Oppenheimer analyst Chris Kotowski has maintained an Outperform rating on Ares Management while lowering the price target to $140 from $146. The adjustment reflects a revised valuation outlook despite the firm's continued bullish stance on the stock's performance relative to the broader market.

Separately, BMO Capital analyst Brennan Hawken has maintained a Market Perform rating on Ares Management while raising the price target to $128 from $125. This adjustment reflects a modest recalibration of the stock's valuation potential while keeping a neutral stance relative to the broader market.

The following table summarizes the revised rating details from both firms:

The Market Perform rating from BMO Capital indicates that the stock is expected to perform in line with the market average over the long term. In contrast, Oppenheimer's Outperform rating suggests a belief that the stock will exceed market performance.

Ares Management Corporation has completed the acquisition of Whitestone REIT for $19.00 per share in an all-cash transaction valued at approximately $1.7 billion. The deal expands Ares Real Estate’s portfolio with 54 high-quality, convenience-focused retail properties totaling approximately 4.8 million square feet across fast-growing markets in the United States, including Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.

With the completion of the acquisition, Whitestone will no longer be traded or listed on any public securities exchange. Additional information regarding the disbursement of the merger consideration to Whitestone shareholders is available in an 8-K filed by Whitestone with the Securities and Exchange Commission.

Transaction Advisors

Citigroup Global Markets Inc. acted as lead financial advisor and financing provider to Ares, with Morgan Stanley also acting as financial advisor and financing provider. Kirkland & Ellis LLP served as legal advisor to Ares. Dechert LLP served as legal advisor to Citigroup Global Markets Inc. and Morgan Stanley.

BofA Securities served as Whitestone’s financial advisor and provided a fairness opinion to Whitestone’s Board of Trustees, and Jones Lang LaSalle Securities also served as a financial advisor. Bass Berry & Sims served as Whitestone’s legal advisor.

About Ares Management Corporation

Ares Management Corporation is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. As of March 31, 2026, Ares Management Corporation's global platform had over $644 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East.