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CONSOLIDATION | 9 Months Ended
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Sep. 30, 2025
Condensed Financial Information Disclosure [Abstract] |
CONSOLIDATION | 15. CONSOLIDATION Deconsolidation of Funds As of the end of the reporting period, certain funds that have historically been consolidated in the financial statements are no longer consolidated because: (i) such funds have been liquidated or dissolved; or (ii) the Company is no longer deemed to be the primary beneficiary of the variable interest entities (“VIEs”) as it no longer has a significant economic interest. During the nine months ended September 30, 2025, the Company deconsolidated four CLOs as a result of liquidation, one CLO as a result of a significant change in ownership and AAC II, as the Company no longer holds a controlling financial interest in Kodiak AI, Inc. (Nasdaq: KDK) (f/k/a AAC II) following the business combination described in “Note 13. Equity and Redeemable Interest.” During the nine months ended September 30, 2024, the Company did not deconsolidate any entity. 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 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 September 30, |  | As of December 31,
| 2025 |  | 2024
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs | $ | 532,939 |  |  | $ | 386,927 |
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs | 1,040,196 |  |  | 791,133 |
Assets of consolidated VIEs | 12,458,177 |  |  | 13,698,611 |
Liabilities of consolidated VIEs | 8,905,942 |  |  | 10,879,735 |
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Net income attributable to non-controlling interests related to consolidated VIEs | $ | 72,306 |  |  | $ | 57,289 |  |  | $ | 127,580 |  |  | $ | 216,614 |  |  |
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 September 30, 2025
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 496,669 |  |  | $ | — |  |  | $ | — |  |  | $ | 496,669 |
Investments (includes $4,119,700 of accrued carried interest) | 6,930,248 |  |  | — |  |  | (1,174,445) |  |  | 5,755,803 |
Due from affiliates | 1,346,417 |  |  | — |  |  | (12,192) |  |  | 1,334,225 |
Other assets | 857,551 |  |  | — |  |  | — |  |  | 857,551 |
Right-of-use operating lease assets | 526,042 |  |  | — |  |  | — |  |  | 526,042 |
Intangible assets, net | 2,166,249 |  |  | — |  |  | — |  |  | 2,166,249 |
Goodwill | 3,437,450 |  |  | — |  |  | — |  |  | 3,437,450 |
Assets of Consolidated Funds |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | 1,003,291 |  |  | — |  |  | 1,003,291 |
Investments, at fair value | — |  |  | 11,254,240 |  |  | — |  |  | 11,254,240 |
Receivable for securities sold | — |  |  | 147,795 |  |  | — |  |  | 147,795 |
Other assets | — |  |  | 52,851 |  |  | — |  |  | 52,851 |
Total assets | $ | 15,760,626 |  |  | $ | 12,458,177 |  |  | $ | (1,186,637) |  |  | $ | 27,032,166 |
Liabilities |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 935,539 |  |  | $ | — |  |  | $ | (173) |  |  | $ | 935,366 |
Accrued compensation | 656,737 |  |  | — |  |  | — |  |  | 656,737 |
Due to affiliates | 626,592 |  |  | — |  |  | — |  |  | 626,592 |
Performance related compensation payable | 2,992,638 |  |  | — |  |  | — |  |  | 2,992,638 |
Debt obligations | 3,675,783 |  |  | — |  |  | — |  |  | 3,675,783 |
Operating lease liabilities | 676,372 |  |  | — |  |  | — |  |  | 676,372 |
Liabilities of Consolidated Funds |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | — |  |  | 101,066 |  |  | (401) |  |  | 100,665 |
Due to affiliates | — |  |  | 11,412 |  |  | (11,412) |  |  | — |
