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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File No. 001-36429
ARES MANAGEMENT CORPORATION
(Exact name of Registrant as specified in its charter)

Delaware | 80-0962035
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number)

1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067
(Address of principal executive office) (Zip Code)
(310) 201-4100
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Class A common stock, par value $0.01 per share | ARES | New York Stock Exchange
6.75% Series B mandatory convertible preferred stock, par value $0.01 per share | ARES.PRB | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer | x | Accelerated Filer | ☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
As of May 6, 2025 there were 214,973,552 of the registrant’s shares of Class A common stock outstanding, 3,489,911 of the registrant’s shares of non-voting common stock outstanding, 1,000 shares of the registrant’s Class B common stock outstanding, 108,114,920 of the registrant’s Class C common stock outstanding and 30,000,000 of the registrant’s shares of Series B mandatory convertible preferred stock outstanding.

Table of Contents
TABLE OF CONTENTS

|  | Page
PART I—FINANCIAL INFORMATION |  |
Item 1. Financial Statements |  | 9
Condensed Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024 |  | 9
Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 |  | 10
Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024 |  | 11
Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2025 and for the year ended December 31, 2024 |  | 12
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 |  | 14
Notes to the Condensed Consolidated Financial Statements |  | 15
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |  | 52
Item 3. Quantitative and Qualitative Disclosures about Market Risk |  | 101
Item 4. Controls and Procedures |  | 101
PART II—OTHER INFORMATION |  |
Item 1. Legal Proceedings |  | 102
Item 1A. Risk Factors |  | 102
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |  | 102
Item 3. Defaults Upon Senior Securities |  | 102
Item 4. Mine Safety Disclosure |  | 102
Item 5. Other Information |  | 103
Item 6. Exhibits |  | 104
Signatures |  | 105

2

Table of Contents
Cautionary Note Regarding Forward-Looking Statements
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views with respect to, among other things, future events, operations and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Some of these factors are described in this report and in our Annual Report on Form 10-K for the year ended December 31, 2024, under the headings “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 1A. Risk Factors.” These factors should not be construed as exhaustive and should be read in conjunction with the risk factors and other cautionary statements that are included in this report and in our other periodic filings. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Therefore, you should not place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
References in this Quarterly Report on Form 10-Q to the “Ares Operating Group” refer to Ares Holdings L.P. (“Ares Holdings”). References in this Quarterly Report on Form 10-Q to an “Ares Operating Group Unit” or an “AOG Unit” refers to a partnership unit in the Ares Operating Group entity.
The use of any defined term in this report to mean more than one entities, persons, securities or other items collectively is solely for convenience of reference and in no way implies that such entities, persons, securities or other items are one indistinguishable group. For example, notwithstanding the use of the defined terms “Ares,” “we” and “our” in this report to refer to Ares Management Corporation and its subsidiaries, each subsidiary of Ares Management Corporation is a standalone legal entity that is separate and distinct from Ares Management Corporation and any of its other subsidiaries.
Under generally accepted accounting principles in the United States (“U.S.”) (“GAAP”), we are required to consolidate (i) entities other than limited partnerships and entities similar to limited partnerships in which we hold a majority voting interest or have majority ownership and control over the operational, financial and investing decisions of that entity, including Ares-affiliates and affiliated funds and co-investment vehicles, for which we are presumed to have controlling financial interests, and (ii) entities that we concluded are variable interest entities (“VIEs”), including limited partnerships and collateralized loan obligations, for which we are deemed to be the primary beneficiary. When an entity is consolidated, we reflect the assets, liabilities, revenues, expenses and cash flows of the entity in our unaudited condensed consolidated financial statements on a gross basis, subject to eliminations from consolidation, including the elimination of the management fees, carried interest, incentive fees and other fees that we earn from the entity. However, the presentation of performance related compensation and other expenses associated with generating such revenues is not affected by the consolidation process. In addition, as a result of the consolidation process, the net income attributable to third-party investors in consolidated entities is presented as net income attributable to non-controlling interests in Consolidated Funds within Condensed Consolidated Statements of Operations. We also consolidate joint ventures that we have established with third-party investors for strategic distribution and expansion purposes. The results of these entities are reflected on a gross basis in the unaudited condensed consolidated financial statements, subject to eliminations from consolidation, and net income attributable to third-party investors in the consolidated joint ventures is presented within net income attributable to redeemable interest and non-controlling interests in Ares Operating Group entities or an “AOG Entity,” which refers to, collectively, Ares Holdings and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity.
In this Quarterly Report on Form 10-Q, in addition to presenting our results on a consolidated basis in accordance with GAAP, we present revenues, expenses and other results on a: (i) “segment basis,” which deconsolidates the consolidated funds and removes the proportional results attributable to third-party investors in the consolidated joint ventures, and therefore shows the results of our operating segments without giving effect to the consolidation of these entities; and (ii) “unconsolidated reporting basis,” which shows the results of our operating segments on a combined segment basis together with the Operations Management Group (the “OMG”). In addition to our operating segments, the OMG consists of shared resource groups to support our operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, legal, compliance, human resources, strategy and relationship management and
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distribution, including Ares Wealth Management Solutions, LLC (“AWMS”). AWMS facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG provides services to certain of our managed funds and vehicles, which reimburse the OMG for expenses either equal to the costs of services provided or as a percentage of invested capital. The OMG’s revenues and expenses are not allocated to our operating segments but we consider the cost structure of the OMG when evaluating our financial performance. This information constitutes non-GAAP financial information within the meaning of Regulation G, as promulgated by the SEC. Our management uses this information to assess the performance of our operating segments and the OMG, and we believe that this information enhances the ability of shareholders to analyze our performance. For more information, see “Note 14. Segment Reporting,” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
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Glossary
When used in this report, unless the context otherwise requires:
•“American-style waterfall” generally refers to carried interest that the general partner is entitled to receive after a fund investment is realized and the investors in the fund have received distributions in excess of the capital contributed for that investment and all prior realized investments (including allocable expenses) plus a preferred return;
•“Ares”, the “Company”, “AMC”, “we”, “us” and “our” refer to Ares Management Corporation and its subsidiaries;
•“Ares Operating Group entities” or an “AOG Entity” refers to, collectively, Ares Holdings L.P. (“Ares Holdings”) and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity;
•“Ares Operating Group Unit” or an “AOG Unit” refers to, collectively, a partnership unit in the Ares Operating Group entities including Ares Holdings and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity;
•“assets under management” or “AUM” generally refers to the assets we manage. For our funds other than those noted below, our AUM represents the sum of the net asset value (“NAV”) of such funds, the drawn and undrawn debt (at the fund-level including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). NAV generally refers to fair value of the assets of the fund less the liabilities of the fund but may represent carrying value of assets and liabilities of funds that are not reported at fair value. For the CLOs we manage, our AUM is equal to initial principal of collateral adjusted for paydowns. For Real Assets funds that we manage where management fees are based on gross asset value, net operating income or similar metrics including their equivalents (“GAV”), our AUM represents the sum of the GAV of such funds, undrawn debt (including any amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). GAV typically refers to the fair value of a fund’s total assets. AUM also includes the proceeds raised in the initial public offerings of special purpose acquisition companies (“SPACs”) sponsored by us, less any redemptions;
•“AUM not yet paying fees” (also referred to as “shadow AUM”) refers to AUM that is not currently paying fees and is eligible to earn management fees upon deployment;
•“available capital” (also referred to as “dry powder”) is comprised of uncalled committed capital and undrawn amounts under credit facilities and may include AUM that may be canceled or not otherwise available to invest;
•“catch-up fees” refers to management fees charged retroactively on limited partner commitments to a fund following the initial close date of that fund. These fees are charged to ensure that all limited partners’ share of the net assets of that fund are ratable with their commitment. Catch-up fees reflect the fees generated between the fund’s initial close date and the last day of the quarter prior to the new limited partner’s commitment;
•“CLOs” refers to “our funds” that are structured as collateralized loan obligations;
•“Consolidated Funds” refers collectively to certain Ares funds, co-investment vehicles, CLOs and SPACs that are required under GAAP to be consolidated in our consolidated financial statements;
•“Credit Facility” refers to the revolving credit facility of the Ares Operating Group;
•“effective management fee rate” represents annualized management fees divided by the average fee paying AUM for the period, excluding the impact of catch-up fees;
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•“European-style waterfall” generally refers to carried interest that the general partner is entitled to receive after the investors in a fund have received distributions in an amount equal to all prior capital contributions plus a preferred return;
•“fee paying AUM” or “FPAUM” refers to the AUM from which we directly earn management fees. FPAUM is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees. For our funds other than CLOs, our FPAUM represents the amount of limited partner capital commitments for certain closed-end funds within the reinvestment period, the amount of limited partner invested capital for the aforementioned closed-end funds beyond the reinvestment period and the portfolio value, GAV or NAV. For the CLOs we manage, our FPAUM is equal to the gross amount of aggregate collateral balance, at par, adjusted for defaulted or discounted collateral;
•“fee related earnings” or “FRE”, a non-GAAP measure that is a component of Realized Income, is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as FRE excludes net performance income, investment income from our funds and adjusts for certain other items that we believe are not indicative of our core operating performance. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that are measured and eligible to be received on a recurring basis and are not dependent on realization events from the underlying investments;
•“fee related performance revenues” refers to incentive fees from perpetual capital vehicles that are: (i) measured and eligible to be received on a recurring basis; and (ii) not dependent on realization events from the underlying investments. Certain vehicles are subject to hold back provisions that limit the amounts paid in a particular year. Such hold back amounts may be paid in subsequent years, subject to their extended performance conditions;
•“GAAP” refers to accounting principles generally accepted in the United States of America;
•“Holdco Members” refers to Michael Arougheti, David Kaplan, Antony Ressler, Bennett Rosenthal and R. Kipp deVeer;
•“incentive eligible AUM” or “IEAUM” generally refers to the AUM of our funds and other entities from which carried interest and incentive fees may be generated, regardless of whether or not they are currently generating carried interest and incentive fees. It generally represents the NAV plus uncalled equity or total assets plus uncalled debt, as applicable, of our funds for which we are entitled to receive carried interest and incentive fees, excluding capital committed by us and our professionals (from which we generally do not earn carried interest and incentive fees), as well as proceeds raised in the initial public offerings of SPACs sponsored by us, less any redemptions. With respect to Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”), Ares Strategic Income Fund (“ASIF”), our open-ended European direct lending fund and our open-ended infrastructure fund AUM, only Part II Fees may be generated from IEAUM;
•“incentive generating AUM” or “IGAUM” refers to the AUM of our funds and other entities that are currently generating carried interest and incentive fees on a realized or unrealized basis. It generally represents the NAV or total assets of our funds, as applicable, for which we are entitled to receive carried interest and incentive fees, excluding capital committed by us and our professionals (from which we generally do not earn carried interest and incentive fees). ARCC, ASIF, our open-ended European direct lending fund and our open-ended infrastructure fund are only included in IGAUM when Part II Fees are being generated;
•“management fees” refers to fees we earn for advisory services provided to our funds, which are generally based on a defined percentage of fair value of assets, total commitments, invested capital, gross asset value, net asset value, net investment income, total assets or par value of the investment portfolios managed by us. Management fees include Part I Fees, a quarterly fee based on the net investment income of certain funds;
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•“net performance income” refers to performance income net of related compensation that is typically payable to our professionals;
•“our funds” refers to the funds, alternative asset companies, trusts, co-investment vehicles and other entities and accounts that are managed or co-managed by the Ares Operating Group, and which are structured to pay fees. It also includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and an SEC-registered investment adviser;
•“Part I Fees” refers to a quarterly fee on the net investment income of ARCC, CION Ares Diversified Credit Fund (“CADC”), ASIF, our open-ended European direct lending fund and our open-ended infrastructure fund. Such fees are classified as management fees as they are predictable and recurring in nature, not subject to contingent repayment and generally cash-settled each quarter, unless subject to a payment deferral;
•“Part II Fees” refers to fees from ARCC, ASIF, our open-ended European direct lending fund and our open-ended infrastructure fund that are paid in arrears as of the end of each calendar year when the respective cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of respective Part II Fees paid in all prior years since inception;
•“performance income” refers to income we earn based on the performance of a fund that is generally based on certain specific hurdle rates as defined in the fund’s investment management or partnership agreements and may be either incentive fees earned from funds with stated investment periods or carried interest;
•“perpetual capital” refers to the AUM of: (i) our publicly-traded vehicles, including ARCC, Ares Commercial Real Estate Corporation (NYSE: ACRE) (“ACRE”), Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC) (“ARDC”) and GLP J-REIT (TSE: 3281) (“J-REIT”); (ii) our non-listed, perpetual wealth vehicles that are primarily distributed through financial intermediaries, including ASIF, CADC, our open-ended European direct lending fund, our open-ended infrastructure fund, our non-traded real estate investment trusts (“REITs”) and Ares Private Markets Fund (“APMF”); (iii) Aspida Holdings Ltd. (together with its subsidiaries, “Aspida”); and (iv) certain other commingled funds and managed accounts that have an indefinite term, are not in liquidation, and for which there is no immediate requirement to return invested capital to investors upon the realization of investments. Perpetual Capital - Managed Accounts refers to managed accounts for single investors primarily in illiquid strategies that meet the perpetual capital criteria. Perpetual Capital - Private Commingled Funds refers to commingled funds that meet the perpetual capital criteria, not including our publicly-traded or perpetual wealth vehicles. Perpetual capital may be withdrawn by investors under certain conditions, including through an election to redeem an investor’s fund investment or to terminate the investment management agreement, which in certain cases may be terminated on 30 days’ prior written notice. In addition, the investment management or advisory agreements of certain of our publicly-traded and perpetual wealth vehicles have one year terms, which are subject to annual renewal by such vehicles;
•“realized income” or “RI”, a non-GAAP measure, is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and losses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding: (i) operating results of our Consolidated Funds; (ii) depreciation and amortization expense; (iii) the effects of changes arising from corporate actions; and (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance; and adjusting for certain other items that we believe are not indicative of our operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital activities, underwriting costs and expenses incurred in connection with corporate reorganization. Placement fee adjustment represents the net portion of either expense deferral or amortization of upfront fees to placement agents that is presented to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes but have been expensed in advance in accordance with GAAP. For periods in which
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the amortization of upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI;
•“SEC” refers to the Securities and Exchange Commission.
Many of the terms used in this report, including AUM, FPAUM, FRE and RI, may not be comparable to similarly titled measures used by other companies. In addition, our definitions of AUM and FPAUM are not based on any definition of AUM or FPAUM that is set forth in the agreements governing the funds that we manage and may differ from definitions of AUM or FPAUM set forth in other agreements to which we are a party or definitions used by the SEC or other regulatory bodies. Further, FRE and RI are not measures of performance calculated in accordance with GAAP. We use FRE and RI as measures of operating performance, not as measures of liquidity. FRE and RI should not be considered in isolation or as substitutes for operating income, net income, operating cash flows, or other income or cash flow statement data prepared in accordance with GAAP. The use of FRE and RI without consideration of related GAAP measures is not adequate due to the adjustments described above. Our management compensates for these limitations by using FRE and RI as supplemental measures to our GAAP results. We present these measures to provide a more complete understanding of our performance as our management measures it.
Amounts and percentages throughout this report may reflect rounding adjustments and consequently totals may not appear to sum.
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PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Ares Management Corporation
Condensed Consolidated Statements of Financial Condition
(Amounts in Thousands, Except Share Data)

| As of
| March 31, 2025 |  | December 31, 2024
| (unaudited) |  |
Assets |  |  |
Cash and cash equivalents | $ | 618,536 |  |  | $ | 1,507,976 |
Investments (includes accrued carried interest of $3,557,277 and $3,495,115 as of March 31, 2025 and December 31, 2024, respectively) | 4,892,289 |  |  | 4,644,775 |
Due from affiliates | 1,122,790 |  |  | 1,056,608 |
Other assets | 863,339 |  |  | 774,654 |
Right-of-use operating lease assets | 546,814 |  |  | 511,319 |
Intangible assets, net | 2,276,847 |  |  | 975,828 |
Goodwill | 3,499,341 |  |  | 1,162,636 |
Assets of Consolidated Funds: |  |  |
Cash and cash equivalents | 1,184,275 |  |  | 1,227,489 |
Investments held in trust account | 556,498 |  |  | 550,800 |
Investments, at fair value | 11,419,808 |  |  | 12,187,044 |
Receivable for securities sold | 142,902 |  |  | 202,782 |
Other assets | 58,329 |  |  | 82,397 |
Total assets | $ | 27,181,768 |  |  | $ | 24,884,308 |
Liabilities |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 855,831 |  |  | $ | 363,872 |
Accrued compensation | 300,756 |  |  | 280,894 |
Due to affiliates | 721,848 |  |  | 500,480 |
Performance related compensation payable | 2,599,227 |  |  | 2,537,203 |
Debt obligations | 3,544,527 |  |  | 2,558,914 |
Operating lease liabilities | 686,038 |  |  | 641,864 |
Liabilities of Consolidated Funds: |  |  |
Accounts payable, accrued expenses and other liabilities | 140,953 |  |  | 323,100 |
Payable for securities purchased | 415,332 |  |  | 332,406 |
CLO loan obligations, at fair value | 8,522,002 |  |  | 9,672,189 |
Fund borrowings | 603,307 |  |  | 275,000 |
Total liabilities | 18,389,821 |  |  | 17,485,922 |
Commitments and contingencies (Note 8) |  |  |
Redeemable interest in Consolidated Funds | 556,398 |  |  | 550,700 |
Redeemable interest in Ares Operating Group entities | 23,710 |  |  | 23,496 |
Non-controlling interests in Consolidated Funds | 2,140,044 |  |  | 2,025,666 |
Non-controlling interests in Ares Operating Group entities | 1,617,688 |  |  | 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 as of March 31, 2025) | 1,459,918 |  |  | 1,458,771 |
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (214,895,604 shares and 199,872,571 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) | 2,149 |  |  | 1,999 |
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding as of March 31, 2025 and December 31, 2024) | 35 |  |  | 35 |
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024) | — |  |  | — |
Class C common stock, $0.01 par value, 499,999,000 shares authorized (108,114,920 shares and 109,806,689 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) | 1,081 |  |  | 1,098 |
Additional paid-in-capital | 4,040,708 |  |  | 2,936,794 |
Accumulated deficit | (1,074,128) |  |  | (837,294) |
Accumulated other comprehensive income (loss), net of tax | 24,344 |  |  | (17,757) |
Total stockholders’ equity | 4,454,107 |  |  | 3,543,646 |
Total equity | 8,211,839 |  |  | 6,824,190 |
Total liabilities, redeemable interest, non-controlling interests and equity | $ | 27,181,768 |  |  | $ | 24,884,308 |

See accompanying notes to the unaudited condensed consolidated financial statements.
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Ares Management Corporation
Condensed Consolidated Statements of Operations
(Amounts in Thousands, Except Share Data)
(unaudited)

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Management fees | $ | 816,987 |  |  | $ | 687,692 |  |  |  |  |  |  |
Carried interest allocation | 160,008 |  |  | (32,478) |  |  |  |  |  |  |
Incentive fees | 32,048 |  |  | 8,667 |  |  |  |  |  |  |
Principal investment income | 21,998 |  |  | 7,050 |  |  |  |  |  |  |
Administrative, transaction and other fees | 57,764 |  |  | 36,432 |  |  |  |  |  |  |
Total revenues | 1,088,805 |  |  | 707,363 |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 657,125 |  |  | 412,951 |  |  |  |  |  |  |
Performance related compensation | 122,633 |  |  | (50,532) |  |  |  |  |  |  |
General, administrative and other expenses | 227,914 |  |  | 170,928 |  |  |  |  |  |  |
Expenses of Consolidated Funds | 6,656 |  |  | 5,146 |  |  |  |  |  |  |
Total expenses | 1,014,328 |  |  | 538,493 |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |
Net realized and unrealized gains on investments | 268 |  |  | 10,516 |  |  |  |  |  |  |
Interest and dividend income | 17,656 |  |  | 5,382 |  |  |  |  |  |  |
Interest expense | (36,387) |  |  | (37,824) |  |  |  |  |  |  |
Other income (expense), net | (10,714) |  |  | 270 |  |  |  |  |  |  |
Net realized and unrealized gains on investments of Consolidated Funds | 88,406 |  |  | 34,424 |  |  |  |  |  |  |
Interest and other income of Consolidated Funds | 160,072 |  |  | 257,276 |  |  |  |  |  |  |
Interest expense of Consolidated Funds | (152,740) |  |  | (207,866) |  |  |  |  |  |  |
Total other income, net | 66,561 |  |  | 62,178 |  |  |  |  |  |  |
Income before taxes | 141,038 |  |  | 231,048 |  |  |  |  |  |  |
Income tax expense | 17,537 |  |  | 27,233 |  |  |  |  |  |  |
Net income | 123,501 |  |  | 203,815 |  |  |  |  |  |  |
Less: Net income attributable to non-controlling interests in Consolidated Funds | 55,977 |  |  | 66,716 |  |  |  |  |  |  |
Net income attributable to Ares Operating Group entities | 67,524 |  |  | 137,099 |  |  |  |  |  |  |
Less: Net income attributable to redeemable interest in Ares Operating Group entities | 316 |  |  | 73 |  |  |  |  |  |  |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 20,038 |  |  | 63,999 |  |  |  |  |  |  |
Net income attributable to Ares Management Corporation | 47,170 |  |  | 73,027 |  |  |  |  |  |  |
Less: Series B mandatory convertible preferred stock dividends declared | 25,313 |  |  | — |  |  |  |  |  |  |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 21,857 |  |  | $ | 73,027 |  |  |  |  |  |  |
Net income per share of Class A and non-voting common stock: |  |  |  |  |  |  |  |  |
Basic | $ | 0.00 |  |  | $ | 0.33 |  |  |  |  |  |  |
Diluted | $ | 0.00 |  |  | $ | 0.33 |  |  |  |  |  |  |
Weighted-average shares of Class A and non-voting common stock: |  |  |  |  |  |  |  |  |
Basic | 209,350,849 |  |  | 192,622,609 |  |  |  |  |  |  |
Diluted | 209,350,849 |  |  | 192,622,609 |  |  |  |  |  |  |

Substantially all revenue is earned from affiliated funds of the Company.
See accompanying notes to the unaudited condensed consolidated financial statements.
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Ares Management Corporation
Condensed Consolidated Statements of Comprehensive Income
(Amounts in Thousands)
(unaudited)

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
Net income |  | $ | 123,501 |  |  | $ | 203,815 |  |  |  |  |  |  |
Foreign currency translation adjustments, net of tax |  | 70,571 |  |  | (11,647) |  |  |  |  |  |  |
Total comprehensive income |  | 194,072 |  |  | 192,168 |  |  |  |  |  |  |
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds |  | 62,315 |  |  | 63,108 |  |  |  |  |  |  |
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities |  | 514 |  |  | (184) |  |  |  |  |  |  |
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities |  | 41,972 |  |  | 61,067 |  |  |  |  |  |  |
Comprehensive income attributable to Ares Management Corporation |  | $ | 89,271 |  |  | $ | 68,177 |  |  |  |  |  |  |

See accompanying notes to the unaudited condensed consolidated financial statements.
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Ares Management Corporation
Condensed Consolidated Statements of Changes in Equity
(Amounts in Thousands)
(unaudited)

|  |  |  | Series B Mandatory Convertible Preferred Stock |  | Class A Common Stock |  | Non-voting Common Stock |  | Class C Common Stock |  | Additional Paid-in-Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Loss |  | Non-Controlling Interest in Ares Operating Group Entities |  | Non-Controlling Interest in Consolidated Funds |  | Total Equity
Balance as of December 31, 2024 |  |  |  | $ | 1,458,771 |  |  | $ | 1,999 |  |  | $ | 35 |  |  | $ | 1,098 |  |  | $ | 2,936,794 |  |  | $ | (837,294) |  |  | $ | (17,757) |  |  | $ | 1,254,878 |  |  | $ | 2,025,666 |  |  | $ | 6,824,190 |
Changes in ownership interests and related tax benefits |  |  |  | — |  |  | 47 |  |  | — |  |  | (20) |  |  | (707,255) |  |  | — |  |  | — |  |  | 354,253 |  |  | (34,832) |  |  | (387,807) |
Adjustment to issuance costs of Series B mandatory convertible preferred stock |  |  |  | 1,147 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,147 |
Issuances of common stock |  |  |  | — |  |  | 103 |  |  | — |  |  | — |  |  | 1,642,214 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,642,317 |
Issuances of AOG Units |  |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 15,561 |  |  | — |  |  | 15,564 |
Capital contributions |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 120 |  |  | 405,068 |  |  | 405,188 |
Dividends/distributions |  |  |  | (25,313) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (258,691) |  |  | — |  |  | (138,003) |  |  | (318,173) |  |  | (740,180) |
Net income |  |  |  | 25,313 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,857 |  |  | — |  |  | 20,038 |  |  | 55,977 |  |  | 123,185 |
Currency translation adjustment, net of tax |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,101 |  |  | 21,934 |  |  | 6,338 |  |  | 70,373 |
Equity compensation |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 168,955 |  |  | — |  |  | — |  |  | 88,907 |  |  | — |  |  | 257,862 |
Balance as of March 31, 2025 |  |  |  | $ | 1,459,918 |  |  | $ | 2,149 |  |  | $ | 35 |  |  | $ | 1,081 |  |  | $ | 4,040,708 |  |  | $ | (1,074,128) |  |  | $ | 24,344 |  |  | $ | 1,617,688 |  |  | $ | 2,140,044 |  |  | $ | 8,211,839 |

See accompanying notes to the unaudited condensed consolidated financial statements.
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Ares Management Corporation
Condensed Consolidated Statements of Changes in Equity
(Amounts in Thousands)
(unaudited)

|  |  |  | Series B Mandatory Convertible Preferred Stock |  | Class A Common Stock |  | Non-voting Common Stock |  | Class C Common Stock |  | Additional Paid-in-Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Loss |  | Non-Controlling Interest in Ares Operating Group Entities |  | Non-Controlling Interest in Consolidated Funds |  | Total Equity
Balance as of December 31, 2023 |  |  |  | $ | — |  |  | $ | 1,871 |  |  | $ | 35 |  |  | $ | 1,170 |  |  | $ | 2,391,036 |  |  | $ | (495,083) |  |  | $ | (5,630) |  |  | $ | 1,322,469 |  |  | $ | 1,258,445 |  |  | $ | 4,474,313 |
Changes in ownership interests and related tax benefits |  |  |  | — |  |  | 39 |  |  | — |  |  | (20) |  |  | (62,709) |  |  | — |  |  | — |  |  | (103,599) |  |  | 51,984 |  |  | (114,305) |
Issuances of common stock |  |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 7,723 |  |  | — |  |  | 7,724 |
Capital contributions |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,034 |  |  | 168,673 |  |  | 169,707 |
Dividends/distributions |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (190,504) |  |  | — |  |  | (129,240) |  |  | (26,908) |  |  | (346,652) |
Net income |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 73,027 |  |  | — |  |  | 63,999 |  |  | 66,716 |  |  | 203,742 |
Currency translation adjustment, net of tax |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,850) |  |  | (2,932) |  |  | (3,608) |  |  | (11,390) |
Equity compensation |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 57,600 |  |  | — |  |  | — |  |  | 34,822 |  |  | — |  |  | 92,422 |
Stock option exercises |  |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1,510 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,511 |
Balance as of March 31, 2024 |  |  |  | — |  |  | 1,911 |  |  | 35 |  |  | 1,151 |  |  | 2,387,437 |  |  | (612,560) |  |  | (10,480) |  |  | 1,194,276 |  |  | 1,515,302 |  |  | 4,477,072 |
Changes in ownership interests and related tax benefits |  |  |  | — |  |  | 19 |  |  | — |  |  | (18) |  |  | (75,616) |  |  | — |  |  | — |  |  | 103,129 |  |  | (35,192) |  |  | (7,678) |
Issuances of common stock |  |  |  | — |  |  | 27 |  |  | — |  |  | — |  |  | 354,368 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 354,395 |
Capital contributions |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 269 |  |  | 342,937 |  |  | 343,206 |
Dividends/distributions |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (195,234) |  |  | — |  |  | (116,980) |  |  | (20,696) |  |  | (332,910) |
Net income |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 94,938 |  |  | — |  |  | 76,211 |  |  | 105,489 |  |  | 276,638 |
Currency translation adjustment, net of tax |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 55 |  |  | (1,919) |  |  | (1,865) |
Equity compensation |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 55,791 |  |  | — |  |  | — |  |  | 32,441 |  |  | — |  |  | 88,232 |
Balance as of June 30, 2024 |  |  |  | — |  |  | 1,957 |  |  | 35 |  |  | 1,133 |  |  | 2,721,980 |  |  | (712,856) |  |  | (10,481) |  |  | 1,289,401 |  |  | 1,905,921 |  |  | 5,197,090 |
Changes in ownership interests and related tax benefits |  |  |  | — |  |  | 23 |  |  | — |  |  | (21) |  |  | 27,103 |  |  | — |  |  | — |  |  | (3,663) |  |  | (31,559) |  |  | (8,117) |
Issuances of common stock |  |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 52,838 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52,841 |
Capital contributions |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 269 |  |  | 32,684 |  |  | 32,953 |
Dividends/distributions |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (198,002) |  |  | — |  |  | (139,098) |  |  | (28,898) |  |  | (365,998) |
Net income |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 118,460 |  |  | — |  |  | 96,633 |  |  | 64,241 |  |  | 279,334 |
Currency translation adjustment, net of tax |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,931 |  |  | 11,065 |  |  | 6,557 |  |  | 36,553 |
Equity compensation |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 54,972 |  |  | — |  |  | — |  |  | 30,641 |  |  | — |  |  | 85,613 |
Balance as of September 30, 2024 |  |  |  | — |  |  | 1,983 |  |  | 35 |  |  | 1,112 |  |  | 2,856,893 |  |  | (792,398) |  |  | 8,450 |  |  | 1,285,248 |  |  | 1,948,946 |  |  | 5,310,269 |
Changes in ownership interests and related tax benefits |  |  |  | — |  |  | 15 |  |  | — |  |  | (14) |  |  | 23,944 |  |  | — |  |  | — |  |  | (19,708) |  |  | (16,187) |  |  | (11,950) |
Issuance of Series B mandatory convertible preferred stock |  |  |  | 1,458,771 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,458,771 |
Issuances of common stock |  |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | (113) |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (111) |
Capital contributions |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,801 |  |  | 94,860 |  |  | 96,661 |
Dividends/distributions |  |  |  | (22,781) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (199,432) |  |  | — |  |  | (142,104) |  |  | (47,519) |  |  | (411,836) |
Net income |  |  |  | 22,781 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 154,536 |  |  | — |  |  | 114,275 |  |  | 59,326 |  |  | 350,918 |
Currency translation adjustment, net of tax |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26,207) |  |  | (15,149) |  |  | (13,760) |  |  | (55,116) |
Equity compensation |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 56,070 |  |  | — |  |  | — |  |  | 30,514 |  |  | — |  |  | 86,584 |
Balance as of December 31, 2024 |  |  |  | $ | 1,458,771 |  |  | $ | 1,999 |  |  | $ | 35 |  |  | $ | 1,098 |  |  | $ | 2,936,794 |  |  | $ | (837,294) |  |  | $ | (17,757) |  |  | $ | 1,254,878 |  |  | $ | 2,025,666 |  |  | $ | 6,824,190 |

See accompanying notes to the unaudited condensed consolidated financial statements.
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Ares Management Corporation
Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands)
(unaudited)

| Three months ended March 31,
| 2025 |  | 2024 |  |
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 123,501 |  |  | $ | 203,815 |  |  |
Adjustments to reconcile net income to net cash provided by operating activities | 310,333 |  |  | 222,996 |  |  |
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | 968,969 |  |  | 244,182 |  |  |
Cash flows due to changes in operating assets and liabilities | 227,706 |  |  | 103,981 |  |  |
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds | 363,694 |  |  | (64,929) |  |  |
Net cash provided by operating activities | 1,994,203 |  |  | 710,045 |  |  |
Cash flows from investing activities: |  |  |  |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (21,975) |  |  | (26,071) |  |  |
Acquisitions, net of cash acquired | (1,722,715) |  |  | (8,000) |  |  |
Net cash used in investing activities | (1,744,690) |  |  | (34,071) |  |  |
Cash flows from financing activities: |  |  |  |  |
Proceeds from Credit Facility | 1,125,000 |  |  | 290,000 |  |  |
Repayments of Credit Facility | (140,000) |  |  | (210,000) |  |  |
Dividends and distributions | (445,088) |  |  | (320,046) |  |  |
Stock option exercises | — |  |  | 1,511 |  |  |
Taxes paid related to net share settlement of equity awards | (396,722) |  |  | (186,731) |  |  |
Other financing activities | 457 |  |  | 1,034 |  |  |
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |  |  |  |
Contributions from redeemable and non-controlling interests in Consolidated Funds | 89,080 |  |  | 168,673 |  |  |
Distributions to non-controlling interests in Consolidated Funds | (318,174) |  |  | (26,908) |  |  |
Borrowings under loan obligations by Consolidated Funds | 172,606 |  |  | 36,947 |  |  |
Repayments under loan obligations by Consolidated Funds | (1,264,886) |  |  | (421,112) |  |  |
Net cash used in financing activities | (1,177,727) |  |  | (666,632) |  |  |
Effect of exchange rate changes | 38,774 |  |  | (11,285) |  |  |
Net change in cash and cash equivalents | (889,440) |  |  | (1,943) |  |  |
Cash and cash equivalents, beginning of period | 1,507,976 |  |  | 348,274 |  |  |
Cash and cash equivalents, end of period | $ | 618,536 |  |  | $ | 346,331 |  |  |
Supplemental disclosure of non-cash financing activities: |  |  |  |  |
Equity issued in connection with acquisition-related activities | $ | 1,657,881 |  |  | $ | 7,724 |  |  |

