Connecting decision makers to a dynamic network of information
Bloomberg quickly and accurately delivers business and financial information
after posting record demand across its vanilla and opportunistic strategies in the first quarter
Investor interest in credit helped push Ares’ managed assets up 27% to a total of almost $546 billion in the first quarter
Ares raised just over $20 billion in the first three months of the year
with more than half of that flowing to its credit group
rather than plunging audiences into a digital landscape
Jared Leto’s Ares – the titular character who busts out of the Grid and into reality
but I always thought about him a bit like Pinocchio,” director Joachim Rønning tells Empire of Leto’s character
“Ares wants to be a real boy.” As a piece of coding-turned-flesh
“We talked a lot about him almost being an infant
and how we wanted the audience to see the world through his eyes,” says Rønning
“The little things that we take for granted
And then a bigger theme for the film is what it takes — what it means — to be human
The nature of Ares – and his presence in reality – isn’t the only evolution in Tron: Ares
He even gets his own triangular Identity Disc
in an upgrade from the typical circular accessories
“It’s definitely a weapon,” Rønning teases
“And it’s just a superior disc.” Don’t worry
Tron purists – standard circular discs will be present too
although I’m sure people are gonna freak out that it’s not round: ‘Oh no!’ But we have round discs as well,” he says
Read Empire’s full Tron: Ares story in the Jaws At 50 issue, on sale Thursday 10 April. Pre-order a copy online here
Tron: Ares comes to UK cinemas on 10 October
Company number 01176085; Bauer Radio Limited
Company number: 1394141; Registered office: Media House
Peterborough PE2 6EA and H Bauer Publishing
Company number: LP003328; Registered office: The Lantern
H Bauer Publishing are authorised and regulated for credit broking by the FCA (Ref No: 845898)
Revisit the reviews of Trent Reznor and Atticus Ross’ The Social Network and Daft Punk’s Tron Legacy
It's difficult to underestimate the massive influence that Disney's 1982 cult science fiction film, TRON
had on both the film industry—thanks to combining live action with what were then groundbreaking visual effects
rife with computer-generated imagery—and on nerd culture at large
Over the ensuing decades there has been one sequel
all modeled on director Steve Lisberg's original fictional world
(Spoilers for ending of TRON: Legacy below.)
TRON: Legacy ended with Sam Flynn (Garrett Hedlund), son of Kevin Flynn (Jeff Bridges) from the original film, preventing the digital world from bleeding into the real world, as planned by the Grid's malevolent ruling program, Clu. He brought with him Quorra (Olivia Wilde), a naturally occurring isomorphic algorithm targeted for extinction by Clu.
TRON: Ares hits theaters on October 10, 2025.
Tron: Ares imagines a world where AI takes on a physical form
by Wes Davis
The minute-and-a-half trailer doesn’t say much about the story but shows plenty of the movie’s visuals
and filled with the series’ signature light trails
The trailer opens in the physical world at night
slicing one in half using his light trail as a weapon
The shots that follow show a massive airship hovering over the real-world city
visible only by the red light strips on its outside
The rest has people looking on in horror at the airship
dogfights between human aircraft and fighters from the Tron digital world
and what looks like a clip of Ares being given his physical body
All of that is set to the music of Nine Inch Nails
which is handling the soundtrack this time around
It ends with a voiceover from Jeff Bridges
reprising his role as Kevin Flynn and saying
There’s no going back.” The movie hits theaters on October 10th
A weekly newsletter by David Pierce designed to tell you everything you need to download, watch, read, listen to, and explore that fits in The Verge’s universe.
