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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2024 | Mar. 31, 2023
Cash flows from operating activities: |  |
Net income | $ 203,815 | $ 207,316
Net cash provided by operating activities | 710,045 | 707,572
Cash flows from investing activities: |  |
Net cash used in investing activities | (34,071) | (8,877)
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |
Net cash used in financing activities | (666,632) | (821,144)
Effect of exchange rate changes | (11,285) | 4,711
Net change in cash and cash equivalents | (1,943) | (117,738)
Cash and cash equivalents, beginning of period | 348,274 |
Cash and cash equivalents, end of period | 346,331 | 272,249
Supplemental disclosure of non-cash financing activities: |  |
Issuance of common stock in connection with acquisition-related activities | 7,724 | 115,364
Issuance of common stock in connection with settlement of management incentive program | 0 | 245,647
Consolidated Funds |  |
Cash flows from operating activities: |  |
Adjustments to reconcile net income to net cash provided by operating activities | 244,182 | 328,840
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds | (64,929) | 42,584
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |
Contributions from redeemable and non-controlling interests in Consolidated Funds | 168,673 | 93,585
Distributions to non-controlling interests in Consolidated Funds | (26,908) | (20,933)
Redemptions of redeemable interests in Consolidated Funds | 0 | (538,985)
Borrowings under loan obligations by Consolidated Funds | 36,947 | 2,914
Repayments under loan obligations by Consolidated Funds | (421,112) | (97,325)
Ares Management L.P |  |
Cash flows from operating activities: |  |
Adjustments to reconcile net income to net cash provided by operating activities | 222,996 | 121,761
Cash flows due to changes in operating assets and liabilities | 103,981 | 7,071
Cash flows from investing activities: |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (26,071) | (8,877)
Acquisitions, net of cash acquired | (8,000) | 0
Cash flows from financing activities: |  |
Proceeds from Credit Facility | 290,000 | 245,000
Repayments of Credit Facility | (210,000) | (150,000)
Dividends and distributions | (320,046) | (251,632)
Stock option exercises | 1,511 | 9,180
Taxes paid related to net share settlement of equity awards | (186,731) | (113,431)
Other financing activities | 1,034 | 483
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |
Cash and cash equivalents, beginning of period | 348,274 | 389,987
Cash and cash equivalents, end of period | $ 346,331 | $ 272,249

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