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Ares Management Corporation’s ARES assets under management (“AUM”) balance is steadily rising, driven by higher fee-related revenues, strong fundraising momentum and continued platform expansion. As a global alternative investment manager, Ares Management benefits from growing investor demand for private credit, real assets, secondaries and insurance-linked investment solutions. As of March 31, 2026, ARES’ total AUM was $644.3 billion, up 18% from the prior-year period. Fee-paying AUM increased 19.2% year over year, while perpetual capital AUM jumped 39.1%. This is important because fee-paying AUM directly supports management fee revenues, while perpetual capital provides a more stable and long-duration earnings base. Over 2019-2025, the company’s AUM recorded a six-year compound annual growth rate (“CAGR”) of 26.9%, reflecting strong capital inflows into private credit strategies, higher fundraising through wealth management channels and increased allocations to insurance-related managed assets. The company’s organic growth profile also remains encouraging. Revenues witnessed a six-year CAGR of 21.2% through 2025, aided by higher management and performance fees from an expanding asset base. In the first quarter of 2026, revenues rose 43.7% year over year. Management continues to target 16-20% or more annual organic growth in fee-related earnings and more than 20% annual growth in realized income over the medium term, indicating confidence in the scalability of the business. Strategic acquisitions further strengthened Ares Management’s long-term growth prospects. The February 2026 acquisition of BlueCove expanded its systematic credit capabilities, while the 2025 GCP International deal enhanced its real assets and digital infrastructure platform. These transactions broaden ARES’ product offerings and improve its ability to capture global investor demand. Current concerns in the private credit market could moderately slow Ares Management’s near-term AUM growth, as weaker investor sentiment and rising redemption requests weigh on fundraising momentum. Nevertheless, the long-term outlook for private credit remains favorable, with industry AUM expected to grow meaningfully as institutional investors continue shifting toward alternative assets. As a result, sustained AUM growth should remain a key driver of Ares Management’s earnings trajectory. Over the next thr...

All three major US stock indexes were down in late-morning trading Tuesday, as the 30-year Treasury

Shares of Lazard Inc. LAZ plunged 6.9% in Friday’s trading session on lower-than-expected quarterly results. Its first-quarter 2026 adjusted earnings per share of 42 cents missed the Zacks Consensus Estimate of 52 cents. This compared unfavorably with earnings of 56 cents in the year-ago quarter. Lazard’s results were affected by lower revenues in the Financial Advisory and Corporate segments. An increase in operating expenses was also negative. However, an increase in assets under management (AUM) and higher revenue in the Asset Management segment supported the results to some extent. The results excluded certain non-recurring items. After considering those, Lazard’s net income (GAAP) was $100.9 million, which rose 67.1% from the prior-year quarter. Quarterly adjusted net revenues were $672.9 million, which rose 4.6% year over year. However, the top line missed the Zacks Consensus Estimate by 9.5%. Operating expenses increased 12.4% year over year to $667 million, primarily driven by higher compensation costs. The ratio of adjusted compensation expenses to operating revenues was 69.9%, higher than 65.5% in the year-ago quarter. The ratio of adjusted non-compensation expenses to operating revenues was 22.1%, down from 23% in the prior-year quarter. Financial Advisory: The segment’s adjusted operating revenues were $356.2 million, down 3.6% from the year-ago quarter. Asset Management: Segmental adjusted operating revenues of $308.8 million increased 16.8% year over year, driven by higher management fees and incentive fees. Corporate: Adjusted operating revenues from this segment were $7.9 million, down from $9.1 million in the year-ago quarter. As of March 31, 2026, total AUM was $259.2 billion, which increased 13.9% year over year. The average AUM in the reported quarter was $265.5 billion, up 15% from the year-ago quarter. The company’s cash and cash equivalents totaled $1.02 billion as of March 31, 2026, down 30.5% from the prior quarter. Total stockholders’ equity was $872.4 million, down 3.7% sequentially. In the first quarter of 2026, Lazard did not repurchase any common stock. As of March 31, 2026, approximately $107 million of authorization remained available for repurchase. In April 2026, Lazard announced that it had entered into a definitive agreement to acquire Campbell Lutyens for approximately $575 million, marking a significant expansion of its...