See accompanying notes to the unaudited condensed consolidated financial statements.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
1. ORGANIZATION
Ares Management Corporation (the “Company”), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating integrated groups across Credit, Real Assets, Private Equity and Secondaries. Information about segments should be read together with “Note 14. Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various funds and managed accounts within each investment group (the “Ares Funds”). These subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees.
The accompanying unaudited financial statements include the condensed consolidated results of the Company and its subsidiaries. The Company is a holding company that operates and controls all of the businesses and affairs of and conducts all of its material business activities through Ares Holdings L.P. (“Ares Holdings”). Ares Holdings represents all the activities of the “Ares Operating Group” or “AOG” and may be referred to interchangeably. The Company, indirectly through its wholly owned subsidiary, Ares Holdco LLC, is the general partner of the Ares Operating Group entity.
The Company manages or controls certain entities that have been consolidated in the accompanying financial statements as described in “Note 2. Summary of Significant Accounting Policies.” These entities include Ares funds, co-investment vehicles, collateralized loan obligations or funds (collectively “CLOs”) and special purpose acquisition companies (“SPACs”) (collectively, the “Consolidated Funds”).
Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows within the accompanying unaudited condensed consolidated financial statements. However, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to its stockholders’ equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as redeemable and non-controlling interests in Consolidated Funds. Further, cash flows allocable to redeemable and non-controlling interest in Consolidated Funds are specifically identifiable within the Condensed Consolidated Statements of Cash Flows.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“U.S.”) (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The unaudited condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the unaudited condensed consolidated financial statements are presented fairly and that estimates made in preparing its unaudited condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”).
The unaudited condensed consolidated financial statements include the accounts and activities of the Ares Operating Group entities (“AOG entities”), their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation.
The Company has reclassified certain prior period amounts to conform to the current year presentation.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its unaudited condensed consolidated financial statements.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of disaggregated income taxes paid in both U.S. and foreign jurisdictions, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU 2023-09 is effective for the Company’s fiscal year ending December 31, 2025. Early adoption is permitted and the amendments in this update should be applied on a prospective basis, though retrospective adoption is permitted. The Company is currently evaluating the impact of this guidance.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disaggregated disclosure of certain expenses in the notes to the consolidated financial statements, including purchases of inventory, employee compensation, depreciation and intangible asset amortization. The amendments in this update also require disclosure of: (i) the expense captions from the Condensed Consolidated Statements of Operations that include each of the relevant expense categories; (ii) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (iii) total selling expenses and a definition of such expenses. ASU 2024-03 is effective for the Company’s fiscal year ending December 31, 2027. Early adoption is permitted and the amendments in this update may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of this guidance.
3. BUSINESS COMBINATIONS
Acquisition of GCP International
On March 1, 2025, the Company completed the acquisition of the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (“GCP International”), and existing capital commitments to certain managed funds (such acquisition of GCP International and the capital commitments, the “GCP Acquisition”). The GCP Acquisition adds complementary real estate and digital infrastructure investment capabilities and expands the Company’s geographic presence. The activities of GCP International are included within the Real Assets Group segment.
The acquisition date fair value of the consideration transferred totaled $3.9 billion, which consisted of the following:

Cash | $ | 1,794,641 |
Equity(1) | 1,657,881 |
Contingent consideration(2) | 465,080 |
Total | $ | 3,917,602 |

(1)9.5 million shares of Class A common stock, excluding 0.1 million shares held in escrow for future issuance, and 0.1 million Ares Operating Group Units (“AOG Units”) were issued in connection with the GCP Acquisition purchase consideration.
(2)See “Note 8. Commitments and Contingencies” for a further description of the contingent consideration from the GCP Acquisition.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following is a summary of the fair values of assets acquired and liabilities assumed for the GCP Acquisition as of March 1, 2025, based upon third party valuations of certain intangible assets. The fair value of assets acquired and liabilities assumed are estimated to be:

Cash | $ | 66,682 |
Other tangible assets | 456,224 |
Intangible assets: |
Management contracts | 473,300 |
Client relationships | 107,200 |
Finite-lived intangible assets | 580,500 |
Indefinite-lived management contracts | 749,600 |
Total intangible assets | 1,330,100 |
Total identifiable assets acquired | 1,853,006 |
Accounts payable, accrued expenses and other liabilities | 233,015 |
Net identifiable assets acquired | 1,619,991 |
Goodwill | 2,297,611 |
Net assets acquired | $ | 3,917,602 |

Certain management contracts were determined to have indefinite useful lives at the time of the GCP Acquisition and are not subject to amortization. As of March 1, 2025, the remaining management contracts and client relationships had a weighted average amortization period of 5.8 years and 7.6 years, respectively.
As of March 1, 2025, the carrying value of goodwill associated with GCP Acquisition was $2.3 billion, of which $1.1 billion is deductible for tax purposes. The goodwill is entirely allocated to the Real Assets Group segment and is attributable primarily to expected synergies and the assembled workforce of GCP International.
In connection with the GCP Acquisition, various components of the agreed upon purchase price are required to be accounted for as compensation because the payments were made to certain individuals that became employees of the Company following the GCP Acquisition. Because they are required to be accounted for as compensation, these amounts have been excluded from purchase consideration. During the three months ended March 31, 2025, $8.8 million of acquisition related compensation costs were expensed and recorded within compensation and benefits within the Condensed Consolidated Statements of Operations. Because the purchase price included components of cash and equity, the individuals that became employees of the Company also received a portion of their sales proceeds in the form of equity, which was recorded as equity compensation expense. During the three months ended March 31, 2025, $108.8 million of equity compensation expense was recognized from the immediate vesting of 0.6 million restricted units, of which 0.2 million shares were withheld for taxes. As of March 1, 2025, there were 2.3 million unvested equity awards and 0.2 million unvested AOG Unit awards related to these arrangements (collectively, the “Unvested GCP Equity Purchase Price”). During the three months ended March 31, 2025, $10.3 million of equity compensation expense was recognized in connection with the Unvested GCP Equity Purchase Price. The total compensation expense expected to be recognized in all future periods associated with the Unvested GCP Equity Purchase Price is approximately $411.5 million as of March 31, 2025 and is expected to be recognized over the remaining weighted average period of 3.6 years.
The Company has incurred $69.2 million of acquisition related costs, of which $33.7 million was incurred during the three months ended March 31, 2025. These acquisition related costs were expensed and reported within general, administrative and other expenses.
GCP International’s revenues and net income of $38.8 million and $7.6 million, respectively, are included in the Condensed Consolidated Statements of Operations before giving effect to corporate level taxes for the period from March 1, 2025 through March 31, 2025. The Company did not acquire all of the assets or assume all of the liabilities of the legacy business. GCP International represents an aggregation of various businesses and components of other businesses that operate in different jurisdictions, each that historically used a different basis of accounting. There are no historical financial statements that apply consistent management assumptions and use a consistent basis of accounting. Therefore, it is impracticable to provide pro forma information on revenues and earnings for the GCP Acquisition.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
4. GOODWILL AND INTANGIBLE ASSETS
Intangible Assets, Net
The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets:

| Weighted Average Amortization Period (in years) as of March 31, 2025 |  | As of March 31, |  | As of December 31,
|  | 2025 |  | 2024
Management contracts | 5.2 |  | $ | 1,034,593 |  |  | $ | 590,675 |
Client relationships | 7.5 |  | 317,920 |  |  | 210,720 |
Other | 0.0 |  | — |  |  | 500 |
Finite-lived intangible assets |  |  | 1,352,513 |  |  | 801,895 |
Foreign currency translation |  |  | 7,737 |  |  | (789) |
Total finite-lived intangible assets |  |  | 1,360,250 |  |  | 801,106 |
Less: accumulated amortization |  |  | (400,803) |  |  | (393,078) |
Finite-lived intangible assets, net |  |  | 959,447 |  |  | 408,028 |
Indefinite-lived management contracts |  |  | 1,317,400 |  |  | 567,800 |
Intangible assets, net |  |  | $ | 2,276,847 |  |  | $ | 975,828 |

Amortization expense associated with intangible assets was $37.3 million, and $29.2 million for the three months ended March 31, 2025 and 2024, respectively, and has been presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2025, the Company removed $29.9 million of fully-amortized management contracts.
Goodwill
The following table summarizes the carrying value of the Company’s goodwill:

| Credit Group |  | Real Assets Group |  | Private Equity Group |  | Secondaries Group |  |  |  | Total
Balance as of December 31, 2024 | $ | 312,032 |  |  | $ | 311,569 |  |  | $ | 121,408 |  |  | $ | 417,627 |  |  |  |  | $ | 1,162,636 |
Acquisitions | — |  |  | 2,297,710 |  |  | — |  |  | — |  |  |  |  | 2,297,710 |
Reallocation | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Foreign currency translation | 194 |  |  | 38,796 |  |  | — |  |  | 5 |  |  |  |  | 38,995 |
Balance as of March 31, 2025 | $ | 312,226 |  |  | $ | 2,648,075 |  |  | $ | 121,408 |  |  | $ | 417,632 |  |  |  |  | $ | 3,499,341 |

There was no impairment of goodwill recorded during the three months ended March 31, 2025 and 2024. The impact of foreign currency translation adjustments is reflected within the Condensed Consolidated Statements of Comprehensive Income.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
5. INVESTMENTS
The following table summarizes the Company’s investments:

| As of |  | Percentage of total investments as of
| March 31, |  | December 31, |  | March 31, |  | December 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Equity method investments: |  |  |  |  |  |  |
Equity method - carried interest | $ | 3,557,277 |  |  | $ | 3,495,115 |  |  | 72.7% |  | 75.2%
Equity method private investment partnership interests - principal | 604,691 |  |  | 536,912 |  |  | 12.4 |  | 11.6
Equity method private investment partnership interests and other (held at fair value) | 426,613 |  |  | 411,417 |  |  | 8.7 |  | 8.9
Equity method private investment partnership interests and other | 66,896 |  |  | 55,461 |  |  | 1.4 |  | 1.2
Total equity method investments | 4,655,477 |  |  | 4,498,905 |  |  | 95.2 |  | 96.9
Collateralized loan obligations | 18,492 |  |  | 19,040 |  |  | 0.4 |  | 0.4
Fixed income securities | 170 |  |  | 22,793 |  |  | — |  | 0.5
Collateralized loan obligations and fixed income securities, at fair value | 18,662 |  |  | 41,833 |  |  | 0.4 |  | 0.9
Common stock, at fair value | 218,150 |  |  | 104,037 |  |  | 4.5 |  | 2.2
Total investments | $ | 4,892,289 |  |  | $ | 4,644,775 |  |  |  |  |

Equity Method Investments
The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the three months ended March 31, 2025 and 2024, no individual equity method investment held by the Company met the significance criteria.
The following table presents the Company’s share of other income, net from its equity method investments, which were included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations:

|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2025 |  | 2024 |  |
Total other income, net related to equity method investments |  |  |  |  |  | $ | 30,964 |  |  | $ | 10,127 |  |  |

With respect to the Company’s equity method investments, the material assets are expected to generate either long term capital appreciation and/or interest income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets.
Equity Method Investments Held at Fair Value
The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains on investments within the Condensed Consolidated Statements of Operations:

|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
Equity method private investment partnership interests and other (held at fair value) |  |  |  |  | $ | 4,281 |  |  | $ | 2,479 |  |  |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Investments of the Consolidated Funds
The following table summarizes investments held in the Consolidated Funds:

| Fair Value as of |  | Percentage of total investments as of
| March 31, |  | December 31, |  | March 31, |  | December 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Fixed income investments: |  |  |  |  |  |  |
Loans and securitization vehicles | $ | 6,880,718 |  |  | $ | 7,907,449 |  |  | 57.4% |  | 62.1%
Money market funds and U.S. treasury securities | 556,498 |  |  | 550,800 |  |  | 4.6 |  | 4.3
Bonds | 344,140 |  |  | 418,069 |  |  | 2.9 |  | 3.3
Total fixed income investments | 7,781,356 |  |  | 8,876,318 |  |  | 64.9 |  | 69.7
Partnership interests | 2,318,557 |  |  | 2,000,380 |  |  | 19.4 |  | 15.7
Equity securities | 1,876,393 |  |  | 1,861,146 |  |  | 15.7 |  | 14.6
Total investments, at fair value | $ | 11,976,306 |  |  | $ | 12,737,844 |  |  |  |  |

As of March 31, 2025 and December 31, 2024, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company’s total assets.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
6. FAIR VALUE
Fair Value of Financial Instruments Held by the Company and Consolidated Funds
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of March 31, 2025:

Financial Instruments of the Company |  | Level I |  | Level II |  | Level III |  | Investments Measured at NAV |  | Total
Assets, at fair value |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |
Common stock and other equity securities |  | $ | 77,066 |  |  | $ | 141,084 |  |  | $ | 426,377 |  |  | $ | — |  |  | $ | 644,527 |
Collateralized loan obligations and fixed income securities |  | — |  |  | — |  |  | 18,662 |  |  | — |  |  | 18,662 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 238 |  |  | 238 |
Total investments, at fair value |  | 77,066 |  |  | 141,084 |  |  | 445,039 |  |  | 238 |  |  | 663,427 |
Derivatives-foreign currency forward contracts |  | — |  |  | 1,496 |  |  | — |  |  | — |  |  | 1,496 |
Total assets, at fair value |  | $ | 77,066 |  |  | $ | 142,580 |  |  | $ | 445,039 |  |  | $ | 238 |  |  | $ | 664,923 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Derivatives-foreign currency forward contracts |  | $ | — |  |  | $ | (902) |  |  | $ | — |  |  | $ | — |  |  | $ | (902) |
Contingent consideration |  | — |  |  | — |  |  | (484,954) |  |  | — |  |  | (484,954) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (902) |  |  | $ | (484,954) |  |  | $ | — |  |  | $ | (485,856) |

Financial Instruments of the Consolidated Funds |  | Level I |  | Level II |  | Level III |  | Investments Measured at NAV |  | Total
Assets, at fair value |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |
Fixed income investments: |  |  |  |  |  |  |  |  |  |
Loans and securitization vehicles |  | $ | — |  |  | $ | 6,302,334 |  |  | $ | 578,384 |  |  | $ | — |  |  | $ | 6,880,718 |
Money market funds |  | 556,498 |  |  | — |  |  | — |  |  | — |  |  | 556,498 |
Bonds |  | — |  |  | 341,532 |  |  | 2,608 |  |  | — |  |  | 344,140 |
Total fixed income investments |  | 556,498 |  |  | 6,643,866 |  |  | 580,992 |  |  | — |  |  | 7,781,356 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 2,318,557 |  |  | 2,318,557 |
Equity securities |  | 29,484 |  |  | 2,002 |  |  | 1,844,907 |  |  | — |  |  | 1,876,393 |
Total investments, at fair value |  | 585,982 |  |  | 6,645,868 |  |  | 2,425,899 |  |  | 2,318,557 |  |  | 11,976,306 |
Derivatives-foreign currency forward contracts |  | — |  |  | 9,668 |  |  | — |  |  | — |  |  | 9,668 |
Total assets, at fair value |  | $ | 585,982 |  |  | $ | 6,655,536 |  |  | $ | 2,425,899 |  |  | $ | 2,318,557 |  |  | $ | 11,985,974 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Loan obligations of CLOs |  | $ | — |  |  | $ | (8,522,002) |  |  | $ | — |  |  | $ | — |  |  | $ | (8,522,002) |
Derivatives: |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | — |  |  | (9,890) |  |  | — |  |  | — |  |  | (9,890) |
Asset swaps |  | — |  |  | — |  |  | (749) |  |  | — |  |  | (749) |
Total derivative liabilities, at fair value |  | — |  |  | (9,890) |  |  | (749) |  |  | — |  |  | (10,639) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (8,531,892) |  |  | $ | (749) |  |  | $ | — |  |  | $ | (8,532,641) |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2024:

Financial Instruments of the Company |  | Level I |  | Level II |  | Level III |  | Investments Measured at NAV |  | Total
Assets, at fair value |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 1,071,071 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,071,071 |
Investments: |  |  |  |  |  |  |  |  |  |
Common stock and other equity securities |  | — |  |  | 104,037 |  |  | 411,179 |  |  | — |  |  | 515,216 |
Collateralized loan obligations and fixed income securities |  | — |  |  | — |  |  | 41,833 |  |  | — |  |  | 41,833 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 238 |  |  | 238 |
Total investments, at fair value |  | — |  |  | 104,037 |  |  | 453,012 |  |  | 238 |  |  | 557,287 |
Derivatives-foreign currency forward contracts |  | — |  |  | 3,737 |  |  | — |  |  | — |  |  | 3,737 |
Total assets, at fair value |  | $ | 1,071,071 |  |  | $ | 107,774 |  |  | $ | 453,012 |  |  | $ | 238 |  |  | $ | 1,632,095 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Derivatives-foreign currency forward contracts |  | $ | — |  |  | $ | (216) |  |  | $ | — |  |  | $ | — |  |  | $ | (216) |
Contingent consideration |  | — |  |  | — |  |  | (17,550) |  |  | — |  |  | (17,550) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (216) |  |  | $ | (17,550) |  |  | $ | — |  |  | $ | (17,766) |

Financial Instruments of the Consolidated Funds |  | Level I |  | Level II |  | Level III |  | Investments Measured at NAV |  | Total
Assets, at fair value |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |
Fixed income investments: |  |  |  |  |  |  |  |  |  |
Loans and securitization vehicles |  | $ | — |  |  | $ | 7,313,632 |  |  | $ | 593,817 |  |  | $ | — |  |  | $ | 7,907,449 |
U.S. treasury securities |  | 550,800 |  |  | — |  |  | — |  |  | — |  |  | 550,800 |
Bonds |  | — |  |  | 418,069 |  |  | — |  |  | — |  |  | 418,069 |
Total fixed income investments |  | 550,800 |  |  | 7,731,701 |  |  | 593,817 |  |  | — |  |  | 8,876,318 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 2,000,380 |  |  | 2,000,380 |
Equity securities |  | 28,603 |  |  | 2,615 |  |  | 1,829,928 |  |  | — |  |  | 1,861,146 |
Total investments, at fair value |  | 579,403 |  |  | 7,734,316 |  |  | 2,423,745 |  |  | 2,000,380 |  |  | 12,737,844 |
Derivatives-foreign currency forward contracts |  | — |  |  | 2,995 |  |  | — |  |  | — |  |  | 2,995 |
Total assets, at fair value |  | $ | 579,403 |  |  | $ | 7,737,311 |  |  | $ | 2,423,745 |  |  | $ | 2,000,380 |  |  | $ | 12,740,839 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Loan obligations of CLOs |  | $ | — |  |  | $ | (9,672,189) |  |  | $ | — |  |  | $ | — |  |  | $ | (9,672,189) |
Derivatives: |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | — |  |  | (2,888) |  |  | — |  |  | — |  |  | (2,888) |
Asset swaps |  | — |  |  | — |  |  | (1,846) |  |  | — |  |  | (1,846) |
Total derivative liabilities, at fair value |  | — |  |  | (2,888) |  |  | (1,846) |  |  | — |  |  | (4,734) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (9,675,077) |  |  | $ | (1,846) |  |  | $ | — |  |  | $ | (9,676,923) |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following tables set forth a summary of changes in the fair value of the Level III measurements:

Level III Assets of the Company |  | Equity Securities |  | Fixed Income |  |  |  | Contingent Consideration |  | Total |
Balance as of December 31, 2024 |  | $ | 411,179 |  |  | $ | 41,833 |  |  |  |  | $ | (17,550) |  |  | $ | 435,462 |  |
Established in connection with acquisition (see Note 8) |  | — |  |  | — |  |  |  |  | (465,080) |  |  | (465,080) |  |
Purchases(1) |  | 10,546 |  |  | 1,530 |  |  |  |  | — |  |  | 12,076 |  |
Sales/settlements(2) |  | — |  |  | (23,657) |  |  |  |  | — |  |  | (23,657) |  |
Change in fair value |  | — |  |  | — |  |  |  |  | (2,324) |  |  | (2,324) |  |
Realized and unrealized appreciation (depreciation), net |  | 4,652 |  |  | (1,044) |  |  |  |  | — |  |  | 3,608 |  |
Balance as of March 31, 2025 |  | $ | 426,377 |  |  | $ | 18,662 |  |  |  |  | $ | (484,954) |  |  | $ | (39,915) |  |
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 4,652 |  |  | $ | (372) |  |  |  |  | $ | (2,324) |  |  | $ | 1,956 |  |

Level III Net Assets of Consolidated Funds |  | Equity Securities |  | Fixed Income |  |  |  | Derivatives, Net |  | Total
Balance as of December 31, 2024 |  | $ | 1,829,927 |  |  | $ | 593,817 |  |  |  |  | $ | (1,846) |  |  | $ | 2,421,898 |
Transfer in(3) |  | 1 |  |  | 82,478 |  |  |  |  | — |  |  | 82,479 |
Transfer out(3) |  | — |  |  | (72,264) |  |  |  |  | — |  |  | (72,264) |
Purchases(1) |  | 285 |  |  | 247,859 |  |  |  |  | 124 |  |  | 248,268 |
Sales/settlements(2) |  | (88) |  |  | (267,745) |  |  |  |  | — |  |  | (267,833) |
Realized and unrealized appreciation (depreciation), net |  | 14,782 |  |  | (3,153) |  |  |  |  | 973 |  |  | 12,602 |
Balance as of March 31, 2025 |  | $ | 1,844,907 |  |  | $ | 580,992 |  |  |  |  | $ | (749) |  |  | $ | 2,425,150 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 15,102 |  |  | $ | (2,824) |  |  |  |  | $ | 851 |  |  | $ | 13,129 |

(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
(3)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)

Level III Assets of the Company |  | Equity Securities |  | Fixed Income |  |  |  |  |  |  |  | Total
Balance as of December 31, 2023 |  | $ | 412,491 |  |  | $ | 126,294 |  |  |  |  |  |  |  |  | $ | 538,785 |
Purchases(1) |  | 30 |  |  | 2,266 |  |  |  |  |  |  |  |  | 2,296 |
Sales/settlements(2) |  | (782) |  |  | (108,360) |  |  |  |  |  |  |  |  | (109,142) |
Realized and unrealized appreciation, net |  | 5,135 |  |  | 1,388 |  |  |  |  |  |  |  |  | 6,523 |
Balance as of March 31, 2024 |  | $ | 416,874 |  |  | $ | 21,588 |  |  |  |  |  |  |  |  | $ | 438,462 |
Change in net unrealized appreciation included in earnings related to financial assets still held at the reporting date |  | $ | 5,135 |  |  | $ | 1,388 |  |  |  |  |  |  |  |  | $ | 6,523 |

Level III Net Assets of Consolidated Funds |  | Equity Securities |  | Fixed Income |  |  |  | Derivatives, Net |  | Total
Balance as of December 31, 2023 |  | $ | 1,190,400 |  |  | $ | 740,113 |  |  |  |  | $ | (1,291) |  |  | $ | 1,929,222 |
Transfer in(3) |  | — |  |  | 91,729 |  |  |  |  | — |  |  | 91,729 |
Transfer out(3) |  | — |  |  | (172,358) |  |  |  |  | — |  |  | (172,358) |
Purchases(1) |  | 154,475 |  |  | 263,706 |  |  |  |  | 46 |  |  | 418,227 |
Sales/settlements(2) |  | — |  |  | (285,911) |  |  |  |  | — |  |  | (285,911) |
Realized and unrealized appreciation (depreciation), net |  | 21,589 |  |  | 2,039 |  |  |  |  | (329) |  |  | 23,299 |
Balance as of March 31, 2024 |  | $ | 1,366,464 |  |  | $ | 639,318 |  |  |  |  | $ | (1,574) |  |  | $ | 2,004,208 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 22,225 |  |  | $ | 1,420 |  |  |  |  | $ | (380) |  |  | $ | 23,265 |

(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
(3)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.
Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of March 31, 2025:

Level III Measurements of the Company |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 180,220 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A
|  | 100,000 |  |  | Market yield analysis |  | Market interest rate |  | 8.0% |  | 8.0%
|  | 60,856 |  |  | Market approach |  | Multiple of book value |  | 1.3x - 1.5x |  | 1.4x
|  | 56,273 |  |  | Market approach |  | Multiple of book value |  | 0.7x - 0.9x |  | 0.8x
|  |  |  | Discounted cash flow |  | Discount rate |  | 11.0% - 15.0% |  | 13.0%
|  | 19,344 |  |  | Option pricing model |  | Volatility |  | 35.0% |  | 35.0%
|  | 9,684 |  |  | Market approach |  | Earnings multiple |  | 15.4x |  | 15.4x
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 18,492 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
|  | 170 |  |  | Other |  | N/A |  | N/A |  | N/A
Total assets |  | $ | 445,039 |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | (484,954) |  |  | Monte Carlo simulation |  | Discount rate |  | 6.6% - 7.0% |  | 7.0%
|  |  |  |  |  | Volatility |  | 11.1% - 15.1% |  | 14.9%
Total liabilities |  | $ | (484,954) |  |  |  |  |  |  |  |  |

Level III Measurements of the Consolidated Funds |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 968,124 |  |  | Discounted cash flow |  | Discount rate |  | 10.0% - 20.0% |  | 12.0%
|  | 869,412 |  |  | Market approach |  | Multiple of book value |  | 1.0x - 1.7x |  | 1.3x
|  | 6,584 |  |  | Market approach |  | EBITDA multiple(2) |  | 5.3x - 35.0x |  | 9.2x
|  | 787 |  |  | Market approach |  | Yield |  | 6.4% - 23.7% |  | 9.8%
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 291,675 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
|  | 287,874 |  |  | Market approach |  | Yield |  | 6.4% - 23.7% |  | 9.9%
|  | 1,443 |  |  | Discounted cash flow |  | Discount rate |  | 14.5% - 20.0% |  | 12.8%
Total assets |  | $ | 2,425,899 |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | (749) |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
Total liabilities |  | $ | (749) |  |  |  |  |  |  |  |  |

(1)Transaction price consists of securities purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2024:

Level III Measurements of the Company |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average |
Assets |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |  |
|  | $ | 168,387 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A |
|  | 100,000 |  |  | Market approach |  | Yield |  | 8.0% |  | 8.0% |
|  | 57,659 |  |  | Market approach |  | Multiple of book value |  | 1.0x - 1.1x |  | 1.0x |
|  |  |  | Discounted cash flow |  | Discount rate |  | 10.0% - 14.0% |  | 12.0% |
|  | 56,918 |  |  | Market approach |  | Multiple of book value |  | 1.2x - 1.7x |  | 1.4x |
|  | 19,205 |  |  | Option pricing model |  | Volatility |  | 35.0% |  | 35.0% |
|  | 8,489 |  |  | Market approach |  | Earnings multiple |  | 15.4x |  | 15.4x |
|  | 521 |  |  | Discounted cash flow |  | Discount rate |  | 18.5% - 21.5% |  | 20.0% |
Fixed income investments |  |  |  |  |  |  |  |  |  |  |
|  | 22,283 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A |
|  | 19,040 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A |
|  | 510 |  |  | Other |  | N/A |  | N/A |  | N/A |
Total assets |  | $ | 453,012 |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | (17,550) |  |  | Monte Carlo simulation |  | Discount rate |  | 6.6% - 6.9% |  | 6.8% |
|  |  |  |  |  | Volatility |  | 11.1% |  | 11.1% |
Total liabilities |  | $ | (17,550) |  |  |  |  |  |  |  |  |  |

Level III Measurements of the Consolidated Funds |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 985,109 |  |  | Discounted cash flow |  | Discount rate |  | 10.0% - 20.0% |  | 13.0%
|  | 835,432 |  |  | Market approach |  | Multiple of book value |  | 1.0x - 1.7x |  | 1.4x
|  | 8,598 |  |  | Market approach |  | EBITDA multiple(2) |  | 5.6x - 34.6x |  | 10.7x
|  | 789 |  |  | Other |  | N/A |  | N/A |  | N/A
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 308,675 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
|  | 284,950 |  |  | Market approach |  | Yield |  | 7.4% - 28.6% |  | 9.9%
|  | 192 |  |  | Other |  | N/A |  | N/A |  | N/A
Total assets |  | $ | 2,423,745 |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | (1,846) |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
Total liabilities |  | $ | (1,846) |  |  |  |  |  |  |  |  |

(1)Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using net asset value (“NAV”) per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control.
The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:

|  | As of March 31, 2025 |  | As of December 31, 2024
Investments (held at fair value) |  | $ | 2,318,557 |  |  | $ | 2,000,380 |
Unfunded commitments |  | 1,088,937 |  |  | 932,473 |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
7. DEBT
The following table summarizes the Company’s and its subsidiaries’ debt obligations:

|  |  |  |  |  |  | As of March 31, 2025 |  | As of December 31, 2024
| Debt Origination Date |  | Maturity |  | Original Borrowing Amount |  | Carrying Value |  | Interest Rate |  | Carrying Value |  | Interest Rate
Credit Facility(1) | Revolving |  | 3/31/2029 |  | N/A |  | $ | 985,000 |  |  | 5.37% |  | $ | — |  |  | —%
2028 Senior Notes(2) | 11/10/2023 |  | 11/10/2028 |  | 500,000 |  |  | 495,952 |  |  | 6.42 |  | 495,677 |  |  | 6.42
2030 Senior Notes(3) | 6/15/2020 |  | 6/15/2030 |  | 400,000 |  |  | 397,614 |  |  | 3.28 |  | 397,501 |  |  | 3.28
2052 Senior Notes(4) | 1/21/2022 |  | 2/1/2052 |  | 500,000 |  |  | 484,702 |  |  | 3.77 |  | 484,601 |  |  | 3.77
2054 Senior Notes(5) | 10/11/2024 |  | 10/11/2054 |  | 750,000 |  |  | 736,087 |  |  | 5.65 |  | 736,010 |  |  | 5.65
2051 Subordinated Notes(6) | 6/30/2021 |  | 6/30/2051 |  | 450,000 |  |  | 445,172 |  |  | 4.13 |  | 445,125 |  |  | 4.13
Total debt obligations |  |  |  |  |  |  | $ | 3,544,527 |  |  |  |  | $ | 2,558,914 |  |  |

(1)As of March 31, 2025, the revolver commitments were $1.400 billion, with an accordion feature of $600.0 million. The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“SOFR”) or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of March 31, 2025, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.10%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. Due to the achievement of the certain targets, the Company’s applicable margin and unused commitment fee have been reduced by 0.05% and 0.01%, respectively, from July 2023 through April 2025. In April 2025, the Company amended its Credit Facility to, among other things: (i) extend the maturity to April 22, 2030; (ii) increase commitments to $1.840 billion, with an accordion feature of $660.0 million; and (iii) provide a sub-limit for the issuance of swingline loans up to an aggregate amount of $75.0 million (with the amount available for borrowing under the Credit Facility amendment being reduced by any swingline loans issued). As of May 12, 2025, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.09% per annum.
(2)The 2028 Senior Notes were issued in November 2023 by the Company at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the 2028 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2028 Senior Notes.
(3)The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Senior Notes.
(4)The 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Senior Notes.
(5)The 2054 Senior Notes were issued in October 2024 by the Company at 99.24% of the face amount with interest paid semi-annually. The Company may redeem the 2054 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2054 Senior Notes.
(6)The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five consecutive years, subject to the terms of the indenture governing the 2051 Subordinated Notes.
As of March 31, 2025, the Company and its subsidiaries were in compliance with all covenants under the debt obligations.
The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the various senior notes (the “Senior Notes”) and the subordinated notes (the “Subordinated Notes”) are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included within other assets within the Condensed Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense within the Condensed Consolidated Statements of Operations.
The following table presents the activity of the Company’s debt issuance costs:

| Credit Facility |  | Senior Notes |  | Subordinated Notes |  |  |  |
Unamortized debt issuance costs as of December 31, 2024 | $ | 4,858 |  |  | $ | 18,725 |  |  | $ | 4,875 |  |  |  |  |
Debt issuance costs incurred | — |  |  | 11 |  |  | — |  |  |  |  |
Amortization of debt issuance costs | (286) |  |  | (436) |  |  | (46) |  |  |  |  |
Unamortized debt issuance costs as of March 31, 2025 | $ | 4,572 |  |  | $ | 18,300 |  |  | $ | 4,829 |  |  |  |  |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Loan Obligations of the Consolidated CLOs
Loan obligations of the Consolidated Funds that are CLOs (“Consolidated CLOs”) represent amounts due to holders of debt securities issued by the Consolidated CLOs. The Company measures the loan obligations of the Consolidated CLOs using the fair value of the financial assets of its Consolidated CLOs.
The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:

|  |  | As of March 31, 2025 |  |  | As of December 31, 2024
|  |  | Fair Value of Loan Obligations |  | Weighted Average Interest Rate |  | Weighted Average Remaining Maturity (in years) |  |  | Fair Value of Loan Obligations |  | Weighted Average Interest Rate |  | Weighted Average Remaining Maturity (in years)
Senior secured notes |  |  | $ | 7,806,027 |  |  | 5.77% |  | 8.0 |  |  | $ | 8,937,972 |  |  | 6.08% |  | 8.0
Subordinated notes(1) |  |  | 715,975 |  |  | N/A |  | 5.2 |  |  | 734,217 |  |  | N/A |  | 5.6
Total loan obligations of Consolidated CLOs |  |  | $ | 8,522,002 |  |  |  |  |  |  |  | $ | 9,672,189 |  |  |  |  |

