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CONSOLIDATION (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, |  | As of December 31,
| 2025 |  | 2024
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs | $ | 481,856 |  |  | $ | 386,927 |
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs | 831,767 |  |  | 791,133 |
Assets of consolidated VIEs | 12,804,566 |  |  | 13,698,611 |
Liabilities of consolidated VIEs | 9,805,049 |  |  | 10,879,735 |
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Net income attributable to non-controlling interests related to consolidated VIEs | $ | 52,976 |  |  | $ | 58,356 |  |  |  |  |  |  |
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 March 31, 2025
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 618,536 |  |  | $ | — |  |  | $ | — |  |  | $ | 618,536 |
Investments (includes $3,557,277 of accrued carried interest) | 5,786,946 |  |  | — |  |  | (894,657) |  |  | 4,892,289 |
Due from affiliates | 1,146,479 |  |  | — |  |  | (23,689) |  |  | 1,122,790 |
Other assets | 863,339 |  |  | — |  |  | — |  |  | 863,339 |
Right-of-use operating lease assets | 546,814 |  |  | — |  |  | — |  |  | 546,814 |
Intangible assets, net | 2,276,847 |  |  | — |  |  | — |  |  | 2,276,847 |
Goodwill | 3,499,341 |  |  | — |  |  | — |  |  | 3,499,341 |
Assets of Consolidated Funds |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | 1,184,275 |  |  | — |  |  | 1,184,275 |
Investments held in trust account | — |  |  | 556,498 |  |  | — |  |  | 556,498 |
Investments, at fair value | — |  |  | 11,419,808 |  |  | — |  |  | 11,419,808 |
Receivable for securities sold | — |  |  | 142,902 |  |  | — |  |  | 142,902 |
Other assets | — |  |  | 58,329 |  |  | — |  |  | 58,329 |
Total assets | $ | 14,738,302 |  |  | $ | 13,361,812 |  |  | $ | (918,346) |  |  | $ | 27,181,768 |
Liabilities |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 856,109 |  |  | $ | — |  |  | $ | (278) |  |  | $ | 855,831 |
Accrued compensation | 300,756 |  |  | — |  |  | — |  |  | 300,756 |
Due to affiliates | 721,848 |  |  | — |  |  | — |  |  | 721,848 |
Performance related compensation payable | 2,599,227 |  |  | — |  |  | — |  |  | 2,599,227 |
Debt obligations | 3,544,527 |  |  | — |  |  | — |  |  | 3,544,527 |
Operating lease liabilities | 686,038 |  |  | — |  |  | — |  |  | 686,038 |
Liabilities of Consolidated Funds |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | — |  |  | 141,625 |  |  | (672) |  |  | 140,953 |
Due to affiliates | — |  |  | 22,521 |  |  | (22,521) |  |  | — |
Payable for securities purchased | — |  |  | 415,332 |  |  | — |  |  | 415,332 |
CLO loan obligations, at fair value | — |  |  | 8,647,925 |  |  | (125,923) |  |  | 8,522,002 |
Fund borrowings | — |  |  | 603,307 |  |  | — |  |  | 603,307 |
Total liabilities | 8,708,505 |  |  | 9,830,710 |  |  | (149,394) |  |  | 18,389,821 |
Commitments and contingencies |  |  |  |  |  |  |
Redeemable interest in Consolidated Funds | — |  |  | 556,398 |  |  | — |  |  | 556,398 |
Redeemable interest in Ares Operating Group entities | 23,710 |  |  | — |  |  | — |  |  | 23,710 |
Non-controlling interest in Consolidated Funds | — |  |  | 2,974,704 |  |  | (834,660) |  |  | 2,140,044 |
Non-controlling interest in Ares Operating Group entities | 1,595,930 |  |  | — |  |  | 21,758 |  |  | 1,617,688 |
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) | 1,459,918 |  |  | — |  |  | — |  |  | 1,459,918 |
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (214,895,604 shares issued and outstanding) | 2,149 |  |  | — |  |  | — |  |  | 2,149 |
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 (108,114,920 shares issued and outstanding) | 1,081 |  |  | — |  |  | — |  |  | 1,081 |
Additional paid-in-capital | 3,996,758 |  |  | — |  |  | 43,950 |  |  | 4,040,708 |
