Ares and Blue Owl post resilient earnings as private credit defaults hit record 6%

Earnings
โดย Reuters·Read original
Summary · why it matters

Ares Capital and Blue Owl Capital reported resilient second-quarter results, while Ares Management posted record fundraising, highlighting continued institutional demand for private credit despite rising defaults, retail redemptions and liquidity concerns. Ares Management raised a record $36 billion in the second quarter, including $23.7 billion for its credit strategies, and its assets under management rose 17% from a year earlier to $671.3 billion. Ares Capital, the largest publicly traded business development company, reported core earnings of 47 cents per share, in line with the LSEG consensus estimate, and maintained its quarterly dividend with about $6 billion of available liquidity as of July 23. Blue Owl Capital reported $319 billion of assets under management at the end of June, up 12% from a year earlier, and its distributable earnings rose 9%, matching analysts' average estimate. However, Fitch Ratings said the U.S. private-credit default rate rose to a record 6.0% in the 12 months through June, from 5.7% in the previous quarter, with 32 default events in the second quarter involving 20 new borrowers. Retail-focused private-credit funds continued to receive redemption requests well above their normal quarterly repurchase limits, with second-quarter redemption requests reaching 38.1% of net asset value at Blue Owl Technology Income Corp, 18.9% at Blue Owl Credit Income Corp and 16.8% at Apollo Debt Solutions, while most funds repurchased shares equivalent to about 5% of net asset value during the quarter. Evercore estimated global private credit secondary-market volume reached $20.4 billion in the first half of 2026, up 122% from a year earlier and exceeding the total recorded in all of 2025, with GP-led deals accounting for 83% of the total.

Impact on stocks 4

Financials▲ · 4 stocks
Ares Management LP
ARES
▲ PositiveCapitalrelevance

Record fundraising of $36B and AUM growth highlight strong institutional demand.

Ares Capital Corporation
ARCC
± MixedCapitalrelevance

Core earnings in line with consensus and maintained dividend, but record default rate and redemption concerns weigh.

Blue Owl Capital Inc
OWL
± MixedCapitalrelevance

AUM and distributable earnings rose, but high redemption requests and rising defaults create uncertainty.

Off-coverage companies 2

Apollo Debt Solutions BDCPrivate± Mixed
relevance

Fitch RatingsPrivate± Mixed
relevance

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