Ares Management initiates payment of quarterly dividend
Ares elected to change its tax classification from a partnership to a C-Corporation to be effective March 1. COO and CFO Michael McFerran stated, "In concurrence with this change, Ares will begin paying a steady, quarterly dividend for each calendar year based on the growth in our after-tax core fee related earnings. This dividend policy should reduce the historical volatility of our distributions, and allow us to retain a greater portion of our earnings for growth and potential share repurchases." Ares declared a distribution of 40c per common unit for the five months ended February 28, inclusive of 25c per common unit for 4Q17 and 15c per common unit for the first two months of 1Q18, payable on February 28 to common unitholders of record at the close of business on February 26. The distribution represents a portion of the estimated after tax distributable earnings generated for the five month period ended February 28. For March 2018, the first month that Ares is taxed as a corporation, Ares declared a dividend of 9.33c per common share payable on April 30 to holders of record on April 16. Ares declared a distribution of 43.75c per Series A Preferred Unit with a payment date of March 31 to preferred unitholders of record as of the close of business on March 15.