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CONSOLIDATION (Tables)
9 Months Ended
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,
20252024
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 VIEs1,040,196 791,133 
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,
2025202420252024
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 affiliates1,346,417 — (12,192)1,334,225 
Other assets857,551 — — 857,551 
Right-of-use operating lease assets526,042 — — 526,042 
Intangible assets, net2,166,249 — — 2,166,249 
Goodwill3,437,450 — — 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 compensation656,737 — — 656,737 
Due to affiliates626,592 — — 626,592 
Performance related compensation payable2,992,638 — — 2,992,638 
Debt obligations3,675,783 — — 3,675,783 
Operating lease liabilities676,372 — — 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 liabilities9,563,661 8,905,942 (69,467)18,400,136 
Commitments and contingencies
Redeemable interest in Ares Operating Group entities25,750   25,750 
Non-controlling interest in Consolidated Funds 3,552,235 (1,038,217)2,514,018 
Non-controlling interest in Ares Operating Group entities1,643,966  (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-capital4,252,148 — (53,221)4,198,927 
Accumulated deficit(1,218,682)— — (1,218,682)
Accumulated other comprehensive loss, net of tax29,757 — — 29,757 
       Total stockholders’ equity4,527,249  (53,221)4,474,028 
       Total equity6,171,215 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 
EliminationsConsolidated 
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 affiliates1,236,450 — (179,842)1,056,608 
Other assets774,654 — — 774,654 
Right-of-use operating lease assets511,319 — — 511,319 
Intangible assets, net975,828 — — 975,828 
Goodwill1,162,636 — — 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 compensation280,894 — — 280,894 
Due to affiliates500,480 — — 500,480 
Performance related compensation payable2,537,203 — — 2,537,203 
Debt obligations2,558,914 — — 2,558,914 
Operating lease liabilities641,864 — — 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 liabilities6,883,507 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 entities23,496   23,496 
Non-controlling interest in Consolidated Funds 2,796,786 (771,120)2,025,666 
Non-controlling interest in Ares Operating Group entities1,236,767  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-capital2,903,253 — 33,541 2,936,794 
Accumulated deficit(837,294)— — (837,294)
Accumulated other comprehensive loss, net of tax(17,757)— — (17,757)
       Total stockholders’ equity3,510,105  33,541 3,543,646 
       Total equity4,746,872 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 allocation473,041 — (8,375)464,666 
Incentive fees100,668 — — 100,668 
Principal investment income73,543 — (55,567)17,976 
Administrative, transaction and other fees105,461 — (2,905)102,556 
Total revenues1,732,994  (75,366)1,657,628 
Expenses
Compensation and benefits659,835 — — 659,835 
Performance related compensation404,095 — — 404,095 
General, administrative and other expense246,154 — — 246,154 
Expenses of the Consolidated Funds— 6,778 (8,646)(1,868)
Total expenses1,310,084 6,778 (8,646)1,308,216 
Other income (expense)
Net realized and unrealized gains on investments198,777 — (10,357)188,420 
Interest and dividend income13,644 — — 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, net158,771 148,108 (4,020)302,859 
Income before taxes581,681 141,330 (70,740)652,271 
Income tax expense108,709 3,183 — 111,892 
Net income472,972 138,147 (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 entities472,972   472,972 
Less: Net income attributable to redeemable interest in Ares Operating Group entities1,797 — — 1,797 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities182,293 — — 182,293 
Net income attributable to Ares Management Corporation288,882   288,882 
Less: Series B mandatory convertible preferred stock dividends declared25,313   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
EliminationsConsolidated
Revenues
Management fees$765,257 $— $(11,660)$753,597 
Carried interest allocation278,683 — (1,032)277,651 
Incentive fees48,638 — — 48,638 
Principal investment income14,100 — (6,064)8,036 
Administrative, transaction and other fees41,945 — (128)41,817 
Total revenues1,148,623  (18,884)1,129,739 
Expenses
Compensation and benefits435,876 — — 435,876 
Performance related compensation219,697 — — 219,697 
General, administrative and other expense196,586 — 433 197,019 
Expenses of the Consolidated Funds— 14,083 (11,788)2,295 