(1)The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to the excess cash flows generated by each Consolidated CLO.
Loan obligations of the Consolidated CLOs are collateralized by the assets held by the Consolidated CLOs, consisting of cash and cash equivalents, corporate loans, corporate bonds and other securities. The assets of one Consolidated CLO may not be used to satisfy the liabilities of another Consolidated CLO. Loan obligations of the Consolidated CLOs include floating rate notes, deferrable floating rate notes, revolving lines of credit and subordinated notes. Amounts borrowed under the notes are repaid based on available cash flows subject to priority of payments under each Consolidated CLO’s governing documents. Based on the terms of these facilities, the creditors of the facilities have no recourse to the Company.
Credit Facilities of the Consolidated Funds
Certain Consolidated Funds maintain credit facilities to fund investments between capital drawdowns. These facilities generally are collateralized by the net assets of the Consolidated Funds or the unfunded capital commitments of the Consolidated Funds’ limited partners, bear an annual commitment fee based on unfunded commitments and contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments and portfolio asset dispositions. The creditors of these facilities have no recourse to the Company and only have recourse to a subsidiary of the Company to the extent the debt is guaranteed by such subsidiary. As of March 31, 2025 and December 31, 2024, the Consolidated Funds were in compliance with all covenants under such credit facilities.
The Consolidated Funds had the following revolving bank credit facilities outstanding:

|  |  |  |  |  | As of March 31, 2025 |  | As of December 31, 2024 |
|  | Maturity Date |  | Total Capacity |  | Outstanding Loan(1) |  | Effective Rate |  | Outstanding Loan(1) |  | Effective Rate |
Credit Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 9/25/2025 |  | $ | 150,000 |  |  | $ | 121,000 |  |  | 8.00% |  | $ | 121,000 |  |  | 8.00% |
|  | 1/28/2026 |  | 100,000 |  |  | 81,300 |  |  | 6.51 |  | N/A |  | N/A |
|  | 9/24/2026 |  | 150,000 |  |  | — |  |  | N/A |  | — |  |  | N/A |
|  | 6/26/2027 |  | 200,000 |  |  | 200,000 |  |  | 7.15 |  | 154,000 |  |  | 7.15 |
|  | 9/12/2027 |  | 54,000 |  |  | — |  |  | N/A |  | — |  |  | N/A |
|  | 6/23/2032 |  | 201,007 |  |  | 201,007 |  |  | 7.23 |  | N/A |  | N/A |
Total borrowings of Consolidated Funds |  |  |  |  |  | $ | 603,307 |  |  |  |  | $ | 275,000 |  |  |  |

(1)The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
8. COMMITMENTS AND CONTINGENCIES
Indemnification Arrangements
Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded within the Condensed Consolidated Statements of Financial Condition. As of March 31, 2025, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Commitments
As of March 31, 2025 and December 31, 2024, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $1,554.3 million and $1,451.4 million, respectively.
Guarantees
The guarantee agreements that the Company enters into with financial institutions are primarily to guarantee credit facilities held by certain funds. In the ordinary course of business, the guarantee of credit facilities held by funds may indicate control and result in consolidation of the fund. As of March 31, 2025 and December 31, 2024, the Company’s maximum exposure to losses from guarantees was $7.4 million and $1.1 million, respectively.
Contingent Liabilities
GCP International
In connection with the GCP Acquisition during the first quarter of 2025, the Company established two arrangements with the sellers and with certain of its professionals that became employees of the Company, including (i) an earnout arrangement related to the data center business (“DC Earnout”) based on the achievement of certain revenue targets associated with certain digital infrastructure funds; and (ii) an earnout arrangement related to the Japan business (“Japan Earnout”) based on the achievement of fundraising targets of certain Japanese real estate equity funds. The DC Earnout and Japan Earnout represent contingent liabilities not to exceed $1.0 billion and $0.5 billion, respectively.
The portion of the DC Earnout and Japan Earnout attributable to the sellers represents a component of purchase consideration that will be accounted for as contingent consideration. As of March 1, 2025, the fair value of these contingent liabilities was $465.1 million and was recorded within accounts payable, accrued expenses and other liabilities within the Condensed Consolidated Statements of Financial Condition. The contingent liabilities are subject to change over the measurement periods, which will end no later than June 30, 2028. Changes in fair value from the acquisition date will be recorded within other income (expense), net within the Condensed Consolidated Statements of Operations. The Company expects to settle the contingent liabilities at the Company's discretion with no less than 15.0% cash and the remaining balance in equity awards.
The portion of the DC Earnout and Japan Earnout attributable to the professionals that became employees of the Company requires continued service through the measurement periods. The Company expects to settle the contingent liabilities at the Company's discretion with no less than 15.0% cash and the remaining balance in equity awards. The DC Earnout and Japan Earnout are remeasured each period with incremental changes in fair value for the cash and equity components of these liabilities recognized within compensation and benefits expense within the Condensed Consolidated Statements of Operations. Following the measurement period end dates, the cash components will be paid and the equity awards will be granted at fair value for the balance of the liability. As of March 31, 2025, the fair value of the contingent liabilities was $199.4 million. Compensation expense of $4.3 million for the three months ended March 31, 2025 is presented within compensation and benefits within the Condensed Consolidated Statements of Operations with an equal offset presented within accrued compensation within the Condensed Consolidated Statements of Financial Condition. The unpaid liabilities at the respective measurement period end dates will be reclassified from liability to additional paid-in-capital. Any compensation expense associated with the DC Earnout and Japan Earnout that was not previously recorded through the final measurement period end date will be recognized as equity-based compensation expense over the remaining service periods ranging from three to six years, measured from the GCP Acquisition close date.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Other Arrangements
The Company also entered into various other contingent arrangements in connection with acquisitions. The maximum exposure for these contingent arrangements was $215.0 million and $155.0 million as of March 31, 2025 and December 31, 2024, respectively.
Certain portions of these contingent arrangements require continued service through the measurement periods. As of March 31, 2025 and December 31, 2024, the fair value of these contingent liabilities was $137.6 million and $99.6 million, respectively, and the Company has recorded $38.9 million and $29.9 million, respectively, within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense of $9.0 million and $5.5 million for the three months ended March 31, 2025 and 2024, respectively, is presented within compensation and benefits within the Condensed Consolidated Statements of Operations.
The remaining portions of these contingent arrangements did not require continued service through the measurement periods and were classified as contingent consideration. As of March 31, 2025 and December 31, 2024, the fair value of these contingent liabilities was $19.9 million and $17.6 million, respectively, and recorded within accounts payable, accrued expenses and other liabilities within the Condensed Consolidated Statements of Financial Condition. Other expense of $2.3 million for the three months ended March 31, 2025 is presented within other income (expense), net within the Condensed Consolidated Statements of Operations.
Carried Interest
Carried interest is affected by changes in the fair values of the underlying investments in the funds that are advised by the Company. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and increasingly at interim points in the life of a fund), the fund has not achieved investment returns that exceed the preferred return threshold or the general partner has received net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company will be obligated to repay carried interest that was received by the Company in excess of the amounts to which the Company is entitled. This contingent obligation is normally reduced by income taxes paid by the Company related to its carried interest.
Senior professionals of the Company who have received carried interest distributions are responsible for funding their proportionate share of any contingent repayment obligations. However, the governing agreements of certain of the Company’s funds provide that if a current or former professional does not fund his or her respective share for such fund, then the Company may have to fund additional amounts beyond what was received in carried interest, although the Company will generally retain the right to pursue any remedies under such governing agreements against those carried interest recipients who fail to fund their obligations.
Additionally, at the end of the life of the funds there could be a payment due to a fund by the Company if the Company has recognized more carried interest than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund.
As of March 31, 2025 and December 31, 2024, if the Company assumed all existing investments were worthless, the amount of carried interest subject to potential repayment, net of tax distributions, which may differ from the recognition of revenue, would have been approximately $70.8 million and $59.6 million, respectively, of which approximately $24.0 million and $39.5 million, respectively, is reimbursable to the Company by certain professionals who are the recipients of such carried interest. Management believes the possibility of all of the investments becoming worthless is remote. As of March 31, 2025 and December 31, 2024, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability.
Litigation
From time to time, the Company is named as a defendant in legal actions relating to transactions and other matters conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Leases
The Company’s leases primarily consists of operating leases for office space and certain office equipment. The Company’s leases have remaining lease terms of one to 18 years. The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:

Maturity of operating lease liabilities |  |  | As of March 31, 2025 |  |
2025 |  |  | $ | 49,208 |  |  |
2026 |  |  | 74,422 |  |  |
2027 |  |  | 68,277 |  |  |
2028 |  |  | 78,393 |  |  |
2029 |  |  | 72,411 |  |  |
Thereafter |  |  | 713,478 |  |  |
Total future payments |  |  | 1,056,189 |  |  |
Less: interest |  |  | 370,151 |  |  |
Total operating lease liabilities |  |  | $ | 686,038 |  |  |

|  |  |  | Three months ended March 31,
Classification within general, administrative and other expenses |  |  |  |  |  | 2025 |  | 2024 |  |
Operating lease expense |  |  |  |  |  | $ | 20,955 |  |  | $ | 15,210 |  |  |

|  | Three months ended March 31,
Supplemental information on the measurement of operating lease liabilities |  | 2025 |  | 2024 |  |
Operating cash flows for operating leases |  | $ | 14,347 |  |  | $ | 12,765 |  |  |
Leased assets obtained in exchange for new operating lease liabilities |  | 44,118 |  |  | 705 |  |  |

|  |  | As of March 31, |  | As of December 31,
Lease term and discount rate |  |  | 2025 |  | 2024
Weighted-average remaining lease terms (in years) |  |  | 13.3 |  | 14.1
Weighted-average discount rate |  |  | 5.8% |  | 5.8%

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
9. RELATED PARTY TRANSACTIONS
Substantially all of the Company’s revenue is earned from its affiliates. The related accounts receivable are included within due from affiliates within the Condensed Consolidated Statements of Financial Condition, except that accrued carried interest, which is predominantly due from affiliated funds, is presented separately within investments within the Condensed Consolidated Statements of Financial Condition.
The Company has investment management agreements with the Ares Funds that it manages. In accordance with these agreements, these Ares Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Ares Funds.
Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares Funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management fees, carried interest or incentive fees.
Carried interest and incentive fees from the funds can be distributed to professionals or their related entities on a current basis, subject, in the case of carried interest programs, to repayment by the subsidiary of the Company that acts as general partner of the relevant fund in the event that certain specified return thresholds are not ultimately achieved. The professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this general partner obligation. Such guarantees are several, and not joint, and are limited to distributions received by the relevant recipient.
The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following:

| As of March 31, |  | As of December 31,
| 2025 |  | 2024
Due from affiliates: |  |  |
Management fees receivable from non-consolidated funds | $ | 750,092 |  |  | $ | 636,835 |
Incentive fee receivable from non-consolidated funds | 16,094 |  |  | 172,235 |
Payments made on behalf of and amounts due from non-consolidated funds and employees | 356,604 |  |  | 247,538 |
Due from affiliates—Company | $ | 1,122,790 |  |  | $ | 1,056,608 |
Due to affiliates: |  |  |
Management fee received in advance and rebates payable to non-consolidated funds | $ | 4,038 |  |  | $ | 5,767 |
Tax receivable agreement liability | 475,121 |  |  | 402,359 |
Carried interest and incentive fees payable | 221,792 |  |  | 78,692 |
Payments made by non-consolidated funds on behalf of and payable by the Company | 20,897 |  |  | 13,662 |
Due to affiliates—Company | $ | 721,848 |  |  | $ | 500,480 |

Due from and Due to Ares Funds and Portfolio Companies
In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Conversely, Consolidated Funds and non-consolidated funds may pay certain expenses that are reimbursed by the Company. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings, are subject to reimbursement by the portfolio companies.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
10. INCOME TAXES
The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements. The following table presents the income tax expense for the period:

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Income tax expense | $ | 17,537 |  |  | $ | 27,233 |  |  |  |  |  |  |

The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment vehicles that are consolidated in the Company’s unaudited condensed consolidated financial statements. For the three months ended March 31, 2025 and 2024, the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate.
The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of March 31, 2025 and December 31, 2024, the Company recorded a net deferred tax asset of $281.7 million and $241.9 million, respectively, within other assets within the Condensed Consolidated Statements of Financial Condition. As of March 31, 2025 and December 31, 2024, a deferred tax liability of $10.2 million and $8.4 million, respectively, was recorded and presented as a liability for the Consolidated Funds within accounts payable, accrued expenses and other liabilities within the Condensed Consolidated Statements of Financial Condition.
The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is generally no longer subject to corporate income tax audits by taxing authorities for any years prior to 2021. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s unaudited condensed consolidated financial statements.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
11. EARNINGS PER SHARE
The Company has Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes.
Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. Diluted earnings per share of Class A and non-voting common stock is computed using the more dilutive method of either the two-class method or the treasury stock and if-converted methods.
For the three months ended March 31, 2025 and 2024, the two-class method was the more dilutive method.
The following table presents the computation of basic and diluted earnings per common share:

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Basic earnings per share of Class A and non-voting common stock: |  |  |  |  |  |  |  |  |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 21,857 |  |  | $ | 73,027 |  |  |  |  |  |  |
Dividends declared and paid on Class A and non-voting common stock | (244,588) |  |  | (180,929) |  |  |  |  |  |  |
Distributions on unvested restricted units | (10,794) |  |  | (7,272) |  |  |  |  |  |  |
Dividends in excess of earnings available to Class A and non-voting common stockholders | $ | (233,525) |  |  | $ | (115,174) |  |  |  |  |  |  |
Basic weighted-average shares of Class A and non-voting common stock | 209,350,849 |  |  | 192,622,609 |  |  |  |  |  |  |
Dividends in excess of earnings per share of Class A and non-voting common stock | $ | (1.12) |  |  | $ | (0.60) |  |  |  |  |  |  |
Dividend declared and paid per Class A and non-voting common stock | 1.12 |  |  | 0.93 |  |  |  |  |  |  |
Basic earnings per share of Class A and non-voting common stock | $ | 0.00 |  |  | $ | 0.33 |  |  |  |  |  |  |
Diluted earnings per share of Class A and non-voting common stock: |  |  |  |  |  |  |  |  |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 21,857 |  |  | $ | 73,027 |  |  |  |  |  |  |
Distributions on unvested restricted units | (10,794) |  |  | (7,272) |  |  |  |  |  |  |
Net income available to Class A and non-voting common stockholders | $ | 11,063 |  |  | $ | 65,755 |  |  |  |  |  |  |
Diluted weighted-average shares of Class A and non-voting common stock | 209,350,849 |  |  | 192,622,609 |  |  |  |  |  |  |
Diluted earnings per share of Class A and non-voting common stock | $ | 0.00 |  |  | $ | 0.33 |  |  |  |  |  |  |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
12. EQUITY COMPENSATION
Equity-based compensation expense, net of forfeitures, recorded by the Company is presented in the following table:

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Unvested awards | $ | 256,902 |  |  | $ | 92,422 |  |  |  |  |  |  |
AOG Unit awards | 960 |  |  | — |  |  |  |  |  |  |
Total equity-based compensation expense | $ | 257,862 |  |  | $ | 92,422 |  |  |  |  |  |  |

Equity Incentive Plan
Equity-based compensation is generally granted under the 2023 Ares Management Corporation Equity Incentive Plan (the “Equity Incentive Plan”). The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2025, the total number of shares available for issuance under the Equity Incentive Plan reset to 51,846,506 shares and as of March 31, 2025, 44,401,224 shares remained available for issuance.
Generally, unvested awards are forfeited upon termination of employment in accordance with the Equity Incentive Plan. The Company recognizes forfeitures as a reversal of previously recognized compensation expense in the period the forfeiture occurs.
Unvested Awards
Each unvested award represents either a share of the Company’s Class A common stock that is subject to restriction or a restricted unit, representing an unfunded, unsecured right of the holder to receive a share of the Company’s Class A common stock on a specific date. The unvested awards vest and the restrictions lapse or are settled in shares of Class A common stock, as applicable, over service periods generally ranging from immediate vesting to five years from the grant date, in each case generally subject to the holder’s continued employment as of the applicable vesting date (subject to accelerated vesting upon certain qualifying terminations of employment or retirement eligibility provisions). Compensation expense associated with unvested awards is recognized on a straight-line basis over the requisite service period of the award.
Restricted units are delivered net of the holder’s payroll-related taxes upon vesting. For the three months ended March 31, 2025, 4.8 million restricted units vested and 2.7 million shares of Class A common stock were delivered to the holders. For the three months ended March 31, 2024, 3.5 million restricted units vested and 1.9 million shares of Class A common stock were delivered to the holders.
The holders of restricted units, other than awards that have not yet been issued, generally have the right to receive as current compensation an amount in cash equal to: (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”).
The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the three months ended March 31, 2025:

Record Date |  | Dividends Per Share |  | Dividend Equivalents Paid
March 17, 2025 |  | $ | 1.12 |  |  | $ | 21,489 |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table presents unvested awards’ activity:

| Unvested Awards |  | Weighted Average Grant Date Fair Value Per Unvested Award |  |
Balance as of December 31, 2024 | 17,968,940 |  |  | $ | 79.11 |  |  |
Granted | 7,072,634 |  |  | 186.23 |  |  |
Vested | (4,755,400) |  |  | 79.14 |  |  |
Forfeited | (8,852) |  |  | 111.79 |  |  |
Balance as of March 31, 2025 | 20,277,322 |  |  | $ | 116.44 |  |  |

The total compensation expense expected to be recognized in all future periods associated with unvested awards is approximately $1,968.5 million as of March 31, 2025 and is expected to be recognized over the remaining weighted average period of 3.9 years.
Other Equity-based Compensation
In connection with the GCP Acquisition, the Company granted 0.3 million AOG Unit awards to certain professionals. Of the total AOG Unit awards granted, 0.1 million units vested on the close date of the GCP Acquisition and the remaining 0.2 million units vest in three equal installments on each of the first three anniversaries of the GCP Acquisition close date, subject to the holder’s continued employment as of the applicable vesting dates. The weighted average grant date fair value per unvested AOG Unit award was $170.94. The total compensation expense expected to be recognized in all future periods associated with unvested AOG Unit awards is approximately $35.4 million as of March 31, 2025 and is expected to be recognized over the remaining weighted average period of 2.9 years.
13. EQUITY AND REDEEMABLE INTEREST
Common Stock
The Company’s common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The non-voting common stock has the same economic rights as the Class A common stock. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC (“Ares Voting”) is the sole holder of the Class C common stock.
In February 2025, the Company's board of directors authorized the renewal of the stock repurchase program that allows for the repurchase of up to $750.0 million of shares of Class A common stock. Under the program, shares may be repurchased from time to time in open market purchases, privately negotiated transactions or otherwise, including in reliance on Rule 10b5-1 of the Securities Act. The program is scheduled to expire in March 2026. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the three months ended March 31, 2025 and 2024, the Company did not repurchase any shares as part of the stock repurchase program.
The following table presents the changes in each class of common stock:

| Class A Common Stock |  | Non-Voting Common Stock |  | Class B Common Stock |  | Class C Common Stock |  | Total
Balance as of December 31, 2024 | 199,872,571 |  |  | 3,489,911 |  |  | 1,000 |  |  | 109,806,689 |  |  | 313,170,171 |
Issuances of common stock | 10,312,965 |  |  | — |  |  | — |  |  | 303,500 |  |  | 10,616,465 |
Exchanges of common stock | 1,995,269 |  |  | — |  |  | — |  |  | (1,995,269) |  |  | — |
Vesting of restricted unit awards, net of shares withheld for tax | 2,714,799 |  |  | — |  |  | — |  |  | — |  |  | 2,714,799 |
Balance as of March 31, 2025 | 214,895,604 |  |  | 3,489,911 |  |  | 1,000 |  |  | 108,114,920 |  |  | 326,501,435 |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table presents each partner’s AOG Units and corresponding ownership interest in each of the AOG entities, as well as its daily average ownership of AOG Units in each of the AOG entities:

|  |  |  |  |  |  |  |  |  | Daily Average Ownership
|  | As of March 31, 2025 |  | As of December 31, 2024 |  | Three months ended March 31, |  |
|  | AOG Units |  | Direct Ownership Interest |  | AOG Units |  | Direct Ownership Interest |  | 2025 |  | 2024 |  |  |  |  |  |
Ares Management Corporation |  | 218,385,515 |  |  | 66.89 | % |  | 203,362,482 |  |  | 64.94 | % |  | 65.77 | % |  | 62.32 | % |  |  |  |  |  |
Ares Owners Holdings, L.P. |  | 108,114,920 |  |  | 33.11 |  |  | 109,806,689 |  |  | 35.06 |  |  | 34.23 |  |  | 37.68 |  |  |  |  |  |  |
Total |  | 326,500,435 |  |  | 100.00 | % |  | 313,169,171 |  |  | 100.00 | % |  |  |  |  |  |  |  |  |  |

Preferred Stock
As of March 31, 2025 and December 31, 2024, the Company had 30,000,000 shares of Series B mandatory convertible preferred stock outstanding. When, as and if declared by the Company’s board of directors, dividends on the Series B mandatory convertible preferred stock are payable quarterly at a rate per annum equal to 6.75%. Dividends on Series B mandatory convertible preferred stock are cumulative and the Series B mandatory convertible preferred stock, unless previously converted or redeemed, will automatically convert into the Company’s Class A common stock on October 1, 2027. Unless converted earlier in accordance with its terms, each share of Series B mandatory convertible preferred stock will automatically convert on the mandatory conversion date into between 0.2717 and 0.3260 shares of the Company’s Class A common stock, in each case, subject to customary anti-dilution adjustments. The conversion rate that will apply to mandatory conversions will be determined based on the average of the daily volume-weighted average prices over the 20 consecutive trading days beginning on, and including, the 21st scheduled trading day immediately before October 1, 2027.
Holders of shares of Series B mandatory convertible preferred stock have the option to convert all or any portion of their shares of Series B mandatory convertible preferred stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Series B mandatory convertible preferred stock for certain unpaid accumulated dividends.
Redeemable Interest
The following table summarizes the activities associated with the redeemable interest in AOG entities:

| Total
Balance as of December 31, 2023 | $ | 24,098 |
Net income | 73 |
Currency translation adjustment, net of tax | (257) |
Distributions | (302) |
Balance as of March 31, 2024 | 23,612 |
Net loss | (387) |
Currency translation adjustment, net of tax | (47) |
Balance as of June 30, 2024 | 23,178 |
Net income | 1,319 |
Currency translation adjustment, net of tax | 614 |
Balance as of September 30, 2024 | 25,111 |
Net loss | (902) |
Currency translation adjustment, net of tax | (713) |
Balance as of December 31, 2024 | 23,496 |
Net income | 316 |
Currency translation adjustment, net of tax | 198 |
Distributions | (300) |
Balance as of March 31, 2025 | $ | 23,710 |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table summarizes the activities associated with the redeemable interest in Consolidated Funds:

| Total
Balance as of December 31, 2023 | $ | 522,938 |
Change in redemption value | 6,849 |
Balance as of March 31, 2024 | 529,787 |
Change in redemption value | 6,959 |
Balance as of June 30, 2024 | 536,746 |
Change in redemption value | 7,408 |
Balance as of September 30, 2024 | 544,154 |
Change in redemption value | 6,546 |
Balance as of December 31, 2024 | 550,700 |
Change in redemption value | 5,698 |
Balance as of March 31, 2025 | $ | 556,398 |

As of March 31, 2025 and December 31, 2024, 50,000,000 of AAC II Class A ordinary shares are presented at the redemption amount within mezzanine equity within the Condensed Consolidated Statements of Financial Condition.
14. SEGMENT REPORTING
The Company operates through its distinct operating segments. The Company operating segments are summarized below:
Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit, opportunistic credit, direct lending and Asia-Pacific (“APAC”) credit.
Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments.
Private Equity Group: The Private Equity Group broadly categorizes its investment strategies as corporate private equity and APAC private equity.
Secondaries Group: The Secondaries Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate, infrastructure and credit.
Other: Other represents a compilation of operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets but individually do not meet reporting thresholds. These results include activities from: (i) Ares Insurance Solutions (“AIS”), the Company’s insurance platform that provides solutions to insurance clients including asset management, capital solutions and corporate development; (ii) the SPACs sponsored by the Company; and (iii) a venture capital business with fund strategies that are focused on applied artificial intelligence, among others.
The Operations Management Group (the “OMG”) consists of shared resource groups to support the Company’s operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, legal, compliance, human resources, strategy, relationship management, and distribution, including Ares Wealth Management Solutions, LLC (“AWMS”). AWMS facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG provides services to certain of the Company’s managed funds and vehicles, which may reimburse the OMG for expenses either equal to the costs of services provided or as a percentage of invested capital. The OMG’s revenues and expenses are not allocated to the Company’s operating segments but the Company does consider the financial results of the OMG when evaluating its financial performance.
Segment Profit Measure: Realized income (“RI”), which includes fee related earnings (“FRE”) as a component, supplements and should be considered in addition to, and not in lieu of, the Condensed Consolidated Statements of Operations prepared in accordance with GAAP.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
RI, a non-GAAP measure, is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and expenses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding: (i) operating results of the Consolidated Funds; (ii) depreciation and amortization expense; (iii) the effects of changes arising from corporate actions; (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance; and adjusts for certain other items that the Company believes are not indicative of operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital activities, underwriting costs and expenses incurred in connection with corporate reorganization. Placement fee adjustment represents the net portion of either expense deferral or amortization of upfront fees to placement agents that is presented to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes but have been expensed in advance in accordance with GAAP. For periods in which the amortization of upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. Management believes RI is a more appropriate metric to evaluate the Company’s current business operations.
FRE, a non-GAAP measure that is a component of RI, is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes net performance income, investment income from Ares Funds and adjusts for certain other items that the Company believes are not indicative of its core operating performance. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that is measured and eligible to be received on a recurring basis and not dependent on realization events from the underlying investments.
The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and other data that is presented before giving effect to the consolidation of any of the Consolidated Funds. Consequently, all segment data excludes the assets, liabilities and operating results related to the Consolidated Funds and non-consolidated funds. Total assets by segments is not disclosed because such information is not used by the Company’s CODM in evaluating the segments.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following tables present the financial results for the Company’s operating segments, as well as the OMG:

| Three months ended March 31, 2025
| Credit Group |  | Real Assets Group |  | Private Equity Group |  | Secondaries Group |  | Other |  | Total Segments |  | OMG |  | Total
Management fees | $ | 585,396 |  |  | $ | 130,453 |  |  | $ | 31,998 |  |  | $ | 57,650 |  |  | $ | 12,879 |  |  | $ | 818,376 |  |  | $ | — |  |  | $ | 818,376 |
Fee related performance revenues | 18,395 |  |  | — |  |  | — |  |  | 9,656 |  |  | — |  |  | 28,051 |  |  | — |  |  | 28,051 |
Other fees | 10,598 |  |  | 21,380 |  |  | 397 |  |  | 122 |  |  | 136 |  |  | 32,633 |  |  | 5,537 |  |  | 38,170 |
Compensation and benefits | (164,747) |  |  | (56,702) |  |  | (13,831) |  |  | (18,371) |  |  | (7,063) |  |  | (260,714) |  |  | (116,468) |  |  | (377,182) |
General, administrative and other expenses | (41,048) |  |  | (20,852) |  |  | (4,257) |  |  | (8,473) |  |  | (1,483) |  |  | (76,113) |  |  | (64,026) |  |  | (140,139) |
Fee related earnings | 408,594 |  |  | 74,279 |  |  | 14,307 |  |  | 40,584 |  |  | 4,469 |  |  | 542,233 |  |  | (174,957) |  |  | 367,276 |
Performance income—realized | 54,112 |  |  | 65,305 |  |  | 6,031 |  |  | — |  |  | — |  |  | 125,448 |  |  | — |  |  | 125,448 |
Performance related compensation—realized | (34,258) |  |  | (46,807) |  |  | (3,351) |  |  | — |  |  | — |  |  | (84,416) |  |  | — |  |  | (84,416) |
Realized net performance income | 19,854 |  |  | 18,498 |  |  | 2,680 |  |  | — |  |  | — |  |  | 41,032 |  |  | — |  |  | 41,032 |
Investment income (loss)—realized | 5,379 |  |  | 7,919 |  |  | (4,602) |  |  | 138 |  |  | 2,530 |  |  | 11,364 |  |  | 331 |  |  | 11,695 |
Interest income | 4,420 |  |  | 2,618 |  |  | 2,022 |  |  | 957 |  |  | 11,688 |  |  | 21,705 |  |  | 603 |  |  | 22,308 |
Interest expense(1) | (6,308) |  |  | (15,717) |  |  | (4,180) |  |  | (2,008) |  |  | (7,918) |  |  | (36,131) |  |  | (256) |  |  | (36,387) |
Realized net investment income (loss) | 3,491 |  |  | (5,180) |  |  | (6,760) |  |  | (913) |  |  | 6,300 |  |  | (3,062) |  |  | 678 |  |  | (2,384) |
Realized income | $ | 431,939 |  |  | $ | 87,597 |  |  | $ | 10,227 |  |  | $ | 39,671 |  |  | $ | 10,769 |  |  | $ | 580,203 |  |  | $ | (174,279) |  |  | $ | 405,924 |
| Three months ended March 31, 2024
| Credit Group |  | Real Assets Group |  | Private Equity Group |  | Secondaries Group |  | Other |  | Total Segments |  | OMG |  | Total
Management fees | $ | 510,966 |  |  | $ | 93,814 |  |  | $ | 34,933 |  |  | $ | 44,421 |  |  | $ | 9,231 |  |  | $ | 693,365 |  |  | $ | — |  |  | $ | 693,365 |
Fee related performance revenues | 755 |  |  | — |  |  | — |  |  | 2,962 |  |  | — |  |  | 3,717 |  |  | — |  |  | 3,717 |
Other fees | 9,911 |  |  | 5,075 |  |  | 439 |  |  | 4 |  |  | 114 |  |  | 15,543 |  |  | 4,333 |  |  | 19,876 |
Compensation and benefits | (134,849) |  |  | (37,918) |  |  | (14,785) |  |  | (12,714) |  |  | (5,592) |  |  | (205,858) |  |  | (94,157) |  |  | (300,015) |
General, administrative and other expenses | (34,366) |  |  | (14,453) |  |  | (5,216) |  |  | (9,068) |  |  | (1,690) |  |  | (64,793) |  |  | (50,480) |  |  | (115,273) |
Fee related earnings | 352,417 |  |  | 46,518 |  |  | 15,371 |  |  | 25,605 |  |  | 2,063 |  |  | 441,974 |  |  | (140,304) |  |  | 301,670 |
Performance income—realized | 16,766 |  |  | 3,677 |  |  | 2,738 |  |  | — |  |  | — |  |  | 23,181 |  |  | — |  |  | 23,181 |
Performance related compensation—realized | (8,734) |  |  | (2,228) |  |  | (2,194) |  |  | — |  |  | — |  |  | (13,156) |  |  | — |  |  | (13,156) |
Realized net performance income | 8,032 |  |  | 1,449 |  |  | 544 |  |  | — |  |  | — |  |  | 10,025 |  |  | — |  |  | 10,025 |
Investment income—realized | 1,765 |  |  | 2,678 |  |  | 298 |  |  | 187 |  |  | 2,000 |  |  | 6,928 |  |  | 11 |  |  | 6,939 |
Interest income | 2,767 |  |  | 700 |  |  | 6 |  |  | 23 |  |  | 4,409 |  |  | 7,905 |  |  | 441 |  |  | 8,346 |
Interest expense(1) | (8,753) |  |  | (7,406) |  |  | (4,662) |  |  | (8,229) |  |  | (8,734) |  |  | (37,784) |  |  | (40) |  |  | (37,824) |
Realized net investment income (loss) | (4,221) |  |  | (4,028) |  |  | (4,358) |  |  | (8,019) |  |  | (2,325) |  |  | (22,951) |  |  | 412 |  |  | (22,539) |
Realized income | $ | 356,228 |  |  | $ | 43,939 |  |  | $ | 11,557 |  |  | $ | 17,586 |  |  | $ | (262) |  |  | $ | 429,048 |  |  | $ | (139,892) |  |  | $ | 289,156 |

(1) Interest expense was historically allocated among our segments based only on the cost basis of the Company’s balance sheet investments. Beginning in the first quarter of 2025, the Company changed its interest expense allocation methodology to consider the growing sources of financing requirements, including the cost of acquisitions in addition to the cost basis of its balance sheet investments. Prior period amounts have been reclassified to conform to the current period presentation.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss):

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Segment revenues |  |  |  |  |  |  |  |  |
Management fees | $ | 818,376 |  |  | $ | 693,365 |  |  |  |  |  |  |
Fee related performance revenues | 28,051 |  |  | 3,717 |  |  |  |  |  |  |
Other fees | 32,633 |  |  | 15,543 |  |  |  |  |  |  |
Performance income—realized | 125,448 |  |  | 23,181 |  |  |  |  |  |  |
Total segment revenues | $ | 1,004,508 |  |  | $ | 735,806 |  |  |  |  |  |  |
Segment expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | $ | 260,714 |  |  | $ | 205,858 |  |  |  |  |  |  |
General, administrative and other expenses | 76,113 |  |  | 64,793 |  |  |  |  |  |  |
Performance related compensation—realized | 84,416 |  |  | 13,156 |  |  |  |  |  |  |
Total segment expenses | $ | 421,243 |  |  | $ | 283,807 |  |  |  |  |  |  |
Segment realized net investment income (loss) |  |  |  |  |  |  |  |  |
Investment income—realized | $ | 11,364 |  |  | $ | 6,928 |  |  |  |  |  |  |
Interest income | 21,705 |  |  | 7,905 |  |  |  |  |  |  |
Interest expense | (36,131) |  |  | (37,784) |  |  |  |  |  |  |
Total segment realized net investment loss | $ | (3,062) |  |  | $ | (22,951) |  |  |  |  |  |  |