Federated Hermes, Inc.’s FHI first-quarter 2026 earnings per share of $1.27 topped the Zacks Consensus Estimate of $1.20. The bottom line grew 1.6% from the year-ago quarter. Higher net investment advisory fees, net administrative service fees and net other service fees are major driving factors. The company also achieved a record level of assets under management (AUM). However, the rise in expenses remained a headwind. Net income was $96.4 million in the first quarter, down 4.7% from the year-ago quarter. Total revenues increased 13.1% year over year to $478.96 million. The top line surpassed the Zacks Consensus Estimate by 0.17%. Quarterly net investment advisory fees rose 11.1% year over year to $319.4 million. Net other service fees grew 40.9% year over year to $49.3 million, and net administrative service fees rose 9.1% to $110.3 million. In the first quarter, Federated Hermes derived 54% of its revenues from money-market assets, 45% from long-term assets and 1% from sources other than managed assets. Total operating expenses increased 20.9% year over year to $352.6 million. FHI recorded a net non-operating income of $3.4 million, down from $4.3 million in the prior-year quarter. As of March 31, 2026, cash and other investments and total long-term debt were $645.4 million and $348.4 million, respectively. This compares to $724.3 million and $348.4 million, respectively, as of Dec. 31, 2025. As of March 31, 2026, total managed assets were at a record level of $907.1 billion, up 8% year over year. FHI reported record money-market assets of $684.7 billion, up 7% year over year. Fixed-income assets increased marginally to $99.8 billion. Equity assets of $100.8 billion increased 25% from the prior-year quarter. Alternative/private market assets declined 2% year over year to $19 billion. Average managed assets totaled $915.6 billion, up 9% year over year. The company repurchased 1,191,300 shares of its class B common stock in the reported quarter for $66 million. Federated Hermes also declared a dividend of 38 cents per share, up 11.8% from the previous quarter. The dividend is payable May 15, 2026, to shareholders of record as of May 8, 2026. Federated Hermes delivered a strong quarter with solid growth in revenues and AUM, supported mainly by its money-market and equity asset segments. Although operating expenses rose, revenue growth helped maintain momentu...

In late April 2026, Blackstone Inc. reported first-quarter revenue of US$3,617.6 million and net income of US$649.73 million, alongside continued share repurchases and a reduced quarterly dividend of US$1.16 per share. At the same time, Blackstone accelerated its push into artificial intelligence by launching its new West Coast unit, Blackstone N1, to concentrate AI-related investments and support firmwide technology-focused deal activity. Next, we’ll examine how Blackstone’s stronger quarterly earnings and creation of Blackstone N1 affect its existing investment narrative. We've uncovered the 13 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. To own Blackstone, you need to believe in its ability to grow fee-based earnings across private markets while managing liquidity and redemption pressures. The key short term catalyst is how effectively it balances large inflows into credit and insurance with stress in semi-liquid products like BCRED. Against that, the biggest risk is that market volatility and redemption caps constrain realizations and fee visibility. The latest quarter’s earnings and AI push do not materially change that risk-reward focus yet. The creation of Blackstone N1, a new West Coast AI-focused unit, is the most relevant update here. It fits directly with Blackstone’s push into technology and AI infrastructure, including data center exposure through QTS and discussions around Anthropic-related initiatives. For investors watching catalysts, N1 adds a clearer focal point for potential fee growth tied to high-growth tech assets, sitting alongside the firm’s existing strength in private credit and infrastructure inflows. Yet while AI and inflows are in focus, investors should also be aware of how rising redemption pressures and liquidity management in semi-liquid funds could... Read the full narrative on Blackstone (it's free!) Blackstone's narrative projects $21.5 billion revenue and $10.5 billion earnings by 2028. This requires 16.7% yearly revenue growth and a roughly $7.6 billion earnings increase from $2.9 billion today. Uncover how Blackstone's forecasts yield a $162.26 fair value, a 28% upside to its current price. More optimistic analysts had been assuming Blackstone could grow revenue to about US$22.8 billion and earnings to roughly US$8.8 billion, while also counting on technology and private we...