It’s a day fans of the Grid have been awaiting for years. The first trailer for Tron: Ares is here, a film that has been in the works for over 15 years. That’s even before the release of 2010’s Tron: Legacy, a cult classic in the making that set up a sequel which never happened
In the first trailer for Ares, it doesn’t look like the new film picks up those Legacy threads at all. Instead, we’re introduced to a new, red grid and
creations from that plane of existence crossing over into the real world
Here’s your first glimpse at Tron: Ares
We’re not surprised the trailer doesn’t give away too much
But you can certainly tell that director Joachim Rønning (Pirates of the Caribbean: Dead Men Tell No Tales
Maleficent: Mistress of Evil) is aiming to bring fans of the franchise not just something new
but something they’ve been dreaming about for decades: a full-on invasion of the Grid into the real world
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The Mentor Police Department is deeply committed to using all tools at their disposal to help keep our community safe and K9 units are an integral part of that effort
Officer Terry Wurgler has been with the department for 19 years and a K9 handler for the past 12
Achilles passed way due to an illness last year
but Wurgler was united with a new partner in April
We recently caught up with him during his rounds when he introduced us to K9 Ares
Ares was born in Poland and sent to a facility in Michigan where I trained with him for six weeks
I love the fact that they are so intelligent
I’ve been lucky to have worked with a German Shepherd and a German Shepherd/Malinois mix and saw great qualities in both
It came down to three dogs that I really liked and there was something special about Ares that drew me to him
Can you tell us a little about his training
He’s a dual-purpose K9 certified through the state of Ohio in patrol and special purpose
He’s trained in the detection of narcotics (cocaine
what personality traits do you see shining through
he loves to work and train as well as play
He is very social and seems to be chomping at the bit to get out and meet as many people as he can
and Fire departments socializing him with everyone that we can
Officer Wurgler assures us that they are both excited to continue their training
and hit the ground running on the road to help out the other officers not only at our department but surrounding agencies as well
We look forward to watching you make a paws-itive impact on our community
Ares Management saw its fee-related earnings rise 22% to $367.3 million in the first quarter of 2025
and assets under management reach $545.9 billion
"We reported strong first quarter results with robust fundraising and investing activities
20% or more year-over-year growth in […]
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The news: Ares Management Corp raised over US$20 billion ($30.8 billion) in the first quarter this year
as appetite for private credit saw the manager’s AUM surge above US$500 billion
The numbers: Ares’ assets under management climbed 27% to a total of almost US$546 billion in Q1
raising just over US$20 billion to achieve a first-quarter record for the firm
with more than half of that amount flowing to its credit group
The company’s Q1 results saw after-tax realised income per share of US$1.09
with fee related earnings of US$367.3 million for the quarter
Ares also announced a quarterly dividend of US$1.12 per share of its Class A and non-voting common stock
and a quarterly dividend of $0.84375 per share for its 6.75% Series B mandatory convertible preferred stock
Ares CEO said on the results: "We reported strong first quarter results with robust fundraising and investing activities
20% or more year-over-year growth in many of our key financial metrics and assets under management that surpassed a half a trillion dollars."
Ares CFO added: “With a record amount of assets under management not yet paying fees of nearly $100 billion
we remain well positioned to make attractive investments in a volatile market environment
We have a history of resilient growth during market dislocations as our management fee centric and asset-light business model enables us to perform well through market cycles.”
The sources: Ares Management Corp, Earnings presentation
ARESAres Management Corp ARES reported quarterly adjusted earnings of $1.09 per share for the quarter ended March 31
The mean expectation of fifteen analysts for the quarter was for earnings of 95 cents per share
Wall Street expected results to range from 90 cents to $1.01 per share
Revenue rose 53.9% to $1.09 billion from a year ago; analysts expected $906.78 million
Ares Management Corp's reported EPS for the quarter was breakeven results
The company reported quarterly net income of $21.86 million
Ares Management Corp shares had risen by 7.1% this quarter and lost 11.3% so far this year
The mean earnings estimate of analysts had fallen by about 10.4% in the last three months.
seven analysts negatively revised earnings estimates
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy," 4 "hold" and no "sell" or "strong sell." The average consensus recommendation for the investment management & fund operators peer group is also "buy"
Wall Street's median 12-month price target for Ares Management Corp is $159.00
This summary was machine generated from LSEG data May 5 at 01:31 p.m. UTC. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)
Copyright © 2025 FactSet Research Systems Inc.© 2025 TradingView
Ares Management (ARES) disclosed earnings for the first quarter of 2025
which unfortunately did not meet Wall Street's expectations
The company reported a GAAP earnings per share (EPS) of $0.00
While the firm's assets under management witnessed growth
there was a noticeable decline in fee-related earnings
dropping to $367.3 million from $396.2 million in the previous quarter
Moreover, the consensus recommendation from 17 brokerage firms classifies Ares Management Corp's (ARES, Financial) outlook as "Outperform," with an average brokerage recommendation rating of 2.1
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
according to people with knowledge of the matter
The package under discussion consists of a $5 billion funded term loan and a $500 million revolver
who asked not to be identified discussing confidential information
Ares Management Corporation (ARES, Financial) announced impressive first-quarter performance
