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CONSOLIDATION (Tables) | 6 Months Ended
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Jun. 30, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule of Interest in VIEs | 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 June 30, |  | As of December 31,
| 2024 |  | 2023
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs(1) | $ | 397,841 |  |  | $ | 503,376 |
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs(1) | 781,921 |  |  | 910,600 |
Assets of consolidated VIEs | 15,207,028 |  |  | 15,484,962 |
Liabilities of consolidated VIEs | 12,572,337 |  |  | 13,409,257 |
(1)As of June 30, 2024 and December 31, 2023, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of the Company’s capital interest in CLOs and totaled $95.0 million and $83.1 million, respectively.
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Net income attributable to non-controlling interests related to consolidated VIEs | $ | 100,969 |  |  | $ | 63,461 |  |  | $ | 159,325 |  |  | $ | 100,592 |  |  |
Schedule of Consolidating Effects of the Consolidated Funds on the Company's Financial Condition | 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 June 30, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 284,445 |  |  | $ | — |  |  | $ | — |  |  | $ | 284,445 |
Investments (includes $3,222,927 of accrued carried interest) | 5,224,834 |  |  | — |  |  | (809,406) |  |  | 4,415,428 |
Due from affiliates | 989,036 |  |  | — |  |  | (172,501) |  |  | 816,535 |
Other assets | 579,509 |  |  | — |  |  | — |  |  | 579,509 |
Right-of-use operating lease assets | 231,518 |  |  | — |  |  | — |  |  | 231,518 |
Intangible assets, net | 1,001,126 |  |  | — |  |  | — |  |  | 1,001,126 |
Goodwill | 1,130,327 |  |  | — |  |  | — |  |  | 1,130,327 |
Assets of Consolidated Funds |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | 1,241,041 |  |  | — |  |  | 1,241,041 |
Investments held in trust account | — |  |  | 536,846 |  |  | — |  |  | 536,846 |
Investments, at fair value | — |  |  | 13,678,134 |  |  | — |  |  | 13,678,134 |
Receivable for securities sold | — |  |  | 182,945 |  |  | — |  |  | 182,945 |
Other assets | — |  |  | 106,676 |  |  | (11,973) |  |  | 94,703 |
Total assets | $ | 9,440,795 |  |  | $ | 15,745,642 |  |  | $ | (993,880) |  |  | $ | 24,192,557 |
Liabilities |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 286,116 |  |  | $ | — |  |  | $ | (11,972) |  |  | $ | 274,144 |
Accrued compensation | 296,784 |  |  | — |  |  | — |  |  | 296,784 |
Due to affiliates | 349,222 |  |  | — |  |  | — |  |  | 349,222 |
Performance related compensation payable | 2,341,094 |  |  | — |  |  | — |  |  | 2,341,094 |
Debt obligations | 2,566,887 |  |  | — |  |  | — |  |  | 2,566,887 |
Operating lease liabilities | 304,205 |  |  | — |  |  | — |  |  | 304,205 |
Liabilities of Consolidated Funds |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | — |  |  | 170,672 |  |  | — |  |  | 170,672 |
Due to affiliates | — |  |  | 172,501 |  |  | (172,501) |  |  | — |
Payable for securities purchased | — |  |  | 503,533 |  |  | — |  |  | 503,533 |
CLO loan obligations, at fair value | — |  |  | 11,611,359 |  |  | (119,598) |  |  | 11,491,761 |
Fund borrowings | — |  |  | 137,241 |  |  | — |  |  | 137,241 |
Total liabilities | 6,144,308 |  |  | 12,595,306 |  |  | (304,071) |  |  | 18,435,543 |
Commitments and contingencies |  |  |  |  |  |  |
Redeemable interest in Consolidated Funds | — |  |  | 536,746 |  |  | — |  |  | 536,746 |
Redeemable interest in Ares Operating Group entities | 23,178 |  |  | — |  |  | — |  |  | 23,178 |
Non-controlling interest in Consolidated Funds | — |  |  | 2,613,590 |  |  | (707,669) |  |  | 1,905,921 |
Non-controlling interest in Ares Operating Group entities | 1,282,925 |  |  | — |  |  | 6,476 |  |  | 1,289,401 |
