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CONSOLIDATION (Tables) | 12 Months Ended
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Dec. 31, 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 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 Consolidated Statements of Operations, are as follows:
| As of December 31,
| 2024 |  | 2023
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs | $ | 386,927 |  |  | $ | 503,376 |
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs | 791,133 |  |  | 910,600 |
Assets of consolidated VIEs | 13,698,611 |  |  | 15,484,962 |
Liabilities of consolidated VIEs | 10,879,735 |  |  | 13,409,257 |
|  |  | Year ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Net income attributable to non-controlling interests related to consolidated VIEs |  |  |  |  | $ | 269,743 |  |  | $ | 204,571 |  |  | $ | 105,797 |
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 December 31, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,507,976 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,507,976 |
Investments (includes $3,495,115 of accrued carried interest) | 5,485,012 |  |  | — |  |  | (840,237) |  |  | 4,644,775 |
Due from affiliates | 1,236,450 |  |  | — |  |  | (179,842) |  |  | 1,056,608 |
Other assets | 774,654 |  |  | — |  |  | — |  |  | 774,654 |
Right-of-use operating lease assets | 511,319 |  |  | — |  |  | — |  |  | 511,319 |
Intangible assets, net | 975,828 |  |  | — |  |  | — |  |  | 975,828 |
Goodwill | 1,162,636 |  |  | — |  |  | — |  |  | 1,162,636 |
Assets of Consolidated Funds |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | 1,227,489 |  |  | — |  |  | 1,227,489 |
Investments held in trust account | — |  |  | 550,800 |  |  | — |  |  | 550,800 |
Investments, at fair value | — |  |  | 12,187,044 |  |  | — |  |  | 12,187,044 |
Receivable for securities sold | — |  |  | 202,782 |  |  | — |  |  | 202,782 |
Other assets | — |  |  | 82,397 |  |  | — |  |  | 82,397 |
Total assets | $ | 11,653,875 |  |  | $ | 14,250,512 |  |  | $ | (1,020,079) |  |  | $ | 24,884,308 |
Liabilities |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 364,152 |  |  | $ | — |  |  | $ | (280) |  |  | $ | 363,872 |
Accrued compensation | 280,894 |  |  | — |  |  | — |  |  | 280,894 |
Due to affiliates | 500,480 |  |  | — |  |  | — |  |  | 500,480 |
Performance related compensation payable | 2,537,203 |  |  | — |  |  | — |  |  | 2,537,203 |
Debt obligations | 2,558,914 |  |  | — |  |  | — |  |  | 2,558,914 |
Operating lease liabilities | 641,864 |  |  | — |  |  | — |  |  | 641,864 |
Liabilities of Consolidated Funds |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | — |  |  | 323,566 |  |  | (466) |  |  | 323,100 |
Due to affiliates | — |  |  | 178,409 |  |  | (178,409) |  |  | — |
Payable for securities purchased | — |  |  | 332,406 |  |  | — |  |  | 332,406 |
CLO loan obligations, at fair value | — |  |  | 9,793,645 |  |  | (121,456) |  |  | 9,672,189 |
Fund borrowings | — |  |  | 275,000 |  |  | — |  |  | 275,000 |
Total liabilities | 6,883,507 |  |  | 10,903,026 |  |  | (300,611) |  |  | 17,485,922 |
Commitments and contingencies |  |  |  |  |  |  |
Redeemable interest in Consolidated Funds | — |  |  | 550,700 |  |  | — |  |  | 550,700 |
Redeemable interest in Ares Operating Group entities | 23,496 |  |  | — |  |  | — |  |  | 23,496 |
Non-controlling interest in Consolidated Funds | — |  |  | 2,796,786 |  |  | (771,120) |  |  | 2,025,666 |
Non-controlling interest in Ares Operating Group entities | 1,236,767 |  |  | — |  |  | 18,111 |  |  | 1,254,878 |
Stockholders’ Equity |  |  |  |  |  |  |
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding) | 1,458,771 |  |  | — |  |  | — |  |  | 1,458,771 |
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (199,872,571 shares issued and outstanding) | 1,999 |  |  | — |  |  | — |  |  | 1,999 |