highlighting significant fundraising and investment activities
The company experienced over 20% annual growth in several critical financial metrics
with its assets under management exceeding $500 billion
CEO Michael Arougheti expressed satisfaction with the initial integration of their recent acquisition of GCP International
This acquisition importantly strengthens Ares' Real Assets division
CFO Jarrod Phillips emphasized the firm’s advantageous position
with nearly $100 billion in assets under management yet to generate fees
This reserve allows Ares to capitalize on investment opportunities in a turbulent market
He also noted the company’s history of robust growth during market fluctuations
attributing it to a management fee-focused
asset-light business model that thrives across different market conditions
Based on the consensus recommendation from 17 brokerage firms, Ares Management Corp's (ARES, Financial) average brokerage recommendation is currently 2.1
For the complete transcript of the earnings call, please refer to the full earnings call transcript
Ares Management Corporation (ARES) has decided to uphold its quarterly dividend at $1.12 per share
This dividend will be distributed on June 30 to shareholders documented by June 16
with the ex-dividend date set for the same day
this consistent payout from ARES might signal stability in the company's financial strategy
In terms of brokerage sentiment, 17 firms have contributed to the consensus recommendation for Ares Management Corp (ARES, Financial)
which currently stands at an average of 2.1
This rating positions ARES in the "Outperform" category
on a scale where 1 indicates a Strong Buy and 5 suggests a Sell
Such a recommendation might attract investors looking for stocks with room for growth potential
By assessing both the optimistic and cautious insights provided by analysts and proprietary GuruFocus tools, investors can make more informed decisions about their positions in Ares Management Corp (ARES, Financial)
Balancing the potential returns with inherent risks becomes crucial for those interested in navigating the complexities of the current market landscape
reported an impressive achievement through its Credit Group
which secured approximately $11.5 billion in direct lending commitments across 81 deals in the first quarter
they amassed about $50.4 billion in direct lending commitments from 351 transactions
This figure marks a new high for their U.S
Ares Management Corporation (ARES) announced a GAAP EPS of $0.00 for the first quarter
While fee-related earnings reached an impressive $367.3 million for the period ending March 31
the results did not meet the optimistic expectations set by analysts
The consensus from 17 brokerage firms positions Ares Management Corp (ARES, Financial) with an average recommendation rating of 2.1
which corresponds to an "Outperform" status
with 1 representing a Strong Buy and 5 indicating a Sell
illustrates a generally positive but cautious outlook from analysts toward ARES
Ares Management Corporation (ARES, Financial) reported robust direct lending activity for the first quarter of 2025
closing approximately $11.5 billion in U.S
direct lending commitments across 81 transactions
This quarterly performance contributes to a record-setting 12-month total of $50.4 billion in direct lending commitments across 351 transactions
The company played key roles as an administrative agent
or bookrunner in 13 significant transactions
These deals involved major private equity firms such as TPG Capital
supporting various acquisitions and growth plans in sectors including aviation
Notable transactions in Q1 2025 included Ares' involvement in TJC's acquisition of Acron Aviation
and TPG Growth's expansion plans for BVI Medical
the company supported Permira's growth initiatives with Cambrex and Encore Fire Protection
and facilitated Carlyle's acquisition of Vantive Health
Ares Management (ARES, Financial) continues to be a leading global alternative investment manager with approximately $546 billion in assets under management as of March 31
showcasing its strong market positioning and commitment to providing flexible capital solutions across various asset classes
Ares Management Corporation (ARES, Financial) announced its financial results for the first quarter ended March 31
The company reported a GAAP net income attributable to Ares Management Corporation of $47.2 million for the quarter
net income per share of Class A and non-voting common stock was reported at $0.00
After-tax realized income for the period was $381.4 million
translating to an income per share of $1.09 for Class A common stock
Fee-related earnings were reported at $367.3 million
The company experienced significant growth
with assets under management surpassing $546 billion
marking a year-over-year growth exceeding 20% in several key financial metrics
highlighted the success of their recent strategic acquisition of GCP International
which significantly strengthens their Real Assets business
CFO Jarrod Phillips emphasized the company's strong position to make investments in volatile market conditions
citing nearly $100 billion in assets under management not currently paying fees
Ares declared a quarterly dividend of $1.12 per share for its Class A and non-voting common stock
a dividend of $0.84375 per share was declared for its 6.75% Series B mandatory convertible preferred stock
The company will also offer a Dividend Reinvestment Program effective for the upcoming dividend
Ares continues to maintain its strong market position with a record-breaking amount of assets under management
highlighting its resilience and growth potential amidst market fluctuations
Miami Dolphins Owner Could Sell Stake to Ares
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On May 5, 2025, Ares Management Corp (ARES, Financial) released its 8-K filing detailing its financial performance for the first quarter ended March 31
offers investment-related advice and strategies for capital growth through its various segments
The Credit Group is the primary revenue generator
managing credit strategies across the liquid and illiquid spectrum
Ares Management Corp reported a GAAP net income of $47.2 million for the quarter
translating to a net income per share of $0.00
This result fell short of the analyst estimate of $1.04 per share
the company achieved an after-tax realized income of $381.4 million
The company's fee-related earnings stood at $367.3 million