The following table reconciles the Company’s consolidated revenues to segment revenue:

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Total consolidated revenue | $ | 1,088,805 |  |  | $ | 707,363 |  |  |  |  |  |  |
Performance (income) loss—unrealized | (64,443) |  |  | 45,476 |  |  |  |  |  |  |
Management fees of Consolidated Funds eliminated in consolidation | 9,894 |  |  | 12,453 |  |  |  |  |  |  |
Performance income of Consolidated Funds eliminated in consolidation | 5,128 |  |  | 5,925 |  |  |  |  |  |  |
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation | 124 |  |  | 113 |  |  |  |  |  |  |
Administrative fees(1) | (19,728) |  |  | (16,407) |  |  |  |  |  |  |
OMG revenue | (5,537) |  |  | (4,333) |  |  |  |  |  |  |
Principal investment income, net of eliminations | (21,998) |  |  | (7,050) |  |  |  |  |  |  |
Net (revenue) expense of non-controlling interests in consolidated subsidiaries | 12,263 |  |  | (7,734) |  |  |  |  |  |  |
Total consolidation adjustments and reconciling items | (84,297) |  |  | 28,443 |  |  |  |  |  |  |
Total segment revenue | $ | 1,004,508 |  |  | $ | 735,806 |  |  |  |  |  |  |

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table reconciles the Company’s consolidated expenses to segment expenses:

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Total consolidated expenses | $ | 1,014,328 |  |  | $ | 538,493 |  |  |  |  |  |  |
Performance related compensation-unrealized | (40,550) |  |  | 64,514 |  |  |  |  |  |  |
Expenses of Consolidated Funds added in consolidation | (16,684) |  |  | (17,708) |  |  |  |  |  |  |
Expenses of Consolidated Funds eliminated in consolidation | 10,028 |  |  | 12,995 |  |  |  |  |  |  |
Administrative fees(1) | (19,728) |  |  | (16,407) |  |  |  |  |  |  |
OMG expenses | (180,494) |  |  | (144,637) |  |  |  |  |  |  |
Acquisition and merger-related expense | (34,608) |  |  | (10,578) |  |  |  |  |  |  |
Equity compensation expense | (257,862) |  |  | (92,422) |  |  |  |  |  |  |
Acquisition-related compensation expense(2) | (21,999) |  |  | (5,504) |  |  |  |  |  |  |
Placement fee adjustment | 6 |  |  | (5,540) |  |  |  |  |  |  |
Depreciation and amortization expense | (48,229) |  |  | (36,644) |  |  |  |  |  |  |
Expense of non-controlling interests in consolidated subsidiaries | 17,035 |  |  | (2,755) |  |  |  |  |  |  |
Total consolidation adjustments and reconciling items | (593,085) |  |  | (254,686) |  |  |  |  |  |  |
Total segment expenses | $ | 421,243 |  |  | $ | 283,807 |  |  |  |  |  |  |

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
(2)Represents bonus payments, contingent liabilities (“earnouts”) and other costs recorded in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations. See “Note 8. Commitments and Contingencies” for a further description of the contingent liabilities related to the various acquisitions.
The following table reconciles the Company’s consolidated other income to segment realized net investment loss:

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Total consolidated other income | $ | 66,561 |  |  | $ | 62,178 |  |  |  |  |  |  |
Investment income—unrealized | (21,638) |  |  | (3,685) |  |  |  |  |  |  |
Interest and other investment (income) loss—unrealized | 3,774 |  |  | (602) |  |  |  |  |  |  |
Other income, net from Consolidated Funds added in consolidation | (86,422) |  |  | (79,977) |  |  |  |  |  |  |
Other expense, net from Consolidated Funds eliminated in consolidation | 1,800 |  |  | 902 |  |  |  |  |  |  |
OMG other (income) expense | 4,197 |  |  | (549) |  |  |  |  |  |  |
Principal investment income (loss) | 26,839 |  |  | (2,666) |  |  |  |  |  |  |
Other expense, net | 2,526 |  |  | 131 |  |  |  |  |  |  |
Other (income) loss of non-controlling interests in consolidated subsidiaries | (699) |  |  | 1,317 |  |  |  |  |  |  |
Total consolidation adjustments and reconciling items | (69,623) |  |  | (85,129) |  |  |  |  |  |  |
Total segment realized net investment loss | $ | (3,062) |  |  | $ | (22,951) |  |  |  |  |  |  |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE:

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Income before taxes | $ | 141,038 |  |  | $ | 231,048 |  |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | 48,229 |  |  | 36,644 |  |  |  |  |  |  |
Equity compensation expense | 257,862 |  |  | 92,421 |  |  |  |  |  |  |
Acquisition-related compensation expense(1) | 21,999 |  |  | 5,504 |  |  |  |  |  |  |
Acquisition and merger-related expense | 34,608 |  |  | 10,578 |  |  |  |  |  |  |
Placement fee adjustment | (6) |  |  | 5,540 |  |  |  |  |  |  |
OMG expense, net | 179,154 |  |  | 139,755 |  |  |  |  |  |  |
Other expense, net | 2,526 |  |  | 131 |  |  |  |  |  |  |
Income before taxes of non-controlling interests in consolidated subsidiaries | (5,471) |  |  | (3,662) |  |  |  |  |  |  |
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations | (57,979) |  |  | (65,586) |  |  |  |  |  |  |
Total performance (income) loss—unrealized | (64,443) |  |  | 45,476 |  |  |  |  |  |  |
Total performance related compensation—unrealized | 40,550 |  |  | (64,514) |  |  |  |  |  |  |
Total net investment income—unrealized | (17,864) |  |  | (4,287) |  |  |  |  |  |  |
Realized income | 580,203 |  |  | 429,048 |  |  |  |  |  |  |
Total performance income—realized | (125,448) |  |  | (23,181) |  |  |  |  |  |  |
Total performance related compensation—realized | 84,416 |  |  | 13,156 |  |  |  |  |  |  |
Total net investment loss—realized | 3,062 |  |  | 22,951 |  |  |  |  |  |  |
Fee related earnings | $ | 542,233 |  |  | $ | 441,974 |  |  |  |  |  |  |

(1)Represents bonus payments, earnouts and other costs recorded in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations. See “Note 8. Commitments and Contingencies” for a further description of the contingent liabilities related to the various acquisitions.
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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
15. CONSOLIDATION
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 variable interest entities (“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 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 |  |  |  |  |  |  |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
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 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 |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)

| 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 |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)

| 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 |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)

| 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 |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)

| 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 |

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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)

| 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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Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
16. SUBSEQUENT EVENTS
The Company evaluated all events or transactions that occurred after March 31, 2025 through the date the unaudited condensed consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure:
In April 2025, the Company’s board of directors declared a quarterly dividend of $1.12 per share of Class A and non-voting common stock payable on June 30, 2025 to common stockholders of record at the close of business on June 16, 2025.
In April 2025, the Company’s board of directors declared a quarterly dividend of $0.84375 per share of Series B mandatory convertible preferred stock payable on July 1, 2025 to preferred stockholders of record on June 15, 2025.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Ares Management Corporation is a Delaware corporation. Unless the context otherwise requires, references to “Ares,” “we,” “us,” “our,” and the “Company” are intended to mean the business and operations of Ares Management Corporation and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of the Company. “Consolidated Funds” refers collectively to certain Ares funds, co-investment vehicles, CLOs and SPACs that are required under U.S. GAAP to be consolidated in our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Additional terms used by the Company are defined in the Glossary and throughout the Management’s Discussion and Analysis in this Quarterly Report on Form 10-Q.
The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements of Ares Management Corporation and the related notes included in this Quarterly Report on Form 10-Q and the audited financial statements and the related notes included in the 2024 Annual Report on Form 10-K of Ares Management Corporation. We have reclassified certain prior period amounts to conform to the current year presentation.
Amounts and percentages presented throughout our discussion and analysis of financial condition and results of operations may reflect rounded results in thousands (unless otherwise indicated) and consequently, totals may not appear to sum. In addition, illustrative charts may not be presented at scale.
The changes from current year compared to prior year may be deemed to be not meaningful and are designated as “NM” within the discussion and analysis of financial condition and results of operations.
Trends Affecting Our Business
We believe that our disciplined investment philosophy across our distinct but complementary investment groups contributes to the stability of our performance throughout market cycles. For the three months ended March 31, 2025, 92% of our management fees were derived from perpetual capital vehicles or long-dated funds. Our funds have a stable base of committed capital enabling us to invest in assets with a long-term focus over different points in a market cycle and to take advantage of market volatility. However, our results from operations, including the fair value of our AUM, are affected by a variety of factors. Conditions in the global financial markets and economic and political environments may impact our business, particularly in the U.S., Europe and Asia-Pacific (“APAC”).
The following table presents returns of selected market indices:

|  |  |  |  |  |  | Returns (%)
Type of Index |  | Name of Index |  | Region |  |  |  | Three months ended March 31, 2025 |  |
High yield bonds |  | ICE BAML High Yield Master II Index |  | U.S. |  |  |  | 1.0 |  |  |
High yield bonds |  | ICE BAML European Currency High Yield Index |  | Europe |  |  |  | 0.7 |  |
Leveraged loans |  | S&P UBS Leveraged Loan Index |  | U.S. |  |  |  | 0.6 |  |
Leveraged loans |  | S&P UBS Western European Leveraged Loan Index |  | Europe |  |  |  | 1.0 |  |
Equities |  | S&P 500 Index |  | U.S. |  |  |  | (4.3) |  |
Equities |  | MSCI All Country World Ex-U.S. Index |  | Non-U.S. |  |  |  | 5.2 |  |
Infrastructure equities |  | S&P Global Infrastructure Index |  | Global |  |  |  | 4.6 |  |
Real estate equities |  | FTSE NAREIT All Equity REITs Index |  | U.S. |  |  |  | 1.8 |  |
Real estate equities |  | FTSE EPRA/NAREIT Developed Europe Index |  | Europe |  |  |  | (1.9) |  |
Real estate equities |  | Tokyo Stock Exchange REIT Index |  | APAC |  |  |  | 2.3 |  |

During the first quarter of 2025, global equity and debt markets experienced volatility driven by elevated inflation, economic slowdown and potential implications of U.S. trade tariffs. The U.S. public equity markets declined amid investor concerns regarding the impact of the proposed tariffs while international markets outperformed. European markets showed positive performance due to potential increased defense spending. The APAC markets performed favorably, with macroeconomic conditions supporting consumption in Southeast Asia, India and Australia. The U.S. announced tariffs on all imports from China and plans for reciprocal tariffs on countries imposing duties on U.S. imports. Despite these challenges, APAC transaction volumes remained steady as optimism for heightened deal activity focusing on companies in Southeast Asia with market-leading positions.
The private equity industry navigated a dynamic landscape shaped by evolving macroeconomic conditions and policy shifts, particularly the impact that the macroeconomic and global trade environment may have on exit activity. This
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environment has contributed to heightened focus on companies with strong organic growth and attractive strategic transaction opportunities. We believe that shifting towards value creation strategies emphasizing operational improvements, talent optimization and digital transformation is essential to ensure long-term competitiveness.
The commercial real estate markets experienced a slowdown in the current quarter due to heightened interest rates and the uncertainty around the recent trade policy shifts. Despite these headwinds, property values and capitalization rates remained steady. The European real estate markets are continuing to show slower signs of recovery, with the volatility in interest rates having a greater impact on performance during the quarter. While performance varies by sector and geography, we believe multifamily and industrial properties will continue to benefit from favorable long-term structural trends. In addition, renewable energy transaction volume remained strong, which has supported elevated renewable energy revenue contract prices. The convergence of digital infrastructure and artificial intelligence adoption, paired with surging power demand expectations continue to support infrastructure investment opportunities.
We believe our portfolios across all strategies are well positioned for a fluctuating interest rate environment. On a market value basis, approximately 85% of our debt assets and 52% of our total assets were floating rate instruments as of March 31, 2025.
Managing Business Performance
Operating Metrics
We measure our business performance using certain operating metrics that are common to the alternative investment management industry and are discussed below.
Assets Under Management
AUM refers to the assets we manage and is viewed as a metric to measure our investment and fundraising performance as it reflects assets generally at fair value plus available uncalled capital.
The tables below present rollforwards of our total AUM by segment ($ in millions):

|  | Credit Group |  | Real Assets Group |  | Private Equity Group |  | Secondaries Group |  | Other Businesses |  | Total AUM
Balance at 12/31/2024 |  | $ | 348,858 |  |  | $ | 75,298 |  |  | $ | 24,041 |  |  | $ | 29,153 |  |  | $ | 7,096 |  |  | $ | 484,446 |
Acquisitions |  | — |  |  | 45,281 |  |  | — |  |  | — |  |  | — |  |  | 45,281 |
Net new par/equity commitments |  | 5,944 |  |  | 2,461 |  |  | 975 |  |  | 2,289 |  |  | 1,096 |  |  | 12,765 |
Net new debt commitments |  | 4,820 |  |  | 2,614 |  |  | — |  |  | — |  |  | — |  |  | 7,434 |
Capital reductions |  | (3,414) |  |  | (768) |  |  | (36) |  |  | (58) |  |  | — |  |  | (4,276) |
Distributions |  | (3,270) |  |  | (1,458) |  |  | (149) |  |  | (239) |  |  | (138) |  |  | (5,254) |
Redemptions |  | (381) |  |  | (159) |  |  | — |  |  | (23) |  |  | — |  |  | (563) |
Net allocations among investment strategies |  | 1,309 |  |  | — |  |  | — |  |  | — |  |  | (1,309) |  |  | — |
Change in fund value |  | 5,210 |  |  | 918 |  |  | (104) |  |  | 190 |  |  | (174) |  |  | 6,040 |
Balance at 3/31/2025 |  | $ | 359,076 |  |  | $ | 124,187 |  |  | $ | 24,727 |  |  | $ | 31,312 |  |  | $ | 6,571 |  |  | $ | 545,873 |
|  | Credit Group |  | Real Assets Group |  | Private Equity Group |  | Secondaries Group |  | Other Businesses |  | Total AUM
Balance at 12/31/2023 |  | $ | 299,350 |  |  | $ | 65,413 |  |  | $ | 24,551 |  |  | $ | 24,760 |  |  | $ | 4,772 |  |  | $ | 418,846 |
Acquisitions |  | — |  |  | — |  |  | — |  |  | — |  |  | 71 |  |  | 71 |
Net new par/equity commitments |  | 7,735 |  |  | 408 |  |  | 315 |  |  | 969 |  |  | 1,515 |  |  | 10,942 |
Net new debt commitments |  | 6,112 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,112 |
Capital reductions |  | (1,485) |  |  | (128) |  |  | (2) |  |  | — |  |  | — |  |  | (1,615) |
Distributions |  | (3,563) |  |  | (846) |  |  | (36) |  |  | (164) |  |  | (135) |  |  | (4,744) |
Redemptions |  | (2,517) |  |  | (434) |  |  | (2) |  |  | — |  |  | — |  |  | (2,953) |
Net allocations among investment strategies |  | 715 |  |  | — |  |  | (47) |  |  | — |  |  | (668) |  |  | — |
Change in fund value |  | 2,292 |  |  | (309) |  |  | (303) |  |  | 76 |  |  | (76) |  |  | 1,680 |
Balance at 3/31/2024 |  | $ | 308,639 |  |  | $ | 64,104 |  |  | $ | 24,476 |  |  | $ | 25,641 |  |  | $ | 5,479 |  |  | $ | 428,339 |

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The components of our AUM are presented below ($ in billions):

| AUM: $545.9 |  | AUM: $428.3 |

| FPAUM |  | Non-fee paying(1) |  | AUM not yet paying fees

(1) Includes $14.1 billion and $14.7 billion of AUM of funds from which we indirectly earn management fees as of March 31, 2025 and 2024, respectively, and includes $5.2 billion and $4.1 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2025 and 2024, respectively.
Please refer to “— Results of Operations by Segment” for a more detailed presentation of AUM by segment for each of the periods presented.
Fee Paying Assets Under Management
FPAUM refers to AUM from which we directly earn management fees and is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees.
The tables below present rollforwards of our total FPAUM by segment ($ in millions):

|  | Credit Group |  | Real Assets Group |  | Private Equity Group |  | Secondaries Group |  | Other Businesses |  | Total
Balance at 12/31/2024 |  | $ | 209,145 |  |  | $ | 44,088 |  |  | $ | 11,427 |  |  | $ | 22,401 |  |  | $ | 5,492 |  |  | $ | 292,553 |
Acquisitions |  | — |  |  | 30,467 |  |  | — |  |  | — |  |  | — |  |  | 30,467 |
Commitments |  | 6,478 |  |  | 1,068 |  |  | — |  |  | 1,053 |  |  | 1,036 |  |  | 9,635 |
Deployment/subscriptions/increase in leverage | 7,731 |  |  | 1,509 |  |  | 17 |  |  | 257 |  |  | 253 |  |  | 9,767 |
Capital reductions |  | (3,610) |  |  | (42) |  |  | — |  |  | — |  |  | — |  |  | (3,652) |
Distributions |  | (3,294) |  |  | (1,403) |  |  | — |  |  | (59) |  |  | (138) |  |  | (4,894) |
Redemptions |  | (448) |  |  | (159) |  |  | — |  |  | (23) |  |  | — |  |  | (630) |
Net allocations among investment strategies |  | 1,172 |  |  | — |  |  | — |  |  | — |  |  | (1,172) |  |  | — |
Change in fund value |  | 1,420 |  |  | 280 |  |  | (1) |  |  | (159) |  |  | 119 |  |  | 1,659 |
Change in fee basis |  | (363) |  |  | 617 |  |  | (91) |  |  | — |  |  | — |  |  | 163 |
Balance at 3/31/2025 |  | $ | 218,231 |  |  | $ | 76,425 |  |  | $ | 11,352 |  |  | $ | 23,470 |  |  | $ | 5,590 |  |  | $ | 335,068 |
|  | Credit Group |  | Real Assets Group |  | Private Equity Group |  | Secondaries Group |  | Other Businesses |  | Total
Balance at 12/31/2023 |  | $ | 185,280 |  |  | $ | 41,338 |  |  | $ | 13,124 |  |  | $ | 19,040 |  |  | $ | 3,575 |  |  | $ | 262,357 |
Acquisitions |  | — |  |  | — |  |  | — |  |  | — |  |  | 55 |  |  | 55 |
Commitments |  | 3,778 |  |  | 296 |  |  | — |  |  | 900 |  |  | 1,321 |  |  | 6,295 |
Deployment/subscriptions/increase in leverage | 7,221 |  |  | 862 |  |  | — |  |  | 61 |  |  | — |  |  | 8,144 |
Capital reductions |  | (2,764) |  |  | (12) |  |  | — |  |  | — |  |  | — |  |  | (2,776) |
Distributions |  | (3,662) |  |  | (306) |  |  | — |  |  | (99) |  |  | (135) |  |  | (4,202) |
Redemptions |  | (2,149) |  |  | (434) |  |  | (2) |  |  | — |  |  | — |  |  | (2,585) |
Net allocations among investment strategies |  | 886 |  |  | — |  |  | — |  |  | — |  |  | (886) |  |  | — |
Change in fund value |  | 543 |  |  | (404) |  |  | (19) |  |  | (2) |  |  | 68 |  |  | 186 |
Change in fee basis |  | 693 |  |  | (504) |  |  | (538) |  |  | (9) |  |  | — |  |  | (358) |
Balance at 3/31/2024 |  | $ | 189,826 |  |  | $ | 40,836 |  |  | $ | 12,565 |  |  | $ | 19,891 |  |  | $ | 3,998 |  |  | $ | 267,116 |

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The charts below present FPAUM by its fee bases ($ in billions):

| FPAUM: $335.1 |  | FPAUM: $267.1 |

| Invested capital/other(1) |  | Market value /reported value(2) |  | Collateral balances (at par) |  | Capital commitments |  | GAV

(1)Other consists of ACRE’s FPAUM, which is based on ACRE’s stockholders’ equity.
(2)Includes $76.7 billion and $60.3 billion from funds that primarily invest in illiquid strategies as of March 31, 2025 and 2024, respectively. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies.
Please refer to “— Results of Operations by Segment” for detailed information by segment of the activity affecting total FPAUM for each of the periods presented.
Perpetual Capital Assets Under Management
The chart below presents our perpetual capital AUM by segment and type ($ in billions):
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Management Fees By Type
We view the duration of funds we manage as a metric to measure the stability of our future management fees. For the three months ended March 31, 2025 and 2024, 92% and 95%, respectively, of management fees were earned from perpetual capital or long-dated funds.
The charts below present the composition of our segment management fees by the initial fund duration:

| Perpetual Capital - Publicly-Traded Vehicles |  | Perpetual Capital - Perpetual Wealth Vehicles |  | Perpetual Capital - Private Commingled Vehicles |  | Perpetual Capital - Managed Accounts |  | Long-Dated Funds(1) |  | Other

(1) Long-dated funds generally have a contractual life of five years or more at inception.
Available Capital and Assets Under Management Not Yet Paying Fees
The charts below present our available capital and AUM not yet paying fees by segment ($ in billions):

| Credit |  | Real Assets |  | Private Equity |  | Secondaries |  | Other Businesses

As of March 31, 2025, AUM Not Yet Paying Fees includes $81.5 billion of AUM available for future deployment that could generate approximately $764.4 million in potential incremental annual management fees, which represents 29% embedded gross base management fee growth upon deployment. As of March 31, 2024, AUM Not Yet Paying Fees included $64.6 billion of AUM available for future deployment that could generate approximately $621.5 million in potential incremental annual management fees. Development assets not yet stabilized represents fund assets that are in the development
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stage. Upon completion of development, management fees generally increase with a change in fee base, in fee rate or both. As of March 31, 2025, development assets not yet stabilized could generate approximately $22.7 million in potential incremental annual management fees.
Incentive Eligible Assets Under Management and Incentive Generating Assets Under Management
The charts below present our IEAUM and IGAUM by segment ($ in billions):

| Credit |  | Real Assets |  | Private Equity |  | Secondaries |  | Other Businesses

Fee related performance revenues are not recognized by us until such fees are crystallized and no longer subject to reversal. As of March 31, 2025, perpetual capital IGAUM that could potentially result in crystallized fee related performance revenues totaled $25.7 billion, composed of $19.5 billion within the Credit Group, $3.5 billion within the Real Assets Group and $2.7 billion within the Secondaries Group. As of March 31, 2024, perpetual capital IGAUM that could potentially result in crystallized fee related performance revenues totaled $19.2 billion, composed of $18.2 billion within the Credit Group and $1.0 billion within the Secondaries Group. As of March 31, 2025 and 2024, IGAUM included $37.9 billion and $37.6 billion, respectively, of AUM from funds generating incentive income that is not recognized by Ares until such fees are crystallized or no longer subject to reversal.
Fund Performance Metrics
Fund performance information for our funds considered to be “significant funds” is included throughout this discussion with analysis to facilitate an understanding of our results of operations for the periods presented. Our significant funds are commingled funds that either contributed at least 1% of our total management fees or comprised at least 1% of our total FPAUM for each of the last two consecutive quarters. In addition to management fees, each of our significant funds may generate carried interest or incentive fees upon the achievement of performance hurdles. The fund performance information reflected in this discussion and analysis is not indicative of our overall performance. An investment in Ares is not an investment in any of our funds. Past performance is not indicative of future results. As with any investment, there is always the potential for gains as well as the possibility of losses. There can be no assurance that any of these funds or our other existing and future funds will achieve similar returns.
Fund performance metrics for significant funds may be marked as “NM” as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment.
To further facilitate an understanding of the impact a significant fund may have on our results, we present our drawdown funds as either harvesting investments or deploying capital to indicate the fund’s stage in its life cycle. A fund harvesting investments is past its investment period and opportunistically seeking to monetize investments, while a fund deploying capital is generally seeking new investment opportunities.
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Components of Consolidated Results of Operations
GCP Acquisition Overview
On March 1, 2025, we completed the acquisition of the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (“GCP International”), and existing capital commitments to certain managed funds (such acquisition of GCP International and the capital commitments, the “GCP Acquisition”). The GCP Acquisition adds complementary real estate and digital infrastructure investment capabilities and expands the Company’s geographic presence. The activities of GCP International are included within the Real Assets Group segment.
The GCP Acquisition adds geographic exposure in Asia with a significant logistics platform in Japan, logistics platforms in emerging economies such as Brazil and Vietnam and an expanded presence in Europe and the U.S. The GCP Acquisition has broadened our vertically integrated operating and development capabilities across sectors and regions. We anticipate that the size and composition of fees earned, particularly our other fees, will be impacted by these expanded capabilities.
The activities of GCP International are reflected within our results of operations beginning on March 1, 2025. Therefore, our analysis compared to the prior year period will lack comparability, particularly in our Real Assets Group segment. Because the activities of GCP International represent one month of activity within the current quarter, we will separately discuss the significant impact of the GCP Acquisition within our discussion of our results of operations.
In addition, various components of the agreed upon purchase price for the GCP Acquisition are required to be accounted for as compensation because the payments were made to certain individuals that became Ares employees on March 1, 2025. Because they are required to be accounted for as compensation, these amounts have been excluded from purchase consideration and will have a varying impact on our results of operations in the current quarter as well as in future periods. Following the integration period, we expect to generate cost savings as we begin to execute on synergy opportunities.
In connection with the GCP Acquisition, we also entered into contingent compensation arrangements with the sellers and with certain of its professionals that became Ares employees. The portion of the arrangements that are attributable to the sellers represents a component of purchase consideration that will be accounted for as contingent consideration. The portion of the arrangements that are attributable to the professionals that became Ares employees requires continued service through the measurement periods and will be accounted for as compensation. These arrangements will have a varying impact on our results of operations in the current quarter as well as in future periods that is dependent on these classifications as well as the expected attainment of the measurement criteria.
For further discussion, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Consolidated Results of Operations of the Company” as well as “Note 3. Business Combinations” and “Note 8. Commitments and Contingencies” within our unaudited condensed consolidated financial statements.
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Revenues
The following is an overview of our fee arrangements by strategy that were impacted as a result of the GCP Acquisition.
Management Fees. Details regarding our management fees from J-REIT are presented below:

Vehicle |  | Strategy |  | Annual Fee Rate and Fee Base
Real Assets Group
J-REIT |  | Real Estate |  | •Comprised of multiple components, including: ◦0.18% on GAV (“J-REIT Fee I”) ◦3.50% on net operating income (“J-REIT Fee II”) ◦Sum of J-REIT Fee I and J-REIT Fee II, multiplied by 0.033% on earnings per outstanding investment unit

Details regarding our management fees by strategy, excluding J-REIT described above, are presented below:

Strategy |  | Fee Rate |  | Fee Base |  | Average Remaining Contract Term(1)
Real Assets Group
Real Estate(2) |  | 0.45% - 1.50% |  | Capital commitments, invested capital, GAV, NAV, aggregate cost basis of unrealized portfolio investments or a combination thereof |  | 5.2 years
Infrastructure |  | 1.00% - 1.50% |  | Capital commitments, invested capital, GAV or NAV |  | 5.5 years

(1) Represents the average remaining contract term pursuant to the funds’ governing documents within each strategy, excluding perpetual capital vehicles, as of March 31, 2025.
(2) Following the expiration or termination of the investment period the basis on which management fees are earned for certain closed-end funds in this strategy changes from committed capital to invested capital with no change in the management fee rate. In addition, certain real estate funds pay a management fee of 7.50% of net operating income. For these funds, we present an effective fee rate as a percentage of GAV.
Incentive Fees. Details regarding our fee related performance revenues, excluding publicly-traded and perpetual wealth vehicles, are presented below:

Strategy |  | Fee Rate |  | Fee Base |  | Annual Hurdle Rate
Real Assets Group
Real Estate |  | 20.0% |  | Incentive eligible fund’s profits |  | 6.0%

Carried Interest Allocation. Details regarding our carried interest, which is generally based on a fund’s eligible profits, are presented below:

Strategy |  | Fee Rate |  |  |  | Annual Hurdle Rate
Real Assets Group |  |
Infrastructure |  | 15.0% - 20.0% |  |  |  | 7.0% - 10.0%

Administrative, Transaction and Other Fees. Details regarding our other fees are presented below:

Other fees: |  |
Property-related fees represent fees earned within our real estate strategy and include the following:
Acquisition fees |  | Based on a percentage of a property’s cost at the time of property acquisition
Development fees |  | Based on a percentage of costs to develop a property
Leasing fees |  | Based on a percentage of rental income at lease inception or lease renewal
Property management fees |  | Based on tenancy of properties over the time associated property management services are provided

See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Components of Consolidated Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 for a comprehensive overview of the components of our consolidated results of operations, including an overview of fee arrangements for other strategies that were not impacted as a result of the GCP Acquisition.
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Consolidation and Deconsolidation of Ares Funds
Consolidated Funds represented approximately 3% of our AUM as of March 31, 2025 and 2% of total revenues for the three months ended March 31, 2025. As of March 31, 2025, we consolidated 27 CLOs, 11 private funds and one SPAC, and as of March 31, 2024, we consolidated 28 CLOs, 10 private funds and one SPAC.
The activity of the Consolidated Funds is reflected within the unaudited condensed consolidated financial statement line items indicated by reference thereto. The impact of consolidation also typically will decrease management fees, carried interest allocation and incentive fees reported under GAAP to the extent these amounts are eliminated upon consolidation.
The assets and liabilities of our Consolidated Funds are held within separate legal entities and, as a result, the liabilities of our Consolidated Funds are typically non-recourse to us. Generally, the consolidation of our Consolidated Funds has a significant gross-up effect on our assets, liabilities and cash flows but has no net effect on the net income attributable to us or our stockholders’ equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. The net economic ownership interests of our Consolidated Funds, to which we have no economic rights, are reflected as redeemable and non-controlling interests in the Consolidated Funds within our unaudited condensed consolidated financial statements. Redeemable interest in Consolidated Funds represent the shares issued by our SPACs that are redeemable for cash by the public shareholders in the event that the SPAC does not complete a business combination or tender offer associated with shareholder approval provisions.
We generally deconsolidate funds and CLOs when we are no longer deemed to have a controlling interest in the entity. During the three months ended March 31, 2025 and 2024, we did not deconsolidate any entities.
The performance of our Consolidated Funds is not necessarily consistent with, or representative of, the combined performance trends of all of our funds.
For the actual impact that consolidation had on our results and further discussion on consolidation and deconsolidation of funds, see “Note 15. Consolidation” within our unaudited condensed consolidated financial statements included herein.
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Results of Operations
Consolidated Results of Operations
Although the consolidated results presented below include the results of our operations together with those of the Consolidated Funds and other joint ventures, we separate our analysis of those items primarily impacting the Company from those of the Consolidated Funds.
The following table presents our summarized consolidated results of operations ($ in thousands):

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Total revenues |  |  |  |  |  |  |  |  | $ | 1,088,805 |  |  | $ | 707,363 |  |  | $ | 381,442 |  |  | 54%
Total expenses |  |  |  |  |  |  |  |  | (1,014,328) |  |  | (538,493) |  |  | (475,835) |  |  | (88)
Total other income, net |  |  |  |  |  |  |  |  | 66,561 |  |  | 62,178 |  |  | 4,383 |  |  | 7
Less: Income tax expense |  |  |  |  |  |  |  |  | 17,537 |  |  | 27,233 |  |  | 9,696 |  |  | 36
Net income |  |  |  |  |  |  |  |  | 123,501 |  |  | 203,815 |  |  | (80,314) |  |  | (39)
Less: Net income attributable to non-controlling interests in Consolidated Funds |  |  |  |  |  |  |  |  | 55,977 |  |  | 66,716 |  |  | (10,739) |  |  | (16)
Net income attributable to Ares Operating Group entities |  |  |  |  |  |  |  |  | 67,524 |  |  | 137,099 |  |  | (69,575) |  |  | (51)
Less: Net income attributable to redeemable interest in Ares Operating Group entities |  |  |  |  |  |  |  |  | 316 |  |  | 73 |  |  | 243 |  |  | NM
Less: Net income attributable to non-controlling interests in Ares Operating Group entities |  |  |  |  |  |  |  |  | 20,038 |  |  | 63,999 |  |  | (43,961) |  |  | (69)
Net income attributable to Ares Management Corporation |  |  |  |  |  |  |  |  | 47,170 |  |  | 73,027 |  |  | (25,857) |  |  | (35)
Less: Series B mandatory convertible preferred stock dividends declared |  |  |  |  |  |  |  |  | 25,313 |  |  | — |  |  | 25,313 |  |  | NM
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders |  |  |  |  |  |  |  |  | $ | 21,857 |  |  | $ | 73,027 |  |  | (51,170) |  |  | (70)

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
Consolidated Results of Operations of the Company
The following discussion sets forth information regarding our consolidated results of operations:
Revenues

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees |  |  |  |  |  |  |  |  | $ | 816,987 |  |  | $ | 687,692 |  |  | $ | 129,295 |  |  | 19%
Carried interest allocation |  |  |  |  |  |  |  |  | 160,008 |  |  | (32,478) |  |  | 192,486 |  |  | NM
Incentive fees |  |  |  |  |  |  |  |  | 32,048 |  |  | 8,667 |  |  | 23,381 |  |  | 270
Principal investment income |  |  |  |  |  |  |  |  | 21,998 |  |  | 7,050 |  |  | 14,948 |  |  | 212
Administrative, transaction and other fees |  |  |  |  |  |  |  |  | 57,764 |  |  | 36,432 |  |  | 21,332 |  |  | 59
Total revenues |  |  |  |  |  |  |  |  | $ | 1,088,805 |  |  | $ | 707,363 |  |  | 381,442 |  |  | 54

