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Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Intangible assets, net $ 848,849 $ 408,028
Goodwill 3,437,450 1,162,636
Total assets 27,032,166 24,884,308
Liabilities    
Operating lease liabilities 676,372  
Total liabilities 18,400,136 17,485,922
Commitments and contingencies (Note 8)
Stockholders’ Equity    
Additional paid-in-capital 4,198,927 2,936,794
Accumulated deficit (1,218,682) (837,294)
Accumulated other comprehensive income (loss), net of tax 29,757 (17,757)
Total stockholders’ equity 4,474,028 3,543,646
Total equity 8,606,280 6,824,190
Total liabilities, redeemable interest, non-controlling interests and equity 27,032,166 24,884,308
Series B Mandatory Convertible Preferred Stock    
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 as of September 30, 2025 and December 31, 2024) 1,460,758 1,458,771
Class A Common Stock    
Stockholders’ Equity    
Common stock 2,168 1,999
Non-voting Common Stock    
Stockholders’ Equity    
Common stock 35 35
Class B Common Stock    
Stockholders’ Equity    
Common stock 0 0
Class C Common Stock    
Stockholders’ Equity    
Common stock 1,065 1,098
Consolidated Entity, Excluding VIE, Including Parent    
Assets    
Total assets 27,032,166 24,884,308
Liabilities    
Total liabilities 18,400,136 17,485,922
Ares Management L.P    
Assets    
Cash and cash equivalents 496,669 1,507,976
Investments (includes accrued carried interest of $4,119,700 and $3,495,115 as of September 30, 2025 and December 31, 2024, respectively) 5,755,803 4,644,775
Due from affiliates 1,334,225 1,056,608
Other assets 857,551 774,654
Right-of-use operating lease assets 526,042 511,319
Intangible assets, net 2,166,249 975,828
Goodwill 3,437,450 1,162,636
Liabilities    
Accounts payable, accrued expenses and other liabilities 935,366 363,872
Accrued compensation 656,737 280,894
Due to affiliates 626,592 500,480
Performance related compensation payable 2,992,638 2,537,203
Debt obligations 3,675,783 2,558,914
Operating lease liabilities 676,372 641,864
Redeemable interest 25,750 23,496
Non-controlling interests in Ares Operating Group entities 1,618,234 1,254,878
Stockholders’ Equity    
Additional paid-in-capital 4,198,927 2,936,794
Accumulated deficit (1,218,682) (837,294)
Accumulated other comprehensive income (loss), net of tax 29,757 (17,757)
Total stockholders’ equity 4,474,028 3,543,646
Ares Management L.P | Series B Mandatory Convertible Preferred Stock    
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 as of September 30, 2025 and December 31, 2024) 1,460,758 1,458,771
Ares Management L.P | Class A Common Stock    
Stockholders’ Equity    
Common stock 2,168 1,999
Ares Management L.P | Non-voting Common Stock    
Stockholders’ Equity    
Common stock 35 35
Ares Management L.P | Class B Common Stock    
Stockholders’ Equity    
Common stock 0 0
Ares Management L.P | Class C Common Stock    
Stockholders’ Equity    
Common stock 1,065 1,098
Consolidated Funds    
Assets    
Cash and cash equivalents 1,003,291 1,227,489
Other assets 52,851 82,397
Investments held in trust account 0 550,800
Investments, at fair value 11,254,240 12,187,044
Receivable for securities sold 147,795 202,782
Liabilities    
Accounts payable, accrued expenses and other liabilities 100,665 323,100
Due to affiliates 0 0
Payable for securities purchased 361,855 332,406
CLO loan obligations, at fair value 7,588,847 9,672,189
Fund borrowings 785,281 275,000
Redeemable interest 0 550,700
Non-controlling interests in Ares Operating Group entities $ 2,514,018 $ 2,025,666