Stockholders’ Equity |  |  |  |  |  |  |
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (195,697,984 shares issued and outstanding) | 1,957 |  |  | — |  |  | — |  |  | 1,957 |
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 (113,323,787 shares issued and outstanding) | 1,133 |  |  | — |  |  | — |  |  | 1,133 |
Additional paid-in-capital | 2,710,596 |  |  | — |  |  | 11,384 |  |  | 2,721,980 |
Accumulated deficit | (712,856) |  |  | — |  |  | — |  |  | (712,856) |
Accumulated other comprehensive loss, net of tax | (10,481) |  |  | — |  |  | — |  |  | (10,481) |
Total stockholders’ equity | 1,990,384 |  |  | — |  |  | 11,384 |  |  | 2,001,768 |
Total equity | 3,273,309 |  |  | 2,613,590 |  |  | (689,809) |  |  | 5,197,090 |
Total liabilities, redeemable interest, non-controlling interests and equity | $ | 9,440,795 |  |  | $ | 15,745,642 |  |  | $ | (993,880) |  |  | $ | 24,192,557 |
| As of December 31, 2023
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 348,274 |  |  | $ | — |  |  | $ | — |  |  | $ | 348,274 |
Investments (includes $3,413,007 of accrued carried interest) | 5,546,209 |  |  | — |  |  | (921,277) |  |  | 4,624,932 |
Due from affiliates | 1,068,089 |  |  | — |  |  | (171,343) |  |  | 896,746 |
Other assets | 429,979 |  |  | — |  |  | — |  |  | 429,979 |
Right-of-use operating lease assets | 249,326 |  |  | — |  |  | — |  |  | 249,326 |
Intangible assets, net | 1,058,495 |  |  | — |  |  | — |  |  | 1,058,495 |
Goodwill | 1,123,976 |  |  | — |  |  | — |  |  | 1,123,976 |
Assets of Consolidated Funds |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | 1,149,511 |  |  | — |  |  | 1,149,511 |
Investments held in trust account | — |  |  | 523,038 |  |  | — |  |  | 523,038 |
Investments, at fair value | — |  |  | 14,078,549 |  |  | — |  |  | 14,078,549 |
Receivable for securities sold | — |  |  | 146,851 |  |  | — |  | 146,851 |
Other assets | — |  |  | 112,466 |  |  | (11,643) |  | 100,823 |
Total assets | $ | 9,824,348 |  |  | $ | 16,010,415 |  |  | $ | (1,104,263) |  |  | $ | 24,730,500 |
Liabilities |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 245,526 |  |  | $ | — |  |  | $ | (11,642) |  |  | $ | 233,884 |
Accrued compensation | 287,259 |  |  | — |  |  | — |  |  | 287,259 |
Due to affiliates | 240,254 |  |  | — |  |  | — |  |  | 240,254 |
Performance related compensation payable | 2,514,610 |  |  | — |  |  | — |  |  | 2,514,610 |
Debt obligations | 2,965,480 |  |  | — |  |  | — |  |  | 2,965,480 |
Operating lease liabilities | 319,572 |  |  | — |  |  | — |  |  | 319,572 |
Liabilities of Consolidated Funds |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | — |  |  | 189,523 |  |  | — |  |  | 189,523 |
Due to affiliates | — |  |  | 174,897 |  |  | (171,343) |  |  | 3,554 |
Payable for securities purchased | — |  |  | 484,117 |  |  | — |  |  | 484,117 |
CLO loan obligations, at fair value | — |  |  | 12,458,266 |  |  | (112,609) |  |  | 12,345,657 |
Fund borrowings | — |  |  | 125,241 |  |  | — |  |  | 125,241 |
Total liabilities | 6,572,701 |  |  | 13,432,044 |  |  | (295,594) |  |  | 19,709,151 |
Commitments and contingencies |  |  |  |  |  |  |
Redeemable interest in Consolidated Funds | — |  |  | 522,938 |  |  | — |  |  | 522,938 |
Redeemable interest in Ares Operating Group entities | 24,098 |  |  | — |  |  | — |  |  | 24,098 |
Non-controlling interest in Consolidated Funds | — |  |  | 2,055,433 |  |  | (796,988) |  |  | 1,258,445 |
Non-controlling interest in Ares Operating Group entities | 1,326,913 |  |  | — |  |  | (4,444) |  |  | 1,322,469 |
Stockholders’ Equity |  |  |  |  |  |  |
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (187,069,907 shares issued and outstanding) | 1,871 |  |  | — |  |  | — |  |  | 1,871 |
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 (117,024,758 shares issued and outstanding) | 1,170 |  |  | — |  |  | — |  |  | 1,170 |
