Ares Management Corp. (ARES): ARCC read-across: Slower 2Q deployment and modest pick-up in non-accruals; 3Q activity improves

Research evidence excerpt

Ares Management Corp. (ARES): ARCC read-across: Slower 2Q deployment and modest pick-up in non-accruals; 3Q activity improves

Equity Research

29 July 2026 | 9:09AM EDT

Ares Management Corp. (ARES): ARCC read-across: Slower 2Q

deployment and modest pick-up in non-accruals; 3Q activity improves

ARCC (not covered), ARES’ business development company (BDC) that contributes Alexander Blostein, CFA

+1(212)357-9976 |

~30% of Credit segment management fees (including Part I fees), released 2Q26 alexander.blostein@gs.com

Goldman Sachs & Co. LLC

results. KPIs during the quarter included sequential slowdown in net deployment

Anthony Corbin

activity coupled and a modest increase in non-accruals. In the release, we see a few +1(212)357-7512 |

read-across KPIs for ARES and alternative asset managers more broadly, anthony.corbin@gs.comGoldman Sachs & Co. LLC

including 1) US Direct Lending deployment activity softened in 2Q - not Michael Vinci

unexpected and generally consistent with investor’s expectations, 2) better +1(212)357-8239michael.vinci@gs.com|

activity so far in 3Q with slightly higher spreads relative to recent quarterly Goldman Sachs & Co. LLC

Sharma, CFAlevels, and 3) a modest increase in non-accruals - up 30bp q/q. While weaker Aditya | +1(212)934-9869

deployment was largely known in the quarter, we expect management aditya.x.sharma@gs.com Goldman Sachs India SPL

commentary around activity in the back half of the year to be constructive. Once

Vaasu Gupta

activity improves, we expect scaled managers like ARES to accelerate +1(332)245-7522 |

vaasu.x.gupta@gs.com

deployment of its ~$100bn of Credit segment available capital. Further, a Goldman Sachs India SPL

pick-up in non-accruals and slightly worse credit metrics is likely to remain in

focus.

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