XML 47 R7.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 889,860 $ 760,719
Net cash provided by operating activities 3,750,647 1,983,536
Cash flows from investing activities:    
Net cash used in investing activities (1,782,560) (95,886)
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Net cash used in financing activities (2,970,025) (1,909,755)
Effect of exchange rate changes (9,369) 23,969
Net change in cash and cash equivalents (1,011,307) 1,864
Cash and cash equivalents, beginning of period 1,507,976  
Cash and cash equivalents, end of period 496,669 350,138
Supplemental disclosure of non-cash financing activities:    
Equity issued in connection with acquisition-related activities 1,657,881 7,724
Consolidated Funds     
Cash flows from operating activities:    
Adjustments to reconcile net income to net cash provided by operating activities 1,620,528 835,340
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds 398,279 (300,009)
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Contributions from redeemable and non-controlling interests in Consolidated Funds 269,903 544,294
Distributions to non-controlling interests in Consolidated Funds (349,020) (76,502)
Redemptions of redeemable interests in Consolidated Funds (509,503) 0
Borrowings under loan obligations by Consolidated Funds 532,191 323,540
Repayments under loan obligations by Consolidated Funds (2,308,666) (1,504,344)
Ares Management L.P    
Cash flows from operating activities:    
Adjustments to reconcile net income to net cash provided by operating activities 491,735 429,097
Cash flows due to changes in operating assets and liabilities 350,245 258,389
Cash flows from investing activities:    
Purchase of furniture, equipment and leasehold improvements, net of disposals (56,385) (82,203)
Acquisitions, net of cash acquired (1,726,175) (13,683)
Cash flows from financing activities:    
Net proceeds from issuance of Class A common stock 0 407,236
Proceeds from Credit Facility 2,130,000 970,000
Repayments of Credit Facility (1,015,000) (1,395,000)
Dividends and distributions  (1,296,937) (969,360)
Stock option exercises 0 1,511
Taxes paid related to net share settlement of equity awards (425,623) (211,615)
Other financing activities 2,630 485
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Cash and cash equivalents, beginning of period 1,507,976 348,274
Cash and cash equivalents, end of period $ 496,669 $ 350,138