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DEBT - Schedule of Debt Obligations (Details) - Ares Management L.P - USD ($) | 1 Months Ended | 9 Months Ended |  |  |
--- | --- | --- | --- | --- | ---
Oct. 31, 2024 | Nov. 30, 2023 | Jan. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2025 | Apr. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024
DEBT |  |  |  |  |  |  |  |  |
Carrying Value |  |  |  |  |  | $ 3,675,783,000 |  |  | $ 2,558,914,000
Credit Facility |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Carrying Value |  |  |  |  |  | $ 1,115,000,000 |  |  | $ 0
Interest Rate |  |  |  |  |  | 5.27% |  |  | 0.00%
Unused commitment fees |  |  |  |  |  | 0.09% |  |  |
Credit Facility | Minimum |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  | 0.00% |  |  |
Credit Facility | Secured Overnight Financing Rate (SOFR) |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Interest rate spread |  |  |  |  |  | 1.00% |  |  |
Credit Facility | Revolving Credit Facility |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Maximum borrowing capacity |  |  |  |  |  |  | $ 1,840,000,000 | $ 1,400,000,000 |
Higher borrowing capacity option |  |  |  |  |  |  | 660,000,000 | $ 600,000,000 |
Credit Facility | Bridge Loan |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Maximum borrowing capacity |  |  |  |  |  |  | $ 75,000,000 |  |
Senior Notes 2028 |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Original Borrowing Amount |  |  |  |  |  | $ 500,000,000 |  |  |
Carrying Value |  |  |  |  |  | $ 496,506,000 |  |  | $ 495,677,000
Interest Rate |  |  |  |  |  | 6.42% |  |  | 6.42%
Debt issuance rate |  | 99.80% |  |  |  |  |  |  |
Senior Notes 2030 |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Original Borrowing Amount |  |  |  |  |  | $ 400,000,000 |  |  |
Carrying Value |  |  |  |  |  | $ 397,841,000 |  |  | $ 397,501,000
Interest Rate |  |  |  |  |  | 3.28% |  |  | 3.28%
Debt issuance rate |  |  |  |  | 99.77% |  |  |  |
Senior Notes 2052 |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Original Borrowing Amount |  |  |  |  |  | $ 500,000,000 |  |  |
Carrying Value |  |  |  |  |  | $ 484,908,000 |  |  | $ 484,601,000
Interest Rate |  |  |  |  |  | 3.77% |  |  | 3.77%
Debt issuance rate |  |  | 97.78% |  |  |  |  |  |
Senior Notes 2054 |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Original Borrowing Amount |  |  |  |  |  | $ 750,000,000 |  |  |
Carrying Value |  |  |  |  |  | $ 736,265,000 |  |  | $ 736,010,000
Interest Rate |  |  |  |  |  | 5.65% |  |  | 5.65%
Debt issuance rate | 99.24% |  |  |  |  |  |  |  |
Subordinated Notes 2051 |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Original Borrowing Amount |  |  |  |  |  | $ 450,000,000 |  |  |
Carrying Value |  |  |  |  |  | $ 445,263,000 |  |  | $ 445,125,000
Interest Rate |  |  |  |  |  | 4.13% |  |  | 4.13%
Interest rate |  |  |  | 4.125% |  |  |  |  |
Debt term |  |  |  | 5 years |  |  |  |  |
Subordinated Notes 2051 | US Treasury |  |  |  |  |  |  |  |  |
DEBT |  |  |  |  |  |  |  |  |
Interest rate |  |  |  | 3.237% |  |  |  |  |

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