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CONSOLIDATION
 6 Months Ended
Jun. 30, 2024
Condensed Financial Information Disclosure [Abstract]  
CONSOLIDATION
14. CONSOLIDATION
Deconsolidation of Funds

Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (i) such funds have been liquidated or dissolved; or (ii) the Company is no longer deemed to be the primary beneficiary of the variable interest entities (“VIEs”) as it no longer has a significant economic interest. During the six months ended June 30, 2024, the Company did not deconsolidate any entity. During the six months ended June 30, 2023, one private fund experienced a significant change in ownership that resulted in deconsolidation of the 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 its direct investments in 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 June 30,As of December 31,
20242023
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,
2024202320242023
Net income attributable to non-controlling interests related to consolidated VIEs$100,969 $63,461 $159,325 $100,592 
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 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 affiliates989,036 — (172,501)816,535 
Other assets579,509 — — 579,509 
Right-of-use operating lease assets231,518 — — 231,518 
Intangible assets, net1,001,126 — — 1,001,126 
Goodwill1,130,327 — — 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 compensation296,784 — — 296,784 
Due to affiliates349,222 — — 349,222 
Performance related compensation payable2,341,094 — — 2,341,094 
Debt obligations2,566,887 — — 2,566,887 
Operating lease liabilities304,205 — — 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 liabilities6,144,308 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 entities23,178 — — 23,178 
Non-controlling interest in Consolidated Funds— 2,613,590 (707,669)1,905,921 
Non-controlling interest in Ares Operating Group entities1,282,925 — 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-capital2,710,596 — 11,384 2,721,980 
Accumulated deficit(712,856)— — (712,856)
Accumulated other comprehensive loss, net of tax(10,481)— — (10,481)
       Total stockholders’ equity1,990,384 — 11,384 2,001,768 
       Total equity3,273,309 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 		EliminationsConsolidated 
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 affiliates1,068,089 — (171,343)896,746 
Other assets429,979 — — 429,979 
Right-of-use operating lease assets249,326 — — 249,326 
Intangible assets, net1,058,495 — — 1,058,495 
Goodwill1,123,976 — — 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 compensation287,259 — — 287,259 
Due to affiliates240,254 — — 240,254 
Performance related compensation payable2,514,610 — — 2,514,610 
Debt obligations2,965,480 — — 2,965,480 
Operating lease liabilities319,572 — — 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 liabilities6,572,701 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 entities24,098 — — 24,098 
Non-controlling interest in Consolidated Funds— 2,055,433 (796,988)1,258,445 
Non-controlling interest in Ares Operating Group entities1,326,913 — (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-capital2,398,273 — (7,237)2,391,036 
Accumulated deficit(495,083)— — (495,083)
Accumulated other comprehensive loss, net of tax(5,630)— — (5,630)
       Total stockholders’ equity1,900,636 — (7,237)1,893,399 
       Total equity3,227,549 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 
Three months ended June 30, 2024
Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated 
Revenues
Management fees $733,683 $— $(12,002)$721,681 
Carried interest allocation(39,640)— (11,527)(51,167)
Incentive fees47,734 — — 47,734 
Principal investment income603 — 28,858 29,461 
Administrative, transaction and other fees41,141 — (168)40,973 
Total revenues783,521 — 5,161 788,682 
Expenses
Compensation and benefits419,858 — — 419,858 
Performance related compensation(28,985)— — (28,985)
General, administrative and other expense169,432 — — 169,432 
Expenses of the Consolidated Funds— 16,409 (12,170)4,239 
Total expenses560,305 16,409 (12,170)564,544 
Other income (expense)
Net realized and unrealized gains on investments12,999 — (4,660)8,339 
Interest and dividend income10,052 — (3,035)7,017 
Interest expense(37,500)— — (37,500)
Other expense, net(1,923)— 985 (938)
Net realized and unrealized gains on investments of the Consolidated Funds— 86,119 7,404 93,523 
Interest and other income of the Consolidated Funds— 240,898 (539)240,359 
Interest expense of the Consolidated Funds— (218,691)1,078 (217,613)
Total other income (expense), net(16,372)108,326 1,233 93,187 
Income before taxes206,844 91,917 18,564 317,325 
Income tax expense36,082 4,992 — 41,074 
Net income170,762 86,925 18,564 276,251 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 86,925 18,564 105,489 
Net income attributable to Ares Operating Group entities170,762 — — 170,762 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(387)— — (387)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities76,211 — — 76,211 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$94,938 $— $— $94,938 
Three months ended June 30, 2023
Consolidated
Company Entities		Consolidated
Funds		EliminationsConsolidated
Revenues
Management fees$627,276 $— $(12,005)$615,271 
Carried interest allocation422,412 — (3,946)418,466 
Incentive fees7,950 — — 7,950 
Principal investment income65,242 — (58,354)6,888 
Administrative, transaction and other fees46,846 — (2,135)44,711 
Total revenues1,169,726 — (76,440)1,093,286 
Expenses
Compensation and benefits367,550 — — 367,550 
Performance related compensation315,780 — — 315,780 
General, administrative and other expense141,184 — (31)141,153 
Expenses of the Consolidated Funds— 25,395 (12,140)13,255 
Total expenses824,514 25,395 (12,171)837,738 
Other income (expense)
Net realized and unrealized gains (losses) on investments(4,555)— 10,036 5,481 
Interest and dividend income5,487 — (2,797)2,690 
Interest expense(25,839)— — (25,839)
Other expense, net(6,098)— 211 (5,887)
Net realized and unrealized gains on investments of the Consolidated Funds— 96,288 2,138 98,426 
Interest and other income of the Consolidated Funds— 234,665 (211)234,454 
Interest expense of the Consolidated Funds— (184,019)1,115 (182,904)
Total other income (expense), net(31,005)146,934 10,492 126,421 
Income before taxes314,207 121,539 (53,777)381,969 
Income tax expense49,633 81 — 49,714 
Net income264,574 121,458 (53,777)332,255 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 121,458 (53,777)67,681 
Net income attributable to Ares Operating Group entities264,574 — — 264,574 
Less: Net income attributable to redeemable interest in Ares Operating Group entities734 — — 734 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities119,326 — — 119,326 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$144,514 $— $— $144,514 
 