Additional paid-in-capital | 2,398,273 |  |  | — |  |  | (7,237) |  |  | 2,391,036 |
Accumulated deficit | (495,083) |  |  | — |  |  | — |  |  | (495,083) |
Accumulated other comprehensive loss, net of tax | (5,630) |  |  | — |  |  | — |  |  | (5,630) |
Total stockholders’ equity | 1,900,636 |  |  | — |  |  | (7,237) |  |  | 1,893,399 |
Total equity | 3,227,549 |  |  | 2,055,433 |  |  | (808,669) |  |  | 4,474,313 |
Total liabilities, redeemable interest, non-controlling interests and equity | $ | 9,824,348 |  |  | $ | 16,010,415 |  |  | $ | (1,104,263) |  |  | $ | 24,730,500 |
Schedule of Results from Operations |
| Six months ended June 30, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 1,433,828 |  |  | $ | — |  |  | $ | (24,455) |  |  | $ | 1,409,373 |
Carried interest allocation | (66,190) |  |  | — |  |  | (17,455) |  |  | (83,645) |
Incentive fees | 56,398 |  |  | — |  |  | 3 |  |  | 56,401 |
Principal investment income (loss) | (2,062) |  |  | — |  |  | 38,573 |  |  | 36,511 |
Administrative, transaction and other fees | 77,686 |  |  | — |  |  | (281) |  |  | 77,405 |
Total revenues | 1,499,660 |  |  | — |  |  | (3,615) |  |  | 1,496,045 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 832,809 |  |  | — |  |  | — |  |  | 832,809 |
Performance related compensation | (79,517) |  |  | — |  |  | — |  |  | (79,517) |
General, administrative and other expense | 340,793 |  |  | — |  |  | (433) |  |  | 340,360 |
Expenses of the Consolidated Funds | — |  |  | 34,117 |  |  | (24,732) |  |  | 9,385 |
Total expenses | 1,094,085 |  |  | 34,117 |  |  | (25,165) |  |  | 1,103,037 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains on investments | 25,356 |  |  | — |  |  | (6,501) |  |  | 18,855 |
Interest and dividend income | 18,144 |  |  | — |  |  | (5,745) |  |  | 12,399 |
Interest expense | (75,324) |  |  | — |  |  | — |  |  | (75,324) |
Other expense, net | (1,445) |  |  | — |  |  | 777 |  |  | (668) |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 118,471 |  |  | 9,476 |  |  | 127,947 |
Interest and other income of the Consolidated Funds | — |  |  | 497,965 |  |  | (330) |  |  | 497,635 |
Interest expense of the Consolidated Funds | — |  |  | (428,133) |  |  | 2,654 |  |  | (425,479) |
Total other income (expense), net | (33,269) |  |  | 188,303 |  |  | 331 |  |  | 155,365 |
Income before taxes | 372,306 |  |  | 154,186 |  |  | 21,881 |  |  | 548,373 |
Income tax expense | 64,445 |  |  | 3,862 |  |  | — |  |  | 68,307 |
Net income | 307,861 |  |  | 150,324 |  |  | 21,881 |  |  | 480,066 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 150,324 |  |  | 21,881 |  |  | 172,205 |
Net income attributable to Ares Operating Group entities | 307,861 |  |  | — |  |  | — |  |  | 307,861 |
Less: Net loss attributable to redeemable interest in Ares Operating Group entities | (314) |  |  | — |  |  | — |  |  | (314) |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 140,210 |  |  | — |  |  | — |  |  | 140,210 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 167,965 |  |  | $ | — |  |  | $ | — |  |  | $ | 167,965 |
| Six months ended June 30, 2023
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 1,239,393 |  |  | $ | — |  |  | $ | (23,606) |  |  | $ | 1,215,787 |
Carried interest allocation | 577,307 |  |  | — |  |  | (7,353) |  |  | 569,954 |
Incentive fees | 17,011 |  |  | — |  |  | (138) |  |  | 16,873 |
Principal investment income | 100,699 |  |  | — |  |  | (71,053) |  |  | 29,646 |
Administrative, transaction and other fees | 81,366 |  |  | — |  |  | (6,978) |  |  | 74,388 |
Total revenues | 2,015,776 |  |  | — |  |  | (109,128) |  |  | 1,906,648 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 728,331 |  |  | — |  |  | — |  |  | 728,331 |
Performance related compensation | 427,438 |  |  | — |  |  | — |  |  | 427,438 |
