Ares Management's assets under management rose to $97.3 billion as of Sept. 30, up 2.1% from three months earlier and up 6.3% from a year earlier, said the alternative investment firm's earnings statement.
The firm reported $4.3 billion gross new capital in the third quarter and raised $22.5 billion in gross new capital commitments over the past 12 months.
The quarterly AUM growth was partially offset by distributions of $1.5 billion, primarily in private equity funds and a reduction in leverage of $2.6 billion from the pay down of loans in Ares Capital Corp.'s senior secured loan program and run-off in U.S. collateralized loan obligations.
Ares' credit AUM was $62 billion as of Sept. 30, up 2.8% from the end of the second quarter but down 4.3% year-over-year. Private equity AUM was $24.9 billion at the end of the third quarter, relatively flat from three months earlier, but up 50% from the third quarter of 2015. Ares' real estate business reported an AUM of $10.4 billion as of Sept. 30, up 3% from the second quarter and year-earlier quarter.
Net income under GAAP was $43.3 million in the third quarter, compared to $37.6 million in the second quarter and a GAAP net loss of $11.3 million in the third quarter of 2015. Management fees were $163.6 million in the third quarter, up from $158.5 million in the previous quarter and $158.1 million in the year-earlier quarter. Performance fees were $164.5 million in the quarter, down from $203.2 million in the three months ended June 30, and a loss of $22.2 million in the three months ended Sept. 30, 2015. Administrative and other fees totaled $7.4 million in the third quarter, down from $7.9 million in the second quarter and $8 million in the year-earlier quarter.
