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CONSOLIDATION
 9 Months Ended
Sep. 30, 2023
Condensed Financial Information Disclosure [Abstract]  
CONSOLIDATION
14. CONSOLIDATION
Deconsolidated Funds
Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a significant economic interest. During the nine months ended September 30, 2023, one private fund experienced a significant change in ownership that resulted in deconsolidation of the entity. During the nine months ended September 30, 2022, the Company did not deconsolidate any entity.

Investments in Consolidated Variable Interest Entities
The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss.
Investments in Non-Consolidated Variable Interest Entities
The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company’s interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value.
The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Condensed Consolidated Statements of Operations, are as follows:

As of September 30,As of December 31,
20232022
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs(1)
$411,251 $393,549 
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs(1)
808,386 537,239 
Assets of consolidated VIEs
14,352,887 13,128,088 
Liabilities of consolidated VIEs
12,487,780 11,593,867 
(1)As of September 30, 2023 and December 31, 2022, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs and totaled $77.4 million and $82.0 million, respectively.

Three months ended September 30,Nine months ended September 30,
2023202220232022
Net income attributable to non-controlling interests related to consolidated VIEs$66,526 $8,733 $165,118 $28,470 
Consolidating Schedules
The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition, results from operations and cash flows:
 As of September 30, 2023
 Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated 
Assets    
Cash and cash equivalents$311,827 $— $— $311,827 
Investments (includes $3,490,841 of accrued carried interest)
5,275,454 — (838,708)4,436,746 
Due from affiliates869,372 — (178,897)690,475 
Other assets306,492 — — 306,492 
Right-of-use operating lease assets259,537 — — 259,537 
Intangible assets, net1,033,590 — — 1,033,590 
Goodwill997,801 — — 997,801 
Assets of Consolidated Funds
Cash and cash equivalents— 885,318 — 885,318 
Investments held in trust account— 1,002,787 — 1,002,787 
Investments, at fair value— 13,221,997 — 13,221,997 
Due from affiliates— 23,609 (11,257)12,352 
Receivable for securities sold— 153,210 — 153,210 
Other assets— 71,761 — 71,761 
Total assets$9,054,073 $15,358,682 $(1,028,862)$23,383,893 
Liabilities    
Accounts payable, accrued expenses and other liabilities$275,742 $— $(11,257)$264,485 
Accrued compensation361,017 — — 361,017 
Due to affiliates210,729 — — 210,729 
Performance related compensation payable2,538,450 — — 2,538,450 
Debt obligations2,340,173 — — 2,340,173 
Operating lease liabilities326,902 — — 326,902 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 253,473 (10,136)243,337 
Due to affiliates— 178,897 (178,897)— 
Payable for securities purchased— 512,879 — 512,879 
CLO loan obligations, at fair value— 11,565,985 (105,022)11,460,963 
Fund borrowings— 80,741 — 80,741 
Total liabilities6,053,013 12,591,975 (305,312)18,339,676 
Commitments and contingencies
Redeemable interest in Consolidated Funds— 1,002,587 — 1,002,587 
Redeemable interest in Ares Operating Group entities23,176 — — 23,176 
Non-controlling interest in Consolidated Funds— 1,764,120 (710,687)1,053,433 
Non-controlling interest in Ares Operating Group entities1,236,808 — (4,966)1,231,842 
Stockholders’ Equity
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (184,360,944 shares issued and outstanding)
1,844 — — 1,844 
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)
35 — — 35 
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)
— — — — 
Class C common stock, $0.01 par value, 499,999,000 shares authorized (118,132,697 shares issued and outstanding)
1,181 — — 1,181 
Additional paid-in-capital2,270,632 — (7,897)2,262,735 
Accumulated deficit(515,351)— — (515,351)
Accumulated other comprehensive loss, net of tax(17,265)— — (17,265)
       Total stockholders’ equity1,741,076 — (7,897)1,733,179 
       Total equity2,977,884 1,764,120 (723,550)4,018,454 
 Total liabilities, redeemable interest, non-controlling interests and equity$9,054,073 $15,358,682 $(1,028,862)$23,383,893 
 As of December 31, 2022
 Consolidated
Company Entities 		Consolidated
Funds 		EliminationsConsolidated 
Assets    
Cash and cash equivalents$389,987 $— $— $389,987 
Investments (includes $3,106,577 of accrued carried interest)