Payable for securities purchased | — |  |  | 361,855 |  |  | — |  |  | 361,855 |
CLO loan obligations, at fair value | — |  |  | 7,646,328 |  |  | (57,481) |  |  | 7,588,847 |
Fund borrowings | — |  |  | 785,281 |  |  | — |  |  | 785,281 |
Total liabilities | 9,563,661 |  |  | 8,905,942 |  |  | (69,467) |  |  | 18,400,136 |
Commitments and contingencies |  |  |  |  |  |  |
Redeemable interest in Ares Operating Group entities | 25,750 |  |  | — |  |  | — |  |  | 25,750 |
Non-controlling interest in Consolidated Funds | — |  |  | 3,552,235 |  |  | (1,038,217) |  |  | 2,514,018 |
Non-controlling interest in Ares Operating Group entities | 1,643,966 |  |  | — |  |  | (25,732) |  |  | 1,618,234 |
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) | 1,460,758 |  |  | — |  |  | — |  |  | 1,460,758 |
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (216,834,793 shares issued and outstanding) | 2,168 |  |  | — |  |  | — |  |  | 2,168 |
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 (106,526,860 shares issued and outstanding) | 1,065 |  |  | — |  |  | — |  |  | 1,065 |
Additional paid-in-capital | 4,252,148 |  |  | — |  |  | (53,221) |  |  | 4,198,927 |
Accumulated deficit | (1,218,682) |  |  | — |  |  | — |  |  | (1,218,682) |
Accumulated other comprehensive loss, net of tax | 29,757 |  |  | — |  |  | — |  |  | 29,757 |
Total stockholders’ equity | 4,527,249 |  |  | — |  |  | (53,221) |  |  | 4,474,028 |
Total equity | 6,171,215 |  |  | 3,552,235 |  |  | (1,117,170) |  |  | 8,606,280 |
Total liabilities, redeemable interest, non-controlling interests and equity | $ | 15,760,626 |  |  | $ | 12,458,177 |  |  | $ | (1,186,637) |  |  | $ | 27,032,166 |
| 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, 1000 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 September 30, 2025
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 980,281 |  |  | $ | — |  |  | $ | (8,519) |  |  | $ | 971,762 |
Carried interest allocation | 473,041 |  |  | — |  |  | (8,375) |  |  | 464,666 |
Incentive fees | 100,668 |  |  | — |  |  | — |  |  | 100,668 |
Principal investment income | 73,543 |  |  | — |  |  | (55,567) |  |  | 17,976 |
Administrative, transaction and other fees | 105,461 |  |  | — |  |  | (2,905) |  |  | 102,556 |
Total revenues | 1,732,994 |  |  | — |  |  | (75,366) |  |  | 1,657,628 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 659,835 |  |  | — |  |  | — |  |  | 659,835 |
Performance related compensation | 404,095 |  |  | — |  |  | — |  |  | 404,095 |
General, administrative and other expense | 246,154 |  |  | — |  |  | — |  |  | 246,154 |
Expenses of the Consolidated Funds | — |  |  | 6,778 |  |  | (8,646) |  |  | (1,868) |
Total expenses | 1,310,084 |  |  | 6,778 |  |  | (8,646) |  |  | 1,308,216 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains on investments | 198,777 |  |  | — |  |  | (10,357) |  |  | 188,420 |
Interest and dividend income | 13,644 |  |  | — |  |  | — |  |  | 13,644 |
Interest expense | (46,315) |  |  | — |  |  | — |  |  | (46,315) |
Other expense, net | (7,335) |  |  | — |  |  | 72 |  |  | (7,263) |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 173,840 |  |  | 6,415 |  |  | 180,255 |
Interest and other income of the Consolidated Funds | — |  |  | 130,821 |  |  | — |  |  | 130,821 |
Interest expense of the Consolidated Funds | — |  |  | (156,553) |  |  | (150) |  |  | (156,703) |
Total other income, net | 158,771 |  |  | 148,108 |  |  | (4,020) |  |  | 302,859 |
Income before taxes | 581,681 |  |  | 141,330 |  |  | (70,740) |  |  | 652,271 |
Income tax expense | 108,709 |  |  | 3,183 |  |  | — |  |  | 111,892 |
