1 (6.0) 0.1 37.2 Total Real Assets Group $ 587.0 $ 168.8 $ (17.6) $ (7.9) $ 730.3 88 Table of Contents Real Assets Group—Assets Under Management The tables below present rollforwards of AUM for the Real Assets Group ($ in millions): Real Estate Infrastructure Total Real Assets Group Balance at 3/31/2026 $ 117,161 $ 26,223 $ 143,384 New equity commitments 3,720 2,947 6,667 New debt commitments 2,722 350 3,072 Capital reductions (888) — (888) Distributions (1,591) (713) (2,304) Redemptions (476) (5) (481) Net allocations among investment strategies 136 271 407 Change in fund value 551 822 1,373 Balance at 6/30/2026 $ 121,335 $ 29,895 $ 151,230 Real Estate Infrastructure Total Real Assets Group Balance at 3/31/2025 $ 104,440 $ 19,747 $ 124,187 New equity commitments 766 1,328 2,094 New debt commitments 1,619 — 1,619 Capital reductions (386) — (386) Distributions (1,058) (661) (1,719) Redemptions (131) — (131) Net allocations among investment strategies (79) 129 50 Change in fund value 3,479 581 4,060 Balance at 6/30/2025 $ 108,650 $ 21,124 $ 129,774 Real Estate Infrastructure Total Real Assets Group Balance at 12/31/2025 $ 113,745 $ 25,343 $ 139,088 New equity commitments 7,886 4,033 11,919 New debt commitments 3,564 500 4,064 Capital reductions (1,223) — (1,223) Distributions (2,680) (1,138) (3,818) Redemptions (647) (21) (668) Net allocations among investment strategies 227 302 529 Change in fund value 463 876 1,339 Balance at 6/30/2026 $ 121,335 $ 29,895 $ 151,230 Real Estate Infrastructure Total Real Assets Group Balance at 12/31/2024 $ 58,246 $ 17,052 $ 75,298 Acquisitions 43,273 2,008 45,281 New equity commitments 2,170 2,386 4,556 New debt commitments 4,066 167 4,233 Capital reductions (1,154) — (1,154) Distributions (1,849) (1,328) (3,177) Redemptions (290) — (290) Net allocations among investment strategies (106) 156 50 Change in fund value 4,294 683 4,977 Balance at 6/30/2025 $ 108,650 $ 21,124 $ 129,774 89 Table of Contents The components of our AUM for the Real Assets Group are presented below ($ in billions): AUM: $151.2 AUM: $129.8 FPAUM Non-fee paying(1) AUM not yet paying fees (1) Includes $2.1 billion and $1.4 billion of non-fee paying AUM from our general partner and employee commitments as of June 30, 2026 and 2025, respectively. 90 Table of Contents Real Assets Group—Fee Paying AUM The tables below present rollforwards of fee paying AUM for the Real Assets Group ($ in millions): Real Estate Infrastructure Total Real Assets Group Balance at 3/31/2026 $ 72,675 $ 14,464 $ 87,139 Commitments 800 1,910 2,710 Deployment/increase in leverage 548 614 1,162 Capital reductions (139) — (139) Distributions (852) (513) (1,365) Redemptions (398) (5) (403) Net allocations among investment strategies 128 280 408 Change in fund value 284 (53) 231 Change in fee basis (1,129) — (1,129) Balance at 6/30/2026 $ 71,917 $ 16,697 $ 88,614 Real Estate Infrastructure Total Real Assets Group Balance at 3/31/2025 $ 64,756 $ 11,669 $ 76,425 Commitments 482 398 880 Deployment/increase in leverage 683 604 1,287 Capital reductions (136) — (136) Distributions (720) (588) (1,308) Redemptions (131) — (131) Net allocations among investment strategies (79) 129 50 Change in fund value 2,833 91 2,924 Change in fee basis (496) — (496) Balance at 6/30/2025 $ 67,192 $ 12,303 $ 79,495 Real Estate Infrastructure Total Real Assets Group Balance at 12/31/2025 $ 71,063 $ 13,002 $ 84,065 Commitments 2,348 2,976 5,324 Deployment/increase in leverage 1,680 1,787 3,467 Capital reductions (221) — (221) Distributions (1,283) (1,372) (2,655) Redemptions (569) (21) (590) Net allocations among investment strategies 227 323 550 Change in fund value 36 2 38 Change in fee basis (1,364) — (1,364) Balance at 6/30/2026 $ 71,917 $ 16,697 $ 88,614 Real Estate Infrastructure Total Real Assets Group Balance at 12/31/2024 $ 32,896 $ 11,192 $ 44,088 Acquisitions 30,178 289 30,467 Commitments 1,371 576 1,947 Deployment/increase in leverage 1,401 1,396 2,797 Capital reductions (178) — (178) Distributions (1,271) (1,440) (2,711) Redemptions (290) — (290) Net allocations among investment strategies (106) 156 50 Change in fund value 3,429 (225) 3,204 Change in fee basis (238) 359 121 Balance at 6/30/2025 $ 67,192 $ 12,303 $ 79,495 91 Table of Contents The charts below present FPAUM for the Real Assets Group by its fee bases ($ in billions): FPAUM: $88.6 FPAUM: $79.5 Invested capital GAV NAV/fair value Capital commitments Real Assets Group—Fund Performance Metrics as of June 30, 2026 The significant funds presented in the table below collectively contributed approximately 39% of the Real Assets Group’s management fees for the six months ended June 30, 2026. The following table presents the performance data for our significant perpetual capital funds in the Real Assets Group as of June 30, 2026 ($ in millions): Returns(%) Primary Investment Strategy Year of Inception AUM Current Quarter Year-To-Date Since Inception(1) Fund Gross Net Gross Net Gross Net Diversified non-traded REIT(2) Real Estate 2012 $ 8,395 N/A 2.2 N/A 5.0 N/A 6.6 J-REIT(3) Real Estate 2012 7,256 N/A N/A N/A N/A N/A 13.0 Industrial non-traded REIT(4) Real Estate 2017 7,967 N/A 2.0 N/A 3.8 N/A 8.5 U.S. open-ended industrial real estate equity fund(5) Real Estate 2017 7,426 2.2 1.9 4.9 4.2 15.9 13.0 Open-ended core infrastructure fund(6) Infrastructure 2024 5,794 N/A 2.4 N/A 4.4 N/A 10.5 (1)Since inception returns are annualized. (2)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. The inception date used in the calculation of the since inception return is the date in which the first shares of common stock were sold after converting to a NAV-based REIT. (3)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at NAV on the semi-annual period-end date. NAVs are calculated semi-annually in February and August, and therefore, only the since inception return is presented. The inception date used in the calculation of the since inception return is the date in which the fund’s investment units began to be listed on the Tokyo Stock Exchange. The since inception return is calculated based on the most recent NAV date. Additional information related to J-REIT can be found in its materials posted to its website, which are not part of this report. (4)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. (5)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Gross returns do not reflect the deduction of management fees, incentive fees, as applicable, or other expenses. Net returns are calculated by subtracting the applicable management fees, incentive fees, as applicable and other expenses from the gross returns on a quarterly basis. (6)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. 