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CONSOLIDATION

3 Months Ended

Mar. 31, 2025

Condensed Financial Information Disclosure [Abstract]

CONSOLIDATION

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

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

			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

			Three months ended March 31, 2025
			Consolidated Company Entities						Consolidated Funds						Eliminations						Consolidated
Revenues
Management fees			$	826,881					$	—					$	(9,894)					$	816,987
Carried interest allocation			165,126						—						(5,118)						160,008
Incentive fees			32,058						—						(10)						32,048
Principal investment income			26,839						—						(4,841)						21,998
Administrative, transaction and other fees			57,888						—						(124)						57,764
Total revenues			1,108,792						—						(19,987)						1,088,805
Expenses
Compensation and benefits			657,125						—						—						657,125
Performance related compensation			122,633						—						—						122,633
General, administrative and other expense			227,914						—						—						227,914
Expenses of the Consolidated Funds			—						16,684						(10,028)						6,656
Total expenses			1,007,672						16,684						(10,028)						1,014,328
Other income (expense)
Net realized and unrealized gains on investments			10,631						—						(10,363)						268
Interest and dividend income			18,203						—						(547)						17,656
Interest expense			(36,387)						—						—						(36,387)
Other expense, net			(10,508)						—						(206)						(10,714)
Net realized and unrealized gains on investments of the Consolidated Funds			—						83,727						4,679						88,406
Interest and other income of the Consolidated Funds			—						160,072						—						160,072
Interest expense of the Consolidated Funds			—						(157,377)						4,637						(152,740)
Total other income (expense), net			(18,061)						86,422						(1,800)						66,561
Income before taxes			83,059						69,738						(11,759)						141,038
Income tax expense			15,535						2,002						—						17,537
Net income			67,524						67,736						(11,759)						123,501
Less: Net income attributable to non-controlling interests in Consolidated Funds			—						67,736						(11,759)						55,977
Net income attributable to Ares Operating Group entities			67,524						—						—						67,524
Less: Net income attributable to redeemable interest in Ares Operating Group entities			316						—						—						316
Less: Net income attributable to non-controlling interests in Ares Operating Group entities			20,038						—						—						20,038
Net income attributable to Ares Management Corporation			47,170						—						—						47,170
Less: Series B mandatory convertible preferred stock dividends declared			25,313						—						—						25,313
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders			$	21,857					$	—					$	—					$	21,857

			Three months ended March 31, 2024
			Consolidated Company Entities						Consolidated Funds						Eliminations						Consolidated
Revenues
Management fees			$	700,145					$	—					$	(12,453)					$	687,692
Carried interest allocation			(26,550)						—						(5,928)						(32,478)
Incentive fees			8,664						—						3						8,667
Principal investment income (loss)			(2,665)						—						9,715						7,050
Administrative, transaction and other fees			36,545						—						(113)						36,432
Total revenues			716,139						—						(8,776)						707,363
Expenses
Compensation and benefits			412,951						—						—						412,951
Performance related compensation			(50,532)						—						—						(50,532)
General, administrative and other expense			171,361						—						(433)						170,928
Expenses of the Consolidated Funds			—						17,708						(12,562)						5,146
Total expenses			533,780						17,708						(12,995)						538,493
Other income (expense)
Net realized and unrealized gains on investments			12,357						—						(1,841)						10,516
Interest and dividend income			8,092						—						(2,710)						5,382
Interest expense			(37,824)						—						—						(37,824)
Other income, net			478						—						(208)						270
Net realized and unrealized gains on investments of the Consolidated Funds			—						32,352						2,072						34,424
Interest and other income of the Consolidated Funds			—						257,067						209						257,276
Interest expense of the Consolidated Funds			—						(209,442)						1,576						(207,866)
Total other income (expense), net			(16,897)						79,977						(902)						62,178
Income before taxes			165,462						62,269						3,317						231,048
Income tax expense (benefit)			28,363						(1,130)						—						27,233
Net income			137,099						63,399						3,317						203,815
Less: Net income attributable to non-controlling interests in Consolidated Funds			—						63,399						3,317						66,716
Net income attributable to Ares Operating Group entities			137,099						—						—						137,099
Less: Net income attributable to redeemable interest in Ares Operating Group entities			73						—						—						73
Less: Net income attributable to non-controlling interests in Ares Operating Group entities			63,999						—						—						63,999
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders			$	73,027					$	—					$	—					$	73,027