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 (109,806,689 shares issued and outstanding) | 1,098 |  |  | — |  |  | — |  |  | 1,098 |
Additional paid-in-capital | 2,903,253 |  |  | — |  |  | 33,541 |  |  | 2,936,794 |
Accumulated deficit | (837,294) |  |  | — |  |  | — |  |  | (837,294) |
Accumulated other comprehensive loss, net of tax | (17,757) |  |  | — |  |  | — |  |  | (17,757) |
Total stockholders’ equity | 3,510,105 |  |  | — |  |  | 33,541 |  |  | 3,543,646 |
Total equity | 4,746,872 |  |  | 2,796,786 |  |  | (719,468) |  |  | 6,824,190 |
Total liabilities, redeemable interest, non-controlling interests and equity | $ | 11,653,875 |  |  | $ | 14,250,512 |  |  | $ | (1,020,079) |  |  | $ | 24,884,308 |
| 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 |
| Year ended December 31, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 2,988,723 |  |  | $ | — |  |  | $ | (46,597) |  |  | $ | 2,942,126 |
Carried interest allocation | 416,995 |  |  | — |  |  | (26,815) |  |  | 390,180 |
Incentive fees | 345,477 |  |  | — |  |  | (1,320) |  |  | 344,157 |
Principal investment income | 38,367 |  |  | — |  |  | 7,057 |  |  | 45,424 |
Administrative, transaction and other fees | 163,419 |  |  | — |  |  | (525) |  |  | 162,894 |
Total revenues | 3,952,981 |  |  | — |  |  | (68,200) |  |  | 3,884,781 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 1,731,747 |  |  | — |  |  | — |  |  | 1,731,747 |
Performance related compensation | 449,564 |  |  | — |  |  | — |  |  | 449,564 |
General, administrative and other expense | 736,501 |  |  | — |  |  | — |  |  | 736,501 |
Expenses of the Consolidated Funds | — |  |  | 69,320 |  |  | (48,441) |  |  | 20,879 |
Total expenses | 2,917,812 |  |  | 69,320 |  |  | (48,441) |  |  | 2,938,691 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains on investments | 31,214 |  |  | — |  |  | (14,644) |  |  | 16,570 |
Interest and dividend income | 48,484 |  |  | — |  |  | (5,430) |  |  | 43,054 |
Interest expense | (142,966) |  |  | — |  |  | — |  |  | (142,966) |
Other income, net | 605 |  |  | — |  |  | 22 |  |  | 627 |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 291,534 |  |  | 22,429 |  |  | 313,963 |
Interest and other income of the Consolidated Funds | — |  |  | 933,349 |  |  | — |  |  | 933,349 |
Interest expense of the Consolidated Funds | — |  |  | (845,793) |  |  | 10,458 |  |  | (835,335) |
Total other income (expense), net | (62,663) |  |  | 379,090 |  |  | 12,835 |  |  | 329,262 |
Income before taxes | 972,506 |  |  | 309,770 |  |  | (6,924) |  |  | 1,275,352 |
Income tax expense | 157,543 |  |  | 7,074 |  |  | — |  |  | 164,617 |
Net income | 814,963 |  |  | 302,696 |  |  | (6,924) |  |  | 1,110,735 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 302,696 |  |  | (6,924) |  |  | 295,772 |
Net income attributable to Ares Operating Group entities | 814,963 |  |  | — |  |  | — |  |  | 814,963 |
Less: Net income attributable to redeemable interest in Ares Operating Group entities | 103 |  |  | — |  |  | — |  |  | 103 |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 351,118 |  |  | — |  |  | — |  |  | 351,118 |
Net income attributable to Ares Management Corporation | 463,742 |  |  | — |  |  | — |  |  | 463,742 |
Less: Series B mandatory convertible preferred stock dividends declared | 22,781 |  |  | — |  |  | — |  |  | 22,781 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 440,961 |  |  | $ | — |  |  | $ | — |  |  | $ | 440,961 |
| Year ended December 31, 2023
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 2,599,351 |  |  | $ | — |  |  | $ | (48,201) |  |  | $ | 2,551,150 |
Carried interest allocation | 631,150 |  |  | — |  |  | (12,571) |  |  | 618,579 |
Incentive fees | 277,728 |  |  | — |  |  | (1,101) |  |  | 276,627 |
Principal investment income | 155,632 |  |  | — |  |  | (119,116) |  |  | 36,516 |
