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CONSOLIDATION (Tables) | 9 Months Ended
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Sep. 30, 2025
Condensed Financial Information Disclosure [Abstract] |
Schedule of Interest in VIEs | 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 |  |  |
Schedule of Consolidating Effects of the Consolidated Funds on the Company's Financial Condition | 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 |
Schedule of Results from Operations |
| 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 |
Schedule of Cash Flows |
| 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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