Accumulated deficit | (1,074,128) |  |  | — |  |  | — |  |  | (1,074,128) |
Accumulated other comprehensive loss, net of tax | 24,344 |  |  | — |  |  | — |  |  | 24,344 |
Total stockholders’ equity | 4,410,157 |  |  | — |  |  | 43,950 |  |  | 4,454,107 |
Total equity | 6,006,087 |  |  | 2,974,704 |  |  | (768,952) |  |  | 8,211,839 |
Total liabilities, redeemable interest, non-controlling interests and equity | $ | 14,738,302 |  |  | $ | 13,361,812 |  |  | $ | (918,346) |  |  | $ | 27,181,768 |
| 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 |
Schedule of Results from Operations |
| Three months ended March 31, 2025
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 826,881 |  |  | $ | — |  |  | $ | (9,894) |  |  | $ | 816,987 |
Carried interest allocation | 165,126 |  |  | — |  |  | (5,118) |  |  | 160,008 |
Incentive fees | 32,058 |  |  | — |  |  | (10) |  |  | 32,048 |
Principal investment income | 26,839 |  |  | — |  |  | (4,841) |  |  | 21,998 |
Administrative, transaction and other fees | 57,888 |  |  | — |  |  | (124) |  |  | 57,764 |
Total revenues | 1,108,792 |  |  | — |  |  | (19,987) |  |  | 1,088,805 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 657,125 |  |  | — |  |  | — |  |  | 657,125 |
Performance related compensation | 122,633 |  |  | — |  |  | — |  |  | 122,633 |
General, administrative and other expense | 227,914 |  |  | — |  |  | — |  |  | 227,914 |
Expenses of the Consolidated Funds | — |  |  | 16,684 |  |  | (10,028) |  |  | 6,656 |
Total expenses | 1,007,672 |  |  | 16,684 |  |  | (10,028) |  |  | 1,014,328 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains on investments | 10,631 |  |  | — |  |  | (10,363) |  |  | 268 |
Interest and dividend income | 18,203 |  |  | — |  |  | (547) |  |  | 17,656 |
Interest expense | (36,387) |  |  | — |  |  | — |  |  | (36,387) |
Other expense, net | (10,508) |  |  | — |  |  | (206) |  |  | (10,714) |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 83,727 |  |  | 4,679 |  |  | 88,406 |
Interest and other income of the Consolidated Funds | — |  |  | 160,072 |  |  | — |  |  | 160,072 |
Interest expense of the Consolidated Funds | — |  |  | (157,377) |  |  | 4,637 |  |  | (152,740) |
Total other income (expense), net | (18,061) |  |  | 86,422 |  |  | (1,800) |  |  | 66,561 |
Income before taxes | 83,059 |  |  | 69,738 |  |  | (11,759) |  |  | 141,038 |
Income tax expense | 15,535 |  |  | 2,002 |  |  | — |  |  | 17,537 |
Net income | 67,524 |  |  | 67,736 |  |  | (11,759) |  |  | 123,501 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 67,736 |  |  | (11,759) |  |  | 55,977 |
Net income attributable to Ares Operating Group entities | 67,524 |  |  | — |  |  | — |  |  | 67,524 |
Less: Net income attributable to redeemable interest in Ares Operating Group entities | 316 |  |  | — |  |  | — |  |  | 316 |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 20,038 |  |  | — |  |  | — |  |  | 20,038 |
Net income attributable to Ares Management Corporation | 47,170 |  |  | — |  |  | — |  |  | 47,170 |
Less: Series B mandatory convertible preferred stock dividends declared | 25,313 |  |  | — |  |  | — |  |  | 25,313 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 21,857 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,857 |
| Three months ended March 31, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 700,145 |  |  | $ | — |  |  | $ | (12,453) |  |  | $ | 687,692 |
Carried interest allocation | (26,550) |  |  | — |  |  | (5,928) |  |  | (32,478) |
Incentive fees | 8,664 |  |  | — |  |  | 3 |  |  | 8,667 |
Principal investment income (loss) | (2,665) |  |  | — |  |  | 9,715 |  |  | 7,050 |
Administrative, transaction and other fees | 36,545 |  |  | — |  |  | (113) |  |  | 36,432 |
Total revenues | 716,139 |  |  | — |  |  | (8,776) |  |  | 707,363 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 412,951 |  |  | — |  |  | — |  |  | 412,951 |