General, administrative and other expense | 289,872 |  |  | — |  |  | (374) |  |  | 289,498 |
Expenses of the Consolidated Funds | — |  |  | 45,036 |  |  | (23,929) |  |  | 21,107 |
Total expenses | 1,445,641 |  |  | 45,036 |  |  | (24,303) |  |  | 1,466,374 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains on investments | 3,297 |  |  | — |  |  | 3,699 |  |  | 6,996 |
Interest and dividend income | 12,663 |  |  | — |  |  | (6,134) |  |  | 6,529 |
Interest expense | (50,825) |  |  | — |  |  | — |  |  | (50,825) |
Other expense, net | (7,112) |  |  | — |  |  | 302 |  |  | (6,810) |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 94,219 |  |  | 14,907 |  |  | 109,126 |
Interest and other income of the Consolidated Funds | — |  |  | 457,694 |  |  | (302) |  |  | 457,392 |
Interest expense of the Consolidated Funds | — |  |  | (342,062) |  |  | 2,471 |  |  | (339,591) |
Total other income (expense), net | (41,977) |  |  | 209,851 |  |  | 14,943 |  |  | 182,817 |
Income before taxes | 528,158 |  |  | 164,815 |  |  | (69,882) |  |  | 623,091 |
Income tax expense | 82,961 |  |  | 559 |  |  | — |  |  | 83,520 |
Net income | 445,197 |  |  | 164,256 |  |  | (69,882) |  |  | 539,571 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 164,256 |  |  | (69,882) |  |  | 94,374 |
Net income attributable to Ares Operating Group entities | 445,197 |  |  | — |  |  | — |  |  | 445,197 |
Less: Net loss attributable to redeemable interest in Ares Operating Group entities | (1,090) |  |  | — |  |  | — |  |  | (1,090) |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 207,734 |  |  | — |  |  | — |  |  | 207,734 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 238,553 |  |  | $ | — |  |  | $ | — |  |  | $ | 238,553 |
Schedule of Cash Flows |
| Six months ended June 30, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 307,861 |  |  | $ | 150,324 |  |  | $ | 21,881 |  |  | $ | 480,066 |
Adjustments to reconcile net income to net cash provided by operating activities | 432,686 |  |  | — |  |  | (129,326) |  |  | 303,360 |
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | — |  |  | 332,840 |  |  | (9,476) |  |  | 323,364 |
Cash flows due to changes in operating assets and liabilities | 139,106 |  |  | — |  |  | 18,283 |  |  | 157,389 |
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds | — |  |  | (32,091) |  |  | (89,871) |  |  | (121,962) |
Net cash provided by operating activities | 879,653 |  |  | 451,073 |  |  | (188,509) |  |  | 1,142,217 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (55,309) |  |  | — |  |  | — |  |  | (55,309) |
Acquisitions | (8,000) |  |  | — |  |  | — |  |  | (8,000) |
Net cash used in investing activities | (63,309) |  |  | — |  |  | — |  |  | (63,309) |
Cash flows from financing activities: |  |  |  |  |  |  |
Net proceeds from issuance of Class A common stock | 354,395 |  |  | — |  |  | — |  |  | 354,395 |
Proceeds from Credit Facility | 650,000 |  |  | — |  |  | — |  |  | 650,000 |
Repayments of Credit Facility | (1,050,000) |  |  | — |  |  | — |  |  | (1,050,000) |
Dividends and distributions | (632,260) |  |  | — |  |  | — |  |  | (632,260) |
Stock option exercises | 1,511 |  |  | — |  |  | — |  |  | 1,511 |
Taxes paid related to net share settlement of equity awards | (203,076) |  |  | — |  |  | — |  |  | (203,076) |
Other financing activities | 1,303 |  |  | — |  |  | — |  |  | 1,303 |
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Contributions from redeemable and non-controlling interests in Consolidated Funds | — |  |  | 434,961 |  |  | 76,649 |  |  | 511,610 |
Distributions to non-controlling interests in Consolidated Funds | — |  |  | (67,934) |  |  | 20,330 |  |  | (47,604) |
Borrowings under loan obligations by Consolidated Funds | — |  |  | 167,135 |  |  | — |  |  | 167,135 |
