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FAIR VALUE - Schedule of Changes in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2025 | Mar. 31, 2024
Consolidated Funds |  |
Level III Net Assets of Consolidated Funds |  |
Balance, beginning of period | $ 2,421,898 | $ 1,929,222
Transfer in | 82,479 | 91,729
Transfer out | (72,264) | (172,358)
Purchases | 248,268 | 418,227
Sales/settlements | (267,833) | (285,911)
Realized and unrealized appreciation (depreciation), net | 12,602 | 23,299
Balance, end of period | 2,425,150 | 2,004,208
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date | $ 13,129 | $ 23,265
Level III Liabilities of the Company |  |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net realized and unrealized gains (losses) from investments | Net realized and unrealized gains (losses) from investments
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Net realized and unrealized gains (losses) from investments | Net realized and unrealized gains (losses) from investments
Equity securities | Consolidated Funds |  |
Level III Net Assets of Consolidated Funds |  |
Balance, beginning of period | $ 1,829,927 | $ 1,190,400
Transfer in | 1 | 0
Transfer out | 0 | 0
Purchases | 285 | 154,475
Sales/settlements | (88) | 0
Realized and unrealized appreciation (depreciation), net | 14,782 | 21,589
Balance, end of period | 1,844,907 | 1,366,464
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date | 15,102 | 22,225
Fixed Income | Consolidated Funds |  |
Level III Net Assets of Consolidated Funds |  |
Balance, beginning of period | 593,817 | 740,113
Transfer in | 82,478 | 91,729
Transfer out | (72,264) | (172,358)
Purchases | 247,859 | 263,706
Sales/settlements | (267,745) | (285,911)
Realized and unrealized appreciation (depreciation), net | (3,153) | 2,039
Balance, end of period | 580,992 | 639,318
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date | (2,824) | 1,420
Derivatives, Net | Consolidated Funds |  |
Level III Net Assets of Consolidated Funds |  |
Balance, beginning of period | (1,846) | (1,291)
Transfer in | 0 | 0
Transfer out | 0 | 0
Purchases | 124 | 46
Sales/settlements | 0 | 0
Realized and unrealized appreciation (depreciation), net | 973 | (329)
Balance, end of period | (749) | (1,574)
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date | 851 | (380)
Ares Management L.P |  |
Level III Net Assets of Consolidated Funds |  |
Balance, beginning of period | 435,462 | 538,785
Purchases | 12,076 | 2,296
Sales/settlements | (23,657) | (109,142)
Change in fair value | (2,324) |
Realized and unrealized appreciation (depreciation), net | 3,608 | 6,523
Balance, end of period | (39,915) | 438,462
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date | 1,956 | 6,523
Level III Liabilities of the Company |  |
Established in connection with acquisition | (465,080) |
Ares Management L.P | Contingent Consideration |  |
Level III Liabilities of the Company |  |
Balance, beginning of period | (17,550) |
Established in connection with acquisition | (465,080) |
Purchases | 0 |
Sales/settlements | 0 |
Change in fair value | (2,324) |
Realized and unrealized appreciation (depreciation), net | 0 |
Balance, ending of period | (484,954) |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date | (2,324) |
Ares Management L.P | Equity securities |  |
Level III Net Assets of Consolidated Funds |  |
Balance, beginning of period | 411,179 | 412,491
Established in connection with acquisition | 0 |
Purchases | 10,546 | 30
Sales/settlements | 0 | (782)
Change in fair value | 0 |
Realized and unrealized appreciation (depreciation), net | 4,652 | 5,135
Balance, end of period | 426,377 | 416,874
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date | 4,652 | 5,135
Ares Management L.P | Fixed Income |  |
Level III Net Assets of Consolidated Funds |  |
Balance, beginning of period | 41,833 | 126,294
Established in connection with acquisition | 0 |
Purchases | 1,530 | 2,266
Sales/settlements | (23,657) | (108,360)
Change in fair value | 0 |
Realized and unrealized appreciation (depreciation), net | (1,044) | 1,388
Balance, end of period | 18,662 | 21,588
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date | $ (372) | $ 1,388

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