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 fees56,398 — 3 56,401 
Principal investment income (loss)(2,062)— 38,573 36,511 
Administrative, transaction and other fees77,686 — (281)77,405 
Total revenues1,499,660 — (3,615)1,496,045 
Expenses    
Compensation and benefits832,809 — — 832,809 
Performance related compensation(79,517)— — (79,517)
General, administrative and other expense340,793 — (433)340,360 
Expenses of the Consolidated Funds— 34,117 (24,732)9,385 
Total expenses1,094,085 34,117 (25,165)1,103,037 
Other income (expense)    
Net realized and unrealized gains on investments25,356 — (6,501)18,855 
Interest and dividend income18,144 — (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 taxes372,306 154,186 21,881 548,373 
Income tax expense64,445 3,862 — 68,307 
Net income307,861 150,324 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 entities307,861 — — 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 entities140,210 — — 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 		EliminationsConsolidated 
Revenues    
Management fees$1,239,393 $— $(23,606)$1,215,787 
Carried interest allocation577,307 — (7,353)569,954 
Incentive fees17,011 — (138)16,873 
Principal investment income100,699 — (71,053)29,646 
Administrative, transaction and other fees81,366 — (6,978)74,388 
Total revenues2,015,776 — (109,128)1,906,648 
Expenses
Compensation and benefits728,331 — — 728,331 
Performance related compensation427,438 — — 427,438 
General, administrative and other expense289,872 — (374)289,498 
Expenses of the Consolidated Funds— 45,036 (23,929)21,107 
Total expenses1,445,641 45,036 (24,303)1,466,374 
Other income (expense)
Net realized and unrealized gains on investments3,297 — 3,699 6,996 
Interest and dividend income12,663 — (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 taxes528,158 164,815 (69,882)623,091 
Income tax expense82,961 559 — 83,520 
Net income445,197 164,256 (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 entities445,197 — — 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 entities207,734 — — 207,734 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$238,553 $— $— $238,553 
 
Six months ended June 30, 2024
 Consolidated
Company Entities 		Consolidated
Funds		EliminationsConsolidated
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 activities432,686 — (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 liabilities139,106 — 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 activities879,653 451,073 (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 stock354,395 — — 354,395 
Proceeds from Credit Facility650,000 — — 650,000 
Repayments of Credit Facility(1,050,000)— — (1,050,000)
Dividends and distributions (632,260)— — (632,260)
Stock option exercises1,511 — — 1,511 
Taxes paid related to net share settlement of equity awards(203,076)— — (203,076)
Other financing activities1,303 — — 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 period348,274 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		EliminationsConsolidated
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 liabilities130,743 — (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 activities467,676 (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 Facility495,000 — — 495,000 
Repayments of Credit Facility(470,000)— — (470,000)
Dividends and distributions (510,501)— — (510,501)
Stock option exercises53,140 — — 53,140 
Taxes paid related to net share settlement of equity awards(133,570)— — (133,570)
Other financing activities1,554 — — 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 changes4,668 (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 period389,987 724,641 (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