reflecting robust fundraising and investing activities
Ares Management Corp's performance is noteworthy due to its significant growth in assets under management
The company faces challenges in maintaining growth momentum amidst market volatility
but its asset-light business model positions it well to navigate these conditions
Ares Management Corp's financial achievements are significant in the asset management industry
where scale and diversification are critical
The company's strategic acquisition of GCP International has bolstered its Real Assets business
The record assets under management not yet paying fees
highlight the company's potential for future revenue growth
The company's income statement revealed a GAAP net income of $47.2 million
while the balance sheet and cash flow statement details were not disclosed in the filing
The after-tax realized income and fee-related earnings are crucial metrics for Ares Management Corp
as they indicate the company's ability to generate consistent cash flows and sustain its dividend payouts
Ares Management Corp declared a quarterly dividend of $1.12 per share for its Class A and non-voting common stock
The company also offers a Dividend Reinvestment Program for its Class A common stockholders
Ares Management Corp's first quarter results demonstrate its resilience and strategic growth initiatives in a challenging market environment
the company's strong revenue performance and strategic acquisitions position it well for future growth
The substantial assets under management not yet paying fees indicate potential for increased revenue streams
reinforcing the company's long-term value proposition for investors
Explore the complete 8-K earnings release (here) from Ares Management Corp for further details
Please try using other words for your search or explore other sections of the website for relevant information
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Ares Management (NYSE:ARES) is preparing to release its quarterly earnings on Monday
Here's a brief overview of what investors should keep in mind before the announcement
Analysts expect Ares Management to report an earnings per share (EPS) of $0.96
The market awaits Ares Management's announcement
with hopes high for news of surpassing estimates and providing upbeat guidance for the next quarter
It's important for new investors to understand that guidance can be a significant driver of stock prices
The company's EPS missed by $0.07 in the last quarter
leading to a 1.07% increase in the share price on the following day
Here's a look at Ares Management's past performance and the resulting price change:
Shares of Ares Management were trading at $152.27 as of May 01
Given that these returns are generally positive
long-term shareholders are likely bullish going into this earnings release
Understanding market sentiments and expectations within the industry is crucial for investors
This analysis delves into the latest insights on Ares Management
Analysts have given Ares Management a total of 10 ratings
with the consensus rating being Outperform
The average one-year price target is $176.2
The below comparison of the analyst ratings and average 1-year price targets of T
gives insights for their relative performance expectations and market positioning
The peer analysis summary presents essential metrics for T
unveiling their respective standings within the industry and providing valuable insights into their market positions and comparative performance
Ares Management ranks at the bottom for Revenue Growth and Gross Profit among its peers
Ares Management Corp is an asset management company
It offers investors investment-related advice and strategies for capital growth
The company's operating segments include Credit Group
Its Credit Group generates maximum revenue and manages credit strategies across the liquid and illiquid spectrum
Private Equity Group manages investment strategies categorized as corporate private equity
Real Estate Group manages comprehensive equity and debt strategies across real estate & infrastructure investments
The Secondaries Group invests in secondary markets across a range of alternative asset class strategies
Market Capitalization Highlights: Above the industry average
the company's market capitalization signifies a significant scale
indicating strong confidence and market prominence
Revenue Growth: Ares Management displayed positive results in 3 months
the company achieved a solid revenue growth rate of approximately 19.45%
This indicates a notable increase in the company's top-line earnings
the company achieved a growth rate higher than the average among peers in Financials sector
Net Margin: Ares Management's net margin falls below industry averages
indicating challenges in achieving strong profitability
the company may face hurdles in effective cost management
Return on Equity (ROE): Ares Management's ROE falls below industry averages
indicating challenges in efficiently using equity capital
the company may face hurdles in generating optimal returns for shareholders
Return on Assets (ROA): Ares Management's ROA lags behind industry averages
suggesting challenges in maximizing returns from its assets
the company may face hurdles in achieving optimal financial performance
Debt Management: Ares Management's debt-to-equity ratio surpasses industry norms
This suggests the company carries a substantial amount of debt
To track all earnings releases for Ares Management visit their earnings calendar on our site.
This article was generated by Benzinga's automated content engine and reviewed by an editor
© 2025 Benzinga.com. Benzinga does not provideinvestment advice All rights reserved
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq
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Heavy metal fans across Europe are in for a powerful dose of nostalgia and intensity this fall as Ashes of Ares
the band featuring former Iced Earth members Matt Barlow and Freddie Vidales
announces a European tour set for September and October 2025
As well as a stop at Germany’s Keep it True Fest
The tour will mark the 30th anniversary of Iced Earth’s landmark 1996 album The Dark Saga—a concept record inspired by the Image comic book antihero Spawn, known for its dark melodies, galloping riffs, and Barlow’s unforgettable vocal performance. Widely considered, The Dark Saga remains a defining moment in the Iced Earth legacy and a fan favorite of 1990s American power metal.