Management Fees. Within the Credit Group, capital raised by our publicly-traded and perpetual wealth vehicles contributed to an increase in management fees of $41.6 million for the three months ended March 31, 2025 compared to the same period in 2024. Capital deployment in private funds within our direct lending and alternative credit strategies led to a rise in FPAUM, contributing to an increase in management fees of $23.4 million for the three months ended March 31, 2025 compared to the same period in 2024. Part I Fees increased by $15.1 million for the three months ended March 31, 2025 compared to the same period in 2024. The increase in Part I Fees was primarily due to the increase in pre-incentive fee net investment income generated by ASIF, CADC and our open-ended European direct lending fund, driven by an increase in the average size of their portfolios. Within the Real Assets Group, funds that we manage as a result of the GCP Acquisition and the acquisition of Walton Street Capital Mexico S. de R.L. de C.V. and certain of its affiliates (“WSM”) (“WSM Acquisition”), generated $29.4 million in additional management fees for the three months ended March 31, 2025. For detail regarding the fluctuations of management fees within each of our segments, see “—Results of Operations by Segment.”
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Carried Interest Allocation. The following table sets forth carried interest allocation by segment ($ in millions):

|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
Credit funds |  |  |  |  | $ | 130.7 |  |  | $ | 219.6 |
Real Assets funds |  |  |  |  | 3.2 |  |  | (6.9) |
Private Equity funds |  |  |  |  | 37.0 |  |  | (236.4) |
Secondaries funds |  |  |  |  | (10.9) |  |  | (8.8) |
Carried interest allocation |  |  |  |  | $ | 160.0 |  |  | $ | (32.5) |

The activity was principally composed of the following:

Three months ended March 31, 2025 |  | Three months ended March 31, 2024
Credit funds |  |
•Primarily from four direct lending funds, one opportunistic credit fund and two alternative credit funds with $37.8 billion of IGAUM generating returns in excess of their hurdle rates: ◦Within our direct lending funds, Ares Capital Europe V, L.P. (“ACE V”), Ares Private Credit Solutions II, L.P. (“PCS II”) and Ares Capital Europe VI, L.P. (“ACE VI”) generated carried interest allocation of $46.3 million, $13.0 million and $26.6 million, respectively, driven by net investment income on an increasing invested capital base. Ares Capital Europe IV, L.P. (“ACE IV”) generated carried interest allocation of $13.3 million driven by net investment income during the period ◦Within our opportunistic credit funds, Ares Special Opportunities Fund II, L.P. (“ASOF II”) generated carried interest allocation of $21.0 million, driven by improved operating performance metrics from portfolio companies that operate in the services and retail industries ◦Within our alternative credit funds, Ares Pathfinder Fund, L.P. (“Pathfinder I”) and Ares Pathfinder Fund II, L.P. (“Pathfinder II”) generated carried interest allocation of $10.1 million and $21.6 million, respectively, driven by market appreciation of certain investments and net investment income during the period •Reversal of unrealized carried interest allocation of $27.0 million and $24.7 million from Ares Special Situations Fund IV, L.P. (“SSF IV”) and Ares Special Opportunities Fund, L.P. (“ASOF I”), respectively, primarily due to the market depreciation of their investment in Savers Value Village, Inc. (“SVV”), driven by its lower stock price |  | •Primarily from four direct lending funds, one alternative credit fund and three opportunistic credit funds with $35.8 billion of IGAUM generating returns in excess of their hurdle rates: ◦Within our direct lending funds, PCS II, ACE V and ACE VI generated carried interest allocation of $71.3 million, $39.7 million and $7.7 million, respectively, driven by net investment income on an increasing invested capital base. ACE IV generated carried interest allocation of $15.7 million driven by net investment income during the period ◦Within our opportunistic credit funds, ASOF II generated carried interest allocation of $30.4 million, driven by improving operating performance of portfolio companies that operate in the retail and healthcare industries. SSF IV and ASOF I generated carried interest allocation of $29.8 million and $12.4 million, respectively, primarily due to market appreciation of their investment in SVV driven by its higher stock price ◦Within our alternative credit funds, Pathfinder I generated carried interest allocation of $7.7 million driven by market appreciation of certain investments and net investment income during the period
Real Assets funds |  |
•Ares Infrastructure Debt Fund V, L.P. (“IDF V”) generated carried interest allocation of $10.3 million, driven by net investment income during the period •Carried interest allocation of $5.1 million and $1.6 million generated from two U.S. real estate equity funds and Ares Energy Investors Fund V, L.P. (“EIF V”), respectively, primarily due to appreciation of certain investments •Reversal of unrealized carried interest allocation of $1.3 million from Ares Climate Infrastructure Partners, L.P. (“ACIP I”) was driven by the lower valuation of certain investments |  | •Reversal of unrealized carried interest of $10.8 million from two European real estate equity funds, $4.4 million from Ares European Real Estate Fund IV SCSp. (“EF IV”) and $3.0 million from Ares Real Estate Opportunity Fund III, L.P. (“AREOF III”), driven by lower valuations of certain office, hotel, retail and industrial properties •IDF V generated carried interest allocation of $12.8 million, driven by net investment income during the period
Private Equity funds |  |
•Ares Corporate Opportunities Fund VI, L.P. (“ACOF VI”) and Ares Corporate Opportunities Fund IV, L.P. (“ACOF IV”) generated carried interest allocation of $42.7 million and $6.6 million, respectively, primarily driven by improved operating performance metrics from portfolio companies that primarily operate in the healthcare, services, industrial and retail industries •Reversal of unrealized carried interest allocation of $13.1 million from a private equity fund driven by lower operating performance from portfolio companies that primarily operate in the industrial and service industries |  | •Reversal of unrealized carried interest allocation of $244.3 million from Ares Corporate Opportunities Fund V, L.P. (“ACOF V”) was driven by lower operating performance metrics of certain portfolio companies that primarily operate in the healthcare and energy industries •ACOF VI generated carried interest allocation of $28.0 million, driven by appreciation across its investments in several portfolio companies that primarily operate in the services and retail industries and had positive operating performance during the period
Secondaries funds |  |
•Reversal of unrealized carried interest of $10.9 million from Landmark Real Estate Fund VIII, L.P. (“LREF VIII”), primarily driven by the lower valuation of certain investments •Reversal of unrealized carried interest of $9.3 million from Landmark Equity Partners XVI, L.P. (“LEP XVI”), due to the lower valuation of certain investments •Landmark Equity Partners XVII, L.P. (“LEP XVII”) generated carried interest allocation of $6.0 million, driven by improved operating performance and appreciation of certain investments |  | •Reversal of unrealized carried interest of $4.7 million and $0.4 million from LEP XVI and LEP XVII, respectively, driven by depreciation across several investments

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Incentive Fees. The following table sets forth incentive fees by segment ($ in millions):

|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
Credit funds |  |  |  |  | $ | 21.9 |  |  | $ | 2.0 |
Real Assets funds |  |  |  |  | 0.4 |  |  | 3.7 |
Secondaries funds |  |  |  |  | 9.7 |  |  | 3.0 |
Incentive fees |  |  |  |  | $ | 32.0 |  |  | $ | 8.7 |

We earned higher incentive fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily from a European direct lending fund and from APMF. For further detail regarding the incentive fees within each of our segments, see discussion of fee related performance revenues and realized net performance income within “—Results of Operations by Segment.”
Principal Investment Income. For equity method investments where we serve as general partner, we present the activity of net realized and unrealized gains on investments and realized investment income together with net capital activity. The following tables present the change in fair value of our equity method investments where we serve as general partner ($ in millions):

As of December 31, 2024 |  | Activity during the period |  | As of March 31, 2025
Cost Basis |  | Fair Value |  | Net Capital Activity |  | Change in Unrealized |  | Realized |  | Other Adjustments |  | Cost Basis |  | Fair Value
$ | 451.4 |  |  | $ | 536.9 |  |  | $ | 45.7 |  |  | $ | 8.2 |  |  | $ | 14.0 |  |  | $ | (0.1) |  |  | $ | 514.1 |  |  | $ | 604.7 |

The activity for the three months ended March 31, 2025 was primarily attributable to:
•Principal investment income, primarily due to: (i) realized gains generated from various real estate debt and U.S. real estate equity funds; and (ii) interest income from newly admitted investors in an insurance fund, where capital account balances are reallocated from existing investors in exchange for interest to compensate for carrying costs
•Net capital activities driven by investments made in various real estate funds, partially offset by the return of capital associated with an investment in a European real estate debt fund

| As of December 31, 2023 |  | Activity during the period |  | As of March 31, 2024
| Cost Basis |  | Fair Value |  | Net Capital Activity |  | Change in Unrealized |  | Realized |  |  |  | Cost Basis |  | Fair Value
| $ | 453.3 |  |  | $ | 535.3 |  |  | $ | 2.8 |  |  | $ | 1.1 |  |  | $ | 6.0 |  |  |  |  | $ | 461.6 |  |  | $ | 545.2 |

The activity for the three months ended March 31, 2024 was primarily attributable to:
•Principal investment income, primarily due to interest income from newly admitted investors in an insurance fund
•Net capital activities from investments in European direct lending, alternative credit and infrastructure debt funds, partially offset by transfers of capital investments within APAC credit funds to employee co-investment vehicles
Administrative, Transaction and Other Fees. The increase for the three months ended March 31, 2025 compared to the same period in 2024 was primarily driven by incremental fees following the completion of the GCP Acquisition. GCP International enhances our vertically integrated capabilities in real estate which enables us to generate additional leasing, development and property management fees. These fees contributed $13.6 million for the three months ended March 31, 2025.
The increase in fees over the comparative period was also driven by higher administrative service fees of $3.9 million primarily from private funds within our Credit Group that are based on invested capital and from our perpetual wealth vehicles.
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Expenses

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |  |  | $ | 657,125 |  |  | $ | 412,951 |  |  | $ | (244,174) |  |  | (59)%
Performance related compensation |  |  |  |  |  |  |  |  | 122,633 |  |  | (50,532) |  |  | (173,165) |  |  | NM
General, administrative and other expenses |  |  |  |  |  |  |  |  | 227,914 |  |  | 170,928 |  |  | (56,986) |  |  | (33)
Expenses of Consolidated Funds |  |  |  |  |  |  |  |  | 6,656 |  |  | 5,146 |  |  | (1,510) |  |  | (29)
Total expenses |  |  |  |  |  |  |  |  | $ | 1,014,328 |  |  | $ | 538,493 |  |  | (475,835) |  |  | (88)

Compensation and Benefits. In connection with the GCP Acquisition, various components of the agreed upon purchase price are required to be accounted for as compensation because the payments were made to certain individuals that became Ares employees following the GCP Acquisition. The GCP Acquisition contributed $151.0 million in incremental compensation and benefits for the three months ended March 31, 2025. The current quarter included equity-based compensation expense of $119.1 million from newly issued equity awards, including $108.8 million from the immediately vested portion of these awards. The three months ended March 31, 2025 also included: (i) one month of employment related costs of $17.9 million; (ii) other compensation costs of $8.8 million that were settled in cash at the close of the GCP Acquisition; and (iii) compensation expense of $5.2 million for certain contingent compensation arrangements established in connection with the GCP Acquisition. See “Note 8. Commitments and Contingencies” within our unaudited condensed consolidated financial statements for a further description of the contingent liabilities related to the GCP Acquisition arrangements.
Compensation and benefits, excluding the impact from the GCP Acquisition, increased by $93.2 million or 23% for the three months ended March 31, 2025 compared to the same period in 2024. The increase in expenses reflects the continued growth in salary and benefits for increased staff levels. The most significant expense increases were equity-based compensation, salary expense and payroll-related taxes. Equity-based compensation expense increased by $46.5 million from the prior year period as a result of newly issued unvested awards, magnified by our increased stock price. In addition, we accelerated expense for certain awards requiring no future service as retirement provisions have been achieved. These provisions increased expense by $25.0 million and $17.4 million for the three months ended March 31, 2025 and 2024, respectively.
The increase in compensation and benefits for the three months ended March 31, 2025 compared to the same period in 2024 was also driven by: (i) an increase in payroll-related taxes of $17.2 million, primarily due to the higher stock price associated with equity awards that vested during the current quarter; and (ii) an increase in salary expense of $12.7 million primarily attributable to headcount growth to support the expansion of our business.
Average headcount increased by 22% to 3,504 professionals for the year-to-date period in 2025 from 2,868 professionals in 2024. The acquisition of GCP International added 950 professionals to our period end headcount as of March 31, 2025, which represents an average of 316 professionals for the year-to-date period.
For detail regarding the fluctuations of compensation and benefits within each of our segments see “—Results of Operations by Segment.”
Performance Related Compensation. Changes in performance related compensation are directly associated with the changes in carried interest allocation and incentive fees described above and include associated payroll-related taxes as well as carried interest and incentive fees allocated to charitable organizations as part of our philanthropic initiatives. Performance related compensation generally represents 60% to 80% of carried interest allocation and incentive fees recognized before giving effect to payroll taxes and will vary based on the mix of funds generating carried interest allocation and incentive fees for that period.
General, Administrative and Other Expenses. The GCP Acquisition has contributed $50.2 million in general, administrative and other expenses to the three months ended March 31, 2025. These expenses were driven by: (i) acquisition-related costs of $33.7 million; (ii) amortization expense of $8.8 million for the three months ended March 31, 2025 related to the intangible assets recorded in connection with the GCP Acquisition; and (iii) one month of operating costs of $7.7 million, including temporary transition services agreement in connection with the GCP Acquisition of $1.5 million. The impact from the GCP Acquisition has been excluded from the discussion below.
General, administrative and other expenses, excluding the impact from the GCP Acquisition, increased by $6.8 million or 4% for the three months ended March 31, 2025 compared to the same period in 2024. The increase in expenses reflects the
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continued growth to support staff levels and fundraising activities. The most significant expense increases were marketing costs, occupancy costs, information services costs and information technology costs.
Marketing costs include supplemental distribution fees and placement fees. Supplemental distribution fees increased by $8.7 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to ongoing development of our distribution relationships and expansion of our wealth product offerings, and also due to increases in sales volumes and net asset value of our wealth products. Conversely, placement fee expense decreased by $5.0 million for the three months ended March 31, 2025 compared to the same period in 2024. The activity for the three months ended March 31, 2025 primarily included placement fee expense of $5.6 million due to new commitments to our third opportunistic credit fund, while the three months ended March 31, 2024 primarily included placement fee expense of $9.1 million due to new commitments to Ares Senior Direct Lending Fund III, L.P. (“SDL III”).
In addition, occupancy costs, information services and information technology costs collectively increased by $7.9 million for the three months ended March 31, 2025 compared to the same period in 2024. The increases in these expenses were primarily to support our growing headcount and the expansion of our business, with occupancy costs also being impacted by the expansion of our New York office.
Other Income (Expense)

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized and unrealized gains on investments |  |  |  |  |  |  |  |  | $ | 268 |  |  | $ | 10,516 |  |  | $ | (10,248) |  |  | (97)%
Interest and dividend income |  |  |  |  |  |  |  |  | 17,656 |  |  | 5,382 |  |  | 12,274 |  |  | 228
Interest expense |  |  |  |  |  |  |  |  | (36,387) |  |  | (37,824) |  |  | 1,437 |  |  | 4
Other income (expense), net |  |  |  |  |  |  |  |  | (10,714) |  |  | 270 |  |  | (10,984) |  |  | NM
Net realized and unrealized gains on investments of Consolidated Funds |  |  |  |  |  |  |  |  | 88,406 |  |  | 34,424 |  |  | 53,982 |  |  | 157
Interest and other income of Consolidated Funds |  |  |  |  |  |  |  |  | 160,072 |  |  | 257,276 |  |  | (97,204) |  |  | (38)
Interest expense of Consolidated Funds |  |  |  |  |  |  |  |  | (152,740) |  |  | (207,866) |  |  | 55,126 |  |  | 27
Total other income, net |  |  |  |  |  |  |  |  | $ | 66,561 |  |  | $ | 62,178 |  |  | 4,383 |  |  | 7

Net Realized and Unrealized Gains on Investments; Interest and Dividend Income. For investments where we do not serve as general partner, we present the activity of net realized and unrealized gains on investments and interest and dividend income together with net capital activity. The following tables present the change in fair value of these investments ($ in millions):

| As of December 31, 2024 |  | Activity during the period |  | As of March 31, 2025
| Cost Basis |  | Fair Value |  | Net Capital Activity |  | Net Realized and Unrealized Gains (Losses) |  | Interest and Dividend Income |  | Other Adjustments |  | Cost Basis |  | Fair Value
| $ | 514.3 |  |  | $ | 616.3 |  |  | $ | 96.3 |  |  | $ | 0.3 |  |  | $ | 17.6 |  |  | $ | 0.4 |  |  | $ | 629.6 |  |  | $ | 730.9 |

The activity for the three months ended March 31, 2025 was primarily attributable to:
•Interest and dividend income, primarily due to: (i) interest income generated from our investments in CLOs; and (ii) $11.9 million of interest income earned from treasury-backed securities. Such treasury-backed securities were sold during the first quarter of 2025 and the proceeds from the sale were used to fund the GCP Acquisition. The interest income earned from treasury-backed securities will subside in future periods following the sale of these treasury-backed securities
•Net capital activities driven by investments made in various real estate funds and in our open-ended infrastructure fund, partially offset by the collection of principal associated with loans that we made within our real estate strategy

| As of December 31, 2023 |  | Activity during the period |  | As of March 31, 2024
| Cost Basis |  | Fair Value |  | Net Capital Activity |  | Net Realized and Unrealized Gains (Losses) |  | Interest and Dividend Income |  | Other Adjustments |  | Cost Basis |  | Fair Value
| $ | 591.1 |  |  | $ | 675.1 |  |  | $ | (112.1) |  |  | $ | 10.5 |  |  | $ | 5.4 |  |  | $ | (0.4) |  |  | $ | 481.7 |  |  | $ | 578.5 |

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The activity for the three months ended March 31, 2024 was primarily attributable to:
•Unrealized gains from our strategic investments in a U.S. energy company, primarily as a result of the increase in value of our various common and preferred equity investments, as well as unrealized gains on our investments from: (i) APMF; (ii) certain strategic investments in a company that manages real estate owned properties; partially offset by (iii) unrealized losses from our strategic investment in a non-core insurance related investment and a company that manages portfolios of non-performing loans
•Interest and dividend income, primarily due to interest income generated from our investments in CLOs
•Net capital activity driven by the collection of principal associated with loans that we made within our real estate strategy
Interest Expense. Interest expense decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily because savings from the reduction in use of our Credit Facility exceeded the collective interest expense associated with our term debt obligations. The balance of our Credit Facility will vary with needs.
Other Income (Expense), Net. The activity for the three months ended March 31, 2025 and 2024 included transaction gains (losses) associated with currency fluctuations impacting the revaluation of assets and liabilities denominated in foreign currencies other than an entity’s functional currency. Transaction losses for the three months ended March 31, 2025 were primarily attributable to the U.S. dollar weakening against the British Pound and Euro and the associated impact on entities with functional currencies other than the U.S. dollar.
The purchase agreement in connection with the WSM Acquisition contains contingent consideration that is dependent on the achievement of revenue targets from the fundraising of a real estate equity fund and certain revenue targets associated with growing revenue sources from new business ventures. Other income (expense), net includes $2.3 million of expenses from the revaluation of these contingent liabilities for the three months ended March 31, 2025.
Income Tax Expense

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Income before taxes |  |  |  |  |  |  |  |  | $ | 141,038 |  |  | $ | 231,048 |  |  | $ | (90,010) |  |  | (39)%
Less: Income tax expense |  |  |  |  |  |  |  |  | 17,537 |  |  | 27,233 |  |  | 9,696 |  |  | 36
Net income |  |  |  |  |  |  |  |  | $ | 123,501 |  |  | $ | 203,815 |  |  | (80,314) |  |  | (39)

The decrease in income tax expense was attributable to lower pre-tax income allocable to AMC for the three months ended March 31, 2025 compared to the same period in 2024 as the income attributed to redeemable and non-controlling interests is generally passed through to partners and not subject to corporate income taxes. As income tax expense also includes any taxes accrued in foreign or local jurisdictions, the calculation of total income taxes is sensitive to any changes in income subject to tax at the entity level.
The calculation of income taxes is also sensitive to any changes in weighted average daily ownership. The following table summarizes weighted average daily ownership:

|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2025 |  | 2024
AMC common stockholders |  |  |  |  |  | 65.77 | % |  | 62.32 | %
Non-controlling AOG unitholders |  |  |  |  |  | 34.23 |  |  | 37.68 |

The change in ownership compared to the prior year period was primarily driven by the issuances of shares of Class A common stock in connection with exchanges of Ares Operating Group Units (“AOG Units”), the GCP Acquisition, the public offering that closed during the second quarter of 2024 (the “Offering”) and vesting of restricted unit awards.
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Redeemable and Non-Controlling Interests

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Net income |  |  |  |  |  |  |  |  | $ | 123,501 |  |  | $ | 203,815 |  |  | $ | (80,314) |  |  | (39)%
Less: Net income attributable to non-controlling interests in Consolidated Funds |  |  |  |  |  |  |  |  | 55,977 |  |  | 66,716 |  |  | (10,739) |  |  | (16)
Net income attributable to Ares Operating Group entities |  |  |  |  |  |  |  |  | 67,524 |  |  | 137,099 |  |  | (69,575) |  |  | (51)
Less: Net income attributable to redeemable interest in Ares Operating Group entities |  |  |  |  |  |  |  |  | 316 |  |  | 73 |  |  | 243 |  |  | NM
Less: Net income attributable to non-controlling interests in Ares Operating Group entities |  |  |  |  |  |  |  |  | 20,038 |  |  | 63,999 |  |  | (43,961) |  |  | (69)
Net income attributable to Ares Management Corporation |  |  |  |  |  |  |  |  | 47,170 |  |  | 73,027 |  |  | (25,857) |  |  | (35)
Less: Series B mandatory convertible preferred stock dividends declared |  |  |  |  |  |  |  |  | 25,313 |  |  | — |  |  | (25,313) |  |  | NM
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders |  |  |  |  |  |  |  |  | $ | 21,857 |  |  | $ | 73,027 |  |  | (51,170) |  |  | (70)

The change in net income attributable to non-controlling interests in AOG entities compared to the prior year was a result of the respective changes in income before taxes and weighted average daily ownership, as presented above.
Consolidated Results of Operations of the Consolidated Funds
The following table presents the results of operations of the Consolidated Funds ($ in thousands):

|  |  |  |  | Three months ended March 31, |  |  |  |  |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  |  | 2025 |  | 2024 |  |  |  |  |  |  |  | $ Change |  | % Change
Expenses of the Consolidated Funds |  |  |  |  |  |  |  |  |  | $ | (6,656) |  |  | $ | (5,146) |  |  |  |  |  |  |  |  | $ | (1,510) |  |  | (29)%
Net realized and unrealized gains on investments of Consolidated Funds |  |  |  |  |  |  |  |  |  | 88,406 |  |  | 34,424 |  |  |  |  |  |  |  |  | 53,982 |  |  | 157
Interest and other income of Consolidated Funds |  |  |  |  |  |  |  |  |  | 160,072 |  |  | 257,276 |  |  |  |  |  |  |  |  | (97,204) |  |  | (38)
Interest expense of Consolidated Funds |  |  |  |  |  |  |  |  |  | (152,740) |  |  | (207,866) |  |  |  |  |  |  |  |  | 55,126 |  |  | 27
Income before taxes |  |  |  |  |  |  |  |  |  | 89,082 |  |  | 78,688 |  |  |  |  |  |  |  |  | 10,394 |  |  | 13
Less: Income tax expense (benefit) of Consolidated Funds |  |  |  |  |  |  |  |  |  | 2,002 |  |  | (1,130) |  |  |  |  |  |  |  |  | (3,132) |  |  | NM
Net income |  |  |  |  |  |  |  |  |  | 87,080 |  |  | 79,818 |  |  |  |  |  |  |  |  | 7,262 |  |  | 9
Less: Revenues attributable to Ares Management Corporation eliminated upon consolidation |  |  |  |  |  |  |  |  |  | 19,987 |  |  | 8,776 |  |  |  |  |  |  |  |  | 11,211 |  |  | 128
Other income, net attributable to Ares Management Corporation eliminated upon consolidation |  |  |  |  |  |  |  |  |  | (11,116) |  |  | (4,759) |  |  |  |  |  |  |  |  | 6,357 |  |  | 134
General, administrative and other expense attributable to Ares Management Corporation eliminated upon consolidation |  |  |  |  |  |  |  |  |  | — |  |  | 433 |  |  |  |  |  |  |  |  | 433 |  |  | 100
Net income attributable to non-controlling interests in Consolidated Funds |  |  |  |  |  |  |  |  |  | $ | 55,977 |  |  | $ | 66,716 |  |  |  |  |  |  |  |  | (10,739) |  |  | (16)

The results of operations of the Consolidated Funds primarily represent activities from certain funds that we are deemed to control. When a fund is consolidated, we reflect the revenues and expenses of the entity on a gross basis, subject to eliminations from consolidation. Substantially all of our results of operations related to the Consolidated Funds are attributable to ownership interests that third parties hold in those funds. The Consolidated Funds are not necessarily the same funds in each year presented due to changes in ownership, changes in limited partners’ or investor rights, and the creation or termination of funds and entities. Accordingly, such amounts may not be comparable for the periods presented, and in any event have no material impact on net income attributable to Ares Management Corporation.
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Segment Analysis
For segment reporting purposes, revenues and expenses are presented before giving effect to the results of our Consolidated Funds and the results attributable to non-controlling interests of joint ventures that we consolidate. As a result, segment revenues from management fees, fee related performance revenues, performance income and investment income are different than those presented on a consolidated basis in accordance with GAAP. Revenues recognized from Consolidated Funds are eliminated in consolidation and those attributable to the non-controlling interests of joint ventures have been excluded by us. Furthermore, expenses and the effects of other income (expense) are different than related amounts presented on a consolidated basis in accordance with GAAP due to the exclusion of the results of Consolidated Funds and the non-controlling interests of joint ventures.
Non-GAAP Financial Measures
We use Realized Income (“RI”) as a non-GAAP profit measure in making operating decisions, assessing performance and allocating resources. Fee Related Earnings (“FRE”) is a component of RI that excludes realized activities associated with investment income and performance income.
FRE and RI should be considered in addition to and not in lieu of, the results of operations, which are discussed further under “—Components of Consolidated Results of Operations” and are prepared in accordance with GAAP. We operate through our distinct operating segments. In the first quarter of 2025, we combined the presentation of real estate strategies and infrastructure strategies within Real Assets. Real estate includes Americas real estate equity, European real estate equity, APAC real estate equity and real estate debt. Americas real estate equity, which we had recently renamed from North American real estate equity, now includes the activities of Brazil following the GCP Acquisition. APAC real estate equity is newly established following the GCP Acquisition and primarily represents the activities in Japan and Vietnam. Infrastructure includes digital infrastructure, infrastructure opportunities and infrastructure debt. Digital infrastructure is newly established following the GCP Acquisition. The change in presentation did not result in any change to the historical composition of our segments.
Interest expense was historically allocated among our segments based only on the cost basis of our balance sheet investments. Beginning in the first quarter of 2025, we changed our interest expense allocation methodology to consider the growing sources of financing requirements, including the cost of acquisitions in addition to the cost basis of our balance sheet investments. Prior period amounts have been reclassified to conform to the current period presentation.
The following table sets forth FRE and RI by reportable segment and the OMG ($ in thousands):

|  |  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Fee Related Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Group |  |  |  |  |  |  |  |  |  | $ | 408,594 |  |  | $ | 352,417 |  |  | $ | 56,177 |  |  | 16%
Real Assets Group |  |  |  |  |  |  |  |  |  | 74,279 |  |  | 46,518 |  |  | 27,761 |  |  | 60
Private Equity Group |  |  |  |  |  |  |  |  |  | 14,307 |  |  | 15,371 |  |  | (1,064) |  |  | (7)
Secondaries Group |  |  |  |  |  |  |  |  |  | 40,584 |  |  | 25,605 |  |  | 14,979 |  |  | 59
Other |  |  |  |  |  |  |  |  |  | 4,469 |  |  | 2,063 |  |  | 2,406 |  |  | 117
Operations Management Group |  |  |  |  |  |  |  |  |  | (174,957) |  |  | (140,304) |  |  | (34,653) |  |  | (25)
Fee Related Earnings |  |  |  |  |  |  |  |  |  | $ | 367,276 |  |  | $ | 301,670 |  |  | 65,606 |  |  | 22
Realized Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Group |  |  |  |  |  |  |  |  |  | $ | 431,939 |  |  | $ | 356,228 |  |  | $ | 75,711 |  |  | 21%
Real Assets Group |  |  |  |  |  |  |  |  |  | 87,597 |  |  | 43,939 |  |  | 43,658 |  |  | 99
Private Equity Group |  |  |  |  |  |  |  |  |  | 10,227 |  |  | 11,557 |  |  | (1,330) |  |  | (12)
Secondaries Group |  |  |  |  |  |  |  |  |  | 39,671 |  |  | 17,586 |  |  | 22,085 |  |  | 126
Other |  |  |  |  |  |  |  |  |  | 10,769 |  |  | (262) |  |  | 11,031 |  |  | NM
Operations Management Group |  |  |  |  |  |  |  |  |  | (174,279) |  |  | (139,892) |  |  | (34,387) |  |  | (25)
Realized Income |  |  |  |  |  |  |  |  |  | $ | 405,924 |  |  | $ | 289,156 |  |  | 116,768 |  |  | 40

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Income before provision for income taxes is the GAAP financial measure most comparable to RI. The following table presents the reconciliation of income before taxes as reported within the Condensed Consolidated Statements of Operations to RI and FRE of the reportable segments and the OMG ($ in thousands):

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Income before taxes | $ | 141,038 |  |  | $ | 231,048 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Depreciation and amortization expense | 48,229 |  |  | 36,644 |  |  |  |  |
Equity compensation expense | 257,862 |  |  | 92,421 |  |  |  |  |
Acquisition-related compensation expense(1) | 21,999 |  |  | 5,504 |  |  |  |  |
Acquisition and merger-related expense | 34,608 |  |  | 10,578 |  |  |  |  |
Placement fee adjustment | (6) |  |  | 5,540 |  |  |  |  |
Other expense, net | 2,526 |  |  | 131 |  |  |  |  |
Income before taxes of non-controlling interests in consolidated subsidiaries | (5,471) |  |  | (3,662) |  |  |  |  |
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations | (57,979) |  |  | (65,586) |  |  |  |  |
Total performance (income) loss—unrealized | (64,443) |  |  | 45,476 |  |  |  |  |
Total performance related compensation—unrealized | 40,550 |  |  | (64,514) |  |  |  |  |
Total net investment income—unrealized | (12,989) |  |  | (4,424) |  |  |  |  |
Realized Income | 405,924 |  |  | 289,156 |  |  |  |  |
Total performance income—realized | (125,448) |  |  | (23,181) |  |  |  |  |
Total performance related compensation—realized | 84,416 |  |  | 13,156 |  |  |  |  |
Total net investment loss—realized | 2,384 |  |  | 22,539 |  |  |  |  |
Fee Related Earnings | $ | 367,276 |  |  | $ | 301,670 |  |  |  |  |

(1)Represents bonus payments, contingent liabilities (“earnouts”) and other costs in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within our Condensed Consolidated Statements of Operations.
For the specific components and calculations of these non-GAAP measures, as well as additional reconciliations to the most comparable measures in accordance with GAAP, see “Note 14. Segment Reporting” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Discussed below are our results of operations for our reportable segments and the OMG.
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Results of Operations by Segment
Credit Group—Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
Fee Related Earnings
The following table presents the components of the Credit Group’s FRE ($ in thousands):

|  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Management fees |  |  |  |  |  |  |  |  | $ | 585,396 |  |  | $ | 510,966 |  |  | $ | 74,430 |  |  | 15%
Fee related performance revenues |  |  |  |  |  |  |  |  | 18,395 |  |  | 755 |  |  | 17,640 |  |  | NM
Other fees |  |  |  |  |  |  |  |  | 10,598 |  |  | 9,911 |  |  | 687 |  |  | 7
Compensation and benefits |  |  |  |  |  |  |  |  | (164,747) |  |  | (134,849) |  |  | (29,898) |  |  | (22)
General, administrative and other expenses |  |  |  |  |  |  |  |  | (41,048) |  |  | (34,366) |  |  | (6,682) |  |  | (19)
Fee Related Earnings |  |  |  |  |  |  |  |  | $ | 408,594 |  |  | $ | 352,417 |  |  | 56,177 |  |  | 16

Management Fees. The chart below presents Credit Group management fees and effective management fee rates ($ in millions):
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The following table presents the components of and causes for changes in the Credit Group’s management fees for the three months ended March 31, 2025 compared to the prior year period ($ in millions):

|  |  | Year-over-year Change
Perpetual capital vehicles: |  |  |
Fees from ARCC, ASIF and CADC, excluding Part I Fees, due to increases in the average portfolio size of their portfolios |  |  | $ | 34.9 |
Part I Fees from ASIF, CADC and our open-ended European direct lending fund driven by an increase in the average size of their portfolios |  |  | 14.8 |
Fees from our open-ended European direct lending fund, excluding Part I Fees, due to the expiration of a fee waiver |  |  | 5.2 |
Capital deployment in private funds: |  |  |
Fees from SDL III, ACE VI and Pathfinder II, Ares Senior Direct Lending Fund II, L.P. (“SDL II”) and ASOF II |  |  | 29.2 |
Distributions that reduced the fee base of ACE IV, ASOF I and Ares Senior Direct Lending Fund, L.P. (“SDL I”) as the funds are past their investment periods |  |  | (11.3) |
Cumulative effect of other changes |  |  | 1.6 |
Total |  |  | $ | 74.4 |