92 Table of Contents Secondaries Group—Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025 Fee Related Earnings The following table presents the components of the Secondaries Group’s FRE ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Management fees $ 71,875 $ 61,643 $ 10,232 17% $ 142,150 $ 119,293 $ 22,857 19% Fee related performance revenues 39,094 16,236 22,858 141 50,793 25,892 24,901 96 Other fees 1,804 5,801 (3,997) (69) 3,589 5,923 (2,334) (39) Compensation and benefits (37,358) (23,067) (14,291) (62) (57,857) (41,438) (16,419) (40) General, administrative and other expenses (14,507) (10,076) (4,431) (44) (23,134) (18,549) (4,585) (25) Fee Related Earnings $ 60,908 $ 50,537 10,371 21 $ 115,541 $ 91,121 24,420 27 Management Fees. The chart below presents Secondaries Group management fees and effective management fee rates ($ in millions): 93 Table of Contents The following table presents the components of and causes for changes in the Secondaries Group’s management fees for the three and six months ended June 30, 2026 compared to the prior year periods ($ in millions): Three month change Six month change Fees from APMF, driven by additional capital raised $ 8.4 $ 16.9 Capital commitments to private commingled funds: Fees from ASIS III and a private equity secondaries fund, excluding catch-up fees 2.8 7.1 Catch-up fees from ASIS III (3.2) (6.4) Fees from ACS, driven by capital deployment 2.7 4.8 Cumulative effect of other changes (0.5) 0.5 Total $ 10.2 $ 22.9 The decrease in effective management fee rate for the three months ended June 30, 2026 compared to the same period in 2025 was primarily driven by the deployment of capital by ACS at a lower effective management fee rate, partially offset by additional capital raised by APMF that has a fee rate of 1.40%. Fee Related Performance Revenues. The increases in fee related performance revenues for the three and six months ended June 30, 2026 compared to the same periods in 2025 were attributable to higher incentive fees earned from APMF due to NAV appreciation. Other Fees. For the comparable periods, other fees largely represent capital markets transaction fees that will vary based on the timing and nature of the investment and financing activities of our funds. Compensation and Benefits. The increases in compensation and benefits for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily driven by increases in fee related performance compensation of $13.8 million and $14.5 million, respectively, corresponding to the increases in fee related performance revenues. We reduced fee related performance compensation by $4.0 million and $2.9 million for the three months ended June 30, 2026 and 2025, respectively, and $6.6 million and $5.6 million for the six months ended June 30, 2026 and 2025, respectively, to reclaim a portion of the supplemental distribution fees we paid. The increases in compensation and benefits for the comparative periods also reflected the continued growth in salary and benefits for our growing headcount. Full-time equivalent headcount increased by 7% to 120 investment and investment support professionals for the year-to-date period in 2026 from 112 professionals in 2025. General, Administrative and Other Expenses. The increases in general, administrative and other expenses for the three and six months ended June 30, 2026 compared to the same periods in 2025 were driven by: (i) higher marketing costs of $2.1 million and $1.4 million, respectively, largely attributable to fund formation costs for ASIS III that exceeded amounts contractually recoverable from the fund and to investor events, including our firmwide AGM event; and (ii) higher supplemental distribution fees of $1.6 million for both periods to support distribution of APMF shares. Realized Income The following table presents the components of the Secondaries Group’s RI ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Fee Related Earnings $ 60,908 $ 50,537 $ 10,371 21% $ 115,541 $ 91,121 $ 24,420 27% Investment income—realized 800 17 783 NM 969 155 814 NM Interest income 16 23 (7) (30) 35 980 (945) (96) Interest expense (2,027) (1,862) (165) (9) (3,650) (3,870) 220 6 Realized net investment loss (1,211) (1,822) 611 (34) (2,646) (2,735) 89 3 Realized Income $ 59,697 $ 48,715 10,982 23 $ 112,895 $ 88,386 24,509 28 Realized net investment loss for the three and six months ended June 30, 2026 and 2025 largely represents allocated interest expense exceeding investment income during these periods. 94 Table of Contents Secondaries Group—Performance Income The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Secondaries Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions): As of June 30, 2026 As of December 31, 2025 Accrued Performance Income Accrued Performance Compensation Accrued Net Performance Income Accrued Performance Income Accrued Performance Compensation Accrued Net Performance Income LEP XVII $ 41.7 $ 34.7 $ 7.0 $ 35.5 $ 29.5 $ 6.0 LREF VIII 38.2 32.4 5.8 74.0 62.8 11.2 LREP IX 34.7 27.4 7.3 27.1 21.4 5.7 Other Secondaries funds 68.8 46.6 22.2 45.1 31.1 14.0 Total Secondaries Group $ 183.4 $ 141.1 $ 42.3 $ 181.7 $ 144.8 $ 36.9 The following table presents the change in accrued performance income for the Secondaries Group ($ in millions): As of December 31, 2025 Activity during the period As of June 30, 2026 Waterfall Type Accrued Performance Income Change in Unrealized Realized Accrued Performance Income Accrued Carried Interest LEP XVII European $ 35.5 $ 6.2 $ — $ 41.7 LREF VIII European 74.0 (35.8) — 38.2 LREP IX European 27.0 7.7 — 34.7 Other Secondaries funds European 45.1 23.7 — 68.8 Total Secondaries Group $ 181.6 $ 1.8 $ — $ 183.4 95 Table of Contents Secondaries Group—Assets Under Management The table below presents the rollforwards of AUM for the Secondaries Group ($ in millions): Private Equity Secondaries Real Estate Secondaries Infrastructure Secondaries Credit Secondaries Total SecondariesGroup Balance at 3/31/2026 $ 22,633 $ 8,152 $ 7,023 $ 4,821 $ 42,629 New equity commitments 1,282 47 — — 1,329 New debt commitments 345 — — — 345 Distributions (61) (324) (7) (10) (402) Redemptions (130) — — — (130) Net allocations among investment strategies — 25 25 102 152 Change in fund value 158 (93) 173 18 256 Balance at 6/30/2026 $ 24,227 $ 7,807 $ 7,214 $ 4,931 $ 44,179 Private Equity Secondaries Real Estate Secondaries Infrastructure Secondaries Credit Secondaries Total Secondaries Group Balance at 3/31/2025 $ 16,979 $ 7,945 $ 4,030 $ 2,358 $ 31,312 New equity commitments 1,100 — 244 1,175 2,519 Distributions (50) (6) (91) (13) (160) Redemptions (40) — — — (40) Net allocations among investment strategies 10 25 — 37 72 Change in fund value 184 34 16 12 246 Balance at 6/30/2025 $ 18,183 $ 7,998 $ 4,199 $ 3,569 $ 33,949 Private Equity Secondaries Real Estate Secondaries Infrastructure Secondaries Credit Secondaries Total Secondaries Group Balance at 12/31/2025 $ 22,104 $ 8,196 $ 6,975 $ 4,881 $ 42,156 New equity commitments 1,964 47 9 50 2,070 New debt commitments 345 — — — 345 Capital reductions (88) — — — (88) Distributions (233) (378) (43) (91) (745) Redemptions (156) — — — (156) Net allocations among investment strategies 15 25 25 102 167 Change in fund value 276 (83) 248 (11) 430 Balance at 6/30/2026 $ 24,227 $ 7,807 $ 7,214 $ 4,931 $ 44,179 Private Equity Secondaries Real Estate Secondaries Infrastructure Secondaries Credit Secondaries Total Secondaries Group Balance at 12/31/2024 $ 15,805 $ 7,779 $ 3,691 $ 1,878 $ 29,153 New equity commitments 2,349 228 581 1,649 4,807 Capital reductions — (58) — — (58) Distributions (228) (44) (110) (17) (399) Redemptions (63) — — — (63) Net allocations among investment strategies 10 25 — 37 72 Change in fund value 310 68 37 22 437 Balance at 6/30/2025 $ 18,183 $ 7,998 $ 4,199 $ 3,569 $ 33,949 96 Table of Contents The components of our AUM for the Secondaries Group are presented below ($ in billions): AUM: $44.2 AUM: $33.9 FPAUM Non-fee paying(1) AUM not yet paying fees (1) Includes $0.6 billion and $1.1 billion of non-fee paying AUM from our general partner and employee commitments as of June 30, 2026 and 2025, respectively. 