4,515,955 — (541,221)3,974,734 
Due from affiliates949,532 — (191,060)758,472 
Other assets381,137 — — 381,137 
Right-of-use operating lease assets155,950 — — 155,950 
Intangible assets, net1,208,220 — — 1,208,220 
Goodwill999,656 — — 999,656 
Assets of Consolidated Funds
Cash and cash equivalents— 724,641 — 724,641 
Investments held in trust account— 1,013,382 — 1,013,382 
Investments, at fair value— 12,187,392 3,859 12,191,251 
Due from affiliates— 26,531 (10,742)15,789 
Receivable for securities sold— 124,050 —124,050 
Other assets— 65,570 —65,570 
Total assets$8,600,437 $14,141,566 $(739,164)$22,002,839 
Liabilities    
Accounts payable, accrued expenses and other liabilities$242,663 $— $(10,742)$231,921 
Accrued compensation510,130 — — 510,130 
Due to affiliates252,798 — — 252,798 
Performance related compensation payable2,282,209 — — 2,282,209 
Debt obligations2,273,854 — — 2,273,854 
Operating lease liabilities190,616 — — 190,616 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 175,435 (7,149)168,286 
Due to affiliates— 191,238 (187,201)4,037 
Payable for securities purchased— 314,193 — 314,193 
CLO loan obligations, at fair value— 10,797,332 (95,612)10,701,720 
Fund borrowings— 168,046 — 168,046 
Total liabilities5,752,270 11,646,244 (300,704)17,097,810 
Commitments and contingencies
Redeemable interest in Consolidated Funds— 1,013,282 — 1,013,282 
Redeemable interest in Ares Operating Group entities93,129 — — 93,129 
Non-controlling interest in Consolidated Funds— 1,482,040 (407,684)1,074,356 
Non-controlling interest in Ares Operating Group entities1,147,269 — (12,246)1,135,023 
Stockholders’ Equity
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (173,892,036 shares issued and outstanding)
1,739 — — 1,739 
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)
35 — — 35 
Class B common stock, $0.01 par value, 1,000 shares authorized ($1,000 shares issued and outstanding)
— — — — 
Class C common stock, $0.01 par value, 499,999,000 shares authorized (117,231,288 shares issued and outstanding)
1,172 — — 1,172 
Additional paid-in-capital1,989,284 — (18,530)1,970,754 
Accumulated deficit(369,475)— — (369,475)
Accumulated other comprehensive loss, net of tax(14,986)— — (14,986)
       Total stockholders’ equity1,607,769 — (18,530)1,589,239 
       Total equity2,755,038 1,482,040 (438,460)3,798,618 
       Total liabilities, redeemable interest, non-controlling interests and equity$8,600,437 $14,141,566 $(739,164)$22,002,839 
Three months ended September 30, 2023
Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated 
Revenues
Management fees $649,698 $— $(12,181)$637,517 
Carried interest allocation(26,252)— (1,874)(28,126)
Incentive fees16,454 — — 16,454 
Principal investment income29,980 — (20,641)9,339 
Administrative, transaction and other fees36,154 — (83)36,071 
Total revenues706,034 — (34,779)671,255 
Expenses
Compensation and benefits367,502 — — 367,502 
Performance related compensation(25,448)— — (25,448)
General, administrative and other expense211,874 — (32)211,842 
Expenses of the Consolidated Funds— 19,329 (12,265)7,064 
Total expenses553,928 19,329 (12,297)560,960 
Other income (expense)
Net realized and unrealized gains (losses) on investments4,209 — (5,979)(1,770)
Interest and dividend income6,574 — (1,822)4,752 
Interest expense(25,975)— — (25,975)
Other income, net5,529 — 213 5,742 
Net realized and unrealized gains on investments of the Consolidated Funds— 71,666 7,925 79,591 
Interest and other income of the Consolidated Funds— 255,813 (213)255,600 
Interest expense of the Consolidated Funds— (201,622)259 (201,363)
Total other income (expense), net(9,663)125,857 383 116,577 
Income before taxes142,443 106,528 (22,099)226,872 
Income tax expense25,758 4,140 — 29,898 
Net income116,685 102,388 (22,099)196,974 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 102,388 (22,099)80,289 
Net income attributable to Ares Operating Group entities116,685 — — 116,685 
Less: Net income attributable to redeemable interest in Ares Operating Group entities758 — — 758 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities54,104 — — 54,104 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$61,823 $— $— $61,823 
Three months ended September 30, 2022
Consolidated
Company Entities		Consolidated
Funds		EliminationsConsolidated
Revenues
Management fees$560,140 $— $(11,682)$548,458 
Carried interest allocation192,186 — — 192,186 
Incentive fees8,882 — — 8,882 
Principal investment income9,438 — 2,144 11,582 
Administrative, transaction and other fees44,128 — (3,946)40,182 