Performance related compensation | (50,532) |  |  | — |  |  | — |  |  | (50,532) |
General, administrative and other expense | 171,361 |  |  | — |  |  | (433) |  |  | 170,928 |
Expenses of the Consolidated Funds | — |  |  | 17,708 |  |  | (12,562) |  |  | 5,146 |
Total expenses | 533,780 |  |  | 17,708 |  |  | (12,995) |  |  | 538,493 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains on investments | 12,357 |  |  | — |  |  | (1,841) |  |  | 10,516 |
Interest and dividend income | 8,092 |  |  | — |  |  | (2,710) |  |  | 5,382 |
Interest expense | (37,824) |  |  | — |  |  | — |  |  | (37,824) |
Other income, net | 478 |  |  | — |  |  | (208) |  |  | 270 |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 32,352 |  |  | 2,072 |  |  | 34,424 |
Interest and other income of the Consolidated Funds | — |  |  | 257,067 |  |  | 209 |  |  | 257,276 |
Interest expense of the Consolidated Funds | — |  |  | (209,442) |  |  | 1,576 |  |  | (207,866) |
Total other income (expense), net | (16,897) |  |  | 79,977 |  |  | (902) |  |  | 62,178 |
Income before taxes | 165,462 |  |  | 62,269 |  |  | 3,317 |  |  | 231,048 |
Income tax expense (benefit) | 28,363 |  |  | (1,130) |  |  | — |  |  | 27,233 |
Net income | 137,099 |  |  | 63,399 |  |  | 3,317 |  |  | 203,815 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 63,399 |  |  | 3,317 |  |  | 66,716 |
Net income attributable to Ares Operating Group entities | 137,099 |  |  | — |  |  | — |  |  | 137,099 |
Less: Net income attributable to redeemable interest in Ares Operating Group entities | 73 |  |  | — |  |  | — |  |  | 73 |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 63,999 |  |  | — |  |  | — |  |  | 63,999 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 73,027 |  |  | $ | — |  |  | $ | — |  |  | $ | 73,027 |
Schedule of Cash Flows |
| Three months ended March 31, 2025
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 67,524 |  |  | $ | 67,736 |  |  | $ | (11,759) |  |  | $ | 123,501 |
Adjustments to reconcile net income to net cash provided by operating activities | 267,697 |  |  |  |  |  | 42,636 |  |  | 310,333 |
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | — |  |  | 980,313 |  |  | (11,344) |  |  | 968,969 |
Cash flows due to changes in operating assets and liabilities | 372,073 |  |  |  |  |  | (144,367) |  |  | 227,706 |
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds |  |  |  | 164,586 |  |  | 199,108 |  |  | 363,694 |
Net cash provided by operating activities | 707,294 |  |  | 1,212,635 |  |  | 74,274 |  |  | 1,994,203 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (21,975) |  |  | — |  |  | — |  |  | (21,975) |
Acquisitions, net of cash acquired | (1,722,715) |  |  | — |  |  | — |  |  | (1,722,715) |
Net cash used in investing activities | (1,744,690) |  |  | — |  |  | — |  |  | (1,744,690) |
Cash flows from financing activities: |  |  |  |  |  |  |
Net proceeds from issuance of Series B mandatory convertible preferred stock | — |  |  | — |  |  | — |  |  | — |
Net proceeds from issuance of Class A common stock | — |  |  | — |  |  | — |  |  | — |
Proceeds from Credit Facility | 1,125,000 |  |  | — |  |  | — |  |  | 1,125,000 |
Repayments of Credit Facility | (140,000) |  |  | — |  |  | — |  |  | (140,000) |
Dividends and distributions | (445,088) |  |  | — |  |  | — |  |  | (445,088) |
Taxes paid related to net share settlement of equity awards | (396,722) |  |  | — |  |  | — |  |  | (396,722) |
Other financing activities | 457 |  |  | — |  |  | — |  |  | 457 |
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Contributions from redeemable and non-controlling interests in Consolidated Funds | — |  |  | 123,707 |  |  | (34,627) |  |  | 89,080 |
Distributions to non-controlling interests in Consolidated Funds | — |  |  | (321,741) |  |  | 3,567 |  |  | (318,174) |
