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v3.25.3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2025 | Sep. 30, 2024
Cash flows from operating activities: |  |
Net income | $ 889,860 | $ 760,719
Net cash provided by operating activities | 3,750,647 | 1,983,536
Cash flows from investing activities: |  |
Net cash used in investing activities | (1,782,560) | (95,886)
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |
Net cash used in financing activities | (2,970,025) | (1,909,755)
Effect of exchange rate changes | (9,369) | 23,969
Net change in cash and cash equivalents | (1,011,307) | 1,864
Cash and cash equivalents, beginning of period | 1,507,976 |
Cash and cash equivalents, end of period | 496,669 | 350,138
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 | 1,620,528 | 835,340
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds | 398,279 | (300,009)
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |
Contributions from redeemable and non-controlling interests in Consolidated Funds | 269,903 | 544,294
Distributions to non-controlling interests in Consolidated Funds | (349,020) | (76,502)
Redemptions of redeemable interests in Consolidated Funds | (509,503) | 0
Borrowings under loan obligations by Consolidated Funds | 532,191 | 323,540
Repayments under loan obligations by Consolidated Funds | (2,308,666) | (1,504,344)
Ares Management L.P |  |
Cash flows from operating activities: |  |
Adjustments to reconcile net income to net cash provided by operating activities | 491,735 | 429,097
Cash flows due to changes in operating assets and liabilities | 350,245 | 258,389
Cash flows from investing activities: |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (56,385) | (82,203)
Acquisitions, net of cash acquired | (1,726,175) | (13,683)
Cash flows from financing activities: |  |
Net proceeds from issuance of Class A common stock | 0 | 407,236
Proceeds from Credit Facility | 2,130,000 | 970,000
Repayments of Credit Facility | (1,015,000) | (1,395,000)
Dividends and distributions | (1,296,937) | (969,360)
Stock option exercises | 0 | 1,511
Taxes paid related to net share settlement of equity awards | (425,623) | (211,615)
Other financing activities | 2,630 | 485
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 | $ 496,669 | $ 350,138

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