-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：ARES公布了2025年第四季度强劲的业绩，资产管理规模同比增长18%至6440亿美元，其中收费资产管理规模增长19%至4000亿美元，税后实际收益为每股1.24美元。信贷策略表现稳健，亚太信贷基金收益率达20.3%，美国高级直接贷款基金收益率达18.0%，其他信贷基金也均表现良好。我们认为，ARES多元化的平台使其在信贷、房地产、私募股权和基础设施领域保持市场领先地位。管理层对2026年的募资活动充满信心，预计募资额将达到或超过2025年的历史最高水平。股息上调20%至每股1.35美元，体现了管理层对现金流生成能力的信心，而1580亿美元的可用资本则为未来的投资提供了充足的资金储备。我们认为，ARES 凭借其规模和全球运营，能够抓住各个市场周期中的机遇，其中信贷业务占 FPAUM 的 65%，永续资本或长期基金的管理费占 93%。
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