The decrease in effective management fee rate for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily attributable to deployment in certain funds within our U.S. direct lending and alternative credit strategies, which have effective management fee rates lower than the average effective management fee rate of funds within the Credit Group.
Fee Related Performance Revenues. The increase in fee related performance revenues for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily attributable to higher incentive fees earned from a European direct lending fund that crystallized a deferred payment due to the restructuring of its hold back provisions during the first quarter of 2025.
Compensation and Benefits. The increase in compensation and benefits for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily driven by (i) higher fee related performance compensation of $12.8 million, corresponding to the increase in fee related performance revenues; (ii) an increase in payroll-related taxes of $8.1 million, primarily due to the higher stock price associated with equity awards that vested during the current quarter; and (iii) higher Part I Fee compensation of $6.4 million, corresponding to the increase in Part I Fees. For the three months ended March 31, 2025 and 2024, we reduced Part I Fee compensation by $4.8 million and $1.2 million, respectively, to reclaim a portion of the supplemental distribution fees that we paid to distribution partners.
Average headcount increased by 7% to 698 investment and investment support professionals for the year-to-date period in 2025 from 650 professionals in 2024 to support our growing direct lending and alternative credit platforms.
General, Administrative and Other Expenses. The increase in general, administrative and other expenses was primarily due to costs incurred to support distribution of shares in our perpetual wealth vehicles. Supplemental distribution fees were $11.5 million for the three months ended March 31, 2025 and increased by $6.5 million for the three months ended March 31, 2025 compared to the same period in 2024 as we continue to develop our distribution relationships and expand our wealth product offerings.
Additionally, certain expenses increased during the current period, including occupancy costs, information services and information technology costs. These expenses collectively increased by $2.9 million for the three months ended March 31, 2025 compared to the same period in 2024 to support our growing headcount and the expansion of our business.
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Realized Income
The following table presents the components of the Credit Group’s RI ($ in thousands):

|  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Fee Related Earnings |  |  |  |  |  |  |  |  | $ | 408,594 |  |  | $ | 352,417 |  |  | $ | 56,177 |  |  | 16%
Performance income—realized |  |  |  |  |  |  |  |  | 54,112 |  |  | 16,766 |  |  | 37,346 |  |  | 223
Performance related compensation—realized |  |  |  |  |  |  |  |  | (34,258) |  |  | (8,734) |  |  | (25,524) |  |  | (292)
Realized net performance income |  |  |  |  |  |  |  |  | 19,854 |  |  | 8,032 |  |  | 11,822 |  |  | 147
Investment income—realized |  |  |  |  |  |  |  |  | 5,379 |  |  | 1,765 |  |  | 3,614 |  |  | 205
Interest income |  |  |  |  |  |  |  |  | 4,420 |  |  | 2,767 |  |  | 1,653 |  |  | 60
Interest expense |  |  |  |  |  |  |  |  | (6,308) |  |  | (8,753) |  |  | 2,445 |  |  | 28
Realized net investment income (loss) |  |  |  |  |  |  |  |  | 3,491 |  |  | (4,221) |  |  | 7,712 |  |  | NM
Realized Income |  |  |  |  |  |  |  |  | $ | 431,939 |  |  | $ | 356,228 |  |  | 75,711 |  |  | 21

The Credit Group’s realized activities were principally composed of and caused by the following:

Three months ended March 31, 2025 |  | Three months ended March 31, 2024
Realized net performance income |  |
Carried interest from: •Aggregate tax distributions of $17.2 million primarily from ACE IV, ACE V and an alternative credit fund Incentive fees from: •Incentive fees of $1.0 million, primarily generated from a U.S. direct lending fund |  | Carried interest from: •Aggregate tax distributions of $4.3 million primarily from Ares Private Credit Solutions, L.P. (“PCS I”) and an alternative credit fund Incentive fees from: •Incentive fees of $1.6 million primarily from two U.S. direct lending funds and an alternative credit fund
Realized investment income and interest income |  |
•Distributions of investment income of $3.0 million generated from three liquid credit vehicles that are invested in the subordinated notes of CLOs and from our investment in SSF IV •Interest income earned on treasury-backed securities of $2.9 million •Interest income generated from nine CLO investments of $1.4 million |  | •Distributions of investment income of $2.0 million generated from four liquid credit vehicles that are invested in the subordinated notes of CLOs •Interest income generated from 14 CLO investments of $1.5 million

The change in allocated interest expense for the Credit Group over the comparative period is consistent with the change in interest expense as presented within our consolidated results of operations. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Consolidated Results of Operations of the Company” for further discussion of the changes in consolidated interest expense.
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Credit Group—Performance Income
The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Credit Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions):

| As of March 31, 2025 |  | As of December 31, 2024
| 2025 |  | 2024
| Accrued Performance Income |  | Accrued Performance Compensation |  | Accrued Net Performance Income |  | Accrued Performance Income |  | Accrued Performance Compensation |  | Accrued Net Performance Income
Pathfinder I | $ | 198.2 |  |  | $ | 168.5 |  |  | $ | 29.7 |  |  | $ | 191.4 |  |  | $ | 165.7 |  |  | $ | 25.7 |
ASOF I | 293.7 |  |  | 205.8 |  |  | 87.9 |  |  | 318.4 |  |  | 223.2 |  |  | 95.2 |
ASOF II | 279.2 |  |  | 196.4 |  |  | 82.8 |  |  | 258.2 |  |  | 181.4 |  |  | 76.8 |
PCS I | 129.3 |  |  | 76.4 |  |  | 52.9 |  |  | 130.1 |  |  | 76.9 |  |  | 53.2 |
PCS II | 184.6 |  |  | 109.4 |  |  | 75.2 |  |  | 171.4 |  |  | 101.5 |  |  | 69.9 |
ACE IV | 172.5 |  |  | 112.0 |  |  | 60.5 |  |  | 168.8 |  |  | 109.6 |  |  | 59.2 |
ACE V | 311.9 |  |  | 197.1 |  |  | 114.8 |  |  | 286.6 |  |  | 180.9 |  |  | 105.7 |
ACE VI | 97.6 |  |  | 61.7 |  |  | 35.9 |  |  | 71.1 |  |  | 44.8 |  |  | 26.3 |
Other credit funds | 324.6 |  |  | 207.4 |  |  | 117.2 |  |  | 332.0 |  |  | 207.0 |  |  | 125.0 |
Total Credit Group | $ | 1,991.6 |  |  | $ | 1,334.7 |  |  | $ | 656.9 |  |  | $ | 1,928.0 |  |  | $ | 1,291.0 |  |  | $ | 637.0 |

The following table presents the change in accrued performance income for the Credit Group ($ in millions):

|  |  |  | As of December 31, 2024 |  | Activity during the period |  | As of March 31, 2025 |
|  | Waterfall Type |  | Accrued Performance Income |  | Change in Unrealized |  | Realized |  | Other Adjustments |  | Accrued Performance Income |
Accrued Carried Interest |  |  |  |  |  |  |  |  |  |  |  |  |
Pathfinder I |  | European |  | $ | 191.4 |  |  | $ | 10.1 |  |  | $ | (3.3) |  |  | $ | — |  |  | $ | 198.2 |  |
ASOF I |  | European |  | 318.4 |  |  | (24.7) |  |  | — |  |  | — |  |  | 293.7 |  |
ASOF II |  | European |  | 258.2 |  |  | 21.0 |  |  | — |  |  | — |  |  | 279.2 |  |
PCS I |  | European |  | 130.1 |  |  | (0.8) |  |  | — |  |  | — |  |  | 129.3 |  |
PCS II |  | European |  | 171.4 |  |  | 13.0 |  |  | — |  |  | 0.2 |  |  | 184.6 |  |
ACE IV |  | European |  | 168.8 |  |  | 13.3 |  |  | (9.5) |  |  | (0.1) |  |  | 172.5 |  |
ACE V |  | European |  | 286.6 |  |  | 46.3 |  |  | (20.8) |  |  | (0.2) |  |  | 311.9 |  |
ACE VI |  | European |  | 71.1 |  |  | 26.6 |  |  | — |  |  | (0.1) |  |  | 97.6 |  |
Other credit funds |  | European |  | 292.6 |  |  | 14.3 |  |  | (17.2) |  |  | (5.9) |  |  | 283.8 |  |
Other credit funds |  | American |  | 39.4 |  |  | 11.6 |  |  | 0.2 |  |  | (10.4) |  |  | 40.8 |  |
Total accrued carried interest |  |  |  | 1,928.0 |  |  | 130.7 |  |  | (50.6) |  |  | (16.5) |  |  | 1,991.6 |  |
Other credit funds |  | Incentive |  | — |  |  | 3.5 |  |  | (3.5) |  |  | — |  |  | — |  |
Total Credit Group |  |  |  | $ | 1,928.0 |  |  | $ | 134.2 |  |  | $ | (54.1) |  |  | $ | (16.5) |  |  | $ | 1,991.6 |  |

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Credit Group—Assets Under Management
The tables below present rollforwards of AUM for the Credit Group ($ in millions):

|  | Liquid Credit |  | Alternative Credit |  | Opportunistic Credit |  | U.S. Direct Lending |  | European Direct Lending |  | APAC Credit |  | Other(1) |  | Total Credit Group
Balance at 12/31/2024 |  | $ | 46,895 |  |  | $ | 41,565 |  |  | $ | 14,964 |  |  | $ | 159,129 |  |  | $ | 74,560 |  |  | $ | 11,470 |  |  | $ | 275 |  |  | $ | 348,858 |
Net new par/equity commitments |  | 459 |  |  | 560 |  |  | 1,072 |  |  | 2,983 |  |  | 856 |  |  | 14 |  |  | — |  |  | 5,944 |
Net new debt commitments |  | 1,005 |  |  | — |  |  | — |  |  | 3,815 |  |  | — |  |  | — |  |  | — |  |  | 4,820 |
Capital reductions |  | (1,920) |  |  | (277) |  |  | (175) |  |  | (943) |  |  | — |  |  | (99) |  |  | — |  |  | (3,414) |
Distributions |  | (29) |  |  | (862) |  |  | (142) |  |  | (1,232) |  |  | (973) |  |  | (32) |  |  | — |  |  | (3,270) |
Redemptions |  | (260) |  |  | — |  |  | — |  |  | (121) |  |  | — |  |  | — |  |  | — |  |  | (381) |
Net allocations among investment strategies |  | — |  |  | 1,309 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,309 |
Change in fund value |  | 396 |  |  | 612 |  |  | (71) |  |  | 1,119 |  |  | 3,044 |  |  | 107 |  |  | 3 |  |  | 5,210 |
Balance at 3/31/2025 |  | $ | 46,546 |  |  | $ | 42,907 |  |  | $ | 15,648 |  |  | $ | 164,750 |  |  | $ | 77,487 |  |  | $ | 11,460 |  |  | $ | 278 |  |  | $ | 359,076 |
|  | Liquid Credit |  | Alternative Credit |  | Opportunistic Credit |  | U.S. Direct Lending |  | European Direct Lending |  | APAC Credit |  | Other(1) |  | Total Credit Group
Balance at 12/31/2023 |  | $ | 47,299 |  |  | $ | 33,886 |  |  | $ | 14,554 |  |  | $ | 123,073 |  |  | $ | 68,264 |  |  | $ | 11,920 |  |  | $ | 354 |  |  | $ | 299,350 |
Net new par/equity commitments |  | 695 |  |  | 1,828 |  |  | — |  |  | 2,462 |  |  | 2,692 |  |  | — |  |  | 58 |  |  | 7,735 |
Net new debt commitments |  | 994 |  |  | — |  |  | — |  |  | 4,836 |  |  | 662 |  |  | (380) |  |  | — |  |  | 6,112 |
Capital reductions |  | (1,134) |  |  | — |  |  | — |  |  | (553) |  |  | 51 |  |  | 151 |  |  | — |  |  | (1,485) |
Distributions |  | (45) |  |  | (438) |  |  | (289) |  |  | (1,487) |  |  | (1,199) |  |  | (105) |  |  | — |  |  | (3,563) |
Redemptions |  | (1,695) |  |  | — |  |  | — |  |  | (720) |  |  | (102) |  |  | — |  |  | — |  |  | (2,517) |
Net allocations among investment strategies |  | — |  |  | 668 |  |  | — |  |  | — |  |  | 150 |  |  | — |  |  | (103) |  |  | 715 |
Change in fund value |  | 133 |  |  | 537 |  |  | 291 |  |  | 1,570 |  |  | (317) |  |  | 77 |  |  | 1 |  |  | 2,292 |
Balance at 3/31/2024 |  | $ | 46,247 |  |  | $ | 36,481 |  |  | $ | 14,556 |  |  | $ | 129,181 |  |  | $ | 70,201 |  |  | $ | 11,663 |  |  | $ | 310 |  |  | $ | 308,639 |
(1) Activity within Other represents equity commitments to the platform that either have not yet been allocated to an investment strategy or have been allocated in a subsequent period as commitments to an investment strategy.

The components of our AUM for the Credit Group are presented below ($ in billions):

| AUM: $359.1 |  | AUM: $308.6 |

|  | FPAUM |  | AUM not yet paying fees |  | Non-fee paying(1)

(1) Includes $14.1 billion and $14.7 billion of AUM of funds from which we indirectly earn management fees as of March 31, 2025 and 2024, respectively, and includes $2.0 billion and $1.7 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2025 and 2024, respectively.
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Credit Group—Fee Paying AUM
The tables below present rollforwards of fee paying AUM for the Credit Group ($ in millions):

| Liquid Credit |  | Alternative Credit |  | Opportunistic Credit |  | U.S. Direct Lending |  | European Direct Lending |  | APAC Credit |  |  |  | Total Credit Group
Balance at 12/31/2024 | $ | 44,629 |  |  | $ | 29,384 |  |  | $ | 7,899 |  |  | $ | 86,415 |  |  | $ | 35,786 |  |  | $ | 5,032 |  |  |  |  | $ | 209,145 |
Commitments | 2,189 |  |  | — |  |  | — |  |  | 3,641 |  |  | 634 |  |  | 14 |  |  |  |  | 6,478 |
Deployment/subscriptions/increase in leverage | 9 |  |  | 1,467 |  |  | 428 |  |  | 3,552 |  |  | 1,906 |  |  | 369 |  |  |  |  | 7,731 |
Capital reductions | (1,920) |  |  | — |  |  | — |  |  | (1,641) |  |  | (49) |  |  | — |  |  |  |  | (3,610) |
Distributions | (34) |  |  | (539) |  |  | (22) |  |  | (1,897) |  |  | (531) |  |  | (271) |  |  |  |  | (3,294) |
Redemptions | (247) |  |  | — |  |  | — |  |  | (121) |  |  | (80) |  |  | — |  |  |  |  | (448) |
Net allocations among investment strategies | — |  |  | 1,172 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 1,172 |
Change in fund value | (88) |  |  | (18) |  |  | — |  |  | 440 |  |  | 1,085 |  |  | 1 |  |  |  |  | 1,420 |
Change in fee basis | — |  |  | — |  |  | — |  |  | — |  |  | (332) |  |  | (31) |  |  |  |  | (363) |
Balance at 3/31/2025 | $ | 44,538 |  |  | $ | 31,466 |  |  | $ | 8,305 |  |  | $ | 90,389 |  |  | $ | 38,419 |  |  | $ | 5,114 |  |  |  |  | $ | 218,231 |
| Liquid Credit |  | Alternative Credit |  | Opportunistic Credit |  | U.S. Direct Lending |  | European Direct Lending |  | APAC Credit |  |  |  | Total Credit Group
Balance at 12/31/2023 | $ | 46,140 |  |  | $ | 23,218 |  |  | $ | 8,490 |  |  | $ | 67,596 |  |  | $ | 34,246 |  |  | $ | 5,590 |  |  |  |  | $ | 185,280 |
Commitments | 1,223 |  |  | — |  |  | — |  |  | 2,549 |  |  | 6 |  |  | — |  |  |  |  | 3,778 |
Deployment/subscriptions/increase in leverage | — |  |  | 1,233 |  |  | 340 |  |  | 3,474 |  |  | 1,875 |  |  | 299 |  |  |  |  | 7,221 |
Capital reductions | (967) |  |  | — |  |  | — |  |  | (1,324) |  |  | (455) |  |  | (18) |  |  |  |  | (2,764) |
Distributions | (46) |  |  | (373) |  |  | (246) |  |  | (2,423) |  |  | (250) |  |  | (324) |  |  |  |  | (3,662) |
Redemptions | (1,695) |  |  | — |  |  | — |  |  | (88) |  |  | (366) |  |  | — |  |  |  |  | (2,149) |
Net allocations among investment strategies | — |  |  | 886 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 886 |
Change in fund value | 367 |  |  | 22 |  |  | — |  |  | 603 |  |  | (478) |  |  | 29 |  |  |  |  | 543 |
Change in fee basis | — |  |  | — |  |  | — |  |  | — |  |  | 693 |  |  | — |  |  |  |  | 693 |
Balance at 3/31/2024 | $ | 45,022 |  |  | $ | 24,986 |  |  | $ | 8,584 |  |  | $ | 70,387 |  |  | $ | 35,271 |  |  | $ | 5,576 |  |  |  |  | $ | 189,826 |

The charts below present FPAUM for the Credit Group by its fee bases ($ in billions):

| FPAUM: $218.2 |  | FPAUM: $189.8 |

| Invested capital |  | Market value(1) |  | Collateral balances (at par) |  | Capital commitments |  |

(1)Includes $50.4 billion and $36.8 billion from funds that primarily invest in illiquid strategies as of March 31, 2025 and 2024, respectively. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies.
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Credit Group—Fund Performance Metrics as of March 31, 2025
ARCC contributed approximately 32% of the Credit Group’s total management fees for the three months ended March 31, 2025. In addition, the Credit Group’s other significant funds, which are presented in the tables below, collectively contributed approximately 38% of the Credit Group’s management fees for the three months ended March 31, 2025.
The following table presents the performance data for our significant funds that are not drawdown funds in the Credit Group as of March 31, 2025 ($ in millions):

|  |  |  |  |  | Returns(%) |  |
|  | Year of Inception |  | AUM |  | Current Quarter |  |  |  | Since Inception(1) |  | Primary Investment Strategy
Fund |  |  |  | Gross |  | Net |  |  |  |  |  | Gross |  | Net |
ARCC(2) |  | 2004 |  | $ | 33,020 |  |  | N/A |  | 2.1 |  |  |  |  |  |  | N/A |  | 12.1 |  |  | U.S. Direct Lending
CADC(3) |  | 2017 |  | 7,749 |  |  | N/A |  | 1.0 |  |  |  |  |  |  | N/A |  | 6.8 |  |  | U.S. Direct Lending
Open-ended core alternative credit fund(4) |  | 2021 |  | 6,219 |  |  | 2.9 |  |  | 2.2 |  |  |  |  |  |  | 11.6 |  |  | 8.7 |  |  | Alternative Credit
ASIF(3) |  | 2023 |  | 16,319 |  |  | N/A |  | 1.4 |  |  |  |  |  |  | N/A |  | 11.1 |  |  | U.S. Direct Lending

(1)Since inception returns are annualized.
(2)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Net returns are calculated using the fund’s NAV and assume dividends are reinvested at the closest quarter-end NAV to the relevant quarterly ex-dividend dates. Additional information related to ARCC can be found in its filings with the SEC, which are not part of this report.
(3)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. Additional information related to CADC and ASIF can be found in its filings with the SEC, which are not part of this report.
(4)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. The fund is made up of a Main Class (“Class M”) and a Constrained Class (“Class C”). Class M includes investors electing to participate in all investments and Class C includes investors electing to be excluded from exposure to liquid investments. Returns presented in the table are for onshore Class M. The current quarter gross and net returns for Class M (offshore) are 3.0% and 2.1%, respectively. The since inception gross and net returns for Class M (offshore) are 11.6% and 8.2%, respectively. The current quarter gross and net returns for Class C (offshore) are 2.5% and 1.8%, respectively. The since inception gross and net returns for Class C (offshore) are 11.2% and 8.0%, respectively.
The following table presents the performance data of the Credit Group’s significant drawdown funds as of March 31, 2025 ($ in millions):

| Year of Inception |  | AUM |  | Original Capital Commitments |  | Capital Invested to Date |  | Realized Value(1) |  | Unrealized Value(2) |  | Total Value |  | MoIC |  | IRR(%) |  | Primary Investment Strategy
Fund |  |  |  |  |  |  |  | Gross(3) |  | Net(4) |  | Gross(5) |  | Net(6) |
Funds Harvesting Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACE IV Unlevered(7) | 2018 |  | $ | 8,274 |  |  | $ | 2,851 |  |  | $ | 2,190 |  |  | $ | 1,534 |  |  | $ | 1,324 |  |  | $ | 2,858 |  |  | 1.4x |  | 1.3x |  | 8.2 |  | 5.9 |  | European Direct Lending
ACE IV Levered(7) |  |  | 4,819 |  |  | 3,728 |  |  | 2,564 |  |  | 2,721 |  |  | 5,285 |  |  | 1.6x |  | 1.4x |  | 11.2 |  | 8.0 |
Pathfinder I | 2020 |  | 4,066 |  |  | 3,683 |  |  | 3,177 |  |  | 775 |  |  | 3,340 |  |  | 4,115 |  |  | 1.4x |  | 1.3x |  | 14.7 |  | 10.6 |  | Alternative Credit
SDL II Unlevered | 2021 |  | 16,532 |  |  | 1,989 |  |  | 1,615 |  |  | 311 |  |  | 1,616 |  |  | 1,927 |  |  | 1.2x |  | 1.2x |  | 11.9 |  | 9.4 |  | U.S. Direct Lending
SDL II Levered |  |  | 6,047 |  |  | 4,531 |  |  | 1,366 |  |  | 4,514 |  |  | 5,880 |  |  | 1.4x |  | 1.3x |  | 18.7 |  | 14.2 |
Funds Deploying Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PCS II | 2020 |  | 6,095 |  |  | 5,114 |  |  | 3,751 |  |  | 947 |  |  | 3,836 |  |  | 4,783 |  |  | 1.3x |  | 1.2x |  | 12.3 |  | 8.4 |  | U.S. Direct Lending
ACE V Unlevered(8) | 2020 |  | 16,759 |  |  | 7,026 |  |  | 5,413 |  |  | 1,237 |  |  | 5,374 |  |  | 6,611 |  |  | 1.3x |  | 1.2x |  | 11.1 |  | 8.3 |  | European Direct Lending
ACE V Levered(8) |  |  | 6,376 |  |  | 4,898 |  |  | 1,735 |  |  | 5,003 |  |  | 6,738 |  |  | 1.4x |  | 1.3x |  | 15.7 |  | 11.6 |
ASOF II | 2021 |  | 8,709 |  |  | 7,128 |  |  | 5,322 |  |  | 20 |  |  | 6,629 |  |  | 6,649 |  |  | 1.4x |  | 1.3x |  | 17.7 |  | 12.8 |  | Opportunistic Credit
ACE VI Unlevered(9) | 2022 |  | 20,642 |  |  | 7,439 |  |  | 1,717 |  |  | 55 |  |  | 1,787 |  |  | 1,842 |  |  | 1.1x |  | 1.1x |  | 17.3 |  | 12.4 |  | European Direct Lending
ACE VI Levered(9) |  |  | 9,667 |  |  | 3,522 |  |  | 192 |  |  | 3,736 |  |  | 3,928 |  |  | 1.2x |  | 1.1x |  | 20.4 |  | 14.5 |
SDL III Unlevered | 2023 |  | 24,442 |  |  | 3,311 |  |  | 932 |  |  | 23 |  |  | 956 |  |  | 979 |  |  | 1.1x |  | 1.1x |  | NM |  | NM |  | U.S. Direct Lending
SDL III Levered |  |  | 11,959 |  |  | 2,523 |  |  | 115 |  |  | 2,683 |  |  | 2,798 |  |  | 1.2x |  | 1.1x |  | NM |  | NM |

(1)For funds other than our opportunistic credit funds, realized value represent the sum of all cash distributions to all partners and if applicable, exclude tax and incentive distributions made to the general partner. For our opportunistic credit funds, realized value represent the sum of all cash distributions to the fee-paying limited partners and if applicable, exclude tax and incentive distributions made to the general partner.
(2)Unrealized value represents the fund's NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. For funds other than our opportunistic credit funds, the unrealized value is based on all partners. For our opportunistic credit funds, the unrealized value is based on the fee-paying limited partners.
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(3)The gross multiple of invested capital (“MoIC”) is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest and other expenses, as applicable, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(4)The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(5)The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, as applicable, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(6)The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(7)ACE IV is made up of four parallel funds, two denominated in Euros and two denominated in pound sterling: ACE IV (E) Unlevered, ACE IV (G) Unlevered, ACE IV (E) Levered and ACE IV (G) Levered and one feeder fund: ACE IV (D) Levered. ACE IV (E) Levered includes the ACE IV (D) Levered feeder fund. The gross and net IRR and MoIC presented in the table are for ACE IV (E) Unlevered and ACE IV (E) Levered. Metrics for ACE IV (E) Levered exclude the U.S. dollar denominated feeder fund. The gross and net IRR for ACE IV (G) Unlevered are 9.7% and 7.1%, respectively. The gross and net MoIC for ACE IV (G) Unlevered are 1.5x and 1.4x, respectively. The gross and net IRR for ACE IV (G) Levered are 12.6% and 9.0%, respectively. The gross and net MoIC for ACE IV (G) Levered are 1.6x and 1.5x, respectively. The gross and net IRR for ACE IV (D) Levered are 12.7% and 9.3%, respectively. The gross and net MoIC for ACE IV (D) Levered are 1.7x and 1.5x, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE IV Unlevered and ACE IV Levered are for the combined levered and unlevered parallel funds and are converted to U.S. dollars at the prevailing quarter-end exchange rate.
(8)ACE V is made up of four parallel funds, two denominated in Euros and two denominated in pound sterling: ACE V (E) Unlevered, ACE V (G) Unlevered, ACE V (E) Levered, and ACE V (G) Levered, and two feeder funds: ACE V (D) Levered and ACE V (Y) Unlevered. ACE V (E) Levered includes the ACE V (D) Levered feeder fund and ACE V (E) Unlevered includes the ACE V (Y) Unlevered feeder fund. The gross and net IRR and gross and net MoIC presented in the table are for ACE V (E) Unlevered and ACE V (E) Levered. Metrics for ACE V (E) Levered exclude the ACE V (D) Levered feeder fund and metrics for ACE V (E) Unlevered exclude the ACE V (Y) Unlevered feeder fund. The gross and net IRR for ACE V (G) Unlevered are 12.6% and 9.5%, respectively. The gross and net MoIC for ACE V (G) Unlevered are 1.4x and 1.3x, respectively. The gross and net IRR for ACE V (G) Levered are 16.7% and 12.2%, respectively. The gross and net MoIC for ACE V (G) Levered are 1.5x and 1.3x, respectively. The gross and net IRR for ACE V (D) Levered are 15.7% and 11.8%, respectively. The gross and net MoIC for ACE V (D) Levered are 1.5x and 1.3x, respectively. The gross and net IRR for ACE V (Y) Unlevered are 11.1% and 8.1%, respectively. The gross and net MoIC for ACE V (Y) Unlevered are 1.3x and 1.2x, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of the fund's closing. All other values for ACE V Unlevered and ACE V Levered are for the combined levered and unlevered parallel funds and are converted to U.S. dollars at the prevailing quarter-end exchange rate.
(9)ACE VI is made up of six parallel funds, four denominated in Euros and two denominated in pound sterling: ACE VI (E) Unlevered, ACE VI (E) II Unlevered, ACE VI (G) Unlevered, ACE VI (E) Levered, ACE VI (E) II Levered, and ACE VI (G) Levered, and three feeder funds: ACE VI (D) Levered, ACE VI (Y) Unlevered and ACE VI (D) Rated Notes. ACE VI (E) II Levered includes ACE VI (D) Levered feeder fund and ACE VI (E) II Unlevered includes ACE VI (Y) Unlevered and ACE VI (D) Rated Notes feeder funds. The gross and net IRR and gross and net MoIC presented in the table are for ACE VI (E) Unlevered and ACE VI (E) Levered. Metrics for ACE VI (E) II Levered exclude the ACE VI (D) Levered feeder fund and metrics for ACE VI (E) II Unlevered exclude ACE VI (Y) Unlevered and ACE VI (D) Rated Notes feeder funds. The gross and net IRR for ACE VI (G) Unlevered are 12.7% and 8.5%, respectively. The gross and net MoIC for ACE VI (G) Unlevered are 1.1x and 1.1x, respectively. The gross and net IRR for ACE VI (G) Levered are 29.4% and 17.0%, respectively. The gross and net MoIC for ACE VI (G) Levered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE VI (E) II Unlevered are 20.4% and 15.8%, respectively. The gross and net MoIC for ACE VI (E) II Unlevered are 1.1x and 1.1x, respectively. The gross and net IRR for ACE VI (E) II Levered are 24.6% and 17.5%, respectively. The gross and net MoIC for ACE VI (E) II Levered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE VI (D) Levered are 23.5% and 17.6%, respectively. The gross and net MoIC for ACE VI (D) Levered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE VI (Y) Unlevered are 10.7% and 6.9%, respectively. The gross and net MoIC for ACE VI (Y) Unlevered are 1.1x and 1.1x, respectively. The gross and net IRR for ACE VI (D) Rated Notes are 20.4% and 11.9%, respectively. The gross and net MoIC for ACE VI (D) Rated Notes are 1.2x and 1.1x, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of the fund's closing. All other values for ACE VI Unlevered and ACE VI Levered are for the combined levered and unlevered parallel funds and are converted to U.S. dollars at the prevailing quarter-end exchange rate.
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Real Assets Group—Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
Fee Related Earnings
The following table presents the components of the Real Assets Group’s FRE ($ in thousands):

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Management fees |  |  |  |  |  |  |  |  | $ | 130,453 |  |  | $ | 93,814 |  |  | $ | 36,639 |  |  | 39%
Other fees |  |  |  |  |  |  |  |  | 21,380 |  |  | 5,075 |  |  | 16,305 |  |  | NM
Compensation and benefits |  |  |  |  |  |  |  |  | (56,702) |  |  | (37,918) |  |  | (18,784) |  |  | (50)
General, administrative and other expenses |  |  |  |  |  |  |  |  | (20,852) |  |  | (14,453) |  |  | (6,399) |  |  | (44)
Fee Related Earnings |  |  |  |  |  |  |  |  | $ | 74,279 |  |  | $ | 46,518 |  |  | 27,761 |  |  | 60

Management Fees. The chart below presents Real Assets Group management fees and effective management fee rates ($ in millions):
The following table presents the components of and causes for changes in the Real Assets Group’s management fees for the three months ended March 31, 2025 compared to the prior year period ($ in millions):

|  |  | Year-over-year Change
Fees from the GCP Acquisition effective March 1, 2025, including catch-up fees of $3.7 million from U.S. Logistics Partners V, L.P. |  |  | $ | 24.3 |
Fees from the WSM Acquisition effective December 1, 2024 |  |  | 5.1 |
Capital commitments: |  |  |
Fees from Ares U.S. Real Estate Opportunity Fund IV, L.P. (“AREOF IV”) and our second climate infrastructure fund |  |  | 2.7 |
Fees from our fourth European value-add real estate equity fund and 11th U.S. real estate equity fund, which launched subsequent to the first quarter of 2024 |  |  | 2.6 |
Fees from our diversified non-traded REIT, driven by additional capital raised |  |  | 1.4 |
Cumulative effect of other changes |  |  | 0.5 |
Total |  |  | $ | 36.6 |

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The decrease in effective management fee rate for the three months ended March 31, 2025 compared to the same period in 2024 was primarily driven by lower effective management fee rates from funds that we manage as a result of the GCP Acquisition. Certain of these funds pay management fees based on net operating income and we present the associated effective management fee rates as a percentage of fund assets, which could result in greater variability in the Real Assets Group’s effective management fee rate. In addition, due to the vertically integrated capabilities of the acquired platform, we expect the size and composition of other fees earned from these funds will increase relative to management fees.
Other Fees. The increase in other fees for the three months ended March 31, 2025 compared to the same period in 2024 was driven by incremental fees following the completion of the GCP Acquisition. The GCP Acquisition enhances our vertically integrated capabilities, which enables us to generate additional property-related fees. In March 2025, we earned $13.6 million of property-related fees from funds that we now manage following the GCP Acquisition. Excluding the impact of the GCP Acquisition, other fees increased by $1.9 million, or 37%, primarily due to higher development fees from increased activity within certain U.S. real estate equity funds.
Compensation and Benefits. The three months ended March 31, 2025 included one month of activity following the completion of the GCP Acquisition. Headcount growth attributable to the GCP Acquisition contributed $13.5 million in employment related costs to the three months ended March 31, 2025. The impact from the GCP Acquisition has been excluded from the discussion below.
The increase in compensation and benefits for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was also driven by (i) an increase in payroll-related taxes of $3.0 million, primarily due to the higher stock price associated with equity awards that vested during the current quarter; and (ii) an increase in salary expenses of $2.0 million, primarily attributable to headcount growth to support the expansion of our business.
Average headcount increased by 71% to 645 investment and investment support professionals for the year-to-date period in 2025 from 378 professionals for the same period in 2024. The acquisition of GCP International added 683 professionals to our period end headcount as of March 31, 2025, which represents an average of 227 professionals for the year-to-date period.
General, Administrative and Other Expenses. The GCP Acquisition has contributed $3.5 million in general, administrative and other expenses to the three months ended March 31, 2025. These expenses were driven by travel and marketing expenses and occupancy costs. These expenses collectively contributed $1.9 million to the three months ended March 31, 2025. The impact from the GCP Acquisition has been excluded from the discussion below.
The increase in general, administrative and other expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was also driven by marketing and fundraising activities, including supplemental distribution fees charged in connection with an amended servicing arrangement that became effective subsequent to the first quarter of 2024. Supplemental distribution fees increased by $1.3 million for the three months ended March 31, 2025 compared to the same period in 2024. Marketing expenses for the comparative period also increased by $1.3 million driven by investor events held during the current quarter and non-reimbursable fund formation costs for certain real estate debt funds.
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Realized Income
The following table presents the components of the Real Assets Group’s RI ($ in thousands):