Net income | 472,972 |  |  | 138,147 |  |  | (70,740) |  |  | 540,379 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 138,147 |  |  | (70,740) |  |  | 67,407 |
Net income attributable to Ares Operating Group entities | 472,972 |  |  | — |  |  | — |  |  | 472,972 |
Less: Net income attributable to redeemable interest in Ares Operating Group entities | 1,797 |  |  | — |  |  | — |  |  | 1,797 |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 182,293 |  |  | — |  |  | — |  |  | 182,293 |
Net income attributable to Ares Management Corporation | 288,882 |  |  | — |  |  | — |  |  | 288,882 |
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 | $ | 263,569 |  |  | $ | — |  |  | $ | — |  |  | $ | 263,569 |
| Three months ended September 30, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 765,257 |  |  | $ | — |  |  | $ | (11,660) |  |  | $ | 753,597 |
Carried interest allocation | 278,683 |  |  | — |  |  | (1,032) |  |  | 277,651 |
Incentive fees | 48,638 |  |  | — |  |  | — |  |  | 48,638 |
Principal investment income | 14,100 |  |  | — |  |  | (6,064) |  |  | 8,036 |
Administrative, transaction and other fees | 41,945 |  |  | — |  |  | (128) |  |  | 41,817 |
Total revenues | 1,148,623 |  |  | — |  |  | (18,884) |  |  | 1,129,739 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 435,876 |  |  | — |  |  | — |  |  | 435,876 |
Performance related compensation | 219,697 |  |  | — |  |  | — |  |  | 219,697 |
General, administrative and other expense | 196,586 |  |  | — |  |  | 433 |  |  | 197,019 |
Expenses of the Consolidated Funds | — |  |  | 14,083 |  |  | (11,788) |  |  | 2,295 |
Total expenses | 852,159 |  |  | 14,083 |  |  | (11,355) |  |  | 854,887 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains (losses) on investments | 3,034 |  |  | — |  |  | (8,108) |  |  | (5,074) |
Interest and dividend income | 9,809 |  |  | — |  |  | (2,256) |  |  | 7,553 |
Interest expense | (29,733) |  |  | — |  |  | — |  |  | (29,733) |
Other expense, net | (18,466) |  |  | — |  |  | (339) |  |  | (18,805) |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 55,015 |  |  | 9,816 |  |  | 64,831 |
Interest and other income of the Consolidated Funds | — |  |  | 234,351 |  |  | 330 |  |  | 234,681 |
Interest expense of the Consolidated Funds | — |  |  | (201,562) |  |  | 363 |  |  | (201,199) |
Total other income (expense), net | (35,356) |  |  | 87,804 |  |  | (194) |  |  | 52,254 |
Income before taxes | 261,108 |  |  | 73,721 |  |  | (7,723) |  |  | 327,106 |
Income tax expense | 44,696 |  |  | 1,757 |  |  | — |  |  | 46,453 |
Net income | 216,412 |  |  | 71,964 |  |  | (7,723) |  |  | 280,653 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 71,964 |  |  | (7,723) |  |  | 64,241 |
Net income attributable to Ares Operating Group entities | 216,412 |  |  | — |  |  | — |  |  | 216,412 |
Less: Net income attributable to redeemable interest in Ares Operating Group entities | 1,319 |  |  | — |  |  | — |  |  | 1,319 |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 96,633 |  |  | — |  |  | — |  |  | 96,633 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 118,460 |  |  | $ | — |  |  | $ | — |  |  | $ | 118,460 |
| Nine months ended September 30, 2025
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 2,716,738 |  |  | $ | — |  |  | $ | (27,367) |  |  | $ | 2,689,371 |
Carried interest allocation | 968,902 |  |  | — |  |  | (20,327) |  |  | 948,575 |
Incentive fees | 156,067 |  |  | — |  |  | (272) |  |  | 155,795 |
Principal investment income | 191,759 |  |  | — |  |  | (140,822) |  |  | 50,937 |