Shares of Blue Owl OWL gained 9.8% following the release of the company’s first-quarter 2026 results. Distributable earnings per share of 19 cents matched the Zacks Consensus Estimate. The figure reflects a rise of 12% from the prior-year quarter. Results were primarily aided by an increase in revenues. Despite the concerns surrounding private credit, the company recorded robust fundraising (reflecting continued investor interest across its client channels and across its Credit, Real Assets and GP Strategic Capital platforms), which drove assets under management (AUM). However, higher expenses hurt the results to an extent. Net income available to the company (GAAP basis) was $15.5 million, up significantly from $7.4 million in the prior-year quarter. Total GAAP revenues rose 10% year over year to $753.8 million. The rise was driven by an increase in management fees, and administrative, transaction and other fees. FRE revenues increased 13% from the prior-year quarter to $699.9 million. The Zacks Consensus Estimate for revenues was $698.6 million. Total GAAP expenses increased 6% year over year to $644.3 million. The rise was due to an increase in compensation and benefits costs. As of March 31, 2026, total AUM was $314.9 billion, up 15% year over year, primarily driven by capital raised, change in debt and appreciation across the business. Fee-paying AUM of $188.4 billion as of March 31, 2026, increased 8% from the prior-year period. The increase was driven by capital raised across the business and deployment in Credit. Permanent Capital of $224.8 billion increased 15%. In the reported quarter, the company raised $11 billion in new capital commitments. Total equity fundraise of $9 billion in the quarter was driven by $4.1 billion in Credit, $4 billion in Real Assets and $0.9 billion in GP Strategic Capital. As of March 31, 2026, Blue Owl had $190 million in cash and cash equivalents, and a revolving credit facility worth $1.1 billion. At the end of the first quarter, debt obligations stood at $3.87 billion. Blue Owl repurchased 1.7 million shares in the first quarter for $25 million. While Blue Owl’s performance in the first quarter of 2026 was solid, supported by strong fundraising, near-term pressure from private-credit liquidity strains and borrower quality worries is expected to remain a headwind for the company. Delayed fee ramp timing and elevated exp...

Affiliated Managers Group Inc.’s AMG first-quarter 2026 economic earnings of $8.23 per share handily outpaced the Zacks Consensus Estimate of $8.10. The bottom line also jumped 58.3% from the prior-year quarter. Shares of the company rallied 1.8% in pre-market trading following impressive assets under management (AUM) balance growth, indicating the success of the company’s strategy of pivoting toward alternatives. Results benefited from record AUM balance and higher revenues. Also, the company had a robust liquidity position. A rise in expenses was the undermining factor. Economic net income was $224.6 million, up 41.5% year over year. Our estimate for the metric was $219.3 million. Quarterly total revenues rose 9.7% year over year to $544.9 million. The top line beat the Zacks Consensus Estimate of $543 million. Adjusted EBITDA was $317.3 million, up 39%. We had projected the metric to be $310.4 million. Total consolidated expenses rose 10.7% to $505.9 million. We had estimated total expenses to be $484.2 million. As of March 31, 2026, total AUM was a record $882 billion, which surged 23.8%. Our estimate for total AUM was $843.9 billion. Average AUM totaled $881.7 billion, up 23.8% year over year. Net client cash inflows were $22.2 billion in the reported quarter, reflecting ongoing momentum in alternative strategies. As of March 31, 2026, Affiliated Managers had $376.1 million in cash and cash equivalents compared with $586 million as of Dec. 31, 2025. The company had $2.92 billion of debt, up from $2.69 billion as of Dec. 31, 2025. Stockholders’ equity as of March 31, 2026, was $3.09 billion, down from $3.24 billion as of Dec. 31, 2025. During the first quarter, Affiliated Managers repurchased shares worth $186 million. Affiliated Managers is well-positioned for growth given the successful partnerships, focus on alternative strategies, global distribution capability and a diverse product mix. Substantial intangible assets on the company's balance sheet and elevated expense levels remain major concerns. Affiliated Managers Group, Inc. price-consensus-eps-surprise-chart | Affiliated Managers Group, Inc. Quote Affiliated Managers currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Franklin Resources Inc. BEN reported second-quarter fiscal 2026 (ended March 31, 2026) adjusted earnings of 7...

Apollo Global Management, Inc. APO is scheduled to announce first-quarter 2026 results on May 6, before market open. APO’s quarterly earnings and revenues are expected to have increased from the year-ago reported levels. In the last reported quarter, Apollo’s earnings topped the Zacks Consensus Estimate. Results were primarily aided by an increased assets under management (AUM) balance. However, rising expenses acted as a headwind in the quarter. APO’s earnings beat the consensus estimate in three of the trailing four quarters and missed once, the average surprise being 9.27%. Apollo Global Management Inc. Price and EPS Surprise Apollo Global Management Inc. price-eps-surprise | Apollo Global Management Inc. Quote The Zacks Consensus Estimate for APO’s earnings of $1.98 has been unchanged over the past seven days. The figure indicates a rise of 8.8% from the year-ago quarter’s actual. The consensus estimate for sales is pegged at $1.22 billion, suggesting a year-over-year rise of 24.8%. Supported by overall asset inflows on the back of volatile markets, the company’s total AUM balance is expected to have improved. Also, its diversified asset classes, client bases and geographies are likely to have supported AUM growth in the quarter to be reported. The Zacks Consensus Estimate for the company’s total AUM in the first quarter of 2026 is pegged at $962.9 billion, which suggests a sequential rise of 2.7%. The consensus estimate for management fees (segment earnings) is pegged at $957 million, indicating a sequential rise of 1.6%. In the first quarter of 2026, the consensus estimate for fee-related performance fees (segment earnings) is pegged at $74.9 million, indicating a rise of 1.4% from the previous quarter’s reported number. The consensus estimate for net capital solutions fees and other (segment earnings) is pinned at $190.3 million, indicating a sequential decline of 15.8%. On the cost front, the company’s ongoing investments in building its capital formation and credit investing teams, along with charges related to mergers, are likely to have kept the expense base elevated in the first quarter. Our proven model does not conclusively predict an earnings beat for APO this time around. This is because the company does not have the right combination of the two key elements, a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). You can...