Administrative, transaction and other fees | 156,178 |  |  | — |  |  | (7,166) |  |  | 149,012 |
Total revenues | 3,820,039 |  |  | — |  |  | (188,155) |  |  | 3,631,884 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 1,486,698 |  |  | — |  |  | — |  |  | 1,486,698 |
Performance related compensation | 607,522 |  |  | — |  |  | — |  |  | 607,522 |
General, administrative and other expense | 660,579 |  |  | — |  |  | (433) |  |  | 660,146 |
Expenses of the Consolidated Funds | — |  |  | 93,167 |  |  | (49,675) |  |  | 43,492 |
Total expenses | 2,754,799 |  |  | 93,167 |  |  | (50,108) |  |  | 2,797,858 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains on investments | 76,415 |  |  | — |  |  | 1,158 |  |  | 77,573 |
Interest and dividend income | 29,850 |  |  | — |  |  | (10,574) |  |  | 19,276 |
Interest expense | (106,276) |  |  | — |  |  | — |  |  | (106,276) |
Other income (expense), net | (10,285) |  |  | — |  |  | 15,104 |  |  | 4,819 |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 239,802 |  |  | 22,898 |  |  | 262,700 |
Interest and other income of the Consolidated Funds | — |  |  | 1,010,649 |  |  | (15,104) |  |  | 995,545 |
Interest expense of the Consolidated Funds | — |  |  | (757,603) |  |  | 3,003 |  |  | (754,600) |
Total other income (expense), net | (10,296) |  |  | 492,848 |  |  | 16,485 |  |  | 499,037 |
Income before taxes | 1,054,944 |  |  | 399,681 |  |  | (121,562) |  |  | 1,333,063 |
Income tax expense | 169,148 |  |  | 3,823 |  |  | — |  |  | 172,971 |
Net income | 885,796 |  |  | 395,858 |  |  | (121,562) |  |  | 1,160,092 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 395,858 |  |  | (121,562) |  |  | 274,296 |
Net income attributable to Ares Operating Group entities | 885,796 |  |  | — |  |  | — |  |  | 885,796 |
Less: Net income attributable to redeemable interest in Ares Operating Group entities | 226 |  |  | — |  |  | — |  |  | 226 |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 411,244 |  |  | — |  |  | — |  |  | 411,244 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 474,326 |  |  | $ | — |  |  | $ | — |  |  | $ | 474,326 |
| Year ended December 31, 2022
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 2,182,757 |  |  | $ | — |  |  | $ | (46,324) |  |  | $ | 2,136,433 |
Carried interest allocation | 465,561 |  |  | — |  |  | (7,549) |  |  | 458,012 |
Incentive fees | 305,167 |  |  | — |  |  | (3,980) |  |  | 301,187 |
Principal investment income | 48,222 |  |  | — |  |  | (35,943) |  |  | 12,279 |
Administrative, transaction and other fees | 164,545 |  |  | — |  |  | (17,013) |  |  | 147,532 |
Total revenues | 3,166,252 |  |  | — |  |  | (110,809) |  |  | 3,055,443 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 1,498,590 |  |  | — |  |  | — |  |  | 1,498,590 |
Performance related compensation | 518,829 |  |  | — |  |  | — |  |  | 518,829 |
General, administrative and other expense | 695,511 |  |  | — |  |  | (255) |  |  | 695,256 |
Expenses of the Consolidated Funds | — |  |  | 86,988 |  |  | (50,578) |  |  | 36,410 |
Total expenses | 2,712,930 |  |  | 86,988 |  |  | (50,833) |  |  | 2,749,085 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains (losses) on investments | (27,924) |  |  | — |  |  | 32,656 |  |  | 4,732 |
Interest and dividend income | 25,196 |  |  | — |  |  | (15,797) |  |  | 9,399 |
Interest expense | (71,356) |  |  | — |  |  | — |  |  | (71,356) |
Other income, net | 11,904 |  |  | — |  |  | 1,215 |  |  | 13,119 |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 87,287 |  |  | (13,901) |  |  | 73,386 |
Interest and other income of the Consolidated Funds | — |  |  | 587,744 |  |  | (1,215) |  |  | 586,529 |
Interest expense of the Consolidated Funds | — |  |  | (424,887) |  |  | 13,526 |  |  | (411,361) |
Total other income (expense), net | (62,180) |  |  | 250,144 |  |  | 16,484 |  |  | 204,448 |