Barlow, who fronted Iced Earth twice, will once again breathe life into these iconic tracks alongside Vidales, who played bass and guitar with Iced Earth in the late 2000s. With Ashes of Ares, the duo has carved out their own sonic identity with three albums and an EP. Their last album, ‘Emperors and Fools’ was 2022. Nevermore drummer, Van Williams, has played on all releases and has done some touring with the band.
While a full list of tour dates is forthcoming, as well as their touring lineup, the band has promised a setlist that includes The Dark Saga in its entirety, along with selections from Ashes of Ares’ discography.
invests in stakes backed by sponsors primarily in North America and Europe
the alternative asset manager said in a statement Thursday
On Saturday, Disney released the first trailer and poster for TRON: Ares
the highly anticipated third installment in the groundbreaking TRON franchise
TRON: Ares is a follow-up to Disney’s 1982 seminal science fiction film
TRON: Ares follows a highly sophisticated Program
who is sent from the digital world into the real world on a dangerous mission
marking humankind’s first encounter with A.I
The feature film is directed by Joachim Rønning and stars Jared Leto
with Russell Allen serving as executive producer
WE INDEPENDENTLY CHOOSE ALL PRODUCTS FEATURED ON OUR SITE. WE MAY RECEIVE A COMMISSION WHEN YOU CLICK ON LINKS TO THOSE PRODUCTS. YOU CAN LEARN MORE ABOUT OUR AFFILIATE POLICY IN OUR TERMS OF USE
93.00°Rate This ReleaseBuy NowShai Gilgeous-Alexander Previews “Ares” Converse SHAI 001 Ahead of NBA PlayoffsRelease
Converse
SHAI 001
Shai Gilgeous-Alexander is now gearing up for the NBA Playoffs with a fresh new colorway of the silhouette: the “Ares Grey.”
A complete tonal departure from the buttery yellow launch pair
this new edition is completely blanketed in a soft
cloudy grey — a monochrome look that adds versatility to the already forward-thinking design
“Ares Grey” carries a more personal touch for the Oklahoma City star
offering a quieter tribute through minimalist design
all of the SHAI 001’s standout design elements remain intact
and low-cut collar maintain the shoe’s on-court functionality
the unibody molded sole setup with Zoom Air cushioning at the forefoot and radial-patterned traction returns
built to support the quick cuts and smooth pace of Shai’s game
No release date has been confirmed for the Converse SHAI 001 “Ares Grey,” but with the Playoffs underway
fans can expect to see Gilgeous-Alexander break them out on court imminently
Stay tuned for release info as Converse looks to build on the momentum of the SHAI 001’s impactful debut
For more from the Nike, Inc. empire, check out all remaining Air Jordan Releases in 2025—including the Air Jordan 4 "White Cement" retro
Kodiak is a pioneering autonomous driving company developing technology to address critical challenges in the transportation industry
Kodiak's single-platform automated driving system
combines advanced AI-driven software with modular hardware
The Kodiak Driver integrates learnings from real-world experience across commercial trucking and public sector applications to continuously improve AI models and increase reliability and efficiency in a wide range of environments
Kodiak's platform is designed to enable technology integration with customers' existing operations
Driver-as-a-Service solution tailored to customers' needs
Kodiak was founded in 2018 by industry veteran
with a vision of becoming the trusted world leader in autonomous ground transportation dedicated to commercializing driverless trucking at scale
we believe Kodiak became the first company to announce delivery of a driverless trucking product to a customer
Kodiak provides differentiated solutions that are demonstrated to make costs more efficient and predictable
and enhance safety across the commercial trucking and public sector markets
By partnering with AACT and accessing the public markets
Kodiak is expected to accelerate its go-to-market strategy that aims to address an estimated $4+ trillion global opportunity
"This is a remarkable milestone for the Kodiak team and reinforces our confidence in the significant value proposition we see in our differentiated driverless technology," said Burnette
"We believe entering the public markets will accelerate our strategy to expand our existing partner relationships
provide our technology to a broader customer base
and deliver enhanced solutions across the commercial trucking and public sector industries
with Kodiak's disciplined approach to capital management
along with strategic and financial support from Ares
we believe we are well-positioned to execute on our long-term growth plans
we are thrilled to be working with Ares and AACT as we continue to drive our mission to create a safer and more efficient future for the trucking industry."
"As an early-mover in autonomous trucking and first to deliver a commercial driverless product to a customer
Kodiak has quickly set itself apart as an industry leader in a significant addressable market," said David Kaplan
Chief Executive Officer and Co-Chairman of the Board of Directors of AACT and Co-Founder of Ares
"We are excited to partner with Don and the Kodiak team as they seek to further capitalize on significant industry tailwinds and deliver value for their stakeholders."
position the Company to meet the evolving and growing demands of its customers and communities," said Allyson Satin
Chief Operating Officer of AACT and Partner at Ares
"We look forward to lending Ares' decades of experience investing and navigating through dynamic market environments in support of Kodiak's long-term goals."
