Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Across 2021–2024 Ares’ consolidated balance sheet shows modest growth in total assets (from $21,605m to $24,884m, +15.2% overall). Growth was strongest in 2022→2023 (+12.4%) and largely flat in 2023→2024 (+0.6%). Liabilities rose through 2023 (16,695 → 19,709, +18.1% from 2021) but then fell materially in 2024 to $17,486m (‑11.3% from 2023), leaving 2024 liabilities only slightly above 2021 levels (+4.7%). As a result the liability-to-asset ratio moved from roughly 77–80% in 2021–2023 down to ~70% in 2024, signaling meaningful deleveraging. Stockholders’ equity moved more unevenly: it dipped from $1,825m in 2021 to $1,589m in 2022 (‑12.9%), recovered to $1,893m in 2023 (+19.1%), then jumped sharply to $3,544m in 2024 (+87.2%). That 2024 increase—together with the fall in liabilities and relatively flat assets—suggests a capital structure shift (e.g., equity issuance, large retained earnings/realized gains, or reclassification of obligations) rather than simply organic asset growth. For an alternative asset manager like Ares, these swings can reflect timing of performance fees, realized investment gains, distribution or capital-raising activity and changes in borrowings; the missing 2025 figures should be clarified before drawing longer-term conclusions.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.