			Three months ended March 31, 2025
			Consolidated Company Entities						Consolidated Funds						Eliminations						Consolidated
Cash flows from operating activities:
Net income			$	67,524					$	67,736					$	(11,759)					$	123,501
Adjustments to reconcile net income to net cash provided by operating activities			267,697												42,636						310,333
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds			—						980,313						(11,344)						968,969
Cash flows due to changes in operating assets and liabilities			372,073												(144,367)						227,706
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds									164,586						199,108						363,694
Net cash provided by operating activities			707,294						1,212,635						74,274						1,994,203
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(21,975)						—						—						(21,975)
Acquisitions, net of cash acquired			(1,722,715)						—						—						(1,722,715)
Net cash used in investing activities			(1,744,690)						—						—						(1,744,690)
Cash flows from financing activities:
Net proceeds from issuance of Series B mandatory convertible preferred stock			—						—						—						—
Net proceeds from issuance of Class A common stock			—						—						—						—
Proceeds from Credit Facility			1,125,000						—						—						1,125,000
Repayments of Credit Facility			(140,000)						—						—						(140,000)
Dividends and distributions			(445,088)						—						—						(445,088)
Taxes paid related to net share settlement of equity awards			(396,722)						—						—						(396,722)
Other financing activities			457						—						—						457
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			—						123,707						(34,627)						89,080
Distributions to non-controlling interests in Consolidated Funds			—						(321,741)						3,567						(318,174)
Borrowings under loan obligations by Consolidated Funds			—						172,606						—						172,606
Repayments under loan obligations by Consolidated Funds			—						(1,264,886)						—						(1,264,886)
Net cash provided by (used in) financing activities			143,647						(1,290,314)						(31,060)						(1,177,727)
Effect of exchange rate changes			4,309						34,465						—						38,774
Net change in cash and cash equivalents			(889,440)						(43,214)						43,214						(889,440)
Cash and cash equivalents, beginning of period			1,507,976						1,227,489						(1,227,489)						1,507,976
Cash and cash equivalents, end of period			$	618,536					$	1,184,275					$	(1,184,275)					$	618,536
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities			$	1,657,881					$	—					$	—					$	1,657,881

			Three months ended March 31, 2024
			Consolidated Company Entities						Consolidated Funds						Eliminations						Consolidated
Cash flows from operating activities:
Net income			$	137,099					$	63,399					$	3,317					$	203,815
Adjustments to reconcile net income to net cash provided by operating activities			224,720						—						(1,724)						222,996
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds			—						246,254						(2,072)						244,182
Cash flows due to changes in operating assets and liabilities			96,544						—						7,437						103,981
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds			—						(14,577)						(50,352)						(64,929)
Net cash provided by operating activities			458,363						295,076						(43,394)						710,045
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(26,071)						—						—						(26,071)
Acquisitions, net of cash acquired			(8,000)						—						—						(8,000)
Net cash used in investing activities			(34,071)						—						—						(34,071)
Cash flows from financing activities:
Proceeds from Credit Facility			290,000						—						—						290,000
Repayments of Credit Facility			(210,000)						—						—						(210,000)
Dividends and distributions			(320,046)						—						—						(320,046)
Stock option exercises			1,511						—						—						1,511
Taxes paid related to net share settlement of equity awards			(186,731)						—						—						(186,731)
Other financing activities			1,034						—						—						1,034
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds			—						180,559						(11,886)						168,673
Distributions to non-controlling interests in Consolidated Funds			—						(32,323)						5,415						(26,908)
Borrowings under loan obligations by Consolidated Funds			—						36,947						—						36,947
Repayments under loan obligations by Consolidated Funds			—						(421,112)						—						(421,112)
Net cash used in financing activities			(424,232)						(235,929)						(6,471)						(666,632)
Effect of exchange rate changes			(2,003)						(9,282)						—						(11,285)
Net change in cash and cash equivalents			(1,943)						49,865						(49,865)						(1,943)
Cash and cash equivalents, beginning of period			348,274						1,149,511						(1,149,511)						348,274
Cash and cash equivalents, end of period			$	346,331					$	1,199,376					$	(1,199,376)					$	346,331
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities			$	7,724					$	—					$	—					$	7,724

X

- References

No definition available.

+ Details

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X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

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