ARES — what changed in the latest 10-Q
A section-by-section comparison of ARES's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-08 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +206 | −343 | ~68 | 102 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 1 |
| Controls & procedures | Text added/removed | +1 | −2 | ~1 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | Text added/removed | 0 | 0 | ~1 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-08
During the first quarter of 2026, global markets experienced heightened volatility amid the geopolitical tension and conflicts in the Middle East, elevated energy prices and changes in monetary policy expectations. As a result, U.S. and European high yield bonds and leveraged loans were pressured, w…
Despite elevated uncertainty from the market volatility, global commercial real estate fundamentals strengthened in the first quarter of 2026. Transaction volumes continued to increase, debt availability improved and property values appreciated across markets. Notwithstanding overall strengthening t…
Private equity activity moderated during the quarter, with dealmaking and exit activity softening amid continued market selectivity and elevated uncertainty in private credit markets. Sponsors remained highly selective, prioritizing businesses with resilient fundamentals and clear paths to value cre…
(1) Includes $5.4 billion and $5.2 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2026 and 2025, respectively.
(1)Includes $98.2 billion and $76.7 billion from funds that primarily invest in illiquid strategies as of March 31, 2026 and 2025, respectively. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies.
Text removed vs the prior filing · source: 10-Q · 2025-11-06
During the third quarter of 2025, macroeconomic and geopolitical developments continued to shape sentiment across global equity and debt markets. Markets largely remained resilient and performed well despite continued volatility. The U.S. public equity markets were supported by interest rate cuts th…
The commercial real estate markets continued to recover during the quarter, driven by increased transaction volumes and steady property valuations and capitalization rates. The U.S. real estate markets improved, with interest rate cuts also driving positive momentum during the quarter. However, the …
Private equity activity rebounded in the third quarter, marking a shift in market sentiment following a subdued first half of the year. Transaction and exit activity accelerated, fueled by easing interest rates and a narrowing valuation gap between buyers and sellers. We believe that stabilized mark…
(1) Includes $14.0 billion and $14.4 billion of AUM of funds from which we indirectly earn management fees as of September 30, 2025 and 2024, respectively, and includes $5.7 billion and $4.2 billion of non-fee paying AUM from our general partner and employee commitments as of September 30, 2025 and …
Net allocations among investment strategies2,781 — — — (2,781)—
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-08
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2026 that have materially affected, or that are reasonably likely to materially affect, our internal control over financi…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2025. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of September 30, 2025, the design and operation of…
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2025 that have materially affected, or that are reasonably likely to materially affect, our internal control over fin…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice