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FAIR VALUE - Changes in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022
Consolidated Funds |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | $ 2,037,790 | $ 1,448,402 | $ 1,965,647 | $ 1,317,703
Transfer in (out) due to changes in consolidated | (380,688) |  | (380,688) |
Transfer in | 57,540 | 358,779 | 195,575 | 338,080
Transfer out | (214,205) | (152,750) | (489,165) | (80,261)
Purchases | 299,557 | 315,204 | 669,102 | 511,916
Sales/settlements | (177,248) | (168,029) | (375,132) | (285,773)
Amortized discounts/premiums | 421 | 177 | 963 | 679
Realized and unrealized appreciation (depreciation), net | 88,336 | 2,473 | 125,201 | 1,912
Balance, end of period | 1,711,503 | 1,804,256 | 1,711,503 | 1,804,256
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date | $ 58,355 | $ 3,413 | $ 88,757 | (20,624)
Level III Liabilities of the Company |  |  |  |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net realized and unrealized gains on investments | Net realized and unrealized gains on investments | Net realized and unrealized gains on investments |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Net realized and unrealized gains on investments | Net realized and unrealized gains on investments | Net realized and unrealized gains on investments |
Consolidated Funds | Equity securities |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | $ 932,635 | $ 351,140 | $ 730,880 | 339,183
Transfer in (out) due to changes in consolidated | (2,076) |  | (2,076) |
Transfer in | 0 | 0 | 0 | 0
Transfer out | 0 | 0 | 0 | 0
Purchases | 48,645 | 110,322 | 229,016 | 117,642
Sales/settlements | (4) | (18,422) | (126) | (28,611)
Amortized discounts/premiums | 0 | 0 | 0 | 0
Realized and unrealized appreciation (depreciation), net | 86,865 | 37,874 | 108,371 | 52,700
Balance, end of period | 1,066,065 | 480,914 | 1,066,065 | 480,914
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date | 86,879 | 25,622 | 108,324 | 26,150
Consolidated Funds | Fixed Income |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | 732,804 | 859,301 | 869,668 | 742,952
Transfer in (out) due to changes in consolidated | (4,563) |  | (4,563) |
Transfer in | 57,540 | 358,779 | 195,575 | 338,080
Transfer out | (214,205) | (152,750) | (489,165) | (80,261)
Purchases | 250,912 | 201,882 | 391,086 | 367,274
Sales/settlements | (177,095) | (140,607) | (325,968) | (226,660)
Amortized discounts/premiums | 421 | 177 | 963 | 679
Realized and unrealized appreciation (depreciation), net | 2,317 | (50,528) | 10,535 | (65,810)
Balance, end of period | 648,131 | 1,076,254 | 648,131 | 1,076,254
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date | (27,469) | (37,145) | (20,381) | (61,044)
Consolidated Funds | Partnership Interests |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | 374,049 | 241,123 | 368,655 | 238,673
Transfer in (out) due to changes in consolidated | (374,049) |  | (374,049) |
Transfer in | 0 | 0 | 0 | 0
Transfer out | 0 | 0 | 0 | 0
Purchases | 0 | 3,000 | 49,000 | 27,000
Sales/settlements | 0 | (9,000) | (48,889) | (30,500)
Amortized discounts/premiums | 0 | 0 | 0 | 0
Realized and unrealized appreciation (depreciation), net | 0 | 15,000 | 5,283 | 14,950
Balance, end of period | 0 | 250,123 | 0 | 250,123
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date | 0 | 15,000 | 0 | 14,445
Consolidated Funds | Derivatives, Net |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | (1,698) | (3,162) | (3,556) | (3,105)
Transfer in (out) due to changes in consolidated | 0 |  | 0 |
Transfer in | 0 | 0 | 0 | 0
Transfer out | 0 | 0 | 0 | 0
Purchases | 0 | 0 | 0 | 0
Sales/settlements | (149) | 0 | (149) | (2)
Amortized discounts/premiums | 0 | 0 | 0 | 0
Realized and unrealized appreciation (depreciation), net | (846) | 127 | 1,012 | 72
Balance, end of period | (2,693) | (3,035) | (2,693) | (3,035)
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date | (1,055) | (64) | 814 | (175)
Ares Management L.P |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | 200,242 | 157,982 | 198,719 | 106,486
Transfer in (out) due to changes in consolidated |  |  |  | 1,491
Purchases | 38,979 |  | 40,226 |
Change in fair value |  | (198) |  | (1,186)
Sales/settlements | (1,722) | (1,927) | (3,213) | 44,848
Realized and unrealized appreciation (depreciation), net | 1,649 | (3,793) | 3,416 | 425
Balance, end of period | 239,148 | 152,064 | 239,148 | 152,064
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date | 1,649 | (3,991) | 3,416 | (761)
Ares Management L.P | Equity securities |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | 125,073 | 114,499 | 121,785 | 108,949
Transfer in (out) due to changes in consolidated |  |  |  | 1,491
Purchases | 38,208 |  | 38,260 |
Change in fair value |  | 0 |  | 0
Sales/settlements | (881) | (934) | (836) | (1,147)
Realized and unrealized appreciation (depreciation), net | 2,971 | 316 | 6,162 | 4,588
Balance, end of period | 165,371 | 113,881 | 165,371 | 113,881
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date | 2,971 | 316 | 5,949 | 4,588
Ares Management L.P | Fixed Income |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | 75,169 | 51,458 | 76,934 | 52,397
Transfer in (out) due to changes in consolidated |  |  |  | 0
Purchases | 771 |  | 1,966 |
Change in fair value |  | 0 |  | 0
Sales/settlements | (841) | (993) | (2,377) | (1,878)
Realized and unrealized appreciation (depreciation), net | (1,322) | (4,109) | (2,746) | (4,163)
Balance, end of period | 73,777 | 46,356 | 73,777 | 46,356
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date | $ (1,322) | (4,109) | $ (2,533) | (4,163)
Ares Management L.P | Partnership Interests |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period |  | 2,575 |  | 2,575
Transfer in (out) due to changes in consolidated |  |  |  | 0
Change in fair value |  | 0 |  | 0
Sales/settlements |  | 0 |  | 0
Realized and unrealized appreciation (depreciation), net |  | 0 |  | 0
Balance, end of period |  | 2,575 |  | 2,575
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date |  | 0 |  | 0
Ares Management L.P | Contingent Consideration |  |  |  |
Level III Liabilities of the Company |  |  |  |
Balance, beginning of period |  | (10,550) |  | (57,435)
Transfer in due to changes in consolidation |  |  |  | 0
Sales/settlements |  | 0 |  | 47,873
Change in fair value |  | (198) |  | (1,186)
Realized and unrealized appreciation (depreciation), net |  | 0 |  | 0
Balance, end of period |  | (10,748) |  | (10,748)
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date |  | $ (198) |  | $ (1,186)

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