Administrative, transaction and other fees | 261,467 |  |  | — |  |  | (9,584) |  |  | 251,883 |
Total revenues | 4,294,933 |  |  | — |  |  | (198,372) |  |  | 4,096,561 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 1,960,669 |  |  | — |  |  | — |  |  | 1,960,669 |
Performance related compensation | 761,434 |  |  | — |  |  | — |  |  | 761,434 |
General, administrative and other expense | 706,224 |  |  | — |  |  | — |  |  | 706,224 |
Expenses of the Consolidated Funds | — |  |  | 66,240 |  |  | (34,445) |  |  | 31,795 |
Total expenses | 3,428,327 |  |  | 66,240 |  |  | (34,445) |  |  | 3,460,122 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains on investments | 231,959 |  |  | — |  |  | (30,563) |  |  | 201,396 |
Interest and dividend income | 39,660 |  |  | — |  |  | (588) |  |  | 39,072 |
Interest expense | (126,277) |  |  | — |  |  | — |  |  | (126,277) |
Other expense, net | (64,978) |  |  | — |  |  | 480 |  |  | (64,498) |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 387,849 |  |  | 8,564 |  |  | 396,413 |
Interest and other income of the Consolidated Funds | — |  |  | 452,783 |  |  | — |  |  | 452,783 |
Interest expense of the Consolidated Funds | — |  |  | (460,397) |  |  | 5,316 |  |  | (455,081) |
Total other income, net | 80,364 |  |  | 380,235 |  |  | (16,791) |  |  | 443,808 |
Income before taxes | 946,970 |  |  | 313,995 |  |  | (180,718) |  |  | 1,080,247 |
Income tax expense | 184,493 |  |  | 5,894 |  |  | — |  |  | 190,387 |
Net income | 762,477 |  |  | 308,101 |  |  | (180,718) |  |  | 889,860 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 308,101 |  |  | (180,718) |  |  | 127,383 |
Net income attributable to Ares Operating Group entities | 762,477 |  |  | — |  |  | — |  |  | 762,477 |
Less: Net income attributable to redeemable interest in Ares Operating Group entities | 1,839 |  |  | — |  |  | — |  |  | 1,839 |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 287,524 |  |  | — |  |  | — |  |  | 287,524 |
Net income attributable to Ares Management Corporation | 473,114 |  |  | — |  |  | — |  |  | 473,114 |
Less: Series B mandatory convertible preferred stock dividends declared | 75,938 |  |  | — |  |  | — |  |  | 75,938 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 397,176 |  |  | $ | — |  |  | $ | — |  |  | $ | 397,176 |
| Nine months ended September 30, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Management fees | $ | 2,199,085 |  |  | $ | — |  |  | $ | (36,115) |  |  | $ | 2,162,970 |
Carried interest allocation | 212,493 |  |  | — |  |  | (18,487) |  |  | 194,006 |
Incentive fees | 105,036 |  |  | — |  |  | 3 |  |  | 105,039 |
Principal investment income | 12,038 |  |  | — |  |  | 32,509 |  |  | 44,547 |
Administrative, transaction and other fees | 119,631 |  |  | — |  |  | (409) |  |  | 119,222 |
Total revenues | 2,648,283 |  |  | — |  |  | (22,499) |  |  | 2,625,784 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 1,268,685 |  |  | — |  |  | — |  |  | 1,268,685 |
Performance related compensation | 140,180 |  |  | — |  |  | — |  |  | 140,180 |
General, administrative and other expense | 537,379 |  |  | — |  |  | — |  |  | 537,379 |
Expenses of the Consolidated Funds | — |  |  | 48,200 |  |  | (36,520) |  |  | 11,680 |
Total expenses | 1,946,244 |  |  | 48,200 |  |  | (36,520) |  |  | 1,957,924 |
Other income (expense) |  |  |  |  |  |  |
Net realized and unrealized gains on investments | 28,390 |  |  | — |  |  | (14,609) |  |  | 13,781 |
Interest and dividend income | 27,953 |  |  | — |  |  | (8,001) |  |  | 19,952 |
Interest expense | (105,057) |  |  | — |  |  | — |  |  | (105,057) |