Borrowings under loan obligations by Consolidated Funds | — |  |  | 172,606 |  |  | — |  |  | 172,606 |
Repayments under loan obligations by Consolidated Funds | — |  |  | (1,264,886) |  |  | — |  |  | (1,264,886) |
Net cash provided by (used in) financing activities | 143,647 |  |  | (1,290,314) |  |  | (31,060) |  |  | (1,177,727) |
Effect of exchange rate changes | 4,309 |  |  | 34,465 |  |  | — |  |  | 38,774 |
Net change in cash and cash equivalents | (889,440) |  |  | (43,214) |  |  | 43,214 |  |  | (889,440) |
Cash and cash equivalents, beginning of period | 1,507,976 |  |  | 1,227,489 |  |  | (1,227,489) |  |  | 1,507,976 |
Cash and cash equivalents, end of period | $ | 618,536 |  |  | $ | 1,184,275 |  |  | $ | (1,184,275) |  |  | $ | 618,536 |
Supplemental disclosure of non-cash financing activities: |  |  |  |  |  |  |
Equity issued in connection with acquisition-related activities | $ | 1,657,881 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,657,881 |
| Three months ended March 31, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 137,099 |  |  | $ | 63,399 |  |  | $ | 3,317 |  |  | $ | 203,815 |
Adjustments to reconcile net income to net cash provided by operating activities | 224,720 |  |  | — |  |  | (1,724) |  |  | 222,996 |
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | — |  |  | 246,254 |  |  | (2,072) |  |  | 244,182 |
Cash flows due to changes in operating assets and liabilities | 96,544 |  |  | — |  |  | 7,437 |  |  | 103,981 |
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds | — |  |  | (14,577) |  |  | (50,352) |  |  | (64,929) |
Net cash provided by operating activities | 458,363 |  |  | 295,076 |  |  | (43,394) |  |  | 710,045 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (26,071) |  |  | — |  |  | — |  |  | (26,071) |
Acquisitions, net of cash acquired | (8,000) |  |  | — |  |  | — |  |  | (8,000) |
Net cash used in investing activities | (34,071) |  |  | — |  |  | — |  |  | (34,071) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from Credit Facility | 290,000 |  |  | — |  |  | — |  |  | 290,000 |
Repayments of Credit Facility | (210,000) |  |  | — |  |  | — |  |  | (210,000) |
Dividends and distributions | (320,046) |  |  | — |  |  | — |  |  | (320,046) |
Stock option exercises | 1,511 |  |  | — |  |  | — |  |  | 1,511 |
Taxes paid related to net share settlement of equity awards | (186,731) |  |  | — |  |  | — |  |  | (186,731) |
Other financing activities | 1,034 |  |  | — |  |  | — |  |  | 1,034 |
Allocable to non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Contributions from non-controlling interests in Consolidated Funds | — |  |  | 180,559 |  |  | (11,886) |  |  | 168,673 |
Distributions to non-controlling interests in Consolidated Funds | — |  |  | (32,323) |  |  | 5,415 |  |  | (26,908) |
Borrowings under loan obligations by Consolidated Funds | — |  |  | 36,947 |  |  | — |  |  | 36,947 |
Repayments under loan obligations by Consolidated Funds | — |  |  | (421,112) |  |  | — |  |  | (421,112) |
Net cash used in financing activities | (424,232) |  |  | (235,929) |  |  | (6,471) |  |  | (666,632) |
Effect of exchange rate changes | (2,003) |  |  | (9,282) |  |  | — |  |  | (11,285) |
Net change in cash and cash equivalents | (1,943) |  |  | 49,865 |  |  | (49,865) |  |  | (1,943) |
Cash and cash equivalents, beginning of period | 348,274 |  |  | 1,149,511 |  |  | (1,149,511) |  |  | 348,274 |
Cash and cash equivalents, end of period | $ | 346,331 |  |  | $ | 1,199,376 |  |  | $ | (1,199,376) |  |  | $ | 346,331 |
Supplemental disclosure of non-cash financing activities: |  |  |  |  |  |  |
Equity issued in connection with acquisition-related activities | $ | 7,724 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,724 |

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