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FAIR VALUE - Changes in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022
Consolidated Funds |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | $ 1,711,503 | $ 1,804,256 | $ 1,965,647 | $ 1,317,703
Transfer in (out) due to changes in consolidated |  |  | (380,688) |
Transfer in | 64,227 | 171,687 | 192,359 | 321,939
Transfer out | (185,688) | (350,079) | (590,319) | (213,658)
Purchases | 215,616 | 253,535 | 828,604 | 776,333
Sales/settlements | (167,541) | (154,618) | (502,927) | (487,176)
Amortized discounts/premiums | 552 | 521 | 1,477 | 1,274
Realized and unrealized appreciation (depreciation), net | 22,807 | (29,361) | 147,323 | (20,474)
Balance, end of period | 1,661,476 | 1,695,941 | 1,661,476 | 1,695,941
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date | $ (4,781) | $ (7,929) | $ 112,580 | (47,977)
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 | $ 1,066,065 | $ 480,914 | $ 730,880 | 339,183
Transfer in (out) due to changes in consolidated |  |  | (2,076) |
Transfer in | 848 | 0 | 0 | 0
Transfer out | (36,064) | 0 | (36,681) | 0
Purchases | 65,220 | 49,024 | 295,030 | 166,667
Sales/settlements | (2,364) | (64) | (2,490) | (28,444)
Amortized discounts/premiums | 1 | 0 | 1 | 0
Realized and unrealized appreciation (depreciation), net | 17,887 | (3,823) | 126,929 | 48,645
Balance, end of period | 1,111,593 | 526,051 | 1,111,593 | 526,051
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date | 17,950 | (3,836) | 127,001 | 22,304
Consolidated Funds | Fixed Income |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | 648,131 | 1,076,254 | 869,668 | 742,952
Transfer in (out) due to changes in consolidated |  |  | (4,563) |
Transfer in | 63,379 | 171,687 | 192,359 | 321,939
Transfer out | (149,624) | (350,079) | (553,638) | (213,658)
Purchases | 150,370 | 173,253 | 484,574 | 551,408
Sales/settlements | (165,177) | (132,226) | (451,426) | (405,904)
Amortized discounts/premiums | 551 | 521 | 1,476 | 1,274
Realized and unrealized appreciation (depreciation), net | 4,398 | (18,801) | 13,578 | (77,402)
Balance, end of period | 552,028 | 920,609 | 552,028 | 920,609
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date | (23,157) | (9,067) | (15,704) | (69,982)
Consolidated Funds | Partnership Interests |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period |  | 250,123 | 368,655 | 238,673
Transfer in (out) due to changes in consolidated |  |  | (374,049) |
Transfer in |  | 0 | 0 | 0
Transfer out |  | 0 | 0 | 0
Purchases |  | 31,258 | 49,000 | 58,258
Sales/settlements |  | (22,328) | (48,889) | (52,828)
Amortized discounts/premiums |  | 0 | 0 | 0
Realized and unrealized appreciation (depreciation), net |  | (6,419) | 5,283 | 8,531
Balance, end of period | 0 | 252,634 | 0 | 252,634
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date |  | 5,421 | 0 | 344
Consolidated Funds | Derivatives, Net |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | (2,693) | (3,035) | (3,556) | (3,105)
Transfer in (out) due to changes in consolidated |  |  | 0 |
Transfer in | 0 | 0 | 0 | 0
Transfer out | 0 | 0 | 0 | 0
Purchases | 26 | 0 | 0 | 0
Sales/settlements | 0 | 0 | (122) | 0
Amortized discounts/premiums | 0 | 0 | 0 | 0
Realized and unrealized appreciation (depreciation), net | 522 | (318) | 1,533 | (248)
Balance, end of period | (2,145) | (3,353) | (2,145) | (3,353)
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date | 426 | (447) | 1,283 | (643)
Ares Management L.P |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | 239,148 | 152,064 | 198,719 | 106,486
Transfer in (out) due to changes in consolidated |  |  |  | 1,491
Purchases | 1,506 | 894 | 41,732 | 894
Change in fair value |  | (252) |  | (1,438)
Sales/settlements | (1,397) | (1,684) | (4,610) | 43,164
Realized and unrealized appreciation (depreciation), net | (9,130) | 3,650 | (5,714) | 4,075
Balance, end of period | 230,127 | 154,672 | 230,127 | 154,672
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date | (9,130) | 6,833 | (5,714) | 4,703
Ares Management L.P | Equity securities |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | 165,371 | 113,881 | 121,785 | 108,949
Transfer in (out) due to changes in consolidated |  |  |  | 1,491
Purchases | 7 | 894 | 38,267 | 894
Change in fair value |  | 0 |  | 0
Sales/settlements | (350) | (1,179) | (1,186) | (2,326)
Realized and unrealized appreciation (depreciation), net | (10,116) | 3,676 | (3,954) | 8,264
Balance, end of period | 154,912 | 117,272 | 154,912 | 117,272
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date | (10,116) | 7,111 | (4,167) | 10,330
Ares Management L.P | Fixed Income |  |  |  |
Level III Net Assets of Consolidated Funds |  |  |  |
Balance, beginning of period | 73,777 | 46,356 | 76,934 | 52,397
Transfer in (out) due to changes in consolidated |  |  |  | 0
Purchases | 1,499 | 0 | 3,465 | 0
Change in fair value |  | 0 |  | 0
Sales/settlements | (1,047) | (505) | (3,424) | (2,383)
Realized and unrealized appreciation (depreciation), net | 986 | (26) | (1,760) | (4,189)
Balance, end of period | 75,215 | 45,825 | 75,215 | 45,825
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date | $ 986 | (26) | $ (1,547) | (4,189)
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
Purchases |  | 0 |  | 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 and fair value included in earnings related to financial assets and liabilities still held at the reporting date |  | 0 |  | 0
Ares Management L.P | Contingent Consideration |  |  |  |
Level III Liabilities of the Company |  |  |  |
Balance, beginning of period |  | (10,748) |  | (57,435)
Transfer in due to changes in consolidation |  |  |  | 0
Purchases |  | 0 |  | 0
Sales/settlements |  | 0 |  | 47,873
Change in fair value |  | (252) |  | (1,438)
Realized and unrealized appreciation (depreciation), net |  | 0 |  | 0
Balance, ending of period |  | (11,000) |  | (11,000)
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date |  | $ (252) |  | $ (1,438)

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