97 Table of Contents Secondaries Group—Fee Paying AUM The table below presents the rollforwards of fee paying AUM for the Secondaries Group ($ in millions): Private Equity Secondaries Real Estate Secondaries Infrastructure Secondaries Credit Secondaries Total Secondaries Group Balance at 3/31/2026 $ 16,654 $ 6,662 $ 4,864 $ 2,009 $ 30,189 Commitments 505 47 — — 552 Deployment/increase in leverage 75 34 — 331 440 Distributions (4) (271) (7) (9) (291) Redemptions (130) — — — (130) Net allocations among investment strategies — 25 25 102 152 Change in fund value 68 109 13 448 638 Change in fee basis — (84) — — (84) Balance at 6/30/2026 $ 17,168 $ 6,522 $ 4,895 $ 2,881 $ 31,466 Private Equity Secondaries Real Estate Secondaries Infrastructure Secondaries Credit Secondaries Total Secondaries Group Balance at 3/31/2025 $ 13,369 $ 6,530 $ 2,927 $ 644 $ 23,470 Commitments 471 — 217 — 688 Deployment/increase in leverage 51 15 — 343 409 Distributions (5) (6) — — (11) Redemptions (40) — — — (40) Net allocations among investment strategies 10 25 — 37 72 Change in fund value 62 (7) — (108) (53) Balance at 6/30/2025 $ 13,918 $ 6,557 $ 3,144 $ 916 $ 24,535 Private Equity Secondaries Real Estate Secondaries Infrastructure Secondaries Credit Secondaries Total Secondaries Group Balance at 12/31/2025 $ 16,592 $ 6,721 $ 4,859 $ 1,309 $ 29,481 Commitments 991 47 — — 1,038 Deployment/increase in leverage 91 92 — 1,331 1,514 Capital reductions (88) — — — (88) Distributions (21) (323) (7) (200) (551) Redemptions (156) — — — (156) Net allocations among investment strategies — 25 25 103 153 Change in fund value (210) 44 18 338 190 Change in fee basis (31) (84) — — (115) Balance at 6/30/2026 $ 17,168 $ 6,522 $ 4,895 $ 2,881 $ 31,466 Private Equity Secondaries Real Estate Secondaries Infrastructure Secondaries Credit Secondaries Total Secondaries Group Balance at 12/31/2024 $ 12,788 $ 6,441 $ 2,582 $ 590 $ 22,401 Commitments 1,020 170 550 — 1,740 Deployment/increase in leverage 136 47 13 470 666 Distributions (14) (38) (17) — (69) Redemptions (63) — — — (63) Net allocations among investment strategies 10 25 — 37 72 Change in fund value 41 (88) 16 (181) (212) Balance at 6/30/2025 $ 13,918 $ 6,557 $ 3,144 $ 916 $ 24,535 98 Table of Contents The chart below presents FPAUM for the Secondaries Group by its fee bases ($ in billions): FPAUM: $31.5 FPAUM: $24.5 Reported value Capital commitments Invested capital Secondaries Group—Fund Performance Metrics as of June 30, 2026 The significant funds presented in the tables below collectively contributed approximately 42% of the Secondaries Group’s management fees for the six months ended June 30, 2026. The following table presents the performance data for our significant perpetual capital fund in the Secondaries Group as of June 30, 2026 ($ in millions): Returns(%) Primary Investment Strategy Year of Inception AUM Current Quarter Year-To-Date Since Inception(1) Fund Gross Net Gross Net Gross Net APMF(2) Private Equity Secondaries 2022 $ 5,870 N/A 6.9 N/A 10.2 N/A 15.0 (1)Since inception returns are annualized. (2)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. Additional information related to APMF can be found in its filings with the SEC, which are not part of this report. The following table presents the performance data of the significant drawdown fund in the Secondaries Group as of June 30, 2026 ($ in millions): Primary Investment Strategy Year of Inception AUM Original Capital Commitments Capital Invested to Date Realized Value(1) Unrealized Value(2) Total Value MoIC IRR(%) Fund Gross(3) Net(4) Gross(5) Net(6) Fund Harvesting Investments LEP XVI(7) Private Equity Secondaries 2016 $ 3,969 $ 4,896 $ 4,479 $ 2,079 $ 3,276 $ 5,355 1.3x 1.2x 11.5 6.8 Returns for LEP XVI are calculated from results of the underlying portfolio that are generally reported on a three month lag and may not include the impact of economic and market activities occurring in the current reporting period. (1)Realized value represents the sum of all cash distributions to all limited partners and if applicable, exclude tax and incentive distributions made to the general partner. (2)Unrealized value represents the limited partners’ share of fund’s NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. (3)The gross MoIC is calculated at the fund-level and is based on the interests of all partners. If applicable, limiting the gross MoIC to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documentation. The gross fund-level MoIC would have generally been lower had such fund called capital from its partners instead of utilizing the credit facility. (4)The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees and other expenses, carried interest and credit facility interest expense, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documentation. The net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 99 Table of Contents (5)The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to all partners. If applicable, limiting the gross IRR to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documents. The gross fund-level IRR would generally have been lower had such fund called capital from its partners instead of utilizing the credit facility. (6)The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and other expenses, carried interest and credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documents. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. (7)The results of the fund are presented on a combined basis with the affiliated parallel funds or accounts, given that the investments are substantially the same. 100 Table of Contents Private Equity Group—Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025 Fee Related Earnings The following table presents the components of the Private Equity Group’s FRE ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Management fees $ 33,800 $ 31,767 $ 2,033 6% $ 66,919 $ 63,765 $ 3,154 5% Other fees 677 434 243 56 1,177 831 346 42 Compensation and benefits (14,102) (16,796) 2,694 16 (27,886) (30,627) 2,741 9 General, administrative and other expenses (5,072) (5,559) 487 9 (10,050) (9,816) (234) (2) Fee Related Earnings $ 15,303 $ 9,846 5,457 55 $ 30,160 $ 24,153 6,007 25 Management Fees. The chart below presents Private Equity Group management fees and effective management fee rates ($ in millions): 101 Table of Contents The following table presents the components of and causes for changes in the Private Equity Group’s management fees for the three and six months ended June 30, 2026 compared to the same periods in 2025 ($ in millions): Three month change Six month change Private commingled funds: Fees from ACOF VII, which started generating fees in the fourth quarter of 2025 $ 11.1 $ 22.1 Fees from acquired APAC private equity funds effective August 2025 2.2 4.4 Fees from ACOF VI, due to the step down in fee rate and change in fee base following the commencement of fees from ACOF VII (10.1) (20.1) Fees from ACOF V, due to distributions that reduced the fee base as the fund has passed its investment period (1.6) (3.4) Cumulative effect of other changes 0.4 0.2 Total $ 2.0 $ 3.2 The decreases in effective management fee rates for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily due to a step down in fee rate to 0.75% for ACOF VI, following the commencement of fees from ACOF VII in the fourth quarter of 2025. Compensation and Benefits. Total compensation and benefits decreased over the comparative periods, reflecting changes as we seek to optimize the composition of our investment and investment support professionals within our corporate opportunities team. The increase in headcount when compared to the prior year results from the acquisition of an APAC private equity company during the third quarter of 2025. Full-time equivalent headcount increased by 7% to 112 investment and investment support professionals for the year-to-date period in 2026 from 105 professionals in 2025. Realized Income The following table presents the components of the Private Equity Group’s RI ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Fee Related Earnings $ 15,303 $ 9,846 $ 5,457 55% $ 30,160 $ 24,153 $ 6,007 25% Performance income—realized 5,961 29,958 (23,997) (80) 41,618 35,989 5,629 16 Performance related compensation—realized (5,933) (23,506) 17,573 (75) (34,496) (26,857) (7,639) (28) Realized net performance income 28 6,452 (6,424) (100) 7,122 9,132 (2,010) (22) Investment income (loss)—realized 289 369 (80) (22) 367 (4,233) 4,600 NM Interest income 1 1 — — 1 2,023 (2,022) (100) Interest expense (3,475) (3,810) 335 9 (6,891) (7,990) 1,099 14 Realized net investment loss (3,185) (3,440) 255 7 (6,523) (10,200) 3,677 36 Realized Income $ 12,146 $ 12,858 (712) (6) $ 30,759 $ 23,085 7,674 33 The Private Equity Group’s realized activities were principally composed of and caused by the following: Three months ended June 30, 2026 Three months ended June 30, 2025 Realized net performance income •No significant activities Carried interest:•Distributions from partial sales of ACOF VI’s investment in Frontier Communications Parent, Inc. (“FYBR”) and ACOF IV’s investment in an energy company Realized investment income (loss) and interest income •No significant activities •No significant activities Six months ended June 30, 2026 Six months ended June 30, 2025 Realized net performance income Carried interest:•Distributions from partial sales of ACOF IV’s investments in various energy companies Carried interest:•Distributions from partial sales of ACOF VI’s investment in FYBR and ACOF IV’s investment in an energy company Realized investment income (loss) and interest income •No significant activities •Realized investment loss of $5.7 million from ACOF III as the fund continues to liquidate its remaining assets 102 Table of Contents Private Equity Group—Performance Income The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Private Equity Group ($ in millions): As of June 30, 2026 As of December 31, 2025 Accrued Performance Income Accrued Performance Compensation Accrued Net Performance Income Accrued Performance Income Accrued Performance Compensation Accrued Net Performance Income ACOF IV $ 91.4 $ 73.2 $ 18.2 $ 142.8 $ 114.4 $ 28.4 ACOF VI 625.6 609.1 16.5 594.3 584.1 10.2 ACOF VII 14.2 11.4 2.8 2.1 1.7 0.4 Other Private Equity funds 7.7 6.0 1.7 9.0 7.2 1.8 Total Private Equity Group $ 738.9 $ 699.7 $ 39.2 $ 748.2 $ 707.4 $ 40.8 As a result of transferring of our rights to receive the carried interest from ACOF VI in exchange for capital interests in certain structured financing vehicles, the value associated with the transferred carried interest is now reflected as investments in these structured financing vehicles. We remain obligated to compensate our professionals who retain the rights to their allocation of performance income, which continue to be reported within performance related compensation. The following table presents the change in accrued carried interest for the Private Equity Group ($ in millions): As of December 31, 2025 Activity during the period As of June 30, 2026 Waterfall Type Accrued Carried Interest Change in Unrealized Realized Accrued Carried Interest ACOF IV American $ 142.8 $ (15.8) $ (35.6) $ 91.4 ACOF VI American 594.3 37.3 (6.0) 625.6 ACOF VII American 2.1 12.1 — 14.2 Other Private Equity funds American 8.1 (1.1) — 7.0 Other Private Equity funds European 0.9 (0.2) — 0.7 Total Private Equity Group $ 748.2 $ 32.3 $ (41.6) $ 738.9 103 Table of Contents Private Equity Group—Assets Under Management The tables below present rollforwards of AUM for the Private Equity Group ($ in millions): Corporate Private Equity APAC Private Equity Total Private Equity Group Balance at 3/31/2026 $ 21,354 $ 3,320 $ 24,674 Distributions (526) (25) (551) Change in fund value 532 (204) 328 Balance at 6/30/2026 $ 21,360 $ 3,091 $ 24,451 Corporate Private Equity APAC Private Equity Total Private Equity Group Balance at 3/31/2025 $ 21,902 $ 2,825 $ 24,727 Capital reductions (19) — (19) Distributions (1,056) — (1,056) Change in fund value 374 (260) 114 Balance at 6/30/2025 $ 21,201 $ 2,565 $ 23,766 Corporate Private Equity APAC Private Equity Total Private Equity Group Balance at 12/31/2025 $ 21,875 $ 3,413 $ 25,288 New equity commitments 858 — 858 Distributions (1,596) (42) (1,638) Change in fund value 223 (280) (57) Balance at 6/30/2026 $ 21,360 $ 3,091 $ 24,451 Corporate Private Equity APAC Private Equity Total Private Equity Group Balance at 12/31/2024 $ 21,064 $ 2,977 $ 24,041 New equity commitments 959 16 975 Capital reductions (54) — (54) Distributions (1,205) — (1,205) Change in fund value 437 (428) 9 Balance at 6/30/2025 $ 21,201 $ 2,565 $ 23,766 The components of our AUM for the Private Equity Group are presented below ($ in billions): AUM: $24.5 AUM: $23.8 FPAUM Non-fee paying(1) AUM not yet paying fees (1) Includes $1.0 billion and $1.1 billion of non-fee paying AUM from our general partner and employee commitments as of June 30, 2026 and 2025, respectively. 