Income before taxes | 391,142 |  |  | 163,156 |  |  | (43,492) |  |  | 510,806 |
Income tax expense | 71,560 |  |  | 331 |  |  | — |  |  | 71,891 |
Net income | 319,582 |  |  | 162,825 |  |  | (43,492) |  |  | 438,915 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 162,825 |  |  | (43,492) |  |  | 119,333 |
Net income attributable to Ares Operating Group entities | 319,582 |  |  | — |  |  | — |  |  | 319,582 |
Less: Net loss attributable to redeemable interest in Ares Operating Group entities | (851) |  |  | — |  |  | — |  |  | (851) |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 152,892 |  |  | — |  |  | — |  |  | 152,892 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 167,541 |  |  | $ | — |  |  | $ | — |  |  | $ | 167,541 |
Schedule of Cash Flows |
| Year ended December 31, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 814,963 |  |  | $ | 302,696 |  |  | $ | (6,924) |  |  | $ | 1,110,735 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Equity compensation expense | 352,851 |  |  | — |  |  | — |  |  | 352,851 |
Depreciation and amortization | 158,578 |  |  | — |  |  | — |  |  | 158,578 |
Net realized and unrealized gains on investments | (3,399) |  |  | — |  |  | (18,064) |  |  | (21,463) |
Other non-cash amounts | 11,755 |  |  | — |  |  | — |  |  | 11,755 |
Investments purchased | (606,536) |  |  | — |  |  | 25,792 |  |  | (580,744) |
Proceeds from sale of investments | 799,221 |  |  | — |  |  | (115,583) |  |  | 683,638 |
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Net realized and unrealized gains on investments | — |  |  | (291,534) |  |  | (22,429) |  |  | (313,963) |
Other non-cash amounts | — |  |  | (48,963) |  |  | — |  |  | (48,963) |
Investments purchased | — |  |  | (5,927,444) |  |  | — |  |  | (5,927,444) |
Proceeds from sale of investments | — |  |  | 7,569,165 |  |  | — |  |  | 7,569,165 |
Cash flows due to changes in operating assets and liabilities: |  |  |  |  |  |  |
Net carried interest and incentive fees receivable | (214,989) |  |  | — |  |  | 26,815 |  |  | (188,174) |
Due to/from affiliates | 214,999 |  |  | — |  |  | 8,499 |  |  | 223,498 |
Other assets | (252,644) |  |  | — |  |  | — |  |  | (252,644) |
Accrued compensation and benefits | (7,096) |  |  | — |  |  | — |  |  | (7,096) |
Accounts payable, accrued expenses and other liabilities | 137,021 |  |  | — |  |  | 11,363 |  |  | 148,384 |
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: |  |  |  |  |  |  |
Change in cash and cash equivalents held at Consolidated Funds | — |  |  | — |  |  | (77,978) |  |  | (77,978) |
Net cash relinquished with deconsolidation of Consolidated Funds | — |  |  | (46,205) |  |  | — |  |  | (46,205) |
Change in other assets and receivables held at Consolidated Funds | — |  |  | (44,647) |  |  | (5,127) |  |  | (49,774) |
Change in other liabilities and payables held at Consolidated Funds | — |  |  | 47,464 |  |  | (466) |  |  | 46,998 |
Net cash provided by operating activities | 1,404,724 |  |  | 1,560,532 |  |  | (174,102) |  |  | 2,791,154 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (91,509) |  |  | — |  |  | — |  |  | (91,509) |
Acquisitions, net of cash acquired | (67,895) |  |  | — |  |  | — |  |  | (67,895) |
Net cash used in investing activities | (159,404) |  |  | — |  |  | — |  |  | (159,404) |
Cash flows from financing activities: |  |  |  |  |  |  |
Net proceeds from issuance of Series B mandatory convertible preferred stock | 1,458,771 |  |  | — |  |  | — |  |  | 1,458,771 |
Net proceeds from issuance of Class A common stock | 407,124 |  |  | — |  |  | — |  |  | 407,124 |
Proceeds from Credit Facility | 1,210,000 |  |  | — |  |  | — |  |  | 1,210,000 |
Proceeds from issuance of senior notes | 736,010 |  |  | — |  |  | — |  |  | 736,010 |
Repayments of Credit Facility | (2,105,000) |  |  | — |  |  | — |  |  | (2,105,000) |