Repayments under loan obligations by Consolidated Funds | — |  |  | (878,545) |  |  | — |  |  | (878,545) |
Net cash used in financing activities | (878,127) |  |  | (344,383) |  |  | 96,979 |  |  | (1,125,531) |
Effect of exchange rate changes | (2,046) |  |  | (15,160) |  |  | — |  |  | (17,206) |
Net change in cash and cash equivalents | (63,829) |  |  | 91,530 |  |  | (91,530) |  |  | (63,829) |
Cash and cash equivalents, beginning of period | 348,274 |  |  | 1,149,511 |  |  | (1,149,511) |  |  | 348,274 |
Cash and cash equivalents, end of period | $ | 284,445 |  |  | $ | 1,241,041 |  |  | $ | (1,241,041) |  |  | $ | 284,445 |
Supplemental disclosure of non-cash financing activities: |  |  |  |  |  |  |
Issuance of common stock in connection with acquisition-related activities | $ | 7,724 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,724 |
| Six months ended June 30, 2023
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 445,197 |  |  | $ | 164,256 |  |  | $ | (69,882) |  |  | $ | 539,571 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (108,264) |  |  | — |  |  | 258,037 |  |  | 149,773 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds | — |  |  | (869,324) |  |  | (14,907) |  |  | (884,231) |
Cash flows due to changes in operating assets and liabilities | 130,743 |  |  | — |  |  | (61,317) |  |  | 69,426 |
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds | — |  |  | 144,378 |  |  | (10,397) |  |  | 133,981 |
Net cash provided by (used in) operating activities | 467,676 |  |  | (560,690) |  |  | 101,534 |  |  | 8,520 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (21,127) |  |  | — |  |  | — |  |  | (21,127) |
Net cash used in investing activities | (21,127) |  |  | — |  |  | — |  |  | (21,127) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from Credit Facility | 495,000 |  |  | — |  |  | — |  |  | 495,000 |
Repayments of Credit Facility | (470,000) |  |  | — |  |  | — |  |  | (470,000) |
Dividends and distributions | (510,501) |  |  | — |  |  | — |  |  | (510,501) |
Stock option exercises | 53,140 |  |  | — |  |  | — |  |  | 53,140 |
Taxes paid related to net share settlement of equity awards | (133,570) |  |  | — |  |  | — |  |  | (133,570) |
Other financing activities | 1,554 |  |  | — |  |  | — |  |  | 1,554 |
Allocable to non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Contributions from non-controlling interests in Consolidated Funds | — |  |  | 880,426 |  |  | (199,435) |  |  | 680,991 |
Distributions to non-controlling interests in Consolidated Funds | — |  |  | (46,303) |  |  | 10,378 |  |  | (35,925) |
Redemptions of redeemable interests in Consolidated Funds | — |  |  | (538,985) |  |  | — |  |  | (538,985) |
Borrowings under loan obligations by Consolidated Funds | — |  |  | 535,464 |  |  | — |  |  | 535,464 |
Repayments under loan obligations by Consolidated Funds | — |  |  | (174,669) |  |  | — |  |  | (174,669) |
Net cash provided by (used in) financing activities | (564,377) |  |  | 655,933 |  |  | (189,057) |  |  | (97,501) |
Effect of exchange rate changes | 4,668 |  |  | (7,720) |  |  | — |  |  | (3,052) |
Net change in cash and cash equivalents | (113,160) |  |  | 87,523 |  |  | (87,523) |  |  | (113,160) |
Cash and cash equivalents, beginning of period | 389,987 |  |  | 724,641 |  |  | (724,641) |  |  | 389,987 |
Cash and cash equivalents, end of period | $ | 276,827 |  |  | $ | 812,164 |  |  | $ | (812,164) |  |  | $ | 276,827 |
Supplemental disclosure of non-cash financing activities: |  |  |  |  |  |  |
Issuance of common stock in connection with acquisition-related activities | $ | 116,101 |  |  | $ | — |  |  | $ | — |  |  | $ | 116,101 |
Issuance of common stock in connection with settlement of management incentive program | $ | 245,647 |  |  | $ | — |  |  | $ | — |  |  | $ | 245,647 |

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