US Financials Financial Leaders Conference ‘26 Question Bank

Research evidence excerpt

US Financials Financial Leaders Conference ‘26 Question Bank

Ares Management Corp (ARES)

Private Credit Trends and Regulation

Can you share your perspective on the state of private credit markets broadly? If

the next 12 months does bring broader credit deterioration, where do you think

“surprises” would emerge inside private credit?

What leading credit quality indicators are you watching closely—amendment

activity, interest coverage, sponsor support, PIK usage, revolver draws, or borrower

revenue/EBITDA trends—to detect stress before it shows up in non-accruals?

For software/tech credit specifically, what underwriting changes have you made in

response to AI disruption risk, slower software growth, or valuation multiple

compression? Are there subsectors where you are materially reducing exposure?

How is Ares positioning its Credit Secondaries strategy to capture opportunities

from limited traditional capital off-ramps?

How should we view pace/growth for Alternative Credit fund vintages? How do

you continue to expand origination?

Fundraising/Deployment Environment

What is the launch timeline and scale for fundraising into 2026 and 2027, looking

specifically at US SDL, GCP Fund Series and any other key flagship fund series?

How quickly can GCP be back for its next fund after the final close in 2026?

What is the best way to think about the different factors impacting the

deployment environment into 2H26? Environment seemed to improve in late

2025 and slowed down in early 2026, do you expect that pattern to carry over into

2H26 and when could it accelerate?

GCP Acquisition and New Asset Classes

What are the primary synergies expected to improve GCP’s FRE margins over the

next 12 to 24 months, what's been accomplished thus far/ what inning is this

margin improvement in?