Good investment performance across credit, private equity, and real estate segments Sizeable amount of assets under management (AUM) are locked up for multiyear periods Less scaled in private equity and real estate than some larger competitors Strongly profitable on a management-fee basis, but a meaningful portion of earnings are derived from performance fees and investment income Solid AUM growth over time, primarily as a result of good fundraising and capital deployment We expect leverage to be 1.5x-2.0x in 2017 and 2018 Draws on revolver and acquisitions may lead leverage to temporarily rise to above 2.0x Sound liquidity profile with no near-term maturities The stable outlook on Ares Management L.P. reflects S&P Global Ratings' expectation that the company will maintain good