The proposed business combination ascribes a pre-money equity value of $2.5 billion to Kodiak
The combined company is expected to receive approximately $551 million of cash held in AACT's trust account at closing
assuming no redemptions of existing AACT shares and based on trust value per share as of December 31
including affiliates of Soros Fund Management
have invested or committed over $110 million to support the transaction
existing Kodiak investor ARK Investments has expressed its continued support of the Company
The boards of directors of both Kodiak and AACT have unanimously approved the proposed business combination
which is expected to close in the second half of 2025
subject to approval by AACT and Kodiak stockholders and the satisfaction or waiver of customary closing conditions
Upon the closing of the proposed business combination
the combined company will be named Kodiak AI
and its common stock and public warrants are expected to be listed on a national stock exchange and trade under the ticker symbols KDK and KDK WS
subject to approval by the relevant exchange
For a summary of the material terms of the transaction, as well as a copy of the business combination agreement and investor presentation, please see the Current Report on Form 8-K to be filed by AACT with the U.S. Securities and Exchange Commission (the "SEC") available at www.sec.gov
Additional information about the proposed business combination will be described in the registration statement on Form S-4 relating to the transaction (the "Registration Statement")
which AACT and Kodiak will file with the SEC
Kodiak and AACT will host a joint investor presentation to discuss the proposed business combination. To listen to the webcast or a replay of the presentation, please visit the Kodiak Investor Relations website at kodiak.ai/investors
Morgan Securities LLC are serving as capital markets advisors to AACT
Kirkland & Ellis LLP is serving as legal advisor to AACT
Ropes & Gray LLP is acting as legal advisor to the capital markets advisors
Chardan and TD Cowen are acting as Financial and Capital Markets advisors to Kodiak
LLP is serving as legal advisor to TD Cowen
The Blueshirt Group is serving as investor relations advisors for Kodiak
was founded in 2018 and has become a leader in autonomous ground transportation committed to a safer and more efficient future for all
The company has developed an artificial intelligence (AI) powered technology stack purpose-built for commercial trucking and the public sector
The company delivers freight daily for its customers across the southern United States using its autonomous technology
Kodiak became the first known company to publicly announce delivering a driverless semi-truck to a customer
Kodiak is also leveraging its commercial self-driving software to develop
test and deploy autonomous capabilities for the U.S
About Ares Acquisition Corporation II Ares Acquisition Corporation II (NYSE: AACT) is a special purpose acquisition company affiliated with Ares Management Corporation
formed for the purpose of effecting a merger
reorganization or similar business combination
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933
as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934
These include AACT's or Kodiak's or their management teams' expectations
intentions or strategies regarding the future
Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "potential," "budget," "may," "will," "could," "should," "continue" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters
statements regarding Kodiak's and AACT's expectations with respect to future performance
the addressable market for Kodiak's products
Kodiak's operational and product roadmap and its ability to produce its products at a commercial level
the competitive and regulatory landscape for Kodiak's products
the capitalization of AACT after giving effect to the proposed business combination between AACT and Kodiak (the "proposed business combination") and expectations with respect to the future performance and the success of the combined company following the consummation of the proposed business combination (the "combined company")
These statements are based on various assumptions
whether or not identified in this press release
and on the current expectations of Kodiak's and AACT's management and are not predictions of actual performance
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as
and must not be relied upon by any investors as
a prediction or a definitive statement of fact or probability
Actual events and circumstances are difficult or impossible to predict and will differ from assumptions
Many actual events and circumstances are beyond the control of Kodiak and AACT
These forward-looking statements are subject to a number of risks and uncertainties
political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination
including the risk that any regulatory approvals are not obtained
Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Kodiak
AACT or the combined company resulting from the proposed business combination with the SEC
including under the heading "Risk Factors." If any of these risks materialize or any assumptions prove incorrect
actual results could differ materially from the results implied by these forward-looking statements
There may be additional risks that neither Kodiak nor AACT presently know or that Kodiak and AACT currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by investors as a guarantee
forward-looking statements reflect Kodiak's and AACT's expectations
plans or forecasts of future events and views as of the date they are made
Kodiak and AACT anticipate that subsequent events and developments will cause Kodiak's and AACT's assessments to change
while Kodiak and AACT may elect to update these forward-looking statements at some point in the future
Kodiak and AACT specifically disclaim any obligation to do so
These forward-looking statements should not be relied upon as representing Kodiak's or AACT's assessments as of any date subsequent to the date they are made
undue reliance should not be placed upon the forward-looking statements
nor any of their respective affiliates have any obligation to update these forward-looking statements other than as required by law
this press release contains certain information about the historical performance of Kodiak
You should not view information related to the past performance of Kodiak as indicative of future results
