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EQUITY COMPENSATION
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY COMPENSATION
12. EQUITY COMPENSATION
Equity-based compensation expense, net of forfeitures, recorded by the Company is presented in the following table:
Three months ended September 30,Nine months ended September 30,
 2025202420252024
Unvested awards$157,073 $85,613 $576,039 $266,267 
AOG Unit awards3,057 — 7,044 — 
Total equity-based compensation expense$160,130 $85,613 $583,083 $266,267 
Equity Incentive Plan
Equity-based compensation is generally granted under the 2023 Ares Management Corporation Equity Incentive Plan (the “Equity Incentive Plan”). The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2025, the total number of shares available for issuance under the Equity Incentive Plan reset to 51,846,506 shares and as of September 30, 2025, 44,089,959 shares remained available for issuance.

Generally, unvested awards are forfeited upon termination of employment in accordance with the Equity Incentive Plan. The Company recognizes forfeitures as a reversal of previously recognized compensation expense in the period the forfeiture occurs.

Unvested Awards

Each unvested award represents either a share of the Company’s Class A common stock that is subject to restriction or a restricted unit, representing an unfunded, unsecured right of the holder to receive a share of the Company’s Class A common stock on a specific date. The unvested awards vest and the restrictions lapse or are settled in shares of Class A common stock, as applicable, over service periods generally ranging from immediate vesting to five years from the grant date, in each case generally subject to the holder’s continued employment as of the applicable vesting date (subject to accelerated vesting upon certain qualifying terminations of employment or retirement eligibility provisions). Compensation expense associated with unvested awards is recognized on a straight-line basis over the requisite service period of the award.

Restricted units are delivered net of the holder’s payroll-related taxes upon vesting. For the nine months ended September 30, 2025, 5.2 million restricted units vested and 2.9 million shares of Class A common stock were delivered to the holders. For the nine months ended September 30, 2024, 4.0 million restricted units vested and 2.2 million shares of Class A common stock were delivered to the holders.

The holders of restricted units, other than awards that have not yet been issued, generally have the right to receive as current compensation an amount in cash equal to: (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”).

The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the nine months ended September 30, 2025:
Record DateDividends Per ShareDividend Equivalents Paid
March 17, 2025$1.12 $21,489 
June 16, 20251.12 20,958 
September 16, 20251.12 21,095 

The following table presents unvested awards’ activity:
 Unvested AwardsWeighted Average
Grant Date Fair
Value Per Unvested Award
Balance as of December 31, 202417,968,940 $79.11 
Granted7,377,644 185.65 
Vested(5,158,943)79.80 
Forfeited(215,045)92.19 
Balance as of September 30, 202519,972,596 $118.14 

The total compensation expense expected to be recognized in all future periods associated with unvested awards is approximately $1,683.5 million as of September 30, 2025 and is expected to be recognized over the remaining weighted average period of 3.4 years.

Other Equity-based Compensation

In connection with the GCP Acquisition, the Company granted 0.3 million AOG Unit awards to certain professionals. Of the total AOG Unit awards granted, 0.1 million units vested on the close date of the GCP Acquisition and the remaining 0.2 million units vest in three equal installments on each of the first three anniversaries of the GCP Acquisition close date, subject to the holder’s continued employment as of the applicable vesting dates. The weighted average grant date fair value per unvested AOG Unit award was $170.94. The total compensation expense expected to be recognized in all future periods associated with unvested AOG Unit awards is approximately $29.3 million as of September 30, 2025 and is expected to be recognized over the remaining weighted average period of 2.4 years.