Other expense, net | (19,911) |  |  | — |  |  | 438 |  |  | (19,473) |
Net realized and unrealized gains on investments of the Consolidated Funds | — |  |  | 173,486 |  |  | 19,292 |  |  | 192,778 |
Interest and other income of the Consolidated Funds | — |  |  | 732,316 |  |  | — |  |  | 732,316 |
Interest expense of the Consolidated Funds | — |  |  | (629,695) |  |  | 3,017 |  |  | (626,678) |
Total other income (expense), net | (68,625) |  |  | 276,107 |  |  | 137 |  |  | 207,619 |
Income before taxes | 633,414 |  |  | 227,907 |  |  | 14,158 |  |  | 875,479 |
Income tax expense | 109,141 |  |  | 5,619 |  |  | — |  |  | 114,760 |
Net income | 524,273 |  |  | 222,288 |  |  | 14,158 |  |  | 760,719 |
Less: Net income attributable to non-controlling interests in Consolidated Funds | — |  |  | 222,288 |  |  | 14,158 |  |  | 236,446 |
Net income attributable to Ares Operating Group entities | 524,273 |  |  | — |  |  | — |  |  | 524,273 |
Less: Net income attributable to redeemable interest in Ares Operating Group entities | 1,005 |  |  | — |  |  | — |  |  | 1,005 |
Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 236,843 |  |  | — |  |  | — |  |  | 236,843 |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 286,425 |  |  | $ | — |  |  | $ | — |  |  | $ | 286,425 |
| Nine months ended September 30, 2025
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 762,477 |  |  | $ | 308,101 |  |  | $ | (180,718) |  |  | $ | 889,860 |
Adjustments to reconcile net income to net cash provided by operating activities | 495,364 |  |  | — |  |  | (3,629) |  |  | 491,735 |
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | — |  |  | 1,639,232 |  |  | (18,704) |  |  | 1,620,528 |
Cash flows due to changes in operating assets and liabilities | 487,320 |  |  | — |  |  | (137,075) |  |  | 350,245 |
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds | — |  |  | (65,520) |  |  | 463,799 |  |  | 398,279 |
Net cash provided by operating activities | 1,745,161 |  |  | 1,881,813 |  |  | 123,673 |  |  | 3,750,647 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (56,385) |  |  | — |  |  | — |  |  | (56,385) |
Acquisitions, net of cash acquired | (1,726,175) |  |  | — |  |  | — |  |  | (1,726,175) |
Net cash used in investing activities | (1,782,560) |  |  | — |  |  | — |  |  | (1,782,560) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from Credit Facility | 2,130,000 |  |  | — |  |  | — |  |  | 2,130,000 |
Repayments of Credit Facility | (1,015,000) |  |  | — |  |  | — |  |  | (1,015,000) |
Dividends and distributions | (1,296,937) |  |  | — |  |  | — |  |  | (1,296,937) |
Taxes paid related to net share settlement of equity awards | (425,623) |  |  | — |  |  | — |  |  | (425,623) |
Other financing activities | 2,630 |  |  | — |  |  | — |  |  | 2,630 |
Allocable to redeemable and non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Contributions from redeemable and non-controlling interests in Consolidated Funds | — |  |  | 322,583 |  |  | (52,680) |  |  | 269,903 |
Distributions to non-controlling interests in Consolidated Funds | — |  |  | (502,225) |  |  | 153,205 |  |  | (349,020) |
Redemptions of redeemable interests in Consolidated Funds | — |  |  | (509,503) |  |  | — |  |  | (509,503) |
Borrowings under loan obligations by Consolidated Funds | — |  |  | 532,191 |  |  | — |  |  | 532,191 |
Repayments under loan obligations by Consolidated Funds | — |  |  | (2,308,666) |  |  | — |  |  | (2,308,666) |
Net cash used in financing activities | (604,930) |  |  | (2,465,620) |  |  | 100,525 |  |  | (2,970,025) |
Effect of exchange rate changes | (61,606) |  |  | 52,237 |  |  | — |  |  | (9,369) |
