-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：ARES公佈了2025年第四季強勁的業績，資產管理規模年增18%至6,440億美元，其中收費資產管理規模成長19%至4,000億美元，稅後實際收益為每股1.24美元。信貸策略表現穩健，亞太信貸基金收益率達20.3%，美國高級直接貸款基金收益率達18.0%，其他信貸基金也都表現良好。我們認為，ARES多元化的平台使其在信貸、房地產、私募股權和基礎設施領域保持市場領先地位。管理階層對2026年的募款活動充滿信心，預計募資額將達到或超過2025年的歷史最高水準。股利調高20%至每股1.35美元，反映了管理階層對現金流產生能力的信心，而1,580億美元的可用資本則為未來的投資提供了充足的資金儲備。我們認為，ARES 憑藉其規模和全球運營，能夠抓住各個市場週期中的機遇，其中信貸業務佔 FPAUM 的 65%，永續資本或長期基金的管理費佔比高達 93%。
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