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SEGMENT REPORTING - Schedule of Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 | Sep. 30, 2024
Revenue adjustment |  |  |  |
Total revenues | $ 1,657,628 | $ 1,129,739 | $ 4,096,561 | $ 2,625,784
Total segment revenue | 1,152,538 | 841,966 | 3,197,869 | 2,452,687
Consolidated Funds |  |  |  |
Revenue adjustment |  |  |  |
OMG revenue | 180,255 | 64,831 | 396,413 | 192,778
Management fees |  |  |  |
Revenue adjustment |  |  |  |
Total revenues | 971,762 | 753,597 | 2,689,371 | 2,162,970
Carried interest |  |  |  |
Revenue adjustment |  |  |  |
Total revenues | 464,666 | 277,651 | 948,575 | 194,006
Administrative, transaction and other fees |  |  |  |
Revenue adjustment |  |  |  |
Total revenues | 102,556 | 41,817 | 251,883 | 119,222
Principal investment income |  |  |  |
Revenue adjustment |  |  |  |
Total revenues | 17,976 | 8,036 | 50,937 | 44,547
Operating segment |  |  |  |
Revenue adjustment |  |  |  |
Net (revenue) expense of non-controlling interests in consolidated subsidiaries | 688,126 | 492,294 | 1,835,461 | 1,405,584
Eliminations | Management fees | Consolidated Funds |  |  |  |
Revenue adjustment |  |  |  |
Total segment revenue | 8,519 | 11,660 | 27,367 | 36,115
Eliminations | Carried interest | Consolidated Funds |  |  |  |
Revenue adjustment |  |  |  |
Total revenues | 8,375 | 1,032 | 20,599 | 18,484
Reconciling items |  |  |  |
Revenue adjustment |  |  |  |
Total segment revenue | (505,090) | (287,773) | (898,692) | (173,097)
Principal investment income, net of eliminations | (73,543) | (14,101) | (191,759) | (12,038)
Reconciling items | Administrative, transaction and other fees |  |  |  |
Revenue adjustment |  |  |  |
Total revenues | (24,255) | (18,093) | (66,010) | (52,201)
Reconciling items | Administrative, transaction and other fees | Consolidated Funds |  |  |  |
Revenue adjustment |  |  |  |
Total revenues | 2,905 | 128 | 9,584 | 409
Reconciling items | Principal investment income |  |  |  |
Revenue adjustment |  |  |  |
Principal investment income, net of eliminations | (17,976) | (8,036) | (50,937) | (44,547)
OMG |  |  |  |
Revenue adjustment |  |  |  |
OMG revenue | (9,235) | (5,252) | (22,603) | (15,066)
Net (revenue) expense of non-controlling interests in consolidated subsidiaries | 216,916 | 152,983 | 587,864 | 440,087
OMG | Management fees |  |  |  |
Revenue adjustment |  |  |  |
Total revenues | 0 | 0 | 0 | 0
Ares Management L.P |  |  |  |
Revenue adjustment |  |  |  |
Total revenues | 1,657,628 | 1,129,739 | 4,096,561 | 2,625,784
Ares Management L.P | Operating segment |  |  |  |
Revenue adjustment |  |  |  |
Performance income—unrealized | (463,933) | (263,553) | (828,968) | (95,759)
Total segment revenue | 1,152,538 | 841,966 | 3,197,869 | 2,452,687
Net (revenue) expense of non-controlling interests in consolidated subsidiaries | (688,126) | (492,294) | (1,835,461) | (1,405,584)
Ares Management L.P | Operating segment | Management fees |  |  |  |
Revenue adjustment |  |  |  |
Total revenues | 970,606 | 757,262 | 2,689,267 | 2,176,738
Subsidiaries | Reconciling items |  |  |  |
Revenue adjustment |  |  |  |
Net (revenue) expense of non-controlling interests in consolidated subsidiaries | $ (9,490) | $ (5,659) | $ 12,276 | $ (20,532)

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