Net change in cash and cash equivalents | (703,935) |  |  | (531,570) |  |  | 224,198 |  |  | (1,011,307) |
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 | $ | 804,041 |  |  | $ | 695,919 |  |  | $ | (1,003,291) |  |  | $ | 496,669 |
Supplemental disclosure of non-cash financing activities: |  |  |  |  |  |  |
Equity issued in connection with acquisition-related activities | $ | 1,657,881 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,657,881 |
| Nine months ended September 30, 2024
| Consolidated Company Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 524,273 |  |  | $ | 222,288 |  |  | $ | 14,158 |  |  | $ | 760,719 |
Adjustments to reconcile net income to net cash provided by operating activities | 543,839 |  |  | — |  |  | (114,742) |  |  | 429,097 |
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | — |  |  | 854,632 |  |  | (19,292) |  |  | 835,340 |
Cash flows due to changes in operating assets and liabilities | 221,389 |  |  | — |  |  | 37,000 |  |  | 258,389 |
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds | — |  |  | (121,365) |  |  | (178,644) |  |  | (300,009) |
Net cash provided by operating activities | 1,289,501 |  |  | 955,555 |  |  | (261,520) |  |  | 1,983,536 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchase of furniture, equipment and leasehold improvements, net of disposals | (82,203) |  |  | — |  |  | — |  |  | (82,203) |
Acquisitions, net of cash acquired | (13,683) |  |  | — |  |  | — |  |  | (13,683) |
Net cash used in investing activities | (95,886) |  |  | — |  |  | — |  |  | (95,886) |
Cash flows from financing activities: |  |  |  |  |  |  |
Net proceeds from issuance of Class A common stock | 407,236 |  |  | — |  |  | — |  |  | 407,236 |
Proceeds from Credit Facility | 970,000 |  |  | — |  |  | — |  |  | 970,000 |
Repayments of Credit Facility | (1,395,000) |  |  | — |  |  | — |  |  | (1,395,000) |
Dividends and distributions | (969,360) |  |  | — |  |  | — |  |  | (969,360) |
Stock option exercises | 1,511 |  |  | — |  |  | — |  |  | 1,511 |
Taxes paid related to net share settlement of equity awards | (211,615) |  |  | — |  |  | — |  |  | (211,615) |
Other financing activities | 485 |  |  | — |  |  | — |  |  | 485 |
Allocable to non-controlling interests in Consolidated Funds: |  |  |  |  |  |  |
Contributions from redeemable and non-controlling interests in Consolidated Funds | — |  |  | 473,091 |  |  | 71,203 |  |  | 544,294 |
Distributions to non-controlling interests in Consolidated Funds | — |  |  | (100,416) |  |  | 23,914 |  |  | (76,502) |
Borrowings under loan obligations by Consolidated Funds | — |  |  | 323,540 |  |  | — |  |  | 323,540 |
Repayments under loan obligations by Consolidated Funds | — |  |  | (1,504,344) |  |  | — |  |  | (1,504,344) |
Net cash used in financing activities | (1,196,743) |  |  | (808,129) |  |  | 95,117 |  |  | (1,909,755) |
Effect of exchange rate changes | 4,992 |  |  | 18,977 |  |  | — |  |  | 23,969 |
Net change in cash and cash equivalents | 1,864 |  |  | 166,403 |  |  | (166,403) |  |  | 1,864 |
Cash and cash equivalents, beginning of period | 348,274 |  |  | 1,149,511 |  |  | (1,149,511) |  |  | 348,274 |
Cash and cash equivalents, end of period | $ | 350,138 |  |  | $ | 1,315,914 |  |  | $ | (1,315,914) |  |  | $ | 350,138 |
Supplemental disclosure of non-cash financing activities: |  |  |  |  |  |  |
Equity issued in connection with acquisition-related activities | $ | 7,724 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,724 |

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