Total revenues814,774 — (13,484)801,290 
Expenses
Compensation and benefits425,419 — — 425,419 
Performance related compensation142,934 — — 142,934 
General, administrative and other expense319,366 — (14)319,352 
Expenses of the Consolidated Funds— 22,129 (11,732)10,397 
Total expenses887,719 22,129 (11,746)898,102 
Other income (expense)
Net realized and unrealized gains on investments5,433 — (1,002)4,431 
Interest and dividend income5,820 — (3,734)2,086 
Interest expense(18,307)— — (18,307)
Other income, net3,132 — (531)2,601 
Net realized and unrealized losses on investments of the Consolidated Funds— (3,760)3,730 (30)
Interest and other income of the Consolidated Funds— 157,884 531 158,415 
Interest expense of the Consolidated Funds— (115,690)2,928 (112,762)
Total other income (expense), net(3,922)38,434 1,922 36,434 
Income (loss) before taxes(76,867)16,305 184 (60,378)
Income tax expense (benefit)(11,748)149 — (11,599)
Net income (loss)(65,119)16,156 184 (48,779)
Less: Net income attributable to non-controlling interests in Consolidated Funds— 16,156 184 16,340 
Net loss attributable to Ares Operating Group entities(65,119)— — (65,119)
Less: Net income attributable to redeemable interest in Ares Operating Group entities93 — — 93 
Less: Net loss attributable to non-controlling interests in in Ares Operating Group entities(29,666)— — (29,666)
Net loss attributable to Ares Management Corporation Class A and non-voting common stockholders$(35,546)$— $— $(35,546)
 
Nine months ended September 30, 2023
 Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated
Revenues    
Management fees$1,889,091 $— $(35,787)$1,853,304 
Carried interest allocation551,055 — (9,227)541,828 
Incentive fees33,465 — (138)33,327 
Principal investment income130,679 — (91,694)38,985 
Administrative, transaction and other fees117,520 — (7,061)110,459 
Total revenues2,721,810 — (143,907)2,577,903 
Expenses    
Compensation and benefits1,095,833 — — 1,095,833 
Performance related compensation401,990 — — 401,990 
General, administrative and other expense501,746 — (406)501,340 
Expenses of the Consolidated Funds— 64,365 (36,194)28,171 
Total expenses1,999,569 64,365 (36,600)2,027,334 
Other income (expense)    
Net realized and unrealized gains on investments7,506 — (2,280)5,226 
Interest and dividend income19,237 — (7,956)11,281 
Interest expense(76,800)— — (76,800)
Other expense, net(1,583)— 515 (1,068)
Net realized and unrealized gains on investments of the Consolidated Funds— 165,885 22,832 188,717 
Interest and other income of the Consolidated Funds— 713,507 (515)712,992 
Interest expense of the Consolidated Funds— (543,684)2,730 (540,954)
Total other income (expense), net(51,640)335,708 15,326 299,394 
Income before taxes670,601 271,343 (91,981)849,963 
Income tax expense108,719 4,699 — 113,418 
Net income561,882 266,644 (91,981)736,545 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 266,644 (91,981)174,663 
Net income attributable to Ares Operating Group entities561,882 — — 561,882 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(332)— — (332)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities261,838 — — 261,838 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$300,376 $— $— $300,376 
 Nine months ended September 30, 2022
 Consolidated
Company Entities 		Consolidated
Funds 		EliminationsConsolidated 
Revenues    
Management fees$1,580,873 $— $(34,523)$1,546,350 
Carried interest allocation417,779 — — 417,779 
Incentive fees30,013 — (34)29,979 
Principal investment income37,421 — (21,900)15,521 
Administrative, transaction and other fees121,120 — (13,030)108,090 
Total revenues2,187,206 — (69,487)2,117,719 
Expenses
Compensation and benefits1,155,031 — — 1,155,031 
Performance related compensation316,818 — — 316,818 
General, administrative and other expense562,682 — (241)562,441 
Expenses of the Consolidated Funds— 63,071 (34,707)28,364 
Total expenses2,034,531 63,071 (34,948)2,062,654 
Other income (expense)
Net realized and unrealized gains (losses) on investments(9,926)— 20,691 10,765 
Interest and dividend income17,605 — (12,541)5,064 
Interest expense(51,174)— — (51,174)
Other income, net9,920 — 274 10,194 
Net realized and unrealized gains on investments of the Consolidated Funds— 12,445 (4,414)8,031 
Interest and other income of the Consolidated Funds— 396,354 (274)396,080 
Interest expense of the Consolidated Funds— (275,947)9,919 (266,028)
Total other income (expense), net(33,575)132,852 13,655 112,932 
Income before taxes119,100 69,781 (20,884)167,997 
Income tax expense22,075 197 — 22,272 