104 Table of Contents Private Equity Group—Fee Paying AUM The tables below present rollforwards of fee paying AUM for the Private Equity Group ($ in millions): Corporate Private Equity APAC Private Equity Total Private Equity Group Balance at 3/31/2026 $ 12,071 $ 2,132 $ 14,203 Deployment/increase in leverage 96 — 96 Distributions (349) — (349) Change in fund value 27 — 27 Change in fee basis (70) — (70) Balance at 6/30/2026 $ 11,775 $ 2,132 $ 13,907 Corporate Private Equity APAC Private Equity Total Private Equity Group Balance at 3/31/2025 $ 9,825 $ 1,527 $ 11,352 Deployment/increase in leverage 16 — 16 Capital reductions (11) — (11) Change in fund value 2 — 2 Change in fee basis (341) (25) (366) Balance at 6/30/2025 $ 9,491 $ 1,502 $ 10,993 Corporate Private Equity APAC Private Equity Total Private Equity Group Balance at 12/31/2025 $ 12,206 $ 2,231 $ 14,437 Deployment/increase in leverage 891 2 893 Distributions (428) — (428) Change in fund value (1) (101) (102) Change in fee basis (893) — (893) Balance at 6/30/2026 $ 11,775 $ 2,132 $ 13,907 Corporate Private Equity APAC Private Equity Total Private Equity Group Balance at 12/31/2024 $ 9,860 $ 1,567 $ 11,427 Deployment/increase in leverage 25 7 32 Capital reductions (11) — (11) Change in fund value 2 — 2 Change in fee basis (385) (72) (457) Balance at 6/30/2025 $ 9,491 $ 1,502 $ 10,993 The charts below present FPAUM for the Private Equity Group by its fee bases ($ in billions): FPAUM: $13.9 FPAUM: $11.0 Invested capital Capital commitments 105 Table of Contents Private Equity Group—Fund Performance Metrics as of June 30, 2026 The significant funds presented in the table below collectively contributed approximately 54% of the Private Equity Group’s management fees for the six months ended June 30, 2026. The following table presents the performance data of the Private Equity Group’s significant drawdown funds as of June 30, 2026 ($ in millions): Primary Investment Strategy Year of Inception AUM Original Capital Commitments Capital Invested to Date Realized Value(1) Unrealized Value(2) Total Value MoIC IRR(%) Fund Gross(3) Net(4) Gross(5) Net(6) Funds Deploying Capital ACOF VI Corporate Private Equity 2020 $ 8,909 $ 5,743 $ 5,977 $ 2,485 $ 8,427 $ 10,912 1.8x 1.5x 19.5 14.6 ACOF VII Corporate Private Equity 2023 3,932 3,846 764 — 930 930 NM NM NM NM (1)Realized value represents the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments. Realized value excludes any proceeds related to bridge financings. (2)Unrealized value represents the fair market value of remaining investments. Unrealized value does not take into account any bridge financings. There can be no assurance that unrealized investments will be realized at the valuations indicated. (3)The gross MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross MoICs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. (4)The net MoIC is calculated at the fund-level. The net MoIC is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or performance fees. The net MoIC is after giving effect to management fees, carried interest, as applicable, and other expenses. The net MoIC is also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net MoIC would be 1.5x for ACOF VI. The fund may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoIC would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. (5)The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross IRRs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. (6)The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRR reflects returns to the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculation are based on the actual dates of the cash flows. The net IRR is calculated after giving effect to management fees, carried interest as applicable, and other expenses and exclude commitments by the general partner and Schedule I investors who do not pay either management fees or carried interest. The fund may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRR would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. The net IRR is also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net IRR would be 14.2% for ACOF VI. 106 Table of Contents Operations Management Group—Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025 Fee Related Earnings The following table presents the components of the Operations Management Group’s FRE ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Other fees $ 9,179 $ 7,831 $ 1,348 17% $ 18,960 $ 13,368 $ 5,592 42% Compensation and benefits (153,045) (134,645) (18,400) (14) (303,117) (251,113) (52,004) (21) General, administrative and other expenses (93,545) (69,177) (24,368) (35) (174,156) (133,203) (40,953) (31) Fee Related Earnings $ (237,411) $ (195,991) (41,420) (21) $ (458,313) $ (370,948) (87,365) (24) Other Fees. The increases in other fees for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 were primarily attributable to higher facilitation fees from the 1031 exchange program associated with our non-traded REITs. The increase in other fees for the six months ended June 30, 2026 compared to the same period in 2025 was also attributable to the increase in capital markets transaction fees. We expect to earn higher capital markets transaction fees in future periods as we build out our capital solutions team and capabilities. Compensation and Benefits. The increases in compensation and benefits for the three and six months ended June 30, 2026 compared to the same periods in 2025 were driven by: (i) increases in salary expenses of $10.1 million and $21.4 million, respectively, primarily attributable to the increase in headcount to expand our capabilities and support the growth of our business and other strategic initiatives, including the transfer of investment professionals from our operating segments to support the efforts of our Capital Solutions Group within OMG; and (ii) increases in incentive-based compensation of $5.7 million and $13.4 million, respectively. In addition, the increase in compensation and benefits for the six months ended June 30, 2026 included $8.8 million from two additional months of activities from the operations that we acquired in connection with the GCP Acquisition. Full-time equivalent headcount increased by 13% to 2,293 professionals for the year-to-date period in 2026 from 2,021 professionals in 2025, including the impact from the GCP Acquisition of 67 full-time equivalents. General, Administrative and Other Expenses. The increases in general, administrative and other expenses for the three and six months ended June 30, 2026 compared to the same periods in 2025 were driven by: (i) higher professional service fees of $9.3 million and $10.7 million, respectively, primarily from tax related service fees and from consulting fees to support various ongoing technology initiatives to enhance our operations; (ii) higher information technology and occupancy costs of $6.1 million and $11.0 million, respectively, to