Repayment of senior notes | (250,000) |  |  | — |  |  | — |  |  | (250,000) |
Dividends and distributions | (1,310,896) |  |  | — |  |  | — |  |  | (1,310,896) |
Stock option exercises | 1,511 |  |  | — |  |  | — |  |  | 1,511 |
Taxes paid related to net share settlement of equity awards | (227,532) |  |  | — |  |  | — |  |  | (227,532) |
Other financing activities | 2,285 |  |  | — |  |  | — |  |  | 2,285 |
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Contributions from redeemable and non-controlling interests in Consolidated Funds | — |  |  | 569,479 |  |  | 69,675 |  |  | 639,154 |
Distributions to non-controlling interests in Consolidated Funds | — |  |  | (150,470) |  |  | 26,449 |  |  | (124,021) |
Borrowings under loan obligations by Consolidated Funds | — |  |  | 359,351 |  |  | — |  |  | 359,351 |
Repayments under loan obligations by Consolidated Funds | — |  |  | (2,228,351) |  |  | — |  |  | (2,228,351) |
Net cash used in financing activities | (77,727) |  |  | (1,449,991) |  |  | 96,124 |  |  | (1,431,594) |
Effect of exchange rate changes | (7,892) |  |  | (32,562) |  |  | — |  |  | (40,454) |
Net change in cash and cash equivalents | 1,159,701 |  |  | 77,979 |  |  | (77,978) |  |  | 1,159,702 |
Cash and cash equivalents, beginning of period | 348,274 |  |  | 1,149,511 |  |  | (1,149,511) |  |  | 348,274 |
Cash and cash equivalents, end of period | $ | 1,507,975 |  |  | $ | 1,227,490 |  |  | $ | (1,227,489) |  |  | $ | 1,507,976 |
Supplemental disclosure of non-cash financing activities: |  |  |  |  |  |  |
Equity issued in connection with acquisition-related activities | $ | 21,002 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,002 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |
Cash paid during the period for interest | $ | 132,645 |  |  | $ | 734,115 |  |  | $ | — |  |  | $ | 866,760 |
Cash paid during the period for income taxes | $ | 107,193 |  |  | $ | 377 |  |  | $ | — |  |  | $ | 107,570 |
| Year ended December 31, 2023
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 885,796 |  |  | $ | 395,858 |  |  | $ | (121,562) |  |  | $ | 1,160,092 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity compensation expense | 255,965 |  |  | — |  |  | — |  |  | 255,965 |
Depreciation and amortization | 231,712 |  |  | — |  |  | — |  |  | 231,712 |
Net realized and unrealized gains on investments | (197,874) |  |  | — |  |  | 107,137 |  |  | (90,737) |
Other non-cash amounts | 74 |  |  | — |  |  | — |  |  | 74 |
Investments purchased | (726,051) |  |  | — |  |  | 218,119 |  |  | (507,932) |
Proceeds from sale of investments | 214,938 |  |  | — |  |  | (8,775) |  |  | 206,163 |
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Net realized and unrealized gains on investments | — |  |  | (239,802) |  |  | (22,898) |  |  | (262,700) |
Other non-cash amounts | — |  |  | (101,465) |  |  | — |  |  | (101,465) |
Investments purchased | — |  |  | (8,847,856) |  |  | — |  |  | (8,847,856) |
Proceeds from sale of investments | — |  |  | 8,149,617 |  |  | — |  |  | 8,149,617 |
Cash flows due to changes in operating assets and liabilities: |  |  |  |  |  |  |
Net carried interest and incentive fees receivable | (61,429) |  |  | — |  |  | 12,571 |  |  | (48,858) |
Due to/from affiliates | (200,704) |  |  | — |  |  | (19,717) |  |  | (220,421) |
Other assets | 21,532 |  |  | — |  |  | — |  |  | 21,532 |
Accrued compensation and benefits | 20,383 |  |  | — |  |  | — |  |  | 20,383 |
Accounts payable, accrued expenses and other liabilities | 28,765 |  |  | — |  |  | (901) |  |  | 27,864 |
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: |  |  |  |  |  |  |
Change in cash and cash equivalents held at Consolidated Funds | — |  |  | — |  |  | (424,870) |  |  | (424,870) |
Net cash relinquished with deconsolidation of Consolidated Funds | — |  |  | (623) |  |  | — |  |  | (623) |
