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Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023
Revenues |  |  |  |
Total revenues | $ 788,682 | $ 1,093,286 | $ 1,496,045 | $ 1,906,648
Expenses |  |  |  |
Compensation and benefits | 419,858 | 367,550 | 832,809 | 728,331
Performance related compensation | (28,985) | 315,780 | (79,517) | 427,438
General, administrative and other expenses | 169,432 | 141,153 | 340,360 | 289,498
Expenses of Consolidated Funds | 4,239 | 13,255 | 9,385 |
Total expenses | 564,544 | 837,738 | 1,103,037 | 1,466,374
Other income (expense) |  |  |  |
Total other income, net | 93,187 | 126,421 | 155,365 | 182,817
Income before taxes | 317,325 | 381,969 | 548,373 | 623,091
Income tax expense | 41,074 | 49,714 | 68,307 | 83,520
Net income | 276,251 | 332,255 | 480,066 | 539,571
Less: Net income attributable to non-controlling interests in Consolidated Funds | 105,489 | 67,681 | 172,205 |
Net income (loss) | 170,762 | 264,574 | 307,861 | 445,197
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities | (387) | 734 | (314) |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 76,211 | 119,326 | 140,210 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | 94,938 | 144,514 | 167,965 | $ 238,553
Weighted-average shares of Class A and non-voting common stock: |  |  |  |
Diluted (in shares) |  |  |  | 192,161,816
Class A Common Stock and Non-Voting Common Stock |  |  |  |
Other income (expense) |  |  |  |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ 94,938 | $ 144,514 | $ 167,965 | $ 238,553
Net income per share of Class A and non-voting common stock: |  |  |  |
Basic (in dollars per share) | $ 0.43 | $ 0.75 | $ 0.76 | $ 1.25
Diluted (in dollars per share) | $ 0.43 | $ 0.74 | $ 0.76 | $ 1.24
Weighted-average shares of Class A and non-voting common stock: |  |  |  |
Basic (in shares) | 196,186,922 | 182,999,515 | 194,404,932 | 180,998,934
Diluted (in shares) | 196,186,922 | 194,058,041 | 194,404,932 | 192,161,816
Ares Operating Group |  |  |  |
Other income (expense) |  |  |  |
Net realized and unrealized gains on investments | $ 8,339 | $ 5,481 | $ 18,855 | $ 6,996
Interest and dividend income | 7,017 | 2,690 | 12,399 | 6,529
Interest expense | (37,500) | (25,839) | (75,324) | (50,825)
Other expense, net | (938) | (5,887) | (668) | (6,810)
Net income (loss) | 170,762 | 264,574 | 307,861 | 445,197
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities | (387) | 734 | (314) | (1,090)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 76,211 | 119,326 | 140,210 | 207,734
Consolidated Funds |  |  |  |
Expenses |  |  |  |
Expenses of Consolidated Funds | 4,239 | 13,255 | 9,385 | 21,107
Other income (expense) |  |  |  |
Net realized and unrealized gains on investments | 93,523 | 98,426 | 127,947 | 109,126
Interest expense | (217,613) | (182,904) | (425,479) | (339,591)
Interest and other income of Consolidated Funds | 240,359 | 234,454 | 497,635 | 457,392
Less: Net income attributable to non-controlling interests in Consolidated Funds | 105,489 | 67,681 | 172,205 | 94,374
Management fees |  |  |  |
Revenues |  |  |  |
Total revenues | 721,681 | 615,271 | 1,409,373 | 1,215,787
Carried interest allocation |  |  |  |
Revenues |  |  |  |
Total revenues | (51,167) | 418,466 | (83,645) | 569,954
Incentive fees |  |  |  |
Revenues |  |  |  |
Total revenues | 47,734 | 7,950 | 56,401 | 16,873
Principal investment income |  |  |  |
Revenues |  |  |  |
Total revenues | 29,461 | 6,888 | 36,511 | 29,646
Administrative, transaction and other fees |  |  |  |
Revenues |  |  |  |
Total revenues | $ 40,973 | $ 44,711 | $ 77,405 | $ 74,388

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