support our growing headcount, including the expansion of our New York headquarters; and (iii) higher marketing costs of $5.0 million and $8.1 million, respectively, largely attributable to program sponsorships and to investor events, including our firmwide AGM event. In addition, the increase in general, administrative and other expenses for the six months ended June 30, 2026 included $3.7 million from two additional months of activities from the operations that we acquired in connection with the GCP Acquisition. Realized Income The following table presents the components of the OMG’s RI ($ in thousands): Three months ended June 30, Favorable (Unfavorable) Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Fee Related Earnings $ (237,411) $ (195,991) $ (41,420) (21)% $ (458,313) $ (370,948) $ (87,365) (24)% Investment loss—realized (448) (893) 445 (50) (579) (562) (17) (3) Interest income 1,314 646 668 103 2,255 1,249 1,006 81 Interest expense (77) (6) (71) NM (213) (262) 49 19 Realized net investment income (loss) 789 (253) 1,042 NM 1,463 425 1,038 244 Realized Income $ (236,622) $ (196,244) (40,378) (21) $ (456,850) $ (370,523) (86,327) (23) 107 Table of Contents Liquidity and Capital Resources Management assesses liquidity in terms of our ability to generate cash to fund operating, investing and financing activities. Management believes that we are well-positioned and our liquidity will continue to be sufficient for our foreseeable working capital needs, contractual obligations, dividend payments and strategic initiatives. Sources and Uses of Liquidity Our sources of liquidity are: (i) cash on hand; (ii) net working capital; (iii) cash from operations, including management fees, other fees, fee related performance revenues and net realized performance income; (iv) fund distributions related to our investments that are unpredictable as to amount and timing; and (v) net borrowings from the Credit Facility. As of June 30, 2026, our cash and cash equivalents were $557.1 million and we have $1,385.0 million available under our Credit Facility. Our ability to draw from the Credit Facility is subject to leverage and other covenants. We remain in compliance with all covenants as of June 30, 2026. We believe that these sources of liquidity will be sufficient to fund our working capital requirements and to meet our commitments in the ordinary course of business and under the current market conditions for the foreseeable future. Cash flows from management fees may be impacted by a slowdown in deployment, declines in valuations or negatively impacted fundraising. In addition, management fees may be subject to deferral and certain incentive fees may be subject to hold backs. Transfers of our financial interests, such as capital interests and rights to performance income earned by us from funds that we manage, to structured financing vehicles that we manage may reduce or delay our cash flows and liquidity associated with these financial interests. Declines or delays in transaction activity may also impact our fund distributions and net realized performance income, which could adversely impact our cash flows and liquidity. Market conditions may make it difficult to extend the maturity or refinance our existing indebtedness or obtain new indebtedness with similar terms. One of our sources of cash from operations is Part I Fees that we receive from certain publicly-traded funds such as ARCC and certain perpetual wealth funds. We typically receive payments of Part I Fees in the quarter after they are earned. Under certain circumstances, the collection of ARCC Part I Fees that have been earned and recorded by us as revenue may be deferred under the terms of the investment advisory agreement. The collection of ARCC Part I Fees that we have earned are deferred if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made by ARCC, the sum of (a) aggregate distributions to ARCC’s stockholders and (b) ARCC’s change in net assets (defined as ARCC’s total assets less indebtedness and before taking into account any income based fee and capital gains incentive fee accrued during the period) is less than 7.0% of ARCC’s net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Once earned, ARCC Part I Fees are not reversible even when deferred. All deferred ARCC Part I Fees are carried over and paid by ARCC in the period when the payment hurdle is achieved in accordance with the investment advisory agreement with ARCC. In such cases, we may still recognize the revenue, however, it would also result in a larger receivable from affiliates. Collection of ARCC Part I Fees earned during the three months ended June 30, 2026 will be deferred. No other funds from which we are entitled to earn Part I Fees have a deferral provision in their governing documents and accordingly, no other Part I Fees have been or can be deferred. The impact of ARCC’s deferral provision to our liquidity is limited by the fact that 60% of ARCC Part I Fees are paid to certain professionals as compensation, which is recorded as a liability but will not be paid until the cash is received by us. Therefore, the potential liquidity impact of a deferral of the collection of ARCC Part I Fees is approximately 40% of the total amount earned. While the deferral of the collection of the ARCC Part I Fees for the three months ended June 30, 2026 will temporarily reduce our liquidity by $33.8 million, we do not believe this limits our ability to meet our primary liquidity needs. We expect that our primary liquidity needs will continue to be to: (i) provide capital to facilitate the growth of our existing investment management businesses; (ii) fund our investment commitments; (iii) provide capital to facilitate our expansion into businesses that are complementary to our existing investment management businesses as well as other strategic growth initiatives; (iv) pay operating expenses, including cash compensation to our employees and tax payments for net settlement of equity awards; (v) fund capital expenditures; (vi) service our debt; (vii) pay income taxes and make payments under the tax receivable agreement; (viii) make dividend payments to our Class A and non-voting common stockholders and our Series B mandatory convertible preferred stockholders in accordance with our dividend policies; and (ix) pay distributions to AOG unitholders. Our ability to obtain debt financing and complete stock offerings provides us with additional sources of liquidity. For further discussion of financing transactions occurring in the current period, see “Cash Flows” within this section and “Note 6. Debt” and “Note 12. Equity and Redeemable Interest” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Our unaudited condensed consolidated financial statements reflect the cash flows of our operating businesses as well 108 Table of Contents as those of our Consolidated Funds. The assets of our Consolidated Funds, on a gross basis, are significantly