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v3.25.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2025 | Mar. 31, 2024
Cash flows from operating activities: |  |
Net income | $ 123,501 | $ 203,815
Net cash provided by operating activities | 1,994,203 | 710,045
Cash flows from investing activities: |  |
Net cash used in investing activities | (1,744,690) | (34,071)
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |
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 |
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
Consolidated Funds |  |
Cash flows from operating activities: |  |
Adjustments to reconcile net income to net cash provided by operating activities | 968,969 | 244,182
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds | 363,694 | (64,929)
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)
Ares Management L.P |  |
Cash flows from operating activities: |  |
Adjustments to reconcile net income to net cash provided by operating activities | 310,333 | 222,996
Cash flows due to changes in operating assets and liabilities | 227,706 | 103,981
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)
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 | 0 | 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: |  |
Cash and cash equivalents, beginning of period | 1,507,976 | 348,274
Cash and cash equivalents, end of period | $ 618,536 | $ 346,331

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