Blair Jacobson

About Blair Jacobson

Blair Jacobson is Partner and, since February 5, 2025, Co‑President of Ares Management Corporation; he is 52, joined Ares in 2012 to build its European Direct Lending platform, and holds a B.A. from Williams College and an M.B.A. from the University of Chicago Booth School of Business . He is a Co‑Chair of the Ares Operating Committee, sits on the Ares Enterprise Risk Committee, and serves on investment committees across European Direct Lending, European Liquid Credit, Credit Secondaries, and Sports, Media & Entertainment strategies . Firm performance context relevant to incentive alignment: Fee Related Earnings (FRE) grew from $431,231 thousand in 2020 to $1,361,737 thousand in 2024, and after‑tax realized income per share rose from $1.86 (2020) to $3.97 (2024), while the company reports five‑year TSR outperformance versus the Dow Jones U.S. Asset Managers Index peer group . As of December 31, 2024, Ares reported approximately $484 billion of assets under management, underscoring scale growth that the Board highlights in pay‑versus‑performance disclosures .

Past Roles

External Roles

Fixed Compensation

• Mr. Jacobson was not a Named Executive Officer (NEO) in the 2024 Summary Compensation Table; no base salary or annual cash bonus amounts for him are disclosed in the latest proxy, and his February 2025 appointment 8‑K does not provide compensation terms .

Performance Compensation

Structure and metrics (firm‑level constructs used to align senior pay):

• Ares emphasizes discretionary variable bonuses, carried interest/incentive fee participation, and time‑based restricted units with multi‑year vesting; carried interest typically vests over five years and restricted units generally vest in four equal installments on the second through fifth anniversaries of grant, payable in Class A shares and subject to dividend equivalents on the same vesting schedule .
• The Board identifies FRE, after‑tax realized income per share, assets under management, and fund performance as the most important measures linking pay to performance, and reports that company TSR has outperformed the peer index over the five‑year period presented; compensation is not formulaic by metric weighting .

Detailed table (firm metrics informing pay; Jacobson‑specific weights/targets not disclosed):

Vesting, lock‑ups and trading windows:

• Time‑based restricted units typically vest in four equal installments on the 2nd–5th anniversaries; carry awards vest over five years; certain incentive‑fee RSU programs include additional lock‑up restrictions with release schedules through June 30, 2029 (disclosed for specific senior executives) .
• Insider trading policy prohibits short‑selling, hedging/monetization transactions, and holding in margin accounts or pledging without prior approval; this reduces hedging‑ or margin‑driven selling pressure .

Equity Ownership & Alignment

Additional alignment mechanics and constraints:

• Pledging, margin, and hedging transactions are prohibited without prior compliance approval; the policy applies to executives and mitigates misalignment risks .
• Beneficial ownership table includes both directly held shares and restricted units subject to vesting conditions; RSUs align with long‑term stock performance and service .
• Exchange agreement allows holders of Ares Operating Group Units to exchange up to four times per year into Class A shares, but Jacobson’s holdings disclosed are Class A and RSUs; no Operating Group Units are listed for him .

Employment Terms

• Appointment and agreements: Effective February 5, 2025, Mr. Jacobson was appointed Co‑President; the company disclosed no arrangements or understandings pursuant to which he was appointed and noted there are no related‑party transactions requiring disclosure; he entered into a customary indemnification agreement .
• Non‑compete / non‑solicit context: The January 31, 2024 Incentive Fee Agreements for specified executives (Arougheti, deVeer and certain other senior professionals) included non‑compete and non‑solicit covenants; Jacobson is not specifically identified among those recipients in the filing .
• Clawback: Ares adopted an NYSE‑compliant clawback policy applicable to current/former executive officers for three completed fiscal years preceding any restatement; covers incentive‑based compensation tied wholly or partly to financial reporting measures .
• Insider trading windows and compliance: The company reports timely Section 16 compliance for FY‑2024 (one late report by another executive), implying routine controls over insider transactions; no exceptions disclosed for Jacobson .

Investment Implications

• Alignment and retention: Large unvested RSU balance (426,312 units) and policy‑constrained trading (anti‑hedging/pledging; vesting over years) suggest strong alignment and lower voluntary turnover risk; carry economics and multi‑year vesting further lock in retention incentives .
• Selling pressure: Near‑term selling pressure from Jacobson appears limited by vesting schedules (2nd–5th anniversary cadence) and, where applicable to certain programs, lock‑ups through mid‑2029; policy restrictions further dampen opportunistic monetization, though routine sales may occur upon vesting for tax/liquidity .
• Performance linkage: Board highlights FRE, after‑tax RI/share, AUM, and fund performance as key pay drivers; with FRE up to $1.36B in 2024 and AUM ~$484B, firm‑level tailwinds support sustained incentive value if performance persists .
• Governance risk: No related‑party transactions disclosed for Jacobson; firm‑wide clawback and insider trading controls are in place; peer‑indexed TSR outperformance over five years supports pay‑for‑performance narrative but pay remains largely discretionary rather than formulaic .

Note: Jacobson‑specific cash compensation (base/bonus) and severance/change‑in‑control terms were not disclosed in the 2025 proxy or his appointment 8‑K; conclusions are based on disclosed ownership, firm‑wide policies, and the company’s compensation framework .

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