larger than the assets of our operating businesses and therefore have a substantial effect on the amounts reported within our condensed consolidated statements of cash flows. The primary cash flow activities of our Consolidated Funds include: (i) raising capital from third-party investors, which is reflected as non-controlling interests of our Consolidated Funds; (ii) financing certain investments by issuing debt; (iii) purchasing and selling investment securities; (iv) generating cash through the realization of certain investments; (v) collecting interest and dividend income; and (vi) distributing cash to investors. Our Consolidated Funds are generally accounted for as investment companies under GAAP; therefore, the character and classification of all Consolidated Fund transactions are presented as cash flows from operations. Liquidity available at our Consolidated Funds is not available for corporate liquidity needs, and the debt of these Consolidated Funds is non-recourse to us except to the extent of our investment in the fund or, in limited cases, where we provide temporary guarantees prior to certain funds obtaining sufficient equity commitments from third-party investors. Cash Flows The following tables summarize our condensed consolidated statements of cash flows by activities attributable to the Company and Consolidated Funds. For more details on the activity of the Company and Consolidated Funds, refer to “Note 14. Consolidation” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Six months ended June 30, 2026 2025 Net cash provided by the Company’s operating activities $ 1,020,681 $ 1,164,527 Net cash provided by (used in) the Consolidated Funds’ operating activities, net of eliminations (965,611) 1,245,377 Net cash provided by operating activities 55,070 2,409,904 Net cash used in the Company’s investing activities (40,363) (1,767,608) Net cash used in the Company’s financing activities (753,863) (173,078) Net cash provided by (used in) the Consolidated Funds’ financing activities, net of eliminations 831,808 (1,571,850) Net cash provided by (used in) financing activities 77,945 (1,744,928) Effect of exchange rate changes (24,454) 104,312 Net change in cash and cash equivalents $ 68,198 $ (998,320) The Consolidated Funds had no effect on cash flows attributable to the Company for the periods presented and are excluded from the discussion below. The following discussion focuses on cash flow by activities attributable to the Company. Operating Activities In the table below, cash flows from operations are summarized to present: (i) cash generated from our core operating activities, primarily consisting of profits generated principally from fee revenues after covering for operating expenses and fee related performance compensation; (ii) net realized performance income; and (iii) net cash from investment related activities including purchases, sales, realized net investment income and interest expense. We generated meaningful cash flow from operations in each period presented. Six months ended June 30, Favorable (Unfavorable) 2026 2025 $ Change % Change Core operating activities $ 1,239,448 $ 1,002,904 $ 236,544 24% Net realized performance income 8,920 46,780 (37,860) (81) Net cash provided by (used in) investment related activities (227,687) 114,843 (342,530) (298) Net cash provided by the Company’s operating activities $ 1,020,681 $ 1,164,527 (143,846) (12) Cash from our core operating activities increased as a result of growing fee revenues and sustained profitability. Net realized performance income includes (i) carried interest distributions that may represent either tax distributions or other distributions of income and (ii) incentive fees that are realized annually at the end of the measurement period, which is typically at the end of the calendar year. Cash received from carried interest distributions and the subsequent payments to employees may not necessarily occur in the same quarter. Cash from incentive fees is generally received in the period subsequent to the measurement period. The decrease in net realized performance income over the comparative period was primarily due to timing of payments to employees as a portion of the distributions we received in the fourth quarter of 2025 were paid to our employees in the first quarter of 2026, while distributions received in the first quarter of 2025 were paid to our employees in the second quarter of 2025. 109 Table of Contents Net cash provided by (used in) investment related activities for the six months ended June 30, 2026 and 2025 primarily represents: (i) purchases associated with funding capital commitments and strategic investments in our investment portfolio; and (ii) interest payments on our debt obligations; offset by (iii) distributions received from our capital investments and the collection of principal and interest from loans that we have made; and (iv) sales of certain capital investments to employees. Net cash provided by (used in) investment related activities for the six months ended June 30, 2025 also included the rebalancing of and associated return of our capital commitments upon admitting new limited partners in an insurance fund, as well as interest income from treasury-backed securities that were sold in the first quarter of 2025 to provide proceeds to support the GCP Acquisition. As we are committed to invest alongside the investors in our funds, our capital commitments will increase with our growing assets under management and our investment related activities may fluctuate depending on timing of capital investments and distributions of each fund from year to year. For further discussion of our capital commitments, see “Note 7. Commitments and Contingencies” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Our working capital needs are generally rising to support the growth of our business, while the capital requirements needed to support fund-related activities vary based upon the specific investment activities being conducted during each period. Investing Activities Six months ended June 30, 2026 2025 Purchase of furniture, equipment and leasehold improvements $ (48,693) $ (44,893) Acquisitions, net of cash acquired 8,330 (1,722,715) Net cash used in investing activities $ (40,363) $ (1,767,608) Net cash used in investing activities for both periods included cash to purchase furniture, equipment and leasehold improvements to support our growing headcount, including the expansion of our New York headquarters. Acquisitions, net of cash acquired for the six months ended June 30, 2026 resulted from cash retained in the business at the closing of the BlueCove Acquisition exceeding the cash portion of the purchase consideration. Net cash used in investing activities for the six months ended June 30, 2025 was predominately cash used to complete the GCP Acquisition. Financing Activities Six months ended June 30, 2026 2025 Net borrowings of Credit Facility $ 235,000 $ 1,115,000 Borrowings from Term Loan 399,415 — Dividends and distributions (1,036,513) (873,259) Taxes paid related to net share settlement of equity awards (364,484) (416,609) Other financing activities 12,719 1,790 Net cash used in the Company’s financing activities $ (753,863) $ (173,078) As a result of generating higher fee related earnings, we increased the level of dividends paid to a growing shareholder base of Class A and non-voting common stockholders and distributions paid to AOG unitholders, representing net cash used for the six months ended June 30, 2026 and 2025. In addition, net cash used in the Company’s financing activities included dividend payments on the Series B mandatory convertible preferred stock made during the six months ended June 30, 2026 and 2025 to our preferred stockholders. Net cash used in the Company’s financing activities for the six months ended June 30, 2026 and 2025 included net borrowings under the Credit Facility. These proceeds were used primarily to support general operating needs in the current period and to fund the GCP Acquisition in the prior year period. Net cash used in the Company’s financing activities for the six months ended June 30, 2026 also included borrowings under the Term Loan that were used to repay a portion of our Credit Facility during the first quarter of 2026. In connection with the vesting of equity awards that are granted to our employees under the Equity Incentive Plan, we withhold shares equal to the fair value of our employees’ tax withholding liabilities and pay the taxes on their behalf in cash and thus issue fewer net shares. For the six months ended June 30, 2026, we net settled and did not issue 2.5 million shares. For the six months ended June 30, 2025, we net settled and did not issue 2.2 million shares. Cash used in connection with these awards 110 Table of Contents decreased during the current year period primarily as a result of the lower stock price on the vesting date. Capital Resources We intend to use a portion of our available liquidity to pay cash dividends and distributions to our Series B mandatory convertible preferred stockholders, Class A and non-voting common stockholders and AOG unitholders on a quarterly basis in accordance with our dividend and distribution policies. Our ability to make cash dividends and distributions is dependent on a myriad of factors, including: (i) general economic and business conditions; (ii) our strategic plans and prospects; (iii) our business and investment opportunities; (iv) timing of capital calls by our funds in support of our commitments; (v) our financial condition and operating results; (vi) working capital requirements and other anticipated cash needs; (vii) contractual restrictions and obligations; (viii) legal, tax and regulatory restrictions; (ix) restrictions on the payment of distributions by our subsidiaries to us; and (x) other relevant factors. We are required to maintain minimum net capital balances for regulatory purposes for our registered broker-dealers. These net capital requirements are met in part by retaining cash, cash equivalents and investment securities. Additionally, certain of our subsidiaries operating outside the U.S. are also subject to capital adequacy requirements in each of the applicable jurisdictions. As a result, we may be restricted in our ability to transfer cash between different operating entities and jurisdictions. As of June 30, 2026, we were required to maintain approximately $144.1 million in net assets within these subsidiaries to meet regulatory net capital and capital adequacy requirements. We remain in compliance with these regulatory requirements. Holders of AOG Units, subject to the terms of the exchange agreement, may exchange their AOG Units for shares of our Class A common stock on a one-for-one basis. These exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of AMC that otherwise would not have been available. These increases in tax basis may increase depreciation and amortization for U.S. income tax purposes and thereby reduce the amount of tax that we would otherwise be required to pay in the future. We entered into the tax receivable agreement (the “TRA”) that provides payment to the TRA recipients of 85% of the amount of actual cash savings, if any, in U.S. federal, state, local and foreign income tax or franchise tax that we actually realize as a result of these increases in tax basis and of certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA and interest accrued thereon. Future payments under the TRA in respect of subsequent exchanges are expected to be substantial. The TRA liability balance was $622.0 million and $579.9 million as of June 30, 2026 and December 31, 2025, respectively. For the six months ended June 30, 2026 and 2025, payments under the TRA were $18.0 million and $8.1 million, respectively. For a discussion of our debt obligations, including the debt obligations of our consolidated funds, see “Note 6. Debt” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. For a discussion of our equity, see “Note 12. Equity and Redeemable Interest” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. 111 Table of Contents Critical Accounting Estimates We prepare our unaudited condensed consolidated financial statements in accordance with GAAP. In applying many of these accounting principles, we need to make assumptions, estimates or judgments that affect the reported amounts of assets, liabilities, revenues and expenses in our unaudited condensed consolidated financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable under the circumstances. These assumptions, estimates or judgments, however, are both subjective and subject to change, and actual results may differ from our assumptions and estimates. If actual amounts are ultimately different from our estimates, the revisions are included in our results of operations for the period in which the actual amounts become known. For a summary of our significant accounting policies, see “Note 2. Summary of Significant Accounting Policies,” to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025. For a summary of our critical accounting estimates, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K. Recent Accounting Pronouncements Information regarding recent accounting pronouncements and their impact on Ares can be found in “Note 2. Summary of Significant Accounting Policies,” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Commitments and Contingencies In the normal course of business, we enter into contractual obligations that may require future cash payments. We may also engage in off-balance sheet arrangements, including transactions in derivatives, guarantees, capital commitments to funds, indemnifications and potential contingent payment obligations. For further discussion of these arrangements, see “Note 7. Commitments and Contingencies” to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.