Net income97,025 69,584 (20,884)145,725 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 69,584 (20,884)48,700 
Net income attributable to Ares Operating Group entities97,025 — — 97,025 
Less: Net income attributable to redeemable interest in Ares Operating Group entities35 — — 35 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities46,942 — — 46,942 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$50,048 $— $— $50,048 
 
Nine months ended September 30, 2023
 Consolidated
Company Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities:  
Net income$561,882 $266,644 $(91,981)$736,545 
Adjustments to reconcile net income to net cash provided by (used in) operating activities23,920 — 288,260 312,180 
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds— (926,076)(22,832)(948,908)
Cash flows due to changes in operating assets and liabilities139,111 — (3,451)135,660 
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds— 228,877 (137,563)91,314 
Net cash provided by (used in) operating activities724,913 (430,555)32,433 326,791 
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(44,177)— — (44,177)
Net cash used in investing activities(44,177)— — (44,177)
Cash flows from financing activities: 
Proceeds from Credit Facility735,000 — — 735,000 
Repayments of Credit Facility(670,000)— — (670,000)
Dividends and distributions (760,085)— — (760,085)
Stock option exercises80,426 — — 80,426 
Taxes paid related to net share settlement of equity awards(145,421)— — (145,421)
Other financing activities902 — — 902 
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds— 944,485 (208,541)735,944 
Distributions to non-controlling interests in Consolidated Funds— (72,375)15,430 (56,945)
Redemptions of redeemable interests in Consolidated Funds— (553,718)— (553,718)
Borrowings under loan obligations by Consolidated Funds— 549,664 — 549,664 
Repayments under loan obligations by Consolidated Funds— (257,370)— (257,370)
Net cash provided by (used in) financing activities(759,178)610,686 (193,111)(341,603)
Effect of exchange rate changes282 (19,453)— (19,171)
Net change in cash and cash equivalents(78,160)160,678 (160,678)(78,160)
Cash and cash equivalents, beginning of period389,987 724,641 (724,641)389,987 
Cash and cash equivalents, end of period$311,827 $885,319 $(885,319)$311,827 
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activity$116,101 $— $— $116,101 
Issuance of AOG Units in connection with settlement of management incentive program$245,647 $— $— $245,647 
 Nine months ended September 30, 2022
 Consolidated
Company Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities:  
Net income$97,025 $69,584 $(20,884)$145,725 
Adjustments to reconcile net income to net cash provided by (used in) operating activities382,823 — (61,873)320,950 
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds— (1,132,839)4,414 (1,128,425)
Cash flows due to changes in operating assets and liabilities160,957 — 152,692 313,649 
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds— (427,022)231,518 (195,504)
Net cash provided by (used in) operating activities640,805 (1,490,277)305,867 (543,605)
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(28,388)— — (28,388)
Acquisitions, net of cash acquired(301,658)— — (301,658)
Net cash used in investing activities(330,046)— — (330,046)
Cash flows from financing activities: 
Proceeds from Credit Facility940,000 — — 940,000 
Proceeds from senior notes488,915 — — 488,915 
Repayments of Credit Facility(910,000)— — (910,000)
Dividends and distributions (608,220)— — (608,220)
Stock option exercises14,531 — — 14,531 
Taxes paid related to net share settlement of equity awards(194,223)— — (194,223)
Other financing activities2,457 — — 2,457 
Allocable to non-controlling interests in Consolidated Funds: 
Contributions from non-controlling interests in Consolidated Funds— 362,752 (64,106)298,646 
Distributions to non-controlling interests in Consolidated Funds— (227,886)123,454 (104,432)
Borrowings under loan obligations by Consolidated Funds— 1,120,680 — 1,120,680 
Repayments under loan obligations by Consolidated Funds— (121,273)— (121,273)
Net cash provided by (used in) financing activities(266,540)1,134,273 59,348 927,081 
Effect of exchange rate changes(26,374)(9,211)— (35,585)
Net change in cash and cash equivalents17,845 (365,215)365,215 17,845 
Cash and cash equivalents, beginning of period343,655 1,049,191 (1,049,191)343,655 
Cash and cash equivalents, end of period$361,500 $683,976 $(683,976)$361,500 
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activity$12,835 $— $— $12,835