Ares Management oversees nearly $500 billion in assets and is publicly traded on the New York Stock Exchange. In Q2 2025, the firm generated $900.3 million in management fees, with $617 million coming from its credit business alone. By Q1 2026, management fees had surpassed $1 billion for the first time in the firm's history, reaching approximately $1.0 billion, while Ares' Credit Group generated $699.8 million in management and other fees. Assets under management reached $644.3 billion, up 18% YoY. While it has expanded into private equity, real assets, and secondaries, its identity and expertise were built through credit investing, helping it become the largest alternative credit manager in the world.
Most institutional investors in sport start with equity. Ares approaches the sector by assessing what type of capital a sports organisation needs and then structures an investment around that specific situation. The return is therefore linked not only to the asset but also to the financial instrument being used. This is why the firm’s sports portfolio includes preferred equity in Chelsea, mezzanine debt in Eagle Football, and common equity in the Miami Dolphins. These are three different types of investments with three different risk and return profiles, occupying three different positions within a company’s capital structure.
This credit focused approach gives Ares three advantages that traditional equity investors struggle to match.
First, it can secure a higher position in the capital structure. Second, it can generate contractual returns that do not depend entirely on the future value of a franchise. Third, it can access deals where owners need capital but have no intention of selling ownership stakes.
Structural seniority means Ares is paid before common equity holders if cash is distributed or assets are sold. At Chelsea, the firm’s preferred equity investment sits ahead of Todd Boehly and Clearlake Capital in the payment hierarchy.
Return comes from structures such as mezzanine debt, where Eagle Football’s financing generates 19.4% annual interest regardless of how the underlying equity and valuation performs.
The third advantage is access. Chelsea’s owners were not looking to sell part of the club. They needed long term capital to support stadium development. Ares provided a $500 million preferred equity facility that gave the club access to funding without forcing the owners to surrender control. This type of transaction is largely unavailable to investors who only buy equity. When the NFL changed its ownership rules in August 2024 and prohibited preferred equity structures in franchise ownership, Ares adjusted its approach and acquired the maximum permitted 10% common equity stake in the Miami Dolphins.
The key point is Ares is committed to using whichever