• Ares Management average return on tangible equity for 2023 was 20.22, a 28.3% decline from 2022.
• Ares Management average return on tangible equity for 2022 was 15.76, a 25.18% increase from 2021.
• Ares Management average return on tangible equity for 2021 was 12.59, a 191.44% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.