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Fee Related Earnings |  |  |  |  |  |  |  |  | $ | 74,279 |  |  | $ | 46,518 |  |  | $ | 27,761 |  |  | 60%
Performance income—realized |  |  |  |  |  |  |  |  | 65,305 |  |  | 3,677 |  |  | 61,628 |  |  | NM
Performance related compensation—realized |  |  |  |  |  |  |  |  | (46,807) |  |  | (2,228) |  |  | (44,579) |  |  | NM
Realized net performance income |  |  |  |  |  |  |  |  | 18,498 |  |  | 1,449 |  |  | 17,049 |  |  | NM
Investment income—realized |  |  |  |  |  |  |  |  | 7,919 |  |  | 2,678 |  |  | 5,241 |  |  | 196
Interest income |  |  |  |  |  |  |  |  | 2,618 |  |  | 700 |  |  | 1,918 |  |  | 274
Interest expense |  |  |  |  |  |  |  |  | (15,717) |  |  | (7,406) |  |  | (8,311) |  |  | (112)
Realized net investment loss |  |  |  |  |  |  |  |  | (5,180) |  |  | (4,028) |  |  | (1,152) |  |  | (29)
Realized Income |  |  |  |  |  |  |  |  | $ | 87,597 |  |  | $ | 43,939 |  |  | 43,658 |  |  | 99

The Real Assets Group’s realized activities were principally composed of and caused by the following:

Three months ended March 31, 2025 |  | Three months ended March 31, 2024
Realized net performance income |  |
Carried interest from: •Tax distributions of $12.6 million from EIF V •Distributions of $2.8 million from U.S. Real Estate Fund VIII, L.P. (“US VIII”) and a U.S. real estate equity fund, which are both European-style waterfall funds that are past their investment periods and monetizing investments •Realized gains of $2.1 million from the sale of an ACIP I co-investment vehicle’s investment in a renewable energy company |  | Incentive fees from: •Incentive fees of $1.4 million generated from a U.S. open-ended industrial real estate fund that varies based upon a three-year measurement period calculated for each fund investor
Realized investment income and interest income |  |
•Distributions of investment income of $5.6 million, primarily from our real estate debt funds •Interest income earned on treasury-backed securities of $2.1 million |  | •Distributions of investment income of $3.1 million, primarily from a European real estate debt fund

Interest expense increased over the comparative period primarily due to financing costs incurred in connection with the GCP Acquisition. Interest expense is allocated among our segments primarily based on the cost basis of our balance sheet investments and the cost of acquisitions. The financing costs to complete the GCP Acquisition resulted in a greater allocation of interest expense to the Real Assets Group in the current quarter. We expect that interest expense allocated to the Real Assets Group will remain elevated in the current year periods as the expense attributable to the GCP Acquisition will remain fully allocated to the Real Assets Group.
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Real Assets Group—Performance Income
The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Real Assets Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions):

| As of March 31, 2025 |  | As of December 31, 2024
| Accrued Performance Income |  | Accrued Performance Compensation |  | Accrued Net Performance Income |  | Accrued Performance Income |  | Accrued Performance Compensation |  | Accrued Net Performance Income
US IX | 101.9 |  |  | 63.2 |  |  | 38.7 |  |  | 99.8 |  |  | 61.9 |  |  | 37.9 |
EIF V | 73.1 |  |  | 54.6 |  |  | 18.5 |  |  | 121.3 |  |  | 90.7 |  |  | 30.6 |
IDF V | 129.4 |  |  | 79.1 |  |  | 50.3 |  |  | 113.7 |  |  | 69.3 |  |  | 44.4 |
ACIP I | 91.1 |  |  | 62.7 |  |  | 28.4 |  |  | 97.7 |  |  | 66.8 |  |  | 30.9 |
Other real assets funds | 135.5 |  |  | 85.4 |  |  | 50.1 |  |  | 135.8 |  |  | 85.7 |  |  | 50.1 |
Total Real Assets Group | $ | 531.0 |  |  | $ | 345.0 |  |  | $ | 186.0 |  |  | $ | 568.3 |  |  | $ | 374.4 |  |  | $ | 193.9 |

The following table presents the change in accrued performance income for the Real Assets Group ($ in millions):

|  |  |  | As of December 31, 2024 |  | Activity during the period |  | As of March 31, 2025 |
|  | Waterfall Type |  | Accrued Performance Income |  | Change in Unrealized |  | Realized |  | Other Adjustments |  | Accrued Performance Income |
Accrued Carried Interest |  |  |  |  |  |  |  |  |  |  |  |  |
US IX |  | European |  | 99.8 |  |  | 2.1 |  |  | — |  |  | — |  |  | 101.9 |  |
EIF V |  | European |  | 121.3 |  |  | 1.6 |  |  | (49.8) |  |  | — |  |  | 73.1 |  |
IDF V |  | European |  | 113.7 |  |  | 10.3 |  |  | — |  |  | 5.4 |  |  | 129.4 |  |
ACIP I |  | European |  | 97.7 |  |  | (1.3) |  |  | (5.3) |  |  | — |  |  | 91.1 |  |
Other real assets funds |  | European |  | 97.2 |  |  | 5.8 |  |  | (9.8) |  |  | 0.2 |  |  | 93.4 |  |
Other real assets funds |  | American |  | 38.6 |  |  | 3.5 |  |  | — |  |  | — |  |  | 42.1 |  |
Total accrued carried interest |  |  |  | 568.3 |  |  | 22.0 |  |  | (64.9) |  |  | 5.6 |  |  | 531.0 |  |
Other real assets funds |  | Incentive |  | — |  |  | 0.4 |  |  | (0.4) |  |  | — |  |  | — |  |
Total Real Assets Group |  |  |  | $ | 568.3 |  |  | $ | 22.4 |  |  | $ | (65.3) |  |  | $ | 5.6 |  |  | $ | 531.0 |  |

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Real Assets Group—Assets Under Management
The tables below present rollforwards of AUM for the Real Assets Group ($ in millions):

|  |  |  |  |  |  |  |  | Real Estate(1) |  |  |  |  |  |  |  | Infrastructure(2) |  | Total Real Assets Group
Balance at 12/31/2024 |  |  |  |  |  |  |  |  | $ | 58,246 |  |  |  |  |  |  |  |  | $ | 17,052 |  |  | $ | 75,298 |
Acquisitions |  |  |  |  |  |  |  |  | 43,273 |  |  |  |  |  |  |  |  | 2,008 |  |  | 45,281 |
Net new par/equity commitments |  |  |  |  |  |  |  |  | 1,403 |  |  |  |  |  |  |  |  | 1,058 |  |  | 2,461 |
Net new debt commitments |  |  |  |  |  |  |  |  | 2,447 |  |  |  |  |  |  |  |  | 167 |  |  | 2,614 |
Capital reductions |  |  |  |  |  |  |  |  | (768) |  |  |  |  |  |  |  |  | — |  |  | (768) |
Distributions |  |  |  |  |  |  |  |  | (791) |  |  |  |  |  |  |  |  | (667) |  |  | (1,458) |
Redemptions |  |  |  |  |  |  |  |  | (159) |  |  |  |  |  |  |  |  | — |  |  | (159) |
Net allocations among investment strategies |  |  |  |  |  |  |  |  | (27) |  |  |  |  |  |  |  |  | 27 |  |  | — |
Change in fund value |  |  |  |  |  |  |  |  | 816 |  |  |  |  |  |  |  |  | 102 |  |  | 918 |
Balance at 3/31/2025 |  |  |  |  |  |  |  |  | $ | 104,440 |  |  |  |  |  |  |  |  | $ | 19,747 |  |  | $ | 124,187 |
|  |  |  |  |  |  |  |  | Real Estate(1) |  |  |  |  |  |  |  | Infrastructure(2) |  | Total Real Assets Group
Balance at 12/31/2023 |  |  |  |  |  |  |  |  | $ | 49,715 |  |  |  |  |  |  |  |  | $ | 15,698 |  |  | $ | 65,413 |
Net new par/equity commitments |  |  |  |  |  |  |  |  | 309 |  |  |  |  |  |  |  |  | 99 |  |  | 408 |
Capital reductions |  |  |  |  |  |  |  |  | (128) |  |  |  |  |  |  |  |  | — |  |  | (128) |
Distributions |  |  |  |  |  |  |  |  | (273) |  |  |  |  |  |  |  |  | (573) |  |  | (846) |
Redemptions |  |  |  |  |  |  |  |  | (434) |  |  |  |  |  |  |  |  | — |  |  | (434) |
Change in fund value |  |  |  |  |  |  |  |  | (436) |  |  |  |  |  |  |  |  | 127 |  |  | (309) |
Balance at 3/31/2024 |  |  |  |  |  |  |  |  | $ | 48,753 |  |  |  |  |  |  |  |  | $ | 15,351 |  |  | $ | 64,104 |

(1)In the first quarter of 2025, we combined the presentation of real estate strategies within Real Assets. Real estate includes Americas real estate equity, European real estate equity, APAC real estate equity and real estate debt.
(2)In first quarter of 2025, we combined the presentation of infrastructure strategies within Real Assets. Infrastructure includes digital infrastructure, infrastructure opportunities and infrastructure debt.
The components of our AUM for the Real Assets Group are presented below ($ in billions):

| AUM: $124.2 |  | AUM: $64.1 |

| FPAUM |  | Non-fee paying(1) |  | AUM not yet paying fees

(1) Includes $1.5 billion and $0.6 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2025 and 2024, respectively.
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Real Assets Group—Fee Paying AUM
The tables below present rollforwards of fee paying AUM for the Real Assets Group ($ in millions):

|  |  |  |  |  |  |  |  |  | Real Estate(1) |  |  |  |  |  |  |  | Infrastructure(2) |  | Total Real Assets Group
Balance at 12/31/2024 |  |  |  |  |  |  |  |  | $ | 32,896 |  |  |  |  |  |  |  |  | $ | 11,192 |  |  | $ | 44,088 |
Acquisitions |  |  |  |  |  |  |  |  | 30,178 |  |  |  |  |  |  |  |  | 289 |  |  | 30,467 |
Commitments |  |  |  |  |  |  |  |  | 890 |  |  |  |  |  |  |  |  | 178 |  |  | 1,068 |
Deployment/subscriptions/increase in leverage |  |  |  |  |  |  |  |  | 717 |  |  |  |  |  |  |  |  | 792 |  |  | 1,509 |
Capital reductions |  |  |  |  |  |  |  |  | (42) |  |  |  |  |  |  |  |  | — |  |  | (42) |
Distributions |  |  |  |  |  |  |  |  | (551) |  |  |  |  |  |  |  |  | (852) |  |  | (1,403) |
Redemptions |  |  |  |  |  |  |  |  | (159) |  |  |  |  |  |  |  |  | — |  |  | (159) |
Net allocations among investment strategies |  |  |  |  |  |  |  |  | (27) |  |  |  |  |  |  |  |  | 27 |  |  | — |
Change in fund value |  |  |  |  |  |  |  |  | 596 |  |  |  |  |  |  |  |  | (316) |  |  | 280 |
Change in fee basis |  |  |  |  |  |  |  |  | 258 |  |  |  |  |  |  |  |  | 359 |  |  | 617 |
Balance at 3/31/2025 |  |  |  |  |  |  |  |  | $ | 64,756 |  |  |  |  |  |  |  |  | $ | 11,669 |  |  | $ | 76,425 |
|  |  |  |  |  |  |  |  |  | Real Estate(1) |  |  |  |  |  |  |  | Infrastructure(2) |  | Total Real Assets Group
Balance at 12/31/2023 |  |  |  |  |  |  |  |  | $ | 30,310 |  |  |  |  |  |  |  |  | $ | 11,028 |  |  | $ | 41,338 |
Commitments |  |  |  |  |  |  |  |  | 296 |  |  |  |  |  |  |  |  | — |  |  | 296 |
Deployment/subscriptions/increase in leverage |  |  |  |  |  |  |  |  | 467 |  |  |  |  |  |  |  |  | 395 |  |  | 862 |
Capital reductions |  |  |  |  |  |  |  |  | (12) |  |  |  |  |  |  |  |  | — |  |  | (12) |
Distributions |  |  |  |  |  |  |  |  | (229) |  |  |  |  |  |  |  |  | (77) |  |  | (306) |
Redemptions |  |  |  |  |  |  |  |  | (434) |  |  |  |  |  |  |  |  | — |  |  | (434) |
Change in fund value |  |  |  |  |  |  |  |  | (402) |  |  |  |  |  |  |  |  | (2) |  |  | (404) |
Change in fee basis |  |  |  |  |  |  |  |  | (504) |  |  |  |  |  |  |  |  | — |  |  | (504) |
Balance at 3/31/2024 |  |  |  |  |  |  |  |  | $ | 29,492 |  |  |  |  |  |  |  |  | $ | 11,344 |  |  | $ | 40,836 |

(1)In the first quarter of 2025, we combined the presentation of real estate strategies within Real Assets. Real estate includes Americas real estate equity, European real estate equity, APAC real estate equity and real estate debt.
(2)In first quarter of 2025, we combined the presentation of infrastructure strategies within Real Assets. Infrastructure includes digital infrastructure, infrastructure opportunities and infrastructure debt.
The charts below present FPAUM for the Real Assets Group by its fee bases ($ in billions):

| FPAUM: $76.4 |  | FPAUM: $40.8 |

| Invested capital/other(1) |  | GAV |  | Market value(2) |  | Capital commitments

(1)Other consists of ACRE’s FPAUM, which is based on ACRE’s stockholders’ equity.
(2)Amounts represent FPAUM from funds that primarily invest in illiquid strategies. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies.
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Real Assets Group—Fund Performance Metrics as of March 31, 2025
The significant funds presented in the tables below collectively contributed approximately 37% of the Real Assets Group’s management fees for the three months ended March 31, 2025.
The following table presents the performance data for our significant funds that are not drawdown funds in the Real Assets Group as of March 31, 2025 ($ in millions):

|  |  |  |  |  | Returns(%) |  |
|  | Year of Inception |  | AUM |  | Current Quarter |  |  |  | Since Inception(1) |  | Primary Investment Strategy
Fund |  |  |  | Gross |  | Net |  |  |  |  |  | Gross |  | Net |
Diversified non-traded REIT(2) |  | 2012 |  | $ | 5,949 |  |  | N/A |  | 2.4 |  |  |  |  |  |  | N/A |  | 6.2 |  |  | Real Estate
J-REIT(3) |  | 2012 |  | 7,900 |  |  | N/A |  | N/A |  |  |  |  |  | N/A |  | 13.6 |  |  | Real Estate
Industrial non-traded REIT(4) |  | 2017 |  | 7,458 |  |  | N/A |  | 2.4 |  |  |  |  |  |  | N/A |  | 8.6 |  |  | Real Estate
U.S. open-ended industrial real estate fund(5) |  | 2017 |  | 5,226 |  |  | 1.7 |  |  | 1.4 |  |  |  |  |  |  | 17.2 |  |  | 14.0 |  |  | Real Estate
Japanese open-ended industrial real estate fund |  | 2020 |  | 3,748 |  |  | 2.4 |  |  | 2.2 |  |  |  |  |  |  | 14.0 |  |  | 12.1 |  |  | Real Estate

(1)Since inception returns are annualized.
(2)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. The inception date used in the calculation of the since inception return is the date in which the first shares of common stock were sold after converting to a NAV-based REIT.
(3)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at NAV on the semi-annual period-end date. NAVs are calculated semi-annually in February and August, and therefore, only the since inception return is presented. The inception date used in the calculation of the since inception return is the date in which the fund's investment units began to be listed on the Tokyo Stock Exchange. The since inception return is calculated based on the most recent NAV date. Additional information related to J-REIT can be found in its materials posted to its website, which are not part of this report.
(4)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution.
(5)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Gross returns do not reflect the deduction of management fees, incentive fees, as applicable, or other expenses. Net returns are calculated by subtracting the applicable management fees, incentive fees, as applicable and other expenses from the gross returns on a quarterly basis.
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The following table presents the performance data of the Real Assets Group’s significant drawdown funds as of March 31, 2025 ($ in millions):

|  | Year of Inception |  | AUM |  | Original Capital Commitments |  | Capital Invested to Date |  | Realized Value(1) |  | Unrealized Value(2) |  | Total Value |  | MoIC |  | IRR(%) |  | Primary Investment Strategy
Fund |  |  |  |  |  |  |  |  | Gross(3) |  | Net(4) |  | Gross(5) |  | Net(6) |
Fund Harvesting Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EIP II(7) |  | 2020 |  | $ | 3,695 |  |  | $ | 1,839 |  |  | $ | 1,645 |  |  | $ | 184 |  |  | $ | 1,623 |  |  | $ | 1,807 |  |  | 1.2x |  | 1.1x |  | 3.0 |  |  | 2.6 |  |  | Real Estate
Fund Deploying Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IDF V(8) |  | 2020 |  | 4,993 |  |  | 4,585 |  |  | 3,859 |  |  | 922 |  |  | 3,668 |  |  | 4,590 |  |  | 1.3x |  | 1.2x |  | 12.9 |  |  | 10.1 |  |  | Infrastructure

(1)Realized proceeds include distributions of operating income, sales and financing proceeds received to the limited partners.
(2)Unrealized value represents the fund's NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated.
(3)The gross MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(4)The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and, if applicable, excludes interests attributable to the non fee-paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees, carried interest, as applicable, credit facility interest expense, as applicable, and other expenses. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(5)The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(6)The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(7)EIP II is a Euro-denominated fund. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund's closing. All other values for EIP II are converted to U.S. Dollars at the prevailing quarter-end exchange rate.
(8)IDF V is made up of U.S. Dollar hedged, Euro unhedged, GBP hedged, Yen hedged, and single investor parallel funds. The gross and net IRR and MoIC presented in the table are for the U.S. Dollar hedged parallel fund. The gross and net IRR for the single investor U.S. Dollar parallel fund are 10.8% and 8.4%, respectively. The gross and net MoIC for the single investor U.S. Dollar parallel fund are 1.2x and 1.2x, respectively. The gross and net IRR for the Euro unhedged parallel fund are 12.7% and 9.8%, respectively. The gross and net MoIC for the Euro unhedged parallel fund are 1.3x and 1.2x, respectively. The gross and net IRR for the GBP hedged parallel fund are 12.4% and 9.4%, respectively. The gross and net MoIC for the GBP hedged parallel fund are 1.2x and 1.2x, respectively. The gross and net IRR for the Yen hedged parallel fund are 8.7% and 6.1%, respectively. The gross and net MoIC for the Yen hedged parallel fund are 1.1x and 1.1x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund's closing. All other values for IDF V are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate.
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Private Equity Group—Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
Fee Related Earnings
The following table presents the components of the Private Equity Group’s FRE ($ in thousands):

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Management fees |  |  |  |  |  |  |  |  | $ | 31,998 |  |  | $ | 34,933 |  |  | $ | (2,935) |  |  | (8)%
Other fees |  |  |  |  |  |  |  |  | 397 |  |  | 439 |  |  | (42) |  |  | (10)
Compensation and benefits |  |  |  |  |  |  |  |  | (13,831) |  |  | (14,785) |  |  | 954 |  |  | 6
General, administrative and other expenses |  |  |  |  |  |  |  |  | (4,257) |  |  | (5,216) |  |  | 959 |  |  | 18
Fee Related Earnings |  |  |  |  |  |  |  |  | $ | 14,307 |  |  | $ | 15,371 |  |  | (1,064) |  |  | (7)

Management Fees. The chart below presents Private Equity Group management fees and effective management fee rates ($ in millions):
The following table presents the components of and causes for changes in the Private Equity Group’s management fees for the three months ended March 31, 2025 compared to the prior year period ($ in millions):

|  |  | Year-over-year Change
Corporate private equity extended value fund that stopped paying fees at the end of the fourth quarter of 2024 |  |  | (1.7) |
Cumulative effect of other changes |  |  | (1.2) |
Total |  |  | $ | (2.9) |

The increase in effective management fee rate for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily driven by a corporate private equity extended fund that stopped paying fees at the end of the fourth quarter of 2024 and had a lower effective management fee rate than the average effective management fee rate of funds within the Private Equity Group.
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Compensation and Benefits. The change in compensation and benefits largely reflects the decrease in salary expense and incentive-based compensation, partially offset by an increase in payroll-related taxes of $0.6 million, primarily due to the higher stock price associated with equity awards that vested during the first quarter of 2025. Average headcount decreased by 2% to 104 investment and investment support professionals for the year-to-date period in 2025 from 106 professionals in 2024.
General, Administrative and Other Expenses. The decrease in general, administrative and other expenses for the three months ended March 31, 2025 compared to the same period in 2024 was primarily attributable to lower professional service fees incurred during the current quarter.
Realized Income
The following table presents the components of the Private Equity Group’s RI ($ in thousands):

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Fee Related Earnings |  |  |  |  |  |  |  |  | $ | 14,307 |  |  | $ | 15,371 |  |  | $ | (1,064) |  |  | (7)%
Performance income—realized |  |  |  |  |  |  |  |  | 6,031 |  |  | 2,738 |  |  | 3,293 |  |  | 120
Performance related compensation—realized |  |  |  |  |  |  |  |  | (3,351) |  |  | (2,194) |  |  | (1,157) |  |  | (53)
Realized net performance income |  |  |  |  |  |  |  |  | 2,680 |  |  | 544 |  |  | 2,136 |  |  | NM
Investment income (loss)—realized |  |  |  |  |  |  |  |  | (4,602) |  |  | 298 |  |  | (4,900) |  |  | NM
Interest income |  |  |  |  |  |  |  |  | 2,022 |  |  | 6 |  |  | 2,016 |  |  | NM
Interest expense |  |  |  |  |  |  |  |  | (4,180) |  |  | (4,662) |  |  | 482 |  |  | 10
Realized net investment loss |  |  |  |  |  |  |  |  | (6,760) |  |  | (4,358) |  |  | (2,402) |  |  | (55)
Realized Income |  |  |  |  |  |  |  |  | $ | 10,227 |  |  | $ | 11,557 |  |  | (1,330) |  |  | (12)

The Private Equity Group’s realized activities were principally composed of and caused by the following:

Three months ended March 31, 2025 |  | Three months ended March 31, 2024
Realized net performance income |  |
Carried interest from: •Realized gains from Ares Corporate Opportunities Fund IV, L.P. (“ACOF IV”)’s investment in an energy company |  | Carried interest from: •Realized gains from ACOF IV’s investment in an energy company
Realized investment income (loss) and interest income |  |
•Realized investment loss from Ares Corporate Opportunities Fund III, L.P. as the fund continues to liquidate its remaining assets •Interest income earned on treasury-backed securities |  | •Nothing noteworthy

The change in allocated interest expense for the Private Equity Group over the comparative period is consistent with the change in interest expense as presented within our consolidated results of operations. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Consolidated Results of Operations of the Company” for further discussion of the changes in consolidated interest expense.
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Private Equity Group—Performance Income
The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Private Equity Group ($ in millions):

| As of March 31, 2025 |  | As of December 31, 2024
| Accrued Performance Income |  | Accrued Performance Compensation |  | Accrued Net Performance Income |  | Accrued Performance Income |  | Accrued Performance Compensation |  | Accrued Net Performance Income
ACOF IV | $ | 167.4 |  |  | $ | 134.1 |  |  | $ | 33.3 |  |  | $ | 166.8 |  |  | $ | 133.6 |  |  | $ | 33.2 |
ACOF VI | 565.8 |  |  | 479.5 |  |  | 86.3 |  |  | 523.1 |  |  | 442.8 |  |  | 80.3 |
Other funds | 8.6 |  |  | 7.5 |  |  | 1.1 |  |  | 20.9 |  |  | 14.8 |  |  | 6.1 |
Total Private Equity Group | $ | 741.8 |  |  | $ | 621.1 |  |  | $ | 120.7 |  |  | $ | 710.8 |  |  | $ | 591.2 |  |  | $ | 119.6 |

The following table presents the change in accrued carried interest for the Private Equity Group ($ in millions):

|  |  |  | As of December 31, 2024 |  | Activity during the period |  |  |  | As of March 31, 2025
|  | Waterfall Type |  | Accrued Carried Interest |  | Change in Unrealized |  | Realized |  |  |  | Accrued Carried Interest |
ACOF IV |  | American |  | $ | 166.8 |  |  | $ | 6.6 |  |  | $ | (6.0) |  |  |  |  | $ | 167.4 |  |
ACOF VI |  | American |  | 523.1 |  |  | 42.7 |  |  | — |  |  |  |  | 565.8 |  |
Other funds |  | European |  | 13.1 |  |  | (12.5) |  |  | — |  |  |  |  | 0.6 |  |
Other funds |  | American |  | 7.8 |  |  | 0.2 |  |  | — |  |  |  |  | 8.0 |  |
Total Private Equity Group |  |  |  | $ | 710.8 |  |  | $ | 37.0 |  |  | $ | (6.0) |  |  |  |  | $ | 741.8 |  |

Private Equity Group—Assets Under Management
The tables below present rollforwards of AUM for the Private Equity Group ($ in millions):

|  | Corporate Private Equity |  | APAC Private Equity |  | Other(1) |  | Total Private Equity Group
Balance at 12/31/2024 | $ | 21,064 |  |  | $ | 2,977 |  |  | $ | — |  |  | $ | 24,041 |
Net new par/equity commitments | 959 |  |  | 16 |  |  | — |  |  | 975 |
Capital reductions | (36) |  |  | — |  |  | — |  |  | (36) |
Distributions | (149) |  |  | — |  |  | — |  |  | (149) |
Change in fund value | 64 |  |  | (168) |  |  | — |  |  | (104) |
Balance at 3/31/2025 | $ | 21,902 |  |  | $ | 2,825 |  |  | $ | — |  |  | $ | 24,727 |
|  | Corporate Private Equity |  | APAC Private Equity |  | Other(1) |  | Total Private Equity Group
Balance at 12/31/2023 | $ | 20,998 |  |  | $ | 3,414 |  |  | $ | 139 |  |  | $ | 24,551 |
Net new par/equity commitments | 254 |  |  | 3 |  |  | 58 |  |  | 315 |
Capital reductions | (2) |  |  | — |  |  | — |  |  | (2) |
Distributions | (25) |  |  | (11) |  |  | — |  |  | (36) |
Redemptions | — |  |  | (2) |  |  | — |  |  | (2) |
Net allocations among investment strategies | 150 |  |  | — |  |  | (197) |  |  | (47) |
Change in fund value | (145) |  |  | (158) |  |  | — |  |  | (303) |
Balance at 3/31/2024 | $ | 21,230 |  |  | $ | 3,246 |  |  | $ | — |  |  | $ | 24,476 |
(1) Activity within Other represents equity commitments to the platform that either have not yet been allocated to an investment strategy or have been allocated in a subsequent period as commitments to an investment strategy.

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The components of our AUM for the Private Equity Group are presented below ($ in billions):

|  | AUM: $24.7 |  | AUM: $24.5 |  |

| FPAUM |  | Non-fee paying(1) |  | AUM not yet paying fees

(1) Includes $1.2 billion and $1.3 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2025 and 2024, respectively.
Private Equity Group—Fee Paying AUM
The tables below present rollforwards of fee paying AUM for the Private Equity Group ($ in millions):

|  | Corporate Private Equity |  | APAC Private Equity |  |  |  | Total Private Equity Group
Balance at 12/31/2024 | $ | 9,860 |  |  | $ | 1,567 |  |  |  |  | $ | 11,427 |
Deployment/subscriptions/increase in leverage | 10 |  |  | 7 |  |  |  |  | 17 |
Change in fund value | (1) |  |  | — |  |  |  |  | (1) |
Change in fee basis | (44) |  |  | (47) |  |  |  |  | (91) |
Balance at 3/31/2025 | $ | 9,825 |  |  | $ | 1,527 |  |  |  |  | $ | 11,352 |
|  | Corporate Private Equity |  | APAC Private Equity |  |  |  | Total Private Equity Group
Balance at 12/31/2023 | $ | 11,459 |  |  | $ | 1,665 |  |  |  |  | $ | 13,124 |
Redemptions | — |  |  | (2) |  |  |  |  | (2) |
Change in fund value | (19) |  |  | — |  |  |  |  | (19) |
Change in fee basis | (536) |  |  | (2) |  |  |  |  | (538) |
Balance at 3/31/2024 | $ | 10,904 |  |  | $ | 1,661 |  |  |  |  | $ | 12,565 |

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The charts below present FPAUM for the Private Equity Group by its fee bases ($ in billions):

| FPAUM: $11.4 |  | FPAUM: $12.6 |

|  | Capital commitments |  |  | Invested capital |

Private Equity Group—Fund Performance Metrics as of March 31, 2025
The significant funds presented in the table below collectively contributed approximately 77% of the Private Equity Group’s management fees for the three months ended March 31, 2025.
The following table presents the performance data of the Private Equity Group’s significant drawdown funds as of March 31, 2025 ($ in millions):

|  | Year of Inception |  | AUM |  | Original Capital Commitments |  | Capital Invested to Date |  | Realized Value(1) |  | Unrealized Value(2) |  | Total Value |  | MoIC |  | IRR(%) |  | Primary Investment Strategy
Fund |  |  |  |  |  |  |  |  | Gross(3) |  | Net(4) |  | Gross(5) |  | Net(6) |
Fund Harvesting Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACOF V |  | 2017 |  | $ | 7,612 |  |  | $ | 7,850 |  |  | $ | 7,611 |  |  | $ | 3,509 |  |  | $ | 7,146 |  |  | $ | 10,655 |  |  | 1.4x |  | 1.3x |  | 7.4 |  | 5.5 |  | Corporate Private Equity
Fund Deploying Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACOF VI |  | 2020 |  | 8,375 |  |  | 5,743 |  |  | 5,260 |  |  | 1,898 |  |  | 7,079 |  |  | 8,977 |  |  | 1.6x |  | 1.5x |  | 22.4 |  | 16.6 |  | Corporate Private Equity

(1)Realized value represents the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments. Realized value excludes any proceeds related to bridge financings.
(2)Unrealized value represents the fair market value of remaining investments. Unrealized value does not take into account any bridge financings. There can be no assurance that unrealized investments will be realized at the valuations indicated.
(3)The gross MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross MoICs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(4)The net MoIC is calculated at the fund-level. The net MoIC is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or performance fees. The net MoIC is after giving effect to management fees, carried interest, as applicable, and other expenses. The net MoICs are also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net MoIC would be 1.3x for ACOF V and 1.4x for ACOF VI. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(5)The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRRs reflect returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross IRRs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(6)The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculation are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees, carried interest as applicable, and other expenses and exclude commitments by the general partner and Schedule I investors who do not pay either management fees or carried interest. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. The net IRRs are also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net IRRs would be 5.6% for ACOF V and 15.9% for ACOF VI.
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Secondaries Group—Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
Fee Related Earnings
The following table presents the components of the Secondaries Group’s FRE ($ in thousands):

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Management fees |  |  |  |  |  |  |  |  | $ | 57,650 |  |  | $ | 44,421 |  |  | $ | 13,229 |  |  | 30%
Fee related performance revenues |  |  |  |  |  |  |  |  | 9,656 |  |  | 2,962 |  |  | 6,694 |  |  | 226
Other fees |  |  |  |  |  |  |  |  | 122 |  |  | 4 |  |  | 118 |  |  | NM
Compensation and benefits |  |  |  |  |  |  |  |  | (18,371) |  |  | (12,714) |  |  | (5,657) |  |  | (44)
General, administrative and other expenses |  |  |  |  |  |  |  |  | (8,473) |  |  | (9,068) |  |  | 595 |  |  | 7
Fee Related Earnings |  |  |  |  |  |  |  |  | $ | 40,584 |  |  | $ | 25,605 |  |  | 14,979 |  |  | 59

Management Fees. The chart below presents Secondaries Group management fees and effective management fee rates ($ in millions):
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The following table presents the components of and causes for changes in the Secondaries Group’s management fees for the three months ended March 31, 2025 compared to the prior year period ($ in millions):

|  |  | Year-over-year Change
Fees from APMF, driven by additional capital raised |  |  | $ | 6.2 |
Catch-up fees generated from our third infrastructure secondaries fund |  |  | 3.5 |
Fees from our third infrastructure secondaries fund, which launched during the fourth quarter of 2023 (excluding catch-up fees) |  |  | 2.1 |
Cumulative effect of other changes |  |  | 1.4 |
Total |  |  | $ | 13.2 |

The increase in effective management fee rate for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to additional capital raised by APMF that has a fee rate of 1.40%.
Fee Related Performance Revenues. The increase in fee related performance revenues for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was attributable to higher incentive fees earned from APMF as a result of increased transactions.
Compensation and Benefits. The increase in compensation and benefits for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was driven by higher fee related performance compensation of $4.0 million, corresponding to the increase in fee related performance revenues. For the three months ended March 31, 2025 and 2024, we reduced fee related performance compensation by $2.7 million and $1.7 million, respectively, to reclaim a portion of the supplemental distribution fees paid to distribution partners.
Average headcount increased slightly to 112 investment and investment support professionals for the year-to-date period in 2025 from 111 professionals in 2024.
General, Administrative and Other Expenses. The decrease in general, administrative and other expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was driven by the decrease in travel related expenses of $0.5 million.
Realized Income
The following table presents the components of the Secondaries Group’s RI ($ in thousands):

