I think look the environment for realizations right now from a PE perspective is as good as you can imagine with the financial buyer bid being incredibly strong, the IPO bid being incredibly strong, the SPAC bid, there's other alternative strategics buyers. And then just as a follow-up, just on performance income realized it's tough to gauge. In the public markets we raised $1 billion in our first SPAC Ares Acquisition Corp. We also continued to raise capital in our permanent capital vehicles with $1.6 billion in debt and equity for Ares Capital Corp. our BDC. Great. Thank you. I'll now turn it back to Mike for his thoughts on our future outlook and concluding remarks. When I think about a substantial amount of the carry that's in funds that are, in the fact, what you would call harvesting mode is their past investment period. Yeah. That's given us some great operational synergies and cost leverage. Good afternoon and thank you for joining us today for our first quarter 2021 conference call. Yes. Director: Jaume Collet-Serra | Stars: Liam Neeson, Ed Harris, Joel Kinnaman, Vincent D'Onofrio I'll take that. We think that we've created some pretty significant white space between us and others in the market. With this level of net accrued performance income and uninvested incentive-eligible AUM, we believe we have the pieces in place to continue to generate meaningful performance income over the long term for our shareholders. The following is a list of episodes from the TV series Hercules.All major voice actors from the 1997 film reprise their roles, except for Zeus and Philoctetes who are voiced in the series by Corey Burton and Robert Costanzo, respectively.The syndicated series and The Saturday Morning run ran 65 episodes and a direct-to-video film Hercules: Zero to Hero That being said, as our reach expands, as the investor base broadens, we have the capability here to monetize our relationships and our balance sheet differently than we have in the past. This morning we announced that we declared our second quarter common dividend of $0.47 per share, which is consistent with our prior quarter dividend and represents an increase of 17.5% over our prior year's quarterly dividend. That comes with two benefits. This loss accounted for a $0.03 reduction in our after-tax realized income per share in the quarter. I mean, Mike, all I'd add is right and you know this as well as I do, but just one other point. So, as I mentioned in the prepared remarks, it was an old portfolio related to a small fund that we call an ACOF Asia fund. And as you know, we -- when you have subsequent closes of a committed capital fund, you'd also have a bit of those onetime catch-up fees that, you'll benefit from because new LPs will be paying country management fees back to the start date. Do you want me to start with that Mike or --. The flagship X-Men comic for over 40 years, Uncanny X-Men delivers action, suspense, and a hint of science fiction month in and month out. I'm optimistic and hopeful, it's less than that. Following a record year of capital raising in 2020, we've continued our strong momentum with over $10 billion of capital raised during the quarter. My follow-up is on ACOF V. The net IRR continues to rebound. Great. And they may not necessarily be full sale of monetizations, but we have lots of options in front of us and we're evaluating them at many of our portfolio companies at the moment. Reddit 2 hours Malaysia’s April palm oil stocks seen lower as exports jump Financial Post 2 hours Trading in calls for a stocks that have declined by -10%. We expect in private equity we think about the business really overall in terms of our fundraising activities. Michael McFerran -- Chief Operating Officer and Chief Financial Officer. Great. Today and well into the future, it will be critical to have the capability to offer the broadest set of solutions across the risk-return spectrum to both retail and institutional clients. Our energy and infrastructure teams obviously lending direct to company, so that is a big part of the growth opportunity. Or is it 100-0? Hey, Alex. What was the first part of your question on FRE for the quarter? We have found a number of opportunities to collaborate on, where they brought a very differentiated balance sheet to our platform. PE is very active. The legacy investments that you guys mentioned that drove the investment loss is that fully out? With the offering in the quarter, I wouldn't say you're constrained in any way. Thanks for taking my question. more people in more offices with more local relationships. This represents a 16% increase from the fourth quarter and an 81% year-over-year increase from the first quarter of 2020, despite substantial realizations over the course of the year. Secondaries was a big part of it for us and Landmark has filled that gap. Michael Cyprys -- Morgan Stanley -- Analyst. FRE is 40% year-over-year. Looking back at an unprecedented year of volatility and change, we believe that 2020 validated the resilience and durability of our business, the positive fundamental growth trends for our company, and the strong secular tailwinds driving the alternative asset management industry. And we achieved a new record margin of 38% which reflects a nearly 500 basis point expansion in our margin year-over-year. Looking forward, as we mentioned on our last earnings call, we have a strong pipeline of funds either in the market or coming to the market later this year, across all of our businesses. Sure. I hope you are all healthy and wish you well. Turning to expenses. Thanks, guys. And our last question today comes from Michael Cyprys with Morgan Stanley. And what you're going to start seeing is a sequence of once those funds start kind of crossing over, triggering carry from the European waterfall, its going to kind of be recurring and growing, because you had all these funds sequence after each other. Thanks for taking my follow up. It was more a matter of there was no kind of one-time or larger expenses on anything else on the capital raise front or whatever. I mean, obviously, you have ARCC and ACRE. Over the last 15 months it has really accelerated. We also believe that the synergies with Landmark will be