Certain information set forth in this press release includes estimates and targets and involves significant elements of subjective judgment and analysis
No representations are made as to the accuracy of such estimates or targets or that all assumptions relating to such estimates or targets have been considered or stated or that such estimates or targets will be realized
Additional Information and Where to Find It
can be obtained free of charge from AACT upon written request to Ares Acquisition Corporation II
or that may be accessed through the websites referenced in this press release is not incorporated by reference into
Kodiak and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of AACT in connection with the proposed business combination
Security holders may obtain more detailed information regarding the names
affiliations and interests of certain of AACT's executive officers and directors in the solicitation by reading AACT's final prospectus related to its initial public offering filed with the SEC on April 24
which will become available after the Registration Statement has been declared effective by the SEC
and other relevant materials filed with the SEC in connection with the proposed business combination when they become available
Information concerning the interests of AACT's participants in the solicitation
be different from those of AACT's shareholders generally
will be set forth in the preliminary proxy statement/prospectus included in the Registration Statement
This press release shall not constitute a solicitation of any proxy
consent or approval in any jurisdiction in connection with the proposed business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of AACT
Kodiak or the combined company resulting from the proposed business combination
nor shall there be any sale of any such securities in any state or jurisdiction in which such offer
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Kodiak Media RelationsDaniel GoffDirector of External Affairs+1 646-515-3933[email protected]
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Ares Investor RelationsCarl Drake and Greg Mason+1 888-818-5298[email protected]
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Jacob Phillips
ML practitioners have always had a reputation for quick
performant “production” code found in deployed systems
While firing off a quick script and dumping results to disk feels productive in the moment
the overall research community could benefit from more robust systems aimed at speeding up research iteration cycles.
Adding the extra dimensions of reality (like spatial reasoning
and friction) makes every step of the research process — ingestion pipelines
the nature of academic paper publication rewards point-solutions: novel repositories of code aimed at achieving one novel contribution instead of building long-term development platforms.
The coming wave of generalizable robot models shows a clear need for better benchmarks, safety tests, and model understanding
We need to move beyond recordings and simulated environments executing expert policies and towards real-world data understanding to enable deployed robot systems
ARES has a special place as a meta-tool to enable policy improvements
with a special focus on curation and annotation for robotics research
but hope to see the robotics community adopt modern tools in order to develop better models
While there are many sources for robot data — including human videos
and even the cars on the road — there are many open questions about robot data curation
Curation is the process of filtering and cleaning datasets to find the right mixture of data to train the best model
Robot data curation is difficult because we don’t have the right tools to do robot data understanding; for example
using models to determine if a certain task was successful in a given video
Providing the right tools and systems for robot data ingestion and curation could be a huge help.
Training data curation is an incredibly important part of modern machine learning best practices. Researchers spend enormous amounts of dollars and FLOPs finding the right slice of training data to most effectively train their model. For example, the LLaMA project from Meta dedicates an entire team and several pages of their report to data curation
manual curation – we need better tools to facilitate research for data selection.
Right now, there are two primary — and extremely useful — open-core tools for robot data understanding: Foxglove and Rerun
Foxglove markets itself as “visualization and observability for robotics developers,” while Rerun aims to be “the multimodal data stack.” Managed infrastructure to handle data pipelines
and scalable deployment of real-world robots are excellent approaches for shortening robotics iteration cycles
has excellent tools for managing robot data at the edge and has built out a ton of ingestion
Another tool, Roboflow
offers solutions for annotation and model training
but focuses less on robotics and more on general computer vision applications
modern solutions built for machine learning workflows
we want ways to interact with our datasets and determine how to generate new annotations and datasets to make policy improvements
ARES is an open-source (Apache 2.0) platform that aims to improve robotics models by simplifying ingestion
Researchers can use it to understand the distribution of ground-truth datasets
evaluate the performance of policy rollouts
we turn raw robot data into structured representations helpful for robotics researchers
Transforming raw data into structured representations is just the first step. We also want the ability to interactively explore our data, add more annotations, develop curated slices, and draw learnings from data distributions. To accomplish this, ARES provides a simple frontend developed in Streamlit for easy local development and deployment
Researchers can use the frontend to perform structured data filtering
such as selecting episodes of a certain length
or highlighting specific background surfaces like wood or plastic.
Users can curate slices of the dataset by selecting robot embodiments
Users can also perform unstructured data filtering by exploring the latent embeddings of task instructions or episode descriptions
using the interactive tool to investigate clusters
Once the researcher has selected interesting groups of episodes
they can dive into more in-depth representations
viewing all the collected information and visualizing relevant annotations like object detections.
Researchers can explore the latent space represented by task instructions or episode descriptions
Use the helpful ‘summarize selection’ tool to learn more about a given cluster
ARES also provides the ability to retrieve similar examples over the text space (covering task instructions and descriptions) or trajectories (robot actions and states)
This provides extra help in understanding model performance
as comparing policy rollouts between similar episodes helps to explain where and why a model may struggle with a given task
The ARES Hero Plot displays all information about an episode
from details like the data collection method to VLM predictions like “background estimate.”
The Hero Plot also contains traditional annotation information like grounding box detections and segmentation masks
or more modern VLM predictions like success criteria and other descriptors
The Hero Plot also finds similar examples across text and state-action spaces
Retrieving rollouts that have different task instructions (such as “move the mustard bottle” and “move the ketchup bottle”) but extremely similar trajectories may reveal a lack of diversity in the training environment
similar tasks with extremely different trajectories may reveal unusual training environments
Examining joint actions and state trajectories can also reveal out-of-distribution paths through the action or state space
explaining why a robot may fail at a given task.
The Robot Display is helpful for understanding the motion of a robot during an episode
We display all the joint states and actions so users can find in- and out-of-distribution actions
Once a researcher has selected a curated slice of their dataset
we want to make useful representations for further knowledge-sharing or experimentation
Users can export the dashboard as a graphical representation of their findings
such as demonstrating low performance on a certain set of tasks or strong performance over a variety of background surfaces
researchers can export training artifacts like pre-processed dataframes
enabling the training of new robot models.
Here are two case studies that give real-world examples of the ARES platform.
Zawalski et al’s “Robotic Control via Embodied Chain-of-Thought Reasoning” (ECoT) is one of my favorite recent robotics papers
showing how to compose annotations from purpose-built models (like detectors
and LLMs) into generalized plans to post-train VLMs for greater spatial reasoning
This paper is a great work of machine learning literature: simple
synthetic annotations leading to large advances in robot foundation models.
There’s lots to love in the released codebase
but it’s also a great example of a point-solution built for a research paper
as opposed to a durable robot data platform
we can replace the custom Gemini LLM object with generalized ML APIs and prompt templates; we can use Docker
and Modal to scale annotating models; we can deploy modern databases like MongoDB in place to dumping to disk; and we can use asynchronous
parallelized processing to massively speed up any labeling runs
This is not meant as a critique of the ECoT team
as building out all this infrastructure for a single paper is unjustified; instead
researchers should have tools like ARES to begin with.
Using ARES, we reimplemented a labeling effort similar to ECoT
We generated ECoT datasets in a fraction of the time at extremely low cost; creating 2,500 ECoT annotations (with grounding
and segmentation annotations combined into plans with subgoals) took about 10 minutes and cost about five dollars
See scripts/annotating/run_pseduo_ecot.py for more details.
and not release success or failure annotations.
We provided the available hard-coded information like dataset_name and left the robot embodiment and other hidden fields as null
(See scripts/pi_demo_ingestion.py for more details.) This enabled us to evaluate our models on their ability to determine successful versus unsuccessful rollouts
and the results of this evaluation led to the system specifications for ingesting the rest of the rollouts
(See scripts/eval.py and notebooks/eval_nb.ipynb for more details.)
ingesting the Pi Demos dataset lets us run the typical structured extraction pipeline
providing data distributions over surfaces
A simple display of the ARES frontend after ingesting the Pi Demos dataset
ARES is built to address a gap for robot researchers: how to build long-term
durable infrastructure to improve robotics research
and improve model performance across a variety of embodiments and use cases
Current generation models are extremely helpful in pseudo-labeling robotics data
but we also acknowledge that model-based systems can introduce errors.
We hope that future VLMs and annotating models will provide better
and cheaper solutions to address these problems — and that robotics researchers and developers will adopt modern data infrastructure practices like cloud-scaling APIs and databases in order to develop stronger models
If you’re interested in collaborating or contributing to ARES
or just want to talk about ML infrastructure for robotics
and Philipp Wu for reviewing drafts of this post
and individuals building toward a more dynamic future
Jacob Phillips is an Engineering Fellow on a16z's American Dynamism team
The views expressed here are those of the individual AH Capital Management
(“a16z”) personnel quoted and are not the views of a16z or its affiliates
Certain information contained in here has been obtained from third-party sources
including from portfolio companies of funds managed by a16z
While taken from sources believed to be reliable
a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation
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Ares Management Corporation (NYSE: ARES) announced that it has completed its acquisition of the international business of GLP Capital Partners Limited
and certain of its affiliates (GCP International)
Ares’ leading global alternative investment platform managed over US$525 billion in assets
including more than US$115 billion in its global Real Assets business
Latham & Watkins LLP represented Ares in the transaction with a deal team led by asset management M&A partners Alex Kelly
and Daniel Breslin and real estate partner Michelle Kelban