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Fee Related Earnings |  |  |  |  |  |  |  |  | $ | 40,584 |  |  | $ | 25,605 |  |  | $ | 14,979 |  |  | 59%
Investment income—realized |  |  |  |  |  |  |  |  | 138 |  |  | 187 |  |  | (49) |  |  | (26)
Interest income |  |  |  |  |  |  |  |  | 957 |  |  | 23 |  |  | 934 |  |  | NM
Interest expense |  |  |  |  |  |  |  |  | (2,008) |  |  | (8,229) |  |  | 6,221 |  |  | 76
Realized net investment loss |  |  |  |  |  |  |  |  | (913) |  |  | (8,019) |  |  | 7,106 |  |  | 89
Realized Income |  |  |  |  |  |  |  |  | $ | 39,671 |  |  | $ | 17,586 |  |  | 22,085 |  |  | 126

Realized net investment loss for the three months ended March 31, 2025 and 2024 largely represents interest expense exceeding investment income during these periods.
Interest expense is allocated among our segments primarily based on the cost basis of our balance sheet investments and the cost of acquisitions. While interest expense in prior periods associated with the acquisition of Landmark Partners, LLC was largely allocated to the Secondaries Group, recent acquisitions warrant larger allocations in the current year.
Interest income for the three months ended March 31, 2025 primarily reflects income earned on treasury-backed securities.
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Secondaries Group—Performance Income
The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Secondaries Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions):

| As of March 31, 2025 |  | As of December 31, 2024 |  |
| Accrued Performance Income |  | Accrued Performance Compensation |  | Accrued Net Performance Income |  | Accrued Performance Income |  | Accrued Performance Compensation |  | Accrued Net Performance Income |  |  |  |  |  |
LEP XVI | $ | 98.6 |  |  | $ | 84.4 |  |  | $ | 14.2 |  |  | $ | 107.9 |  |  | $ | 92.3 |  |  | $ | 15.6 |  |  |  |  |  |  |
LREF VIII | 70.4 |  |  | 59.6 |  |  | 10.8 |  |  | 81.3 |  |  | 68.9 |  |  | 12.4 |  |  |  |  |  |  |
Other secondaries funds | 88.5 |  |  | 70.6 |  |  | 17.9 |  |  | 74.6 |  |  | 59.8 |  |  | 14.8 |  |  |  |  |  |  |
Total Secondaries Group | $ | 257.5 |  |  | $ | 214.6 |  |  | $ | 42.9 |  |  | $ | 263.8 |  |  | $ | 221.0 |  |  | $ | 42.8 |  |  |  |  |  |  |

The following table presents the change in accrued performance income for the Secondaries Group ($ in millions):

|  |  |  | As of December 31, 2024 |  | Activity during the period |  | As of March 31, 2025
|  | Waterfall Type |  | Accrued Carried Interest |  | Change in Unrealized |  |  |  |  |  | Accrued Carried Interest
Accrued Carried Interest |  |  |  |  |  |  |  |  |  |  |  |
LEP XVI |  | European |  | $ | 107.9 |  |  | $ | (9.3) |  |  |  |  |  |  | $ | 98.6 |
LREF VIII |  | European |  | 81.3 |  |  | (10.9) |  |  |  |  |  |  | 70.4 |
Other secondaries funds |  | European |  | 74.6 |  |  | 13.9 |  |  |  |  |  |  | 88.5 |
Total Secondaries Group |  |  |  | $ | 263.8 |  |  | $ | (6.3) |  |  |  |  |  |  | $ | 257.5 |

Secondaries Group—Assets Under Management
The table below presents the rollforwards of AUM for the Secondaries Group ($ in millions):

| Private Equity Secondaries |  | Real Estate Secondaries |  | Infrastructure Secondaries |  | Credit Secondaries |  |  |  | Total Secondaries Group
Balance at 12/31/2024 | $ | 15,805 |  |  | $ | 7,779 |  |  | $ | 3,691 |  |  | $ | 1,878 |  |  |  |  | $ | 29,153 |
Net new par/equity commitments | 1,249 |  |  | 228 |  |  | 337 |  |  | 475 |  |  |  |  | 2,289 |
Capital reductions | — |  |  | (58) |  |  | — |  |  | — |  |  |  |  | (58) |
Distributions | (178) |  |  | (39) |  |  | (18) |  |  | (4) |  |  |  |  | (239) |
Redemptions | (23) |  |  | — |  |  | — |  |  | — |  |  |  |  | (23) |
Change in fund value | 126 |  |  | 35 |  |  | 20 |  |  | 9 |  |  |  |  | 190 |
Balance at 3/31/2025 | $ | 16,979 |  |  | $ | 7,945 |  |  | $ | 4,030 |  |  | $ | 2,358 |  |  |  |  | $ | 31,312 |
| Private Equity Secondaries |  | Real Estate Secondaries |  | Infrastructure Secondaries |  | Credit Secondaries |  |  |  | Total Secondaries Group
Balance at 12/31/2023 | $ | 13,174 |  |  | $ | 7,826 |  |  | $ | 2,380 |  |  | $ | 1,380 |  |  |  |  | $ | 24,760 |
Net new par/equity commitments | 536 |  |  | 150 |  |  | 215 |  |  | 68 |  |  |  |  | 969 |
Distributions | (140) |  |  | (23) |  |  | — |  |  | (1) |  |  |  |  | (164) |
Change in fund value | 10 |  |  | 22 |  |  | 29 |  |  | 15 |  |  |  |  | 76 |
Balance at 3/31/2024 | $ | 13,580 |  |  | $ | 7,975 |  |  | $ | 2,624 |  |  | $ | 1,462 |  |  |  |  | $ | 25,641 |

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The components of our AUM for the Secondaries Group are presented below ($ in billions):

| AUM: $31.3 |  | AUM: $25.6

| FPAUM |  | AUM not yet paying fees |  | Non-fee paying(1)

(1) Includes $0.5 billion of non-fee paying AUM from our general partner and employee commitments as of March 31, 2025 and 2024.
Secondaries Group—Fee Paying AUM
The table below presents the rollforwards of fee paying AUM for the Secondaries Group ($ in millions):

| Private Equity Secondaries |  | Real Estate Secondaries |  | Infrastructure Secondaries |  | Credit Secondaries |  |  |  | Total Secondaries Group
Balance at 12/31/2024 | $ | 12,788 |  |  | $ | 6,441 |  |  | $ | 2,582 |  |  | $ | 590 |  |  |  |  | $ | 22,401 |
Commitments | 549 |  |  | 170 |  |  | 334 |  |  | — |  |  |  |  | 1,053 |
Deployment/subscriptions/increase in leverage | 85 |  |  | 32 |  |  | 13 |  |  | 127 |  |  |  |  | 257 |
Distributions | (9) |  |  | (33) |  |  | (17) |  |  | — |  |  |  |  | (59) |
Redemptions | (23) |  |  | — |  |  | — |  |  | — |  |  |  |  | (23) |
Change in fund value | (21) |  |  | (80) |  |  | 15 |  |  | (73) |  |  |  |  | (159) |
Balance at 3/31/2025 | $ | 13,369 |  |  | $ | 6,530 |  |  | $ | 2,927 |  |  | $ | 644 |  |  |  |  | $ | 23,470 |
| Private Equity Secondaries |  | Real Estate Secondaries |  | Infrastructure Secondaries |  | Credit Secondaries |  |  |  | Total Secondaries Group
Balance at 12/31/2023 | $ | 11,204 |  |  | $ | 5,978 |  |  | $ | 1,763 |  |  | $ | 95 |  |  |  |  | $ | 19,040 |
Commitments | 536 |  |  | 150 |  |  | 214 |  |  | — |  |  |  |  | 900 |
Deployment/subscriptions/increase in leverage | — |  |  | 60 |  |  | 1 |  |  | — |  |  |  |  | 61 |
Distributions | (65) |  |  | (16) |  |  | — |  |  | (18) |  |  |  |  | (99) |
Change in fund value | (35) |  |  | 39 |  |  | (6) |  |  | — |  |  |  |  | (2) |
Change in fee basis | 1 |  |  | (8) |  |  | — |  |  | (2) |  |  |  |  | (9) |
Balance at 3/31/2024 | $ | 11,641 |  |  | $ | 6,203 |  |  | $ | 1,972 |  |  | $ | 75 |  |  |  |  | $ | 19,891 |

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The chart below presents FPAUM for the Secondaries Group by its fee bases ($ in billions):

FPAUM: $23.5 |  | FPAUM: $19.9

| Reported value(1) |  | Capital commitments |  | Invested capital/other

(1)Amounts represent FPAUM from funds that primarily invest in illiquid strategies. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies.
Secondaries Group—Fund Performance Metrics as of March 31, 2025
LEP XVI contributed approximately 20% of the Secondaries Group’s management fees for the three months ended March 31, 2025.
The following table presents the performance data of the Secondaries Group’s significant drawdown fund as of March 31, 2025 ($ in millions):

|  | Year of Inception |  | AUM |  | Original Capital Commitments |  | Capital Invested to Date |  | Realized Value(1) |  | Unrealized Value(2) |  | Total Value |  | MoIC |  | IRR(%) |  | Primary Investment Strategy
Fund |  |  |  |  |  |  |  |  | Gross(3) |  | Net(4) |  | Gross(5) |  | Net(6) |
Fund Harvesting Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LEP XVI(7) |  | 2016 |  | $ | 4,180 |  |  | $ | 4,896 |  |  | $ | 4,174 |  |  | $ | 2,079 |  |  | $ | 3,066 |  |  | $ | 5,145 |  |  | 1.4x |  | 1.2x |  | 16.2 | % |  | 9.8 | % |  | Private Equity Secondaries

For the funds in the Secondaries Group, returns are calculated from results of the underlying portfolio that are generally reported on a three month lag and may not include the impact of economic and market activities occurring in the current reporting period.
(1)Realized value represents the sum of all cash distributions to all limited partners and if applicable, exclude tax and incentive distributions made to the general partner.
(2)Unrealized value represents the limited partners’ share of fund’s NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated.
(3)The gross MoIC is calculated at the fund-level and is based on the interests of all partners. If applicable, limiting the gross MoIC to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documentation. The gross fund-level MoIC would have generally been lower had such fund called capital from its partners instead of utilizing the credit facility.
(4)The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees and other expenses, carried interest and credit facility interest expense, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documentation. The net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(5)The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to all partners. If applicable, limiting the gross IRR to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documents. The gross fund-level IRR would generally have been lower had such fund called capital from its partners instead of utilizing the credit facility.
(6)The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and other expenses, carried interest and credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documents. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(7)The results of the fund are presented on a combined basis with the affiliated parallel funds or accounts, given that the investments are substantially the same.
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Operations Management Group—Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
Fee Related Earnings
The following table presents the components of the Operations Management Group’s FRE ($ in thousands):

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Other fees |  |  |  |  |  |  |  |  | $ | 5,537 |  |  | $ | 4,333 |  |  | $ | 1,204 |  |  | 28%
Compensation and benefits |  |  |  |  |  |  |  |  | (116,468) |  |  | (94,157) |  |  | (22,311) |  |  | (24)
General, administrative and other expenses |  |  |  |  |  |  |  |  | (64,026) |  |  | (50,480) |  |  | (13,546) |  |  | (27)
Fee Related Earnings |  |  |  |  |  |  |  |  | $ | (174,957) |  |  | $ | (140,304) |  |  | (34,653) |  |  | (25)

Other Fees. The increase in other fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily driven by an increase in facilitation fees from the 1031 exchange program associated with our non-traded REITs .
Compensation and Benefits. Headcount growth attributable to the GCP Acquisition contributed $3.9 million in recurring employment related costs to the three months ended March 31, 2025. The impact from the GCP Acquisition has been excluded from the discussion below.
The increase in compensation and benefits for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was also driven by (i) the expansion of our business operations teams to support the growth of our business and other strategic initiatives; (ii) an increase in payroll-related taxes of $4.8 million primarily due to the higher stock price associated with equity awards that vested during the current quarter; (iii) higher incentive-based compensation, which is dependent on our operating performance and is expected to fluctuate during the year; and (iv) higher sales-based bonuses which increased by $2.8 million over the comparative period, primarily driven by the increase in the sale of ASIF shares.
Average headcount increased by 20% to 1,910 professionals for the year-to-date period in 2025 from 1,593 professionals in 2024. The acquisition of GCP International added 267 professionals to our period end headcount as of March 31, 2025, which represents an average of 89 professionals for the year-to-date period.
General, Administrative and Other Expenses. The GCP Acquisition has contributed $3.6 million in general, administrative and other expenses to the three months ended March 31, 2025. These expenses were primarily driven by professional service fees of $2.1 million, of which $1.4 million related to temporary transition services. The impact from the GCP Acquisition has been excluded from the discussion below.
The increase in general, administrative and other expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was also driven by occupancy costs and information technology costs, which collectively increased by $4.5 million. The increases in these expenses were primarily to support our growing headcount and the expansion of our business, with occupancy costs also being impacted by the expansion of our New York office. In addition, the increase in general, administrative and other expenses was attributable to higher professional service fees of $2.9 million, primarily from legal fees.
Realized Income
The following table presents the components of the OMG’s RI ($ in thousands):

|  |  |  |  | Three months ended March 31, |  | Favorable (Unfavorable)
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | $ Change |  | % Change
Fee Related Earnings |  |  |  |  |  |  |  |  | $ | (174,957) |  |  | $ | (140,304) |  |  | $ | (34,653) |  |  | (25)%
Investment income—realized |  |  |  |  |  |  |  |  | 331 |  |  | 11 |  |  | 320 |  |  | NM
Interest income |  |  |  |  |  |  |  |  | 603 |  |  | 441 |  |  | 162 |  |  | 37
Interest expense |  |  |  |  |  |  |  |  | (256) |  |  | (40) |  |  | (216) |  |  | NM
Realized net investment income |  |  |  |  |  |  |  |  | 678 |  |  | 412 |  |  | 266 |  |  | 65
Realized Income |  |  |  |  |  |  |  |  | $ | (174,279) |  |  | $ | (139,892) |  |  | (34,387) |  |  | (25)

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Liquidity and Capital Resources
Management assesses liquidity in terms of our ability to generate cash to fund operating, investing and financing activities. Management believes that we are well-positioned and our liquidity will continue to be sufficient for our foreseeable working capital needs, contractual obligations, dividend payments, pending acquisitions and strategic initiatives.
Sources and Uses of Liquidity
Our sources of liquidity are: (i) cash on hand; (ii) net working capital; (iii) cash from operations, including management fees, which are collected monthly, quarterly or semi-annually, and fee related performance revenues, which are typically measured and collected annually, as well as net realized performance income, which may be unpredictable as to amount and timing; (iv) fund distributions related to our investments that are unpredictable as to amount and timing; and (v) net borrowings from the Credit Facility. As of March 31, 2025, our cash and cash equivalents were $618.5 million and we have $415.0 million available under our Credit Facility. Our ability to draw from the Credit Facility is subject to leverage and other covenants. We remain in compliance with all covenants as of March 31, 2025. We believe that these sources of liquidity will be sufficient to fund our working capital requirements and to meet our commitments in the ordinary course of business and under the current market conditions for the foreseeable future. Cash flows from management fees may be impacted by a slowdown in deployment, declines in valuations or negatively impacted fundraising. In addition, management fees may be subject to deferral and fee related performance revenues may be subject to hold backs. Declines or delays in transaction activity may impact our fund distributions and net realized performance income, which could adversely impact our cash flows and liquidity. Market conditions may make it difficult to extend the maturity or refinance our existing indebtedness or obtain new indebtedness with similar terms.
We expect that our primary liquidity needs will continue to be to: (i) provide capital to facilitate the growth of our existing investment management businesses; (ii) fund our investment commitments; (iii) provide capital to facilitate our expansion into businesses that are complementary to our existing investment management businesses as well as other strategic growth initiatives; (iv) pay operating expenses, including cash compensation to our employees and tax payments for net settlement of equity awards; (v) fund capital expenditures; (vi) service our debt; (vii) pay income taxes and make payments under the tax receivable agreement (“TRA”); (viii) make dividend payments to our Class A and non-voting common stockholders and our Series B mandatory convertible preferred stockholders in accordance with our dividend policies; and (ix) pay distributions to AOG unitholders.
In the normal course of business, we expect to pay dividends to our Class A and non-voting common stockholders that are aligned with our expected FRE after an allocation of current taxes paid. For the purposes of determining this amount, we allocate the current taxes paid to FRE and to realized performance and investment income in a manner that may be disproportionate to earnings generated by these metrics, and the actual taxes paid on these metrics should they be considered separately. Additionally, our methodology uses the tax benefits from certain expenses that are not included in these non-GAAP metrics, such as equity-based compensation from the vesting of equity awards and from the amortization of intangible assets, among others. We allocate the taxes by multiplying the statutory tax rate currently in effect by our net realized performance and net investment income and removing this amount from total current taxes. The remaining current tax paid is the amount that we allocate to FRE. We use this method to allocate the current provision for income taxes to approximate the amount of cash that is available to pay dividends to our stockholders. If cash flows from operations were insufficient to fund dividends over a sustained period of time, we expect that we would suspend or reduce paying such dividends. In addition, there is no assurance that dividends would continue at the current levels or at all. Unless quarterly dividends have been declared and paid (or declared and set apart for payment) on the Series B mandatory convertible preferred stock, we may not declare or pay or set apart payment for dividends on any shares of our Class A common stock during the period. Declared dividends on the Series B mandatory convertible preferred stock will be payable, at our election, in cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock. Dividends on Series B mandatory convertible preferred stock are cumulative and the Series B mandatory convertible preferred stock, unless previously converted or redeemed, will automatically convert into our Class A common stock on October 1, 2027. Although any income allocated to Series B mandatory convertible preferred stock dividends may be subject to taxes, dividends to our Series B mandatory convertible preferred stockholders will not be reduced on account of any income taxes owed by us. As a result, taxes associated with any income allocated to Series B mandatory convertible preferred stock dividends will be borne by Class A and non-voting common stockholders.
Our ability to obtain debt financing and complete stock offerings provides us with additional sources of liquidity. For further discussion of financing transactions occurring in the current period, see “Cash Flows” within this section and “Note 7. Debt” and “Note 13. Equity and Redeemable Interest” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
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Our unaudited condensed consolidated financial statements reflect the cash flows of our operating businesses as well as those of our Consolidated Funds. The assets of our Consolidated Funds, on a gross basis, are significantly larger than the assets of our operating businesses and therefore have a substantial effect on the amounts reported within our condensed consolidated statements of cash flows. The primary cash flow activities of our Consolidated Funds include: (i) raising capital from third-party investors, which is reflected as non-controlling interests of our Consolidated Funds; (ii) financing certain investments by issuing debt; (iii) purchasing and selling investment securities; (iv) generating cash through the realization of certain investments; (v) collecting interest and dividend income; and (vi) distributing cash to investors. Our Consolidated Funds are generally accounted for as investment companies under GAAP; therefore, the character and classification of all Consolidated Fund transactions are presented as cash flows from operations. Liquidity available at our Consolidated Funds is not available for corporate liquidity needs, and debt of the Consolidated Funds is non–recourse to us except to the extent of our investment in the fund.
Cash Flows
The following tables summarize our condensed consolidated statements of cash flows by activities attributable to the Company and Consolidated Funds. For more details on the activity of the Company and Consolidated Funds, refer to “Note 15. Consolidation” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

| Three months ended March 31,
| 2025 |  | 2024
Net cash provided by operating activities | $ | 707,294 |  |  | $ | 458,363 |
Net cash provided by the Consolidated Funds’ operating activities, net of eliminations | 1,286,909 |  |  | 251,682 |
Net cash provided by operating activities | 1,994,203 |  |  | 710,045 |
Net cash used in the Company’s investing activities | (1,744,690) |  |  | (34,071) |
Net cash provided by (used in) the Company’s financing activities | 143,647 |  |  | (424,232) |
Net cash used in the Consolidated Funds’ financing activities, net of eliminations | (1,321,374) |  |  | (242,400) |
Net cash used in financing activities | (1,177,727) |  |  | (666,632) |
Effect of exchange rate changes | 38,774 |  |  | (11,285) |
Net change in cash and cash equivalents | $ | (889,440) |  |  | $ | (1,943) |

The Consolidated Funds had no effect on cash flows attributable to the Company for the periods presented and are excluded from the discussion below. The following discussion focuses on cash flow by activities attributable to the Company.
Operating Activities
In the table below, cash flows from operations are summarized to present: (i) cash generated from our core operating activities, primarily consisting of profits generated principally from management fees and fee related performance revenues after covering for operating expenses and fee related performance compensation; (ii) net realized performance income; and (iii) net cash from investment related activities including purchases, sales, realized net investment income and interest expense. We generated meaningful cash flow from operations in each period presented.

| Three months ended March 31, |  | Favorable (Unfavorable)
| 2025 |  | 2024 |  | $ Change |  | % Change
Core operating activities | $ | 577,520 |  |  | $ | 335,306 |  |  | $ | 242,214 |  |  | 72%
Net realized performance income | 148,842 |  |  | 50,733 |  |  | 98,109 |  |  | 193
Net cash provided by (used in) investment related activities | (19,068) |  |  | 72,324 |  |  | (91,392) |  |  | (126)
Net cash provided by operating activities | $ | 707,294 |  |  | $ | 458,363 |  |  | 248,931 |  |  | 54

Cash from our core operating activities increased as a result of growing fee revenues and sustained profitability and timing of cash collection of our receivables.
Net realized performance income includes: (i) carried interest distributions that may represent tax distributions or other distributions of income; and (ii) incentive fees that are realized annually at the end of the measurement period, which is typically at the end of the calendar year. Cash received from carried interest distributions and the subsequent payments to employees may not necessarily occur in the same quarter. Cash from incentive fees is generally received in the period subsequent to the measurement period. The increase in net realized performance income over the comparative periods was primarily due to timing of tax distributions that were received in the first quarter of 2025 but not yet paid to employees, while minimal tax distributions were received and paid in the first quarter of 2024.
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Net cash provided by (used in) investment related activities for the three months ended March 31, 2025 and 2024 primarily represents: (i) distributions received from our capital investments and the collection of principal and interest from loans that we have made; (ii) sales of certain capital investments to employees; and (iii) the rebalancing of and associated return of our capital commitments upon admitting new limited partners; offset by (iv) purchases associated with funding capital commitments and strategic investments in our investment portfolio; and (v) interest payments on our debt obligations. Net cash provided by (used in) investment related activities for the three months ended March 31, 2025 also included interest income from treasury-backed securities. As we are committed to invest alongside the investors in our funds, our capital commitments will increase with our growing assets under management and our investment related activities may fluctuate depending on timing of capital investments and distributions of each fund from year to year. For further discussion of our capital commitments, see “Note 8. Commitments and Contingencies” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Our working capital needs are generally rising to support the growth of our business, while the capital requirements needed to support fund-related activities vary based upon the specific investment activities being conducted during such period.
Investing Activities

| Three months ended March 31,
| 2025 |  | 2024
Purchase of furniture, equipment and leasehold improvements, net of disposals | $ | (21,975) |  |  | $ | (26,071) |
Acquisitions, net of cash acquired | (1,722,715) |  |  | (8,000) |
Net cash used in investing activities | $ | (1,744,690) |  |  | $ | (34,071) |

Net cash used in investing activities for the current quarter was predominately cash used to complete the GCP Acquisition. Net cash used in investing activities for both periods also included cash to purchase furniture, fixtures, equipment and leasehold improvements primarily for the build out of our new corporate headquarters that we occupied beginning in the third quarter of 2024 and to support the growth in our staffing levels.
Financing Activities

| Three months ended March 31,
| 2025 |  | 2024
Net borrowings of Credit Facility | 985,000 |  |  | 80,000 |
Class A and non-voting common stock dividends | (258,691) |  |  | (190,504) |
AOG unitholder distributions | (138,303) |  |  | (129,542) |
Series B mandatory convertible preferred stock dividends | (48,094) |  |  | — |
Stock option exercises | — |  |  | 1,511 |
Taxes paid related to net share settlement of equity awards | (396,722) |  |  | (186,731) |
Other financing activities | 457 |  |  | 1,034 |
Net cash provided by (used in) the Company’s financing activities | $ | 143,647 |  |  | $ | (424,232) |

Net cash provided by the Company’s financing activities for the three months ended March 31, 2025 included net borrowings from the Credit Facility. These proceeds were used primarily to fund the GCP Acquisition.
As a result of generating higher fee related earnings, we increased the level of dividends paid to a growing shareholder base of Class A and non-voting common stockholders and distributions paid to AOG unitholders, resulting in net cash used in the Company’s financing activities for the three months ended March 31, 2025 and 2024.
In addition, we issued 30,000,000 shares of Series B mandatory convertible preferred stock in October 2024. Net cash used in the Company’s financing activities included dividend payments made during the three months ended March 31, 2025 to preferred stockholders.
In connection with the vesting of equity awards that are granted to our employees under the Equity Incentive Plan, we withhold shares equal to the fair value of our employees’ tax withholding liabilities and pay the taxes on their behalf in cash and thus issue fewer net shares. Cash used in connection with these awards increased during the current quarter primarily as a result of our higher stock price, which resulted in employees recognizing additional compensation. For the three months ended March 31, 2025, we net settled and did not issue 2.0 million shares, which includes 0.2 million shares that were withheld from
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restricted units that vested on the GCP Acquisition close date. For the three months ended March 31, 2024, we net settled and did not issue 1.6 million shares.
Capital Resources
We intend to use a portion of our available liquidity to pay cash dividends to our Series B mandatory convertible preferred stockholders and Class A and non-voting common stockholders on a quarterly basis in accordance with our dividend policies. Our ability to make cash dividends is dependent on a myriad of factors, including: (i) general economic and business conditions; (ii) our strategic plans and prospects; (iii) our business and investment opportunities; (iv) timing of capital calls by our funds in support of our commitments; (v) our financial condition and operating results; (vi) working capital requirements and other anticipated cash needs; (vii) contractual restrictions and obligations; (viii) legal, tax and regulatory restrictions; (ix) restrictions on the payment of distributions by our subsidiaries to us; and (x) other relevant factors.
We are required to maintain minimum net capital balances for regulatory purposes for our broker-dealer entities. These net capital requirements are met in part by retaining cash, cash equivalents and investment securities. Additionally, certain of our subsidiaries operating outside the U.S. are also subject to capital adequacy requirements in each of the applicable jurisdictions. As a result, we may be restricted in our ability to transfer cash between different operating entities and jurisdictions. As of March 31, 2025, we were required to maintain approximately $85.7 million in net assets within these subsidiaries to meet regulatory net capital and capital adequacy requirements. We remain in compliance with these regulatory requirements.
Holders of AOG Units, subject to the terms of the exchange agreement, may exchange their AOG Units for shares of our Class A common stock on a one-for-one basis. These exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of AMC that otherwise would not have been available. These increases in tax basis may increase depreciation and amortization for U.S. income tax purposes and thereby reduce the amount of tax that we would otherwise be required to pay in the future. We entered into the TRA that provides payment to the TRA recipients of 85% of the amount of actual cash savings (“Cash Tax Savings”), if any, in U.S. federal, state, local and foreign income tax or franchise tax that we actually realize as a result of these increases in tax basis and of certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA and interest accrued thereon (“Tax Benefit Payment”). Effective as of May 1, 2023, pursuant to an amendment to the TRA, to the extent Ares Owners Holdings L.P. would have been a recipient of certain Tax Benefit Payments under the TRA for taxable exchanges on or after May 1, 2023, Ares Owners Holdings L.P. will no longer be entitled to any Tax Benefit Payment for such exchanges and 100% of any Cash Tax Savings will inure to us. Future payments under the TRA in respect of subsequent exchanges are expected to be substantial. The TRA liability balance was $475.1 million and $402.4 million as of March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025 and 2024, payments under the TRA were $8.1 million and $6.1 million, respectively.
For a discussion of our debt obligations, including the debt obligations of our consolidated funds, see “Note 7. Debt” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
For a discussion of our equity, see “Note 13. Equity and Redeemable Interest” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Critical Accounting Estimates
We prepare our unaudited condensed consolidated financial statements in accordance with GAAP. In applying many of these accounting principles, we need to make assumptions, estimates or judgments that affect the reported amounts of assets, liabilities, revenues and expenses in our unaudited condensed consolidated financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable under the circumstances. These assumptions, estimates or judgments, however, are both subjective and subject to change, and actual results may differ from our assumptions and estimates. If actual amounts are ultimately different from our estimates, the revisions are included in our results of operations for the period in which the actual amounts become known. For a summary of our significant accounting policies, see “Note 2. Summary of Significant Accounting Policies,” to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024. For a summary of our critical accounting estimates, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K.
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Recent Accounting Pronouncements
Information regarding recent accounting pronouncements and their impact on Ares can be found in “Note 2. Summary of Significant Accounting Policies,” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Commitments and Contingencies
In the normal course of business, we enter into contractual obligations that may require future cash payments. We may also engage in off-balance sheet arrangements, including transactions in derivatives, guarantees, capital commitments to funds, indemnifications and potential contingent payment obligations. For further discussion of these arrangements, see “Note 8. Commitments and Contingencies” to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our primary exposure to market risk is related to our role as general partner or investment adviser to our funds and the sensitivity to movements in the fair value of their investments, including the effect on management fees, performance income and investment income.
There have been no material changes in our market risks for the three months ended March 31, 2025. For additional information on our market risks, refer to our Annual Report on Form 10-K for the year ended December 31, 2024, which is accessible on the SEC’s website at www.sec.gov.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2025. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of March 31, 2025, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2025 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
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PART II.
Item 1. Legal Proceedings
From time to time, we, our executive officers, directors and our funds and their investment advisers, and their respective affiliates and/or any of their respective principals and employees are subject to legal proceedings, including those arising from our management of such funds. Additionally, we and our funds and their investment advisers are also subject to extensive regulation, which, from time to time, results in requests for information from us or our funds and their investment advisers or legal or regulatory proceedings or investigations against us or our funds and their investment advisers, respectively. We incur significant costs and expenses in connection with any such proceedings, information requests and investigations.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, which is accessible on the SEC’s website at www.sec.gov. The risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 are not the only risks facing us. These risks and additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
We did not sell any equity securities during the period covered in this report that were not registered under the Securities Act.
All unregistered purchases of equity securities during the period covered by this Quarterly Report were previously disclosed in our current reports on Form 8-K or quarterly reports on Form 10-Q.
As permitted by our policies and procedures governing transactions in our securities by our directors, executive officers and other employees, from time to time some of these persons may establish plans or arrangements complying with Rule 10b5-1 under the Exchange Act, and similar plans and arrangements relating to our Class A common stock.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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Item 5. Other Information
Rule 10b5-1 Trading Plans
During the three months ended March 31, 2025, certain executive officers and directors of the Company or a vehicle controlled by them (each, a “Plan Participant”) entered into Rule 10b5-1 trading plan (a “Rule 10b5-1 Trading Plan”) to sell shares of the Company’s Class A common stock, in each case, subject to any applicable volume limitations.
The table below provides certain information regarding each Plan Participant’s Rule 10b5-1 Trading Plan.

Name and Title |  | Plan Date |  | Maximum Shares That May Be Sold Under the Plan |  | Plan Expiration Date
Bennett Rosenthal, Director, Co-Founder and Chairman of Private Equity Group |  | February 13, 2025 |  | 125,000 |  | November 14, 2025
David Kaplan, Director and Co-Founder |  | February 13, 2025 |  | 125,000 |  | November 14, 2025

A Rule 10b5-1 Trading Plan is a written document that pre-establishes the amounts, prices and dates (or formulas for determining the amounts, prices and dates) of future purchases or sales of the Company’s common stock, including, if applicable, shares issued upon exercise of stock options or vesting of unvested awards.
Each Plan Participant’s Rule 10b5-1 Trading Plan was adopted during an authorized trading period and when such Plan Participant was not in possession of material non-public information and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
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Item 6. Exhibits, Financial Statement Schedules
(a)Exhibits.
The following is a list of all exhibits filed or furnished as part of this report.

Exhibit No. |  | Description
3.1 |  | Second Amended and Restated Certificate of Incorporation of Ares Management Corporation (incorporated by reference to Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-36429) filed with the SEC on May 6, 2021).
3.2 |  | Bylaws of Ares Management Incorporation (incorporated by reference to Exhibit 99.4 to the Registrant’s Current Report on Form 8-K (File No. 001-36429) filed with the SEC on November 15, 2018).
3.3 |  | Certificate of Designations of 6.75% Series B Mandatory Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-36429) filed with the SEC on October 10, 2024).
10.1 |  | Amendment No. 13, dated as of April 22, 2025, to the Sixth Amended and Restated Credit Agreement, dated as of April 21, 2014, by and among Ares Holdings L.P., the Guarantors party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A. (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-36429) filed with the SEC on April 25, 2025).
10.2* |  | Sixth Amended and Restated Exchange Agreement, dated May 8, 2025.
10.3* |  | Sixth Amended and Restated Limited Partnership Agreement of Ares Holdings L.P., dated May 8, 2025.
31.1* |  | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).
31.2* |  | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).
32.1** |  | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350.
101.INS |  | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document.
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 |  | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

* Filed herewith.
** These certifications are not deemed filed by the SEC and are not to be incorporated by reference in any filing we make under the Securities Act of 1933 or the Securities Exchange Act of 1934, irrespective of any general incorporation language in any filings.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| ARES MANAGEMENT CORPORATION
Dated: May 12, 2025 |  | By: | /s/ Michael J Arougheti
|  | Name: | Michael J Arougheti
|  | Title: | Co-Founder & Chief Executive Officer (Principal Executive Officer)
Dated: May 12, 2025 |  | By: | /s/ Jarrod Phillips
|  | Name: | Jarrod Phillips
|  | Title: | Chief Financial Officer (Principal Financial & Accounting Officer)

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