exciting for us over time, as we introduce products to each other's respective client bases and collaborate on new product extensions. Did you say you felt lighter or. I'm going to go off memory and I think its 85-15 or 80-20 so the inverse to your point. I know in the past, we've talked about how we opened up kind of an operational center of excellence in Mumbai year and half ago. Please refer to our first quarter earnings presentation available on the Investor Resources section of our website for reconciliations of the measures to the most directly comparable GAAP measures. Michael Arougheti -- Director, Chief Executive Officer and President. And I'll address that and then Kipp is on the line too so if he has any color commentary, Kipp feel free to chime in. When we execute on M&A it typically is going to be either to tuck in a capability or a set of relationships that we don't currently have where we feel that we can acquire it at an attractive price that's strategic. We reported AUM well in excess of $200 billion, a major milestone for the company after reaching $100 billion just four years ago. Mike I'm just curious. And then a couple of smaller questions here just around the private equity business. The dividend will be paid on June 30th, 2021 to holders of record on June 16th. It seemed like, obviously the conversations were far enough along and it was an asset you guys were really interested in. Great. That didn't feel light. So with the market backdrop that we're in, we are very excited about what 2021 holds for us. So I think that it could be an incremental revenue stream for us for sure but I would not expect to see us with a fully developed capital markets capability. Scale of capital and flexibility of capital is also a pretty big advantage, which is why we're so pleased to see the scaling in Europe the way that we saw it in the U.S. Maybe if you can just update on like seasoning of the portfolio and the outlook in the current backdrop. So if we're talking about middle market corporates, we've always had a meaningful business in the non-sponsored part of the market. Our next question comes from Chris Harris with Wells Fargo. Maybe you can remind us how the catch-up math will work as it crosses the pref rate and you could have a real large increase in future realized performances in the fund? Sure. Yes. Including anticipated leverage, the total available capital for ACE V will be approximately 15 billion. Hi. This is Bennett -- this is Bennett. That's just a fundamental philosophical view that we have here. Mike is it 20-80, kind of, the inverse in catch-up? We may -- we all may get the benefit over time of increased disclosures from their side as to how they landed in that decision but beyond that I can't really comment. And we continue to think that 2021 could shape up to match or exceed the record fundraising that we had last year. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. Obviously as the markets recover post-pandemic and liquidity in the markets persist, we just expect transaction activity to remain healthy if not elevated throughout the rest of the year. I'll give you a general view. On the heels of the Landmark announcement, we raised $828 million of equity. So we -- finally after a lot of years of not wanting to staff that team differently, we finally chose a couple of years back to staff that team differently. But I think what you're going to see with us, starting I think over the next couple of years, is kind of a differentiated carry profile where you're going to start having a bit of this kind of recurring carry that's not dependent upon actually exit the transactions, because it's coming off a credit book. That's great, Mike. Mobster and hit man Jimmy Conlon has one night to figure out where his loyalties lie: with his estranged son, Mike, whose life is in danger, or his longtime best friend, mob boss Shawn Maguire, who wants Mike to pay for the death of his own son. Now, I'll turn the call over to Michael Arougheti who will start with some quarterly financial and business highlights. Mike is that a fair kind of assessment? And obviously, some peers have brought out their potentially non-traded real estate or credit products. I don't know Kipp anything you'd add to that? The final fund size represents an increase of approximately 70% versus the predecessor fund. I think the competition it feels more competitive in the sense of the number of folks that have capital to deploy. Thanks very much. ACOF V is seeing some nice increase in performance. But two, it actually drives much better alignment with the private institutional or retail LP, which is actually supportive of the fundraising. And then I just wanted to circle back on SMBC and the partnership there. Stanley Townsend, Actor: The Libertine. So I think that was a pretty meaningful demonstration of the strength of the partnership but also how well it's going and how pleased I think we both are with the progress we're making. I think we're well set up. Yeah. The most significant one is Thor, a character based on the deity of the same name from Norse mythology.Other deities from Norse myths were adapted for Thor's supporting cast, along with Heracles and other deities from Greek mythology. Our fee-related earnings continues to grow quarter-over-quarter and this quarter's comparable FRE growth exceeded our expectations, as we are able to grow sequentially, despite an exceptionally strong fourth quarter of last year. Mr Townsend was born in August 1961 and studied Engineering and Maths at Trinity College, Dublin, where he first became interested in amateur dramatics, later co-founding the Rough Magic Theatre company with writer Declan Hughes and director Lynne Parker and going on to appear at both the Gate and Abbey Theatres in Dublin. It's in striking distance of the pref rate. After-tax realized income per share of Class A common stock, net of preferred stock distributions was $0.46 per share for the first quarter, up from $0.45 in the first quarter of 2020. I'm joined today by Michael Arougheti our Chief Executive Officer; and Michael McFerran, our Chief Operating Officer and Chief Financial Officer. 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