Change in other assets and receivables held at Consolidated Funds | — |  |  | (53,916) |  |  | 33,669 |  |  | (20,247) |
Change in other liabilities and payables held at Consolidated Funds | — |  |  | 219,046 |  |  | — |  |  | 219,046 |
Net cash provided by (used in) operating activities | 473,107 |  |  | (479,141) |  |  | (227,227) |  |  | (233,261) |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (67,183) |  |  | — |  |  | — |  |  | (67,183) |
Acquisitions, net of cash acquired | (43,896) |  |  | — |  |  | — |  |  | (43,896) |
Net cash used in investing activities | (111,079) |  |  | — |  |  | — |  |  | (111,079) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from Credit Facility | 1,410,000 |  |  | — |  |  | — |  |  | 1,410,000 |
Proceeds from issuance of senior notes | 499,010 |  |  | — |  |  | — |  |  | 499,010 |
Repayments of Credit Facility | (1,215,000) |  |  | — |  |  | — |  |  | (1,215,000) |
Dividends and distributions | (1,030,666) |  |  | — |  |  | — |  |  | (1,030,666) |
Stock option exercises | 85,959 |  |  | — |  |  | — |  |  | 85,959 |
Taxes paid related to net share settlement of equity awards | (157,007) |  |  | — |  |  | — |  |  | (157,007) |
Other financing activities | 2,943 |  |  | — |  |  | — |  |  | 2,943 |
Allocable to non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Contributions from non-controlling interests in Consolidated Funds | — |  |  | 1,071,575 |  |  | (216,119) |  |  | 855,456 |
Distributions to non-controlling interests in Consolidated Funds | — |  |  | (119,604) |  |  | 18,476 |  |  | (101,128) |
Redemptions of redeemable interests in Consolidated Funds | — |  |  | (1,045,874) |  |  | — |  |  | (1,045,874) |
Borrowings under loan obligations by Consolidated Funds | — |  |  | 1,387,297 |  |  | — |  |  | 1,387,297 |
Repayments under loan obligations by Consolidated Funds | — |  |  | (398,864) |  |  | — |  |  | (398,864) |
Net cash provided by (used in) financing activities | (404,761) |  |  | 894,530 |  |  | (197,643) |  |  | 292,126 |
Effect of exchange rate changes | 1,020 |  |  | 9,481 |  |  | — |  |  | 10,501 |
Net change in cash and cash equivalents | (41,713) |  |  | 424,870 |  |  | (424,870) |  |  | (41,713) |
Cash and cash equivalents, beginning of period | 389,987 |  |  | 724,641 |  |  | (724,641) |  |  | 389,987 |
Cash and cash equivalents, end of period | $ | 348,274 |  |  | $ | 1,149,511 |  |  | $ | (1,149,511) |  |  | $ | 348,274 |
Supplemental disclosure of non-cash financing activities: |  |  |  |  |  |  |
Equity issued in connection with acquisition-related activities | $ | 239,545 |  |  | $ | — |  |  | $ | — |  |  | $ | 239,545 |
Equity issued in connection with settlement of management incentive program | $ | 245,647 |  |  | $ | — |  |  | $ | — |  |  | $ | 245,647 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |
Cash paid during the period for interest | $ | 98,920 |  |  | $ | 623,723 |  |  | $ | — |  |  | $ | 722,643 |
Cash paid during the period for income taxes | $ | 61,563 |  |  | $ | 444 |  |  | $ | — |  |  | $ | 62,007 |
| Year ended December 31, 2022
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 319,582 |  |  | $ | 162,825 |  |  | $ | (43,492) |  |  | $ | 438,915 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity compensation expense | 200,391 |  |  | — |  |  | — |  |  | 200,391 |
Depreciation and amortization | 341,341 |  |  | — |  |  | — |  |  | 341,341 |
Net realized and unrealized losses on investments | 15,717 |  |  | — |  |  | (4,788) |  |  | 10,929 |
Investments purchased | (443,505) |  |  | — |  |  | 72,381 |  |  | (371,124) |
Proceeds from sale of investments | 303,987 |  |  | — |  |  | (121,494) |  |  | 182,493 |
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Net realized and unrealized gains on investments | — |  |  | (87,287) |  |  | 13,901 |  |  | (73,386) |