Ares Management Corporation’s ARES first-quarter 2026 after-tax realized income per share of $1.24 missed the Zacks Consensus Estimate of $1.32. However, the bottom line increased from $1.09 in the prior-year quarter. Results were affected by an increase in expenses. Nevertheless, higher revenues and assets under management (AUM) provided some support. In light of these positives, the company’s shares gained nearly 1.2% in the early trading session. A full day’s trading session will provide a clearer picture. Net income attributable to the company (GAAP basis) was $142.6 million compared with the $47.2 million in the year-ago quarter. The company's total revenues rose 43.7% year over year to $1.29 billion. However, it missed the Zacks Consensus Estimate of $1.32 billion. The company’s total expenses increased 15.2% year over year to $1.17 billion from the year-ago quarter. This rise was primarily due to an increase in all the components. The company’s fee-paying AUM increased 19.2% on a year-over-year basis to $399.6 billion. The perpetual capital AUM rose 39.1% year over year to $215.3 billion. As of March 31, 2026, total AUM was $644.3 billion, up 18% from a year ago. The rise was primarily driven by commitments to drawdown funds, capital raised across perpetual vehicles, the acquisition of BlueCove and additional managed assets from the insurance platform. As of March 31, 2026, Ares Management had $568.8 million of cash and cash equivalents and $2.9 billion in debt. The company announced a quarterly cash distribution of $1.35 per share with its earnings release. This dividend will be paid out on June 30, 2026, to shareholders of record as of June 16. On Feb. 3, 2026, Ares Management completed the acquisition of the entire outstanding share capital of BlueCove Limited, a London-based systematic fixed-income manager, to launch a newly created strategy, Ares Systematic Credit. The integrated BlueCove business now operates within the Ares Credit Group. It expands ARES’ capabilities in systematic fixed-income investing, leveraging proprietary technology and data-driven portfolio management across high-yield, investment-grade corporates, convertible bonds and other liquid credit instruments. Ares Management continues to benefit from strong AUM growth across fee-paying and perpetual capital platforms, supported by steady capital inflows and strategic acquisition...

This article first appeared on GuruFocus. GAAP Net Income: $1.3 billion for the quarter. Distributable Earnings: $1.8 billion, or $1.36 per common share. Dividend Declared: $1.16 per share. Fee-Related Earnings: Increased 23% year-over-year to $1.5 billion. Fee Revenues: Increased 20% year-over-year to $2.6 billion. Total Management Fees: Reached a record $2.1 billion, up 13% year-over-year. Assets Under Management (AUM): Grew 12% year-over-year to over $1.3 trillion. Inflows: $69 billion in the first quarter. Infrastructure Appreciation: 7.8% in the quarter, 25% over the last 12 months. Corporate Private Equity Funds Appreciation: 3.2% in the first quarter, 16% for the last 12 months. Non-Investment Grade Private Credit Strategies Return: 0.6% in the first quarter, 9% for the last 12 months. Real Estate Credit Performance: Non-investment-grade funds appreciated 2.3% in the first quarter, over 14% for the last 12 months. BXMA Gross Return: 1.7% in the first quarter, over 12% for the last 12 months. Performance Revenue Eligible AUM: Expanded to a record $635 billion in the first quarter. Warning! GuruFocus has detected 5 Warning Signs with BX. Is BX fairly valued? Test your thesis with our free DCF calculator. Release Date: April 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Blackstone Inc (NYSE:BX) reported a 25% year-over-year increase in distributable earnings to $1.8 billion, driven by strong growth in fee-related earnings and net realizations. Total assets under management grew 12% year-over-year to over $1.3 trillion, with significant inflows of $69 billion in the first quarter. The company has become the largest investor in AI-related infrastructure globally, with a substantial portfolio of data centers and energy infrastructure. Blackstone's infrastructure platform grew 41% year-over-year, driven by exceptional investment performance, particularly in data centers and energy infrastructure. The firm's private wealth platform saw a 14% year-over-year increase in AUM to $310 billion, with strong brand recognition and product differentiation driving growth. The private credit sector faced negative campaigns, impacting capital flows in the wealth channel, particularly affecting BCRED. There is a slowdown in demand for private credit strategies from individual investors, resulting in net outflo...