Total expenses852,159 14,083 (11,355)854,887 
Other income (expense)
Net realized and unrealized gains (losses) on investments3,034 — (8,108)(5,074)
Interest and dividend income9,809 — (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 taxes261,108 73,721 (7,723)327,106 
Income tax expense44,696 1,757 — 46,453 
Net income216,412 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 entities216,412   216,412 
Less: Net income attributable to redeemable interest in Ares Operating Group entities1,319 — — 1,319 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities96,633 — — 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 allocation968,902 — (20,327)948,575 
Incentive fees156,067 — (272)155,795 
Principal investment income191,759 — (140,822)50,937 
Administrative, transaction and other fees261,467 — (9,584)251,883 
Total revenues4,294,933  (198,372)4,096,561 
Expenses    
Compensation and benefits1,960,669 — — 1,960,669 
Performance related compensation761,434 — — 761,434 
General, administrative and other expense706,224 — — 706,224 
Expenses of the Consolidated Funds— 66,240 (34,445)31,795 
Total expenses3,428,327 66,240 (34,445)3,460,122 
Other income (expense)    
Net realized and unrealized gains on investments231,959 — (30,563)201,396 
Interest and dividend income39,660 — (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, net80,364 380,235 (16,791)443,808 
Income before taxes946,970 313,995 (180,718)1,080,247 
Income tax expense184,493 5,894 — 190,387 
Net income762,477 308,101 (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 entities762,477   762,477 
Less: Net income attributable to redeemable interest in Ares Operating Group entities1,839 — — 1,839 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities287,524 — — 287,524 
Net income attributable to Ares Management Corporation473,114   473,114 
Less: Series B mandatory convertible preferred stock dividends declared75,938   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 
EliminationsConsolidated 
Revenues    
Management fees$2,199,085 $— $(36,115)$2,162,970 
Carried interest allocation212,493 — (18,487)194,006 
Incentive fees105,036 — 105,039 
Principal investment income12,038 — 32,509 44,547 
Administrative, transaction and other fees119,631 — (409)119,222 
Total revenues2,648,283  (22,499)2,625,784 
Expenses
Compensation and benefits1,268,685 — — 1,268,685 
Performance related compensation140,180 — — 140,180 
General, administrative and other expense537,379 — — 537,379 
Expenses of the Consolidated Funds— 48,200 (36,520)11,680 
Total expenses1,946,244 48,200 (36,520)1,957,924 
Other income (expense)
Net realized and unrealized gains on investments28,390 — (14,609)13,781 
Interest and dividend income27,953 — (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 taxes633,414 227,907 14,158 875,479 
Income tax expense109,141 5,619 — 114,760 
Net income524,273 222,288 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 entities524,273   524,273 
Less: Net income attributable to redeemable interest in Ares Operating Group entities1,005 — — 1,005 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities236,843 — — 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
EliminationsConsolidated
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 activities495,364 — (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 liabilities487,320 — (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 activities1,745,161 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 Facility2,130,000 — — 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 activities2,630 — — 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 period1,507,976 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
EliminationsConsolidated
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 activities543,839 — (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 liabilities221,389 — 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 activities1,289,501 955,555 (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 stock407,236 — — 407,236 
Proceeds from Credit Facility970,000 — — 970,000 
Repayments of Credit Facility(1,395,000)— — (1,395,000)
Dividends and distributions (969,360)— — (969,360)
Stock option exercises1,511 — — 1,511 
Taxes paid related to net share settlement of equity awards(211,615)— — (211,615)
Other financing activities485 — — 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 changes4,992 18,977 — 23,969 
Net change in cash and cash equivalents1,864 166,403 (166,403)1,864 
Cash and cash equivalents, beginning of period348,274 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