Other non-cash amounts | — |  |  | (33,822) |  |  | — |  |  | (33,822) |
Investments purchased | — |  |  | (9,408,078) |  |  | (25,951) |  |  | (9,434,029) |
Proceeds from sale of investments | — |  |  | 8,198,812 |  |  | — |  |  | 8,198,812 |
Cash flows due to changes in operating assets and liabilities: |  |  |  |  |  |  |
Net carried interest and incentive fees receivable | (28,161) |  |  | — |  |  | 7,549 |  |  | (20,612) |
Due to/from affiliates | (125,407) |  |  | — |  |  | 164,480 |  |  | 39,073 |
Other assets | (101,275) |  |  | — |  |  | (3,930) |  |  | (105,205) |
Accrued compensation and benefits | 200,769 |  |  | — |  |  | — |  |  | 200,769 |
Accounts payable, accrued expenses and other liabilities | (50,471) |  |  | — |  |  | (1,214) |  |  | (51,685) |
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: |  |  |  |  |  |  |
Change in cash and cash equivalents held at Consolidated Funds | — |  |  | — |  |  | 324,550 |  |  | 324,550 |
Change in other assets and receivables held at Consolidated Funds | — |  |  | 286,895 |  |  | (135,000) |  |  | 151,895 |
Change in other liabilities and payables held at Consolidated Funds | — |  |  | (733,417) |  |  | — |  |  | (733,417) |
Net cash provided by (used in) operating activities | 632,968 |  |  | (1,614,072) |  |  | 246,992 |  |  | (734,112) |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (35,796) |  |  | — |  |  | — |  |  | (35,796) |
Acquisitions, net of cash acquired | (301,583) |  |  | — |  |  | — |  |  | (301,583) |
Net cash used in investing activities | (337,379) |  |  | — |  |  | — |  |  | (337,379) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from Credit Facility | 1,380,000 |  |  | — |  |  | — |  |  | 1,380,000 |
Proceeds from issuance of senior notes | 488,915 |  |  | — |  |  | — |  |  | 488,915 |
Repayments of Credit Facility | (1,095,000) |  |  | — |  |  | — |  |  | (1,095,000) |
Dividends and distributions | (836,364) |  |  | — |  |  | — |  |  | (836,364) |
Stock option exercises | 21,205 |  |  | — |  |  | — |  |  | 21,205 |
Taxes paid related to net share settlement of equity awards | (201,311) |  |  | — |  |  | — |  |  | (201,311) |
Other financing activities | 4,055 |  |  | — |  |  | — |  |  | 4,055 |
Allocable to non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Contributions from non-controlling interests in Consolidated Funds | — |  |  | 596,777 |  |  | (47,381) |  |  | 549,396 |
Distributions to non-controlling interests in Consolidated Funds | — |  |  | (303,230) |  |  | 124,939 |  |  | (178,291) |
Borrowings under loan obligations by Consolidated Funds | — |  |  | 1,140,680 |  |  | — |  |  | 1,140,680 |
Repayments under loan obligations by Consolidated Funds | — |  |  | (145,222) |  |  | — |  |  | (145,222) |
Net cash provided by financing activities | (238,500) |  |  | 1,289,005 |  |  | 77,558 |  |  | 1,128,063 |
Effect of exchange rate changes | (10,757) |  |  | 517 |  |  | — |  |  | (10,240) |
Net change in cash and cash equivalents | 46,332 |  |  | (324,550) |  |  | 324,550 |  |  | 46,332 |
Cash and cash equivalents, beginning of period | 343,655 |  |  | 1,049,191 |  |  | (1,049,191) |  |  | 343,655 |
Cash and cash equivalents, end of period | $ | 389,987 |  |  | $ | 724,641 |  |  | $ | (724,641) |  |  | $ | 389,987 |
Supplemental disclosure of non-cash financing activities: |  |  |  |  |  |  |
Equity issued in connection with acquisition-related activities | $ | 12,835 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,835 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |
Cash paid during the period for interest | $ | 59,463 |  |  | $ | 260,866 |  |  | $ | — |  |  | $ | 320,329 |
Cash paid during the period for income taxes | $ | 104,544 |  |  | $ | 320 |  |  | $ | — |  |  | $ | 104,864 |

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