Ameriprise Financial’s AMP first-quarter 2026 adjusted operating earnings were a record $11.26 per share, which handily surpassed the Zacks Consensus Estimate of $10.20. The bottom line reflected a rise of 19% from the year-ago quarter. Results benefited from higher revenues and improvements in the assets under management (AUM) and assets under administration (AUA) balances. However, an increase in expenses was a headwind. After considering significant items, net income (GAAP basis) was $915 million or $9.68 per share, up from $583 million or $5.83 per share in the prior-year quarter. Adjusted operating total net revenues in the reported quarter were $4.77 billion, increasing 11% year over year. The top line beat the Zacks Consensus Estimate of $4.67 billion. Total GAAP net revenues were $4.81 billion, up 11% year over year. Adjusted operating expenses totaled $3.44 billion, rising 9% year over year. As of March 31, 2026, total AUM and AUA were $1.67 trillion, up 12% year over year. The company repurchased 1.6 million shares for $784 million in the reported quarter. Ameriprise is well-positioned for impressive top-line growth on the back of its robust AUM balance and business-restructuring initiatives. However, elevated expenses (mainly due to technology upgrades) will likely continue to hurt the bottom line. Ameriprise Financial, Inc. price-consensus-eps-surprise-chart | Ameriprise Financial, Inc. Quote AMP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. BlackRock’s BLK first-quarter 2026 adjusted earnings of $12.53 per share handily surpassed the Zacks Consensus Estimate of $11.96. The figure reflects a 10.9% rise from the year-ago quarter. BLK’s results benefited from a rise in revenues. The AUM balance witnessed robust year-over-year growth, driven by net inflows. However, higher expenses created a headwind. Blackstone’s BX first-quarter 2026 distributable earnings of $1.36 per share surpassed the Zacks Consensus Estimate of $1.33. The figure jumped 25% from the prior-year quarter. BX’s results benefited from a rise in AUM balance and higher revenues. However, an increase in GAAP expenses was the undermining factor. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Blackstone In...

Blackstone’s BX first-quarter 2026 distributable earnings of $1.36 per share surpassed the Zacks Consensus Estimate of $1.33. The figure soared 25% from the prior-year quarter. Results benefited from a rise in assets under management (AUM) balance and higher revenues. However, an increase in GAAP expenses was the undermining factor. Net income attributable to Blackstone was $649.7 million, rising 5.7% from the year-ago quarter. Total segment revenues for the reported quarter were $3.43 billion, jumping 24% year over year. The top line beat the Zacks Consensus Estimate of $3.32 billion. On a GAAP basis, revenues were $3.62 billion, which grew 10%. Total expenses (GAAP basis) were $2.26 billion, up 19.4% year over year. As of March 31, 2026, Blackstone had $11.4 billion in total cash, cash equivalents and corporate treasury investments, and $21.3 billion in cash and net investments. The company has a $4.3-billion credit revolver. Fee-earning AUM grew 9% year over year to $937.6 billion as of March 31, 2026. The total AUM amounted to $1.3 trillion, up 12%. The rise in total AUM was primarily driven by $68.5 billion in inflows in the reported quarter. As of March 31, 2026, the undrawn capital available for investment was $213.3 billion. During the reported quarter, Blackstone repurchased 0.2 million shares. Blackstone is well-positioned for top-line growth, supported by a continuous rise in AUM. The company is expected to keep gaining from its fundraising ability. However, elevated expenses, private credit-related concerns and a challenging operating backdrop are likely to hurt the bottom line in the near term. Blackstone Inc. price-consensus-eps-surprise-chart | Blackstone Inc. Quote Currently, Blackstone carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. BlackRock’s BLK first-quarter 2026 adjusted earnings of $12.53 per share handily surpassed the Zacks Consensus Estimate of $11.96. The figure reflects a 10.9% rise from the year-ago quarter. Results benefited from a rise in revenues. AUM balance witnessed robust year-over-year growth, driven by net inflows. However, higher expenses was a headwind for BLK. Invesco IVZ is scheduled to report first-quarter 2026 results on April 28. Over the past 30 days, the Zacks Consensus Estimate for Invesco’s quarterly earnings has been revised north to 59 cents. T...